Twin Vee PowerCats (VEEE) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Joseph Visconti - President, CEO & Chairman of the BoardMichael Dickerson - Chief Financial & Administrative Officer Operator Welcome to the Twin V Power Cats Co. First Quarter twenty twenty five Investor Call. As a reminder, this call is being recorded, and all participants are in listen only mode. Your speakers for today's program are President and CEO, Joseph Fiscounti and Chief Financial Administrative Officer, ...

Financial Data and Key Metrics Changes - The company generated $2.9 per share in adjusted earnings for the first quarter of 2025, with cash flow from operations (CFO) amounting to $5.5 billion, including $200 million from APLNG distributions [16][20] - Capital expenditures were reported at $3.4 billion, with a return of capital totaling $2.5 billion to shareholders, which represents 45% of CFO for the quarter [16][17] - The company ended the quarter with $7.5 billion in cash and short-term investments, plus $1 billion in long-term liquid investments [17] Business Line Data and Key Metrics Changes - Total production for the first quarter was 2,389,000 barrels of oil equivalent per day, exceeding production guidance [15] - In the Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with specific contributions from the Permian (816,000), Eagle Ford (370,000), and Bakken (212,000) [15] Market Data and Key Metrics Changes - The macro environment is characterized by uncertainty and volatility, with revised outlooks for global economic growth and oil demand [8] - Oil prices have softened compared to the first quarter, influenced by OPEC plus unwinding voluntary cuts quicker than expected [9] Company Strategy and Development Direction - The company is focused on maintaining a disciplined capital allocation framework and is executing well on the integration of Marathon Oil, which is ahead of schedule [10][11] - The company aims to deliver low single-digit production growth while reducing capital spending by approximately $500 million for the full year [19][20] - The long-term value proposition is centered on a deep, durable, and diverse portfolio with decades of low-cost supply inventory [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current macro uncertainties but emphasizes a long-term focus on free cash flow growth, particularly from high-quality investments in Alaska and LNG [12][13] - The company is prepared to manage through challenging environments, with flexibility in its capital program if conditions warrant [11][12] Other Important Information - Bill Bullock announced his retirement after 39 years with the company, with Andy O'Brien set to take over as CFO [13][14] - The company has identified $1 billion in synergy captures from the Marathon integration, with ongoing efficiency improvements [72][73] Q&A Session Summary Question: Return of capital and cash flow outlook - Analyst inquired about the $10 billion capital return target amidst a softer commodity macro environment and the potential for debt to support share buybacks [24] - Management reiterated the commitment to a 45% return of capital based on cash flow from operations, with flexibility to use cash on the balance sheet if necessary [26][27] Question: Capital budget reduction details - Analyst asked for details on the drivers behind the capital budget reduction and the flexibility in the program [29] - Management explained that the reduction is due to capital efficiency improvements and plan optimization, with no material changes to production guidance [31][32] Question: Cost structure and improvement opportunities - Analyst sought insights on the current cost structure and opportunities for further improvement [36] - Management emphasized a continuous focus on cost efficiency and benchmarking against peers to maintain competitive advantage [37] Question: Balancing low-cost supply with macro conditions - Analyst questioned how the company balances low-cost supply with macro conditions while preserving inventory [40] - Management highlighted the importance of low-cost supply and the focus on maximizing returns on capital investments [41][42] Question: Breakeven clarification - Analyst asked about the impact of the capital reduction on breakeven costs [48] - Management clarified that the free cash flow breakeven is in the mid-40s, with expectations for it to decrease as capital is reduced [51][52] Question: Long cycle projects and capital allocation - Analyst inquired about the trend of capital allocation to long cycle projects [93] - Management indicated that capital is expected to ramp down as projects come online, with continued investment in base businesses [94] Question: Cash taxes and outlook - Analyst asked about the higher cash taxes in the first quarter and the outlook for the remainder of the year [97] - Management explained that the increase was due to a shift in income mix and discrete deferred tax items, with expectations for the effective tax rate to be in the high thirties [100][101]

Ring Energy (REI) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Al Petrie - IRPaul McKinney - Chairman & CEOTravis Thomas - EVP & CFOJeffrey Robertson - Managing DirectorShawn Young - SVP - OperationsNoel Parks - Managing Director - Energy ResearchJames Parr - EVP & Chief Exploration Officer Operator Good day, and welcome to the Ring Energy's First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will ...

Where Food Comes From (WFCF) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Jay Pfeiffer - Investor RelationsJohn Saunders - CEO & Chairman of The Board Operator Greetings, and welcome to the Where Food Comes From First Quarter Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Pfeiffer of Investor Re ...

Affiliated Managers Group (AMG) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Patricia Figueroa - VP - Investor RelationsJay Horgen - President & CEOThomas Wojcik - Chief Operating OfficerDava Ritchea - Chief Financial OfficerBrian Bedell - DirectorPatrick Davitt - Partner Conference Call Participants Alex Blostein - AnalystDan Fannon - Managing Director - Research AnalystWilliam Katz - Senior Equity Analyst Operator As a reminder, this conference is being recorded. I would now like to ...

Royal Gold (RGLD) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Alistair Baker - Senior Vice President of Investor Relations and Business DevelopmentWilliam Heissenbuttel - President, CEO & DirectorMartin Raffield - Senior Vice President of OperationsPaul Libner - Senior VP & CFOCosmos Chiu - Executive Director & Institutional Equity Research - Precious MetalsDan Breeze - SVP - Corporate Development, RGLD Gold AG Conference Call Participants Tanya Jakusconek - AnalystDerick Ma - Equity ...

BBB Foods (TBBB) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Anthony Hatoum - Founder, Chairman and CEOEduardo Pizzuto - CFOAlvaro Garcia - Associate PartnerAlejandro Fuchs - Vice President , Equity ResearchUlises Argote Bolio - Executive DirectorHéctor Maya - Associate Director - Equity Research Conference Call Participants Robert Ford Aguilar - Senior AnalystJoseph Giordano - Equity Research AnalystAndrew Ruben - AnalystPablo Valles García - Senior Investment AnalystJim Luther - An ...

Sempra (SRE) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Glen Donovan - Senior Vice President of FinanceJeffrey Martin - Chairman, President & CEOKaren Sedgwick - Executive VP & CFORoss Fowler - Head - North America Power & Utilities Equity ResearchAllen Nye - CEO & DirectorCaroline Winn - CEOJustin Bird - EVP & CEO of Sempra InfrastructureNicholas Campanella - DirectorConstantine Lednev - Vice President - Equity ResearchDurgesh Chopra - Managing DirectorAnthony Crowdell - Managing D ...

Financial Data and Key Metrics Changes - The company reported a net income of $9.1 million or $0.05 per diluted share for Q1 2025, compared to $5.7 million or $0.03 per diluted share in Q4 2024 [19] - Adjusted EBITDA for Q1 2025 was $46.4 million, down from $50.9 million in Q4 2024, primarily due to lower oil revenue [20] - Revenue for Q1 2025 was $79.1 million, with oil accounting for 97% of total revenue, while total sales volumes were 18,392 BOE per day, exceeding guidance [17][14] Business Line Data and Key Metrics Changes - The company sold 12,074 barrels of oil per day, exceeding the high end of guidance despite weather-related downtime [9] - Seven wells were drilled, completed, and placed on production in Q1 2025, with production from these assets averaging over 2,500 BOE per day in April, representing a 9% increase over initial estimates [10][11] - The acquisition of LimeRock CVP assets added over 40 gross drilling locations to the existing inventory, enhancing production metrics [10] Market Data and Key Metrics Changes - The overall realized price increased by 4% to $47.78 per BOE in Q1 2025 from $46.14 per BOE in Q4 2024 [15] - The average crude oil differential from NYMEX WTI futures pricing improved to negative $0.89 per barrel in Q1 2025 from negative $1.42 per barrel in Q4 2024 [16] - The company anticipates a modest reduction in production during the last half of the year, guiding to approximately 2% annual production growth over 2024 [12] Company Strategy and Development Direction - The company emphasizes a value-focused strategy aimed at maximizing cash flow generation and maintaining production levels in low price environments [25][26] - Capital spending for 2025 is expected to be reduced by more than 47%, with a focus on debt reduction and maintaining financial flexibility [12][23] - The company is actively pursuing organic growth opportunities in the Central Basin Platform while remaining selective in acquisitions [61][62] Management's Comments on Operating Environment and Future Outlook - Management noted the high level of oil price volatility and emphasized the importance of maintaining a strong financial position to navigate these challenges [25][28] - The company plans to allocate more cash flow to debt reduction rather than increasing capital spending, even if oil prices recover [27][28] - Management expressed confidence in the production outperformance from new wells and the benefits of the LimeRock acquisition to support future growth [12][28] Other Important Information - The company ended the period with $460 million drawn on its credit facility, with a leverage ratio of 1.9 times [20] - The company has approximately 1.7 million barrels of oil hedged for the last nine months of 2025, providing downside protection at an average price of $64.44 [21] - The company is focusing on acquiring and leasing opportunities in the Central Basin Platform to expand its inventory life [75] Q&A Session Summary Question: Does the company have a leverage target in mind for debt reduction? - Management stated the long-term goal for the leverage ratio is to be comfortably below one, emphasizing the importance of reducing debt in a low price environment [30][32] Question: Will cost improvements affect the capital spending guidance? - Management confirmed that current capital spending forecasts include current prices, and any cost reductions would be directed towards debt repayment rather than increasing project numbers [34][38] Question: What is the state of activity in the Central Basin Platform? - Management noted a mix of interest in the Central Basin Platform, with some larger operators entering the market, while the company remains focused on acquiring undervalued assets [56][60]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 per share for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [12] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [12] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [5] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [6] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [7] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [8][24] Market Data and Key Metrics Changes - U.S. real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [6] - The Pacific Northwest portfolio saw the strongest NOI growth of 6.6%, driven by return-to-office mandates [19] - In Ireland, same property NOI in the apartment portfolio increased by 3.5%, supported by occupancy growth and strong operating expense management [21] Company Strategy and Development Direction - The company is focused on simplifying its business through asset sales, reducing unsecured debt, and increasing free cash flow [10] - The asset sale program aims to generate between $400 million to $450 million in cash by year-end, with $150 million to $200 million expected to close by the end of Q2 [10] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong Q2 pipeline [9] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [6] - Management noted that the current economic environment presents attractive investment opportunities, and the company is well-positioned to capitalize on these [9] Other Important Information - The company has reduced its unsecured debt by $250 million over the last two years and plans to continue this trend [10] - Total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and an effective interest rate of 4.7% [16] - The company has a strong pipeline of advanced stages totaling $375 million in its new U.K. single-family rental platform [26] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% annual growth in fees, supported by a strong pipeline and future fundings [29][30] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [31][32][34] Question: Stock buyback plans - Management indicated that current cash usage is focused on paying down unsecured debt, with stock buybacks reconsidered post-debt reduction [35][36][37] Question: Dispositions and cap rates - Management confirmed that dispositions are well underway, with most expected to close in June, but refrained from commenting on specific cap rates [40][42] Question: Loan origination rates - Management noted some downward pressure on spreads due to increased competition, but still finds the rates attractive relative to alternatives [49][51] Question: Exposure to government-backed housing - Management reported that about 15% of tenants have some form of HUD backing, but expressed no immediate concerns regarding capital availability [56][60]