Growth on the Horizon November 2024 May 2025 www.edrsilver.com TSX: EDR | NYSE: EXK TSX: EDR | NYSE: EXK www.edrsilver.com TSE: EDR | NYSE: EXK Cautionary Note This presentation contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's acq ...

本期导读： 2025年，并购与S市场迎来新一轮扩容，地方国资、险资巨头及产业资本竞相入局，为市场注入多 元化活力。 作者丨FOFWEEKLY 本期推荐阅读5分钟 "当下的市场环境，真有种'困兽犹斗'的感觉，募资难、退出难。"有GP无奈吐槽。 募资和退出之困， 如同巨石横路，成为VC/PE核心痛点。事实上，今年以来，越来越多并购基 金、S基金落地，这背后也正是市场解决退出困境的急切探索。 尽管退出难题依然横亘在前，但各地围绕行业发展依旧不遗余力，近期，福建更是重磅出手， 宣 布 打造1300亿母基金矩阵，设立百亿并购基金和百亿S基金。 福建重磅出手 福建重磅出手， 1300亿母基金领航，百亿级并购基金与S基金双管齐下。 近日，福建省政府办公厅印发《关于进一步推动资本市场服务科技型企业高质量发展的若干措施》 （以下简称《若干措施》）。《若干措施》中明确提出，要加大企业并购重组支持力度， 设立规 模达100亿元的省级并购基金， 同时加强并购重组服务和投后赋能，对于成功落地的并购项目给予 重点服务保障。在培育耐心资本服务科技创新方面，福建省也将设立 100亿元的省级S基金 ，旨在 为优质科技型企业持续赋能。 《若干措 ...

Landsea Homes Shareholders to Receive $11.30 Per Share in Cash, Representing a Premium of Approximately 61% to the Closing Share Price on May 12, 2025 Complementary, Diversified Footprint Positions Combined Company to Accelerate Continued Growth Across the Country IRVINE, Calif. and DALLAS, May 12, 2025 (GLOBE NEWSWIRE) -- New Home Co. (“New Home”) and Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes”) today announced that they have entered into a definitive agreement under which New Home will acqu ...

Summary of Pan American Silver (PAAS) and MagSilver Conference Call Company and Industry - **Companies Involved**: Pan American Silver (PAAS) and MagSilver (MAG) - **Industry**: Precious Metals Mining, specifically Silver Production Key Points and Arguments 1. **Acquisition Announcement**: Pan American Silver has entered into a definitive agreement to acquire all outstanding shares of MagSilver for approximately $2.1 billion, equating to $20.54 per MAG share based on recent closing prices [2][3][4] 2. **Transaction Structure**: The consideration will consist of $500 million in cash and 0.755 shares of Pan American for each MAG share, representing a premium of approximately 21.2% [3][4] 3. **Shareholder Impact**: Post-transaction, existing MAG shareholders will own about 14% of Pan American's common shares on a fully diluted basis [4] 4. **Strategic Rationale**: The acquisition is expected to enhance Pan American's position as a leading silver producer, adding a large-scale, low-cost silver mine with significant exploration potential [5][6] 5. **Production Forecast**: The Juanicipio mine is projected to produce between 14.7 million to 16.7 million ounces of silver in 2025, increasing Pan American's total silver production by 34% to approximately 27.4 million ounces [6][8] 6. **Cost Efficiency**: All-in sustaining costs at Juanicipio are expected to be between $6 to $8 per ounce, which will lower Pan American's overall costs to approximately $13 to $15 per ounce [7][8] 7. **Free Cash Flow Generation**: The acquisition is anticipated to add $98 million to Pan American's free cash flow in 2025, resulting in a total of approximately $788 million [8] 8. **Resource Expansion**: Juanicipio will contribute significant silver reserves, including 58 million ounces in proven and probable reserves, further solidifying Pan American's leading position in silver resources [9] 9. **Exploration Potential**: Only 10% of the mineral concession at Tavwani has been explored, indicating substantial upside potential for future exploration [9] 10. **Financial Position**: Pan American reported a cash and short-term investment balance of $923 million at the end of Q1 2025, with total available liquidity expected to remain strong at approximately $1.3 billion post-transaction [10] Additional Important Information 1. **Board Support**: The transaction has unanimous support from both companies' boards and requires approval from 66.23% of MAG shareholders at a special meeting [4] 2. **Regulatory Approvals**: The deal is subject to clearance from Mexican antitrust authorities and listing approvals on stock exchanges [4] 3. **Future Growth**: The acquisition aligns with Pan American's disciplined capital allocation strategy and is expected to enhance shareholder returns through increased production and reduced costs [10][11] 4. **Partnership with Fresnillo**: The collaboration with Fresnillo, the operator of Juanicipio, is viewed positively, with expectations of synergies and shared operational expertise [19][30] 5. **Exploration Strategy**: There is a focus on exploring deeper structures and potential high-grade zones, with ongoing drilling programs planned [36][63] This summary encapsulates the key aspects of the conference call regarding the acquisition of MagSilver by Pan American Silver, highlighting the strategic benefits, financial implications, and future growth opportunities within the silver mining industry.

Financial Performance - GAAP Net loss was $376 million for the first quarter[16] - GAAP Net loss attributable to Bridge Investment Group Holdings Inc was $122 million for the first quarter[16] - Loss per share of Class A common stock - basic and diluted was $037 for the first quarter, partially attributed to approximately $170 million in transaction costs related to the Merger Agreement[16] - Distributable Earnings ("DE") of the Operating Company decreased 47% to $170 million[17] from $322 million[17] year-over-year - After-tax DE per share decreased 47% to $009[17] from $017[17] year-over-year Assets Under Management (AUM) - Gross AUM increased 3% year-over-year to $494 billion[17] from $480 billion[17] - Fee-Earning AUM remained unchanged year-over-year at $220 billion[17] - Capital Raised increased 4% year-over-year to $02 billion[17] from $02 billion[17] - Capital Deployed increased 73% year-over-year to $06 billion[17] from $03 billion[17] Revenue - Total Revenue decreased 6% year-over-year to $963 million[17] from $1028 million[17] - Fee Related Revenues decreased from $793 million[25] to $726 million[25]

Financial Data and Key Metrics Changes - Revenue for Q1 was $61 million, down 21.4% year-over-year, primarily due to lower demand in the medium and heavy-duty truck vertical and powersports [13][21] - Gross margin expanded to 19.2%, up 220 basis points year-over-year and 340 basis points sequentially [12][14] - Adjusted EBITDA margin was 11.7%, an improvement from 11.2% in the previous year [18] - Net income for Q1 was $2.2 million, or diluted EPS of $0.25, compared to $3.8 million or diluted EPS of $0.43 in the same period last year [17] - Cash flow from operations exceeded $6 million, up from $5.1 million a year ago [18] Business Line Data and Key Metrics Changes - The building products sector secured $10 million in new business, while the electric vehicle battery sector contributed $5 million [10] - The company achieved 99.3% on-time delivery and maintained a quality level under 100 ppm, both industry-leading metrics [9] Market Data and Key Metrics Changes - The company expects revenues to decline between 10-15% for the first half of 2025, revised from a previous guidance of down 5-10% [21] - The decline is attributed to tooling sales shifting to the second half of the year and lower than expected product sales in the heavy and medium-duty truck market [21][22] Company Strategy and Development Direction - The company's focus for 2025 is on investing for growth, with plans to utilize restructuring savings to enhance sales resources and market analysis [15][20] - The strategy includes prioritizing high-value parts in sectors where technical differentiation provides a competitive advantage, such as construction, energy, industrial, and medical markets [26] - The company remains active in M&A discussions, with a robust pipeline aligned with strategic priorities [24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining gross margins in the 17% to 19% range for the full year despite macroeconomic uncertainties [25] - The company is closely monitoring global trade dynamics and potential regulatory changes that may impact demand [25][22] - Management highlighted the importance of adapting quickly to customer needs and production levels in response to market conditions [23] Other Important Information - The company repurchased approximately 63,000 shares at an average price of $14.5 during the first quarter [20] - As of March 31, 2025, the company had a strong liquidity position of $94.5 million, including $44.5 million in cash [18] Q&A Session Summary Question: Insights on growth and SMC capacity - Management expressed excitement about SMC and its potential for revenue growth, highlighting shorter quote-to-cash cycles and existing capacity for production [29][30] Question: Advantages of US and Mexico footprint - Management confirmed that having production capacity in both the US and Mexico positions the company well to capitalize on opportunities as businesses consider reshoring [36][37] Question: Updates on newer markets like medical and turf protection - Management reported ongoing production in turf protection and opportunities in the medical sector, emphasizing the company's technical capabilities [38][39] Question: Details on large press upgrades - Management discussed evaluating upgrades to older presses to enhance operational speed and efficiency [41][42] Question: Thoughts on acquisition valuations - Management noted that acquisition multiples are between six and seven for companies being considered, with competitive pricing strategies in place [50]

Financial Data and Key Metrics Changes - The company reported a sales growth of 5% year-over-year and an adjusted EPS of $0.54 for Q1 2025 [6][12] - Core sales declined by 4%, primarily due to lower volumes in the US currency business [6][12] - Adjusted segment operating profit margin was approximately 19%, impacted by lower volumes and unfavorable mix in US currency [12][14] Business Line Data and Key Metrics Changes - CPI's core sales declined by approximately 2%, driven by lower volumes in gaming and vending markets, while financial services and retail showed growth [14][15] - Security and authentication technologies saw a 22% increase in sales, including OPSEC, but core sales were down approximately 8% due to lower US currency volumes [15][16] - Crane Currency achieved a record high backlog with a book-to-bill ratio of 2.4, indicating strong demand for its anti-counterfeiting technology [6][11] Market Data and Key Metrics Changes - CPI ended the quarter with a backlog of $147 million and a book-to-bill ratio of approximately one [15] - The international currency business had a record high backlog of approximately $370 million, indicating strong performance and future sales confidence [16][73] - The company expects the impact of tariffs to be approximately $25 million on operating profit, with a significant portion related to CPI components sourced from China [18][19] Company Strategy and Development Direction - The company is focused on diversifying its portfolio through disciplined M&A, with the recent acquisition of De La Rue authentication solutions enhancing its security and authentication capabilities [7][10] - The new Crane authentication business aims to provide a unified set of products and services, leveraging synergies from the OPSEC and De La Rue integration [8][10] - The company is maintaining a robust M&A funnel and expects to execute additional transactions to expand its market-leading positions [12][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year adjusted EPS guidance despite economic uncertainties and tariff impacts [22][23] - The company is proactively addressing tariff impacts through pricing actions and supply chain strategies, expecting to mitigate the direct effects on 2025 results [19][20] - Management highlighted the resilience of the authentication business, particularly due to government contracts and recurring services [47][48] Other Important Information - The company reaffirmed its full-year adjusted EPS guidance range of $4 to $4.3 [22] - The integration of OPSEC and De La Rue is on track, with expectations for accelerated synergies in the second half of the year [91][92] - The company anticipates sales growth in the SAT segment to be between 19% to 21%, reflecting strong demand and the addition of De La Rue [20][21] Q&A Session Summary Question: Can you provide more granularity on CPI's growth rates across major end markets? - Management confirmed the expected impact of tariffs primarily affects the vending market, with a projected low single-digit decline for the full year [29][34] Question: How did the US currency perform relative to expectations in Q1? - Management indicated that the US currency performed as expected, with international currency showing better-than-expected growth [36][38] Question: What are the key priorities for integrating the De La Rue business? - Management emphasized focusing on customer acquisition and operational synergies to enhance the authentication segment [57][58] Question: What is the outlook for the authentication business in the next 18 months? - Management expects mid single-digit growth in the authentication market, with potential for steady expansion as brands adopt more services [86][88] Question: What is the status of OPSEC's synergies? - Management confirmed that OPSEC is performing as expected, with synergies expected to accelerate following the De La Rue acquisition [90][92]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $500.8 million, a 7.1% increase from $467.6 million in Q1 2024, representing an 8.9% growth on a revenue per day basis [8][11] - Adjusted EBITDA increased to $102.7 million in Q1 2025 from $96.1 million in Q1 2024, a 6.8% increase, with adjusted EBITDA margin slightly decreasing from 20.6% to 20.5% [8][18] - Net income was $40.6 million, lower than the same quarter last year, primarily due to increased interest expenses and transaction costs related to acquisitions [9][10] Business Line Data and Key Metrics Changes - Total patient visits per day increased by 3.2% year over year to 50,900, with a 0.6% increase to 49,600 when excluding the Nova acquisition [5][11] - Workers' compensation revenue was $302.1 million, an 8% increase year over year, with visits per day up 2.4% [12] - Employer services revenue increased by 6.2% to $160.1 million, with visits per day up 3.9% [13] Market Data and Key Metrics Changes - The company reported strong growth in both workers' compensation and employer services, indicating a positive trend in the occupational health market [6][9] - The acquisition of Nova Medical Centers and other strategic acquisitions are expected to enhance market presence and service offerings [7][22] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, with the recent Nova acquisition and plans for the Pivot On-site acquisition, which will significantly increase its operational scale [7][24] - The strategy includes enhancing employer relationships and scaling the on-site health segment, which is projected to double in revenue due to the Pivot acquisition [24][25] - The company aims to maintain a leverage ratio of approximately 3.5 times by the end of 2025 and 3.0 times within the next 18 to 24 months, focusing on debt repayment and organic growth initiatives [26] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic uncertainties, there has been no observed impact on visit volumes, which is seen as a positive indicator [27][28] - The company is well-positioned to handle potential economic slowdowns, leveraging its history of managing costs effectively during downturns [31][32] - Future growth is anticipated from potential increases in manufacturing jobs due to reshoring efforts, which could drive visit growth at the company's centers [28][29] Other Important Information - The company declared a cash dividend of $0.0625 per share, payable on May 29, 2025 [21] - The company ended Q1 2025 with a total debt balance of $1.6 billion and a cash balance of $52 million, with a net leverage ratio of 3.9 times [20] Q&A Session Summary Question: Discussion on Employer Services volumes and turnaround - Management indicated that the positive performance in Employer Services volumes is attributed to improved sales and marketing efforts, with cautious optimism for continued growth [39][41] Question: Future growth with recent acquisitions - Management emphasized the importance of scaling operations and enhancing partnerships within the managed care ecosystem to drive future growth [43][44] Question: Workers' compensation visit growth and long-term outlook - Management acknowledged that while organic growth was slightly slower than expected, they anticipate positive growth moving forward [53][54] Question: Impact of inflation on rates - Management explained that rates typically adjust in line with inflation, with historical patterns showing timely adjustments to fee schedules [61][64] Question: Cost structure and labor efficiency - Management highlighted that labor constitutes a significant portion of costs, with teams effectively managing staffing levels in response to visit volumes [102][103]

If you like to see more ideas, please subscribe to the premium service "Value in Corporate Events" here and try the free trial. In this service we cover major earnings events, M&A, IPOs and other significant corporate events with actionable ideas. Furthermore, we provide coverage of situations and names on request!In April, I called UFP Technologies (NASDAQ: UFPT ) a medical sterile producer which looked quite clean in a premium article in my service. Following a 50% stock pullback, the custom medical compo ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $7,300,000 for Q1 2025, with diluted EPS of $0.43, while adjusted net income was $16,000,000, reflecting a 6% increase from the previous quarter [7][16][17] - Non-GAAP core diluted EPS decreased by 8% compared to the previous quarter [7][17] - The net interest margin reached 3.04%, a 47 basis point increase from the previous quarter, with core net interest margin expanding by 11 basis points to 2.68% [8][17][18] Business Line Data and Key Metrics Changes - The company successfully integrated Northway Financial, adding over 28,000 new customers and 100 new team members [5] - The company anticipates achieving 75% of its annual cost-saving goal of 35% of Northway's operating expenses during 2025 [6] - Noninterest income for Q1 2025 was $11,200,000, down 8% from the previous quarter, attributed to seasonal factors [21] Market Data and Key Metrics Changes - The loan portfolio totaled $4,900,000,000, with organic loan balances remaining flat during the first quarter [23][24] - Deposits amounted to $5,600,000,000, also flat, reflecting seasonal trends [24] Company Strategy and Development Direction - The company is focused on deepening customer relationships and expanding its presence in New Hampshire and Maine [12][13] - The management team is committed to maintaining soundness, profitability, and growth as strategic pillars for sustainable long-term performance [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the loan portfolio, with no material signs of credit deterioration observed [9][10] - The company is well-positioned to capitalize on future Fed rate cuts, projecting a benefit of approximately $1.2 million from a 25 basis point rate cut [35] Other Important Information - The company has filed a shelf registration statement for capital planning purposes [25] - The integration of Northway Financial has been smooth, with strong employee retention and positive client feedback [54] Q&A Session Summary Question: Core margin expectations for the second quarter - Management expects core net interest margin to expand by an additional 2 to 5 basis points, targeting a range of 2.75% [31] Question: Purchase accounting accretion - Management indicated that the $5,000,000 of net accretion income feels like a solid midpoint for future expectations [32][34] Question: Loan growth outlook and Northway impact - Management confirmed that the low single-digit loan growth outlook does not factor in any runoff from Northway, as both companies share a strong credit culture [60][62] Question: Provisioning and reserve levels - Management acknowledged the potential for higher provisioning in response to macroeconomic uncertainties, with a focus on maintaining adequate reserves [63]