Rivian Automotive, Inc. (NASDAQ:RIVN) Q4 2024 Earnings Conference Call February 20, 2025 5:00 PM ET Company Participants Tim Bei - VP, IR RJ Scaringe - Founder and CEO Claire McDonough - CFO Javier Varela - Chief Operations Officer Conference Call Participants Dan Levy - Barclays Adam Jonas - Morgan Stanley Mark Delaney - Goldman Sachs George Gianarikas - Canaccord Genuity Shreyas Patil - Wolfe Research Operator Good day. Thank you for standing by. Welcome to Rivian's Fourth Quarter and Full Year 2024 Earni ...

Dropbox, Inc. (NASDAQ:DBX) Q4 2024 Earnings Conference Call February 20, 2025 5:00 PM ET Company Participants Peter Stabler - Head, Investor Relations Drew Houston - Co-founder and Chief Executive Officer Tim Regan - Chief Financial Officer Conference Call Participants Rishi Jaluria - RBC Capital Markets Steve Enders - Citi Matt Bullock - Bank of America Patrick Walravens - Citizens Bank Sonak Kolar - JP Morgan Alex Nguyen - Jefferies Operator Good afternoon, ladies and gentlemen. Thank you for joining Drop ...

Financial Performance - In Q4 2024, indie Semiconductor achieved total revenue of $58 million, marking a 7.5% sequential growth and consistent with the midpoint of guidance [7][20] - Non-GAAP gross profit was $29.2 million, resulting in a gross margin of 50.4%, flat sequentially [21] - The company reported a non-GAAP operating loss of $14.2 million, an improvement of 16% sequentially [21] - The net loss for the quarter was $15.4 million, with a loss per share of $0.07 based on 205.7 million shares outstanding [22] Business Lines and Key Metrics - Vision products targeting multiple ADAS applications gained traction, with notable design wins including the iND880 Vision Processor selected by a large Korean OEM for a new e-vehicle platform [11][12] - The flagship 77 GHz Radar program is on track for production launch with initial shipments expected in late 2025 [13] - The company announced a major win for its vehicle intrusion detection system with a major German OEM, set to ramp up production in the second half of 2025 [15] Market Data and Key Metrics - The ultrasonic and radar-based automotive sensing market is projected to grow from $4 billion in 2024 to $6 billion by 2029 [14] - The average semiconductor content per vehicle is expected to exceed $1,000 in 2025, with premium and e-vehicles potentially seeing two to three times that value [18] Company Strategy and Industry Competition - indie Semiconductor is focused on leveraging its differentiated product technology portfolio to capitalize on long-term megatrends in ADAS, in-cabin user experience, and electrification [10] - The company is actively exploring M&A opportunities to enhance its technology and IP portfolio [19] Management Commentary on Operating Environment and Future Outlook - Management acknowledged ongoing market uncertainties due to tariffs and inventory issues, but expressed confidence in the long-term growth potential driven by new product launches [8][24] - For Q1 2025, the company expects revenue in the range of $52.5 million to $57.5 million, reflecting a 5% sequential decline but a 5% year-over-year increase [24] Other Important Information - The company exited Q4 2024 with total cash of $284.5 million, significantly up from $107.2 million in the prior quarter, enhancing its ability to pursue acquisitions [23] Q&A Session Summary Question: Impact of new products on growth in H2 2025 - Management highlighted that Vision products and Radar are expected to significantly contribute to revenue growth in the second half of 2025 [32] Question: OpEx management program and future reductions - Management indicated that further OpEx reductions are expected, with a target of $1 million to $2 million in run rate reductions as they approach late 2025 [42] Question: Geopolitical impacts and tariffs - Management noted that current tariff-related turbulence is viewed as a short-term issue, with no direct impact on product pricing but causing uncertainty in OEM planning [44][46] Question: Inventory levels and macroeconomic conditions - Management reported improved inventory levels but acknowledged a choppy macro environment, with tariffs contributing to ongoing uncertainty [51][52] Question: Geographic performance and inventory trends - Management observed relative strength in the China market, while also noting challenges faced by European manufacturers due to competition from Chinese firms [59][61] Question: Radar launch timeline and revenue expectations - Management confirmed that the Radar program remains on track for late 2025 production, with positive momentum in design wins [68] Question: Gross margin expectations for late 2025 - Management expressed optimism about achieving incremental improvements in gross margins throughout 2025, although the target of 55% remains uncertain [72]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported net sales of $110.5 million, a 13% increase from $97.6 million in Q4 2023, exceeding guidance [26] - Adjusted non-GAAP gross profit was $31.4 million, representing 28.4% of sales, compared to 28.5% in Q4 2023 [29] - Net income for Q4 2024 was $2.6 million or $0.20 per diluted share, compared to a net loss of $500,000 or $0.04 per share in Q4 2023 [30] Business Line Data and Key Metrics Changes - The connected home business saw increased momentum with new product shipments, particularly in climate control, contributing to revenue growth [11][13] - Home entertainment, including video service providers, showed slight growth in TV demand, particularly in North America and Western Europe, with improved order patterns [15] Market Data and Key Metrics Changes - The company is gaining traction in the connected home market, building relationships with major OEM brands in North America, Europe, and Asia [13] - Video subscriber declines at key accounts narrowed, reflecting new pricing and packaging strategies [15] Company Strategy and Development Direction - The company is focused on the connected home market, leveraging new technologies like QuickSet HomeSense and UEI TIDE platforms to enhance customer engagement and operational efficiency [18][21] - Management emphasized the importance of innovation and customer satisfaction in driving long-term growth, particularly in HVAC and home automation sectors [35][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the connected home market's growth potential, citing a strong pipeline of new projects and customer interest [35][96] - The company is cautious about economic uncertainties but remains committed to its growth projections for 2025 and beyond [36][62] Other Important Information - The company will no longer exclude certain manufacturing overhead costs from its adjusted non-GAAP figures, impacting gross profit and margins [8][25] - Legal matters regarding a court ruling against Roku were discussed, with the company planning to pursue further legal actions in 2025 [49][50] Q&A Session Summary Question: Details on climate control products and revenue recognition - Management explained that due to accounting rule changes, revenue for certain climate control products was recognized in Q4 2024 despite shipment occurring in Q1 2025, resulting in an additional $4 million in revenue for Q4 [39][40] Question: Guidance implications on expenses and gross margin - Management indicated that while Q1 typically sees lower production volumes affecting gross margins, the full-year outlook for gross margin remains unchanged at approximately 30% [42][43] Question: Customer concentration numbers - The company reported that Daikin accounted for 13.4% and Comcast for 10.7% of sales in Q4 [47] Question: Impact of tariffs on outlook - Management noted that tariffs are a complex issue but indicated that the company has already mitigated risks associated with production in China and is working on strategies for potential tariffs in the Americas [55][56] Question: Growth drivers for the year - Management highlighted that growth is expected from HVAC control and connected home products, with significant opportunities in the HVAC market [81][86] Question: Production capabilities in Vietnam - Management confirmed that the facility in Vietnam is capable of producing both home entertainment and connected home products, allowing for flexibility in production [70] Question: Enhanced monetization opportunities - Management discussed new technologies showcased at CES that could enhance monetization for OEMs by increasing user engagement and optimizing device functionality [72][75] Question: Future growth in HVAC business - Management expressed confidence that the connected home business, particularly HVAC, will become a significant part of the company's revenue in the coming years [94][96]

Financial Data and Key Metrics Changes - Prothena reported a net cash used in operating and investing activities of $150.3 million for 2024, at the low end of the guidance range of $148 million to $160 million [56] - The net loss for 2024 was $122.3 million, also at the low end of the guidance range of $120 million to $135 million [56] - As of December 31, 2024, Prothena had $472.2 million in cash, cash equivalents, and restricted cash, aligning with the guidance of $468 million [58] Business Line Data and Key Metrics Changes - The company has four wholly-owned and four partnered programs across various stages of clinical development, focusing on neurodegenerative and rare peripheral amyloid diseases [10][11] - Birtamimab is positioned as a potential multi-billion dollar global commercial opportunity, with expectations for a BLA submission to the FDA by the second half of 2026 if positive results are achieved in the ongoing Phase 3 AFFIRM-AL trial [13][44] Market Data and Key Metrics Changes - In the U.S., there are approximately 16,000 diagnosed and treated AL amyloidosis patients, with around 13,000 having cardiac involvement, which is the segment at highest risk for early mortality [45] - The estimated diagnosed and treated population of Mayo Stage IV patients is close to 5,000 in the U.S. and over 5,000 in major European markets [46] Company Strategy and Development Direction - Prothena aims to create transformational therapies for significant unmet medical needs, leveraging partnerships to advance treatments while maintaining financial upside [10][11] - The company is focused on building commercial capabilities to support birtamimab as its first potential commercial product, with plans for independent commercialization in the U.S. [43][49] Management's Comments on Operating Environment and Future Outlook - Management highlighted 2025 as a transformational year with significant clinical readouts expected from both wholly-owned and partnered programs [62] - The company remains well-capitalized with a robust cash position, focusing on advancing clinical programs to become a fully integrated commercial biotechnology company [62] Other Important Information - Prothena received an $80 million payment from Bristol Myers Squibb for the exclusive global license of PRX019 in 2024 [57] - The company has a simple capital structure with zero debt, which supports its financial stability [58] Q&A Session Summary Question: What is considered the best and worst-case scenario for the Phase 3 AFFIRM-AL trial? - Management emphasized the significant unmet need in AL amyloidosis and the opportunity for birtamimab to demonstrate survival benefits, with a best-case scenario being a p-value of 0.10% or less [70][71] Question: Can you discuss the baseline characteristics of patients enrolled in AFFIRM-AL? - Approximately 80% of subjects in the AFFIRM-AL trial are on daratumumab, with a focus on Mayo Stage IV patients who are at the highest risk of early mortality [81] Question: What visibility do you have on long-term mortality trends beyond the randomized phase of the trials? - Management noted that while there were no ongoing trials for long-term follow-up, data from previous trials indicated significant survival benefits for patients treated with birtamimab [88] Question: How does the control arm in AFFIRM-AL compare to the control arm in ANDROMEDA? - The control arm in AFFIRM-AL is expected to behave similarly to the VITAL trial, with a median survival of around 8.3 months, and daratumumab's inclusion does not seem to impact early mortality [112][114] Question: Can you elaborate on the rationale for the 200 mg expansion cohort in PRX012? - The expansion cohort was created to meet patient demand, as enrolling the B cohorts requires screening a large number of patients due to the low prevalence of APOE homozygous carriers [124]

Booking Holdings Inc. (NASDAQ:BKNG) Q4 2024 Earnings Conference Call February 20, 2025 4:30 PM ET Company Participants Glenn Fogel - CEO Ewout Steenbergen - CFO Conference Call Participants Lee Horowitz - Deutsche Bank Mark Mahaney - Evercore ISI Brian Nowak - Morgan Stanley Kevin Kopelman - TD Cowen Stephen Ju - UBS Justin Post - Bank of America Operator Welcome to Booking Holdings' Fourth Quarter 2024 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-lookin ...

Financial Data and Key Metrics Changes - SaaS and license revenue for Q4 2024 was $165.7 million, an increase of 11.7% year-over-year [7][36] - Adjusted EBITDA for Q4 2024 was $46.4 million, compared to $45.6 million in Q4 2023 [40] - Total revenue for Q4 2024 was $242.2 million, growing 7.1% from Q4 2023 [37] - Full year 2024 total revenue reached $939.8 million, a 6.6% increase from 2023 [41] - GAAP net income for 2024 was $122.5 million, up from $80.3 million in 2023 [41] Business Line Data and Key Metrics Changes - The commercial business generated over $80 million in SaaS revenue in 2024, with significant growth in physical security solutions [14] - EnergyHub, a venture business, is now over a $50 million SaaS business, growing nicely [24] - OpenEye, part of the commercial business, generated nearly $20 million in SaaS revenue in 2024 [16] Market Data and Key Metrics Changes - International revenue accounted for 6% of total revenue in 2024, up from 5% in previous quarters [22][52] - The North American residential business remains the largest component of the company's diversified business [9] Company Strategy and Development Direction - The company is focused on expanding its commercial, international, and EnergyHub businesses, which collectively contributed 26% of total SaaS revenue in 2024 [13] - The acquisition of CHeKT is expected to enhance the company's position in remote video monitoring [19] - The company aims to grow its support for regional and local service providers to diversify international revenue streams [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a high revenue retention rate of 95% due to stable consumer demand and the stickiness of newer customers [41][85] - The company anticipates SaaS and license revenue for Q1 2025 to be between $160.2 million and $160.4 million, with full year 2025 guidance of $671.2 million to $671.8 million [42] Other Important Information - The CFO, Steve Valenzuela, announced his retirement, having contributed to significant revenue growth during his tenure [28][34] - The company ended 2024 with $1.22 billion in cash and cash equivalents, up from $697 million at the end of 2023 [41] Q&A Session Summary Question: What drove the acceleration in SaaS and license revenue growth in Q4? - Management attributed the acceleration to strong performance from EnergyHub and OpenEye, as well as increased international contributions [51][52] Question: What is the potential impact of tariffs on the hardware business? - Management indicated minimal exposure to tariffs due to manufacturing being primarily outside of China [56][57] Question: What are the growth expectations for the growth businesses in 2025? - Management expects similar growth rates as seen in 2024, with contributions from the acquisition of CHeKT included in the guidance [66] Question: How is the company addressing churn and net revenue retention? - Management believes the high retention rate will hold due to the stickiness of newer customers and higher average revenue per user (ARPU) from recent subscribers [85] Question: What is the outlook for international growth? - Management is optimistic about expanding service provider partnerships internationally, aiming for higher growth rates compared to the overall business [105][108]

Financial Data and Key Metrics Changes - Century Aluminum Company generated adjusted EBITDA of $245 million for the full year 2024 and $82 million for Q4 2024, driven by strong aluminum prices and low energy costs [7][21] - Net sales for Q4 were $631 million, an increase of $92 million sequentially, attributed to higher aluminum sales volume and prices [22] - Adjusted net income for Q4 was $46 million or $0.49 per share, with liquidity at $245 million at the end of the quarter [23][24] Business Line Data and Key Metrics Changes - Global shipments in Q4 were approximately 167,000 tonnes, slightly lower than the previous quarter due to year-end shipment timing [21] - The Jamalco acquisition and LME linked commercial contracts helped mitigate alumina price volatility, with alumina prices reaching all-time highs in late 2024 [11][12] - Jamalco achieved a strong start in 2025, with January production at the highest monthly level since acquisition [16] Market Data and Key Metrics Changes - Aluminum prices averaged $2,575 per tonne in Q4, with spot LME trading above $2,700 in early 2025 [7] - Global aluminum supply is expected to move into a deficit of over 600,000 tonnes in 2025 due to strong demand and constraints on new supply [9][10] - Inventories are at multiyear lows of 49 days, supporting higher aluminum prices moving forward [10] Company Strategy and Development Direction - The company is focused on increasing production capacity at Jamalco and has implemented a multiyear CapEx program [17] - A new smelter project is underway, expected to double the size of the U.S. aluminum industry and create over 1,000 full-time jobs [43][44] - The company is evaluating the potential restart of the Mt. Holly smelter, with a positive outlook due to recent tariff announcements [51][52] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market conditions for aluminum in 2025, with expectations for continued demand growth outpacing supply [6][10] - The impact of recent U.S. Section 232 tariff announcements is anticipated to positively affect the Midwest Premium, which has already risen significantly [41][42] - Management noted that the financial settlement from an alumina supplier will not repeat in future quarters, providing a clearer outlook for Q2 [56] Other Important Information - The company expects Q1 adjusted EBITDA to be in the range of $75 million to $85 million, influenced by lagged LME and regional premiums [36] - Capital expenditures for sustaining operations are projected at $45 million to $50 million, with additional investments planned for operational efficiencies [39] Q&A Session Summary Question: Impact of Midwest Premiums on Earnings Power - Management confirmed that the increase in Midwest Premiums will not be fully reflected until Q2, with potential annual impacts around $100 million [48][50] Question: Update on Mt. Holly Restart - Management indicated that the tariff program is favorable for Mt. Holly, and they are moving towards a restart, with updates to follow [51][52] Question: Timeline and Investment for Mt. Holly Restart - A restart at Mt. Holly is estimated to take around nine months, with costs to be determined upon decision [59][60] Question: Progress on New Smelter Project - The new smelter project is progressing well, with a $500 million grant from the Department of Energy secured and energy contract negotiations ongoing [64] Question: Demand Growth and Inventory Concerns - Management believes that demand for aluminum will outpace supply growth, with no evidence of significant inventory stockpiling [81][82] Question: Chinese Output and Capacity Cap - Management maintains that China will respect the 45 million tonne production cap, despite recent output increases [84][85]

Financial Data and Key Metrics Changes - Q4 total revenue reached $615 million, with operating margins at 21.3%, both exceeding guidance [10] - Full year total revenue increased by 9% to $2.4 billion, with operating margins improving to 21% from 19.1% in 2023 [12][50] - Free cash flow for Q4 was a record $112 million, contributing to a total of $403 million for the year, up 24% year-over-year [11][50] - Stock-based compensation (SBC) as a percentage of revenue declined to 14% from 20% in 2023, with a 40% reduction in the value of net new shares granted [13][51] Business Line Data and Key Metrics Changes - The new product RingCX has over 700 customers, up from approximately 500 in the previous quarter, indicating strong adoption [17] - RingSense, the conversation intelligence platform, has over 2,000 customers, reflecting a 65% sequential increase [21] - RingCentral Events accounts increased to 700, up from about 600 in Q3 2024 [22] Market Data and Key Metrics Changes - Approximately 85% of the company's business is UCaaS, maintaining a market share of about 20% [53] - The CCaaS market is expected to see strong adoption of RingCX, which is projected to more than double in revenue in 2025 [53] Company Strategy and Development Direction - The company aims to empower businesses with an AI-first platform, focusing on integrating AI across its product portfolio [14] - Key priorities include building upon UCaaS leadership, expanding total addressable market (TAM) through multiproduct offerings, and driving profitable growth [25] - The introduction of AI Receptionist (AIR) is a significant step in the company's AI strategy, enhancing customer interactions [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the strong financial profile and culture of innovation [12][23] - The company anticipates generating $500 million in free cash flow in 2025, which will support debt reduction and share repurchases [59] - Management acknowledged macroeconomic uncertainties but emphasized strong margin expansion and free cash flow generation [127][128] Other Important Information - The company has repurchased approximately 9.7 million shares for $322 million during the year, with an additional $100 million approved for share repurchases [51] - The company is committed to reducing gross debt to $1 billion by the end of 2026 [55] Q&A Session Summary Question: Market share stability and future gains - Management clarified that RingCentral has maintained a market share of around 20% and is not losing ground to competitors like Microsoft and Zoom [66][67] Question: Insights on new CFO's contributions - The new CFO highlighted the importance of innovation and efficiency improvements in driving profitable growth [78] Question: Sales and positioning of RingCX - Management noted that RingCX is performing well in both down-market and up-market segments, with significant traction in large deals [84][86] Question: CCaaS ARR disclosure - Management indicated that CCaaS ARR grew in low double digits, with RingCX being the primary driver of new product ARR [91] Question: Impact of GSP partnerships - Management emphasized the unique position of GSP partnerships in expanding the reach of their multiproduct strategy [106][107] Question: Guidance context and market growth - Management acknowledged macroeconomic factors but expressed confidence in their guidance and ability to manage costs effectively [126][128]

eXp World Holdings, Inc. (NASDAQ:EXPI) Q4 2024 Earnings Conference Call February 20, 2025 5:00 AM ET Company Participants Denise Garcia - Investor Relations Glenn Sanford - Founder, Chairman and CEO Leo Pareja - Chief Executive Officer, eXp Realty Spring Bengtzen - Chief Executive Officer, Utah Life Real Estate Group Wendy Forsythe - Chief Marketing Officer, eXp Realty Kent Cheng - Principal Financial Officer and CAO Conference Call Participants John Campbell - Stephens Matt Filek - William Blair Wyatt Swan ...