Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $53.2 million, a 33% sequential increase from $40 million in Q3 2024 [21] - Full year 2024 total revenue was $187.9 million, down from $309.5 million in 2023, primarily due to decreased utilization in well completion services [21][22] - Net loss for Q4 2024 was $15.5 million, or a loss of $0.32 per diluted share, while the full year net loss was $207.3 million, or a loss of $4.31 per diluted share [27] - Adjusted EBITDA for Q4 2024 was a negative $4.8 million, improving from a negative $6.4 million in Q3 2024 [28] Business Line Data and Key Metrics Changes - Infrastructure services revenue for Q4 2024 was $27.9 million, slightly up from $26 million in Q3 2024, with full year revenue flat at $110.4 million compared to $110.5 million in 2023 [23] - Well completion services generated $15.8 million in Q4 2024, with an average of 1.1 fleets utilized [25] - Sand division sold 129,000 tons of sand in Q4 2024 at an average price of $22.54 per ton, down from 163,000 tons at $22.89 in Q3 2024 [26] Market Data and Key Metrics Changes - The company noted improved pressure pumping utilization and strong demand across various businesses, including engineering, fiber, and T&D services [10] - There are significant bidding opportunities in the market related to engineering fiber transmission and distribution [14] Company Strategy and Development Direction - The company aims to unlock value for shareholders while maintaining a strong balance sheet and evaluating strategic opportunities for accretive assets [11][12] - Strategic investments are being made to add equipment and crews in response to growing utility demand [15] - The focus for 2025 includes organic growth, particularly in infrastructure services, with potential for acquisitions if beneficial [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand implications for natural gas driven by LNG export capacity and electricity demand [22] - The company expects steady completions activity in 2025 with potential upside from natural gas demand [17] - Management emphasized disciplined capital stewardship and alignment of spending with customer demand [26] Other Important Information - The company had unrestricted cash of $61 million as of December 31, 2024, with total liquidity remaining strong and debt-free [32] - CapEx for Q4 2024 was approximately $6.1 million, with a budget of $12 million for 2025 focused on growth and maintenance [29] Q&A Session Summary Question: Where is the best growth potential for the infrastructure business? - Management indicated that most growth is currently organic, with increased demand from larger IOUs and potential for co-op involvement [38] Question: Can you provide details on the rental business and its growth drivers? - The rental business primarily serves E&P companies, with opportunities in the construction market and a broad portfolio of assets including helicopters [42] Question: What is the outlook for the sand business in 2025? - Management noted stabilized demand and the ability to expand capacity as key drivers for growth in the sand business [44] Question: Can you break down the CapEx outlook for 2025? - Approximately half of the $12 million CapEx budget is allocated to growing the rental business, with about $5 million for pressure pumping upgrades [46] Question: What are the primary focuses for the company moving forward? - The focus includes rightsizing the company, evaluating existing businesses, and exploring potential acquisitions now that the company has cash available [48]

Miller Industries, Inc. (NYSE:MLR) Q4 2024 Earnings Conference Call March 6, 2025 10:00 AM ET Company Participants Mike Gaudreau - FTI Consulting Will Miller - President and Chief Executive Officer Deborah Whitmire - Executive Vice President and Chief Financial Officer Conference Call Participants Linda Umwali - D.A. Davidson Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Fourth Quarter and Full Year 2024 Results Conference Call. Please note this event is being recorded. And n ...

Financial Data and Key Metrics Changes - South Bow generated normalized EBITDA of $1.09 billion and distributable cash flow of $608 million in 2024 [13] - The company expects to generate normalized EBITDA of $1.01 billion in 2025, reflecting a range of 3% [15] - The net debt to normalized EBITDA ratio is forecasted to be approximately 4.8% by the end of 2025 [16] Business Line Data and Key Metrics Changes - 90% of normalized EBITDA is secured through committed arrangements, minimizing commodity price or volumetric risk [14] - The marketing segment is expected to see a reduction of approximately $30 million year-over-year due to reduced activity and certain unwinds of positions [99] Market Data and Key Metrics Changes - There is significant demand for uncommitted capacity on Keystone and continued strength in demand for capacity on the U.S. Gulf Coast segment [14] - The company has observed extreme demand in the Gulf Coast for heavy barrels out of Canada, indicating strong supply and demand fundamentals [24] Company Strategy and Development Direction - South Bow aims to leverage existing infrastructure to deliver high returns for shareholders, with a focus on capital allocation priorities and risk management [10] - The company is committed to maintaining a sustainable dividend while strengthening its investment-grade financial position [10][17] - Future growth will be pursued within risk preferences, with a focus on optimizing existing corridors and enhancing contracted strategies [12][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position entering 2025 and the ability to meet near-term deleveraging targets [16] - The ongoing uncertainty around tariffs may create headwinds for uncommitted capacity, but the company believes it can manage risks within its guidance [29] Other Important Information - The company received approval from PHMSA to lift pressure restrictions on a segment of the Keystone system, which is expected to improve operational efficiency [96] - The variable toll complaint process is ongoing, with decisions awaited from both Canadian and U.S. regulatory bodies [78] Q&A Session Summary Question: Discussion on open season and interest levels - Management noted that Western Canadian sedimentary basin has been egress constrained for years, but there is encouragement from both supply and demand fundamentals [22][24] Question: Changes in long-term debt-to-EBITDA target - Management confirmed a focus on deleveraging to reach a target of four times by 2028, emphasizing the importance of maintaining a strong balance sheet [26] Question: Guidance on tariffs and downside risks - Management indicated that 90% of EBITDA is contracted, allowing for stability despite market uncertainties, and they believe they can manage risks within a 3% range [28][29] Question: Future growth opportunities and recapitalized optionality - Management highlighted the importance of leveraging existing infrastructure and optimizing capital investments to support growth [39][40] Question: Marketing strategy and market conditions - Management is shifting towards a more contracted marketing strategy to mitigate volatility and improve shareholder value [71][106] Question: PHMSA approval impact on capacity - Management stated that the approval will enhance operational efficiency but did not provide specific throughput increases at this time [97] Question: Long-term EBITDA growth outlook - Management expressed confidence in achieving a 2% to 3% growth rate, driven by increased delivery points and capturing additional volumes [87][106]

Global Ship Lease, Inc. (NYSE:GSL) Q4 2024 Earnings Conference Call March 5, 2025 10:30 AM ET Company Participants Thomas Lister - Chief Executive Officer George Youroukos - Executive Chairman Tassos Psaropoulos - Chief Financial Officer Conference Call Participants Liam Burke - B. Riley Operator Thank you for standing by, and good day, everyone. My name is Argy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Ship Lease, Inc. 2024Q4 earnings confer ...

Core Viewpoint - NuVista Energy Ltd. reported record-setting reserves and strong financial and operational results for the year ended December 31, 2024, highlighting significant growth in reserves and a commitment to shareholder returns as the company aims for continued production growth towards 125,000 Boe/d in 2025 [1]. Operational and Financial Highlights - Average production in Q4 2024 was 85,635 Boe/d, exceeding guidance of 83,000 – 84,000 Boe/d, with an annual average production of 83,084 Boe/d, an 8% increase from 2023 [4]. - The company executed a capital expenditure program of $498.9 million, including drilling 43 wells and completing 38 wells throughout the year [4]. - Annual adjusted funds flow was $552.2 million ($2.68/share), with Q4 contributing $137.1 million ($0.67/share) [4]. - Free adjusted funds flow for the year was $39.6 million ($0.19/share) [4]. - The company repurchased 5.9 million common shares at an average price of $12.52 per share, totaling $74.4 million, and has repurchased 36.5 million shares since 2022 [4]. - As of December 31, 2024, net debt was $232.5 million, with a favorable net debt to annualized fourth quarter adjusted funds flow ratio of 0.4x [4][8]. Reserves Growth - Reported Proved Developed Producing (PDP) reserves increased by 9% year-over-year to 177.3 MMBoe, with Total Proved plus Probable (TP+PA) reserves rising by 21% to 779.7 MMBoe [9]. - The company replaced 150% of 2024 production on a PDP basis and 550% on a TP+PA basis, reflecting the success of its capital program [9]. - PDP Finding, Development and Acquisition Cost (FD&A) was $11.13/Boe, with a PDP recycle ratio of 1.8x based on the 2024 operating netback [9]. 2025 Guidance and Operations - The company forecasts Q1 2025 production to average 87,000 – 88,000 Boe/d, with annual production expected to average approximately 92,000 Boe/d, assuming the Pipestone Plant starts up in Q2 [13]. - Annual capital expenditure guidance for 2025 is approximately $450 million, with a minimum of $100 million allocated for share repurchases [14][7]. - The company plans to continue its disciplined growth strategy while maintaining a strong balance sheet and low debt levels [15].

Financial Data and Key Metrics Changes - The company generated net income attributable to Limited Partners of $326 million and adjusted EBITDA of $591 million in the fourth quarter [18] - For the full year 2024, net income attributable to limited partners was $1.54 billion, with adjusted EBITDA reaching $2.34 billion, exceeding the midpoint of the guidance range [19][20] - Free cash flow for 2024 totaled $1.32 billion, surpassing the high end of the guidance range [20] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 4% sequentially in Q4, achieving record levels in the Delaware Basin [10] - Crude oil and NGLs throughput rose by 6% sequentially, driven by strong customer activity [10] - Produced water throughput saw an 8% sequential increase, attributed to strong producer activity [10] Market Data and Key Metrics Changes - Average throughput across all three products increased by double digits year over year, with natural gas throughput averaging 5.1 billion cubic feet per day, a 16% increase [13] - Crude oil and NGLs throughput averaged 530,000 barrels per day, representing a 12% year-over-year increase [14] - Produced water throughput averaged 1.1 million barrels per day, an 11% increase compared to the previous year [14] Company Strategy and Development Direction - The company announced a significant expansion of its produced water gathering and disposal infrastructure in the Delaware Basin, including the Pathfinder pipeline [4][5] - The strategy focuses on capital-efficient organic growth to generate strong returns for unitholders and sustain base distribution growth [7][8] - The company aims to target a long-term annual distribution growth rate of mid to low single digits, excluding potential increases from large organic growth projects [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth driven by strong operational performance and strategic positioning [29] - The company anticipates continued throughput growth in 2025, particularly in the Delaware Basin, supported by strong producer activity [15][31] - Management highlighted the importance of maintaining strong relationships with customers, particularly Occidental Petroleum, to support long-term development plans [30] Other Important Information - The company plans to retire the enhanced distribution concept to simplify its capital allocation framework and focus on sustainable base distribution growth [23] - A new long-term produced water agreement with Occidental Petroleum was executed, enhancing the company's service offerings [4][5] Q&A Session Summary Question: Growth outlook and capital allocation framework - Management explained that the mid to low single-digit distribution growth target was based on extensive forecasting and planning [36] Question: Pathfinder pipeline contract and filling capacity - Management indicated that the contract with Occidental Petroleum supports the pipeline's capacity and is expected to enhance returns over time [39] Question: Discussions with other customers for pipeline capacity - Management confirmed ongoing discussions with other producers to fill the pipeline and improve returns [43] Question: Competitors in the Permian produced water market - Management emphasized the unique long-term midstream solution offered by the company compared to shorter-term oilfield service solutions [45] Question: Future contract extensions with Occidental Petroleum - Management noted ongoing efforts to maintain and extend contracts with all customers, particularly in the Delaware Basin [50] Question: Capital expenditures for 2026 - Management indicated that capital expenditures for 2026 would be higher due to the Pathfinder project and ongoing growth initiatives [53] Question: Criteria for bolt-on acquisitions - Management outlined that acquisitions should complement existing operations and meet midstream return requirements [61] Question: Timing of buybacks given capital requirements - Management stated that while a buyback program was authorized, significant market dislocation would be needed to consider it in the near term [68]

Playtika Holding Corp. (NASDAQ:PLTK) Q4 2024 Earnings Call Transcript February 27, 2025 8:30 AM ET Company Participants Tae Lee - Investor Relations Robert Antokol - Chief Executive Officer and Chairperson of the Board Craig Abrahams - President and Chief Financial Officer Conference Call Participants Clark Lampen - BTIG Arthur Chu - Bank of America Eric Sheridan - Goldman Sachs Matt Cost - Morgan Stanley Colin Sebastian - Baird Eric Handler - ROTH Capital Aaron Lee - Macquarie Operator Good day and thank y ...

Financial Data and Key Metrics Changes - Net income for Q4 2024 was $36 million or $0.72 per diluted share, with adjusted net income at $45 million or $0.90 per diluted share, and adjusted EBITDA at $95 million [10][26] - The company reported a total liquidity of $632 million, consisting of $157 million in cash and $475 million in undrawn revolving credit [13][33] - The net loan-to-value ratio is below 16%, with a breakeven rate of approximately $13,700 per day [14][34] Business Line Data and Key Metrics Changes - The lightering business generated over $9 million in revenue for the quarter, contributing nearly $3 million in EBITDA for Q4 and approximately $20 million for the full year [28] - The company executed a vessel swap, selling two older VLCCs and acquiring three ECO MRs, which is part of a strategy to modernize the fleet [11][24] Market Data and Key Metrics Changes - Oil demand growth is expected to continue at a historical rate of about 1% per year, with a projected increase of 1 to 1.5 million barrels per day for 2025 [16][17] - The geopolitical landscape remains complex, affecting tanker movements, particularly with tensions involving the U.S. and Iran, as well as the ongoing Israel-Hamas conflict [18][19] Company Strategy and Development Direction - The company aims to modernize its fleet, maintaining an average age of around ten years, which is seen as optimal for tanker investments [42] - A balanced capital allocation approach is emphasized, focusing on fleet renewal while providing competitive returns to shareholders [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's resilience, anticipating continued strong earnings due to limited tanker supply and a favorable demand environment [24][42] - The company expects to maintain a payout ratio of at least 75% going forward, reflecting a commitment to returning capital to shareholders [72] Other Important Information - The company returned over $300 million to shareholders in 2024, representing a 12% dividend yield on the average share price [14][41] - The company has a strong financial position with $475 million in undrawn credit capacity, allowing for flexibility in growth opportunities [42] Q&A Session Summary Question: Charter-out strategy in the current market - Management indicated that they have fourteen time charters in their fleet and are continuously evaluating opportunities in the charter market [50][53] Question: Outlook for MR rates and geographic focus - Management noted that Q1 bookings are strong, with good exposure to the East market, while the U.S. Gulf rates are showing some decline [61] Question: Dividend payout ratio expectations - Management confirmed that shareholders should expect a minimum payout ratio of 75%, with flexibility to adjust based on earnings fluctuations [72][73] Question: VLCC MR swap strategy - The swap was aimed at reducing the average age of the fleet rather than deemphasizing VLCCs, with a focus on maintaining a balanced fleet profile [76][80] Question: Breakeven rate components and future cost management - Management stated that they are focused on keeping costs in line and are optimistic about maintaining current breakeven rates [88] Question: Suez Max outlook - Management indicated that Suez Max rates are expected to improve as the VLCC market strengthens [98] Question: Share repurchase plans - Management confirmed that while the payout ratio is the primary method of returning cash, opportunistic buybacks are also considered [102] Question: Charter specifications and older vessels - Management noted that charterers may show some flexibility depending on market conditions and vessel availability [108] Question: Red Sea transit inquiries - Management stated that there are currently no pressures from charters to resume transits through the Red Sea [113]

Installed Building Products (IBP) Q4 2024 Earnings Call February 27, 2025 10:00 AM ET Company Participants Darren Hicks - Managing Director of Investor RelationsJeffrey Edwards - Chairman, CEO & PresidentMichael Miller - CFO, Executive VP of Finance & DirectorKeith Hughes - Managing DirectorStephen Kim - Senior Managing DirectorPhilip Ng - Managing DirectorEthan Roberts - Research Associate Conference Call Participants Alex Isaac - Equity Research AnalystSusan Maklari - Senior Equity Research AnalystChristo ...

Financial Data and Key Metrics Changes - Net income for Q4 2024 was $36 million or $0.72 per diluted share, with adjusted net income at $45 million or $0.90 per diluted share, and adjusted EBITDA at $95 million [4][17] - The company reported a total liquidity of $632 million, consisting of $157 million in cash and $475 million in revolving credit facility [7][21] - The net loan to value ratio is below 16%, with a spot break-even rate of approximately $13,700 per day [7][21] Business Line Data and Key Metrics Changes - The lightering business generated over $9 million in revenue for the quarter, contributing nearly $3 million in EBITDA [18] - The company executed a vessel swap, selling two older VLCCs and acquiring three Eco MRs built in 2015, optimizing fleet efficiency [6][9] Market Data and Key Metrics Changes - Oil demand growth is expected to continue at a historical rate of about 1% per year, translating to an increase of 1 to 1.5 million barrels per day in 2025 [9][10] - The geopolitical situation, including tensions in the Red Sea and the Russia-Ukraine conflict, continues to impact tanker movements and market dynamics [11][12] Company Strategy and Development Direction - The company aims to modernize its fleet while maintaining a balanced capital allocation approach to provide competitive returns to shareholders [8][25] - The focus is on reducing the average age of the fleet, currently around 10 years, to enhance operational efficiency and capture market opportunities [50][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's robustness despite geopolitical uncertainties, anticipating continued strong demand for tankers [82] - The company expects to maintain a payout ratio of at least 75% going forward, reflecting a commitment to returning capital to shareholders [46][47] Other Important Information - The company returned over $300 million to shareholders in 2024, representing a 12% dividend yield on the average share price [8][25] - The company has a $50 million share repurchase program, indicating flexibility in capital allocation strategies [72] Q&A Session Summary Question: Charter strategy in the current market - Management indicated they have 14 time charters out of 78 vessels and are continuously evaluating time charters with the right partners [32][33] Question: MR rates and geographic focus - Management noted that Q1 bookings are strong, with good exposure to both the Atlantic Basin and the East market [37] Question: Dividend payout ratio outlook - Management confirmed a minimum payout ratio of 75% going forward, with flexibility to adjust based on earnings fluctuations [46][47] Question: VLCC and MR swap transaction - The swap was aimed at reducing the fleet's average age rather than deemphasizing crude tankers [50] Question: Suezmax outlook - Management expects Suezmaxes to improve as geopolitical conditions stabilize, which could enhance market dynamics [70] Question: Liquidity and opportunistic buybacks - Management stated that while dividends are the primary method of returning cash, share repurchases are also considered [72] Question: Charter specifications and older vessels - Management acknowledged some flexibility from charters regarding older vessels, depending on market conditions [76] Question: Red Sea transit and charterer inquiries - Management indicated no current pressure from charterers to resume Red Sea transits, emphasizing the need for stability in the region [78]