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UMH Properties(UMH) - 2025 Q1 - Earnings Call Transcript
2025-05-02 15:02
UMH Properties (UMH) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Craig Koster - Executive VP, General Counsel & SecretarySamuel Landy - President & CEOAnna Chew - EVP, CFO, Treasurer & DirectorEugene Landy - Founder & Chairman of the BoardGaurav Mehta - Managing DirectorBrett Taft - Executive VP & COORob Stevenson - Managing Director - Head of Real Estate ResearchCraig Kucera - MD - Equity ResearchMerrill Ross - REIT research Conference Call Participants John Massocca - Senior Resear ...
Patria(PAX) - 2025 Q1 - Earnings Call Transcript
2025-05-02 14:02
Financial Data and Key Metrics Changes - Fundraising in Q1 2025 reached a record $3.2 billion, contributing to a target of $6 billion for the year [6][24] - Fee-related earnings (FRE) were $42.6 million or $0.27 per share, reflecting a 2116% year-over-year growth [6][8] - Assets under management (AUM) grew to $46 billion, a 43% increase year-over-year and over 9% sequentially [10][26] - Distributable earnings were $37 million or $0.23 per share, up 12% year-over-year [8][32] Business Line Data and Key Metrics Changes - Fee-earning AUM increased to $35 billion, a 46% year-over-year growth and 6% sequentially [10][28] - Organic net inflows into fee-earning AUM were over $700 million, representing an annualized organic growth rate of over 8.6% [7][26] - Management fee revenue for Q1 was $77.3 million, up 28% year-over-year, but down 17% sequentially due to seasonal factors [28][29] Market Data and Key Metrics Changes - Approximately 20% of fee-earning AUM were in permanent capital vehicles, which is a key long-term objective [13][22] - Strong demand from Asian sovereign wealth fund investors led to $1 billion in commitments during the quarter [14][15] - Local investors accounted for approximately 17% of fundraising in Q1 2025, indicating a growing interest in alternative investments [22] Company Strategy and Development Direction - The company aims to diversify its investment strategies and product offerings, enhancing resilience against global uncertainties [23][24] - The focus is on organic growth through customized investment accounts and special managed accounts, moving away from a product-centric model [6][12] - The company is positioned to benefit from geopolitical shifts, with a low exposure to U.S. tariffs and a focus on local consumption markets in Latin America [17][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $6 billion fundraising target despite global uncertainties [24][31] - The company believes Latin America is becoming a more attractive destination for capital, benefiting from low geopolitical risks and strong local consumption [18][39] - Management anticipates that the ongoing trade conflicts may lead to increased foreign direct investment (FDI) in the region [42] Other Important Information - The company has a net debt of approximately $143 million, with a net debt to FRE ratio well below one time [32] - The effective tax rate for the quarter was 9.2%, with expectations to trend towards 10% by 2027 [32] - A quarterly dividend of $0.15 per share was approved for 2025, with intentions to repurchase shares throughout the year [33] Q&A Session Summary Question: How are portfolios positioned regarding higher tariffs in the U.S.? - Management indicated that most investments are Latin America-oriented, with minimal exposure to Mexico, and sectors are resilient and locally driven [37][39] Question: Could Chinese institutions divert allocations from U.S. to LatAm? - Management confirmed that there is increased interest from Asian investors, with significant commitments already made [43][45] Question: Is there potential upside to the $6 billion fundraising target? - Management maintained the $6 billion target but acknowledged the strong start with $3.2 billion raised in Q1 [52][54] Question: Update on integration of M&A completed last year? - Management reported that 2025 is focused on integration, with no major issues encountered and synergies expected to improve margins [70][74] Question: Overview of the $3.5 billion pending fee AUM? - Management stated that most pending AUM will be allocated to infrastructure and GPMS verticals, with an average management fee of 96 basis points expected [78][80]
Casella(CWST) - 2025 Q1 - Earnings Call Transcript
2025-05-02 14:00
Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $417.1 million, an increase of $76.1 million or 22.3% year over year, with $57.3 million from acquisitions and $18.4 million from organic growth of 5.4% [13][20] - Adjusted EBITDA was $86.4 million, up $15.4 million or 21.7% year over year, with adjusted EBITDA margins at 20.7%, down 10 basis points year over year [16][20] - Adjusted net income was $12.2 million or $0.19 per diluted share, an increase of $3.5 million or about $0.04 per share [19] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 25.9% year over year, with pricing up 5.6% and volume down 1.7% [13][14] - Collection pricing was up 5.8%, while volumes decreased by 1.7%, attributed to slower roll-off volumes during winter [9][14] - Resource Solutions revenues grew by 9.5% year over year, with national accounts up 10.9% [15][16] Market Data and Key Metrics Changes - Organic growth in the landfill business exceeded 7%, driven by both price and volume increases [8][9] - The average price per ton in the landfill business was up 4.8% in the quarter [15] - Commodity prices remained stable, with recent softness in the fiber market offset by strength in plastics and aluminum [15] Company Strategy and Development Direction - The company continues to focus on internalizing more of its own tons and executing its acquisition strategy, having closed four deals year to date with approximately $50 million in annualized revenues [10][25] - The active M&A pipeline is robust, with over $500 million in revenues in various stages of engagement [26] - The company aims to enhance operational efficiency through fleet automation and route optimization [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, citing limited exposure to tariffs and a resilient business model [10][22] - The company is closely monitoring macroeconomic uncertainties but remains optimistic about future value creation opportunities [10][21] - Management noted that the challenging winter weather impacted roll-off volumes but expects a seasonal uptick as spring progresses [9][72] Other Important Information - The company was recognized on Forbes' 2025 America's Best Midsized Employers list, highlighting its commitment to core values and culture [7] - The company has a consolidated net leverage ratio of 2.45 times and maintains approximately $900 million of availability between excess cash and an undrawn revolver [21] Q&A Session Summary Question: How much of the landfill volume increase is due to lost construction and demolition volumes flowing back? - Management indicated that about one-third of the increase is from recapturing construction and demolition tons in the New York market, with two-thirds from efforts to internalize additional tons [30][31] Question: What is the unfilled annual landfill capacity today? - Management stated that they are running about 30% excess capacity, primarily in New York State, with opportunities to drive more volume to specific landfills [32][33] Question: Can you provide an update on the Juniper Ridge landfill gas plant ramp? - The Juniper Ridge project is online but operating at low production levels, with expectations for ramp-up throughout the year [36][38] Question: What is the expected EBITDA contribution from internalization? - Management noted that the impact of internalization on EBITDA is complex and varies by acquisition, making it difficult to provide a specific figure [75][76] Question: Why was the full year guidance not changed despite strong Q1 results? - Management explained that it is typical not to change guidance in the first quarter unless there are significant deviations from expectations [90][91]
UMH Properties(UMH) - 2025 Q1 - Earnings Call Transcript
2025-05-02 14:00
UMH Properties (UMH) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Speaker0 Good morning, and welcome to Properties First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. It is now my pleasure to introduce your host, Mr. Craig Coster, Executive Vice President and General Counsel. Mr. Coster, you may begin. Speaker1 Thank you very much, operator. In addition to the 10 Q that we filed with the SEC yesterday, we have f ...
Casella(CWST) - 2025 Q1 - Earnings Call Transcript
2025-05-02 14:00
Casella Waste Systems (CWST) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Bradford Helgeson - Executive VP & CFOJohn Casella - Chairman, CEO & SecretaryNed Coletta - PresidentAdam Bubes - Vice President, Equity ResearchJason Mead - Senior VP of Finance & TreasurerStephanie Moore - SVP - Equity ResearchTony Bancroft - Portfolio ManagerTimna Tanners - Managing Director - Equity Research Conference Call Participants Trevor Romeo - Research AnalystJames Schumm - Senior Analyst Bradford He ...
Olympic Steel(ZEUS) - 2025 Q1 - Earnings Call Transcript
2025-05-02 14:00
Financial Data and Key Metrics Changes - The company reported first quarter sales of $493 million with net income of $2.5 million, a decrease from $8.7 million in the same period last year [6][18] - EBITDA for the first quarter was $16.1 million compared to $23.3 million in the prior year [18] - Consolidated operating expenses increased to $110.6 million from $103.2 million year-over-year, influenced by the acquisition of Metalworks [19][21] - The effective tax rate for the first quarter was 30.1%, up from 27% in the same period last year [21] Business Segment Data and Key Metrics Changes - The Carbon segment reported EBITDA of $10.9 million, driven by increased shipping volumes and growth in coated carbon steel products [13] - The Pipe and Tube segment delivered EBITDA of $6.4 million, although it experienced slower OEM orders [14] - The Specialty Metals segment reported EBITDA of $3.6 million, with ongoing investments in growth and expansion [14] Market Data and Key Metrics Changes - Hot roll pricing increased by more than 30% during the quarter due to the announced 25% tariffs on steel and aluminum [12] - The company noted that over 90% of its metal supply and nearly all sales are domestically based, positioning it well in the current tariff environment [10] Company Strategy and Development Direction - The company is focused on building a stronger, more resilient Olympic Steel, emphasizing profitable growth through diversification into metal-intensive end markets and expanding fabrication capabilities [6][7] - The commitment to mergers and acquisitions (M&A) remains a key growth strategy, with the recent acquisition of Metalworks proving immediately accretive [7][8] - Ongoing capital investments are planned to enhance throughput and safety, with several new facilities and equipment upgrades expected to come online in the near future [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive profitable growth regardless of market conditions, citing strong operational discipline and effective working capital management [10][11] - The management team highlighted the importance of onshoring opportunities and the potential for growth in the pipe and tube market, particularly in data centers [40] Other Important Information - The company announced a five-year extension of its $625 million asset-based revolving credit facility, providing flexible capital for growth initiatives [10][20] - A quarterly dividend of $0.16 per share was declared, continuing a history of regular dividends since February 2006 [21] Q&A Session Summary Question: How much of the first quarter volume boost is due to pull forward demand? - Management indicated that a significant portion of the volume increase was due to stronger spot sales, with traditional sales being 65% contract and 35% spot [26][28] Question: Expectations for the Pipe and Tube segment's performance? - The Pipe and Tube segment did not see the same sales increase as the Carbon segment, primarily due to its more contractual nature [29][30] Question: Current appetite for M&A and marketplace conditions? - Management confirmed that M&A remains a key growth strategy, with a return of potential sellers observed in April [31][32] Question: Outlook for the Pipe and Tube segment beyond Q2? - Management expects a more traditional year for the Pipe and Tube segment, with growth opportunities in onshoring [40] Question: Thoughts on working capital and inventory management? - The company successfully reduced debt by $37 million in Q1 and expects modest decreases in the following quarters [43][45] Question: Impact of tariffs on M&A strategy? - Management stated that tariffs have not directly impacted M&A strategy, as all acquisitions have been domestic [53][56]
NV5(NVEE) - 2025 Q1 - Earnings Call Transcript
2025-05-01 21:32
NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Richard Tong - Director, EVP & General CounselDickerson Wright - Executive ChairmanBen Heraud - CEOEdward Codispoti - CFOAlexander Hockman - President & CEO - InfrastructureAndrew Chang - COO - Buildings & TechnologyKurt Allen - President of GeospatialSam Kusswurm - Equity Research Associate Conference Call Participants Chris Moore - Senior AnalystRob Brown - Founding Partner & Senior Research AnalystAndrew Wittmann - Seni ...
NV5(NVEE) - 2025 Q1 - Earnings Call Transcript
2025-05-01 21:32
NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Richard Tong - Director, EVP & General CounselDickerson Wright - Executive ChairmanBen Heraud - CEOEdward Codispoti - CFOAlexander Hockman - President & CEO - InfrastructureAndrew Chang - COO - Buildings & TechnologyKurt Allen - President of GeospatialSam Kusswurm - Equity Research Associate Conference Call Participants Chris Moore - Senior AnalystRob Brown - Founding Partner & Senior Research AnalystAndrew Wittmann - Seni ...
Ryan Specialty (RYAN) - 2025 Q1 - Earnings Call Transcript
2025-05-01 20:45
Financial Data and Key Metrics Changes - Total revenue grew by 25% to $690 million, driven by organic revenue growth of 12.9% and contributions from M&A adding 13 percentage points [3][23] - Adjusted EBITDAC increased by 27.5% to $200 million, with an adjusted EBITDAC margin expanding by 60 basis points to 29.1% [4][23] - Adjusted earnings per share rose by 11.4% to $0.39, while there was a GAAP net loss of $4 million due to a nonrecurring deferred tax expense [23][24] Business Line Data and Key Metrics Changes - The casualty specialty experienced strong growth with high renewal retention and new business, particularly in habitational risks, transportation, construction, and healthcare [14] - The property specialty showed modest growth despite a challenging environment, with continued pricing declines but high renewal retention [12][13] - The delegated authority specialties, including binding authority and underwriting management, had strong organic growth, particularly in casualty and transactional liability [15][16] Market Data and Key Metrics Changes - The E&S market is expected to grow in importance, with risks moving into this market due to its ability to handle complex and uncertain loss environments [9][10] - The company noted a robust flow of business into the specialty channels, particularly in casualty, indicating strong market demand [31] Company Strategy and Development Direction - The company aims to continue delivering innovative solutions, executing its M&A strategy, and increasing profitability while investing in its platform [6][20] - The focus on M&A has significantly expanded the total addressable market and enhanced capabilities to serve clients [5][19] - The company is committed to balancing investments in talent and technology with margin expansion to ensure sustainable growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain economic environment, citing a diversified business model and specialized expertise [6][24] - The company anticipates continued organic growth and profitability, despite challenges in the property market [27][73] Other Important Information - The acquisition of USQ Risk is expected to add approximately $11 million in annualized revenue and enhance the company's capabilities in alternative risk offerings [19] - The company maintains a robust M&A pipeline, focusing on strategic and accretive opportunities [20][76] Q&A Session Summary Question: Can you discuss the sustainability of upper single-digit inorganic revenue growth? - Management indicated a strong double-digit flow of business into the channel, with a robust M&A pipeline, suggesting optimism for future growth [31] Question: What is the potential for scaling the USQ Risk acquisition? - Management emphasized the strategic nature of the acquisition and the potential for significant organic growth through new talent and capabilities [34][37] Question: Can you provide insights on technology investments and their impact on growth? - The company is streamlining workflows and experimenting with AI solutions to enhance operational efficiency and client service [44] Question: How do you expect property growth to trend in the upcoming quarters? - Management acknowledged the challenges in property but expressed confidence in maintaining modest growth through strong new business and retention [72][73] Question: What is the current state of the M&A pipeline? - The company has a robust pipeline of small, medium, and large deals, with a willingness to temporarily exceed leverage comfort for the right opportunities [76][78]
NV5(NVEE) - 2025 Q1 - Earnings Call Transcript
2025-05-01 20:30
NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Speaker0 Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the first quarter twenty twenty five ended 03/29/2025. Joining us today are Dickerson Wright, Executive Chairman of NV5 Ben Hurad, CEO of NV5 Edward Codispoti, CFO of NV5 and Richard Tong, Executive Vice President and General Counsel at NV5. I would now like to turn the call over to Richard Tong. Speaker1 Thank y ...