Financial Data and Key Metrics Changes - Revenue for Q1 2025 was approximately $3.9 billion, down 3.6% year over year, primarily due to fewer subscribers in the Pay TV segment, partially offset by increased revenue from the wireless segment driven by ARPU growth and higher handset sales [14] - OIBDA decreased to $400 million in Q1 2025, a decline of $70 million year over year, or approximately 15%, mainly due to increased marketing expenses in wireless and decreased OIBDA from the Pay TV segment [14] - Free cash flow before debt service payments was positive at $77 million, while free cash flow including debt service was negative $172 million, an improvement of $55 million compared to the prior year [15] Business Line Data and Key Metrics Changes - Wireless segment saw a strong performance with 150,000 net adds in Q1 2025, a significant improvement from an 81,000 net loss in the same period of 2024 [7] - Hughes business made progress in the enterprise domain, with new contracts and expanded offerings, including a new single panel version of the LEO antenna [10] - Pay TV revenue decreased by 6.9% to $2.5 billion due to a lower average subscriber base, although ARPU increased by over $3 or 3% year over year [16][12] Market Data and Key Metrics Changes - Wireless revenue increased by 6.4% to $973 million, driven by 3.3% ARPU growth and higher handset sales [16] - Pay TV OIBDA decreased to $730 million from $756 million, while OIBDA per subscriber increased by 6.8% year over year [17] - Broadband and satellite services revenue decreased by 3.1% to $371 million due to lower sales of broadband services, partially offset by higher hardware sales to enterprise customers [17] Company Strategy and Development Direction - The company aims to target positive operating free cash flow, optimize subscriber profitability from the Pay TV segment, expand Hughes enterprise, and continue growth from Boost Mobile in 2025 [23] - The company is focused on enhancing its network capabilities and has met FCC requirements for 5G deployment ahead of schedule, with over 24,000 5G sites operational [19] - The company is exploring partnerships and distribution channels to enhance market presence and customer acquisition [74] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the performance across business lines and highlighted the importance of retaining profitable customers amid macroeconomic challenges [12][23] - The company is optimistic about its wireless segment's growth potential, citing attractive offers and improved customer retention as key factors [38] - Management emphasized the strategic importance of LEO satellite capabilities and the company's readiness to capitalize on market opportunities as they arise [32][90] Other Important Information - The company reported a total cash and marketable securities balance of $5.4 billion at the end of Q1 2025, a decrease of $464 million compared to year-end [15] - The company is focused on optimizing its capital expenditures, which were significantly reduced in Q1 2025 compared to the previous year [20] Q&A Session Summary Question: What are the potential cost levers within the wireless segment to improve EBITDA? - Management indicated that adding customers directly on their own network is a significant improvement in cost structure, with about 75% of new customers being added directly on net [26][27] Question: How does the LEO strategy fit within the broader product suite? - Management stated that they are preparing to be a leading provider of global direct-to-device connectivity and are focused on engineering and planning for LEO satellite deployment [32] Question: What is resonating in the market that helps build momentum in wireless? - Management highlighted attractive offers and significant reductions in churn as key factors contributing to net adds in the wireless segment [38] Question: What is the plan for capital expenditures moving forward? - Management confirmed that CapEx will be lower in 2025 but will ramp up as build-out deadlines approach, with a focus on a success-based build strategy [41] Question: Can you provide an update on the litigation with DBS bondholders? - Management declined to comment on the litigation status [51] Question: What investments will be made in distribution and advertising? - Management confirmed that they are working on additional distribution channels and digital sales, with plans to increase routes to market [74]

Financial Data and Key Metrics Changes - Consolidated sales for Q1 2025 were $456.5 million, down from $497.6 million in the prior year, representing an 8% decrease [7][14] - Adjusted EBITDA for Q1 was $55.5 million, compared to $51.5 million in the prior year, with an adjusted EBITDA margin of 12.2%, up from 10.3% [8][14] - First quarter diluted loss per share was $0.68, compared to diluted earnings per share of $0.59 in the prior year, primarily due to restructuring charges [8] - Adjusted earnings per share for the quarter were $0.71, up from $0.62 in the prior year [9] - Cash flow used in operations was $22.7 million, including a $14 million payment related to the termination of the U.S. pension plan [9] Business Line Data and Key Metrics Changes - The RUPS segment saw sales increase by $10 million or 4%, while the Performance Chemicals (PC) segment sales decreased by $29 million or 19.5%, and CMMC sales decreased by $22 million or 18% [14] - RUPS generated adjusted EBITDA of $26 million with an 11% margin, while PC delivered adjusted EBITDA of $20 million with a 17% margin [15] - CMMC sales were $101 million, down from $122 million in the prior year, but adjusted EBITDA improved to $10 million from $4 million due to lower raw material costs [18] Market Data and Key Metrics Changes - In the Performance Chemicals business, there was a 21.5% volume decrease in residential and industrial wood treatment preservatives in the Americas [17] - The average pricing of major products increased by 5% compared to the prior quarter, while average coal tar costs were higher by 6% [18] - Year-over-year, first quarter crosstie procurement was down 19% [16] Company Strategy and Development Direction - The company is focusing on improving business performance and margins through cost structure adjustments and resizing the employee base [6] - The acquisition of Brownwood Preserving Company is expected to enhance product offerings and geographic reach [11] - The company aims to maintain a balanced approach to capital allocation, targeting $65 million in net capital expenditures for 2025 [19][32] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty affecting demand, particularly in the Performance Chemicals segment [23][24] - There is an expectation for a volume pickup in the second half of the year based on market feedback, despite worries about high interest rates [25][46] - The company anticipates consolidated sales of $2 billion to $2.2 billion in 2025, with adjusted EBITDA forecasted at $280 million [30][31] Other Important Information - The company was recognized for its sustainability efforts, being named to USA Today's list of America's climate leaders for the third consecutive year [12] - A quarterly cash dividend of $0.08 per share was declared, representing a 14% increase over the previous year's dividend [21] Q&A Session Summary Question: How does the utility pole product mix help margins going forward? - The utility pole business historically generates better margin performance, and growth in this area is expected to positively impact margins [38] Question: Are contracts with Class 1s satisfactory? - There is still work to be done on contracts, but the situation has improved [40] Question: What drives the expected growth in the second half of the year? - Feedback from the market indicates a volume pickup, along with increased activity in newer markets [46] Question: How does the company plan to manage costs if sales trend towards the lower end of guidance? - The company has several cost measures in place to maintain EBITDA guidance even with lower sales [57] Question: What are the priority uses of cash flow? - The focus is on share repurchases and deleveraging the balance sheet [68] Question: Are there attractive M&A opportunities due to economic disruption? - The company remains active in discussions for potential acquisitions, particularly in the utility and industrial products business [70] Question: Why not accelerate stock buybacks given the low share price? - There are limitations within credit agreements, but the company intends to be consistent in its share repurchase approach [78]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $20.1 million, over 30% higher compared to the same period last year [7] - Revenue for the quarter was $85.4 million, compared to $64.9 million in Q1 2024 [14] - Net income increased to $1.3 million from $0.7 million in Q1 2024 [14] Business Segment Data and Key Metrics Changes - Fuel Station Services segment EBITDA was approximately $12.5 million, 80% higher versus Q1 2024 [7] - RNG fuel production for the quarter was 1.1 million MMBtus, up nearly 40% compared to the same period last year [8] - The company maintains its 2025 RNG production guidance of 5 million to 5.4 million MMBtus, a 37% increase versus 2024 [12] Market Data and Key Metrics Changes - The company is experiencing delays in investment decisions from customers due to recent trade policy uncertainties, but these delays are not expected to materially impact guidance [9] - The regulatory outlook is shifting positively for RNG CNG powered heavy-duty trucking, which could expand adoption [11] Company Strategy and Development Direction - The company continues to execute on strategic and operational objectives, focusing on vertical integration to maximize the value of RNG produced [8] - There are ongoing construction projects for four landfill RNG projects, with a total annual design capacity of 2.1 million MMBtus [12] - The company is maintaining guidance for Fuel Station Services adjusted EBITDA growth of 30% to 50% versus 2024 [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macro and regulatory environments but remains confident in the long-term fundamentals supporting growth [9] - There is strong bipartisan support for American biofuels and investment in RNG, which is expected to bolster future growth [11] - The company is monitoring regulatory developments, including the implementation of 45Z and final EPA rulings [11] Other Important Information - Capital expenditures for the quarter totaled $17 million, including $5.4 million related to equity method investments [15] - The company expects to monetize approximately $50 million in total ITC sales in 2025, enhancing operating cash flow [16] Q&A Session Summary Question: Can you discuss the production trajectory for the year? - Management indicated that production was affected by cold weather and availability issues but expects sequential growth through the year as projects ramp up [22][24] Question: Are you experiencing any inflation associated with tariffs? - Management stated that there are no current cost increases due to tariffs, as equipment for construction projects has already been ordered [25][27] Question: What are the drivers behind the RIN pricing achieved in Q1? - The average realized RIN price was about $271 in Q1, with expectations for a lower price in Q2 [32] Question: How much of the expected EBITDA growth in Fuel Station Services is from higher volumes versus stronger margins? - Growth is driven by new stations coming online, higher utilization, and anticipated margins from service contracts [36] Question: What are the company's thoughts on returning capital to shareholders? - The company is focused on maximizing shareholder value through various means, including potential share buybacks and capital deployment in growth projects [40] Question: Can you provide an update on the renewable power segment? - Revenue in the renewable power segment decreased due to the termination of contracts related to the ISCC pathway [67] Question: What was the substantial income tax benefit in Q1? - The $8 million benefit was from the sale of ITC Section 48 tax credits, which is not included in EBITDA guidance but affects net income [73]

Financial Data and Key Metrics Changes - For Q1 2025, Logan Ridge generated $4.6 million in investment income, a decrease of $800,000 or $0.29 per share compared to $5.4 million in Q4 2024 [10] - Net investment income for Q1 2025 was $900,000 or $0.35 per share, down from $1.5 million or $0.50 per share in Q4 2024, representing a decrease of $600,000 or $0.21 per share [11] - The net asset value (NAV) as of March 31, 2025, was $78.8 million, a decrease of $6.3 million or 7.4% from $85.1 million in the previous quarter [12] Business Line Data and Key Metrics Changes - The fair value of Logan's portfolio was approximately $169.6 million, down from $172.3 million in the prior quarter, with exposure to 59 portfolio companies [6] - The company deployed approximately $15.1 million into new and existing investments, with repayments and sales totaling approximately $12.5 million, resulting in a net deployment of approximately $2.7 million for the quarter [7] - The equity portfolio was reduced to 12% from 10.8% of the portfolio on a cost and fair value basis, reflecting the exit of the second largest non-yielding equity position in GA Communications [9] Market Data and Key Metrics Changes - As of March 31, 2025, 70.1% of the investment portfolio at fair value was invested in assets originated by the BC Partners Credit platform, up from 66.7% at the end of the last quarter [7] - The debt investment portfolio represented 86.6% of the total portfolio at fair value, with a weighted average annualized yield of approximately 10.7% [8] Company Strategy and Development Direction - The company is focused on rotating out of its legacy equity portfolio, which has been reduced to 10.8% of the portfolio at fair value, down from 13.8% in the prior quarter [4] - The merger with Fort McMurray is expected to provide increased scale, improved liquidity, and enhanced operational efficiencies, strengthening the company's ability to deliver greater value to shareholders [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning to grow earnings and increase long-term shareholder value despite market volatility and geopolitical uncertainties [4] - The management team does not expect significant recovery from the non-accrual assets, particularly the legacy investment in Sequoia, which has been on non-accrual since 2021 [23] Other Important Information - As of March 31, 2025, the company had $5.1 million in cash and cash equivalents, along with $31.5 million of unused borrowing capacity available for new investments [12] Q&A Session Summary Question: Will the pending merger with Portman entail a full valuation review of Logan's investments? - Yes, a new NAV for both Portman and Logan will be established within 48 hours of share issuance [16] Question: How will the valuation be conducted? - The valuation will be done consistent with regular practices, including third-party marks and internal models [17] Question: What is the prospect for recovering non-accruals? - There is not much expectation for meaningful recovery from non-accrual assets, particularly from Sequoia [23] Question: Are any BC loans in non-accrual status? - Yes, there are three loans in non-accrual status, including one BC name [26] Question: What is the discount to par for the BC sourced book? - Specific numbers will be provided later, but generally, most of the BC sourced book is performing well [28]

Financial Data and Key Metrics Changes - Granite Ridge achieved a production rate of over 29,000 barrels of oil equivalent per day, reflecting a 23% increase compared to the same period last year [6][7] - The company generated $91,000,000 of adjusted EBITDAX, surpassing internal projections [7] - Total revenue for the quarter was $122,900,000, up nearly $34,000,000 from the same period last year, with realized prices of $69.18 per barrel and $3.97 per Mcf [21] - Adjusted net income was $28,900,000, or $0.22 per share, an 89% increase year over year [21] - Operating cash flow before working capital changes was $86,700,000 [21] - The company reported a reduction in LOE to $6.17 per BOE, which is 13% lower than last year [8][22] - Operating margin improved from 83% in the first quarter of last year to 87% this year [9] Business Line Data and Key Metrics Changes - Oil volumes increased by 39% and natural gas volumes by 10% [8] - The operated partnership program saw gross daily operated oil production increase by 400% from 2,500 barrels of oil per day to approximately 10,000 barrels of oil per day [7] - The company turned 13.7 net wells to sales during the quarter [8] Market Data and Key Metrics Changes - Year-over-year, gas volumes grew by 10%, and revenue from gas more than doubled to $31,000,000, thanks to realized prices of $3.97 per M compared to $1.84 per M a year ago [11] - The company maintains a production hedge of approximately 75% through 2026 [10] Company Strategy and Development Direction - The company focuses on geographic and hydrocarbon diversity, currently maintaining a balanced fifty-fifty split between oil and gas [7] - The 2025 budget is projected at $310,000,000, aiming for a 16% production growth at the midpoint [12] - The company emphasizes full cycle returns of greater than 25% on investments [8] - The strategy includes developing operated partnerships, maintaining a balance between growth and returns, and preserving financial flexibility [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to withstand fluctuations in hydrocarbon prices, with a focus on capital stewardship and disciplined allocation [17][18] - The macro environment is improving for natural gas, and the company is evaluating opportunities to accelerate capital deployment in response to improved gas pricing [11] - Management remains cautious about market volatility and is prepared to adjust capital expenditures accordingly [15] Other Important Information - The company has a leverage ratio of just 0.7 times net debt to adjusted EBITDA [10] - The recent borrowing base increase by $50,000,000 to $375,000,000 enhances liquidity [21] Q&A Session Summary Question: Contribution from Q1 acquisitions - The acquisition closed earlier this year is expected to contribute about 450 barrels for the year, primarily from Delaware production [31][32] Question: LOE guidance for the year - The expectation is to steer towards the low end of the LOE guidance range for the year [34] Question: Performance of non-op wells - The outperformance is attributed to wells that came online sooner than expected and existing wells that outperformed [38][39] Question: Attractiveness of basins given price dynamics - The company evaluates capital allocation based on the performance of each basin, with a focus on maintaining a diversified portfolio [44][46] Question: Oil cut trends for the year - Oil production is in line with expectations, while gas production was higher than anticipated, leading to a lower oil cut [54][56] Question: Capital allocation between non-op and partnerships - Operated partnership capital will be roughly 60% of total CapEx for the year, allowing for flexibility in response to market conditions [59][61] Question: Performance of partnership wells and rig plans - Operated partnerships are expected to account for roughly a quarter of total production this year, with plans to monitor market conditions closely [70][72]

Financial Data and Key Metrics Changes - Ongoing earnings for Q1 2025 were $0.19 per share, aligning with expectations and reflecting the midyear implementation of new rates at PNM [4][23] - The company affirmed its 2025 guidance range of $2.74 to $2.84 per share, maintaining a long-term EPS growth target of 7% to 9% [5][26] Business Line Data and Key Metrics Changes - TNMP set a new system peak in Q1, 22% higher than the previous year, with demand-based load increasing by 9.7%, driven by growth in North and West Texas [9][10] - Data center load increased by 70 megawatts in Q1, with expectations of an additional 150 megawatts by year-end [10] - The system resiliency plan was approved, allowing for $546 million in capital improvements [5][10] Market Data and Key Metrics Changes - Interconnection requests increased by 6% compared to Q1 of the previous year, particularly in the Gulf Coast area [10] - The New Mexico legislative session resulted in key bills aimed at expediting infrastructure build-out for large customers, enhancing competitiveness [6][7] Company Strategy and Development Direction - The company is focused on supporting growth in Texas with a reliable and resilient grid, with capital investments projected to grow from $600 million this year to over $1 billion starting in 2028 [12] - The regulatory agenda includes upcoming rate reviews and resource applications, with a focus on balancing system needs and customer rate impacts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the capital plan and achieving growth targets, emphasizing the importance of size and scale in financing large capital expenditures [36] - The company is optimistic about the impact of recent legislation on its operations and financial performance [6][64] Other Important Information - The company has not made changes to its five-year capital investment plan, which includes significant investments in transmission development [19][20] - The upcoming regulatory agenda includes decisions on rate reviews and resource applications, with a focus on improving service and meeting customer demands [20][21] Q&A Session Summary Question: Impact of House Bill 5,247 on TNMP - Management confirmed that House Bill 5,247 would be beneficial to TNMP, allowing for the grouping of costs and reducing regulatory lag [33] Question: Update on TNMP's capital structure and rate design - Management indicated that the upcoming base rate case would primarily focus on rate design, with the current capital structure at 45% equity [44] Question: Confidence in executing the $750 million CapEx for Permian Basin - Management expressed confidence in delivering the capital and noted that CCNs would be filed early next year [47] Question: Progress on New Mexico RFP process - Management stated that the RFP process is on track, with an independent evaluator involved to ensure resource justification [54] Question: Impact of tariffs on capital plans - Management noted that tariffs are expected to have about a 2% impact on capital plans, consistent with other utilities [56] Question: Incremental investment opportunities in transmission - Management indicated that while the five-year period may see limited incremental investments, the long-term outlook for transmission development is significant, estimated at around $4 billion [57]

Financial Data and Key Metrics Changes - The company reported a top line revenue increase of 14.4% for 2024, with EBITDA growth of 30% [21] - Net cash from operating activities reached 38.6 million reais, marking a substantial increase [21] - The company achieved its first operating profit since inception five years ago, indicating consistent historical growth in top line and improved margins [22] Business Line Data and Key Metrics Changes - The company has acquired seven companies across different segments, with a diversified client base of 22,000 clients, none representing more than 0.25% of total revenue [15][16] - The average revenue per user increased to 8,500.0 reais, and the lifetime value of clients grew by 50% [23][24] - The company has maintained a high recurring revenue rate of 90% and low churn rates across its platform [23][24] Market Data and Key Metrics Changes - The total IT spend in Brazil is approximately 9.2 billion dollars, driven by the digital transformation of small and medium businesses [13] - The SaaS market in Latin America is growing at twice the pace of the rest of the world, with Brazil representing 44% of the market [14][15] - The company plans to expand into other Latin American markets such as Mexico, Colombia, Chile, and Argentina over time [14] Company Strategy and Development Direction - The company focuses on acquiring multisector SaaS businesses that are growing or profitable, positioning itself as an M&A platform in the SaaS segment [8][9] - The management team emphasizes a clear investment thesis with a focus on cash flow generation and operational efficiency [12][25] - A partnership with Oracle is expected to enhance AI capabilities, driving efficiencies and margin expansion [23][48] Management's Comments on Operating Environment and Future Outlook - The management highlighted the current high interest rates in Brazil and the lack of IPOs as opportunities for acquisitions [11] - The company aims to utilize cash flow for further acquisitions while maintaining a focus on improving EBITDA margins [25][44] - Management expressed confidence in executing operational strategies to enhance market position and stock performance [43][44] Other Important Information - The company has a thorough due diligence process for acquisitions, focusing on predictable cash flow and revenue quality [27][41] - The management team has extensive experience in both operational and investment roles, contributing to the company's strategic direction [32][34] Q&A Session Summary Question: How should success be tracked? - The company emphasizes cash flow generation, EBITDA, and revenue diversification as primary KPIs [36] Question: What is the plan to stay compliant with Nasdaq? - The company is addressing notifications regarding market cap and stock price, with plans for operational execution to improve compliance [38][40] Question: Does the growing pipeline impact acquisition criteria? - The company prioritizes revenue predictability and quality in its acquisition criteria as the pipeline grows [41][42] Question: Management's view on current share price? - Management refrains from commenting on stock price, focusing instead on operational execution [43] Question: What are the capital allocation priorities? - The company allocates excess cash generated from profitable companies for acquisitions and related expenses [44] Question: Current capital needs outside of acquisition pipeline? - The company has minimal operational needs apart from M&A activities, with a debenture reduced from 12 million to about 4 million [45] Question: Role of AI in driving efficiencies? - The company is actively implementing AI solutions for various operational aspects and has plans for a major partnership with Oracle [48]

American Strategic Investment (NYC) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Speaker0 Good morning, and welcome to the American Strategic Investment Company's First Quarter Earnings Call. At this time, all participants are in a listen only I would now like to turn the conference over to Curtis Parker, Senior Vice President. Please go ahead. Speaker1 Thank you. Good morning, everyone, and thank you for joining us for our first quarter twenty twenty five earnings call. This event is also being webcast a ...

Summary of Genius Sports Conference Call Company Overview - **Company**: Genius Sports - **Industry**: Sports technology and betting Key Highlights from Q1 Results - **Revenue Growth**: 20% year-on-year growth in revenue [5] - **EBITDA Growth**: EBITDA increased threefold, with strong incremental margins of 53% [5] - **Betting Revenue**: Betting revenue rose 44% year-on-year, despite headwinds in March [6] - **Guidance Reaffirmed**: Guidance for 21% revenue growth, 40% EBITDA growth, and a 20% margin [6] Strategic Developments - **NCAA Deal**: Recently announced a new deal with NCAA, enhancing strategic positioning [6] - **Semi-Automated Offsides Technology**: Implementation in the Premier League, showcasing technological advancements [6] - **Flywheel Concept**: Emphasizes the convergence of sports, betting, and media advertising, with Genius Sports' technology at the center [8] Betting Technology Insights - **Revenue Breakdown**: Revenue from revenue share contracts grew 65%, while minimum guarantees increased by 36% year-on-year [19] - **US Market Focus**: Majority of growth attributed to US sports books, with European markets also showing significant growth [14][15] - **In-Play Betting**: In-play betting is a key growth driver, with penetration expected to increase over time [39] Consumer Behavior and Market Resilience - **Consumer Resilience**: Betting is viewed as a form of entertainment, with historical data suggesting stability during economic downturns [27][28] - **Market Dynamics**: The shift from linear to digital advertising is creating opportunities for Genius Sports [67] Fanhub and Advertising Opportunities - **Fanhub Platform**: A self-serve platform for advertisers to engage with sports fans during key emotional moments [68] - **Unique Inventory Creation**: Genius Sports is focused on creating unique advertising inventory through its technology [76][80] - **Ad Spend Efficiency**: Brands can achieve higher returns on ad spend through Genius Sports compared to generalist platforms [71] Capital Allocation and M&A Strategy - **M&A Focus**: Priority remains on acquiring subscale, high-quality sports tech that is margin and cash accretive [110] - **Share Buyback**: A $100 million buyback authorization is in place, viewed as good housekeeping [108] League Rights and Margins - **League Renewals**: Upcoming renewals, including the EPL, are expected to maintain high margins without requiring additional rights [100][102] - **NCAA Deal Impact**: The NCAA deal is seen as accretive to margins and overall business strategy [104] Conclusion - Genius Sports is positioned for continued growth in the sports technology and betting industry, with strong Q1 results, strategic partnerships, and a focus on innovative advertising solutions. The company remains committed to maintaining high margins and exploring M&A opportunities to enhance its market position.

Construction Partners (ROAD) Q2 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Rick Black - Investor RelationsFred Smith - President & CEOGreg Hoffman - SVP & CFOKathryn Thompson - Founding Partner & CEONed Fleming - Executive ChairmanTyler Brown - Financial AdvisorAdam Thalhimer - Director of ResearchMichael Feniger - MD - Equity Research Conference Call Participants Andrew Wittmann - Senior Research AnalystBrent Thielman - MD & Senior Research Analyst Operator Greetings, and welcome to C ...