Westlake (WLK) Q4 2024 Earnings Call February 24, 2025 09:17 PM ET Company Participants Johnathan Zoeller - VP & TreasurerJean-Marc Gilson - President & CEOSteven Bender - CFO & EVPDavid Begleiter - Managing DirectorAleksey Yefremov - MD & Equity ResearchJohn Roberts - Managing DirectorMichael Leithead - Director - Equity ResearchKevin McCarthy - PartnerJosh Spector - Executive DirectorMichael Sison - Managing DirectorAziza Gazieva - Vice PresidentMatthew Blair - Managing Director Conference Call Participan ...

Trex Company, Inc. (NYSE:TREX) Q4 2024 Earnings Conference Call February 24, 2025 5:00 PM ET Company Participants Casey Kotary - Investor Relations Bryan Fairbanks - President and Chief Executive Officer Brenda Lovcik - Senior Vice President and Chief Financial Officer Amy Fernandez - Senior Vice President, Chief Legal Officer and Secretary Conference Call Participants Rafe Jadrosich - Bank of America Keith Hughes - Truist Securities Susan Maklari - Goldman Sachs Ryan Merkel - William Blair Timothy Wjos - R ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenue was $174 million, a 28% decline year-over-year, with homes sold decreasing by 29% [23][24] - For the full year, revenue totaled $919 million, reflecting a 30% decrease from 2023, while the net loss was $62 million, a 47% improvement compared to the previous year [24][28] - Gross margin for Q4 was 6.1%, with a full-year gross margin of 7.9%, representing a 47% improvement from the prior year [26][28] - Adjusted EBITDA loss for Q4 was $11.5 million, a sequential improvement of $5.3 million, while the full-year adjusted EBITDA loss was $29.2 million, a 65% improvement over 2023 [28][29] Business Line Data and Key Metrics Changes - The asset-light services, including the B2B renovate business and agent partnership program, contributed over 33% of total contribution profit after interest in 2024 [22] - The renovate business generated $18 million in revenue for the full year, up 49% year-over-year, with average revenue per renovation increasing from $11,000 to over $22,000 [17][22] Market Data and Key Metrics Changes - The residential resale volumes are down almost 40% from pandemic highs, impacting overall market conditions [7] - The company is expanding its buy box criteria to capture increased market activity, focusing on acquiring homes in the $250,000 to $700,000 price range [11][37] Company Strategy and Development Direction - The company is focused on diversifying revenue beyond its core cash offer business to create stability across market cycles [10] - Strategic efforts include optimizing operations, managing resources effectively, and enhancing product delivery through technology [9][13] - The company aims to ramp up acquisitions to 1,000 homes per quarter while maintaining a high-quality inventory portfolio [12][45] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a slight increase in transaction volumes as the spring selling season begins, despite current market challenges [65] - The company anticipates first-quarter revenue to be in the range of $150 million to $170 million, with 450 to 500 homes sold [29][30] Other Important Information - The company ended Q4 with 677 homes in inventory, with 22% owned for over 180 days and not under contract for resale [21] - Unrestricted cash totaled $43 million at the end of the quarter, with total liquidity exceeding $85 million [28] Q&A Session Summary Question: Can you provide more detail on how you're adjusting the buy box and the systems in place? - The company is moving up in price range to capture buyers transitioning between homes, expanding the buy box from $200,000-$500,000 to $250,000-$700,000 [36][37] Question: How should we think about the ramp to 1,000 acquisitions per month? - The target remains 1,000 acquisitions, but the company will not reach that in Q1 or Q2, with expectations to ramp up sequentially throughout the year [43][45] Question: How much is the 1,000 acquisition target dependent on the pending capital raise? - The company has a path forward regardless of capital raise outcomes, maintaining strong relationships with asset-backed partners [50][52] Question: What is the biggest factor driving home acquisition strategy? - The company is focusing on acquiring homes that can be renovated and sold quickly, avoiding high HOA properties and townhomes due to affordability issues [66][68] Question: Can you clarify the adjusted EBITDA guidance for Q1? - Adjusted EBITDA is expected to improve sequentially across the year, with specific guidance for Q1 provided [70][72]

Myriad Genetics, Inc. (NASDAQ:MYGN) Q4 2024 Results Conference Call February 24, 2025 4:30 PM ET Company Participants Matt Scalo - Senior Vice President of Investor Relations Paul Diaz - President and Chief Executive Officer Sam Raha - Chief Operating Officer Mark Verratti - Chief Commercial Officer Scott Leffler - Chief Financial Officer Conference Call Participants Madeline Mollman - Wolfe Research Will Ortmayer - Goldman Sachs Madison Pasterchick - Morgan Stanley Tycho Peterson - Jefferies Sung Ji Nam - ...

Financial Data and Key Metrics Changes - The fourth quarter results were in-line to slightly ahead of estimates despite adverse foreign exchange rates [7] - Domestic organic revenue growth was 5.1% on a gross basis and 2.2% on a net basis, including 2.9% churn [25] - The company ended the year with a net debt to adjusted EBITDA ratio of 6.1 times, the lowest in its history [15] Business Line Data and Key Metrics Changes - Domestic new carrier activity continued to increase, with a higher percentage coming from new lease colocations compared to amendments to existing leases [8] - International organic recurring cash leasing revenue growth was 1.7% net, with Brazil showing 8.7% gross organic growth on a constant currency basis [26] - The US-based services business had its best quarter of the year, with an outlook for a year-over-year increase in 2025 [10][11] Market Data and Key Metrics Changes - International churn remains elevated due to customer consolidations, particularly in Brazil, which is heavily indexed in the company's operations [12][27] - The company anticipates continued network investment in international markets to close the gap in 5G coverage compared to the US [11] Company Strategy and Development Direction - The company aims to stabilize results, grow the core business, and improve asset quality through both organic and inorganic growth [16] - A significant agreement to purchase approximately 7,000 towers from Millicom positions the company as a leading tower operator in Central America [17] - The company plans to build up to 800 new towers in 2025, the largest number in over 20 years, primarily in Central America [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future opportunities, citing ongoing mobile network consumption growth and limited new spectrum availability [22] - The company expects to see growth in leasing business throughout 2025, driven by increased carrier activity [10][21] - Management acknowledged the challenges posed by macroeconomic factors, including interest rates and foreign exchange impacts [13] Other Important Information - The company declared a cash dividend of $1.11 per share for the first quarter of 2025, representing a 13% increase over the previous quarter [35] - The company has a strong balance sheet and liquidity position, with a fully undrawn $2 billion revolving credit facility [34] Q&A Session Summary Question: Can you provide more color on the increase in the backlog? - Management indicated that the backlog increase is broad across various carriers, with more business coming from new leases rather than amendments [40][41] Question: How should we think about your ability to grow domestic leasing relative to CapEx budgets? - Management noted that minor shifts in CapEx budgets can significantly impact the company, and they expect increased activity in wireless networks [49][50] Question: What is the outlook for customer-specific activity across the three nationals and DISH? - Management stated that all major carriers are increasing activity levels, but DISH's contribution is currently limited [61][62] Question: What is the expected level of international churn in 2025? - Management anticipates that international churn will remain at similar levels to 2024, particularly due to challenges in Brazil [140] Question: How does the Millicom transaction affect leverage? - The Millicom deal is expected to add about 0.2 turns of leverage, which is manageable given the company's current financial position [92] Question: Will there be more spectrum auctions in the coming years? - Management expressed hope for more spectrum auctions but noted that immediate discussions focus on optimizing current assets [150][151]

Financial Data and Key Metrics Changes - Kosmos Energy Ltd. reported a significant reduction in capital expenditures (CapEx) expected to fall from over $800 million in 2023 and 2024 to $400 million in 2025, representing a decrease of over 50% [10][28] - The company achieved a year-end 2024 2P reserves of 513 million barrels of oil equivalent, with a reserve replacement ratio of 137%, indicating strong reserve growth [13][15] - The company maintained a strong financial position by raising $900 million in new bonds and refinancing its reserve-based lending facility, extending average debt maturity to around four years [20][25] Business Line Data and Key Metrics Changes - Production for Q4 2024 was lower than guidance due to issues at the Jubilee field, but actions have been taken to resolve these issues, and production is expected to stabilize [21][22] - The company achieved first oil at Winterfell in summer 2024 and expects production to rise as new wells come online [18][19] - The Gulf of America business unit is projected to see a 20% year-over-year increase in production, with full-year guidance of 17,000 barrels of oil equivalent per day net [49] Market Data and Key Metrics Changes - The company is focusing on the Gulf of America for exploration efforts, leveraging advanced seismic imaging and reservoir management tools [12][44] - The GTA project is expected to ramp up production in Q1 2025, with first LNG production achieved in early February 2025 [34][36] - The company is actively managing oil price volatility through a rolling hedging program, with around 60% of first-half oil production hedged [26][27] Company Strategy and Development Direction - Kosmos Energy Ltd. aims to prioritize cash generation through maximizing revenue and rigorous cost management, with a focus on reducing overhead costs by $25 million by the end of 2025 [11][28] - The company plans to use generated cash flow primarily for debt paydown until reaching a leverage goal of below 1.5 times at mid-cycle oil prices [12][13] - The strategic focus includes enhancing the reserve base and transitioning 2C resources into 2P reserves through improved technology and drilling [15][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable cash generation due to a strong reserve base and disciplined cost management [15][53] - The company is optimistic about the future potential of the GTA project and its ability to meet local market gas needs while driving low-cost expansions [38][39] - Management acknowledged challenges in production reliability at Jubilee but emphasized ongoing efforts to improve power generation reliability and water injection [111][112] Other Important Information - Kosmos Energy Ltd. achieved zero lost time injuries or total recordable injuries in 2024, maintaining a strong safety performance [17] - The company is not planning to revisit discussions with Tullow, focusing instead on free cash flow accretion and maintaining a strong portfolio [120][121] Q&A Session Summary Question: Discussion on startup costs and their nature - Management indicated that startup and commissioning costs are expected to be one-time in nature, with costs trending lower as production ramps up [56][58] Question: CapEx guidance and potential for lower spending - Management confirmed a CapEx ceiling of $400 million for 2025, emphasizing a focus on capital efficiency and free cash flow generation [63][64] Question: Clarification on GTA phase one plus - Management explained that phase one plus involves fully utilizing existing infrastructure with minimal additional CapEx, aiming for increased production capacity [75][76] Question: Jubilee production assumptions - Management highlighted the importance of achieving 100% voidage replacement and reliable power generation to meet production guidance for Jubilee [82][86] Question: Confidence in Jubilee's performance - Management expressed confidence in addressing past issues and achieving production targets through effective reservoir management and additional drilling [110][112] Question: Future M&A considerations - Management stated that there are no current plans to revisit discussions with Tullow, focusing instead on free cash flow and value accretion [120][121] Question: Timeline for achieving leverage goals - Management anticipates reaching a leverage level of around 1.5 times by the latter half of 2026, with a focus on debt paydown and production growth [127][128] Question: Tortue project CapEx implications - Management indicated that future CapEx for Tortue will be minimal, focusing on sustaining current production levels and maximizing revenue [102][103]

Hims & Hers Health, Inc. (NYSE:HIMS) Q4 2024 Earnings Conference Call February 24, 2025 5:00 PM ET Company Participants Bill Newby - Head of Investor Relations Andrew Dudum - Co-Founder and Chief Executive Officer Yemi Okupe - Chief Financial Officer Conference Call Participants Maria Ripps - Canaccord Genuity Craig Hettenbach - Morgan Stanley Eric Percher - Nephron Research Daniel Grosslight - Citi Ryan MacDonald - Needham Aaron Kessler - Seaport Research Operator Good afternoon, ladies and gentlemen, and ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $93.5 million, down 5% year-over-year, but above the midpoint of guidance [30] - Non-GAAP gross margin increased to 57.4%, up 650 basis points year-over-year [32] - Non-GAAP EPS for Q4 was $0.50, a $0.25 improvement from Q4 2023 [33] - Annual non-GAAP EPS improved to $0.97, a $1.49 increase year-over-year [36] Business Line Data and Key Metrics Changes - Hardware revenue decreased by 7% year-over-year to $62.3 million [31] - Software revenue was down 5% to $11.6 million, while service revenue decreased by 2% to $19.7 million [31] - Recurring revenue represented 18% of sales, declining by 2% year-over-year [31] Market Data and Key Metrics Changes - The Americas and European regions saw revenue declines of 5% and 2% respectively, while Asia Pacific experienced a decline of over 11% primarily due to weakness in China [30] - The company noted stable demand in sectors like 3D metrology but faced challenges in commercial construction in regions like China and Germany [10] Company Strategy and Development Direction - The company is in a multi-year strategy divided into three phases, focusing first on operational excellence, then on organic growth initiatives, and finally on strategic investments [12][13] - Key initiatives include refreshing core solutions, expanding addressable opportunities, and forming strategic partnerships [16][20] - The company aims to increase its addressable opportunity by 40% through new solutions aligned with its core business [22] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the market outlook beyond the next quarter, citing ongoing economic uncertainties and customer hesitance due to tariff-related issues [11][38] - Despite challenges, management remains optimistic about growth initiatives and believes they will help offset industry softness [38][39] Other Important Information - The company achieved a record year in 2024, with significant improvements in cash flow and operational metrics [11][36] - The company signed two significant global partnership agreements, one with Topcon and another in the 3D metrology space, expected to enhance market reach [24][25] Q&A Session Summary Question: Differences in OEM distribution agreements with Topcon - Management highlighted a comprehensive growth plan with Topcon, expecting significant revenue contributions as the partnership ramps up [44][45] Question: Timeline for the digital metrology agreement - Management indicated that the unnamed partnership would likely launch in the fourth quarter of 2025, focusing on global scalability [50][52] Question: Market conditions and growth initiatives - Management noted that current market conditions are similar to Q4, with expectations for growth initiatives to help the company outpace market growth [60][62] Question: Impact of tariffs on customer behavior - Management observed that customers are being cautious due to tariff uncertainties, particularly in regions like Canada and Latin America [80][84] Question: Pricing strategy and competitive landscape - Management confirmed recent price increases and noted that competitors are also raising prices, allowing for flexibility in competitive situations [86][88]

Cannae Holdings, Inc. (NYSE:CNNE) Q4 2024 Results Conference Call February 24, 2025 5:00 PM ET Company Participants Jamie Lillis - Solebury Strategic Communications Ryan Caswell - Chief Executive Officer Bryan Coy - Chief Financial Officer Conference Call Participants John Campbell - Stephens Ian Zaffino - Oppenheimer Kenneth Lee - RBC Capital Markets Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Fourth Quarter 2024 Financial Results Conference Call. During today's presen ...

MediaAlpha, Inc. (NYSE:MAX) Q4 2024 Earnings Conference Call February 24, 2025 5:00 PM ET Company Participants Alex Liloia - Investor Relations, Hayflower Partners Steve Yi - Co-Founder and CEO Pat Thompson - Chief Financial Officer Conference Call Participants Michael Graham - Canaccord Cory Carpenter - J.P. Morgan Eric Sheridan - Goldman Sachs Ben Hendrix - RBC Operator Thank you for standing by, and good day, everyone. My name is RG, and I will be your conference operator today. At this time, I would lik ...