Camping World (CWH) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Company Participants Lindsey Christen - Chief Administrative & Legal Officer and Company SecretaryMarcus Lemonis - Chairman & CEOMatthew Wagner - PresidentThomas Kirn - CFOSean Wagner - AVPMichael Swartz - Director - Equity ResearchBret Jordan - Managing Director Conference Call Participants Joseph Altobello - MD & Senior AnalystAlexander Perry - AnalystScott Stember - Executive Director & Senior Research AnalystNoah Zatzkin - Vice Preside ...

Second Quarter FY 2025 Earnings Call Presentation April 30, 2025 Disclosure Regarding Forward-Looking Statements Throughout this earnings presentation, we make a number of "forward-looking statements," including statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these secti ...

First Quarter 2025 Financial Review April 30, 2025 1Q 2025 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often id ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $30 million for Q1 2025, at the high end of guidance, driven by strong operational performance and increased production and sales volumes, primarily due to the Augusta acquisition [6][24] - Net sales increased by 46% to $378 million compared to Q1 2024, largely attributed to the Augusta acquisition [6][24] - The company incurred a consolidated net loss of approximately $6 million from continuing operations, equating to $0.36 per diluted share [23] Business Line Data and Key Metrics Changes - The Augusta mill integration has been successful, with targeted volume and cost synergies expected by the end of 2026 [7] - Fixed cost structure was reduced by eliminating over 200 positions, representing around 10% of total roles, aiming for $30 to $40 million in savings for 2025 [7][18] Market Data and Key Metrics Changes - Industry shipments increased by 2% in Q1 2025 compared to Q1 2024, with demand projected to grow by 3% to 5% in 2025 [8][9] - Industry utilization rates improved to 88% in Q1 2025 from 84% in Q1 2024, but remain below the cross-cycle average of 90% to 95% [10] Company Strategy and Development Direction - The company aims to strengthen its position as a premier independent supplier of paperboard packaging products, investing in product development across three categories: compostable food service products, lightweight folding carton products, and alternative poly-free barrier technologies [13][14][15] - The company is exploring expansion into additional paperboard substrates, which make up approximately 50% of the paperboard market outside of SBS [16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about medium to long-term industry prospects, expecting strong margins and cash flows through the cycle [34] - The company anticipates continued demand recovery, with internal utilization projected at around 85% and revenue expectations of approximately $1.5 to $1.6 billion for 2025 [29] Other Important Information - The company repurchased approximately $11 million of its shares in Q1 2025, totaling about $15 million since the new $100 million share buyback authorization [7][26] - The company is targeting a reduction in SG&A as a percentage of sales to 6% to 7% by year-end 2025 [25] Q&A Session Summary Question: What is the sense of what's happening with FPB imports recently? - Management noted that imports were up in 2024, with forecasts for a 5% decrease in imports and a 1% increase in exports for 2025 [38][39] Question: Can you clarify the geographic split of the $20 million to $25 million purchases from outside the US and Canada? - Approximately $80 million of imports are from Canada, with the remaining $20 million from other parts of the world, including potential exposure to China [40][41] Question: What are the criteria for evaluating M&A opportunities for expanding product offerings? - The company seeks strategic fit, quality assets, and a belief in the ability to win in the market when considering M&A [46][47] Question: What kind of costs are associated with the paper machine upgrades for lightweight folding carton products? - Upgrades will be on existing machines, with capital fitting within the previously stated capital range, focusing on mix shift rather than incremental revenue growth [48] Question: What is the expected impact of cost savings in Q2? - Management expects to see roughly double the amount of savings in Q2 compared to Q1, with incremental benefits ramping through the year [51]

Ares Capital (ARCC) Q1 2025 Earnings Call April 29, 2025 05:38 PM ET Speaker0 Good afternoon. Welcome to Ares Capital Corporation's First Quarter Ended 03/31/2025 Earnings Conference Call. At this time, all participants are in a listen only mode. As a reminder, this conference is at 09:20 twenty five. I will now turn the call over to Mr. John Sylmar, a partner on Ares Public Markets Investor Relations team. Speaker1 Thank you. And let me start with some important reminders. Comments during the course of thi ...

Entergy (ETR) Q1 2025 Earnings Call April 29, 2025 04:16 PM ET Speaker0 Good morning. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to the Entergy Corporation First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Co ...

Financial Data and Key Metrics Changes - The company reported sales of $964 million in Q1 2025, a decrease of 2% year-over-year, and earnings of $0.95 per share, down 5% compared to the prior period [11][12] - North America segment sales were $749 million, also a 2% decrease, with segment earnings of $185 million, down 7% year-over-year [11][12] - The overall segment margin was 24.7%, a decrease of 120 basis points year-over-year, primarily due to lower water heater volumes and continued strategic investments [11][12] Business Line Data and Key Metrics Changes - North America water heater sales declined by 4% in Q1 2025, driven by lower volumes, while boiler sales increased by 10% compared to Q1 2024 [7][9] - North America water treatment sales saw slight growth, offsetting retail declines as the company shifted focus away from that channel [9] - Rest of the world segment sales were essentially flat at $227 million, with earnings increasing by 15% due to expense management [12][13] Market Data and Key Metrics Changes - In China, third-party sales decreased by 4% in local currency, reflecting ongoing economic weakness and soft consumer demand [7][10] - The company anticipates a 5% to 8% decrease in sales in China for 2025, with a focus on maintaining premium brand positioning despite market challenges [24][25] Company Strategy and Development Direction - The company is focused on managing costs and optimizing production schedules to ensure efficiency, particularly in response to tariff-related cost increases [8][21] - A significant initiative for 2025 includes leveling production across the year to enhance plant efficiencies [8] - The company is actively pursuing acquisitions and has a robust pipeline, with a planned share repurchase of $400 million for the full year [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the volatile macro environment, emphasizing the stability provided by core water heater and boiler businesses [30][31] - The company is cautious about the near-term market outlook, particularly in China, where consumer confidence remains low [25][71] - The guidance for 2025 EPS remains unchanged at $3.60 to $3.90 per share, despite uncertainties related to tariffs and input costs [15][16] Other Important Information - The company repurchased approximately $121 million worth of shares in Q1 2025, front-loading part of its annual repurchase outlook [14] - The company opened a new commercial R&D testing lab in Lebanon, Tennessee, aimed at enhancing product development and engineering capabilities [29] - A. O. Smith was recognized as one of the world's most ethical companies for the second consecutive year, highlighting its commitment to ethical business practices [30] Q&A Session Summary Question: Demand destruction around pricing actions - Management indicated that pricing actions are expected to cover costs, with a stable replacement business providing some insulation against demand destruction [35][36] Question: Clarification on tariff exposure - The 6% to 8% tariff exposure includes costs related to imports, particularly from China, and is expected to impact the cost of goods sold [38][40] Question: Sequential demand expectations - Management expects a relatively normal seasonal demand pattern, with no significant changes anticipated in order rates [45][46] Question: Pricing actions and market dynamics - Pricing actions have been communicated to customers, and the company is working closely with them to manage the implications of tariffs and pricing changes [92][93] Question: China market outlook - The company is cautious about the Chinese market, focusing on consumer confidence as a key driver for recovery, rather than solely on the housing market [71][77]

Financial Data and Key Metrics Changes - Transocean reported an adjusted EBITDA of $244 million on contract drilling revenues of $906 million, resulting in an adjusted EBITDA margin of approximately 27% [9][23] - The company experienced a net loss attributable to controlling interest of $79 million, equating to a net loss of $0.11 per diluted share [23] - Cash flow from operating activities was $26 million, while free cash flow was negative $34 million due to $60 million in capital expenditures [23][24] - Total liquidity at the end of the first quarter was approximately $1.3 billion, including $263 million in unrestricted cash [25] Business Line Data and Key Metrics Changes - Contract drilling revenues exceeded guidance primarily due to higher utilization on the Transocean Spitzbergen and Transocean Endurance [23] - Average daily revenue was approximately $444,000, with operating and maintenance expenses at $618 million, which was within guidance [23][24] Market Data and Key Metrics Changes - The U.S. Gulf is expected to see up to six programs commence in the second and third quarters of 2026, with three expected to come from public tenders [15] - In Brazil, Petrobras is increasing its rig count and has released tenders for upcoming projects, indicating a strong market outlook [16] - The company anticipates growth in West Africa, with multi-year opportunities expected to arise in 2026 [60] Company Strategy and Development Direction - Transocean is focused on converting its $7.9 billion backlog into revenue and cash to create sustainable value for shareholders [22] - The company is committed to delivering safe, reliable, and efficient operations while optimizing performance and maximizing shareholder returns [6][22] - Management emphasized the importance of deepwater drilling and the strategic shift among European majors towards oil and gas investments [11][14] Management Comments on Operating Environment and Future Outlook - Management noted that market volatility has not materially impacted business operations, with no planned programs delayed or canceled [13] - The outlook for deepwater drilling remains positive, with projections indicating a 40% increase in deepwater investment by 2029 [14][86] - Management expressed confidence in the future of offshore drilling, citing strong fundamentals and increasing offshore drilling activity [21][88] Other Important Information - The company has identified approximately $100 million in cash cost savings for 2025, with a similar amount expected for 2026 [34][70] - There are no significant costs associated with achieving these savings, which primarily come from renegotiating contracts and utilizing local crews [72] Q&A Session Summary Question: Timing of contract announcements - Management expects several contract announcements throughout the year, particularly in the second half, with a focus on long-term awards [44] Question: Day rates for upcoming contracts - There may be near-term pressure on day rates for short-term work, but long-term contracts are expected to remain stable [46][47] Question: Implications of Shell awards from Noble - Management believes there are still opportunities with Shell, as they anticipate additional demand in the Gulf of Mexico [54] Question: Activity assumptions for West Africa - Management sees potential growth in West Africa, with expectations for multi-year opportunities starting in 2026 [60] Question: Cost savings details - Management confirmed $100 million in identified savings for 2025, with a similar expectation for 2026, primarily from operational efficiencies [70] Question: Status of idle and cold stacked vessels - The company is actively looking for opportunities for its idle vessels and continues to assess its cold stacked fleet [76][78]

Financial Data and Key Metrics Changes - The company reported GAAP net income per share of $0.60 for Q1 2025, down from $0.76 in Q1 2024 and $0.55 in the previous quarter [19] - Core earnings per share were $0.50, compared to $0.59 a year ago and $0.55 in the prior quarter, primarily due to a decline in portfolio yields [19][20] - The total portfolio at fair value increased to $27.1 billion from $26.7 billion in the previous quarter and $23.1 billion a year ago [21] Business Line Data and Key Metrics Changes - The company committed $3.5 billion in gross commitments during the first quarter, a 54% increase compared to the same period last year [9][10] - The weighted average yield on debt and other income-producing securities at amortized cost was 11.1% at the end of Q4 2024, down to 10.1% by the end of Q1 2025 [20] - The portfolio companies reported a 12% weighted average LTM EBITDA growth, up from 11% in the prior quarter [28] Market Data and Key Metrics Changes - New transaction activity in the liquid loan market dropped significantly as banks became more cautious, leading to increased volatility and widening spreads in secondary loan markets [10][11] - The direct lending market remained stable, with certain transactions shifting from the syndicated loan market to private credit solutions [11] Company Strategy and Development Direction - The company aims to leverage its strong liquidity and conservative balance sheet leverage to capitalize on potential investment opportunities in a potentially improving spread environment [10][14] - The focus remains on domestic service-oriented businesses, which are believed to be more insulated from the impacts of higher tariffs [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate future market conditions, citing a seasoned investment team and strong relationships in the market [12][13] - The company declared a quarterly dividend of $0.48 per share, marking the 63rd consecutive quarter of stable or increasing dividends [17][24] Other Important Information - The company has nearly $6.8 billion in total available liquidity, positioning it well for future investments [22] - The non-accrual rate at cost ended the quarter at 1.5%, down from the previous quarter, indicating strong portfolio health [29] Q&A Session Summary Question: Will private credit provide similar or lower pricing than banks? - Management noted that spreads have already started to widen, indicating a shift in the market dynamics [35][36] Question: What is the exposure to tariffs for portfolio companies? - The company conducted a thorough analysis and found a mid-single-digit exposure to companies importing from high-tariff countries, emphasizing that this is an exposure analysis, not an impact analysis [39][41] Question: How does the company plan to manage earnings against rising costs of liabilities? - Management highlighted the ability to adjust leverage and utilize spillover income to manage costs effectively [50][54] Question: Is there a trend in portfolio stress or sectors experiencing issues? - Management indicated that there are no significant trends observed in portfolio stress at this time [102] Question: What is the outlook for new investment opportunities? - Management expressed optimism about the potential for larger deals in the private credit market, indicating a readiness to pivot as market conditions change [84][85]

First Quarter 2025 Earnings Presentation Q1'25 Earnings 4/29/25 2 First Quarter 2025 Overview April 29, 2025 Safe Harbor & Non-GAAP Measures Except for historical information contained herein, the matters set forth in this presentation are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company's ability to successfully implement it ...