Financial Data and Key Metrics Changes - The company reported a net loss of $72.9 million or a loss of $1.14 per share for Q1 2025, compared to a net loss of $51.4 million or $0.81 per share in Q1 2024 [23] - Revenue for the quarter was $601.5 million, up 0.7% year over year [24] - Adjusted EBITDA excluding restructuring charges was a loss of $24.2 million, compared to a negative $21.5 million in Q1 last year [26] - SG&A totaled $42.9 million, an increase of $11.1 million from the prior year due to restructuring and severance charges [27] Business Line Data and Key Metrics Changes - The company achieved a record 100% utilization rate across its nine operating plants, demonstrating strong asset performance [25] - The anticipated consolidated SG&A run rate is expected to decline from $118 million in 2024 to approximately $93 million by year-end 2025 [8][27] - The company has achieved $30 million in annualized cost savings and expects to reach a total of $50 million in cost reductions [6][7] Market Data and Key Metrics Changes - U.S. ethanol exports are expected to surpass last year's record of nearly 2 billion gallons in 2025 [18] - Ethanol market fundamentals showed typical seasonal weakness in Q1, but margins have strengthened heading into Q2 and Q3 [17] - Current ethanol inventory levels are at 25 million barrels, with expectations to drop towards 23 million as the driving season begins [81] Company Strategy and Development Direction - The company is focused on returning to sustained profitability and has executed a zero-based approach to its cost structure [5][6] - A strategic marketing partnership with EcoEnergy has been established to enhance scale and optimize transportation and marketing economics [19] - The company is pausing its clean sugar technology initiative to maximize ethanol production and improve operational efficiency [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive EBITDA for the remainder of the year based on current market conditions and actions taken [34] - The carbon strategy remains on track, with construction of carbon compression infrastructure advancing as planned [30] - Management acknowledged the challenges faced in the protein business but remains committed to executing the strategy [91] Other Important Information - The company has strengthened its liquidity position, with $126.6 million in cash equivalents and restricted cash at quarter-end [28] - Capital expenditures in Q1 were $16.7 million, with expectations for the remainder of 2025 to be around $20 million [29] - The company is actively engaged in a strategic review, considering various paths including a company sale or asset divestitures [32] Q&A Session Summary Question: Can you provide insight into the hedging framework and its reestablishment? - Management emphasized that hedging is a good practice for managing risk and that they are locking in margins when market opportunities arise [39][41] Question: What is the status of the CEO search? - The process is ongoing, nearing final stages, with a focus on candidates who can bring relevant industry experience [44] Question: Can you provide updates on carbon capture construction timelines? - Construction is on track for early Q4 startup, with no major delays anticipated [48] Question: What are the potential impacts of tariffs on product exports? - Currently, there has been no adverse impact from tariffs, but the situation remains unpredictable [49][52] Question: How is the company addressing the protein market dynamics? - The domestic protein market is expected to be flat, but the company is focusing on higher-margin segments like pet food and aquaculture [62]

05.08.25 First Quarter Earnings Conference Call CAUTIONARY STATEMENTS 2 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental Petroleum Corporation's ("Occidental" or "Oxy") expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumption ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $82.3 million, reflecting a 5.5% year-over-year growth and a 7.1% growth on a constant currency basis [11][12] - GAAP net loss was $6.2 million, compared to a loss of $14.6 million in the prior period, with a loss per diluted share of $0.25 versus $0.62 [16] - Adjusted EBITDA was positive at $36,000, compared to a negative $7.6 million in the prior period [16] Business Line Data and Key Metrics Changes - Domestic business-to-business revenue increased by 29.9% to $21.5 million [12] - International business-to-business revenue rose by 22.9% to $32 million [12] - Direct-to-consumer sales decreased by 26.8% to $15 million, attributed to a smaller and more efficient sales team [12][14] - Rental revenue decreased by 7.5% to $13.8 million, primarily due to lower average billing rates [14] Market Data and Key Metrics Changes - The company experienced a negative impact of 160 basis points on total revenue due to foreign exchange [12] - International revenue was negatively impacted by 500 basis points from foreign exchange [12] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving top-line growth, advancing towards profitability, and expanding the innovation pipeline [5] - A collaboration with UL Medical was finalized to enhance growth and geographic reach, particularly in the Chinese market [7][8] - The company is progressing towards sustained profitability and expects to approach adjusted EBITDA breakeven for the full year 2025 [9][18] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate a material impact from recently announced tariffs due to current exemptions [5][18] - The company expects more favorable year-over-year comparisons in the second half of 2025 as the new sales team becomes more efficient [6][32] - Management remains optimistic about growth in the B2B segment and anticipates continued growth year-on-year despite challenges in the DTC channel [54] Other Important Information - The company had cash, cash equivalents, and restricted cash of $122.5 million as of March 31, 2025, with no debt outstanding [17] - UL Medical made a $27 million investment in one of its subsidiaries, acquiring a 9.9% ownership stake in Inogen [9] Q&A Session Summary Question: What is driving the decline in net patients in the rental segment? - Management noted that the increase in private pay patients and capitated patients has impacted revenue and gross margin, but they are seeing signs of stabilization [23][24][25] Question: What actions are being taken to stabilize DTC sales and rental revenues? - Management indicated that they expect to see improved performance in the DTC channel as year-over-year comparisons become more favorable in the second half of 2025 [32][33] Question: How much of the B2B growth is due to share gains versus overall category growth? - Management believes the growth is a mix of gaining new customers and a shift from tanks to portable oxygen concentrators, indicating a share gain versus tanks [39][40] Question: What is the outlook for the second half of the year? - Management expects second half growth rates to be better than the first half, as unfavorable comparisons from the DTC channel will diminish [32][33] Question: How is the company managing operating expenses? - Management stated that they expect lower operating expenses as a percentage of revenue in 2025 compared to 2024, despite some planned expenses slipping into later quarters [58]

Financial Data and Key Metrics Changes - The company reported revenue of $218.1 million, representing a 13% year-over-year increase [8][23] - Adjusted EBITDA was $10.8 million, with a margin of 4.9%, improving more than 3.5 times compared to the same quarter last year [9][29] - The net loss was $11.1 million, compared to a net loss of $6.2 million in the same quarter last year [28] Business Line Data and Key Metrics Changes - Census grew to approximately 7,530 participants, reflecting a 10% annual increase [9][11] - Center level contribution was $40.7 million, with an 18.7% margin, improving by approximately 110 basis points year-over-year [8][26] - External provider costs were $107.9 million, a 7.9% increase year-over-year, but cost per participant decreased [24][25] Market Data and Key Metrics Changes - The increase in member months was primarily due to growth in existing California and Colorado centers, along with new centers in Florida [23][24] - The company experienced a modest sequential growth due to seasonal headwinds during Medicare's Annual Enrollment Period [11][12] Company Strategy and Development Direction - The company is focused on operational excellence and building a scalable, tech-enabled platform for sustainable growth [10][18] - There is an emphasis on integrating pharmacy services into the clinical model to improve medication adherence and reduce costs [17][18] - The company is actively engaging with policymakers to advocate for the PACE model, which is seen as a high-value solution for seniors [7][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate policy uncertainties and maintain operational predictability [19][20] - The company reaffirmed its fiscal year 2025 guidance, expecting ending census between 7,750 and 7,850 participants [31] Other Important Information - The company has made strategic progress in its pharmacy initiative, successfully transitioning to in-house pharmacy services [17] - There was a significant increase in corporate general and administrative expenses due to the accrual of a stockholder lawsuit settlement [27][28] Q&A Session Summary Question: Initial 2026 guidance and Medicare/Medicaid rate development - Management indicated that it is early for 2026 guidance but expects reasonable Medicare rates and some positive indications for Medicaid rates [34][36][39] Question: Changes in pharmacy utilization trends - Management noted no significant changes in pharmacy utilization trends, emphasizing that their reimbursement model differs from traditional Medicare Advantage [40][41] Question: Engagement with regulators regarding PACE - Management highlighted increased engagement with regulators, focusing on the value of PACE and the populations served [44][45][48] Question: De novo losses and enrollment trends - Management confirmed that de novo losses are tracking with expectations and that census growth is consistent with projections [66][71] Question: Cost of care and investments - Management discussed investments in insourcing services and the impact on cost of care, indicating a potential for normalized growth rates moving forward [72][75]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenues of $297.6 million and adjusted EBITDA of $74.3 million, representing a margin of 25% [6][19] - EBITDA fell slightly below guidance due to elevated costs from commissioning the Dune Express and third-party trucking bonuses, reducing Q1 EBITDA by approximately $4 million [19][22] - Net income was $1.2 million, and earnings per share were $0.01 [22] Business Line Data and Key Metrics Changes - Proppant sales totaled $139.7 million, logistics operations contributed $150.6 million, and power rentals added $7.3 million [20] - Proppant volumes reached 5.7 million tons, up sequentially despite weather-related disruptions, while Encore volumes were 1.7 million tons, slightly down from Q4 [20] - Average revenue per ton was $24.71, boosted by shortfall revenue from unmet customer pickups [20] Market Data and Key Metrics Changes - The company entered 2025 with a strong allocation base of approximately 22 million tons, with 3 million tons of potential upside pending [23][86] - The WTI forward strip has declined approximately 20% since early April, influencing customer spending behavior and deferring some near-term activity [7] Company Strategy and Development Direction - The company completed the acquisition of Moser Energy Systems and launched commercial operations for the Dune Express, positioning itself for long-term growth [6][12] - The Dune Express is expected to enhance logistics margins and provide a long-term infrastructure advantage [11][12] - The company is focused on operational excellence, emphasizing people, processes, and technology to drive performance [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertainty in the oilfield sector, emphasizing a position of strength rather than weakness [8][12] - The company anticipates that while short-term uncertainty remains, its long-term outlook is grounded in strategic clarity and operational discipline [12][26] - Management noted that economic and commodity price uncertainty is prompting caution among customers, with several Q2 development plans deferred to the second half of 2025 [22][86] Other Important Information - The company expects Q2 service margins to surpass 20% as the benefits of the Dune Express begin to materialize [19] - Total incurred CapEx was $38.9 million, including $23.4 million in growth CapEx, with a budget of $115 million for 2025 [22][24] Q&A Session Summary Question: Can you provide additional color on your guidance of flat to up sequentially? - Management indicated that there is currently no near-term upside in the market, with operators adopting a wait-and-see attitude [30][31] Question: What is the confidence level around the 22 million tons committed this year? - Management remains confident in the demand for the 22 million tons allocated, supported by strong fundamentals and commitments from large-cap operators [34][35] Question: Can you discuss the ramp-up of the Dune Express and its near-term earnings power? - Management noted that the Dune Express is in the commissioning phase, and while Q1 contributions were modest, they expect margins to expand as operations normalize [42][48] Question: How are deferred volumes impacting your outlook? - Deferred volumes are primarily driven by macro uncertainty, with operators hesitant to commit to new projects until they have more clarity [71][82] Question: What is the outlook for free cash flow moving forward? - Management expects improved working capital efficiency and cash flow generation as the year progresses, with Q1 being the largest spending quarter [52][54]

Mueller Water Products (MWA) Q2 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Whit Kincaid - VP, Investor Relations & CommunicationsMarietta Zakas - President & CEOPaul McAndrew - President & COOMelissa Rasmussen - SVP & CFODeane Dray - Managing Director Conference Call Participants None - AnalystWalter Liptak - Industry Analyst Operator Today's conference is being recorded. If you have any objections, you may disconnect at this time. It is now my pleasure to turn the call over to Mr. Whi ...

Financial Data and Key Metrics Changes - For Q1 2025, Atlas reported revenues of $297.6 million and adjusted EBITDA of $74.3 million, representing a margin of 25% [5][18] - EBITDA fell slightly below guidance due to elevated costs from commissioning the Dune Express and third-party trucking bonuses, reducing Q1 EBITDA by approximately $4 million [18] - Net income was $1.2 million, and earnings per share were $0.01 [21] Business Line Data and Key Metrics Changes - Proppant sales totaled $139.7 million, logistics operations contributed $150.6 million, and power rentals added $7.3 million [19] - Proppant volumes reached 5.7 million tons, up sequentially despite weather-related disruptions, while Encore volumes were 1.7 million tons, slightly down from Q4 [19] - Average revenue per ton was $24.71, boosted by shortfall revenue from unmet customer pickups, with an average price of $22.51 per ton excluding this [19] Market Data and Key Metrics Changes - WTI's forward strip has declined approximately 20% since early April, influencing customer spending behavior and deferring some near-term activity [6] - Atlas entered 2025 with a strong allocation base of approximately 22 million tons and continues to bid on meaningful new tenders [10] Company Strategy and Development Direction - Atlas aims to navigate the current oilfield sector uncertainty by controlling costs, prioritizing capital discipline, and innovating with purpose [7] - The Dune Express is expected to provide long-term infrastructure advantages and is entering a critical phase with stabilizing volumes [11] - The integration of Mosier Energy Systems is progressing well, with positive customer feedback and new business models being explored [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Atlas's ability to perform through cycles, emphasizing structural advantages that enable healthy free cash flow even in weak markets [10] - Short-term uncertainty remains, but the long-term outlook is grounded in strategic clarity and operational discipline [12] - Management noted that while some customers are pausing growth plans, they expect activity to resume as visibility improves [10] Other Important Information - Total incurred CapEx was $38.9 million, including $23.4 million in growth CapEx and $15.5 million in maintenance CapEx [21] - The company expects a sequential decline in CapEx in Q2, budgeting $115 million in total CapEx for 2025 with flexibility to adjust based on market conditions [21] Q&A Session Summary Question: Can you provide additional color on your guidance of flat to up sequentially? - Management indicated that they do not see near-term upside in the market, with a wait-and-see attitude prevailing among operators [28] Question: What is the confidence level around the 22 million tons committed this year? - Management remains confident in the demand for the 22 million tons allocated, supported by strong fundamentals and commitments from large-cap operators [34] Question: Can you elaborate on the ramp-up of the Dune Express? - The Dune Express is progressing well, with stable operations and consistent throughput expected to lead to margin expansion as operations normalize [44] Question: How should we think about the free cash flow profile moving forward? - Management noted that Q1 was the largest spending quarter for CapEx, with expectations for improved working capital efficiency and cash flow generation as the year progresses [50] Question: What is the outlook for sand pricing and supply impacts? - Management observed that supply capacity additions have peaked, with some competitors reducing production, which is seen as constructive for the industry [62]

Financial Data and Key Metrics Changes - Second quarter adjusted operating income increased by more than $100 million or 27% year-over-year, with a margin expansion of 70 basis points [9][23] - Adjusted earnings per share grew by 48%, reflecting improved operating performance and strategic execution [9][23] - Enterprise sales for the second quarter were $13.1 billion, which included a reduction of $343 million or 2.6% related to a legal contingency accrual primarily in pork [23][24] Business Line Data and Key Metrics Changes - **Prepared Foods**: Sales were in line with last year, with adjusted operating income increasing nearly 5% and margin improving by 50 basis points [24][25] - **Chicken**: Achieved the best second quarter adjusted operating income in nine years, with a nearly 95% increase compared to the same quarter last year [16][26] - **Beef**: Sales increased primarily due to a higher average price per pound, but adjusted operating income declined due to spread compression [27] - **Pork**: Adjusted operating income increased by 67%, reflecting the strongest second quarter result in the past three years [18][28] Market Data and Key Metrics Changes - 71% of U.S. consumers sought to increase their protein consumption in 2024, indicating robust demand for meat products [10][11] - U.S. meat sales at retail hit an all-time high in 2024, with meat included in nearly 90% of home-cooked dinners [11] Company Strategy and Development Direction - The company is focused on operational excellence, customer and consumer obsession, and capital allocation to drive long-term value [19][32] - A multi-year plan is in place to optimize operations, launch innovations, and expand distribution, particularly in the Prepared Foods segment [13][19] - The company is transitioning to a new logistics and distribution infrastructure, which is expected to generate around $200 million in annual savings upon completion [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic macro environment, emphasizing the importance of their multi-protein, multi-channel portfolio [9][44] - The company anticipates sales growth to be flat to up 1% year-over-year, with adjusted operating income expected between $1.9 billion and $2.3 billion [30][32] - Management acknowledged challenges in the beef segment but remains optimistic about the overall business performance [44][106] Other Important Information - The company is committed to eliminating petroleum-based synthetic dyes from its products, with completion expected by May [21][22] - A new Chief Growth Officer, Christina Lambert, has been appointed to lead strategic initiatives [33][34] Q&A Session Summary Question: Why did the company not raise guidance for the full year despite beating consensus expectations? - Management indicated that while results were strong, they are cautious due to uncertainties in the beef market and consumer pressures, reaffirming guidance for the year [41][46] Question: What is the outlook for chicken demand? - Management remains optimistic about chicken demand, citing strong performance and a commitment to maintaining market share, despite some uncertainties in the industry [49][51] Question: Can you elaborate on the changes in cold storage facilities and expected savings? - Management explained that the transition to new cold storage facilities is aimed at reducing costs and improving efficiency, with expected annual savings of $200 million [56][62] Question: What are the expectations for the international business? - Management highlighted improved operational fundamentals and execution of a commercial growth strategy, leading to strong performance in the international segment [95][96] Question: How does the company view the impact of tariffs on trade flows? - Management does not expect global protein consumption to change significantly but anticipates temporary disruptions as trade flows adjust [121]

Financial Data and Key Metrics Changes - The company reported net sales of $1.909 billion, an increase of 1.1% on a reported basis and 2.3% excluding foreign currency impact [27] - Adjusted earnings per share (EPS) was $1.81, down from $1.94 in the prior year [33] - Free cash flow generated was $279 million, representing robust growth compared to the prior year [34] - Adjusted gross margin was 71.5% and adjusted operating margin was 26.2%, both lower than the prior year but in line with expectations [33] Business Line Data and Key Metrics Changes - U.S. hips sales grew nearly 4%, while U.S. knees grew only 0.2% [7][30] - The U.S. SET (Surgical Equipment and Technology) business grew by 4.9%, marking the sixth consecutive quarter of at least mid-single-digit growth [31] - International sales grew 3.7%, driven by mid-single-digit growth in knees and high-single-digit growth in SET [28] Market Data and Key Metrics Changes - The U.S. market showed a notable performance with a 1.3% growth overall, driven by nearly 4% growth in hips and SET [27] - Global hips grew 2.4%, with U.S. growing 3.7% and international growing 1% [29] - Global knees grew 1.9%, with U.S. growing 0.2% and international growing 4.2% [30] Company Strategy and Development Direction - The company is focusing on three strategic priorities: people and culture, operational excellence, and innovation and diversification [12] - The integration of the Paragon 28 acquisition is a top priority, with the expectation of contributing approximately 270 basis points to sales growth in 2025 [10][23] - The company aims to achieve a 5% Vanguard weighted average market growth rate environment by the end of 2027 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year organic constant currency revenue growth expectations of 3% to 5% [10] - The impact of tariffs is expected to be a headwind of $60 million to $80 million in 2025, with mitigation efforts already in place [38][47] - The second half of 2025 is anticipated to show higher organic constant currency growth due to easier comparisons and new product launches [37][56] Other Important Information - The company has made significant changes in leadership and sales strategies to bolster U.S. performance [12][27] - The introduction of new products, particularly in the hips and knees segments, is expected to drive growth [10][58] - The company is committed to reducing inventory days on hand, moving from over 400 days to approximately 370 days [15][34] Q&A Session Summary Question: Impact of tariffs on EPS and mitigation efforts - Management explained that the majority of production is in the U.S., which lowers exposure to tariffs, and outlined steps taken to mitigate impacts, including optimizing sourcing and moderating discretionary spending [46][47] Question: Clarification on growth expectations and new product impacts - Management indicated that Q1 growth of 2.3% constant currency, when adjusted for one less selling day, is close to mid-single-digit growth expectations, with confidence in new product introductions driving growth in the second half of 2025 [55][58] Question: Performance in ASC versus hospital channels - Management noted that over 20% of U.S. sales now come from the ASC environment, a significant increase from pre-COVID levels, and expressed confidence in continued growth in this area [96][97] Question: Pricing environment and future expectations - Management stated that pricing is expected to be flat for the year, with recent performance slightly better than initial guidance, and emphasized the stability of pricing in the near term [70][72]

Financial Data and Key Metrics Changes - Sales for the first quarter of 2025 were $378 million, representing a 12% increase year-over-year [11] - Sales volume increased by approximately 7%, driven by improved operational performance and higher granular ammonium sulfate sales [11] - Adjusted EBITDA was $52 million with an adjusted EBITDA margin of 13.7% [12] - Adjusted earnings per share increased to $0.93, up $1.49 compared to the prior year [12] - Free cash flow was negative $23 million, an improvement of $49 million year-over-year [13] Business Line Data and Key Metrics Changes - In the Plant Nutrients segment, ammonium sulfate prices increased by 34% year-over-year, supported by higher energy costs and tighter supply-demand conditions [18] - The nylon business experienced a slow start but saw orders and pricing pick up, with stable domestic demand amid macroeconomic factors [21] - In Chemical Intermediates, acetone prices declined sequentially and year-over-year, but remained above cycle averages [24] Market Data and Key Metrics Changes - The North American corn planting season is expected to reach 95 million acres, supporting strong nutrient demand [19] - Domestic nylon demand remained stable, but global oversupply conditions continued to pressure pricing [22] - Acetone demand is expected to improve in the second quarter following downstream turnarounds and seasonal improvements [25] Company Strategy and Development Direction - The company is focused on operational excellence and maintaining high utilization rates to capture competitive cost advantages [6] - Continued investment in growth and enterprise initiatives is aimed at sustainably improving through-cycle profitability [9] - The company is well-positioned as a U.S.-based manufacturer aligned with domestic supply chains and energy markets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying industry fundamentals supporting nutrient demand despite higher raw material prices [19] - The company is navigating a dynamic environment while focusing on cash flow management and disciplined investments [30] - Management highlighted the importance of maintaining a healthy balance sheet to enable strategic capital allocation [30] Other Important Information - The company received approximately $39 million in aggregated insurance proceeds related to the 2019 PES cumene supplier shutdown [9] - Capital expenditures for 2025 are forecasted to be between $145 million and $155 million, with a focus on maintaining operational safety and sustainability [16] Q&A Session Summary Question: Tactical moves in response to uncertainty - Management indicated that they are focused on delivering for customers and right-sizing inventory buffers without increasing inventory levels [38][39] Question: Assurance of sulfur supply - Management stated that they have a broad supply mix for sulfur and anticipate that supply will be ample for their needs [42] Question: Outlook for ammonium sulfate post-spring demand - Management confirmed a robust order book and expects record volume for the fertilizer year, with a focus on domestic demand growth [66] Question: Nylon market share and tariffs - Management noted that while tariffs could lead to higher costs, they are monitoring the engineering plastic demand closely and focusing on execution [61][62] Question: CapEx and acquisition opportunities - Management expressed interest in evaluating inorganic opportunities as they expect to bring base CapEx back in line after completing larger projects [69]