FactSet (FDS) Q3 2025 Earnings Call June 23, 2025 09:00 AM ET Company Participants Kevin Toomey - Head - IRPhilip Snow - CEOHelen Shan - EVP & CFOShlomo Rosenbaum - Managing DirectorGoran Skoko - EVP & Chief Revenue OfficerFaiza Alwy - MD - US Company ResearchRyan Griffin - Senior Equity Research AssociateBrendan Popson - Vice President - Business, Information & Professional Services Equity ResearchScott Wurtzel - SVP - Equity ResearchRussell Quelch - Managing Director Conference Call Participants Alex Kram ...

Financial Data and Key Metrics Changes - Revenue for Q3 FY2025 was $17.7 billion, reflecting a 7% growth in local currency and exceeding the guided range [5][10][12] - Operating margin expanded by 40 basis points to 16.8% compared to adjusted results from the previous year [10][18] - Diluted earnings per share (EPS) grew by 12% to $3.49 compared to adjusted EPS of $3.13 in Q3 FY2024 [10][18] - Free cash flow for the quarter was $3.5 billion, with a cash balance of $9.6 billion at the end of the quarter [19] Business Line Data and Key Metrics Changes - Consulting revenues were $9 billion, up 7% in U.S. dollars and 6% in local currency [13] - Managed services revenues reached $8.7 billion, reflecting a 9% increase in both U.S. dollars and local currency, driven by double-digit growth in technology managed services [14] - New bookings totaled $19.7 billion for the quarter, with consulting bookings at $9.1 billion and managed services bookings at $10.6 billion [11][12] Market Data and Key Metrics Changes - Revenue growth in The Americas was 9% in local currency, led by banking and capital markets, industrial, and health sectors [14][15] - EMEA region saw a 6% growth in local currency, driven by life sciences, banking, and insurance [15] - Asia Pacific revenue grew by 4% in local currency, with growth in public service and banking, partially offset by declines in chemicals and natural resources [15] Company Strategy and Development Direction - The company aims to be the preferred partner for client reinvention, focusing on GenAI as a key driver for transformation [5][22] - A new integrated business unit called Reinvention Services will be established to enhance service delivery and embed data and AI into solutions [36][75] - The company is committed to investing in talent and capabilities, with significant training hours and strategic acquisitions to support growth [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted heightened uncertainty in the global economic and geopolitical environment, impacting client interactions and spending [21][22] - The focus remains on helping clients navigate challenges and drive reinvention, with GenAI being a critical tool for achieving better results [22][23] - The outlook for Q4 FY2025 anticipates revenues between $17 billion and $17.6 billion, with a growth expectation of 1% to 5% in local currency [37][39] Other Important Information - The company has invested over $297 million in four strategic acquisitions and increased its workforce in data and AI to approximately 75,000 [6][7] - The brand value increased by 27% to $103.8 billion, reflecting strong market recognition [7] - The company plans to return at least $8.3 billion to shareholders through dividends and share repurchases [41] Q&A Session Summary Question: Talent retention and leadership changes - Management noted a slight increase in attrition but emphasized that it remains within normal ranges and that leadership changes are common as leaders pursue new opportunities [43][44] Question: Impact of heightened uncertainty on revenue generation - Management highlighted the resilience of their model, noting that clients are focusing on significant projects despite economic challenges [45][48] Question: GenAI demand and acquisition pace - Demand for GenAI remains strong, though growth has slightly slowed. The acquisition strategy is consistent, targeting about 2% inorganic contribution annually [53][55][62] Question: Changes in acquisition strategy and focus - The acquisition strategy remains aligned with business needs, focusing on building capabilities internally when necessary [61][62] Question: Federal contracting impact on bookings - Federal contracting had an immaterial impact on bookings, with Q4 headwinds arising from both slower procurements and cancellations [89][90]

上 市 公 司 计算机 2025 年 06 月 20 日 美图公司 (01357) —— AI 与美学交融，国内影像领军新成长（GenAI 系列 之 60） 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 19 日 | | --- | --- | | 收盘价（港币） | 7.66 | | 恒生中国企业指数 | 8410.94 | | 52 周最高/最低（港币） | 8.36/2.07 | | H 股市值（亿港币） | 349.77 | | 流通 H 股（百万股） | 4,566.18 | | 汇率（人民币/港币） | 1.0944 | 一年内股价与基准指数对比走势： -21% 479% 06/19 07/19 08/19 09/19 10/19 11/19 12/19 01/19 02/19 03/19 04/19 05/19 06/19 HSCEI 美图公司 资料来源：Bloomberg 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

AGI Playground 倒计时 1 天！ Hi，AGI Players～Founder Park 为你准备了一份详细而贴心的攻略，让你畅享 AGI Playground 2025 每一个精彩瞬间！ 最重要的事情放在最前边！ 完整日程一览，（强烈）建议保存到手机中。 | 【DAY 1】 6 月 21 日 周六 | | | | | | --- | --- | --- | --- | --- | | | | 场地A 传导空间 | | | | 09:00 - 09:40 | | 拆解 AI Native 的产品新范式 | | | | 09:40 - 09:50 | | 2025 中国最具价值 AGI 创新机构 TOP 50 发布 | | | | 09:50 - 10:20 | | 重塑出海范式,构建全球增长的智能创业新生态 | | | | 10:20 - 10:50 | | 我们所看到的具身智能的未来 | | | | 10:50 - 12:20 | | 创业者，怎么在这个 AI 时代「撒点野」 | | | | Break | | | | | | 场地A | 场地B | 场地C | 场地D | 场地E | | 7 ...

Key Takeaways ZS expanded data security across web, email, SaaS, endpoints, and GenAI apps in Q3 FY25. A Fortune 50 auto firm grew its spend 50% after adopting six of ZS' eight data security modules. ZS won a seven-figure deal with a Fortune 100 food and beverage company.Zscaler (ZS) is seeing strong momentum in the Data Security Everywhere strategy, one of the company’s three main growth drivers. Historically, data security was most critical in data-heavy regulated industries like finance and healthcare. ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 counterpointresearch 。 随着代理人工智能能力的不断增强，如今的GenAI 智能手机正在发展成为更加智能、更具情境感知 能力的设备，它们从简单的通信中心转变为真正智能、自主的伴侣。 在智能手机上实现代理人工智能的最大挑战在于硬件层面：在电池寿命、处理能力和内存的严格限制 内为不断增长的人工智能功能提供动力。 美光公司市场营销副总裁Christopher Moore表示："内存带宽的增长速度已经赶不上计算性能的增长 速度，我们正接近这样一个临界点：仅仅添加更多传统 DRAM 已不再是可行的长期解决方案。架构 创新现在绝对至关重要。" 需要几项关键技术和行业创新来确保内存解决方案与边缘 GenAI 工作负载不断增长的需求相吻合： 由于低延迟、增强隐私、成本和带宽效率、离线访问和个性化等关键要求，将代理人工智能的核心功 能（实时响应、深度个性化和主动协助）置于边缘是必要的。 Counterpoint 研究副总裁Neil Shah表示： " Agentic AI将把智能手机提升到一个全新的类别，使其 成为能够识别复杂意图并实时调整 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the current state of global markets, particularly focusing on equities and fixed income, with insights into macroeconomic conditions and geopolitical factors affecting market dynamics [1][2][3]. Core Insights 1. **Market Performance**: The S&P 500 index has slightly declined, remaining 3% below its February highs, indicating mixed market sentiment influenced by macroeconomic data and geopolitical tensions [1][2]. 2. **Debt and Deficit Concerns**: There is a growing concern regarding debt sustainability, which is seen as a significant structural risk. The macro environment suggests that risky assets are still performing well despite these concerns [6][8]. 3. **US Economic Growth**: The US economy is projected to grow at approximately 1.25% in 2025 and 1.8% in 2026, indicating a deceleration but not a significant downturn. Consumer spending remains resilient despite uncertainties [12][13]. 4. **Equity Market Dynamics**: The equity market is perceived as reflecting future productivity growth driven by AI advancements. However, there are concerns about the quality of signals from certain tech stocks, particularly non-profitable ones [6][20]. 5. **Japanese Equities**: The outlook for Japanese equities is mixed, with potential for growth but also risks associated with rising bond yields. Japan has underperformed compared to Europe and China [21]. 6. **Chinese Shareholder Returns**: The trend of increasing shareholder returns has reached China, with a notable rise in dividend payout ratios. However, this is not seen as a strong enough reason to heavily invest in China [22][23]. Additional Important Points 1. **High Yield Bonds**: US high yield bonds have shown strong performance recently, with yields near three-month lows and minimal down days in the past 15 sessions [25]. 2. **M&A Activity**: Contrary to claims that the M&A market is dead, large-scale M&A activity has increased by approximately 15% year-over-year for deals over $500 million [27]. 3. **Gold and Silver Trends**: Gold prices have continued to rise despite increasing real interest rates, indicating a potential shift in market dynamics. Silver has also recently broken out [35][38]. 4. **Market Sentiment**: The sentiment around earnings has shown a V-shaped recovery globally, particularly in the US, reflecting improved earnings quality as the reporting season progressed [30]. Conclusion - The overall market sentiment remains cautious but optimistic, with significant attention on debt sustainability, economic growth projections, and evolving trends in equity markets. The interplay between macroeconomic factors and market performance will be crucial to monitor in the coming months [11][12][19].

以审计、咨询、税务等领域为例，陈剑光认为，作为一项专业性高且复杂的业务，AI可以高效处理重 复性任务，对海量数据的处理速度极快。"此外，AI基于数据做出的客观决策，也减少了人为偏见与错 误。不仅如此，通过机器学习算法，AI系统还可以不断优化回答质量、预测用户意图等内容，从而更 贴合个性化需求。" 尽管如此，但在需要创造力、情感理解、人际沟通等复杂能力的领域，AI目前仍以辅助角色为主。"比 如上面提到的审计、咨询、税务等业务，往往涉及大量法规、个体差异与业务判断。相比AI，人类具 备更高的综合分析能力，同时人类也更善于理解数据背后的商业逻辑与背景。" 在陈剑光看来，一些复杂问题不仅是技术问题，其还涉及信任、价值判断和心理安抚，这是当前AI难 以胜任的。"更重要的是，相比AI，人类能够处理未知或非结构化的信息，并进行创造性解决。" 不过，AI的广泛应用，对目前的工作来说既是挑战也是机遇。"我们认为AI不会简单'取代'人类，而是 会成为一种增强工具，总体来看，AI承担重复、耗时的基础工作，释放人力资源专注于更高层次的决 策、创造与情感沟通。"陈剑光说。 中经记者杜丽娟实习记者朱会珊北京报道 从ChatGPT到Dee ...

华为云CMO条线的组织有所变化，据了解，周秋硕接过了相应职责，他此前负责华为云营销服海外能 力中心，同时相较于此前的Marketing，更高一级的组织华为云MSSD（Marketing and Solution Sales Department，Marketing与解决方案销售部）被赋予了更多销售职责，其负责人为刘飞，此前为华为云拉 美总裁。华为云广东总经理徐卫星调任泛政企拓展部部长，负责相关企业的销售拓展。 华为手表将接入DeepSeek 华为WATCH 5将接入DeepSeek，并融合盘古大模型与运动健康专业模型，可精准理解个人数据与专业 知识。据悉，用户可通过腕上小艺智能分析20+运动健康领域近200项指标。 雷军：汽车工厂正在试用机器人相关能力，小米汽车芯片预计很快推出 小米创始人雷军在小米投资者大会上披露，最新推出的小米YU7售价不可能是网传的23.59万元，正式 定价要1-2天前才能确定。雷军称五年前小米就开始投资研发机器人领域，目前汽车工厂正在试用相关 能力，小米的汽车芯片正在研发中，预计也将很快推出。 图片系AI生成 【产业互联网周报是由钛媒体TMTpost发布的特色产品，将整合本周最重要的企 ...

Why legacy ERP is slowing down A&D - and what to do about it You can't scale a future-ready operation on a legacy foundation. 2 Why Legacy ERP Is Slowing Down A&D POV ERP systems were designed to bring structure and control to complex operations – and for many years, they did. But over time, those same systems have become a constraint. Customizations piled up, integrations grew brittle, and key functions like engineering and production drifted further apart. Instead of helping teams move faster and work tog ...