Core Viewpoint - Varonis Systems, Inc. has authorized a share repurchase program for up to $150.0 million of its common stock, expected to be completed within the next 12 months [1][2]. Company Overview - Varonis is a leader in data security, focusing on protecting critical data through its cloud-native Data Security Platform, which utilizes AI-powered automation to discover, classify, and secure data [4][5]. - The company provides a range of security solutions, including data security posture management, data classification, data access governance, and more, to thousands of organizations globally [5]. Share Repurchase Program Details - The share repurchase will be conducted through open market purchases, privately-negotiated transactions, and in compliance with federal securities laws, including Rule 10b5-1 and Rule 10b-18 [2]. - The timing and number of shares repurchased will depend on Varonis' trading windows, available liquidity, and overall market conditions [2].

Financial Data and Key Metrics Changes - The company generated a record $4.8 billion in revenue for Q3 2025, with a gross profit of $803 million and a gross profit margin of 16.7% [7] - Adjusted earnings per share (EPS) was $7.17, with adjusted EBITDA at $261 million [7][15] - Adjusted net income for the quarter was $140 million, excluding various non-cash impacts [15] - Same-store SG&A as a percentage of gross profit was 64.2%, indicating a focus on cost management [16] Business Line Data and Key Metrics Changes - Same-store revenue for new vehicles increased by 8% year over year, with unit sales up by 7% [9] - Used vehicle unit volume decreased by 4% year over year, but used retail gross profit per unit increased to $1,551 [10] - Parts and service gross profit rose by 7% year over year, with a gross profit margin of 58.8% [12] Market Data and Key Metrics Changes - The company experienced elevated consumer demand for electric vehicles (EVs), with new EV unit sales doubling compared to Q2 [9][23] - Same-store new day supply was 58 days at the end of September, indicating inventory management aligned with consumer demand [10] Company Strategy and Development Direction - The company is focused on deleveraging the balance sheet and optimizing its portfolio while being opportunistic with share repurchases [5][19] - The acquisition of the Herb Chambers Group is expected to enhance operating metrics and contribute positively to gross profits [4][24] - The company aims to continue integrating Techyon to improve operational efficiency and customer experience [4][53] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are macroeconomic challenges, they remain optimistic about maintaining margins and performance in the luxury vehicle segment [23][46] - The company anticipates a recovery in the used vehicle market starting in 2026, with expectations for improved inventory levels [11][61] Other Important Information - The company divested four stores in July, generating annualized revenue of $300 million, as part of its disciplined portfolio management strategy [6] - The rollout of Techyon is ongoing, with expectations for efficiency gains and cost savings once fully implemented [54][56] Q&A Session Summary Question: Impact of Chambers acquisition on new GPUs - Management confirmed that the Chambers acquisition will have a positive effect on new gross profits per vehicle [24] Question: Changes in TCA outlook and EPS impact - Management explained that the revised TCA outlook is primarily due to changes in the SAR assumption and the timing of rollouts [28][30] Question: Capital allocation priorities - Management indicated a focus on share repurchases and debt reduction, with M&A remaining a consideration depending on market conditions [40] Question: Trends in luxury vehicle sales - Management noted that luxury vehicle sales remain strong, with no significant changes in consumer demand observed [46] Question: Marketing strategies for used vehicles - Management highlighted the use of digital platforms and service drives to acquire more used vehicles, while balancing volume and profitability [60][61]

Core Points - First Horizon Corporation has authorized a new common stock repurchase program worth $1.2 billion, replacing the previous program which had approximately $180 million remaining [1][2] - The board declared a quarterly cash dividend of $0.15 per share on common stock, payable on January 2, 2026, to shareholders of record by December 12, 2025 [2] - The company reported total assets of $83.2 billion as of September 30, 2025, indicating a strong capital position [8] Stock Repurchase Program - The new repurchase program will be effective from October 27, 2025, and will expire on January 31, 2027 [1] - The execution of share repurchases may occur in the open market or through privately negotiated transactions, with the timing and amount at the discretion of senior management [3] Dividend Information - Cash dividends were declared for various preferred stocks, including: - Series C: $165.00 per share, payable on February 2, 2026 [4] - Series E: $1,625.00 per share, payable on January 12, 2026 [5] - Series F: $1,175.00 per share, payable on January 12, 2026 [6] - First Horizon Bank Class A: $13.15736 per share, payable on January 12, 2026 [7] Company Overview - First Horizon Corporation is a leading regional financial services company headquartered in Memphis, TN, operating in 12 states primarily in the southern U.S. [8][9] - The company offers a wide range of services including commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [9]

ETHZilla announced a $40 million share repurchase as its stock trades well below net asset value (NAV). Since October 24, the company has bought back approximately 600,000 shares for $12 million under its $250 million buyback authorization. Chairman and CEO McAndrew Rudisill said the repurchases are being funded using the company’s balance sheet, including proceeds from ETH sales. https://t.co/WgCQWUk8kR ...

Core Insights - Longleaf Partners Fund reported a return of -0.33% in Q3 2025, underperforming the S&P 500's 8.12% and the Russell 1000 Value's 5.33% [1] - The fund focuses on investments in real assets and brands that generate growing free cash flow (FCF) per share, with an expectation that the FCF multiple could rise from ~10x to the mid-teens [1] Company Overview: Albertsons Companies, Inc. - Albertsons Companies, Inc. is a US-based supermarket operator with a market capitalization of $10.385 billion and a stock price of $19.06 per share as of October 23, 2025 [2] - The stock experienced a one-month return of 7.72% and a 52-week gain of 2.74% [2] Investment Strategy and Performance - Longleaf Partners Fund increased its position in Albertsons during Q3 2025 after a quarterly earnings report that met expectations but did not excite the market [3] - The company has been actively repurchasing shares at a high single-digit annualized pace, which is viewed positively by the fund [3] - Despite competitive pressures from Amazon's grocery initiatives, Albertsons maintains a strong market position due to its real estate, brand recognition, and alignment with owners [3] - Following the quarter, Albertsons reported solid results and announced a significant accelerated share repurchase, enhancing value per share [3]

Core Insights - Longleaf Partners Fund reported a return of -0.33% in Q3 2025, underperforming the S&P 500's 8.12% and the Russell 1000 Value's 5.33% [1] - The fund focuses on investments in real assets and brands that generate growing free cash flow (FCF) per share, with an expectation that the FCF multiple could rise from ~10x to the mid-teens [1] Company Highlights - Rayonier Inc. (NYSE: RYN) is highlighted as a leading timberland real estate investment trust, with a one-month return of -11.61% and a 52-week loss of 25.71% [2] - As of October 23, 2025, Rayonier Inc. shares closed at $23.27, with a market capitalization of $3.6 billion [2] M&A Activity - Rayonier Inc. and PotlatchDeltic announced a merger of equals, which is viewed as a win/win scenario with real synergies that could enhance the value per share of the combined entity [3] - The fund expresses excitement about these complementary investments, noting that both companies were acquired at large discounts and have multiple avenues for growth [3]

Core Insights - TechnipFMC plc (FTI) reported third-quarter 2025 adjusted earnings of 75 cents per share, exceeding the Zacks Consensus Estimate of 65 cents and the previous year's profit of 64 cents, driven by strong performance in the Subsea segment [1][10] - The company's revenues reached $2.6 billion, surpassing the Zacks Consensus Estimate by 1.2% and increasing from $2.3 billion in the same quarter last year [2][10] Financial Performance - Adjusted EBITDA for the Subsea unit was $505.6 million, beating the consensus estimate of $493 million, while the Surface Technologies unit reported adjusted EBITDA of $53.8 million, also exceeding expectations [2] - Total costs and expenses for the quarter were $2.2 billion, an increase of 8.8% from $2.1 billion in the previous year [9] Segment Analysis - Subsea segment revenues totaled $2.3 billion, up 14.4% year-over-year, driven by increased project activity, particularly in iEPCI™ projects across various regions [6][7] - Surface Technologies segment revenues were $328.1 million, a 2.4% increase year-over-year, supported by higher activity in the North Sea and Asia Pacific [8] Orders and Backlog - Inbound orders for the third quarter decreased by 4.9% year-over-year to $2.6 billion, while the total order backlog rose to $16.8 billion, reflecting a 14.4% increase from the previous year [3] Shareholder Returns - The board authorized additional share repurchases of up to $2 billion, bringing the total authorization to $2.3 billion, which is nearly 16% of outstanding shares [4] - The company repurchased 6.5 million common shares for $250 million during the quarter, with total shareholder returns amounting to $270.5 million, including a dividend payment of $20.5 million [5] 2025 Outlook - TechnipFMC expects Subsea revenues between $8.4 billion and $8.8 billion and Surface Technologies revenues between $1.2 billion and $1.35 billion for 2025 [12] - The company anticipates an adjusted EBITDA margin of 19-20% for the Subsea segment and 16-16.5% for the Surface Technologies segment, with free cash flow projected between $1.3 billion and $1.45 billion [12][13]

Core Insights - AutoNation, Inc. reported third-quarter 2025 adjusted earnings of $5.01 per share, a 25% increase year over year, exceeding the Zacks Consensus Estimate of $4.85, driven by strong revenues from retail new and used vehicles, as well as finance and insurance [1][9] - Total revenues for the quarter reached $7.04 billion, surpassing the Zacks Consensus Estimate of $6.86 billion and increasing from $6.59 billion in the third quarter of 2024 [1][9] Revenue Breakdown - New vehicle revenues rose 7.7% year over year to $3.42 billion, exceeding the estimate of $3.2 billion, with retail units sold totaling 66,189, a 4.8% increase year over year [2] - Retail used-vehicle revenues increased 7.6% to $1.87 billion, surpassing the projection of $1.72 billion, with used vehicle retail units sold totaling 68,896, a 3.7% increase year over year [3] - Wholesale used vehicle revenues declined 11.6% to $141.4 million, missing the estimate of $158.8 million, although gross profit rose to $12.3 million from $5.6 million [4] - Finance and insurance revenues amounted to $374.8 million, an 11.7% increase from the previous year, beating the projection of $331.6 million [4] - Parts and service revenues increased by 4.7% to $1.23 billion but fell short of the estimate of $1.26 billion [5] Segment Performance - Domestic segment revenues rose 9.6% year over year to $1.95 billion, exceeding the projection of $1.76 billion, with segment income climbing 30.3% to $81.3 million [6] - Import segment revenues increased 6.2% to $2.17 billion, surpassing the forecast of $2.02 billion, while segment income grew 3.8% to $123.7 million [6] - Premium Luxury segment sales rose 5.5% to $2.56 billion, slightly missing the projection of $2.57 billion, with segment income growing 4% to $160.9 million [7] Financial Position - As of September 30, 2025, the company's liquidity stood at $1.8 billion, including $98 million in cash and nearly $1.7 billion available under its revolving credit facility [8] - Inventory was valued at $3.49 billion, and non-vehicle debt was reported at $3.83 billion [8] - Capital expenditure for the quarter was $68.9 million [8] Share Repurchase - During the quarter, the company repurchased 0.8 million shares for $181 million, with $338 million remaining under its share repurchase program [10]

Financial Data and Key Metrics Changes - Hilltop reported net income of approximately $46 million or $0.74 per diluted share for Q3 2025, with a return on average assets of 1.2% and return on average equity of 8.35% [4] - Net interest income increased by $7.4 million or 7% year-over-year, totaling $112 million, driven by improved deposit costs and growth in higher yielding commercial loans [14] - The allowance for credit losses declined by $2.8 million to $95 million, resulting in a coverage ratio of 1.16% [12] Business Line Data and Key Metrics Changes - PlainsCapital Bank generated $55 million of pre-tax income on $12.6 billion of average assets, with a return on average assets of 1.34% [4] - PrimeLending reported a pre-tax loss of $7 million due to subdued mortgage origination volumes, with existing home sales at their lowest level in over 30 years [6] - Hilltop Securities Inc. produced pre-tax income of $26.5 million on net revenues of $144.5 million, achieving a pre-tax margin of 18% [7] Market Data and Key Metrics Changes - Total core deposits at PlainsCapital increased by 6% on a linked quarter basis, attributed to seasonal cash inflows from large balance customers [5] - Average total deposits remained stable at approximately $10.5 billion year-over-year, with a focus on growing interest-bearing products [16] - Mortgage revenues declined by $3.4 million year-over-year, reflecting challenges in the mortgage banking sector due to higher interest rates and home prices [17][18] Company Strategy and Development Direction - The company aims to maintain strong capital levels with a common equity tier one capital ratio of 20% and plans to continue share repurchases to signal confidence in its stock [9][31] - Hilltop Securities is investing in core areas of expertise and leveraging its national brand to enhance client service [9] - The leadership team is focused on optimizing costs and productivity at PrimeLending while growing the client-facing sales team [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the bank's ability to manage competition and maintain a conservative credit culture despite elevated market competition [5][22] - The outlook for 2025 reflects ongoing uncertainties in the market regarding interest rates and inflation, with a focus on producing quality outcomes for clients [24] - Management does not anticipate significant systemic risk across the portfolio but remains vigilant in assessing potential credit risks [13] Other Important Information - The company returned $11 million to stockholders through dividends and repurchased $55 million in shares during the quarter [9] - A leadership transition is occurring at PlainsCapital Bank, with the promotion of Brent Randall to Chief Credit Officer [10] Q&A Session Summary Question: NII guidance and near-term outlook - Management explained that the NII guidance was not increased due to expected rate cuts and potential asset contraction, emphasizing the balance sheet's asset sensitivity [26][28] Question: Stock buybacks and M&A outlook - Management confirmed a consistent approach to share repurchases given excess capital and discussed opportunities for growth through M&A in the Texas market [30][31] Question: Auto portfolio exposure - Management addressed concerns about the auto portfolio, noting a reduction in commitments and ongoing workout efforts for non-accrual clients [32][33] Question: Broker-dealer fee income - Management highlighted strong performance in public finance and structured finance, while acknowledging that some fee growth may not be sustainable [42][43] Question: Effects of government shutdown - Management indicated no primary effects from the government shutdown on the broker-dealer, but noted potential processing delays in the mortgage space [51][52]

Financial Data and Key Metrics Changes - The company reported net income of $106.1 million or $0.53 per diluted share for Q3 2025, with operating earnings of $74.1 million, reflecting a 44% increase year-over-year [10][11] - Operating return on assets (ROA) was 1.16%, up 34 basis points from the prior year, while return on average tangible common equity increased 300 basis points to 11.7% [6][11] - The efficiency ratio improved from 59.7% to 52.8%, driven by higher revenues and effective expense management [10][11] Business Line Data and Key Metrics Changes - Total loans grew 1.3% linked quarter and 4.1% year-to-date, primarily driven by strong commercial lending results [7][16] - Wealth management assets under management reached a record high of $9.2 billion, driven by market appreciation and modest positive net flows [8][13] - Non-interest income was $41.3 million, down $1.6 million from the second quarter, with wealth management fees accounting for nearly half of total non-interest income [12][13] Market Data and Key Metrics Changes - Period-end deposits totaled $21.1 billion, a decrease of $104 million or less than 1% from Q2, with a favorable deposit mix benefiting the company [15] - The company remains fully deposit funded with essentially no wholesale funding, enhancing balance sheet strength [15] - The commercial real estate loan portfolio stands at $7.4 billion, with a focus on local markets and diversified by sector [19][20] Company Strategy and Development Direction - The company is focused on organic growth and the integration of the HarborOne merger, which is expected to close on November 1 [5][22] - The strategy includes expanding the commercial banking division and enhancing wealth management capabilities [51] - The company plans to return capital to shareholders through share repurchases and consistent dividend growth [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, citing strong profitability and the potential for organic growth following the HarborOne merger [5][22] - The company remains cautious about credit quality but is optimistic about overall trends [18] - Management emphasized the importance of maintaining a strong deposit base amid heightened competition [15] Other Important Information - The company announced the resumption of its share repurchase program, authorizing up to 11.9 million shares [9][17] - The tangible book value per share increased by 5% from June 30 to $13.14 [9] - The company is committed to enhancing shareholder value through strategic investments and operational efficiencies [4][22] Q&A Session Summary Question: Thoughts on margin stability and future trends - Management indicated that core margin may hold steady in Q4, with competitive pressures on deposits likely to impact it [24][25] Question: Expense outlook for Q4 - Management expects expenses to remain flat or decrease slightly in Q4, with some inflation in tech expenses [27] Question: Appetite for additional deals post-HarborOne merger - The focus remains on organic growth and the integration of HarborOne, with no immediate plans for further mergers [28][30] Question: Wealth management asset growth breakdown - The increase in assets under management was predominantly market-driven, with net flows being slightly positive [35] Question: Update on office loan exposure - Management clarified that the increase in non-performing loans was due to one specific loan, which is being monitored closely [40][42] Question: Spot margin for September - The spot margin was reported at 3.48%, slightly higher than the previous quarter [44] Question: Long-term growth areas within the business - Management highlighted opportunities in commercial lending and wealth management as key areas for future growth [51][52]