Eastman Kodak Company (NYSE:KODK) Q4 2024 Earnings Conference Call March 17, 2025 5:00 PM ET Company Participants Anthony Redding - Chief Compliance Officer Jim Continenza - Executive Chairman and Chief Executive Officer David Bullwinkle - Senior Vice President and Chief Financial Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the Eastman Kodak Fourth Quarter and Full-Year 2024 Earnings Call. At this time all participants’ are in a listen-only mode. Please ...

Financial Data and Key Metrics Changes - In Q4 2024, consolidated revenue was $94.8 million, down from $104.8 million in Q3 and $119.2 million in the prior year period [28] - The net loss for Q4 was $215.8 million, compared to net income of $1.6 million in Q3 and a net loss of $10.2 million in the prior year period, primarily due to a non-cash impairment charge of $215 million related to the Sunrise Coal subsidiary [28][29] - Operating cash flow increased to $38.9 million in Q4, compared to cash used of $12.9 million in Q3 and $20.1 million in the prior year period [29] - Adjusted EBITDA for Q4 was $6.2 million, down from $9.6 million in Q3 but up from $2.1 million in the prior year period [30] Business Line Data and Key Metrics Changes - Electric sales in Q4 were $69.7 million, down from $71.7 million in Q3 and up from $37.1 million in the prior year period, while coal sales were $23.4 million, down from $31.7 million in Q3 and $91.7 million in the prior year period [27] - Hallador Power generated 1.16 million megawatt hours in Q4, up 5% from 1.1 million megawatt hours in Q3 [23] Market Data and Key Metrics Changes - The forward energy and capacity sales position increased to $685.7 million as of December 31, 2024, compared to $616.9 million at the end of Q3 [31] - Total liquidity at December 31, 2024, was $37.8 million, up from $34.9 million at September 30, 2024 [32] Company Strategy and Development Direction - The company is transitioning from a coal producer to a vertically-integrated power producer, aligning with market trends favoring the IPP model [7][8] - A significant milestone was reached with a non-binding term sheet signed with a global data center developer, indicating a strategic partnership that could drive long-term value [8][9] - The company is actively evaluating additional strategic transactions to expand electric operations and enhance scale [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the transition from dispatchable to non-dispatchable generation increases the value of Hallador Power due to its reliability [10] - There are expectations for favorable pricing trends in 2025 and beyond, particularly related to data center development in Indiana [12][15] - The company anticipates that energy price volatility could increase over the next decade, sustaining a premium in forward power prices [16][17] Other Important Information - The company invested $13.8 million in capital expenditures during Q4, with total CapEx for 2024 at $53.4 million [31] - The company reduced total bank debt to $44 million in Q4, down from $70 million at the end of Q3 [32] Q&A Session Summary Question: Regulatory and review process with the grid operator - Management highlighted multiple access requests from developers, indicating a favorable environment for potential sales [36][37] Question: Remaining items before reaching a definitive agreement - Management indicated that they are encouraged by the progress made and the financial commitments from counterparties [41][42] Question: Capital intensity of upgrades at Merom - Management confirmed that studies are underway to assess the feasibility of coal firing with natural gas by 2032 [44][45] Question: Acquisition of other power assets - Management stated that they are exploring opportunities across various states and evaluating them on a case-by-case basis [49][50] Question: Pricing expectations for deals - Management expects a premium to the forward curves due to increasing demand from data centers and hyperscalers [68] Question: Control over fuel supply for future assets - Management noted that while control over fuel supply is advantageous, it is not a strict requirement for future acquisitions [63][64]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue increased by 16.8% to $5.2 million from $4.5 million in Q1 2024 [34][35] - Operating income rose by 19.2% to $0.7 million compared to $0.6 million in Q1 2024 [40] - Net income after taxes was $0.91 million or $0.08 per diluted share, up from $0.6 million or $0.06 per diluted share in Q1 2024 [41] Business Line Data and Key Metrics Changes - Marine Technology business revenue decreased by 35.8% to $2.3 million from $3.5 million in Q1 2024 [35] - Engineering business revenue increased by 77% to $1.6 million from $0.9 million in Q1 2024 [12] - Acoustic Sensors & Materials business, added in October 2024, generated $1.3 million in revenue, contributing 25.2% to consolidated revenue [13][36] Market Data and Key Metrics Changes - The Marine Technology business faced significant headwinds due to U.S. policy changes affecting offshore renewables, leading to weak demand [9][10] - Increased defense spending in Europe, particularly Germany's expected $428 billion over the coming years, is seen as a favorable factor for the company [11] Company Strategy and Development Direction - The company aims to pivot its revenue model in the Marine Technology business to a multi-year, multi-sales model, particularly with the DAVD product line [47] - The acquisition of Precision Acoustics is expected to enhance the company's competitiveness for larger defense contracts [31][32] Management's Comments on Operating Environment and Future Outlook - Management anticipates a quieter Q2 due to customer hesitance amid uncertain policy environments, but expects a robust Q3 and Q4 [52][53] - The company remains optimistic about long-term growth opportunities due to increased defense spending in Europe and the U.S. [46] Other Important Information - The company has $22.54 million in cash and cash equivalents with no debt as of January 31, 2025 [42] - The gross margin for the Acoustic Sensors & Materials business is expected to be between 57% and 61% on an annualized basis [38] Q&A Session Summary Question: What needs to happen for marine products to recover? - Management noted that customers are currently on standstill due to uncertainty, expecting a quiet Q2 but a robust Q3 and Q4 [52][53] Question: Timeline for tethered and untethered markets? - The company targets $4 million to $4.5 million in revenues for the DAVD system this year, with significant demand for both tethered and untethered systems [57][59] Question: Impact of market conditions on acoustic solutions? - The Precision Acoustics segment appears stable and less exposed to market fluctuations compared to other sectors [72] Question: Status of potential acquisition? - The company is conducting due diligence on one target but is waiting for the global policy environment to stabilize before proceeding [80][84]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved total sales volume of 226,600 units, a significant 65% year-over-year growth, with total revenue reaching RMB819 million, reflecting a 71% increase compared to the same period last year [7][51] - For the full year 2024, total sales volume was 924,000 units, representing a 30% year-over-year increase, and total revenue reached RMB3.29 billion, up 24% from 2023 [8][53] - The gross margin for Q4 was 12.4%, a decrease of 6.6 percentage points compared to the same period last year, while the full year gross margin was 15.2%, down from 21.5% in the previous year [56][58] Business Line Data and Key Metrics Changes - In Q4 2024, sales volume in China reached 182,000 units, marking an 80% share of total sales, while overseas sales volume was 44,000 units, accounting for 20% [50] - The ASP for China e-scooters reached RMB3,544, a 15% increase quarter-over-quarter and a 10% increase year-over-year [52] - The N series accounted for 39% of total sales volume in China, a substantial increase from just 5% in 2023, demonstrating strong market demand [15] Market Data and Key Metrics Changes - The overseas market saw a substantial 54% growth in sales volume in Q4 and a 52% growth for the full year 2024 [33] - The overseas branded scooter ASP decreased to nearly RMB2,000, down around 10% year-over-year, primarily due to a higher sales contribution from kick-scooters [52] Company Strategy and Development Direction - The company remains focused on expanding its product offerings, strengthening sales channels, and broadening market reach, with a commitment to refine its strategy to achieve ambitious targets [9][23] - In 2024, the company opened approximately 900 new stores, with plans to open another 1,000 to 1,500 stores in 2025 to strengthen market presence [26][27] - The company plans to enhance its core product series while ensuring broader market coverage to meet diverse rider needs [23][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the China market and overseas market, expecting to reach sales volume of 1.3 million to 1.6 million units in 2025 [39][47] - The company anticipates a recovery in profitability in 2025, with expectations for quarterly profits starting in Q2 2025 [81][85] Other Important Information - The company received a five-star safety certification from China Merchant Vehicle Research Institute, reinforcing its commitment to product safety [12] - The company has made significant strides in expanding its sales channels, ensuring broader consumer base access [26] Q&A Session Summary Question: What is your sales target for kick-scooters in 2025? - The company targets a sales growth of 30% to 50% for kick-scooters in 2025, expecting profitability to return due to adjustments in pricing related to tariffs [67][69] Question: What is your outlook for average selling price and gross profit margin in the domestic market in 2025? - The company expects a slight increase in ASP in the domestic market and improved gross margins due to economies of scale and increased sales volume [72][74] Question: Can you provide guidance on expected net profit margin by 2025? - The company is not sharing specific net profit margin guidance yet but anticipates overall profitability in 2025 [81] Question: Which quarter in 2025 is expected to see the company's net profit turn from loss to profit? - The company expects to achieve quarterly profits starting in Q2 2025, which is typically a peak quarter for revenue [85]

Financial Data and Key Metrics Changes - The company achieved 19% year-over-year growth in same-store adjusted community NOI and 27% growth in adjusted EBITDA for 2024 [8] - Pro forma NOI grew 9.6% in Q4 2024 compared to Q4 2023, with a pro forma NOI margin increase of 90 basis points [23][25] - Annual revenues increased by 7.5% due to a 180 basis points occupancy gain and nearly 6% RevPOR increase [25] Business Line Data and Key Metrics Changes - The company integrated 20 owned and 3 managed communities, resulting in a nearly 30% increase in total units [9] - The weighted average occupancy for newly acquired communities was 76% with an NOI margin of 21.7% [12] Market Data and Key Metrics Changes - Lead volume in Q4 2024 increased by 15% year-over-year, with tour volume up 11% in the same-store owned portfolio [18] - The company experienced a decline in weighted average occupancy to 86.6%, down 40 basis points from Q3 2024 [27] Company Strategy and Development Direction - The company aims for same-store NOI growth in the high end of its peer group for 2025, leveraging stabilized operations from recent acquisitions [11] - The focus is on capitalizing on demographic trends and supply-demand imbalances in senior living, with a strategy to pursue underperforming or mispriced assets [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, anticipating strong pricing and occupancy recovery, particularly in newly acquired communities [50][52] - The company is focused on controlling labor expenses and has not seen significant shifts in the labor market due to immigration changes [54] Other Important Information - The company executed six transactions totaling over $250 million in 2024, enhancing its acquisition capabilities and operational integrations [10] - Employee turnover decreased nearly 10% in 2024, indicating improved employee experience and retention [15] Q&A Session Summary Question: What is the current pricing trend compared to last year? - Management indicated that pricing is expected to remain strong in 2025, similar to gains seen in 2024, with continued occupancy levels supporting this [50] Question: What are the expectations regarding labor costs? - Management noted that labor expenses are being diligently managed, with no major shifts anticipated due to immigration changes, allowing for margin growth [54]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 was $30.9 million, up 22% from the previous year, with full-year adjusted EBITDA of $100.1 million compared to $99.3 million for 2023 [6][8] - The company received a letter from the SEC indicating that their inquiry is now closed, with no further action required [7] Business Line Data and Key Metrics Changes - The Interactive business saw revenue and EBITDA growth of 45% and 105% respectively in Q4, accounting for approximately 22% of overall company EBITDA [8][12] - The Digital business is expected to approach 60% of EBITDA by year-end, driven by growth in Interactive and modest acceleration in Virtual Sports [12][29] - The land-based gaming segment had EBITDA growth of 42% year-over-year in Q4, attributed to gaming hardware sales [25] Market Data and Key Metrics Changes - The company noted that in states with both iGaming and Sports Betting, iGaming outperforms Sports Betting by a ratio of 4 or 5 to 1 [9] - The company is optimistic about the potential growth in the Brazilian market, which is expected to become a significant contributor [53] Company Strategy and Development Direction - The company is focusing on enhancing product development in the Virtual Sports segment, which had previously been under-invested due to the success of Interactive [74] - The company is exploring the sale of its holiday parks segment while maintaining a strong performance in other business areas [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business structure, with over 85% of revenue being contractually recurring [13] - The company anticipates that the eventual spread of iGaming legislation across states is inevitable, providing limitless opportunities [10] Other Important Information - The company plans to file its 10-K by the end of the week following the earnings call [7] - The company is working on a new credit facility expected to be more flexible and likely at floating rates [16] Q&A Session Summary Question: Challenges in Virtual Sports segment - Management acknowledged that the struggles are primarily driven by one customer but noted stabilization and modest growth in the rest of the business [32][34] Question: Update on M&A strategy - The company is exploring the sale of holiday parks and remains open to M&A opportunities that fit their criteria [36][39] Question: U.K. white paper impact - Management expects minimal impact from new stake limits and is hopeful for liberalization of B3 cabinets, which would benefit sales [42][44] Question: Cash balance guidance - Management indicated that cash balance may be slightly lower than previously guided due to delays in receivables [45][46] Question: CapEx needs and cash flow - CapEx needs are planned and budgeted, with no unexpected expenses anticipated [60][62] Question: Opportunities in lottery business - The company is excited about the launch of a new cloud-based lottery system and sees significant growth potential in the lottery segment [64][68]

FREYR Battery (FREY) Q4 2024 Earnings Call March 17, 2025 01:28 PM ET Company Participants Jeffrey Spittel - EVP, Investor Relations and Corporate DevelopmentDaniel Barcelo - CEO & Chair of the BoardEvan Calio - Chief Financial OfficerJeremy Bezdek - Executive VP of Global Corporate Development & President of FREYR Battery U.S.Gregory Lewis - Managing Director Operator Thank you for standing by, and welcome to the T1 Energy Fourth Quarter twenty twenty four Earnings Conference Call. All lines have been plac ...

Financial Data and Key Metrics Changes - The company reported revenue of $11 million for Q4 2024, down from $14.5 million in Q4 2023, with gross profit decreasing to $4.9 million from $7.5 million year-over-year [8][9] - Adjusted EBITDA for Q4 2024 was approximately $0.5 million, compared to $2.8 million in the same quarter last year [8] - Annual recurring revenue (ARR) is at a run rate of $16.8 million, with expectations for revenue acceleration in fiscal 2025 [9][10] - The company achieved over $50 million in revenue for the full year, with an adjusted EBITDA margin of 10% [7] Business Line Data and Key Metrics Changes - The company is focusing on its new AdLogic CPM+ platform, which is expected to enhance revenue through targeted advertising solutions [10][11] - The deployment of on-premise screens and sophisticated ad serving tools is part of the full-service approach to address modern retail media network challenges [12] Market Data and Key Metrics Changes - The company has seen increased demand for its solutions, particularly in the quick-service restaurant and retail sectors, indicating a growing market for its services [16] - The company has completed significant installations, including 56 site installations in Q4 2024, with an average sale price of $30,000 [24] Company Strategy and Development Direction - The company aims to leverage its AdLogic CPM+ platform to position itself as a one-stop shop for AdTech solutions, enhancing its competitive advantage [11][12] - The management is optimistic about the active pipeline of opportunities and anticipates record performance in fiscal 2025 [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter was negatively impacted by deployment timing but expects strong revenue growth in the second half of 2025 [9][10] - The company is not providing specific guidance but anticipates a year of accomplishments and new records [17] Other Important Information - The company resolved a contingent liability related to the purchase of Reflect Systems, which is expected to provide financial flexibility [14][15] - The company has minimal cash on hand, approximately $1 million, down from $2.9 million at the end of 2023, with gross and net debt at approximately $13 million and $12 million, respectively [19][20] Q&A Session Summary Question: Can you provide commentary on customer conversations regarding the frozen pipeline? - Management expects some projects to finalize soon, but customers are concerned about potential tariffs affecting their projects [28][30] Question: How are existing customers embracing the new AdLogic platform? - Customers are transitioning to retail media networks, which incorporate the AdLogic platform, solving significant operational challenges [44][46] Question: What is the impact of the new ERP system on infrastructure control? - The new ERP system is expected to provide significant cost management benefits and improve expense controls [49][51] Question: Can you quantify the number of warrants issued to Reflect? - The company issued 777,790 warrants with a strike price of $3.25, valid for six years [61] Question: What is the expected revenue growth in the second half of the year? - Management expects adjusted EBITDA profitability in Q1 and anticipates year-over-year growth exceeding 2024 levels [64][66] Question: What is the average contract value for MLB or NHL stadium projects? - Projects can range from $150,000 for menu boards to $2 million to $3 million for full stadium refreshes [66][68] Question: What led to the 90-day pause on BCTV? - The pause was due to funding discussions between BCTV and its investors, with expectations to resume in June [76] Question: What is the current status of the credit facility? - The company has a maximum capacity of $22.1 million on its revolver, with approximately $6 million to $7 million available [80][82] Question: How does cash flow work for major projects? - Cash flow can vary, with significant deposits required for private projects, while public partnerships may experience negative cash flow initially [92][96] Question: What are the expectations for adjusted EBITDA margins? - The company aims to achieve a 15% adjusted EBITDA margin by the end of the year, with expectations for revenue growth [98][100]

Qifu Technology, Inc. (NASDAQ:QFIN) Q4 2024 Results Conference Call March 17, 2025 7:30 AM ET Company Participants Karen Ji - Senior Director, Capital Markets Haisheng Wu - CEO Alex Xu - CFO Yan Zheng - Chief Risk Officer Conference Call Participants Richard Xu - Morgan Stanley Alex Ye - UBS Cindy Wang - China Renaissance Emma Xu - Bank of America Yada Li - CICC Operator Ladies and gentlemen, thank you for standing by, and welcome to the Qifu Technology Fourth Quarter and Full Year 2024 Earnings Conference ...

Financial Data and Key Metrics Changes - Total revenue for the year was approximately $950 million, with adjusted EBITDA of $472 million, representing a 50% adjusted EBITDA margin [24] - Free cash flow for the year was $211 million, and net debt stood at approximately $1.6 billion [24] - Debt principal reduction totaled approximately $205 million in 2024, representing almost 13% of outstanding debt [13][24] Business Line Data and Key Metrics Changes - Average net daily production was approximately 790 million cubic feet equivalent per day, with a December exit rate averaging over 860 million [23] - Over 50% of produced volumes are now generated in the central region [23] - The company executed over $2 billion in acquisitions during the year, including the recently closed Summit and Maverick acquisitions [14][10] Market Data and Key Metrics Changes - The company has diversified its production base since May 2021, positioning itself to participate in both LNG exports and data center energy needs [23] - The acquisition of Maverick adds nearly 1 million acres and expands the company's footprint to five core-operated basins [36] Company Strategy and Development Direction - The company aims to optimize existing long-life and undervalued U.S. energy assets while minimizing traditional exploration and production risks [7] - The focus remains on systematic debt reduction, returning capital to shareholders, and growing through strategic acquisitions [13] - The company is expanding into coal mine methane capture and environmental credits, anticipating over 300% growth in free cash flow from this segment over the next 24 months [30] Management's Comments on Operating Environment and Future Outlook - Management believes the share price is undervalued due to macro headwinds not connected to industry fundamentals [32] - The company expects to see significant synergies from the Maverick acquisition, with guidance for combined free cash flow totaling $420 million in 2025, representing a 200% uplift compared to standalone results [43][48] - Management maintains a disciplined approach to acquisitions and emphasizes the importance of operational efficiency and cost reduction [27][55] Other Important Information - The company has a fixed per-share dividend that is deemed sustainable for a long period, even with the enlarged share capital post-Maverick acquisition [78] - The company has identified significant untapped value in undeveloped acreage, with plans for additional sales throughout 2025 [20] Q&A Session Summary Question: Thoughts on organic growth versus low-cost PDP acquisitions - Management sees continued growth through accretive acquisitions and plans to invest in non-operated working interests from the Maverick transaction [54] Question: Details on cash flows from the data center project JV - Revenue streams will include selling gas and potential coal mine methane, but specific splits have not been developed yet [59] Question: Capacity for share repurchases - Approximately 7% remains under the current authorization for share repurchases, with plans for another 10% authorization at the upcoming AGM [66] Question: Update on dividend sustainability post-Maverick - The fixed dividend is sustainable for a long period, and the company is confident in its ability to cover it with increased free cash flow [78] Question: Assumptions driving free cash flow guidance for 2025 - The company maintains a 10% corporate decline rate and anticipates additional production from the JV, with pricing supported by hedging strategies [85][87] Question: Unit costs for Maverick and environmental credit sales - Specific cost information for Maverick has not been published, but environmental credit sales are booked under other revenue, with approximately $8 million to $10 million recorded in 2024 [96]