Financial Data and Key Metrics - Adjusted after-tax income was $798 million, or $1.23 per diluted share, representing a 31% increase in earnings per share year-over-year [10] - Underwriting income for the quarter was $437 million, including total catastrophe-related charges of $417 million [10] - Consolidated net investment income on an adjusted pre-tax income basis was $897 million, a 19% increase year-over-year [11] - Core operating ROE was 9.2% with core operating equity of $34.5 billion as of September 30, 2024 [11] - Debt-to-total-capital ratio was 17.9%, including AOCI and parent liquidity of $4.2 billion [12] Business Line Performance - Gross premiums written for General Insurance were $8.6 billion, a 3% increase from the prior year [13] - Net premiums written for General Insurance were $6.4 billion, a 6% increase [13] - Global Commercial net premiums written grew 7% year-over-year, driven by $1.1 billion of new business [14] - North America Commercial net premiums written grew 11% year-over-year [16] - International Commercial net premiums written grew 3% year-over-year, with specialty lines growing 10% [21] Market Performance - North America Commercial retention was 90% in admitted lines and 78% in Lexington [17] - International retention remained strong at 89%, with energy and property at 92% and casualty at 91% [22] - North America Commercial new business growth was 22% year-over-year, led by Lexington with 24% growth [18] Strategy and Industry Competition - The company has transformed its underwriting and reinsurance strategy, reducing CAT losses by 80% compared to 2012 [32] - AIG Next program is expected to deliver $500 million in savings by 2025, impacting both General Insurance and other operations [36] - The company is leveraging GenAI to improve underwriting processes, with data accuracy rates improving from 75% to 90% [40] Management Commentary on Operating Environment and Future Outlook - The company expects to deliver a 10% core operating ROE for the full-year 2025 [49] - Management highlighted the increasing frequency and severity of natural catastrophes, with industry losses expected to exceed $125 billion in 2024 [24][29] - The company is well-positioned to manage volatility through underwriting and reinsurance strategies, maintaining low net retention among global competitors [33] Other Important Information - The company returned $1.8 billion to shareholders in Q3 through stock repurchases and dividends [11] - AIG Next has enabled the company to invest in core capabilities and strategic innovation initiatives, particularly in underwriting, claims, and AI [38] - The company expects to fully realize $500 million in savings from AIG Next by 2025 [36] Q&A Session Summary Question: Reserves and Financial Lines - The company discussed favorable development in shorter tail lines and noted that older accident years in financial lines are emerging better than expected but are not yet booked [71][72] - Adverse development in U.K. and Europe casualty and financial lines was partially offset by favorable development in U.S. and international portfolios [74] Question: Property Reinsurance Program - The company does not expect material changes in its reinsurance structures and will maintain low attachment points on severity and aggregate protections [77][78] Question: Market Conditions and Growth Opportunities - The company sees strong growth opportunities in North America Commercial, particularly in casualty and E&S lines, with new business growth of 22% year-over-year [80][81] - Lexington continues to show strong performance, with 78% retention and 24% new business growth [85] Question: ROE Aspirations and Capital Management - The company aims to achieve a 10% core operating ROE in 2025 and is exploring opportunities to improve margins, grow premiums, and manage capital effectively [88][89] - The company has flexibility to increase leverage for potential M&A opportunities [104] Question: General Insurance GOE Ratio - The company is absorbing $50 million of expenses into General Insurance, with improvements expected to show more significantly in Q4 and 2025 [99][100] Question: Personal Lines in North America - The company is transitioning its North America personal lines business to an MGA structure, with expectations for improved combined ratios in 2025 [107][108] Question: North America Commercial Loss Ratio - The company expects the loss ratio to stabilize, with growth opportunities in casualty and property lines [115][116] Question: International Growth Opportunities - The company sees strong growth in international specialty lines, particularly in energy and marine, with 25% new business growth in marine and 18% growth in Talbot specialty lines [119][120]

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Mark Meaux - Director of Finance Thomas Carter - Chairman, President and Chief Executive Officer Taylor DeWalch - Senior Vice President and Chief Financial Officer Conference Call Participants Timothy Rezvan - KeyBanc Capital Markets Inc. Operator Hello, everyone, and thank you for joining us today for this Black Stone Minerals Q3 2024 Earnings Conference Call. As a reminder, ...

Apollo Global Management, Inc. (NYSE:APO) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET Company Participants Noah Gunn - Global Head, Investor Relations Marc Rowan - Chief Executive Officer Martin Kelly - Chief Financial Officer Jim Zelter - Co-President Conference Call Participants Alexander Blostein - Goldman Sachs Craig Siegenthaler - Bank of America Bill Katz - TD Cowen Steven Chubak - Wolfe Research Mike Brown - Wells Fargo Patrick Davitt - Autonomous Research Brennan Hawken - UBS Brian ...

Ramaco Resources, Inc. (NASDAQ:METC) Q3 2024 Earnings Conference Call November 5, 2024 9:00 AM ET Company Participants Jeremy Sussman - CFO Randy Atkins - Chairman and CEO Chris Blanchard - EVP, Mine Planning and Development Jason Fannin - Chief Commercial Officer Conference Call Participants Nathan Martin - Benchmark Company Lucas Pipes - B. Riley Securities Operator Good day, and welcome to Ramaco Resources' Third Quarter of 2024 Results Conference Call. All participants will be in a listen only mode for ...

Beam Therapeutics Inc (NASDAQ:BEAM) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET Company Participants Holly Manning - Vice President of Investor Relations & External Communications John Evans - Chief Executive Officer Giuseppe Ciaramella - President Amy Simon - Chief Medical Officer Conference Call Participants Gena Wang - Barclays Dae Gon Ha - Stifel Eric Joseph - JPMorgan Kostas Biliouris - BMO Capital Markets Samantha Semenkow - Citi Sami Corwin - William Blair Luca Issi - RBC Capital Mic ...

Financial Data and Key Metrics - Underlying sales grew 6% in 2024, with operating leverage at 47%, both in line with guidance [45] - Adjusted EPS was $5.49, at the high end of guidance, and free cash flow reached $2.9 billion, exceeding expectations [46] - Quarterly underlying orders growth was 2% for the year, led by process and hybrid businesses, while discrete automation orders were down mid-single digits but turned positive in Q4 [46][47] - Adjusted segment EBITDA margin was 26%, up 100 basis points from the prior year, driven by favorable price cost and cost reductions [52] - Free cash flow margin improved to 16.6%, a 110-basis point increase from the prior year [54] Business Line Performance - Process and hybrid businesses grew high single digits, while intelligent devices grew 5% and software and control grew 8% [49] - Test & Measurement contributed $1.46 billion to net sales, down 12% for the year, but orders improved sequentially in Q4 [47][51] - Safety & Productivity business, which is under strategic review, generated $1.4 billion in revenue with leading gross margins and strong free cash flow [37] Market Performance - Asia, Middle East, and Africa led growth at 8%, driven by strong project activity in LNG and chemicals, while China was down 3% due to weak demand [50] - Europe grew 7%, supported by LNG, sustainability, decarbonization, and life sciences, while the Americas grew 4%, led by power, LNG, metals, and mining [50] - Middle East and Africa, India, Southeast Asia, and Mexico are expected to lead growth in 2025, with China anticipated to return to growth in the second half [71] Strategic Direction and Industry Competition - The company announced a proposal to acquire the remaining shares of AspenTech for $240 per share, aiming to fully integrate AspenTech's industrial software capabilities with Emerson's automation solutions [9][12] - The combination of Emerson and AspenTech is expected to accelerate the company's software-defined automation strategy, unlock cost synergies, and simplify the company's structure for investors [13][36] - The company is exploring strategic alternatives for its Safety & Productivity business, including a potential cash sale, as it does not align with the automation thematic [14][37] - Emerson plans to repurchase $2 billion of common stock in fiscal 2025, returning approximately 100% of guided free cash flow to shareholders [15][16] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong project activity, with a large project funnel of $11.2 billion, driven by LNG, life sciences, and sustainability investments [59][60] - The company expects process and hybrid markets to remain resilient in 2025, with discrete markets turning positive and growth across all regions [66][69] - Management expressed confidence in the recovery of discrete markets, particularly in semiconductor, industrial, and factory automation, while automotive markets, especially EV, remain weak [69][70] - The company anticipates mid-single-digit growth in process and hybrid businesses, with discrete markets expected to recover in the second half of 2025 [68][69] Other Important Information - The company's backlog increased to $7.2 billion, driven by process and hybrid investments, while Test & Measurement backlog stood at $400 million [51][101] - Emerson's gross margin reached a record high of 50.8% in 2024, up nearly 1,000 basis points from the pre-transformation portfolio in 2021 [57] - The company expects adjusted EPS for 2025 to be between $5.85 and $6.05, with free cash flow projected at $3.2 billion to $3.3 billion [75] Q&A Session Summary Question: Backlog and Book-to-Bill for 2025 - The backlog of $7.2 billion is considered healthy and supportive of 2025 guidance, with no significant changes expected in the book-to-bill ratio [86] - Process and hybrid markets showed strong activity, with new wins in LNG, sustainability, and life sciences, supporting mid-single-digit growth expectations [87] Question: Customer Delays and China Recovery - No significant customer delays were observed, with strong project activity in energy, energy transition, and power sectors [90] - China is expected to return to growth in the second half of 2025, driven by self-reliance programs and sustainability investments, with discrete markets anticipated to recover [92] Question: Discrete Automation Trends and AspenTech Synergies - Discrete automation orders turned positive in Q4, with early signs of recovery in semiconductor and industrial markets, supporting a mid-single-digit growth forecast for 2025 [94] - AspenTech synergies are expected to be neutral to adjusted EPS in 2025, with seasonality and cost synergies factored into the outlook [96][97] Question: Power and Nuclear Exposure - Power generation represents 9% of revenue, with strong growth driven by data center investments, life extension of facilities, and grid modernization [105] - Nuclear accounts for 20% of the power business, with a broad portfolio of capabilities in instrumentation, valves, and control systems [108] Question: Software-Defined Automation Timeline - The transition to software-defined automation is expected to be a phased journey, starting with foundational integration at the site level, followed by site-level and eventually enterprise-wide control and optimization [116][117] Question: Test & Measurement and Synergies - Test & Measurement sales are expected to grow mid-single digits in 2025, with high single-digit order growth and a focus on backlog consumption [123] - Synergies for Test & Measurement are expected to be around $60 million in 2025, with AspenTech synergy details to be provided after a definitive agreement is reached [125]

Yum! Brands, Inc. (NYSE:YUM) Q3 2024 Earnings Conference Call November 5, 2024 7:45 AM ET Company Participants Matt Morris - Head, Investor Relations David Gibbs - CEO Chris Turner - CFO Conference Call Participants Gregory Francfort - Guggenheim Securities Brian Bittner - Oppenheimer Jon Tower - Citi Dennis Geiger - UBS David Palmer - Evercore ISI John Ivankoe - JPMorgan David Tarantino - Baird Operator Welcome, everyone, to the Yum! Brands 2024 Third Quarter Earnings Call. My name is Lauren, and I will be ...

Cleveland-Cliffs Inc. (NYSE:CLF) Q3 2024 Earnings Conference Call November 4, 2024 8:30 AM ET Company Participants Lourenco Goncalves - Chairman, President & CEO Celso Goncalves - EVP & CFO Conference Call Participants Lucas Pipes - B. Riley Securities Lawson Winder - Bank of America Carlos De Alba - Morgan Stanley William Peterson - JPMorgan Alexander Hacking - Citigroup Chris LaFemina - Jefferies Philip Gibbs - KeyBanc Capital Markets Operator Good morning, ladies and gentlemen. My name is Darryl, and I’m ...

Financial Data and Key Metrics - Recurring revenue grew 4% in constant currency, driven by governance and capital markets franchises [8] - Adjusted EPS was $1, impacted by the E-Trade deconversion and lower event-driven revenues [9] - The company raised its fiscal 2025 recurring revenue guidance to 6%-8%, reflecting the acquisition of SIS and strong organic growth [11] - Adjusted operating income decreased 7%, with AOI margins at 13% [38] - Closed sales reached a record $57 million, up 21% from the previous year [27][38] Business Line Performance - **Governance Business**: ICS recurring revenues rose 5%, driven by strong sales and investor participation growth [12] - Equity record growth for companies processed during the quarter was 3% [13] - Fund and ETF position growth was 6%, with strong growth in passive and money market funds [15] - **Capital Markets**: Recurring revenues grew 5%, driven by new sales and higher trading volumes, particularly in fixed income [20] - **Wealth and Investment Management**: Recurring revenue declined 4% due to the E-Trade deconversion, but underlying growth was 6% [23] Market Performance - Equity position growth was 3%, impacted by the mix of companies hosting annual meetings [13][46] - Mutual fund and ETF position growth was 6%, with mid-single-digit growth expected to continue [47] - Trade volumes rose 10%, led by double-digit growth in fixed income [48] Strategy and Industry Competition - The company is focused on democratizing and digitizing investing, simplifying trading, and modernizing wealth management [9] - The acquisition of SIS strengthens the Canadian wealth business and accelerates innovation in that market [10][24] - Broadridge is leveraging AI and data management investments to drive innovation across its platforms [6][21] Management Commentary on Operating Environment and Outlook - Global financial markets remain robust, with healthy demand driven by long-term trends like digitization and regulatory changes [6] - The company is on track to deliver strong full-year results, with recurring revenue growth of 6%-8% and adjusted EPS growth of 8%-12% [11][32] - Management highlighted the resilience of the business model amid geopolitical uncertainty and market volatility [6][7] Other Important Information - The company completed the acquisition of SIS for approximately $185 million, expected to contribute 1 point to recurring revenue growth [36][96] - Broadridge is investing in digital transformation, with open rates for digital communications 20% higher and click-through rates 5x higher than standard communications [19] - The company expects free cash flow conversion of 95%-105% for fiscal 2025 [56] Q&A Session Summary Question: Why was the EPS guidance not raised despite the recurring revenue increase? - The SIS acquisition is expected to be neutral to EPS in the first year, and the company is reinvesting in growth opportunities [64][66] Question: What is the outlook for digital revenue growth? - Digital revenue is expected to accelerate to mid-to-high single-digit growth for the full year, driven by new sales and onboarding of recent wins [73][75] Question: How is Broadridge addressing T+1 challenges in Europe? - The company is leveraging its managed services and technology to help clients navigate the transition to T+1 in Europe [77][79] Question: What is the revenue contribution expected from SIS? - SIS is expected to contribute approximately $60 million in revenue for the full year, adding over 1 percentage point to Broadridge's growth [92][96] Question: Was there any unusual pull-forward in sales this quarter? - The strong sales performance in Q1 is not considered a pull-forward but reflects a good start to the year, with the full-year sales outlook remaining unchanged [98]

Thomson Reuters Corporation (NYSE:TRI) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET Company Participants Gary Bisbee - Head of Investor Relations Steve Hasker - Chief Executive Officer Mike Eastwood - Chief Financial Officer Conference Call Participants Scott Fletcher - CIBC Manav Patnik - Barclays Vince Valentini - TD Cowen Kevin McVeigh - UBS Aravinda Galappatthige - Canaccord Genuity Andrew Steinerman - JPMorgan Maher Yaghi - Scotiabank Toni Kaplan - Morgan Stanley Drew McReynolds - RBC G ...