Financial Data and Key Metrics Changes - The company reported a revenue of $7.3 million for Q1 2025, which remained flat due to a seasonal inventory drawdown despite a 15% growth in patient demand [38][39] - Cost of Goods Sold (COGS) from continuing operations increased to $2.7 million from $1.4 million in Q1 last year, attributed to increased sales of Lactorsi [47] - Research and Development (R&D) expenses decreased by 14% to $24.4 million, reflecting savings from reduced co-development with Junshi [48] - Selling, General and Administrative (SG&A) expenses decreased by 35% to $26 million, primarily due to lower headcount and non-recurring charges from the previous year [48] Business Line Data and Key Metrics Changes - The company is now focused solely on its innovative oncology business, with Lactorsi being the only FDA-approved treatment for metastatic recurrent locally advanced nasopharyngeal carcinoma [6][8] - Lactorsi is projected to grow to approximately $150 million to $200 million annually over the next three years, providing non-dilutive funding for the development pipeline [8][9] - The commercial team has successfully remapped territories and updated customer assignments post-UDENYCA divestiture, with a focus on driving growth in appropriate NPC patients [37][38] Market Data and Key Metrics Changes - The company noted a significant number of patients still receiving non-preferred chemotherapy and off-label immuno-oncology treatments, indicating a market opportunity for Lactorsi [38] - The NCCN guidelines now place Lactorsi in a preferred position for recurrent and metastatic patients, which the company is actively promoting to healthcare providers [38][41] Company Strategy and Development Direction - The company’s strategy is anchored around three core pillars: Lactorsi, CHS-114 (a selective CCR8 cytolytic antibody), and casdosoketogue (an anti-IL-27 antibody) [6][12][13] - The company aims to expand Lactorsi's indications through partnerships and combination therapies, enhancing its market presence and revenue potential [10][11] - The focus on innovative oncology is expected to drive long-term value for shareholders while addressing significant unmet medical needs in cancer treatment [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to navigate recent FDA changes and emphasized the importance of strong development expertise in adapting to regulatory environments [52][56] - The company anticipates that the restructuring of the sales force will lead to accelerated growth in Q2 and beyond, despite transitional challenges faced in Q1 [60][68] - Management highlighted the promising clinical data for CHS-114 and its potential to address PD-1 resistance, which could significantly impact treatment paradigms in oncology [30][36] Other Important Information - The company completed the divestiture of UDENYCA, receiving $483 million in upfront cash and repurchasing $170 million of convertible notes [43][44] - The net cash from these transactions is expected to provide substantial liquidity for ongoing operations and development initiatives [44] Q&A Session Summary Question: What needs to happen for a significant inflection point for Lactorsi? - Management noted that increased awareness among providers and ongoing clinical trials will be crucial for driving adoption and market share [51][56] Question: Can you clarify patient demand for Lactorsi? - Demand is defined as actual patient growth, with a 15% increase in end-user demand reported, indicating strong physician engagement [65][66] Question: Will the Salesforce restructure impact future projections? - The impact of the restructure was primarily felt in Q1, but management expects Q2 and Q3 to be growth periods for the brand [68] Question: Are there any competitor molecules that have proven the efficacy of CCR8 targeting? - Management indicated that while selectivity is a challenge, there are emerging data points suggesting the relevance of CCR8 targeting in certain tumor types [72][75]

Financial Data and Key Metrics Changes - Real estate FFO was $2.95 per share in Q1 2025, compared to $2.91 in the prior year, indicating a slight increase [5] - Domestic and international operations contributed $0.14 of growth, driven by a 5% increase in lease income [6] - First quarter funds from operation were $1 billion or $2.67 per share, compared to $1.33 billion or $3.56 per share last year [7][8] - The prior year results included $0.81 per share in after-tax net gains, primarily from the sale of the company's remaining ownership interest in ABG [8] Business Line Data and Key Metrics Changes - The occupancy rate for malls and premium outlets was 95.9%, an increase of 40 basis points year over year [6] - The mills occupancy was 98.4%, an increase of 70 basis points compared to the prior year [6] - Average base minimum rents for malls and outlets increased by 2.4% year over year, while mills increased by 3.9% [7] Market Data and Key Metrics Changes - Mall and premium outlet retailer sales per square foot were $7.33 for the quarter [7] - Domestic NOI increased by 3.4% year over year, while portfolio NOI, including international properties at constant currency, grew by 3.6% for the quarter [7] Company Strategy and Development Direction - The company completed the acquisition of luxury outlet malls in Florence and San Remo, Italy, and opened its first outlet in Jakarta, Indonesia [4] - Development projects underway have a net cost of $944 million with a blended yield of 9%, with approximately 40% being mixed-use projects [10] - The company announced a dividend of $2.1 per share for Q2, a year-over-year increase of 5% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting strong demand despite some uncertainties related to tariffs and inventory levels [20][21] - The company reaffirmed its full-year 2025 real estate FFO guidance range of $12.4 to $12.65 per share, expecting results to trend towards the middle of the range [12] - Management indicated that while there are uncertainties, the overall consumer sentiment remains stable, and they are cautiously optimistic about future sales [51][53] Other Important Information - The company completed 12 secured loan transactions totaling approximately $2.6 billion, with a weighted average interest rate of 5.73% [11] - The company is actively managing its capital allocation strategy to adapt to diverse macroeconomic cycles [5] Q&A Session Summary Question: What conversations are being had with retailers regarding leasing? - Management noted that only four deals were affected by tariff concerns from one European retailer, indicating strong overall demand [15][20] Question: What is the inventory perspective for retailers? - Retailers have about a month to decide on inventory sourcing from China, with many reducing exposure to Chinese imports [32][33] Question: How is the company approaching tenant negotiations amid uncertainty? - Management stated that it is business as usual, with strong demand and constrained supply, and they are not making significant changes to lease negotiations [39] Question: What is the outlook for department store closures? - Management does not expect major changes in department store closures, as it varies by retailer and their reliance on private label goods [95] Question: How is the luxury tenant market performing? - Management reported that luxury tenants are generally stable, with some brands performing well while others are updating their offerings [113]

Financial Data and Key Metrics Changes - In Q1 2025, non-GAAP adjusted cash operating expenses were $44.9 million, up from $40.8 million in Q4 2024, reflecting an increase of $4.1 million due to higher R&D and administrative costs [28][29] - Capital expenditures for Q1 2025 were approximately $124 million, compared to $86 million in Q4 2024, driven by costs related to satellite manufacturing and launch contracts [30] - The company ended Q1 2025 with $874.5 million in cash, a significant increase from $567.5 million at the end of Q4 2024, primarily due to funds raised from convertible notes and an ATM facility [36] Business Line Data and Key Metrics Changes - The company plans to deploy over 60 satellites during 2025 and 2026, with five orbital launches scheduled over the next six to nine months [6][16] - Gateway equipment bookings in Q1 2025 amounted to $13.6 million, with expectations of approximately $10 million in bookings per quarter throughout 2025 [20] Market Data and Key Metrics Changes - The company is focusing on key markets such as the United States, Europe, and Japan for initial service activation, leveraging partnerships with major mobile network operators [13][19] - The company received special temporary authority from the FCC for FirstNet Direct to device satellite connectivity, enhancing its service offerings for public safety [14] Company Strategy and Development Direction - The company is at an inflection point, accelerating the launch and scaling of its network while beginning to recognize revenue from satellite services [5][16] - The strategy includes a focus on vertical integration and rapid satellite manufacturing to meet the growing demand for space-based cellular broadband connectivity [8][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to execute at scale, with expectations for revenue to ramp up towards the end of 2025 and into 2026, estimating a revenue opportunity of $50 million to $75 million for 2025 [34][38] - The management highlighted the importance of connectivity as a human right and the company's mission to provide reliable broadband services, especially in emergency situations [16][52] Other Important Information - The company is working on a strategic acquisition of spectrum rights, which is expected to enhance its service capabilities in the U.S. market [41][42] - The company is also exploring non-dilutive financing options to support its operational plans, including potential funding from quasi-governmental sources [37] Q&A Session Summary Question: Any further details to share on the Legato transaction? - The company is acquiring usage rights for 45 megahertz of mid-band spectrum in the U.S., which is seen as crucial for enhancing service capabilities [41][42] Question: What is the outlook for the defense use case? - Government demand for space-based solutions is increasing, and the company has secured several contracts that validate its technology and open paths for revenue [44][45] Question: Do you plan to submit any proposals for the announced $25 billion Golden Dome project? - The company believes its technology can significantly contribute to the goals outlined in the Golden Dome project [46][47] Question: Are shareholders expected to be invited to future launches this fall? - The company plans to invite shareholders to future launches, although the upcoming launch in July will not include invitations due to logistical reasons [48][49] Question: What are the short-term plans for Europe following recent communication outages? - The company aims to provide cellular broadband connectivity directly to devices, enhancing safety during emergencies, and is working with Vodafone for service distribution in Europe [50][52] Question: Can you discuss the nature of the higher launch costs? - Higher launch costs are attributed to increased demand for rapid service deployment and tariff impacts on materials, but the company remains focused on expediting satellite launches [55][56] Question: How does the spectrum strategy impact MNO agreements? - The company maintains a focus on user experience while enhancing service capabilities through a combination of low-band and mid-band spectrum [66][67] Question: What is the status of beta tests with carrier partners? - Initial activations have begun in the U.S., Europe, and Japan, with successful video capabilities demonstrated, indicating readiness for broader service offerings [72][73] Question: When might we see a commercial launch in the U.S.? - A commercial service is expected to be available by early 2026, with ongoing discussions for agreements with major carriers [92][93]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.4 billion, a 16% increase from $1.2 billion in Q1 2024, with 14.4% being organic growth [18] - Adjusted EBITDA rose to $198 million, up 20% from $166 million in the prior year [18] - Adjusted EBITDA margin improved to 13.8%, a 40 basis point increase year-over-year [19] - Net income surged to $63 million compared to $3 million in the prior period, driven by increased earnings and reduced interest expenses [19] - Free cash flow was a use of $64 million, reflecting typical seasonality and investments, but improved by $38 million year-over-year [22] Business Line Data and Key Metrics Changes - Engine Services revenue increased by $171 million to $1.3 billion, representing 16% growth, driven by strong demand in the commercial aftermarket [20] - Component Repair Services revenue grew 21% to $167 million, supported by the ATI acquisition, contributing $22 million [21] - Engine Services adjusted EBITDA grew 16%, while Component Repair Services adjusted EBITDA increased by 32%, with margins expanding to 28% [21] Market Data and Key Metrics Changes - Commercial aerospace grew 18% year-over-year, with strong demand across major platforms [7] - Business Aviation Group increased 13% year-over-year, driven by demand for midsize and large cabin business aircraft [9] - Military business grew 10%, aided by the AeroTurbine acquisition and growth in the J85 program [9] Company Strategy and Development Direction - The company is focused on ramping up the LEAP program, having secured additional regulatory approvals and completed its first LEAP shop visit [13][14] - Continued investment in CFN56 and CF34 platforms, with record performance noted in the CF34 platform [14] - Expansion of engine component repair capabilities is a priority, with significant progress made in developing new LEAP repairs [15] - The company is actively pursuing M&A opportunities, with a growing pipeline of targets and a disciplined approach to capital allocation [16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the commercial aftermarket, citing strong long-term demand visibility despite short-term volatility in passenger traffic [7][12] - The company raised its sales and earnings guidance for 2025, now expecting revenue between $5.825 billion and $5.975 billion and adjusted EBITDA between $775 million and $795 million [25] - Management acknowledges geopolitical and macroeconomic uncertainties but emphasizes a solid foundation for growth [26] Other Important Information - The estimated net impact of tariffs for 2025 is projected to be around $15 million, which has been incorporated into the updated guidance [12][25] - The company is managing tariff impacts through various mitigation actions, including contractual mechanisms and pricing opportunities [11] Q&A Session Summary Question: Confidence in CF34 platform growth amidst U.S. airlines' slower capacity - Management expressed confidence in maintenance activity remaining stable despite airlines' comments on passenger traffic volatility, as engine MRO is typically nondiscretionary [31] Question: M&A environment and opportunities - Management indicated that they remain active in pursuing M&A opportunities, with a robust environment and attractive targets available [34] Question: Growth drivers in Engine Services - Management highlighted military and CF34 as key growth drivers, with expectations for LEAP and CFM56 to contribute significantly in the future [36][60] Question: Margin expectations for the remainder of the year - Management noted that margin headwinds are primarily from LEAP and CFM56 growth, but they expect both programs to be accretive long-term [43] Question: Update on ATI acquisition - The integration of ATI is progressing well, with strong revenue contributions and operational synergies being realized [68] Question: Supply chain for LEAP parts - Management reported no significant supply chain issues for LEAP parts, as they are in the final industrialization phase [74] Question: Repair capabilities and market opportunities - Management emphasized a methodical approach to developing repair capabilities in close coordination with OEMs, with ongoing opportunities for expansion [80][83]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $2.7 million, a significant decrease from $25.4 million in Q1 2024 [27] - Total operating costs and expenses for Q1 2025 were $17.7 million, down 76% year-over-year from $74.5 million in Q1 2024 [28] - The net loss from continuing operations for Q1 2025 was $16.8 million, or $0.16 per share, compared to a net loss of $49 million, or $0.49 per share, in Q1 2024 [28] Business Line Data and Key Metrics Changes - The company is focused on advancing FG3246 and FG3180 in metastatic castration-resistant prostate cancer (mCRPC) [6] - Roxadustat is being developed for anemia associated with lower-risk myelodysplastic syndromes (MDS), with a Type C meeting request filed with the FDA [8][23] Market Data and Key Metrics Changes - There are approximately 290,000 men diagnosed with prostate cancer annually in the U.S., with 65,000 being drug-treatable patients in the mCRPC stage [9] - The total addressable market for FG3246 in mCRPC is estimated to exceed $5 billion in annual sales [10] Company Strategy and Development Direction - The company is divesting FibroGen China to AstraZeneca, with total consideration expected to increase to approximately $185 million, extending the cash runway into the second half of 2027 [5][26] - The strategic focus is on U.S. pipeline opportunities, particularly FG3246 and FG3180, and advancing clinical trials [4][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the refined focus and multiple near-term catalysts across clinical programs to create shareholder value [9] - The company anticipates important feedback from the FDA regarding roxadustat and plans to initiate the Phase II monotherapy study for FG3246 and FG3180 in mCRPC [31] Other Important Information - The company recorded cash flow positive results in Q1 2025, generating $7.3 million in cash flow on a consolidated basis [29] - The IND for FG3180 was cleared, allowing it to be used alongside FG3246 in upcoming trials [7][12] Q&A Session Summary Question: Regarding clinical development on FG3246 and market dynamics after Pluvicto approval - Management confirmed that Pluvicto experienced patients will be allowed in the Phase II monotherapy trial to mitigate enrollment challenges [38][39] Question: Comments on recent FDA communications regarding roxadustat - Management reported favorable interactions with the FDA, including timely responses to IND filings and Type C meeting requests [40][42] Question: Feasibility studies in colorectal cancer due to cash infusion from AstraZeneca - Management indicated that while colorectal cancer is a potential opportunity, the immediate focus is on starting the Phase II monotherapy trial [44][45]

Repay (RPAY) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Good afternoon. I would like to welcome everyone to REPAY's First Quarter twenty twenty five Earnings Conference Call. This call is being recorded today, 05/12/2025. I'd like to turn the session over to Stuart Grisanti, Head of Investor Relations at REPAY. Stuart, you may begin. Speaker1 Thank you. Good afternoon, and welcome to REPAY's first quarter twenty twenty five earnings conference call. With us today are John Morris, Co Founder and ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 were $1,090 million, a decrease of 5% year over year, primarily due to lower Topgolf same venue sales and unfavorable foreign currency rates [40] - Q1 adjusted EBITDA increased by 4% to $167 million, driven by improved profitability in the golf equipment and active lifestyle segments [40] - Available liquidity increased by $85 million to $805 million as of March 31, 2025, due to increased cash compared to Q1 2024 [43] Business Line Data and Key Metrics Changes - Topgolf Q1 revenue decreased by 7% year over year, attributed to lower same venue sales and the sale of the World Golf Tour business [41] - Golf equipment revenue decreased by 1% to $444 million, but operating income increased by 24% to $102 million due to improved gross margins and cost savings [42] - Active Lifestyle segment revenue decreased by $17 million to $255 million, primarily due to the planned rightsizing of the Jack Wolfskin business [42] Market Data and Key Metrics Changes - U.S. rounds played were up 3.8% in March, but down slightly year to date, reflecting weather impacts [15] - Same venue sales at Topgolf were down approximately 12% for Q1, with corporate events down 13% [26] - The consumer base for Topgolf has an average income of approximately $100,000, indicating a relatively affluent target market [18] Company Strategy and Development Direction - The company announced the sale of Jack Wolfskin to ANTA Sports, allowing for greater business focus and financial flexibility [7] - Topgolf is implementing strategic initiatives to reset its value perception while maintaining a premium brand image [19] - The company is actively pursuing various alternatives for the separation of Topgolf, including a sale or spin-off, targeting the second half of the year for completion [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the demand side due to a slowing consumer environment, but noted that golf equipment has historically been resilient during mild recessions [10] - The company is optimistic about its ability to navigate current macroeconomic challenges, including tariffs and consumer spending pressures [50] - Management maintained full-year guidance despite the anticipated impact of the Jack Wolfskin sale and current tariffs [49] Other Important Information - The company expects to see a decline in Topgolf same venue sales guidance to down 6% to 12% for the year [22] - Adjusted EBITDA guidance for Topgolf remains at $240 million to $300 million, supported by ongoing cost savings initiatives [49] - The company is testing new value offerings and enhancing customer experience to drive traffic growth [34] Q&A Session Summary Question: Any change in the industry backdrop for the core golf equipment business? - Management noted that the golf consumer remains strong, and the outlook for the golf business is positive with no material changes [56] Question: How much do you attribute the softening at Topgolf to macro factors versus competition? - Management indicated that corporate spending pressure is a direct macro impact, while the consumer remains price sensitive [58] Question: How do you plan to manage venue-level cost structure going forward? - Management expressed confidence in long-term venue margins, emphasizing ongoing investments in value while maintaining player experience [66] Question: What is the impact of the Easter shift on business? - Management acknowledged a shift in events due to Easter but did not consider it material to their guidance [69] Question: Can you provide an update on cost savings and their impact? - Management confirmed that proactive cost savings have been beneficial, allowing them to hold guidance despite challenges [72] Question: How much of the Topgolf same venue sales reduction was due to April trends? - Management stated that the primary driver was the outlook on events, with improved traffic trends in the walk-in business [81] Question: Is there a value orientation program for the events business? - Management is offering more local flexibility in the events business to compete effectively, but noted that corporate spending is currently under pressure [99]

Rigetti Computing (RGTI) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Thank you for standing by and welcome to the Rigetti Computing First Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you'll need to press 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, ...

DaVita (DVA) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 evening. My name is Michelle, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the DaVita 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 period. Mr. Eliason, you may begin your conference, sir. Speaker1 Thank you, and welcome to our first quarter conference c ...

Financial Data and Key Metrics Changes - Venture Compass generated fee related earnings of R65.7 million or R1.04 per share and adjusted distributable earnings of R62.3 million or $0.98 per share for Q1 2025, representing a 22% year-over-year increase in FRE and a 266% increase in adjusted distributable earnings [3][4][8] - The company declared a quarterly dividend of $0.15 per common share, payable on June 10 to shareholders of record as of May 27 [4] - Fee related revenues totaled R million, reflecting a 117% increase year-over-year and a 6% growth quarter-over-quarter [38] Business Line Data and Key Metrics Changes - The credit segment was a highlight, with successful fundraising across various funds, including PEPCO II raising over million dollars and SPS four raising approximately BRL200 million [7][21] - The agribusiness credit fund, Mavi three, also marked its first closing this quarter, indicating strong activity across credit strategies [7] - The equities segment is seeing compelling opportunities, with Latin American equities trading at attractive valuations compared to peers [15][16] Market Data and Key Metrics Changes - The Brazilian Central Bank signaled nearing the end of its interest rate hikes, which may lead to a more supportive credit market environment [11] - Foreign investors returned as net buyers of BRL3.8 billion in Q1 2025, compared to a net sell-off of BRL6 billion in Q4 2024, indicating a shift in market sentiment [25] - The geopolitical backdrop is expected to attract capital inflows into Latin America, seen as a stable region with strong diplomatic ties [12] Company Strategy and Development Direction - The company is focused on integrating its platforms to foster collaboration and drive sustainable growth across various time horizons [5][6] - There is a strong emphasis on credit strategies, with expectations for growth in this segment to continue in 2025 [8][9] - The company plans to leverage technology, particularly AI, to enhance operational efficiency and decision-making [33][34] Management's Comments on Operating Environment and Future Outlook - Management views the current macroeconomic environment as an opportunity rather than a challenge, particularly in the credit segment [9][10] - The company is optimistic about capturing value for investors amid global trade dynamics and evolving geopolitical conditions [11][12] - There is confidence in the strength of the platform and a strong pipeline of products expected to drive growth in 2025 [18] Other Important Information - The company hosted annual global investment conferences across multiple Latin American countries, reinforcing its position as a trusted partner for capital allocators [13] - The Climate Infrastructure Fund, VICC, is set for its final closing in Q2 2025, focusing on high-impact projects aligned with sustainable infrastructure [17][27] Q&A Session Summary Question: Expectations for FRE margin growth and impact of BRL appreciation - Management expects FRE costs to remain disciplined, with potential for mid-double digit revenue growth, which would allow for substantial cost leverage [47][48] - The impact of BRL appreciation on distributable earnings was minimal, with a positive impact of $2 million noted [50][51] Question: Drivers behind IP and S segment performance - The decline in the IP and S segment was attributed to currency fluctuations and net outflows, particularly in liquid TPV [57][66] - Accrued performance markdowns were mainly due to currency impacts, with expectations for recovery in the second quarter [60][63] Question: Interest in Latin America and potential benefits - There is increasing real interest from global investors in Latin America, particularly in equities, infrastructure, and credit [78][79] - The company is seeing commitments from Asian investors and discussions for sustainable infrastructure investments [79] Question: FRE margin outlook for the year - Management maintains a target for FRE margins in the low 30s, with expectations for recovery in corporate advisory revenues [80][82]