Duolingo, Inc. (NASDAQ:DUOL) Q4 2024 Earnings Call February 27, 2025 5:30 PM ET Company Participants Deborah Belevan - Investor Relations Luis von Ahn - Co-Founder and Chief Executive Officer Matt Skaruppa - Chief Financial Officer Conference Call Participants Bryan Smilek - JPMorgan Aaron Kessler - Seaport Ralph Schackart - William Blair Ryan MacDonald - Needham Ross Sandler - Barclays Andrew Boone - JMP Justin Patterson - KeyBanc Mark Mahaney - Evercore Wyatt Swanson - D.A. Davidson Chris Kuntarich - UBS ...

Financial Data and Key Metrics Changes - Total revenue for 2024 grew 50% year-on-year, with a remarkable 66% growth in Q4 [9][16] - Loss from operations improved by 45% in Q4 and 23% for the full year [14][57] - Cash position at the end of the quarter was $879.7 million, supporting future growth [14][58] Business Line Data and Key Metrics Changes - VYVGART generated $93.6 million in sales for 2024, marking a successful launch [9][17] - ZEJULA and NUZYRA also contributed to revenue growth, with ZEJULA being the leading PARP inhibitor for ovarian cancer in China [27][31] - New product launches, including VYVGART Hytrulo, AUGTYRO, and XACDURO, are expected to drive future revenue [30][31] Market Data and Key Metrics Changes - VYVGART's market penetration in China is currently under 10%, indicating significant growth potential [24] - Approximately 170,000 gMG patients in China present a large market opportunity for VYVGART [24] - The upcoming update to national gMG guidelines in mid-2025 is expected to enhance VYVGART's market position [25] Company Strategy and Development Direction - The company aims for a five-year CAGR of 50% through 2028, with a target of reaching $2 billion in revenue by 2028 [8][14] - Focus on advancing a global pipeline with multiple product launches and regulatory submissions planned for 2025 [10][12] - Emphasis on optimizing cost structure while investing in key growth drivers [13][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability by Q4 2025, supported by strong revenue growth and operational efficiency [14][59] - The company is positioned at a major value inflection point, with a commitment to innovation and execution excellence [14][32] - Anticipated strong performance across brands, particularly VYVGART, ZEJULA, and NUZYRA, in 2025 [31] Other Important Information - The company has made significant advancements in its global pipeline, including promising results for ZL-1310 in small cell lung cancer [34][35] - Regulatory discussions for accelerated approval of ZL-1310 are ongoing, with plans to initiate pivotal studies [38][74] - The company is actively exploring additional indications for its products to maximize patient benefit [12][39] Q&A Session Summary Question: Regarding 2025 revenue guidance and potential growth products - Management highlighted ZEJULA and NUZYRA as key growth drivers alongside VYVGART, with expectations for strong performance across all brands [63] Question: Growth trajectory for VYVGART in 2025 - Management expects stronger growth in the second half of 2025, driven by new patient starts and updates to treatment guidelines [70] Question: Regulatory strategy for DLL3 and pivotal study plans - Management confirmed plans to start a pivotal study this year, with confidence in achieving accelerated approval [74] Question: Observations on CIDP and KarXT's commercial potential - Management noted limited impact from CIDP in 2025 due to lack of NRDL listing, focusing on gMG instead [98] - Excitement about KarXT's potential in schizophrenia treatment, with plans for a dedicated sales force [100] Question: Strategy for povetacicept and key catalysts for 2025 - Management indicated participation in global trials for povetacicept, aiming for accelerated approval [121] - Key catalysts include data updates for DLL3 assets and regulatory submissions for bemarituzumab [126]

Crescent Energy Co (CRGY) Q4 2024 Earnings Call February 27, 2025 11:41 PM ET Company Participants Reid Gallagher - DirectorDavid Rockecharlie - Chief Executive OfficerBrandi Kendall - CFO & DirectorOliver Huang - DirectorNeal Dingmann - Managing Director - Energy ResearchClay Rynd - Executive Vice President, InvestmentsMichael Scialla - Managing DirectorJohn Abbott - E&P Research Vice PresidentMichael Furrow - Vice PresidentJohn Freeman - Managing Director Conference Call Participants Tim Rezvan - Managing ...

Financial Data and Key Metrics Changes - Talen Energy generated $770 million of adjusted EBITDA and $283 million of adjusted free cash flow for the year, with Q4 adjusted EBITDA at $164 million, up $41 million from Q4 2023 [11][31] - Adjusted free cash flow for Q4 was $21 million, an increase of $43 million primarily due to lower financing costs [31] - The company reaffirmed its 2025 adjusted EBITDA guidance range of $925 million to $1.175 billion and adjusted free cash flow range of $395 million to $595 million [32][34] Business Line Data and Key Metrics Changes - The fleet generated over 36 terawatt hours of power with a forced outage factor of only 2.2%, compared to 5.5% last year, with half of this generation from the carbon-free Susquehanna nuclear facility [28] - The gas-fired fleet experienced a significant increase in dispatch opportunities, driving higher volumes and energy margin [28] Market Data and Key Metrics Changes - PJM saw a notable increase in power demand in 2024, with weather-normalized winter peak load increasing by 1.7% compared to 2023 [28] - The company noted strong market fundamentals for Independent Power Producers (IPPs) and highlighted significant load growth expected over the next decade, particularly in the PJM and PPL zones [21][22] Company Strategy and Development Direction - Talen Energy has a clear vision for the future, focusing on maximizing shareholder returns while seeking growth opportunities [8][16] - The company is executing a Power Purchase Agreement (PPA) with visibility to 300 megawatts and is working towards ramping up to a full 960 megawatts for the AWS campus [9][13] - Talen is committed to maintaining ample liquidity and net leverage below its target of 3.5 times, with a current net leverage ratio of 3.3 times [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Talen's position to benefit from increasing demand and regulatory support for capacity markets [25][96] - The company is optimistic about the ongoing development with AWS and the potential for future growth in data center power arrangements [96][100] Other Important Information - Talen has repurchased approximately 13 million shares, or 22% of its shares outstanding, returning nearly $2 billion to shareholders [36] - The company has significant buyback capacity through year-end 2026, supported by $470 million of cash on the balance sheet [37] Q&A Session Summary Question: How quickly can FERC turn around the colocation issue? - Management is encouraged by FERC's timeline and believes a simple solution can be reached quickly, emphasizing their existing contract with AWS allows them to proceed without regulatory uncertainty [44][46] Question: What is the best use of cash moving forward? - The company prioritizes returning cash to shareholders through share buybacks, which have proven to increase free cash flow per share significantly [55][56] Question: What are the expectations for resource adequacy legislation in Pennsylvania? - Management is engaged in discussions with the governor's office and believes there is a focus on ensuring resource adequacy while balancing economic development and consumer protections [65][66] Question: How does the recent RMR agreement factor into guidance? - The RMR arrangement is included in the guidance ranges provided for 2025 and 2026 [138] Question: Are there any concerns regarding the RMR process at FERC? - Management is optimistic about the support from stakeholders and does not anticipate significant delays in the approval process [145][148]

Financial Data and Key Metrics Changes - The company reported record revenue for Q4 2024 of $19.6 million, representing a 30% increase year-over-year [10][27] - Adjusted gross profit for the quarter was $16.1 million, with an adjusted gross margin of 82%, up four percentage points from the previous year [11][27] - Adjusted EBITDA for Q4 2024 increased 68% to $4.5 million, resulting in an adjusted EBITDA margin of 23%, up five percentage points [11][27] - Adjusted net income rose 390% to $1.3 million for the quarter, leading to adjusted earnings of $0.09 per diluted share [11][35] - For the full year 2024, revenue increased 25% to $75.2 million, with adjusted gross profit of $61.2 million and adjusted EBITDA of $23.6 million, maintaining a 31% adjusted EBITDA margin [13][39] Business Line Data and Key Metrics Changes - The IDI segment saw growth across all verticals, particularly in financial and corporate risk, which experienced significant adoption of identity solutions [29] - The emerging markets vertical, including government, legal, retail, healthcare, and repossession, delivered solid double-digit revenue growth [30] - The collections vertical continued its upward trend with its fourth consecutive quarter of double-digit revenue growth [30] - The real estate vertical, excluding FOREWARN, returned to growth with single-digit revenue expansion in Q4 2024 [31] - FOREWARN achieved another quarter of double-digit revenue growth, marking its 19th consecutive quarter of sequential growth [31] Market Data and Key Metrics Changes - The company has a growing customer base with 8,926 IDI billable customers and over 303,418 users on FOREWARN [12][26] - Contractual revenue was 77% for the quarter, down 5 percentage points from the prior year, while gross revenue retention improved to 96%, up 4 percentage points [32] - The company is in early innings across its five key verticals, with significant growth potential in financial and corporate risk, collections, real estate, investigative, and emerging markets [70][75] Company Strategy and Development Direction - The company aims to maintain a customer-centric approach, focusing on delivering extraordinary value and expanding its competitive edge through its cloud-native platform [16][17] - Plans include enhancing data assets, increasing automation, and investing in AI initiatives to drive innovation and efficiency [20][21][22] - The company is committed to pushing the boundaries of innovation and maintaining a sense of urgency in its operations [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum into 2025, driven by a strong sales pipeline and ongoing investments in strategic areas [46] - The company anticipates continued growth in existing customer relationships and new customer acquisitions, with a focus on higher-tier customers [50] - Management expects EBITDA margins to remain consistent with 2024 levels while continuing to invest in growth initiatives [80] Other Important Information - Cash and cash equivalents were $36.5 million at year-end 2024, an increase from $32 million at the end of 2023 [36] - The company generated $14.4 million in free cash flow for 2024, a 143% increase from the previous year [39] - A special cash dividend of $0.30 per share was announced, totaling $4.2 million, paid out on February 14, 2025 [38] Q&A Session Summary Question: How can the company build on momentum in 2025 to maintain elevated top-line growth? - Management highlighted strong brand awareness, a robust sales pipeline, and ongoing investments in strategic areas as key factors for sustaining growth [44][46] Question: What are the opportunities for expanding within the existing customer base versus new customers? - Management indicated a significant opportunity to extract more revenue from existing relationships while also pursuing new customer acquisitions [50] Question: Are the recent investments in sales and marketing generating a healthy ROI? - Management confirmed that they are beginning to see ROI from recent hires and expect consistent investment in sales and marketing in 2025 [55] Question: Can you provide details about new products and their potential benefits? - Management discussed ongoing product enhancements, including AI initiatives and expanded functionalities, aimed at improving customer interactions and data extraction [59]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net income attributable to GEO of approximately $15.5 million or $0.11 per diluted share on revenues of approximately $608 million, compared to $25 million or $0.17 per diluted share in Q4 2023 on the same revenue [29][30] - Adjusted net income for Q4 2024 was approximately $18 million or $0.13 per diluted share, down from $37 million or $0.29 per diluted share in Q4 2023 [31] - Adjusted EBITDA for Q4 2024 was approximately $108 million, compared to approximately $129 million for the prior year's fourth quarter [31] - For the full year 2024, net income attributable to GEO was approximately $32 million on annual revenues of approximately $2.42 billion [34] Business Line Data and Key Metrics Changes - Revenue from owned and leased secure service facilities increased by approximately 3% year-over-year, while revenue from electronic monitoring and supervision services declined by approximately 10% compared to the prior year's fourth quarter [31] - The average daily census levels at residential reentry centers remained stable at approximately 5,000 individuals during Q4 2024 [56] Market Data and Key Metrics Changes - The current population in ICE detention facilities is approximately 15,000, which represents an increase of 1,000 beds utilized since the last earnings call [12] - The company expects to provide approximately 17,000 incremental detention beds to ICE and the federal government, increasing total available capacity from approximately 15,000 to 32,000 beds [11][12] Company Strategy and Development Direction - The company plans to invest $70 million to enhance capabilities for expanded detention capacity, secure transportation, and electronic monitoring services to ICE and the federal government [11][69] - The company aims to reactivate idle facilities and is in discussions with ICE and the Marshals Service regarding their interest in these facilities [15][16] - The company is focused on increasing its electronic monitoring capabilities to meet the requirements of the Federal Immigration Law and The Laken Riley Act [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the unprecedented level of operational activity expected in 2025, driven by new contract opportunities and increased demand for services [9][10] - The company anticipates that the ramp-up in interior enforcement by ICE will continue throughout the year, contingent upon funding availability [24] - Management highlighted the potential for significant upside in revenues, estimating that opportunities could represent as much as $800 million to $1 billion in incremental annualized revenues [23][37] Other Important Information - The company ended 2024 with approximately $1.7 billion in total net debt and expects to reduce net debt by an additional $150 million to $175 million in 2025 [27][41] - The company has a 40-year record of providing special purpose facilities that meet the operational needs set by ICE, emphasizing cost savings compared to publicly operated facilities [18] Q&A Session Summary Question: What does The Laken Riley Act include in terms of monitoring? - Management indicated that individuals need to be placed in detention, and if there isn't capacity, they should continue in the ISEP monitoring program indefinitely [77] Question: Are ankle or wrist monitors prioritized over the SmartLink app? - Management noted a preference for ankle monitors initially, as they represent a higher security level of monitoring [79] Question: What percentage of the $800 million to $1 billion in incremental revenue is expected from the monitoring segment? - Approximately $250 million is expected from the monitoring segment based on a participant count of around 450,000 [83] Question: What are the expectations for ICE's use of the Atlanta facility now that the court order limiting utilization was lifted? - The facility may utilize approximately 460 to 470 beds, with a hearing next month expected to authorize complete utilization [111] Question: What level of startup costs will be associated with the Delaney Hall facility? - Startup costs will involve hiring and training approximately 3,000 employees, which will be several million dollars [113]

Financial Data and Key Metrics Changes - For the full year 2024, the company delivered $378 million of adjusted EBITDA on $1.4 billion of revenue, with capital expenditures of $118 million [38][39] - The fourth-quarter total operating revenues were $289 million, primarily impacted by fewer operating days due to planned out-of-service time and cold stacking of rigs [40] - The company maintained a strong balance sheet with gross principal debt of $625 million and cash holdings of $505 million, resulting in a net debt position of $120 million [42] Business Line Data and Key Metrics Changes - The company returned over $500 million in capital to shareholders and had a contracted backlog of $1.3 billion, with $400 million from divesting non-core assets [8][9] - The share repurchase program returned a total of $792 million to shareholders, reducing the issued share count by 22% since September 2023 [9][44] - The West Vela secured additional work, adding $20 million to backlog, while the West Jupiter and West Telus were awarded three-year contracts with Petrobras, commencing in 2026, providing $1 billion in incremental backlog [28][30] Market Data and Key Metrics Changes - The drillship marketed utilization is currently in the mid-eighties, down from the high nineties in 2023, indicating a softening market [32] - The company has approximately 75% of available rig days contracted across its marketed fleet in 2025, insulating it from market volatility [32] - The market outlook indicates a slow pace of contracting in 2025 due to capital discipline and supply chain constraints, with around 30 floaters available globally without firm contracts [31] Company Strategy and Development Direction - The company aims to be a pure-play floater company, having executed a strategy to rationalize its fleet and divest non-core assets [49][50] - The focus remains on delivering safe and efficient operations while optimizing the cost base to navigate market volatility [25][140] - The company is positioned to capitalize on future demand increases, particularly in deepwater projects, which are expected to be more profitable with lower carbon emissions intensity [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future demand, although visibility remains unclear due to current market conditions [12] - The company is prepared to navigate regulatory challenges in Brazil and is actively engaging with clients and regulatory bodies to address new expectations [55][90] - The management highlighted the importance of maintaining a low-cost operating structure to remain competitive in the industry [140] Other Important Information - The company reported legal matters involving Petrobras, with claims amounting to approximately $213 million related to delayed penalties from contracts dating back to 2012 [22][21] - The company intends to vigorously defend its position regarding these claims and is evaluating all options, including potential counterclaims [23][58] Q&A Session Summary Question: Can you provide details on the 50 days of downtime for the Telus? - Management confirmed the downtime was due to a protracted regulatory clearance process, not a change in rules [54][55] Question: Is the claim from Petrobras related to the Sete rigs a new claim? - Management indicated surprise at the claim and noted that penalties are capped at 10% of the contract value [57][58] Question: What is the tone of conversations with clients regarding project economics? - Management noted an increase in exploration activity and optimism for future demand, particularly for projects starting in 2026 and 2027 [66][68] Question: How will operating expenses be managed for rigs without clear work? - Management stated that they will be disciplined and may stack rigs if there is no clear line of sight for work [83] Question: What is the company's stance on share buybacks given the current uncertainty? - Management acknowledged the attractive share price but emphasized the need for cash conservation and board consultation before further buybacks [111][112] Question: How does the new leadership at ANP affect regulatory scrutiny? - Management noted that the regulatory focus can shift and emphasized the importance of adapting to new expectations [90][102]

Financial Data and Key Metrics Changes - In Q4 2024, revenue reached $190.6 million, up 17.8% year-over-year, with retail revenue increasing 23.9% and e-commerce revenue increasing 5.3% [49] - For the full year 2024, revenue was $771.3 million, up 15.2% year-over-year, with retail revenue increasing 21.4% and e-commerce increasing 3% [49] - Adjusted EBITDA for Q4 was $13.8 million, representing a margin of 7.3%, compared to $9.4 million or 5.8% in the prior year [65] - Full year adjusted EBITDA was $73.1 million, with a margin of 9.5%, up from $52.4 million or 7.8% in 2023 [65] Business Line Data and Key Metrics Changes - Glasses revenue grew approximately 15% year-over-year in Q4 2024, up from 7% in Q4 2023, and 12% for the full year, up from 8% in 2023 [51] - Contacts and exams saw significant growth, with contacts increasing 30% and exams increasing 45% year-over-year in Q4 [51] - The insurance business expanded to cover over 30 million lives, enhancing customer acquisition and driving higher value purchases [21][22] Market Data and Key Metrics Changes - The U.S. optical market is estimated at $68 billion, with a significant portion of customers underserved due to structural barriers [12] - The incidence of myopia is rising, with projections indicating that over half of the world's population will need corrective vision by 2050 [12] Company Strategy and Development Direction - The company plans to open 45 new stores in 2025, focusing on existing markets to drive brand awareness [17][34] - Marketing spend will remain in the low teens as a percentage of revenue, with a focus on customer acquisition and brand awareness [15][71] - The company aims to enhance its omnichannel model and customer experience, including the introduction of AI-driven tools for personalized shopping [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining revenue growth and adjusted EBITDA margins, despite a conservative outlook due to macroeconomic conditions [68] - The company anticipates continued strong customer growth, driven by marketing investments and insurance partnerships [78][80] Other Important Information - The company generated $35 million in free cash flow in 2024, up from $7 million in 2023, and ended with approximately $254 million in cash [66] - The company plans to maintain gross margins in the mid-50s as a percentage of revenue, despite potential headwinds from tariffs [70] Q&A Session Summary Question: Customer acquisition initiatives and revenue growth balance - Management noted that customer acquisition efforts have led to six consecutive quarters of accelerating active customer growth, with expectations for continued strong growth in 2025 [78] Question: Impact of insurance partnership on customer acquisition - Management indicated that the integration with Versant Health is tracking positively and is expected to drive performance over the long term, with increasing contributions from insurance customers [82] Question: Traffic expectations and new store contributions - Management expects moderate improvement in store productivity and has not embedded specific traffic guidance but remains optimistic about overall trends [90] Question: Non-marketing SG&A expense leverage - Management believes that 100 to 200 basis points of adjusted EBITDA margin expansion is sustainable, with opportunities for future leverage in non-marketing SG&A [108] Question: Strategy regarding smart glasses - Management is closely monitoring the smart glasses market and believes they are well-positioned to enter this space if they choose to do so, leveraging their brand and distribution capabilities [112]

International Seaways (INSW) Q4 2024 Earnings Call February 27, 2025 11:19 PM ET Company Participants James Small - Chief Administrative Officer, Senior VP, General Counsel & SecretaryLois Zabrocky - President and Chief Executive OfficerJeffrey Pribor - CFO, Senior VP & TreasurerBenjamin Nolan - Managing DirectorDerek Solon - Senior VP & Chief Commercial OfficerOmar Nokta - Managing DirectorLiam Burke - Managing DirectorSherif Elmaghrabi - Equity Research AssociateWilliam Nugent - Senior VP & Chief Technica ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $4 million, a decrease of 10% compared to $4.4 million in Q4 2023, primarily due to lower instrument sales and no grant revenue recognized in the quarter [34] - Full-year 2024 total revenue was $14.2 million, representing a decrease of 15% compared to $16.7 million in 2023 [39] - Net loss for Q4 2024 was $21.7 million compared to $17.8 million in Q4 2023, while the full-year net loss was $86.6 million compared to $86.3 million in 2023 [39][46] - Gross profit for Q4 2024 was $2 million with a gross margin of 51%, compared to $2 million and a gross margin of 45% in Q4 2023 [37] Business Line Data and Key Metrics Changes - Product revenue for Q4 2024 was $2.4 million, including $36,000 of related party revenue, consisting of sales of SP100 instruments and consumable kits [34] - Service revenue for Q4 2024 was $1.6 million, primarily related to STAC service projects [36] - Full-year product revenue was $10.2 million, including $1.5 million of related party revenue, while service revenue was $3.8 million for the full year [41] Market Data and Key Metrics Changes - The company served over 135 customers across 20 countries, with significant demand from large biopharma companies [10][22] - Approximately 12% of total revenue in 2024 came from government entities, with an additional 18% from academic groups [80] Company Strategy and Development Direction - The company aims to transition from a pioneer of deep unbiased proteomics to a trusted partner for discovery and translational studies [11] - Strategic initiatives include validating the platform, enhancing access to the Proteograph product suite, and driving innovation through technology enhancements [12] - The company plans to continue investing in direct sales and support throughout 2025 to capitalize on increasing demand [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth despite ongoing macroeconomic challenges, expecting revenue in the range of $17 million to $18 million for 2025, representing a 24% growth at the midpoint over 2024 [51] - The NIH and government funding environment remains uncertain, which may impact revenue from government and academic customers [52][84] Other Important Information - The company repurchased approximately 6.5 million shares during 2024, reducing total shares outstanding by approximately 10% [47] - Free cash flow loss was approximately $49.4 million for 2024, significantly less than the loss of $66.4 million in 2023 [49] Q&A Session Summary Question: Guidance for 2025 and instrument placement - Management indicated that instrument placements in 2025 are expected to be significantly different from 2024, with a stronger pipeline anticipated [58][60] Question: STAC program performance and revenue trajectory - Management noted that STAC revenue is expected to increase as technology validation improves, but capacity will remain consistent [66][68] Question: NIH funding risks and customer hesitance - Management acknowledged uncertainty among customers regarding NIH funding, but expressed optimism that science and innovation will prevail [84][86] Question: Publication pipeline for 2025 - Management expects the pace of publications to continue accelerating in 2025, driven by successful customer projects [90][92] Question: Co-marketing agreement with Thermo Fisher - Management is modest in expectations for the Thermo Fisher collaboration in 2025 but remains excited about its potential [101][102]