Sotherly Hotels (SOHO) Q1 2025 Earnings Call May 13, 2025 10:00 AM ET Company Participants Scott Kucinski - Executive VP & COOAnthony Domalski - VP & CFODavid Folsom - President & CEO Conference Call Participants Alexander Goldfarb - Managing Director & Senior Analyst Operator Good morning, all, and thank you for joining us for the Suverley Hotels Q1 twenty twenty five Conference Call and Webcast. My name is Carly, and I'll be coordinating the call today. I'd now like to hand over to our host, Scott Kukinsk ...

Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP net investment income was $0.28 per share, and core net investment income was also $0.28 per share. Adjusted for additional shares issued, core NII would have been $0.30 per share [24] - As of March 31, NAV was $11.7 per share, down 2.4% from $11.34 per share last quarter [24] - The portfolio grew to $2.3 billion, up 7% from the prior quarter [18] Business Line Data and Key Metrics Changes - During the quarter, the company invested $293 million in three new and 54 existing portfolio companies at a weighted average yield of 9.9% [18] - The weighted average debt to EBITDA for new investments was 4.3 times, with an interest coverage of 2.3 times and a loan to value of 39% [10] - The portfolio remains highly diversified with 159 companies across 49 different industries, and the weighted average yield on debt investments was 10.5% [26] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, while 20% were from new platform investments [7] - The pricing on first lien term loans appears to have stabilized in the SERFR plus 500 to $5.50 range for high-quality assets [10] - The debt to equity ratio was 1.3 times as of March 31 [25] Company Strategy and Development Direction - The company focuses on the core middle market, providing strategic capital to borrowers in five key sectors: business services, consumer, government services and defense, healthcare, and software and technology [12] - The company aims to preserve capital while seeking investment opportunities in growing middle market companies with high free cash flow conversion [22] - The company has raised significant equity capital through its ATM program, totaling $163 million during the quarter [21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects to ramp up portfolio activity in the coming months [6][7] - The management believes that the current vintage of core middle market loans is excellent, with strong credit quality and limited exposure to tariffs [11][12] - The company anticipates that the uncertainty surrounding tariffs needs to be resolved for M&A activity to pick up [34] Other Important Information - The company has taken significant steps to strengthen its balance sheet, increasing total leverage by $750 million over the last twelve months [18] - The company closed on a new $361 million securitization financing with a weighted average spread of 1.59% [19] - Nonaccruals represent only 2.2% of the portfolio at cost and 1.2% at market value, which improved to 1% at cost and 0.5% at market value after the quarter [14][27] Q&A Session Summary Question: On the equity raising during the quarter, was this a long-term capital build or an increase in pipeline activity? - Management indicated that the capital raised was to prepare for a robust 2025, despite a slowdown in activity due to recent market events [29] Question: What is necessary to unlock new M&A activity in the market? - Management stated that certainty in tariffs and a stable environment are needed to encourage decision-making and M&A activity [34] Question: How much of the activity with existing borrowers is repricing versus growth capital? - Management noted that most activity is from existing platforms growing, with repricing having ended due to market changes [40] Question: How does the company view tariff sensitivity for its portfolio versus larger businesses? - Management emphasized that most sectors in their portfolio are not significantly impacted by tariffs, with limited exposure [45] Question: How does the company plan to deploy additional equity into the senior loan fund? - Management expects to deploy excess capital within a six to twelve-month timeframe, depending on market conditions [52] Question: What are the long-term opportunities for growing the joint venture or adding partners? - Management expressed interest in potentially adding another JV partner over time, depending on finding the right fit [56]

Proceeds from the offering of senior unsecured notes to be used to redeem $993 million 7.625% senior unsecured notes due 2026 MIAMI, May 12, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") priced its private offering (the "Notes Offering") of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due 2031 (the "Notes"). The Company expects to use the net proceeds from the Notes Offering to redeem the Compa ...

Revenues of $106.9 million compared to $91.7 million in the prior year periodNet income of $4.7 million, or $0.19 per diluted shareTotal portfolio balance of $3.615 billion, highest in company historyNew contract purchases of $451.2 million LAS VEGAS, NV, May 12, 2025 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $4.7 million, or $0.19 per diluted share, for its first quarter ended March 31, 2025. This compares to a net income of $4 ...

Harvard Bioscience (HBIO) Q1 2025 Earnings Call May 12, 2025 08:00 AM ET Company Participants Kathryn Flynn - Corporate ControllerMark Frost - Interim CFO & TreasurerJames Green - President, CEO & ChairmanPaul Knight - Managing Director Conference Call Participants Bruce Jackson - Senior Analyst Operator Good day, and welcome to the First Quarter twenty twenty five Harvard Bioscience Inc. Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an o ...

MIAMI, May 12, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") commenced a private offering (the "Notes Offering") of new senior unsecured notes in an aggregate principal amount of $1.0 billion, expected to mature in 2031 (the "Notes"), to refinance the Company's $993 million 7.625% senior unsecured notes due 2026 (the "2026 Unsecured Notes"), expecting to reduce interest expense and manage its future debt maturities. In ad ...

Core Viewpoint - Opendoor Technologies is facing significant financial challenges, as evidenced by its recent decision to refinance convertible debt and take on new debt, indicating struggles to achieve profitability [1][4]. Group 1: Debt Refinancing Details - The company is refinancing $245.8 million in 2026 notes with new notes due in 2030, carrying an interest rate of 7% [2]. - Additionally, Opendoor is raising $79.2 million in new debt at the same interest rate of 7% [2]. Group 2: Conversion and Market Impact - The conversion price for the new debt is set at $1.57 per share, representing an 80% premium to the closing price prior to the announcement, which could lead to significant dilution if bondholders convert [3]. - Opendoor's current market capitalization stands at $515.8 million, highlighting the potential impact of dilution on shareholder value [3]. Group 3: Financial Position and Future Outlook - The company ended the first quarter with $559 million in cash but has reported a substantial cash burn rate, losing $696 million in operating cash flow over the last four quarters [5]. - While the refinancing may provide some financial flexibility, it underscores the company's weak financial position and the increasing difficulty in achieving profitability, especially in a challenging housing market [4].

Financial Data and Key Metrics Changes - The company reported a first-quarter loss per share of $0.22, which is an improvement compared to the consensus EPS estimate, despite a preferred stock dividend impact of $0.18 and a $4 million restructuring charge that increased the loss by $0.04 per share [13][14][24] - Total debt at the end of the quarter was $2.6 billion, with a net leverage ratio of 4.9 times, which the company expects to reduce throughout the year [13][14][24] Business Line Data and Key Metrics Changes - Local Media division revenue decreased by 7.8% year-over-year, with core advertising revenue down 3% due to hesitancy in advertising spending amid economic uncertainty [7][8] - Scripps Networks revenue was $198 million, down about 5% from the previous year, but Connected TV revenue increased by 42% [10][11] - Local Media segment profit was $35 million, down from $66 million in Q1 2024, while Scripps Networks segment profit rose to $64 million from $49.7 million year-over-year [8][12] Market Data and Key Metrics Changes - The company expects Local Media division revenue to decline in the high single-digit range for Q2, with core revenue down in the low single-digit range due to ongoing economic uncertainties [9][12] - Advertising categories such as automotive and retail were the worst performers in Q1, while gambling advertising saw growth tied to local sports deals [42][44][75] Company Strategy and Development Direction - The company is focused on debt reduction and improving its balance sheet, with a commitment to using free cash flow for debt repayment [14][15] - Management anticipates local broadcast industry consolidation, which could enhance growth and efficiency in local markets [17][18] - The company is leveraging its local news and sports programming to strengthen connections with audiences and advertisers, aiming to create shareholder value [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate economic uncertainties and highlighted strong performance in Connected TV and disciplined expense management [6][16] - The company is preparing for potential regulatory changes that could allow for greater consolidation and operational leverage in local markets [24][60] Other Important Information - The company completed refinancing transactions that improved its debt maturity profile and only slightly increased its blended cost of debt [14][15] - The company has received multiple prestigious journalism awards, reinforcing its commitment to quality news reporting [19][20] Q&A Session Summary Question: How is Scripps positioned to take advantage of regulatory changes? - Management believes that greater scale and market depth are necessary for performance and plans to leverage opportunities from potential regulatory changes [26][27] Question: What visibility does the company have on performance in the back half of the year? - Management indicated that while there is excitement around women's sports, concrete details from upfronts will be clearer in the next earnings call [30][31] Question: How did advertising categories perform in Q1? - Automotive and retail were the worst performers, while gambling advertising saw growth due to local sports deals [42][44] Question: What is the outlook for retransmission revenues? - Management confirmed that retransmission subscribers were down mid-single digits year-over-year, consistent with previous trends [52][53] Question: What is the expected impact of deregulation on the ION side of the business? - Management anticipates that changes in ownership rules could allow for more local stations, improving margins for ION [69][70] Question: What is the expected cash balance post-refinancing? - The company had $25 million in cash at the end of the quarter, with expectations to reduce revolver balances by the end of the year [93][96]

TeraWulf (WULF) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Company Participants John Larkin - SVP & Director of Investor RelationsPaul Prager - CEO, Co-Founder & ChairmanPatrick Fleury - Chief Financial OfficerMike Grondahl - Head of Equities & Director of ResearchNazar Khan - Co-Founder, COO, CTO & Executive DirectorBrett Knoblauch - Managing DirectorStephen Glagola - Director - Equity ResearchMartin Toner - Managing Director - Institutional Research, Growth & InnovationBill Papanastasiou - Vice Presid ...

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [5][6] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [11][12] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [13] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although expenses grew at a similar pace, resulting in a slight EBITDA loss [7][8] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [9][10] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating a strong position in an undersaturated market [9] - The gaming revenue in the market has been affected by external factors such as weather conditions during peak periods like Mardi Gras [116] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [15][84] - Plans are underway to build a permanent facility for American Place, with a target to break ground in the second half of the year [26][36] - The strategy includes relocating the Rising Star casino to capitalize on better market opportunities in Indiana [56][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][126] - Management acknowledged the challenges posed by competition in the sports wagering market, dominated by a few large players [67][70] Other Important Information - The company has made significant management changes to improve operations, including hiring a new Chief Marketing Officer to enhance marketing strategies [14][15] - The company is exploring various financing options for the construction of the permanent facility, including refinancing existing debt [126] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post Stockman's sale - The company views its three major properties as a stable foundation and is focused on optimizing operations and exploring relocation opportunities for Rising Star [52][56] Question: Expectations for sports wagering contracts - The market is dominated by a few large firms, making it challenging to replace lost contracts, but the company is actively seeking opportunities [67][70] Question: Timeline for reaching $20 million EBITDA - Management anticipates reaching $20 million in EBITDA within three to five years, with a focus on positive growth trajectories [74][76] Question: Margins at American Place - Margins are expected to remain around 30% for the temporary facility, with potential increases once the permanent facility opens [101][102] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending patterns have been observed, although external factors like weather have impacted revenues [116][121] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while monitoring cash flow for construction expenses [124][126]