Pearl Diver Credit Company (NYSE:PDCC) Q3 2025 Earnings Call November 18, 2025 11:00 AM ET Speaker0Morning, and welcome to the Pearl Diver Credit Company Third Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Emma Little, Investor Relations.Thank you. You may begin.Speaker1Good day, ladie ...

Financial Data and Key Metrics Changes - The company reported quarterly revenues of just over $1 billion, marking the third consecutive quarter above the billion-dollar mark [17] - Total direct operating costs for the fourth quarter were $715 million, down from $735 million in the previous quarter [17] - The net loss for the fourth quarter was $0.58 per diluted share, an improvement from a net loss of $1.64 in the previous quarter [17] - For the full year, the earnings per share were a net loss of $1.66 [18] - Operating cash flow for the fourth quarter was $207 million, totaling $543 million for the full year [19] Business Line Data and Key Metrics Changes - North America Solutions averaged 141 contracted rigs during the fourth quarter, down from the third quarter, but consistent with industry activity [19] - The segment direct margin for North America Solutions was $242 million, above the midpoint of guidance [19] - The International Solutions segment ended the fourth quarter with 61 rigs working, generating approximately $30 million in direct margins [22] - The Offshore Solutions segment generated a direct margin of approximately $35 million during the quarter, above guidance [24] Market Data and Key Metrics Changes - The company anticipates oil prices to remain rangebound between the upper $50s and mid-$60s in the first half of 2026 [7] - The utilization rates of rigs that have been idled for less than 12 months remain strong at over 80% [11] - The company expects the average first quarter operating rig count for the International Solutions segment to be approximately 57-63 rigs [23] Company Strategy and Development Direction - The company aims to optimize its financial position to continue paying down the term loan and generate free cash flow [25] - Capital expenditures for fiscal 2026 are expected to be approximately $280 million-$320 million, with maintenance capital expenditures approaching historically low figures [26] - The company is focused on enhancing its technology offerings, particularly in drilling automation and wellbore quality [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market stabilizing and the expanded footprint offering new opportunities [7] - The company is encouraged by the resilience of its business and the positive long-term prospects for the oil and gas industry [4] - Management expects to see further margin improvement throughout fiscal year 2026, despite some initial costs related to rig reactivations [38] Other Important Information - The company has made significant progress on deleveraging, having paid off $210 million on its term loan [16] - The company operates in six countries and has a blue-chip customer base supported by strong contractual coverage [7] - The company plans to maintain its long-standing base dividend of approximately $100 million in 2026 [28] Q&A Session Summary Question: Potential for more Saudi rigs to come back and international margins normalization - Management indicated that the focus is on the seven reactivations in Saudi Arabia and expects to see further growth and enhancements in the region [36][37] Question: Daily revenue and operating expenses outlook - Management noted that the North America Solutions market is expected to remain consistent as long as commodity prices and demand are intact, with a focus on maintaining low operating expenses [44] Question: Clarification on reactivation expenses - Management confirmed that the reactivation costs are included in the overall capital expenditures, but specific amounts per rig are difficult to quantify [60][62] Question: Maintenance CapEx for U.S. versus international rigs - Management stated that maintenance CapEx for domestic rigs is around $1 million per rig, while for international rigs it ranges from $1.3 million to $1.5 million [65] Question: Progress on unconventional drilling in regions outside the Middle East - Management highlighted ongoing conversations and interest in unconventional drilling in regions like Australia and North Africa, with a focus on transferring U.S. shale expertise [74][81]

Freeport-McMoRan (NYSE:FCX) Q3 2025 Earnings Call November 18, 2025 10:00 AM ET Company ParticipantsJohn Tumazos - PrincipalMark Johnson - President and COOBob Brackett - Head and Managing Director of Americas Energy and TransitionKathleen Quirk - President and CEOCory Stevens - Senior VPDavid Joint - VP of Investor RelationsRichard Adkerson - Chairman of the BoardLiam Fitzpatrick - Managing Director and Head of European Metals and MiningConference Call ParticipantsLawson Winder - Equity Research AnalystBil ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average charter rate per vessel per day increased by 10.7% in Q3 2025 compared to Q3 2024 [24] - The company operated an average of 22 vessels in Q3 2025, earning an average time charter equivalent rate of $29,284 per day, compared to 23 vessels earning $26,446 per day in Q3 2024 [30] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but stabilized and increased by 30% in October and early November [10] - The average second-hand price index rose by about 4.4% in Q3 2025 compared to Q2 2025, supported by limited vessel availability and strong buyer interest [10] - The global fleet expanded by 6% year-to-date, with recycling activity remaining subdued [11] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has secured charters for four new vessels at rates of $35,500 per day for four years, indicating a strategic focus on long-term contracts [7][21] - The company aims to maintain leverage around 50%, adjusting based on market conditions [74] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers may pressure rates from 2027 onwards [19] - The company anticipates a conservative approach to fleet management, potentially scrapping older vessels if market conditions worsen [83] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry docking scheduled for the next 12 months, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48][49] Question: Willingness to book long-term contracts - Management explained that the aging fleet in smaller vessels is driving demand for long-term contracts as charters seek to secure tonnage [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for the new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach, considering scrapping older vessels if market conditions decline significantly [83][84]

Financial Data and Key Metrics Changes - The meeting discussed the successful election of 13 Directors, with all nominees receiving a majority vote from Oracle's common stockholders [16] - The advisory vote on executive compensation also received majority approval [17] - The appointment of Ernst & Young as Oracle's independent registered public accounting firm for fiscal year 2026 was ratified by a majority vote [18] Business Line Data and Key Metrics Changes - Oracle's AI offerings are broad, encompassing model training, inferencing, reasoning, and embedded AI features in applications, which positions the company uniquely in the market [30] - The Oracle Database is expected to grow significantly, with a projection of more than 8X growth over the next five years due to increased demand and strategic partnerships with major cloud providers [34][35] Market Data and Key Metrics Changes - Oracle is experiencing strong growth in its AI business, with a notable increase in RPO (Remaining Performance Obligations), indicating a competitive advantage over peers [27] - The company is leveraging its extensive database capabilities to provide unique AI solutions that utilize private enterprise data, which is essential for inferencing [29] Company Strategy and Development Direction - Oracle is embedding AI features directly into its applications, allowing customers to adopt these technologies easily and at no extra cost, which enhances customer engagement and accelerates time to value [36][39] - The company is focused on integrating AI into various industries, including healthcare and finance, to drive innovation and efficiency [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Oracle's positioning within the AI market, highlighting the importance of combining private data with advanced AI models to create impactful solutions [24][25] - The executives noted that the transition to cloud services and the integration of AI into existing platforms are key drivers for future growth [34] Other Important Information - The meeting included a formal portion followed by a Q&A session, where stockholders were encouraged to submit questions regarding Oracle's business [19][20] - The company emphasized the importance of reviewing its Form 10-K and Form 10-Q for a comprehensive understanding of risks that may affect future results [20] Q&A Session Summary Question: When will AI inferencing become more material to Oracle's business? - Management indicated that AI reasoning is expected to take off as Oracle combines private data with powerful AI models, positioning the company well for future growth [21][24] Question: Why is Oracle winning more AI business than competitors? - The differentiation stems from strategic decisions made years ago, including the development of a non-blocking network and the ability to leverage private enterprise data for AI applications [27][29] Question: What is driving the expected 8X growth in the Oracle Database? - Growth is attributed to the expansion of database services into major cloud platforms and the increasing demand for AI capabilities integrated with the database [32][34] Question: How will Oracle succeed in getting customers to adopt AI and grow market share? - Oracle is embedding AI features into its applications, making them readily available to customers without additional costs, which facilitates easier adoption [36][39]

Financial Data and Key Metrics Changes - The company expects EBITDA to approach $12 billion in 2026, with significant growth to over $15.5 billion on average for 2027 and 2028, driven by increased production and favorable copper prices [40][41] - Operating cash flows are projected to approximate $8 billion in 2026, growing to $11.5 billion on average in 2027 and 2028, excluding potential recovery under property and business interruption insurance coverage [41][42] Business Line Data and Key Metrics Changes - The Grasberg district's production outlook for 2026 is expected to be similar to 2025, with significant increases anticipated in 2027-2029 as operations are restored [20] - The company plans a phased restart of production blocks two and three, targeting a ramp-up in the second quarter of 2026, while repairs for production block one south are expected to take longer, with a restart targeted for mid-2027 [18][19] Market Data and Key Metrics Changes - The demand trends for copper are positive, driven by increasing requirements for electrification, technology, and energy infrastructure [39] - The company is well-positioned as a leading copper producer with large-scale current production and an attractive pipeline for future growth [39] Company Strategy and Development Direction - The company is focused on enhancing safety protocols and cave management plans following the September 8th incident, with a commitment to using learnings to prevent future occurrences [16][19] - Efforts are underway to extend PT FI's operating rights beyond 2041, with the Indonesian government expressing support for a long-term extension [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in re-establishing large-scale production and emphasized a commitment to safety above all else [19] - The company is actively managing costs and capital expenditures, particularly in the near term, to prioritize recovery efforts [41][42] Other Important Information - The company has a policy that provides coverage for up to $700 million for underground losses, which may assist in mitigating financial impacts from the incident [41] - The investigation into the September 8th incident has been collaborative with the government, which has been involved since the first day of the incident [66] Q&A Session Summary Question: Adjustments to mine planning and operations - The company confirmed that the primary difference in the long-term plan is the sequencing of production blocks, with new processes to enhance safety being applied throughout the mine [46][47] Question: Confidence in safety for resuming mining - Management assured that cement plugs will be installed to protect against surface connections before resuming operations, emphasizing the effectiveness of current water drainage systems [56][57] Question: Government approval for restart plans - The government has been involved in the investigation and has conceptually approved the restart plans, with ongoing collaboration to ensure safety [66] Question: Capital expenditures and repair costs - The capital expenditure estimate includes a placeholder for assumed damage costs, with potential reimbursement from insurance not yet factored in [69] Question: Impact of new gold tax policies - The company has stabilized terms within its license, and most gold is contracted for at market prices locally, mitigating potential impacts from new tax policies [80] Question: Development timeline for Kuchko Liar project - The Kuchko Liar project is unaffected by the incident at Grasberg, with ongoing risk management processes in place [85]

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [6][7][8] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [6][7] Business Line Data and Key Metrics Changes - Significant growth was noted in e-commerce, with a 35% increase in Q4 and a 25% increase for the year, with expectations of 15% growth in 2026 [35][36] - The auto care segment also experienced meaningful innovation, contributing to overall sales growth [5][6] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [6][7] - The battery category is projected to decline by 2% for the year, with expectations of stabilization in the latter half of the fiscal year [18][25] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5][6] - The innovation pipeline is robust, aimed at driving category growth and strengthening leadership in batteries and auto care [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [7][18] - The company expects double-digit adjusted earnings per share growth over the final three quarters of fiscal 2026, driven by network realignment and Project Momentum savings [7][18] Other Important Information - The company achieved over $200 million in savings from Project Momentum to date, with a focus on restoring gross margins and enhancing free cash flow [11][12] - Management indicated that consumer behavior is changing, with a tendency to reduce household inventory and skip purchase cycles, but expects a return to historical growth patterns [46] Q&A Session Summary Question: Insights on the ramp needed to hit full-year expectations following a challenging first quarter - Management acknowledged the need for a ramp and highlighted the successful execution of Project Momentum, which has delivered significant savings and improved margins [11][12] Question: Perspective on consumer slowdown and cost environment changes - Management noted a softening consumer sentiment and projected a decline in the battery category, but remains bullish on long-term growth [24][25] Question: Channel dynamics and consumer behavior in response to the current environment - Management observed that consumers are seeking value and shifting channels, with e-commerce being a significant growth area [35][36] Question: Incremental benefits from optimizing U.S. manufacturing - Management anticipates an additional $15 million-$20 million in benefits from domestic production credits starting in fiscal 2026 [40][41] Question: Expectations for consumer behavior and category performance - Management expects consumers to revert to historical purchasing behaviors, stabilizing the category growth in the future [46] Question: Retail partners' inventory management and its impact - Management indicated tighter inventory management from retail partners, affecting replenishment dynamics as they head into the holiday season [53][54]

Financial Data and Key Metrics Changes - The meeting discussed the election of directors and the ratification of Ernst & Young as the independent registered public accounting firm for fiscal year 2026, indicating a stable governance structure [12][19]. - The preliminary voting results showed that all proposals received affirmative votes from a majority of Oracle's shares present, reflecting shareholder confidence [17][18][20]. Business Line Data and Key Metrics Changes - The company highlighted its focus on AI, particularly in AI reasoning, which is expected to become increasingly important for Oracle's business [22][24]. - Oracle's database services are projected to grow significantly due to the integration of AI capabilities and partnerships with major cloud providers [35][36]. Market Data and Key Metrics Changes - Oracle's AI offerings are broad and encompass various areas, including model training, inferencing, and embedded AI features in applications, which positions the company favorably in the competitive landscape [31][39]. Company Strategy and Development Direction - The company is actively embedding AI features into its applications, making it easier for customers to adopt these technologies without additional costs [37][40]. - Oracle's strategy includes leveraging its extensive database capabilities and AI data platform to enhance customer interactions and data utilization [25][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the AI inferencing business and its potential impact on Oracle's future [22][24]. - The executives emphasized the importance of private enterprise data for AI applications, which Oracle is uniquely positioned to manage [29][30]. Other Important Information - The meeting included a reminder for shareholders to review the most recent Form 10-K and Form 10-Q for discussions on risks that may affect future results [21]. Q&A Session Summary Question: When will AI inferencing become more material to Oracle's business? - Management indicated that AI reasoning is expected to take off as models become more capable, and Oracle is well-positioned due to its data management capabilities [22][24]. Question: Why is Oracle winning more AI business than competitors? - The differentiation stems from Oracle's historical decisions in technology and architecture, which have created a scalable and cost-effective AI offering [28][29]. Question: What is driving the expected 8X growth in Oracle's database? - The growth is attributed to the expansion of Oracle Database services into other cloud environments and the increasing demand for AI-integrated database solutions [33][35][36]. Question: How will Oracle succeed in getting customers to adopt AI? - Oracle is embedding AI features directly into its applications, allowing for seamless adoption and immediate value for customers [37][40].

Financial Data and Key Metrics Changes - For Q3 2025, total net revenues were reported at $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average time charter equivalent rate for vessels in Q3 2025 was $29,284 per day, compared to $26,446 per day in Q3 2024 [30] - Daily operating expenses for Q3 2025 were $7,246 per vessel per day, slightly down from $7,249 in Q3 2024 [31] - The cash flow break-even level for Q3 2025 was $13,073 per vessel per day, compared to $13,629 in Q3 2024 [31] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but saw a 30% uptick in October and early November [10] - The global fleet expanded by 6% year-to-date, with idle capacity remaining practically nonexistent [11] - New building prices remained stable, with Korean and Japanese yards gradually increasing prices relative to Chinese yards [10] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has extended charters for several vessels, indicating a strategy focused on securing long-term contracts [5][6] - The company is exploring additional vessel orders while maintaining a cautious approach to leverage, targeting around 50% [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers could pressure rates from 2027 onwards [48] - Management expressed confidence in the fleet's cash flow generation potential, with a break-even level well below current earnings [38] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry dockings expected, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48] Question: Willingness to book long-term contracts - Management explained that charters are eager to secure tonnage due to an aging fleet and increasing trade demands [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach to scrapping older vessels if market conditions decline significantly [83][85]

C3is (NasdaqCM:CISS) Q3 2025 Earnings Call November 18, 2025 10:00 AM ET Company ParticipantsNina Pyndiah - CFODiamantis Andriotis - CEOOperatorGood day, and thank you for standing by. Welcome to the C3is Q3 2025 Financial and Operating Results Conference call. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Diamantis Andriotis. Please go ahead, sir.Diamantis AndriotisGood ...