Key Points Lead Edge Capital Management acquired 1,425,420 shares of Remitly Global for an estimated $20.71 million in the fourth quarter. Meanwhile, the quarter-end position value rose by $13.08 million, reflecting both the additional shares and price movement. Remitly Global now accounts for 14.4% of Lead Edge’s 13F holdings. 10 stocks we like better than Remitly Global › On February 17, 2026, L...
Key Points Lead Edge Capital Management acquired 1,425,420 shares of Remitly Global for an estimated $20.71 million in the fourth quarter. Meanwhile, the quarter-end position value rose by $13.08 million, reflecting both the additional shares and price movement. Remitly Global now accounts for 14.4% of Lead Edge’s 13F holdings. 10 stocks we like better than Remitly Global › On February 17, 2026, Lead Edge Capital Management disclosed a buy of 1,425,420 shares of Remitly Global (NASDAQ:RELY), an estimated $20.71 million trade based on quarterly average pricing. What happened According to a February 17, 2026, SEC filing, Lead Edge Capital Management increased its holdings in Remitly Global by 1,425,420 shares during the fourth quarter of 2025. The estimated value of this share purchase was approximately $20.71 million, based on the average closing price for the quarter. The fund’s position in Remitly Global ended the quarter valued at $56.03 million, up $13.08 million from the prior quarter, reflecting both net purchases and share price changes. What else to know Lead Edge’s buy brought Remitly Global to 14.37% of its 13F AUM as of December 31, 2025. Top holdings after the filing: NYSE:YEXT: $103.10 million (26.4% of AUM) NASDAQ:APPN: $56.98 million (14.6% of AUM) NASDAQ:RELY: $56.03 million (14.4% of AUM) NASDAQ:MDB: $53.74 million (13.8% of AUM) NYSE:CWAN: $46.95 million (12.0% of AUM) As of Wednesday, shares of Remitly Global were priced at roughly $17, up about 17% over the past year and well underperforming the S&P 500’s roughly 21% gain in the same period. Company overview Metric Value Price (as of Wednesday) $17 Market capitalization $3.6 billion Revenue (TTM) $1.6 billion Net income (TTM) $67.9 million Company snapshot Remitly Global offers digital cross-border remittance services, enabling individuals to send money internationally to approximately 150 countries. The company operates a transaction-based business model, generating revenue primarily from transfe...
People have long complained their mandatory pensions will never be enough to retire on. That is true, but the flip side is that by contributing less than many comparable pension schemes overseas, local workers have more spending power in the present. There is always a trade-off. Perhaps the Mandatory Provident Fund (MPF) scheme should be seen more as a financial cushion for a person at the end of ...
People have long complained their mandatory pensions will never be enough to retire on. That is true, but the flip side is that by contributing less than many comparable pension schemes overseas, local workers have more spending power in the present. There is always a trade-off. Perhaps the Mandatory Provident Fund (MPF) scheme should be seen more as a financial cushion for a person at the end of their working life, rather than a nest egg. Still, the scheme needs to continue to keep up with, or at least not lag too far behind, the inflation-driven cost of living in Hong Kong. The current minimum and maximum income levels for contributions – HK$7,100 (US$907) and HK$30,000 – have not been adjusted since the 2013-14 financial year. Advertisement MPF authority chairwoman Ayesha Macpherson Lau said the body had been consulting stakeholders and proposed raising the minimum and maximum contribution levels. That is reasonable and likely necessary. Even so, there is room for discussion as to how much the increases should be. Most bosses will not like it, but people should not assume employees will want to pay more into their pensions either. Advertisement Currently, workers earning less than HK$7,100 a month are exempt from making contributions but employers still have to contribute their 5 per cent portion. Mandatory contributions for those making more than HK$30,000 are capped at HK$1,500, or 5 per cent of HK$30,000. People can, of course, put more into their pension, but their employer is not required to match it beyond HK$1,500.
Capital One Financial's (NYSE: COF) stock has dramatically underperformed year to date in 2026 as of this writing. The stock has dropped more than 20% compared to a 1% or so decline in the S&P 500 index (SNPINDEX: ^GSPC) , a 2% decline for the average bank, and roughly 10% drops for payment processors Visa (NYSE: V) and Mastercard (NYSE: MA) . The weak relative performance actually makes some sens...
Capital One Financial's (NYSE: COF) stock has dramatically underperformed year to date in 2026 as of this writing. The stock has dropped more than 20% compared to a 1% or so decline in the S&P 500 index (SNPINDEX: ^GSPC) , a 2% decline for the average bank, and roughly 10% drops for payment processors Visa (NYSE: V) and Mastercard (NYSE: MA) . The weak relative performance actually makes some sense, but how does Capital One get back on track? Historically, Capital One has focused on extending credit to customers with lower credit scores. That can be a very profitable decision when the economy is strong, but during recessions, those customers tend to default more often than those with higher credit scores. With rising energy prices, intensifying geopolitical conflict, and consumers already feeling stretched, the risk of a recession seems elevated right now. It isn't shocking that Capital One Financial's stock has dramatically underperformed other financial stocks and the market. Image source: Getty Images. Continue reading
The geopolitical conflict in the Middle East has impacted energy markets in exactly the same way as previous such events: oil and natural gas prices are rising. There have been dramatic price swings, so there's still significant uncertainty about energy prices. But it is very clear that higher energy prices are good news for pure-play energy producers like Devon Energy (NYSE: DVN) and Diamondback ...
The geopolitical conflict in the Middle East has impacted energy markets in exactly the same way as previous such events: oil and natural gas prices are rising. There have been dramatic price swings, so there's still significant uncertainty about energy prices. But it is very clear that higher energy prices are good news for pure-play energy producers like Devon Energy (NYSE: DVN) and Diamondback Energy (NASDAQ: FANG) . But there are risks to consider here, as well. Up front, the news for Devon Energy and Diamondback Energy is very good. They both produce oil and natural gas in the United States, so their production will continue uninterrupted. In the fourth quarter of 2025, Devon Energy's total oil equivalent production averaged 850 MBoe per day. Diamondback Energy's production that quarter came in at 969 MBoe per day. They will both benefit materially from the ability to sell their production at higher price points, thereby increasing revenue without materially increasing costs. Image source: Getty Images. Continue reading
(RTTNews) - The Japanese stock market has finished higher in two straight sessions, gaining almost 2,300 points or 4 percent in that span. The Nikkei 225 now sits just above the 55,025-point plateau although it may run out of steam on Thursday. The global forecast for the Asian markets is soft on continuing concerns over the war in the Middle East and surging oil prices. The European markets were ...
(RTTNews) - The Japanese stock market has finished higher in two straight sessions, gaining almost 2,300 points or 4 percent in that span. The Nikkei 225 now sits just above the 55,025-point plateau although it may run out of steam on Thursday. The global forecast for the Asian markets is soft on continuing concerns over the war in the Middle East and surging oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference. The Nikkei finished sharply higher on Wednesday following gains from the automobile producers and technology stocks, while the financials were soft. For the day, the index jumped 776.98 points or 1.43 percent to finish at 55,025.37 after trading between 54,882.58 and 55,745.38. Among the actives, Nissan Motor skidded 1.13 percent, while Mazda Motor accelerated 2.63 percent, Toyota Motor climbed 1.07 percent, Softbank Group soared 7.05 percent, Mitsubishi UFJ Financial slumped 1.36 percent, Mizuho Financial retreated 1.50 percent, Sumitomo Mitsui Financial dropped 1.01 percent, Mitsubishi Electric rallied 1.51 percent, Sony Group vaulted 1.26 percent, Panasonic Holdings surged 5.85 percent, Hitachi sank 1.34 percent and Honda Motor was unchanged. The lead from Wall Street offers little clarity as the major averages spent much of Wednesday's trade bouncing back and forth across the unchanged line before ending mixed. The Dow dropped 289.24 points or 0.61 percent to finish at 47,417.27, while the NASDAQ rose 19.03 points or 0.08 percent to end at 22,716.13 and the S&P 500 dipped 5.68 points or 0.08 percent to close at 6,775.80. The recent volatility has largely been driven by big swings by the price of crude oil, which rebounded on Wednesday. Crude oil is regained ground after the United Kingdom Maritime Trade Operations said it has received reports of three vessels being struck by projectiles off Iran's coast, adding to worries about transit through the Strait of Hormuz. Crude oil price...
Key Points Nvidia is investing $2 billion in Nebius. The two companies will work together to build AI factories. 10 stocks we like better than Nebius Group › Shares of Nebius Group (NASDAQ: NBIS) climbed on Wednesday after the Amsterdam-based artificial intelligence (AI) cloud provider struck a strategic partnership with semiconductor juggernaut Nvidia (NASDAQ: NVDA). By the close of trading, Nebi...
Key Points Nvidia is investing $2 billion in Nebius. The two companies will work together to build AI factories. 10 stocks we like better than Nebius Group › Shares of Nebius Group (NASDAQ: NBIS) climbed on Wednesday after the Amsterdam-based artificial intelligence (AI) cloud provider struck a strategic partnership with semiconductor juggernaut Nvidia (NASDAQ: NVDA). By the close of trading, Nebius' stock price was up more than 16%. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Accelerating the AI boom Nvidia and Nebius will work together to design AI factories, deploy data center infrastructure, and optimize inference -- the process of using a trained AI model to generate results. As part of the agreement, Nvidia will invest $2 billion in Nebius. The chipmaker said the investment reflects Nebius' "unique depth of engineering expertise across the full AI technology stack." "Nebius has been built for AI since day one -- not adapted from a general-purpose cloud, but designed for what developers actually need," Nebius CEO Arkady Volozh said in a press release. "Now with Nvidia, we are extending that throughout the stack -- from gigawatt-scale AI factories to inference and software -- as we build one of the first and largest clouds for all AI builders everywhere." Soaring demand for AI infrastructure Nebius will also gain early access to the latest generation of Nvidia's accelerated computing platform. These tools, along with the cash from Nvidia's investment, are intended to help Nebius deploy over 5 gigawatts of capacity by the end of 2030. "Nebius is building an AI cloud designed for the agentic era, fully integrated from silicon to software and powered by Nvidia's next-generation accelerated compute," Nvidia CEO Jensen Huang said. "Together, we are scaling the cloud to meet the surging global d...
Earnings Call Insights: Sprinklr (CXM) Q4 2026 Management View Rory Read, President and CEO, highlighted a 9% year-over-year revenue increase to $220.6 million and subscription revenue growth of 6% to $193.4 million. He emphasized, “We delivered $37.7 million in non-GAAP operating income, representing a 17% non-GAAP operating margin.” Read noted the company’s transition into the second phase of it...
Earnings Call Insights: Sprinklr (CXM) Q4 2026 Management View Rory Read, President and CEO, highlighted a 9% year-over-year revenue increase to $220.6 million and subscription revenue growth of 6% to $193.4 million. He emphasized, “We delivered $37.7 million in non-GAAP operating income, representing a 17% non-GAAP operating margin.” Read noted the company’s transition into the second phase of its transformation, stating, “FY '26 was a year of meaningful operational progress. While churn was higher than we would have preferred, particularly in the first half, we achieved key transformational objectives we set out at the start of the year.” The CEO credited Project Bear Hug and structural changes for improved renewal rates and operational discipline and described strong demand for AI-native Sprinklr Service SKUs, with “ARR from our generative AI-native Sprinklr Service SKUs grew 50% year-over-year.” Read outlined four core innovation priorities for FY '27: unified customer intelligence, enterprise-wide automation, AI-driven marketing and commerce, and next-generation AI and insights. Anthony Coletta, Chief Financial Officer, stated, “This quarter marks another step forward and Q4 results came ahead of expectations. Total revenue was $220.6 million, up 9% year-over-year. Subscription revenue was $193.4 million, up 6% year-over-year.” Coletta noted a new $200 million share buyback program, including a $125 million accelerated share repurchase, and highlighted the company’s strong balance sheet, with $502.5 million in cash and marketable securities and no debt. Outlook Coletta provided Q1 fiscal 2027 guidance: total revenue in the range of $215.5 million to $216.5 million, and subscription revenue between $193 million and $194 million, both representing 5% growth year-over-year at the midpoint. For full-year FY '27, guidance is for subscription revenue of $778 million to $780 million (3% growth at the midpoint) and total revenue of $869 million to $871 million (1% grow...
President Donald Trump ’s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on all...
President Donald Trump ’s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on alleged excess manufacturing capacity. The investigations, which typically take months to complete, are required for the president to unilaterally place duties on imports from specific countries deemed to employ unfair trading practices. Economies that will be subject to the inquiry include some of the US’s largest trading partners: China, the European Union, Mexico, India, Japan, South Korea and Taiwan. Switzerland, Norway, Indonesia, Singapore, Thailand, Malaysia, Cambodia, Vietnam and Bangladesh will also be investigated. “Our view is that key trading partners have developed production capacity that is really untethered from the market incentives of domestic and global demand,” Greer said during a telephone briefing for reporters. The move marks the formal kickoff of the administration’s effort to rebuild Trump’s tariff wall after the landmark Supreme Court decision against his global duties last month. Tariffs have been a core plank of the president’s economic policy, and he had used his ability to unilaterally impose them to wield leverage against foreign countries. While Trump and his team argue they simply want continuity in their trade policy, the administration’s rush to respond to the court defeat has yet again roiled global trading relations. Launching a new trade investigation risks stirring up tensions with Beijing just weeks before a planned summit between Trump and Chinese President Xi Jinping . Targeting Mexico could further damage the already strained efforts to renegotiate the US-Mexico-Canada Trade Agreement that Trump signed during his first term. Canada wa...
North American Construction (NOA) came out with a quarterly loss of $0.1 per share versus the Zacks Consensus Estimate of $0.5. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -120.00%. A quarter ago, it was expected that this heavy construction and mining services company would po...
North American Construction (NOA) came out with a quarterly loss of $0.1 per share versus the Zacks Consensus Estimate of $0.5. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -120.00%. A quarter ago, it was expected that this heavy construction and mining services company would post earnings of $0.5 per share when it actually produced earnings of $0.49, delivering a surprise of -2%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. North American Construction, which belongs to the Zacks Oil and Gas - Mechanical and and Equipment industry, posted revenues of $219.2 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.39%. This compares to year-ago revenues of $218.42 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. North American Construction shares have added about 16.4% since the beginning of the year versus the S&P 500's decline of 0.9%. What's Next for North American Construction? While North American Construction has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating ...
Nuro, the Silicon Valley-based startup backed by Nvidia, Uber, and Softbank, is testing its autonomous vehicle technology in Japan. Toyota Prius vehicles equipped with Nuro’s self-driving software — and human safety operators behind the wheel as backup — began testing on public roads in Tokyo last month. The testing marks the first overseas expansion for the startup, which upended its business mod...
Nuro, the Silicon Valley-based startup backed by Nvidia, Uber, and Softbank, is testing its autonomous vehicle technology in Japan. Toyota Prius vehicles equipped with Nuro’s self-driving software — and human safety operators behind the wheel as backup — began testing on public roads in Tokyo last month. The testing marks the first overseas expansion for the startup, which upended its business model two years ago. Nuro said testing in Japan introduces a number of new challenges and different driving styles and rules. For instance, vehicles drive on the left side of the road, and Tokyo’s streets have dense traffic. Road signs and lane markings are also different in Japan. The company, which opened offices in Tokyo last August, did not disclose how many test vehicles are in its fleet or when it might remove the human safety operator from the vehicles. The company did suggest, in a blog post announcing the testing in Japan, that there will be future expansions. “Our autonomous operations in Tokyo are the beginning of the compounding benefits of global deployment,” the company wrote. Nuro, founded in 2016 by early Google self-driving project engineers Dave Ferguson and Jiajun Zhu, initially focused on developing and operating a fleet of low-speed, on-road delivery bots. Nuro’s pitch and pedigree got the attention of Softbank Vision Fund, which invested $940 million into the startup in 2019. Nuro had a buzzy start, but the cost of development and a wave of consolidation forced the company to cut staff and assess its business model. In 2024, it ditched the low-speed bots and decided to license its technology to automakers and mobility providers, like ride-hail and delivery companies. The company’s autonomy stack is built on an end-to-end AI foundation model that allows the system to learn as it drives, according to Nuro. This AI strategy, which it calls “zero-shot autonomous driving,” allowed Nuro’s software to autonomously navigate public roads in Tokyo without any prior...
LG CNS CEO Shin-gyun Hyun (현신균) (left) and Palantir CEO Alex Karp (Alex Karp) pose for a photo at a strategic partnership signing ceremony. [Photo: LG CNS] LG CNS said it will accelerate its domestic AX business by joining hands with U.S. AI software company Palantir Technologies. LG CNS said it signed a strategic partnership agreement with Palantir on March 11 local time in the United States, ahe...
LG CNS CEO Shin-gyun Hyun (현신균) (left) and Palantir CEO Alex Karp (Alex Karp) pose for a photo at a strategic partnership signing ceremony. [Photo: LG CNS] LG CNS said it will accelerate its domestic AX business by joining hands with U.S. AI software company Palantir Technologies. LG CNS said it signed a strategic partnership agreement with Palantir on March 11 local time in the United States, ahead of Palantir's AIPCon event. The signing ceremony was attended by LG CNS CEO Shin-gyun Hyun (현신균) and Palantir co-founder and CEO Alex Karp (Alex Karp), along with other executives from both companies. Palantir provides platforms including Foundry, which integrates and refines dispersed data within a company to build a data-driven operating system, and AIP (Artificial Intelligence Platform), which combines generative AI with an integrated data environment to support corporate decision-making in real time. Under the strategic partnership agreement, LG CNS will provide Palantir's enterprise platforms, including Foundry and AIP, in forms optimized for each client. To do so, LG CNS will establish a dedicated organization for Palantir business called FDE (Forward Deployed Engineering). The FDE team will work with Palantir to identify and execute high value-added AX projects across industries including manufacturing, energy, electronics and logistics. It plans a full-scale business expansion starting with LG Group, which is actively considering adopting the Palantir platform. LG CNS has already successfully completed a proof of concept to apply Foundry and AIP to a quality management area at one LG affiliate, and signed a main business contract based on that. LG CNS has also completed verification of Foundry and AIP internally. By linking its own data platform and analytics capabilities with Foundry, it analyzed business and operational data in real time and secured capabilities to build risk prediction and decision-support systems using AIP. It plans to pursue strategies to ac...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Investment Call: Strong Buy Micron Technology, Inc. ( MU ), is a misunderstood company that is currently going through a seismic shift that the market is unable to appreciate yet. With the advent of generative AI, the world semiconductor system has reduced its interest in the main processor and turned to memory, in fact, to High-Bandwid...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Investment Call: Strong Buy Micron Technology, Inc. ( MU ), is a misunderstood company that is currently going through a seismic shift that the market is unable to appreciate yet. With the advent of generative AI, the world semiconductor system has reduced its interest in the main processor and turned to memory, in fact, to High-Bandwidth Memory, in a structural sense increasing pricing power, revenue visibility, and the long-term probability of Micron's margin to orders of magnitude far beyond what the traditional DRAM cycles had been able to achieve before. The heart of this thesis is based on a simple, yet historically unique fact: Micron has sold out its entire HBM production capacity for calendar year 2026 under binding price and volume agreements with hyperscale customers. This is not fruit from some speculative oracle. According to management remarks at the Q1 FY2026 earnings call and subsequent investor conference appearances, every unit of HBM that Micron will produce in 2026 has already been contracted, with pricing locked in. Getting this kind of visibility on revenue was nothing less than transformative for a company that had once lived and died by spot market memory prices. The cyclicality of the memory companies in the past heavily discounted their worth on Wall Street. The dispensation has provided us with a structural arbitrage opportunity that can be rationally determined long ago in time. Micron is realizing software-like growth in gross margins. Gross margin expanded from 22.6% in Q1 FY2025 to 56.8% in Q1 FY2026, with Q2 FY2026 guided at 68%, and rapid EPS growth, non-GAAP EPS of $4.78 in Q1 FY2026, up 167% year-over-year, with Q2 FY2026 guided at $8.42. All this while trading at a forward P/E of only 10–12x FY2026 estimates. And lastly, I feel it is the experience of simple reality: sold-out, structural, and eventual rerating of the multiple of Micron that will be the force behind our ...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Investment Call: Strong Buy Micron Technology, Inc. ( MU ), is a misunderstood company that is currently going through a seismic shift that the market is unable to appreciate yet. With the advent of generative AI, the world semiconductor system has reduced its interest in the main processor and turned to memory, in fact, to High-Bandwid...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Investment Call: Strong Buy Micron Technology, Inc. ( MU ), is a misunderstood company that is currently going through a seismic shift that the market is unable to appreciate yet. With the advent of generative AI, the world semiconductor system has reduced its interest in the main processor and turned to memory, in fact, to High-Bandwidth Memory, in a structural sense increasing pricing power, revenue visibility, and the long-term probability of Micron's margin to orders of magnitude far beyond what the traditional DRAM cycles had been able to achieve before. The heart of this thesis is based on a simple, yet historically unique fact: Micron has sold out its entire HBM production capacity for calendar year 2026 under binding price and volume agreements with hyperscale customers. This is not fruit from some speculative oracle. According to management remarks at the Q1 FY2026 earnings call and subsequent investor conference appearances, every unit of HBM that Micron will produce in 2026 has already been contracted, with pricing locked in. Getting this kind of visibility on revenue was nothing less than transformative for a company that had once lived and died by spot market memory prices. The cyclicality of the memory companies in the past heavily discounted their worth on Wall Street. The dispensation has provided us with a structural arbitrage opportunity that can be rationally determined long ago in time. Micron is realizing software-like growth in gross margins. Gross margin expanded from 22.6% in Q1 FY2025 to 56.8% in Q1 FY2026, with Q2 FY2026 guided at 68%, and rapid EPS growth, non-GAAP EPS of $4.78 in Q1 FY2026, up 167% year-over-year, with Q2 FY2026 guided at $8.42. All this while trading at a forward P/E of only 10–12x FY2026 estimates. And lastly, I feel it is the experience of simple reality: sold-out, structural, and eventual rerating of the multiple of Micron that will be the force behind our ...
sommart/iStock via Getty Images Nearly four months after the publication of my previous coverage , HCI Group, Inc. ( HCI ) weakened despite my positive view. While I understand the cautious stance of the market, I think that the downtrend was overdone in relation to its performance. Its fundamentals are also still robust and ensure sustainability and longevity. Valuation is also still reasonable w...
sommart/iStock via Getty Images Nearly four months after the publication of my previous coverage , HCI Group, Inc. ( HCI ) weakened despite my positive view. While I understand the cautious stance of the market, I think that the downtrend was overdone in relation to its performance. Its fundamentals are also still robust and ensure sustainability and longevity. Valuation is also still reasonable with some upside. Technicals are still bearish but show some buying opportunities. HCI Q4 2025: Solid Underwriting Sustains Growth And Margins The property and casualty insurance, or P&C insurance, industry in Florida has been quite peaceful and stable in the past two quarters. There were some hurricanes during the second half, but they were not as intense, frequent, and destructive as in the past three years. This is why key players like HCI Group, Inc. benefited from it, as claims and other associated risks remained manageable. This also helped it maintain strategic pricing, supported by its disciplined underwriting strategies. In Q4 2025, its operating revenue amounted to $246.2M , up by 52.1% YoY from $161.9M. This YoY increase was also much higher than in my previous coverage at only 23.4%. In fact, this was its strongest YoY performance in the past six quarters . This was mainly due to its strong P&C insurance operations. Demand remained robust due to a higher volume of its policies in force, leading to higher gross premiums earned. In fact, it had 313,400 policies in force during the quarter, up by 42,100 policies from 271,300 YoY. If we divide gross premiums earned by the number of policies in force, it generated an average amount of $1,059 versus $1,096. From this, we can say that HCI set lower policy rates to attract more volume. And because it catered to more policyholders, it also generated higher policy fees. Its investment diversification strategies also continued to pay off, as you can see in its investment income. Meanwhile, its operating expenses decreased, ...