2025.04.24 FIRST QUARTER EARNINGS CALL SAFE HARBOR Today's presentation includes forward-looking statements that reflect management's current expectations about the Company's future business and financial performance. These statements are subject to certain risks and uncertainties that could cause actual results to differ from anticipated results. Factors that could cause actual results to differ from anticipated results are identified in Item 1A of the Company's Form 10-K, and Item 1A of the most recent Qu ...

Financial Performance - Nokia's Q1 2025 net sales experienced a year-on-year decline of 3% on a constant currency and portfolio basis[17][42] - The company's Q1 2025 gross margin was 423%[15] - Nokia reported a Q1 2025 operating margin of 36%, a decrease of 990 basis points year-on-year[16] - Strong free cash flow (FCF) was reported at EUR 07 billion, with a net cash position of EUR 30 billion after the Infinera acquisition[9][16] Business Segment Highlights - Network Infrastructure experienced strong growth of 11%, with Optical Networks growing by 15%[9][24] - Cloud and Network Services grew by 8%, driven by strong demand for 5G core[9][33] - Mobile Networks stabilized with 2% growth[9][28] Nokia Technologies - Nokia Technologies experienced a challenging year-on-year comparison due to over EUR 400 million of catch-up net sales in Q1 2024[41] - Continued execution in Nokia Technologies led to a contracted run-rate of EUR 14 billion[41] Strategic Initiatives - The Infinera acquisition closed in Q1, targeting EUR 200 million of operating profit synergies by 2027[10] - Optical Networks market share was 26% on a proforma basis in 2024, with sales growth of 15% in Q1[11] Outlook - Nokia's full year 2025 outlook remains unchanged, with a comparable operating profit target of EUR 19 billion to EUR 24 billion[8][47] - The company anticipates a 50% to 80% conversion of comparable operating profit to free cash flow for the full year 2025[47]

Tesla (NASDAQ: TSLA ) is a high-tech company with huge prospects, but its current market assessment assumes perfect fulfillment of all strategic plans, which creates significant risks. Among the main growth drivers for the company are the scalability of production, theMy professional background spans multiple continents and includes experience in private banking, corporate finance, and strategic advisory. For several years, I developed and led a private banking department in Dubai, where I crafted tailored ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $465 million, a 5.5% increase from $440.7 million in Q4 2023 [5] - Adjusted EBITDA rose to $77.5 million, up 13.6% from $68.3 million in the same quarter last year [5] - Net income was $22.8 million, with earnings per share at $0.17, slightly better than preliminary estimates but lower than the same quarter last year due to IPO recapitalization [6] - Adjusted EBITDA margin increased from 15.5% in Q4 2023 to 16.7% in Q4 2024 [5] Business Line Data and Key Metrics Changes - Occupational Health Center segment revenue was $437 million, a 5.4% increase year-over-year [11] - Workers' compensation revenue increased by 7% to $289.1 million, representing 66% of total center operating segment revenue [11][12] - Employer services revenue increased by 1.3% to $137.2 million, with visits per day declining by 4.8% [12] - On-site revenue grew by 7% to $17.1 million, with 10 new on-site centers expected to open soon [13] Market Data and Key Metrics Changes - Total patient visits per day were 46,800, a 2.1% decline year-over-year, driven by a 4.8% decrease in employer services visits [7][8] - Revenue per visit increased by 5.8% compared to the same quarter last year, driven by both workers' compensation and employer services [9] Company Strategy and Development Direction - The company aims to improve the health of America's workforce and continues to execute on strategic initiatives, including the acquisition of Nova Medical Centers [4][19] - The Nova acquisition, valued at $265 million, is expected to enhance the company's footprint and service offerings [19] - The company plans to continue its de novo strategy, with several new centers opening in 2025 [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilizing hiring rates and improving employer services volumes in 2025 [8][50] - The company expects to generate approximately $2.1 billion in revenue for 2025, a 10.5% increase over 2024 [25] - Adjusted EBITDA for 2025 is projected to be between $410 million and $425 million, an 11% increase over 2024 [26] Other Important Information - The company declared a quarterly cash dividend of $0.0625 per share, payable on April 1, 2025 [15] - The net leverage ratio at the end of 2024 was 3.46x, with a target of approximately 3.0x within the next 18 to 24 months [15][23] Q&A Session Summary Question: Integration approach for Nova - Management highlighted their experience with similar integrations, emphasizing the overlapping infrastructure and support systems that will facilitate the process [33][35] Question: Deleveraging pathway post-Nova acquisition - The company plans to reduce net leverage to approximately 3.5x by the end of 2025, driven by cash flow generation and EBITDA growth [36][38] Question: Exposure to tariffs and impact on volumes - Management does not foresee significant headwinds from tariffs affecting employer clients at this time [45] Question: Economic drivers for guidance in 2025 - The guidance reflects a combination of improved employer services growth and stable trends in workers' compensation, influenced by broader economic conditions [48][50] Question: P&L considerations for Q4 performance - Management noted stable cost levels for services and G&A, with some seasonality in Q4 expenses [52][54] Question: Expected improvement in Employer Services - Management anticipates trends will improve, moving towards flat year-over-year growth and slight positive growth later in the year [60] Question: Rate updates for workers' compensation and employer services - Both categories are expected to see slightly elevated rates due to inflation, with a positive outlook for 2025 [62][64] Question: Long-term growth outlook - The company expects mid to high single-digit revenue growth driven by visit growth and rate increases, alongside M&A activities [65] Question: Development activities and new centers - The guidance includes planned openings for new centers and normal growth for on-site business, with no additional M&A included [67] Question: Government pay exposure - The company has minimal exposure to Medicare and Medicaid, with less than 1% of revenue from these sources [69]

Financial Data and Key Metrics Changes - IAMGOLD Corporation achieved total attributable gold production of 667,000 ounces in 2024, a 43% increase from the prior year, aligning with raised guidance estimates [6][12] - Total adjusted EBITDA for the year was approximately $781 million, doubling the 2023 value, while net earnings were $819.6 million, including a reversal of prior impairment on Westwood [7][21] - Revenues from operations totaled $1.6 billion for the year from sales of 699,000 ounces at a record average gold price of $2,330 per ounce [20] Business Line Data and Key Metrics Changes - Côté Gold produced 199,000 ounces on a 100% basis in its first year of operation, with fourth-quarter production of 96,000 ounces, a 41% increase from the prior quarter [26][36] - Westwood produced 134,000 ounces in 2024, exceeding its revised production target, with fourth-quarter production of 35,000 ounces, a 25% increase compared to the same period last year [43][45] - Essakane achieved total annual production of 409,000 ounces, at the top end of its guidance range, with fourth-quarter production of 80,000 ounces [48][50] Market Data and Key Metrics Changes - Approximately 80% of IAMGOLD's measured and indicated ounces and 90% of global inferred ounces are located in Canada, highlighting the company's strong position in a top-tier mining jurisdiction [10] - The company anticipates increasing free cash flow in 2025, supported by strong gold prices and operational improvements [8][23] Company Strategy and Development Direction - IAMGOLD aims to ramp up Côté Gold to a steady state operating at a nameplate throughput level of 36,000 tons per day by the fourth quarter of 2025, while maximizing resources at Côté and Gosling [10][39] - The company is focused on deleveraging its balance sheet and refining its capital structure, with a goal of becoming a leading modern Canadian gold producer [11][23] - Exploration efforts are ramping up at Nelligan, with plans for 30,000 meters of diamond drilling to test mineralization extensions [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite challenges, emphasizing stability and operational improvements [61][83] - The company expects Q1 2025 to be weaker due to maintenance and changeovers, but anticipates a strong recovery in Q4 2025 [78][90] - Management highlighted the importance of cash flow generation from Essakane and its potential impact on the balance sheet in 2025 and 2026 [95] Other Important Information - IAMGOLD completed the repurchase of a 9.7% interest in Côté Gold, returning to a full 70% interest [17] - The company has made significant progress in reducing its gold prepayment obligations, with over half completed [19] - An updated mineral resource estimate for Nelligan showed a 56% increase in indicated resources, positioning it among Canada's largest gold projects [54][55] Q&A Session Summary Question: Challenges in January with HPGR and other crushers - Management confirmed that guidance issued accounted for known repairs and maintenance, maintaining confidence in production targets [60][61] Question: Production guidance and expected downtime - Management indicated that Q1 would be the weakest quarter, with improvements expected in Q2 and Q3, and Q4 anticipated to be the strongest [78][90] Question: Overall production profile for Essakane and Westwood - Management acknowledged potential variability in Q1 but expects a general upward trend in production throughout the year [87][90]