The house is going to happen. What's the cost of this. That sounds like an awful lot of job cuts to me.I know this is an enormous company, but nevertheless, 60,000 job cuts sounds like a big number. Yeah, you're absolutely right. That's the talk of the town, right.It's nice. Like the already strong feeling. It's all very, I would imagine, this morning.Oh, definitely. That's for sure. I mean, they are just like they announced 86,000 job cuts.They didn't announce like where exactly it will be. They didn't say ...

Girzadas: I think some of the areas that are particularly exciting is in the agricultural space, when Earth observation data can be used to monitor the stress on crops and different weather cycles. I think, also, very complex supply chains that may have operations and hard to access, or more distant elements of supply chains, whether it’s in utilities or in oil and gas, that’s opening up a whole new frontier for cost effective, insightful data that can be used to innovate as well as to achieve cost leadersh ...

Core Viewpoint - Fiverr International's stock surged over 9% following its second-quarter earnings report, driven by attractive valuation and anticipated cost savings from restructuring initiatives [1][6]. Group 1: Restructuring and Cost Savings - The company announced a restructuring plan that includes a 30% reduction in headcount, expected to yield approximately $30 million in cost savings [2][3]. - BTIG estimates that these savings could enhance fiscal year 2026 EBITDA by up to 30% if fully realized [3]. Group 2: Market Conditions and Client Outlook - The recent Federal Reserve rate cut is anticipated to lead banks to lower lending rates, which could improve the outlook and hiring intentions of Fiverr's core small and medium-sized business clients [4]. - The reduction in workforce is expected to decrease stock-based compensation from a historical 10% of sales to a more typical 6-8% range for e-commerce peers [4]. Group 3: Valuation and Analyst Upgrades - Fiverr is trading at a significant discount compared to rival Upwork, with a fiscal year 2026 EV/EBITDA of 4.6x versus Upwork's 10.1x, indicating potential for multiple expansion [5]. - BTIG raised its fiscal year 2026 adjusted EBITDA estimate for Fiverr to $114 million from $102 million, valuing the company at 6.5x fiscal year 2026 EV/EBITDA [5]. Group 4: Financial Position and Risks - Fiverr's net cash position of $8 per share provides additional support for its valuation [6]. - While there are risks associated with AI adoption, the impact is considered potentially overstated, especially given recent underwhelming AI product rollouts [6].

Core Insights - Morrisons has reported a 3% increase in like-for-like (LFL) sales for the third quarter, marking the eleventh consecutive quarter of growth despite challenging macroeconomic conditions [1][2][4] - Total sales rose by 3.5% to £4 billion ($5.43 billion), with online sales experiencing double-digit LFL growth during the quarter [1][2] - The company achieved an additional £63 million in cost savings and aims for a total of £1 billion in savings by the end of the 2026 financial year [2][4] Financial Performance - Morrisons reduced gross debt by £261 million, bringing total debt repayment since the acquisition by CD&R to £2.7 billion, a reduction of approximately 43% from £6.2 billion to £3.5 billion [3][4] - The company has proactively extended debt maturities to 2031, indicating a focus on improving its capital structure [3] Market Position - The retailer's market share has remained stable since the beginning of the year, reflecting resilience in a competitive environment [2]

Group 1 - Ralph Lauren outlined new three-year targets for mid-single-digit sales growth and 100–150 basis points of operating margin expansion, with a 16% margin outlook not seen as a ceiling [1] - Growth is expected to be driven by strong performance in Asia and Europe, along with gains in women's apparel, handbags, and an expanded store footprint in APAC and EMEA [1] - Bank of America Securities noted that the updated plan reflects the company's previous successful strategy and highlights potential for gross margin improvement [2] Group 2 - Key drivers for growth include continued pricing power through higher average unit retail (AUR), easing input costs like cotton, and productivity gains in supply chain and inventory management [3] - A new $400 million cost savings program has been initiated, split between gross margin and SG&A, following a similar initiative from fiscal 2022 to 2025 [4] - Ralph Lauren's second-half guidance may be conservative, with stable consumer demand trends and opportunities in the women's category, particularly in handbags [5] Group 3 - In the first quarter of fiscal 2026, Ralph Lauren reported a 14% increase in revenue to $1.72 billion, exceeding the consensus estimate of $1.64 billion, and adjusted EPS of $3.77, surpassing forecasts of $3.43 [6] - For fiscal 2026, the company projects low- to mid-single-digit revenue growth at constant currency [6] - Analyst Christopher Nardone identified upside risks from faster sales recovery and cost savings, while downside risks include weakness in wholesale and global macro headwinds [7]

Group 1 - Henry Schein, Inc. is at a pivotal juncture with CEO Stanley Bergman's impending retirement and KKR's strategic entry, holding a 14.5% stake and two board seats [2] - The company is projected to achieve $12.7 billion in sales for 2024 and has an $8.5 billion market cap, operating through three main segments: Global Distribution & Value-Added Services, Global Technology, and Global Specialty Products [2] - HSIC has historically underperformed relative to peers due to margin pressures, supply chain disruptions, and rising SG&A and restructuring costs, with revenue growing at a 5% CAGR from 2020 to 2024 [3] Group 2 - KKR's involvement includes a $250 million strategic investment aimed at restructuring, consolidating headquarters, and enhancing e-commerce and SaaS growth, targeting $75–100 million in cost savings by 2025 [4] - The company is expected to transition into a growth-focused enterprise through high-margin SaaS adoption, operational improvements, and strategic asset rationalization, creating an attractive risk/reward setup for investors over the next 18 months [5] - Activist investor Ananym Capital has called for sharper cost control and divestment of non-core assets, which could unlock substantial shareholder value [3][6]

Summary of American Airlines FY Conference Call (September 11, 2025) Company Overview - **Company**: American Airlines (NasdaqGS:AAL) - **Date of Conference**: September 11, 2025 Key Points and Arguments Industry Context - September 11 is a significant date for the airline industry, marking 24 years since the tragic events that impacted American Airlines and the broader sector [3][4] - The airline industry has shown resilience and capability in recovering from past challenges [4] Third Quarter Performance - The third quarter is performing as projected, with improved bookings starting from the 4th of July weekend [5] - Bookings for September are better than August, and October is expected to show further improvement [5] - Revenue guidance for the third quarter remains positive despite operating with slightly fewer Available Seat Miles (ASMs) [5] Revenue Management and Strategy - American Airlines has historically managed costs well but has struggled with revenue generation [6] - A leadership change in the commercial group was made to focus on sales and distribution recovery [6][7] - A new credit card partnership with Citi is expected to enhance revenue growth significantly [7] - A new team has been established to oversee commercial portfolios, aiming for world-class performance [8] Customer Experience and Product Development - Initiatives to improve customer experience include free Wi-Fi, a new app, and the introduction of new aircraft like the Boeing 787P and A321XLR [9][10] - The A321XLR is anticipated to open new markets in Europe and South America by 2027 [10] - American Airlines is enhancing its lounge offerings and has made changes to boarding priorities to improve customer satisfaction [11] Capacity and Market Share - The airline is focusing on growing its domestic network and increasing market share in key hubs like Charlotte, Chicago, and Philadelphia [13] - Future growth opportunities are identified in Miami and Phoenix [13] Corporate Travel Recovery - Corporate travel is recovering steadily, with expectations to return to pre-pandemic levels by the end of the year [30] - The strategy adopted in early 2023 is yielding positive results, with no significant investments needed to regain corporate business [30][34] Cost Management - American Airlines is targeting $250 million in cost savings for 2025, with cumulative savings of $750 million [39] - The focus has shifted from merely cutting costs to investing in technology and process improvements for efficiency [39][40] AI and Technology Integration - AI is seen as a revolutionary opportunity for the airline industry, with applications in operations, revenue management, and customer relations [45][46] - The airline is investing in AI initiatives to enhance efficiency and customer service [48] Competitive Landscape - American Airlines is focused on competing with major carriers like Delta and United, particularly in international markets [50] - The airline is supportive of partners like JetBlue and Alaska as they expand their international operations [51][52] Future Outlook - The new Citi credit card agreement is expected to drive significant growth, projecting a 10% annual growth rate and a potential $1.5 billion EBIT improvement by the end of the decade [56] Additional Important Content - The airline is actively working on improving its procurement processes, which have already yielded over $500 million in working capital improvements [40] - The management team is committed to continuous improvement and innovation, with a focus on enhancing operational efficiency and customer satisfaction [41]

Financial Data and Key Metrics Changes - The company has increased its cost-saving targets from €500 million to €625 million, indicating a focus on improving operational efficiency [6][11][12] - The management emphasizes a shift from focusing solely on gross margin percentage to prioritizing operating profit dollars, which is expected to drive better growth decisions [20][23] Business Line Data and Key Metrics Changes - The company is looking to optimize its trade investment and advertising and promotion (A&P) spending, which has been growing at a higher rate than net sales value (NSV) growth [10][12] - There is a focus on maintaining commercial excellence and execution while ensuring that cost savings do not compromise essential relationships in the industry [13][14] Market Data and Key Metrics Changes - The management acknowledges that the U.S. market has shown growth primarily through a few successful brands, while many others in the portfolio are struggling [33][34] - The company is tracking consumer sentiment and spending power, indicating that there is still uncertainty in the U.S. consumer environment [39][40] Company Strategy and Development Direction - The company is evaluating its portfolio for potential disposals of non-core businesses to focus on growth areas, particularly in the spirits segment [26][30] - There is a strategic shift towards understanding consumer occasions and experiences to better align the product portfolio with market demands [34][36] Management's Comments on Operating Environment and Future Outlook - The management believes that moderation in alcohol consumption is a continuation of long-term trends rather than a sudden shift, influenced by macroeconomic pressures [29][30] - The company is not planning for significant improvements in the consumer environment for the upcoming fiscal year but is focused on what can be managed and controlled [39][40] Other Important Information - The management is exploring opportunities in lower alcohol by volume (ABV) products and ready-to-drink (RTD) formats to cater to changing consumer preferences [32][33] - The company is committed to leveraging digital media for better marketing returns and efficiency in spending [10][12] Q&A Session Summary Question: How is the company finding new cost savings? - The company is focusing on supply chain efficiencies and reallocating resources to drive operational savings while ensuring that these do not negatively impact commercial execution [7][8][10] Question: How will the company maintain relationships while cutting costs? - The management acknowledges the importance of relationships in the industry and plans to reinvest a portion of the savings into commercial excellence and execution [13][14] Question: What is the company's approach to marketing spend? - The company is looking at marketing spend holistically, focusing on effectiveness rather than just increasing budgets, and is committed to reducing wasted spending [16][17] Question: How does the company view the structural versus cyclical changes in the market? - The management believes that while there are cyclical elements, many changes in consumer behavior are structural and need to be understood in the context of long-term trends [28][29] Question: What is the outlook for the U.S. consumer market? - The management does not see immediate signs of improvement in the U.S. consumer market and is cautious in its planning for the upcoming fiscal year [39][40]

Financial Data and Key Metrics Changes - Diageo has increased its cost-saving targets from $500 million to $625 million, indicating a focus on supply chain efficiency and operational excellence [6][11][12] - The company aims to deliver $3 billion in net cash flow, which includes the exceptional costs associated with the new savings target [11][12] Business Line Data and Key Metrics Changes - The company is focusing on optimizing trade investment and advertising and promotion (A&P) spending, which has grown at a higher rate than net sales value (NSV) growth [10][12] - Diageo is looking to improve the effectiveness of its marketing spend, with approximately 40% of A&P dollars currently spent on media scale and reach [10][12] Market Data and Key Metrics Changes - The U.S. market has shown growth primarily through a few successful brands, such as Don Julio Reposado and Crown Royal Blackberry, while other brands in the portfolio are struggling [34][36] - The company has not observed signs of improvement in U.S. consumer sentiment, maintaining a cautious outlook for fiscal 2026 [40][41] Company Strategy and Development Direction - Diageo is shifting its focus from margin percentage to dollar margin, aiming to capture profit pools that may have been overlooked due to an obsession with premiumization [19][23] - The company is evaluating its portfolio for potential disposals of non-core businesses to focus on growth areas within the spirits segment [25][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing debate about structural versus cyclical changes in the industry, suggesting that moderation trends may be exacerbated by macroeconomic pressures [28][30] - The company believes that the spirits category remains robust and attractive, despite current uncertainties [43][44] Other Important Information - Diageo is exploring opportunities in lower alcohol by volume (ABV) products and ready-to-drink (RTD) formats to cater to changing consumer preferences [32][33] - The company is committed to rebuilding its commercial execution capabilities to enhance relationships with customers and drive growth [14][36] Q&A Session Summary Question: How is Diageo finding cost savings? - Diageo is focusing on supply chain efficiency and operational excellence, with a shift in perspective on cost savings to ensure they contribute to the bottom line rather than just cost avoidance [7][8] Question: How will Diageo maintain relationships while cutting costs? - Management plans to reinvest approximately half of the savings into commercial excellence and execution to maintain important relationships in the industry [13][14] Question: What is the strategy regarding marketing spend? - Diageo is looking at marketing spend holistically, focusing on effectiveness rather than just increasing budgets, and is committed to reducing wasted commercial A&P [16][17] Question: How is Diageo evaluating potential disposals? - The company is assessing whether certain businesses offer synergies or growth opportunities, with a focus on maximizing value for shareholders [25][43] Question: What is the outlook for the U.S. consumer? - Management does not see signs of improvement in U.S. consumer sentiment and is planning cautiously for fiscal 2026 [40][41]

Financial Data and Key Metrics Changes - The company reported organic growth expectations for fiscal 2026 in the range of -1% to +1%, indicating flat organic growth at the midpoint [10] - The midpoint of the EPS guidance for fiscal 2026 is approximately $0.40 lower year-over-year, with about two-thirds of this decrease attributed to tariff headwinds [12][13] - The company increased its cost savings program from $250 million to $375 million, with $145 million delivered in fiscal 2025 [66][67] Business Line Data and Key Metrics Changes - Meals and Beverages are expected to maintain momentum due to at-home cooking trends, while Snacks are anticipated to stabilize in the second half of fiscal 2026 [11][43] - The company noted that Rao's brand has high single-digit growth and significant distribution opportunities [39] - Milano Cookies experienced a 27% growth in the past quarter, showcasing the impact of innovation on brand performance [55] Market Data and Key Metrics Changes - The company is facing a dynamic operating environment with challenges such as tariffs impacting costs, particularly in the Meals and Beverages segment [8][63] - The overall cookie category is down, yet the company has managed to grow its cookie portfolio through successful product launches [55] Company Strategy and Development Direction - The company aims to return to sustainable profitable growth by focusing on its strong brand portfolio and investing in innovation [4][72] - There is a commitment to maintaining competitive pricing while providing value to consumers, especially in the soup segment [28][63] - The company is leveraging its scale and focusing on North American markets to drive growth [72] Management's Comments on Operating Environment and Future Outlook - The CEO emphasized the importance of adapting to consumer trends such as premiumization and health and wellness [6][72] - Management acknowledged the challenges posed by tariffs but expressed confidence in mitigating some of these impacts through productivity initiatives [8][63] - The company is focused on evolving its portfolio to align with changing consumer preferences [6][72] Other Important Information - The company plans to phase its marketing spend to reach a midpoint of 9.5% of net sales in fiscal 2026 [60] - The integration of Sovos is expected to continue providing savings as part of the cost savings program [67] Q&A Session Summary Question: What are the key takeaways from the fiscal fourth quarter earnings? - The CEO highlighted the evolving consumer landscape and the need for the company to adapt its strategies accordingly [6] Question: What is the outlook for organic growth in fiscal 2026? - The CFO provided a range of -1% to +1% for organic growth, with expectations for stabilization in Snacks [10][43] Question: How is the company addressing pricing challenges due to tariffs? - Management discussed surgical pricing strategies to mitigate tariff impacts while maintaining consumer value [28][63] Question: What are the growth opportunities for the Rao's brand? - The CEO noted high single-digit growth and significant potential for distribution expansion [39] Question: How does the company plan to achieve its cost savings targets? - The CFO outlined the increased cost savings program and the sources of savings, including integration and network optimization [66][67]