Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% over 2024, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [9] - Adjusted FFO was $0.19 per share, an increase of $0.01 or 5.6% over 2024 [10] - Free cash flow per share increased by 10% to $0.63 per share over the prior four-quarter period [10] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR grew by 5%, driven by group and business transient segments, with room revenues up 3.1% in January, 2.6% in February, and 5.4% in March [4] - Food and beverage revenue at urban hotels declined by 3.3% year over year, but excluding the Chicago Marriott, it increased by 5.5% [5] - Resort portfolio comparable RevPAR declined by 2.1% over 2024, with total revenues slightly up in January and February but down 4.3% in March [6][7] - Group room revenues increased by 10.4% over last year on a 5.2% increase in room nights [8] Market Data and Key Metrics Changes - Florida assets saw mid-single-digit revenue declines, with RevPAR down 5.9% and total RevPAR down 4% [7] - Outside of Florida, RevPAR increased by 1.7% and total RevPAR increased by 2.9% [7] - Preliminary April RevPAR showed better than 2% growth [30] Company Strategy and Development Direction - The company is focused on adding groups to resorts to preserve pricing and improve profitability [8] - Plans to refinance maturing loans through a combination of corporate debt issuance and recasting the corporate credit facility [12] - The company is pursuing opportunities to dispose of non-strategic assets while recycling proceeds into attractive investment alternatives [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the unsettled macroeconomic environment has led to softer closure rates for group bookings [9] - The long-term secular drivers for US resorts remain strong, but near-term performance could be soft [20] - The company expects economic anxiety to settle as 2025 progresses, with a focus on increasing earnings per share [27] - Revised full-year 2025 RevPAR outlook to a range of -1% to +1% growth, reflecting a cautious stance on group bookings [23] Other Important Information - The company intends to continue paying a quarterly dividend of $0.08 per share in 2025 [10] - Share repurchases totaled approximately $16 million or 2.1 million shares at an average price of $7.85 [11] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Preliminary April is showing a little better than 2% growth [30] Question: Renovation project costs and tariffs - Costs depend on the type of renovations; efforts are being made to secure materials before tariffs are reinstated [31][32] Question: Group conversion profile and average group size - The average hotel is about 200 to 250 rooms, with groups running the gamut from associations to corporate [36][37] Question: Group pacing in specific markets - Denver and Salt Lake are showing significant strength in group bookings [41] Question: Holes in group bookings for the rest of the year - The biggest holes are due to difficult comps in Chicago and Boston [48] Question: Average booking window for groups - Smaller groups tend to book 4 to 6 months out, while larger groups book 8 to 12 months out [53] Question: Competitive supply growth and developer behavior - Approximately 40% to 50% of markets have little to no supply growth due to anti-development stances [82]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $193 million, with EBITDA of $20 million, meeting expectations [16] - Orders increased by 6% to $201 million, resulting in a book-to-bill ratio of 104% [16] - Free cash flow generated in Q1 was $7 million, three times higher than the same quarter last year, marking the seventh consecutive quarter of positive free cash flow [21][22] Business Line Data and Key Metrics Changes - The Drilling and Completion segment saw a revenue increase of $5 million, driven by a rebound in sales of completions-related consumables and capital equipment [17] - The artificial lift and downhole segment experienced a revenue decline due to unfavorable product mix and softer demand for Veraperm products [18] - The Valve Solutions product line faced negative headwinds due to tariffs impacting demand, leading to a buyer strike and reduced orders [19] Market Data and Key Metrics Changes - Oil prices have declined significantly, hovering near four-year lows, which may lead to a reduction in global rig count in the second half of the year [8] - The company anticipates a modest 2% to 5% decline in global drilling and completions activity for the full year [13] - Despite market uncertainty, operators have not materially deviated from their plans, with expectations for flat quarter-over-quarter results in Q2 [20] Company Strategy and Development Direction - The company is focusing on mitigating tariff impacts, optimizing the supply chain, and reducing costs and inventory [9] - Plans include increasing assembly activities in Saudi Arabia and Canada to efficiently serve global markets [10] - The company aims to utilize 50% of free cash flow for debt reduction and the remaining for strategic investments, including share repurchases [24] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the economic uncertainty due to U.S. trade policies and OPEC's supply growth, which could pressure commodity prices [7] - The company remains confident in its ability to generate free cash flow and maintain a strong balance sheet, with no debt maturities until 2028 [23] - Long-term growth potential is viewed positively, driven by increasing energy demand due to population growth and economic expansion [28] Other Important Information - The company has strategically de-risked its supply chain to minimize dependence on specific countries [11] - A focus on expense and inventory management has led to the highest level of free cash flow in nearly a decade in 2024 [12] Q&A Session Summary Question: Subsea bookings and product adoption - Management highlighted a 60% quarter-over-quarter increase in subsea bookings due to customer adoption of new products, with strong demand for remote-operated vehicles [34][35] Question: Strength in drilling completion orders - The increase in orders for stimulation-related equipment was attributed to a rebound from low purchase levels at the end of the previous year, with crews working more efficiently [36][38] Question: Share repurchases and leverage ratio - Management clarified that share repurchases were executed despite ending the quarter slightly above the 1.5 leverage ratio, with plans to continue as cash flows allow [44][45] Question: Cost reduction efforts - The company is targeting $10 million in annualized cost reductions, with some benefits expected in Q2 and more in Q3 [46][47] Question: Customer behavior regarding pricing and tariffs - Management noted that customers are currently hesitant to purchase due to high prices and tariff uncertainty, leading to a buyer strike [51][52] Question: Seasonal impacts in Canada for Veraperm - Management indicated that the challenges faced by Veraperm in Canada are temporary and linked to customer and product mix, with expectations for improvement in the second half of the year [60][61] Question: Geographical diversification benefits - The company is leveraging its geographical diversification to mitigate tariff impacts and optimize manufacturing processes [74][75]

Skyward Specialty Insurance Group (SKWD) Q1 2025 Earnings Call May 02, 2025 09:30 AM ET Company Participants Natalie Schoolcraft - VP - IRAndrew Robinson - CEO & Chairman of BoardMark Haushill - Executive VP & CFOMatt Carletti - Managing DirectorMeyer Shields - Managing DirectorC. Gregory Peters - Managing Director - InsuranceAndrew Kligerman - Managing Director Conference Call Participants Alex Scott - Equity Research AnalystMark Hughes - AnalystMike Phillips - Managing Director and Insurance Analyst Opera ...

Financial Data and Key Metrics Changes - Sales for the first quarter of 2025 were $378 million, representing a 12% increase year-over-year [11] - Sales volume increased by approximately 7%, driven by improved operational performance and higher granular ammonium sulfate sales [11] - Adjusted EBITDA was $52 million with an adjusted EBITDA margin of 13.7% [12] - Adjusted earnings per share increased to $0.93, up $1.49 compared to the prior year [12] - Free cash flow was negative $23 million, an improvement of $49 million year-over-year [13] Business Line Data and Key Metrics Changes - In the Plant Nutrients segment, ammonium sulfate prices increased by 34% year-over-year, supported by higher energy costs and tighter supply-demand conditions [18] - The nylon business experienced a slow start but saw orders and pricing pick up, with stable domestic demand amid macroeconomic factors [21] - In Chemical Intermediates, acetone prices declined sequentially and year-over-year, but remained above cycle averages [24] Market Data and Key Metrics Changes - The North American corn planting season is expected to reach 95 million acres, supporting strong nutrient demand [19] - Domestic nylon demand remained stable, but global oversupply conditions continued to pressure pricing [22] - Acetone demand is expected to improve in the second quarter following downstream turnarounds and seasonal improvements [25] Company Strategy and Development Direction - The company is focused on operational excellence and maintaining high utilization rates to capture competitive cost advantages [6] - Continued investment in growth and enterprise initiatives is aimed at sustainably improving through-cycle profitability [9] - The company is well-positioned as a U.S.-based manufacturer aligned with domestic supply chains and energy markets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying industry fundamentals supporting nutrient demand despite higher raw material prices [19] - The company is navigating a dynamic environment while focusing on cash flow management and disciplined investments [30] - Management highlighted the importance of maintaining a healthy balance sheet to enable strategic capital allocation [30] Other Important Information - The company received approximately $39 million in aggregated insurance proceeds related to the 2019 PES cumene supplier shutdown [9] - Capital expenditures for 2025 are forecasted to be between $145 million and $155 million, with a focus on maintaining operational safety and sustainability [16] Q&A Session Summary Question: Tactical moves in response to uncertainty - Management indicated that they are focused on delivering for customers and right-sizing inventory buffers without increasing inventory levels [38][39] Question: Assurance of sulfur supply - Management stated that they have a broad supply mix for sulfur and anticipate that supply will be ample for their needs [42] Question: Outlook for ammonium sulfate post-spring demand - Management confirmed a robust order book and expects record volume for the fertilizer year, with a focus on domestic demand growth [66] Question: Nylon market share and tariffs - Management noted that while tariffs could lead to higher costs, they are monitoring the engineering plastic demand closely and focusing on execution [61][62] Question: CapEx and acquisition opportunities - Management expressed interest in evaluating inorganic opportunities as they expect to bring base CapEx back in line after completing larger projects [69]

MasTec (MTZ) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Christopher Mecray - VP - IRJ. Marc Lewis - Retired VP - IRJosé R. Mas - CEO & DirectorPaul Dimarco - Executive VP & CFOJamie Cook - Managing Director - Equity ResearchAndrew Kaplowitz - Managing DirectorAtidrip Modak - Vice President - Energy Services & E&PsJustin Hauke - Vice President and Senior Research AssociateDrew Chamberlain - Equity Research AssociateLiam Burke - Managing DirectorBrian Brophy - Associate Vice President ...

Cooper-Standard (CPS) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Roger Hendriksen - Director of Investor RelationsJeffrey Edwards - Chairman & CEOJonathan Banas - Executive VP & CFOKirk Ludtke - Managing DirectorBen Briggs - Director Conference Call Participants Michael Ward - Finance Analyst Operator Good morning, ladies and gentlemen, and welcome to the Cooper Standard First Quarter twenty twenty five Earnings Conference Call. During the presentation, all participants will be in l ...

Olin (OLN) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Steve Keenan - Director of Investor RelationsKenneth Lane - President, CEO & DirectorTodd Slater - SVP & CFODavid Begleiter - DirectorJosh Spector - Executive DirectorKevin McCarthy - PartnerFrank Mitsch - PresidentVincent Andrews - Managing DirectorJohn Roberts - Managing DirectorMatthew Blair - Managing DirectorMichael Sison - Managing Director Conference Call Participants Patrick Cunningham - Vice President, Senior AnalystAlek ...

CTO Realty Growth (CTO) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Jenna McKinney - Director of FinanceJohn Albright - President and CEOPhilip Mays - Senior VP, CFO & TreasurerRJ Milligan - Managing DirectorRob Stevenson - Managing Director - Head of Real Estate ResearchMatthew Erdner - DirectorGaurav Mehta - Managing DirectorCraig Kucera - MD - Equity Research Conference Call Participants John Massocca - Senior Research Analyst Operator Good day and thank you for standing by. Welco ...

AptarGroup (ATR) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Mary Skafidas - Senior VP of IR & Corporate CommunicationsStephan Tanda - President, CEO & Executive DirectorVanessa Kanu - Executive VP & CFOGeorge Staphos - Managing Director Conference Call Participants Ghansham Panjabi - Senior Research AnalystMatthew Roberts - Equity Research AnalystDaniel Rizzo - AnalystMatt Larew - Research Analyst - HealthcareGabe Hajde - Analyst Operator Ladies and gentlemen, thank you for standing ...

Financial Data and Key Metrics Changes - Fundraising in Q1 2025 reached a record $3.2 billion, contributing to a target of $6 billion for the year [6][24] - Fee-related earnings (FRE) were $42.6 million or $0.27 per share, reflecting a 2116% year-over-year growth [6][8] - Assets under management (AUM) grew to $46 billion, a 43% increase year-over-year and over 9% sequentially [10][26] - Distributable earnings were $37 million or $0.23 per share, up 12% year-over-year [8][32] Business Line Data and Key Metrics Changes - Fee-earning AUM increased to $35 billion, a 46% year-over-year growth and 6% sequentially [10][28] - Organic net inflows into fee-earning AUM were over $700 million, representing an annualized organic growth rate of over 8.6% [7][26] - Management fee revenue for Q1 was $77.3 million, up 28% year-over-year, but down 17% sequentially due to seasonal factors [28][29] Market Data and Key Metrics Changes - Approximately 20% of fee-earning AUM were in permanent capital vehicles, which is a key long-term objective [13][22] - Strong demand from Asian sovereign wealth fund investors led to $1 billion in commitments during the quarter [14][15] - Local investors accounted for approximately 17% of fundraising in Q1 2025, indicating a growing interest in alternative investments [22] Company Strategy and Development Direction - The company aims to diversify its investment strategies and product offerings, enhancing resilience against global uncertainties [23][24] - The focus is on organic growth through customized investment accounts and special managed accounts, moving away from a product-centric model [6][12] - The company is positioned to benefit from geopolitical shifts, with a low exposure to U.S. tariffs and a focus on local consumption markets in Latin America [17][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $6 billion fundraising target despite global uncertainties [24][31] - The company believes Latin America is becoming a more attractive destination for capital, benefiting from low geopolitical risks and strong local consumption [18][39] - Management anticipates that the ongoing trade conflicts may lead to increased foreign direct investment (FDI) in the region [42] Other Important Information - The company has a net debt of approximately $143 million, with a net debt to FRE ratio well below one time [32] - The effective tax rate for the quarter was 9.2%, with expectations to trend towards 10% by 2027 [32] - A quarterly dividend of $0.15 per share was approved for 2025, with intentions to repurchase shares throughout the year [33] Q&A Session Summary Question: How are portfolios positioned regarding higher tariffs in the U.S.? - Management indicated that most investments are Latin America-oriented, with minimal exposure to Mexico, and sectors are resilient and locally driven [37][39] Question: Could Chinese institutions divert allocations from U.S. to LatAm? - Management confirmed that there is increased interest from Asian investors, with significant commitments already made [43][45] Question: Is there potential upside to the $6 billion fundraising target? - Management maintained the $6 billion target but acknowledged the strong start with $3.2 billion raised in Q1 [52][54] Question: Update on integration of M&A completed last year? - Management reported that 2025 is focused on integration, with no major issues encountered and synergies expected to improve margins [70][74] Question: Overview of the $3.5 billion pending fee AUM? - Management stated that most pending AUM will be allocated to infrastructure and GPMS verticals, with an average management fee of 96 basis points expected [78][80]