Financial Data and Key Metrics Changes - The company reported first quarter revenues of $212 million, up more than 100% year over year, marking the highest first quarter revenue in its history [4] - Adjusted compensation margin was 67% of revenues, consistent with full year 2024 accrual expectations [10] - Adjusted non-compensation expense for the quarter was $49 million, which included over $10 million in litigation-related costs, driving year-over-year and quarter-over-quarter increases [10] Business Line Data and Key Metrics Changes - The restructuring, liability management, and financing advisory business saw a meaningful uptick in demand starting in April [6] - The company did not break out specific revenue contributions from different business lines but emphasized a strong client-centric model that allows quick mobilization of resources to meet client needs [22] Market Data and Key Metrics Changes - Revenue in the U.S. and Europe doubled, driven by larger fees per transaction due to a focus on client coverage and business selection [4] - The company noted a balanced growth trend across the U.S. and Europe, with Europe showing a greater willingness for regional transactions and a more accommodative regulatory backdrop [33] Company Strategy and Development Direction - The company aims to showcase its strength and lean into growth initiatives during periods of disruption, emphasizing long-term prospects [7] - The firm is focused on recruiting talent, with plans to accelerate hiring irrespective of market conditions, taking advantage of the current environment to attract skilled professionals [38] Management's Comments on Operating Environment and Future Outlook - Management noted that while deal announcements have slowed, clients are pausing rather than terminating processes, indicating ongoing interest in M&A [17] - The company anticipates that once clarity on policy actions improves, transaction activity will accelerate, similar to past recoveries from market dislocations [5] Other Important Information - The company returned $121 million to equity holders in the first quarter, including over $14 million in open market repurchases [12] - The firm ended the quarter with $111 million in cash and no debt, and declared a quarterly dividend of $0.07 per share [12] Q&A Session Summary Question: M&A Environment and Client Plans - Management indicated that clients are pausing rather than terminating M&A processes due to current volatility, suggesting a potential rebound in activity once clarity improves [17] Question: Contribution of Non-M&A Businesses - Management expressed confidence in the liability management business, noting that the current market conditions are conducive to its growth [22] Question: Activity in Europe vs. U.S. - Management observed a more unified market in Europe post-policy actions, with a greater willingness for regional transactions compared to the U.S. [33] Question: Recruiting Environment - Management confirmed that slower announcement activity in M&A leads to better recruiting opportunities, with an ongoing commitment to adding talent [38] Question: Clarity on Compensation Ratio - The 67% compensation ratio reflects the best estimate at the end of the quarter, with potential adjustments as the year progresses [43] Question: Non-Compensation Expenses - Litigation costs were over $11 million for the quarter, considered one-time in nature, with guidance for a single-digit increase in non-compensation expenses for the year remaining unchanged [45]

BrightSpring Health Services (BTSG) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants David Deuchler - Managing Director - IR ServicesJon Rousseau - Chairman, President & CEOJennifer Phipps - EVP & CFOWhit Mayo - Senior Managing DirectorA.J. Rice - Managing Director Conference Call Participants Ann Hynes - Senior Healthcare Services Equity Analyst & Managing DirectorJoanna Gajuk - Equity Research AnalystDave Larsen - AnalystBrian Tanquilut - Equity Research Analyst - Healthcare ServicesMat ...

Financial Data and Key Metrics Changes - Sales in the quarter were $884 million, representing a decrease of 3% in local currency, while reported sales declined by 5% in U.S. dollars [8][9] - Adjusted operating profit amounted to $237 million, down 11% from the prior year, with an adjusted operating margin of 26.8%, a decrease of 20 basis points [12][14] - Adjusted EPS for the quarter was $8.19, an 8% decrease over the prior year, while reported EPS was $7.81 compared to $8.24 in the prior year [13][14] Business Line Data and Key Metrics Changes - Laboratory sales decreased by 3%, while Industrial sales declined by 1%, with Core Industrial down 6% and Product Inspection up 8% [10] - Service sales increased by 6% in local currency during the first quarter [11] - Excluding the impact of shipping delay recoveries, Laboratory sales grew by 5%, Industrial grew by 2%, and Food Retail declined by 5% [11] Market Data and Key Metrics Changes - Local currency sales declined by 1% in The Americas, 7% in Europe, and 2% in Asia Rest of the World [9] - Local currency sales in China were flat during the quarter, with a 3% growth excluding the impact of shipping delay recoveries [10] - Market conditions in China remain soft, with increased economic uncertainty [27] Company Strategy and Development Direction - The company is implementing various actions to offset the impact of higher tariffs, including supply chain optimization, cost savings, price increases, and surcharges [17][31] - The company remains focused on growth, innovation, and operational excellence, leveraging its diverse product portfolio and geographic presence [28][32] - The company is well-positioned to benefit from onshoring investments and has a strong direct sales force to communicate its value proposition [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic environment despite ongoing global trade disputes and tariffs, which have increased uncertainty in customer demand [7][27] - The outlook assumes market conditions will be slower than previously expected, particularly in China, with volume growth in the second half of the year expected to be similar to the first half [18][20] - Management highlighted the importance of their strong culture of teamwork and collaboration in successfully navigating uncertainty [27][32] Other Important Information - The company estimates incremental global tariff costs at approximately $115 million on an annualized basis [16][20] - Free cash flow for the quarter was $180 million, a 1% increase on a per-share basis [14][22] - The company expects total amortization to be approximately $72 million for the year, with interest expense forecasted at $72 million [21] Q&A Session Summary Question: Update on revenue growth forecast in China - For 2025, the company expects China to be down slightly, with lab business up low single digits and industrial business down low single digits [35][36] Question: Potential opportunity from manufacturing onshoring initiatives - The company is in discussions with customers about the benefits of its portfolio for manufacturing control systems, but the impact from reshoring is not yet significant [39][40] Question: Breakdown of tariff impact and mitigation efforts - The company estimates $50 million in tariff exposure from China and $250 million from imports to the U.S., with pricing expected to increase by about 3% [46][47][49] Question: Insights on the industrial market and customer behavior - Management noted some delays in larger projects in China, but overall, they remain confident in their automation solutions for the industrial market [53][55] Question: Services growth outlook - The company forecasts mid to high single-digit growth in services for 2025, supported by investments in marketing and sales resources [97][99] Question: Impact of tariffs on EPS guidance - The company expects a gross headwind of about 7% to EPS from tariffs, with mitigation actions expected to offset approximately 75% of that impact [88][101]

Apollo Global Management (APO) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Noah Gunn - Managing Director & Global Head of Investor RelationsMarc Rowan - Co-Founder, CEO & Chairman of the BoardJames Zelter - PresidentMartin Kelly - CFO & PartnerSteven Chubak - Managing DirectorAlexander Blostein - Managing DirectorPatrick Davitt - Partner Conference Call Participants Glenn Schorr - Senior Managing Director & Senior Research AnalystWilliam Katz - Senior Equity AnalystKen Worthington - ...

American International Group (AIG) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Quentin Mcmillan - Vice President, Managing Director, IRPeter Zaffino - Chairman & CEOKeith Walsh - EVP & CFODon Bailey - EVP & CEO - North America Commercial InsuranceJohn Rice - Lead Independent DirectorMeyer Shields - Managing DirectorAndrew Andersen - Equity Research Vice PresidentBrian Meredith - Managing Director Conference Call Participants Mike Zaremski - AnalystAlex Scott - Equity Research Analyst ...

The Cigna Group (CI) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Ralph Giacobbe - Senior VP - IRDavid Cordani - Chairman & Chief Executive OfficerBrian Evanko - President & COOAnn Dennison - EVP & CFOLisa Gill - Managing DirectorA.J. Rice - Managing DirectorCharles Rhyee - Managing DirectorAndrew Mok - DirectorJoshua Raskin - Partner - Managed Care & Providers Conference Call Participants Justin Lake - Analyst - Healthcare ServicesAnn Hynes - Senior Healthcare Services Equity Analyst ...

Apollo Global Management (APO) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Speaker0 Good morning, and welcome to Apollo Global Management's First Quarter twenty twenty five Earnings Conference Call. During today's discussion, all callers will be placed in listen only mode. And following management's prepared remarks, the conference call will be opened for questions. Please limit yourself to one question and then rejoin the queue. This conference call is being recorded. This call may contain forward looki ...

The Wendy’s Company (WEN) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Speaker0 Good morning. Welcome to The Wendy's Company Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. You may begin your conference. Good morning, and thank Speaker1 you for joining our fiscal twenty twenty five first quarter earnings conference call. After this brief introduction, Kirk Tanner, Pres ...

Cinemark (CNK) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Speaker0 and welcome to the Cinemark Holdings First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the call over to your host, Chanda Brashears, Senior Vice President of Investor Relations. Thank you. You may begin. Speaker1 Good morning, everyone. I would ...

Mettler-Toledo International (MTD) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Speaker0 Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mettler Toledo First Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to ...