Core Insights - The U.S. luxury housing market is exhibiting two contrasting trends, with a national entry point for luxury homes decreasing by 2.2% year-over-year to $1.22 million, while certain metropolitan areas are experiencing rising prices and faster sales, indicating strong buyer competition [1][3][5] National Luxury Market Overview - The national luxury benchmark, defined by the 90th percentile of listing prices, has decreased to $1.22 million, reflecting a 2.2% decline from the previous year [3][12] - The ultra-luxury segment (99th percentile) has shown signs of stabilization, increasing by 1.0% month-over-month to $5.41 million, although it remains 3.3% lower than last year [3][12] High-Velocity Markets - North Port-Bradenton-Sarasota, Florida, leads the nation with a nearly 20% year-over-year increase in its luxury entry point to $1.67 million, indicating strong demand from high-net-worth buyers [5][7] - Other competitive markets include Heber, Utah (8.4% increase), Boise City, Idaho (3.1% increase), and Minneapolis, Minnesota (2.7% increase), all showing faster sales alongside rising prices [5][8] Price Correction Markets - Markets such as Bridgeport, Connecticut, and Charleston, South Carolina, are experiencing significant price drops, with Bridgeport seeing a 7.5% decline and a 42.5% reduction in days on market, effectively clearing inventory and boosting sales [9][10] - Kahului-Wailuku, Hawaii, recorded the largest year-over-year decline in luxury pricing, falling nearly 20% to $3.79 million [9][10] Market Dynamics - The overall median time on market for typical listings has lengthened by five days year-over-year, yet the gap between luxury and typical sales times remains tighter than usual, indicating relative strength in luxury buyer demand [4][12] - The luxury market is characterized by a split between areas with rising prices and those undergoing price corrections, suggesting a re-establishment of market equilibrium in certain regions [3][9]

Core Points - Elanco Animal Health has received Emergency Use Authorization (EUA) from the FDA for Credelio CAT (lotilaner) to treat New World screwworm (NWS) infestations in cats, marking the first EUA for this purpose in felines [1][10] - The EUA is a proactive measure in response to confirmed cases of NWS detected near the U.S.-Mexico border, ensuring treatment options are available for veterinarians and pet owners [2][6] - Elanco emphasizes its commitment to feline health by providing innovative solutions for cats, addressing the historical disparity in treatment options compared to dogs [3][5] Company and Product Information - Credelio CAT is part of Elanco's broader Credelio franchise, which has previously received EUA for treating NWS in dogs, showcasing a comprehensive approach to animal health [5][10] - The FDA's authorization was based on research demonstrating Credelio CAT's efficacy against both Old World and New World screwworms [4][10] - Elanco aims to fill the gap in companion animal care, as only 40% of cat owners take their pets to the veterinarian compared to over 90% of dog owners [3][6] Health and Safety Considerations - The New World screwworm poses a significant threat as it lays eggs on open wounds of healthy animals, leading to severe tissue damage if untreated [6][8] - Preventative measures, such as effective flea and tick control, are crucial to minimize the risk of NWS infestations [7][9] - Credelio CAT is indicated for the treatment and prevention of flea infestations and is effective for cats and kittens aged 8 weeks and older [12][15]

Core Insights - A recent Realtor.com survey indicates that over half (52%) of U.S. adults consider hosting Thanksgiving dinner as a factor in their home search [1] - Younger generations, particularly Gen Z and Millennials, are more focused on hosting space, with 60% of each group stating that Thanksgiving entertaining influenced their housing decisions [2] Home Features Preferences - Ample space is the top motivator for Americans when considering hosting guests, with 92% prioritizing a large family room and 92% also valuing a big kitchen [3][4] - Specialty features like double ovens are less important, with only 12% labeling them as a "must-have" [3] Bedroom vs. Bathroom Preferences - Americans are divided on whether they prefer an extra bedroom or an extra bathroom, with 44% favoring a spare bedroom and 45% preferring an additional bathroom [5] - Gen Z shows a preference for bathrooms (48%) over bedrooms (39%) [5] Bathroom Needs Based on Household Size - The ideal number of bathrooms increases with household size, with one- and two-person households preferring two bathrooms, while households with three or more people agree that three bathrooms are ideal [6] Survey Methodology - The survey was conducted with a sample of 1,000 American adults aged 18 to 65 from October 17-19, 2025, without post-stratification applied to the results [7]

Core Insights - The report highlights that VA loans enable U.S. Veterans to achieve homeownership significantly faster than conventional loans, with a 0% down payment allowing first-time buyers to move in approximately 4.4 years sooner [1][2][3] VA Loan Utilization and Benefits - 74% of first-time VA loan users make a 0% down payment, compared to a 12% median down payment for conventional buyers, which translates to a substantial upfront cost saving of about $51,600 on a typical $430,000 home [2][3] - VA loans can help first-time buyers enter the housing market and start building equity years earlier, with the time to accumulate a conventional down payment stretching to 6.6 years at a 10% savings rate, while a 20% rate reduces it to 3.3 years [3] Regional Variations in VA Loan Utilization - Across various U.S. metro areas, VA loans can reduce the time to homeownership by 2.7 to 10 years, with the most significant benefits seen in high-cost areas like Los Angeles, where it can be up to 10 years sooner [4][5] - High-cost markets such as Los Angeles, San Francisco, and New York show low VA loan utilization due to high home prices, co-op restrictions, and limited awareness of the benefits [5][6] Awareness and Accessibility Challenges - Approximately one-third of Veterans and active-duty service members are unaware that they can purchase a home with no money down, indicating a significant awareness gap [8][9] - The Mission Zero campaign aims to close this awareness gap, ensuring that more Veterans understand and can utilize their VA loan benefits [9][10] High Utilization Areas - Areas near military bases, such as Virginia Beach and Colorado Springs, exhibit high VA loan utilization rates of 42.1 and 43.1 per 1,000 military households, respectively, reflecting better awareness of the program [7][8] - Conversely, markets with fewer military households, like Salt Lake City and Fresno, show lower utilization despite the potential financial benefits [7]

Revenue Performance - Total revenues increased by $48 million, or 2%, to $2,144 million for the three months ended September 30, 2025, compared to $2,096 million in the same period of 2024[111]. - Circulation and subscription revenues rose by $39 million, or 5%, to $782 million, while advertising revenues decreased by $4 million, or 1%, to $317 million[111]. - Revenues at the Dow Jones segment increased by $34 million, or 6%, to $586 million for the three months ended September 30, 2025, driven by higher circulation and subscription revenues[132]. - Digital revenues represented 84% of total revenues at the Dow Jones segment for the three months ended September 30, 2025, compared to 82% in the same period of fiscal 2025[132]. - Revenues at the Digital Real Estate Services segment increased by $22 million, or 5%, to $479 million for the three months ended September 30, 2025[141]. - News Media segment revenues increased by $4 million, or 1%, to $545 million for the three months ended September 30, 2025, driven by a $7 million increase in circulation and subscription revenues[145]. Operating Expenses - Operating expenses decreased by $11 million, or 1%, to $941 million for the three months ended September 30, 2025[114]. - Selling, general and administrative expenses increased by $44 million, or 5%, to $863 million, primarily due to higher employee and marketing costs[116]. Net Income and Earnings - Net income from continuing operations was $150 million, an increase of $1 million, or 1%, compared to $149 million for the same period in 2024[125]. - Net income for the three months ended September 30, 2025, was $150 million, an increase of $6 million, or 4%, compared to the same period in fiscal 2025[127]. - Net income attributable to noncontrolling interests from continuing operations increased by $7 million, or 23%, for the three months ended September 30, 2025, primarily driven by higher earnings at REA Group[128]. Segment Performance - The Digital Real Estate Services segment contributed to revenue growth, driven by higher revenues at Move and REA Group[112]. - The Book Publishing segment experienced lower revenues due to decreased book sales, impacting overall performance[112]. - Circulation and subscription revenues increased by $32 million, or 7%, to $491 million for the three months ended September 30, 2025, primarily due to growth in digital-only subscriptions[134]. - Average daily digital-only subscriptions for The Wall Street Journal increased by 406 thousand, or 11%, to 4,217 thousand for the three months ended September 30, 2025[135]. - Digital sales in the Book Publishing segment fell by 9%, representing approximately 23% of consumer revenues in Q3 2025, down from 25% in Q3 2024[143]. - Segment EBITDA for Book Publishing decreased by $23 million, or 28%, to $58 million for the three months ended September 30, 2025, primarily due to a $13 million write-off of a customer receivable[144]. - Segment EBITDA for News Media increased by $12 million, or 67%, to $30 million for the three months ended September 30, 2025, due to cost savings initiatives and higher revenues[146]. - Segment EBITDA at the Digital Real Estate Services segment increased by $18 million, or 13%, to $158 million for the three months ended September 30, 2025[141]. - Total Segment EBITDA for the three months ended September 30, 2025, was $340 million, up $15 million, or 5%, from $325 million in the same period of fiscal 2025[131]. Cash Flow and Financing - Free cash flow improved to $4 million for the three months ended September 30, 2025, compared to a negative $49 million in the same period of 2024, primarily due to higher cash provided by operating activities[161]. - Net cash used in financing activities increased to $179 million for the three months ended September 30, 2025, compared to $109 million in the same period of 2024[156]. - The Company announced a new stock repurchase program on July 15, 2025, authorizing the purchase of up to $1 billion in outstanding Class A and Class B Common Stock[150]. - The Company declared a semi-annual cash dividend of $0.10 per share for Class A and Class B Common Stock, paid on October 8, 2025[153]. Legal and Regulatory Matters - The Company is involved in various legal proceedings, which may adversely affect its financial condition[168]. - Accrued liabilities for legal claims are established when a loss is probable and can be reasonably estimated[169]. - There has been no material change in the Company's assessment of its sensitivity to market risk since the last report[170]. Commitments and Leases - The total commitments for operating leases as of September 30, 2025, amount to $1,565 million, with $216 million due in less than 1 year[167]. - The Company has not experienced significant changes in its commitments since the disclosures in the 2025 Form 10-K[166]. - HarperCollins entered into a finance leasing arrangement for up to $120 million for equipment, expected to enhance efficiencies[164]. - The Equipment Lease will accrue interest based on the Term SOFR plus a margin of 1.475% and may be drawn until June 30, 2028[164].

Market Performance - On November 7, 2025, the Australian stock market experienced a decline, with all major indices ending in negative territory. The S&P/ASX 200 fell to 8,769.70 from 8,828.30, a decrease of 0.7% [1][6] - The S&P/ASX 20 also dropped to 4,863.80 from 4,900.00, marking a 0.7% decline [1][6] - Broader indices such as the S&P/ASX 50 and S&P/ASX 100 saw declines of 0.6%, closing at 8,451.90 and 7,308.00 respectively [6] Futures Market - The S&P/ASX 200 futures for December 2025 declined by 0.62%, trading at 8,788.5, down 54.5 points [2][6] Top Gainers - AUB Group Limited (AUB) led the gainers, increasing by $2.30 or 6.285% to close at $38.890 [4][6] - ASX Limited (ASX) rose by $2.17, representing a 3.773% increase to $59.680 [4][6] - News Corporation (NWS) gained $1.36 or 3.022%, finishing at $46.350 [4][6] - GPT Group (GPT) added $0.16, lifting its share price by 2.996% to $5.500 [4][6] - Lynas Rare Earths Limited (LYC) rounded out the top five performers, up $0.38 or 2.891% to $13.520 [4][6] Top Decliners - Block, Inc. (XYZ) recorded the steepest decline, tumbling $17.79 or 15.756% to $95.120 [5][6] - Zip Co Limited (ZIP) dropped $0.24, a 6.649% decline to $3.370 [5][6] - Qantas Airways Limited (QAN) lost $0.67, down 6.582% to $9.510 [5][6] - Domino's Pizza Enterprises Limited (DMP) slipped $1.17 or 5.839% to close at $18.870 [5][6] - Macquarie Group Limited (MQG) fell $12.48, a 5.745% decrease to $204.770 [5][6]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue increased by 6% to $586 million, with digital revenues accounting for 84% of total segment revenue [21][22] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA rising 13% to $158 million [25] - Book publishing segment revenue declined by 2% to $534 million, with EBITDA down 28% to $58 million due to a $13 million write-off [29] Market Data and Key Metrics Changes - Digital revenues have nearly doubled since fiscal 2018, now comprising 62% of total revenues [18] - Digital advertising accounted for 68% of total advertising revenues, a new record for the company [8][24] - The U.S. housing market is showing signs of recovery, with Realtor.com experiencing a 9% revenue boost year-on-year [9][26] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current repurchase rate of approximately $2.5 million per day [5][17] - Strategic diversification across high-margin content licensing and digital revenues is emphasized, with a focus on risk and compliance services [18][22] - The company is pursuing partnerships in the AI space and addressing piracy issues through legal actions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market and the potential for continued revenue growth in digital real estate and Dow Jones [9][30] - The book publishing segment is expected to benefit from improved trends in the coming months, with recent releases performing well [12][31] - Management remains confident in the company's growth potential and plans to continue share repurchases at an elevated rate [17][32] Other Important Information - The company has made strategic acquisitions, such as Eco-Movement, to enhance its data offerings in the professional information business [8][23] - The digital-only subscriptions for the Wall Street Journal surged by 11%, contributing to the overall growth in digital circulation revenues [8][24] Q&A Session Summary Question: Concerns about Realtor's revenue growth sustainability - Management highlighted the ongoing focus on growth areas such as seller, new homes, and rentals, indicating that the strategy is yielding positive results despite market challenges [34] Question: Share repurchase strategy and Wall Street Journal pricing - Management confirmed the accelerated buyback rate and indicated that there is potential for further increases, while also discussing the elasticity of subscription pricing for the Wall Street Journal [38][39] Question: Impact of Factiva dispute settlement on revenues - Management noted that while the settlement had a modest impact, overall performance in Dow Jones was strong, with significant growth in risk and compliance revenues [42][43] Question: Future simplification of the business structure - Management expressed openness to structural changes and emphasized the importance of maximizing shareholder returns through strategic decisions [49] Question: Growth potential in risk and compliance services - Management is optimistic about the growth trajectory in risk and compliance, citing regulatory pressures as a source of new business [52][53] Question: Trajectory of news media business - Management reported a slight revenue increase and significant improvements in EBITDA, driven by cost efficiencies and strong advertising performance at the New York Post [58][59]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue grew 6% year-over-year to $586 million, with digital revenues accounting for 84% of this segment [20][21] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA increasing by 13% [24] - Book publishing segment revenue declined 2% to $534 million, with EBITDA down 28% due to a $13 million write-off [27] Market Data and Key Metrics Changes - Digital revenues have nearly doubled since fiscal 2018, now comprising 62% of total revenues [18] - Digital advertising accounted for 68% of total advertising revenues, a new record for the company [9][23] - The Australian residential market showed signs of recovery, with Realtor.com experiencing a 9% revenue boost year-over-year [10][25] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current rate of approximately $2.5 million per day [17][19] - Strategic diversification across high-margin content licensing and digital revenues is emphasized, with a significant reduction in reliance on advertising revenue [18] - The acquisition of EcoMovement enhances Dow Jones's offerings in the professional information business [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market and the potential for continued revenue growth in digital real estate [10][29] - The book publishing segment is expected to benefit from improved trends in October, with a stronger front list anticipated [29] - Management remains confident in the growth trajectory of Dow Jones and digital real estate services despite macroeconomic uncertainties [18][28] Other Important Information - The company is actively pursuing partnerships in the AI space and has seen positive trends in content licensing [5][7] - The digital real estate segment is targeting growth in new homes, rentals, and premium offerings, which collectively represent 22% of revenues [10][24] Q&A Session Summary Question: Concerns about sustaining double-digit revenue growth in Realtor - Management highlighted the focus on growth areas such as seller, new homes, and rentals, indicating that the strategy is yielding positive results despite a challenging housing market [32] Question: Inquiry about the accelerated share repurchase program - Management confirmed the potential to increase buybacks further, emphasizing a robust cash position and the importance of shareholder value [35] Question: Impact of the Factiva dispute settlement on revenues - Management noted that while the settlement had a modest impact, overall performance in the Dow Jones segment was strong, particularly in Risk and Compliance [40][42] Question: Future simplification of the business structure - Management indicated openness to structural changes, citing the recent sale of Foxtel as an example of their commitment to maximizing shareholder returns [46] Question: Growth potential in Risk and Compliance services - Management expressed optimism about continued growth in Risk and Compliance, driven by stringent regulations and new business opportunities [50]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue increased by 6% to $586 million, with digital revenues accounting for 84% of this segment [20][21] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA rising 13% to $158 million [25] - Book publishing segment revenue declined by 2% to $534 million, with EBITDA down 28% to $58 million, impacted by a $13 million write-off [28] Market Data and Key Metrics Changes - Digital revenues have almost doubled to 62% of total revenues since fiscal 2018, with Dow Jones and digital real estate accounting for 49% of revenue and 84% of EBITDA in fiscal 2025 [18] - Digital advertising revenues represented 68% of total advertising revenues for the quarter, a new record [9] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current repurchase rate of approximately $2.5 million per day [17] - The strategy includes expanding partnerships in AI and digital content, while also addressing piracy issues in the industry [6][5] - The company aims to enhance its digital offerings and maintain a strong position in the professional information business [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market, driven by lower interest rates, which is expected to boost revenues in digital real estate [10][31] - The book publishing segment is anticipated to improve in the coming months, with recent trends showing a rebound in orders [16][31] - Management remains confident in the growth potential of Dow Jones and digital real estate, despite ongoing macroeconomic uncertainties [18][30] Other Important Information - The company has made strategic acquisitions, such as EcoMovement, to enhance its data offerings in the professional information sector [9][22] - The digital real estate segment is targeting growth in new homes, rentals, and premium offerings, which collectively accounted for 22% of revenues this quarter [10][26] Q&A Session Summary Question: Concerns about sustaining double-digit revenue growth at Realtor - Management highlighted the focus on growth areas such as sellers, new homes, and rentals, indicating a positive outlook for revenue growth despite current market conditions [33] Question: On the accelerated share repurchase program - Management confirmed the buyback rate has increased significantly and expressed willingness to further increase it if deemed optimal [35] Question: Impact of the Factiva dispute settlement on revenues - Management noted improved performance in Dow Jones, with a 16% increase in Risk and Compliance revenues, and mentioned new customer acquisitions [37] Question: Future simplification of the business structure - Management indicated openness to structural changes and emphasized the importance of maximizing shareholder returns [39] Question: Growth potential in Risk and Compliance - Management expressed optimism about continued growth in Risk and Compliance, driven by regulatory demands and new business opportunities [41] Question: Trajectory of the news media business - Management noted slight revenue growth and significant improvements in EBITDA, driven by cost efficiencies and strong advertising performance at the New York Post [42]

Core Insights - The segment profits of the group that publishes The Wall Street Journal, MarketWatch, and Barron's increased by 10% [1] Financial Performance - The group reported a 10% rise in segment profits, indicating strong financial performance in its publishing operations [1]