Virtus Investment Partners (VRTS) Q1 2025 Earnings Call April 25, 2025 10:00 AM ET Company Participants Sean Rourke - Vice President, Investor RelationsGeorge Aylward - President & Chief Executive OfficerMichael Angerthal - Executive VP, CFO & TreasurerBen Budish - Director Conference Call Participants William (Bill) katz - Senior Equity Analyst Operator Good morning. My name is Didi, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly C ...

Alpine Income Property Trust (PINE) Q1 2025 Earnings Call April 25, 2025 09:00 AM ET Company Participants Jenna McKinney - Director of FinanceJohn Albright - President, CEO & DirectorPhilip Mays - SVP, CFO & TreasurerMatthew Erdner - Research AssociateRob Stevenson - MD & Head - Real Estate ResearchSteven Greathouse - SVP - InvestmentsGaurav Mehta - Managing DirectorRJ Milligan - Managing Director Conference Call Participants Michael Goldsmith - US REITs AnalystWesley Golladay - Senior Research AnalystJohn ...

PHINIA (PHIN) Q1 2025 Earnings Call April 25, 2025 08:30 AM ET Company Participants Kellen Ferris - VP - Investor RelationsBrady Ericson - President and CEO & DirectorChris Gropp - VP & CFOJake Scholl - Equity Research AssociateJoseph Spak - Managing DirectorDavid Silver - Senior MD & Director - Equity ResearchFederico Merendi - Equity Research Associate Conference Call Participants Bobby Brooks - Vice President, Senior Equity Research Analyst Operator Ladies and gentlemen, thank you for standing by. My nam ...

Core Viewpoint - AT&T has successfully reached its target leverage ratio, allowing the company to return more cash to investors through share repurchases while maintaining a stable dividend yield of over 4% [2][9]. Group 1: Financial Performance - AT&T cut its dividend by nearly 50% in 2022 to focus on debt reduction and reinvestment in fiber and 5G networks [1]. - The company generated $3.1 billion in free cash flow in the first quarter, exceeding its $2.1 billion dividend payout, and achieved a net debt reduction of $9.6 billion over the past year [4]. - AT&T expects to generate at least $16 billion in free cash flow this year, which will cover its annual dividend outlay of over $8 billion [6]. Group 2: Capital Allocation Strategy - The company has been following a capital allocation strategy that prioritizes investment in 5G and fiber networks while maintaining its dividend [3]. - AT&T plans to repurchase up to $20 billion of its stock over the next several years, enhancing shareholder returns [5]. - The anticipated dividend payments over the next three years are expected to be around $20 billion, with a declining dividend payout ratio due to share repurchases [7]. Group 3: Future Outlook - With the leverage target achieved, AT&T will have additional borrowing capacity and an estimated financial capacity of over $50 billion over the next three years [8]. - The company could utilize this financial flexibility for opportunistic stock buybacks or accretive acquisitions, further enhancing the sustainability of its dividend [8].

Financial Data and Key Metrics Changes - Bread Financial reported net income of $138 million and earnings per diluted share of $2.78 for Q1 2025, reflecting a resilient business model despite macroeconomic challenges [6][7] - Revenue for the quarter was $970 million, down 2% year over year, primarily due to lower net interest income [17][18] - Average loans decreased by 2% to $18.2 billion, influenced by lower consumer spending and tighter underwriting standards [16][18] - Total non-interest expenses decreased by $5 million or 1%, driven by operational excellence initiatives [17][20] Business Line Data and Key Metrics Changes - Credit sales increased by 1% year over year to $6.1 billion, supported by higher general purpose spending [16][18] - Direct-to-consumer deposits grew by 13% year over year, reaching $7.9 billion, marking significant growth from just over $1 billion five years ago [8][23] - Non-interest income rose by $25 million, attributed to recent pricing changes for paper statements [19] Market Data and Key Metrics Changes - The delinquency rate for Q1 was 5.9%, down 30 basis points year over year, indicating improved credit performance [31] - The net loss rate was 8.2%, down 30 basis points from the previous year, reflecting better-than-expected credit trends [31] Company Strategy and Development Direction - The company is focused on optimizing its capital structure, having executed a $400 million subordinated notes offering to strengthen its balance sheet [7][24] - Strategic credit tightening actions are being implemented to manage credit risk effectively while expanding partnerships and product offerings [11][12][14] - The company aims to maintain flexibility to adapt to changing fiscal and monetary policies and evolving regulatory landscapes [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty, including the impact of tariffs and inflation on consumer behavior [9][10][39] - The outlook for 2025 includes expectations of flat to slightly down average loans, with total revenue anticipated to be flat to slightly up [35][36] - Management remains confident in the company's ability to generate capital and cash flow, despite macroeconomic challenges [26][40] Other Important Information - The company completed a $150 million share repurchase program, repurchasing 3.2 million shares at an average price below tangible book value [7][25] - Total liquid assets and undrawn credit facilities were $7.4 billion, representing 33% of total assets [27] Q&A Session Summary Question: Insights on consumer payment behavior and credit trends - Management noted that while credit quality is improving, there is significant uncertainty in the economy, influenced by tariffs and inflation [42][44] Question: Unemployment rate assumptions and reserve guidance - The company has incorporated a 7% unemployment rate assumption into its reserve modeling, reflecting a conservative approach [57] Question: Discussion on late fee regulation and partner relationships - Management confirmed that discussions with partners have been positive, and changes made in response to late fee litigation are included in the guidance [58][62] Question: Factors behind improved late-stage roll rates - The improvement is attributed to wage growth outpacing inflation and better performance of newer vintages [66][68] Question: Impact of economic conditions on credit tightening actions - Management stated that while they are maintaining a consistent credit posture, uncertainty may delay potential credit unwind actions [86][88] Question: Capital management and buyback strategy - The company remains focused on responsible growth and will evaluate future buyback opportunities based on capital needs and market conditions [92][94] Question: Net interest margin trajectory - Management expects slight expansion in net interest margin despite headwinds from prime rate reductions and changing product mix [100][102]

David Strow Good afternoon, and welcome to the Boyd Gaming First Quarter 2025 Earnings Conference Call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, April 24, 2025. At this time, all lines are in listen-only mode. Following our remarks, we will conduct a question-and-answer session. [Operator Instructions]. Our speakers for today's call are Keith Smith, President and Chief Executive Officer; an ...

CBIZ, Inc. (NYSE:CBZ) Q1 2025 Earnings Conference Call April 24, 2025 11:00 AM ET Company Participants Lori Novickis - Director-Corporate Relations Jerry Grisko - President and Chief Executive Officer Brad Lakhia - Chief Financial Officer Conference Call Participants Christopher Moore - CJS Securities Andrew Nicholas - William Blair Marc Riddick - Sidoti Operator Good day, and welcome to the CBIZ First Quarter 2025 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I ...

MarineMax (HZO) Q2 2025 Earnings Call April 24, 2025 10:00 AM ET Company Participants Scott Solomon - Senior Vice PresidentMichael McLamb - EVP, CFO & SecretaryWilliam Brett McGill - CEO & PresidentMichael Swartz - Director & Equity ResearchJoseph Altobello - Managing DirectorEric Wold - Executive Director, Equity Research Conference Call Participants James Hardiman - Director - Leisure and Travel AnalystAnna Glaessgen - Senior Analyst, ConsumerMichael Albanese - Equity Research Analyst - Recreation & Leisu ...

Central Pacific Financial Corp. (NYSE:CPF) Q1 2025 Results Conference Call April 23, 2025 2:00 PM ET Company Participants Dayna Matsumoto - Group Senior Vice President, Director of Finance and Accounting Arnold Martines - Chairman, President and Chief Executive Officer David Morimoto - Senior Executive Vice President and Chief Financial Officer Ralph Mesick - Senior Executive Vice President and Chief Risk Officer Conference Call Participants David Feaster - Raymond James Andrew Liesch - Piper Sandler Operat ...

Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.94, a 34.8% increase year-over-year, and adjusted diluted earnings of $7.66, a 25.4% increase, marking the first quarterly year-over-year adjusted earnings increase since Q4 2022 [7][10]. - Total revenues grew to a record $9.2 billion, a 7% increase from Q1 of the previous year [10]. - Adjusted SG&A as a percentage of gross profit was 68.2%, a 120 basis point decline from the prior year [42]. Business Line Data and Key Metrics Changes - New vehicle units increased by 3.6% year-over-year, while total unit sales increased by 1.5% [33]. - After-sales gross profit increased by 7.5%, with warranty work showing a 19.7% year-over-year increase [37][38]. - Financing operations delivered income of $12.5 million compared to a loss of $1.7 million in the same period last year [44]. Market Data and Key Metrics Changes - The company operates within one of the largest and least consolidated industries, with a current market share of just over 1% and a target of reaching 5% [24][17]. - The diversified omnichannel ecosystem spans retail, digital, and fleet channels across North America and the UK, with offerings ranging from new vehicles to twenty-year-old value autos [13]. Company Strategy and Development Direction - The focus for 2025 is on executing the strategy to build customer loyalty and expand market share, with a commitment to achieving $2 in EPS for every $1 billion in revenue [10][20]. - The company aims to maintain a balanced capital allocation strategy, targeting a minimum after-tax return of 15% on acquisitions [21][23]. - The strategy includes optimizing the network by acquiring larger automotive retail stores in profitable regions and leveraging digital channels [24][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable performance and capture market share despite potential tariff impacts [10][12]. - The management noted that the operational success is driven by store leaders' autonomy to adapt quickly to local demand [11][12]. - The company remains focused on disciplined cost management and enhancing efficiencies across the business [41][43]. Other Important Information - The company repurchased $146 million, or nearly 2% of its outstanding shares, at attractive valuations during the first quarter [23]. - The company ended the quarter with a net leverage of 2.5 times, in line with its long-term target [51]. Q&A Session Summary Question: Current tariff environment and its impact - Management noted that over 45% of inventory is not impacted by current tariffs, positioning the company favorably compared to peers [59]. - Inventory levels have decreased significantly, with a drop of almost ten days supply quarter-over-quarter [60]. Question: Communication with factory partners and M&A environment - There has been clear communication from manufacturers regarding pricing stability through the 2025 model year, with no major changes in the M&A environment noted [74]. Question: Expectations for front-end gross profit and market share - Management indicated that the design of the ecosystem allows for a potential upward price inflection rather than downward, with expectations for used vehicle gross profit to grow over time [80][82]. Question: Impact of tariffs on after-sales business - Management believes that most customers will need to repair their cars regardless of tariffs, minimizing the impact on the after-sales business [110][112]. Question: Capital allocation and acquisition targets - The company is targeting $2 billion in acquired revenues for the year, with ongoing evaluations of share repurchases and acquisitions [114].