Cannae(CNNE) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q1 2025 was $103 million, a 7% decrease from the prior year due to lower restaurant revenue [23] - The company reported net recognized gains of $7 million in Q1 2025, compared to $5 million in the prior year [27] - Cannae's equity in earnings and losses of unconsolidated affiliates posted a $2 million net loss in Q1 2025, compared to an $18 million gain in the prior year [28] Business Line Data and Key Metrics Changes - CNB reported revenue of $580 million, representing 3.6% constant currency organic growth compared to the prior year's first quarter [13] - Alight reported total revenue from continuing operations of $548 million for Q1 2025, a 2% decrease from the prior year [14] - Adjusted EBITDA for Alight was $118 million, a $2 million increase compared to the prior year [14] Market Data and Key Metrics Changes - Cannae's largest public investment, Dun and Bradstreet, is being acquired for $4.1 billion, from which Cannae will receive $632 million upon closing [7][9] - The company expects to utilize approximately $730 million from public portfolio sales for shareholder returns and debt repayment [10] Company Strategy and Development Direction - Cannae is focused on rebalancing its portfolio away from public investments and investing in companies with positive cash flows [7] - The company aims to return capital to shareholders and improve operational performance of its portfolio companies [7] - Cannae announced an agreement to acquire an additional 30% stake in JANNA Partners for $67.5 million, enhancing its ability to allocate capital towards proprietary acquisitions [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strategic relationship with JANNA Partners and the potential for future investments [32] - The company believes there remains significant embedded value in its portfolio and upside in stock price as it executes its strategic plan [50] Other Important Information - Cannae appointed Bill Royan and Woody Tyler to its board, both bringing strong investment management experience [12] - The company is undergoing significant changes in its Restaurant Group, including management restructuring and cost-cutting measures [26] Q&A Session Summary Question: Can you discuss the revenue and earnings profile of JANNA Partners? - Management indicated that JANNA has significantly higher assets under management than initially invested, exceeding $2 billion, and is performing well financially [31][32] Question: Are there plans to increase ownership in JANNA Partners? - Currently, there are no plans to increase ownership percentage as the existing structure is deemed effective [35] Question: Can you elaborate on the Vitality Stadium acquisition? - Management believes the redevelopment of the stadium is financially attractive, projecting mid-teens returns on the investment [42][43] Question: How does Cannae plan to deploy incremental capital for M&A? - In the short term, the focus will be on returning capital to shareholders, but the company remains open to opportunistic investments that can deliver attractive returns [46][47]
indie Semiconductor(INDI) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
indie Semiconductor (INDI) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Good afternoon, and welcome to ND Semiconductors First 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 will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead, sir. Speaker1 Thank you, operator. Good afternoon, welcome to ...
AlTi (ALTI) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - AlTi generated $58 million in consolidated revenue for Q1 2025, representing a 14% year-over-year increase [8][23] - Adjusted EBITDA for the quarter was $9 million, up from $7 million in the same period last year, reflecting a 38% increase [8][25] - The company reported a net loss of $3 million on a GAAP basis, while adjusted net income was $3 million [25] Business Line Data and Key Metrics Changes - Revenue in the core Wealth Management and Capital Solutions segment rose 23% year-over-year, driven by a 10% increase in assets under management and advisement [8][23] - The Wealth and Capital Solutions segment generated $57 million in revenue, contributing significantly to overall growth [23][24] - Adjusted EBITDA for the Wealth and Capital Solutions segment was $19 million, reflecting a 34% margin [26] Market Data and Key Metrics Changes - The acquisition of Kontoora marks AlTi's entry into Germany, the world's third-largest ultra-high-net-worth market, with total assets in the Wealth and Capital Solutions segments reaching approximately $82 billion [11][12] - The company secured approximately $240 million in commitments from international wealth clients through its new private credit program [10] Company Strategy and Development Direction - AlTi aims to become the leading independent global multifamily office and OCIO platform, focusing on strategic acquisitions and organic growth [6][30] - The company is advancing a resource optimization program through a zero-based budgeting approach to align costs with strategic priorities [7][19] - AlTi is exiting non-core businesses to streamline operations and focus on high-conviction opportunities [7][21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite significant market volatility, portfolios remained resilient due to broad diversification across asset classes [16] - The company is focused on maintaining stable allocations and using market volatility to deploy capital as attractive opportunities arise [17] - Management expressed confidence in the long-term growth potential driven by strategic partnerships and a strong organic growth pipeline [22][39] Other Important Information - The company has launched the 2025 Alti Global Social Progress Index to help clients align investments with social impact [18] - AlTi ended the quarter with $52 million in cash and no debt, evaluating financing alternatives for future growth [28][29] Q&A Session Summary Question: Can you discuss the zero-based budgeting efforts and provide a timeline for expected reductions? - Management indicated that the zero-based budgeting process is a line-by-line review across all segments, with implementation already underway and more details to be provided later in the year [33][35] Question: What are the expectations for growth in Germany and the M&A pipeline? - Management highlighted the importance of the German market and the successful integration of Kontoora, noting a strong pipeline for both organic growth and potential acquisitions [36][38] Question: What is the status of the real estate business? - Management confirmed that they are divesting from non-core real estate operations and expect to provide a definitive plan by the next call [42][43] Question: How is the company navigating market volatility and its impact on AUM? - Management expressed a relatively calm outlook, emphasizing a focus on high-quality risk assets and the ability to adapt to changing market conditions [44][46]
MeridianLink(MLNK) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - MeridianLink achieved total revenue of $81.5 million, representing a 5% year-over-year growth, and adjusted EBITDA of $34.8 million, with a 43% adjusted EBITDA margin [5][28][42] - Free cash flow was $40.6 million, equating to 50% of revenue, and cash and cash equivalents at the end of the quarter were $128.9 million, an increase of $36.1 million from the previous quarter [36][43] Business Line Data and Key Metrics Changes - Total lending software revenue grew by 10% year-over-year, accounting for approximately 82% of total revenue, with consumer lending revenue growth at 11% and mortgage lending revenue growth at 7% [39][40] - Data Verification Software Solutions revenue declined by 15% year-over-year, primarily due to a 28% decrease in mortgage-related revenue [41] Market Data and Key Metrics Changes - In 2024, MeridianLink processed 28 million consumer loan applications with nearly $700 billion in application volume, and served 50 million background checks and over 40 million credit reports [19] - The company completed 15 mortgage lending deals in Q1, up nearly 90% year-over-year, indicating strong demand in the mortgage lending segment [30] Company Strategy and Development Direction - The company plans to focus on three strategic pillars: increasing product portfolio breadth and depth, simplifying customer interactions, and strengthening talent [22][24] - MeridianLink aims to enhance its product offerings through innovation, partnerships, and acquisitions, with a particular emphasis on digital interfaces and AI integration [78][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate an uncertain macroeconomic environment, with a focus on maintaining strong demand and managing customer relationships [29][60] - The outlook for 2025 remains unchanged, with total GAAP revenue expected to be between $326 million and $334 million, representing a 3% to 6% year-over-year increase [46][49] Other Important Information - A leadership transition is underway, with Larry Katz set to assume the role of CEO effective October 1, following Nicholas Block's six-year tenure [6][12] - The company has made significant investments in its go-to-market organization to enhance value delivery and operational efficiency [7][10] Q&A Session Summary Question: Can you elaborate on the changes being implemented as part of the new chapter? - Management views the changes as a continuation of existing strategies, focusing on operational discipline and growth acceleration [56] Question: How is the demand backdrop and ability to replace ACV release being assessed? - The pipeline remains strong, with robust demand across platforms, although some softness is noted at the top end of the funnel [60][61] Question: What is the outlook for the consumer lending business? - Growth is driven by ACV release, with solid demand for the comprehensive platform, and an increase in average ARR indicates success with larger clients [68][69] Question: What are the expectations for the auto lending vertical in 2025? - The company anticipates growth in line with the rest of consumer lending, acknowledging uncertainty due to potential tariffs [84] Question: What factors are driving increased mortgage demand? - The strong mortgage offering, effective sales execution, and favorable macro conditions are contributing to the increased demand [92][94] Question: What is the appetite for M&A in the current environment? - The company remains open to M&A opportunities, focusing on finding the right deals at the right price while maintaining a strong balance sheet [99][100]
Maravai LifeSciences(MRVI) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - The company reported $47 million in revenue for Q1 2025, exceeding expectations and showing a growth of over $4 million from Q4 2024 [6][27] - GAAP net loss before noncontrolling interests was $53 million for Q1 2025, compared to a loss of $23 million in Q1 2024 [27] - Adjusted EBITDA was negative $11 million for Q1 2025, down from a positive $8 million in Q1 2024 [28] - Basic and diluted EPS for Q1 was a loss of $0.21 per share, compared to a loss of $0.09 per share in Q1 2024 [30] Business Line Data and Key Metrics Changes - The Nucleic Acid Production (NAP) segment generated $29 million in revenue for Q1 2025, an increase of $1 million from Q4 2024 [6] - The Biologics Safety Testing (BST) segment reported $18 million in revenue for Q1 2025, up $3 million from Q4 2024 and flat compared to Q1 2024 [6][35] - The adjusted EBITDA margin for the BST segment was 70%, indicating strong performance [35] Market Data and Key Metrics Changes - Revenue by customer type in Q1 was 29% from biopharma, 28% from life science and diagnostics, 6% from academia, 7% from CDMO, and 30% through distributors [7] - Revenue by geography was 62% from North America, 15% from EMEA, 15% from Asia Pacific, and 8% from China [7] Company Strategy and Development Direction - The company is focused on a return to growth strategy and building a diversified franchise as a life science tool provider and clinical partner [10] - The strategy includes vertical integration in the NAP segment to enhance quality, speed, and cost efficiency [8] - The company aims to expand its product and service portfolio to drive long-term sustainable growth [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of transitioning from a COVID-driven revenue model to a more diversified business [39] - The company is closely monitoring trade dynamics and working to mitigate potential impacts from tariffs [39] - The cash position of $285 million is seen as sufficient to manage the reset period while focusing on long-term growth [40] Other Important Information - The company plans to publish its 2024 sustainability report, highlighting its commitment to sustainability and long-term strategic objectives [25] - The integration of recent acquisitions is progressing well, enhancing operational capabilities and supply chain control [32] Q&A Session Summary Question: Focus areas for new trials and reasons for discontinuation - Management noted that while preclinical programs were flat, clinical programs showed growth, indicating a focus on later-stage projects due to funding conservatism [44][46] Question: Drivers of incremental demand in the next 12-18 months - Incremental demand is expected from clinical progression, new business wins, and the transition from bulk reagent supply to comprehensive service offerings [48] Question: Opportunities for market share due to U.S. manufacturing - The company sees potential for market share growth as interest in U.S.-based manufacturing increases, particularly in the mRNA space [51][54] Question: Impact of U.S. policy changes on customer buying patterns - Customers are experiencing mixed impacts from government funding changes, with some securing long-term funding while others delay decisions [60] Question: Government work and exposure - The company has no direct government work currently, with past contracts fulfilled, but remains open to future opportunities [66] Question: Seasonality in BST revenue - Q1 is typically a high point for BST revenue, influenced by manufacturing cycles and strong performance in China [70][72]
Oncocyte(OCX) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
OncoCyte (OCX) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Welcome everyone and Welcome, everyone, and thank you for joining us to discuss OncoCyte's first quarter twenty twenty five results. If you have not seen today's shareholder letter, please visit OncoCyte's Investor Relations page at investors.oncoCyte.com. Today's prepared remarks build upon the information already shared in this robust letter. Joining us today are OncoCyte President and CEO, Josh Riggs Chief Science Officer, Ecky Schutz ...
American Public Education(APEI) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - The company reported total revenue of $164.6 million, an increase of 6.6% year-over-year, driven by growth at Rasmussen, APUS, and Hondros [16][18] - Adjusted EBITDA for the first quarter was $21.2 million, a 25% increase from the prior year, with an adjusted EBITDA margin of 12.9%, up from 11% [17][18] - Net income available to common shareholders was $7.5 million, compared to a net loss of $1 million in the prior year [17][20] - The company raised its full-year adjusted EBITDA guidance by $2 million to a range of $77 million to $87 million [5][9] Business Line Data and Key Metrics Changes - Rasmussen experienced a positive adjusted EBITDA swing from a loss of $2.6 million in Q1 2024 to a profit of $2.4 million in Q1 2025, with revenue increasing by 11.5% to $59.3 million [6][18] - APUS reported revenue of $83.9 million, a 4.1% increase, with net course registrations up 3.5% year-over-year [18][20] - Hondros saw revenue growth of 7.5% to $17.7 million, with total enrollment increasing by 10% [19][20] Market Data and Key Metrics Changes - The company noted an 8% year-over-year enrollment improvement at Rasmussen for Q2 2025, continuing a trend of positive enrollment growth [6][10] - At Hondros, enrollment increased by 13.5% year-over-year for Q2 2025 [10][23] - APUS conferred over 13,500 associate's or bachelor's degrees, with 66% of graduates being active duty military or veterans [12] Company Strategy and Development Direction - The company is focused on simplifying operations and plans to consolidate its three degree-granting institutions into a single entity by the end of 2025 [8][25] - The strategy includes optimizing program offerings and expanding nursing programs to meet growing demand in healthcare [25] - The company aims to redeem its preferred shares, which will save approximately $6 million in annual dividend expenses starting in 2026 [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects, citing strong enrollment trends and improved profitability [13][25] - The company acknowledged challenges in the Graduate School segment due to government budget uncertainties but maintained overall revenue guidance [9][24] - Management highlighted the effectiveness of marketing initiatives and the resilience of military and healthcare education sectors [52][53] Other Important Information - The company plans to sell two corporate buildings with anticipated net proceeds of over $20 million, expected to close in Q3 2025 [8][21] - Cash flow from operations was $37 million, significantly up from $20.7 million in the prior year [20] Q&A Session Summary Question: Impact of tuition assistance portal downtime on margins and enrollments - Management indicated that the impact was minimal, with registrations increasing by 3.5% in Q1 and guidance for 5.5% in Q2 [27][30] Question: Guidance for Graduate School EBITDA losses - Management stated that they cannot provide specific guidance on Graduate School losses but are confident in the overall adjusted EBITDA guidance [32][34] Question: Enrollment growth expectations for Rasmussen - Management noted that they do not provide individual institution guidance but are pleased with the momentum at Rasmussen [39][40] Question: Revenue synergies from consolidation - Management has not provided specific revenue synergy numbers but highlighted the benefits of combining nursing programs across institutions [82][83] Question: Interest expense in Q2 - Management confirmed that the higher interest expense includes the preferred redemption premium [88] Question: Fixed versus variable costs at Rasmussen - Management indicated a 60% flow-through of revenue increases to EBITDA, with potential for higher flow-through as optimization continues [96]
ZoomInfo Technologies (ZI) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - In Q1 2025, GAAP revenue was $306 million and adjusted operating income was $101 million, representing a margin of 33%, both exceeding the high end of guidance [7][17] - Annualized sequential revenue growth for the quarter was 1.1% and net revenue retention improved to 87% for the second consecutive quarter [17][18] - The company ended the quarter with $143 million in cash and cash equivalents, and carried $1.24 billion in gross debt, with a net leverage ratio of 2.5 times trailing twelve months adjusted EBITDA [24] Business Line Data and Key Metrics Changes - The upmarket segment grew 3% year over year, now representing 71% of the business, while the downmarket segment declined 10% year over year [18][19] - The million-dollar cohort saw sequential and year-over-year growth in total ACV and average ACV per customer [8] - The operations business grew double digits year over year, with data as a service solutions showing strong traction, with new logos up 24% year over year [20] Market Data and Key Metrics Changes - The company reported that 80% of its marketing revenue now comes from upmarket clients, indicating a strategic shift towards larger enterprises [14] - The downmarket business is expected to contract further, with guidance indicating a decline in the high negative teens for 2025 [81] Company Strategy and Development Direction - The company is focused on building a go-to-market intelligence platform, changing its trading symbol from ZI to GTM to reflect this commitment [6][14] - The launch of Go-To-Market Studio aims to unify go-to-market data and enhance operational efficiency across sales and marketing teams [12][29] - The strategy includes reallocating resources from downmarket to upmarket, which is expected to yield better growth and profitability outcomes [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the trajectory of the business, noting no significant impact from the current economic environment on customer behavior [17][41] - There is a cautious approach in guidance due to broader economic uncertainties, but confidence remains in the upmarket growth potential [24][94] - The company is seeing improved retention rates in the upmarket segment, which is expected to drive future growth [89][110] Other Important Information - The company repurchased 8.6 million shares at an average price of $11.05, with an additional $500 million share repurchase authorization approved [21][22] - Operating cash flow for Q1 was $119 million, with unlevered free cash flow at $125 million, a margin of 41% [22] Q&A Session Summary Question: Why now on the change around the name and ticker? - Management indicated that the platform has expanded to serve a broader range of roles beyond just sales, necessitating a change in branding to reflect this evolution [27][28] Question: Can you bifurcate net revenue retention by upmarket versus downmarket? - Upmarket retention continues to improve, while downmarket remains impaired but stable [31][32] Question: What is the current status of CoPilot's ACV? - CoPilot is growing at an expected rate, with significant upsell opportunities [35] Question: How is the company managing the downmarket business? - The downmarket business is expected to contract further, but management is comfortable with the current trajectory [81][82] Question: What is the appetite for M&A versus share buybacks? - The company will be opportunistic with M&A but is currently focused on share buybacks due to undervaluation [84] Question: How is the company addressing the evolving go-to-market landscape? - The company is leveraging AI and third-party data to enhance its offerings and improve customer engagement [50][105]
GoPro(GPRO) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Financial Data and Key Metrics Changes - First quarter revenue was $134 million, at the high end of guidance of $125 million, driven by stronger sell-through [12] - Non-GAAP operating expenses decreased by 26% year over year to $62 million from $83 million [13][16] - Reported gross margin was 32.3%, with an adjusted gross margin of 35.5% excluding a one-time sale [15][16] - Non-GAAP loss per share was $0.12, while GAAP loss per share was $0.30 [14] - Adjusted EBITDA loss was reduced by nearly 50% year over year to negative $16 million [14] Business Line Data and Key Metrics Changes - Revenue from the retail channel was $94 million, accounting for 70% of Q1 2025 revenue, up from 68% in Q1 2024 [13] - Revenue from GoPro's website, including subscription and service revenue, was $40 million, representing 30% of Q1 2025 revenue, down from 32% in Q1 2024 [13] - Subscription and service revenue grew 4% year over year to $27 million, with an average revenue per user (ARPU) growth of 5% [14] Market Data and Key Metrics Changes - Sell-through was approximately 440,000 units, down from 530,000 units in the prior year period, primarily due to macroeconomic issues and competition in Asia Pacific [15] - In Asia, revenue was down 54%, significantly impacted by competition and macroeconomic factors in China, Japan, and South Korea [29][38] - The U.S. sell-through was down 10% year over year, while sell-in was up 7% year over year [27] Company Strategy and Development Direction - The company aims to continue strategic investments in product innovation to return to growth and diversify its supply chain, including exploring domestic production [6][8] - GoPro plans to launch tech-enabled motorcycle helmets in partnership with AGV, targeting a significant market opportunity [10] - The company is focused on launching new products while preserving cash to repay debt and drive growth and profitability [23] Management's Comments on Operating Environment and Future Outlook - Management expects revenue and unit sales in 2025 to be lower than in 2024 due to an uncertain macro environment and competition [20] - The company anticipates a return to camera unit growth in 2026, alongside subscriber and revenue growth [8] - Management highlighted the importance of protecting intellectual property and is prepared to litigate if necessary [8] Other Important Information - The company ended Q1 2025 with $70 million in cash and marketable securities, including a $25 million draw on its asset-based loan [16] - Inventory decreased by 27% year over year to $96 million, marking the first sequential decline in inventory since 2018 [14] Q&A Session Summary Question: Sources of stronger sell-through in the quarter - Management indicated that there was no pull-forward demand; sales were linear throughout the quarter [26] Question: Sell-through dynamics in the U.S. and Asia - Management noted that Asia's decline was primarily due to macroeconomic issues and competition, particularly in China, Japan, and South Korea [29][38] Question: Tariff situation and inventory sourcing - Management confirmed that the tariff impact on cameras entering the U.S. is zero due to diversified production outside of China [34] Question: Dynamics in Asia and competition - Management highlighted that nationalistic trends and increased competition in China have impacted sales, while the U.S. market showed improvement [38] Question: Plans for stock price changes - Management expressed confidence that continued performance improvements would positively impact stock price without the need for a reverse stock split [41]
Hallador Energy pany(HNRG) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:00
Hallador Energy Company (HNRG) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Good afternoon. Thank you for attending Hallador Energy's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call may be recorded. I'd now like to turn the conference over to Sean Mazuric, the company's Investor Relations Advisor with Elevate ...