February 7, 2023 KKR & Co. Inc. Overview Presentation – 4Q'24 February 2025 Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic" or "GA"), unless the context requires otherwise. This ...

KKR Overview - KKR has $664 billion in Assets Under Management (AUM) as of March 31, 2025, distributed across Credit & Liquid Strategies ($284 billion), Private Equity ($209 billion), and Real Assets ($171 billion)[10] - KKR's employees own approximately 30% of the outstanding KKR stock as of December 31, 2024[13] - KKR's AUM has grown +2.3x since 2019, reaching $664 billion in 1Q'25 LTM[16] Financial Performance - KKR's Fee Related Earnings (FRE) reached $3.4 billion in the Last Twelve Months (LTM) of 1Q'25, a 37% increase year-over-year[20] - KKR's Adjusted Net Income (ANI) reached $4.4 billion in the LTM of 1Q'25, a 37% increase year-over-year[20] - KKR raised $114 billion of new capital in the trailing twelve months at 1Q'25, compared to $88 billion in the trailing twelve months at 1Q'24[22] Global Atlantic (Insurance) - Global Atlantic has $197 billion in Assets Under Management (AUM)[56] - Global Atlantic's AUM has grown at a +23% Compound Annual Growth Rate (CAGR)[56] - Global Atlantic generated $10 billion in LTM 1Q'25 Insurance Operating Earnings[56] KKR Capital Markets - KKR Capital Markets has facilitated over $2 trillion in cumulative debt & equity raised Inception-to-Date (ITD)[83] - KKR Capital Markets has earned over $6 billion in fees cumulatively ITD[83]

Core Viewpoint - Talos Energy Inc. has announced an enhanced corporate strategy aimed at establishing itself as a leading pure-play offshore exploration and production company [1][3]. Group 1: Corporate Strategy - The strategy focuses on leveraging Talos's entrepreneurial culture and operational strengths to capitalize on anticipated shifts in the global exploration and production market, particularly in offshore basins [3][4]. - The company aims to increase its scale through disciplined execution and selective growth opportunities that enhance shareholder returns [3][4]. Group 2: Capital Allocation - Talos is committed to responsible capital allocation, prioritizing investments that yield robust returns throughout commodity cycles [4]. - The company plans to return up to 50% of annual free cash flow to shareholders while maintaining a long-term leverage target of 1.0x or lower [4]. Group 3: Financial Goals - Talos targets approximately $100 million in increased annualized cash flow by 2026 through operational improvements and capital efficiency [6]. - The company intends to invest in high-margin organic projects and pursue disciplined, accretive acquisitions in deepwater basins to enhance production and profitability [6]. Group 4: Operational Focus - Talos aims to build a long-lived, scaled portfolio by strategically assessing opportunities within the Gulf of America and other conventional offshore basins [6]. - The focus will be on safe and efficient operations, environmental responsibility, and community impact [7].

Core Viewpoint - Plains All American Pipeline, L.P. and Plains GP Holdings have agreed to sell their Canadian NGL business to Keyera Corp for approximately $5.15 billion CAD ($3.75 billion USD), with the transaction expected to close in the first quarter of 2026, subject to regulatory approvals [1][2]. Transaction Details - The transaction will result in Plains divesting its Canadian NGL business while retaining its NGL assets in the United States and all crude oil assets in Canada [2]. - Plains expects to net approximately $3.0 billion USD from the transaction after taxes, transaction expenses, and a potential one-time special distribution [4]. Transaction Benefits - The sale is viewed as a win-win, allowing Plains to exit the Canadian NGL business at an attractive valuation while Keyera gains critical infrastructure [5]. - The transaction is anticipated to enhance Plains' free cash flow profile, reduce commodity exposure, and lower working capital requirements [5][7]. - The purchase price represents approximately 13 times the expected 2025 Distributable Cash Flow (DCF) [7]. Capital Allocation Strategy - Proceeds from the transaction will be prioritized towards disciplined capital allocation, including potential repurchases of preferred units and opportunistic common unit repurchases [8]. - The transaction is expected to create significant financial flexibility, allowing Plains to optimize its crude oil-focused asset base [7][8]. Tax Considerations - The transaction is a taxable event, expected to generate approximately $360 million USD in entity-level taxes payable in Canada [6][7]. - A one-time special distribution of approximately $0.35 per unit is intended to offset potential tax liabilities for unitholders, subject to Board approval [4][12]. Company Overview - Plains All American Pipeline operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids, handling approximately eight million barrels per day [16]. - Plains GP Holdings holds a controlling general partner interest in Plains All American Pipeline, making it one of the largest energy infrastructure companies in North America [17].

Core Insights - Targa Resources Corp. (TRGP) has experienced a significant share price increase of 43.9% over the past year, outperforming the broader Oils-Energy sector's 7.2% rise and the Oil Refining & Marketing sub-industry's 28% growth [1][8] - The company is strategically positioned in the energy infrastructure sector, focusing on natural gas operations, including gathering, processing, and transportation [3][4] Financial Performance - TRGP reported a record adjusted EBITDA of $1.18 billion in Q1 2025, reflecting a 22% year-over-year increase, driven by higher volumes from the Permian Basin and improved marketing margins [5][8] - The company has reaffirmed its full-year 2025 adjusted EBITDA guidance of $4.65-$4.85 billion, indicating confidence in sustained growth [5] Strategic Advantages - Targa's operations are supported by fee-based contracts, providing stability in volatile commodity price environments, with a competitive edge due to its scale [6] - The company has a dominant presence in the Permian Basin, with natural gas inlet volumes increasing by 11% year over year, and is expanding its infrastructure to enhance capacity [9][10] Growth Initiatives - Targa's LPG export volumes averaged 13.4 million barrels per month in Q1 2025, with plans to expand capacity at the Galena Park terminal to 19 million barrels per month by Q3 2027 [11] - The company is executing $2.6-$2.8 billion in growth capital expenditures for 2025, focusing on high-return projects to support volume growth and system integration [15] Shareholder Returns - Targa has repurchased $214 million in shares through April 2025 and increased its quarterly dividend by 33% to $1 per share, reflecting a commitment to rewarding shareholders [13] Risk Mitigation - The company has hedged over 90% of its exposed volumes through 2026, reducing earnings volatility from fluctuating natural gas and NGL prices, ensuring stable cash flows [14]

Core Insights - Lithia Motors, Inc. (LAD) has expanded its presence in the Southeast by acquiring two Mercedes-Benz stores in Collierville, TN, and Jackson, MS, which is expected to generate approximately $220 million in annualized revenues [1][7] - The total expected annualized revenues from acquisitions year-to-date for LAD now amount to $400 million [2][7] - The company has focused on a balanced capital allocation strategy, emphasizing both acquisitions and share repurchases, with a goal to increase its U.S. market share to 5% [3] Financial Performance - In 2023 and 2024, LAD added $3.8 billion and $5.9 billion, respectively, in annualized revenues through acquisitions [2] - The company has repurchased approximately 729,000 shares for $230 million at a weighted average price of $315 per share, with $589 million remaining under the current repurchase authorization [3][7] - LAD's stock has increased by 32.1% over the past year, outperforming the industry growth of 20.1% [4] Market Position - The strategic acquisitions and store expansions are aimed at boosting market share and enhancing the luxury brand portfolio [1][2] - LAD's current Zacks Rank is 3 (Hold), while other companies in the auto space, such as Dorman Products, Standard Motor Products, and Luminar Technologies, hold better rankings [6]

Summary of Miller Industries (MLR) FY Conference Call - June 12, 2025 Company Overview - **Company Name**: Miller Industries - **Founded**: 1990 - **Industry**: Towing and Recovery Equipment - **Headquarters**: Oodwa, Tennessee, USA - **Global Operations**: Facilities in Tennessee, Pennsylvania, England, and France - **Employees**: Approximately 1,700 worldwide - **Product Range**: Light duty recovery units, car carriers, specialty transport vehicles, medium and heavy duty recovery units, rotators, and military recovery vehicles [3][10][12] Core Points and Arguments - **Market Leadership**: Miller Industries is the world's largest manufacturer of towing and recovery equipment, emphasizing innovation, quality, and a robust distribution network [10][11]. - **Financial Performance**: - FY 2024 revenues increased by 9% to $1.26 billion, with a gross profit margin of 13.6% [26]. - Net income for FY 2024 was $63.5 million, or $5.47 per diluted share, with a return on equity of 16.9% [26]. - Q1 2025 revenues were $225.7 million, with a gross profit of 15% and net income of $8.1 million [28]. - **Dividend and Share Repurchase**: Returned $11.6 million to shareholders through dividends and stock repurchases in FY 2024 [26]. Industry Dynamics - **Market Size**: The towing and recovery industry is described as a multibillion-dollar global market [13]. - **Key Market Segments**: Focus on commercial towing, transport fleets, and military contracts [14]. - **Industry Drivers**: Miles driven, accidents per mile, last-mile deliveries, and natural disasters are key factors influencing demand [14][15]. Challenges and Risks - **Tariff Impacts**: Ongoing tariff situations, particularly a 50% import tariff on steel, are being monitored closely, with price increases implemented to mitigate impacts [29][31]. - **Emissions Regulations**: California's CARB regulations require a zero-emission vehicle for every nine diesel vehicles sold, affecting sales in several states [38][40]. - **Inventory Management**: The company is working through excess inventory levels due to previous over-purchasing, which is expected to normalize [30][35]. Growth Opportunities - **Military Contracts**: Increased requests for quotes from global militaries present significant growth potential [21][48]. - **European Market Expansion**: The company aims to consolidate its presence in Europe, which is fragmented with many manufacturers [22]. - **Rental Market Penetration**: There is potential to increase market share in the rental industry, which is currently dominated by a few major players [21]. Capital Allocation Strategy - **Priorities**: Focus on returning capital to shareholders, investing in manufacturing facilities, and enhancing employee engagement and safety [17][24]. - **Debt Management**: The company is debt-averse, aiming to reduce its debt load to maintain flexibility [24][30]. Competitors - **Major Competitors**: Jerdan (owned by Oshkosh Corporation) and NRC (a Canadian company) are identified as the largest competitors in North America [41][42]. Additional Insights - **Distribution Network**: Miller Industries has a strong distribution network with 53 distributors and 75 locations in North America, with 100% exclusivity for its distributors [18]. - **Product Lifecycle**: The average fleet size for customers is 10 to 15 trucks, with trade cycles of 4 to 6 years influenced by warranty offerings [19]. This summary encapsulates the key points discussed during the conference call, highlighting the company's position, financial performance, industry dynamics, challenges, growth opportunities, and strategic focus.

Core Viewpoint - CNX Resources Corporation has promoted Alan Shepard to President while retaining his role as Chief Financial Officer, reflecting the company's confidence in his leadership and contributions to future growth [2]. Group 1: Leadership Changes - Alan Shepard has been promoted to President in addition to his current role as Chief Financial Officer [1][2]. - The Board of Directors unanimously approved this promotion, indicating strong support for Shepard's leadership [2]. Group 2: Company Vision and Strategy - CEO Nick Deiuliis emphasized the opportunity for CNX to create per-share value and positively impact Appalachian communities [2]. - The promotion of Shepard is seen as a recognition of his integral role in developing and executing CNX's sustainable business model and capital allocation approach [2]. Group 3: Company Overview - CNX Resources Corporation is a premier natural gas company focused on ultra-low carbon intensive development, production, and technology in Appalachia [3]. - As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves, showcasing its substantial asset base [3].

Core Insights - Cardinal Health is hosting an Investor Day to discuss growth strategies and long-term financial outlook [2][3] - The company emphasizes its strong foundation and significant future growth opportunities [3] Strategic Updates - Cardinal Health is focusing on expanding its Pharmaceutical and Specialty Solutions, particularly in Specialty and higher-margin businesses [4] - The Specialty Alliance platform will include the recently acquired GI Alliance and the new Urology Alliance [5] - The MSO platforms now support approximately 2,200 providers across 28 states [6] Biopharma Solutions - Continued investments in Biopharma Solutions are announced, with expansions into oncology and other therapeutic areas [7] - The Sonexus™ Access and Patient Support platform is expected to more than double its supported therapies by fiscal year 2028 [7] Pharmaceutical Distribution - The Consumer Health Logistics Center in Ohio is set to be fully operational by July 2025, aimed at increasing capacity and efficiency [8] - Plans for a new forward distribution center with advanced automation technology are underway [9] Financial Guidance - FY25 non-GAAP diluted EPS guidance is raised to $8.15 to $8.20, with preliminary FY26 guidance set at $9.10 to $9.30 [10][18] - Long-term targets for non-GAAP diluted EPS growth are set at 12% to 14% for FY26 to FY28 [20] Capital Deployment - The company plans to invest at least $600 million annually in capital expenditures and anticipates at least $750 million in share repurchases each year for the next three years [21]

Summary of Granite Ridge Resources Conference Call Company Overview - Granite Ridge Resources is a publicly traded diversified US oil and gas company with a market cap approaching $900 million and an enterprise value of about $1 billion [5][9] - The company focuses primarily on the Permian Basin but has assets across six major basins in the US [6] Core Business Strategy - The objective is to provide public investors with private equity-like exposure with daily liquidity [4] - The company emphasizes finding compelling opportunities and allocating cash flow to the best deals [7][16] - Granite Ridge aims for a 16% year-over-year production growth, supported by a strong balance sheet with a leverage ratio of approximately 0.7x [9][10] Financial Performance - The company reported approximately $291 million in EBITDA for 2024, with expectations of cash flow around $330 million for the current year [15][43] - The dividend yield is around 9%, with a commitment to defending it while also focusing on production growth [8][10] Investment Approach - Granite Ridge employs a dual strategy of operated partnerships and traditional non-operated investments, with a focus on risk-adjusted returns [11][12] - The company has evaluated over 650 unique transactions in 2024, maintaining a disciplined approach with a less than 10% closure rate on deals [18][20] Market Position and Competitive Landscape - The company trades at a discount compared to peers, around three times earnings, despite strong asset growth and a solid balance sheet [10][41] - The non-operated space has become more competitive, prompting a shift towards operated partnerships, which are expected to account for about 25% of production this year [32][35] Hedging Strategy - Granite Ridge entered the year with 90% of its current production hedged, which is seen as a risk mitigant rather than a speculative tool [40][41] - The company aims to maintain cash flow to cover maintenance CapEx and dividends for at least 18 months in a challenging price environment [76] Future Outlook - The company anticipates continued growth in operated partnerships, with plans to increase production and capitalize on favorable market conditions [36][47] - There is a focus on maintaining flexibility in drilling operations, allowing for adjustments based on market conditions [68][72] Investor Relations - The company acknowledges the need to communicate its strategy effectively to investors, especially given the broader skepticism towards the energy sector [78][80] - Granite Ridge is committed to proving its business model and generating shareholder value through disciplined capital allocation and operational excellence [80][81] Key Takeaways - Granite Ridge Resources is positioned for growth with a strong focus on disciplined investment strategies and risk management - The company is leveraging its unique expertise in both technical and financial aspects to navigate the oil and gas market effectively - Continued communication with investors and demonstrating operational success will be crucial for the company's market perception and valuation moving forward [82]