Financial Data and Key Metrics Changes - The partnership reported adjusted EBITDA of $458 million and distributable cash flow as adjusted of $310 million for the first quarter [5] - The leverage ratio at the end of the quarter was 4.1 times, aligning with the long-term target [6] - A distribution of $0.08 per common unit was declared, representing an increase of just over 1.25% compared to the previous quarter, with a trailing twelve-month coverage ratio of 1.9 times [7][8] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $220 million, with volumes at 2.1 billion gallons, down 3% from the previous quarter but flat year-over-year [11] - The Pipeline Systems segment reported adjusted EBITDA of $172 million, with throughput of approximately 1.3 million barrels per day, down from 1.4 million barrels per day in the previous quarter [12] - The Terminals segment delivered adjusted EBITDA of $66 million, with throughput of 620,000 barrels per day, up from around 600,000 barrels per day in the previous quarter [13] Market Data and Key Metrics Changes - The company is acquiring Parkland Corporation for approximately $9.1 billion, expected to close in the second half of 2025 [3] - The acquisition of Tankwit, Germany's largest independent storage operator, for approximately €500 million is also in progress, expected to close in the second half of 2025 [6][7] Company Strategy and Development Direction - The company aims for an annual distribution growth rate of at least 5% and has increased distributions by approximately 9% since 2022 [8] - The strategy focuses on growing scale, optimizing fuel profit, and integrating with midstream assets, particularly through recent acquisitions [14][15] - The company emphasizes the importance of refined products in the global energy mix and plans to leverage existing infrastructure for future growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2025 guidance despite potential challenges from inflation and recession [20] - The business model is designed to perform well in volatile environments, supported by pipeline and terminal assets [22] - The company is proactively managing expenses and expects continued growth in EBITDA and distributions [23] Other Important Information - The company completed a $1 billion offering of senior notes to improve financial flexibility and extend debt maturity [6] - The partnership's strong liquidity positions it well for future growth and capital allocation priorities [6][8] Q&A Session Summary Question: Future capital allocation among regions post-Parkland close - Management indicated that capital allocation is evaluated across all segments and geographies, focusing on the best projects rather than specific regional targets [26][27] Question: Right mix between fuel distribution and midstream assets - Management stated that while the portfolio may not always be perfectly balanced, the goal is to maintain a diversified portfolio, with a focus on opportunities that provide strong financial benefits [28][29]

Company Outlook - Okeanis Eco Tankers is well-positioned to benefit from favorable market dynamics heading into 2025, supported by a modern fleet, disciplined capital management, and strong industry fundamentals [1] - The company employs a focused fleet deployment strategy, prioritizing Mediterranean and Western trades for Suezmaxes and utilizing a triangulation strategy for VLCCs [4] Market Dynamics - The expansion of U.S. sanctions on Russian and Iranian oil exports has reshaped global crude flows, potentially removing up to 1.5 million barrels per day of Iranian exports, creating demand for approximately 45 additional VLCCs [2] - Aging fleet dynamics are expected to support the market outlook, with 35% of the global Suezmax fleet and 30% of VLCCs projected to be over 20 years old by 2027 [5] Financial Position - Okeanis has strengthened its balance sheet by refinancing most of its fleet at lower margins and expanding its lender base, while maintaining a disciplined capital allocation strategy [6] - The company remains committed to shareholder returns without pursuing aggressive expansion or equity dilution [6] Future Catalysts - Potential U.S. Strategic Petroleum Reserve refilling and shifts in geopolitical policy are expected to drive continued demand, with Mr. Trump expressing intentions to rebuild the SPR [7]

Easterly Government Properties (DEA) Q1 2025 Earnings Call April 29, 2025 11:00 AM ET Company Participants Lindsay Winterhalter - Senior Vice President of Investor Relations & OperationsDarrell Crate - CEO, President & DirectorAllison Marino - EVP & CFOPeter Abramowitz - SVP - Equity ResearchMichael Carroll - Managing Director & Head of US Real Estate ResearchJohn Kim - Managing Director - US Real Estate Conference Call Participants Seth Bergey - Senior Analyst Operator Welcome to the Easterly Government Pr ...

Core Viewpoint - Dynavax Technologies Corporation is urging stockholders to vote "FOR" its four director nominees in response to a proxy contest initiated by Deep Track Capital, emphasizing the company's strong financial performance and strategic direction [1][2][3] Financial Performance - Dynavax has achieved total stockholder returns of 267% over the past five years, significantly outperforming the NASDAQ Biotechnology Index and the S&P Biotechnology Select Industry Index [3][9] - The company reported a substantial increase in HEPLISAV-B® net product revenue, growing from $36 million in 2020 to a record $268 million in 2024, representing a 65% compound annual growth rate [9] - Anticipated net product revenue for HEPLISAV-B® in 2025 is projected to be between $305 million and $325 million, with expectations for the U.S. hepatitis B adult vaccine market to peak at over $900 million by 2030 [9] Strategic Direction - Dynavax is executing a disciplined capital allocation strategy, including a $200 million share repurchase program, of which $128.8 million has already been executed as of the end of Q1 2025 [8][9] - The company has refocused its portfolio on vaccines, successfully launching HEPLISAV-B® and advancing its differentiated vaccine pipeline [7][9] - Dynavax's board has been programmatically refreshed, with new directors possessing extensive experience in biotechnology and vaccine development [11][12] Governance and Board Composition - The board nominees proposed by Dynavax are described as highly qualified, with significant experience in the biotechnology sector, contrasting with the unqualified candidates put forth by Deep Track [3][15][18] - The board has implemented corporate governance enhancements, including a proposal to declassify the board, which aims to improve accountability and responsiveness to stockholders [12][19] Proxy Contest Context - Deep Track Capital is attempting to gain control of the Dynavax board to implement a short-term strategy that the company believes would be detrimental to long-term value creation [5][14][17] - Dynavax has made multiple attempts to reach a settlement with Deep Track to avoid a costly proxy contest, but these efforts have been met with resistance [16][17]

Financial Data and Key Metrics Changes - Revenue less ancillary services grew by 17.4% year over year to $112.8 million in Q4 2024, but was lower than guidance by approximately $8 million due to macro factors, particularly in Canada and foreign exchange impacts [33][34] - Adjusted EBITDA increased to $16.7 million for the quarter, compared to $7.7 million in Q4 2023, with an adjusted EBITDA margin up nearly 700 basis points year over year [36][37] - GAAP net income reflected a loss of $15.9 million, primarily due to a one-time non-cash foreign exchange loss of $14 million on intercompany loans [38] Business Line Data and Key Metrics Changes - The travel vertical grew organically by more than 50% in 2024, becoming the second largest vertical, contributing 13% of total revenue, up from 7% two years ago [23][24] - The education vertical in EMEA and the UK saw over 50% year-over-year revenue growth, despite headwinds from visa policy changes [16][20] - The healthcare vertical secured a landmark eight-figure relationship with a major hospital system, indicating strong market receptiveness [27] Market Data and Key Metrics Changes - Canadian higher education revenue was down over 50% year over year, resulting in a significant headwind to overall growth [34][60] - The U.S. market experienced slower growth due to shifting visa trends, with F-1 visa issuance down approximately 10% [92] - The company anticipates revenue in Canada and Australia to be down over 30% year over year due to recent policy changes [44][68] Company Strategy and Development Direction - The company announced the acquisition of Certify, which is expected to enhance its presence in the travel vertical and provide access to new subsegments of the global travel industry [10][26] - A comprehensive operational and portfolio review is underway to optimize investments across geographies, products, and verticals [12][65] - The company is focusing on product innovation, particularly in vertical-specific software for complex payments, and aims to enhance its go-to-market strategy [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant macro headwinds, particularly in the education sector due to visa policy changes, but expressed confidence in the long-term demand for international education [9][20] - The company is strategically investing in new products and payment network capabilities to offset macro challenges and diversify revenue [9][41] - Management expects continued growth in EMEA education, travel, and B2B segments, while projecting a cautious outlook for the U.S. market [46][75] Other Important Information - The restructuring plan announced will affect approximately 10% of the workforce, with expected charges between $7 million to $9 million [37][47] - The company has repurchased 2.3 million shares for approximately $44 million as part of its buyback program [39] - The acquisition of Certify is expected to contribute approximately $35 million to $40 million in revenue in 2025 [43] Q&A Session Summary Question: Can you talk about the NRR? - Management indicated that NRR was 114% in 2024, with expectations for a further decline in 2025 due to visa dynamics in Canada and Australia [50][51] Question: Why is the portfolio review happening now? - Management stated that ongoing policy restrictions prompted a review to control internal factors and optimize investments [54][56] Question: What is the impact of the SDS policy in Canada? - Management explained that the SDS policy change has led to significant demand destruction, affecting overall student enrollments and payments [60][61] Question: How is the education market performing outside Canada and Australia? - Management noted strong growth in the UK and EMEA markets, while the APAC region is also showing good opportunities [75] Question: What are the expectations for gross profit margins in 2025? - Management anticipates a decline in gross profit margins due to a mix of faster-growing verticals, estimating a drop of 100 to 200 basis points [80]