Image source: The Motley Fool. Thursday, March 12, 2026 at 5 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Angela Selden Executive Vice President and Chief Financial Officer — Edward Codispoti Chief Strategy and Growth Officer — Gary Janson TAKEAWAYS Consolidated Revenue -- $158.3 million for the quarter, a decrease of 3.5% due to government shutdown-related impacts, but above ...
Image source: The Motley Fool. Thursday, March 12, 2026 at 5 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Angela Selden Executive Vice President and Chief Financial Officer — Edward Codispoti Chief Strategy and Growth Officer — Gary Janson TAKEAWAYS Consolidated Revenue -- $158.3 million for the quarter, a decrease of 3.5% due to government shutdown-related impacts, but above the company's most recent guidance. -- $158.3 million for the quarter, a decrease of 3.5% due to government shutdown-related impacts, but above the company's most recent guidance. Segment Revenue: APUS -- $71 million, down 13.8%, driven by a 43-day student registration interruption and a 15.3% decline in net course registrations to 82,200 students. -- $71 million, down 13.8%, driven by a 43-day student registration interruption and a 15.3% decline in net course registrations to 82,200 students. Segment Revenue: Rasmussen University -- $66.6 million, up 15.9%, with enrollment growth of 8.9% to 15,900 students, marking six consecutive quarters of enrollment increases. -- $66.6 million, up 15.9%, with enrollment growth of 8.9% to 15,900 students, marking six consecutive quarters of enrollment increases. Segment Revenue: Hondros College of Nursing -- $20.7 million, an increase of 9.2%, with enrollment of 4,000 students, up 8.1%. -- $20.7 million, an increase of 9.2%, with enrollment of 4,000 students, up 8.1%. Adjusted EBITDA -- $28.7 million for the quarter with an 18.1% margin, exceeding guidance but down year over year due to shutdown impacts. -- $28.7 million for the quarter with an 18.1% margin, exceeding guidance but down year over year due to shutdown impacts. Net Income Available to Common Stockholders -- $12.6 million or $0.67 per diluted share, reflecting an increase of 9.6% and 6.3%, respectively. -- $12.6 million or $0.67 per diluted share, reflecting an increase of 9.6% and 6.3%, respectively. Full Year Revenue -- $648.9 million, up 3.9% despite federal government ...
Donny DBM/iStock via Getty Images Market Review The S&P Global Infrastructure Index advanced 2.2% in the fourth quarter. Benchmark performance was led higher by solid performance in the utility and transportation infrastructure sectors. The midstream energy segment was the only notable area of index weakness during the period. Quarter The PGIM Jennison Global Infrastructure Fund advanced but modes...
Donny DBM/iStock via Getty Images Market Review The S&P Global Infrastructure Index advanced 2.2% in the fourth quarter. Benchmark performance was led higher by solid performance in the utility and transportation infrastructure sectors. The midstream energy segment was the only notable area of index weakness during the period. Quarter The PGIM Jennison Global Infrastructure Fund advanced but modestly underperformed the S&P Global Infrastructure Index for the quarter. In absolute terms, the Fund was led by strong performance from Ferrovial ( FER ), selected names in the Utility sector (GREENERGY RENOVABLES, Elia Group, Italgas) and the transportation company Group Aeroportuario del Pacifico. A number of Utilities also underperformed during the period, such as Vistra, Southern Company ( SO ), Xcel Energy ( XEL ), as did Cheniere Energy ( LNG ). Relative to the S&P Global Infrastructure Index, the Fund's positioning in transportation infrastructure detracted the most from relative results. In addition, out of index exposure to communications and information technology hurt relative performance. On the upside, the Fund's positioning in midstream energy and utilities benefited relative performance during the period. Key Contributors Ferrovial Grenergy Renovables Elia Group Ferrovial , the Spain-based infrastructure and construction company, maintained its strong momentum through the fourth quarter, supported by resilient performance across its core toll road portfolio and continued strength in North American traffic volumes. Revenue growth remained robust, aided by a strong double digit price increase announced for its primary Canadian concession in 2026. Additionally, Ferrovial will be included in the Nasdaq 100 adding to buying momentum in the name. Grenergy Renovables , a Madrid-based renewable energy company, was a notable contributor during the quarter as investor sentiment toward European renewable energy operators improved following easing bond yields and supporti...
halbergman/iStock via Getty Images HighPeak Energy ( HPK ) is focusing on debt reduction, having unveiled a more conservative 2026 development plan while also suspending its dividend. It previously had discussed a two-rig program at $60 to $70 WTI oil but now expects to run one rig during 2026 despite 2026 strip prices being above $60 prior to the greatly reduced traffic through the Strait of Horm...
halbergman/iStock via Getty Images HighPeak Energy ( HPK ) is focusing on debt reduction, having unveiled a more conservative 2026 development plan while also suspending its dividend. It previously had discussed a two-rig program at $60 to $70 WTI oil but now expects to run one rig during 2026 despite 2026 strip prices being above $60 prior to the greatly reduced traffic through the Strait of Hormuz. HighPeak does benefit from surging oil prices but is also around 65% hedged on oil in 2026 (including around 75% hedged in Q2 2026). At the current $81 to $82 WTI strip for 2026, I project HighPeak to generate $155 million in free cash flow after $109 million in realized hedging losses. This assumes that it can meet its 67% to 68% oil cut guidance. At 65% oil, HighPeak may generate $126 million in 2026 free cash flow. The improved 2026 oil prices (net of hedges) would boost HighPeak's estimated value by $0.50, but I am trimming my estimate of HighPeak's value from $7.25 to $7.00 per share at long-term (after 2026) $70 WTI oil. This is because of some concerns around its oil cut. HighPeak's oil cut declined from 72% in Q1 2025 to 64% in Q4 2025. It provided guidance for 67% to 68% oil in 2026, but my valuation estimate assumes that it keeps its oil cut more around Q4 2025 levels at 64% to 65% instead. Q4 2025 Results HighPeak averaged 43,680 BOEPD in Q4 2025 total sales volumes, which was a 9% decrease compared to Q3 2025. HighPeak's oil cut also went from 66% in Q3 2025 to 64% in Q4 2025, resulting in a larger 11% quarter-over-quarter decline in oil sales volumes. HighPeak's sales volumes fell somewhat more than I expected in Q4 2025, and its lease operating expenses and workover expenses climbed to a combined $9.18 per BOE in Q4 2025. Those items (along with relatively weak realized prices during the quarter) contributed to HighPeak's net debt ending up at $1.038 billion at the end of 2025. This was a bit higher than the $1.02 billion in year-end net debt that I had mo...
TikTok's Chinese parent ByteDance is assembling computing power with high-end Nvidia chips outside China, the Wall Street Journal reported on Thursday. ByteDance is working with Southeast Asian firm Aolani Cloud to deploy about 500 Nvidia Blackwell computing systems in Malaysia, totalling roughly 36,000 B200 chips, the report said, citing people familiar with the matter.
TikTok's Chinese parent ByteDance is assembling computing power with high-end Nvidia chips outside China, the Wall Street Journal reported on Thursday. ByteDance is working with Southeast Asian firm Aolani Cloud to deploy about 500 Nvidia Blackwell computing systems in Malaysia, totalling roughly 36,000 B200 chips, the report said, citing people familiar with the matter.
Image source: The Motley Fool. Thursday, March 12, 2026 at 5 p.m. ET Call participants Chief Executive Officer — David Burton Chief Financial Officer — Christo Realov Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Collections -- Record $245 million, up 41% year over year, driven by prior years' deployments, with Conn's contributing $36 million and Bluestem providing $14...
Image source: The Motley Fool. Thursday, March 12, 2026 at 5 p.m. ET Call participants Chief Executive Officer — David Burton Chief Financial Officer — Christo Realov Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Collections -- Record $245 million, up 41% year over year, driven by prior years' deployments, with Conn's contributing $36 million and Bluestem providing $14 million. -- Record $245 million, up 41% year over year, driven by prior years' deployments, with Conn's contributing $36 million and Bluestem providing $14 million. Portfolio deployments -- Reached a record $381 million, up 6% from fiscal Q4 2024 (period ended December 31, 2025), maintaining momentum in capital allocation to new portfolios. -- Reached a record $381 million, up 6% from fiscal Q4 2024 (period ended December 31, 2025), maintaining momentum in capital allocation to new portfolios. Estimated remaining collections (ERC) -- Hit a new high of $3.4 billion, a 23% increase year over year, with $140 million and $296 million of U.S. distressed ERC from Conn's and Bluestem, respectively. -- Hit a new high of $3.4 billion, a 23% increase year over year, with $140 million and $296 million of U.S. distressed ERC from Conn's and Bluestem, respectively. Revenue -- Delivered a record $155 million, representing a 30% increase year over year based on continued deployments and higher net yields. -- Delivered a record $155 million, representing a 30% increase year over year based on continued deployments and higher net yields. Cash efficiency ratio -- Sector-leading 71% for the quarter, supported by lower-cost collections from Conn's; excluding Conn's and Bluestem, the ratio would be 68%. -- Sector-leading 71% for the quarter, supported by lower-cost collections from Conn's; excluding Conn's and Bluestem, the ratio would be 68%. Adjusted EPS -- $0.69 for the quarter, reflecting record profitability. -- $0.69 for the quarter, reflecting record profitability. Operating expenses --...