Financial Data and Key Metrics Changes - Revenues grew by 39% year on year, marking the 27th consecutive quarter of growth above 30% [4][91] - Operating income reached $724 million, growing by 30% year on year, demonstrating the ability to balance growth, investments, and profitability [6][91] Business Line Data and Key Metrics Changes - Mercado Pago experienced strong growth with monthly active users accelerating and NPS hitting record highs in Brazil [5] - The credit card portfolio grew rapidly, with all-time low first-paying defaults and a healthy credit quality maintained [6][12] - GMV in Argentina grew by 39% year on year in US dollars and 97% in local currency, with items sold increasing by 34% [12] Market Data and Key Metrics Changes - In Brazil, unit shipping costs decreased by 8% due to higher transaction volumes and better utilization of logistics [5][30] - Mexico saw strong GMV growth, with fulfillment costs continuing to decline [5] Company Strategy and Development Direction - The company continues to invest in free shipping, logistics, and credit card offerings to drive long-term growth [7][64] - Strategic investments are focused on enhancing the value proposition for users and expanding market share in Latin America [4][91] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about Argentina's long-term growth potential despite macroeconomic challenges [12][13] - The company is focused on capturing growth opportunities in both commerce and fintech, with a disciplined investment approach [64][66] Other Important Information - The company is exploring the potential of Agentic AI to enhance user experience and operational efficiency [85] - The competitive landscape in Brazil remains intense, but the company believes its strategies are rational and effective [87][89] Q&A Session Summary Question: Argentina's macro challenges and growth outlook - Management acknowledged macro challenges but emphasized continued investment and optimism for long-term growth in Argentina [11][12] Question: Active user growth breakdown - The company reported 7.8 million new buyers in the quarter, with a healthy mix of new and returning users [17][51] Question: Merchant adherence to pricing initiatives - Management discussed the introduction of a price monitoring system to enhance buyer experience and seller performance [21][23] Question: Shipping cost dynamics and automation investments - Shipping costs in Brazil decreased by 8% due to better utilization, with ongoing investments in robotics and automation [26][30] Question: Credit card profitability and cohort performance - Older credit card cohorts are profitable, and the company maintains strict underwriting discipline while expanding issuance [32][73] Question: Competitive dynamics in Brazil - Management expressed confidence in their competitive position and rational strategies in the Brazilian market [87][89]

Core Insights - Amazon's third-quarter 2025 results are expected to show significant gains from its cloud service offerings, particularly Amazon Web Services (AWS), with projected sales of $32.49 billion, reflecting an 18.4% year-over-year growth [1][7]. AWS Performance - In Q2 2025, AWS generated $30.8 billion in revenues, marking a 17.5% year-over-year increase, and achieved an operating income of $10.1 billion, up 8.8% from the previous year [2]. - AWS maintained its market leadership with a 30% market share, outperforming Microsoft Azure at 20% and Google Cloud at 13% [2]. Strategic Initiatives - AWS likely benefited from strategic initiatives and product launches aimed at capturing enterprise demand for AI capabilities during the July-September period [3]. - The launch of Amazon Bedrock AgentCore at the AWS Summit in July was a pivotal development, enabling organizations to deploy secure AI agents at scale, supported by a $100 million investment in agentic AI development [4]. Model Expansion - The addition of Qwen3 foundation models from Alibaba and DeepSeek-V3.1 models in September enhanced Amazon Bedrock's model portfolio, providing customers with advanced capabilities and customization options [5]. - AWS introduced Amazon Nova customization capabilities within Amazon SageMaker AI, allowing for higher accuracy and flexibility in fine-tuning models for specific use cases [5]. Infrastructure Investments - Management indicated that capital expenditures would continue at a quarterly pace of $31.4 billion, focusing on AI-related infrastructure, including data centers and custom chips, to address supply constraints [6]. Overall Outlook - The combination of agentic AI momentum, expanded model offerings, and infrastructure improvements positions AWS for steady results in Q3 2025 [8].

Core Insights - Nationwide aims to increase the daily use of AI tools among its employees from nearly 50% to 90% by 2026, supported by a $1.5 billion investment in technology innovation through 2028, including $100 million annually for AI advancements over the next three years [1][2][3] Investment and Strategy - The $1.5 billion investment represents a 20% increase from previous annual spending on technology [3] - Since 2015, Nationwide has invested a total of $5 billion in technology modernization [3] - The company is shifting from an experimental approach to a more focused strategy, identifying 18 flagship AI use cases to prioritize across the business [4][5] AI Use Cases - Key AI initiatives include automating 80% of pet claims, with 25% resolved through instant settlement, and reducing review time for farm and agricultural insurance claims by 20% [6] - Nationwide has already scaled six AI initiatives, including a generative AI claims assistant that summarizes complex customer claims [9] Operational Efficiency - AI tools are expected to enhance operational efficiency, with a goal to cut software development cycle time by 50% using AI coding assistants [8] - A tool developed during a hackathon has achieved a 50% reduction in code conversion time for legacy systems [10] Employee Engagement and Future Outlook - Approximately 1,000 employees have increased productivity through AI, and the company plans to host a symposium to discuss technology's role in improving operations [11][12] - Despite concerns about job displacement due to AI, Nationwide's sales have grown by 50% over the last five years, indicating a belief that AI will facilitate business growth rather than hinder it [14]

Financial Data and Key Metrics Changes - The company reported revenue of over $1.8 billion for Q3 2025, an increase of 5% driven by unit volume increases in used RVs exceeding 30% [12] - Adjusted EBITDA grew over 40% to $95.7 million compared to $67.5 million in the previous year [6][12] - SG&A as a percentage of gross profit improved by 360 basis points year over year [13] Business Line Data and Key Metrics Changes - The company sold nearly 14% of all new and used RVs in North America, indicating strong market penetration [6] - New average selling prices (ASPs) improved sequentially to just under $38,000, a decline of roughly 9% year over year [12] - The used RV sales segment showed significant growth, with expectations for continued high single-digit to low double-digit growth in the coming years [56] Market Data and Key Metrics Changes - The RV industry is experiencing low to mid single-digit declines year over year, with the company anticipating similar trends for its new RV sales [88] - The company has achieved a market share of 13.5%, with a medium-term target of 15% [50][54] Company Strategy and Development Direction - The company aims to improve revenue and earnings while reducing net leverage, with a target adjusted EBITDA floor of around $310 million for 2026 [8] - The strategy includes focusing on used RV sales, service businesses, and Good Sam services as core revenue drivers [11] - The company is investing in AI and technology to enhance operational efficiency and customer experience, which is expected to yield significant cost savings [40][42] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the new RV market, citing potential resistance due to rising prices and economic uncertainty [7][20] - The company plans to maintain a conservative approach to inventory and sales forecasts, allowing flexibility to adjust based on market conditions [24][65] - Management believes that the used RV business will continue to provide stability and growth opportunities, mitigating risks associated with the new RV market [91] Other Important Information - The company ended the quarter with $230 million in cash, $427 million in used inventory owned outright, and nearly $260 million in real estate without associated mortgages [13][14] - The management team emphasized the importance of maintaining a clean inventory position heading into 2026 [35] Q&A Session Summary Question: What have you seen regarding new RV demand? - Management noted high single-digit declines in the new RV industry, with some stabilization observed earlier in the year, but current trends indicate potential softening due to economic factors [19][20] Question: How do you view the impact of lower rates on unit growth? - Management indicated that while lower rates could help, rising prices may offset any benefits, leading to continued affordability challenges for consumers [26][27] Question: Can you clarify your EBITDA guidance for the year? - Management set a conservative EBITDA floor of $310 million for 2026, with expectations for growth driven primarily by used RV sales [33][64] Question: What is the outlook for M&A activity? - Management is focused on smaller, accretive acquisitions, with a goal to return to a 10% to 15% run rate of acquisitions, depending on market conditions [81][46] Question: What are the average price increases from OEMs for model year 2026? - The average price increase is expected to be around 5% to 7%, with potential for adjustments based on market demand [70][73]

Financial Data and Key Metrics Changes - The company reported revenue of over $1.8 billion for Q3 2025, an increase of 5% driven by unit volume increases in used RVs exceeding 30% [12] - Adjusted EBITDA grew over 40% to $95.7 million compared to $67.5 million in the previous year [6][12] - SG&A as a percentage of gross profit improved by 360 basis points year over year [13] Business Line Data and Key Metrics Changes - The company sold nearly 14% of all new and used RVs in North America, indicating strong market penetration [6] - New average selling prices (ASPs) improved sequentially to just under $38,000, a decline of roughly 9% year over year [12] - The used RV sales segment showed significant growth, with expectations for continued high single-digit to low double-digit growth in the coming years [56] Market Data and Key Metrics Changes - The RV industry is experiencing low to mid single-digit declines year over year, with the company anticipating similar trends for its new RV sales [88] - The company achieved a market share of 13.5%, with a medium-term target of 15% [50][54] Company Strategy and Development Direction - The company aims to improve revenue and earnings while reducing net leverage, with a target adjusted EBITDA floor of around $310 million for 2026 [8] - The strategy focuses on enhancing used RV sales, service, and Good Sam businesses as core differentiators [8][11] - The company is investing in AI and technology to improve operational efficiency and customer experience, which is expected to yield significant cost savings [40][42] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding consumer sentiment and labor markets, anticipating challenges due to rising OEM pricing and economic uncertainty [7][28] - The company is preparing for a conservative outlook for 2026, emphasizing the importance of maintaining clean inventory and managing cash flow effectively [35][66] Other Important Information - The company ended the quarter with $230 million in cash, $427 million in used inventory owned outright, and nearly $260 million in real estate without an associated mortgage [13][14] - Management highlighted the importance of a conservative approach to inventory and forecasting to avoid miscalculations that could lead to excess inventory [24][66] Q&A Session Summary Question: What have you seen regarding new RV demand? - Management noted high single-digit declines in the new RV industry, with some resistance from consumers due to rising prices and economic uncertainty [19][20] Question: How do you view the impact of lower rates on unit growth? - Management indicated that while lower rates could help, rising prices may offset any benefits, leading to continued affordability challenges [26][27] Question: What are the building blocks to reach the $310 million floor? - Management identified used business growth, cost savings, dealership acquisitions, and new RV sales as key drivers for achieving the target [33][34] Question: What is the outlook for M&A activity? - Management expressed a cautious approach to M&A, focusing on smaller, accretive acquisitions that align with their growth strategy [46][61] Question: How do you see the financing landscape? - Management noted that while short-term rates have dropped, there may be a lag in passing these savings to consumers, with expectations for more significant changes in early 2026 [99]

Core Insights - Accenture is making an investment in Lyzr, an AI company that has developed a full-stack enterprise agent infrastructure platform [1] Company Summary - Accenture is focusing on enhancing its capabilities in artificial intelligence through strategic investments [1] - Lyzr's platform aims to provide comprehensive solutions for enterprise-level applications, indicating a trend towards integrated AI solutions in the industry [1]

Core Insights - The AI-driven bull run that began in 2023 and 2024 continues into 2025, with AI infrastructure developers poised for significant growth [1] - Despite the overall positive trend, several AI stocks have underperformed in 2025, presenting potential growth opportunities [2] Company Summaries Five9 Inc. (FIVN) - Five9 is a contact center software solutions provider benefiting from increased subscription revenues and enterprise AI traction [4][9] - The company offers a virtual contact center cloud platform with applications for customer service, sales, and marketing [5] - FIVN's expected revenue and earnings growth rates for the current year are 10.6% and 16.6%, respectively, with a 4.3% improvement in earnings estimates over the last 90 days [9] TaskUs Inc. (TASK) - TaskUs provides outsourced digital services across various sectors, including social media and e-commerce [11] - The company has formed strategic partnerships to enhance its agentic AI consulting services, driving double-digit growth [12][13] - TASK's expected revenue and earnings growth rates for the current year are 17.8% and 16.3%, respectively, with a 4.2% improvement in earnings estimates over the last 60 days [13] Workday Inc. (WDAY) - Workday's diversified product portfolio and cloud-based business model are key growth drivers, supported by significant investments [15][16] - The company has strong customer wins across various sectors, contributing to its revenue growth [16] - WDAY's expected revenue and earnings growth rates for the current year are 12.7% and 21.1%, respectively, with a 0.3% improvement in earnings estimates over the last 60 days [17] GitLab Inc. (GTLB) - GitLab offers a DevOps platform that enhances visibility and control over the DevOps lifecycle, with significant innovations in its product portfolio [18] - The introduction of GitLab Duo Workflow, a secure agentic AI, is expected to expand its market presence [19] - GTLB's expected revenue and earnings growth rates for the current year are 23.8% and 12.2%, respectively, with a notable 10.7% improvement in earnings estimates over the last 60 days [19] BILL Holdings Inc. (BILL) - BILL Holdings focuses on AI-enabled financial software for small and medium businesses, benefiting from a growing client base [21][22] - The company is enhancing customer experience through its AI-powered financial operations platform [22] - BILL's expected revenue and earnings growth rates for the current year are 10.5% and -3.2%, respectively, with a 0.5% improvement in earnings estimates over the last 30 days [23]

Financial Data and Key Metrics Changes - Blackbaud generated revenue of $281 million, representing a 5.2% organic growth year-over-year [4] - Adjusted EBITDA margin improved to 35.4%, up more than 200 basis points year-over-year [4] - Non-GAAP diluted earnings per share increased to $1.10, an 11% rise year-over-year [4] - Free cash flow was particularly strong at $125 million, up from $98 million last year, indicating a 28% growth year-over-year [16] Business Line Data and Key Metrics Changes - The company continues to focus on acquiring new logos, driving innovation, and strengthening customer relationships through additional solutions and renewals [5] - Significant new logo wins include St. Mary's College and Concordia College, with multi-year agreements signed for their fundraising goals [7][8] - The average annual recurring revenue (ARR) from new logo deals is increasing, with a minimum contract length of three years [30] Market Data and Key Metrics Changes - Annual charitable giving in the U.S. is nearing $600 billion, up more than 6% year-over-year, indicating a resilient market for Blackbaud's offerings [5] - Corporate giving has reached an all-time high, becoming the fastest-growing nonprofit revenue source over the last five years [5] Company Strategy and Development Direction - Blackbaud is focused on mid-single-digit organic revenue growth, EBITDA growth exceeding revenue growth, and double-digit diluted EPS growth [12] - The company is increasing its stock repurchase target from 5% to a range of 5.2% to 7% for 2025, reflecting confidence in its value [12] - Investments in product innovation, particularly in AI capabilities, are a priority to enhance customer engagement and operational efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create substantial shareholder value, supported by strong year-to-date performance [12] - The anticipated cash tax benefits from recent tax law changes are expected to positively impact free cash flow through 2027 [18] - The company is committed to maintaining a balance between growth and profitability while focusing on capital allocation strategies [15] Other Important Information - The company identified a prior period non-cash error related to income tax calculations, which resulted in immaterial impacts on previously filed financial statements [19][34] - Blackbaud's operational discipline and efficiencies are yielding positive results, contributing to higher profitability [6] Q&A Session Summary Question: Customer feedback on AI and agentic functionality - Management noted excitement around AI capabilities, with 40% of customers adopting new features quickly, and plans to monetize these solutions in the near future [24][25] Question: New logo wins and contract sizes - New logo wins are showing larger average ARR deals, with contracts typically being a minimum of three years [30][31] Question: Revenue reclassification rationale - The revenue reclassification was due to an immaterial non-cash error related to income tax calculations, corrected as a best practice [32][34] Question: Monetization timeline for agentic AI - Monetization of agentic AI solutions is expected to start modestly next year, with clear ROI anticipated for customers [39][40] Question: Structural drivers for transactional revenue growth - Transactional revenue is performing well across all platforms, with no viral events impacting growth, indicating strong fundamentals [47]

Financial Data and Key Metrics Changes - Revenue reached $310 million, up 15% year-over-year, marking the sixth consecutive quarter of revenue growth and the third straight quarter of double-digit year-over-year increases [4][12] - Earnings per share (EPS) was $0.22, up 29% from $0.17 in the prior year [12] - SaaS Annual Recurring Revenue (ARR) grew 24% year-over-year to $216 million [4][12] - Total bookings increased by 21% year-over-year, reflecting strong customer demand [13] Business Line Data and Key Metrics Changes - Product revenue was $194 million, growing 20% year-over-year and achieving six sequential quarters of product revenue growth [13] - Subscription and support revenue totaled $116 million, up 9% year-over-year, with total recurring revenue growing 8% year-over-year [14] - Non-GAAP gross margin was 61.3%, impacted by industry-wide increases in component costs [15] Market Data and Key Metrics Changes - Strong performance was noted in Asia-Pacific and EMEA regions, with significant new customer wins [14] - 36 customers spent over $1 million with the company in the quarter, up from 34 last quarter and 27 in the prior year [14] Company Strategy and Development Direction - The company is focused on expanding its footprint in government sectors and enhancing its technology offerings, particularly with Extreme Fabric and Extreme Platform One [6][9] - The introduction of Extreme Platform One is expected to drive future growth, with positive customer feedback noted [5][10] - The company aims to achieve a revenue growth rate of 10% for the full fiscal year 2026, with a focus on large opportunities and increasing market share [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovering gross margins through price increases and operational efficiencies [15][20] - The company anticipates continued growth in SaaS ARR and recurring revenue, with a target of 35% of total revenue from recurring sources in fiscal 2026 [17] - Management highlighted the competitive landscape, noting opportunities arising from disruptions among larger competitors [27][29] Other Important Information - The company has been recognized for its corporate responsibility efforts, reducing emissions by 34% since 2021 [11] - The company plans to host an AI Summit to discuss future innovations and strategies [10] Q&A Session Summary Question: Can you talk more about component price increases impacting gross margins? - Management acknowledged rising prices in memory and optics, indicating plans for price increases to recover costs [20][21] Question: What is the impact of the federal government shutdown on your business? - Management stated that the shutdown has had little to no impact, with opportunities opening up in the federal market due to recent certifications [24][25] Question: How is the competitive environment with Cisco and Juniper? - Management noted confusion in the market due to acquisitions and changes in partner programs, presenting opportunities for the company [27][29] Question: Can you provide metrics on Extreme Platform One's commercial introduction? - Management indicated that it is early for metrics but noted high adoption and excitement about the platform [36][38] Question: What are the long-term gross margin targets? - Management maintained a long-term target of 64% to 66% gross margins, with expectations for recovery from current levels [62][65]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $470 million, with contribution ex-TAC increasing to $288 million, reflecting a year-over-year tailwind from foreign currencies of $6 million [20][24] - Adjusted EBITDA was $105 million, up 28% year-over-year, resulting in an adjusted EBITDA margin of 36%, up 500 basis points year-over-year [22][24] - Free cash flow was $67 million in Q3, up 74% year-over-year, demonstrating consistent upward momentum in adjusted EPS and free cash flow per share [24] Business Line Data and Key Metrics Changes - In performance media, revenue was $403 million, with contribution ex-TAC at $222 million, up 5% at constant currency [20][21] - Retail media revenue was $67 million, with contribution ex-TAC growing 11% at constant currency to $66 million, up 34% on a two-year stack [22] - Media spend in retail media grew 26% year-over-year, with over 4,100 brands participating [13][22] Market Data and Key Metrics Changes - Media spend growth was observed in Asia-Pac and EMEA, while trends in the U.S. were softer but improving [21] - Travel was the fastest-growing vertical, up 24%, while fashion saw an 11% decline [21] Company Strategy and Development Direction - The company is evolving into a diversified, multi-channel platform, with about 85% of media spend now outside of desktop display [6][11] - Focus on agentic AI as a major shift in the industry, with plans to integrate AI-driven capabilities into shopping experiences [7][9] - The company announced plans to re-domicile to Luxembourg and replace its current ADS structure with a direct listing on Nasdaq, aimed at enhancing capital management flexibility [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to capture shifts in commerce and advertising, anticipating sustained growth and long-term value for shareholders [18][31] - The company expects contribution ex-TAC to grow 3%-4% year-over-year at constant currency for 2025, with adjusted EBITDA margin projected at approximately 34% [27][28] Other Important Information - The company is investing in organic growth, value-enhancing acquisitions, and returning capital to shareholders, with $11 million allocated to share repurchases in Q3 [25][26] - The company is focused on building a strong operational fitness to enable greater scale and efficiency, including driving productivity gains through AI-powered tools [23] Q&A Session Summary Question: Client response to agentic products and CTV growth opportunities - Management highlighted threefold opportunities in agentic products, including internal tools for audience creation and partnerships with AI platforms [34][35] - Investments in CTV are focused on supply-side integrations and demand-side tactics to enhance performance [38][39] Question: Partnership with AI platforms and its impact on e-commerce - Management sees monetization strategies for AI platforms leaning towards native advertising solutions, with a focus on improving product-oriented responses [42][43] Question: Retail media trends and new client ramp-up - Management noted that most Q3 activity was related to existing clients, with new wins starting to ramp up, including the DoorDash partnership [60][61] Question: Adjusted EBITDA beat and re-domicile implications - The beat in adjusted EBITDA was attributed to top-line growth and operational leverage, with no material costs expected from the re-domicile [64][66] Question: Investments required for AI products and retail media headwinds - Management indicated that investments for AI products are within normal scaling, with a slower ramp-up of new clients expected in retail media [70][72]