Par Pacific (PARR) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Ashimi Patel - VP - IR & SustainabilityWilliam Monteleone - President & CEORichard Creamer - Executive Vice President of Refining & LogisticsShawn Flores - Senior VP & CFOMatthew Blair - Managing DirectorJason Gabelman - MD - Equity ResearchManav Gupta - Executive Director Conference Call Participants Ryan Todd - Senior Research AnalystAlexa Petrick - Investment Research Analyst Operator Good day and welcome to the Par Pa ...

Financial Data and Key Metrics Changes - Consolidated total revenue for Q1 2025 was $274.2 million, a decrease of 13% compared to $315.2 million in the prior year period [20] - Net loss attributable to common stockholders for Q1 2025 was $24.8 million, or $1.89 per fully diluted share, compared to a net loss of $17.7 million, or $2.21 per fully diluted share in the prior year [20] - Total adjusted EBITDA was $7.2 million in Q1 2025, down from $12.8 million in the prior year period [20] Business Line Data and Key Metrics Changes - Infrastructure segment revenue decreased 14% to $264.9 million from $307.9 million in the prior year quarter, primarily due to project timing [21] - Life Sciences segment revenue increased 210% to $3.1 million from $1 million in the prior year quarter, driven by increased unit sales [23] - Spectrum segment revenues were $6.2 million, down $100,000 compared to the first quarter of 2024, with adjusted EBITDA of $1.4 million, a decrease of $200,000 [23] Market Data and Key Metrics Changes - DBM Global achieved revenues of $264.9 million and adjusted EBITDA of $16.7 million during the quarter, with a backlog now reaching $1.4 billion [6][8] - R2 tripled its year-over-year revenue to $3.1 million in Q1 2025, with significant growth in North America [12] - The company is currently serving 28 countries and continues to expand its global footprint [13] Company Strategy and Development Direction - The company is focused on leveraging valuable assets to achieve a sustainable capital structure before debt maturities [6][7] - The strategic vision emphasizes maximizing the value of assets, with ongoing exploration of strategic alternatives [18] - The company is pursuing commercial opportunities in data casting and modernizing broadcasting capabilities [16][18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute on strategic objectives and highlighted the strong backlog and robust pipeline for DBM [6][8] - The ongoing tariff situation is being monitored, with no material impact observed on DBM's business as of now [9] - Management remains optimistic about the market opportunity for R2 and the momentum experienced year over year [15] Other Important Information - The company had $33.3 million in cash and cash equivalents as of March 31, 2025, down from $48.8 million at the end of 2024 [25] - Total principal outstanding indebtedness was $672 million, an increase from $668.3 million at the end of 2024 [26] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with closing comments from management expressing satisfaction with the momentum to start the year [27][28]