Summary of Paymentus Conference Call (December 09, 2025) Company Overview - **Company**: Paymentus (NYSE: PAY) - **Industry**: FinTech and Payments Key Points and Arguments Growth Metrics - Paymentus is experiencing over **35% gross revenue growth** and **40% EBITDA growth** based on current guidance [3][3] - The company has grown from **$5 million in revenue in 2010** to nearly **$1.2 billion** since going public, indicating significant organic growth [18][19] Platform and Strategy - The platform is designed to be **horizontally scalable**, allowing it to serve various verticals and customer sizes effectively [3][4] - The **Instant Payment Network** enhances the distribution of payments and engagement channels, contributing to operational leverage [4][4] Market Expansion - Paymentus has successfully diversified beyond utilities into sectors like **government, insurance, and property management** [8][8] - The company initially targeted utilities due to their complexity, which provided a strong foundation for scaling into other verticals [10][11] B2B Market Opportunity - The B2B segment represents a **larger Total Addressable Market (TAM)** compared to B2C, prompting Paymentus to expand its offerings in this area [12][13] - A significant B2B client has exceeded expectations, indicating strong potential for growth in this vertical [15][16] Market Share and Future Potential - Paymentus currently holds about **4% market share** in the traditional bill pay market, with significant room for growth as it captures more electronic payments [17][19] - The company believes it can double its size by converting existing customer payments to electronic formats [19][19] Revenue Growth Strategy - Long-term growth is projected at **20% CAGR**, driven by new implementations and existing customer growth [21][22] - The company emphasizes profitability alongside revenue growth, achieving **60%+ incremental EBITDA margins** in recent quarters [24][24] Implementation Efficiency - Paymentus has improved implementation times for larger clients, leveraging internal tools and frameworks developed during the COVID-19 pandemic [41][44] Free Cash Flow Generation - The company generated over **$100 million** in free cash flow in the last 12 months, with a conversion rate of about **140%** [45][46] - The business model is not capital-intensive, allowing for strong cash flow generation [46][46] Capital Allocation Strategy - Paymentus maintains a strong balance sheet and is focused on organic growth opportunities, with M&A being considered if suitable targets arise [48][50] - Share buybacks are not currently prioritized [50][50] Key Messages for Investors - Paymentus is positioned as a **long-term investment** with a strong growth algorithm and profitability focus [51][51] - The company aims to expand its market share while enhancing profitability and operational efficiency [51][51] Additional Important Insights - The company has successfully navigated challenges posed by the pandemic, adapting its strategies to maintain growth and efficiency [43][43] - Paymentus is committed to building a robust business model that balances growth with sustainable profitability [37][38]

Core Insights - The earnings season indicates that US large-cap companies continue to outperform expectations, with S&P 500 earnings 6.3% higher than anticipated, while all sectors except Communication Services showed positive surprises [3][4][7] - Future earnings expectations for the S&P 500 have increased due to positive earnings surprises, suggesting continued growth potential for US large-cap companies [6] - The annualized trend for US large-cap earnings is a positive 13.1% year-over-year, supported by an 8.3% revenue growth, with notable strength in Financials and Industrials [7][8] Earnings/Revenue Surprises - US large-cap earnings results remain strong, with small-caps also showing improvement for the second consecutive quarter [5] - All 11 sectors reported positive revenue surprises, alleviating concerns about the impact of tariffs on earnings [4][5] Analyst Adjustments - Analysts have revised their earnings expectations upward in response to the positive earnings surprises observed during the quarter [6] Earnings/Revenue Trends - The technology sector has demonstrated exceptional performance, with an annualized earnings growth of 29%, justifying its strong market performance [8] - Small-cap earnings are improving but show more inconsistency compared to large-caps, with potential for growth in sectors like technology, industrials, and healthcare [18] - European equities have shown improvement, but results are inconsistent across sectors, with a 3% earnings surprise compared to 6.7% in the US [18] - Japan's earnings have rebounded strongly, flipping all indicators to positive, although consistency remains a concern [18] Market Outlook - The overall strength of the US economy has overshadowed potential disruptions from tariffs, with strong earnings from AI-related segments and signs of growth in value-oriented sectors [13] - The company maintains an overweight position in US large-cap stocks while selectively investing in Europe and Japan, focusing on value and financial sectors [14]

Core Insights - The discussion centers around the performance of healthcare stocks, AI and tech trades, and the concept of monopolies in the market [2][4][12] - The current US unemployment rate stands at 4.4%, the highest in four years, but still below the pre-pandemic average of 5.9% [3][29] - The potential for a recession in 2026 is debated, with emphasis on the importance of companies with strong margins and growth potential [30][32] Group 1: Market Performance and Trends - The S&P 500 has seen a 15% increase this year, driven by strong earnings and low unemployment [5][6] - Optimism for the market in 2026 is reflected in rising S&P 500 targets, with Deutsche Bank predicting levels as high as 8,000 [7] - The concept of operating leverage is highlighted, with Uber being used as an example of a company that has transitioned from a cash burner to generating significant free cash flow [23][26] Group 2: Monopolies and Competitive Advantages - The term "monopoly" is defined as a market condition where one company dominates with little competition, allowing for price-setting power [9][10] - Companies like Nvidia, Microsoft, and Google are cited as examples of monopolistic businesses that have historically outperformed their competitors [12][14] - The discussion includes the implications of antitrust cases, with Google recently winning a significant case, which may have been factored into its stock price [12][13] Group 3: Investment Strategies - The focus is on identifying companies with high returns on invested capital (ROIC) and improving margins, which can be classified as monopolies or oligopolies [21][22] - The importance of investing in sectors like aerospace and defense is emphasized, particularly in companies that provide essential parts or services [34] - The healthcare sector is highlighted for its potential, with companies that facilitate drug development being seen as strong investment opportunities [38] Group 4: Economic Outlook - The potential for a "closet recession" is discussed, where GDP growth does not exceed inflation rates, indicating underlying economic weakness [30][32] - The impact of inflation on different economic segments is noted, with high wage earners benefiting more than lower wage earners [28] - The need for investors to focus on companies with durable cash flows and strong growth prospects is emphasized, especially in uncertain economic conditions [56]

Core Insights - Identity validation is a niche market within the security sector, which is often overshadowed by more glamorous technologies like biometrics and AI tools [1] Company Overview - Intellicheck, Inc. (IDN) is highlighted as a promising company in the identity validation space due to its strong fundamentals and growth potential [1] Analyst Background - The analyst has a background in petroleum and gas engineering and has transitioned into finance, focusing on technology, infrastructure, and internet services [1]

Core Financial Performance - Tongcheng Travel (TC) reported total revenue of RMB5.5 billion for 3Q25, reflecting a 10.4% year-over-year increase, which was 1% better than forecasts [1] - Adjusted net profit (NP) reached RMB1.06 billion, up 16.5% YoY, exceeding forecasts by 4% and consensus by 2% [1] - The operating profit margin (OPM) of the core OTA business expanded to 31.2% in 3Q25, slightly ahead of the forecast [1] Core OTA Business Growth - The core OTA business generated revenue of RMB4.6 billion, accounting for 83.7% of total revenue, with a YoY growth of 14.9% [2] - Revenue growth in transportation ticketing services, accommodation reservation services, and other revenue was 9.0%, 14.7%, and 34.9% YoY, respectively [2] - The accumulated number of travelers served reached 2.0 billion by the end of September, marking a 7.3% YoY increase [2] 4Q25 Outlook - For 4Q25, total revenue is estimated at RMB4.76 billion, representing a 12.4% YoY increase, driven by a 17.4% growth in the core OTA segment [3] - The core OTA business is expected to see revenue growth of 8.3% for transportation ticketing, 14.6% for accommodation reservation, and 48.9% for other business [3] - An incremental revenue contribution of RMB170 million is anticipated from the consolidation of Wanda Hotel Management (WHM) starting October 2025 [3] Operating Profit Margin Expectations - The overall OPM for TC reached 21.1% in 3Q25, up from 19.6% in 3Q24, with the core OTA business OPM improving to 31.2% [4] - A stable OPM of 28.4% is forecasted for the core OTA business in 4Q25, despite increased marketing spend for user acquisition [4] - Non-GAAP net profit is expected to grow by 14.0% YoY to RMB752 million, translating into a non-GAAP net margin of 15.8% [4]

Core Insights - SSR Mining Inc. is experiencing a significant increase in its stock value, with shares up approximately 277.7% over the past year, indicating strong market performance and investor interest [3][9] - Hillsdale Investment Management Inc. has increased its stake in SSR Mining by acquiring 1,738,825 shares, valued at approximately $42.45 million, reflecting confidence in the company's future prospects [2][9] Company Overview - As of November 7, 2025, SSR Mining's stock price was $19.94, with a market capitalization of $4.04 billion, and revenue for the trailing twelve months (TTM) was $995.62 million, with a net income of $261.28 million [4] - The company operates a diversified portfolio of mining assets, primarily focused on gold production, with additional exposure to silver and base metals, across regions including Turkey, the United States, Canada, and Argentina [5][6] Operational Strengths - SSR Mining's operational model leverages established mining assets and expertise to enhance output and manage costs effectively, positioning the company favorably in a competitive global market [6][10] - The company benefits from a broad geographic reach and jurisdictional balance, which supports resilience and access to a diverse customer base [10] Investment Potential - The company's ability to translate its asset base into sustained free cash flow is critical, as it enters a phase where volume gains and cost discipline can significantly expand profit margins [11] - SSR Mining's operational leverage is highlighted by its capacity to generate cash flow through focused improvements, contrasting with larger mining firms that may face higher costs due to their scale [10]

Core Insights - SSR Mining Inc. operates a diversified portfolio of precious metal mines, primarily focusing on gold production while also engaging in silver and base metals extraction [1][2] - The company has seen a significant increase in its stock price, rising approximately 277.7% over the past year, indicating strong market performance and alpha generation compared to the S&P 500 [2] - Hillsdale Investment Management Inc. has increased its stake in SSR Mining by acquiring 1,738,825 additional shares, valued at approximately $42.45 million, reflecting confidence in the company's fundamentals [4][5] Company Operations - SSR Mining generates revenue through the extraction and sale of precious and base metals from wholly owned mining assets and joint ventures, with gold being the primary revenue driver [2][10] - The company's operations span across Turkey, the United States, Canada, and Argentina, providing geographic diversity and resilience in a competitive market [1][6] Financial Performance - The increase in Hillsdale's position in SSR Mining suggests that the company is entering a more attractive phase, with potential for further growth in free cash flow and margins [5][7] - SSR Mining's operational capabilities are highlighted by its ability to drive cash-flow gains through focused improvements across its assets, contrasting with larger mining companies that face higher operational challenges [6][7] Market Position - The company's broad portfolio and jurisdictional balance provide it with significant operating leverage, allowing for multiple pathways to create value as market conditions improve [6][7] - The current market rally may represent the beginning of a growth phase for SSR Mining, as it continues to execute on its operational strategies [7]

Core Insights - Trip.com Group Ltd is a leading online travel agency offering a variety of travel services globally, competing with major players like Expedia and Booking Holdings [1] Group 1: Analyst Ratings and Price Targets - Citigroup maintains a "Buy" rating for TCOM, raising the price target to $86 from $85, reflecting confidence in the company's growth potential [2][6] - Benchmark Equity Research reaffirms a "Buy" rating and increases the price target from $80 to $82, citing the company's structural advantages and growth phase [3][6] Group 2: Financial Performance - In Q3 2025, Trip.com reported a 16% year-over-year increase in net revenue, reaching 18.3 billion Chinese yuan (approximately $2.58 billion), exceeding expectations across various segments [4][6] - The company's adjusted EBITDA for the same period was 6.35 billion yuan, surpassing forecasts by over 6% [4][6] Group 3: Stock Performance - TCOM's current stock price is $72.44, reflecting a 2.19% increase, with a market capitalization of approximately $47.65 billion [5][6] - Over the past year, TCOM has traded between a high of $78.65 and a low of $51.35 [5]

Summary of Vox Royalty FY Conference Call Company Overview - **Company Name**: Vox Royalty (NasdaqCM:VOXR) - **Industry**: Specialty Mining, focusing primarily on gold royalties but also open to base and battery metals [2][8] Core Points and Arguments - **Business Model**: Vox Royalty operates as a gold royalty company, designed to provide investors with exposure to precious metals while minimizing risk and maximizing returns [2][3] - **Performance Metrics**: - Founding shareholders have seen returns of over 1,300% since inception, with an 80% increase in the last year [6] - Revenue has grown by almost 400% over the last three years while costs have remained flat or decreased [6][7] - **Market Position**: Vox aims to replicate the success of larger royalty companies like Franco-Nevada and Wheaton Precious Metals, which have outperformed mining companies and major indices [4][5] - **Asset Growth**: The number of producing assets has increased from 1 in 2020 to 14 currently, with expectations to grow to 22 in the coming years [9][10] Financial Highlights - **Recent Acquisition**: In September, Vox acquired a portfolio generating approximately $15 million in free cash flow for $60 million, significantly increasing its producing asset count [10][11] - **Market Capitalization**: Vox has a market cap of $300 million, providing a diversified portfolio that would typically belong to much larger mining companies [11] - **Debt and Cash Position**: The company has about $11.7 million in debt and $11 million in cash, indicating a strong balance sheet [11] Strategic Focus - **Investment Strategy**: Vox focuses on acquiring royalties from projects that are 2-4 years from production, allowing for a steady increase in revenue and cash flow [9][10] - **Dividend Policy**: Vox pays a modest but sustainable dividend, which is the highest yield in the precious metals royalty industry [18] - **Analyst Coverage**: Currently, four analysts cover Vox, with expectations for increased price targets as the company continues to grow [19][20] Industry Dynamics - **Gold Price Outlook**: The company is positioned to benefit from long-term increases in gold prices, although it operates under the assumption of potential price declines [25][26] - **Cost Structure**: Vox's business model is less affected by cost inflation in the mining sector, allowing for higher operating margins compared to traditional mining companies [23][24] Competitive Advantage - **Data Utilization**: Vox has acquired a proprietary database of mining royalties, enabling it to identify undervalued assets that competitors may overlook [28][29] - **Risk Management**: The company emphasizes a high margin of safety in its acquisitions, focusing on the likelihood of mines entering production rather than solely on current metal prices [38][39] Future Outlook - **Growth Potential**: Vox expects to add 2-5 new producing assets annually, which will further enhance its revenue profile [16][24] - **Index Inclusion**: The company was added to the Russell 2000 and anticipates inclusion in the GDXJ index, which could attract broader investor interest [24] Additional Insights - **Silver Royalties**: Vox holds a significant silver royalty over the Bowden's project, which could generate substantial revenue once in production [41] - **Market Perception**: The company believes its business model may be perceived as complex, but it aims to simplify its narrative to attract more passive investors [18][19]

Financial Performance and Targets - AECOM exceeded previously increased earnings guidance mid-points[13] - AECOM delivered on long-term 17%+ margin guidance five-quarters early (Q3'25)[13] - AECOM has a record design backlog of $23 billion[14] - AECOM's FY'20-FY'25 adjusted EPS CAGR is 20%[13] - AECOM is targeting FY'26 – FY'29 Organic NSR Growth CAGR of +5 – 8%[38] - AECOM is targeting FY'26 – FY'29 Segment Adjusted Operating/Adjusted EBITDA Margin of 20%+ (Exit rate by FY'28)[38] - AECOM is targeting FY'26 – FY'29 Adjusted EPS and Free Cash Flow per Share Growth CAGR of 15%+[38] - AECOM's FY25 Net Service Revenue was $7572.8 million[79, 99] - AECOM's FY25 Adjusted EPS was $5.26[79] - AECOM's FY25 Total Backlog was $24.8 billion[79] Strategic Initiatives - AECOM expects to double its Advisory business within three years[13] - AECOM's win rate on largest pursuits in FY'25 was 80%+[14] - AECOM has built a team of 200+ AI PhDs and advanced degrees in machine learning, math, physics, computer and data sciences[13, 34]