REUTERS/Michaela Rehle Thomson Reuters 2025 Fourth -Quarter Results February 5, 2026 Agenda • Welcome / Introduction Gary Bisbee • Fourth -Quarter & Full -Year 2025 Highlights Steve Hasker Reimagining How We Work: Leveraging AI Internally • Q & A 2 Special Note Special Note Regarding Forward - Looking Statements, Material Assumptions and Material Risks This presentation consists of these slides and the associated remarks and comments, which are related and intended to be pres ented and understood together. ...

Economic Outlook - Analysts from Bank of America expect the European Central Bank (ECB) to hold rates, emphasizing higher uncertainty with only minor communication tweaks [1][4] - The British pound remained flat at $1.3650 ahead of the Bank of England's policy decision, which is also expected to keep rates on hold [1][4] - The U.S. dollar index increased by 0.2% to 96.671, trading near a two-week high, as financial markets assess the U.S. corporate earnings season [4] Market Performance - The Nasdaq Composite fell by 2.9% over two days, marking its largest decline since October, driven by volatility from major companies like Alphabet and a downturn in software stocks [2][4] - Federal Reserve Governor Lisa Cook expressed concerns about inflation rather than the labor market, indicating a reluctance to support further interest rate cuts until inflation pressures ease [2][5] Currency Movements - The U.S. dollar slipped 0.1% to 6.9386 yuan against the Chinese yuan following discussions between U.S. President Trump and Chinese President Xi Jinping regarding trade and security [3][5] - The Australian dollar rose by 0.1% to $0.70045 after trade balance data exceeded market expectations, while the New Zealand dollar also gained 0.1% to $0.60045 [3][5] Cryptocurrency Trends - Cryptocurrencies stabilized after a significant selloff, with Bitcoin rising by 0.2% to $72,745.23 and Ether increasing by 1% to $2,146.63 [5]

Core Insights - Snap's daily active users (DAUs) decreased by 3 million to 474 million in Q4, attributed to reduced marketing investments and the impact of new regulations in Australia [1][2] - The company's net income increased significantly to $45.2 million from $9.1 million year-over-year, indicating a shift towards more profitable growth [1] - Snap's revenue rose by 10% to $1.72 billion, with advertising revenue reaching $1.48 billion (up 5%) and subscription revenue increasing by 62% to $232 million [3] User Engagement and Growth - Monthly active users (MAUs) grew to 946 million, an increase of 51 million [3] - Subscription services, including Snapchat+ and Memories Storage Plans, saw a 71% year-over-year growth, reaching 24 million subscribers [3] Augmented Reality Developments - Over 700 million Snapchat users engaged with generative AI Lenses more than 17 billion times, showcasing strong user interaction with AR features [4] - The company launched Specs Inc as a distinct subsidiary, with plans to publicly launch Specs in 2026 after five generations of development [4]

Financial Data and Key Metrics Changes - Cerence reported revenue of $115.1 million for Q1 2026, a 126% increase from $50.9 million in the prior year period [17] - Adjusted EBITDA was $44.6 million, representing a 39% margin compared to $1.4 million or 3% in the prior year [22] - The company generated record quarterly free cash flow of $35.6 million, marking a significant achievement [4][23] - GAAP net loss for the quarter was $5.2 million, an improvement from a net loss of $24.3 million in the same quarter last year [22] Business Line Data and Key Metrics Changes - Variable license revenue was $30.5 million, up 34% year-over-year, driven by steady customer utilization [18] - Fixed license revenue was $7.8 million, with expectations for it to be comparable to the prior year for the full fiscal year [18] - Connected services revenue was $14.5 million, up 6% year-over-year, with a potential increase of over 20% without prior year true-up [19] Market Data and Key Metrics Changes - Approximately 11.9 million cars produced included Cerence technology, flat from the prior year [24] - The number of connected cars shipped grew by 14% on a trailing 12-month basis [24] - 51% of worldwide auto production included Cerence technology, consistent with historical penetration [24] Company Strategy and Development Direction - Cerence's three key priorities for 2026 include advancing technology through xUI, maintaining cost diligence, and driving top-line growth [4] - The company showcased advancements in xUI at CES, including new AI agents and partnerships with Microsoft [5][6] - Cerence aims to expand its reach beyond automotive, with plans to operationalize strategies in new industries [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's technology and customer momentum, anticipating continued growth in fiscal 2026 [15][27] - The resolution of the patent suit with Samsung, resulting in a one-time payment of $49.5 million, was highlighted as a significant milestone [15] - For Q2, Cerence expects revenue between $58 million and $62 million, reaffirming full-year guidance of $300 million to $320 million [26] Other Important Information - The company completed a restructuring plan to reduce operating expenses and improve profitability [9] - Total non-GAAP operating expenses increased to $57.3 million, primarily due to legal costs associated with the patent license outcome [21] Q&A Session Summary Question: Interest in the mobile work agent and its impact on ARPU - Management indicated strong interest in the mobile work agent, which can be implemented in existing vehicles, potentially increasing ARPU [30][32] Question: Impact of new signings on TTM billings and backlog - Management confirmed that new signings will be reflected in the five-year backlog and TTM billings, with revenue expected to ramp up as production starts [34][38] Question: Usage trends of existing in-car connected systems - Management noted that usage of newer systems is increasing, especially with added functionalities like Microsoft 365 integration [40] Question: Competitive process for new wins and future win rates - Management highlighted that technology capability and team confidence are key differentiators in winning contracts, with a strong pipeline of interest from both Western and Chinese OEMs [44][55]

Cerence Q1 February 4, 2026 Brian Krzanich, Chief Executive Officer Tony Rodriquez, Chief Financial Officer Forward-Looking Statements Statements in this presentation as well as oral statements made by Cerence management from time to time, regarding: Cerence's future performance, results and financial condition; expected growth, profitability and cash flow; outlook and momentum; transformation plans and cost efficiency initiatives; strategy; opportunities; business, industry and market trends; plans and exp ...

Core Insights - TTM Technologies, Inc. reported strong financial results for the fourth quarter and fiscal year 2025, with significant growth in net sales and profitability driven by demand in key markets such as Data Center Computing and Aerospace and Defense [3][4][6]. Financial Performance - Fourth quarter 2025 net sales reached $774.3 million, a 19% increase from $651.0 million in the same quarter of 2024 [3][10]. - GAAP operating income for the fourth quarter of 2025 was $80.7 million, compared to $9.0 million in the fourth quarter of 2024, which included a $32.6 million goodwill impairment charge [3][4]. - GAAP net income for the fourth quarter of 2025 was $50.7 million, or $0.48 per diluted share, up from $5.2 million, or $0.05 per diluted share in the fourth quarter of 2024 [4][10]. - Adjusted EBITDA for the fourth quarter of 2025 was $126.2 million, representing 16.3% of net sales, compared to $95.7 million, or 14.7% of net sales, in the fourth quarter of 2024 [5][10]. Annual Results - For the full year 2025, net sales increased to $2.9 billion from $2.4 billion in 2024, marking a 19% growth [7][8]. - GAAP operating income for 2025 was $264.7 million, compared to $116.0 million in 2024 [7]. - GAAP net income for 2025 was $177.4 million, or $1.68 per diluted share, up from $56.3 million, or $0.54 per diluted share in 2024 [8]. - Non-GAAP net income for 2025 was $259.0 million, or $2.46 per diluted share, compared to $177.5 million, or $1.70 per diluted share in 2024 [8]. Market Segments - The Data Center Computing and Networking markets accounted for 36% of total company revenues, driven by demand for generative AI [10][11]. - The Aerospace and Defense segment experienced higher than market growth, contributing significantly to overall revenue [6][11]. - The Medical, Industrial, and Instrumentation markets also showed healthy double-digit revenue growth [6][11]. Business Outlook - For the first quarter of 2026, TTM estimates net sales to be in the range of $770 million to $810 million, with non-GAAP net income projected between $0.64 and $0.70 per diluted share [12]. - For fiscal year 2026, TTM anticipates net sales growth in the range of 15% to 20% [12].

Core Insights - Cerence Inc. reported strong Q1 fiscal year 2026 results, achieving a GAAP revenue of $115.1 million, significantly up from $50.9 million in Q1 FY25, with a gross margin of 86.3% compared to 65.0% in the previous year [4][6] - The company experienced a record free cash flow of $35.6 million, reflecting disciplined execution and profitability [6][10] - Cerence's customer momentum is accelerating, with five major programs in progress and positive feedback from CES 2026, showcasing next-generation AI experiences [3][6] Financial Performance - GAAP total operating expenses for Q1 FY26 were $70.0 million, up from $50.0 million in Q1 FY25, while non-GAAP total operating expenses were $57.3 million compared to $34.1 million [4][5] - The net loss for Q1 FY26 was $5.2 million, an improvement from a net loss of $24.3 million in Q1 FY25 [4][6] - Adjusted EBITDA for the quarter was $44.6 million, a significant increase from $1.4 million in the same quarter last year [4][6] Key Performance Indicators - Cerence's technology was present in 51% of worldwide auto production over the trailing twelve months [7] - The number of Cerence connected cars shipped increased by 14% year-over-year [7] - Adjusted total billings showed a 2% increase year-over-year [7] Guidance and Outlook - For Q2 FY26, Cerence expects revenue between $58 million and $62 million, with gross margins projected between 71% and 72% [9][10] - The full fiscal year 2026 guidance remains reaffirmed, with expected revenue in the range of $300 million to $320 million and adjusted EBITDA projected between $50 million and $70 million [10][11]

Core Insights - Nvidia has experienced a remarkable stock increase of over 1,200% from January 1, 2023, to January 30, 2026, turning a $10,000 investment into more than $130,000 [1] - The company is expected to continue its growth trajectory, with Wall Street analysts projecting 63% revenue growth for fiscal year 2026 and 52% for fiscal year 2027 [4] - Nvidia's role in the AI sector is critical, as its GPUs are the preferred choice for AI training and inference, benefiting from significant spending in AI computing capabilities [3][6] Company Performance - Nvidia's revenue and net income have seen substantial increases since 2023, indicating strong financial performance [4] - The company anticipates that global data center spending will rise to $3 trillion to $4 trillion by 2030, up from $600 billion in 2025, reflecting a 42% growth rate over five years [5] Market Outlook - Despite concerns about a potential stock bubble, Nvidia's growth is expected to persist for several more years, driven by ongoing investments in AI [3] - The company is positioned to potentially achieve a doubling or tripling of its stock value by 2030, fueled by continued high levels of AI spending [6]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Insights - Nvidia has emerged as a leading success in the stock market, driven by the demand for its chips due to trends in blockchain technology and artificial intelligence [1] - The company is now the largest by market capitalization, with expectations of continued growth [1][2] Group 1: Financial Performance and Market Position - Nvidia has experienced significant sales and profit growth due to high demand from hyperscalers and tech first-adopters [3] - The company has transitioned from producing solid gains to remarkable financial success in recent years [2] Group 2: Growth Drivers and Future Outlook - Nvidia identifies three key platform shifts that will sustain demand: accelerated computing, the need for powerful AI models, and the rise of agentic AI applications [4] - AI infrastructure spending is projected to increase from nearly $1 trillion to between $3 trillion and $4 trillion by 2030, indicating substantial growth potential for Nvidia [5] - The rapid growth of generative AI and its applications, along with the concept of physical AI, suggests a bright future for the company [5]