Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET Company Participants Tripp Sullivan - Investor Relations Peter Sack - Co-Chief Executive Officer David Kite - Chief Operating Officer Phillip Silverman - Chief Financial Officer Conference Call Participants Mark Smith - Lake Street Capital Operator Good day, and welcome to the Chicago Atlantic Real Estate Finance Third Quarter 2024 Earnings Call. All participants will be in listen-only mode. ...

Olo Inc. (NYSE:OLO) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Gary Fuges - Senior Vice President of Investor Relations Noah Glass - Founder and Chief Executive Officer Peter Benevides - Chief Financial Officer Conference Call Participants Connor Passarella - Truist Securities, Inc. Patrick McIlwee - William Blair & Company Bruce Goldfarb - Lake Street Capital Markets Operator Greetings, and welcome to the Olo Third Quarter 2024 Earnings Conference Call. At this time a ...

N-able, Inc. (NYSE:NABL) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET Company Participants Griffin Gyr - Investor Relations Manager John Pagliuca - President and Chief Executive Officer Tim O'Brien - Executive Vice President and Chief Financial Officer Conference Call Participants Brian Essex - JPMorgan Michael Richards - RBC Capital Markets Jason Ader - William Blair Michael Cikos - Needham & Company Operator Hello, everyone, and welcome to the N-able Third Quarter 2024 Earnings Call. My na ...

Financial Data and Key Metrics - Q3 2024 revenue increased 2% YoY to $702 million, driven by 5% growth in Personal Care Services (PCS) and 1% growth in Non-Emergency Medical Transportation (NEMT) [32] - Adjusted EBITDA for Q3 2024 was $43 million, or 6.2% of revenue, driven by solid performance in RPM and PCS segments, as well as operational improvements and cost savings in NEMT [33] - Net loss for Q3 2024 was approximately $27 million, while adjusted net income was $6 million, or $0.45 per diluted share [32] - Free cash flow for Q3 2024 was $1.5 million, consisting of $9.3 million in operating cash flow and $7.7 million in capital expenditures [41] Business Line Data and Key Metrics NEMT Segment - NEMT revenue increased 1% YoY to $492 million, with average monthly membership up 1% sequentially to 30 million [34] - NEMT adjusted EBITDA was $31 million, with a margin of 6.2%, down 99 basis points sequentially due to higher utilization, trip mix, and higher G&A expenses [36] - NEMT gross margin decreased 150 basis points sequentially to 11.3%, primarily due to growth in trips and trip mix, partially offset by cost-saving initiatives [35] - NEMT unit costs decreased, with purchased services expense per trip down 1% QoQ to $3.75 and payroll and other expenses per trip down 9% sequentially to $5.60 [35] Personal Care Services (PCS) Segment - PCS revenue increased 5% YoY to $189 million, driven by 3% growth in hours and 2% growth in revenue per hour [37] - PCS adjusted EBITDA was $16 million, or 8.3% of revenue, showing modest improvement from Q2 due to lower G&A expenses and slightly lower service expense per hour [38] - Reimbursement rate increases in New York, New Jersey, and West Virginia contributed to PCS growth [37] Remote Patient Monitoring (RPM) Segment - RPM revenue decreased 2% YoY but increased 2% sequentially to $19 million, with adjusted EBITDA margin at 37% [39] - RPM margins are expected to remain in the mid-30% range despite headwinds from Medicare Advantage (MA) supplemental benefit changes [40] Market Data and Key Metrics - Medicaid redeterminations impacted NEMT membership by approximately 220,000 members and adjusted EBITDA by less than $1 million in Q3 2024 [36] - Medicare Advantage (MA) accounts for 15% of NEMT revenue and 25% of RPM revenue, with anticipated contraction in MA business in 2025 [17] - The company expects a shift in MA mix to "winners" from "losers" due to market changes, with a focus on developing MA products in response to these shifts [17] Company Strategy and Industry Competition - The company is transitioning shared-risk NEMT contracts to fee-for-service arrangements, which will improve cash flow and reduce receivables build [11][12] - The company is focusing on cost-saving initiatives, including automation and technology optimization, which have driven $3 million in net cost savings in Q3 2024 [19] - The company is working to deleverage its balance sheet, with discussions ongoing with the bank group for long-term covenant relief [31][44] - The company is evaluating the potential sale of assets, including Matrix, to optimize value and reduce debt [60][61] Management Commentary on Operating Environment and Future Outlook - Management expects 2025 adjusted EBITDA to increase by approximately 10%, driven by membership growth, new contract wins, and cost-saving initiatives [15] - The company anticipates continued headwinds in the MA market but expects growth in Medicaid and other segments to offset these challenges [90] - Management highlighted the importance of the company's multimodal network strategy in reducing NEMT unit costs and improving operational efficiency [21] Other Important Information - The company collected $105 million in gross contract receivables in Q3 2024, including $42 million from retrospective prepayment resets and $39 million from early settlements [43] - The company ended Q3 2024 with $48 million in cash and $1.2 billion in debt, with a net leverage ratio of 5.6x [45] - The company maintained its 2024 revenue guidance of $2.7 billion to $2.9 billion and adjusted EBITDA guidance of $170 million to $180 million [46] Q&A Session Summary Question: Fee-for-service shift in NEMT contracts - The shift to fee-for-service is driven by the need for faster cash flow and cost of capital considerations, with state Medicaid contracts likely to remain full-risk [53] - The company expects margin compression in shared-risk contracts but believes the cost savings and operational efficiencies will offset this [54][55] Question: Cash flow and receivables outlook - The company expects to normalize working capital and free cash flow by mid-2025 as shared-risk contracts roll off and fee-for-service contracts take effect [57][58] - The company collected $105 million in gross contract receivables in Q3 2024 and expects to settle or repay $47 million in contract payables by mid-2025 [43][57] Question: Potential asset sales and deleveraging - The company is evaluating the sale of assets, including Matrix, as part of its strategy to deleverage the balance sheet [60][61] - The timing of asset sales will depend on market conditions and the company's ability to achieve the right valuation [62] Question: NEMT cost structure and margin outlook - The company has made significant progress in reducing NEMT unit costs through automation and multimodal strategies, with further cost savings expected in 2025 [82][83] - The company expects NEMT margins to improve as it transitions to fee-for-service contracts and continues to optimize its cost structure [84] Question: RPM headwinds and PCS margin outlook - RPM growth is expected to be impacted by MA headwinds, but Medicaid LTSS growth is expected to offset these challenges [90] - PCS margins are expected to improve, with a target exit rate of around 10% by the end of 2024 [87] Question: CDPAP revenue and EBITDA impact - The potential loss of CDPAP revenue would have an EBITDA impact of $3 million to $5 million, but the company expects to continue participating in the New York market [93][94] Question: Fee-for-service revenue mix in NEMT - The company expects approximately 60% of NEMT revenue to transition to fee-for-service by the end of 2025, with the remaining 40% in full-risk state contracts [97] Question: Cash flow conversion and deleveraging - The company expects a 30% cash flow conversion rate post-mid-2025, with potential for improvement to 50% as the company deleverages [110][111] Question: Pennsylvania rate study and Matrix monetization - The company is optimistic about a potential rate increase in Pennsylvania but cannot predict the timing [112] - The timing for Matrix monetization has been pushed out due to MA headwinds [113]

Call Start: 17:00 January 1, 0000 5:46 PM ET Porch Group, Inc. (NASDAQ:PRCH) Q3 2024 Earnings Conference Call November 7, 2024 17:00 ET Company Participants Lois Perkins - Head of Investor Relations Matt Ehrlichman - Chairman, Founder & Chief Executive Officer Shawn Tabak - Chief Financial Officer Nicole Pelley - Senior Vice President of Product & Technology Matthew Neagle - Chief Operating Officer Conference Call Participants John Campbell - Stephens Jason Helfstein - Oppenheimer Steven Hromin - Oppenheime ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q3 2024 Results Conference Call November 7, 2024 8:00 AM ET Company Participants Kathryn Flynn - Corporate Controller James Green - Chairman, President and CEO Jennifer Cote - CFO Conference Call Participants Paul Knight - KeyBanc Bruce Jackson - The Benchmark Company Operator Good day, and welcome to the Third Quarter 2024 Harvard Biosciences Inc. Earnings Conference Call. [Operator Instructions] As a reminder, this call may be recorded. I would like to turn the call ...

Financial Data and Key Metrics - Revenue for Q1 2025 increased by 4% to $8.4 million compared to $8.1 million in the same quarter last year [33] - Gross profit increased by 22% to $2.8 million, representing 34% of total revenue, up from 29% in the prior year [34] - Operating expenses rose by 23% to $3.3 million, driven by increased legal and consulting fees related to business development initiatives [35] - Net loss for the quarter was $1.6 million, or $0.04 per share, compared to a net loss of $1.3 million, or $0.04 per share, in the same quarter last year [36] - EBITDA loss for the quarter was $0.5 million, compared to a loss of $0.4 million in the prior year [37] - Cash and cash equivalents stood at $4.3 million as of September 30, 2024, up from $3.5 million as of June 30, 2024 [38] - Total debt was $3.9 million, and backlog totaled $21 million as of September 30, 2024 [38] Business Line Data and Key Metrics - Infrared components accounted for $2.6 million or 31% of total revenue [33] - Visible components contributed $3.3 million or 39% of total revenue [33] - Assemblies and modules generated $1.1 million or 13% of total revenue [33] - Engineering services revenue was $1.4 million or 17% of total revenue [33] - The company's transformation from a component supplier to a system provider has resulted in 30% of revenue coming from system-level solutions, up from a negligible amount prior to the strategic shift [10] Market Data and Key Metrics - Defense-related sales accounted for over 30% of total revenue, with most coming from the US market [17] - The European defense market is emerging as a growth opportunity, with recent wins in Europe validating the company's strategy [16][17] - The company expects significant growth in the European defense market, with some customers potentially becoming 10% customers [17] - The total addressable market (TAM) for thermal cameras is estimated at $9 billion and growing rapidly [18] Company Strategy and Industry Competition - The company's growth strategy is built on three pillars: proprietary cameras and optics, government and defense solutions, and new commercial applications [8] - The company is leveraging its proprietary BlackDiamond materials to replace Germanium in defense applications, with Phase 2 funding from the DoD to qualify additional materials [13][15] - The Lockheed Martin missile program represents a transformative opportunity, with potential annual revenues of $50 million to $100 million if Lockheed wins against Raytheon [26] - The company is also targeting the automotive market, particularly in thermal imaging for ADAS systems, driven by new NHTSA mandates [29] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and growth trajectory, citing strong progress in defense, automotive, and camera solutions markets [40] - The company is well-positioned to capitalize on the growing demand for thermal imaging in both defense and commercial applications [18][29] - Management highlighted the potential for significant growth in the European defense market, driven by recent wins and the acquisition of a European defense license [17] - The company is focused on scaling production capabilities to meet increasing demand, particularly in defense and industrial applications [30] Other Important Information - The company recently launched a new Optical Gas Imaging (OGI) camera platform for detecting fugitive gas emissions in the oil and gas industry [22] - The company has integrated Visimid Technologies' expertise to develop advanced thermal cameras and imaging systems, creating a strong entry point in the system-level product market [18] - The company has achieved airworthy qualification for its subsystem in the Lockheed Martin missile program and is preparing for low-rate initial production [25] Q&A Session Summary Question: European Market Traction and Timeline for 10% Customers - The European defense market follows a similar timeline to the US, with large programs typically taking up to two years to move from development to production [42] - The FPV drone application is an exception, with faster adoption due to the use of commercial solutions [44] - The sales team in Europe is strong, but local partners may be needed in certain countries [45] Question: Lockheed Martin Program Timeline - The Lockheed Martin program is progressing rapidly, with airworthy qualification achieved and flight tests underway [46] - The timeline for the Lockheed decision remains fluid, with indications expected around September or October 2025 [46] Question: Camera Business Growth and Backlog - The camera business is expected to see strong growth in the second half of the fiscal year, driven by new product launches and customer budget cycles [48][49] - The backlog is flat year-over-year, but this reflects growth in other businesses after the loss of a major customer [66] Question: Gross Margins on Large Defense Contracts - Gross margins on large defense contracts are expected to be between 30% to 40%, driven by government accounting standards [56] Question: Industrial Camera Go-to-Market Strategy - The company has strengthened its go-to-market strategy for industrial cameras, with early traction seen in the oil and gas sector [70][71] - The company expects to see significant revenue growth from industrial cameras as customer budgets take effect in January 2025 [72] Question: Apache Modernization and Space Applications - The company is involved in modernization programs for platforms like the Apache helicopter, though specific details on contracts like Project Longbow were not disclosed [74] - The company is not directly involved in space collision avoidance systems but may be indirectly involved through LiDAR customers [81]

Viad Corp (NYSE:VVI) Q3 2024 Earnings Call Transcript November 7, 2024 5:00 PM ET Company Participants Carrie Long - Investor Relations Steve Moster - President and Chief Executive Officer Ellen Ingersoll - Chief Financial Officer David Barry - President-Pursuit Conference Call Participants Tyler Batory - Oppenheimer Bryan Maher - B. Riley Alex Fuhrman - Craig-Hallum Operator Good afternoon, My name is Jayla and I will be your conference operator today. At this time I would like to welcome everyone to the V ...

BGSF, Inc. (NYSE:BGSF) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Sandy Martin - Managing Director-Three Part Advisors Beth Garvey - Chair, President and Chief Executive Officer John Barnett - Chief Financial Officer Conference Call Participants Operator Good morning, everyone. Welcome to the BGSF, Inc. Fiscal 2024 Third Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I will now turn the conferen ...

Fossil Group, Inc. (NASDAQ:FOSL) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Christine Greany - The Blueshirt Group Franco Fogliato - Director & CEO Andrew Skobe - Interim CFO Conference Call Participants Operator Good afternoon, ladies and gentlemen, and welcome to the Fossil Group Third Quarter 2024 Earnings Call. At this time, all parties are in listen-only mode. This conference call is being recorded and may not be reproduced in whole or in part without written perm ...