Financial Data and Key Metrics Changes - The company reported a net income of $245.5 million or $6.56 per diluted share for Q2 FY2025, compared to $219.3 million or $5.76 per diluted share in the same period last year, reflecting a significant increase [10] - Resort reported EBITDA for Q2 FY2025 was $459.7 million, including $2.9 million of one-time costs related to the Resource Efficiency Transformation Plan, compared to $425 million in the prior year [10] - The company expects net income for FY2025 to be between $257 million and $309 million, with resort reported EBITDA guidance unchanged at $841 million to $877 million [15][16] Business Line Data and Key Metrics Changes - Season-to-date total skier visits were down 2.5% compared to the previous year, while total lift ticket revenue was up 4.1% [12] - Ancillary business results showed ski school revenue up 3%, dining revenue up 3.1%, and combined retail and rental revenue down 2.9% compared to the prior year [12][86] - The company noted strong ancillary spend per destination guest visit, particularly in Ski School and Dining, despite lower destination visitation impacting overall revenue [7][13] Market Data and Key Metrics Changes - Destination guest visitation at Western North American resorts was below prior year levels, attributed to a shift in visitation patterns to later in the ski season [6] - Local guest visitation was in line with expectations, benefiting from improved conditions compared to the previous year [6] - The company reported strong performance in Eastern U.S. resorts, with non-pass lift revenue up 17.5% driven by improved conditions [82] Company Strategy and Development Direction - The company is focused on enhancing guest experience through investments in capacity, technology, and infrastructure, with a capital plan of approximately $249 million to $254 million for 2025 [23][24] - The Resource Efficiency Transformation Plan aims to achieve $100 million in annualized cost efficiencies by the end of FY2026 [9] - The company continues to prioritize returning capital to shareholders while investing in high-return projects and strategic acquisitions [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in current conditions and anticipates improved performance for the remainder of the season, driven by a significant base of pre-committed guests and positive lodging booking trends [14][41] - The company acknowledged the normalization of industry demand and the shift in guest behavior towards later spring visits, which has been a long-term trend [42] - Management emphasized the importance of addressing guest feedback and improving the overall guest experience, particularly in light of challenges faced at Park City [46][47] Other Important Information - The company declared a quarterly cash dividend of $2.22 per share, payable on April 10, 2025 [21] - As of January 31, 2025, the company's total liquidity was approximately $1.7 billion, including $488 million in cash [18] - The company repurchased approximately $50 million of its zero percent convertible senior notes, maintaining a strong balance sheet with net debt at 2.5 times trailing 12 months total reported EBITDA [19][20] Q&A Session Summary Question: Can you walk us through the core conditions on the ground? - Management noted that visitation at North American resorts was slightly above prior year levels, with some resorts experiencing normal snowpack conditions, while February visitation contracted as expected [37][38] Question: Is there room for a bigger pivot in narrative regarding core constituencies? - Management acknowledged the need to communicate effectively with guests and address challenges, particularly regarding the Park City experience [46][47] Question: Have you seen any impact from tariffs on visitation trends? - Management indicated no overt reaction to tariffs but continues to monitor visitation trends closely, especially at Whistler Blackcomb [54] Question: What is the current level of commitment to the dividend? - Management reaffirmed commitment to the current dividend level, citing confidence in free cash flow generation [95][96] Question: What areas need work to improve customer satisfaction? - Management highlighted the importance of reducing wait times and enhancing the guest experience through various investments and technology [99][100] Question: What is the outlook for long-term structural margins? - Management expects to increase margins through normal operating leverage and the Resource Transformation Plan, aiming for a margin of approximately 29.3% for FY2025 [106][108]

Core Viewpoint - The discussion highlights the increasing wealth inequality in the U.S., the inefficiency of government, and the stagnation of technological progress, suggesting that these issues are interconnected and may lead to significant societal consequences [2][3][6]. Summary by Sections Wealth Inequality - The disparity between the wealth of the top 1% and the bottom 99% has been growing at an unprecedented rate, potentially surpassing levels seen in the early 20th century [2][3]. - The right-wing has largely ignored this issue, either denying its existence or deeming it unimportant, which is seen as a significant blind spot [2][3]. Government Inefficiency - Government efficiency has deteriorated, with rising expenditures failing to yield proportional improvements in governance [3][4]. - Examples include the prolonged construction times for infrastructure projects compared to historical benchmarks, indicating a decline in operational effectiveness [3][4]. Technological Stagnation - There is a concern that technological progress has slowed since the late 1960s, with significant innovations becoming rare outside of specific sectors like computing and finance [6][7]. - The stagnation in technological advancement is linked to broader economic growth issues, leading to political cynicism and a zero-sum perception of economic competition [7][10]. Globalization's Impact - Globalization has created a "winner-takes-all" environment, adversely affecting the middle class and white-collar workers, particularly through labor arbitrage with countries like China [12][20]. - The benefits of globalization have not been evenly distributed, leading to increased inequality and social unrest [12][20]. Education and Innovation - The education system is criticized for perpetuating a bubble, with many students accumulating debt without securing corresponding employment opportunities [27][29]. - There is a call for a reevaluation of educational investments and a shift towards recognizing non-college career paths as viable options [27][29]. Future Considerations - The discussion raises philosophical questions about the role of government in planning for the future, particularly in the context of technological innovation and economic policy [15][17]. - The potential for long-term societal issues stemming from demographic changes and technological stagnation is emphasized, suggesting a need for proactive policy adjustments [23][24].

底层出身的老板打造中国最大现制茶饮帝国 这是港股第四家新茶饮品牌。前三家是古茗、茶百道、奈雪的茶，对应上市时市值分别约为235亿港元、 258亿港元、323亿港元。 蜜雪冰城为期5天的申购，超额认购5266倍，约1.82万亿港元申购额，超过快手1.26万亿港元的纪录，成 为港股IPO的新晋"冻资王"。 据招股书，蜜雪在全球有45000多家门店，是中国及全球最大现制饮品企业。 2023年，蜜雪冰城营收203亿元，增速49.6%，期内利润32亿元，增速58.3%。2024年前三季度，其营收 187亿元，同比增超两成；期内利润为35亿元，同比增超四成。 2020年底，蜜雪冰城获得高瓴投资、美团龙珠和CPE 源峰三家机构共23.33亿元投资，这是其上市前唯一 一次外部融资。其中高瓴和美团龙珠各投了9.33亿元。 此次上市，蜜雪有5名基石投资者：M&G Investments（英卓投资管理）、红杉中国、高瓴投资、博裕资 本、美团龙珠，共认购2亿美元发售股份。 其中，高瓴认购了3000万美元（115.39万股），两次投资共获得蜜雪冰城上市后股份的4.13%，成为最大 的外部股东。 作者丨赵晓晓 编辑丨关雎 图源丨上市现场 ...

作 者丨余纪昕 编 辑丨方海平 2月2 6日，据中国人民银行党委委员、副行长陆磊于《学习时报》刊文，其中提到，金融机构 改革化险稳步推进。积极推动通过发行特别国债等方式筹集资金，支持国有大型银行补充核 心一级资本，增强银行风险抵御能力和服务实体经济的动力。 加强债券市场制度建设，提高债券市场市场化定价能力和市场韧性，提高直接融资比重。优 化国有金融布局，合理调整国有金融资本在银行、保险、证券等行业的比重，推动保险、证 券、担保等非银行业金融机构发展，提高资本配置效率。 对于"提高债券市场韧性"，记者注意到，近期部分银行面临负债紧张局面，叠加央行货币投 放低于市场预期，引发流动性紧缩和资金压力。去年1 2月债牛行情推动1 0年期国债活跃券收 益率从2 . 0%上方一路冲破1 . 6%。 而春节过后大行"水位低"，净融出规模持续徘徊在2万亿元以下，其间一度创历史新低。 资金面承压下，现券和国债期货在前几个交易日连续下跌。隔夜和7天期同业拆借利率的攀 升，推动债券收益率大幅回升，其中1 0年期国债收益率从2月6日的1 . 5 9 2 5%攀升至2月2 5日下 午的1 . 7 6 5 0%。 "债市高波时代正来临。" ...

Financial Data and Key Metrics Changes - Total revenue for 2024 was $845.5 million, a 22% increase year-over-year [8][25] - Adjusted EBITDA was $340.2 million, up approximately 17% year-over-year, with an adjusted EBITDA margin of 40.2% [10][26] - Adjusted EPS was $3.28, reflecting a 16% increase from the previous year [11][27] - Operating cash flows generated were approximately $260 million, with $95 million returned to shareholders through share repurchases and dividends [12][39] Business Line Data and Key Metrics Changes - Merchant Acquiring revenue grew by 11% due to pricing initiatives and increased sales volume [9] - Payments Puerto Rico revenue increased by 6%, driven by higher transaction volumes and strong performance from ATH Movil [9] - Business Solutions revenue grew by 7%, recognized from key projects that went into production [9] - LATAM revenue surged by 62% year-over-year, attributed to the full-year contribution of Sinqia and organic growth [10][17] Market Data and Key Metrics Changes - Economic conditions in Puerto Rico remained stable, with total employment at its highest since 2009 [13][14] - Passenger traffic at San Juan Airport grew approximately 9% year-over-year [15] - Puerto Rico received approximately $7 billion in reconstruction funds in 2024, with a similar amount expected for 2025 [16] Company Strategy and Development Direction - The company aims to focus on organic revenue growth, margin optimization, and capital allocation in 2025 [7] - Continued execution of acquisition strategy with two tuck-in deals closed in Q4, Grandata and Nubity [6] - The company is diversifying its revenue mix outside of Puerto Rico, with LATAM contributing approximately 33% of total revenue in 2024 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about economic conditions in Puerto Rico supporting business growth through 2025 [16] - The company is focused on cost efficiency measures to offset a 10% discount on Popular services starting in Q4 2025 [11][47] - Management expects revenue growth for 2025 to be between $889 million to $899 million, reflecting a growth of 5.1% to 6.3% [42] Other Important Information - The company has a strong liquidity position of approximately $468 million as of December 31, 2024 [12][41] - The net debt position at year-end was $706.8 million, with a weighted average interest rate of approximately 6.45% [40][41] - Capital expenditures for 2024 were $88.4 million, with a target of approximately $85 million for 2025 [39][50] Q&A Session Summary Question: Thoughts on midterm guidance for growth profiles of segments - Management is currently focused on providing guidance for 2025 due to ongoing changes and integration efforts [54][56] Question: Update on Sinqia's growth and performance - Management noted that Sinqia's growth is reaccelerating, with a focus on technology upgrades and customer engagement [58][63] Question: Update on bringing EVERTEC's processing business into Brazil - Management is optimistic about small successes in payment products and is focused on improving existing businesses [68][70] Question: Contribution from pricing in Merchant segment growth - Pricing contributed approximately one-third to the growth, with expectations for a balanced contribution moving into 2025 [90][91] Question: State of the M&A market in Latin America - Management indicated a good M&A pipeline and a focus on smart deals for growth and diversification [92][94]

"公司小的时候可以呼吁，大的时候要有方法管控"。 汽车竞争白热化，单纯依靠硬件堆砌和成本控制维持竞争力已经不够，智能驾驶技术突破与数字化转型不 再是锦上添花的选项，而是决定生死存亡的必答题。 小鹏汽车 CEO 何小鹏在春节复工第一天就提醒团队，2025 年-2027 年是中国汽车行业最卷的三年。而小 鹏想在今年实现单季度盈利。 我们获悉，复工第二周，何小鹏再发全员信，核心是精益经营，在管理、流程、组织上要进一步提高效 率、降低成本。 在这篇 1 千字左右的全员信中，他提了 22 次效率、提效或高效，要求 2025 年 "不开长会、大会、没结论 的会" ，在每一分钟的会议、每一份文档、每一次差旅中提高效率。 "公司变大时，要有方法管控" 会议上，发言者直接公布了一组数据：一个月，小鹏汽车开了 1.2 万场会，总时长 1.4 万小时。如果压缩 给同一批人，每天工作 10 小时，要不间断开 3 年多。其中，20 人以上、超过 90 分钟的大型会议有 344 场。 调研对象特别筛选过，就是公司里 "高频组织开会的人"。何小鹏说，这是 "重灾区"——按每小时平均工资 150 元计算，一场大型会的成本是 2.7 万元，" ...

Jumia Technologies AG (NYSE:JMIA) Q4 2024 Results Conference Call February 20, 2025 8:30 AM ET Company Participants Ignatius Njoku - Head of IR Francis Dufay - CEO Antoine Maillet-Mezeray - EVP, Finance & Operations Conference Call Participants Brad Erickson - RBC Capital Markets Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the Fourth Quarter of 2024. [Operator Instructions] I would now like to turn the call over to Ignatius Njoku, He ...

零跑要做汽车界的优衣库——不是性价比，而是高品价比。 2024 年的车市印证了车企 CEO 们 "淘汰赛开启" 的残酷预言，价格战中，增长的代价越来越高。零跑是少 有的规模和利润同时增长的公司：2024 年内，零跑的月销量从年初的 1 万多涨至年尾的 4 万多，2024 年 四季度净利润转正，成为理想汽车后第二家盈利的新势力。 这个进程也超出零跑管理层此前的预期。他们原本预计要到一年后才能完成单季度利润转正目标：零跑的 产品集中在大众市场，这里对手最多、最强，是比亚迪、吉利等大车企的市场腹地。 成立 9 年，零跑过去并不太被注意，直到 2024 年的销量大幅增长，同行、对手开始试图拆解它的增长诀 窍。一些人很快发现，作为一家创业公司，零跑的增长来源于明确和克制：集中在大众市场，集中研发资 源，围绕一个目标，没有分散发力，以 "成本 + 效率" 模式做透一片市场并发挥规模优势。 启发来自 2023 年——或者说是教训，2021 年、2022 年，C01、C11 接连交付，销量表现却不好，2022 年，零跑销量共计 11.1 万辆，其中微型车 T03 占比超过 55%。第二年，特斯拉开年就打起价格战，零跑 1 月 ...

不破不立。 报道 I 投资界PEdaily 2 0 24年12月1 0 - 11日，由中共重庆市委金融委员会办公室指导，清科创业、投资界主 办，重庆渝富控股集团联合主办的"第二十四届中国股权投资年度大会"走进西部金融中 心重庆。作为股权投资行业晴雨表，本次大会将以"万象耕新"为主题，回顾行业风云， 重塑格局策略，探索价值发现，持续为中国股权投资行业注入力量。 本场《 大健康投资的破与立 》圆桌讨论，由山蓝资本创始合伙人 刘道志 主持，对话嘉 宾为： 华睿投资生物医药事业部总经理 陈柄翰 金雨茂物合伙人 李洪森 北极光创投合伙人 宋高广 远毅资本董事总经理 唐轶男 博远资本创始合伙人 陶 峰 惠每资本联合创始合伙人 许婉宁 华泰紫金医疗健康投资部负责人 周 毓 以下为对话实录， 经投资界（ID:peda il y 2 0 1 2）编辑： 刘道志 ：医疗大健康是一个民生相关的行业，每个人都不能回避，因此生物医药投资是 对人类潜在贡献最大的。开始讨论前，请大家都先介绍一下自己。 陈柄翰 ：华睿投资成立于2 002年，是国内最早一批从事股权投资的民营机构。我们位于 杭州，以聚焦浙江省，覆盖长三角为主。过去20多年，华 ...

对从上游育种开始的各个环节进行精益管理，以达到业内最低综合成本。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，冷冻薯制品生产商「凯达恒业」完成了近4亿元首轮融资。本轮融资由黑 蚁资本领投，建发新兴投资跟投，融资款将被用于产线建设、育种研发、品牌营销等，持续深耕马铃 薯全产业链优化整合。 凯达恒业成立于2000年，专注于马铃薯冷冻食品和休闲食品的研发、生产和销售。2019年，凯达进 入冷冻法式薯条生产领域，并先后在内蒙古乌兰察布市和太仆寺旗建立了冷冻薯制品加工产业园， 预计两年内 ， 凯达恒业有望拥有亚洲最大的冷冻薯制品加工能力 。 国内外需求双增，推动薯制品加工能力出海 垂直供应链整合能力和极致成本效率的竞争壁垒 根据市场研究公司Claight Corporation的报告《2024年-2032年全球炸薯条市场报告及预测》， 全球薯条市场在2023年达到了近271.3亿美元（约合人民币1980亿元），并且在2024年-2032年 间预计将以6.3%的年复合增长率继续增长。冷冻薯条的主要消费市场包括北美、欧洲、亚太地区、 拉丁美洲以及中东和非洲，其中北美是 ...