IAMGOLD (IAG) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD First Quarter twenty twenty five Operating and Financial Results Conference Call and Webcast. As a reminder today, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Graham Jennings, VP, Investor Relati ...

Financial Performance - Revenue for Q1 2025 was $356 million, a decrease of $32 million compared to Q1 2024 [15] - Adjusted EBITDA for Q1 2025 was $17 million, a decrease of $35 million compared to Q1 2024 [15] - Adjusted Free Cash Flow generation was $10 million, an increase of $26 million from Q1 2024 [15] - The company is providing Adjusted EBITDA guidance of $175-$185 million and Adjusted Free Cash Flow guidance of $5-$15 million for 2025 [15] Segment Performance - Cellulose Specialties net sales were $201 million in Q1 2025 [16] - Cellulose Commodities net sales were $75 million in Q1 2025 [22] - Biomaterials net sales were $7 million in Q1 2025 [28] - Paperboard net sales decreased by $4 million, driven by a 4% decline in sales prices and a 3% decline in sales volumes [38] - High-Yield Pulp net sales decreased by $3 million, driven by a 7% decrease in sales prices and a 4% decrease in sales volumes [43] Capital Structure and Liquidity - Adjusted Net Debt was $653 million, a $90 million reduction from Q1 2024 [50] - Net Secured Debt was $624 million, a $97 million reduction from Q1 2024 [50] - Total liquidity was $272 million, including $130 million of cash [48, 50] Tariff Impact and Mitigation - The company faces tariff exposure on Cellulose Specialties (~$160 million revenue), Cellulose Commodities (~$85 million revenue), and Paperboard (~$175 million revenue) [57] - Mitigation strategies include customer advocacy, market diversification, and operational adjustments [52, 56]

Core Viewpoint - WW International, Inc. is expected to announce a significant reduction in debt obligations through an agreement with lenders and noteholders, leading to a voluntary prepackaged filing under Chapter 11 of the U.S. Bankruptcy Code [1] Company Overview - WW International, Inc. is recognized as the global leader in science-backed weight management, offering a holistic model of care through its Points® Program, clinical interventions, and community support [2] - The company has been empowering millions of members since 1963 to build healthy habits and sustain their weight management goals [2]

Financial Data and Key Metrics Changes - Cotera Energy reported pre-hedge revenues of $2 billion, up from $1.4 billion in the previous quarter, with a significant increase in natural gas price realizations contributing to this growth [19] - The company generated net income of $516 million or $0.68 per share, and adjusted net income of $608 million or $0.80 per share [19] - Discretionary cash flow for the quarter was $1.135 billion, significantly up from $776 million in the prior quarter, while free cash flow was $663 million after cash capital expenditures [19] Business Line Data and Key Metrics Changes - Oil production was approximately 2% above the midpoint of guidance, while natural gas production exceeded the high end of guidance [18] - The company reported net turn-in lines of 37 in the Permian, below the guidance midpoint of 40, and zero in the Marcellus as expected [18] - The first quarter included just over two months of results from the recently acquired assets from Franklin Mountain and Avant, which performed in line with or slightly better than expectations [18] Market Data and Key Metrics Changes - The company is experiencing a modest pullback in activity in the Permian Basin while incrementally increasing activity in the Marcellus Shale, resulting in a projected $100 million reduction in 2025 CapEx [9][10] - The outlook for natural gas remains constructive, prompting the company to maintain a second rig in the Marcellus into the second half of 2025 [22] - The company expects to deliver over 1 trillion cubic feet of gas on an annualized basis, providing significant leverage to higher natural gas prices [24] Company Strategy and Development Direction - Cotera Energy emphasizes flexibility in capital allocation, describing its approach as a "guided missile" that can adjust to changing market conditions [11] - The company is committed to debt reduction, particularly focusing on a $1 billion term loan executed in conjunction with recent acquisitions [12] - The company aims to maintain a low reinvestment rate while generating significant free cash flow through various commodity price scenarios [24] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns regarding the oil outlook but remains optimistic about natural gas, indicating a cautious approach to capital spending [9][10] - The company is prepared for potential market volatility and is focused on maintaining a strong balance sheet to navigate through economic uncertainties [12][27] - Management believes that the current operational issues are mechanical and solvable, with a focus on restoring production levels in the affected areas [46][49] Other Important Information - The company announced a quarterly dividend of $0.22 per share, maintaining one of the highest yielding base dividends in the industry at over 3.4% [26] - Cotera Energy repaid $250 million of outstanding term loans during the first quarter and ended the quarter with a cash balance of $186 million [26] - The company is focused on optimizing its investment allocation while lowering the capital range for 2025 by $100 million [22] Q&A Session Summary Question: What is the status of the Harkie shale issues? - Management confirmed that the issues are related to cementing and are temporary, with remediation steps underway to resolve the problem [41][46] Question: How does the change in activity impact future development plans? - Management stated that the three-year plan remains intact and does not foresee any significant changes to long-term inventory due to the current issues [42][45] Question: What are the priorities for the Marcellus plan for the balance of the year? - Management indicated that the Marcellus program is expected to return to a growth profile, with improvements in capital efficiency and a focus on long lateral projects [77] Question: How does the company prioritize between buybacks and debt reduction? - Management emphasized that debt repayment will be the priority in 2025, while buybacks will be opportunistic and back-end weighted [66][68] Question: What is the expected ramp in production for the second half of the year? - Management confirmed that the guidance does not rely on the return of Harkie volumes, but they anticipate significant production growth in the latter half of the year [83][84]

Coterra Energy (CTRA) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Daniel Guffey - Vice President of Finance, Planning & Analysis and Investor RelationsThomas Jorden - CEO, President & ChairmanShane Young - EVP & CFOBlake Sirgo - Senior Vice President of OperationsBetty Jiang - Managing DirectorMichael Deshazer - Senior Vice President of Business UnitsJosh Silverstein - Managing DirectorMatthew Portillo - Partner & Head of ResearchDerrick Whitfield - Managing DirectorKevin MacCurdy - ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $274 million of EBITDA, representing a 3% year-over-year increase, driven by higher gathering and processing volumes, with processing volumes setting a record at 1.65 Bcf per day [12][13] - Free cash flow after dividends was $79 million, a 7% increase year-over-year, marking the eleventh consecutive quarter of positive free cash flow after dividends [13] - Leverage declined to approximately 2.9 times as of March 31, 2025, indicating improved financial health [13][14] Business Line Data and Key Metrics Changes - The company reported an increase in gathering and processing volumes, with expectations for low to mid single-digit year-over-year growth in gathering volumes for 2025 compared to 2024 [12] - The capital expenditures as a percentage of EBITDA stood at 17%, showcasing the company's capital efficiency compared to peers in the midstream industry [14] Market Data and Key Metrics Changes - The Appalachian region has seen a surge in natural gas demand, particularly for power generation and data centers, with expectations for significant gas supply requirements for decades to come [8][10] - The percentage of data centers expected to be powered by natural gas increased from 50% to 70%, indicating a growing market opportunity [10] Company Strategy and Development Direction - The company is focused on capital efficiency and returning capital to shareholders, with plans to allocate approximately 65% of its EBITDA for dividends, debt reduction, and share repurchases [14][15] - The strategy includes a flexible capital allocation approach to direct funds to the highest return opportunities, with a focus on maintaining low debt levels [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas demand, particularly in the context of data centers and industrial uses in the Appalachian region [21][22] - The company is well-positioned to capitalize on growth opportunities due to its significant infrastructure and investment-grade upstream counterparties [9][10] Other Important Information - The company has achieved substantial reuse savings from compressor station projects, totaling approximately $30 million at the Torrey's Peak station and over $50 million across three stations [6] - The company has secured materials and pricing for pipelines through 2026, mitigating potential impacts from tariffs and macroeconomic factors [7] Q&A Session Summary Question: Potential for in-basin demand growth - Management noted ongoing discussions about local power demand, particularly for data centers, and expressed confidence in the company's infrastructure to support this growth [21][22] Question: Outlook for propane and risk mitigation strategy - Management reiterated confidence in the long-term outlook for propane, emphasizing its unique position in the residential and commercial markets [23][26] Question: Joint venture outlook and liquid-rich production - Management indicated comfort with current production levels and noted that future evaluations would depend on market prices and long-term outlooks [27][29] Question: Data centers commercialization and AM's benefits - Management stated that conversations are ongoing regarding infrastructure build-out to meet demand, but specifics are still early [34] Question: Capital allocation strategy and M&A opportunities - Management confirmed a continued focus on debt reduction and share buybacks while remaining open to strategic M&A opportunities [35][36] Question: LPG market impact on AM's volumes - Management indicated that current natural gas prices would not significantly impact production levels, maintaining a stable operational approach [40][41] Question: Cost optimization strategies - Management acknowledged potential opportunities for cost optimization but noted that discussions are still in early stages [42][43] Question: Water service expectations - Management confirmed expectations to service 70 to 75 wells as previously guided, anticipating similar volumes in Q2 [46]

Financial Data and Key Metrics Changes - The company reported production of 3.4 Bcfe per day, aligning with guidance, and generated $337 million in free cash flow, benefiting from strong natural gas and NGL premiums [22][23] - Drilling and completion capital was $157 million, representing 23% of the full-year guidance [22] - Total debt was reduced by over $200 million during the first quarter, with a total debt of $1.3 billion, the lowest among peers [23][26] Business Line Data and Key Metrics Changes - The average completed feet per day increased by 15% to 2,452 feet compared to 2023 [5] - The company averaged 12.3 completion stages per day, with a record of 18 stages achieved in March [6] - The NGL pricing outlook remains strong, with a projected premium of $1.5 to $2.5 per barrel to Mont Belvieu, an improvement from $1.41 in 2024 [10] Market Data and Key Metrics Changes - U.S. propane exports are at record high levels, 7% above the previous year, indicating no impact on U.S. propane demand [16] - The faster-than-expected ramp-up at the Venture Global Plaquemines LNG facility has led to higher demand and pricing along the TGP 500 L transport [18] - The global LPG market is expected to adjust trade patterns, with increased U.S. LPG volumes heading to Europe and Asia [14] Company Strategy and Development Direction - The company is focused on maintaining a lean program with just two rigs and one completion crew to sustain production levels [7] - Antero is positioned to benefit from both LNG export growth and regional power demand through data center expansions [20] - The company has a strong organic leasing program, adding locations at low costs, and sees no immediate need for M&A [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals of the business, highlighting the ability to pivot between share buybacks and debt reduction based on market conditions [23][24] - The company remains bullish on natural gas demand growth, citing low rig counts and muted associated gas growth from other basins [89] - Management noted that local demand would need to increase significantly for the company to consider growing production beyond maintenance capital [60] Other Important Information - The company has hedged approximately 9% of expected natural gas volumes through 2026, locking in attractive rates [8] - Antero's capital efficiency is highlighted by the lowest maintenance capital per Mcfe among peers at $0.54 [24] Q&A Session Summary Question: Clarification on LPG marketing agreements - The 90% figure refers to export volumes, with domestic sales also locked in at a high level [30] Question: Thoughts on M&A opportunities in U.S. shale - The company has a strong organic leasing program and sees no immediate need for M&A unless it is opportunistic and accretive [36] Question: Buyback strategy and future plans - The company is adopting a flexible approach, balancing between debt reduction and share buybacks based on market conditions [40][70] Question: Hedging strategy for 2026 - The company remains bullish and plans to continue hedging opportunistically while capturing premium pricing [46] Question: In-basin demand and local pricing dynamics - The company is focused on maintaining pricing based on NYMEX Henry Hub and is cautious about committing to local basis pricing without strong demand [84]

Financial Data and Key Metrics Changes - The company reported production of 3.4 Bcfe per day, aligning with guidance [21] - Free cash flow generated was $337 million, benefiting from strong natural gas and NGL premiums [21] - Total debt was reduced by over $200 million during the first quarter, with total debt at $1.3 billion, the lowest among peers [22][25] Business Line Data and Key Metrics Changes - Completed feet per day increased to an average of 2,452 feet, a 15% increase from 2023 [4] - Average completion stages per day reached 12.3, with a record of 18 stages achieved in March [5] - The company hedged approximately 9% of expected natural gas volumes through 2026 with new collars locking in a floor price of $3.7 and a ceiling of $5.96 [6] Market Data and Key Metrics Changes - Antero's NGL pricing outlook remains strong, with guidance for a $1.5 to $2.5 per barrel premium to Mont Belvieu, an improvement from $1.41 in 2024 [8] - U.S. propane exports are at record high levels, 7% above the previous year [15] - The faster-than-expected ramp-up at the Venture Global Plaquemines LNG facility has led to higher demand and pricing along the TGP 500 L transport [16] Company Strategy and Development Direction - The company is focused on organic growth through a strong leasing program, with no immediate need for M&A due to substantial inventory and low-cost production [32] - Antero is uniquely positioned to benefit from both LNG export growth and regional power demand through data center expansions [20] - The company plans to maintain a flexible approach between share buybacks and debt reduction based on market conditions [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas demand growth, citing low rig counts and muted associated gas growth from the Permian [90] - The company is pursuing a maintenance capital plan to maximize returns while monitoring local demand for potential growth opportunities [78] - Management highlighted the importance of local demand in driving future production growth, emphasizing the need for substantial demand before increasing volumes [58] Other Important Information - The company has entered into firm sales agreements on 90% of LPG volumes for 2025 at double-digit premiums to Mont Belvieu [9] - Antero's marketing strategy limits the impact of tariffs, with minimal exposure to the Chinese market [11][12] Q&A Session Summary Question: Clarification on LPG marketing agreements - The 90% figure refers to export volumes, with domestic sales also locked in at a high percentage [28] Question: Thoughts on M&A opportunities in U.S. shale - The company has a strong organic leasing program and sees no immediate need for M&A, although it remains open to opportunistic deals [32] Question: Buyback strategy and future plans - The company is adopting a flexible approach to capital allocation, balancing between debt reduction and share buybacks based on market conditions [68] Question: Hedging strategy for 2026 - The company remains bullish and plans to continue hedging, with no significant changes to the strategy anticipated [42] Question: In-basin demand and local pricing dynamics - The company is focused on maintaining pricing linked to NYMEX Henry Hub and is cautious about committing to local basis pricing without substantial demand [84]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 were $2.8 billion, an increase of 2% year over year, while total adjusted EBITDAR rose to $884 million, up 4% year over year [5][6] - Same store adjusted EBITDAR in Las Vegas was $433 million, essentially flat compared to the prior year, marking the third-best Q1 performance on record [5][6] - Las Vegas EBITDA margins improved to 43.2%, up 50 basis points year over year [6] Business Line Data and Key Metrics Changes - The Regional segment delivered $440 million of adjusted EBITDAR for the quarter, up 2% year over year, driven by stable same store trends and contributions from New Orleans and Danville [8] - Caesars Digital reported net revenue of $335 million, a 19% increase year over year, with adjusted EBITDA of $43 million, up $38 million year over year [10] - Sports Betting net revenue increased by 9%, while iCasino net revenue grew by 53% year over year [10][11] Market Data and Key Metrics Changes - The Regional segment experienced significant improvement compared to the last three quarters of 2024, despite weather disruptions and the impact of one less operating day [8] - In April 2025, iGaming revenue was reported to be up almost 70% year over year, indicating strong growth momentum [19] Company Strategy and Development Direction - The company is focused on capital projects in Las Vegas, which are expected to drive better-than-expected returns, particularly from recent hotel remodels and food and beverage projects [7] - The company is in a capital inflection point, transitioning to a free cash flow harvesting mode, with expectations to use operating free cash flow primarily for debt paydown [22][24] - The management remains optimistic about the forward outlook for Las Vegas, with solid occupancy trends driven by leisure and group customers [7] Management's Comments on Operating Environment and Future Outlook - Management noted that despite economic uncertainties, they have not observed any consumer softness and forward bookings remain strong [20][22] - The company is prepared to leverage its database to outperform peers if economic conditions soften [29] - Management expressed confidence in the growth of the digital segment, which is expected to continue to perform well despite potential macroeconomic challenges [20][22] Other Important Information - The company repurchased $100 million of its stock at an average price of $23.84, indicating a commitment to opportunistic share repurchases alongside debt reduction [14] - The company expects full-year CapEx for 2025 to be approximately $600 million, excluding the Virginia joint venture [14] Q&A Session Summary Question: What is the outlook for Las Vegas bookings and group-related revenue? - Management indicated that group bookings were about 20% of the first quarter room base and expect 2025 to be a record year for group bookings, particularly strong in Q4 [28] Question: Can you clarify the headwind from last year's other revenue piece? - Management confirmed a $6 million headwind on the EBITDA side due to declines in skin revenues and World Series of Poker revenues [31] Question: What was the net impact of weather and leap year on regional performance? - Management estimated the net impact to be in excess of $10 million, with an additional $6 million from the leap year effect in Las Vegas [36] Question: Have there been changes in customer behavior, particularly among lower-end customers? - Management noted that unrated play has been softer than rated play, but rated play is up mid-single digits [43] Question: How does the company view the impact of international travel on Las Vegas? - Management stated that they primarily operate as a domestic business, with some international high-end play continuing without change [92] Question: What are the expectations for regional margins moving forward? - Management expects regional margins to improve as competitive pressures are anniversaried and as Danville and New Orleans ramp up [98]

Core Viewpoint - Luca Mining Corp. has significantly improved its financial position through the exercise of share purchase warrants and debt reduction, positioning itself for strong operational performance in 2025 [1][3]. Financial Performance - Investors exercised 38.8 million share purchase warrants, raising USD $14.0 million (CAD $19.8 million) for the company [1]. - The company has reduced its debt by USD $8.4 million since January 1, 2025, leaving a current debt balance of USD $8.5 million [1]. - Luca's total cash and cash equivalents, including silver bullion, stand at USD $20.6 million, with expectations for further growth due to strong cash flow from operations [1]. Warrants and Shares - The total outstanding common shares of the company are 253.7 million, with 16.23 million total warrants outstanding [2][3]. - The remaining warrants have exercise prices ranging from CAD $0.45 to CAD $2.80, with expiry dates extending to March 2026 [2]. Future Outlook - The company anticipates generating free cash flow between USD $30 million to USD $40 million in 2025, which is expected to yield one of the best cash flow yields among its peers [3]. - Luca Mining Corp. is well-positioned to benefit from strong commodity demand due to its diversified metal production profile and plans to eliminate debt by 2026 [3]. Strategic Initiatives - The company aims to fund high-impact capital improvements at its mines, explore broader property packages, pursue strategic M&A activities, and consider returning capital to shareholders [3]. - Luca Mining Corp. has been added to the Solactive Global Copper Miners Total Return Index, effective May 1, 2025, enhancing its visibility in the market [4]. Company Overview - Luca Mining Corp. operates two wholly owned mines in Mexico, producing gold, copper, zinc, silver, and lead, with strong cash flow and significant development potential [5][6][7].