Financial Data and Key Metrics Changes - The company reported basic earnings per share of $10.30 and fully diluted earnings per share of $0.12 for the fiscal year-to-date as of December 31, 2024 [8] - Revenues for the third quarter were $4.4 million, compared to negative $10.2 million in the prior year [28] - Operating expenses declined 38% to $13.9 million in the third quarter of fiscal 2025 compared to $22.5 million in the same period for fiscal 2024 [29] - Permanent equity improved from a deficit of $148.3 million to a positive $14.3 million as of December 31, 2024 [30] Business Line Data and Key Metrics Changes - Ben Liquidity recognized $11.3 million of interest income in the third quarter, a decrease of 5.7% from the previous quarter [33] - Ben Custody's revenues were $5.4 million for the fiscal third quarter, stable compared to the previous quarter [36] - The NAV of alternative assets held in custody increased to $385.1 million as of December 31, 2024, driven by new assets and unrealized gains [35] Market Data and Key Metrics Changes - The company identified an unmet demand for liquidity of over $60 billion annually for smaller investors and institutions [11] - The average time for general partners to raise private equity funds has doubled to 18 months over the past three years [12] Company Strategy and Development Direction - The company aims to provide fiduciary products and services that deliver liquidity and primary capital for holders and managers of alternative assets [9] - The proposed acquisition of Mercantile Bank is expected to expand the range of custody, clearing, and control account services [19] - The company is focusing on high-net-worth individuals and small to midsized institutions, which have been underserved in terms of liquidity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for increased realization events and unrealized appreciation due to a positive outlook on the U.S. economy [54] - The company expects an uptick in liquidity transactions following the approval of the BCH transaction [59] Other Important Information - The company closed a $1.4 million primary capital commitment transaction during the fiscal third quarter [24] - The company has a cash and cash equivalents balance of $4.1 million and total debt of $122.9 million as of December 31, 2024 [39] Q&A Session Summary Question: Importance of public stockholder enhancement transactions - Management indicated that the enhancement transactions will facilitate reaccelerating ExchangeTrust activity and are expected to lead to additional transactions once completed [44][47] Question: Underlying moving parts in the loan portfolio - Management noted that the loan portfolio was flat, with unrealized gains around 6-7% and distributions for the quarter at approximately $4-5 million [51][52] Question: Timeline for liquidity transactions - Management expects an uptick in transactions following the approval of the BCH transaction, which is currently in the process of proxy votes [60][61] Question: Performance of the alternative asset collateral portfolio - Management reported unrealized appreciation of about 7% and similar distribution rates, with expectations for increased distributions in 2025 based on the U.S. economy outlook [63][65]

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q4 2024 Earnings Conference Call February 14, 2025 11:00 AM ET Company Participants Chris Petta - Investor Relations Jack Taylor - President and Chief Executive Officer Steve Alpart - Chief Investment Officer and Co-Head-Originations Blake Johnson - Chief Financial Officer Conference Call Participants Douglas Harter - UBS Steve DeLaney - Citizens JMP Jade Rahmani - KBW Operator Good morning. My name is Diego, and I will be your conference facilitator. At this ti ...

CAE Inc. (NYSE:CAE) Q3 2025 Earnings Call Transcript February 14, 2025 8:00 AM ET Company Participants Andrew Arnovitz - Senior VP, Investor Relations and Enterprise Risk Management Marc Parent - President, CEO & Director Constantino Malatesta - Interim Chief Financial Officer Nick Leontidis - Chief Operating Officer Conference Call Participants James McGarragle - RBC Capital Markets Fadi Chamoun - BMO Capital Markets Kevin Chiang - CIBC Sheila Kahyaoglu - Jefferies Matthew Lee - Canaccord Genuity Cameron D ...

Hecla Mining Company (NYSE:HL) Q4 2024 Earnings Conference Call February 14, 2024 10:00 AM ET Company Participants Anvita Patil - VP, IR and Treasurer Rob Krcmarov - President and CEO Russell Lawlar - SVP and CFO Carlos Aguiar - SVP and COO Kurt Allen - VP, Exploration Matt Blattman - VP, Technical Services Conference Call Participants Nick Giles - B. Riley Securities Joseph Reagor - ROTH Capital Partners Kevin O'Halloran - BMO Capital Markets Heiko Ihle - H.C. Wainwright John Tumazos - John Tumazos Indepen ...

Applied DNA Sciences, Inc. (NASDAQ:APDN) Q1 2025 Earnings Conference Call February 13, 2025 4:30 PM ET Company Participants Sanjay Hurry - Executive Director, IR & Corporate Communications Beth Jantzen - CFO James Hayward - Chairman & CEO Clay Shorrock - Chief Legal Officer & Executive Director, Business Development Judith Murrah - President & Secretary Conference Call Participants Eduardo Arce - H.C. Wainwright & Co Operator Good day, and welcome to the Applied DNA Sciences First Quarter Fiscal 2025 Financ ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported GAAP net income of $313 million or $3.01 per diluted share, compared to GAAP net income of $228 million or $2.33 per share in 2023, reflecting a significant increase [9] - Non-GAAP net income for 2024 was $327 million or $3.14 per share, up from $233 million or $2.38 per share in 2023 [9] - For Q4 2024, GAAP net income was $39 million or $0.36 per share, down from $68 million or $0.67 per share in Q4 2023 [9] Business Line Data and Key Metrics Changes - Weather-adjusted energy usage increased by 3% in 2024, driven by industrial growth of 11% year-over-year, particularly from semiconductor manufacturing and data center customers [10] - Residential load decreased by 2.8% year-over-year but increased by 0.5% when weather-adjusted [32] - Industrial load growth increased by 10.3% or 10.7% weather-adjusted from 2023, indicating strong demand from key sectors [32] Market Data and Key Metrics Changes - Clean energy represented 45% of the company's energy mix in 2024, with a compounded growth rate of 7% in non-emitting resources since 2020 [18] - The company is positioned in a top growth market for data centers and semiconductor manufacturers, supported by state funding of $500 million for tech manufacturing [17] Company Strategy and Development Direction - The company is focused on five key priorities: enabling high-tech growth, customer values in sustainability, customer affordability, risk reduction, and creating an investable energy future for Oregon [13][15] - The company plans to deepen relationships with customers and stakeholders to ensure competitive returns and attract investments [29] - The company is committed to operational excellence and cost reductions, with a long-term earnings growth guidance of 5% to 7% [11][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals and long-term growth expectations, increasing customer usage growth expectations from 2% to 3% through 2029 [10][49] - The company anticipates 2025 earnings guidance of $3.13 to $3.33 per diluted share, supported by solid expectations of service territory growth [46] - Management highlighted ongoing efforts to reduce risk and improve safety culture, with a 16% reduction in OSHA recordable incident rates since 2020 [24] Other Important Information - The company deployed over $1.2 billion in capital projects in 2024, focusing on customer growth, grid resiliency, and decarbonization [12] - Total available liquidity at year-end was $997 million, with ongoing evaluations of financing options to maintain flexibility [43] Q&A Session Summary Question: Wildfire efforts and legislative changes - Management discussed ongoing wildfire mitigation efforts and the importance of liability limitations in legislative discussions, emphasizing the need for a backstop fund [56][58] Question: Cost structure and rate lag - Management addressed the need to realign cost structures to reduce structural lag, with a focus on long-term performance and efficiency [65][66] Question: Regulatory strategy and rate cases - Management is evaluating the timing of future rate cases and the potential for a tracker for the Seaside battery project, considering the uncertainty of recovery [74][84] Question: Equity contributions and funding - Management indicated openness to equity contributions for risk reduction initiatives, emphasizing the importance of addressing liability standards [78][79] Question: Federal initiatives and wildfire mitigation - Management noted increased federal focus on wildfire management and the alignment of state and federal efforts to enhance energy security [135][138]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $240 million, up 44% from $166 million in Q4 2023, with adjusted EBITDA of $18 million and net income of $8.5 million [9][29] - For the full year, revenue grew 8% to approximately $700 million, with adjusted EBITDA of $9.4 million and a net loss of $12 million, an improvement from a net loss of $34 million in the previous year [9][37] Business Line Data and Key Metrics Changes - Brokerage revenue increased by 40% in Q4, with transaction count up 23% and volume growth of 41% [10][30] - Financing revenue nearly doubled in Q4 to $31 million, a 97% increase from $16 million in the previous year [12][33] - The private client business contributed 59% of brokerage revenue in Q4, down from 66% the previous year, while middle market and larger transactions accounted for 38% of brokerage revenue, up from 31% [33] Market Data and Key Metrics Changes - The company closed 7,800 transactions in 2024, reflecting gains of 4% in transaction count and 14% in volume over 2023 [16] - Average transaction size increased to approximately $7 million in Q4 from $6.2 million a year ago, driven by a greater mix of revenue from larger transactions [31] Company Strategy and Development Direction - The company aims to increase investor outreach and client contact while focusing on individual producer productivity and business plans [23][24] - Investments in technology, including AI, are being made to enhance underwriting and support processes [24] - The company is pursuing strategic acquisitions in core and adjacent business lines, although valuation concerns have hindered some potential deals [25][62] Management's Comments on Operating Environment and Future Outlook - Management noted that interest rate volatility remains a significant challenge, impacting buyer and seller engagement [18] - There is cautious optimism for incremental growth in transactions, driven by situational distress and realistic pricing as sellers adjust to market conditions [19][20] - The company expects Q1 2025 revenue to be sequentially lower than Q4 2024, following typical seasonal trends [40] Other Important Information - The company has a strong balance sheet with no debt and $394 million in cash and marketable securities, having returned $170 million to shareholders since 2022 [27][39] - A semi-annual dividend of $0.25 per share was declared, payable on April 4, 2025 [39] Q&A Session Summary Question: Can you discuss the different transaction size buckets for commission revenue and any notable changes in buyers and sellers? - Management highlighted a trend of increased capital in larger transactions, driven by institutional investors and entrepreneurial private investors seeking higher returns [46][48] Question: What impact have the recent fires in Greater LA had on multifamily transactions? - Management noted that insurance costs have risen significantly, affecting operating costs and market sentiment, but overall, the macro view remains favorable for pricing in California [52][54][59] Question: Can you provide updates on external growth opportunities and strategic initiatives? - Management indicated ongoing discussions for strategic acquisitions but noted valuation concerns as a barrier; however, they continue to attract experienced individuals to the firm [60][62] Question: How does the company approach capital allocation between share repurchases, dividends, and investments? - Management stated that their strategy is multi-pronged, balancing investments in technology, M&A, dividends, and share repurchases based on cash flow generation [66][69]

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q4 2024 Earnings Call February 14, 2025 9:00 AM ET Company Participants Laura Moon - Investor Relations Brent Smith - President and Chief Executive Officer George Wells - Chief Operating Officer Chris Kollme - Executive Vice President, Investments Sherry Rexroad - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Nick Thillman - Baird Dylan Burzinski - Green Street Operator Greetings. Welcome to the Piedmont Office Realty Trust, Inc ...

Swisscom AG (OTCPK:SCMWY) Q4 2024 Results Conference Call February 13, 2025 8:00 AM ET Company Participants Louis Schmid - Head of Investor Relations Christoph Aeschlimann - Chief Executive Officer Walter Renna - Fastweb SpA, CEO, GM & Member of Management Board Eugen Stermetz - Chief Financial Officer Conference Call Participants Polo Tang - UBS Andrew Lee - Goldman Sachs Josh Mills - BNP Paribas Luigi Minerva - HSBC Steve Malcolm - Redburn Christian Bader - Zürcher Kantonalbank Maurice Patrick - Barclays ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $1.33 billion, with $332.5 million in the fourth quarter. Net income was $367.3 million for the year and $94.7 million for the fourth quarter. Earnings per common unit were $11.98 for the year and $3.11 for the fourth quarter [7][31][34] - The fleet time charter equivalent (TCE) rate for Q4 2024 increased by 2.6% to $23,205 per day compared to Q4 2023, while available days increased by 1.1% to 13,671 days [29] - Adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023, primarily due to the prepayment of charter hire received in 2023 [30] Business Line Data and Key Metrics Changes - The TCE rate for the dry bulk fleet increased by approximately 1% to $17,079 per day, while the container fleet's TCE rate increased to $30,623 per day. In contrast, the tanker TCE rate decreased by approximately 3% to $26,646 per day [29][32] - The company generated $79 million in additional contracted revenue in Q4 and year-to-date 2025, with $59.4 million from tankers and $19.6 million from container ships [26] Market Data and Key Metrics Changes - The company ended 2024 with a contracted revenue of $3.6 billion and $312.1 million in cash on the balance sheet. As of February 7, 2025, 63% of available days for 2025 were fixed, with an estimated breakeven of $425 per open index day [10][12] - The Red Sea entrance to the Suez Canal continues to operate at restricted transit levels, affecting shipping routes and costs [43] Company Strategy and Development Direction - The company is focused on fleet renewal and modernization, having purchased 46 newbuildings since Q1 2021, with 23 vessels delivered. The fleet age remains stable, and the company aims to maximize energy efficiency [16][22] - The company has a diversified fleet, which serves as a pillar of stability amid geopolitical uncertainties, with $3.6 billion in contracted revenue providing a buffer against market volatility [70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, such as the conflicts in Ukraine and the Middle East, on global trade and the shipping market. The resolution of these conflicts could significantly affect market dynamics [8][70] - The management expressed confidence in the company's ability to navigate uncertainties due to its diversified fleet and strong contracted revenue [70] Other Important Information - The company paid $0.20 per unit in dividends for 2024 and repurchased 489,955 common units for $25 million under its unit repurchase program [11] - The company has $70.8 million available under its unit repurchase program as of February 7, 2025 [12] Q&A Session Summary Question: How have geopolitical uncertainties affected the company's operations and capital deployment? - Management acknowledged the uncertainties in the market due to geopolitical events and tariffs but emphasized the solid results for 2024 and the company's diversified fleet as a stabilizing factor [66][70] Question: What is the current appetite for vessel capacity among customers? - Management noted that there is still an appetite for tonnage among major liner companies, despite the uncertainties surrounding the Red Sea and Suez Canal [72][74]