Financial Data and Key Metrics Changes - Revenue for the fourth quarter was $240 million, up 44% compared to $166 million last year, with adjusted EBITDA of $18 million and net income of $8.5 million [5][18] - For the full year, revenue grew 8% to approximately $696 million, with a net loss of $12.4 million, significantly improved from a net loss of $34 million last year [5][24] - Adjusted EBITDA for the full year was $9.4 million, compared to a negative $19.6 million in the prior year [24] Business Line Data and Key Metrics Changes - Brokerage revenue increased 40% in the fourth quarter, with transaction count up 23% and volume growth of 41% [5][6] - Financing revenue nearly doubled in the fourth quarter to $31 million, a 97% increase year-over-year [20][21] - The core private client business contributed 59% of brokerage revenue in the fourth quarter, down from 66% the previous year [19][20] Market Data and Key Metrics Changes - The company closed 7,800 transactions with a total volume of $43.6 billion for the year, reflecting gains of 414% in transaction count [10] - Average transaction size increased to approximately $7 million in the fourth quarter, up from $6.2 million a year ago [19] - The ten-year treasury yield dropped to a low of 3.6% in September, which contributed to increased market activity [8] Company Strategy and Development Direction - The company aims to increase investor outreach and client contact while focusing on individual producer productivity [15][16] - Investments in technology, including AI, are being made to enhance underwriting and support processes [15][39] - The company is pursuing strategic acquisitions and partnerships to extend market penetration and enhance service offerings [16][38] Management's Comments on Operating Environment and Future Outlook - Management noted that interest rate volatility remains a significant challenge for closing deals [11] - There is cautious optimism for incremental growth in transactions, driven by situational distress and realistic pricing [12] - The company expects first-quarter revenue to follow seasonal trends and be sequentially lower than Q4 [25][26] Other Important Information - The company has a strong balance sheet with no debt and $394 million in cash and marketable securities [24][17] - A semi-annual dividend of $0.25 per share was declared, amounting to approximately $10 million [25] Q&A Session Summary Question: Can you discuss the different transaction size buckets for commission revenue? - Management highlighted a trend of increased capital in larger transactions, driven by institutional investors and entrepreneurial private investors [30][31] Question: What impact have the recent fires in Greater LA had on multifamily transactions? - Management noted that insurance costs have increased and that there is pressure on operating costs, affecting market sentiment and inventory availability [33][34] Question: Any updates on external growth opportunities or strategic initiatives? - Management indicated ongoing discussions for potential acquisitions but noted valuation concerns as a barrier [37][38] Question: How does the company balance capital allocation between share repurchase and dividends? - Management stated that capital allocation decisions are made opportunistically, with a focus on long-term growth investments [41][42]

Financial Performance - Total revenue for Q4 2024 was $240.1 million, an increase of 44.4% compared to $166.2 million in Q4 2023[6] - Net income for Q4 2024 was $8.5 million, or $0.22 per diluted share, compared to a net loss of $10.2 million, or $0.27 loss per diluted share, in Q4 2023[11] - Total revenue for the full year 2024 was $696.1 million, a 7.8% increase from $645.9 million in 2023[12] - The Company reported a net loss of $12.4 million for 2024, an improvement from a net loss of $34.0 million in 2023[12] - Adjusted EBITDA for Q4 2024 was $18.0 million, compared to $(4.5) million in Q4 2023, reflecting improved operating income[11] - Adjusted EBITDA for Q4 2024 was $18,034,000, compared to a loss of $4,504,000 in Q4 2023[38] - Net income for Q4 2024 was $8,548,000, a significant improvement from a net loss of $10,233,000 in Q4 2023[38] Brokerage and Sales Performance - Brokerage commissions for Q4 2024 reached $202.8 million, a 40.3% increase year-over-year, driven by a 40.8% rise in total sales volume[7] - Total sales volume for Q4 2024 reached approximately $18.4 billion, with 2,485 transactions, including $12.3 billion from real estate brokerage[30] - Total sales volume in the real estate brokerage business increased by 40.8% for the three months ended December 31, 2024[40] - For the year ended December 31, 2024, total sales volume increased by 9.1%[40] Transaction Metrics - The average commission per transaction in real estate brokerage increased to $116,433 in Q4 2024, up from $102,306 in Q4 2023[30] - The average transaction size in real estate brokerage was $7.0 million in Q4 2024, compared to $6.2 million in Q4 2023[30] - Average transaction size in the real estate brokerage business increased by 14.2% for the three months ended December 31, 2024[40] - For the year ended December 31, 2024, average transaction size increased by 9.7%[40] Operating Expenses and Financial Metrics - Total operating expenses for Q4 2024 were $233.4 million, up from $183.4 million in Q4 2023[27] - Interest income and other for Q4 2024 was $(4,987,000), compared to $(4,689,000) in Q4 2023[38] - Depreciation and amortization for Q4 2024 was $5,288,000, up from $3,315,000 in Q4 2023[38] - Stock-based compensation for Q4 2024 was $6,037,000, compared to $8,338,000 in Q4 2023[38] Market and Strategic Focus - The Private Client Market continues to represent over 80% of all commercial property sales transactions, providing long-term growth opportunities[17] - The Company plans to focus on strategic acquisitions and technology investments, including further adoption of A.I., to enhance long-term shareholder value[5] Workforce and Assets - The company had 1,610 investment sales professionals and 102 financing professionals as of December 31, 2024[30] - Total assets decreased to $869.8 million as of December 31, 2024, from $878.4 million in 2023[34] - The total stockholders' equity was $630.8 million as of December 31, 2024, down from $645.3 million in 2023[34]

Core Insights - Probe Gold Inc. has reported successful results from its 2024 MMI soil sampling program at the Detour Quebec Project, identifying strong gold and gold-copper trends extending 15 kilometers southeast of Agnico Eagle's Zone 58N gold deposit [2][4] - The company plans to expand its soil sampling program, conduct follow-up geophysics, and drill-test new targets identified in 2025, emphasizing the project's district-scale potential [2][4] Company Overview - Probe Gold Inc. is focused on the acquisition, exploration, and development of gold properties, owning 100% of the multimillion-ounce Novador Gold Project and the early-stage Detour Gold Quebec project [10] - The Detour Quebec Project covers an area of 777 square kilometers along the Detour Gold Trend, located 190 kilometers north of Rouyn-Noranda, Quebec [5] Exploration Activities - The 2024 MMI soil sampling program involved 2,451 samples taken systematically to identify additional zones of gold mineralization along the Lower Detour Deformation Zone and Zone 58N shear splay [2][4] - The soil sampling results have delineated numerous subparallel trends correlating with IP anomalies from the company's 2023 geophysical survey, which have not yet been drill-tested [2][3] Structural Analysis - SRK Consulting is conducting a magnetic structural interpretation over the extension of the Zone 58N shear splay and soil sampling grid, aiming to improve the geological understanding of the Au mineralized zone [3] - The structural analysis has established fault structures of various orders, which will assist in identifying highly prospective areas for the upcoming drilling program [3] Future Plans - The company intends to prioritize the Detour project in its regional exploration strategy for 2025, with plans for an expanded soil program and follow-up drilling based on the promising results obtained [2][4]

Financial Performance - As of September 30, 2024, the company closed 1,987 investment sales and financing transactions with a total sales volume of approximately $12.0 billion for the three months ended, and 5,351 transactions with a total sales volume of approximately $31.2 billion for the nine months ended [131]. - Total revenue for the three months ended September 30, 2024, was $168.5 million, an increase of $6.5 million, or 4.0%, compared to $162.0 million for the same period in 2023 [177]. - Total revenue for the nine months ended September 30, 2024, was $456.0 million, a decrease of $23.7 million, or 4.9%, compared to $479.7 million for the same period in 2023 [192]. - The operating loss for the three months ended September 30, 2024, was $(11.5) million, a decrease of $3.966 million, or 25.7%, compared to $(15.4) million for the same period in 2023 [182]. - Net loss for the three months ended September 30, 2024, was $(5.4) million, a decrease of $3.855 million, or 41.7%, compared to $(9.2) million for the same period in 2023 [182]. Revenue Breakdown - Approximately 84% of the company's revenue during the three months ended September 30, 2024, was generated from real estate brokerage commissions, 12% from financing fees, and 4% from other real estate-related services [132]. - Revenue from real estate brokerage commissions increased to $142.0 million, up $2.2 million, or 1.5%, driven by a 14.7% increase in total sales volume [178]. - Financing fees revenue rose to $20.6 million, an increase of $3.3 million, or 19.3%, due to a 12.0% increase in total financing volume [179]. - Other revenue increased to $6.0 million, up $1.0 million, or 20.3%, primarily from an increase in consulting fees [180]. Market Trends - The private client market (properties priced from $1 million to less than $10 million) contributed approximately 62% of real estate brokerage commissions during the three months ended September 30, 2024 [134]. - The company reported a decrease in the number of transactions in the private client market, with 957 transactions in Q3 2024 compared to 1,014 in Q3 2023, reflecting a decline of 5.6% [136]. - The total revenue from the private client market for the nine months ended September 30, 2024, was $245.5 million, down from $278.2 million in the same period of 2023, representing a decrease of 11.8% [137]. - The commercial real estate sector experienced below-average sales activity in Q3 2024, with total sales volume of approximately $12.0 billion, compared to $11.4 billion in Q3 2023 [171]. Economic Outlook - The company anticipates modest economic growth through the remainder of 2024 and into 2025, driven by a "soft landing" economic forecast [142]. - The Consumer Price Index (CPI) registered 2.4% and the Personal Consumption Expenditure (PCE) index was at 2.1% in September 2024, indicating a downward trend in inflation [143]. Operational Metrics - The average commission per transaction increased to $106,664 in Q3 2024 from $102,731 in Q3 2023, while the average commission rate decreased to 1.66% from 1.88% [171]. - The total number of transactions closed in Q3 2024 was 1,331, slightly down from 1,361 in Q3 2023 [171]. - The average number of financing professionals increased to 103 in Q3 2024 from 96 in Q3 2023, with total financing volume rising to $2,134 million from $1,906 million [174]. - The average transaction size for real estate brokerage increased to $6,407, compared to $5,462 in Q3 2023 [171]. Expenses and Losses - Total operating expenses for the three months ended September 30, 2024, were $180.0 million, an increase of $2.5 million, or 1.4%, compared to $177.5 million for the same period in 2023 [182]. - Revenue from real estate brokerage commissions for the nine months ended September 30, 2024, decreased to $386.9 million, down $28.3 million, or 6.8% [193]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(8.7) million, an improvement of $6.464 million, or 42.7%, compared to $(15.1) million for the same period in 2023 [191]. Cash Flow and Investments - Cash flows used in operating activities were $34.9 million for the nine months ended September 30, 2024, compared to $87.1 million for the same period in 2023, a decrease of $52.2 million [206]. - Cash flows provided by investing activities were $55.3 million for the nine months ended September 30, 2024, compared to $128.7 million for the same period in 2023, a decrease of $73.4 million [209]. - Cash flows used in financing activities were $18.3 million for the nine months ended September 30, 2024, compared to $53.3 million for the same period in 2023, a decrease of $35.0 million [210]. - As of September 30, 2024, cash, excluding restricted cash, cash equivalents, and marketable debt securities, aggregated $338.3 million [211]. Interest Rate and Market Risks - The market liquidity has been restrained due to sustained higher interest rates and tighter lender underwriting, impacting investor demand and transaction activity [149]. - The Federal Reserve's 50 basis point rate reduction in September improved investor sentiment, but the subsequent increase in the 10-year treasury rate negatively impacted borrowing rates [151]. - The company does not face material interest rate risk with respect to other assets and liabilities, equity price risk, or other market risks [220]. - The investment portfolio predominantly consists of fixed interest rate debt securities, with some variable interest rate debt securities [220]. Foreign Currency and Investment Strategy - The functional currency of the Canadian operations is the Canadian dollar, exposing the company to foreign currency exchange rate risk [222]. - The primary objective of the investment activity is to maintain the safety of principal while maximizing yields without significantly increasing risk [219]. - The company may choose to sell securities for strategic reasons, including anticipated capital requirements and yield management [219].

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $169 million, up 4% year-over-year, marking the first quarter of year-over-year revenue growth since the market disruption began two years ago [11][31] - Adjusted EBITDA improved to breakeven compared to a loss of $6.6 million in the prior year [44] - The net loss for the quarter was $5.4 million or $0.14 per share, an improvement from a net loss of $9.2 million or $0.24 per share last year [43] Business Line Data and Key Metrics Changes - Real estate brokerage commissions for Q3 were $142 million, accounting for 84% of total revenue, a 2% increase year-over-year [32] - Financing segment revenue grew 19% to $21 million during Q3, with 318 financing transactions totaling $2.1 billion in volume [37] - Private Client segment contributed 62% of brokerage revenue, down from 65% last year, with a 9% decrease in dollar volume [34] Market Data and Key Metrics Changes - Private client revenue declined 4.3% year-over-year, while middle market and larger transaction revenue increased by 4% and 23.5%, respectively [15] - The average transaction size during Q3 was approximately $6.4 million, up 17% from $5.5 million a year ago [33] - Total sales volume for the nine-month period was $21.4 billion across 3,705 transactions, down 3% year-over-year [33] Company Strategy and Development Direction - The company is focused on a dual strategy of acquiring experienced talent and organic hiring to strengthen its market position [23][29] - Continued investment in proprietary technology and client services is a priority, alongside pursuing strategic acquisition targets [30][47] - The company aims to enhance its platform and maximize productivity to drive growth and increase market share [29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a market recovery, despite challenges from interest rate volatility and restrictive lending [48] - The effective tax rate for the quarter was 15%, with expectations for the full year between 13% and 16% [45] - The company anticipates productivity improvements as interest rates stabilize, supporting a positive outlook for commercial real estate demand [26][28] Other Important Information - The company closed over 1,300 brokerage transactions totaling $8.5 billion in volume during the quarter [19] - Total operating expenses for Q3 were $180 million, a 1% increase year-over-year, while year-to-date expenses were down 5% [39] - The company maintains a strong balance sheet with no debt and $349 million in cash and marketable securities [45] Q&A Session Summary Question: Can you talk about the financing environment for commercial real estate deals, especially for the Private Client markets? - Management noted a gradual easing by banks and credit unions, but obtaining financing for smaller transactions remains challenging due to conservative lending practices [51][52] Question: Do you think we can get back to a long-term average run rate sometime in 2025? - Management believes the market is currently 35% to 40% below long-term averages but is confident it will recover, albeit gradually [59][60] Question: Are there any potential changes to laws or regulations specific to commercial real estate that could impact the sector? - Management highlighted ongoing discussions around the 1031 Exchange Tax and expressed optimism about the election outcome being favorable for real estate and economic growth [68][70] Question: Can you give an update on the opportunity set with respect to M&A? - Management is focused on acquiring teams and boutiques that fit into their brokerage operations and is also exploring complementary businesses such as appraisal and investment management [75][76]

Financial Performance - Total revenue for Q3 2024 was $168.5 million, a 4.0% increase from $162.0 million in Q3 2023[2] - Net loss for Q3 2024 was $5.4 million, or $0.14 per share, an improvement from a net loss of $9.2 million, or $0.24 per share, in Q3 2023[11] - Adjusted EBITDA for Q3 2024 improved by $6.6 million to approximately breakeven[11] - Total revenue for the nine months ended September 30, 2024, was $456.0 million, a decrease of 4.9% from $479.7 million in the same period last year[12] - The company reported a net loss of $5.4 million for the three months ended September 30, 2024, an improvement from a net loss of $9.2 million in the same period of 2023[28] - The company reported a net loss of $(5,385,000) for the three months ended September 30, 2024, compared to a net loss of $(9,240,000) for the same period in 2023[39] Revenue Breakdown - Brokerage commissions reached $142.0 million, up 1.5% from $139.8 million in the same period last year[7] - Real estate brokerage commissions amounted to $142.0 million for the three months ended September 30, 2024, compared to $139.8 million in the prior year, reflecting a 1.5% increase[28] - Total sales volume reached approximately $12.0 billion for the three months ended September 30, 2024, with 1,987 transactions, including $8.5 billion in real estate brokerage[30] - Total financing volume for the three months ended September 30, 2024, was $2.1 billion, a 12.0% increase from $1.9 billion in the same period of 2023[32] - Total sales volume in real estate brokerage increased by 14.7% for the three months ended September 30, 2024[41] Transaction and Commission Details - The average commission per transaction in real estate brokerage increased to $106,664 for the three months ended September 30, 2024, up from $102,731 in the same period of 2023[31] - The average fee per financing transaction was $50,351 for the three months ended September 30, 2024, compared to $50,062 in the prior year[32] - The average transaction size in real estate brokerage increased to $6.4 million for the three months ended September 30, 2024, from $5.5 million in the same period of 2023[31] - Average commission rate decreased by 11.7% for the three months ended September 30, 2024[41] - Average transaction size increased by 17.3% for the three months ended September 30, 2024[41] Operational Metrics - The Company closed 5,351 transactions during the nine months ended September 30, 2024, with a sales volume of $31.2 billion[23] - The company had 1,574 investment sales professionals and 104 financing professionals as of September 30, 2024[30] - The Company had 1,678 investment sales and financing professionals as of September 30, 2024, down from 1,820 a year earlier[12] Shareholder Returns and Equity - The Board declared a semi-annual dividend of $0.25 per share, paid on October 4, 2024[13] - Approximately $71.0 million remains available for share repurchases under the Company's program[15] - Stockholders' equity decreased from $645,274,000 on December 31, 2023, to $617,728,000 on September 30, 2024, a decline of approximately 4.3%[37] Asset and Liability Changes - Total current assets decreased from $393,694,000 on December 31, 2023, to $356,545,000 on September 30, 2024, a decline of approximately 9.4%[37] - Total assets decreased from $878,411,000 on December 31, 2023, to $833,714,000 on September 30, 2024, a decline of approximately 5.1%[37] - Total current liabilities increased from $105,269,000 on December 31, 2023, to $113,223,000 on September 30, 2024, an increase of approximately 7.4%[37] Operating Expenses - Operating expenses totaled $180.0 million for the three months ended September 30, 2024, compared to $177.5 million in the same period of 2023[28] - Adjusted EBITDA for the three months ended September 30, 2024, was $(21,000), compared to $(6,647,000) for the same period in 2023[39]

Financial Performance - Total revenue for Q2 2024 was $158.4 million, a decrease of $4.5 million or 2.8% compared to Q2 2023 revenue of $162.9 million[160]. - Revenue from real estate brokerage commissions decreased to $135.4 million, down $4.9 million or 3.5% from $140.3 million in Q2 2023, attributed to a 4.9% decrease in total sales volume[161]. - For the six months ended June 30, 2024, total revenue was $287.5 million, a decrease of $30.2 million or 9.5% compared to $317.7 million for the same period in 2023[170]. - Revenue from real estate brokerage commissions for the six months ended June 30, 2024 decreased to $244.9 million, down $30.5 million or 11.1% from $275.4 million in the same period in 2023[171]. - Net loss for Q2 2024 was $5.5 million, an improvement of $3.2 million or 36.6% compared to a net loss of $8.7 million in Q2 2023[160]. - Adjusted EBITDA for Q2 2024 was $1.4 million, a significant increase of $2.5 million compared to an adjusted EBITDA loss of $1.1 million in Q2 2023, reflecting a 236.5% improvement[160]. - Adjusted EBITDA for the six months ended June 30, 2024, was $(8,641) thousand, compared to $(8,479) thousand for the same period in 2023[180]. Transaction Activity - As of June 30, 2024, the company closed 1,800 investment sales and financing transactions with a total sales volume of approximately $9.5 billion for the quarter[118]. - The company closed 3,364 transactions with a total sales volume of approximately $19.2 billion for the six months ended June 30, 2024[118]. - In Q2 2024, the company closed over 1,800 transactions with a total sales volume of approximately $9.5 billion, compared to 1,900 transactions and $9.7 billion in Q2 2023, indicating a decline in transaction activity[155]. - The average transaction size for real estate brokerage increased to $5.636 million in Q2 2024 from $5.303 million in Q2 2023, showing a growth of 6.3%[156]. Revenue Sources - Approximately 86% of the company's revenue for the three months ended June 30, 2024, was generated from real estate brokerage commissions, totaling $135.4 million[119]. - The private client market (properties priced from $1 million to less than $10 million) contributed approximately 63% of real estate brokerage commissions for Q2 2024[120]. - The company is the industry leader in serving private clients in the $1-$10 million market, which contributed approximately 65% of real estate brokerage commissions during the first half of 2024[120]. - Financing fees increased to $18.3 million, up $0.4 million or 2.2% from $17.9 million in Q2 2023, driven by an 11.0% increase in total financing volume[161]. Operating Expenses - Total operating expenses for Q2 2024 were $166.4 million, a decrease of $7.1 million or 4.1% from $173.5 million in Q2 2023[163]. - Cost of services decreased to $98.1 million, down $3.1 million or 3.0% from $101.2 million in Q2 2023, primarily due to lower commission expenses[164]. - Selling, general, and administrative expenses decreased to $65.0 million, down $3.9 million or 5.7% from $68.9 million in Q2 2023, due to reduced marketing support[165]. Market Conditions - The commercial real estate market is experiencing a slowdown due to sustained higher interest rates and tighter lender underwriting, leading to a reduced volume of available debt capital[133]. - The expectation gap between buyers and sellers remains challenging, with lending and investor activity below pre-pandemic historical norms[131]. - The industrial vacancy rate increased in Q2 2024 due to elevated construction exceeding space demand, while retail vacancy rates remained near record lows[130]. - The company is facing challenges in the office property segment, with increased uncertainty and potential for additional foreclosures[138]. Cash Flow and Financial Position - Total cash, cash equivalents, and restricted cash decreased by $8.8 million to $162.0 million at June 30, 2024, compared to $170.8 million at December 31, 2023[182]. - Cash flows used in operating activities were $50.2 million for the six months ended June 30, 2024, compared to $94.8 million for the same period in 2023, a decrease of $44.6 million[183]. - Cash flows provided by investing activities were $58.8 million for the six months ended June 30, 2024, compared to $82.4 million for the same period in 2023, a decrease of $23.6 million[185]. - Cash flows used in financing activities were $17.2 million for the six months ended June 30, 2024, compared to $52.4 million for the same period in 2023, a decrease of $35.1 million[186]. Interest Rate and Investment Risks - The company does not face material interest rate risk with respect to other assets and liabilities[195]. - The functional currency of the Canadian operations is the Canadian dollar, exposing the company to foreign currency exchange rate risk[195]. - Historically, foreign exchange rate risk has not been material for the company[195]. - A 2% decrease in interest rates would result in an approximate increase in the fair value of investments by $3.84 million[197]. - A 1% decrease in interest rates would result in an approximate increase in the fair value of investments by $1.92 million[197]. - A 1% increase in interest rates would result in a decrease in the fair value of investments by $1.919 million[197]. - A 2% increase in interest rates would result in a decrease in the fair value of investments by $3.837 million[197]. Construction and Development - The completion of approximately 480,000 new multifamily units is anticipated in 2024, setting a new construction high[129].

Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. The Company's exploration model of Project Generation coupled with Targeted Exploration, focuses on uranium, rare earths, copper, nickel and gold throughout the province. On behalf of the Board of Directors, "Stephen Wallace" Stephen Wallace, President, CEO and Direc ...

Source: ImagineStock / Shutterstock.com Net loss was $2.3 million, a 106.8% decrease from 2022's $33.8 million profit. The report also showed a $15 million loss from Kronos Worldwide, potentially signifying unsustainable demand fluctuations. As a result, Barclays (NYSE:BCS) recommends selling NL stock. Read between the lines: Glickman's statement says 2024 will not be Zim Integrated's turnaround year. No wonder analysts rate ZIM stock as a hold, though some sources rate it as a sell. Rick Orford is a Wall S ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|---------------|-------|-------|-------|-------|--------|--------|-------| | | | | | | | | | | | | | | | | | | | | | | | 1,800 | 1,782 | (8.1) % 1,638 | | | | $150 | | (5.9)% | | | 1,500 | | | | | | | $105.6 | | $99.3 | | 1,200 | | | | | | $100 | | | | | 900 | | | | | | | | | | | 600 | | | | | | $50 | | | | | 300 | | | | | | | | | | | 0 | Q1'23 | Q1'24 | | | | $0 | Q1'23 | | Q1'24 | Earnings Conference Call May 8, 2024 FORWARD-LO ...