Core Insights - Angi is undergoing a multi-year transformation focusing on higher-quality revenue and improved customer outcomes while facing a conservative near-term revenue outlook due to pressures from Google SEO and network channels [3][5][9] Group 1: Revenue and Financial Performance - Angi has experienced a "material stairstep improvement" in year-over-year revenue changes, estimating an increase of "700-900 basis points" [2] - The company has given up approximately $500 million of lower quality revenue over the past three years while doubling EBITDA and cutting capital expenditures in half, resulting in a shift from negative to positive free cash flow [2][6] - The first-quarter revenue is expected to decline by 1% to 3%, with low-single-digit growth anticipated for the year [5][13] Group 2: AI and Technology Integration - Angi is integrating large language models (LLMs) into its service request path, which has shown to convert users about 3.3 times better than those who do not use the AI feature [4][7] - The company is exploring the potential of AI as an "agent" to enhance communication and booking processes between homeowners and professionals [8] - Management is training LLM technology using proprietary data, with a goal to increase user adoption of the AI helper to between 50% and 65% [7] Group 3: Marketing and Growth Strategy - Angi plans to increase marketing investments, including offline and online pro marketing, to drive growth in proprietary channels [14][17] - Proprietary business grew by 17% in 2025, with expectations of high-single-digit to low-double-digit growth in the first quarter [12] - The company is focusing on larger professionals, who represent a significant portion of the market, while currently being under-penetrated in that segment [17] Group 4: Operational Changes and Cost Management - The restructuring is expected to generate annualized savings of $70 million to $80 million, with in-year savings projected in the "mid-60s" million [16] - Angi's fixed cost base is anticipated to be approximately $40 million lower year-over-year post-restructuring [16] - The company is also modernizing its technology platform, with a focus on a more componentized system that can integrate various channels and technologies [19]

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an approximately 50 million share increase in 2025 [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Certrec and Paragon Energy Solutions to augment its North American nuclear power presence [5][11] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance productivity and customer-facing applications, with significant investments being made in this area [61][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management noted that the headwinds faced in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double 2024's performance, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue to grow between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the dynamics driving growth in the nuclear power vertical [36][38] Question: What is the expectation for medical growth in 2026? - Management indicated that they expect a quick recovery in medical, particularly in Europe and China, and are optimistic about mid-single-digit growth [39][40] Question: How does the Paragon acquisition impact growth expectations? - Management highlighted that Paragon's strong customer intimacy and market coverage are expected to drive significant growth, with a projected 25% growth for Paragon in 2026 [68][70] Question: What is the expected contribution from large orders booked in 2025? - Management clarified that while there will be some contribution, the first year of larger contracts tends to be the lightest [78] Question: How material are SMRs to the growth story? - Management acknowledged that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key players in the market [81]

Core Insights - The current mood among top venture capitalists at Consensus Hong Kong reflects a recalibration rather than a retreat in the crypto market, which is experiencing a prolonged downturn [1] - The venture market is characterized as a "barbell," with proven verticals on one side and high-risk, next-generation bets on the other [1] Group 1: Market Dynamics - Sectors such as stablecoins, payments, and tokenization are still demonstrating product-market fit and revenue, indicating areas of growth despite a cooling market [2] - The intersection of crypto and artificial intelligence (AI) presents both opportunities and risks, with AI agents capable of transacting on-chain being a focus area [3] Group 2: Lessons Learned - The cautious tone among venture capitalists reflects lessons learned from past experiences, such as the initial dismissal of NFTs as a bubble, which later proved to be a valuable investment area [4] - A significant missed opportunity was noted in the prediction market Polymarket, highlighting the importance of balancing conviction with adaptability in fast-moving cycles [5] Group 3: Investment Strategies - Long-term investment horizons are crucial for success in the crypto venture space, with recommendations for a 15-year timeline to allow for substantial developments in blockchain technology [6] - Data from Pantera Capital indicates a 14% year-over-year increase in crypto VC capital, despite a 42% drop in deal count, suggesting a "flight to quality" among investors [7] - Founders are advised to focus on product-market fit and to avoid conflating narrative with fundamentals in a downshifted market [7]

Core Insights - Eli Lilly has become the largest healthcare company and the first to reach a market capitalization of $1 trillion, outperforming broader equities over the past five years [1] Financial Performance - Eli Lilly reported exceptional financial results, with fourth-quarter sales of $19.3 billion, reflecting a 43% year-over-year increase, and adjusted earnings per share of $7.54, up 42% compared to the previous year [3] - The company anticipates revenue between $80 billion and $83 billion for the current year, indicating a top-line growth of 25% at the midpoint, which exceeds analysts' expectations despite price reductions on key medicines [4] Market Position - Eli Lilly is gaining significant ground in the diabetes and weight management market, with its tirzepatide drug generating over $30 billion in sales in 2025, making it the world's best-selling compound [5] - The company's market share for incretin analogs has increased to 60.5% by the end of 2025, while competitor Novo Nordisk's share has decreased to 39.1%, indicating Lilly's dominance in this sector [6] Pipeline Development - Eli Lilly has several promising pipeline candidates, including an oral GLP-1 medicine, orforglipron, expected to gain approval by the second quarter of 2026, and retatrutide, which has shown excellent phase 3 results targeting weight loss [7]

Core Viewpoint - Apple shares have increased by 6% over the past month, driven by strong fourth-quarter earnings and better-than-expected iPhone sales, which may present trading opportunities with the Direxion Daily AAPL Bull 2X Shares (AAPU) [1] Group 1: Apple Performance - Apple reported stronger-than-expected iPhone sales in the fourth quarter, which acted as a catalyst for the stock's rally [1] - Morningstar projects iPhone revenue growth in the low teens for 2026, an increase from previous expectations of high single digits [1] - Apple is expected to achieve a gross margin of 50% within two years, up from 38% in 2020, due to a larger share of higher-margin services and in-house chip design [1] Group 2: AI Strategy - Apple is focusing on its artificial intelligence strategy, including a partnership with Google's Gemini, which aims to expand its AI capabilities while maintaining privacy [1] - The next-generation Apple Intelligence features and revamped Siri assistant will be built on Google's Gemini models, indicating a strategic approach to AI development [1]

Core Viewpoint - VICI Properties Inc. has been downgraded by Scotiabank due to uncertainties surrounding its lease with Caesars Entertainment, which may limit external growth opportunities and affect stock momentum [2]. Company Overview - VICI Properties is a relatively young Real Estate Investment Trust (REIT), established in 2017 as a spinoff from Caesars during its Chapter 11 restructuring. The company has rapidly expanded its portfolio through sale-leaseback deals and mergers, now including various casino properties and experiential investments like bowling and entertainment venues [3]. Financial Stability - The company operates under triple-net lease agreements, with approximately 50% of its rent linked to inflation, ensuring stable cash flow and built-in rent growth over time [4]. - VICI maintains a solid financial position with a dividend payout ratio of around 75% and a leverage ratio of approximately 5.0x, allowing for continued investment in acquisitions and property upgrades [5]. - VICI has consistently increased its dividend annually since going public, marking its eighth consecutive annual increase in late 2025 [6].

Financial Data and Key Metrics Changes - In 2025, the company generated $28 billion in cash flow from operations, exceeding initial expectations of $25 billion [21][24] - The net adjusted income reached $15.6 billion, with a return on equity of 13.6% and a return on average capital employed (ROACE) of 12.6% [24][36] - The company maintained a low gearing ratio of 14.7% at the end of the year, indicating a strong balance sheet [25] Business Line Data and Key Metrics Changes - Upstream production grew by 4%, surpassing the guidance of above 3%, with a proved reserve replacement rate of 120% [15][16] - Integrated power production saw over 20% growth, contributing significantly to the overall energy production increase of 5% [17][20] - LNG sales increased by 10% compared to the previous year, aligning with production growth [19] Market Data and Key Metrics Changes - The company reported a cumulative reduction of 38% in Scope 1 and 2 greenhouse gas emissions, with a 65% reduction in methane emissions compared to 2020 [10][9] - The refining utilization rates were in line with targets after addressing technical incidents in the first half of the year [19] Company Strategy and Development Direction - The company is focused on a balanced strategy anchored on oil and gas, as well as gas and LNG, with significant achievements in new oil fields in the U.S. and Brazil [12][13] - The acquisition of interests in Malaysia and the development of a hub for gas supply in Asia are part of the strategic growth plan [14] - The company aims to achieve near-zero methane emissions by 2030 and has invested $1 billion in energy efficiency improvements [10][11] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in both oil and gas and integrated power, with a cash-saving program launched to strengthen resilience in a potentially challenging environment in 2026 [69] - The company plans to operate under a price assumption of $60 per barrel for oil, while recognizing stable demand and supply fundamentals [70][72] Other Important Information - The company has successfully listed its ordinary shares on the NYSE, aiming to attract new investors and enhance liquidity [34][35] - A significant focus on AI and data centers is being integrated into operations, with plans to enhance data capabilities and operational efficiency [63][65] Q&A Session Summary Question: What are the key developments in Namibia? - The company confirmed substantial discoveries in Namibia, establishing a new deepwater hub with projects like Venus and Mopane, which are expected to significantly contribute to production by 2030 [42][50] Question: How is the company addressing emissions? - The company has exceeded its emission reduction targets, achieving a 65% reduction in methane emissions and a 38% reduction in overall greenhouse gas emissions [9][10] Question: What is the outlook for 2026? - The company expects continued growth in cash flow from operations and integrated power, while implementing a cash-saving program to enhance resilience [69][70]

Financial Data and Key Metrics Changes - For the full year 2025, system-wide RevPAR growth was up 40 basis points year-over-year, with record adjusted EBITDA of $3.7 billion, an increase of 9% year-over-year [4][5] - In Q4 2025, system-wide RevPAR increased by 50 basis points year-over-year, with adjusted EBITDA reaching $946 million, up 10% year-over-year [5][14] - The company returned $3.3 billion to shareholders in 2025, marking the highest total capital return in its history [5] Business Line Data and Key Metrics Changes - Leisure transient RevPAR was up 2.3% in Q4, while business transient RevPAR decreased by 2.1% due to U.S. government shutdown impacts [5][14] - Group RevPAR increased by 2.6% in Q4, driven by strong international group growth [5][14] - For the full year, net unit growth was 6.7%, with nearly 100,000 new rooms added to the global portfolio [7][10] Market Data and Key Metrics Changes - In the Americas outside the U.S., Q4 RevPAR increased by 3.8% year-over-year, while in Europe, it grew by 5.3% due to strong leisure activity [15] - The Middle East and Africa region saw a 15.9% increase in RevPAR, driven by leisure and group demand [15] - In Asia-Pacific, Q4 RevPAR was up 9.2% excluding China, while RevPAR in China declined by 1.4% [15][16] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, including the launch of the Apartment Collection by Hilton, targeting the apartment-style lodging segment [9] - The development pipeline reached over 520,000 rooms, with expectations for sustained net unit growth of 6%-7% for 2026 and beyond [10] - The company aims to enhance loyalty and guest satisfaction through initiatives like the Hilton Honors program, which now has nearly a quarter billion members [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger economic conditions and improved performance in EMEA and APAC [6][29] - The company anticipates RevPAR growth of 1%-2% for the full year 2026, with positive trends in group bookings and leisure demand [6][17] - Management highlighted macroeconomic factors such as decreasing inflation and increased investment in technology as supportive of future growth [21][25] Other Important Information - The company opened nearly 200 hotels in Q4, totaling nearly 26,000 rooms, and celebrated several milestones in brand expansion [6][7] - The company was named the number one world's best workplace by Fortune for 2025, marking a significant achievement in employee satisfaction [11] Q&A Session Summary Question: Overview of the broader economy and lodging industry - Management noted optimism for 2026, citing macroeconomic improvements and potential for middle-class wage growth, which could increase disposable income and spending [19][26] Question: AI and technology partnerships - Management discussed ongoing efforts in AI, emphasizing a modern tech stack that allows for greater flexibility and efficiency in operations and customer experience [32][34] Question: Growth of lifestyle and luxury brands - Management confirmed that as the network of lifestyle and luxury brands expands, market share and economic performance are expected to improve, creating a positive feedback loop [41][46] Question: Development environment and key money usage - Management indicated a disciplined approach to key money, with a focus on maintaining competitive advantages while navigating market dynamics [51][55] Question: RevPAR guidance and quarterly cadence - Management acknowledged the complexity of the upcoming year but expressed confidence in achieving the guidance range, supported by events like the World Cup [59][60]

Core Insights - Databricks announced a revenue run rate of $5.4 billion, a 65% year-over-year increase, with over $1.4 billion coming from AI products [2] - The company aims to redefine its identity beyond a SaaS label, positioning itself as an AI company in the private market [2] - Databricks completed a $5 billion funding round, achieving a valuation of $134 billion, and secured an additional $2 billion credit line [2] Company Developments - CEO Ali Ghodsi highlighted the AI product Genie, a large language model user interface that simplifies data warehouse queries using natural language [3] - Genie is expected to drive increased usage of data warehouses by making it accessible to non-technical users [3] - Databricks is also developing Lakebase, a database designed specifically for AI agents, which has shown early revenue attraction [5] Industry Implications - The threat posed by AI to the SaaS industry is not about replacing core record systems but rather transforming user interfaces, potentially diminishing the need for expertise in specific SaaS products [7] - Companies embracing new large language model interfaces may experience growth, while AI-native competitors could emerge with better collaboration solutions [5] - Ghodsi emphasized the importance of maintaining a strong capital position to navigate potential market downturns, indicating that now is not the right time for an IPO [8]

Group 1: Hong Kong's Crypto Regulation - Hong Kong is set to issue stablecoin licenses next month and will publish a framework for perpetual contracts to develop its local crypto economy [1] - The Chief Executive, Financial Secretary, and CEO of the Securities and Futures Commission emphasized their regulatory priorities for the crypto sector [1] Group 2: AI and Financial Trends - Financial Secretary Paul Chan highlighted AI as a maturing trend, suggesting the emergence of a "machine economy" where AI agents can manage digital assets and transact on-chain [2] - Predictions for Bitcoin's price reaching $150,000 were reiterated by Skybridge Capital's Anthony Scaramucci, citing potential legislative changes in the U.S. [2][3] Group 3: Decentralized Finance (DeFi) - Joe Lubin from Consensys described Ethereum as "anti-fragile," which is crucial for supporting decentralized finance and enabling developers to create more robust financial systems [3] - DeFi is considered to be as safe as traditional finance, according to industry insights [4] Group 4: Market Integrity and Regulation - Smaller jurisdictions are focused on maintaining market safety and integrity in the crypto space, as stated by Gibraltar's minister for justice, trade, and industry [4][5] - The importance of reputation in the crypto market was emphasized, noting that a single market failure could have widespread repercussions [5] Group 5: Market Opportunities - Bitmine's Tom Lee suggested that investors should focus on opportunities rather than selling, despite significant unrealized losses in ether holdings [6] - The final day of Consensus will feature discussions on scaling Bitcoin, Ethereum, and Solana blockchains, indicating ongoing interest in blockchain technology [7]