TPG (TPG) 2025 Conference June 11, 2025 12:15 PM ET Speaker0 Before we get started, for important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. Note that taking of photographs and use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. With that out of the way, good afternoon everyone and thanks for sticking with us here on day two of the Morgan Stanley Financials ...

Core Insights - The collaboration between Cheez-It and Wendy's introduces a limited-edition product: Cheez-It x Wendy's Baconator crackers, combining the flavors of Wendy's Baconator with Cheez-It's signature crunch [1][2][3] Company Overview - Kellanova, the parent company of Cheez-It, reported net sales of $13 billion for 2023 and aims to become a leading snacks-led powerhouse [5] - Wendy's operates over 7,000 restaurants globally and is known for its fresh, made-to-order food, including the popular Baconator burger [7] Product Details - The new Baconator crackers will be available nationwide starting July 2025, with an exclusive bundle available on CheezIt.com that includes a Wendy's Frosty keychain [3] - The product features 100% real cheese and Applewood smoked bacon flavor, aiming to deliver a full burger experience in a snack format [2][3] Marketing and Promotions - The partnership aims to surprise Cheez-It fans with a unique flavor experience, leveraging the popularity of both brands [2] - A promotional offer includes a $2 discount on a Baconator sandwich through the Wendy's app for customers who purchase the new crackers [4][8]

Core Insights - Virtu Financial and Limina have announced a strategic collaboration to enhance Virtu's TradeOPS platform, aimed at improving post-trade workflows for buyside firms [1][2]. Group 1: Collaboration Details - The collaboration focuses on integrating Virtu's TradeOPS with Limina's cloud-native Order and Portfolio Management System (O/PMS), providing a fully-integrated workflow for clients [2]. - The first joint client, Cliens, is already utilizing the combined capabilities of Virtu's TradeOPS and Limina's platform [3]. - The partnership aims to address operational challenges introduced by recent changes in post-trade settlement processes, such as the shift to T+1 [4]. Group 2: Company Profiles - Virtu Financial is a leading financial services firm that offers execution services, data analytics, and connectivity products across multiple asset classes and global markets [6]. - Limina provides a modern Investment Management Platform designed to enhance productivity and manage operational risks for investment managers [7]. - Cliens is a Swedish active fund manager focused on delivering long-term high returns through various investment strategies [8].

Core Insights - The 2025 Just Ride Tour, hosted by Malibu Boats, is set to return, offering an immersive on-water experience across North America with over 45 stops [5][7][11] - The tour features the Malibu Wakesetter 24 MXZ, towed by the Chevrolet Silverado 3500HD High Country, showcasing the performance of Malibu Boats [5][7] - The event emphasizes community engagement, allowing families and riders to connect with Malibu pro athletes for hands-on instruction and product demonstrations [2][4][8] Company Overview - Malibu Boats, based in Loudon, Tennessee, is a leading designer and manufacturer of recreational powerboats, including performance sport and sterndrive boats [14] - The company is recognized as a market leader in the performance sport boat category through its Malibu and Axis brands [14] - Malibu Boats collaborates with GM Marine to develop the Monsoon engine lineup, which powers their boats and enhances performance [9][10] Product Highlights - The Monsoon engine lineup includes the GM 6.2-liter supercharged V8 LT4 engine, delivering 607 horsepower and 606 lb-ft of torque, specifically adapted for marine use [9] - The Just Ride Tour showcases the capabilities of Malibu's boats, particularly the Wakesetter 24 MXZ, which is designed to create exceptional wakes and waves [6][9] Marketing and Sponsorship - The tour is supported by various sponsors, enhancing the overall experience for participants [10] - Malibu Boats aims to bring the Malibu lifestyle to communities, emphasizing the connection between boating enthusiasts and the brand [11]

Key Takeaways Mastercard saw 15% Y/Y cross-border volume growth and a 14% rise in payment network net revenue in Q1 2025. Growth was fueled by digital payments focus, fintech deals like Corpay and expanding international activity. MA plans to acquire FinTech Newway to offer stablecoin settlement options, boosting merchant capabilities.Mastercard Incorporated (MA) is surfing a wave of strong global momentum, driven by accelerating transaction volumes and robust consumer spending. The rise in cross-border t ...

New global research reveals why the most AI-forward companies are also doubling down on human potential—investing in people, not just technology.MILWAUKEE, Wis., June 9, 2025 /PRNewswire/ -- As artificial intelligence reshapes the world of work, ManpowerGroup returns to Viva Technology (VivaTech), taking place June 11–14 in Paris, with new global research that reveals a surprising truth: the companies investing most in technology are also investing most in people. ManpowerGroup returns to VivaTech, taki ...

2025年高考倒计时在即，对于考生们来说，不仅这场考试是关键一役，专业选择也是重要一环。 复旦大学计算与智能创新学院党委副书记顾宁 他谈到了高校的人工智能人才培养变化、人工智能时代的教育坚守和突破、人工智能对职业的影响等，并指出无论人工智能发展到何种程度，其本质仍是 人类创造的工具，"人永远走在智能前面"。 近期，教育部更新发布《普通高等学校本科专业目录（2025年）》，增列29种新专业，纳入2025年高考招生。新目录包含93个专业类、845种 专业，进一步强化专业设置对国家战略急需和高质量发展的快速响应。 其中，聚焦人工智能赋能经济社会发展，增设人工智能教育、智能视听工程、数字戏剧等专业。 今年，DeepSeek的"出圈"，让所有人都认识到了AI的能力，也让中国高校掀起了一场以人工智能课程为核心的教育蜕变。 在高校扩招的背景下，今年，清华大学、武汉大学等在内的多所"双一流"高校，相继在扩招的专业设置中，聚焦人工智能及相关学科专业。 那么，人工智能技术如何赋能学科建设？人工智能技术会给创新人才培养带来哪些启示？针对这一系列问题，红星教育传媒·橡树实验室专访了复旦大学 计算与智能创新学院党委副书记顾宁。 设立4 ...

Core Insights - Bell Media has adopted LiveRamp's Authenticated Traffic Solution (ATS) to enhance identity and addressability in the Canadian media ecosystem [1][2] - The implementation of ATS on Connected TV will allow Bell Media to deliver tailored ads across its premium content, improving programmatic TV buying with privacy-first signals [2][6] - LiveRamp's ATS utilizes RampID, enabling advertisers to connect their first-party data to publishers' authenticated inventory in a privacy-forward manner [3][5] Company Overview - Bell Media is Canada's leading media and entertainment company, with a diverse portfolio including CTV, Crave, and various specialty channels [9][10] - The company provides advanced technology and analytics support through the Bell Marketing Platform, which includes tools for audience management and advertising solutions [10] - Environics Analytics (EA) is a premier marketing and analytical services company in Canada, specializing in data collaboration and analytics [12]

Summary of Kura Sushi Conference Call Company Overview - Kura Sushi is a subsidiary of Kura Japan, established in the U.S. in 2009, and went public in February 2022. [3][4] - The company has expanded from 4 states to 20 states plus Washington D.C., with over 70 restaurants. [4] - Kura Sushi has maintained a unit growth rate of over 20% annually for the last five years, positioning itself as a significant player in a fragmented sushi industry. [4][5] Core Business Insights - The sushi industry is highly fragmented, with Kura Sushi and Nobu controlling only about 2% of the market revenue. [5] - Kura Sushi leverages technology to enhance operational efficiency, including the implementation of a reservation system and the introduction of the Ishrobot for automation. [5][6] Value Proposition - Kura Sushi focuses on providing high-quality ingredients at competitive prices, with a price gap of approximately 50% compared to competitors. [10][11] - Recent limited-time offers (LTOs) have included high-quality items at lower prices, showcasing the brand's unique value proposition. [9][10] IP Collaborations and Comp Trends - The company has increased its IP collaborations to 7-8 for the next fiscal year, aiming to reduce volatility in comparable sales. [12][13] - The first month of IP campaigns tends to outperform the second month, which is a strategy to enhance sales consistency. [13] Reservation System Rollout - Over 60 units have implemented the reservation system, which is expected to significantly improve customer experience by reducing wait times. [15][16] - The reservation system aims to eliminate the two-step decision-making process for customers, enhancing overall satisfaction. [17][18] Tariff Impact and Cost Management - Approximately 60% of Kura Sushi's supplies are sourced overseas, primarily from Asia and Japan. [20] - The company has experienced a minimal impact of 20 basis points on cost of goods sold (COGS) due to tariffs, thanks to strong supplier relationships. [22][26] - Kura Sushi has successfully reduced its COGS from 30% to the low 29% range over the past three years. [23] Labor Costs and Inflation - The company has faced unexpected high single-digit labor inflation but anticipates a return to low to mid-single digits. [30][31] - Labor-related initiatives are expected to yield significant benefits during high sales periods, improving operational efficiency. [32][33] Expansion Strategy - Kura Sushi aims for a 20% unit growth rate, focusing on quality site selection and management. [44] - The company has a strong pipeline for new locations, with a goal to achieve a 50-50 split between new and existing markets by fiscal 2027. [42][43] Financial Position - Kura Sushi has $100 million on its balance sheet and does not anticipate needing additional capital raises to sustain its growth. [45][46] Customer Feedback and Improvements - The primary customer complaints have been related to wait times and the accuracy of wait times, which the reservation system aims to address. [48][51] - Adjustments have been made to the prize system for families to enhance customer experience and increase plate consumption. [52] Conclusion - Kura Sushi is positioned for continued growth through strategic expansion, technological advancements, and a focus on customer satisfaction, while effectively managing costs and navigating market challenges. [54]

Key Takeaways PBR announces a 5.6% cut in gasoline prices to 2.85 reais/liter, its first cut since October 2023. Gasoline sales in April rose 4.6% YoY, totaling 3.81 billion liters amid recovering domestic demand. PBR's pricing shift avoids global volatility, but retail prices depend on taxes and ethanol blending.Petrobras (PBR) , an oil and gas company of Brazil, has announced a 5.6% reduction in gasoline prices to distributors, the first fuel price cut since October 2023.  Effective Tuesday, gasoline is ...