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]

Financial Data and Key Metrics Changes - Reported revenue for Q4 2024 was $682 million, with normalized revenue at $678 million, reflecting a decline of 14% due to expected weakness in hardware sales [36] - Software and services revenue declined 2% to $521 million, while adjusted EBITDA increased 75% to $114 million, with margin expanding 850 basis points to 16.7% [38][39] - Total adjusted free cash flow unrestricted was $72 million for the quarter, representing a conversion rate of nearly 64% when excluding restructuring [44] Business Line Data and Key Metrics Changes - In the restaurant segment, software revenue increased 3% to $91 million, while services revenue also increased 3% to $72 million, but total segment revenue declined 5% to $211 million due to hardware decline [40] - In the retail segment, software revenue declined 3% to $155 million, while services revenue increased 4% to $193 million, leading to a total segment revenue decline of 15% to $461 million [42] - Software ARR increased 4% and total segment ARR increased 5% across the company [39] Market Data and Key Metrics Changes - The company signed more than 200 new software and services customers in the restaurant segment and more than 35 customers in the retail segment during Q4 [22][28] - The platform sites increased by 26% year-over-year, reaching approximately 74,000 sites [39] Company Strategy and Development Direction - The company aims to transition to a primarily recurring software and services model, with expectations to improve recurring revenue composition from approximately 60% to 75% once the ODM is operational [33] - A five-year non-exclusive agreement with Worldpay was established to enhance payment capabilities for enterprise customers, with expectations to process over $500 billion in payments through point-of-sale systems in 2024 [19] - The company plans to launch several enterprise platform solutions in 2025, with a focus on enhancing capabilities for existing customers and attracting new ones [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in both restaurant and retail segments, highlighting strong demand for next-generation solutions and services [64][106] - The company anticipates a decline in revenue in Q1 2025 due to a significant hardware refresh from a major retail customer, but expects adjusted EBITDA to demonstrate high-teens growth compared to Q1 2024 [53] - Management acknowledged challenges in the hardware market due to customers delaying refreshes, but noted that the rate of revenue decline is expected to moderate as the year progresses [84] Other Important Information - The company repurchased 4 million shares for approximately $56 million under its share repurchase program [46] - Total inventory at year-end was $208 million, with expectations of a cash flow benefit from the ODM transition [51] Q&A Session Summary Question: Timing and benefits of the payments agreement - Management expects the new payment system to be operational by the end of summer 2025, with significant revenue potential from the agreement with Worldpay [60][61] Question: Opportunities in 2025 - Management highlighted untapped potential in next-generation solutions and recurring revenue models, with significant customer interest in upcoming product launches [64] Question: Software services outlook and licensing exposure - Management indicated that approximately $30 million to $40 million of one-time software license revenue remains, but this will diminish as the company shifts to subscription models [74][75] Question: Hardware outlook and revenue comparisons - Management noted that hardware revenue is expected to decline significantly due to customer delays in refreshes, but anticipates a moderation in revenue decline as the year progresses [84] Question: Government contract details - A longstanding relationship with the Defense Commissary Agency was expanded, with incremental revenue expected to ramp up towards the end of Q1 2025 [89] Question: Retail environment and growth expectations - Management reported active conversations and opportunities in the retail market, with a focus on improving efficiencies and addressing shrinkage issues [102][106]

Bath & Body Works, Inc. (NYSE:BBWI) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Luke Long - Vice President, Investor Relations Gina Boswell - Chief Executive Officer Eva Boratto - Chief Financial Officer Conference Call Participants Ike Boruchow - Wells Fargo Matthew Boss - J.P. Morgan Lorraine Hutchinson - Bank of America Kate McShane - Goldman Sachs Alex Straton - Morgan Stanley Mark Altschwager - Baird Paul Lejuez - Citi Krisztina Katai - Deutsche Bank Dana Telsey - ...

Payoneer Global Inc. (NASDAQ:PAYO) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Caius Slater - Director, Investor Relations John Caplan - Chief Executive Officer Bea Ordonez - Chief Financial Officer Conference Call Participants Sanjay Sakhrani - KBW Nate Svensson - Deutsche Bank Will Nance - Goldman Sachs Cris Kennedy - William Blair Spencer James - Jefferies Daniel Krebs - Wolfe Research Operator Good morning. Thank you for standing by. Welcome to Payoneer's Fourth Qu ...