KNOT Offshore Partners (KNOP) Q1 2025 Earnings Call May 21, 2025 09:30 AM ET Company Participants Derek Lowe - CEO & CFOLiam Burke - Managing DirectorJames Altschul - PresidentPavel Oliva - Managing Partner & FounderMario Epelbaum - Portfolio Manager-PartnerCliment Molins - Head of Shipping Research Conference Call Participants None - Analyst Operator Hello, and welcome, everyone, to the KNOT First Quarter twenty twenty five Earnings Call. My name is Maxine, and I'll be coordinating the call today. I will n ...

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发稿平台| 哥们买房 本文作者：Aaron 劲爆！某央企开发商在南京多项目大幅降价促销，部分楼盘价格直触区域谷底！ ● 譬如仙林湖板块项目单价直降至2.4万元/㎡！老业主直呼累觉不爱！ ● 江北核心区项目更是以2.3万元 /㎡价格突围，直逼2.1万元/㎡楼面价，较2022年首开时 3.5 万元 /㎡的均价近乎"腰斩"！ ● 江宁项目主力房源单价1.7万-2 万元/㎡，含精装及车位赠送，和楼面价仅存微薄空间，堪称 "贴地销售"！ 自开年以来，虽然楼市已经有回暖趋势，但部分片区深陷去化困局，去化周期拉长，倒逼开发商加速 "以价换量"。 作为区域深耕者，该央企在宁布局超十盘，部分项目受板块热度退潮、竞品挤压等因素拖累，去化率长期低于预期，库存积压与资金周转压力叠加下，降 价可以说是不得已而为之。 根据数据显示，以该央企为代表的百强房企，连续三年销售额下滑，去年营业收入净利润均值为4.2亿元，同比下降76.8%，可以说直接斩到脚踝。 图：2020-2024年百强企业销售增长情况 ◎企业研究：https://u.fang.com/ytcrnn/ 并且2024年百强房企净利润率均值为1.1%，盈利能力也会持续连年下降。 ...

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $686 million, closer to the low end of guidance, primarily due to a mix of deliveries with higher-priced home deliveries slipping into future quarters [7] - Adjusted gross margin was 17.3%, just below the low end of guidance, impacted by increased incentives which rose to 10.5% [7][8] - Adjusted EBITDA was $61 million, slightly above the high end of guidance, while adjusted pretax income was $29 million, near the high end of guidance [10] - Year-over-year total revenues declined despite flat deliveries, primarily due to lower average sales prices [11] Business Line Data and Key Metrics Changes - Contracts for the second quarter, including domestic unconsolidated joint ventures, decreased by 7% year-over-year, with significant monthly sales volatility observed [13] - The company reported 11.2 contracts per community, which is higher than the quarterly average since 2008, despite a year-over-year decline in contracts per community [14][15] - The percentage of home buyers utilizing mortgage rate buy downs was 75%, indicating continued reliance on these incentives to combat affordability [17] Market Data and Key Metrics Changes - The company experienced a 12% increase in the total number of open for sale communities year-over-year, ending the quarter with 148 communities [29] - Controlled lots increased by 15% year-over-year, equating to a 7.7-year supply of controlled lots [30] - The company noted that 60.3% of communities with price increases were in better-performing markets such as Delaware, Maryland, and Virginia [22] Company Strategy and Development Direction - The company is focusing on pace over price, resulting in an above-average number of contracts per community compared to peers, despite a challenging sales environment [16] - A strategic decision was made to burn through less profitable land parcels at lower gross margins to clear the way for recent land acquisitions that meet target return metrics [26] - The company is actively engaging with land sellers to find mutually beneficial solutions in a slow market [26] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the quarter's performance given the difficult environment, while remaining vigilant about economic uncertainties [49] - The company expects to return to more favorable performance metrics as it replaces certain land positions with newer acquisitions that meet return targets [26] - Guidance for the next quarter assumes no adverse changes in current market conditions, with total revenues expected between $750 million and $850 million [42] Other Important Information - The company ended the quarter with $2 billion in liquidity, within its targeted range, and has made significant progress in reducing debt and improving its balance sheet [38][40] - The company signed a memorandum of understanding with the Ministry of Housing in Saudi Arabia to expand activities and partnerships in the region [27] Q&A Session Summary Question: Have you seen lower land prices on recent acquisitions? - Management indicated that land sellers are slow to adjust prices, but they are finding opportunities to replenish land supply at better returns [56] Question: What markets are yielding better results with land sellers? - Management mentioned markets such as Delaware, Virginia, Southeast Coastal Charleston, New Jersey, and Maryland as currently yielding better results [57] Question: What is the current incentive structure? - The company utilizes a mix of mortgage rate buy downs, price reductions, and other incentives depending on the delivery timeline of homes [63] Question: Is the focus still on spec building? - Management confirmed that the strategy remains focused on quick move-in homes, which allows for affordable mortgage rate buy downs [64] Question: How long will it take to clear older vintage land? - Management noted that the timeline varies by geography, with some areas already cleared out while others may take two to three years [70] Question: What are the expectations for construction costs in the back half of the year? - Management expressed optimism about maintaining or slightly reducing construction costs, barring any significant increases in lumber prices [77]

Core Points - Pegasystems Inc. will replace Nordstrom Inc. in the S&P MidCap 400 effective May 22, 2025 [1] - The acquisition of Nordstrom by the Nordstrom family and El Puerto de Liverpool S.A.B. de C.V. is expected to be completed on May 20, 2025 [1] Summary by Category Index Changes - Pegasystems (PEGA) will be added to the S&P MidCap 400 [1] - Nordstrom (JWN) will be removed from the S&P MidCap 400 [1] Company Information - Pegasystems operates in the Information Technology sector [1] - Nordstrom operates in the Consumer Discretionary sector [1]

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China: 70-city average primary property prices fell further in April Bottom line: 19 May 2025 | 12:53PM HKT The National Bureau of Statistics' 70-city house price data suggest the weighted average property price in the primary market decreased by 1.7% mom annualized in April after seasonal adjustments. The divergence between top-tier and lower-tier cities persists. Tier-1 cities continued to show sequential increases in primary home prices in April, but prices in Tier-2 and Tier-3 cities declined sequential ...

Company Overview - Chevron is an integrated energy company involved in energy production (upstream), transportation (midstream), and refining and chemicals (downstream), providing diversification that helps mitigate volatility in the energy sector [1][4] Financial Performance - Chevron's stock has declined approximately 25% from its 2022 highs due to weak energy prices, but this performance is relatively better compared to pure-play driller Devon Energy, which has seen a 55% decline [6] - The company maintains a strong balance sheet with a debt-to-equity ratio of around 0.2, allowing it to support its business and dividend during downturns in the energy market [4] Dividend and Investment Potential - Chevron's current dividend yield is 4.8%, one of the highest levels since the pandemic, and the company has increased its dividend annually for 38 consecutive years, indicating a strong commitment to returning value to shareholders [7][8] - The stock is considered attractively priced due to the recent drop in oil prices, which has affected revenue and earnings but has not jeopardized the dividend [8] - As a "Dog of the Dow," Chevron exemplifies a financially strong company that remains capable of delivering value to investors despite being out of favor in the market [9]

Healthcare insurance giant UnitedHealth Group (UNH -11.14%) has seen its stock go from a stable stalwart to a falling knife, seemingly overnight. The stock's price crashed 22.4% on April 17 in response to its first-quarter earnings results and full-year guidance cut. Then on Tuesday, UnitedHealth fell 17.8% in a single session after its CEO stepped down and the company removed its full-year guidance.The sell-off has pushed shares of UnitedHealth down to around their lowest level in five years. The dividend ...

Group 1: Acquisition Details - Dick's Sporting Goods has agreed to acquire Foot Locker for $2.4 billion, offering $24 per share, which represents an 86% premium to Foot Locker's last closing price [1][3] - This acquisition is Dick's largest deal in the sporting goods industry and aims to enhance its presence in malls and expand into international markets for the first time [3][6] - The deal is expected to close in the second half of 2025 and will be financed through a combination of cash-on-hand and new debt [9] Group 2: Market Context - Several US retailers have issued pessimistic forecasts due to the impact of tariffs, leading to reduced consumer spending on various goods [4] - Foot Locker has been losing market share to competitors like Nike and Under Armour, which have expanded their direct-to-consumer business, alongside a decline in customer visits to indoor malls [5][8] - Foot Locker operates 2,400 retail stores across 20 countries, with worldwide sales of $8 billion last year [5]