May 11, 2025 10:00 PM GMT New Slide Refreshed Slide Key MORGAN STANLEY & CO LLC. Vikram Purohit Equity Analyst vikram.purohit@ms.com +1 212 761-3804 Judah Frommer Equity Analyst judah.frommer@ms.com +1 212 761-1270 Michael Ulz Equity Analyst michael.ulz@ms.com +1 212 761-4650 Maxwell Skor Equity Analyst maxwell.skor@ms.com +1 212 761-4804 Sean Laaman Equity Analyst sean.laaman@ms.com +1 212 761-4947 Terence Flynn Equity Analyst terence.flynn@ms.com +1 212 761-2230 Finger On The Pulse US SMID Cap Biotech Bea ...

Investment Rating - The report emphasizes the importance of application modernization through middleware transformation, indicating a positive outlook for investments in Event-Driven Architecture (EDA) and related technologies [5][6]. Core Insights - The report outlines that many enterprises aim to emulate the success of digitally native businesses, highlighting the necessity for IT transformation to enhance efficiency, scalability, and integration capabilities [4][5]. - EDA is presented as a revolutionary approach that enables real-time data exchange and improved scalability, making it essential for modern applications [6][9]. Summary by Sections Overview of Modern Event-Driven Architecture (EDA) - EDA promotes loosely coupled, asynchronous communication, enhancing system responsiveness and scalability compared to traditional architectures [9][13]. - Key components of EDA include event producers, brokers, and consumers, which work together to facilitate real-time processing [10][11][19]. Benefits of EDA in Modern Applications - EDA enhances responsiveness, allowing for immediate reactions to events, which is crucial for applications like fraud detection and real-time analytics [30]. - Scalability is achieved through the decoupling of services, enabling independent scaling based on demand, particularly beneficial during high-traffic events [30][31]. Real-World Examples of EDA Implementations - Companies like Netflix utilize EDA to manage microservices, enhancing user experience through real-time event tracking [33]. - Uber employs EDA for real-time ride requests and dynamic pricing, allowing efficient matching of riders and drivers [35]. - Amazon leverages EDA for order processing and inventory management, ensuring smooth operations through event-triggered actions [37]. Data Mesh and AI Adoption - Data Mesh decentralizes data ownership, allowing business domains to manage their data as products, enhancing accessibility and reliability [42][44]. - EDA supports AI adoption by ensuring comprehensive data logging, which is essential for training AI models and enabling real-time decision-making [48][55]. Conclusion - The integration of EDA, Data Mesh, and AI-driven intelligence is crucial for enterprises to achieve scalability, agility, and real-time decision-making in a competitive digital landscape [57][58].

Solventum (SOLV) 2025 Conference May 13, 2025 05:20 PM ET Speaker0 Next up, as you know, I'm Travis Steed, the BofA analyst at Bank of America. And next up, we have Solventum, Brian Henson, Chief Executive Officer, and Wade McMillan, Chief Financial Officer. So welcome, thank you. Speaker1 Yeah, thanks. Speaker0 Thanks for having us. Yeah, I just wanted to open it up. Think kind of a little over a year as a public company now. This is kind of your first conference a year ago. So just like maybe talk about s ...

Summary of PAR Technology FY Conference Call (May 13, 2025) Company Overview - **Company**: PAR Technology - **Industry**: Restaurant technology and software solutions - **Core Business**: Provides an end-to-end software platform for managing enterprise restaurant workflows, including point of sale, loyalty, online ordering, and back office solutions [2][4][5] Key Points and Arguments Product Portfolio and Strategy - PAR has expanded its product offerings significantly, focusing on four key areas: point of sale, back office, loyalty, and online ordering [4] - The company aims to enhance customer value by integrating products, making it easier for clients to adopt multiple solutions [12][14] - The payments segment is growing rapidly, with innovative features like a digital wallet program that integrates loyalty and payment functionalities [6][7][8][9] Market Position and Sales Strategy - The sales strategy has shifted towards multi-product deals, with nearly all recent contracts involving multiple solutions [10][11] - The company has successfully landed major clients like Burger King and Wendy's, leveraging its growing reputation and referenceable customer base [19][20] Financial Performance and Growth Outlook - PAR's weighted pipeline is reported to be the strongest ever, driven by cross-selling opportunities and a diverse customer base [22][23] - The company anticipates strong growth in 2025 and beyond, as restaurants increasingly digitize their operations [24] Industry Trends and Consumer Behavior - There is a slight decline in restaurant traffic, but technology spending remains stable, particularly in loyalty and back office solutions [28][31] - In a recessionary environment, PAR expects to benefit from increased demand for loyalty programs and back office efficiency tools [32][35][36] Competitive Landscape - Key competitors include Oracle (Micros), NCR, and Toast, with PAR differentiating itself through a comprehensive suite of integrated products [38][39][40] - The company believes that its focus on product quality and customer value will help it outperform competitors who may rely on price cuts [77][80] Total Addressable Market (TAM) and Market Penetration - The estimated TAM for PAR in the U.S. and Canada is between $3.5 billion and $6 billion, with less than 10% market penetration in software revenues [49][50] - The loyalty segment is a stronghold for PAR, growing at 18%, while there is significant room for growth in POS and back office solutions [51][52] Mergers and Acquisitions - Recent acquisitions include Stuzo and Task, aimed at expanding into convenience stores and international markets, respectively [54][58] - The integration of these acquisitions is progressing well, with expectations of leveraging existing customer relationships for growth [56][60] Financial Management and Profitability - PAR focuses on maintaining a balance between growth and margin expansion, with a goal of achieving higher EBITDA margins over time [69][71] - The company has demonstrated strong operating leverage, with significant EBITDA improvement driven by organic growth [72][74] Additional Insights - The resilience of the restaurant technology sector is highlighted, with historical performance during economic downturns suggesting continued demand for PAR's solutions [37][85] - PAR's ambition extends beyond restaurant technology, aiming to build a platform that serves the broader food service industry [86][87]

Core Points - The Company has announced an annual general meeting (AGM) scheduled for 21 May 2025 [1] - A Remuneration Report for executive management in 2024 has been prepared and is available for review [2] - The AGM will include an advisory vote on the Remuneration Report, with a proposed resolution for approval [3] Company Overview - IDEX Biometrics ASA is a global leader in fingerprint biometrics, providing authentication solutions for payments, access control, and digital identity [3] - The Company focuses on card-based applications for payments and digital authentication, utilizing patented sensor technologies and integrated circuit designs [3] - IDEX partners with leading card manufacturers and technology companies to bring its biometric solutions to market [3]

Lantronix, Inc. LTRX reported in-line earnings for the third quarter, after the closing bell on Thursday.The company posted quarterly earnings of 3 cents per share which met the analyst consensus estimate. The company reported quarterly sales of $28.50 million which missed the analyst consensus estimate of $29.12 million.“We’re positioning Lantronix to lead the next wave of industrial and enterprise transformation at the edge,” said Saleel Awsare, president and CEO of Lantronix. “This quarter reflects conti ...

Advantage Solutions (ADV) Q1 2025 Earnings Call May 12, 2025 08:30 AM ET Company Participants Ruben Mella - VP - IRDave Peacock - Chief Executive OfficerChris Growe - CFOJoseph Vafi - Managing Director, Equity ResearchFaiza Alwy - Managing Director, US Company Research Conference Call Participants William Reuter - Analyst Operator Greetings, and welcome to the Advantage Solutions First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' rem ...

Advantage Solutions (ADV) Q1 2025 Earnings Call May 12, 2025 08:30 AM ET Company Participants Ruben Mella - VP - IRDave Peacock - Chief Executive OfficerChris Growe - CFOJoseph Vafi - Managing Director, Equity ResearchFaiza Alwy - Managing Director, US Company Research Conference Call Participants William Reuter - Analyst Operator Greetings, and welcome to the Advantage Solutions First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' rem ...

Financial Data and Key Metrics Changes - The company's first quarter revenues were $696 million, down 5% year-over-year, and adjusted EBITDA was $58 million, down 18% year-over-year [4][5][15] - The decline in adjusted EBITDA was primarily due to intentional client exits and transformation-related investments [5][15] Business Line Data and Key Metrics Changes - In Branded Services, revenues were $257 million and adjusted EBITDA was $28 million, down 9% year-over-year [18] - Experiential Services generated $221 million in revenues and $12 million in adjusted EBITDA, down 12% year-over-year [19] - Retailer Services had revenues of $218 million and adjusted EBITDA of $18 million, down 3% and 7% year-over-year, respectively [19] Market Data and Key Metrics Changes - Consumer confidence declined, leading to lower consumer purchases and reevaluation of spending by clients [5][6] - Retailers experienced destocking trends, impacting overall order volumes [50][53] Company Strategy and Development Direction - The company is focused on modernizing its tech infrastructure and enhancing analytics capabilities to drive efficiency [11][12] - A task force has been mobilized to improve labor utilization and address staffing challenges [13][14] - The company is committed to being a cost-leading solutions partner to CPGs and retailers despite a softer growth environment [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging labor market affecting event staffing and project execution [7][10] - Despite near-term challenges, the company remains optimistic about future performance and has a robust new business pipeline [6][7] - The revenue and adjusted EBITDA outlook has been lowered to flat to down low single digits due to macroeconomic factors [15][16] Other Important Information - The company ended the quarter with $121 million in cash and a net leverage ratio of approximately 4.4x adjusted EBITDA [20][26] - The ERP implementation is expected to yield greater cash flow benefits as systems are better utilized [25][26] Q&A Session Summary Question: Any notable changes in the macro environment? - Management noted improvements in hiring rates and smoother staffing challenges in Q2 compared to Q1 [32][33] Question: Have labor costs increased due to staffing issues? - Management indicated that labor cost inflation is in line with the macro market, and staffing issues were more related to talent acquisition strategies [39][40] Question: What is the impact of staffing shortages on EBITDA? - The majority of the decline in EBITDA was attributed to staffing shortages [68] Question: Is destocking continuing into Q2? - Destocking improved as Q1 progressed, but data for April was not yet available to confirm if it had completely stopped [70] Question: Breakdown of consumer products versus food companies? - Approximately 70% of the portfolio is in food, with strong presence in personal care and household goods [73]

港股新手速成课堂——港股概念梳理和框架介绍 20250509 摘要 AH 溢价指数全称为恒生 AH 沪深港通 AH 溢价指数，其样本为同时在 A 股和港 股上市的公司。该指数没有个别股票权重上限，与其他恒生指数不同，例如恒 Q&A 港股市场的概念及常用指标有哪些？ 港股市场的研究可以从多个方面进行分析，包括基本面、估值等因素。申万宏 源研究所将港股市场的介绍内容分为四个部分：首先是 AH 股价差，这是一个 绕不开的重要指标，其次是港股通渠道及其标的选择，再者是港股与 A 股在市 场机制和信息披露上的不同，最后是港股历史演变分析。AH 溢价指数衡量的 是在 A 股和港股两边上市公司之间的价格差异，其编制方式包括样本选择、权 重设置等，其中金融板块占比最高，约 70%。此外，港股有三种类型的公司： H 股、红筹股和中资民营企业，各自有不同的法律定义。 AH 溢价指数如何编制？其权重分布如何？ • 港股公司财年安排和业绩披露时间灵活，年报截止日期为 3 月 31 日，半 年报和年报披露前分别有 30 天和 60 天的禁售期，与 A 股存在差异，影响 市场操作。 • 港股市场投资者结构以机构为主，南向资金流入增加，影 ...