RadNet, Inc. (NASDAQ:RDNT) Q4 2024 Earnings Conference Call February 28, 2025 10:30 AM ET Company Participants Mark Stolper - Executive Vice President & Chief Financial Officer Howard Berger - President & Chief Executive Officer Conference Call Participants David MacDonald - Truist Brian Tanquilut - Jefferies John Ransom - Raymond James Andrew Mok - Barclays Larry Solow - CJS Securities Jim Sidoti - Sidoti & Company Operator Good day, and welcome to the RadNet, Inc. Fourth Quarter 2024 Financial Results Con ...

Erie Indemnity Company (NASDAQ:ERIE) Q4 2024 Results Conference Call February 28, 2025 10:00 AM ET Company Participants Scott Beilharz - Vice President- Investor Relations Tim NeCastro - President and Chief Executive Officer Julie Pelkowski - Executive Vice President and Chief Financial Officer Operator Good morning, and welcome to the Erie Indemnity Company Fourth Quarter and Year End 2024 Earnings Conference Call. This call was prerecorded, and there will be no question and answer session following the re ...

Crinetics Pharmaceuticals, Inc (NASDAQ:CRNX) Q4 2024 Results Conference Call February 27, 2025 4:30 PM ET Company Participants Gayathri Diwakar - Head-Investor Relations Scott Struthers - Founder and Chief Executive Officer Isabel Kalofonos - Chief Commercial Officer Dana Pizzuti - Chief Medical and Development Officer Steve Betz - Founder & Chief Scientific Officer Marc Wilson - Chief Financial Officer Alan Krasner - Chief Endocrinologist Conference Call Participants Tyler Van Buren - TD Cowen Joe Schwartz ...

The AES Corporation (NYSE:AES) Q4 2024 Earnings Conference Call February 28, 2025 10:00 AM ET Company Participants Susan Harcourt - Vice President, Investor Relations Andrés Gluski - President & Chief Executive Officer Steve Coughlin - Chief Financial Officer Ricardo Falú - Chief Operating Officer Conference Call Participants Nick Campanella - Barclays David Arcaro - Morgan Stanley Durgesh Chopra - Evercore ISI Julien Dumoulin-Smith - Jefferies Michael Sullivan - Wolfe Research Will Grainger - Mizuho Operat ...

Financial Data and Key Metrics Changes - Same-store NOI declined by 3.7% in Q4 2024, with same-store revenue growth at negative 1.6%, driven by pressure on asking rates and a 120 basis points drop in occupancy levels compared to last year [17][18] - FFO per share as adjusted was reported at $0.68 for the quarter, with a 2% increase in the quarterly dividend to an annualized $2.08 per share, representing a 4.9% dividend yield [19][20] - Real estate taxes grew by 17.5% in Q4 2024 compared to the previous year, contributing to a 4.7% increase in same-store expenses [18][19] Business Line Data and Key Metrics Changes - The year-over-year same-store occupancy gap narrowed from negative 100 basis points at year-end 2024 to negative 50 basis points as of the end of February 2025 [7] - Rents for new customer rentals improved from a negative 10.3% year-over-year gap in Q4 to negative 7.4% recently [7][67] Market Data and Key Metrics Changes - Lower beta urban markets are outperforming the Sunbelt, with New York City continuing to be a bright spot and the highest growing market [9] - The occupancy gap to last year has closed to negative 50 basis points, with the overall store pool occupancy at 89.5% [76] Company Strategy and Development Direction - The company remains optimistic about long-term business health and is focused on creative external growth methods, including recent joint venture acquisitions [11][12] - The 2025 guidance assumes a gradual improvement in same-store revenue, with expectations for occupancy levels to be slightly down compared to 2024 and rates improving but still down in the mid-single digits [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic health of existing customers, while acknowledging the challenges posed by high core inflation [8][10] - The company is being prudently cautious in its initial 2025 outlook, recognizing that previous forecasts around housing market improvements have proven overly optimistic [10][63] Other Important Information - The company successfully closed a joint venture investment by acquiring an 80% interest in a portfolio of stores, which is expected to provide significant value creation opportunities [21][24] - The company raised $85.6 million in net proceeds during the quarter through its at-the-market equity program to fund acquisitions [25][100] Q&A Session Summary Question: Inquiry about the joint venture transaction and future opportunities - Management indicated no imminent opportunities for other joint ventures, as the recent transaction was motivated by a liquidity need from their partner [36][37] Question: Clarification on catalysts for demand acceleration - Management noted that clarity in mortgage rates and overall economic conditions are needed to boost consumer confidence and demand [45][46] Question: Concerns about potential street rate wars in 2025 - Management expressed caution but noted recent improvements in rates for new customers, indicating a need for consistent positive trends [56][58] Question: Update on occupancy and performance through February - Management confirmed that occupancy has improved, with a negative gap of 50 basis points, and expressed confidence in long-term health despite recent challenges [76][78] Question: Discussion on operating expenses and potential efficiencies - Management acknowledged that operating expenses are returning to normal inflation levels and emphasized a service-first approach to customer service [146][148]

Silvia Ruiz Good afternoon, everybody. This is Silvia Ruiz speaking. And I would like to welcome you to Ferrovial's Conference Call to discuss the Financial Results for the Full Year 2024. I am joined here today by your Chairman, Rafael del Pino; our CEO, Ignacio Madridejos; and by our CFO, Ernesto López Mozo. Just as a reminder, both the results report and the presentation are available on our Web site since yesterday after the US market closed. At the end of the presentation, there will be a Q&A session. ...

Financial Data and Key Metrics Changes - The company achieved a record annualized return on equity of 25.4% for the fourth quarter and a return on equity of 19.4% for the full year [15][52] - Total investment income for the fourth quarter was $140.4 million, an increase of 8.6% year-over-year and 2.6% quarter-over-quarter [42] - Net asset value (NAV) per share increased by $1.08 over the third quarter and by $2.45 or 8.4% year-over-year, reaching a record NAV per share of $31.65 [49] Business Line Data and Key Metrics Changes - The lower middle market investment activity included total investments of $168 million in the fourth quarter, with a net increase of $11 million after repayments [20][38] - Private loan investment activities totaled $108 million, resulting in a net increase of $7 million [20][38] - The company invested $466 million in the lower middle market strategy throughout 2024, with $228 million in new platform companies and $238 million in follow-on investments [30][31] Market Data and Key Metrics Changes - The company reported a favorable performance in its diversified lower middle market, private loan investment portfolios, and asset management business [17][21] - The lower middle market portfolio included investments in 84 companies with a fair value of $2.5 billion, representing a 29% increase over the related cost basis [39] - The private loan portfolio comprised investments in 91 companies with a fair value of $1.9 billion [39] Company Strategy and Development Direction - The company focuses on providing unique and flexible financing solutions to lower middle market companies, emphasizing long-term partnerships with management teams [26][30] - The asset management business is expected to grow, particularly following the successful listing of MSC Income Fund on the NYSE, which raised $91 million [22][23] - The company plans to continue declaring supplemental dividends as long as distributable net investment income (DNII) significantly exceeds regular dividends [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate economic uncertainties, including potential tariff impacts, due to the diversified nature of the portfolio [60][62] - The company anticipates a strong earnings quarter in the first quarter of 2025, with expected DNII of at least $1.05 per share [53] - Management noted that while investment activity has been slower than expected, it is not primarily due to concerns over potential capital gains tax changes [75] Other Important Information - The company recorded net fair value appreciation of $80.8 million in the fourth quarter, driven by the lower middle market portfolio [48] - The external investment manager contributed $8.7 million to net investment income during the fourth quarter, with total assets under management of $1.6 billion [47] Q&A Session Summary Question: Exposure to potential tariff issues - Management acknowledged that certain portfolio companies may be impacted by tariffs but emphasized the diversified nature of the portfolio will mitigate overall exposure [60][61] Question: Impact of potential capital gains tax changes on acquisition activity - Management indicated that while M&A activity has been slower than expected, it is not significantly influenced by potential changes in capital gains tax rates [75][76] Question: Leverage and origination activity - Management noted that the current under-levered position is due to lower-than-expected investment activity and plans to increase leverage through net investment activity [83][85] Question: Interest in portfolio companies for potential realizations - Management highlighted increasing interest from potential buyers in certain portfolio companies, which could lead to favorable realizations [88][89] Question: Competition from other BDCs moving down market - Management expressed confidence in the company's unique lower middle market strategy and its ability to maintain a competitive edge despite potential competition [111]

Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q4 2024 Earnings Conference Call February 28, 2025 10:00 AM ET Company Participants Emily O'Quinn - SVP-IR and Communications Andy Eidson - CEO Jason Whitehead - President and COO Todd Munsey - CFO Dan Horn - Chief Commercial Officer Conference Call Participants Nathan Martin - The Benchmark Company Nick Giles - B. Riley Operator Greetings, and welcome to the Alpha Metallurgical Resources Fourth Quarter 2024 Results Conference Call. At this time, all participan ...

DiamondRock Hospitality Company (NYSE:DRH) Q4 2024 Earnings Conference Call February 28, 2025 10:00 AM ET Company Participants Briony Quinn - Chief Financial Officer Jeff Donnelly - Chief Executive Officer Justin Leonard - President and COO Conference Call Participants Dori Kesten - Wells Fargo Securities Austin Wurschmidt - KeyBanc Capital Markets Smedes Rose - Citi Michael Bellisario - Baird Floris van Dijkum - Compass Point LLC Operator Please be advised that today's conference is being recorded. I would ...

Financial Data and Key Metrics Changes - In Q4 2024, net sales totaled $240.5 million, a sequential increase of $13.3 million or 6% driven by higher shipments of 10,300 tons [31] - The company reported a GAAP net loss of $21.4 million in Q4, translating to a loss of $0.50 per diluted share, while the adjusted net loss was $3.3 million or $0.08 per diluted share [32] - Adjusted EBITDA for Q4 was $8.3 million, a sequential increase of $2.2 million, primarily due to higher shipments and a favorable product mix [32] Business Line Data and Key Metrics Changes - Aerospace and defense shipments increased to approximately 11,000 tons in Q4 from about 3,000 tons in Q3, with full-year sales rising by 17% to nearly $135 million [23] - Shipments to energy customers increased by 78% sequentially, although from a low base, indicating a recovery in the energy sector [16] - Automotive shipments increased by 3% sequentially, with the company targeting approximately 40% of shipments to the automotive sector in 2025 [20][21] Market Data and Key Metrics Changes - The trade environment is expected to improve due to a new tariff of at least 25% on steel long products, which is anticipated to boost domestic demand [12][13] - The company noted a decline in shipments to industrial customers by 6% sequentially, primarily due to weakness in distribution and heavy equipment [15] Company Strategy and Development Direction - The company is focused on enhancing customer relationships, investing in workforce training, and improving safety and efficiency in operations [7][8] - Metallus Inc. aims to grow aerospace and defense sales to over $250 million by 2026, leveraging partnerships and new product developments [27][26] - The company is committed to a capital allocation strategy that includes strategic investments and a share repurchase program to provide value to shareholders [8][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about an improving order book and increased shipments as they enter 2025, despite challenges in 2024 due to weak market demand [8][47] - The company anticipates first-quarter adjusted EBITDA to be higher than in Q4, with expected increases in shipments across various end markets [47] - Management highlighted the importance of safety and operational efficiency as key focus areas moving forward [29] Other Important Information - The company invested approximately $8 million in safety improvements in 2024 and plans to invest an additional $5 million in 2025 [10] - Operating cash flow for Q4 was $13.9 million, with full-year operating cash flow totaling $40.3 million [35] - The company repurchased 2 million shares for $37.6 million in 2024, reducing outstanding shares by nearly 5% [42] Q&A Session Summary Question: Demand profile in Q4 and expectations for Q1 - Management noted a healthy development in the order book driven by recapture of automotive business and restocking from distribution, with positive momentum attributed to the trade environment [56][59] Question: Expected downtime in Q1 - Management confirmed that there is no expected or planned downtime, although there were power interruptions due to severe cold weather in January [64] Question: Clarification on $80 million target and IT upgrades - Management clarified that IT transformation upgrades are independent of other investments, with ongoing support required for existing projects [66] Question: Share repurchase clarification - Management confirmed that the share count reduction is from the fourth quarter, with an average estimate of 44 million shares for 2025 [69] Question: Seasonality expectations for 2025 - Management expects a potential Q1 bump due to restocking but anticipates that demand will level out as customers secure domestic supply [76] Question: Automotive market outlook - Management sees modest increases in automotive demand in 2025, influenced by interest rates and consumer buying patterns [108]