Financial Data and Key Metrics Changes - Wheaton Precious Metals achieved record revenue of approximately $1.3 billion in 2024, a 26% increase from the previous year, driven by a 20% rise in realized commodity prices and a 5% increase in sales volumes [31] - Adjusted net earnings reached a record $640 million, up 20% year-over-year, with adjusted earnings per share at $0.44, a 21% increase [30][31] - The company reported record quarterly revenue of $381 million in Q4 2024, with a gross margin of $247 million, reflecting increases of 21% and 40% respectively compared to Q4 2023 [27] Business Line Data and Key Metrics Changes - Annual production totaled 635,000 gold equivalent ounces (GEOs), exceeding the top end of production guidance for the year [8] - In Q4 2024, Salobo produced 84,000 ounces of attributable gold, a 17% increase from Q4 2023, while silver production increased by 16% to 970,000 ounces [17][18] - Penasquito's silver production surged by approximately 138% year-over-year, producing over 2.4 million ounces in Q4 2024 [21] Market Data and Key Metrics Changes - The company anticipates a production increase in 2025, projecting attributable production of 350,000 to 390,000 ounces of gold and 20.5 million to 22.5 million ounces of silver [25] - The five-year production forecast estimates a 40% increase to 870,000 GEOs by 2029, driven by new projects and existing operations [11][25] Company Strategy and Development Direction - Wheaton is focused on reinforcing its growth profile through strategic acquisitions, having committed $910 million on four precious metals transactions in 2024 [37] - The company aims to maintain a strong balance sheet to capitalize on future opportunities while committing to a progressive dividend policy [52][46] - Wheaton has been recognized for its sustainability efforts, being one of only two resource-focused companies to be included in the 2025 Global 100 Most Sustainable Corporations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong cash flows and a robust pipeline of development projects [45][34] - The CEO highlighted the importance of maintaining a healthy balance sheet to take advantage of investment opportunities in a strong gold market [52][63] Other Important Information - The company declared a quarterly dividend of 16.5 cents per share, a 6.5% increase from the previous quarter, reflecting a commitment to returning value to shareholders [35] - An impairment charge of $109 million was recognized due to a decline in market cobalt prices, impacting net earnings [29][30] Q&A Session Summary Question: Dividend Payout Ratio - The management acknowledged that the current payout ratio is lower than the previously discussed range, emphasizing the need to balance cash reserves for future opportunities [51][52] Question: Capital Deployment in 2025 - Management indicated that they expect to deploy a similar amount of capital in 2025 as in 2024, focusing on high-quality transactions [59][60] Question: Production Guidance for New Mines - Management provided guidance indicating a bias towards higher production in the second half of 2025, estimating 45% in the first half and 55% in the second half [77] Question: Salobo Production Profile - Management described Salobo's production profile as static over the next few years, with expected grade fluctuations typical of open-pit operations [144]

Financial Data and Key Metrics Changes - The company's revenue for Q4 2024 was $5.9 million, down from $6.7 million in the same quarter last year, primarily due to the fulfillment of a U.S. Navy armor contract [10][11] - The operating loss for Q4 was approximately $1.3 million, compared to an operating income of about $0.1 million in Q4 2023 [16] - A net loss of $1 million or $0.07 per share was reported, contrasting with a net income of $0.2 million or $0.01 per diluted share in Q4 of fiscal 2023 [17] - The gross loss in Q4 was $0.3 million, representing approximately negative 4.6% of sales, compared to a gross profit of $1.1 million or 17% of sales last year [14] Business Line Data and Key Metrics Changes - Sales declined year-over-year due to the completion of the armor contract, but there was a significant sequential increase of 40% in revenue from Q3 2024 due to increased customer shipments [6][21] - The company is fulfilling a $13.3 million contract with a semiconductor manufacturer for power module components, which is expected to continue through September 2025 [23] - Continued strong demand for power module components and related solutions from both new and existing customers was noted [12] Market Data and Key Metrics Changes - The company is experiencing strong demand for its metal matrix composites and hermetic packaging applications, particularly in high-speed rail, wind turbines, and electric vehicle applications [24][39] - The company is actively seeking new customers in the aerospace industry for its fiber reinforced aluminum (FRA) products [39] Company Strategy and Development Direction - The company aims to expand its product offerings and target new applications in key markets with demanding technical requirements [25] - Plans to add new product lines leveraging proprietary technology, including aluminum infiltrated products, were discussed [27] - The company is optimistic about securing additional armor orders for Navy vessels in fiscal 2025, despite current budget challenges [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a turnaround from Q3 results, with expectations for improved financial performance and operational execution in 2025 [21][38] - The company anticipates improving gross margins and bottom-line results as production volumes increase and one-time expenses are behind them [38] - Management highlighted the importance of ongoing strong customer demand and expanded manufacturing capabilities for future growth [41] Other Important Information - The company has transitioned to a new auditing firm, PKF O'Connor Davies, for its 2024 audit [9][19] - The company reported a significant increase in cash and marketable securities, ending the year with $3.3 million in cash and $1 million in marketable securities, compared to $8.8 million in cash at the start of 2024 [17] Q&A Session Summary Question: What is the market size for radiation shielding in the trucking business? - Management indicated that the market is still in development, with early interest from various applications beyond trucking, including facility management and aerospace [44][48] Question: What kind of revenues might be expected in the next year or two for those applications? - Management stated it is difficult to quantify revenues at this stage due to the diverse markets and the need for certification as a supplier [49][50] Question: Will the company manufacture munitions rounds if accepted by the army? - Management explained that the SBIR funding allows for potential sole source provision if the company can meet the army's needs through the development process [53][56] Question: What is the timeline for the munitions development process? - The SBIR program has a 6-month Phase-1, followed by a potential 24-month Phase-2, depending on the progress made [58][60] Question: What is the status of the Southeast Asian Armor contract? - Management confirmed that development work is ongoing to restore potential for the armor contract, but a timeline for further testing is not currently available [104][106]

Financial Data and Key Metrics Changes - The company reported Q4 net sales of $942 million, a 1% increase in constant currency compared to Q4 last year, which was up 21% versus 2019 [4] - Gross margin improved to 60.2%, up 30 basis points from the prior year, driven by disciplined promotion and discount strategies [5] - Adjusted EBITDA for Q4 was $195 million, with a record EBITDA margin of 20.7%, up 160 basis points year-over-year [6] - Free cash flow generation for Q4 was $135 million, an increase of $3 million from Q4 2023 [7] - For the full year, adjusted net income was $370 million, compared to $392 million in the prior year [94] Business Line Data and Key Metrics Changes - The Samsonite brand saw a 4.6% increase in Q4, while Tumi was up 4.4% in the same period [12][13] - American Tourister experienced a decline of 6.9% in Q4, but was up 1.3% when excluding India [14][15] - Non-travel product categories continued to grow, with a 2% increase overall across all brands [100] Market Data and Key Metrics Changes - Asia showed a sequential improvement, with a decline of 6% in Q4 compared to a 11.5% decline in Q3, largely influenced by India [8][10] - North America experienced a growth of 3.9% in Q4, recovering from an 8% decline in Q3 [10] - Europe delivered a solid performance with a 5.6% growth in Q4, while Latin America continued its strong trend with a 14% growth [11] Company Strategy and Development Direction - The company is focused on maintaining strong gross margins while investing in brand elevation and direct-to-consumer (DTC) channels [33][35] - There is a strategic emphasis on expanding the non-travel segment, which has shown growth potential [100] - The company plans to continue opening new stores, particularly in Asia and Europe, to enhance brand presence and consumer experience [62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about travel trends remaining robust over the next several years, which is expected to drive long-term growth [111] - The company is seeing positive early signs in India and anticipates a recovery in the market [39][99] - Management acknowledged challenges in the premium luxury sector, particularly for Tumi, but noted a recovery in Q4 [100] Other Important Information - The company reduced inventory by $44 million compared to 2023, indicating effective inventory management [36] - The company has made significant progress in sustainability, with 40% of products incorporating recycled materials [75][80] Q&A Session Summary Question: What are the trends in the travel market? - Management noted that travel trends are expected to remain robust, which will support long-term growth [111] Question: How is the company managing its inventory levels? - The company successfully reduced inventory by $44 million, indicating effective management strategies [36] Question: What is the outlook for the Indian market? - Management indicated that there are signs of stabilization in India, with hopes for positive contributions in the future [99]

Financial Data and Key Metrics Changes - The company reported a reduction in financial liabilities, decreasing from BRL 26 billion to BRL 13.6 billion since privatization, representing a 50% reduction [21] - The gross debt stands at BRL 75.6 billion, which represents four years of funding [24] - The company declared BRL 4 billion in dividends for 2024, reflecting a strong financial performance [24][48] Business Line Data and Key Metrics Changes - The operational costs have decreased to BRL 6.784 billion in 2024, with a consistent trend of reduction in PMSO costs [19] - The company has reached 700 free energy customers, indicating growth in its trading area [18] - Investments in generation and transmission have increased significantly, with BRL 6 billion invested in both segments combined [26] Market Data and Key Metrics Changes - The average energy spot price reached BRL 330 per megawatt hour, with significant fluctuations observed due to the hydroelectric nature of the market [34][36] - The company noted a decrease in reservoir levels, impacting energy price volatility, with a current level of 3.7% in demand compared to 5.2% in 2010 [39] Company Strategy and Development Direction - The company is focusing on a transformation agenda that includes prudent financial management and capital allocation, with an emphasis on ESG initiatives [17][30] - The strategy includes optimizing the portfolio and investing in greenfield projects, with several auctions planned for the coming years [114] - The management aims to maintain a balance between shareholder remuneration and future investments, ensuring sustainable growth [101] Management Comments on Operating Environment and Future Outlook - The management highlighted the increasing volatility in the energy market due to intermittent renewable sources and shrinking reservoirs, necessitating a conservative approach [42][46] - The company is preparing for a more volatile environment in the coming years, particularly in the generation segment [45] - Management expressed confidence in the trajectory of costs and the potential for improved pricing in the short term [48] Other Important Information - The company has implemented a new policy for liability management, enhancing governance and professional standards within the executive board [11] - A significant cultural transformation is underway, including the unification of collective bargaining agreements across the company [19] Q&A Session Summary Question: Inquiry about the agreement with the federal government and energy trading liquidity - The company is currently finalizing the wording of the conciliation term and plans to hold an extraordinary assembly for shareholder approval [61] - Market liquidity was good in the last quarter, with a successful auction of 350 megawatts [62] Question: Expectations for future investments and PMSO levels - The company has a significant backlog of investments, with a focus on quality over quantity to mitigate execution risks [74] - A recurrent PMSO level below BRL 6 million is anticipated for 2025, with a downward trend expected [76] Question: Price expectations for 2025 and risk management - The company is closely monitoring market volatility and has implemented a robust risk analysis methodology to protect its portfolio [82] - Efficient portfolio management is crucial to maximize results amid expected price fluctuations [85] Question: Long-term strategy for cost reduction and thermal plant operations - Seasonality in costs is acknowledged, with efforts to mitigate its impact moving forward [89] - The closing of thermal plant operations is anticipated to occur in the second quarter, pending ongoing negotiations [90] Question: Dividend methodology and future projections - The company aims for quarterly remuneration, balancing shareholder returns with future investment needs [94] - A conservative approach to leverage in the generation segment is emphasized, with a focus on maintaining financial stability [98] Question: Transmission revenue recovery and cash availability for negotiations - The company is focused on simplifying its assets and participating in auctions for growth opportunities [114] - Flexibility in cash availability is recognized, but global solutions for compulsory loans are not anticipated [112]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $33.6 million, down 2% year over year in constant currency, while adjusted net revenue was $17.6 million, up 5.7% year over year in constant currency [7] - Adjusted EBITDA for Q4 2024 was $0.9 million, an increase from $0.1 million a year ago [7] - The company reported a net loss of $0.6 million, or $0.20 per diluted share, compared to net income of $0.7 million, or $0.23 per diluted share in the same period last year [8] Business Line Data and Key Metrics Changes - Revenue for the Americas business increased 18%, with adjusted net revenue increasing 5% year over year in constant currency, and adjusted EBITDA rose to $0.5 million from $0.2 million a year ago [10] - Asia Pacific revenue decreased 10%, while adjusted net revenue increased 6% year over year in constant currency, with adjusted EBITDA remaining flat at $0.9 million [11] - EMEA revenue increased 7% versus the prior quarter in constant currency, with adjusted net revenue up 5%, but adjusted EBITDA decreased to $0.2 million from $0.6 million a year ago [12] Market Data and Key Metrics Changes - The company generated $2.0 million of cash flow from operations in Q4 2024, down from $3.3 million in Q4 2023 [13] - The working capital, excluding cash, was $11.9 million compared to $12.0 million at December 31, 2023 [13] Company Strategy and Development Direction - The company focused on restructuring and repositioning for growth in 2024, investing $3.4 million in sales, marketing, and technology to enhance future growth [6][15] - A digital division was launched, and a Chief Digital Officer was hired to improve digital capabilities and deliver innovative talent solutions [17] - The company aims to expand its geographical reach and service offerings, with a focus on organic growth and enhancing market share with existing partners [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted a modest improvement in the demand environment, with some hesitation and uncertainty affecting hiring initiatives [24] - The sales pipeline is encouraging, and management believes they are well-positioned to convert this pipeline into actual sales once market conditions improve [20] - The company anticipates that as attrition rates normalize, hiring lines will pick up, positively impacting overall business [60] Other Important Information - The company ended the year with $17.7 million in cash, including $0.7 million of restricted cash [13] - The company has a goal to reach 60,000 annual hires over the next three years and to grow RPO clients by 50% [62] Q&A Session Summary Question: Demand environment post-election - Management observed an uptick in client behavior and hiring activity, though uncertainty remains in the market affecting hiring volumes [24] Question: Investments for future growth in 2025 - The growth strategy includes M&A for geographical and product portfolio expansion, as well as enhancing the sales team [27][29] Question: Cash usage and acquisition pipeline - Internal growth projects are prioritized, with a focus on high ROI investments over acquisitions [35][38] Question: Lead time trends with RPO - The sales cycle remains consistent, with expectations for more decisions in 2025 as previous initiatives were put on hold [44] Question: Growth targets in America and EMEA - Both markets are seen as significant growth opportunities, with heavy investments being made [51] Question: New logo wins and renewals - Management is optimistic about increasing new logo wins as the market picks up, alongside strong renewals and expansions [56] Question: Attrition rates and hiring lines - The company is beginning to see attrition normalize, which is expected to lead to increased hiring [60] Question: Share repurchase goals for 2025 - The company aims for a soft goal of significant stock buybacks, contingent on market conditions and opportunities [70][72]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $106.8 million, up from $101.5 million in the prior year quarter, driven by organic revenue growth of $6.1 million or 6.5% [28][29] - Full-year revenue totaled $398.8 million, an increase of 4.2% versus the prior year, with organic revenue growth of $21.3 million or 5.9% [30] - Adjusted EBITDA for Q4 was $32.6 million compared to $35.8 million in the prior year quarter, while full-year adjusted EBITDA was $100.2 million, up from $95 million in the prior year [32][33] Business Line Data and Key Metrics Changes - The company launched an aggressive portfolio optimization effort in 2024, pruning unprofitable events and establishing a more nimble portfolio for growth [6][22] - The acquisitions of This is Beyond and Insurtech Insights are expected to contribute approximately $40 million in revenue and $15 million in adjusted EBITDA in 2025 [19][39] Market Data and Key Metrics Changes - The luxury travel market is highlighted as a key growth area, with 85% of luxury travelers considering travel advisors crucial for securing personalized experiences [12] - The insurance technology industry is projected to grow at a CAGR of 5% to 6% globally through 2030, indicating strong market potential for Insurtech Insights [17][18] Company Strategy and Development Direction - The company is focused on three pillars of value creation: customer centricity, 365-day engagements, and portfolio optimization [21] - The strategy includes expanding into high-growth sectors, particularly luxury and technology-oriented events, to enhance margins and growth [7][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the resilience of the team, anticipating improved growth and margin enhancements in 2025 [8][26] - The ongoing construction at the Las Vegas Convention Center is expected to impact certain events but is projected to be completed by the end of 2025, leading to improved customer experiences in 2026 [24][94] Other Important Information - The company successfully refinanced its debt, enhancing financial flexibility and reducing financing costs by 125 basis points [20][44] - A quarterly dividend of $0.15 per share was declared, reflecting a dividend yield of 1.6% based on the closing price [47] Q&A Session Summary Question: How are the acquisitions being funded? - The acquisitions are funded with cash on hand, with deferred components based on performance through 2027 [56] Question: What is the expected annualized revenue and EBITDA from the acquisitions? - The expected annualized impact of the acquisitions is built into the guidance, with a moderate shift in seasonality anticipated [59][62] Question: Are the EBITDA figures provided pre or post-synergies? - The EBITDA figures are pre-synergies, with potential synergies expected to materialize in 2026 and beyond [73] Question: What is the outlook for free cash flow conversion? - The company expects free cash flow of $50 million plus, indicating a positive step forward in conversion from EBITDA [81] Question: Will there be further portfolio optimization in 2025? - Continuous assessment of the portfolio will occur, with actions taken if underperforming elements are identified [102]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $166 million, a 15% decrease compared to the prior year, but adjusted EBITDA margin improved to 13.7% from 11.8% in Q4 2023 [11][22][23] - Full year 2024 revenue totaled $709 million, with adjusted EBITDA of $90 million and an adjusted EBITDA margin of approximately 13% [18][22] - The company achieved a significant margin improvement due to cost-cutting efforts and a favorable mix shift in product service lines (PSLs) [12][18] Business Line Data and Key Metrics Changes - For Q4 2024, revenue contributions from drilling, completion, and production intervention services were approximately 22%, 52%, and 26%, respectively [15] - The Southwest segment generated $61.4 million in revenue, a decrease of 11% sequentially, while the Rockies segment saw a 20% sequential decrease in revenue to $54 million [25][26] - The Northeast/Mid-Con segment reported revenue of $50.1 million, a 4.4% sequential decrease, primarily due to reduced completion activity [27] Market Data and Key Metrics Changes - Geographically, the Southwest represented 37% of revenue in Q4, up from 36% in Q3, while the Northeast/Mid-Con and Rockies represented 30% and 33%, respectively [13][14] - The company noted strong completion and production activity in the Southwest and Rockies, contributing to revenue stability despite overall market challenges [14] Company Strategy and Development Direction - The company successfully refinanced its 2025 notes and asset-based lending (ABL), extending maturities to 2030 and 2028, respectively, which positions it for continued execution of its strategy [10][29] - The focus remains on capturing market share through operational excellence and differentiated assets, with a commitment to generating free cash flow and reducing leverage [38][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting revenue to be flat to slightly up while anticipating expanded adjusted EBITDA margins between 13% to 15% [40] - The company is closely monitoring increased gas-directed completion activity driven by LNG export demand, particularly in the Haynesville region [43][44] Other Important Information - The company achieved a total recordable incident rate (TRIR) of 0.63% and a lost time incident rate (LTIR) of 0.22%, significantly below industry averages [16][17] - Capital expenditures for Q4 were $15.3 million, a decrease of 27% from Q3, with expectations for 2025 CapEx in the range of $45 million to $55 million [34][37] Q&A Session Summary Question: Can you walk through the significant margin improvement across all three regions year-over-year despite the decline in drilling and completions activity? - Management highlighted that margin improvement was driven by a mix shift towards higher-margin product lines and effective cost controls implemented earlier in the year [50][51][56] Question: What can drive further margin improvement on flat revenue in 2025? - Management indicated that known customer wins in higher-margin PSLs and a favorable pricing structure would contribute to margin expansion [57][60] Question: How do you think about cash flow for '25 and uses of cash? - Management noted that reduced CapEx and a focus on free cash flow generation would support deleveraging efforts, with a significant portion of free cash flow directed towards reducing debt [64][74] Question: How does Q1 set up this year versus last year? - Management expects Q1 to be soft relative to Q4 but better than Q1 of the previous year, contingent on avoiding severe weather impacts and other disruptions [75][78] Question: How is the E&P consolidation influencing your M&A strategy? - Management stated that the focus is on accretive deleveraging transactions that provide scale in existing product lines rather than stepping outside current offerings [88][90]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported total net production of 86,700 BOE per day, with net income of $185 million and adjusted EBITDA of $601 million [21][35] - Average realized prices were $70.06 per barrel of oil, $2.31 per Mcf of gas, and $25.82 per barrel of NGLs [35] - The company generated $235 million in total revenues, with EBITDA of $162 million and operating cash flow of $134 million [36] - Free cash flow for the quarter was $81 million, leading to a distribution of $0.50 per unit [36][62] - The net debt-to-EBITDA ratio improved to 0.8x from 1.0x [23] Business Line Data and Key Metrics Changes - The company maintained a production mix of 24% oil, 52% natural gas, and 24% NGLs in Q4 2024 [35] - The company achieved a median payout period of 15 months for its wells, with Oswego D&C costs averaging $2.6 million [12][21] - The reinvestment rate for 2024 was 47%, with a projected PDP decline of 20% over the next 12 months [16] Market Data and Key Metrics Changes - The company noted that 2024 had the lowest natural gas prices since the early 1990s, impacting overall revenue [29] - The commodity mix by revenue in 2024 was 59% oil, 21% natural gas, and 20% NGLs, shifting to 54% natural gas in 2025 due to higher natural gas prices [30][31] Company Strategy and Development Direction - The company focuses on four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [3][4] - The company plans to add a third rig in 2025, focusing on high-return wells while keeping the reinvestment rate below 50% [10][11] - The company aims to continue making accretive acquisitions, having completed 20 acquisitions since its founding in 2017 [6][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for natural gas, viewing it as a key fuel for the next decade [53] - The company anticipates a more favorable operating environment in 2025, with increased operating cash flow due to rising natural gas prices [10][31] - Management does not foresee a prolonged downturn similar to 2015-2020 and is prepared to capitalize on acquisition opportunities [26] Other Important Information - The company has a strong balance sheet, with total proved acreage coverage of 3.9% and net debt to enterprise value of 21% [16] - The company has distributed over $1 billion to unitholders since inception, maintaining a consistent distribution strategy [19] Q&A Session Summary Question: Expectations for gas and oil prices this year - Management expects to see better deals in both gas and oil, with a preference for crude oil acquisitions when prices are in the $60 range [42][43] Question: Value of infrastructure and potential monetization - Management views infrastructure as critical to operations and does not plan to sell it, as it generates more EBITDA than its purchase price [44][46] Question: Timing and focus of the third rig - The third rig will be operational shortly, initially focusing on the Oswego formation before moving to the deep Mississippian project [49] Question: Competitive landscape in the Mid-Con region - The Mid-Con region has seen increased competition, but the company focuses on smaller acquisitions that fit its criteria [74] Question: Organic leasing opportunities - The company has significant acreage held by production and plans to allocate around $30 million for leasing in 2025 [76] Question: Impact of non-op budget - The non-op budget remains low, with limited participation in non-operated wells [87] Question: Natural gas production guidance - Management expects natural gas production to trend towards the high end, with a stable range for NGLs [91]

Company Participants Jane Chung - Chief Executive Officer & Member, Board of Directors Hans-Peter Gerber - Chief Scientific Officer Reni Benjamin - Managing Director Edward Albini - CFO Sutro Biopharma (STRO) Q4 2024 Earnings Conference Call March 14, 2025 04:15 PM ET Conference Call Participants Operator Welcome to the Sutro Biopharma twenty twenty five Business Update Webcast. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer se ...

HF Foods Group (HFFG) Q4 2024 Earnings Call March 14, 2025 04:10 PM ET Company Participants Operator Hello, everyone. Welcome to HS Foods Group's Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. Joining me on today's call are Felix Lin, President and Chief Executive Officer and Cindy Yao, Chief Financial Officer. By now, everyone should have access to the earnings release for the period ended 12/31/2024, that went out Thursday, March 13, at approximately 04:05PM Eastern Time. The pr ...