Texas Pacific Land (TPL) Q4 2024 Earnings Call February 20, 2025 04:19 PM ET Company Participants Shawn Amini - Vice President of Finance & Investor RelationsTyler Glover - President and CEOChris Steddum - Chief Financial OfficerDerrick Whitfield - Managing DirectorRobert Crain - Executive Vice President of Texas Pacific Water Resources LLC Operator Greetings, and welcome to the Texas Pacific Land Corporation Fourth Quarter twenty twenty four Earnings Call. At this time, all participants are in a listen onl ...

Financial Data and Key Metrics Changes - Fourth quarter revenue reached nearly $1.1 billion, a 6% increase year-over-year, primarily driven by Assima's performance [23] - Adjusted EBITDA for the fourth quarter was $123 million, reflecting a 14% year-over-year increase, with adjusted EBITDA margins at 11.4%, up 80 basis points from the previous year [23] - For the full year, revenue grew 8.2% to over $4.3 billion, marking the second highest on record for Upbound [25] - Adjusted EBITDA for the year was over $473 million, up 3.8% from the prior year, with non-GAAP diluted EPS increasing by 8% to $3.83 [26] Business Line Data and Key Metrics Changes - Assima's revenue grew over 17% for the year, ending at approximately $2.3 billion, with top-line growth driven by new customer acquisitions and productivity gains [15][28] - Rent-A-Center's revenue decreased by approximately $15 million year-over-year, primarily due to store franchising and consolidation, but adjusted EBITDA increased by over $8 million due to reduced operating expenses [56] - Assima recorded Q4 GMV growth of 15.3% year-over-year, with the highest number of applications in a quarter, up 19% year-over-year [50] Market Data and Key Metrics Changes - Assima's top ten retailers represent approximately 30% of GMV, indicating a diverse merchant roster that mitigates concentration risk [14] - Rent-A-Center's same-store sales were relatively flat in the fourth quarter, with furniture and appliances making up nearly 70% of the product mix [55] - The overall lease charge-off rate for the fourth quarter was 7.3%, slightly better than the previous year's rate of 7.5% [24] Company Strategy and Development Direction - The company aims to shift towards a digital-first platform, with Assima and Bridgion leading in virtual and mobile solutions [22] - Strategic priorities for 2025 include expanding core LTO offerings across key verticals and enhancing customer experience through technology [30][32] - The integration of Bridgion is expected to amplify growth across Rent-A-Center and Assima, leveraging new digital products to improve customer financial health [20][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid economic and regulatory uncertainties, highlighting the ability to adapt to changing consumer behaviors [17][18] - The outlook for 2025 anticipates continued growth for Assima, with revenue expected to rise in the high single digits to low double digits, while Rent-A-Center's revenue is projected to decline in the low single-digit range [64][66] - Management emphasized a cautious approach to underwriting, reflecting the current consumer environment and macroeconomic conditions [89] Other Important Information - Mitch Fadel announced his retirement as CEO, with Fahmi Karam appointed as the new CEO effective June 1, 2025, following a thoughtful succession planning process [8][9] - The company plans to maintain a strong dividend yield while focusing on capital allocation priorities, including reinvestment in the business and strategic M&A opportunities [60][62] Q&A Session Summary Question: Can you talk about your view of your core customer and how they are positioned heading into 2025? - Management noted that while the core customer remains under pressure, trade-down dynamics are helping to offset challenges, particularly for Assima, which is experiencing growth despite tightening [81][84] Question: What are the strategic priorities for improving margins in the Assima business? - Management highlighted that improvements in margins will come from better loss management and operational leverage, with expectations for gross profit margins to improve in 2025 [91][94] Question: How much have you tightened underwriting and what are the trends in different product categories? - Management indicated that while applications are up, approval rates have remained relatively flat, with furniture showing strength in approval rates, while other categories like electronics have seen declines [104][115]

Nordson Corporation (NASDAQ:NDSN) Q1 2025 Earnings Conference Call February 20, 2025 8:30 AM ET Company Participants Lara Mahoney - Vice President of Investor Relations & Corporate Communications Sundaram Nagarajan - President and Chief Executive Officer Daniel Hopgood - Executive Vice President and Chief Financial Officer Conference Call Participants Matt Summerville - D.A. Davidson Andrew Buscaglia - BNP Paribas Jeffrey Hammond - KeyBanc Capital Markets Michael Halloran - Baird Saree Boroditsky - Jefferie ...

Coeur Mining, Inc. (NYSE:CDE) Q4 2024 Earnings Conference Call February 20, 2025 11:00 AM ET Company Participants Mitchell Krebs - Chairman, President and Chief Executive Officer Michael Routledge - Senior Vice President and Chief Operating Officer Thomas Whelan - Senior Vice President and Chief Financial Officer Aoife McGrath - Senior Vice President, Exploration Conference Call Participants Joseph Reagor - ROTH Capital Partners Mike Parkin - National Bank Operator Good day, and welcome to the Coeur Mining, ...

Financial Data and Key Metrics Changes - Total net sales for 2024 were just over $3 billion, with conversion revenue of $1.46 billion, a decrease of $10 million or 1% compared to 2023 [12][13] - Adjusted EBITDA for 2024 was $217 million, up approximately $7 million from 2023, with an EBITDA margin improvement of approximately 60 basis points to 14.9% [18][19] - Reported net income for 2024 was $47 million or $2.87 per diluted share, consistent with 2023's reported net income of $2.92 per diluted share [18] Business Line Data and Key Metrics Changes - Aero and High Strength conversion revenue totaled $530 million, down $4 million or approximately 1%, reflecting a 4% decline in shipments [13] - Packaging conversion revenue totaled $490 million, down $13 million or approximately 3%, with a 3% decline in shipments [14] - General Engineering conversion revenue for 2024 was $313 million, up 3% year-over-year due to a 6% increase in shipments [15] - Automotive conversion revenue was $120 million, up 3% over 2023, despite a 3% decline in shipments due to an improved product mix [15] Market Data and Key Metrics Changes - The market backdrop in 2024 was complex and rapidly changing, with challenges in each end market, particularly in Packaging [9][10] - The company expects market conditions to stabilize and become more favorable as it moves through 2025 [11] Company Strategy and Development Direction - The company is focused on niche areas in served markets with significant barriers to entry, building strong competitive positions through product differentiation [25][26] - Investments are being made to upgrade facilities and expand capacity to meet growing customer demand, particularly in the Packaging and Aerospace sectors [27][29] - The company anticipates a transformational year in 2025, driven by strategic investments and strong market positions [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of customer contracts and the expectation of increased aircraft production rates in 2025, despite short-term destocking impacts [30][31] - The company expects to see meaningful EBITDA and margin uplift in the second half of 2025, with around 60% of full-year EBITDA expected to come in during that period [46][47] Other Important Information - The company returned approximately $51 million to shareholders through dividends in 2024, marking the 18th consecutive year of dividend payments [22] - The company is assessing alternative inventory accounting methods other than LIFO, with an update expected prior to the release of first-quarter 2025 results [23] Q&A Session Summary Question: What are the assumptions regarding scrap spreads and their impact on EBITDA? - The company modeled EBITDA improvements based on last year's performance, expecting 150 to 200 basis points of improvement, with no significant uplift anticipated at this point [55][56] Question: What is the outlook for the Aerospace market and inventory levels? - Management expects an increase in aircraft production rates throughout 2025, which may lead to a recovery in demand and a reduction in inventory levels in the second half of the year [64][66] Question: How is the company managing the impact of the Midwest premium on pricing? - The business model allows for immediate pass-through of metal price increases, with minimal lag effects [77][78] Question: What is the expected capital expenditure for 2025? - The company anticipates capital expenditures to be around $125 million for 2025, including finalizing investments in the roll coat line and Phase 7 expansion [90] Question: What is the status of the company's net operating losses (NOLs)? - The company has utilized its NOLs as of the end of 2024, expecting cash tax payments in the range of $5 million to $7 million for 2025 [92]

Financial Data and Key Metrics Changes - The company generated total revenues of $308.5 million for the year, a slight decrease of less than 1% compared to $309.5 million in 2023 [27] - AFFO for the fourth quarter was $63.4 million, or $2.22 per share, reflecting a 3% decrease compared to the fourth quarter of 2023 [29] - The company maintained a strong balance sheet with $2.6 billion in total gross assets and a debt to gross assets ratio of 11% [30] Business Line Data and Key Metrics Changes - The company executed new leases at six properties representing 530,000 square feet, or 6% of the total portfolio [7] - The operating portfolio was over 98% leased as of year-end 2024 [25] Market Data and Key Metrics Changes - The regulated cannabis industry is projected to grow approximately 10% in 2025, following an estimated 9.8% growth in 2024 [19] - Cannabis sales in New York surpassed $1 billion since launching in December 2022, with projections reaching $2.4 billion by 2028 [22] Company Strategy and Development Direction - The company remains highly selective in evaluating investment opportunities, deploying over $70 million in capital to acquire two properties [6] - The company is focused on maximizing the value of each property in its portfolio while navigating challenges in the regulated cannabis industry [33] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding federal cannabis reform and the potential for rescheduling cannabis from a Schedule I to a Schedule III drug [14] - The company is monitoring tenant risks closely, especially with upcoming debt maturities in the cannabis industry [38] Other Important Information - The company announced the retirement of two independent directors and the promotion of two senior vice presidents [10] - The company has a total available liquidity exceeding $235 million, providing ample resources for strategic investments [9] Q&A Session Summary Question: How is the company thinking about tenant risks given upcoming debt maturities in the cannabis industry? - Management acknowledged the stress that early debt maturities could cause tenants but expressed confidence in the industry's ability to improve by 2026 [38] Question: Could the company assist tenants with their debt issues through sale leasebacks? - Management indicated that they are open to exploring opportunities to assist tenants while maintaining a strong balance sheet [41] Question: What is the timeline for restarting the rescheduling hearings for cannabis? - Management noted that there is no clear timeline for the hearings, and the focus is on potential guidance from the White House [44] Question: Can you provide insight into the security deposits applied for contractually due rent? - Management stated that they are addressing each tenant situation uniquely and working closely with them to resolve issues [52] Question: How does the company view the pipeline for 2025? - Management emphasized a disciplined approach to investment opportunities, leveraging their strong liquidity position [56] Question: What are the company's thoughts on the mix of cultivation versus retail assets? - Management confirmed a continued focus on cultivation assets while remaining open to retail opportunities [78] Question: How does the company assess the creditworthiness of multistate operators (MSOs)? - Management highlighted the importance of operators' ability to raise capital and their operational expertise in a challenging environment [92]

Financial Data and Key Metrics Changes - The company generated CAD224 million of adjusted EBITDA and CAD233 million of cash flow from operations, showing notable improvements over 2023 due to a higher copper price and increased ownership in Gibraltar [10][26] - For the year, sales reached 108 million pounds of copper, generating revenues of CAD608 million, the highest reported by the company [26] - The company posted a GAAP net loss of CAD13 million for 2024, but on an adjusted basis, net income was CAD57 million, a CAD0.04 increase per share over the prior year [27][28] Business Line Data and Key Metrics Changes - Gibraltar produced 106 million pounds of copper and 1.4 million pounds of molybdenum in 2024, with a cash cost of US$2.42 per pound in Q4 [11][12] - Moly production in Q4 was nearly 600,000 pounds, the highest since 2021, with expectations for continued strong production levels in 2025 [13] - The company expects to return to life of mine average production levels in 2025, with guidance of 120 million to 130 million pounds for the year [14] Market Data and Key Metrics Changes - The average copper price for the year was US$4.17 per pound, contributing to the record revenues [26] - The company has implemented copper price protection for 2025 with a minimum price of CAD4 per pound and a ceiling price averaging CAD5.20 per pound [37] Company Strategy and Development Direction - The company is advancing the Yellowhead project permitting and aims to publish an updated technical report in Q2 2025, incorporating new Canadian tax credits for copper mine development [21][23] - Construction at Florence is progressing smoothly, with expectations to produce 40 million to 50 million pounds in 2026 and ramping up to 85 million pounds annual capacity [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the progress made despite challenges faced at Gibraltar, including milling disruptions and a labor strike [8] - The company remains optimistic about the future, particularly with the expected ramp-up in production and the successful execution of projects like Florence [20][21] Other Important Information - The company ended 2024 with over CAD330 million of available liquidity after significant capital expenditures at Florence [9][36] - Total site costs at Gibraltar were CAD414 million, CAD17 million lower than 2023 due to reduced input costs and the impact of the labor strike [31] Q&A Session Summary Question: What was behind the higher sustaining CapEx spend at Gibraltar in the fourth quarter? - The higher sustaining capital was attributed to the timing of repairs and maintenance on the mobile fleet, with expectations for ordinary levels of CAD20 million to CAD30 million for FY 2025 [42][43] Question: Have contracts for the acquisition of acid been put in place for Florence? - The company is in dialogue with four acid suppliers and will issue an RFP to secure future acid supply [45] Question: How is throughput at Gibraltar looking so far this quarter? - Throughput continues to be strong, with production expected to be weighted to the second half of the year due to supplementing ore feed with stockpile material [47]

Enviri Corporation (NYSE:NVRI) Q4 2024 Earnings Call February 20, 2025 9:00 AM ET Company Participants Dave Martin - Vice President, Investor Relations Nick Grasberger - Chairman and Chief Executive Officer Tom Vadaketh - Senior Vice President and Chief Financial Officer Conference Call Participants Devin Dodge - BMO Capital Markets Rob Brown - Lake Street Capital Markets Brian Butler - Stifel Operator Good morning, everyone. My name is Jamie, and I will be your conference facilitator. At this time, I would ...

Donegal Group Inc. (NASDAQ:DGICA) Q4 2024 Earnings Call February 20, 2025 8:30 AM ET Company Participants Karin Daly - VP, The Equity Group Kevin Burke - President and CEO Jeffrey D. Miller - EVP and CFO Jeffrey T. Hay - EVP and Chief Underwriting Officer W. Dan DeLamater - EVP and COO V. Anthony Viozzi - SVP and CIO Conference Call Participants Karin Daly Good morning and thank you for joining us today. This morning, Donegal Group issued its Fourth Quarter and Full Year 2024 Earnings Release outlining its ...

Triple Flag Precious Metals Corp. (NYSE:TFPM) Q4 2024 Earnings Conference Call February 20, 2025 9:00 AM ET Company Participants Sheldon Vanderkooy - Chief Executive Officer Eban Bari - Chief Financial Officer James Dendle - Chief Operating Officer Conference Call Participants Lawson Winder - Bank of America Securities Tanya Jakusconek - Scotiabank Derick Ma - TD Cowen Operator Thank you for standing by. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome ev ...