BRP Group (BWIN) Q4 2024 Earnings Call February 25, 2025 05:00 PM ET Company Participants Bonnie Bishop - Executive Director of Investor RelationsTrevor Baldwin - Chief Executive OfficerBrad Hale - Chief Financial OfficerElyse Greenspan - Managing DirectorGregory Peters - Managing Director - Equity ResearchPablo Singzon - Executive DirectorTommy McJoynt-Griffith - Director Conference Call Participants Joshua Shanker - Research Analyst Operator Greetings, and welcome to the Baldwin Group Fourth Quarter twent ...

Delek Logistics Partners (DKL) Q4 2024 Earnings Call February 25, 2025 12:30 PM ET Company Participants Robert Wright - SVP & Deputy CFOAvigal Soreq - President and CEOMark Hobbs - EVP & CFOReuven Spiegel - EVP - Special ProjectsNeal Dingmann - Managing Director - Energy Research Conference Call Participants Doug Irwin - Equity Research Analyst Operator Thank you for standing by. My name is Jaylen, and I will be your conference operator today. At this time, I would like to welcome everyone to the DKL Fourth ...

Financial Data and Key Metrics Changes - Comparable hotels total revenue was $329 million for Q4 2024 and $1.4 billion for the full year, up approximately 4% and 2.5% compared to the same periods in 2023 respectively [26] - Fourth quarter adjusted EBITDARE increased by approximately 7% and modified funds from operations (MFFO) rose by approximately 6% compared to Q4 2023 [10][36] - Comparable hotels RevPAR for Q4 was $109, up approximately 3%, with ADR at $153, up approximately 1%, and occupancy at 71%, up 2% compared to Q4 2023 [27] Business Line Data and Key Metrics Changes - The company achieved comparable hotels RevPAR growth of approximately 3% for Q4 and more than 1% for the full year, driven by improvements in both ADR and occupancy [9] - Comparable hotels occupancy for the full year was 75%, approximately 1% higher than 2023, and comparable hotels ADR was $159, up approximately 1% [27] Market Data and Key Metrics Changes - Approximately 55% of the company's hotels had no new upper upscale, upscale, or upper midscale product under construction within a five-mile radius at the end of Q4 [11] - The company noted that supply-demand dynamics remain favorable, with limited supply growth in its markets enhancing the overall risk profile of the portfolio [11] Company Strategy and Development Direction - The company continues to monitor its distribution rate and timing relative to hotel performance and potential capital uses, maintaining a disciplined approach to capital allocation [12][13] - Recent acquisitions have positively contributed to overall portfolio performance, with seven hotels acquired since June 2024 producing an unlevered 9% yield after CapEx [16] - The company is actively underwriting additional opportunities and is well-positioned to act where attractive yields can be achieved relative to other capital allocation choices [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to produce strong returns for investors over the coming years, citing stable operating fundamentals and favorable supply-demand dynamics [22][42] - The outlook for 2025 includes expectations for net income between $173 million and $202 million, with comparable hotels RevPAR change projected between 1% and 3% [39] Other Important Information - The company paid distributions totaling $58 million or $0.24 per common share during Q4, bringing the annual payout to approximately $244 million or $1.01 per common share [37] - The company has approximately $1.5 billion of total debt outstanding, with a weighted average interest rate of 4.7% and a debt maturity profile averaging three years [38] Q&A Session Summary Question: What operating expense growth has been assumed in 2025 guidance? - Management indicated that normalizing for fixed cost hurdles, the assumed increase for total hotel expenses is around 4.2% at the midpoint, with variable expenses outside of fixed costs around 3.5% [50] Question: What percentage of the portfolio would be described as having outsized CapEx needs? - Management stated that between 7% and 10% of the portfolio fits this category, with a focus on strategic and tactical reasons for prioritizing asset sales [52] Question: How close is the midweek ADR to weekend ADR? - Management noted that midweek ADR is getting closer to weekend levels, with continued opportunities for growth as occupancy improves [60] Question: What is the outlook for RevPAR growth in 2025? - Management believes that both business and leisure demand could contribute to outperforming the guidance, with midweek growth expected to be a significant driver [73] Question: What is the expected wage benefit growth this year? - Wage benefit growth is expected to be between 3.5% and 4% [130] Question: What is the current state of the transaction market? - Management indicated that the transaction market remains challenging, with fewer bidders interested in portfolios, but they expect conditions to improve as the year progresses [66][110]

Topgolf Callaway Brands Corp. (NYSE:MODG) Q4 2024 Earnings Conference Call February 24, 2025 5:00 PM ET Company Participants Katina Metzidakis – Vice President-Investor Relations and Corporate Communications Chip Brewer – President and Chief Executive Officer Brian Lynch – Chief Financial Officer and Chief Legal Officer Artie Starrs – Chief Executive Officer-Topgolf Conference Call Participants Matthew Boss – JPMorgan Alex Perry – Bank of America Joe Altobello – Raymond James Megan Clapp – Morgan Stanley Op ...

Select Medical (SEM) Q4 2024 Earnings Call February 21, 2025 09:00 AM ET Company Participants Robert Ortenzio - Co-Founder & Executive ChairmanMartin Jackson - Senior Executive Vice President of Strategic Finance & OperationsBen Hendrix - Equity Research - Healthcare Services and Managed Care Conference Call Participants Justin Bowers - AnalystJoanna Gajuk - Equity Research Analyst Operator Good morning, and thank you for joining us today for Select Medical Holdings Corporation's Earnings Conference Call to ...

Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q4 2024 Earnings Call Transcript February 20, 2025 8:30 AM ET Company Participants Guillermo Lancha - Head of Investor Relations Aviv Sher - Chief Executive Officer Oscar Iglesias - Chief Financial Officer Conference Call Participants Jeffrey Stantial - Stifel Ryan Sigdahl - Craig-Hallum Capital Group Michael Kupinski - Noble Capital Markets Operator Good morning and welcome to Codere Online Fourth Quarter 2024 Results Conference Call. All lines have been placed ...

Oceaneering International, Inc. (NYSE:OII) Q4 2024 Earnings Conference Call February 20, 2025 11:00 AM ET Company Participants Hilary Frisbie – Senior Director-Investor Relations Rod Larson – President and Chief Executive Officer Alan Curtis – Senior Vice President and Chief Financial Officer Conference Call Participants Eddie Kim – Barclays Kurt Hallead – Benchmark Company Josh Jayne – Daniel Energy Partners Desiree Welcome to Oceaneering's fourth quarter and full year 2024 earnings conference call. My nam ...

Kaiser Aluminum (KALU) Q4 2024 Earnings Call February 20, 2025 12:00 PM ET Company Participants Kimberly Orlando - Senior Managing DirectorKeith Harvey - CEO, President & DirectorNeal West - EVP and CFO Conference Call Participants Bill Peterson - AnalystTimna Tanners - Analyst Operator Greetings, and welcome to the Kaiser Aluminum Corporation Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the fo ...

Financial Data and Key Metrics Changes - For the full year 2024, same store net operating revenues increased by 5.5% and adjusted EBITDA improved by 6% [9][17] - Adjusted EBITDA for the fourth quarter was $428 million, compared to $386 million in the prior year period, with a margin of 13.1%, up from 12.1% [16][17] - Cash flows from operations were $216 million for the fourth quarter, up from $90 million in the fourth quarter of 2023, and $480 million for the full year of 2024, consistent with guidance [19][20] Business Line Data and Key Metrics Changes - Same store admissions increased by 3.2%, adjusted admissions by 2.7%, and surgeries by 1.3% for the full year 2024 [7] - Same store emergency department visits were up 1% and surgeries were up 0.9% in the fourth quarter [16] - Same store ambulatory surgery center cases increased by 14% last year [8] Market Data and Key Metrics Changes - The company completed divestitures in Cleveland, Tennessee, and Statesboro, North Carolina, with plans for additional divestitures expected to generate over $1 billion in total proceeds [10][22] - The net debt to trailing adjusted EBITDA improved to 7.4 times, down from 7.9 times at the end of 2023 [22] Company Strategy and Development Direction - The company is focused on expanding outpatient access, including primary care, specialty practices, and urgent care centers, with significant capital investments [7][15] - The implementation of a new ERP system is expected to drive efficiencies and reduce costs, with estimated savings of $40 million to $60 million in 2025 [23] - The company anticipates further expansion of internally managed hospital-based provider services in 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management noted stabilization in payer downgrades and denials, which had been a troubling trend for healthcare providers [11][17] - The company expects organic growth of $75 million to $100 million in 2025, with net revenue guidance of $12.2 billion to $12.6 billion [23] - Management expressed confidence in the approval of directed payment programs in New Mexico and Tennessee, which could add an incremental $100 million to $125 million to annual EBITDA [24][50] Other Important Information - The company experienced a $10 million impact from a hurricane in Q4, with one hospital still shut down as a result [74] - The company is in discussions for additional strategic divestitures expected to be announced soon [22] Q&A Session Summary Question: Can you help bridge 2024 to 2025 guidance? - Management provided a high-level bridge starting with 2024 EBITDA of $1.54 billion, accounting for reductions from divestitures and adding organic growth to reach the midpoint of 2025 guidance [27][28] Question: What are the strategic moves expected moving forward? - Management highlighted ongoing investments in core portfolio growth, including outpatient and procedural capacity expansions, and noted that there are still investable opportunities in the pipeline [30][33] Question: Can you quantify the continued hurricane impact in Q4? - The hurricane impact was as expected at $10 million, with one hospital shut down for the entire quarter [74]

Financial Data and Key Metrics Changes - In 2024, net sales totaled $1.473 billion, slightly down from 2023, impacted by a nearly 6% decline in foot traffic and existing home sales at 30-year lows [17][55] - Adjusted EBITDA for 2024 increased 10.2% to $241.8 million, with a margin of 16.4%, compared to 14.9% a year ago [59][70] - Adjusted gross margins improved by 390 basis points to 48.1% for 2024, driven by operating efficiencies and a higher margin product mix [19][55] Business Line Data and Key Metrics Changes - The Hardware and Protective Solutions (HPS) segment saw a 23% increase in adjusted EBITDA with flat top-line results, demonstrating strong customer value [21] - Robotics and Digital Solutions (RDS) is expected to return to growth in 2025, with new strategies and machine rollouts enhancing revenue potential [45][111] Market Data and Key Metrics Changes - Existing home sales fell to 30-year lows, contributing to a 5-point reduction in market volume for Hillman in 2024 [18] - The company anticipates a return to 2% to 3% volume growth in the market, which is crucial for achieving organic top-line growth of 5% to 6% [27][69] Company Strategy and Development Direction - The company aims to grow to $2 billion in net sales over the next three to five years, focusing on core business growth and strategic acquisitions [26][29] - Investments in technology, including cloud migration and AI, are prioritized to enhance operational efficiency and customer service [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2025, despite current market pressures, and emphasized readiness for future market improvements [40][76] - The company is confident in its ability to navigate macroeconomic challenges and maintain profitability through strategic initiatives [39][41] Other Important Information - Hillman made two acquisitions in 2024, Koch Industries and Intex DIY, which are expected to provide organic growth opportunities [14][15] - The company has paid down over $900 million of debt in the past four years, improving its balance sheet [24][63] Q&A Session Summary Question: Can you break out organic growth in Q4 by price and volume? - Management indicated that price was down just over 1%, with volume making up the remainder of the growth calculation [80] Question: Why should MinuteKey 3.5% drive sustainable growth in RDS? - Management highlighted the expansion into new markets and improved machine capabilities as key drivers for growth [84][87] Question: How did December trends look, and what is expected in Q1? - December was pressured, but Q1 has stabilized, aligning with expectations from Q4 [96] Question: How are tariffs being managed? - Management plans to handle tariffs similarly to past experiences, ensuring pricing adjustments are made as necessary [98][102] Question: What is the outlook for the Canadian business? - The Canadian market is facing pressures, but new business wins are helping to offset these challenges [127][130]