CVB Financial (CVBF) - 2025 Q1 - Quarterly Results
2025-04-24 10:06
Exhibit 99.1 Press Release For Immediate Release Contact: David A. Brager President and Chief Executive Officer (909) 980-4030 CVB Financial Corp. Reports Earnings for the First Quarter 2025 First Quarter 2025 Ontario, CA, April 23, 2025-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the "Company"), announced earnings for the quarter ended March 31, 2025. CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million ...
TUYA(TUYA) - 2024 Q4 - Annual Report
2025-04-24 10:05
Table of Contents Commission file number: 001-40210 Tuya Inc. (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report N/A (Translation of Registra ...
Yunji(YJ) - 2024 Q4 - Annual Report
2025-04-24 10:05
Revenue and Financial Performance - Revenues from the VIE accounted for 30.3%, 49.4%, and 56.2% of total revenues for the years 2022, 2023, and 2024, respectively[25]. - The total revenues for the year ended December 31, 2024, amounted to RMB 417,651,000, with third-party revenues contributing RMB 234,870,000 and intra-group revenues contributing RMB 262,685,000[50]. - Total revenues for the year ended December 31, 2023, were RMB 640,209 thousand, a decrease from RMB 1,154,114 thousand in 2022, representing a decline of approximately 44.4%[52]. - The net loss attributable to Yunji Inc. for the same period was RMB 123,110,000, with a loss from operations of RMB 136,296,000[50]. - The net loss attributable to Yunji Inc. for the year ended December 31, 2023, was RMB 165,129 thousand, compared to a net loss of RMB 138,173 thousand in 2022, indicating an increase in losses of about 19.5%[52]. - Cash and cash equivalents as of December 31, 2023, totaled RMB 517,542 thousand, down from RMB 1,191,422 thousand as of December 31, 2022, reflecting a decrease of approximately 56.5%[53]. - Total assets as of December 31, 2023, were RMB 1,553,784 thousand, a decrease from RMB 1,352,452 thousand in 2022, indicating a decline of about 12.9%[53]. - Total liabilities as of December 31, 2023, were RMB 362,689 thousand, compared to RMB 274,406 thousand in 2022, indicating an increase of approximately 32.1%[53]. - The company reported a share of loss from investments in VIE and subsidiaries amounting to RMB 282,348 thousand for the year ended December 31, 2023[52]. - The company experienced a net cash decrease of RMB 301,879 for the year ended December 31, 2024, with cash, cash equivalents, and restricted cash at the end of the year totaling RMB 242,832[54]. Regulatory Environment and Compliance - The company is subject to evolving PRC laws and regulations that may impact its ability to conduct business and accept foreign investments[27]. - The PRC government has significant authority over the company's operations, which could limit its ability to offer securities to investors[28]. - Current PRC laws do not require the company to obtain permission from the CSRC for historical securities issuance to foreign investors[37]. - Under the Overseas Listing Trial Measures, PRC domestic companies must complete filing procedures for future securities offerings outside mainland China, which may include follow-on offerings and issuance of convertible bonds[39]. - The company is classified as an "existing issuer" under the Overseas Listing Trial Measures, meaning it is not required to file immediately due to its prior listing on Nasdaq before March 31, 2023[39]. - The Holding Foreign Companies Accountable Act (HFCAA) could lead to the company's securities being prohibited from trading if audit reports are not issued by a PCAOB-inspected firm for two consecutive years[41]. - The PCAOB has not issued any new determinations regarding its ability to inspect accounting firms in mainland China, which may affect the company's future compliance under the HFCAA[42]. - The company is subject to risks related to compliance with anti-corruption laws, and violations could severely damage its reputation and financial condition[168]. - The company may require approval from the CSRC for offshore offerings, and any failure to obtain or delay in obtaining such approval could lead to sanctions and adversely affect its business[213]. - The Overseas Listing Trial Measures effective March 31, 2023, require PRC domestic companies to fulfill filing procedures with the CSRC for future securities offerings, creating substantial uncertainties[215]. Business Operations and Strategy - The company acquired Yunji Sharing in December 2023, terminating previous contractual arrangements with its shareholders[30]. - The VIE acquired Hangzhou Chuanchou in May 2024, which has since become a wholly owned subsidiary of the VIE, leading to the termination of prior arrangements with Hangzhou Chuanchou[30]. - The company has established stringent controls for cash flows, with all cash transfers subject to internal approval and managed by the finance department[45]. - The company has not declared or paid any cash dividends and does not plan to do so in the foreseeable future, intending to retain all available funds for business operations and expansion[46]. - The company aims to continue investing in its technology platform to support a curated selection of products and additional value-added services[97]. - The company operates a marketplace with 486 third-party merchants, which may complicate quality control and customer service consistency[105]. - The company relies on third-party logistics providers for delivery, and any failures in these services could adversely affect its reputation and business[103]. - The company has implemented internal and external measures to ensure compliance with data privacy laws, including updated personal information processing rules and data processing agreements with logistics partners[85]. - The company has adopted measures to comply with the E-Commerce Law, which imposes new requirements on e-commerce platform operators, including assisting in tax collection[113]. Market and Competitive Landscape - The company faces significant risks related to declining revenues and uncertainties in its business and industry[59]. - The e-commerce industry in China is highly competitive, with significant pressure from competitors that may have greater resources and brand recognition, potentially impacting market share and profitability[91]. - The company faces intense competition for talent in China, which may lead to increased compensation costs and challenges in hiring qualified personnel[136]. - The company must adapt to rapid technological changes and evolving user preferences to remain competitive in the e-commerce market[71]. - The business model relies heavily on third-party service companies for member services, which may impact member retention and engagement[68]. Risks and Uncertainties - The company faces substantial uncertainties regarding the interpretation and implementation of PRC regulations, which could materially affect its operations and financial condition[40]. - The company may incur substantial costs to enforce the terms of its contractual arrangements with the VIE[26]. - The company faces risks associated with expanding its product offerings, which may lead to inventory buildup and lower profit margins[96]. - The company may incur future net losses if it fails to increase its member base and optimize its cost structure[97]. - The company may face legal sanctions from PRC authorities for content displayed on its platform, which could include suspension or revocation of necessary licenses[134]. - The company has faced allegations and lawsuits that could harm its reputation and may incur significant costs in defending against these claims[125]. - The company relies on the continued efforts of its senior management, particularly the founder and CEO, to maintain its strategic direction and business success[135]. - The company may be held liable for product liability claims related to third-party products sold on its platform, which could adversely affect its financial condition[137]. - The company faces risks from natural disasters and health epidemics, which could disrupt operations and adversely affect financial performance[90]. Financial Management and Capital Structure - The company may require additional capital due to negative operating cash flow in 2022, 2023, and 2024, and may seek credit facilities or issue additional equity or debt securities[156]. - The company has a 15% preferential income tax rate for certain subsidiaries in China, although this rate is temporary and subject to qualification[51]. - The withholding income tax on dividends distributed by foreign invested enterprises is 10%, reduced to 5% if the immediate holding company is in Hong Kong or other jurisdictions with a tax treaty with China[51]. - The company has not entered into long-term contracts with third-party manufacturing partners, which may affect supply stability[101]. - The company has not obtained all necessary licenses and permits for selling certain specific products or services, which may impact its operations[131]. Technology and Data Management - The company relies on the performance and reliability of its mobile platform and internet infrastructure, and any disruptions could adversely impact its business operations[163]. - The satisfactory performance of IT systems is critical for maintaining service delivery, and any disruptions could negatively impact user experience and operational results[92]. - The company utilizes external cloud services for data storage and analysis, and any interruptions in these services could materially affect business operations[94]. - The company generates and processes a large volume of data, facing risks related to data privacy and cybersecurity compliance, which could adversely affect business prospects[79]. Inventory and Supply Chain Management - The company’s net inventories decreased from RMB54.7 million as of December 31, 2022, to RMB42.7 million as of December 31, 2023, and further to RMB29.4 million (US$4.0 million) as of December 31, 2024[119]. - Inventory turnover days increased from 38.4 days in 2022 to 61.5 days in 2024, indicating challenges in inventory management[119]. - The company sourced products from 299 suppliers and had 486 third-party merchants on its online marketplace as of December 31, 2024[114]. - The fulfillment infrastructure is essential to the company's success, but it relies on third-party vendors, which poses risks if service quality decreases[121]. Shareholder and Management Relations - The shareholders of the VIE may have conflicts of interest that could adversely impact the company's ability to direct business operations and receive economic benefits[197]. - The company may lose the ability to direct the VIE's activities if the VIE's shareholders breach contractual arrangements or face personal disputes[199]. - The effectiveness of the company's internal control over financial reporting was evaluated as effective as of December 31, 2024, but ongoing maintenance is crucial to avoid potential issues[127].
Allegion(ALLE) - 2025 Q1 - Quarterly Report
2025-04-24 10:02
Financial Performance - Net revenues for Q1 2025 increased to $941.9 million, up 5.9% from $893.9 million in Q1 2024[10] - Operating income rose to $196.4 million, reflecting a 14.1% increase compared to $172.1 million in the same period last year[10] - Net earnings attributable to Allegion plc reached $148.2 million, a 19.7% increase from $123.8 million in Q1 2024[10] - Basic earnings per share increased to $1.72, up 21.9% from $1.41 in Q1 2024[10] - Total comprehensive income attributable to Allegion plc for Q1 2025 was $184.8 million, significantly higher than $99.8 million in Q1 2024[10] - Net earnings for the three months ended March 31, 2025, were $148.2 million, an increase from $123.8 million for the same period in 2024[47] - The total equity of Allegion plc increased from $1,500.7 million at December 31, 2024, to $1,606.9 million at March 31, 2025[47] Assets and Liabilities - Total assets as of March 31, 2025, were $4,564.1 million, compared to $4,487.8 million at the end of 2024, marking a 1.7% increase[12] - As of March 31, 2025, total long-term debt was $1,972.0 million, a slight decrease from $1,977.6 million as of December 31, 2024[27] - The Company has an outstanding $209.4 million on its $250.0 million Term Facility and no balance on its $750.0 million Revolving Facility as of March 31, 2025[28] - Total current assets as of March 31, 2025, were $12.2 million for Allegion plc and $692.7 million for Allegion US Hold Co[118] - Total current liabilities as of March 31, 2025, were $50.4 million for Allegion plc and $805.8 million for Allegion US Hold Co[118] Cash Flow and Capital Expenditures - Cash and cash equivalents at the end of Q1 2025 were $494.5 million, down from $503.8 million at the beginning of the period[14] - Capital expenditures for Q1 2025 were $21.1 million, a decrease from $27.2 million in Q1 2024[14] - Net cash provided by operating activities increased by $53.4 million to $104.5 million in Q1 2025 compared to Q1 2024, driven by higher net earnings and lower working capital usage[103] - Net cash used in investing activities decreased by $15.4 million to $28.0 million in Q1 2025, primarily due to lower capital expenditures and reduced cash used for acquisitions[104] - Net cash used in financing activities increased by $11.3 million to $91.3 million in Q1 2025, mainly due to higher cash used for other financing activities[104] Segment Performance - Allegion Americas segment reported net revenues of $757.8 million, up from $709.3 million in 2024, while Allegion International segment revenues slightly decreased to $184.1 million from $184.6 million[66] - Segment operating income for Allegion Americas was $211.4 million in Q1 2025, compared to $187.0 million in Q1 2024, while Allegion International's operating income decreased to $11.7 million from $13.0 million[66] - Allegion Americas segment net revenues increased by 6.8%, or $48.5 million, to $757.8 million, driven by higher volumes and acquisitions[90] - Allegion International segment net revenues decreased by 0.3%, or $0.5 million, to $184.1 million, primarily due to unfavorable foreign currency exchange rates[97] Debt and Interest - The interest rate on outstanding borrowings under the Credit Facilities was 5.550% as of March 31, 2025, based on SOFR plus a margin of 1.225%[30] - Interest expense for Q1 2025 increased by $1.8 million to $24.7 million due to higher interest rates on outstanding debt[82] - The company had $400.0 million of 3.550% Senior Notes due 2027 and $600.0 million of 5.411% Senior Notes due 2032 outstanding as of March 31, 2025[31] Shareholder Activities - The company repurchased $40.0 million of ordinary shares during the three months ended March 31, 2025, with approximately $200.0 million remaining under the share repurchase authorization[47] - The company has authorized the repurchase of up to $500.0 million of its ordinary shares under the existing share repurchase program[133] - A total of 312,000 shares were purchased during the first quarter of 2025 at an average price of $128.29 per share[133] Tax and Compliance - The effective income tax rate decreased to 15.4% in Q1 2025 from 19.0% in Q1 2024, primarily due to favorable changes in uncertain tax positions and income tax credits[54] - The company remains in compliance with all applicable covenants under the credit agreement as of March 31, 2025[107] Acquisitions and Investments - The company completed acquisitions of Next Door and Lemaar for a total consideration of approximately $11.1 million in Q1 2025[19][20] - Allegion completed the acquisition of Trimco Hardware on April 2, 2025, which will be integrated into the Allegion Americas segment[67] - The company had investments in debt and equity securities without readily determinable fair values of $64.9 million as of March 31, 2025[46] Risk Management - The company continues to face risks related to increased competition and technological developments[127] - The company has not identified any new risk factors beyond those disclosed in its Annual Report for the year ended December 31, 2024[132] - The company is committed to managing its global supply chain effectively to mitigate disruptions[127] Operational Efficiency - The company experienced mid-single digit revenue growth in Q1 2025, driven by strong demand in the Americas non-residential business[71] - The company estimates that approximately 20-25% of its cost of goods sold (COGS) is sourced from Mexico, with less than 5% from China[72] Internal Controls and Reporting - There have been no changes in the company's internal control over financial reporting that materially affected its effectiveness during the first quarter of 2025[129] - The management has concluded that the disclosure controls and procedures are effective as of March 31, 2025[126]
CenterPoint Energy(CNP) - 2025 Q1 - Quarterly Report
2025-04-24 10:02
Financial Performance - Net income for the three months ended March 31, 2025, was $297 million, a decrease of $53 million compared to $350 million in the same period of 2024[202]. - Total utility operations net income decreased by $68 million, from $404 million in Q1 2024 to $336 million in Q1 2025[202]. - Electric segment revenues increased to $1,066 million in Q1 2025 from $1,049 million in Q1 2024, while net income decreased by $13 million to $108 million[207]. - Natural Gas segment revenues rose significantly to $1,853 million in Q1 2025, up $283 million from $1,570 million in Q1 2024, but net income decreased by $55 million to $228 million[210]. - Houston Electric's total revenues decreased by $17 million to $884 million for the three months ended March 31, 2025, with a notable increase in residential throughput by 12%[215]. - CERC's revenues increased by $276 million to $1.788 billion for the three months ended March 31, 2025, driven by customer growth and weather impacts[219]. - Houston Electric's net income decreased by $15 million to $84 million for the three months ended March 31, 2025, impacted by higher interest expenses[215]. - CERC's operating income improved by $37 million to $407 million for the three months ended March 31, 2025, despite increased utility natural gas costs[219]. - CERC reported a gain on sale of $52 million for the three months ended March 31, 2025, contributing positively to net income[219]. Customer Metrics - The total number of metered residential customers increased by 2% to 2,651,381 as of March 31, 2025, compared to 2,604,026 in the previous year[207]. - Houston Electric's number of metered customers increased by 2% to 2,830,184 at the end of the period[215]. Capital Expenditures and Investments - Estimated capital expenditures for 2025 are projected at $3,764 million, with $2,139 million allocated for Houston Electric and $1,080 million for CERC[226]. - CenterPoint Energy anticipates spending over $3 billion in energy investments to support renewable energy generation and reduce GHG emissions, aligning with its net zero emissions goals[260]. - Indiana Electric's 2019/2020 Integrated Resource Plan (IRP) includes retiring 730 MW of coal-fired generation and replacing it with 626 MW of solar and 200 MW of wind generation, with further approvals pending[260]. - The proposed Transmission and Distribution System Resiliency Plan involves an investment of approximately $5.75 billion over three years, with $5.54 billion in capital costs and $211 million in operations and maintenance expenses[245]. Financing Activities - Financing activities provided $1,053 million in Q1 2025, compared to $376 million in Q1 2024, indicating a significant increase in financing cash flow[225]. - Net changes in commercial paper outstanding increased by $412 million in Q1 2025, reflecting a strategic shift in financing[225]. - CenterPoint Energy expects to meet its cash needs for the remainder of 2025 through operational cash flow and financing activities, including potential bond issuances[228]. Regulatory and Legislative Matters - CenterPoint Energy plans to monitor the 89th Texas Legislature for any legislation that may impact its business operations[242]. - The Minnesota Gas Rate Case requests a delivery charge adjustment of approximately 6.5% or $85 million for 2024 and an additional 3.7% or $52 million for 2025, driven by safety and reliability investments[247]. - Houston Electric's rate case seeks an increase of approximately $17 million (1%) for retail customers and $43 million (6.6%) for wholesale transmission service, reflecting ongoing investments in system reliability[248]. - The Ohio Gas Rate Case seeks a revenue requirement increase of approximately $100 million based on a requested return on equity of 10.4%[249]. - The anticipated decision date for the Minnesota Gas Rate Case is July 1, 2025, following a unanimous settlement agreement filed on November 25, 2024[247]. Operational Challenges - CenterPoint Energy's solar projects face delays and increased costs due to unavailability of solar panels and supply chain issues, with potential impacts on project viability[243]. - The company anticipates restoration costs associated with the May 2024 Storm Events to be approximately $32 million for the remainder of 2025[226]. Credit and Debt Management - As of April 21, 2025, the Registrants had approximately $4.0 billion in revolving credit facilities, with a utilization of $395 million[264]. - The weighted average interest rate for borrowings in the CenterPoint Energy money pool was 4.62%, with Houston Electric borrowing $94 million and CERC borrowing $920 million[271]. - CenterPoint Energy's credit ratings as of April 21, 2025, included Baa2 (Moody's), BBB (S&P), and BBB (Fitch) with a negative outlook from all three agencies[272]. - A downgrade in credit ratings could increase borrowing costs under revolving credit facilities, but the impact would have been insignificant if downgraded one notch as of March 31, 2025[275]. Economic and Market Conditions - In 2025, the U.S. government imposed a 25% tariff on steel imports and a baseline tariff of 10% on products from all countries, leading to increased uncertainty in economic conditions and potential impacts on capital market access and commodity costs[252]. - The shift in U.S. energy policy under the current administration has created uncertainty regarding the future of renewable generation infrastructure development[258]. - The impact of climate-related regulations on compliance costs remains uncertain, with expectations of increased costs due to new regulations[257].
FARO Technologies(FARO) - 2025 Q1 - Quarterly Results
2025-04-24 10:01
Exhibit 99.1 FARO Announces First Quarter Financial Results LAKE MARY, FL, April 24, 2025 - FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced its financial results for the first quarter ended March 31, 2025. "We're very pleased with our strong start to the year, with our first quarter financial results exceeding our expectations and reflecting the successful execution of our strategic growth initiatives," said Peter Lau, President & Chief Executive Off ...
Allegion(ALLE) - 2025 Q1 - Quarterly Results
2025-04-24 10:01
Allegion (NYSE: ALLE) Reports Q1-2025 Financial Results Solid execution drives strong margin expansion and operating leverage Quarterly Financial Highlights (All comparisons against the first quarter of 2024, unless otherwise noted) DUBLIN (April 24, 2025) – Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, today reported financial results for its first quarter (ended March 31, 2025). First-quarter 2025 operating income was $196.4 million, an increase of $24.3 million or ...
Willis Towers Watson(WTW) - 2025 Q1 - Quarterly Results
2025-04-24 10:00
EXHIBIT 99.1 WTW Reports First Quarter 2025 Earnings LONDON, April 24, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the "Company"), a leading global advisory, broking and solutions company, today announced financial results for the first quarter ended March 31, 2025. "We had a solid start to the year, delivering results in line with our expectations and making strong progress on our strategy to accelerate our performance, enhance our efficiency and optimize our portfolio," said Carl Hess, WTW's chief executi ...
Waste nections(WCN) - 2025 Q1 - Quarterly Report
2025-04-24 10:00
Revenue and Income - Total revenues increased by $155.5 million, or 7.5%, to $2.228 billion for the three months ended March 31, 2025, compared to $2.073 billion for the same period in 2024[152]. - Acquisitions closed during or subsequent to the three months ended March 31, 2024, contributed an additional $131.0 million to revenues for the three months ended March 31, 2025[153]. - Operating income for the three months ended March 31, 2025, was $390.2 million, representing 17.5% of revenues, compared to $366.8 million, or 17.7% of revenues, for the same period in 2024[152]. - Net income attributable to Waste Connections was $241.5 million, or 10.9% of revenues, for the three months ended March 31, 2025, compared to $230.1 million, or 11.1% of revenues, for the same period in 2024[152]. - Total revenue for the three months ended March 31, 2025, was $2,228.2 million, an increase from $2,072.7 million in the same period of 2024[189]. - Adjusted net income attributable to Waste Connections for Q1 2025 was $293,120, up 9.1% from $268,669 in Q1 2024[250]. - Reported net income attributable to Waste Connections for Q1 2025 was $241,510, compared to $230,054 in Q1 2024, reflecting a growth of 5%[250]. Expenses and Costs - Cost of operations rose by $69.7 million, or 5.7%, to $1.291 billion for the three months ended March 31, 2025, from $1.222 billion for the same period in 2024[161]. - SG&A expenses increased by $29.4 million, or 13.3%, to $250.1 million for the three months ended March 31, 2025, from $220.7 million for the same period in 2024[164]. - Depreciation expense increased by $19.6 million, or 8.8%, to $242.3 million for the three months ended March 31, 2025, compared to $222.7 million for the same period in 2024[167]. - Amortization of intangibles expense rose by $7.3 million, or 18.2%, to $47.6 million for the three months ended March 31, 2025, from $40.3 million in the prior year[171]. - Interest expense increased by $2.4 million, or 3.0%, to $80.9 million for the three months ended March 31, 2025, from $78.5 million in the prior year[178]. - Segment expenses rose by $16.9 million to $326.1 million for the three months ended March 31, 2025, from $309.2 million in the prior year, due to increased labor and acquisition-related costs[202]. EBITDA and Margins - Operating income increased by $23.4 million, or 6.4%, to $390.2 million for the three months ended March 31, 2025, compared to $366.8 million for the same period in 2024[175]. - EBITDA decreased by $0.8 million to $112.3 million, resulting in a 25.6% EBITDA margin for the three months ended March 31, 2025, down from a 26.8% margin in the prior year[203]. - Adjusted EBITDA for Q1 2025 was $712,213, an increase of 9.5% from $650,673 in Q1 2024[248]. - Segment EBITDA for the Southern segment increased to $148.7 million, with a margin of 32.8% for the three months ended March 31, 2025, compared to $128.4 million and a margin of 30.7% in 2024[198]. - EBITDA for the Eastern segment increased by $8.1 million to $103.1 million, with a 25.6% EBITDA margin for the three months ended March 31, 2025, compared to 26.4% in the prior year[206]. - EBITDA for the Canada segment increased by $14.2 million to $135.6 million, achieving a 44.8% EBITDA margin for the three months ended March 31, 2025, up from 43.3% in the prior year[214]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased by $51.2 million to $541.5 million for the three months ended March 31, 2025, compared to $490.3 million in the prior year[221]. - Net cash used in investing activities decreased by $731.4 million to $603.2 million for the three months ended March 31, 2025, from $1.335 billion in the prior year[225]. - Capital expenditures for property and equipment totaled $212.5 million during the three months ended March 31, 2025, with total expected capital expenditures for 2025 projected between $1.200 billion and $1.225 billion[231]. - Adjusted free cash flow for the three months ended March 31, 2025, was $332.1 million, compared to $324.8 million for the same period in 2024, indicating a slight increase in liquidity[245]. Debt and Financing - The company had $2.480 billion outstanding under the revolving credit facility as of March 31, 2025, with a maturity date of February 27, 2029[232]. - The total long-term debt recorded was $8.465 billion, with significant principal payments due in the coming years, including $500 million due in 2028 and $500 million due in 2029[235]. - The company recorded $90.2 million in contingent consideration liabilities as of March 31, 2025[238]. - The company has $1.680 billion in unhedged floating rate debt as of March 31, 2025, with a one percentage point increase in interest rates potentially decreasing annual pre-tax income by $16.8 million[260]. - The company has four interest rate swap agreements to manage interest rate risks, effectively fixing rates on $800 million of variable rate debt[257]. Market and Operational Factors - During the three months ended March 31, 2025, the company recognized volume losses totaling $65.9 million due to a decrease in roll-off volumes and lower residential collection volumes[155]. - The average Canadian dollar to U.S. dollar exchange rate decreased, resulting in a revenue decrease of $16.8 million for the three months ended March 31, 2025[158]. - A $0.10 per gallon increase in diesel fuel prices would decrease pre-tax income by approximately $3.7 million during the remaining nine months of 2025[263]. - A 10% decrease in average recycled commodity prices would impact revenues by $5.9 million for Q1 2025[264]. - A $0.01 change in the CAD to USD exchange rate would affect annual revenue and EBITDA by approximately $19.0 million and $9.0 million, respectively[265]. - Inflationary pressures from higher fuel, materials, and labor costs are being managed through contracts that allow passing costs to customers[252]. Environmental and Social Governance (ESG) - The company committed $500 million to advance long-term ESG targets, focusing on reducing environmental impact and enhancing employee safety and engagement[143].
Apogee(APOG) - 2025 Q4 - Annual Results
2025-04-24 01:51
Press Release FOR RELEASE: April 24, 2025 APOGEE ENTERPRISES REPORTS FISCAL 2025 FOURTH QUARTER AND FULL YEAR RESULTS MINNEAPOLIS, MN, April 24, 2025 – Apogee Enterprises, Inc. (Nasdaq: APOG) today reported its fiscal 2025 fourth-quarter and full-year results. The prior year fourth-quarter and full-year results included the impact of an additional week of operations compared to fiscal 2025. The Company reported the following selected financial results: During the fourth quarter, the Company changed the name ...