Kohl’s (KSS) Q4 2025 Earnings Call March 11, 2025 09:00 AM ET Company Participants Trevor Novotny - Senior Finance Manager, Investor RelationsAshley Buchanan - CEOJill Timm - Chief Financial OfficerDana Telsey - CEO and Chief Research OfficerOliver Chen - Managing Director - Retail, Luxury, New Platforms Sector HeadMichael Binetti - Senior Managing DirectorAshley Helgans - Senior Vice PresidentBrooke Roach - Vice President - Equity Research Conference Call Participants Mark Altschwager - Senior Research Ana ...

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenue of $269.6 million, down 13.4% year-over-year, while adjusted EBITDA was $2.2 million, an improvement from a slight loss in the same quarter last year [20][27] - Total company revenue for the full year was approximately $1.2 billion, down 11.5% year-over-year, and adjusted EBITDA was $32.9 million, down 12% [27] Business Line Data and Key Metrics Changes - The Powersports Dealership Group retailed approximately 14,100 major units in Q4 2024, down 9.3% year-over-year, with new unit sales down 9.5% and pre-owned unit sales down 8.8% [22] - Gross margins for new unit sales were 10.8%, down from 13.2% in the same quarter last year, while pre-owned gross margins improved to 9.8% from negative 10.3% [23] - Revenue from the Powersports dealership group was $256.2 million, down 14.1% year-over-year [25] Market Data and Key Metrics Changes - The company has successfully reduced new inventories by over $80 million from 2023 to 2024, aligning inventory levels with current market conditions [13][22] - The asset-light vehicle transportation services segment, Wholesale Express, saw a revenue increase of 3.1% year-over-year, although gross profit decreased by 2.9% [27] Company Strategy and Development Direction - The new CEO emphasized a focus on driving profitability, growing the company, and creating shareholder value, moving away from the previous Vision 2026 plan [16][19] - The company aims to enhance revenue, optimize costs, and grow EBITDA and free cash flow, with plans for both acquisitions and organic growth [11][12] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macro and industry environment but expressed confidence in the team's performance and the company's ability to emerge stronger [12] - The CEO highlighted the dynamic global tariff landscape and its potential impact on product affordability and customer demand [17] Other Important Information - The company ended the quarter with $96.7 million in total cash and $182.1 million in non-vehicle debt, benefiting from a $30 million capital raise [29] - Cash inflows from operating activities were $99.4 million for the year, a significant improvement from cash outflows of $38.9 million in the previous year [30] Q&A Session Summary Question: What is the company's exposure to tariffs and how will it handle potential cost increases? - The CEO identified Polaris, BRP, and Harley-Davidson as the top three OEMs, which account for 60% to 65% of sales, and noted the uncertainty in quantifying the tariff impact [35][36] Question: Is there any indication of a slowdown in business due to consumer confidence issues? - The CEO stated that while the company does not provide inter-quarter commentary, it is facing similar consumer challenges as others in the industry [39] Question: How does the company view its inventory levels compared to the rest of the industry? - The CEO expressed confidence in the company's inventory management but acknowledged that parts inventory might still be slightly high [43]

Financial Data and Key Metrics Changes - In 2024, the company achieved record net revenues of RMB2 billion (USD285 million), marking the highest in the global LiDAR industry [39] - Shipments exceeded 500,000 units in 2024, more than doubling the total from 2023, with December alone setting an industry record of 100,000 monthly shipments [39] - The company reported a full-year non-GAAP net profit of RMB14 million (USD1.9 million), a significant improvement from a non-GAAP net loss of RMB241 million (USD34 million) in 2023 [41] - The blended gross margin for Q4 2024 was 39%, down from the previous quarter due to a shift in product mix [40] Business Line Data and Key Metrics Changes - The company shipped over 20,000 units to its robotics business in December 2024, indicating significant growth in this sector [40] - For 2025, the company projects total shipments of 1.2 million to 1.5 million units, with nearly 200,000 units expected to come from high-margin robotic LiDAR [8][9] - The ATX LiDAR, priced at approximately $200, is anticipated to contribute significantly to total shipments in 2025, with expectations of high adoption rates among OEMs [44][45] Market Data and Key Metrics Changes - The adoption of ADAS in China is projected to grow from 8% in 2023 to 70% by 2030, indicating a transformative decade ahead for the industry [10] - LiDAR integration in EVs in China is expected to surge from 8% in 2023 to 20% in 2025 and then to 56% by 2030 [13] - The company has secured design wins for 120 vehicle models across 22 OEMs worldwide, including 9 out of the top 10 largest automakers by market cap in China [28] Company Strategy and Development Direction - The company aims to solidify its leadership in the LiDAR market by focusing on the growing demand for ADAS and robotics applications [6][29] - The strategy includes launching new production lines in Q1 2025, with an expected annualized production capacity of 2 million units by the end of the year [29] - The company is committed to lowering barriers to LiDAR adoption and driving technological equality, with a focus on cost-effective solutions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving GAAP profitability of RMB200 million to RMB350 million in 2025, with non-GAAP profits projected to soar to RMB350 million to RMB500 million [50] - The company anticipates a strong year in 2025, driven by increased demand from both ADAS and robotics sectors [42] - Management highlighted the importance of maintaining a healthy gross margin of around 40% while continuing to invest in R&D [49][65] Other Important Information - The company has deepened collaborations with major clients such as BYD and Great Wall Motors, which are ramping up their strategic upgrades in intelligent driving technologies [24][25] - The JT Mini LiDAR is being positioned as a leading product in the robotics market, with significant orders expected in 2025 [31][46] Q&A Session Summary Question: Guidance for 2025 and quarterly volume trajectory - Management provided revenue guidance of RMB520 million to RMB540 million for Q1 2025, with expectations of approximately 200,000 units shipped [55][56] - The ATX is expected to have an annual price decline, while gross profit margins are anticipated to remain close to 40% [58][59] Question: Long-term potential of the robotics LiDAR market - Management indicated that the robotics market could be several times larger than the passenger vehicle business, with high margins expected to persist [71][76] Question: Further cost reduction and technology advancements - Management noted limited room for further cost reductions on the ATX platform, emphasizing the importance of maintaining product reliability and performance [94][95] Question: ADAS LiDAR adoption in overseas markets - Management clarified that LiDAR is applicable to both EV and ICE vehicles, and the company is optimistic about growth prospects in overseas markets [130] Question: Long-term competitive landscape of ADAS LiDAR market - Management acknowledged that while exclusivity with OEMs is not guaranteed, the company's performance leadership and cost competitiveness are key advantages [140][141]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 reached US$90.8 million, a 12.2% increase year-over-year from US$80.9 million [30] - Full-year 2024 revenue totaled US$339.7 million, reflecting strong growth [29] - Operating income for Q4 2024 increased by 29.4% year-over-year to US$30.1 million, while full-year operating income rose by 26% to US$121.4 million [31] - Net income for full-year 2024 was US$134.2 million, an 18.7% increase from the previous year [31] - Cash and cash equivalents as of December 31, 2024, were US$656.3 million, up from US$535.7 million a year earlier [38] Business Line Data and Key Metrics Changes - Monthly Active Users (MAU) increased by 14.4% year-over-year to 41.4 million, while paying users rose by 3.2% to 12.3 million [21] - Average Revenue Per Paying User (ARPPU) reached US$7.24, a 10.2% increase year-over-year [21] - Revenue from the flagship product 101 Okey Yalla reached a new record high, contributing significantly to overall growth [22] Market Data and Key Metrics Changes - The digital transformation market in MENA was valued at US$55 billion in 2024, expected to grow at a compound annual growth rate of 22.5% to reach US$418.54 billion by 2034 [11] - The MENA gaming industry continues to show strong growth, with a high willingness among users to download and pay for games [16] Company Strategy and Development Direction - The company aims to enhance user experiences and engagement through tailored content and operational efficiency improvements [9] - Plans to leverage AI for product development and user engagement, integrating AI-driven automation and data analytics into operations [15][66] - The company is focused on expanding its local team in the Middle East to align with regional digital transformation trends [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving digital landscape and delivering value to stakeholders [19] - For Q1 2025, the company expects revenues between US$75 million and US$82 million, based on current market conditions [40] - The company anticipates maintaining a net profit margin of around 40% for 2025, with potential adjustments based on new product launches [56] Other Important Information - The company was awarded the PowerHouse Partnership Award at the AppGallery Developer Conference 2024 and Yalla Ludo won a GOLD Stevie Award for Innovation in Entertainment applications [25][26] - The share repurchase program has been extended to May 21, 2026, with plans to double buyback activity to US$28 million in 2025 [60] Q&A Session Summary Question: Update on new game products and commercialization expectations - Management highlighted the completion of version 1.0 development for two mid-core games and ongoing collaborations to expand market opportunities [45] Question: Strategic priorities and key initiatives for 2025 - Management emphasized enhancing flagship apps, launching new products, and expanding local teams to meet evolving user needs [50][51] Question: Revenue and margin expectations for 2025 - Management expects to maintain current revenue levels and a net profit margin around 40%, with adjustments based on new product launches [56] Question: Update on share repurchase plan - Management confirmed a commitment to accelerate shareholder returns, aiming to repurchase US$28 million worth of shares in 2025 [60] Question: Strategic vision for leveraging AI - Management discussed the integration of AI to enhance product efficiency and user experience, exploring various use cases across products [66] Question: Future development focus on MENA or other regions - Management reaffirmed MENA as the core market while remaining open to opportunities in other regions based on market data [71]

Financial Data and Key Metrics Changes - Coherus reported Q4 2024 net product sales for UDENYCA at $46.3 million, a 28% increase from $36.2 million in Q4 2023. For the fiscal year 2024, UDENYCA net sales were $206 million, a 62% increase from $127.1 million in 2023 [24][10]. - LOQTORZI net revenue was $7.5 million in Q4, a 29% increase quarter-over-quarter, with fiscal year 2024 revenue at $19.1 million [28][10]. - Cost of goods sold (COGS) decreased from $159 million in 2023 to $118 million in 2024, primarily due to lower COGS from divested products and reduced inventory write-offs [53][54]. - Total GAAP R&D and SG&A expenses for 2024 were $261 million, reflecting decreases in both categories compared to 2023 [54][55]. Business Line Data and Key Metrics Changes - UDENYCA's market share in Q4 was 15%, with an exit share of 22%, and the company expects continued market share growth in 2025 [26][10]. - LOQTORZI's eligible patient population is approximately 2,000 annually, with a focus on relapsed locally advanced and first-time metastatic patients [29][10]. - The number of new accounts purchasing LOQTORZI grew by 37% in Q4, indicating strong market penetration [31][10]. Market Data and Key Metrics Changes - The company anticipates that LOQTORZI will achieve a dominant market share position in the MPC market, estimated to be valued at $150 million to $200 million [37][10]. - The NCCN updated guidelines in November 2024 placed LOQTORZI in a preferred position for metastatic and locally recurrent MPC patients, which is expected to drive increased usage [34][10]. Company Strategy and Development Direction - Coherus aims to maximize revenues with LOQTORZI, expand its indications, and advance its proprietary pipeline [8][10]. - The company has successfully addressed its balance sheet debt issue and expects to have $250 million in cash post-transaction close, which will support development efforts through key data milestones in 2025 and 2026 [10][12]. - The divestiture of the UDENYCA franchise is a significant strategic change, with expectations to complete the transaction in late Q1 or early Q2 2025 [10][11]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the divestiture of UDENYCA, stating that there are no anticipated obstacles to its completion [64][10]. - The company is focused on enhancing investor appreciation of its value proposition post-transaction, particularly with a strong balance sheet and promising data on the horizon [12][10]. Other Important Information - The company has divested at least $800 million in assets or commitments, paying off $480 million in debt, and expects to maintain a strong financial position moving forward [17][10]. - The FDA authorization for selling final packaged products from a new contract manufacturer is the primary remaining condition for the UDENYCA divestiture [13][10]. Q&A Session Summary Question: Are there any hurdles expected with the UDENYCA divestiture? - Management sees no obstacles and believes the divestiture will proceed as planned, with all necessary reviews completed [64][10]. Question: Does the $250 million cash projection include cost savings from headcount reduction? - The $250 million projection is based on cash after the transaction, with a headcount reduction expected to decrease from 225 to 155 employees [67][70]. Question: Where is LOQTORZI currently being used? - LOQTORZI is being used in a mix of recurrent locally advanced and metastatic first-line patients, with expectations for increased usage due to updated guidelines [77][10]. Question: What is the FDA looking for regarding the second supplier's labeling and packaging? - The FDA requires validation runs and data review from the new contract manufacturer, which has been completed [82][10]. Question: What are the expectations for the CCR8-tori combo data? - The company anticipates robust data on immune cell ratios and T-reg depletion, which are critical for efficacy [122][10]. Question: How much off-label use of other PD-1s exists in the MPC market? - There is ongoing off-label use, particularly in community settings, and the company is actively working to increase awareness of LOQTORZI [131][10].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $76 million and gross profit of $45 million, with adjusted EBITDA of $17.9 million, reflecting a 79% year-over-year increase [7][37] - Total owned and operated revenue reached $65 million, a 19% year-over-year decline and a 9% sequential decrease, while adjusted gross profit increased to $32 million, marking a 20% year-over-year increase [14][15] - Advertising spend declined by 26% sequentially due to lower monetization from Google [10][41] Business Line Data and Key Metrics Changes - Owned and operated products generated $27.1 million in revenue, up 60% year-over-year and 30% sequentially, while marketing businesses saw a 40% year-over-year revenue decline [39][14] - Partner Network revenue was $11 million, with adjusted gross profit of $14 million, both up 10% year-over-year and sequentially [31] Market Data and Key Metrics Changes - International revenue represented 36% of total owned and operated revenue, up from 26% in Q4 2023 [16] - Total sessions across owned and operated properties totaled 1.9 billion, down 8% from Q3 but up 79% year-over-year [15][41] Company Strategy and Development Direction - The company is focusing on AI integrations across all facets of its operations, particularly within the RAMP platform, to enhance efficiency and scale [12][13] - A strategic shift is underway from Google's AdSense for Domains (AFD) to the newer Related Search on Content (RSOC) product, with the company well-positioned to navigate this transition [20][81] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing volatility due to changes in Google's Search Partner Network, which has impacted advertising spend and revenue [9][10] - The company remains cautiously optimistic about 2025, expecting to leverage its core products in private search, mapping, and couponing for growth [34][47] Other Important Information - The company ended the quarter with $63.6 million in unrestricted cash and $280 million in term loan debt, with a net consolidated leverage of approximately 5.6 times [44][66] - Q1 revenue guidance is estimated between $69 million and $71 million, with adjusted gross profit expected to grow 25% year-over-year [45][46] Q&A Session Summary Question: Thoughts on AI and investment in RAMP - Management noted that advancements in AI are significantly reducing costs and improving operational efficiency, with engineers experiencing productivity improvements of two to four times [53][59] Question: Balance sheet and capital structure management - The company is focused on improving its capital structure, with a net leverage of 5.6 times, which is higher than desired, but management is optimistic about future growth and refinancing opportunities [66] Question: Impact of political advertising on business model - Management indicated that the end of the political advertising season is favorable, as it typically leads to lower advertising costs for the company [68] Question: Readiness for RSOC shift - The company has invested heavily in RSOC and believes it is well-positioned to lead in this new product area, despite expected short-term revenue bumps [80][81] Question: International market growth potential - Management highlighted the increasing percentage of revenue from international markets and the potential for growth in areas like CouponFollow and MapQuest [92][94] Question: Trajectory for adjusted EBITDA margin - The company expects gross profit growth to translate into expanded adjusted EBITDA margins, driven by disciplined operating expense management [96][98]

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were approximately $2.9 million, a net increase of $0.8 million compared to $2.1 million for the same period in 2023, primarily driven by increased collaboration revenue from Roche [43] - Total operating expenses for Q4 2024 were $7.8 million, a decrease of $0.4 million compared to $8.2 million for the same period in 2023 [44] - The net loss attributable to Lineage for Q4 2024 was $3.3 million or $0.02 per share, compared to a net loss of $4.8 million or $0.03 per share for the same period in 2023 [46] Business Line Data and Key Metrics Changes - R&D expenses for Q4 2024 were $3.4 million, a decrease of $0.5 million compared to $3.9 million for the same period in 2023, driven by a decrease in OPC1 program expenses [44] - G&A expenses for Q4 2024 were $4.4 million, consistent with expenses for the same period in 2023 [44] Market Data and Key Metrics Changes - The company reported a year-end cash position of $47.8 million as of December 31, 2024, which supports operations into Q1 2027 [40] - The November 2024 financing included a milestone warrant that could provide an additional $36 million if clinical milestones are achieved [41] Company Strategy and Development Direction - The company is focused on advancing its lead candidate OpRegen for dry AMD and is confident in its potential to drive positive clinical outcomes [52] - Investments in scalable GMP manufacturing are seen as critical for the success of allogeneic cell therapy products, with a goal to produce millions of doses [30][22] - The company is also advancing its OPC1 program for spinal cord injury, with plans for a larger clinical trial once necessary improvements are in place [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing GAlette Study for OpRegen, noting that independent evidence from other RPE transplant trials supports their belief in the treatment's efficacy [52] - The competitive landscape for RPE cell therapies is acknowledged, but management believes their partnerships with Roche and Genentech provide a significant advantage [60] Other Important Information - The company has continued to add value to its patent portfolio, with two additional OpRegen patents issued earlier in the year [38] - The company is working on a new delivery device for the OPC1 program, which is expected to enhance the administration process [34] Q&A Session Summary Question: What is the company doing to protect its market leadership in RPE cell placements? - Management emphasized the importance of having the right attributes for success, including strong manufacturing capabilities and partnerships with Genentech and Roche [60] Question: When will the updated three-year data for OpRegen be available? - Management indicated that inquiries regarding the timeline for the three-year data should be directed to Genentech, as they control the announcement schedule [64] Question: Can you describe any changes in logistics for getting patients to the surgical suite faster? - Management noted improvements in training and the development of an immediate use formulation to streamline the process [77] Question: Will the FDA require proof of device safety before fully enrolling in the DOSED study? - Management confirmed that there is a staging process for safety measures, starting with thoracic patients before moving to broader enrollment [83] Question: What are the plans for the resonance program given market uncertainty? - Management stated that while the resonance program remains important, they are being prudent with investment decisions in the current market environment [88]

Financial Data and Key Metrics Changes - LifeMD achieved consolidated revenue growth of 43% year-over-year to $64.3 million in Q4 2024, with full-year revenue of $212.5 million, a 39% increase from 2023 [30][35] - Telehealth revenue grew by 60% year-over-year, with standalone adjusted EBITDA profitability at $5.9 million, an increase of 396% compared to the previous year [30][34] - Gross margin for Q4 was 85.3%, a decline of 280 basis points year-over-year, but expected to normalize to 88% to 90% in 2025 [32][35] Business Line Data and Key Metrics Changes - Telehealth subscriber growth remained strong, with active subscribers increasing by 27% year-over-year to over 275,000 [31] - WorkSimpli's active subscribers grew by 3% to 164,000, with average monthly adjusted EBITDA returning to over $1 million [31] - Rex MD generated over $80 million in annualized revenue, expecting 15% to 20% growth in 2025 driven by sexual health offerings and hormone replacement therapy [20] Market Data and Key Metrics Changes - The weight loss and metabolic health program had over 75,000 active patients as of year-end, positioned for long-term growth [9] - The approval rate for Zepbound prior authorizations increased by 18 percentage points between October and January, approaching 60% [12] - LifeMD expects to have approximately 150 million lives under coverage by the end of 2025 through government and private payer programs [24] Company Strategy and Development Direction - LifeMD's strategic priorities for 2025 include solidifying its market position in weight loss care, expanding hormone replacement therapy, launching the LifeMD plus membership program, and growing payer programs [8][9] - The company plans to enter the behavioral health space in Q2 2025, leveraging its existing telehealth capabilities [25] - LifeMD aims to enhance its pharmacy capabilities and expand its portfolio of personalized therapies [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term benefits of expanded coverage for branded GLP-1 therapies and the potential for Medicare to cover these medications [15][70] - The company is prepared to capitalize on the evolving landscape of telehealth and weight management, with a focus on patient access and affordability [10][70] - Management highlighted the importance of building a robust operational infrastructure to support future growth in telehealth and pharmacy services [39][70] Other Important Information - LifeMD's GAAP net loss for Q4 was $883,000, a significant improvement from a loss of $4.5 million in Q4 2023 [33] - The company introduced guidance for 2025 consolidated revenue of $265 million to $275 million, with telehealth revenue of $205 million to $213 million [37] - Adjusted EBITDA guidance for 2025 is between $30 million and $32 million, with telehealth adjusted EBITDA of approximately $20 million [37] Q&A Session Summary Question: Can you talk about your relationship with LillyDirect and how it works? - The relationship is with a third-party pharmacy that LillyDirect uses to ship medications directly to patients, enhancing patient experience for those without insurance coverage [44] Question: What is the outlook for WorkSimpli? - WorkSimpli has stabilized and is expected to continue producing around $1 million in monthly EBITDA, with significant growth potential [66] Question: What percentage of new patients are getting insurance approvals for therapies? - Approximately 10% of patients receive coverage without prior authorization, while about 60% require prior authorization, with a good approval rate for Zepbound [117] Question: What is the expected contribution from the new segments in 2025? - The new segments are expected to contribute modestly in 2025, with significant growth potential in the following years as the company scales its offerings [110][114] Question: Can you provide an update on Medicare reimbursement for telehealth services? - There is optimism for a permanent extension of Medicare coverage for telehealth, with bipartisan support in the legislature [73]

Vail Resorts (MTN) Q2 2025 Earnings Call March 11, 2025 01:30 AM ET Company Participants Kirsten Lynch - CEOAngela Korch - Executive VP & CFOJeffrey Stantial - Managing Director - Gaming & LeisureMegan Clapp - Executive DirectorPatrick Scholes - Managing Director - Lodging & Leisure Equity ResearchDavid Katz - Managing DirectorArpine Kocharian - Executive Director Conference Call Participants Shaun Kelley - Senior Research Analyst & MD - Gaming, Lodging & Leisure EquitiesLaurent Vasilescu - Managing Directo ...

Myomo (MYO) Q4 2024 Earnings Call March 11, 2025 12:37 AM ET Company Participants Tirth Patel - Vice President - IRPaul Gudonis - Chairman, President & CEODavid Henry - Chief Financial OfficerAnthony Vendetti - Executive Managing DirectorSean Lee - VP - Equity Research Conference Call Participants Chase Knickerbocker - Senior Equity Research Analyst - HealthcareScott Henry - Managing Director & Senior Research AnalystEdward Woo - Director of Research & Senior Analyst Operator Good afternoon, and welcome to ...