Financial Results Announcement - CytoSorbents Corporation announced preliminary and unaudited financial results for the quarter and year ended December 31, 2024[4] - The press release detailing the financial results and business updates was issued on January 3, 2025[4] Regulatory and Filing Information - The financial results are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934[4] - The press release is furnished as Exhibit 99.1 in the Form 8-K filing[4] Executive Signatory - The report was signed by Dr. Phillip P. Chan, Chief Executive Officer of CytoSorbents Corporation[7]

Financial Performance - Fourth-quarter 2024 net income attributable to common stock totaled $274 million, $0.19 per share, and adjusted net income attributable to common stock totaled $450 million, $0.31 per share [2] - Net income attributable to common stockholders for 2024 was $1,889 million, compared to $1,848 million in 2023 [93] - Net income for 2024 was $4.399 billion, up from $3.751 billion in 2023, reflecting improved operational performance [98] - Adjusted net income attributable to common stock for 2024 was $2.146 billion, slightly down from $2.221 billion in 2023 [103] - FCX's consolidated income tax provision for 2024 shows an effective tax rate of 42% with a provision of $520 million, compared to 42% and $724 million in 2023 [108] - FCX estimates a consolidated effective tax rate of 40% for 2025, with tax impacts at 39% for Peru, 36% for Indonesia, and 0% for the U.S. [114] - Net income attributable to noncontrolling interests totaled $447 million in Q4 2024, representing 36% of FCX's consolidated income before taxes [129] - FCX estimates net income attributable to noncontrolling interests to approximate $2.3 billion for 2025, representing 35% of consolidated income before taxes [132] - Net income attributable to noncontrolling interests for Q4 2023 was $619 million, representing 36% of FCX's consolidated income before taxes [129] Production and Sales - Consolidated production in fourth-quarter 2024 totaled 1.04 billion pounds of copper, 432 thousand ounces of gold, and 22 million pounds of molybdenum [2] - Consolidated sales in fourth-quarter 2024 totaled 1.0 billion pounds of copper, 350 thousand ounces of gold, and 18 million pounds of molybdenum [2] - Consolidated sales for 2025 are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold, and 88 million pounds of molybdenum [2] - Incremental copper production from technology and leaching initiatives totaled 50 million pounds in fourth-quarter 2024 and 214 million pounds for the year 2024 [13] - FCX's North America copper sales for 2024 were 1.26 billion pounds, with an estimated 1.4 billion pounds for 2025 [21] - FCX's South America copper sales for 2024 were 1.2 billion pounds, with an expected 1.1 billion pounds for 2025 [30] - PT-FI's Kucing Liar deposit is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and 2041, with capital investments estimated at $4 billion over the next 7-8 years [39] - PT-FI's consolidated copper sales volumes in Q4 2024 were 376 million pounds, down from 511 million pounds in Q4 2023, primarily due to lower ore grades and shipment timing [45] - PT-FI's consolidated gold sales volumes in Q4 2024 were 343 thousand ounces, down from 544 thousand ounces in Q4 2023 [45] - PT-FI's projected sales volumes for 2025 are 1.55 billion pounds of copper and 1.6 million ounces of gold, reflecting reduced operating rates due to planned maintenance projects [46] - Copper production in Q4 2024 was 1,041 million recoverable pounds, with sales of 992 million pounds, compared to 1,095 million pounds produced and 1,116 million pounds sold in Q4 2023 [84] - Gold production in Q4 2024 was 432 thousand recoverable ounces, with sales of 350 thousand ounces, compared to 573 thousand ounces produced and 549 thousand ounces sold in Q4 2023 [84] - Molybdenum production in Q4 2024 was 22 million recoverable pounds, with sales of 18 million pounds, compared to 20 million pounds produced and 22 million pounds sold in Q4 2023 [84] - Total copper production for 2024 was 4,214 million recoverable pounds, slightly up from 4,212 million pounds in 2023 [87] - Gold production in 2024 was 1,880 thousand recoverable ounces, down from 1,993 thousand ounces in 2023 [87] - FCX's mined copper sales in 2024 were 45% in concentrate, 34% as cathode, and 21% as rod, with an average realized copper price of $4.15 per pound in Q4 2024 [118] - At December 31, 2024, FCX had provisionally priced copper sales totaling 133 million pounds at an average price of $3.96 per pound [125] - FCX's net deferred profits on inventories at Atlantic Copper totaled $181 million at December 31, 2024, to be recognized in future periods [127] - Silver sales in South America operations totaled 3.6 million ounces in 2024 at an average realized price of $29.35 per ounce [174] - Silver sales in South America operations totaled 4.1 million ounces in 2023 at an average realized price of $23.57 per ounce [177] - Silver sales in Q4 2024 were 1.4 million ounces at an average realized price of $29.85 per ounce [180] - Silver sales in Q4 2023 were 2.0 million ounces at an average realized price of $23.58 per ounce [183] - Silver sales in 2024 were 6.9 million ounces at an average realized price of $28.52 per ounce [186] - Silver sales in 2023 were 6.0 million ounces at an average realized price of $23.37 per ounce [190] - Molybdenum sales volume remained stable at 30 million recoverable pounds for both 2024 and 2023 [198] Costs and Expenses - Consolidated unit net cash costs for FCX's copper mines are expected to average $1.60 per pound of copper for the year 2025 [12] - Average unit net cash costs for North America copper mines were $3.04 per pound in Q4 2024, expected to approximate $3.00 per pound for 2025 [22][23] - Average unit net cash costs for South America operations were $2.36 per pound in Q4 2024, expected to approximate $2.50 per pound for 2025 [31][32] - PT-FI's unit net cash credits in Q4 2024 were $0.08 per pound of copper, favorable compared to less than $0.01 per pound in Q4 2023, primarily due to higher gold credits [47] - Production and delivery costs for 2024 were $15,554 million, up from $13,627 million in 2023 [93] - PT-FI's new smelter and precious metals refinery incurred $133 million in operational readiness and startup costs in 2024 [94] - Consolidated interest costs for 2024 were $710 million, down from $782 million in 2023 [94] - Total charges for feasibility and optimization studies were $62 million ($0.05 per pound of copper) and $60 million ($0.05 per pound of copper) for metals inventory adjustments [161] - Total charges for feasibility and optimization studies were $107 million ($0.08 per pound of copper) [166] - Nonrecurring charges of $97 million ($0.08 per pound of copper) were incurred in 2024 for labor-related charges at Cerro Verde [175] - Feasibility and optimization studies in 2024 resulted in charges of $57 million ($0.05 per pound of copper) [175] - Noncash and other costs for Indonesia operations in 2024 included $144 million for ARO adjustment and $133 million for operational readiness and startup costs [187] - Noncash and other costs for Indonesia operations in 2023 included $112 million in credits to correct historical PT-FI ARO model inputs and $55 million for an administrative fine [191] - Total costs for molybdenum mines increased to $630 million in 2024 from $530 million in 2023 [198] - Net cash costs for molybdenum mines rose to $535 million in 2024 from $448 million in 2023 [198] - DD&A expenses for molybdenum mines increased to $73 million in 2024 from $66 million in 2023 [198] - Noncash and other costs, net for molybdenum mines increased to $22 million in 2024 from $16 million in 2023 [198] Cash Flow and Capital Expenditures - Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024 [2] - Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT-FI's new smelter and precious metals refinery [2] - FCX generated operating cash flows of $1.4 billion in Q4 2024 and $7.2 billion for the full year 2024 [63] - FCX's consolidated operating cash flows for 2025 are estimated to approximate $6.2 billion, based on current sales volume and cost estimates [64] - Capital expenditures for 2025 are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6 billion for PT-FI's new downstream processing facilities [66] - FCX had $3.9 billion in consolidated cash and cash equivalents at December 31, 2024, with $3.0 billion of availability under its revolving credit facility [62] - FCX's net debt at December 31, 2024, excluding $3.2 billion of debt for PT-FI's new downstream processing facilities, totaled $1.06 billion [71] - FCX declared a total cash dividend of $0.15 per share, consisting of a $0.075 quarterly base dividend and a $0.075 variable performance-based dividend, payable on February 3, 2025 [72] - FCX has 1.4 billion shares outstanding and $3.1 billion available under its share repurchase program as of January 22, 2025 [73] - Cash flow from operating activities rose to $7.160 billion in 2024, compared to $5.279 billion in 2023, indicating stronger cash generation [98] - Capital expenditures for Indonesia operations decreased to $2.908 billion in 2024 from $3.411 billion in 2023, reflecting reduced investment [98] - Net cash used in financing activities was $3.284 billion in 2024, up from $2.650 billion in 2023, driven by higher debt repayments and dividends [98] - FCX's net debt as of December 31, 2024, was $4.289 billion, excluding $3.233 billion for PT-FI's new downstream processing facilities [116] Prices and Realized Values - Average realized prices in fourth-quarter 2024 were $4.15 per pound for copper, $2,628 per ounce for gold, and $22.23 per pound for molybdenum [2] - The average realized price for copper in Q4 2024 was $4.15 per pound, up from $3.81 per pound in Q4 2023 [84] - The average realized price for gold in Q4 2024 was $2,628 per ounce, up from $2,034 per ounce in Q4 2023 [84] - The average realized price for molybdenum in Q4 2024 was $22.23 per pound, up from $20.66 per pound in Q4 2023 [84] - Average realized copper price per pound increased to $4.21 in 2024 from $3.85 in 2023 [87] - Gross profit per pound of molybdenum decreased to $2.04 in Q4 2024 from $2.48 in Q4 2023 [194] - Gross loss per pound of molybdenum was $0.39 in 2024, compared to a gross profit of $5.79 per pound in 2023 [198] Reserves and Assets - FCX's preliminary estimated consolidated recoverable proven and probable mineral reserves at December 31, 2024, include 97.0 billion pounds of copper, 23.0 million ounces of gold, and 3.16 billion pounds of molybdenum [54] - Total assets increased to $54.848 billion in 2024 from $52.506 billion in 2023, driven by growth in property, plant, and equipment [96] - Long-term debt increased to $8.907 billion in 2024 from $8.656 billion in 2023, indicating higher borrowing [96] - Restricted cash and cash equivalents decreased to $1.0 billion in 2024 from $1.3 billion in 2023, due to regulatory changes in Indonesia [96][99] - Total assets at December 31, 2024, were $54.848 billion, with Indonesia operations accounting for $27.309 billion [140] Segment Performance - North America Copper Mines generated $6,060 million in total revenues for the year ended December 31, 2024, with $180 million from unaffiliated customers and $5,880 million from intersegment sales [143] - South America Operations reported total revenues of $4,533 million for 2024, including $3,618 million from Cerro Verde and $915 million from other operations [143] - Indonesia Operations contributed $9,774 million in revenues for 2024, with $544 million from intersegment sales [143] - FCX's total operating income for 2024 was $6,864 million, with $5,622 million from Indonesia Operations and $1,471 million from South America Operations [143] - Capital expenditures for 2024 totaled $4,808 million, with $2,908 million allocated to Indonesia Operations and $1,033 million to North America Copper Mines [143] - North America Copper Mines revenues for Q4 2024 were $1.606 billion, with copper contributing $1.373 billion and molybdenum contributing $175 million [151] - Gross profit for North America Copper Mines in Q4 2024 was $183 million, with copper sales at 320 million recoverable pounds and molybdenum sales at 8 million recoverable pounds [151] - Unit net cash costs for copper in Q4 2024 were $3.04 per pound, while molybdenum unit net cash costs were $15.40 per pound [151] - North America Copper Mines revenues for Q4 2023 were $1.385 billion, with copper contributing $1.209 billion and molybdenum contributing $134 million [154] - Gross profit for North America Copper Mines in Q4 2023 was $128 million, with copper sales at 319 million recoverable pounds and molybdenum sales at 7 million recoverable pounds [154] - Unit net cash costs for copper in Q4 2023 were $2.86 per pound, while molybdenum unit net cash costs were $17.50 per pound [154] - North America Copper Mines revenues for the full year 2024 were $6.211 billion, with copper contributing $5.417 billion and molybdenum contributing $608 million [159] - Gross profit for North America Copper Mines in 2024 was $816 million, with copper sales at 1.263 billion recoverable pounds and molybdenum sales at 30 million recoverable pounds [159] - Unit net cash costs for copper in 2024 were $3.11 per pound, while molybdenum unit net cash costs were $16.20 per pound [159] - South America Operations revenues excluding adjustments were $1.312 billion for the three months ended December 31, 2024, with copper contributing $1.208 billion [167] - South America Operations gross profit was $314 million for the three months ended December 31, 2024, with copper accounting for $283 million [167] - South America Operations gross profit per pound of copper was $1.05 using the by-product method and $0.95 using the co-product method for the three months ended December 31, 2024 [167] - South America Operations revenues excluding adjustments were $1.175 billion for the three months ended December 31, 2023, with copper contributing $1.096 billion [170] - South America Operations gross profit was $181 million for the three months ended December 31, 2023, with copper accounting for $176 million [170] - South America Operations gross profit per pound of copper was $0.63 using the by-product method and $0.62 using the co-product method for the three months ended December 31, 2023 [170] - South America operations reported revenues of $5,171 million in 2024, with production and delivery costs of $3,230 million and DD&A of $446 million [174] - Other mining operations generated revenues of $26,406 million in 2024, with production and delivery costs of $18,012 million and DD&A of $1,737 million [174] - South America operations achieved gross profit of $1,492 million in 2024, with copper sales of 1,177 million recoverable pounds and gross profit per pound of $1.27 [174] - South America operations reported revenues of $4,941 million in 2023, with production and delivery costs of $3,239 million and DD&A of $459 million [177] - Other mining operations generated revenues of $24,166 million in 2023, with production and delivery costs of $16,406 million and DD&A of $1,545 million [177] - South America operations achieved gross profit of $1,241 million in 2023, with copper sales of 1,200 million recoverable pounds and gross profit per pound of $1.04 [177] - Indonesia operations product revenues for Q4 2024 were $2.492 billion, with copper contributing $1.543 billion and gold contributing $901 million [180] - Gross profit for Indonesia operations in Q4 2024 was $1.056 billion, with copper accounting for $638 million and gold for $396 million [180] - Copper sales in Q4 2024 were 376 million recoverable pounds, generating a gross profit of $2.81 per pound [180] - Gold sales in Q4 2024 were 343 thousand recoverable ounces, generating a gross profit of $1,153 per ounce [180] - Indonesia operations product revenues for Q4 2023 were $3.106 billion, with copper contributing $1.947 billion and gold contributing $1.108 billion [183] - Gross profit for Indonesia operations in Q4 2023 was $1.695 billion, with copper accounting for $1.054 billion and gold for $614 million [183] -

Company Operations - Kroger operates 2,731 supermarkets across 35 states and the District of Columbia, with 2,273 having pharmacies and 1,702 featuring fuel centers[23]. - Approximately 63 million households are served annually, with over 95% of transactions linked to a Kroger loyalty card[31]. - As of February 1, 2025, Kroger owns 33 food production plants, contributing to the production of approximately 31% of its private label items[30]. - Kroger has implemented over 200 business continuity plans to manage risks related to natural disasters and supply chain disruptions[44]. - The company is investing in technology and processes to fulfill customer orders conveniently and cost-effectively, which is essential for maintaining competitiveness in the evolving retail landscape[54]. - The company is committed to developing a relevant digital experience for customers, which is crucial for the success of its digital business[55]. - The company plans to invest in major store projects to increase both in-store and online sales, aiming to serve more households[122]. - Total supermarket square footage increased to 182 million in 2024 from 180 million in 2023, with 16 new stores opened[215]. Financial Performance - Total sales for 2024 were $147.123 billion, a decrease of 1.9% compared to $150.039 billion in 2023[127]. - Operating profit reached $3.849 billion, representing a 24.3% increase from $3.096 billion in 2023[127]. - Net earnings attributable to The Kroger Co. were $2.665 billion, a 23.2% increase compared to $2.164 billion in 2023[127]. - Digital sales exceeded $13.0 billion in annual sales, with Delivery solutions growing by 18% in 2024[132]. - Share repurchases totaled $4.194 billion, including 68.4 million shares at an average price of $61.31 per share[129]. - Dividends paid increased by 10.9% to $883 million, with dividends per common share rising to $1.22[127]. - The company reported a cumulative total shareholder return of 255.56% from 2019 to 2024, outperforming both the S&P 500 Index and its peer group[107]. - The effective income tax rate decreased to 20.0% in 2024 from 23.5% in 2023, influenced by tax benefits from the sale of Kroger Specialty Pharmacy[179]. Employee and Labor Relations - Kroger invested approximately $192 million in associate training and development in 2024, with a focus on onboarding and leadership programs[35]. - The average hourly wage for Kroger associates exceeded $19 in 2024, reflecting a 38% increase over the past seven years, totaling over $2.7 billion in wage investments[38]. - Nearly two-thirds of associates are covered by collective bargaining agreements, with approximately 350 agreements in place, which could impact financial condition if negotiations fail[57]. - The company is committed to fair wages and benefits, but changes in wage regulations could affect future financial performance[58]. - Recent key executive changes may pose challenges in recruitment and retention of qualified associates, potentially impacting business operations[59]. Digital and Marketing Strategy - Kroger's seamless digital ecosystem includes Pickup and Delivery services available at 2,412 supermarkets, enhancing customer convenience[28]. - Kroger's retail media business, Kroger Precision Marketing, is a key driver of digital profitability and alternative profit streams[31]. - The company aims to grow profits by increasing loyal households, customer traffic, and digitally engaged customers, leveraging data insights from its retail grocery business[53]. - Kroger's digital sales are expected to grow at a double-digit rate, outpacing other food-at-home sales over time[122]. Risks and Challenges - The competitive environment is characterized by intense competition from various retail formats, including online retailers and grocery delivery services, which increases the need for the company to adapt quickly to customer preferences[52]. - The company faces risks related to its ability to compete effectively and meet customer expectations, which could adversely affect its financial condition and results of operations[51]. - The company anticipates significant costs associated with replacing refrigerant infrastructure due to climate-related legislation[43]. - Rapid developments in AI technology may increase competitive and security risks, necessitating further investment in innovation and compliance[61]. - The company faces potential liabilities from payment processing systems, including compliance with PCI DSS standards, which could affect financial results if breached[69]. - Indebtedness may limit the ability to secure additional financing and increase vulnerability to economic downturns[70]. - Compliance with evolving laws and regulations could increase operational costs and affect financial performance[71]. - Future regulatory changes regarding health and safety standards could significantly increase business costs and operational requirements[74]. - Kroger estimates exposure to ongoing legal proceedings, including opioid litigation, which could result in substantial losses[75]. Shareholder Returns and Investments - In 2024, Kroger paid quarterly cash dividends of $0.29 and $0.32 per share, with an expectation to continue increasing dividends over time based on earnings[103]. - Kroger's total shareholder return is projected to be within the target range of 8% to 11% over time[121]. - A $7.5 billion share repurchase program was approved on December 11, 2024, replacing the previous September 2022 program[218]. Pension and Financial Liabilities - The company anticipates an increase in contributions to multi-employer pension plans, potentially affecting financial condition and cash flows[77]. - Kroger bears investment risk for two multi-employer pension plans and may need to make additional contributions if investment results are unfavorable[78]. - Cash contributions to multi-employer pension plans were $398 million in 2024, down from $635 million in 2023 and $620 million in 2022[199]. - The estimated share of underfunding of multi-employer pension plans was approximately $1.9 billion as of December 31, 2024, a decrease of $630 million from $2.5 billion in 2023[202].

Financial Performance - Net income attributable to Assured Guaranty Ltd. for Q4 2024 was $18 million, a decrease of 95.2% from $376 million in Q4 2023[6]. - Adjusted operating income for Q4 2024 was $66 million, down 80.5% from $338 million in Q4 2023[6]. - The company reported a diluted earnings per share of $0.35 for Q4 2024, a significant decrease from $6.40 in Q4 2023[6]. - Total revenues for the year ended December 31, 2024, were $872 million, down from $1,373 million in 2023, a decrease of 36.6%[15]. - The company reported a basic earnings per share of $0.36 for Q4 2024, down from $6.54 in Q4 2023, a decline of 94.5%[15]. - The company reported a total of $98 million in net income for Q4 2024, compared to $339 million in Q4 2023[30]. - Net income attributable to AGL for 2024 was $376 million, a decrease of 49% compared to $739 million in 2023[153]. Revenue and Premiums - Gross written premiums (GWP) increased to $186 million in Q4 2024, up 37% from $136 million in Q4 2023[6]. - Net earned premiums increased to $103 million in Q4 2024 from $83 million in Q4 2023, representing a 24% growth[15]. - Net earned premiums for the insurance segment increased to $104 million in Q4 2024, compared to $83 million in Q4 2023, reflecting a growth of 25.3%[30]. - Net earned premiums rose to $406 million in 2024, compared to $344 million in 2023, reflecting an increase of 18%[33][36]. - Total Gross Written Premium (GWP) for Q4 2024 was $186 million, an increase from $136 million in Q4 2023, representing a growth of 37%[67]. - The company reported total GWP of $357 million for 2023, with an increase to $440 million anticipated for 2024[76]. Assets and Equity - Total shareholders' equity attributable to Assured Guaranty Ltd. decreased to $5,495 million as of December 31, 2024, from $5,713 million a year earlier[11]. - Total assets decreased to $11,901 million as of December 31, 2024, from $12,539 million as of December 31, 2023, a decline of 5.1%[17]. - Shareholders' equity attributable to AGL decreased to $5,495 million as of December 31, 2024, from $5,713 million as of December 31, 2023, a decrease of 3.8%[17]. - Shareholders' equity attributable to AGL per share increased to $108.80 in 2024 from $101.63 in 2023[153]. - Adjusted operating shareholders' equity was $5,795 million in 2024, down from $5,990 million in 2023, a decrease of about 3.25%[160]. Investment Income - Net investment income remained stable at $93 million for Q4 2024, consistent with the previous quarter[27]. - Net investment income decreased slightly to $340 million in 2024 from $365 million in 2023, a decline of approximately 7%[33][36]. - Total net investment income for the year ended December 31, 2024, was $340 million, a decrease of 8.3% from $365 million in 2023[56]. - The company reported a total of $15 million in net investment income from funds in the fourth quarter of 2024, down from a loss of $2 million in the same quarter of 2023[53][55]. Claims and Reserves - Claims-paying resources were reported at $10,211 million as of December 31, 2024, down from $10,665 million a year prior[11]. - The loss and LAE reserve decreased to $268 million as of December 31, 2024, from $376 million as of December 31, 2023, a decline of 28.8%[17]. - The total claims-paying resources decreased to $10,211 million in 2024 from $10,665 million in 2023[153]. Tax and Expenses - The effective tax rate on net income for Q4 2024 was 26.6%, compared to an effective tax rate of (87.9)% in Q4 2023[6]. - Total expenses for Q4 2024 were $106 million, a slight increase from $81 million in Q4 2023[30]. - Total expenses for 2024 were $446 million, down from $733 million in 2023, indicating a reduction of 39%[33][36]. - Interest expenses for the Corporate Division remained stable at $101 million in 2024, compared to $99 million in 2023, reflecting a slight increase of about 2.02%[144]. Market and Business Outlook - The company plans to continue expanding its market presence and exploring new business opportunities in both U.S. and non-U.S. public finance sectors[67]. - The company expects installment premiums to contribute $294 million to total PVP in 2023, decreasing to $262 million in 2024[76]. - The company anticipates a total of $1,304 million in net expected loss to be paid from 2025 to 2029[84]. Financial Metrics and Ratios - The adjusted operating return on equity (ROE) for Q4 2024 was 4.5%, down from 23.1% in Q4 2023[6]. - The capital ratio improved to 73:1 in 2024 from 66:1 in 2023, indicating stronger capital adequacy[62]. - The unrealized loss on the investment portfolio was $(397) million in 2024, compared to $(361) million in 2023, indicating a worsening of approximately 9.97%[160]. Corporate Division Performance - Total revenues for the Corporate Division for the year ended December 31, 2024, were $17 million, down from $275 million in 2023, indicating a decline of approximately 93.82%[144]. - Adjusted operating income (loss) for the Corporate Division was $(135) million for the year ended December 31, 2024, compared to $45 million in 2023, marking a significant decline[144]. - Total revenues for Other Results in the three months ended December 31, 2024, were $10 million, compared to $33 million in the same period of 2023, a decrease of approximately 69.7%[148].

Earnings Release and Conference Call - Horizon Bancorp, Inc. will release its financial results for Q4 2024 after market close on January 22, 2025 [4] - Management will host a conference call to discuss Q4 2024 financial results on January 23, 2025, at 7:30 a.m. CT [4] - The press release regarding Q4 2024 earnings and conference call is attached as Exhibit 99.1 [5]

Investment Rating - The report does not explicitly provide an investment rating for the hydrogen mobility sector in developing countries, but it highlights the potential for fuel cell electric vehicles (FCEVs) to emerge as economically viable alternatives in specific markets by 2030 [17][35]. Core Insights - Clean hydrogen is positioned as a key component in the transition to clean energy, particularly in sectors where emissions are hard to abate, such as transport [26][27]. - The report emphasizes the economic viability of FCEVs in densely populated countries, where environmental benefits may offset higher costs compared to internal combustion engine vehicles [35][47]. - The analysis indicates that while battery electric vehicles (BEVs) currently outperform FCEVs economically across all segments, FCEVs have operational advantages that could make them suitable for niche markets [36][51]. Summary by Sections Chapter 1: Hydrogen Mobility in Developing Countries - The transport sector is responsible for 22% of global CO2 emissions, necessitating a reduction of over 3% annually to meet net zero targets by 2050 [73]. - Clean hydrogen is gaining traction as a decarbonization solution for heavy-duty transport, despite the dominance of BEVs in the passenger vehicle market [74][75]. Chapter 2: Hydrogen Production and Cost Estimation - Global hydrogen demand reached 97 million tonnes in 2023, with projections to grow to 49 million tonnes annually by 2030 [26]. - The report discusses the levelized costs of hydrogen production and refueling, highlighting the need for significant investment to scale up the clean hydrogen economy [24][31]. Chapter 3: Economics of Hydrogen Mobility - The economic analysis compares FCEVs, BEVs, and internal combustion engine vehicles across various segments, indicating that FCEVs face high capital and fuel costs [32][38]. - FCEVs could become economically viable in high-density urban areas, particularly in India and Korea, where air quality improvements justify their higher costs [47][48]. Chapter 4: Hydrogen Mobility Policy and Recommendations - The report outlines several recommendations for promoting hydrogen fuel adoption, including integrating clean hydrogen pilot projects into national strategies and targeting FCEV deployment in high-impact niche markets [56][60]. - It emphasizes the importance of developing robust policy frameworks to support the clean hydrogen economy and ensure alignment with renewable energy generation [61][64].

Store Operations - The Famous Footwear segment operated 846 stores at the end of 2024, selling primarily branded footwear for the entire family[15]. - The company operated 114 retail stores at the end of 2024, up from 98 in 2023, with plans to open approximately five new Allen Edmonds stores and 13 net new Sam Edelman stores in 2025[44]. - The company anticipates opening approximately eight new retail store locations and closing about 18 in 2025[22]. - The company operates 60 retail stores in the U.S. and 54 in East Asia under the Brand Portfolio segment[15]. - The company has 120 international branded stores operated by third parties through franchise agreements at the end of 2024[15]. Sales and Revenue - Net sales for women's footwear accounted for 60% in 2024, while men's footwear represented 21%, children's footwear 12%, and clothing and accessories 7%[16]. - The Brand Portfolio segment sold approximately 32 million pairs of shoes on a wholesale basis during 2024, with licensed products accounting for about 14% of sales[42]. - The backlog of unfilled wholesale orders as of February 1, 2025, was approximately $260.2 million, an increase from $234.5 million on February 3, 2024[53]. - The Famous Footwear segment's retail price points typically range from $20 for shoes to $300 for boots[19]. - Approximately 5% of Famous Footwear's net sales come from company-owned and licensed products sold by the Brand Portfolio segment[18]. Marketing and Advertising - Famous Footwear's marketing expenses in 2024 were approximately $56.4 million, aimed at reinforcing brand connection with consumers[24]. - The company invested approximately $78.3 million in advertising and marketing support for its Brand Portfolio segment in 2024[46]. Sourcing and Inventory - In 2024, the sourcing operations sourced approximately $494.4 million of shoes, with China and Vietnam being the largest sourcing countries at $244.7 million and $210.2 million, respectively[51]. - Approximately 25% of inventory receipts were sourced through speed programs during 2024, with expectations for continued growth in 2025[43]. - The Famous Footwear segment's distribution systems allow for weekly merchandise deliveries to stores, ensuring adequate stock[23]. Employee and Workforce - The company employs approximately 9,400 individuals, with 4,800 full-time and 4,600 part-time employees as of February 1, 2025[55]. - The company offers a comprehensive benefits package, including competitive salaries, health insurance, retirement plans, and education assistance[56]. - The company emphasizes health and safety training for newly hired associates, ensuring compliance with its Occupational Health and Safety Program[57]. - The company has no employees under union contracts in the U.S., with only 25 warehouse employees in Canada under a union contract expiring in October 2025[55]. Business Strategy and Goals - The Company signed a definitive agreement to acquire Stuart Weitzman for $105 million, expected to close in summer 2025, enhancing the Brand Portfolio segment[16]. - The company anticipates expanding its Naturalizer presence in East Asia with the opening of approximately five new stores in 2025[44]. - The company anticipates expanding the Sam Edelman presence in East and Southeast Asia with approximately 13 net new stores in 2025[44]. - The company aims to achieve its responsible business goals by 2025, focusing on eco-conscious products and practices[59]. - The company is committed to responsible business initiatives, focusing on sustainable practices and waste elimination in manufacturing[58]. - The company aims to use environmentally preferred materials and ensure compliance with global labor standards in its supply chain[59]. - The business is seasonal, with higher sales during back-to-school and holiday seasons, although earnings distribution has become more balanced in recent years[64]. - The company competes in a highly fragmented market with various retail formats, including traditional stores and e-commerce[60]. - The company has a steering committee to manage responsible business goals and metrics, with a report expected in spring 2025[59]. Product Offerings - The Brand Portfolio segment includes a variety of owned and licensed brands, with products sold at various price points ranging from $50 to $2,995[26][29]. - The Favorite Daughter Shoes line is set to launch in Fall 2025, with price points ranging from $195 to $495[39].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41684 CALIFORNIA BANCORP (Exact name of registrant as specified in its charter) California 84-3288397 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 12265 El Camino Real, Suite 210 San Diego, California (Address of principal ...

Financial Performance - Platform revenue for Q4 2024 was $4.6 million, a decrease from $7.2 million in Q4 2023[4] - Full year 2024 platform net loss was $19.6 million, or $0.89 per diluted share, compared to a net loss of $11.8 million, or $0.59 per diluted share in 2023[4] - Total consolidated revenue for Q4 2024 was $8.7 million, down from $23.9 million in Q4 2023[12] - Consolidated net loss attributable to Caliber for Q4 2024 was $11.4 million, or $0.51 per diluted share, compared to a net loss of $2.4 million, or $0.11 per diluted share in Q4 2023[12] - Consolidated Adjusted EBITDA for Q4 2024 was $1.5 million, down from $6.5 million in Q4 2023[12] - For the year ended December 31, 2024, the net loss attributable to CaliberCos Inc. was $19,777, compared to a net loss of $12,703 for the year ended December 31, 2023[21] - Total revenues for the year ended December 31, 2024, were $51,119,000, a decrease of 43.6% compared to $90,937,000 for the year ended December 31, 2023[41] - Net loss attributable to CaliberCos Inc. for the year ended December 31, 2024, was $19,777,000, compared to a net loss of $12,703,000 for the year ended December 31, 2023, reflecting a 55.5% increase in losses[41] Asset Management - Fair value assets under management (FV AUM) increased by 7.2% to $794.9 million compared to December 31, 2023[7] - Managed capital rose by 12.5% to $492.5 million, with originations of $69.0 million[7] - The fair value of assets under management (FV AUM) as of December 31, 2024, was $794,923, an increase from $741,190 as of December 31, 2023, indicating a growth of approximately 7.2%[32] - The total real estate FV AUM as of December 31, 2024, was $716,600, an increase from $647,200 as of December 31, 2023, representing a growth of approximately 10.7%[32] - Asset management revenues for the three months ended December 31, 2024, were $3,953,000, down from $4,325,000 for the same period in 2023, a decline of 8.6%[41] Cost Management - The company plans to implement $6 million in annualized cost reductions starting in 2025[5] - The total expenses for the three months ended December 31, 2024, were $14,041, compared to $30,665 for the same period in 2023, showing a decrease of approximately 54.3%[24] - Operating costs for the year ended December 31, 2024, totaled $23,939,000, an increase of 12.3% from $21,311,000 in 2023[41] Shareholder Metrics - The weighted average common shares outstanding for the three months ended December 31, 2024, were 22,456, compared to 21,270 for the same period in 2023, reflecting an increase of about 5.6%[25] - The weighted average common shares outstanding increased from 21,270,000 in 2023 to 22,456,000 in 2024, reflecting a 5.6% increase[41] Earnings and Losses - Fee-Related Earnings for Q4 2024 was $(11,388) thousand, compared to $(2,361) thousand in Q4 2023, indicating a decline[53] - Distributable Earnings for Q4 2024 was $(2,570) thousand, a decrease from $(579) thousand in Q4 2023[53] - Platform Adjusted EBITDA for Q4 2024 was $(1,002) thousand, compared to $1,553 thousand in Q4 2023, showing a significant drop[53] - The net income attributable to CaliberCos Inc. for the year ended December 31, 2024, was $(19,777) thousand, compared to $(12,703) thousand in 2023[53] Investment and Impairment - The company had invested $16.1 million in its funds as of December 31, 2024, down from $18.3 million as of December 31, 2023[36] - The company recorded an investment impairment of $4,304 thousand for the year ended December 31, 2024[53] Interest and Liabilities - The interest expense for the three months ended December 31, 2024, was $(1,466), compared to $(1,309) for the same period in 2023, indicating an increase of about 12%[25] - Interest expense for the year ended December 31, 2024, was $4,865 thousand, an increase from $4,367 thousand in 2023[53] - Total liabilities decreased from $233,414,000 as of December 31, 2023, to $94,282,000 as of December 31, 2024, a reduction of 59.7%[43] Cash and Liquidity - Cash and restricted cash increased from $3,509,000 as of December 31, 2023, to $4,348,000 as of December 31, 2024, indicating improved liquidity[42] New Initiatives - Caliber has launched the Caliber 1031 Exchange program to provide investors access to curated real estate investment opportunities[12] - The company aims to achieve positive net operating income for the full year 2025 with a refined focus on hospitality, multi-family, and multi-tenant industrial asset classes[5]

Store Operations - Torrid operates 634 stores across the U.S., Puerto Rico, and Canada, with an average store size of approximately 3,100 square feet[34]. - The number of stores decreased to 634, down from 655 in the previous year[211]. - The average remaining lease term for the company's stores was 2.7 years as of February 1, 2025, before considering kickout clauses[190]. - Approximately 94% of current leases will have a termination or kickout within three years of the end of fiscal year 2024, providing significant flexibility for the company[190]. Customer Base and Loyalty Programs - The company has a loyal customer base primarily consisting of women aged 30 to 44, with an average size of 18, and approximately half of the customers are under 40 years old[25]. - Torrid's three-tier loyalty program, Torrid Rewards, incentivizes spending, with members earning one point for every dollar spent and rewards for every 250 points collected[26]. - The Torrid Credit Card Program enhances customer loyalty, providing points, discounts, and other perks, while also serving as a valuable source of customer data[27]. - Active customers decreased to 3,656, down from 3,761 in the previous year, representing a decline of 2.8%[211]. - Net sales per active customer decreased to $302, down 1.3% from $306 in the previous year[211]. - The proportion of net sales attributable to active customers remained stable at 97% for fiscal years 2024, 2023, and 2022[213]. Product Development and Merchandising - The company introduces new merchandise approximately 16 times per year, maintaining a consistent flow of fresh products to engage customers[23]. - Torrid employs a data-driven approach to product development, utilizing customer feedback and sales data to inform design and inventory decisions[22]. - The company emphasizes a fashion-first focus and a broad product assortment to differentiate itself in the plus- and mid-size apparel market[60]. - The company has patents issued and applications pending for innovative technologies in its popular bra lines, enhancing its product offerings[56]. Marketing and Brand Strategy - Torrid's marketing strategy emphasizes inclusivity and diversity, targeting curvy women sizes 10 to 30, and includes a multiple brand strategy to reach new customers[44]. - The company focuses on providing stylish apparel for curvy women, specializing in sizes 10 to 30, and aims to keep prices reasonable without compromising quality[209]. Financial Performance - Net income for the fiscal year was $16,318, an increase from $11,619 in the previous year[211]. - Adjusted EBITDA for the fiscal year was $109,120, slightly up from $106,219 in the previous year[211]. - Comparable sales declined by 5% in fiscal year 2024, compared to a 12% decline in fiscal year 2023[211]. - The company's stock price has been volatile, affected by various uncontrollable factors, including changes in business nature and fiscal year[155]. - The company has never declared or paid cash dividends, and future dividend payments will depend on operational results and financial conditions[164]. Supply Chain and Operations - The company has a diversified vendor base, with no single supplier accounting for more than 9% of merchandise purchased in fiscal year 2024[48]. - The company plans to continue diversifying its vendor bases by both vendor and geography, reducing exposure to factories located within China[48]. - The West Jefferson distribution facility, covering 750,000 square feet, is highly automated and supports global direct-to-customer e-Commerce[49]. - The company outsourced its U.S. returns operations to a third-party specialist in late 2024 to improve costs and processing cycle times[50]. - Disruptions in the supply chain due to international trade issues, such as tariffs and political instability, could adversely affect product availability and costs[109]. Regulatory and Compliance Risks - The company is subject to numerous laws and regulations, including labor, tax, and data privacy laws, which could impact operational costs[57]. - Compliance with evolving regulations regarding data protection is critical, as failure to comply could result in fines and reputational damage[101]. - The company is subject to the Payment Card Industry Data Security Standard (PCI-DSS), and any claims of non-compliance could adversely impact its business and reputation[125]. - Changes in product safety laws could result in increased compliance costs and delays in product availability[137]. Economic and Market Conditions - The company's performance is sensitive to economic conditions, with potential declines in consumer spending during recessionary periods impacting net sales and profits[70]. - Recent inflationary pressures have increased costs for energy and raw materials, which may adversely affect sales and operational results if price adjustments cannot be made[72]. - The company faces substantial competition in the plus- and mid-size women's apparel industry, which could adversely affect net sales and margins[76]. - The company faces risks from market fluctuations and economic conditions that could adversely affect its financial performance[159]. Cybersecurity and Technology - The company utilizes an industry-leading cybersecurity framework to assess and manage cybersecurity risks, with a dedicated team led by the COO[179]. - The company has implemented multiple layers of cybersecurity processes and technologies to protect its information systems and mitigate risks[178]. - The company has established a written incident response plan to address cybersecurity events, which includes processes for detection, response, and recovery[182]. Employee and Labor Considerations - The company has approximately 1,810 full-time and 5,780 part-time employees, with a focus on creating a supportive and inclusive work environment[37]. - Employee turnover in the retail industry is generally high, which could lead to increased hiring and training costs, adversely affecting business operations[92]. - Labor costs are influenced by external factors such as unemployment levels and minimum wage laws, which could impact profitability if not managed properly[93].