Financial Highlights - Full year revenue reached a record of $123 billion[3] - Non-Pipeline revenues also reached a record level[3] - Total Backlog increased to $143 billion, a sequential increase of $440 million and a year-over-year growth of $19 billion[3] - Record FY Adjusted EBITDA increased 19% year-over-year, with margins improving 110 bps[3] - FY Adjusted EPS increased $214, or 118%, year-over-year[3] - Record Cash Flow from Operations reached $11 billion[3] Segment Results (2024) - Communications revenue was $346 billion[7] - Clean Energy and Infrastructure revenue was $2682 billion[7] - Power Delivery revenue was $4092 billion[7] - Pipeline Infrastructure revenue was $2134 billion[7] Q4 2024 Backlog - Total backlog reached $143 billion, up 15%, or $19 billion year-over-year, and $440 million, or 3% sequentially[11] - Clean Energy and Infrastructure backlog grew by ~$11 billion year-over-year to ~$42 billion[11] 2025 Guidance - Revenue is projected to be $1345 billion[19] - Adjusted EBITDA is expected to be between $11 billion and $115 billion[19] - Adjusted Diluted EPS is projected to be between $535 and $584[19] - Cash flow from operations is anticipated to approximate $700 million[24]

Financial Performance & Portfolio Composition - The company's pro-rata annualized cash NOI totaled $413.912 million, with ISHC contributing 58.8%, OM 19.7%, SHOP 12.2%, Triple-Net Leased Properties 7.3%, and Debt Security Investment 2.0%[10] - Same-store ISHC revenues increased by 9.1% from Q4 2023 to $284.646 million in Q4 2024, and 7.8% from FY 2023 to $1.094 billion in FY 2024[15] - Same-store SHOP revenues increased by 11.5% from Q4 2023 to $44.793 million in Q4 2024, and 11.8% from FY 2023 to $174.310 million in FY 2024[26] - Same-store Triple-Net Leased Properties revenues increased by 1.0% from Q4 2023 to $7.597 million in Q4 2024, and 2.8% from FY 2023 to $30.583 million in FY 2024[31] Outpatient Medical (OM) - OM properties' ending occupancy was 87.9% as of December 31, 2024[20] - Same-store OM revenues increased by 2.1% from Q4 2023 to $31.960 million in Q4 2024, and 0.7% from FY 2023 to $127.722 million in FY 2024[20] Debt and Lease Expirations - Debt maturities and principal payments total $1.685 billion, with a weighted average interest rate of 4.42%[39] - In 2025, $14.576 million (13.4%) of OM ABR and $4.011 million (100%) of interest income are expiring[36] 2025 Guidance - The company anticipates total portfolio same-store NOI growth of 7.0% - 10.0% in FY 2025[45]

Financial Performance - Q4 2024 revenue reached $1,118 million, a 4.8% increase, but excluding political revenue, it decreased by 1.8%[10] - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023[10] - Full year 2025 consolidated revenue is expected to be approximately flat, while Adjusted EBITDA is projected to be around $770 million[10] - Free cash flow was negative $(24) million, but excluding Debt Exchange Transaction impacts, it was $111 million[10] - Full year 2024 revenue was $3,854.5 million, a 2.8% increase from $3,751.0 million in 2023[48] - Full year 2024 Adjusted EBITDA was $705.6 million, a 1.3% increase from $696.6 million in 2023[48] Segment Performance - Digital Audio Group revenue increased by 7% to $339 million, with podcast revenue up 6% to $140 million and digital revenue excluding podcast up 7% to $199 million[10] - Multiplatform Group revenue remained flat at $684 million, but excluding political revenue, it decreased by 5%[10] - Audio & Media Services Group revenue increased significantly by 44.7% to $97.8 million[12] Debt and Liquidity - The company completed a debt exchange transaction, exchanging approximately $4.8 billion of existing debt and extending maturities by three years[10] - The debt exchange resulted in the lowest net debt in the company's history[10] - Cash balance and total available liquidity were $260 million and $686 million, respectively, as of December 31, 2024[10]

Financial Performance & Guidance - Kinetik achieved record financial results in 2024, with Adjusted EBITDA of $971.1 million, representing a 16% year-over-year growth[7, 12] - The company anticipates 2025 Adjusted EBITDA to be in the range of $1.09 billion to $1.15 billion, with a midpoint of $1.12 billion, reflecting a 15% year-over-year increase[19, 31] - Kinetik expects its 4Q25E annualized Adjusted EBITDA to exceed $1.2 billion[19] - Capital expenditures for 2024 were $264.5 million, resulting in a reinvestment ratio of 27%[11, 12] - The company projects 2025 capital expenditures to be between $450 million and $540 million, with a midpoint of $495 million[19, 31] Segment Performance - Midstream Logistics contributed $614.1 million, or 62%, to the total Adjusted EBITDA in 2024[12] - Pipeline Transportation accounted for $377.6 million, or 38%, of the total Adjusted EBITDA in 2024[12] - In 4Q24, Midstream Logistics Adjusted EBITDA was $150 million, a 3% increase year-over-year, while Pipeline Transportation Adjusted EBITDA was $92 million, a 9% increase year-over-year[17, 18] Growth & Strategy - Kinetik is strategically investing in projects like the Kings Landing Complex (adding 220 Mmcfpd of processing capacity), the Eddy County Project, and the ECCC Pipeline to drive future growth[19, 30] - The company expects approximately 20% year-over-year growth in gas processed volumes across its system in 2025[31, 40] - Kinetik aims for a leverage target of 3.5x and is currently at 3.4x, with a goal of achieving investment-grade credit ratings[5, 54]

Company Overview - Eventbrite aims to be the indispensable marketplace for live experiences[7] - The company is a scaled and trusted events marketplace with a large consumer audience, averaging 89 million monthly users and 270 million free and paid tickets in 2024[13] - Over 47 million events were held on the platform in 2024[17] Financial Performance & Metrics - Q4 2024 paid ticket volume was 216 million, a 10% year-over-year decrease, but improved 4 percentage points from Q3[64] - Q4 2024 net revenue was $765 million, a 13% year-over-year decline[64] - Q4 2024 net loss was $84 million, with an adjusted EBITDA of $65 million[64] - For FY 2024, Eventbrite's gross booking value was $33 billion[26] - FY 2024 net revenue was $3251 million[67] Growth Strategy - The company focuses on strategic inventory, elevating visibility and discoverability, developing self-sign-on features, and monetizing its network to drive growth[42] - Eventbrite is focused on returning to revenue growth, driven by simplified pricing and packaging, and Eventbrite Ads adoption[54] - 49% of total tickets sold were influenced by Eventbrite-driven demand in Q4 2024[39] 2025 Outlook - The company anticipates Q1 2025 net revenue to be in the range of $71 million to $74 million[70] - Full year 2025 net revenue is expected to be in the range of $295 million to $310 million, impacted by the elimination of organizer fees, resulting in an approximately $20 million revenue headwind compared to 2024[71, 72]

Financial Performance in 4Q24 - Revenue reached $1.1 billion, a 25% increase compared to $870 million in 4Q23[6, 27] - Gross profit was $85 million, up from $72 million in 4Q23, with a gross margin of 7.8%[6] - Contribution Profit increased to $38 million from $30 million in 4Q23, resulting in a Contribution Margin of 3.5%[6] - Adjusted EBITDA loss improved to $(49) million from $(69) million in 4Q23[7] - The company purchased 2,951 homes in 4Q24, compared to 3,683 homes in 4Q23[28] Full Year 2024 Results - Full-year revenue was $5.2 billion, down from $6.9 billion in 2023[27] - Full-year gross margin increased to 8.4% from 7.0% in 2023[5] - Contribution Margin was 4.7%, a significant improvement from (3.7)% in 2023[5] - The company acquired 14,684 homes, a 31% increase compared to 2023[5, 28] - Adjusted EBITDA loss for the full year was $(142) million, an improvement from $(627) million in 2023[33] Outlook for 1Q25 - Revenue is projected to be between $1.0 billion and $1.075 billion[39] - Contribution Profit is expected to range from $40 million to $50 million, with a Contribution Margin of 4.0% to 4.7%[39] - Adjusted EBITDA loss is anticipated to be between $(50) million and $(40) million[39]

Fourth Quarter & Full-Year 2024 Earnings Conference Call February 27, 2025 LGTMs: Date: Andrew T. LGTM via email 2/26/25 Peter K. LGTM 2/26/25 Legal (Karen / Peter R.) 2/26/25 Accounting (#s review) 2/25/2025 Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.'s ("Clover Health," "we," "our," or "us") expectations regarding Adjusted EBITDA, Adjusted Net i ...

Company Overview - IBP has a national platform of over 250 locations serving all 48 continental states and the District of Columbia[16] - In 2024, Insulation accounted for 60% of revenue, while New Single Family represented 57% of the end-market revenue[18] - The company has generated over $1 billion in free cash flow in five years[25] - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends[33] - An established IBP branch generates ~$4,400 per residential permit, while a developing branch generates ~$2,200 per residential permit[43] Financial Performance - IBP's residential sales per completion more than doubled from $555 in 2015 to $1,308 in 2024[55] - Net revenue increased from $16532 million in 2020 to $29413 million in 2024, a 59% growth[57] - Adjusted EBITDA increased from $2456 million in 2020 to $5114 million in 2024[57] - Net Debt / Adjusted EBITDA was 108x as of December 31, 2024[69] - Adjusted Gross Profit margin was 338% in 2024[57]

Core Insights - Talen Energy Corporation reported strong financial results for the full year 2024, achieving a GAAP net income of $998 million, adjusted EBITDA of $770 million, and adjusted free cash flow of $283 million, exceeding guidance midpoints [5][6][7] - The company focused on unlocking value from existing assets, including the sale of its data center campus to AWS and the divestiture of ERCOT assets, which contributed to significant shareholder returns [3][4][8] - Talen has simplified its capital structure and prioritized shareholder returns, repurchasing approximately 22% of its outstanding shares in 2024 [4][12] Financial Performance - For the year ended December 31, 2024, Talen reported total generation of 36.3 TWh, an increase from 32.5 TWh in 2023, with 50% of this generation being carbon-free [5][9] - The company achieved an OSHA Total Recordable Incident Rate (TRIR) of 0.34, down from 0.58 in the previous year, indicating improved safety performance [5][9] - Adjusted EBITDA and adjusted free cash flow exceeded the 2024 guidance midpoints of $765 million and $275 million, respectively [6][7] Operational Highlights - Talen's generation fleet operated reliably, with a fleet equivalent forced outage factor (EFOF) of 2.2%, down from 5.5% in 2023, reflecting enhanced operational efficiency [5][9] - The company reached a reliability-must-run (RMR) settlement agreement with PJM to continue operating its Brandon Shores and H.A. Wagner generation facilities through May 2029, ensuring grid reliability in Maryland [6][11] Shareholder Returns - Talen repurchased approximately 13 million shares in 2024, totaling $1.95 billion, with an additional $1.1 billion remaining under its share repurchase program through year-end 2026 [6][12] - The company reaffirmed its commitment to maximizing value and cash flow per share, indicating a strong focus on shareholder returns [4][6] Future Guidance - Talen reaffirmed its 2025 guidance for adjusted EBITDA in the range of $925 million to $1.175 billion and adjusted free cash flow between $395 million and $595 million [10] - The outlook for 2026 remains unchanged, with expected adjusted EBITDA of $1.130 billion to $1.530 billion and adjusted free cash flow of $535 million to $895 million [10]

Company Overview - Kimbell Royalty Partners offers a unique 101% annualized cash distribution yield[7] - Kimbell has completed over $20 billion in M&A transactions since its IPO in 2017, growing run-rate average daily production by ~8x and returning 66% of $1800/unit IPO price via quarterly cash distributions[15] - Kimbell's net royalty acre position is approximately 158,350 acres[17] Financial Highlights - Kimbell generated $688 million in oil, natural gas, and NGL revenues in Q4 2024[19] - Q4 2024 consolidated Adjusted EBITDA was $598 million[19] - Kimbell's Net Debt to TTM Consolidated Adjusted EBITDA is 08x as of 12/31/2024[17] Asset Base and Operations - Kimbell has interests in over 130,000 gross wells across over 17 million gross acres in the US[15] - Approximately 97% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions[15] - Kimbell has identified 11,510 gross / 7771 net total upside locations on major properties alone as of December 31, 2024[48] Future Outlook - Kimbell estimates that approximately 100% of the distribution to be paid on March 25, 2025, is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell[11] - The minerals industry presents a significant consolidation opportunity with approximately $742 billion in market size[17] - Kimbell estimates that only 65 net wells are needed per year to maintain production, reflecting over 14 years of drilling inventory including the major and minor locations[48]