Core Points - Alaska Air Group has elected Pete Shimer to its board of directors, filling the seat left by Ken Thompson, who retired after 25 years of service [1][2] - Shimer has a 41-year career at Deloitte, where he held various C-suite positions, including interim CEO, and brings expertise in operational and financial matters [1][2] - The board now consists of 9 independent director seats, with CEO Ben Minicucci serving as a non-independent director [5] Summary by Sections Board Changes - Pete Shimer's election to the board is effective immediately, and he will serve on the Audit and Safety Committees [1] - Ken Thompson's retirement marks the end of a significant tenure, during which he was a founding member of the Safety Committee and served on nearly all board committees [3][4] Contributions and Legacy - Thompson is recognized for his wisdom and strategic mindset, which have been instrumental in guiding the company through critical moments [4] - He was named one of the 100 most influential corporate directors by the National Association of Corporate Directors in 2019 [4] Company Overview - Alaska Air Group includes subsidiaries such as Alaska Airlines, Hawaiian Airlines, and Horizon Air, operating hubs in multiple cities and serving over 140 destinations [6] - The company is a member of the oneworld Alliance, with Hawaiian Airlines scheduled to join in 2026, allowing for extensive travel options for guests [6]

Investment Rating - The report does not explicitly provide an investment rating for the retail industry, but it highlights significant challenges and opportunities related to consumer returns and fraud management. Core Insights - The total returns for the retail industry in 2024 amounted to $685 billion, representing a return rate of 13.21% of total sales [9][12] - Fraudulent and abusive returns accounted for $103 billion, or 15.14% of total returns, indicating a substantial impact on retailers' bottom lines [9][12] - The report emphasizes the growing trend of online shopping, with over 52% of return dollars coming from Buy Online Return In-Store (BORIS) and Buy Online Return Online (BORO) combined [5] Summary of Returns and Returns Fraud - Total U.S. retail sales reached $5.19 trillion, with in-store sales at $3.72 trillion (71.55%) and online sales at $1.48 trillion (28.45%) [10] - The return rate from in-store sales was 8.72%, while online returns (BORO + BORIS) reached 24.52% [17] - Common types of return fraud include wardrobing (60%), fraudulent returns using stolen tender (55%), and returns of stolen merchandise (48%) [14] Return Policies - 83% of retailers have tightened return policies to decrease returns, and 84% have done so to combat fraud, but these changes may negatively impact customer satisfaction [18] - 55% of consumers have refrained from purchasing from retailers due to restrictive return policies, while 31% stopped shopping at certain retailers due to negative return experiences [20] Consumer Impact - Positive return experiences lead to increased customer satisfaction, with 70% of consumers making additional purchases due to favorable return experiences [20] - 89% of consumers would make more purchases if they had positive return experiences, highlighting the importance of effective return policies [20]

Core Insights - Appian announced the winners of the 2025 Partner Awards at its annual Appian World global conference, recognizing partners for their innovative solutions on the Appian Platform that deliver significant client impact and value [1][3] Partner Awards - **Global Delivery Award**: KPMG was recognized for empowering clients to drive large-scale digital transformation through its technology ecosystem and advanced Appian implementation capabilities, focusing on operational efficiency and customer experience [4] - **Global Growth Award**: Deloitte achieved a 97% increase in Appian-related services revenue since FY22, driven by rapid growth in North America, Europe, and Australia, and a 96% year-over-year rise in Appian certifications [5] - **Americas Delivery Award**: Perficient experienced 30% revenue growth in its Appian practice and nearly doubled its sales pipeline in 2024, expanding offshore capabilities by over 40% [6] - **Americas Growth Award**: PwC's Interactions Hub, a SaaS solution built on Appian, doubled its client base and user count, driven by the launch of seven new Appian Cloud instances for pharmaceutical clients [7] Innovation Award Winners - **Accenture**: Developed hyperautomation solutions for financial processes, enhancing productivity and ensuring audit compliance [9][10] - **Bits In Glass**: Implemented intelligent automation for a top-10 global reinsurer, improving speed to resolution and data-driven decision-making [11] - **EY**: Created a real estate auctioning platform that increased asset returns by over €20 million in 2.5 years [12] - **Impera**: Built a crypto core banking solution for Towerbank, automating 96% of processes [12] - **Ignyte**: Developed a patient-centered care coordination solution on the Appian Platform, modernizing healthcare support [13] - **Inetum**: Launched a digital framework for the Spanish public sector, reducing processing times by up to two-thirds [14] - **Groundswell**: Developed the Groundswell Integrated Budget Suite to modernize the federal budget lifecycle [15] - **Macedon Technologies**: Automated 85% of processing for the US No Surprises Act claims [16] - **Waivgen**: Introduced the EngaigeQ: AI Builder framework to scale AI adoption [17] - **WNS**: Built Malkom for the shipping industry, achieving significant reductions in processing time and costs [18] - **Xebia**: Integrated IntelliAgent with the Appian Platform, enabling rapid deployment of AI agents [19]

Group 1 - The Annual General Meeting of Tivoli A/S was held on April 24, 2025, where the annual report was approved, including a dividend distribution of 25% of the after-tax result, amounting to DKK 30.9 million, or DKK 5.4 per share for a nominal value of DKK 10 [1] - The remuneration report was approved, and the current members of the Board of Directors were re-elected, with Jesper Nygård elected as a new member [2] - Deloitte was elected as the auditor, with additional duties to include a statement on sustainability reporting in the management report [2] Group 2 - The Board of Directors elected Tom Knutzen as chairman and Jesper Nygård as deputy chairman at the subsequent meeting [3] - The authorization for the Board of Directors to acquire own shares was discussed [4] - The remuneration for the Board of Directors for 2025 was also addressed [4]

Core Viewpoint - Booz Allen Hamilton's shares declined significantly following the announcement of $5.1 billion in cuts from the Department of Defense budget, raising concerns about the company's reliance on government contracts [1][2]. Group 1: Financial Impact - The Department of Defense announced $5.1 billion in budget cuts, with $1.8 billion specifically allocated to consulting companies, including Booz Allen [2][3]. - Booz Allen's stock has already decreased by 43% from its pre-election all-time highs, suggesting that some negative expectations may already be reflected in the stock price [3][4]. Group 2: Company Performance - Over the past 12 months, Booz Allen reported $11.8 billion in revenue, growing at a double-digit rate, and had a backlog of $39.4 billion as of January [4]. - The recent cuts, while negative, represent a small fraction of the company's overall business, indicating potential resilience [4]. Group 3: Valuation Perspective - Booz Allen's stock is currently trading at around 16 times earnings, which is lower than the average in the low 20s over the past decade, suggesting it may present a value opportunity [5].

Financial Data and Key Metrics Changes - Akamai reported total revenue of $1.02 billion for Q4 2024, representing a 3% year-over-year increase [45] - Non-GAAP earnings per share (EPS) was $1.66, exceeding guidance and down 2% year-over-year [50] - Security revenue reached $535 million, growing 14% year-over-year, while compute revenue grew to $167 million, a 24% year-over-year increase [46][48] Business Line Data and Key Metrics Changes - Security became the majority revenue contributor for the first time, surpassing $2 billion in annual revenue and growing 16% year-over-year [10] - Cloud computing revenue was $630 million, growing 25% over 2023, with cloud infrastructure services contributing $230 million, up 32% [10] - Combined revenue from security and compute accounted for 69% of total revenue in Q4 [48] Market Data and Key Metrics Changes - International revenue was $490 million, up 2% year-over-year, representing 48% of total revenue [49] - The company anticipates a decline in delivery revenue to shrink to about 10% year-over-year in 2025, with signs of improvement in the delivery marketplace [36] Company Strategy and Development Direction - Akamai is transforming from a CDN pioneer to a cybersecurity and cloud computing company, focusing on expanding its security offerings and cloud infrastructure services [9][12] - The company aims to achieve a compounded annual growth rate (CAGR) of about 10% for security products over the next three to five years, targeting over $3 billion in security revenue by the end of the decade [16][17] - Akamai plans to focus more on compute investments, expecting cloud infrastructure services ARR to grow by 40% to 45% in 2025 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong demand for security solutions and cloud infrastructure services [41] - The company expects to see revenue growth acceleration in 2025, driven by improvements in product mix and operational efficiency [40] - Management acknowledged challenges from foreign exchange fluctuations and the impact of a major customer pursuing a DIY strategy [37][59] Other Important Information - Akamai's capital expenditures (CapEx) for Q4 were $193 million, representing 19% of revenue, with plans to continue share buybacks [51][52] - The company expects to generate approximately $85 million to $105 million in revenue from the Edgio transaction in 2025 [53] Q&A Session Summary Question: Can you expand on the large cloud deal and the competitive environment? - Management indicated that the customer is increasing usage of Akamai's cloud infrastructure services and that a data center is being built in Scandinavia to meet specific needs [81][82] Question: Is the $100 million compute deal the same as the five-year deal with the largest delivery customer? - Management confirmed that they are the same customer [86] Question: Can you elaborate on the $60 million headwind from the largest customer? - The headwind is primarily due to the customer's DIY build-out, which will reduce reliance on Akamai's services [92] Question: What is the outlook for retaining Edgio contracts? - Management expressed confidence in retaining the Edgio customer base, with no significant churn anticipated [120] Question: What steps are being taken to minimize disruption from changes in the go-to-market strategy? - Management is in the early stages of a two-year process to transform the sales force and improve account segmentation and pricing strategies [105][106]