PENN Entertainment, Inc. (NASDAQ:PENN) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Joe Jaffoni - Investor Relations Jay Snowden - Chief Executive Officer & President Felicia Hendrix - Executive Vice President & Chief Financial Officer Todd George - Executive Vice President, Operations Aaron LaBerge - Chief Technology Officer Conference Call Participants Barry Jonas - Truist Securities Carlo Santarelli - Deutsche Bank Brandt Montour - Barclays Joe Greff - JPMorgan Joe St ...

Sterling Infrastructure, Inc. (NASDAQ:STRL) Q3 2024 Earnings Conference Call November 7, 2024 10:00 AM ET Company Participants Joe Cutillo - CEO Sharon Villaverde - CFO Noelle Dilts - VP, IR and Corporate Strategy Conference Call Participants Brent Thielman - D.A. Davidson Adam Thalhimer - Thompson Davis Julio Romero - Sidoti Company Operator Welcome to Sterling Infrastructure 3Q '24, webcast and conference call. [Operator Instructions]. I would now like to turn the conference over to Noelle Dilts. Please g ...

NCR Voyix Corporation (NYSE:VYX) Q3 2024 Earnings Conference Call November 7, 2024 8:00 AM ET Company Participants Alan Katz - Vice President of Investor Relations David Wilkinson - Chief Executive Officer Brian Webb-Walsh - Chief Financial Officer Conference Call Participants Mayank Tandon - Needham Will Nance - Goldman Sachs Matt Summerville - D.A. Davidson Matt Roswell - RBC Capital Markets Charles Nabhan - Stephens Kartik Mehta - Northcoast Research Erik Woodring - Morgan Stanley Isaac Sellhausen - Oppe ...

MoneyLion Inc. (NYSE:ML) Q3 2024 Earnings Call November 7, 2024 8:30 AM ET Company Participants Sean Horgan - Head, Investor Relations Diwakar Choubey - Chief Executive Officer Rick Correia - Chief Financial Officer Conference Call Participants Kyle Peterson - Needham George Sutton - Craig-Hallum Rayna Kumar - Oppenheimer Hal Goetsch - B. Riley Securities Jacob Stephan - Lake Street Mike Grondahl - Northland Operator Thank you for standing by. My name is Mandeep and I’ll be your operator today. At this time ...

Kimbell Royalty Partners, LP (NYSE:KRP) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Rick Black – IR Bob Ravnaas - Chairman & CEO Davis Ravnaas - President & CFO Matthew Daly – COO Blayne Rhynsburger - Controller Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Inc. Bertrand Donnes - Truist Securities Noah Hungness - Bank of America Operator Greetings, and welcome to Kimbell Royalty Partners Third Quarter Earnings Conference Call. [Operator Instructions ...

Financial Data and Key Metrics - Net sales grew 2% to $1.3 billion in Q3 2024 compared to the same period last year [8] - Adjusted EBITDA grew 6% to $275 million, with an adjusted EBITDA margin of 21.1%, the strongest margin in 10 quarters [8][11] - GAAP EPS grew 14% to $0.73 per share, while adjusted EPS grew 7% to $0.82 per share [8] - Free cash flow was $240 million, the strongest quarter since Q3 2021 [10] - Adjusted EBITDA to net debt leverage ratio declined to 2.4x, below the midpoint of the targeted range of 2-3x [9] Business Line Performance - US business performed well compared to the broader market, driven by new product launches and distribution wins [13][17] - Stearns & Foster was the strongest performing brand in the quarter, with growth in both wholesale and direct-to-consumer channels [17] - International sales grew 12% on a reported basis and 11% on a constant currency basis, with a 200 basis point expansion in operating margins [23][31] - The newly-launched International Tempur collection drove growth in key markets like the UK, Germany, China, and Australia [24] Market Performance - The US bedding industry remains significantly below historical volumes, with unit volumes down high-single-digits in 2024 [35] - International markets showed strong momentum, with double-digit growth in sales and improved operating margins [23][31] - The company expects market normalization to begin in 2025, led by the launch of the new Sealy Posturepedic product line [12][18] Strategy and Industry Competition - The company is preparing for the planned acquisition of Mattress Firm, with a Federal Court hearing scheduled for November 12, 2024 [39] - The new Sealy Posturepedic product line, launching in 2025, targets the mid to entry-level market and features proprietary coil technology [18][19] - The company continues to invest in advertising and consumer-centric innovation, with a focus on premium, health, and wellness-focused customers [12][16] Management Commentary on Operating Environment and Future Outlook - The bedding industry has been in a prolonged downturn, with volumes down approximately 30% from peak levels in 2021 [48] - The company expects a recovery or normalization in the market, driven by lower interest rates, improved housing formation, and increased consumer confidence [48] - International markets are expected to sustain strong growth, supported by new product launches and expanded distribution [23][80] Other Important Information - The company executed a $1.6 billion Term Loan B to fund the Mattress Firm acquisition [33] - Advertising spend in Q3 was $119 million, consistent with prior years, and is expected to increase in 2025 [66][69] - The company expects full-year 2024 adjusted EPS to be between $2.45 and $2.55, representing 4% growth year-over-year [34] Q&A Session Summary Question: How will consumer demand trend in late 2024 and early 2025? - The company expects market normalization in 2025, driven by lower interest rates, improved housing formation, and the launch of the new Sealy Posturepedic product line [48] Question: What is the contribution margin outlook for North America and International? - International contribution margins are expected to be higher than the US, with North America around 30-35% [52] Question: What is the state of the industry heading into 2025? - The industry is expected to recover, with product innovation and advertising driving growth, though full normalization may take time [57] Question: How will the new Sealy Posturepedic launch impact earnings in 2025? - The launch is not expected to have incremental costs, as advertising will be offset by cost reductions [78] Question: Why is international growth sustainable? - Growth is driven by new product launches, expanded distribution, and strong execution in key markets like the UK [80] Question: What drove the strong performance of Stearns & Foster in Q3? - Strong performance was due to sales focus, SKU optimization, and effective execution [83]

Vistra Corp. (NYSE:VST) Q3 2024 Earnings Conference Call November 7, 2024 10:00 AM ET Company Participants Eric Micek - VP, IR Jim Burke - President & CEO Kris Moldovan - EVP & CFO Stacey Doré - Head of Strategy Steve Muscato - Executive VP & CCO Conference Call Participants David Arcaro - Morgan Stanley Steven Fleishman - Wolfe Research Jeremy Tonet - JPMorgan Angie Storozynski - Seaport Operator Good morning, and welcome to the Vistra’s Third Quarter 2024 Earnings Call. All participants will be in listen- ...

Medical Properties Trust, Inc. (NYSE:MPW) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Charles Lambert - VP Edward Aldag - Chairman, President & CEO Rosa Hooper - SVP, Operations & Secretary Kevin Hanna - SVP, Controller & Chief Accounting Officer Steven Hamner - EVP & CFO Conference Call Participants Michael Carroll - RBC Capital Markets Omotayo Okusanya - Deutsche Bank Nikita Bali - JPMorgan Operator Good morning, and welcome to Q3 2024 Medical Properties Trust Earnin ...

Financial Data and Key Metrics - Net income for Q3 2024 was $21.5 million, with basic and diluted EPS of $0.50 and $0.49 respectively [17] - Adjusted net income was $18.1 million, with basic and diluted EPS of $0.42 and $0.41, excluding gains on vessel sales and non-cash charges [17] - Adjusted EBITDA for Q3 was $36.9 million, and $118.5 million for the first nine months of 2024, surpassing the full-year 2023 figure of $101.5 million [18] - Net revenues increased by 48% YoY, driven by Capesize vessels earning $26,951 per day, nearly $12,000 higher than the same period last year [18] - The company declared a $0.40 per share dividend for Q3, marking an 18% QoQ increase, with 21 consecutive dividends totaling $6.31 per share [9][10] Business Line Performance - The company acquired a 2016-built Capesize vessel, the third such acquisition in the last 12 months, as part of its fleet renewal strategy [7] - The exit from older vessels and redeployment of proceeds into newer Capesize ships resulted in $13 million in dry dock CapEx savings for 2024 and 2025 [8] - Fleet-wide TCE increased by 59% YoY in Q3, with 65% of Q4 available days fixed at $18,786 per day, well above the break-even rate [12][25] Market Performance - Capesize rates averaged nearly $25,000 per day in Q3, the strongest quarter since 2021, though rates have since pulled back [26] - China's iron ore imports rose by 5% YoY through September, with port inventories at 154 million tons, a 37% YoY increase [28] - The Simandou iron ore project in West Africa is expected to begin production in late 2025, with annualized production of 60 million tons, benefiting the Capesize segment [30] Strategic Direction and Industry Competition - The company is nearing its goal of net debt zero, having paid down 82% of its debt since 2020, reducing interest expense by $6 million annually [19][20] - The company maintains a low net loan-to-value ratio of 5%, with over $330 million in undrawn revolver availability, providing significant financial flexibility [13][21] - The dry bulk market is expected to remain strong due to low new building order books and firm commodity demand, despite recent volatility [15][33] Management Commentary on Market Conditions - Management remains optimistic about freight rates, expecting a rebound in late November and December, though a seasonal downturn is anticipated in Q1 2025 [42][43] - The company views the recent pullback in rates as temporary, driven by bauxite export issues and iron ore slowdowns, with equilibrium expected to return [41][42] Other Key Information - The company enhanced its dividend policy by removing dry-docking CapEx from the calculation, increasing the dividend by $0.27 per share [10][22] - Daily vessel operating expenses (DVOE) are expected to decline to $6,200 per vessel per day in Q4, down from $6,423 in Q3 [24][25] Q&A Session Summary Question: Impact of the incoming Trump administration on the dry bulk market - Management does not expect a substantial impact on ton miles, though tariffs could lead to more inefficient trade routes, potentially increasing ton miles slightly [36][37] - The Chinese government may increase fiscal stimulus spending in response to potential trade disruptions [38][39] Question: Recent market volatility and rate improvements - Recent rate declines were attributed to bauxite export issues and iron ore slowdowns, but management expects rates to firm up by late November and December [41][42] - Force majeure issues with bauxite have been resolved, though volumes have not fully recovered [44] Question: Acquisition pipeline and financial flexibility - The company remains focused on fleet renewal, with firm prices for eco vessels expected to continue into 2025 [46][47] - The company has significant liquidity, with over $330 million in undrawn revolver availability, providing flexibility for accretive growth opportunities [48] Question: Potential expansion beyond Capesize and Ultramax vessels - The company plans to stick to its core segments, though transformative opportunities in other vessel classes could be considered [50][51] Question: Timing of revenue generation for newly acquired vessels - The Genco Intrepid, acquired in October, is expected to generate revenue shortly after delivery, with minimal downtime [52] Question: Dividend policy and leverage - The company aims to maintain a net debt zero position, with the option to lever up to the 20s for accretive transactions [57][58] Question: Charter contract strategy - The company will continue to opportunistically lock in fixed-rate charters, particularly in the Capesize sector, while maintaining flexibility with index charters [54][59]

FS KKR Capital Corp (NYSE:FSK) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Anna Kleinhenn - Head of Investor Relations Michael Forman - Chief Executive Officer and Chairman Dan Pietrzak - Co-President and Chief Investment Officer Brian Gerson - Co-President Steven Lilly - Chief Financial Officer Conference Call Participants Bryce Rowe - B. Riley Securities Casey Alexander - Compass Point John Hecht - Jefferies Mark Hughes - Truist Kenneth Lee - RBC Melissa Wedel - JPMor ...