Knight-Swift Transportation Holdings Inc. (NYSE:KNX) Q1 2025 Earnings Conference Call April 23, 2025 5:30 PM ET Company Participants Brad Stewart - Treasurer & Senior Vice President, Investor Relations Adam Miller - Chief Executive Officer Andrew Hess - Chief Financial Officer Conference Call Participants Jonathan Chappell - Evercore ISI Brian Ossenbeck - JPMorgan Chase Ken Hoexter - Bank of America Tom Wadewitz - UBS Scott Group - Wolfe Research Daniel Imbro - Stephens Chris Wetherbee - Wells Fargo Ravi Sh ...

Financial Data and Key Metrics Changes - Newmont Corporation reported record first-quarter free cash flow of $1.2 billion and adjusted EBITDA of $2.6 billion, driven by strong operational performance and favorable gold prices [9][30][39] - The company generated $2 billion in cash flow from operations, marking a significant increase compared to previous quarters [9][30] - Gold all-in sustaining costs remained in line with full-year guidance at $1,651 per ounce for the first quarter [30] Business Line Data and Key Metrics Changes - In the first quarter, Newmont produced 1.5 million ounces of gold and 35,000 tonnes of copper, consistent with full-year guidance [9][39] - The divestment program resulted in over $2.5 billion in after-tax cash proceeds, enhancing the company's focus on its core operations [11][39] - The company anticipates a strong finish to the year from Boddington, with gold production expected to be approximately 53% weighted to the second half of the year [21] Market Data and Key Metrics Changes - The rise in gold prices has positively impacted cash flow and operational performance, with unprecedented volatility in global financial and commodity markets being closely monitored [10][39] - The company is focused on managing variables within its control amidst evolving tariff situations [10] Company Strategy and Development Direction - Newmont's priorities for 2025 include strengthening safety culture, stabilizing managed operations, and executing capital returns [5][13] - The company is committed to maintaining a strong balance sheet and returning capital to shareholders through predictable dividends and ongoing share repurchases [13][37] - The focus remains on delivering the potential of the 11 managed operations and three projects in execution, with a disciplined capital allocation strategy [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 commitments and emphasized the importance of safety, cost, and productivity performance irrespective of gold price fluctuations [56] - The company is actively monitoring geopolitical risks and maintaining strong relationships with governments in its operating jurisdictions [112] Other Important Information - Newmont completed its divestment program, allowing for a sharper focus on core operations and a significant reduction in debt [12][39] - The company has a robust share buyback program in place, with $755 million repurchased so far in 2025 [37] Q&A Session Summary Question: Lihir cash cost profile and mining for margin - Management highlighted efforts to configure the mine for sustainable performance and indicated that Lihir will meet its full-year cost guidance despite a $100 million non-cash impact from inventory adjustments [42][46] Question: Share buyback pace and capital return - Management confirmed ongoing share buybacks, supported by elevated gold prices and divestiture proceeds, with plans to continue this through the remainder of the year [48][50] Question: Impact of high gold prices on business management - Management stated that the focus remains on delivering safety, cost, and productivity performance, regardless of gold price fluctuations, while benefiting from the current high prices [54][56] Question: Progress on Ahafo North project - Management reported that Ahafo North is tracking well, with significant milestones achieved and a focus on safety during the high construction period [80][86] Question: Concerns about geopolitical risks - Management emphasized the importance of operating in stable jurisdictions and maintaining strong government relationships, with no immediate concerns regarding risks [112] Question: Future project considerations - Management indicated that Red Chris is a prime candidate for future capital allocation, with ongoing feasibility studies and engagement with local governments [60][104]

Financial Data and Key Metrics Changes - GATX Corporation reported Q1 2025 net income of $78.6 million or $2.15 per diluted share, compared to Q1 2024 net income of $74.3 million or $2.03 per diluted share, reflecting a year-over-year increase [6] - The first quarter results were in line with expectations, with a renewal lease rate increase of 24.5% and fleet utilization in North America at 99.2% [7][8] Business Line Data and Key Metrics Changes - GATX Rail North America's fleet utilization remained high at 99.2%, with a strong renewal success rate of 85.1% [8] - The investment volume in North America during the quarter was over $227 million, with over $30 million generated in asset remarketing income [11] - In Rail International, GATX Rail Europe's fleet utilization remained stable, while GATX Rail India's fleet utilization was very high at 99.6% [12] Market Data and Key Metrics Changes - The European railcar leasing market remains stable, with GATX Rail Europe experiencing high utilization rates [12] - In India, the infrastructure development needs remain strong, mitigating the impact of tariffs or global turmoil on long-term investment outlook [29] Company Strategy and Development Direction - GATX Corporation continues to focus on long-term value, emphasizing the resilience of its assets through economic cycles [34] - The company is prepared for potential economic downturns and is actively seeking investment opportunities during uncertain times [25][35] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of recent tariff announcements has had little effect on business and financial results, although longer-term economic growth could be affected [16][17] - The company reiterated its full-year earnings guidance of $8.30 to $8.70 per diluted share, reflecting confidence in its operational performance [14][34] Other Important Information - The first quarter net maintenance expense was higher compared to the previous year due to increased tank compliance activity [12] - The company has a strong balance sheet and investment-grade rating, providing funding flexibility [86] Q&A Session Summary Question: Concerns about tariff impacts and guidance adjustments - Management indicated that GATX Corporation typically does not adjust earnings guidance in the first quarter and reiterated its annual guidance despite macroeconomic uncertainties [39][40] Question: Supply-side dynamics in railcar leasing - Management confirmed the supply-led market thesis, noting that new railcar production remains constrained, supporting the business [43][45] Question: Demand risks across different markets - Management ranked Europe as having the most uncertainty due to minimal GDP growth, while North America showed strong renewal rates despite customer concerns [48][54] Question: Macro volatility and customer sentiment - Management noted that customers are holding onto their assets despite uncertainty, indicating a preference to maintain their current fleets [56][58] Question: New railcar prices and pass-through ability - Management acknowledged that new car prices are at high levels, but the relationship between new car prices and existing fleet pricing is indirect [64][66] Question: Secondary market valuations and expectations - Management expressed optimism about the secondary market, expecting a healthy remarketing year with valuations holding up well [70][73]

Financial Data and Key Metrics Changes - Subscription revenue for Q1 2025 was $3.005 billion, growing 20% year over year in constant currency, slightly above the high end of guidance [48] - Remaining performance obligation (RPO) ended at approximately $22.1 billion, representing 25.5% year over year constant currency growth [48] - Non-GAAP operating margin was 31%, 100 basis points above guidance, and free cash flow margin was 48%, up approximately 100 basis points year over year [56] Business Line Data and Key Metrics Changes - The number of deals greater than $1 million in net new annual contract value (ACV) was 72, up from 63 a year ago, with nine deals over $5 million [10][51] - Technology workflows had 36 deals over $1 million, including two over $5 million [11] - Core business workflows, including employee, finance, and supply chain solutions, were in half of the top 20 deals, with eight deals over $1 million [12] Market Data and Key Metrics Changes - Manufacturing delivered over 100% year over year growth in net new ACV, while healthcare and life sciences grew over 70% year over year [49] - The US public sector grew by over 30% year over year, with significant contributions from federal deals [22][49] Company Strategy and Development Direction - The company is focused on AI-driven transformation, with strong demand for its AI platform and a healthy pipeline [17][19] - ServiceNow aims to expand its addressable market, entering new areas such as data management with RaptorDB and enhancing CRM capabilities through acquisitions [26][31] - The intent to acquire Moveworks and Logic AI is part of a strategy to enhance employee self-service and CRM capabilities, respectively [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, emphasizing strong demand and a robust pipeline [72][74] - The guidance for 2025 was raised, reflecting optimism despite potential risks from geopolitical factors [61][64] - The company is committed to driving operational efficiencies and maintaining profitability through AI integration [146][148] Other Important Information - The company ended the quarter with $10.9 billion in cash and investments, and a share repurchase program was initiated [57] - The renewal rate remained at 98%, indicating strong customer retention [50] Q&A Session Summary Question: Insights on federal opportunities and enterprise customer decision-making - Management noted that demand remains strong, with customers focused on future growth and cost efficiency, despite geopolitical uncertainties [72][74] Question: Impact of Moveworks acquisition on technology execution - The acquisition is expected to enhance AI capabilities and provide a unified user experience, allowing for broader customer engagement [81][84] Question: CRM market ambitions and integration strategy - The company aims to redefine CRM with a fully integrated AI-powered approach, addressing complex customer needs efficiently [92][96] Question: Public sector growth and guidance context - The 30% growth in the public sector was in net new ACV, and management remains optimistic about long-term opportunities despite short-term conservatism in guidance [104][108] Question: Trends in Pro Plus adoption and growth initiatives - Pro Plus adoption is expected to continue growing, supported by strong customer interest in AI-driven efficiencies [132][135] Question: Short-term backlog growth and seasonality - Management confirmed that the expected seasonality of bookings and CRPO remains unchanged despite macroeconomic conditions [141]

Penumbra, Inc. (NYSE:PEN) Q1 2025 Earnings Conference Call April 23, 2025 4:30 PM ET Company Participants Cecilia Furlong - Business Development & IR Adam Elsesser - Chairman & CEO Maggie Yuen - CFO Jason Mills - EVP, Strategy Conference Call Participants Robbie Marcus - JPMorgan Lei Huang - Wells Fargo Pito Chickering - Deutsche Bank Macauley Kilbane - William Blair Bill Plovanic - Canaccord Travis Steed - Bank of America Ryan Zimmerman - BTIG Kallum Titchmarsh - Morgan Stanley Richard Newitter - Truist Ma ...

International Business Machines Corporation (NYSE:IBM) Q1 2025 Earnings Conference Call April 23, 2025 5:00 PM ET Company Participants Olympia McNerney - Global Head of IR Arvind Krishna - Chairman, President and CEO James Kavanaugh - SVP and CFO Conference Call Participants Jim Schneider - Goldman Sachs Wamsi Mohan - Bank of America Amit Daryanani - Evercore ISI Ben Reitzes - Melius Research Erik Woodring - Morgan Stanley Brian Essex - JPMorgan Matt Swanson - RBC Capital Markets Operator Welcome. And thank ...

Dave Pahl Welcome to the Texas Instruments Incorporated first quarter 2025 earnings conference call. I'm Dave Pahl, and I'm joined by our Chief Executive Officer, Haviv Ilan, and our Chief Financial Officer, Rafael Lizardi. In addition, Mike Beckman has joined us. As you may know, I will be retiring, and Mike will replace me as Vice President of Investor Relations. Mike has worked at Texas Instruments Incorporated for nearly two decades and has worked directly with me in investor relations for five years. M ...

Financial Data and Key Metrics Changes - In Q1 2025, pre-tax income was $53 million and net income was $39 million, translating to $1.26 per diluted share, while adjusted net income was $42 million or $1.36 per diluted share [23] - Home sales revenues for Q1 were $884 million, down 4% year-over-year due to lower deliveries and average sales price [24] - The average sales price in Q1 was $387,000, a decrease of 1% year-over-year [24] - Adjusted homebuilding gross margin was 21.6%, down from 22.9% in Q4 2024, while GAAP homebuilding gross margin was 19.9%, compared to 20.6% in the prior quarter [26] Business Line Data and Key Metrics Changes - Deliveries totaled 2,284 homes in Q1, a decline of 3% year-over-year, while net new contracts totaled 2,692 homes, a 6% decline versus the previous year but a 33% increase over Q1 2023 [10][24] - The absorption pace averaged 2.8% in Q1 2025, with a sequential increase in February and March, but was trending below Q1 levels in April [10][11] Market Data and Key Metrics Changes - The company experienced a slower than typical spring selling season due to economic uncertainty, interest rate volatility, and eroding consumer confidence [7] - The absorption rate in Texas was particularly low at 2.1%, impacting overall performance [40] Company Strategy and Development Direction - The company aims to balance pace and price at the community level to optimize returns, focusing on monetizing and completing homes while managing starts [11][12] - The community count increased by 26% year-over-year, ending Q1 with 318 communities, and the company expects mid-single-digit percentage growth in community count for year-end 2025 [18] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is underlying demand for affordable new homes, current headwinds are affecting sales cycles and consumer confidence [7][8] - The company is proactively managing costs and targeting incentives to drive sales, while also preparing for potential supply chain disruptions due to tariffs [12][66] Other Important Information - The company increased its quarterly cash dividend to $0.29 per share and repurchased 753,000 shares for $56 million at an average price of $73.76, representing a 13% discount to book value [31] - Full-year home delivery guidance was reduced to a range of 10,400 to 11,000 homes due to ongoing economic uncertainty [32] Q&A Session Summary Question: Absorption rate differences between Century Complete and regional businesses - Management explained that Century Complete performed better due to less direct competition in certain markets, while Texas had the lowest absorption rate impacting overall performance [36][39] Question: Future pricing strategies for moving product - Management indicated that they are using both price reductions and interest rate buy downs to move unsold homes, anticipating a potential increase in incentives [41][42] Question: Guidance for closings in the back half of the year - Management stated that community count growth will support higher closings in the second half of the year, despite current headwinds [47][48] Question: SG&A savings from workforce reductions - Management confirmed that cost savings from layoffs and other initiatives are incorporated into the SG&A guidance for the full year [49][50] Question: Pricing and buy down strategies - Management noted that the average rate for buy downs has been consistent in the mid-fives, with a mix of price cuts and incentives being used [54][55] Question: Timing of incentive increases - Management clarified that recent incentives were implemented in response to market volatility and aimed at achieving desired absorption rates [60][61] Question: Concerns about supply chain disruptions - Management acknowledged the potential for supply chain disruptions but stated that no significant impacts have been observed to date [66]

SEI Investments Company (NASDAQ:SEIC) Q1 2025 Results Conference Call April 23, 2025 5:00 PM ET Company Participants Brad Burke - Head of Investor Relations Ryan Hicke - Chief Executive Officer Sean Denham - EVP, Chief Financial Officer Sanjay Sharma - EVP and Global Head of Private Banking & Wealth Management, SEI Phil McCabe - EVP, Head of SEI's Investment Manager Services Michael Lane - EVP, Head of Asset Management Paul Klauder - EVP, Head of SEI’s Advisor business Conference Call Participants Owen Lau ...

ASGN Incorporated (NYSE:ASGN) Q1 2025 Earnings Conference Call April 23, 2025 4:30 PM ET Company Participants Kimberly Esterkin - Vice President of Investor Relations Ted Hanson - Chief Executive Officer Shiv Iyer - President Marie Perry - Chief Financial Officer Rand Blazer - Executive Vice Chairman Conference Call Participants Tobey Sommer - Truist Securities Mark Marcon - Robert W. Baird Kevin McVeigh - UBS Trevor Romeo - William Blair Jeff Silber - BMO Capital Markets Surinder Thind - Jefferies Joseph V ...