SSR Mining Inc. (NASDAQ:SSRM) Q4 2024 Earnings Conference Call February 18, 2025 5:00 PM ET Company Participants Alex Hunchak - Director, Corporate Development and IR Rod Antal - Executive Chairman Michael Sparks - Chief Financial Officer Bill MacNevin - Executive Vice President, Operations and Sustainability Conference Call Participants Ovais Habib - Scotiabank Cosmos Chiu - CIBC Lawson Winder - Bank of America Securities Operator Hello everyone, and welcome to SSR Mining's Fourth Quarter and Year End 2024 ...

Financial Data and Key Metrics Changes - End-to-end payment volumes increased 49% year-over-year to $47.9 billion [8] - Gross revenue less network fees increased 50% to $405 million [9] - Adjusted EBITDA increased 51% to $205.9 million [9] - Adjusted free cash flow increased 78% to $134 million [9] - Year-end net leverage was 2.5 times [11] Business Line Data and Key Metrics Changes - Subscription and other revenue was $115 million in Q4, up 100% compared to the same period last year [46] - Unified commerce platform saw Q4 year-over-year volumes up 660% and calendar year volumes up 319% [25] - SkyTab installations surpassed the initial goal of 30,000 for 2024 [14] Market Data and Key Metrics Changes - International expansion included processing across Latin America and plans to launch in four to six additional countries [31] - Significant growth in the non-profit sector with record volumes [25] Company Strategy and Development Direction - The acquisition of Global Blue for approximately $2.5 billion aims to enhance payment capabilities and unlock revenue synergies [36][38] - Focus on building a unified commerce platform to streamline payment processes globally [22][29] - Strategy to follow strategic customers into new international markets [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing midterm guidance despite economic challenges [11] - Anticipated adjusted EBITDA margins of approximately 45% for Q1, aligning with historical trends [51] - Guidance for 2025 includes volume between $200 billion and $220 billion, representing 21% to 33% year-over-year growth [51] Other Important Information - GAAP net income for Q4 was $139 million, with GAAP diluted EPS at $1.44 [49] - Company repurchased over one million shares for $110 million, leaving $350 million of capacity available [48] Q&A Session Summary - No questions were entertained during the call as it was followed by an Investor Day event [6][53]

Medifast, Inc. (NYSE:MED) Q4 2024 Earnings Conference Call February 18, 2025 4:30 PM ET Company Participants Steven Zenker - Vice President, Investor Relations Dan Chard - Chairman and Chief Executive Officer Jim Maloney - Chief Financial Officer Conference Call Participants James Salera - Stephens Linda Bolton-Weiser - D.A. Davidson Operator Greetings and welcome to the Medifast Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer ses ...

Financial Data and Key Metrics Changes - In Q1 2025, Mobix Labs reported revenues of $3.17 million, exceeding prior guidance and marking a 7.3% sequential increase over the previous quarter [11][23] - Revenue increased 11-fold compared to the same fiscal quarter last year, indicating exceptional growth [23] - Adjusted gross margin for Q1 2025 was 54.1%, down from 56.6% in the prior quarter, reflecting ongoing price discipline and cost efficiencies [24][49] - Adjusted loss from operations improved by 28.9%, narrowing to $2.5 million from $3.6 million in Q4 [24][49] - Cash increased to $405,000 at the end of Q1, up from $266,000 in the prior quarter [25][50] Business Line Data and Key Metrics Changes - The EMI Interconnect Solutions product line is a high growth engine, with strong demand for Filtered ARINC Connectors launched in mid-2024 [14][38] - RaGE Systems continues to drive growth, recently awarded a Phase 1 SBIR grant from the U.S. Department of Defense for satellite communications technology [16][40] - Demand for millimeter wave imaging and security detection products remains robust, with advancements in imaging modules opening new market opportunities [41] Market Data and Key Metrics Changes - The company is expanding its presence in the aerospace and defense markets through the acquisition of Spacecraft Components Corp and SCP Manufacturing [12][36] - The integration of these acquisitions is expected to enhance operational efficiency and profitability [13][37] Company Strategy and Development Direction - Mobix Labs is focused on leveraging technology innovation, strategic acquisitions, and operational excellence to drive sustained growth [11][20] - The company aims to achieve a long-term gross margin of 60% and an adjusted operating margin of 30% [51][52] - Strategic investments in technology, talent, and infrastructure are planned to maximize shareholder value [45][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges substantial near-term variability associated with the acquisition strategy and sales cycles, opting to withhold revenue guidance for the second fiscal quarter [26][51] - The company remains committed to disciplined cost management to drive operational leverage and advance toward profitability [52] Other Important Information - The company is actively pursuing additional financing to capitalize on strategic acquisitions and rising customer demand [25][50] - Ongoing research collaborations with the University of Massachusetts at Lowell are generating innovations in infrastructure imaging and satellite communications [44] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management did not provide specific revenue guidance for the upcoming quarter due to variability in acquisition strategy and sales cycles [26][51] Question: How is the company addressing operational efficiencies? - The company is focused on disciplined cost management and optimizing production capacity to meet growing customer demand [19][52]

Financial Data and Key Metrics Changes - For the full year 2024, net sales reached $1.287 billion, adjusted EBITDA rose to $208.8 million, and adjusted EBITDA margin expanded to 16.2% [9][52]. - The full year organic growth rate was 3.2%, primarily driven by price growth across regions, with a volume growth of over 5% in Q4 [9][10]. - GAAP net income for Q4 2024 was $6.6 million, down from $31 million in the prior year, while full year GAAP net income was $83.7 million compared to $109.5 million in 2023 [34][35]. Business Line Data and Key Metrics Changes - AMR equipment sales reached a record $75 million in 2024, driven by new product launches like the X4 ROVR [12][26]. - Equipment sales grew by 4.2% and service revenue increased by 8.5% in 2024 compared to 2023 [48]. - Parts and consumables sales decreased by 1.9% year-over-year, partly due to distributor consolidations [48]. Market Data and Key Metrics Changes - In the Americas, organic sales increased by 10%, driven by volume and price growth [44]. - EMEA organic sales increased by 4%, while APAC experienced a 19% decline in organic sales due to demand declines in China and Australia [45][51]. - The company noted a significant backlog reduction of $125 million, stabilizing backlog levels for future order alignment with revenue [10]. Company Strategy and Development Direction - The company aims to grow top-line revenue and expand bottom-line margins through pricing discipline, innovative product launches, and improved channel reach [16][32]. - Strategic investments in AMR and product line extensions are expected to drive future growth, with a target of exceeding $100 million in annual AMR revenue by 2027 [29][30]. - The company is actively pursuing M&A opportunities to add $150 million in net sales growth over three years [24]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving order growth of 3.5% to 7% in 2025, despite anticipating a negative organic sales decline of 1% to 4% due to backlog headwinds [30][58]. - The company is focused on managing costs and expanding margins, with expectations for gross margin expansion through pricing actions and cost-saving initiatives [32][60]. - Management acknowledged challenges in the APAC region, particularly in China, and plans to pivot strategies to focus on less competitive areas [96][99]. Other Important Information - The company plans to implement a staggered go-live of its ERP project in 2025, with total project costs expected to be around $50 million [61][137]. - A new share repurchase program was authorized for 2 million shares, reflecting a strategic approach to capital allocation [56][84]. - The company maintains strong liquidity with $99.8 million in cash and $449.3 million of unused borrowing capacity [57]. Q&A Session Summary Question: How does the company plan to maintain or grow margins in a declining revenue environment? - Management indicated that cost management initiatives and pricing realization will help offset inflation and support margin expansion [70][72]. Question: What were the order rates in Q4 and trends for early 2025? - Order rates in Q4 were strong, with nearly double-digit growth in the second half of 2024, and management expects 5% to 6% order rates in 2025 [80][81]. Question: Can you elaborate on the share repurchase strategy? - The share repurchase program has no time limit and is primarily aimed at offsetting dilution, with flexibility for opportunistic purchases [82][84]. Question: What are the opportunities in the Asia-Pacific market for 2025? - Management acknowledged challenges in APAC, particularly in China, and plans to focus on vertical markets with less competition [96][99]. Question: Can you provide an update on the ERP project costs and timeline? - The total ERP project costs are expected to be around $50 million, with expenses likely to be evenly split throughout 2025 [112][114].

Financial Data and Key Metrics Changes - Total revenues in Q4 2024 were $12.4 million, down approximately 18% compared to Q4 2023 [22] - Operating expenses in Q4 2024 were $8.9 million, a decrease of 29% year-over-year [23] - Net income for Q4 was $29.2 million or $3.64 per basic share, compared to net income of $4.2 million or $0.62 per basic share in Q4 2023 [25] Business Line Data and Key Metrics Changes - The company achieved record cash generation of over $24 million in 2024 from healthcare operations [9] - The two largest customers comprised 39% and 31% of quarterly revenues in Q4 2024 [22] - The company is pursuing a new 510(k) clearance for a product extension of its QuantaFlo technology [10][18] Market Data and Key Metrics Changes - The company is now the tenth largest corporate holder of Bitcoin, owning 3,192 bitcoins valued at over $300 million [8] - The market capitalization has grown by more than 200% since adopting Bitcoin as a treasury strategy [8] Company Strategy and Development Direction - The company adopted Bitcoin as its primary treasury reserve asset in May 2024, becoming the second U.S. public company to do so [6] - The long-term vision includes expanding product offerings to incorporate additional cardiovascular applications [17] - The company aims to minimize declines in QuantaFlo revenue while supporting growth in operations related to other cardiovascular diseases [34] Management's Comments on Operating Environment and Future Outlook - Management expects further pressure on revenues in 2025 due to the phasing of the 2024 CMS rate announcement [22] - There is excitement about strong government support for Bitcoin, particularly the repeal of SAB 121, which may encourage large public companies to add Bitcoin to their balance sheets [36] Other Important Information - The company has invested $280 million in Bitcoin, viewing it as a highly accretive move [12] - The convertible senior notes offering was upsized from $75 million to $100 million due to strong investor demand [11] Q&A Session Summary Question: Why did you decide to do the convertible note offering? - The company decided to raise capital in the convertible market as it is a cheaper source of funding and less dilutive to stockholders, allowing for a large amount of capital to be raised quickly [29] Question: What's driving the underlying trends in the business and what do you expect for 2025? - Despite government decisions affecting PAD payment, the company continues to add new clients for QuantaFlo software licenses and aims to minimize revenue declines while supporting growth in cardiovascular disease operations [32][34] Question: What are your expectations from the new government in Washington, D.C. regarding crypto? - Management is encouraged by the strong government support for Bitcoin and believes that the repeal of SAB 121 may lead to increased custody of Bitcoin by major banks, potentially increasing the likelihood of large public companies adding Bitcoin to their balance sheets [36]

Financial Data and Key Metrics Changes - Great Lakes Dredge & Dock Corporation reported Q4 2024 revenues of $202.8 million and adjusted EBITDA of $40.2 million, marking a significant increase from the previous year [7][16] - Full year 2024 revenues reached $762.7 million, with adjusted EBITDA increasing to $136 million, the second highest in the company's history [7][20] - Net income for Q4 2024 was $19.7 million, down from $21.6 million in Q4 2023, while full year net income increased over four times to $57.3 million [19][20] Business Line Data and Key Metrics Changes - The company focused on large and complex port deepening and coastal protection projects, which now account for 94% of the backlog [8][9] - Capital and coastal protection revenue significantly increased, contributing to the overall revenue growth [20] - Gross profit for the full year more than doubled to $160.6 million, driven by higher margin projects [20] Market Data and Key Metrics Changes - The bid market reached a historic level of $2.9 billion, with Great Lakes winning 33% of this market, resulting in a dredging backlog of $1.2 billion [8][26] - The U.S. Army Corps of Engineers budget for 2025 is expected to be nearly $10 billion, supporting strong market conditions for dredging projects [27][28] Company Strategy and Development Direction - The company is broadening its target market for the Arcadia vessel to include international offshore wind projects and subsea infrastructure protection [12][29] - A strategic focus on coastal protection projects is expected to drive future growth, with a strong backlog providing revenue visibility into 2026 [10][31] - The company plans to enhance its fleet with new vessels designed for specific project needs, such as the Amelia Island and Arcadia [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the backlog and project execution for 2025 and 2026, despite potential delays in the bid market due to government funding processes [39][28] - The outlook for LNG projects in the U.S. is positive, with expectations for strong demand following the lifting of export permitting freezes [90] - The geopolitical situation is seen as a driver for growth in subsea protection markets, particularly in Europe and Asia [75][29] Other Important Information - The company entered into a $150 million second lien credit agreement to support its new build program, enhancing its financial position [13][22] - S&P Global Ratings upgraded the company's credit rating to B minus, reflecting improvements in cash flows and overall performance [14] Q&A Session Summary Question: Impact of DoD efforts on Corps and work awards - Management indicated that the strong backlog is funded and will be executed in 2025, with minimal impact expected from potential delays in the bid market [38][39] Question: Adverse court ruling on non-Jones Act vessels - Management clarified that the ruling does not change their position regarding the Jones Act and that they are evaluating next legal steps [42][46] Question: Update on Arcadia construction and delivery - The Arcadia is expected to be delivered towards the end of 2024 or early Q1 2025, with strong international market opportunities available if U.S. contracts are canceled [53][56] Question: Expected backlog liquidation in Q1 - Management expects Q1 to be a strong revenue quarter, with high utilization from ongoing projects [60] Question: Guidance on revenue and margins for 2025 - Management indicated that 60% of the backlog is expected to convert into revenue, with additional opportunities for revenue growth throughout the year [65][71] Question: Opportunities in subsea protection markets - Management highlighted significant growth potential in protecting critical infrastructure, particularly in Europe and Asia, driven by geopolitical factors [75][74]

Financial Data and Key Metrics Changes - Revenue in Q4 2024 was $134 million, a 2.6% increase compared to $131 million in Q4 2023 [7][40] - Annual recurring revenue reached $175 million, reflecting a 6.5% increase from Q4 of last year [41] - Gross profit in Q4 was $63 million, with a gross margin of 46.7%, up from 45.4% in Q4 2023 [43] - Net income attributable to shareholders for Q4 2024 was $21 million, up 3.1% from $20 million in Q4 2023 [44] - For the full year 2024, revenues totaled $542 million, a 5.4% increase compared to 2023 [45] Business Line Data and Key Metrics Changes - The life and annuity businesses continued to expand, with a robust pipeline in North America [10][19] - In North America, the P&C team completed over ten upgrade projects, enhancing customer solutions [12] - The demand for Sapiens' life platform remains strong, with several new platform deals signed in Europe [19] Market Data and Key Metrics Changes - Revenue in North America represented 42% of total revenue, while European revenue accounted for 50% [47] - Growth rates were 6.3% in North America, 4.9% in Europe, and 3.7% in other regions [47] - The company signed ten deals across life and P&C in Europe and the rest of the world in Q4 [15] Company Strategy and Development Direction - The company is focused on platform innovation and advanced AI capabilities to drive sustainable growth [29] - There is a commitment to increasing cross-sell opportunities with existing customers, as most currently have only one Sapiens product [31] - The strategy includes accelerating cloud adoption for existing customers, aiming for over 60% of total customers on the cloud within five years [63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainty impacting growth and deal closures [58][59] - The company remains focused on expanding new logo acquisition globally and strengthening relationships with system integrators [61] - Despite challenges, management expressed confidence in the growth trajectory and commitment to long-term profitability [64] Other Important Information - The company received the 2024 excellent award for customer base and support for underwriting solutions in North America [11] - Sapiens' intelligent SaaS solutions are designed to modernize customer experiences and enhance operational efficiency [24] - The partnership with Microsoft is crucial for driving product innovation and digital transformation capabilities [25] Q&A Session Summary Question: What are the growth expectations for 2025? - The company anticipates non-GAAP revenue in the range of $553 million to $558 million, reflecting a growth of 2.4% at the midpoint [53] Question: How is the transition to SaaS impacting growth? - The transition is expected to create an estimated 2% to 3% revenue headwind in 2025 [57] Question: What are the key focus areas for 2025? - Key focus areas include platform innovation, cross-selling, and accelerating cloud adoption [29][63]

Financial Data and Key Metrics Changes - Watsco achieved record sales, expanded margins, improved operating efficiency, and generated record earnings and cash flow, with a 14% growth in equipment sales and a 16% growth in residential products [4][5] - The company announced an 11% dividend increase to $12 per share, indicating a strong financial position [5] Business Line Data and Key Metrics Changes - Equipment sales grew by 14%, while residential products saw a 16% increase [4] - E-commerce sales increased by 16%, now representing 35% of annual sales, totaling approximately $2.6 billion [7] - OnCall Air, the digital sales platform, generated $1.5 million in gross merchandise value, marking a 25% increase [8] Market Data and Key Metrics Changes - The transition to next-generation A2L products is underway, influencing 50% to 60% of sales [6] - The company is making significant investments to transition close to $1 billion in inventories to capitalize on this opportunity [6] Company Strategy and Development Direction - Watsco is focused on long-term growth through technology investments and acquisitions, having completed its 70th acquisition since 1989 [9][10] - The company aims to enhance its competitive advantage through technology platforms and training for customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future opportunities, particularly with the transition to A2L products and the growth of technology platforms [5][6] - The company anticipates a significant transition to A2L products by the beginning of the second quarter of 2025 [30][33] Other Important Information - The company reported a strong financial position, allowing for investments in growth opportunities and market share expansion [9] - Management emphasized the importance of technology in enhancing customer engagement and sales processes [42][45] Q&A Session Summary Question: Impact of A2L on pricing and transition timeline - Management indicated that A2L had minimal impact in Q4, with pricing actions expected to be around 8% due to tariffs [15][40] Question: Inventory transition timeline for 410A - The company expects to run down 410A inventory to almost nothing by the beginning of the second quarter of 2025 [30][33] Question: Non-equipment sales performance - Management noted a double-digit increase in parts sales, indicating a positive trend in the aftermarket [75] Question: M&A environment and pipeline - The company sees ongoing opportunities for acquisitions, with many family-owned businesses in the market [61][66] Question: New customer growth drivers - New customer growth has been significant, with a focus on mid-tier contractors benefiting from Watsco's technology [94][96] Question: Refrigerant price volatility - Management reported no significant price spikes for 410A, but noted potential higher costs for new refrigerants [142] Question: Repair versus replace trends - Both repair and replacement sales have increased, indicating resilience in the market [134]

Allegion (ALLE) Q4 2024 Earnings Call February 18, 2025 05:03 PM ET Company Participants Josh Pokrzywinski - Vice President of Investor RelationsJohn Stone - President & CEOMike Wagnes - Senior Vice President and Chief Financial OfficerJeffrey Sprague - Founder and Managing PartnerBrett Linzey - Executive DirectorChris Snyder - Executive Director Conference Call Participants Julian Mitchell - Equity Research AnalystJoe O’Dea - AnalystTimothy Wojs - Senior Research Analyst Operator Good morning, and welcome ...