Company Overview - Precision Drilling Corporation is a leading provider of safe and environmentally responsible services to the energy industry, offering access to an extensive fleet of Super Series drilling rigs [4] - The company has commercialized an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics to deliver efficient, predictable, and repeatable results for energy customers [4] - Precision also provides well service rigs, camps, and rental equipment, supported by a comprehensive mix of technical support services and skilled personnel [4] Upcoming Financial Results - Precision intends to release its 2025 first quarter results after the market closes on April 23, 2025 [1] - A conference call is scheduled for April 24, 2025, at 11:00 a.m. MT (1:00 p.m. ET) to discuss the results [1] - Participants can register for the conference call to receive a dial-in number and unique PIN for questions [1][2] Additional Information - Precision is headquartered in Calgary, Alberta, Canada, and is listed on the Toronto Stock Exchange under the symbol "PD" and on the New York Stock Exchange under "PDS" [5] - For more information, the company can be contacted through its Vice President of Investor Relations, Lavonne Zdunich [6]

Core Viewpoint - PDS Biotechnology Corporation is actively engaging with investors and the scientific community through upcoming presentations, highlighting its focus on immunotherapy for cancer treatment, particularly its lead program targeting advanced HPV16-positive head and neck squamous cell cancers [1][3]. Presentation Details - PDS Biotech's CEO, Frank Bedu-Addo, will present at the Zacks SCR Life Sciences Virtual Investor Forum on March 13, 2025, at 2:30 PM ET [2]. - The company will also present at the 2025 CAGLA NeauxCancer Conference in New Orleans on March 28-29, 2025, during the Innovation Track session at 4:00 PM ET [2]. Company Overview - PDS Biotechnology is a late-stage immunotherapy company focused on transforming immune responses to target and kill cancers [3]. - The company has initiated a pivotal clinical trial for its lead investigational immunotherapy, Versamune® HPV, in combination with a standard immune checkpoint inhibitor and a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate [3].

Financial Performance - In 2024, the company's revenue decreased by 1.8% to $1,902 million, primarily due to decreased drilling activity and lower revenue per utilization day rates in the U.S.[84] - Adjusted EBITDA for 2024 was $521 million, a 14.7% decrease from 2023, attributed to lower U.S. drilling results and higher share-based compensation charges[84][93] - The company reported a net earnings loss of $111.3 million in 2024, a 61.5% decrease compared to 2023[84] - Net earnings attributable to shareholders decreased to $111 million or $7.81 per share, down from $289 million or $21.03 per share in the prior year[94] - Revenue from Contract Drilling Services was $1,618 million, a 5% decrease compared to 2023, primarily due to lower U.S. revenue per utilization day rates and drilling activity[116] - Adjusted EBITDA for 2024 was $532 million, down from $631 million in 2023, reflecting weaker U.S. drilling results[119] Debt Management - In 2024, Precision reduced debt by $176 million, repurchased $75 million of shares, and increased cash balance by $20 million, achieving a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times[17] - Precision plans to reduce debt by at least $100 million in 2025 and aims for a total reduction of $700 million between 2022 and 2027[81] - The company aims to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times in 2025[20] - Debt was reduced by $176 million in 2024, including $113 million from unsecured senior note redemptions[96] - Long-term debt repayments amounted to $176 million, with $75 million allocated for NCIB share repurchases[166] Operational Performance - Canadian drilling utilization days increased by 12% over 2023, while international drilling utilization days rose by 37% following the reactivation of four rigs[18] - Well servicing rig operating hours increased by 26% year-over-year, with Completion and Production Services revenue up by 23% and Adjusted EBITDA up by 30%[18] - Increased Canadian drilling activity by 12% year over year, with international activity up 37%[42] - U.S. drilling activity fell by approximately 28% in 2024, while Canadian activity increased by 12% and international activity rose by 37%[93] - The contract drilling rig fleet remained stable at 214 rigs, with utilization days in Canada increasing by 12% to 23,685 days[85] Strategic Initiatives - Precision's strategic priorities for 2024 included generating free cash flow and increasing direct capital returns to shareholders[41] - Established strategic priorities for 2025, including maximizing free cash flow and enhancing shareholder returns through debt reduction[43] - The company operates a fleet of 214 land drilling rigs, with 97 in Canada, 104 in the U.S., and 13 in the Middle East[31] - Approximately 80% of Super Triple rigs are equipped with AlphaTM technologies, enhancing drilling performance and cost efficiencies[32] Market Conditions - The average West Texas Intermediate oil price in 2024 was $75.73 per barrel, a 2% decrease from 2023[49] - The average WTI oil price in 2024 was $75.73 per barrel, a 2% decrease from 2023, while Henry Hub natural gas prices averaged $2.41 per MMBtu, a 10% decrease[91] - The long-term outlook for global energy demand remains positive, with significant increases expected in oil and natural gas driven by economic growth and emerging power demands[73] - Global military and political conditions, along with economic factors, can significantly affect supply and demand for oil and natural gas[203] - The volatility of crude oil and natural gas prices accounts for much of the cyclical nature of the oilfield services business in recent years[201] Cash Flow and Liquidity - Delivered $482 million in cash provided by operations, increasing cash balance by $20 million[42] - The company maintained a strong liquidity position, exiting 2024 with a cash balance of $74 million and over $575 million in available liquidity[151] - Cash provided by operations in 2024 was $482 million, down from $501 million in 2023, influenced by lower U.S. drilling results and higher share-based compensation[161] - Cash used in financing activities increased to $261 million in 2024 from $252 million in 2023[164] Capital Expenditures - Invested $52 million in expansion and upgrade capital to enhance drilling rigs[42] - The company expects capital spending in 2025 to be $225 million, with $175 million allocated for maintenance and $50 million for expansion and upgrades[80] - Capital expenditures for property, plant, and equipment were $217 million, a decrease of $10 million from 2023[98] - Capital expenditures in 2024 totaled $217 million, with a portion allocated for expansion and upgrade capital for new-build projects[162] Partnerships and Collaborations - A partnership was formed with two Indigenous partners, with Precision contributing $4 million in assets[101]

Core Insights - PDS Biotechnology Corporation announced promising clinical results for its immunotherapy, Versamune® HPV, in combination with PDS01ADC and a PD-L1 immune checkpoint inhibitor for treating recurrent/metastatic HPV-associated cancers [1][2][4] Group 1: Clinical Results - The median overall survival (mOS) for immune checkpoint inhibitor (ICI) naïve patients was reported at 42.4 months, significantly higher than the historical range of 7-12 months [1][5] - In HPV16-positive ICI resistant patients, the mOS was 17 months, compared to the historical result of 3-4 months [1][9] - The objective response rate (ORR) for HPV16-positive ICI naïve patients was 75%, while the historical ORR for this group was 11-24% [1][5] Group 2: Trial Details - The clinical trial was a single-center, non-randomized study led by the National Cancer Institute (NCI), involving 50 patients with recurrent/metastatic HPV-positive cancers [2][6] - Among the enrolled patients, 52% were men, with a median age of 56 years, and 37 patients were HPV16-positive [2][6] - The trial evaluated Versamune® HPV at a fixed dose, PDS01ADC at both high (16.8 ug/kg) and low (8.0 ug/kg) doses, and bintrafusp alfa (BA) at high and low doses [3] Group 3: Future Directions - The company plans to initiate the VERSATILE-003 Phase 3 trial of Versamune® HPV combined with pembrolizumab for recurrent/metastatic HPV16-positive head and neck squamous cell carcinoma [2][7] - The results support the continued investigation of both Versamune® HPV and PDS01ADC in ongoing and future clinical trials [6][7]

Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Trapping Value provides Covered Calls and focuses on capital preservation in its investment strategies [2][3] Group 2 - The fixed income portfolio emphasizes purchasing securities with high income potential and significant undervaluation compared to peers [2] - Trapping Value's team has over 40 years of combined experience in generating options income while prioritizing capital preservation [3]

Core Insights - PDS Biotechnology Corporation is a late-stage immunotherapy company focused on enhancing the immune system's ability to target and eliminate cancers [4] - The company will participate in a fireside chat at the B. Riley Securities Precision Oncology & Radiopharma Conference on February 28, 2025 [1][2] Company Overview - PDS Biotechnology is developing its lead investigational targeted immunotherapy, Versamune® HPV, in combination with a standard immune checkpoint inhibitor and a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate [4] - The company plans to initiate a pivotal clinical trial for advanced HPV16-positive head and neck squamous cell cancers [4] Event Details - The fireside chat will take place from 11:30 AM to 12:00 PM ET at the Lotte New York Palace Hotel, New York, NY [2] - PDS Biotech leadership will also conduct one-on-one meetings during the conference [2] Additional Information - An archived transcript of the fireside chat will be available on the company's Investor Relations section one week after the event [3]

Financial Data and Key Metrics Changes - Precision Drilling reported annual revenue of CAD 1.9 billion, essentially flat year-over-year, with adjusted EBITDA of CAD 521 million, a 15% decrease year-over-year [10] - Funds from operations were CAD 463 million, a 13% decrease, while cash from operations remained similar to the prior year at CAD 482 million [11] - The company achieved a debt reduction of CAD 176 million and completed CAD 75 million in share repurchases, representing 4% of outstanding shares [11] Business Line Data and Key Metrics Changes - In the U.S. drilling segment, average rig activity was 34 rigs in Q4, a decrease of 1 rig from Q3, with daily operating margins of USD 9,165, below guidance [13] - Canadian drilling activity averaged 55 rigs, an increase of 1 rig from Q4 2024, with daily operating margins of CAD 14,559, an increase of approximately CAD 2,131 from Q3 2024 [14] - Internationally, average drilling activity was 8 rigs with average day rates of USD 49,636, consistent with the prior year [16] Market Data and Key Metrics Changes - The Canadian market outlook remains positive, with indications of increased activity during the breakup period, expected to exceed last year's record levels [41] - The U.S. land market has been challenging, with gas-directed activity declining and oil-directed activity impacted by various factors [32][36] - Internationally, oil activity is expected to remain flat for 2025, with no suspension requests in Saudi Arabia and firm operations in Kuwait [46] Company Strategy and Development Direction - The company’s 2025 strategic priorities focus on maximizing free cash flow, reducing debt, and enhancing shareholder returns through share repurchases [4] - Precision aims to grow revenue in existing service lines and strengthen its competitive position through operational excellence and market penetration of its products [9] - The company is transitioning its strategy to allocate more cash towards share buybacks while considering growth-focused investments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding gas opportunities in the U.S. while acknowledging challenges in the oil market due to operator capital discipline and commodity price volatility [34][36] - The Canadian market is expected to see increased demand, particularly with LNG Canada starting up, which should enhance rig demand [42] - Management remains focused on maintaining operational efficiency and leveraging technology to improve market positioning [38][85] Other Important Information - Capital expenditures for the quarter were CAD 59 million, with a total of CAD 217 million for the year, slightly above guidance due to equipment delivery timing [18] - The company has a capital plan of CAD 225 million for 2025, with a focus on sustaining infrastructure and upgrades [18] - As of December 31, long-term debt was CAD 748 million, with a net debt-to-EBITDA ratio of approximately 1.4x [20] Q&A Session Summary Question: Can you speak to contract duration for idle but contracted rigs in the U.S.? - Management noted that there has been significant churn in the U.S. market, with many contracts being short-term, indicating downside risk for the first couple of quarters [52][54] Question: What assumptions support expected activity growth in the second half of the year? - Management highlighted conversations with customers indicating a comfort level for gas prices in the high 3s to mid-4s range, suggesting potential rig count stability and opportunities in Q2 and Q3 [56][58] Question: How do you see Canadian activity levels progressing throughout the year? - Management indicated that Q1 margins are impacted by rig reactivations and a shift in rig mix, but they expect pricing traction and improved margins as the year progresses [60][66] Question: What is the impact of tariffs on your operations? - Management expressed that the reduced tariff levels have less impact compared to larger macroeconomic factors, and they have strategies in place to manage potential tariff-related costs [71][73] Question: Is there any indication of private equity returning to the E&P space? - Management confirmed that there is capital returning to the E&P space, which is a positive sign for future activity levels [78] Question: How do you view the tuck-in acquisition opportunities in the current market? - Management acknowledged that while the market for consolidation exists, valuation remains a challenge, and they are focused on pursuing opportunities at the right price [92][94]

Core Viewpoint - Precision Drilling reported quarterly earnings of $0.76 per share, significantly missing the Zacks Consensus Estimate of $1.40 per share, and down from $3.45 per share a year ago, indicating a -45.71% earnings surprise [1][2] Financial Performance - The company posted revenues of $334.62 million for the quarter ended December 2024, which was 1.70% below the Zacks Consensus Estimate and down from $372.34 million year-over-year [2] - Over the last four quarters, Precision Drilling has surpassed consensus EPS estimates two times and topped revenue estimates only once [2] Stock Performance - Precision Drilling shares have declined approximately 6.7% since the beginning of the year, contrasting with the S&P 500's gain of 3.2% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.91 on revenues of $367.84 million, and for the current fiscal year, it is $8.46 on revenues of $1.37 billion [7] - The trend of estimate revisions for Precision Drilling has been unfavorable leading up to the earnings release [6] Industry Context - The Oil and Gas - Drilling industry is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting that the outlook for the industry could materially impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could be a useful measure for investors [5]

Core Viewpoint - Precision Drilling Corporation is set to release its 2024 fourth quarter and year-end results on February 12, 2025, followed by a conference call on February 13, 2025 [1] Company Overview - Precision Drilling is a leading provider of safe and environmentally responsible services to the energy industry, offering access to a fleet of Super Series drilling rigs [5] - The company has developed an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics for efficient results [5] - Precision's services are complemented by the EverGreen™ suite of environmental solutions, aimed at reducing the environmental impact of operations [5] - The company also provides well service rigs, camps, and rental equipment, supported by technical services and experienced personnel [5] - Precision is headquartered in Calgary, Alberta, Canada, and is listed on the Toronto Stock Exchange under the symbol "PD" and on the New York Stock Exchange under "PDS" [6]

PRINCETON, N.J., Dec. 03, 2024 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers and the development of infectious disease vaccines, today announced a Key Opinion Leader (“KOL”) event to discuss the pathology and growing prevalence of HPV16-positive head and neck squamous cell carcinoma (“HNSCC") as well as the Company’s upcoming VERSATILE-003 Phase 3 cl ...