Group 1 - Cable One's stock price has decreased by over 90% in recent years [1] - The withdrawal of the dividend in early May resulted in a single-day drop of over 40% [1] - Increased competition from fixed-wireless services is a significant factor contributing to the company's decline [1]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $62 million or a negative $1.28 per share for Q1 2025, compared to a net loss of $86 million or a negative $1.84 per share for Q1 2024, indicating an improvement in financial performance [9][10] - The adjusted net loss for Q1 2025 was $8 million or a negative $0.16 per share, compared to an adjusted net loss of $24 million or a negative $0.52 per share for Q1 2024, reflecting a favorable change primarily due to lower losses in LAE [12][13] - The book value per share decreased by $1.23 to a negative $42.22 as of March 31, 2025, from a negative $40.99 as of December 31, 2024, primarily due to the consolidated net loss [13] Business Line Data and Key Metrics Changes - National reported statutory net income of $4 million for Q1 2025, compared to a statutory net loss of $11 million for Q1 2024, driven by lower losses in LAE related to PREPA exposure [15][16] - MBIA Insurance Corp reported statutory net income of $2 million for Q1 2025, compared to a statutory net loss of $35 million for Q1 2024, also due to lower losses in LAE [16][17] - The gross par amount outstanding for National's insured portfolio declined by approximately $500 million from year-end 2024 to about $25 billion as of March 31, 2025 [7] Market Data and Key Metrics Changes - National's leverage ratio of gross par to statutory capital was 27 to 1 at the end of Q1 2025, with total claims paying resources of $1.5 billion and statutory capital surplus exceeding $900 million [8] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, which remains uncertain, and believes that reducing uncertainty regarding PREPA is essential for maximizing shareholder value [7] - The management expressed optimism about the potential resolution of the PREPA situation, indicating that the focus is shifting towards addressing key litigation issues [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexity of the PREPA situation and emphasized ongoing discussions in Washington, D.C., while expressing cautious optimism about moving into a different phase regarding the resolution [22][24] - The overall portfolio performance is consistent with expectations, with no significant concerns regarding other credits [25] Other Important Information - The corporate segment had total assets of approximately $685 million as of March 31, 2025, including unencumbered cash and liquid assets totaling $378 million [14] Q&A Session Summary Question: What is being done politically to resolve the PREPA situation? - Management highlighted that fixing PREPA is a top priority for Governor Gonzalez and that there are ongoing conversations in D.C. to facilitate resolution, with optimism about moving into a different phase [22][24] Question: Are there concerns about further write-offs in the National portfolio? - Management confirmed that the portfolio is performing within expectations and that PREPA is the primary focus, with no significant concerns about other credits [25]

分组1 - MBIA reported a quarterly loss of $0.16 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.07, but an improvement from a loss of $0.52 per share a year ago, indicating an earnings surprise of -128.57% [1] - The company posted revenues of $27 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 28.57%, although this was a decline from $32 million in revenues a year ago [2] - MBIA shares have declined approximately 28.2% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $21 million, and for the current fiscal year, it is -$0.25 on revenues of $84 million [7] - The Zacks Industry Rank for Insurance - Multi line is in the top 30% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] 分组3 - The estimate revisions trend for MBIA is mixed, resulting in a Zacks Rank 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Total revenues for Q1 2025 were $14 million, a 7.7% increase from $13 million in Q1 2024[18] - Net income (loss) for Q1 2025 was $(62) million, compared to $(86) million in Q1 2024, representing a 27.9% improvement[20] - Total revenues for the three months ended March 31, 2025, were $14 million, a decrease of 61.76% compared to $34 million in the same period of 2024[154] - The company reported a net loss from continuing operations of $62 million for Q1 2025, compared to a net loss of $87 million in Q1 2024[163] - Basic and diluted earnings per share for continuing operations were $(1.28) in Q1 2025, improving from $(1.88) in Q1 2024[163] - The company incurred total expenses of $76 million in Q1 2025, a decrease from $100 million in Q1 2024[157] - For the three months ended March 31, 2025, adjusted net income was $(8) million, compared to $(24) million for the same period in 2024, representing a 67% improvement[185] Assets and Liabilities - Total assets as of March 31, 2025, were $2,132 million, down from $2,488 million as of March 31, 2024[157] - Total liabilities amounted to $3,397 million as of March 31, 2025, with long-term debt at $2,780 million[113] - The company’s total assets as of December 31, 2024, were $1,769 million, with fixed-maturity investments valued at $1,356 million[108] - The total liabilities as of December 31, 2024, were $3,360 million, indicating a slight increase in liabilities in the first quarter of 2025[114] - The company had total assets held for sale amounting to $11 million as of March 31, 2025[157] Investment Income - Net investment income decreased to $18 million in Q1 2025 from $23 million in Q1 2024, a decline of 21.7%[18] - Net investment income fell by 17% to $15 million in Q1 2025, compared to $18 million in Q1 2024, primarily due to a lower average invested asset base[193] Insurance Operations - Premiums earned in Q1 2025 were $8 million, down from $9 million in Q1 2024, a decrease of 11.1%[18] - The total insurance loss and loss adjustment expense (LAE) reserves as of March 31, 2025, amount to $191 million, compared to $185 million as of December 31, 2024[71] - Losses and loss adjustment expenses (LAE) decreased significantly by 86% to $3 million in Q1 2025, compared to $22 million in Q1 2024[193] - The insurance loss recoverable increased by 3% to $170 million as of March 31, 2025, from $165 million as of December 31, 2024[197] Puerto Rico Exposure - As of March 31, 2025, National had $657 million of insured debt service outstanding related to the Puerto Rico Electric Power Authority (PREPA) after paying gross claims of $13 million due to PREPA's default[30] - National has paid gross claims totaling $3.1 billion related to Puerto Rico bonds through March 31, 2025, including $277 million and $556 million in payments for GO and HTA bonds in 2022[207] - The largest remaining exposure to Puerto Rico by gross par outstanding is to PREPA[209] Tax and Valuation - The company has recorded a full valuation allowance against its net deferred tax asset of $1.4 billion as of March 31, 2025[144] - The effective tax rate for the Company was below the U.S. statutory tax rate of 21% due to a full valuation allowance on changes in its net deferred tax asset[181] - The Company expects to continue evaluating its net deferred tax asset on a quarterly basis, with no assurance of reversing any valuation allowance in the future[182] Segment Performance - The company manages its businesses across three operating segments: U.S. public finance insurance, corporate, and international and structured finance insurance[150] - The U.S. public finance insurance segment generated revenues of $17 million in Q1 2025, down from $26 million in Q1 2024[157] - The International and Structured Finance Insurance segment reported revenues of $4 million in Q1 2025, compared to a loss of $22 million in Q1 2024[157] Fair Value Measurements - Total assets measured at fair value as of March 31, 2025, are $1,732 million, with Level 3 assets representing approximately 6% of total assets[110] - The fair value of fixed-maturity investments totals $1,449 million, including $495 million in U.S. Treasury and government agency securities[106] - The company continues to monitor and manage its fair value measurements in accordance with market conditions[116]

Financial Performance - MBIA Inc. reported a consolidated GAAP net loss of $62 million, or $(1.28) per diluted common share, for Q1 2025, an improvement from a net loss of $86 million, or $(1.84) per diluted common share, in Q1 2024[15]. - Adjusted Net Loss for Q1 2025 was $8 million, or $(0.16) per diluted share, compared to an Adjusted Net Loss of $24 million, or $(0.52) per diluted share, in Q1 2024[17]. - Book value per share was negative $42.22 as of March 31, 2025, compared to negative $40.99 as of December 31, 2024[16]. Liquidity and Capital Position - The company's liquidity position totaled $378 million as of March 31, 2025, primarily consisting of cash and cash equivalents and liquid invested assets[19]. - National Public Finance Guarantee Corporation had statutory capital of $919 million and claims-paying resources totaling $1.5 billion as of March 31, 2025[20]. - MBIA Corp.'s statutory capital was $88 million with claims-paying resources totaling $349 million as of March 31, 2025[21]. Portfolio and Leverage - National's insured portfolio declined by $518 million during the quarter, ending with $24.8 billion of gross par outstanding[20]. - The leverage ratio of National ended the quarter at 27 to 1, down from 28 to 1 at year-end 2024[20]. Share Repurchase and Future Events - There were no share repurchases during Q1 2025, with $71 million of remaining capacity under the share repurchase authorization as of April 30, 2025[19]. - The company will host a conference call on May 9, 2025, to discuss its Q1 2025 financial results[22]. Additional Information - MBIA Inc. reported financial results available in the quarterly Operating Supplement[35]. - The company’s revenue and performance metrics are detailed in the financial results tables[35]. - Investor and media relations contact information is provided for further inquiries[35].

Group 1 - The stock of MBIA (MBI) has experienced a significant decline of 29.5% over the past four weeks due to excessive selling pressure, but it is now in oversold territory, indicating a potential for a turnaround [1] - The Relative Strength Index (RSI) for MBI is currently at 26.86, suggesting that the heavy selling may be exhausting itself, which could lead to a rebound as the stock seeks to return to its previous equilibrium of supply and demand [5] - There is a strong consensus among sell-side analysts regarding an increase in earnings estimates for MBI, with a 50% rise in the consensus EPS estimate over the last 30 days, indicating a potential for price appreciation in the near term [7] Group 2 - MBI holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on trends in earnings estimate revisions and EPS surprises, further supporting the stock's potential for a turnaround [8]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $51 million or a negative $1.07 per share for Q4 2024, compared to a net loss of $138 million or a negative $2.94 per share for Q4 2023, indicating a significant improvement in financial performance [11] - For the full year 2024, the consolidated GAAP net loss was $447 million or a negative $9.43 per share, compared to a net loss of $491 million or a negative $10.18 per share for 2023, reflecting a reduction in losses [15] - The adjusted net loss for full year 2024 was $184 million or a negative $3.90 per share, compared to an adjusted net loss of $169 million or a negative $3.49 per share for 2023, showing a slight deterioration in adjusted performance [16] Business Line Data and Key Metrics Changes - National's insured portfolio gross par amount declined by approximately $3.1 billion from year-end 2023 to about $25 billion at the end of 2024, indicating a reduction in exposure [9] - The Corporate segment had total assets of approximately $707 million as of December 31, 2024, with unencumbered cash and liquid assets totaling $380 million, down from $411 million at year-end 2023 [18] Market Data and Key Metrics Changes - National reported total claims paying resources of $1.5 billion, down $174 million from December 31, 2023, reflecting a decrease in financial strength [21] - MBIA Insurance Corp.'s insured gross par outstanding was $2.3 billion as of December 31, 2024, down about 18% from year-end 2023, driven by regular amortization and proactive derisking [24] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, which is critical for maximizing shareholder value [7] - Management indicated that while they are open to more frequent, smaller special capital releases, they prefer to wait for more certainty regarding PREPA before pursuing such actions [30] Management Comments on Operating Environment and Future Outlook - Management expressed that the path and timing for resolving PREPA's outstanding debt remain uncertain, with ongoing developments but significant challenges ahead [8] - The management highlighted the importance of both recovery amount and timing in their strategy regarding PREPA, indicating alignment with other bondholders on these objectives [32] Other Important Information - The company's book value per share decreased by 8.43% to a negative $40.99 per share as of December 31, 2024, primarily due to the consolidated net loss for the year [16][17] - National's statutory capital as of December 31, 2024, was $912 million, down $205 million compared to the previous year, largely due to its statutory net loss [21] Q&A Session Summary Question: Can you discuss the strategy for releasing capital beyond the regular dividend? - Management confirmed that it is possible to work with the regulator for more frequent special capital releases, but they prefer to wait for more certainty around PREPA before proceeding [28][30] Question: What is MBIA's position within the creditor group regarding PREPA? - Management stated that both recovery amount and timing are important, and they are aligned with other bondholders on these objectives, emphasizing the need for resolution [32][34] Question: Is there a possibility to exclude PREPA obligations in a sale process? - Management indicated that while it is possible to carve out PREPA obligations, previous offers have been deemed inadequate for shareholders [43][45]

Portfolio and Insurance - As of December 31, 2024, MBIA's insured portfolio consists of $25.3 billion gross par outstanding in U.S. public finance obligations, covering 1,349 policies across 885 credits[36]. - MBIA Corp. has a total insured gross par outstanding of $2.3 billion as of December 31, 2024, with insurance in force amounting to $3.1 billion[40]. - The average annual insured debt service for National's portfolio as of December 31, 2024, was $3.9 billion[37]. - National's ten largest insured U.S. public finance credits totaled $7.6 billion, representing 30.0% of its total insured gross par amount outstanding[37]. - MBIA Corp. estimates the average life of its insurance policies in force is 6 years, with an average annual insured debt service of $0.3 billion[41]. - The company has third-party reinsurance agreements covering approximately 2.4% of its insured par outstanding, with no current plans to reduce insured exposure through reinsurance[68]. - As of December 31, 2024, National had $745 million of debt service outstanding related to Puerto Rico, with gross claims paid in 2024 totaling $137 million due to defaults[110]. - On January 1, 2025, PREPA defaulted on scheduled debt service for National insured bonds, resulting in an additional $13 million in gross claims paid[110]. Financial Performance - Total revenues for 2024 were $42 million, a significant decrease from $154 million in 2022[185]. - Total expenses for 2024 were $483 million, compared to $302 million in 2022, indicating a substantial increase[185]. - Net income attributable to MBIA Inc. for 2024 was a loss of $447 million, compared to a loss of $195 million in 2022[185]. - Adjusted net income (loss) for 2024 was $(184) million, compared to $(145) million in 2022[185]. - The effective tax rate for 2024 was below the U.S. statutory tax rate of 21% due to a full valuation allowance on net deferred tax assets[188]. - Net investment income decreased by $32 million in 2024 compared to 2023, primarily due to a lower average asset base[186]. - Adjusted net income for 2024 was $(184) million, compared to $(169) million in 2023 and $(145) million in 2022, with adjusted net income per diluted common share at $(3.90) for 2024[195]. - The U.S. public finance insurance segment reported net premiums earned of $30 million for both 2024 and 2023, a 36% decrease from $47 million in 2022[205]. - Net investment income decreased to $67 million in 2024 from $93 million in 2023, primarily due to a lower average invested asset base[205]. Risk Management - National's risk mitigation strategy includes proactive portfolio management and early detection of stress in its insured portfolio[26]. - The company's credit risk management is overseen by various committees, including the Risk Oversight Committee, which reviews material transactions and policies related to credit, market, operational, legal, financial, and business risks[43][44]. - The Audit Committee monitors the integrity of financial statements and compliance with legal and regulatory requirements, including cybersecurity risks, receiving semi-annual briefings on the implementation of the Cybersecurity Policy[46]. - The company has identified climate change as an emerging risk to its insured portfolio, particularly affecting U.S. municipalities, which face direct and indirect impacts from severe weather events[57][58]. - The majority of MBIA's insured exposure is to U.S. municipalities, with potential financial strain due to costs associated with climate risk mitigation[58]. - The company continues to monitor financial and budgetary stress among state and local governments, which could lead to increased defaults on insured obligations[203]. - The company’s risk management policies may not adequately prevent future losses, particularly in transactions with large notional exposures[118]. Shareholder Actions - In 2023, National declared and paid dividends of $69 million and a special dividend of $550 million to MBIA Inc.[24]. - The company has a share repurchase program authorized for up to $100 million, with $71 million remaining as of December 31, 2024[21]. - The Board of Directors declared an extraordinary cash dividend of $8.00 per share on December 7, 2023, paid on December 22, 2023[165]. - The share repurchase program authorized up to $100 million, with 3.6 million shares repurchased in 2023 at an average price of $8.12, leaving $71 million remaining as of December 31, 2024[166]. Regulatory Compliance - The company is subject to regulation under New York Insurance Law, which prescribes minimum standards of solvency and requires detailed annual financial statements to be filed[71]. - As of December 31, 2024, National and MBIA Insurance Corporation were in compliance with their aggregate risk limits, despite reporting single risk limit overages due to changes in statutory capital[79]. - The Superintendent of Financial Services may impose remedial actions if the company's insurance subsidiaries do not meet regulatory requirements[122]. - The company is required to contribute 50% of premiums as they are earned to contingency reserves for policies written prior to July 1, 1989, and must make contributions over 15 or 20 years for policies written after that date[75]. Operational Risks - The company relies heavily on information technology systems, facing risks of operational failures and cybersecurity threats that could adversely affect business operations[146]. - The company has implemented a comprehensive cybersecurity program to safeguard critical information assets, including regular assessments and third-party monitoring[152]. - The company has a succession plan for key executives, but the loss of any key personnel could adversely affect its business strategy[149]. - Ineffective internal controls could result in material misstatements in financial statements, affecting investor confidence and the company's ability to raise capital[128]. Loss Reserves and Claims - As of December 31, 2024, the company's loss and loss adjustment expense reserves are based on case basis reserves and estimates for LAE, reflecting expected losses net of potential recoveries[66]. - Loss reserve estimates and credit impairments are subject to uncertainties, and there is no assurance that future net claims will not exceed loss reserves[113]. - The increase in loss and LAE reserves as of December 31, 2024, was primarily due to PREPA claims, with specific reserve adjustments related to a leased-back transaction[213]. - The company made claim payments for PREPA in January and July 2024, which partially offset the increase in reserves[213]. - Insurance loss recoverable increased by 9% to $165 million in 2024 from $152 million in 2023[212]. - Loss and loss adjustment expenses increased to $191 million in 2024 from $170 million in 2023, reflecting changes in PREPA reserves[211].

Financial Performance - MBIA Inc. reported a consolidated GAAP net loss of $447 million, or $(9.43) per diluted common share, for 2024, an improvement from a net loss of $491 million, or $(10.18) per diluted common share, in 2023[15]. - The company recorded an Adjusted Net Loss of $184 million, or $(3.90) per diluted common share, for 2024, compared to an Adjusted Net Loss of $169 million, or $(3.49) per diluted common share, for 2023[17]. - The fourth quarter of 2024 saw a consolidated GAAP net loss of $51 million, or $(1.07) per diluted common share, compared to a net loss of $138 million, or $(2.94) per diluted common share, in the fourth quarter of 2023[19]. - The Adjusted Net Loss for the fourth quarter of 2024 was $22 million, or $(0.48) per share, compared to an Adjusted Net Loss of $8 million, or $(0.16) per share, for the fourth quarter of 2023[20]. Liquidity and Capital Position - As of December 31, 2024, MBIA Inc.'s liquidity position totaled $380 million, primarily consisting of cash and cash equivalents and other liquid invested assets[21]. - National Public Finance Guarantee Corporation had statutory capital of $0.9 billion and claims-paying resources totaling $1.5 billion as of December 31, 2024[22]. - MBIA Insurance Corporation's statutory capital was $88 million, with claims-paying resources totaling $356 million as of December 31, 2024[23]. Portfolio and Book Value - National's insured portfolio declined by $0.6 billion in the fourth quarter and $3.1 billion for the year, with $25.3 billion of gross par outstanding at December 31, 2024[22]. - Book value per share was negative $40.99 as of December 31, 2024, compared to negative $32.56 as of December 31, 2023[16]. - MBIA Corp. has a negative book value, which is removed based on the company's current financial condition and regulatory environment, indicating no economic benefit can be upstreamed to MBIA Inc.[35]. Revenue and Loss Reserves - The net unearned premium revenue in excess of expected losses for National is included, reflecting financial guarantee unearned premium revenue exceeding expected insurance losses[35]. - The company's loss reserve on financial guarantee policies is only recorded when expected losses exceed unearned premium revenue, impacting future GAAP book value recognition[35]. - Net unrealized gains and losses on available-for-sale (AFS) securities are excluded from GAAP book value as they will reverse upon maturity of the securities[35]. Upcoming Events - The company will host a conference call on February 28, 2025, to discuss its full year and fourth quarter 2024 financial results[24].

Company Overview - MBIA (MBI) shares increased by 15.4% to $7.11 in the last trading session, following a higher-than-average trading volume, contrasting with a 10.7% loss over the past four weeks [1] - The company is focusing on improving revenues while lowering expenses, which is expected to drive growth [2] Financial Performance - MBIA is projected to report a quarterly loss of $0.11 per share, reflecting a year-over-year increase of 31.3% [2] - Expected revenues for the upcoming report are $22 million, a decrease of 38.9% compared to the same quarter last year [2] Earnings Estimates and Market Trends - The consensus EPS estimate for MBIA has remained unchanged over the last 30 days, indicating a lack of upward momentum in earnings revisions [4] - Trends in earnings estimate revisions are correlated with near-term stock price movements, suggesting that monitoring these trends is crucial for assessing future stock performance [3] Industry Context - MBIA operates within the Zacks Insurance - Multi line industry, where Principal Financial (PFG) also competes [4] - Principal Financial's consensus EPS estimate has increased by 1.1% over the past month to $1.95, representing a 6.6% change from the previous year [5]