Ocugen, Inc. (NASDAQ:OCGN) Q3 2024 Earnings Conference Call November 11, 2024 8:30 AM ET Company Participants Tiffany Hamilton - Head of Corporate Communications Shankar Musunuri - Chairman of the Board, CEO & Co-founder Ramesh Ramachandran - Chief Accounting Officer Huma Qamar - Chief Medical Officer Conference Call Participants Jason McCarthy - Maxim Group Daniil Gataulin - Chardan Operator Good morning and welcome to Ocugen's Third Quarter 2024 Financial Results and Business Update. Please note that this ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2024 Earnings Conference Call November 8, 2024 8:00 AM ET Company Participants Dana Amante - Head of Investor Relations Eric Steigerwalt - President & Chief Executive Officer Ed Spehar - Chief Financial Officer David Rosenbaum - Head of Products & Underwriting Conference Call Participants Suneet Kamath - Jefferies Ryan Krueger - KBW John Barnidge - Piper Sandler Alex Scott - Barclays Wes Carmichael - Autonomous Research Operator Good morning, ladies and gentlemen, ...

Financial Data and Key Metrics - LATAM Airlines Group reported adjusted EBITDAR of $828 million with a 25.2% margin in Q3 2024 [11] - Net income for the quarter totaled $301 million, bringing year-to-date net income to $705 million, a 41.3% increase year-over-year [11] - The company generated $157 million in cash flow in Q3 2024, with adjusted operating cash flow totaling $655 million [27] - LATAM's liquidity position stood at $6.3 billion, with a leverage ratio of 1.7 times [12][30] - Adjusted passenger CASK ex-fuel decreased by 8.5% year-over-year to $0.04, contributing to improved margins [23][25] Business Line Performance - Passenger revenues increased by over 6%, driven by strong performance in international operations [22] - Cargo revenues grew by 15% year-over-year to $381 million, marking the second consecutive quarter of improvement [22] - LATAM transported 21.1 million passengers in Q3 2024, a 7.1% increase compared to the same period last year [9] - The company maintained a high load factor despite a 51% increase in capacity [9] Market Performance - LATAM's capacity grew by 15% in Q3 2024, with strong demand across all markets [19] - The company saw a 13% increase in passengers transported over the last 12 months, reaching 80.6 million passengers [18] - Overcapacity in Colombia showed signs of moderation, suggesting a gradual rebalancing in the market [21] Strategic Direction and Industry Competition - LATAM continues to focus on operational excellence, network strength, customer focus, sustainability, and financial discipline [8] - The company has a strong capital structure, with $3.6 billion in liquidity and no significant debt maturities until 2028 [29][32] - LATAM's recent refinancing efforts reduced the average cost of debt to 8%, with savings of approximately $118 million in interest payments for 2025 [31][36] Management Commentary on Operating Environment and Future Outlook - Management expects demand to remain stable in the short term, leading to positive top-line results and continuous cost delivery [15] - The company updated its 2024 guidance, targeting adjusted EBITDAR of over $3 billion, reflecting strong growth, cost control, and margin improvements [37] - LATAM's resilience to business cyclicality and exchange rate volatility was highlighted as a key strength [14] Other Important Information - LATAM successfully renegotiated its revolving credit facilities, increasing total revolving facility lines to $1.55 billion, fully committed until 2029 [28] - The company refinanced $1.4 billion of debt at an interest rate of 7.875%, significantly lower than its Chapter 11 exit financing rate [31] - LATAM's credit rating was upgraded by Standard & Poor's to BB- with a positive outlook and by Moody's to Ba2 with a stable outlook [36] Q&A Session Summary Question: Why does LATAM not report earnings per ADS? - LATAM focuses on EBITDAR and EBIT margins due to volatility in non-operating areas like tax credits and FX impacts [41] - The company plans to start reporting EPS in the future to reflect the benefits of its strong capital structure [44] Question: Impact of US election on LATAM's operations - LATAM does not anticipate significant operational impacts from the new US administration, given its dollar-denominated revenues and historical resilience to currency volatility [46][48] - The company's cargo business could benefit from potential near-shoring trends [49] Question: Yield decline and capital allocation - Yield decline was influenced by currency depreciation and a faster-growing international segment, but RASK in domestic Brazil increased in local currency [52][53] - LATAM is considering shareholder returns, including dividends or buybacks, as part of its capital allocation strategy [54][55] Question: International segment performance and fuel hedges - Over 60% of LATAM's international capacity is wide-body, with strong demand and high load factors [63][65] - The company uses asymmetrical collars for fuel hedging, focusing on the next 12 months and maintaining a consistent policy [66] Question: FX depreciation in Brazil and yield protection - LATAM has seen strong demand in domestic Brazil, with RASK increasing in local currency despite capacity growth [68] - The company's dollar-based revenues provide some insulation against currency volatility [70] Question: Q4 margin expectations - LATAM expects a slight deceleration in margins in Q4, consistent with historical trends, but remains confident in meeting its full-year guidance [73]

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET Company Participants Melanie Herman - Senior Director of Financial Planning and Analysis Todd Davis - Chief Executive Officer Karen Reeves - Senior Vice President of Investments and Head of Clinical Strategy Tavo Espinoza - Chief Financial Officer Conference Call Participants Matt Hewitt - Craig-Hallum Douglas Miehm - RBC Capital Markets Joseph Pantginis - Wainwright Trevor Allred - Oppenheimer Joh ...

Aspen Aerogels, Inc. (NYSE:ASPN) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET Company Participants Neal Baranosky – Senior Director of Corporate of Strategy & Finance Donald R. Young – President and CEO Ricardo C. Rodriguez – CFO and Treasurer Conference Call Participants Eric Stine - Craig-Hallum Capital Colin Rusch - Oppenheimer George Gianarikas - Canaccord Genuity Alexander Potter - Piper Sandler Ryan Pfingst - B. Riley Securities Thomas Curran - Seaport Research Partners Jeffrey Osborne ...

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Marie Mendoza - SVP & General Counsel Eric DeMarco - President & CEO Deanna Lund - EVP & CFO Conference Call Participants Michael Ciarmoli - Truist Securities Peter Arment - Baird Ken Herbert - RBC Capital Markets Mike Crawford - B. Riley Securities Seth Seifman - JPMorgan Andre Madrid - BTIG Joe Gomes - Noble Capital Pete Skibitski - Alembic Global Operator Welcome to Kr ...

Dingdong (Cayman) Limited (NYSE:DDL) Q3 2024 Earnings Conference Call November 6, 2024 7:00 AM ET Company Participants Nicky Zheng - Director-Investor Relations Changlin Liang - Founder and Chief Executive Officer Wang Song - Chief Financial Officer Conference Call Participants Thomas Chong - Jefferies Yang Bai - CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Ding Dong Limited Third Quarter 2024 Earnings Conference Call. At this time, all par ...

Nissan Motor Co., Ltd. (OTCPK:NSANY) Q2 2024 Earnings Call November 7, 2024 4:30 AM ET Company Participants Makoto Uchida - President and Chief Executive Officer Stephen Ma - Chief Financial Officer Hideyuki Sakamoto - Executive Vice President, Manufacturing & SCM Operations Conference Call Participants Makoto Ochiai - Nikkei Shimbun Hans Greimel - Automotive News Operator Thank you for joining Nissan’s Fiscal Year 2024 First Half Financial Results Announcement. First, let me introduce the speakers for toda ...

Financial Data and Key Metrics - Operating income for Q3 2024 was $540 million, representing a 22% operating return on average common equity [5] - Year-to-date operating income reached $1.8 billion with a 26% operating return on equity [5] - Net income for Q3 2024 was $1.2 billion, with an annualized return on average common equity of 47% [22] - Underwriting income was $394 million with an adjusted combined ratio of 82% [23] - Retained net investment income was $292 million, up 35% year-over-year [23] - Tangible book value per share plus accumulated dividends increased by 30% since December 2023 [25] Business Line Performance - Property Catastrophe gross premiums written increased by 114% to $344 million, while net premiums written grew by 175% to $262 million [29] - Other Property gross premiums written rose by 28%, and net premiums written increased by 26% [32] - Casualty and Specialty net premiums written grew by 45% and 50%, respectively [35] - Fee income from Capital Partners business was $82 million, up 27%, with management fees at $55 million and performance fees at $27 million [39] Market Performance - The Property Catastrophe market remains disciplined with reinsurers holding on retentions and terms, despite increased demand for reinsurance [16] - U S cat limit purchases are estimated to increase by $10 billion in 2025, creating new opportunities [17] - Casualty lines are increasingly competitive, with the company engaging customers to provide feedback on rate and trend observations [21] Strategic Direction and Industry Competition - The acquisition of Validus has significantly contributed to growth across underwriting, investments, and Capital Partners business [8] - The company has successfully integrated Validus, unlocking $1 billion in capital and increasing financial flexibility [10][11] - The company is focusing on maintaining its book and seeking additional opportunities with existing customers in Specialty lines [18] - The Casualty business cycle is viewed over a 10-year scale, with the company advocating for accelerated rates to maintain attractiveness [20] Management Commentary on Operating Environment and Future Outlook - The company expects the Property market to remain attractive, with favorable rate environments in 2025 [17] - Management is optimistic about achieving additional rate increases in Casualty lines due to positive customer engagement [21] - The company anticipates continued strong returns in 2025, driven by its three profit drivers: underwriting, investments, and Capital Partners [5] Other Important Information - The company increased its share repurchase authorization from $500 million to $750 million, reflecting its larger scale and capital flexibility [14] - Hurricane Milton is estimated to have a net negative impact of $275 million in Q4 2024, based on an industry loss estimate of $25 billion [34] - The Bermuda Government will implement a 15% corporate income tax in 2025, with the company starting to accrue for this tax in Q1 2025 [45] Q&A Session Summary Question: Impact of excess capital on 1 1 renewals and potential rate declines [72] - The company believes the additional $10 billion in new capacity will stabilize the pricing environment, with rates remaining fair and adequate [72] Question: Casualty Specialty combined ratio and reserve adjustments [73] - The company is increasing the combined ratio to mid-to-upper 90s in 2025, reflecting forward-looking trends and current accident year adjustments [74][75] Question: Loss trend issues and prior year reserves [80] - The company's reserving process is independent of client bookings, with a focus on maintaining resilient reserves through prudent underwriting and portfolio construction [81] Question: Share repurchase authorization increase [82] - The increase reflects the company's larger scale and the completion of Validus integration, providing greater capital flexibility [83][84] Question: Equity capital needs and excess capital [86] - The company manages with a degree of undeployed capital for flexibility, expecting opportunities to deploy capital in 2025 while returning excess to shareholders [86] Question: Impact of European losses on 1 1 renewals [87] - Loss activity in Europe and North America is expected to stabilize retentions and structures, with price discussions centered around current levels [87] Question: Adequacy of share repurchase authorization [91] - The company evaluates share repurchase opportunities quarterly, with the ability to deploy capital into the business and return excess to shareholders [94] Question: Special dividends as a capital return mechanism [95] - The company prefers share buybacks due to their accretive nature to tangible book value per share, with no immediate plans for special dividends [95] Question: Casualty and Specialty reserve movement by accident year [96] - Purchase accounting adjustments affected prior year reserves by approximately $10 million, with the company maintaining a balanced portfolio in better years [96][97] Question: Shifting focus to excess of loss in Casualty lines [98] - The company emphasizes quota share structures for alignment with clients, with seeding commissions reducing and benefiting net positions [98][99] Question: Casualty Specialty guidance and rate assumptions [102] - The company has priced in additional loss trend and rate increases for 2025, reflecting market responses to accelerating loss trends [103] Question: Retrocapacity availability in 2025 [107] - The company expects stable retrocapacity in 2025, with plans to purchase slightly less retro to shape its portfolio [107] Question: Casualty loss ratio improvement assumptions [110] - The company sets initial loss picks independently and adjusts curves slowly, reflecting cautious reserving practices and a focus on margin enhancement [110][112] Question: Engagement with Casualty seeding and reserve adjustments [114] - The company has engaged early with brokers and clients to gather data on trends, claim settlement practices, and underwriting adjustments for 2025 pricing [114][115]

Upstart Holdings, Inc. (NASDAQ:UPST) Q3 2024 Earnings Conference Call November 7, 2024 4:30 PM ET Company Participants Alice Berry - Senior Director of Investor Relations Dave Girouard - Co-Founder & Chief Executive Officer Sanjay Datta - Chief Financial Officer Conference Call Participants Peter Christiansen - Citigroup Arvind Ramnani - Piper Sandler Rob Wildhack - Autonomous Research Kyle Peterson - Needham David Schwartz - JMP Simon Clinch - Redburn Atlantic Giuliano Bologna - Compass Point Operator Good ...