Caleres (CAL) Q4 2025 Earnings Call March 20, 2025 09:57 PM ET Company Participants Liz Dunn - Senior Vice President of Corporate Development & Strategic CommunicationsJay Schmidt - President & CEOJack Calandra - Senior VP & CFOLaura Champine - Director of ResearchDana Telsey - CEO and Chief Research Officer Conference Call Participants Ashley Owens - Vice President & Senior Equity Research AnalystMitch Kummetz - Senior Analyst Operator Greetings, and welcome to the Calaris Inc. Fourth Quarter twenty twenty ...

Financial Data and Key Metrics Changes - Revenue increased by 2% year-over-year for the first time this fiscal year, reaching a total of $XX billion [7] - Adjusted operating income grew by 12% compared to last year, with $600 million in DRIVE savings achieved in the quarter [8][22] - Adjusted EPS growth was reported at 17% [41] Business Line Data and Key Metrics Changes - Federal Express saw a revenue increase of 3%, driven by higher volume in deferred services [27] - FedEx Freight experienced a 5% revenue decline due to lower volumes and fuel surcharges [27] - Overall volume trends improved, with a 5% growth in Federal Express package volume [28] Market Data and Key Metrics Changes - Nearly 75% of revenue comes from U.S. domestic services, with 10% from non-U.S. intra-country or intra-regional services [12] - International export package volumes increased by 8% due to growth in the international economy [29] - Average daily pounds for international priority freight increased by 3% [30] Company Strategy and Development Direction - The company is focused on creating a more flexible, efficient, and intelligent network, with plans to optimize 45 more U.S. stations in Q4 [14] - The DRIVE initiative aims for a total of $2.2 billion in savings for FY '25, with a total of $4 billion from the FY '23 baseline [13] - The acquisition of RouteSmart Technologies is expected to enhance route optimization and operational efficiency [20] Management's Comments on Operating Environment and Future Outlook - The current environment adds uncertainty to demand, particularly in the industrial economy, which continues to pressure higher-margin B2B volumes [9] - The company is lowering its FY '25 adjusted EPS outlook to $18 to $18.60 due to inflationary pressures and uncertain demand [18][48] - Management remains confident in the long-term value creation from transformation initiatives like DRIVE and Network 2.0% [23] Other Important Information - The company completed approximately $500 million in share repurchases in Q3, with a target of returning $3.8 billion to shareholders in FY '25 [55] - Capital expenditures for FY '25 are now projected at $4.9 billion, down from $5.2 billion last year [55] - The company is on track to fully separate FedEx Freight, with a separation management office established [58] Q&A Session Summary Question: Impact of inflation on guidance change - Management indicated that inflation has been a consistent factor affecting guidance, particularly regarding wages and operational costs [65] Question: FedEx's exposure to de minimis shipments - Management stated they are operationally prepared for changes related to de minimis shipments and are working closely with customers to adapt [70][72] Question: Outlook for fiscal '26 - Management refrained from providing specific guidance but emphasized a focus on profitable growth and the annualization of DRIVE benefits [76][78] Question: Update on dedicated sales force - The dedicated sales team is being built to enhance expertise in LTL and improve coverage for small and medium customers [90] Question: Network 2.0% productivity benefits - Management reported solid service levels and a goal of a 10% reduction in B&D costs with the rollout of Network 2.0% [96] Question: LTL margins outlook - Management expressed confidence in LTL margins rebounding once the B2B business improves, focusing on quality growth [100] Question: Pricing environment and customer feedback - Management noted that the pricing environment remains rational, with customers anticipating price increases due to inflation [115]

Financial Data and Key Metrics Changes - For Q3 2025, revenues decreased by 9% on a reported basis and 7% on a currency-neutral basis, with strong holiday results in December followed by double-digit declines in January and February [45][46] - Gross margins declined by 330 basis points to 41.5% due to higher markdowns, wholesale discounts, inventory obsolescence, and product costs [46] - Earnings per share was reported at $0.54, with an effective tax rate of 5.9% compared to 16.5% for the same period last year [47] Business Line Data and Key Metrics Changes - NIKE Direct revenues decreased by 10%, with NIKE Digital down 15% and NIKE Stores down 2% [46] - Performance business showed growth, particularly in training and running, while NIKE sportswear and the Jordan brand experienced declines, especially in classic footwear franchises [49] - The Vomero 5 doubled its revenue this quarter, and NIKE Shox grew its revenue by over 10 times in the last three quarters [30] Market Data and Key Metrics Changes - In North America, Q3 revenue declined by 4%, with NIKE Direct down 10% and NIKE Digital down 12% [55] - In EMEA, Q3 revenue declined by 6%, with NIKE Digital down 25% and NIKE Stores up 9% [58] - In Greater China, Q3 revenue declined by 15%, with NIKE Direct down 11% and wholesale down 18% [60] Company Strategy and Development Direction - The company is focusing on five strategic actions termed "Win Now," which include igniting a winning culture, shaping the brand for distinction, accelerating a complete product portfolio, elevating the marketplace, and winning on the ground [11][12] - The strategy emphasizes a balanced approach to product offerings, with a focus on performance and innovation across various sports and demographics [25][34] - The company aims to clean up the marketplace and reposition NIKE Digital as a full-price business, reducing promotional days and markdown rates [68][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty but expressed confidence in the strategic actions taken to drive progress [11][41] - The company expects Q4 revenues to decline in the mid-teens range, with gross margins projected to decrease by approximately 400 to 500 basis points [74][75] - Management is optimistic about the potential for performance growth to offset declines in classic footwear franchises in the upcoming quarters [110][116] Other Important Information - The company is launching a new brand, NIKESKIMS, aimed at creating a new market of style-led products [33] - The integrated marketplace strategy focuses on creating consumer-led experiences across both NIKE Direct and wholesale partners [35] Q&A Session Summary Question: Timeline for cleaning classic shoe inventories in wholesale and direct channels - Management emphasized the importance of right-sizing inventory for classic franchises and expects to reduce their contribution significantly in the upcoming fiscal year [91][94] Question: Thoughts on innovation strength and pipeline - Management expressed confidence in the innovation team and highlighted upcoming products, particularly in performance and sportswear categories [106][108] Question: Expectation for performance growth to offset classic declines - Management indicated growing confidence in the product pipeline and the need to reset the marketplace for better sell-through [114][116] Question: Balancing promotions while presenting new products - Management outlined plans to liquidate non-selling products through value channels while elevating the presentation of new innovations [125][126] Question: Long-term balance of overhead versus demand creation - Management is focused on tightly managing overhead while increasing investment in demand creation, reflecting a shift in strategy [130][132]

Financial Data and Key Metrics Changes - CMC reported net earnings of $25.5 million or $0.22 per diluted share on net sales of $1.8 billion, which included $3.9 million of after-tax charges [10][38] - Adjusted earnings were $29.3 million or $0.26 per diluted share, down from $85.9 million or $0.73 per diluted share in the prior-year period [11][38] - Consolidated core EBITDA was $131 million, a decline from $212.1 million in the prior-year period, with consolidated core EBITDA margins at 7.5% compared to 11.5% in the prior-year period [39][41] Business Line Data and Key Metrics Changes - North American Steel Group generated adjusted EBITDA of $128.8 million, a 42% decrease compared to the prior-year period, driven by lower margins over scrap costs [41] - Europe Steel Group reported adjusted EBITDA of $0.8 million, an improvement from a loss of $8.6 million in the prior-year period, aided by cost management and increased shipment volumes [43] - Emerging Businesses Group net sales were $158.9 million, a 1.8% year-over-year increase, with adjusted EBITDA increasing by 31% [45] Market Data and Key Metrics Changes - Finished steel shipments in North America increased by 3.3% year-over-year, indicating resilient demand despite economic uncertainty [42] - The Dodge Momentum Index reached an all-time high, reflecting growth in planning across various market segments [16] - The construction and industrial activity driving product consumption remained resilient, with pent-up demand evident in downstream bid volumes [15][16] Company Strategy and Development Direction - CMC aims to achieve sustainably higher, less-volatile margins and returns through operational and commercial excellence initiatives [29] - The company is pursuing both organic and inorganic growth opportunities, targeting segments of the $150 billion early-stage construction market [36] - CMC's strategic initiatives include enhancing logistical capabilities and expanding production in specialized solutions, which are expected to generate significant returns [31][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming construction season, expecting a rebound in consolidated financial results in Q3 2025 [54][55] - The company noted that recent developments in North American markets, including improved scrap market conditions and an inflection in long steel price levels, indicate a potential recovery [19][55] - Management highlighted the importance of construction in adapting to economic changes and expressed confidence in the future of CMC's markets [22][23] Other Important Information - CMC's cash and cash equivalents totaled $758.4 million, with total liquidity just under $1.6 billion [47] - The company returned approximately $68 million to shareholders during the second quarter, repurchasing about 907,000 shares [52] - CMC expects to invest between $550 million and $600 million in capital expenditures for fiscal 2025, down from previous guidance [50] Q&A Session Summary Question: U.S. rebar market pricing outlook - Management noted that price increases are being seen across the portfolio, with expectations for rebar prices to rise as future orders are booked [62] Question: Financial performance of Arizona 2 mill - The mill did not break even in Q2 due to challenges, but management expects to reach breakeven in Q4 2025 [67] Question: North American margins recovery - Management anticipates a recovery in EBITDA per ton in the coming quarter, driven by improved metal margins and cost management [75] Question: Current supply-demand balance in North American rebar market - The supply-demand balance is currently well balanced, with strong demand supporting price increases [87] Question: Long-term demand drivers and trade policy impact - Management remains optimistic about infrastructure investments and reshoring trends driving substantial rebar demand in the coming years [99][100]

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q4 2024 Earnings Conference Call March 20, 2025 5:00 PM ET Company Participants Deb Hart - Head, IR Kevin Herde - EVP and CFO Trey Martin - CEO Conference Call Participants Matt Stanton - Jeffries Doug Schenkel - Wolfe Research Matt Larew - William Blair Ricki Levitus - Guggenheim Tejas Savant - Morgan Stanley Dan Arias - Stifel Catherine Schulte - Baird Matt Sykes - Goldman Sachs Brandon Coulliard - Wells Fargo Anna Snopkowski - KeyBanc Capital Markets Oper ...

Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 15% year-over-year, reaching a record $5.936 million compared to $5.176 million in Q4 2023 [48][50] - SaaS revenues for Q4 grew 17% quarter-over-quarter, totaling $5.913 million, while full-year SaaS revenues increased by 7% to $19.8 million [13][55] - Adjusted EBITDA for the full year 2024 was positive at $520,000, an improvement from a loss of $377,000 in 2023 [49][59] - Gross profit margin for Q4 was 91%, down from 95% in the same period of 2023, primarily due to increased R&D costs [50][55] Business Line Data and Key Metrics Changes - The company focused on vertical channel diversification, with significant growth in new verticals such as automotive (13%), title insurance (2,500%), email (54%), social media (17%), and retail banking [14][17] - SaaS revenue for the full year was $19.8 million, just shy of the $20 million mark, indicating strong performance in the SaaS segment [13][55] Market Data and Key Metrics Changes - Retail still represents approximately 75% of the company's scan volume, but transaction volumes from major retailers were down 45% year-over-year in Q1 2025 [44][82] - The company anticipates that lower mortgage rates will drive significant refinancing and improved home purchasing activity, particularly benefiting the title insurance vertical [17] Company Strategy and Development Direction - The company is investing in IT initiatives and enhancing customer experience through new leadership in the customer success team [9][31] - A strategic focus on longer contracts with minimums and guarantees is expected to yield positive results [42] - The transition from Azure to AWS is anticipated to improve efficiency and reduce costs, while also enhancing AI capabilities [30][76] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the first quarter of 2025, expecting revenues to align with sell-side consensus estimates of $4.78 million [45] - The company is aware of macroeconomic challenges affecting consumer confidence and spending, which could impact retail volumes [43][71] - Management believes that the diversification strategy is working, with a focus on higher-value transactions in new verticals [42][84] Other Important Information - The company reported a net loss of $918,000 for the full year 2024, an improvement from a loss of $1.98 million in 2023 [58] - The company has a $2 million revolving credit facility with Citibank, which was not utilized during 2024 [60] Q&A Session Summary Question: Visibility on stronger back half of the year - Management indicated that visibility is based on rollout schedules and proof of concepts, with expectations for growth in the back half of the year [65][68] Question: Disruption in sales conversations due to macro conditions - Management reported no disruption in sales conversations, as fraud remains a consistent issue across industries [70][72] Question: Potential operating expense savings from switching to AWS - Management expects significant savings from the transition to AWS, while balancing the need for extensive computing power for AI and machine learning [75][76] Question: Clarification on Q4 revenue strength and Q1 outlook - Management noted that Q4 strength was driven by non-retail improvements, with a significant drop in retail transaction volumes expected in Q1 [81][84] Question: Update on large social media customer - Management is finalizing procurement discussions and expects updates soon, with testing already completed [87][89] Question: Sales team composition and focus - The company has added three new sales associates, focusing on a consultative selling approach across various verticals [92][94] Question: Top priorities for 2025 - Management emphasized that sales growth is the top priority, alongside improving customer success and marketing strategies [98][100]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $22.5 million, up 45% quarter-over-quarter and 2% year-over-year, primarily driven by higher sensor sales [46] - Gross profit for the quarter was $12.5 million on a GAAP basis and $14 million on a non-GAAP basis, marking a positive gross margin milestone [48][51] - Cash and liquidity at year-end was $233 million, including $183 million in cash and marketable securities [54] Business Line Data and Key Metrics Changes - Over 4,000 Iris sensors were shipped in Q4, with a total of over 9,000 for the calendar year, predominantly to Volvo [47] - The transition from Iris plus to Luminar Halo is expected to streamline operations and enhance efficiency [32][96] Market Data and Key Metrics Changes - The automotive market is experiencing a shift towards integrating LiDAR and advanced technologies, with many automakers planning to adopt these technologies by the end of the decade [12][44] - The Western automotive market is projected to account for 90% of global volume, positioning Luminar as a leader in this segment [23][81] Company Strategy and Development Direction - The company is focusing on a unified product platform with Luminar Halo, moving away from multiple product variants to enhance efficiency and reduce costs [34][43] - The strategy includes significant investments in technology and partnerships to drive mass adoption of LiDAR in the automotive industry [36][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the 2025 strategy, despite near-term industry challenges, and highlighted optimism about long-term market expansion [44][61] - The company anticipates modest revenue growth of 10% to 20% in 2025, driven by a forecasted increase in sensor shipments [61] Other Important Information - The company has entered into development contracts for Luminar Halo with two major automakers and secured a series production equivalent contract with a construction machinery manufacturer [60] - The transition to Luminar Halo is expected to improve unit economics compared to previous products [125] Q&A Session Summary Question: Any news regarding the reference architecture for NVIDIA's Hyperion platform? - The company is in progress of shifting its customer base to Luminar Halo and expects to continue as the lead LiDAR sensor for NVIDIA's Hyperion platform [75] Question: Discuss the competitive dynamics, particularly regarding competitors in the sourcing processes. - The company noted significant development in the Chinese market but emphasized its position as a premium player in the Western market, focusing on safety and widespread adoption [81][85] Question: Can you elaborate on specific customer developments and expected contracts for SOP this year? - The company is working with key OEMs like Volvo and Nissan to establish milestones for the Luminar Halo product, aiming to have samples in customers' hands by year-end [92] Question: How will the transition to Luminar Halo impact current series production with Volvo? - The transition is not expected to materially impact current production, as the focus will shift to a single product, Luminar Halo, streamlining operations [96] Question: What is the expected cash burn and timeline for reaching profitability? - The company anticipates a cash burn of around $200 million in 2025, with profitability expected shortly after 2026, contingent on the successful market introduction of Halo [102][104]

United States Antimony Corporation (NYSE:UAMY) Q4 2024 Earnings Conference Call March 20, 2025 4:15 PM ET Company Participants Gary Evans - Chairman and CEO Joe Bardswich - EVP, Chief Mining Engineer Rick Isaak - SVP, CFO Jonathan Miller - VP, IR Operator Greetings. Welcome to United States Antimony Corporation Fiscal Year 2024 Financial and Operational Results Meeting [Operator Instructions]. Please note this webcast is being recorded. I will now turn the webcast over to your host, Gary C. Evans, Chairman ...

FrontView REIT (FVR) Q4 2024 Earnings Call March 20, 2025 08:27 PM ET Company Participants Timothy Dieffenbacher - CFO, Treasurer & SecretaryStephen Preston - Founder, Chairman of the Board, Co-CEO & Co-PresidentRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchRandall Starr - Co-CEO, Co-President & Director Conference Call Participants John Kilichowski - Vice President - Equity Research AnalystDaniel Guglielmo - Equity Research AnalystNone - Analyst Operator morning, ladies and gentlemen ...

Financial Data and Key Metrics Changes - Total fiscal Q2 revenue was approximately $8.1 billion, down 8% sequentially and up 38% year-over-year [43] - Fiscal Q2 DRAM revenue was $6.1 billion, up 47% year-over-year, representing 76% of total revenue [43] - Fiscal Q2 NAND revenue was $1.9 billion, up 18% year-over-year, representing 23% of total revenue [44] - Consolidated gross margin for fiscal Q2 was 37.9%, down 160 basis points sequentially [48] - Fiscal Q2 adjusted EBITDA was $4.1 billion, resulting in an EBITDA margin of 50.7%, up 10 basis points sequentially [49] Business Line Data and Key Metrics Changes - Compute and Networking business unit revenue was up 4% sequentially to $4.6 billion, reaching 57% of total revenue [45] - Storage business unit revenue was $1.4 billion, down 20% sequentially due to lower storage investments from data center customers [46] - Mobile business unit revenue was $1.1 billion, down 30% sequentially as mobile customers improved their inventory positions [47] - Embedded business unit revenue was $1 billion, down 3% sequentially due to inventory improvement initiatives at automotive customers [47] Market Data and Key Metrics Changes - Data center DRAM revenue reached a new record, with HBM revenue growing more than 50% sequentially to over $1 billion [10] - The company projects mid-single-digit server unit growth in calendar 2025, with strong demand for HBM [18] - The PC market is expected to grow mid-single digits in unit terms in calendar 2025, driven by AI applications [28] - Smartphone unit volume growth in calendar 2025 remains at low single-digit percentages [30] Company Strategy and Development Direction - The company is focused on growing HBM capacity in existing manufacturing facilities to meet requirements through 2026 [14] - Investments include a new HBM advanced packaging facility in Singapore and a new DRAM fab in Idaho [15] - The company aims to maintain its leadership position in low-power DRAM for servers as it transitions to SOCAMM form factor [24] - The strategy includes disciplined investments to capitalize on growth opportunities driven by AI [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market dynamics with disciplined investments and a focus on high-value products [60] - The company anticipates record revenue and improved profitability in fiscal 2025 [60] - Management noted that AI adoption is a significant driver for increased demand across various markets [30][91] - The company expects to generate multibillion dollars in HBM revenue in fiscal 2025 [22] Other Important Information - The company expects fiscal Q3 revenue to be approximately $8.8 billion, with a gross margin in the range of 36.5% [57] - Capital expenditures for fiscal 2025 are projected to be approximately $14 billion, focusing on HBM and facility construction [40] - The company ended fiscal Q2 with $9.6 billion in cash and investments, maintaining $12.1 billion of liquidity [52] Q&A Session Summary Question: Will gross margins improve in fiscal Q4? - Management indicated that while fiscal Q3 gross margins are expected to be lower, they anticipate improvements in fiscal Q4 due to better market conditions and growth in high-value products [66][70] Question: What is driving the increased industry bit demand outlook for DRAM? - Management noted that improved customer inventory levels and the growing presence of AI in smartphones and PCs are contributing to the increased demand outlook for DRAM [71][72] Question: How much of the fiscal Q3 revenue growth is expected from DRAM versus NAND? - Management confirmed that the growth bias will be primarily from DRAM, particularly due to HBM and data center exposure [79] Question: How sustainable are the recent improvements in memory prices? - Management highlighted that demand trends are improving, particularly in DRAM and NAND, driven by customer inventory adjustments and strong data center demand [90][92] Question: What is the impact of HBM technology transitions on gross margins? - Management stated that while there may be initial yield challenges with new HBM technologies, they expect the transition to be accretive to DRAM margins over time [96][98]