Inter & Co (INTR) Q1 2025 Earnings Call May 12, 2025 11:00 AM ET Company Participants João Vitor N. Menin T. de Souza - Global CEOAlexandre Riccio de Oliveira - CEOSantiago Stel - Senior VP of Finance and Risks & CFOGustavo Schroden - Equity Research DirectorTito Labarta - Vice PresidentThiago Batista - Executive DirectorYuri Fernandes - Executive DirectorMarcelo Mizrahi - Equity Research Conference Call Participants Pedro Leduc - Equity Research AnalystNeha Agarwala - AnalystAntonio Ruette - AnalystDaniel ...

Sonida Senior Living (SNDA) Q1 2025 Earnings Call May 12, 2025 11:00 AM ET Company Participants Jason Finkelstein - Investor RelationsBrandon Ribar - President, CEO & DirectorKevin Detz - EVP & CFORonald Kamdem - Managing Director & Head of US REITs and CRE Research Operator Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Senator Senior Living Q1 twenty twenty five Earnings Call. All lines have been placed on mu ...

Imunon (IMNN) Q1 2025 Earnings Call May 12, 2025 11:00 AM ET Company Participants Peter Vozzo - Managing DirectorStacy Lindborg - President, CEO & DirectorDouglas Faller - Chief Medical OfficerDavid Gaiero - Chief Financial OfficerLaura Suriel - Equity Research Associate Conference Call Participants Emily Bodnar - Biotech Equity Research Analyst Operator Good morning. My name is Dave and I will be your operator today. At this time, I would like to welcome you to the Immuno's First Quarter twenty twenty five ...

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $1.3, a 6% increase compared to the same quarter last year [6] - Revenues increased by 28% from $612.1 million to $783.6 million year-over-year [24] - The company reaffirmed its 2025 earnings per share guidance range of $2.07 to $2.11, compared to last year's non-GAAP earnings of $1.97 per share [7] Business Line Data and Key Metrics Changes - Both the Water and Gas businesses performed well, contributing to the overall strong results [6] - The Gas segment reported an increase in volumes due to normal weather conditions compared to significantly warmer weather in the previous year [24] Market Data and Key Metrics Changes - The company has begun to raise equity through its ATM program, issuing approximately $210 million so far this year [8] - The company is in discussions with data center developers representing up to five gigawatts of needed power generation in the Pittsburgh region [21] Company Strategy and Development Direction - The company plans to invest between $1.4 billion and $1.5 billion in infrastructure improvements in 2025, with $270.5 million already invested by March 31 [7] - The company is focusing on water and wastewater utility acquisitions, having acquired over $518 million in rate base since 2015 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the full-year earnings per share guidance, citing strong first-quarter performance but cautioning about potential headwinds in the remaining quarters [52] - The company is committed to addressing PFAS compliance and expects to spend approximately $450 million to achieve compliance by 2028 [10][56] Other Important Information - The company has been recognized for its operational achievements, including a 99.8% water quality compliance rate [9] - New rates went into effect for Aqua Pennsylvania, expected to increase total annual revenues by $73 million [31] Q&A Session Summary Question: Regarding equity issuance and share price - Management indicated that the focus is on raising the $315 million in equity needed for 2025 rather than considering 2026 equity needs at this time [43] Question: Texas rate case expectations - Management stated that they plan to file the Texas rate case by the end of the month and will provide details on revenue requests and equity layers at that time [45] Question: EPS guidance and performance - Management acknowledged strong first-quarter performance but emphasized the need to wait for clarity as the year progresses before adjusting guidance [52] Question: Impact of EPA announcement on PFAS - Management confirmed that they are proceeding with their PFAS mitigation plans and remain on track with their budget [56] Question: Data centers and gas supply - Management discussed various approaches to support data center development, including behind-the-meter generation and increased distribution volume [65] Question: Beaver Falls settlement status - Management expressed optimism about the Beaver Falls case being on the agenda in June and highlighted the importance of resolving such cases for water supply [90]

Financial Data and Key Metrics Changes - Q1 adjusted EBITDA was $13.1 million, resulting in an adjusted EBITDA margin of 21%, up from 20% reported in 2024 [6][16] - Free cash flow for Q1 was $7.9 million, which was higher than expected [7] - The company anticipates adjusted EBITDA margins to increase to 26% in Q2 and further expand in the second half of 2025 [12][20] Business Line Data and Key Metrics Changes - The core organic growth rate in Q1 was flat, but is expected to move to 2% in Q2, with further increases anticipated throughout 2025 [6][11] - The company welcomed 107 new customers in Q1, including 19 major customers, and expanded relationships with 245 existing customers [7][8] Market Data and Key Metrics Changes - The divestiture of mobile messaging product lines lowered the 2025 revenue guidance midpoint by $25 million but had no impact on adjusted EBITDA guidance [11][18] - The net dollar retention rate for the core business as of December 31, 2024, would have been 99% excluding divestitures, compared to the reported 96% [11] Company Strategy and Development Direction - The company is focusing on markets with the strongest competitive advantage, higher margins, and higher growth rates [11][27] - The divestitures are part of a strategy to streamline operations and enhance focus on core products [11][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about positive core organic growth starting in Q2 and increasing throughout the year [12][27] - The company has seen improvements in digital marketing capabilities, contributing to increased marketing sourced bookings [36][38] Other Important Information - The company paid down $34.2 million of debt in Q1 2025, with total debt paydowns in 2025 reaching approximately $34.2 million [13][17] - The average customer lifetime for the core business is now over eight years, indicating strong customer retention [47] Q&A Session Summary Question: How should the market view the go-to-market strategy following the termination of the Chief Sales Officer? - Management noted significant progress in the go-to-market strategy, emphasizing a focus on markets with competitive advantages and realigning sales with product group general managers [27] Question: Should additional divestitures be expected as the company streamlines towards growth? - Management indicated that no material additional divestitures are anticipated, as the repositioning of the business is largely complete [29] Question: What is driving the faster organic growth and improving margins? - The primary driver of improvement is the focus on high-margin, high-growth products, along with investments in digital marketing and product enhancements [34][36] Question: When was the full build-out of the India development center completed, and what benefits have been seen? - The full build-out was completed at the end of the previous year, with increased productivity and throughput being observed [42][43] Question: What is the outlook for free cash flow and any one-time costs related to divestitures? - The company expects $20 million in free cash flow for the year, excluding one-time divestiture-related expenses [45] Question: What is the visibility into top-line acceleration and pipeline metrics? - Management reported strong visibility with 93% of revenue being recurring and a net dollar retention rate of 99%, indicating confidence in future growth [47][49]

Financial Data and Key Metrics Changes - The company reported record net income for Q1 2025, with a trailing twelve-month return on equity (ROE) of 8.2%, following two consecutive years of over 8% ROE [9][25] - The net income guidance for the full year 2025 is reaffirmed at $265 million to $275 million [8][35] - Operating and maintenance (O&M) expenses were slightly lower quarter over quarter, contributing to higher net income [25][29] Business Line Data and Key Metrics Changes - The utility segment benefited from rate relief across jurisdictions, with combined rate relief contributing approximately $27 million to the operating margin [25][27] - Customer growth added approximately $5 million to the margin, with 40,000 new meter sets added over the past twelve months [27][29] - Century's results improved due to higher volumes under master services agreements and lower interest expenses, although offshore wind project revenues decreased compared to the prior year [26] Market Data and Key Metrics Changes - Economic activity and demand for natural gas service remain strong, particularly in Arizona and Nevada, driving significant in-migration and infrastructure investment needs [22][24] - The company expects to invest about $4.3 billion over the next five years to support safety, reliability, and economic development across its service territory [24] Company Strategy and Development Direction - The company is focused on becoming a premier fully regulated natural gas utility and is committed to separating Century in a manner beneficial to stockholders [10][11] - The regulatory strategy includes implementing a system integrity mechanism (SIM) in Arizona to recover non-revenue producing investments, which represents about 40% of annual infrastructure-related capital investments [20][21] - The company plans to continue delivering steady organic rate-based growth through strong regional demand dynamics and operational excellence [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory strategy and the positive outcomes from recent rate cases in Arizona and Great Basin [7][10] - The company anticipates that ongoing economic development and population growth will lead to more meter sets and residential customers, which currently represent about 85% of the customer mix [23][24] - Management remains optimistic about the future, emphasizing the importance of regulatory relationships and financial discipline in achieving growth [36] Other Important Information - The company has over $400 million in cash on hand and more than $1 billion in liquidity, providing flexibility for capital investments [13] - The balance sheet remains strong, with a commitment to maintaining an investment-grade profile [33][34] Q&A Session Summary Question: Current status of plans to exit Century and interest levels from potential investors - Management reiterated commitment to the separation of Century and noted the ability to file an S-three to facilitate market execution [42] Question: Financial implications of the SIM if approved - Management indicated that clarity on timing and projects would come once the SIM is approved, which is not currently included in guidance [43] Question: Impact of PGA balance changes on ATM issuance needs - Management stated that faster recovery of the PGA balance could reduce the need for ATM issuance, depending on the form of the next separation step [44] Question: Changes to internal controls or accounting processes - Management confirmed that there were no changes to internal controls at Southwest Gas related to the recent delay in earnings call [46] Question: Incremental CapEx investment opportunities from data centers and semiconductor manufacturing - Management noted that current guidance does not include material changes related to new demand but will monitor and adjust as necessary [50] Question: Binding nature of the Great Basin open season and associated CapEx - Management confirmed that the open season is binding and will provide better indications of future CapEx after it closes [54]

Financial Data and Key Metrics Changes - In Q1 2025, adjusted EBITDA was $10 million, down from $29 million in Q4 2024, with a net loss of $9 million compared to a net income of $4 million in Q4 2024 [31] - Class A EPS showed a loss of $0.19 in Q1 versus a gain of $0.06 in Q4 [31] - Key U.S. metallurgical coal indices fell 3% in Q1 compared to Q4, while the Australian benchmark index dropped approximately 9% during the same period [32] Business Line Data and Key Metrics Changes - Company-wide production reached a quarterly record of 1 million tons, annualizing to 4 million tons, despite losing about 150,000 tons due to adverse weather conditions [8][41] - Cash cost per ton sold was under $100 for the second consecutive quarter, placing the company in the first quartile of U.S. metallurgical coal producers [8][33] - The company is reducing its 2025 production guidance to between 3.9 million to 4.3 million tons, down from previous expectations of 4.2 million to 4.6 million tons [36] Market Data and Key Metrics Changes - The metallurgical coal market remains under pressure, driven by weak steel mill profitability and strong Chinese steel exports, which have negatively impacted global steel prices [53][54] - The Australian premium low vol index increased to $190.5 per ton, up from a recent low of $166, driven by supply disruptions and steady restocking demand [51] - Domestic end users are taking shipments at a consistent rate, with commitments of 3.7 million tons at an average fixed price of $152 per ton [50] Company Strategy and Development Direction - The company is focused on not forcing production into a weak market, maintaining the option to increase production if market conditions improve [10] - Plans to expand production by an additional 2 million tons are in place, contingent on market clarity, with a potential increase in production capacity from the Maven Low Vol Complex and Berwind Complex [11] - The Brookline Rare Earth project is seen as a significant opportunity, with plans to initiate large-scale mining in June and construction of a pilot plant expected to begin later in the summer [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential market recovery, citing recent increases in Australian benchmark prices and anticipated supply cuts from higher-cost producers [12] - The company is well-positioned to withstand near-term market weakness due to strong liquidity and a solid balance sheet [39] - Management remains cautious about the current market conditions but is optimistic about the long-term potential of the critical minerals market [30] Other Important Information - The company has appointed Mike Wolichuk as Executive Vice President to oversee the Critical Minerals project, bringing over 30 years of experience in the field [15] - The Brook Mine is projected to produce approximately 1,400 metric tons of critical mineral oxides per year, with over 95% of expected revenue derived from a basket of seven rare earth elements and critical minerals [22] Q&A Session Summary Question: What is the guidance for sales mix and cost improvements moving into the second half? - Management indicated that Q2 sales guidance implies a pickup in the back half of the year, with costs expected to be at the higher end of the range due to lower tonnage [64][65] Question: Could the Brook Mine be included in the Fast 41 projects for federal benefits? - Management clarified that the Brook Mine was not included as it already has permits, but they are exploring federal assistance for financing and procurement [68][71] Question: Is there a desire to bring in a financing or operating partner for the Brook Mine? - Management stated they are not seeking a joint venture partner and plan to finance the project independently, leveraging existing partnerships for development [76][77] Question: What is the breakdown of CapEx for sustaining versus growth projects? - Management noted a reduction in CapEx guidance, with a focus on maintenance CapEx and deferring some growth projects due to current market conditions [82][83] Question: What are the implications of met coal being declared a potential critical mineral? - Management expressed hope for federal support but noted that immediate benefits are uncertain; they anticipate potential assistance with permitting [88][90]

Financial Data and Key Metrics Changes - The company reported a same store portfolio NOI growth of 19.3% year over year and a total portfolio NOI growth of 37.6% year over year [7][8] - The annualized NOI for the acquisition portfolio implies a 9.1% yield on cost, excluding one unopened asset [8] - The average renewal rate increased by 6.6%, impacting nearly 70% of the resident base [8] - Total company occupancy improved to 84.7%, providing substantial margin and revenue upside [9] Business Line Data and Key Metrics Changes - Same store revenues increased by $16 million or 7.4%, with 65% of the increased revenues flowing through to NOI [13] - The acquisition portfolio achieved a 31.3% NOI growth with a 26.3% NOI margin, a 450 basis point increase from the previous quarter [15] - The company’s total labor costs decreased by 110 basis points as a percentage of revenue compared to the same quarter in 2024 [19] Market Data and Key Metrics Changes - The company continues to expand its level of care revenues with a year-over-year increase of $1.8 million or 13.6% on its same store portfolio [17] - The Medicaid percentage of total revenue is currently at 9%, with plans to reduce this through repositioning efforts [25] Company Strategy and Development Direction - The company is focused on repositioning five assets to align with a private pay model, reducing exposure to Medicaid [24][25] - The company plans to invest $4 million to $5 million across the repositioning communities to enhance their appeal to private pay individuals [25] - The company is pursuing acquisitions in high growth markets, targeting quality assets at a discount to replacement cost [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a target of $100 million in NOI based on stabilization and growth strategies [22] - The company is positioned to capitalize on investment opportunities in the current market environment, focusing on operational excellence and capital allocation [30] Other Important Information - The company has introduced a repositioning portfolio for assets undergoing significant renovations, which will be excluded from the same store results until fully executed [12] - The company’s total debt is comprised of 61% fixed rate debt, with a weighted average interest rate of 5.4% [21] Q&A Session Summary Question: Can you provide more details on the repositioning portfolio and timeline? - Management indicated that the repositioning portfolio is an opportunity to invest in communities to align with a private pay model, with capital investments planned to enhance these assets [35] Question: Are there other assets that could be repositioned? - Management stated that the five identified assets are the most immediate opportunities, with no large-scale transitions expected in the near term [38] Question: Can you elaborate on the two acquisitions mentioned? - Management confirmed that the two acquisitions are in strong southern markets and are expected to stabilize with low double-digit yields, consistent with previous acquisitions [40]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $1.3, a 6% increase compared to the same quarter last year [5] - Revenues increased by 28% from $612.1 million to $783.6 million year-over-year [22][23] - The company reaffirmed its 2025 earnings per share guidance range of $2.07 to $2.11, compared to last year's $1.97 on a non-GAAP basis [6][12] Business Line Data and Key Metrics Changes - Both the Water and Gas businesses performed well, contributing to the overall strong results [5] - The Gas segment reported an increase in volumes due to normal weather conditions compared to significantly warmer weather in the previous year [23] Market Data and Key Metrics Changes - The company has begun to raise equity through its ATM program, issuing approximately $210 million so far this year [6] - The company expects to receive approximately $100 million in proceeds from settlements with polluters [8] Company Strategy and Development Direction - The company is focused on infrastructure investments, planning to invest between $1.4 billion and $1.5 billion in 2025 [6] - The company is actively pursuing water and wastewater utility acquisitions, having acquired over $518 million in rate base since 2015 [30][31] - The company aims for a compounded annual growth rate of 8% in its combined utility rate base, with specific growth rates of 6% for regulated water and 11% for regulated natural gas segments [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the full-year earnings per share guidance, despite potential headwinds in the remaining quarters [50] - The company is committed to addressing PFAS compliance and expects to meet its $450 million capital spend target by 2028 [8][54] Other Important Information - The company has been recognized for its operational achievements, including a 99.8% water quality compliance rate [7] - Legislative developments in Texas and Ohio are seen as positive for the company's regulatory environment [10][29] Q&A Session Summary Question: Equity issuance and share price - Management indicated that the focus is on raising the $315 million in equity needed for 2025 rather than considering 2026 equity needs at this time [40] Question: Texas rate case expectations - The company plans to file for the Texas rate case by the end of the month, with expectations for revenue increase and ROE consistent with other states [42][44] Question: EPS guidance and performance - Management noted that while the first quarter started strong, it is premature to adjust guidance due to uncertainties in the remaining quarters [50] Question: PFAS operational strategy - The company is proceeding with its PFAS mitigation plans and remains on track with its budget [54] Question: Data centers and gas supply - Discussions with data center developers are ongoing, with various approaches being considered, including behind-the-meter generation [62] Question: Beaver Falls settlement - Management expressed optimism about the Beaver Falls case, expecting it to be on the agenda in June [86]

Financial Data and Key Metrics Changes - The company reported a total gross revenue of BRL 3.2 billion and net revenue of BRL 1.8 billion, reflecting a year-over-year growth of 3831% respectively [28] - The efficiency ratio improved to 48.8%, a 130 basis points improvement compared to the previous quarter [32] - The return on equity (ROE) reached 12.9%, excluding minority interest, marking a significant achievement for the company [32] Business Line Data and Key Metrics Changes - The total loans grew by 33% year-over-year, significantly outpacing the Brazilian market [22] - The Consumer Finance 2.0 portfolio, which includes PIX financing and buy now pay later, grew more than five times year-over-year, reaching BRL 920 million [15] - The insurance segment saw a 51% increase in active contracts, reaching nearly 8 million [17] Market Data and Key Metrics Changes - The company added 1 million new active clients for the fifth consecutive quarter, achieving a 57% activation rate [13] - Transactions made through PIX totaled BRL 315 billion in the first quarter, achieving an 8.2% market share [14] - The marketplace GMV grew by almost 30% year-over-year, reaching BRL 300 million [18] Company Strategy and Development Direction - The company is focused on sustainable products and a diversified revenue stream, positioning itself well in a rapidly changing banking industry [5][7] - The launch of new products like private payroll loans is seen as a significant opportunity for market share growth [15][16] - The company aims to continue expanding its product offerings and enhancing client engagement to solidify its market position [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing market opportunities due to a secular shift towards digital banking services [6] - The company anticipates continued growth in loans, projecting a range of 25% to 30% for the year [56] - Management noted that the current economic environment, including inflation and interest rates, has not negatively impacted their growth strategy [58] Other Important Information - The company achieved nearly 4% market share of treasury direct balance, growing 80 basis points in one year [16] - The cost of risk improved to 4.6%, marking the best performance since 2022 [26] - The company is actively working on improving operational efficiency through technology and AI [76] Q&A Session Summary Question: Comments on the private payroll product and its impact - Management expressed excitement about the private payroll product, indicating it has significant market potential but noted no impact in the first quarter yet [41][44] Question: Expectations for NIM trajectory - Management explained that NIM growth is driven by improved credit mix and rising interest rates on loan portfolios, with expectations for continued expansion [45][48] Question: Loan growth expectations and impact of inflation - Management expects loan growth to accelerate, projecting 25% to 30% growth for the year, with no significant impact from inflation or interest rates [56] Question: Explanation for decrease in net ARPAK - The decrease in net ARPAK was attributed to seasonal factors affecting fees and the deferral of certain fees due to regulatory changes [61][64] Question: Outlook for efficiency ratio and expense growth - Management indicated that efficiency improvements will come from top-line growth outpacing expense growth, aiming for a long-term target of 30% efficiency by 2027 [72] Question: Asset quality and NPL levels - Management noted that the current NPL levels are influenced by product mix and expect further improvements as new products scale [90][91] Question: Increase in stage two formation for credit cards - The increase in stage two was attributed to regulatory requirements rather than a decline in asset quality, with no significant performance issues noted [97][98]