Financial Data and Key Metrics Changes - Q4 2024 global total revenue reached $58.6 million, a 29% increase compared to Q4 2023, marking the best fourth quarter since Q4 2019 [5][38] - Q4 2024 global operating income was $1.5 million, an increase of $8.5 million or 122% from a loss of $7 million in Q4 2023, representing the first positive operating income since Q4 2019 [5][6] - Q4 2024 adjusted EBITDA was $6.8 million, over 400% higher than a negative adjusted EBITDA of $2.2 million in Q4 2023, the highest since Q4 2019 [6][42] - For the full year 2024, total revenue was $210.5 million, a 5% decrease from 2023, with a global operating loss of $14 million, up 17% from the previous year [9][40] Business Line Data and Key Metrics Changes - Global cinema revenue in Q4 2024 was $54.6 million, a 30% increase from Q4 2023, representing 84% of pre-pandemic levels [6][9] - Global real estate revenues in Q4 2024 were $5.2 million, a 14% increase from Q4 2023, with operating income rising 148% to $1.4 million [7][32] Market Data and Key Metrics Changes - U.S. cinema revenue increased by 24% to $29.3 million in Q4 2024, the highest since Q4 2019, with operating income improving to $1.6 million from a loss of $2.6 million in Q4 2023 [21][22] - Australian cinema revenue increased 37% to $21.4 million in Q4 2024, with operating income rising 254% to $1.7 million [28] - New Zealand cinema revenue increased 53% to $3.8 million, with operating income increasing 228% to $504,000 [28] Company Strategy and Development Direction - The company aims to reduce debt as a top priority for 2025 while planning upgrades for at least four theaters across Australia, the U.S., and New Zealand [51] - The focus remains on curating original series and programming to engage audiences and boost ticket sales, alongside exploring new avenues for alternative content [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged that the first part of 2024 was impacted by the Hollywood strikes, affecting overall performance, but expressed optimism for the future with an exciting film lineup expected in 2025 [14][39] - The company is working on monetizing real estate assets to improve liquidity and reduce interest expenses [10][35] Other Important Information - The company reported a net loss of $2.2 million in Q4 2024, a decrease from a loss of $12.4 million in Q4 2023, attributed to improved cinema performance and reduced interest expenses [39][40] - The total outstanding borrowings decreased to $202.7 million as of December 31, 2024, from $210.3 million a year earlier [44] Q&A Session Summary Question: What are your capital allocation priorities for 2025? - The highest priority is to reduce debt while planning upgrades for theaters, contingent on box office performance [51] Question: What are the recent underperforming theater closures and expected savings? - One U.S. cinema will close in April 2025, expected to save $500,000 to $1 million annually, with another small theater closed in New Zealand saving $100,000 to $200,000 [52][53] Question: Is the Australian cinema development project in Noosa still on track for 2026? - The project is in planning phases, with an expected opening pushed to 2027 [55] Question: Why did the company fail to engage with investors in 2024? - Management acknowledged the oversight and is now planning two non-deal roadshows and a microcap virtual conference for 2025 [56]

Core Viewpoint - Hanesbrands Inc. (HBI) is pursuing long-term growth through cost-saving initiatives, supply-chain optimization, and debt reduction, which has positively impacted its stock performance [1][11]. Group 1: Strategic Initiatives - The company is focusing on operational efficiency and financial stability through cost-saving initiatives, including the sale of the Global Champion business, which aims to streamline operations and reduce fixed costs [5]. - By the end of Q4 2024, Hanesbrands generated $264 million in operating cash flow and paid down over $1 billion in debt, significantly reducing its leverage [5]. - HBI is modernizing its technology platform for improved analytics and forecasting, optimizing its supply chain for better efficiency, and cutting non-revenue-generating SG&A expenses [6]. Group 2: Market Positioning - Hanesbrands has strengthened relationships with key retail partners, enhancing brand visibility and accessibility, particularly in mass retail and e-commerce [7]. - The company is leveraging a global go-to-market strategy to capture demand in growing international markets, especially in Mexico and Australia, where sales momentum is improving [7]. - Advanced AI-driven analytics are being utilized to enhance demand forecasting, inventory optimization, and personalized marketing strategies, expected to improve efficiency and drive revenue growth [8]. Group 3: Financial Outlook - Despite a challenging macroeconomic environment, Hanesbrands expects net sales for 2025 to be between $3.47 billion and $3.52 billion, remaining flat year over year [9]. - The company anticipates a $60 million impact from currency fluctuations, with minimal growth expected in the U.S. market [9]. - In Q4 2024, foreign exchange fluctuations created a 110-basis-point headwind to sales, highlighting the risks associated with its international presence [10].

Financial Data and Key Metrics Changes - Production averaged 84,543 BOEs per day, representing annual production per share growth of 4% [5] - Fund flow generated was $1.2 billion or $7.63 per share, and free cash flow was $583 million or $3.69 per share, both reflecting a 9% increase over 2023 on a per share basis [6] - Net debt decreased by 10% in 2024 to $967 million, resulting in a net debt to trailing funds flow ratio of 0.8 times, the lowest in over a decade [8] Business Line Data and Key Metrics Changes - International production increased by 12% year-over-year, driven by strong operational run times in Australia and the startup of the gas plant in Croatia [5] - North American production decreased by 5% year-over-year, primarily due to the divestment of 5,500 BOE per day in Southeast Saskatchewan [5] Market Data and Key Metrics Changes - The company announced an 8% increase to its quarterly dividend effective Q1 2025, marking the fourth consecutive increase since reinstating the dividend [8] - The after-tax net present value of PDP reserves discounted at 10% is $2.8 billion, while for 2P reserves it is $5.2 billion, translating to over $27 per share after deducting year-end net debt [11] Company Strategy and Development Direction - The company is focused on integrating the Westbrick acquisition to enhance operational scale and improve full cycle margins in the Deep Basin [24][40] - The strategy includes significant investments in growth projects in Germany, Croatia, and the BC Montney, which are expected to contribute strong free cash flow in future years [7] - The company aims to double its current European 2P gas reserves through successful development of follow-up locations identified in Germany [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational scale achieved, with 80% of production and 70% of capital investment directed towards the global gas portfolio [32] - The company anticipates strong demand dynamics for gas in the coming decades, particularly in Europe, where it expects to maintain pricing advantages [33] - For 2025, the company forecasts annual production between 125,000 to 130,000 BOEs per day, with capital expenditures of $730 million to $760 million [34] Other Important Information - The company successfully executed a $623 million E&D capital program within budget, focusing on new growth projects [7] - The company has launched a process to divest non-core assets to accelerate deleveraging efforts, with strong interest in these high-quality assets [30] Q&A Session Summary Question: Can you provide insight into the German gas exploration program and expected flow rates? - Management expects first production from the Osterheide well in Q2 2025, initially rate-restricted to 3-5 million cubic feet per day due to capacity constraints [47] - For the Wisselshorst well, initial tie-in is expected in early 2026, with potential to increase rates significantly through debottlenecking [49] Question: What is the status of the sales process for Saskatchewan and Wyoming assets? - The formal sales process is well-advanced, with management presentations ongoing and strong retention value for the assets [54] Question: What are the next exploration wells planned in Germany? - The company plans to drill two wells per year, with additional follow-up locations identified for future drilling [60] Question: How do the Westbrick assets compare to existing Deep Basin assets in terms of operating costs? - Westbrick assets have unit operating costs in the $650 per BOE range, compared to the company's existing assets at $750 per BOE [72] Question: What is the potential impact of U.S. tariffs on Canadian energy? - Management does not expect a material impact on cash flows due to diversification and operational scale, with over half of revenues coming from outside Canada [110] Question: Why does the stock seem impacted by oil price movements despite being a global gas company? - Management attributes this to timing issues related to recent acquisitions and ongoing developments, emphasizing the company's strong positioning in gas markets [120]

Financial Data and Key Metrics Changes - Total revenue in Q4 2024 was $1 billion, an increase of 21% from Q4 2023 [12] - Net income attributable to common stockholders was $156 million in Q4 2024, compared to a net loss of $22 million in Q4 2023 [13] - Adjusted EBITDA was $402 million in Q4 2024, an increase of 86% from Q4 2023, primarily due to political advertising revenue [13] - Total principal debt was reduced by $520 million during 2024, exceeding the $500 million goal [14] Business Line Data and Key Metrics Changes - Political advertising revenue in Q4 2024 was $250 million, which displaced a significant amount of core advertising revenue [22] - Core advertising revenue guidance for Q1 2025 is expected to decline by 7% to 8% compared to Q1 2024, influenced by economic uncertainty and the Super Bowl airing on different networks [25][26] Market Data and Key Metrics Changes - The company noted hesitancy among automobile advertising customers due to economic factors, impacting core ad revenues [24] - The first quarter of 2025 is expected to show core advertising revenue down 3.3% to 4.6% when excluding Super Bowl and Leap Day impacts [27] Company Strategy and Development Direction - The company is focusing on enhancing local content offerings and has secured local sports rights, including the Atlanta Braves and Memphis Grizzlies [28] - The company is optimistic about future partnerships and developments at Assembly Studios, which are expected to contribute financially to the company [18][19] - Management is encouraged by potential regulatory reforms that could benefit local broadcasters and improve competitive positioning against tech giants [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the automobile advertising sector once economic uncertainties are resolved [46] - The company is focused on maintaining strong local reach and leveraging digital audiences for political advertising opportunities in 2026 [116] - Management believes that the company is well-positioned to navigate the evolving media landscape and capitalize on upcoming opportunities [136] Other Important Information - The company has a strong liquidity position with $135 million in cash and $680 million available in a revolving credit facility [34] - The Board declared a quarterly common dividend of $0.08 per share, indicating a cautious approach to cash management [36] Q&A Session Summary Question: Can core ads move to growth on a full-year basis? - Management is encouraged by second-quarter pacing and believes core ads can grow, particularly as certain challenged categories show improvement [44] Question: How will cost efficiencies impact expenses in Q1? - Approximately 2/3 to 75% of cost efficiencies are expected to flow through in Q1, with efforts to keep expense growth below inflation [48][49] Question: What is the total cost for the Assembly Atlanta project? - The total cost for the project is roughly $500 million [74] Question: How are you budgeting subscriber declines for this year? - The company expects the rate of subscriber declines to slow but is not projecting a material increase or decrease [91] Question: What deregulation opportunities exist beyond M&A? - Key opportunities include relaxing the one-to-a-market rule, addressing network-affiliate relationships, and advancing NEXTGEN TV [126] Question: How long until leverage reaches 4x? - It will take a few years to reach the 4x leverage goal, with political years providing significant cash flow [129]

Financial Data and Key Metrics Changes - In 2024, the company generated over CAD 640 million of excess cash flow, with nearly one-third realized in Q4 [4] - The company returned 60% of excess cash flow to shareholders through dividends and share repurchases [5] - Net debt was reduced by 35%, amounting to CAD 1.3 billion [5] - Annual average production for 2024 was 191,000 BOE per day, with Q4 production at 189,000 BOE per day [6] Business Line Data and Key Metrics Changes - Alberta Montney and Duvernay assets accounted for nearly 80% of Q4 production, showing a 10% growth compared to Q1 [7] - The company replaced 173% of its 2024 production on a 2P basis, with a strong recycle ratio of 2.1x based on 2P F&D costs [8] - New multi-well pads in Alberta Montney achieved an average peak 30-day rate of 1,270 BOE per day per well, which is 30% above the area type well [9] - Kaybob Duvernay multi-well pads generated an average peak 30-day rate of 1,000 BOE per day per well, 25% above the area type well [11] Market Data and Key Metrics Changes - The company anticipates generating significant excess cash flow of CAD 625 million to CAD 825 million in 2025 based on WTI pricing of CAD 70 to CAD 75 per barrel [15] - Production guidance for 2025 is set at 188,000 to 196,000 BOE per day, with a strong start in January at 191,000 BOE per day [13] Company Strategy and Development Direction - The company is focused on operational execution, strengthening its balance sheet, and returning capital to shareholders [15] - A strategic long-term infrastructure partnership was established to enhance operational flexibility and minimize downtime [10] - The company plans to continue optimizing completions and investing in gas egress infrastructure [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, emphasizing operational execution and capital return strategies [15] - The company is not currently pursuing acquisitions, focusing instead on optimizing existing assets [39][40] - Management highlighted the importance of demonstrating asset quality and execution to the market [40] Other Important Information - The company achieved an investment-grade credit rating, allowing for diversification of its capital structure [5] - The 2025 capital expenditures guidance is CAD 1.48 billion to CAD 1.58 billion, with 15% directed towards facilities [14] Q&A Session Summary Question: Insights on sliding sleeve test results - Management provided positive feedback on the initial results of the sliding sleeve test, indicating strong performance and significant oil cuts [19][21] Question: Operating cost reductions - Management noted that operating costs dropped due to higher volumes and ongoing debottlenecking efforts [23][25] Question: Capacity expansion at Gold Creek West - Management confirmed that the expansion work is on schedule for mid-March, with no expected delays [28][30] Question: Guidance revision based on well performance - Management is comfortable with current guidance but will monitor performance closely as new wells come online [35][36] Question: M&A interest in Montney - Management reiterated a pause on acquisitions, expressing satisfaction with current asset positions [39][40] Question: Gas lift utilization and optimization - Management discussed plans to utilize gas lift and evaluate its effectiveness based on higher liquids content [67] Question: Net debt comfort level - Management expressed comfort with the current balance sheet and outlined plans for further debt reduction [76][78] Question: Guidance parameters and Saskatchewan operations - Management provided details on production guidance and highlighted ongoing drilling programs in Saskatchewan [90][92]

Group 1: Industry Overview - President Trump's declaration of a national energy emergency and freeze on federal funding for clean energy aims to boost the domestic oil and gas industry [1] - The push for fossil fuels has rekindled interest in oil stocks among investors, although uncertainties remain regarding tariffs and oil prices [2] Group 2: Chevron (CVX) - Chevron is positioned as a leading player in the U.S. oil industry, with a history dating back to 1879 and significant growth plans [3] - The company anticipates a compound annual growth rate of approximately 6% in production through 2026, expecting to generate $10 billion in incremental free cash flow (FCF) at a Brent crude price of $70 per barrel [4] - If Chevron's acquisition of Hess (HES) is completed, FCF could increase further, with the $53 billion all-stock deal expected to close soon [5] - Shareholders are likely to benefit from dividend growth and share-price appreciation, with Chevron having increased dividends for 37 consecutive years, offering a yield of 4.4% [6] Group 3: Occidental Petroleum (OXY) - Occidental Petroleum is highlighted as a value stock, with potential for recovery and growth, allowing investors to purchase around 10 shares for $500 [7] - Following the acquisition of CrownRock for $12 billion, Occidental's stock initially declined due to concerns over increased debt, with shares down about 19% year-over-year [8] - The company has shifted focus to debt reduction, achieving a target of $4.5 billion in debt reduction within five months of the acquisition [9] - Occidental plans to continue deleveraging while maintaining sustainable dividend growth, recently raising its quarterly dividend by 9% [10] - The company is also set to divest $1.2 billion in assets while investing up to $7.6 billion across various sectors in 2025 [10][11] Group 4: Enterprise Products Partners (EPD) - Enterprise Products Partners is recognized as a high-yield oil dividend stock, with a yield of 6.4% and strong cash-flow growth [13] - The company reported a record net income of $5.9 billion in 2024, with earnings per share (EPS) growing nearly 7% over 2023, and distributable cash flow (DCF) reaching $7.8 billion [14] - Enterprise Products has a robust history of dividend increases, having raised dividends for over 25 consecutive years, contributing to total returns [14] - The company has $7.6 billion in major projects under construction, with $6 billion expected to come online this year, positioning it for future growth [16]