Financial Data and Key Metrics Changes - For the full year 2024, same-property total RevPAR increased by 2.1%, driven by gains across both urban and resort properties along with stronger out-of-room spending [5] - Adjusted EBITDA rose by 0.8% to $359.2 million, exceeding the midpoint of the outlook by $11.2 million [5] - Adjusted FFO per diluted share grew by 5% to $1.68, surpassing the outlook midpoint by $0.09 [5] Business Line Data and Key Metrics Changes - In Q4, same-property total RevPAR increased by 1.8%, with resorts growing by 4% and urban hotels by 0.7% [6] - Same-property resort occupancy jumped by 3.7% to 65%, while urban occupancy rose by 2.9% to 68.1% [11] - Same-property resort revenue grew by 4.3% in Q4, outpacing the 0.7% growth at urban properties [13] Market Data and Key Metrics Changes - San Diego, the second-largest market by EBITDA, saw a 6.9% increase in occupancy, while San Francisco and Chicago improved by 2.8% [12] - For the full year, resort total revenues rose by 1.2%, while urban properties posted a 3.1% gain [14] - Excluding challenges in San Francisco, LA, and Portland, same-property urban total revenue growth would have been 7.7% [14] Company Strategy and Development Direction - The company completed a $525 million portfolio-wide redevelopment program, with early returns from recent investments being encouraging [21] - In 2025, capital investments are projected at $65 million to $75 million, reflecting the portfolio's excellent condition and reduced need for additional capital [22] - The company anticipates continued upside from strategic investments made in recent years, with significant RevPAR share gains expected [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the normalization of resort rates has largely run its course, with no further meaningful declines expected in 2025 [15] - The company expressed optimism about the recovery of urban properties, despite challenges in key markets like San Francisco, LA, and Portland [35] - Management highlighted potential economic concerns due to domestic policy announcements, which could impact the overall outlook [44] Other Important Information - The company reduced net debt to EBITDA to 5.8 times from about 6.5 times in 2023, reflecting strong operating performance and proceeds from the Hurricane Ian settlement [28] - The company received about $10 million in real estate tax and municipal tax credits in 2024, which are not assumed in the 2025 outlook, creating a headwind to expense growth [20] Q&A Session Summary Question: Expectations for out-of-room spend growth in 2025 - Management expects out-of-room spend to increase at a rate greater than RevPAR growth, driven by positive client feedback and increased spending in various non-room revenue areas [66][68] Question: Insights on the DC market and government exposure - Management noted high anxiety among government employees but highlighted positive demand drivers such as the inauguration and increased activity in the first year after elections [72][75] Question: Confidence in leisure rates and potential for growth - Management indicated that some properties are expected to see rate increases, with confidence stemming from strong bookings and rate trends [85][86] Question: Impact of LA wildfires on the portfolio - Management acknowledged the uncertainty of the impact but noted recent positive trends in travel recovery, with expectations for significant demand from rebuilding efforts [90][92] Question: Updates on San Francisco market developments - Management reported improvements in San Francisco, including increased demand and a more business-friendly environment, with expectations for mid to high single-digit RevPAR growth [127]

Heron Therapeutics, Inc. (NASDAQ:HRTX) Q4 2024 Earnings Conference Call February 27, 2025 8:00 AM ET Company Participants Melissa Jarel - Executive Director, Legal Craig Collard - Chief Executive Officer Ira Duarte - Executive Vice President, Chief Financial Officer Bill Forbes - Executive Vice President, Chief Development Officer Kevin Warner - Senior Vice President, Medical Affairs, Strategy and Engagement Conference Call Participants Brandon Folkes - Rodman & Renshaw Serge Belanger - Needham Carl Byrnes ...

Financial Data and Key Metrics Changes - Ultrapar's recurring EBITDA for Q4 2024 was RMB 1.284 billion, a 23% decrease from Q4 2023, primarily due to lower EBITDA at Ipiranga and a loss of RMB 104 million from Hidrovias [10] - For the full year 2024, recurring EBITDA totaled RMB 5.375 billion, a 4% decrease compared to 2023, attributed to lower EBITDA at Ipiranga and the loss from Hidrovias, partially offset by positive results from Ultragaz and Ultracargo [10] - Net income for 2024 was RMB 2.526 billion, unchanged from 2023, due to lower recurring EBITDA at Ipiranga and tax adjustments [10] - Operational cash generation was RMB 3.736 million in 2024, a 2% decrease from 2023, driven by higher working capital investments [12] - Net debt as of December 2024 was RMB 8.9 billion, an increase of RMB 2.4 billion from December 2023, primarily due to investments and acquisitions [14] Business Line Data and Key Metrics Changes Ipiranga - Ipiranga's sales volume in Q4 2024 decreased by 1% year-over-year, with a 3% growth in the auto cycle and a 6% decline in diesel [18] - Recurring EBITDA for Ipiranga in Q4 2024 was RMB 844 million, a 27% decrease year-over-year, mainly due to reduced margins from unlawful practices and higher inventory levels [21] - Total EBITDA for Ipiranga in 2024 was RMB 4.445 billion, a 6% reduction year-over-year [22] Ultragaz - Ultragaz's LPG sales volume in Q4 2024 increased by 3% year-over-year, with a 3% rise in the bottled segment and a 4% increase in the bulk segment [23] - Recurring EBITDA for Ultragaz in Q4 2024 was RMB 441 million, a 9% growth year-over-year, driven by higher volume and better sales mix [24] Ultracargo - Ultracargo's cubic meters sold grew by 9% year-over-year in Q4 2024, with net revenue reaching RMB 283 million, a 10% increase [26] - Ultracargo's EBITDA for Q4 2024 was RMB 169 million, a 9% growth year-over-year [27] Market Data and Key Metrics Changes - The market share of unlawful companies that do not comply with regulations decreased by 2.9 percentage points in 2024, indicating a shift towards better compliance [17] - The fuel sector in Brazil has faced significant challenges due to unlawful practices, including tax evasion and non-compliance with biodiesel blending requirements [15][16] Company Strategy and Development Direction - The company plans to continue its fight against unlawful practices in the fuel sector to create a more competitive environment for compliant companies [18] - A significant capital allocation of RMB 1.8 billion was made to acquire a 42% stake in Hidrovias Brazil, marking the largest single asset investment in the last decade [8] - The company is focusing on quality over quantity in its service station network, aiming for stability and strategic growth [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for improved margins in 2025, contingent on regulatory changes and a reduction in unlawful practices [40] - The company anticipates that the regulatory environment will continue to evolve positively, aiding in the fight against unlawful practices [110] Other Important Information - The company announced a dividend payment of RMB 493 million, bringing the total dividend distribution for 2024 to RMB 769 million [11] - The planned transition of CEO and CFO positions is set to be completed by April 2025 [9] Q&A Session Summary Question: Expectations for Ipiranga's margins in 2025 - Management highlighted that unlawful practices have significantly impacted margins and that improvements depend on regulatory changes [37][40] Question: Investment strategy given a favorable balance sheet - Management indicated a focus on quality service stations and opportunistic investments rather than aggressive expansion [42] Question: Growth opportunities for Ultragaz - Management noted that Ultragaz is being utilized as a platform for growth, particularly in new energy solutions [46][51] Question: Working capital management - Management discussed efforts to optimize inventory levels, particularly in Ipiranga, to improve working capital efficiency [53][56] Question: Capital allocation and potential diversification - Management confirmed that capital allocation decisions will depend on execution capacity and the potential for good returns on investments [62][63] Question: Concerns regarding Hidrovias capital increase - Management clarified that the capital increase aims to support growth and reduce leverage, with plans to formally announce it soon [90][91]

Salesforce (CRM) Q4 2025 Earnings Call February 27, 2025 01:05 PM ET Company Participants Michael Spencer - Executive Vice President of Investor RelationsMarc Benioff - Chair, CEO & Co-FounderBrian Millham - President & COOAmy Weaver - President & CFOKirk Materne - Senior Managing Director, Equity ResearchRaimo Lenschow - Managing DirectorRobin Washington - President & Chief Operating and Financial OfficerBrent Thill - Tech Sector Leader, Software/Internet ResearchMark Murphy - MD - Software Research Confer ...

Royal Bank of Canada (NYSE:RY) Q1 2025 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Asim Imran - Senior Vice President, Investor Relations Dave McKay - President & Chief Executive Officer Katherine Gibson - Chief Financial Officer Graeme Hepworth - Chief Risk Officer Derek Neldner - Group Head, Capital Markets Erica Nielsen - Group Head, Personal Banking Conference Call Participants John Aiken - Jefferies Mario Mendonca - TD Securities Ebrahim Poonawala - Bank of America Meny G ...

Ardagh Metal Packaging S.A. (NYSE:AMBP) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants Stephen Lyons - IR Oliver Graham - CEO Stefan Schellinger - CFO Conference Call Participants Stefan Diaz - Morgan Stanley Josh Spector - UBS Anthony Pettinari - Citi Arun Viswanathan - RBC Capital Markets Gabe Hajde - Wells Fargo Securities Michael Leithead - Barclays Operator Ladies and gentlemen, welcome to the Ardagh Metal Packaging S. A. Fourth Quarter 2024 Results Call. Today's con ...

Viatris Inc. (NASDAQ:VTRS) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Bill Szablewski - Head of Capital Markets Scott Smith - CEO Philippe Martin - Chief R&D Officer Doretta Mistras - CFO Corinne Le Goff - Chief Commercial Officer Conference Call Participants David Amsellem - Piper Sandler Ashwani Verma - UBS Chris Schott - JPMorgan Jason Gerberry - Bank of America Umer Raffat - Evercore Balaji Prasad - Barclays Operator Good morning everyone and welcome to the Viatri ...

Financial Data and Key Metrics Changes - For Q4 2024, net income was $16.9 million, slightly up from $16.7 million in Q4 2023, driven by a net gain of $11.5 million from real estate rationalization and a tax benefit of $1.8 million, offset by lower adjusted EBITDA and increased interest expense [35][36] - Adjusted EBITDA for Q4 2024 was $35.5 million, down 26% from $47.6 million in Q4 2023, primarily due to strong results in the prior year [36][37] - Distributable cash flow for Q4 2024 was $21.1 million, down from $35.8 million in Q4 2023, impacted by lower adjusted EBITDA and higher cash interest expense [37][38] Business Line Data and Key Metrics Changes - Retail segment gross profit increased 5% to $75.1 million in Q4 2024 compared to $69 million in Q4 2023, driven by increased merchandise margin despite a slight decrease in motor fuel gross profit [8][9] - Wholesale segment gross profit declined 22% to $25.9 million in Q4 2024 from $33 million in Q4 2023, due to a decline in both fuel volume and margin per gallon [19][20] - For the full year 2024, retail segment gross profit increased 14% to $289.7 million compared to $253.5 million in 2023, while wholesale segment gross profit decreased 16% to $108.6 million from $128.8 million [23][25] Market Data and Key Metrics Changes - National gasoline demand was down approximately 4% for Q4 2024, while the company's same-store retail volume increased 2%, indicating outperformance relative to the market [11][12] - Inside sales on a same-site basis were up 1% for Q4 2024, with sales excluding cigarettes increasing 2% year over year, outperforming the national demand which was down approximately 1% [14][15] Company Strategy and Development Direction - The company plans to continue optimizing its portfolio and strategically converting sites to retail when appropriate, focusing on providing a great customer experience [32][33] - Significant progress was made on long-term strategic goals, including the conversion of 107 sites to retail, which positions the portfolio for long-term profitability despite short-term volatility [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a mixed year in 2024, facing challenges from a difficult first quarter and macroeconomic conditions, but highlighted resilience in demand and solid financial performance [29][34] - The company remains committed to executing its strategy while adapting to market conditions to ensure strong results for unitholders [34][52] Other Important Information - The company divested 30 properties for $36.3 million in proceeds during 2024, with a focus on recycling capital to invest in growth opportunities [27][28] - Operating expenses for the full year 2024 increased by $33.2 million or 17% compared to 2023, primarily driven by the conversion of locations to company-operated sites [46][48] Q&A Session Summary - There were no questions during the Q&A session, and the management encouraged participants to reach out later if they had any inquiries [55]

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants John Wilfong - IR Jeff Witherell - Chairman & CEO Anthony Saladino - EVP & CFO Conference Call Participants Eric Borden - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Rich Anderson - Wedbush Nick Thielman - Baird Mitch Germain - Citizens JMP Brendan Lynch - Barclays Michael Mueller - JPMorgan Operator Good morning, and welcome to the Plymouth Industrial REIT Conference C ...

Financial Data and Key Metrics Changes - Fourth quarter 2024 revenues were $830 million, a decrease of $174 million or 17% compared to the same period last year, primarily due to clean energy projects reaching mechanical completion and a decrease in revenue on C&I fixed price contracts [16][18] - Gross margin increased to 10.4% from 9.7% year-over-year, driven by higher margins on completed projects and better-than-anticipated productivity [19][20] - Net income for the fourth quarter was $16 million, down from $24 million year-over-year, with diluted earnings per share at $0.99 compared to $1.43 [27][28] - Operating cash flow decreased to $21 million from $43 million year-over-year, while free cash flow was $9 million compared to $22 million [28][29] Business Line Data and Key Metrics Changes - T&D revenues were $450 million, a decrease of 24% year-over-year, with $267 million from transmission and $183 million from distribution [17] - C&I revenues were $380 million, an 8% decrease year-over-year, primarily due to lower revenue on fixed price contracts [18] - T&D operating income margin was 6.7%, down from 7.2% year-over-year, impacted by losses on clean energy projects [21][22] - C&I operating income margin improved to 3.9% from 2.1% year-over-year, benefiting from higher margins on completed projects [23][24] Market Data and Key Metrics Changes - Total backlog as of December 31, 2024, was $2.6 billion, a 2.5% increase from the prior year, with $818 million in T&D and $1.8 billion in C&I [28] - The 2025 North American electric transmission market forecast indicates over 170 hyperscale and colocation data centers planned, requiring more than 45 gigawatts of capacity [13][14] - Aggregate energy utility investments are projected to reach $202 billion in 2025, increasing to $211 billion by 2027 [34] Company Strategy and Development Direction - The company aims to expand relationships through multiyear master service agreements and pursue new partnerships to meet growing electricity demand [11][12] - Focus on core markets such as data centers, transportation, pharmaceuticals, healthcare, and clean energy, with a commitment to reliable power delivery [13][14] - The company plans to maintain a strong balance sheet and leverage future cash flow for organic growth, acquisitions, and share repurchases [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth forecast for the markets served, citing a steady pipeline of project opportunities and the importance of collaboration with customers [44][45] - The company is selective in pursuing clean energy projects, focusing on profitability and project execution [67] - Management anticipates stronger free cash flow generation in 2025, driven by increased profitability and reduced pending change orders [61][63] Other Important Information - Fourth quarter effective tax rate was 40.9%, up from 32.3% year-over-year, primarily due to higher permanent difference items [26] - The board authorized a new $75 million share repurchase program, expiring on September 5, 2025, or when funds are exhausted [30] Q&A Session Summary Question: Can you discuss the bidding environment in C&I and the impact of potential tariffs? - Management noted activity across all markets, particularly in data centers and hospitals, with tariffs being a common discussion point in new contracts [49][50] Question: What factors contributed to lower revenue in fixed price contracts? - Management indicated it was a mix of project types coming in during the quarter, not a long-term trend, with an increase in T&E contracts observed [51][52] Question: What is the outlook for free cash flow in 2025? - Management expects stronger free cash flow in 2025, driven by increased profitability and reduced pending change orders [61][63] Question: How much revenue contribution came from clean energy projects in T&D? - Clean energy projects contributed about 4% for the quarter and 10% year-to-date [65] Question: How does the new administration's focus on oil and gas affect the business? - Management stated that regardless of the energy source, the company remains focused on delivering lines and substations, with no significant shifts in utility discussions noted [81][83] Question: What is the status of discussions regarding prior challenging projects? - Conversations are ongoing, with some settled and others still in discussion, but management feels covered regarding reported impacts [90][92]