Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4] - Earnings per share on an adjusted basis were 44 cents for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that amount [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with plans to continue accumulating cash faster [5][24] - The strategy includes diversifying and renewing the fleet, with recent agreements to acquire shares in two jointly owned vessels [7][16] - The company aims to return value to shareholders through share repurchase programs, spending approximately $1.8 million since March 2025 [5][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is expected to pay premium rates West of Suez due to a shortage of suitable vessels in Europe [12] - The company remains cautious but confident in sustaining momentum throughout 2025, with almost every major LPG importer increasing imports [40][41] - The firm believes that the medium-term climate may lead to new trade routes, positively impacting ton-mile demand [32] Other Important Information - The company has scheduled drydockings for three vessels for the remainder of the year, indicating a light year in terms of drydockings [10] - The company has seen a significant reduction in interest costs, which are expected to be further halved in upcoming quarters [19][24] Q&A Session Summary Question: What is the outlook for the LPG market? - The company expects continued growth in global LPG exports, with the U.S. maintaining a strong position despite recent trade tensions [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24] Question: What are the company's plans for fleet expansion? - The company is looking for opportunities to sell older vessels and replace them with newer tonnage, while also acquiring shares in jointly owned vessels [7][16]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4][20] - Earnings per share on an adjusted basis were 44¢ for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that figure [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29][30] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with a strategy to accumulate cash faster [5][24] - The company plans to continue diversifying and renewing its fleet, with recent agreements to acquire shares in two vessels [7][16] - The management is looking to extend the duration of charters and maintain a visible revenue stream [6][9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum throughout 2025 despite market uncertainties [40] - The company noted that the market will continue to pay premium rates West of Suez due to a shortage of suitable vessels [12] - The management highlighted the potential for increased LPG volumes due to OPEC's decision to lift oil production cuts [28] Other Important Information - The company has begun a share repurchase program, spending approximately $1.8 million since March 2025 [5][41] - The company expects interest costs to be further reduced in upcoming quarters due to lower debt levels [19] Q&A Session Summary Question: What is the outlook for the LPG market? - The management indicated that global LPG exports are on a steady upward path, with the U.S. being a significant player, and expects continued growth in the market [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24][41] Question: What are the implications of geopolitical tensions on trade? - The management noted that geopolitical tensions have led to rerouting of trade flows, particularly with China looking to the Middle East for supplies [30]

Ashford Hospitality Trust, Inc. (AHT) has taken another step in its strategic plan to deleverage and optimize its portfolio. The Dallas, TX-based REIT announced a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake in Houston, TX, for $27 million. The transaction, subject to closing conditions, is expected to be completed in June 2025.The sale represents an attractive exit for Ashford, yielding a capitalization rate of 3.2% on net operating income (NOI) or 23.6X Hotel EBITDA after adjus ...

Core Viewpoint - Celanese Corporation (CE) is planning to divest its Micromax portfolio to enhance cash generation and support its deleveraging strategy, which is currently a priority for the company [1][2]. Group 1: Divestiture Plans - CE is exploring various opportunities for cash generation, including the divestiture of the Micromax portfolio, which is projected to generate over $300 million in revenues by 2025 [2]. - The Micromax portfolio is recognized as a leading supplier of advanced electronic inks and pastes, serving diverse industries such as aerospace, healthcare, and transportation [2]. - The completion of the divestiture will depend on various conditions, including board approval and regulatory clearances, although no specific terms or timing have been assured [3]. Group 2: Stock Performance - CE's stock has experienced a significant decline of 66.3% over the past year, contrasting with a mere 1.7% decline in the industry [5]. Group 3: Zacks Rank and Comparisons - CE currently holds a Zacks Rank of 3 (Hold), while other companies in the Basic Materials sector, such as Akzo Nobel N.V. (Rank 1), Newmont Corporation (Rank 2), and Idaho Strategic Resources, Inc. (Rank 2), have better rankings [6].

Financial Data and Key Metrics Changes - The core earnings for Q1 2025 were consistent with expectations, showing a stable trend from previous quarters [5] - EBITDA forecast for the year is now estimated to be between $1.25 billion and $1.5 billion, which is an increase from previous estimates [5][6] - The company reported a net loss of $200 million for GAAP, translating to a loss of $0.73 per share, with no material one-time items affecting adjusted EPS [53] Business Line Data and Key Metrics Changes - The Jamaica sale generated net proceeds of approximately $778 million, with a gain of $430 million, contributing positively to the financial outlook [7][50] - The company has taken back surplus FSRUs and relet them at higher rates, resulting in an estimated profit of $143 million [9][10] - Total segment operating margin for Q1 was $106 million, down from $240 million in Q4 2024 [52] Market Data and Key Metrics Changes - Brazil is expected to contract 10 to 15 gigawatts of capacity, with upcoming capacity auctions anticipated to take place in early 2025 [36][38] - The energy system in Puerto Rico is described as underinvested and in need of new generation, with significant opportunities for the company to provide temporary power and convert existing diesel plants to natural gas [40][42] Company Strategy and Development Direction - The company aims to simplify its balance sheet and lower debt costs by moving towards asset-level financing [16][17] - Focus on generating repeatable, long-duration cash flows from core assets, particularly in Brazil and Puerto Rico [23][24] - The strategy includes leveraging existing infrastructure and securing long-term contracts to enhance financial stability and growth prospects [22][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of the FEMA claim, which amounts to $659 million, and expects a positive outcome in the near term [8] - The company is well-positioned to capitalize on growth opportunities in Brazil and Puerto Rico, with strong regulatory support and rising demand for integrated LNG to power models [38][40] - Management emphasized the importance of controlling logistics and supply chains to maximize efficiency and profitability [22][23] Other Important Information - The company has a strong liquidity position, ending Q1 with $448 million in cash and $275 million available under its revolving credit facility [55] - The company is in advanced discussions for additional FSRU contracts, which could contribute significantly to future earnings [51] Q&A Session Summary Question: Can you elaborate on the restricted cash on the balance sheet? - The restricted cash is primarily related to capital expenditures in Brazil, specifically for the Selva and Porto Sim power plants [59] Question: Is the company considering open market repurchases of debt? - The company is evaluating opportunities to refinance its capital structure and may consider repurchasing debt at a discount if advantageous [60][64] Question: What is the strategy for bidding in the Puerto Rico power opportunity? - The bidding process requires a unitary cost of power, and the company is leveraging its existing infrastructure to provide competitive bids [69] Question: What is the status of the Nicaragua project? - The company is finalizing the restructuring of its PPA with the government and is close to completing the power plant and terminal [80][82]

Financial Data and Key Metrics Changes - The core earnings for Q1 2025 were consistent with expectations, with historical core earnings showing stability [4][3] - Adjusted EBITDA for Q1 was reported at $82 million, with a forecast for EBITDA plus gains for the year between $1.25 billion and $1.5 billion, higher than previous estimates [4][51] - The company reported a net loss of $200 million for GAAP, translating to a loss of $0.73 per share, with no material one-time items affecting adjusted EPS [52] Business Line Data and Key Metrics Changes - The Jamaica sale generated $1.055 billion in gross proceeds, resulting in net proceeds of approximately $778 million after debt repayment and fees, contributing to a gain of $430 million [6][49] - The company has focused on asset sales, debt reduction, and deleveraging, with the Jamaica sale being a significant step in this direction [11][12] - The FSRU contracts signed recently are expected to contribute approximately $200 million in future earnings, with potential for additional cash flow from ongoing discussions with counterparties [50] Market Data and Key Metrics Changes - The company is positioned to register over 2 gigawatts of projects in the upcoming Brazil capacity auction, with strong market confidence reflected in third-party project requests [36] - In Puerto Rico, the energy system is described as underinvested and in need of new generation, with opportunities for temporary power and gas supply contracts [38][40] Company Strategy and Development Direction - The company aims to simplify its balance sheet by transitioning from a corporate debt structure to asset-level financing, focusing on long-duration cash flows [15][16] - Growth opportunities are identified in Brazil and Puerto Rico, with significant investments made in Brazil to establish a resilient business [23][24] - The company is committed to addressing liquidity issues and refinancing its debt structure to lower costs and extend terms [64][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resolution of the FEMA claim, with a high degree of reengagement with the Army Corps [7] - The company remains confident in the structural needs for power in Brazil, despite delays in the capacity auction [35][91] - In Puerto Rico, management highlighted the urgent need for new power generation and the potential for significant cost savings through conversion to natural gas [40][42] Other Important Information - The company ended Q1 with $448 million in cash and $275 million available under its revolving credit facility, totaling over $1.1 billion in pro forma liquidity [53] - The construction progress of key power plants in Brazil is reported at 95% for the Selva plant and over 54% for the Porto San plant, despite challenges from weather conditions [27][30] Q&A Session Summary Question: Can you elaborate on the restricted cash on the balance sheet? - The majority of restricted cash is related to CapEx in Brazil, specifically for the Selva and Porto San power plants, with some cash expected to be freed up post-Jamaica transaction [58] Question: Is the company considering open market repurchases of debt? - The company is evaluating opportunities to refinance its capital structure and may consider retiring debt at a discount if available [60][63] Question: What is the strategy for bidding in Puerto Rico's power opportunity? - The bidding process requires a unitary cost of power, and the company is leveraging its existing infrastructure to participate effectively [68][69] Question: What is the status of the Nicaragua project? - The company is in the final stages of restructuring the PPA with the government, aiming for a structure similar to long-term gas contracts in Brazil and Puerto Rico [78][80]

Core Viewpoint - Hertz Global's shares experienced a significant decline following the release of disappointing first-quarter earnings and the announcement of a $250 million stock offering aimed at deleveraging the company [1][2]. Financial Performance - Hertz reported a loss per share of $1.12 adjusted, which was worse than the expected loss of 97 cents [7]. - The company's automotive revenue was $1.81 billion, falling short of the expected $2 billion [7]. - Revenue decreased by 13% year-over-year, primarily due to a reduced fleet capacity, which was down 8% compared to the first quarter of 2024 [5]. Strategic Initiatives - Hertz's CFO indicated that the combination of an improved earnings profile, refinancing options, and the stock offering provides multiple alternatives for addressing upcoming maturities [3]. - The company is implementing a "Back-to-Basics Roadmap" plan to optimize vehicle utilization and create more demand than it can satisfy, aiming to improve profitability [6]. Market Conditions - Investors are concerned about Hertz's strategy to reduce the number of cars available for rent due to lower bookings and the impact of auto tariffs on vehicle prices [4]. - The company is also facing challenges from lower consumer sentiment and decreased U.S. tourism [4].

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.2 million, down 11.7% year over year [10] - Adjusted EBITDA was approximately $12.9 million, down 42.2% [15] - Net loss was approximately $11.7 million or $0.26 per share, compared to net income of $7.5 million or $0.15 per share for the same quarter last year [17] Business Line Data and Key Metrics Changes - Radio Broadcasting segment net revenue was $32.6 million, a decrease of 10.3% year over year [10] - Media segment net revenue was $5.9 million, down 30.9% from the prior year, with an adjusted EBITDA loss of $600,000 [12] - Cable Television segment revenue was $44.2 million, a decrease of 7.9%, with advertising revenue down 6.3% [13] Market Data and Key Metrics Changes - Local ad sales were down 12.8% against markets that were down 13.2% [10] - National ad sales were down 14.6% against markets being down 11.6% [10] - Cable subscribers for TV One decreased to 35.6 million from 37.2 million at the end of Q4 [13] Company Strategy and Development Direction - The company is focused on cost controls, managing leverage, and maintaining a strong liquidity position [6][8] - Plans to invest in new distribution opportunities in the FAST and AVOD environment rather than just increasing content spending [81] - The company aims to improve local digital efforts, which currently contribute low single digits to revenue compared to competitors [58] Management's Comments on Operating Environment and Future Outlook - Management indicated that radio pacing has weakened, down about 9% [5] - The expectation is that the majority of EBITDA will come in the second half of 2025, with Q2 expected to be similarly weak as Q1 [28][31] - Management does not foresee a positive rebound in advertising this year due to ongoing uncertainties [45] Other Important Information - The company repurchased $28.2 million of its 2028 notes at an average price of 58% of par [16] - Total gross debt was approximately $556.3 million, with unrestricted cash of $115.1 million, resulting in a net debt of approximately $441.3 million [18] Q&A Session Summary Question: What other levers can be pulled to control costs? - Management mentioned ongoing cost-cutting measures and plans to identify further opportunities by mid-year [23][24] Question: Is the majority of EBITDA expected in the second half of 2025? - Yes, more than half is expected to come in the second half of the year [28][29] Question: Should further debt repurchases be expected? - Management indicated a deliberate and opportunistic approach to debt repurchases, suggesting that they will continue as conditions allow [32][34] Question: How is the local SMB advertising environment compared to national? - Local advertising is down low single digits, which is better than national advertising, which is experiencing more significant declines [51][53] Question: Can you break out cable TV revenue between carriage fees and advertising? - Management confirmed that this information is available in the press release [65] Question: What is the renewal schedule with large cable and MVPDs? - Charter, Verizon, and NCTC contracts are up this year, with Comcast and AT&T renewals next year [68][70] Question: How are TV One ratings performing? - Ratings have stabilized and are exceeding budgeted numbers year to date [73] Question: Is programming spend steady or growing? - Programming spend is down about 10%, with no major plans to increase it significantly [75][79]

First Quarter 2025 Earnings Conference Call May 12, 2025 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation and webcast contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as "assumes,", "may," "shou ...

First Quarter 2025 Financial Results May 9, 2025 CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of May 9, 2025. The information in this Presentation includes certain "forward- looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other similar w ...