Financial Data and Key Metrics Changes - VITAS net revenue was $396.2 million in Q2 2025, representing a 5.8% increase compared to the prior year period, driven by a 6.1% increase in days of care and a 4.2% increase in Medicare reimbursement rates [13][14] - Adjusted EBITDA excluding Medicare Cap totaled $66.8 million in the quarter, essentially flat with 2024, with an adjusted EBITDA margin of 16.2%, down 163 basis points from the prior year [16][17] - Roto Rooter revenue increased 6% in 2025 compared to the same period in 2024, falling short of internal expectations [8][9] Business Line Data and Key Metrics Changes - DITAS admissions totaled 17,545, a 1.2% improvement from the same period in 2024, with a 4.9% increase when excluding patient transfers to VITAS [5][6] - Roto Rooter branch residential revenue was $156.4 million, a 9% increase from the prior year, driven by a 16.9% increase in water restoration [20] - Roto Rooter adjusted EBITDA decreased by 18.7% to $48.6 million, with an adjusted EBITDA margin of 21.8%, reflecting inefficiencies in the labor force due to lower residential revenues [21][22] Market Data and Key Metrics Changes - Hospital-directed admissions increased by 9.1%, while home-based patient admissions declined by 6.2%, nursing home admissions declined by 2.9%, and assisted living facilities admissions declined by 1.4% compared to the prior year [6][10] - The consolidated Florida program is projected to end the 2025 Medicare cap year with a $19 million billing limitation, with management expecting no significant Medicare cap billing limitation for the 2026 cap year [6][7] Company Strategy and Development Direction - The company remains confident in the growth potential and strategic direction of both businesses despite underperformance in Q2 2025 [5][11] - VITAS is adjusting its patient mix in Florida to mitigate Medicare cap issues, which may cause some disruption in operating metrics but positions the company for long-term growth [11][12] - Roto Rooter is focusing on improving its competitive advantages and is optimistic about returning to a steadier growth trajectory [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the weak admissions in April and May were influenced by external factors affecting consumer confidence and spending [10][11] - The company is optimistic about the overall prospects for both businesses, with VITAS management actively reviewing expenses to offset lower EBITDA margins [17][21] - Management expects to update assumptions regarding rates and the overall outlook for the 2026 Medicare cap year in the third quarter earnings release [7][26] Other Important Information - The company estimates $28.2 million in Medicare cap billing limitations for calendar 2025, with no limitations expected in the fourth quarter related to the Florida combined program [26] - Roto Rooter is forecasted to have a revenue increase of 1.25% to 1.75% in 2025 compared to 2024, with an adjusted EBITDA margin expected to be 23.5% to 24.5% [27] Q&A Session Summary Question: What measures are being taken to avoid Medicare cap issues in 2026? - Management emphasized hospital admissions and the moderation of the patient mix bubble created by the Community Access Program as key levers to avoid cap issues [31][32] Question: What is the outlook for admissions and revenue growth? - Management indicated that while admissions were slightly below expectations, they are confident in achieving a higher mix of short-stay patients moving forward [70][72] Question: How are local management issues affecting Roto Rooter's recovery? - Management stated that past local management issues have been resolved, and the focus is now on improving conversion rates and addressing market challenges [51][56] Question: What is the impact of the recent tax rate changes? - The effective tax rate decline was attributed to accounting factors related to stock option exercises, which are not expected to persist [67][68] Question: Is there a change in the company's acquisition strategy? - The company remains open to acquisitions at the right valuation and location, with no change in overall strategy despite current challenges [100][102]

Welcome back to the exchange. Spotify shares sinking today, down 10% right now after Q2 revenue miss lackluster guidance. My next guest recently upgraded shares to outperform and is establishing an $800 price tag.It's currently trading at $629 and change. Joining me now is Jason Hstein, head of internet research at Oenheimer. Jason, it's great to have you on.You upgraded the stock what last week ahead of the print today. What do you think now that we got these results. >> Correct.So our thought was the stoc ...

Core Insights - CBRE Group Inc. reported second-quarter 2025 core earnings per share (EPS) of $1.19, exceeding the Zacks Consensus Estimate of $1.05, and reflecting a year-over-year increase of 46.9% [1][9] - The company's shares rose over 8% following the earnings report, driven by strong revenue growth across most business segments, except for Real Estate Investments [2][9] - Total revenues for the quarter increased by 16.2% year over year to $9.75 billion, surpassing the Zacks Consensus Estimate of $9.37 billion [2][9] Revenue Breakdown - Adjusted net revenues rose 14% (12.9% in local currency) year over year to $5.67 billion, with core EBITDA increasing by 30.3% (28.9% in local currency) to $658 million [3] - The Advisory Services segment saw a revenue increase of 14.4% (13.8% in local currency) to $2 billion, while global leasing revenue grew by 14% (13% in local currency) [4] - Global property sales revenues grew by 20% (19% in local currency), with notable growth in the U.S. (25%), APAC (24%), and EMEA (19%) [5] - The Building Operations & Experience segment reported an 18.7% (17.5% in local currency) revenue increase to $5.76 billion, with facilities management revenues rising by 17% (16% in local currency) [6] Segment Performance - Project Management segment revenues increased by 14.3% (12.9% in local currency) to $1.79 billion, driven by growth from Turner & Townsend and CBRE's legacy business [7] - The Real Estate Investments segment experienced a revenue decline of 7.3% (9.1% in local currency) to $215 million [7] Financial Position - As of the end of Q2 2025, assets under management increased by $6.2 billion to $155.3 billion, aided by favorable foreign currency movements [8] - CBRE's cash and cash equivalents rose to $1.40 billion, with total liquidity increasing to $4.7 billion due to new financing activities [9][10] - The company's net leverage ratio was 1.47X, significantly below its primary debt covenant of 4.25X [10] Future Outlook - For 2025, CBRE raised its core EPS guidance to a range of $6.10-$6.20, compared to the previous guidance of $5.80-$6.10, with the Zacks Consensus Estimate currently at $5.94 [11]

Core Insights - Waste Connections, Inc. (WCN) reported strong second-quarter 2025 results, with earnings and revenues exceeding Zacks Consensus Estimates [1][2] - Despite the earnings beat, the stock price has not experienced significant movement since the results were released on July 23 [1] Financial Performance - Adjusted earnings per share were $1.29, surpassing the Zacks Consensus Estimate by 3.2% and reflecting a 4% year-over-year increase [2][9] - Revenues reached $2.4 billion, slightly beating consensus estimates and growing 7.1% from the previous year [2][9] - Year-to-date, WCN shares have increased by 8.4%, compared to the industry's 10.7% and the Zacks S&P 500 Composite's 8.2% growth [2] Segment Performance - The Solid Waste Collection segment generated revenues of $1.6 billion, which was below the estimated $1.7 billion [3] - The Solid Waste Disposal and Transfer segment saw a significant revenue increase of 71.1% year-over-year to $756 million, also missing projections [3] - The E&P Waste Treatment, Recovery and Disposal segment's revenues rose 4.9% to $123.6 million, falling short of the estimate [4] - The Solid Waste Recycling segment's revenues grew 3.5% to $63.3 million, missing the forecast [4] - The Intermodal and Other segment's revenues increased slightly to $49.1 million, also below expectations [4] Operating Results - Adjusted EBITDA for the quarter was $731.8 million, a decrease of 6.9% from the previous year, with an adjusted EBITDA margin of 32.6% [5] - Operating income was reported at $424.7 million, down from $459.5 million year-over-year [5] Balance Sheet & Cash Flow - At the end of Q2 2025, cash and cash equivalents stood at $62.4 million, down from $111.2 million in the previous quarter [6] - Long-term debt decreased to $8.1 billion from $8.4 billion [6] - Cash generated from operating activities was $611.4 million, with adjusted free cash flow at $402.6 million [7] - Capital expenditures totaled $217.2 million, and dividends paid amounted to $73.7 million [7] FY25 Outlook - For the full year 2025, Waste Connections expects revenues of $9.45 billion, which is below the Zacks Consensus Estimate of $9.51 billion [8][9] - Adjusted EBITDA is anticipated to be $3.12 billion, representing nearly 33% of total revenues [8]

Financial Performance - SoFi reports 44% year-over-year revenue growth to $858 million [2] - SoFi's operating margins are at 29% [2] - SoFi achieved a "rule of 40" score of 70, exceeding the benchmark [3] Business Strategy & Growth Drivers - SoFi's strategy is to be a one-stop shop across borrow, save, spend, invest, and protect [4] - Exceptional growth was seen across all three of SoFi's businesses [5] - SoFi is benefiting from unprecedented demand across all of its products [11] Investment & Market Perspective - SoFi is returning to crypto investing [1] - Investors are re-evaluating SoFi due to growth opportunities in AI, blockchain, and crypto [9][10] - SoFi's invest service offers a broad range of products, including single stocks, fractional shares, IPOs, ETFs, robo accounts, and alternative assets [7] Consumer Lending - Consumers are refinancing credit card debt with SoFi at lower interest rates (12-13% vs 24+%) [12] - SoFi is seeing a pickup in student loan refinancing [12] - SoFi money offers 38% interest with no fees [13]

Core Insights - Incyte Corporation reported a second-quarter revenue of $1.22 billion, a 16% increase year over year, surpassing the consensus estimate of $1.15 billion [1] - The adjusted earnings per share were $1.57, a significant improvement from a loss of $1.82 a year ago, and also beating the consensus estimate of $1.41 [1] Financial Performance - Jakafi's net product revenue increased by 8% to $764 million, driven by an 8% rise in paid demand across all indications [9] - Opzelura's net product revenue rose by 35% to $164 million, attributed to increased patient demand and refills for atopic dermatitis and vitiligo [9] - Minjuvi/Monjuvi's net product revenue remained stable at $31.13 million [9] Future Guidance - The company raised its revenue guidance for Jakafi to $3 billion—$3.05 billion for 2025, up from the previous guidance of $2.95 billion—$3 billion [4] - Other oncology net product revenues are now expected to be $500 million—$520 million, an increase from the prior guidance of $415 million—$455 million [4] - Opzelura's sales guidance remains unchanged at $630 million—$670 million, with expectations of double-digit CAGR in the U.S. and internationally over the next several years [5] Product Development and Market Position - Incyte has several important product launches planned between now and 2030, focusing on transitioning to new durable product growth drivers by 2029 [6] - The FDA approved Monjuvi in combination with rituximab and lenalidomide for adult patients with relapsed or refractory follicular lymphoma [3] - The FDA extended the review period for Opzelura for children aged 2-11 years with mild to moderate atopic dermatitis, with a new action date set for September 19 [8] Market Sentiment - Despite the positive financial results, analysts express concerns about the long-term outlook due to the loss of exclusivity for Jakafi at the end of 2028 [6] - William Blair rates Incyte stock at Market Perform, indicating that while there are opportunities for growth, near-term clinical readouts may not significantly change investor sentiment [7][10]

Summary of BetMGM Second Quarter Business Update Call Company Overview - **Company**: BetMGM - **Industry**: Online Gaming and Sports Betting Key Financial Performance - **Second Quarter Revenue**: $692 million, up 36% year-over-year [3] - **First Half Revenue**: $1.349 billion, up 35% year-over-year [3] - **EBITDA for First Half**: $109 million, with $86 million in the second quarter [3][26] - **iGaming Growth**: 28% year-over-year in the first half, with a strong player acquisition strategy [4] - **Online Sports Betting (OSB) Growth**: 61% year-over-year in the first half [5][10] Strategic Insights - **Increased Guidance**: Full-year net revenue guidance upgraded to at least $2.7 billion, representing at least 28% growth year-over-year [5][28] - **EBITDA Guidance**: Upgraded to at least $150 million, a year-on-year improvement of nearly $400 million [5][30] - **Player Engagement**: Monthly active players grew by 38%, with players engaging 34% more days each month [7][8] Marketing and Player Management - **Efficient Marketing Spend**: Marketing efficiency improved, leading to a 66% flow-through of incremental revenue growth [4][31] - **Player Retention**: Enhanced player management strategies have improved retention and engagement metrics [12][13] - **Omnichannel Strategy**: Leveraging MGM Resorts' customer base to enhance player acquisition and retention [16][17] Product Development and Innovations - **New Game Launches**: Continued investment in exclusive content and partnerships, including new titles from popular franchises [8][9] - **App Improvements**: Significant enhancements in app speed and user experience, with a 40% improvement in app performance [71] Market Dynamics and Future Outlook - **Tax Impacts**: Anticipated tax increases in states like New Jersey and Illinois, with strategies in place to mitigate impacts [30][61] - **Legislative Environment**: Increased momentum for iGaming legislation, with expectations for more states to legalize in the future [89] - **Competitive Landscape**: Monitoring adjacent markets and potential risks from unregulated gaming activities [44][45] Conclusion - **Overall Health**: The business is performing strongly, with sustainable and profitable growth demonstrated through improved EBITDA and revenue metrics [34] - **Future Confidence**: High confidence in achieving $500 million EBITDA in the medium term, supported by operational efficiencies and market expansion [32][34]

Core Viewpoint - Henry Schein, Inc. (HSIC) is set to release its second-quarter 2025 results on August 5, with expectations of revenue growth but a slight decline in earnings per share (EPS) compared to the previous year [1][2]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for revenues is $3.22 billion, indicating a year-over-year increase of 2.7% [2]. - The Zacks Consensus Estimate for EPS is $1.18, reflecting a year-over-year decrease of 4.1% [2]. - Estimates for second-quarter earnings have decreased by 1 cent to $1.18 over the past 30 days [3]. Group 2: Performance Factors - The Global Distribution and Value-Added Services segment is expected to have stable conditions in U.S. and international dental merchandise and equipment markets, with potential market share gains [4]. - U.S. dental merchandise sales are anticipated to be driven by volume growth, while dental equipment sales faced challenges due to a sales deferral from the previous quarter [5]. - The U.S. medical business is likely to benefit from strong performance in the Home Solutions sector and growth from acquisitions [6]. Group 3: International Sales and New Products - International dental merchandise sales are expected to remain strong in Canada, Central Europe, and Brazil, although softness in France may offset some growth [7]. - New products introduced at the 2025 International Dental Show, such as 3D printers and intraoral scanners, may contribute positively to sales [7]. Group 4: Segment Revenue Projections - The Global Distribution and Value-Added Services segment's revenues are projected to increase by 0.3%, reaching $2.67 billion [8]. - The Global Specialty Products segment is expected to see a 2% increase in revenues, driven by TriMed and implant sales in Europe [9][11]. - The Global Technology segment is anticipated to experience a 2.4% year-over-year improvement in revenues, supported by growth in cloud-based practice management software [12].

Market Conditions & IPOs - VC 支持的 IPO 正在出现，部分原因是过去一年满足了三个条件 [1] - 利率趋于稳定，美联储暗示将停止加息并可能降息 [2] - 公开市场相对稳定，VIX 指数接近 12 个月低点 [2] - Circle、Core、eToro 和 Armada Health 等公司在公开市场表现良好 [3] Investment Strategy & Metrics - 投资目标是寻找下一代伟大的上市公司，并在它们还是私有公司时进行投资 [8] - 公司推迟 IPO 上市，投资公司可以帮助这些公司从伟大的私有公司转变为伟大的上市公司 [9] - 关注具有持久性和防御能力的公司，即在未来 5-10 年内可持续发展且不易被复制的公司 [12] - 企业软件如何从 AI 中受益并真正利用 AI 是一个关键的观察点 [13] AI Impact - AI 正在以前所未有的速度推动收入增长 [10] - Anthropic 这样的公司在模型领域的 ARR 据传在六个月内从 10 亿美元增长到 40 亿美元 [11] - 受益于 AI 的高知名度公司，如 Figma，其定价预期将继续提高 [7]

Core Insights - EMCOR Group, Inc. is set to report its second-quarter 2025 results on July 31, with expectations of continued growth in earnings and revenue driven by strong demand in key sectors [1][10]. Financial Performance - In the last reported quarter, EMCOR achieved earnings per share (EPS) of $5.41, surpassing expectations by 18.4% and reflecting a 30% increase year-over-year [2]. - Revenue for the last quarter was $3.87 billion, marking a 12.7% year-over-year growth and exceeding the Zacks Consensus Estimate by 1.9% [2]. - The company's adjusted operating margin expanded to 8.5%, supported by prefabrication and virtual design capabilities [2]. - The backlog (Remaining Performance Obligations, or RPOs) grew 28.1% year-over-year to $11.8 billion [2]. Future Estimates - The Zacks Consensus Estimate for the second-quarter EPS is $5.68, indicating an 8.2% growth from the previous year, while the revenue estimate is $4.1 billion, suggesting an 11.9% year-over-year increase [4]. - For the full year 2025, EMCOR is expected to see a 12.7% growth in revenues and a 9.6% growth in EPS compared to the previous year [4]. Market Dynamics - Despite inflationary pressures and economic uncertainty, EMCOR's revenues and earnings are anticipated to have increased due to heightened project flows in high-tech manufacturing and network communications sectors, particularly in semiconductor and data center construction [5][6]. - The Electrical Construction segment is benefiting from strong demand in data centers, with 85% of the network and communications backlog linked to this area [7]. - The Mechanical Construction segment shows strength in healthcare, institutional, and water/wastewater markets, bolstered by the integration of Miller Electric [7]. Segment Performance - The U.S. Building Services segment is expected to improve in the second quarter, with a shift towards higher-margin technician-based services [8]. - The Industrial Services segment is projected to recover from weather-related disruptions in the first quarter, aided by a normalization of credit loss provisions [9]. - The U.K. Building Services segment is expected to maintain stable performance, with healthy project demand despite initial mobilization costs affecting margins [11]. Overall Outlook - EMCOR anticipates a strong second quarter in 2025, driven by construction segments, a rebound in Industrial Services, and margin resilience across the board [12].