Welcome back. Shares of Lemonade are surging today after the AI powered insurance company posted a third quarter beat on the top and bottom lines. The stock has nearly doubled this year, still down more than 50% from its all-time high in 2021.Joining us now first on CNBC to break down the quarter is Lemonade co-founder and CEO Daniel Shriber. Daniel, it's good to have you back on. I mean, you're definitely back on the radar because the stock has been incredible lately um coming off of those lows.So what wha ...

Financial Data and Key Metrics Changes - The company reported a strong net income of BRL 11.9 billion, reflecting a growth of 3.2% compared to Q2 2025 and 11.3% year over year [3] - The consolidated Return on Equity (ROE) reached 23.3%, with Brazil's ROE at 24.2%, indicating profitability expansion [3][4] - The Common Equity Tier 1 (CET1) capital ratio increased to 13.5%, with a profitability level of nearly 27% in Brazil [4][29] Business Line Data and Key Metrics Changes - The loan portfolio grew to BRL 1.4 trillion, up 0.9% from Q2 and 6.4% year over year, with a 1.7% growth excluding foreign exchange impact [5] - Mortgage loans increased by 2.0% quarter over quarter and 15.2% year over year, with a market share of 47% among private banks [6] - The SME loan portfolio rose by 1.1% in the quarter and 7.5% year over year, with government programs showing a growth of 10.9% in the quarter [11][12] Market Data and Key Metrics Changes - The company reported a total transaction volume of BRL 258 billion, an increase of 6.6% in the quarter and 12.8% year over year [17] - The revenue from advisory services and brokerage grew by 33.7% in the quarter, although it declined for the nine-month period due to last year's exceptional performance [18] Company Strategy and Development Direction - The company aims to maintain a balanced portfolio with solid results in both wholesale and retail businesses, focusing on long-term value creation [31] - The management emphasized the importance of capital discipline and efficient growth, particularly in a mixed macroeconomic scenario [35][39] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by high interest rates and a selective credit market but expressed confidence in finding growth opportunities [35] - The company is committed to a proactive approach in managing its portfolio and capital allocation, ensuring a robust capacity to react to market changes [36] Other Important Information - The efficiency ratio for the nine-month period was reported at 36.9% in Brazil, the lowest in the industry compared to peers [27] - The company updated its guidance for market NII, narrowing the range to between BRL 3 billion and BRL 3.5 billion for the year [30] Q&A Session Summary Question: How does the current macroeconomic scenario affect strategic decisions for 2026? - The management highlighted the importance of maintaining a strong discipline in capital allocation and emphasized the existence of growth opportunities despite uncertainties [35] Question: What is the trajectory for the SME segment, particularly regarding government programs? - The management expressed confidence in the growth of the SME segment, citing effective management of government programs and a commitment to quality client selection [40][41] Question: Can you elaborate on client margins and the dynamics affecting them? - The management explained that recent fluctuations in margins were influenced by seasonal factors and the performance of structured operations, indicating a return to stability moving forward [44][46]

Core Insights - Spotify Technology S.A. has guided for fourth-quarter operating income significantly above analyst estimates, driven by healthy user activity and strong performance in its premium tier [1] - The company has seen a share price increase of over 40% year to date, attributed to profitability improvements through price increases and cost controls [1] Financial Performance - In Q3, Spotify reported a payroll tax charge of €16 million, which was €41 million lower than forecasted and down from €53 million year-over-year [2] - Operating expenses decreased by 2% due to the reduced tax charge and favorable currency effects; however, excluding these factors, operating expenses rose by 11% due to increased marketing and personnel costs [2] - Premium revenue increased by 9% to €3.83 billion, supported by double-digit subscriber growth [2] Future Projections - For Q4, Spotify anticipates continued growth and improving margins through 2025 as it reinvests for long-term potential [3] - Monthly active users are projected to reach 745 million, surpassing expectations, with notable premium subscriber growth in Latin America and North America [3] - The expected operating income for Q4 is €620 million, compared to a consensus of €605.3 million, with recent high-profile releases contributing to engagement trends [3]

Q1 Fiscal 2026 Investor Presentation Safe Harbor Statement This presentation is for informational purposes only and is not an offer to sell securities or a solicitation of an offer to buy any securities, and may not be relied upon in connection with the purchase or sale of any security. This presentation is proprietary and is intended solely for the information of the persons to whom it is presented. It may not be retained, reproduced or distributed, in whole or in part, by any means (including electronic) ...

Financial Performance & Outlook - The company narrows its net sales guidance for 2025 to a range of $540 million to $550 million, reflecting a 7% year-over-year growth at the midpoint[26] - Adjusted EBITDA guidance is narrowed to $92 million to $98 million, indicating a 19% year-over-year growth at the midpoint[26] - Capital expenditures guidance is revised to $22 million to $24 million, reflecting project efficiencies and timing shifts[26] - Net sales for the three fiscal quarters ended September 27, 2025, reached $445962 thousand, with an Adjusted EBITDA of $89354 thousand and an Adjusted EBITDA margin of 200%[41] - Net debt leverage ratio as of September 27, 2025, is 23, with a net debt of $210555 thousand and LTM Adjusted EBITDA of $92976 thousand[44] Market Position & Growth Strategy - The company holds the number one share in every subcategory in which it competes[9] - The company has approximately 50% share of the fiberglass category in North America[10] - Fiberglass constitutes 23% of total pool installs, marking a 600 bps increase[11] - Replacement sales account for 51% of liners and covers[13] - The company is expanding its share in the Sand States through new dealer sign-ups, presence in Master Planned Communities, and aligning products with demand[18][19][20] Market Dynamics - The company forecasts new U S pool starts in 2025 to be flat to slightly down compared to 2024 levels[25][29]

Financial Data and Key Metrics Changes - SNDL reported net revenue of CAD 244 million for Q3 2025, reflecting a 3.1% increase year-over-year, driven primarily by the cannabis segments [7][10] - Gross profit reached CAD 64.2 million, a 1.9% increase year-over-year, despite CAD 3.9 million in non-cash inventory-related adjustments [8][9] - Free cash flow for the quarter was CAD 16.7 million, marking a CAD 7.5 million improvement compared to the same period last year, and achieving positive cumulative free cash flow of CAD 7.7 million for the first nine months of the year [10][13] Business Line Data and Key Metrics Changes - The liquor retail segment generated net revenue of CAD 139.4 million, a 3.6% year-over-year decline, while gross profit was CAD 36.7 million, a modest reduction of CAD 0.2 million [14][15] - Cannabis retail achieved net revenue of CAD 85 million, a record high with a 4.8% year-over-year growth, and gross profit of CAD 22.5 million, reflecting an 8.5% increase [16] - Cannabis operations reported net revenue of CAD 37.4 million, a 50% growth year-over-year, driven by edibles and international sales [17] Market Data and Key Metrics Changes - The cannabis retail segment saw a 3.6% increase in same-store sales, contributing to a 12 basis points gain in market share [19] - International sales reached CAD 4.2 million in Q3, with expectations for continued growth due to strong demand and reliability of supply [20][33] Company Strategy and Development Direction - SNDL is focused on growth, profitability, and enhancing its workforce, with plans to open five new cannabis stores and two new Wine & Beyond stores in Q4 [19][21] - The company aims to strengthen its competitive position in Canada while resolving ongoing litigation related to Sunstream restructurings, which are expected to provide exposure to dynamic medical markets [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of CAD 11.9 million in unfavorable non-cash items on the P&L, but emphasized operational improvements and cash generation as key indicators of business fundamentals [4][3] - The outlook for cannabis retail is mixed, with signs of market maturity in provinces like Alberta and Ontario, but opportunities for margin improvement remain [36][39] Other Important Information - SNDL has no debt and over CAD 240 million in unrestricted cash, providing a strong balance sheet to support growth initiatives [5] - The company is experiencing a significant increase in share-based compensation due to a 121% rise in share price during Q3 [9][12] Q&A Session Summary Question: Clarification on cannabis operations write-offs - Management confirmed CAD 3.9 million inventory adjustment impacting gross profit and CAD 2.7 million fixed asset impairment affecting operating income but not gross margin [25][27] Question: Growth drivers for sales to provincial boards - Management noted softness in third-party retail sales but continued growth in their own segment, with expectations for regaining momentum through new products and innovation [29][30] Question: International sales outlook - Management expressed optimism about international sales growth, with strong demand and increasing purchase orders anticipated for Q4 and beyond [32][33] Question: Update on 1CMPharm transaction regulatory approval - Management stated that the review process is ongoing, with no additional information available at this time [35] Question: Market opportunities in cannabis retail - Management indicated a shift towards maturity in the market, with expectations for low single-digit revenue growth moving forward, while also noting improvements in gross margin [36][39] Question: RISE rewards program performance - Management reported strong engagement from loyalty members and plans to roll out a similar program for the liquor business [41]

Q3 2025 Earnings Conference Call - November 4, 2025 FORWARD LOOKING STATEMENTS Some of the statements, estimates or projections contained in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this presentation, including, without li ...

Sales growth and productivity measures at the health-technology company lifted earnings in the third quarter. ...

Core Insights - Incyte Corporation is a U.S.-based biopharmaceutical company focusing on oncology and inflammation therapeutics with a market cap of US$16,227 million [1] Group 1: Company Overview - Incyte specializes in the discovery, development, and commercialization of therapeutics globally [1] - Key products include Jakafi (ruxolitinib) for certain blood cancers and Opzelura for dermatological conditions [1] Group 2: Performance Metrics - The company achieved a Profitable Growth rank of 1, improving from the prior period's 10th rank, indicating World Class performance among 350 large Health Care companies worldwide [5] - Profitability rank improved to 2 from 9, reflecting World Class performance compared to peers [5] - Growth rank of 1 also improved from the prior period's 10th rank, showcasing World Class performance compared to peers [5]

Core Viewpoint - BofA Securities has downgraded Marsh & McLennan Cos. to Underperform from Neutral, lowering the price target to $181 from $243 due to a weaker outlook for organic growth and challenges in the property insurance market [1] Group 1: Company Outlook - The firm anticipates slower organic revenue growth as property rate softness and broader economic uncertainty impact performance [1] - Near-term growth catalysts are seen as limited, with expectations for margin expansion being more muted than previously thought [1] Group 2: Earnings Projections - BofA has revised down its earnings projections, now forecasting 2027 EPS at $10.50, which is below the current consensus estimate of $11.14 [2] - There is a warning that Marsh & McLennan may miss consensus expectations due to slower growth and reduced profitability affecting results in upcoming quarters [2]