REGULATED INFORMATION Attachment Communiqué 250513EN_Dividende ...

Company Overview - Pitney Bowes (PBI) is a Computer and Technology stock headquartered in Stamford, with a price change of 28.18% so far this year [3] - The company currently pays a dividend of $0.06 per share, resulting in a dividend yield of 2.59%, which is higher than the Office Automation and Equipment industry's yield of 2.52% and the S&P 500's yield of 1.59% [3] Dividend Analysis - The current annualized dividend of Pitney Bowes is $0.24, reflecting a 20% increase from the previous year [4] - Over the last 5 years, Pitney Bowes has increased its dividend once on a year-over-year basis, with an average annual increase of 1.05% [4] - The company's payout ratio is currently 27%, indicating that it paid out 27% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - Pitney Bowes is expected to see earnings expansion this fiscal year, with the Zacks Consensus Estimate for 2025 at $1.25 per share, representing a year-over-year earnings growth rate of 52.44% [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - Larger, established companies are more likely to offer dividends compared to tech start-ups or high-growth businesses [7] - Pitney Bowes is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Data and Key Metrics Changes - The company experienced strong new client organic flows of $400 million in Q1 2025, following $1.4 billion in Q4 2024, totaling $1.8 billion over the past two quarters [4] - Total Assets Under Management (AUM) declined to $34.3 billion, with discretionary AUM flat year-over-year at $22.7 billion [5][9] - Revenue for the quarter was $31.4 million, a year-over-year increase of $1.1 million or 3.7%, primarily driven by market appreciation [9] - Reported net income for the quarter was approximately $3.9 million, translating to $0.26 per Class A share [10] - Total assets decreased from approximately $194.4 million at the end of 2024 to $159.9 million as of March 31, 2025 [11] Business Line Data and Key Metrics Changes - The company noted a robust new business pipeline, particularly in Global Value strategies, with significant potential for future investments [20] - The OCIO pipeline has slowed, but there is optimism for future flows as the company builds relationships with consultants [20][22] Market Data and Key Metrics Changes - The company acknowledged that market volatility has affected short-term results and top-line revenue, but also presents opportunities for growth [5][22] - The search environment has been impacted by global macroeconomic conditions, leading to a period of hesitation in client allocations [22][66] Company Strategy and Development Direction - The company plans to continue pursuing initiatives to enhance its presence in both institutional and wealth markets, investing in talent to drive growth [5][6] - A European entity is being established to allow proactive marketing, with expectations to be fully licensed within the next 6 to 10 months [38][39] - The company is also expanding its presence in Southeast Asia, particularly in Singapore, to capitalize on growth opportunities [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the organic growth picture despite short-term market challenges, emphasizing the importance of patience in the investment process [22][60] - The company expects to see increasing margins year-over-year, particularly as markets stabilize and trade deals potentially materialize [61][62] - Management noted that the majority of assets are U.S.-based, mitigating concerns about international investors pulling capital from the U.S. [70] Other Important Information - The company completed a $12 million stock repurchase program and plans to evaluate further buyback opportunities [6][28] - A quarterly dividend of $0.20 per share was declared, to be paid in June [7] Q&A Session Summary Question: Comments on the pipeline and future outlook for OCIO and Global - Management noted a shift in the search environment towards cultivating consultant relationships rather than traditional RFPs, expressing confidence in the pipeline for Global Value strategies [15][20] Question: Update on investment performance and buyback details - Performance has been strong, with good absolute and relative results despite market volatility. The buyback program was completed successfully, with plans for future evaluations [25][28] Question: Insights on global expansion in Europe and Singapore - The company is establishing a European entity for proactive marketing and has a fully licensed presence in Singapore, with ongoing efforts to build relationships and attract AUM [36][40] Question: Discussion on expenses and operating leverage - Management emphasized a long-term focus on operating leverage, with expectations for increasing margins as markets stabilize and investments yield results [52][61] Question: Impact of international capital movements on the company - Management indicated that the majority of assets are U.S.-based, and the company has global strategies that can absorb any shifts in capital flows [70]

Financial Data and Key Metrics Changes - The company experienced strong new client organic flows of $400 million in Q1 2025, following $1.4 billion in Q4 2024, totaling $1.8 billion over the past two quarters [4] - Total Assets under Management (AUM) was $34.3 billion, with discretionary AUM at $22.7 billion, remaining flat year over year [5][8] - Revenue for the quarter was $31.4 million, an increase of $1.1 million or 3.7% year over year, primarily driven by market appreciation [8] - Reported net income for the quarter was approximately $3.9 million, translating to $0.26 per Class A share [10] - Total assets decreased from $194.4 million at the end of 2024 to approximately $159.9 million as of March 31, 2025 [11] Business Line Data and Key Metrics Changes - The company noted a robust new business pipeline, particularly in Global Value strategies, with significant potential for future growth [19] - The OCIO pipeline has slowed, but there is optimism for future flows as the company builds relationships with consultants [19][20] Market Data and Key Metrics Changes - The company is expanding its presence in Europe and Southeast Asia, with a focus on building relationships and establishing a proactive marketing strategy [36][39] - The firm is working on obtaining a European license to market its services more effectively [36] Company Strategy and Development Direction - The company plans to continue investing in talent and initiatives to enhance its presence in institutional and wealth markets [5] - A $12 million stock repurchase program was completed, indicating a commitment to returning capital to shareholders while investing in growth [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing more significant organic flows throughout 2025 despite short-term market volatility affecting results [5][21] - The company is navigating a period of hesitation in the search environment due to global macroeconomic uncertainties, but remains confident in long-term growth prospects [22][63] Other Important Information - A quarterly dividend of $0.20 per share was declared, to be paid on or about June 20, 2025 [7] - The company is focused on maintaining a healthy balance sheet to support ongoing capital returns and growth initiatives [6] Q&A Session Summary Question: Could you comment on the pipeline and what you're seeing for OCI as well as Global going forward? - Management noted that the nature of searches has changed, focusing on cultivating consultant relationships rather than traditional RFPs, and expressed confidence in the pipeline for Global Value strategies [15][16] Question: How are things in Europe and Singapore regarding AUM? - Management highlighted strong relationships in Europe and ongoing efforts to establish a proactive marketing presence, with a focus on regulatory compliance [34][36] Question: Can you share any color on potentially a new buyback? - Management indicated that they are seriously considering another buyback, emphasizing the importance of returning capital to shareholders while investing in growth [42][43] Question: How do you view the operating leverage and timing of revenue versus expenses? - Management acknowledged the challenges of achieving operating leverage in the current environment but expressed optimism about long-term growth and increasing margins [56][58] Question: Is the trend of international investors pulling capital from the U.S. a concern for Silvercrest? - Management stated that the majority of their assets are U.S.-based and expressed confidence in their global strategies to mitigate any potential impacts [65][67]

Core Points - Sun Life Financial Inc. declared a dividend of $0.88 per share on common shares, representing a $0.04 increase from the previous quarter, payable on June 30, 2025 [1] - The Board also announced dividends for Class A Non-Cumulative Preferred Shares, with varying amounts for different series, all payable on June 30, 2025 [2] - The declared dividends are designated as eligible dividends under the Income Tax Act (Canada) [3] Company Overview - Sun Life is a leading international financial services organization providing asset management, wealth, insurance, and health solutions to individual and institutional clients [4] - As of March 31, 2025, Sun Life had total assets under management of $1.55 trillion [4] - The company operates in multiple markets worldwide, including Canada, the U.S., the U.K., and several Asian countries [4] Trading Information - Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF [5]

Core Viewpoint - The company reported a decline in net sales and a net loss for the first quarter of 2025, while continuing its stock repurchase plan and maintaining a quarterly dividend. Financial Performance - Total net sales for Q1 2025 were $137.1 million, down from $138.8 million in Q1 2024, representing a decrease of approximately 1.2% [1][3] - The company experienced a net loss of $0.8 million, or $0.05 per diluted share, compared to a net income of $3.9 million, or $0.24 per diluted share, in the prior year [3][23] - EBITDA for Q1 2025 was $3.5 million, down from $9.6 million in Q1 2024, indicating a significant decline in operational profitability [1][23] Dividend and Share Repurchase - The Board of Directors declared a quarterly dividend of $0.14 per share, payable on May 30, 2025, to shareholders of record as of May 19, 2025 [4] - The company repurchased approximately 294,000 shares for $3.8 million during the first quarter, completing a $10 million repurchase plan approved in August 2024, with approximately $16.3 million remaining under its existing repurchase authorization [5] Outlook - The company revised its full-year revenue outlook to a range of $550 million to $575 million, down from the previous range of $585 million to $595 million, and withdrew its earnings per diluted share guidance of $0.75 to $0.82 [6]

HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) -- Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) ("Vaalco" or the "Company") today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), which is payable on June 27, 2025, to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Director ...

Financial Data and Key Metrics Changes - For Q1 2025, normalized FFO per share was $0.35 and normalized AFFO per share was $0.37, compared to $0.34 and $0.35 in Q1 2024, representing a year-over-year increase of 79% for both metrics [14][15] - Cash rental income from the triple net portfolio totaled $90 million, up from $89 million in Q1 2024, despite the disposal of $115 million of real estate from the portfolio last year [15] - Cash NOI from the managed senior housing portfolio totaled $24.1 million, compared to $19.1 million in Q1 2024, driven by strong occupancy and margin gains [15][12] Business Line Data and Key Metrics Changes - Skilled nursing and triple net senior housing EBITDARM rent coverage reached new highs at 2.19 and 1.41, respectively, with behavioral health coverage at 3.77 [5] - Skilled occupancy increased by 80 basis points sequentially, while triple net senior housing occupancy rose by 50 basis points [6] - Revenue for the same store managed senior housing portfolio grew 6.3% year-over-year, with occupancy at 85.4% compared to 82.6% in Q1 2024 [11] Market Data and Key Metrics Changes - The domestic portfolio occupancy was 83%, gaining 340 basis points year-over-year, while the Canadian portfolio occupancy was 90.9%, adding 140 basis points [11] - RevPAR in the same store portfolio increased by 2.8% year-over-year, with Canadian RevPAR growing by 4.9% [11] - The company noted a robust deal pipeline, with over $200 million in awarded deals, which is more than the total for all of 2024 [7][8] Company Strategy and Development Direction - The company is focusing on internal and external growth opportunities in senior housing, with little new supply expected in the coming years [10] - Management emphasized a commitment to maintaining a balanced portfolio between senior housing and skilled nursing, avoiding large portfolio acquisitions to keep operations predictable [78] - The company is actively using its ATM program to raise equity for funding growth, with a focus on accretive capital [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and potential Medicaid rate increases in the summer, which could enhance coverage [86] - The company is cautious about the skilled nursing facility (SNF) market due to challenges in structuring leases around underperforming assets [66][68] - Management believes that the current operating environment will allow for improved coverage and revenue growth, despite potential headwinds from provider taxes [85] Other Important Information - The Board of Directors declared a quarterly dividend of $0.30 per share, representing a payout of 81% of the first quarter normalized AFFO per share [19] - The company has ample liquidity of over $1 billion, consisting of unrestricted cash and available borrowings [18] Q&A Session Summary Question: Update on skilled nursing facility sale - Management confirmed that the expected $50 million skilled nursing facility sale is still on track, though regulatory hurdles have delayed the process [21] Question: Trajectory of RevPOR and expense growth - Management expects occupancy to rise, which will allow for increased pricing power, while expenses are anticipated to remain stable [22][23] Question: Guidance on acquisitions and SHOP performance - Management reiterated that acquisitions are not included in current guidance until closed, and reaffirmed expectations for low to mid-teens cash NOI growth [27][28] Question: Insights on transaction market and deal flow - Management noted a robust pipeline of deals, primarily in senior housing, with private equity firms as frequent sellers [31][33] Question: Details on $200 million of awarded deals - All awarded deals are domestic, primarily in the Eastern U.S., with growth potential embedded in the assets [40][41] Question: Changes in underwriting criteria - Management stated that underwriting criteria remain unchanged, focusing on cost of capital and accretive deals [60] Question: Concerns regarding SNF acquisitions - Management highlighted challenges in acquiring SNFs due to financial instability and the difficulty in structuring leases [66][68] Question: Expectations for SHOP occupancy cadence - Management anticipates an increase in occupancy as seasonal factors improve, particularly in Canadian assets [70] Question: Interest in large portfolio acquisitions - Management confirmed a commitment to smaller, more manageable deals to maintain operational simplicity and predictability [78] Question: Medicare reimbursement impacts - Management expressed confidence that Medicare will not be significantly impacted by current government budget discussions [97]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw comparable diluted earnings per share increase to $0.76 from $0.68 in the first quarter of 2024, representing a 12% increase [13] - Comparable net earnings for the first quarter were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [13][15] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by the end of 2025 and plans to repurchase at least $1.3 billion worth of shares [16][17] Business Line Data and Key Metrics Changes - In North and Central America, comparable operating earnings increased by 2% due to stronger-than-expected volume performance [13][14] - EMEA segment comparable operating earnings increased by 13%, supported by robust demand trends [14] - South America saw a 25% increase in segment comparable operating earnings, driven by strong volume performance across all markets [15] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in the first quarter of 2025, with volume growth in North America returning despite economic pressures [10] - The company expects global volume growth in the 2% to 3% range for 2025, with mid-single-digit growth anticipated in EMEA [11] - In South America, volume growth is expected to exceed the long-term range of 4% to 6% in 2025 due to recovery in Argentina and Chile [11] Company Strategy and Development Direction - The company is focused on achieving 11% to 14% comparable diluted earnings per share growth in 2025 and is confident in its ability to navigate external uncertainties [9][19] - A strategic partnership was formed with Oasis Venture Holdings for the aluminum cup business, indicating a focus on long-term growth potential [12] - The company emphasizes operational excellence, disciplined cost management, and efficiency improvements across its operations [17][20] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the ability to manage uncertainties related to tariffs and consumer pressures, particularly in the U.S. [9][19] - The company is optimistic about the demand for aluminum packaging, which continues to outperform other substrates globally [9] - Management highlighted the resilience of the business model, stating that the company typically performs well during economic slowdowns [75] Other Important Information - The company plans to maintain a full-year effective tax rate on comparable earnings slightly above 22% due to lower year-over-year tax credits [17] - Capital expenditures for 2025 are expected to be slightly below depreciation and amortization, in the range of $600 million [16][102] - The company has repurchased $651 million worth of shares year-to-date [16] Q&A Session Summary Question: Can you frame your supply position in Europe and where the next leg of incremental growth will come from? - Management indicated that they have made significant investments in Europe, which allows for scaling up production, and they expect continued growth into 2026 and 2027 [26][28] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in operational efficiencies, particularly in Europe and South America [30] Question: What is the potential impact of tariffs on demand, particularly regarding beer exposure in Mexico? - Management stated that the impact of tariffs is minimal and that they have not seen significant changes in customer behavior or forecasts [39] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been innovation in the energy segment and a more deliberate effort to price products to drive volume [48][50] Question: Can the company achieve 11% EPS growth if volume falls short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging during economic downturns [72][75] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability pressures from CPG customers [112][114] Question: How is the contracting process for the new Florida facility shaping up? - Management confirmed that the Florida facility has been integrated and is expected to contribute significantly during the peak season [53]

Financial Data and Key Metrics Changes - In Q1 2025, comparable diluted earnings per share increased to $0.76 from $0.68 in Q1 2024, representing a 12% growth [12] - Comparable net earnings for Q1 2025 were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [12][14] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by year-end 2025 and plans to repurchase at least $1.3 billion worth of shares in 2025 [15][16] Business Line Data and Key Metrics Changes - North and Central America saw a 2% increase in comparable operating earnings, driven by stronger-than-expected volume performance, particularly in energy drinks and non-alcoholic beverages [12][13] - EMEA segment volume remained robust, with comparable operating earnings increasing by 13% [13] - South America experienced a 25% increase in segment comparable operating earnings, supported by strong volume performance across all markets [14] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in Q1 2025, with volume growth expected to be in the 2% to 3% range for the year [8][9] - In EMEA, mid-single-digit volume growth is anticipated for 2025, driven by the competitive advantages of aluminum packaging [9] - In South America, recovery in Argentina and Chile, along with growth in Brazil, is expected to drive volume growth above the long-term range of 4% to 6% in 2025 [9] Company Strategy and Development Direction - The company is focused on achieving 11% to 14% comparable diluted earnings per share growth in 2025 and generating record adjusted free cash flow [7][19] - A strategic partnership, Oasis Venture Holdings, was formed to enhance the aluminum cup business, indicating a focus on long-term growth potential [10] - The company emphasizes operational excellence, disciplined cost management, and driving efficiency across the organization [17][20] Management's Comments on Operating Environment and Future Outlook - Management remains confident in navigating uncertainties related to tariffs and consumer pressures, particularly in the U.S., while sustaining positive momentum [7][19] - The company is optimistic about the resilience of its global portfolio and strong customer alignment, which positions it well to handle potential economic slowdowns [10][19] - Management highlighted the importance of monitoring geopolitical developments and their potential impact on operations [17] Other Important Information - The company has repurchased $651 million worth of shares year-to-date and plans to continue aggressive stock repurchases [15] - The effective tax rate for 2025 is expected to be slightly above 22%, influenced by lower year-over-year tax credits [16] - Capital expenditures for 2025 are expected to be slightly below depreciation and amortization, in the range of $600 million [15][16] Q&A Session Summary Question: Can you frame your supply position in Europe and the next leg of incremental growth? - Management indicated that they have made significant investments in Europe, which allows for scaling up production, and they expect continued growth into 2026 and 2027 [25][28] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in Europe and South America due to lean initiatives [30] Question: What is the impact of tariffs on demand, particularly regarding Mexico beer exposure? - Management stated that the impact of tariffs is minimal and they have not seen significant changes in customer behavior or forecasts [36][38] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been innovation in the energy segment and a more deliberate effort to price products to drive volume [46] Question: Can the company achieve 11% EPS growth if volume falls short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging in a recession [70][74] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability concerns among CPG customers [112][114] Question: How is the company adjusting its mix in specialty cans? - Management noted that there is growth in 12-ounce cans and that affordability is a key factor in the current market [115] Question: What are the trends in Latin America and expectations for growth? - Management indicated that Brazil is expected to see 2% to 3% growth, with recovery in Argentina and Chile contributing to overall growth in the region [121][123] Question: How should the market view supply-demand dynamics in Europe? - Management highlighted that Europe presents more growth opportunities than North America due to the shift away from glass packaging [125][128]