Company Overview - Mobile-health Network Solutions is a leading MedTech innovator ranked 41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies [4] - The company is the first telehealth provider from the Asia-Pacific region to be listed in the US, offering personalized and reliable medical attention globally [4] - Its platform enables healthcare providers to reach users through virtual clinics without start-up costs, connecting them to a global network of peer-to-peer support groups and partners [4] Share Repurchase Program - The Board of Directors has approved a share repurchase program to buy back up to 214,000 Class A Ordinary Shares, effective immediately for one year [1] - The program reflects the Board's confidence in the company's long-term growth prospects and is seen as a compelling use of capital at current share prices [2] - Repurchases may occur through various means, including open market transactions and privately negotiated transactions, depending on market conditions and regulatory requirements [2][3] Market Position and Strategy - The company believes its current share price does not reflect its intrinsic value or the strength of its fundamentals [2] - The share repurchase program does not obligate the company to repurchase a specific number of shares and can be modified or terminated at the company's discretion [3]

Core Viewpoint - Canaan Inc. has announced a share repurchase program authorizing the repurchase of up to US$30 million worth of its outstanding shares, reflecting confidence in its business model and long-term growth potential amid challenging market conditions [1][2]. Group 1: Share Repurchase Program - The share repurchase program allows Canaan to buy back American depositary shares (ADSs) and/or Class A ordinary shares over the next six months starting from May 27, 2025 [1][2]. - The repurchase will be conducted through open market transactions, privately negotiated transactions, block trades, or a combination of these methods, in compliance with relevant regulations [2]. - The timing and number of shares repurchased will depend on various factors, including market price, trading volume, and the company's working capital requirements [2]. Group 2: Company Background - Canaan Inc., established in 2013, specializes in ASIC high-performance computing chip design, chip R&D, computing equipment production, and software services [3]. - The company is known for shipping the world's first batch of mining machines utilizing ASIC technology in bitcoin's history under the brand name Avalon [3]. - Canaan went public on the Nasdaq Global Market in 2019, indicating its growth and establishment in the cryptocurrency mining industry [3].

Core Viewpoint - Atour Lifestyle Holdings Limited has declared a cash dividend and authorized a share repurchase program as part of its strategy to enhance shareholder value [1]. Dividend - The Board declared a cash dividend of US$0.14 per ordinary share, or US$0.42 per American depositary share (ADS), amounting to approximately US$58 million in total [2]. - The cash dividend will be payable on or around June 18, 2025, to holders of record as of June 2, 2025 [3]. - The Annual Dividend Policy, adopted in August 2024, stipulates that the company plans to distribute dividends amounting to no less than 50% of its net income for the preceding financial year over three years starting from 2024 [4]. Share Repurchase Program - The Board authorized a three-year Share Repurchase Program allowing the company to repurchase up to US$400 million in value of its ordinary shares and/or ADSs [5]. - Repurchases may occur on the open market, in privately negotiated transactions, or through other legally permissible means, subject to market conditions and regulatory requirements [6]. - As of March 31, 2025, the company had approximately RMB3.1 billion (US$434 million) in cash, cash equivalents, and restricted cash available for funding the repurchases [7].

Financial Data and Key Metrics Changes - First quarter revenue grew by 14% year over year to $63.9 million, driven by the full quarter contribution from the PDP acquisition [4][13] - Adjusted EBITDA increased to $4.1 million, up 180% from $1.4 million a year ago, indicating strong operating leverage [5][15] - Gross margins improved by 470 basis points year over year to 36.6% [5][14] - Operating expenses were $21.8 million, representing 34% of revenue compared to 42% in the prior year [14] Business Line Data and Key Metrics Changes - The U.S. gaming accessories market experienced a 16% year over year decline in Q1, impacting overall revenue growth despite Turtle Beach's performance [5][25] - The company noted that headsets and third-party controllers were down more than 20% in Q1 [25] Market Data and Key Metrics Changes - The broader gaming accessories market is projected to be down about 10% to 12% for the full year, with expectations of improvement in the second half of the year due to new product launches [26][40] - Anticipated growth drivers include the launch of the Nintendo Switch 2 and other major game releases [10][11] Company Strategy and Development Direction - The company is focusing on expanding its gaming accessories portfolio and capitalizing on industry growth drivers, including the upcoming Nintendo Switch 2 [11][12] - A new share repurchase program of up to $75 million over the next two years has been authorized, reflecting confidence in the company's future [12][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by tariffs and the evolving economic landscape but expressed confidence in navigating these issues with minimal long-term effects [7][20] - The company is prepared for potential tariff changes and has proactively increased inventory levels to mitigate risks [7][39] Other Important Information - The company has executed the largest share repurchase program in its history, repurchasing nearly $30 million worth of stock over the past year [12][16] - Cash flow from operations grew by nearly 50% year over year to over $40 million, marking one of the highest cash flow generating quarters in the company's history [16] Q&A Session Summary Question: What is the impact of the GTA VI delay on revenue? - Management indicated that the revised guidance reflects a combination of factors, including the GTA VI delay and broader market conditions, leading to a projected revenue decline of about $50 million [23][24] Question: What are the expectations for gross margins in the upcoming quarters? - Gross margins are expected to be in the low 30s for Q2, with a recovery anticipated in Q3 and Q4 [29][31] Question: Are there any further cost controls being implemented? - The company is actively seeking cost synergies post-PDP acquisition and is exploring additional cost reduction opportunities [32][33] Question: What is the current tariff assumption for Vietnam? - The guidance includes current tariff conditions, and the company is prepared to adjust if the situation changes [44][46] Question: How is the company managing inventory levels? - The company has focused on maintaining a favorable inventory mix, clearing slow-moving goods, and stocking replenishment-based inventory [75][76]

Financial Data and Key Metrics Changes - In Q1 2025, GAAP revenue increased by 3.2% year over year, while on a pro forma basis, revenue grew by 7.4% year over year [7][17] - Adjusted EBITDA was $44.9 million, representing a margin of 31.6%, with a year-over-year margin expansion of nearly 360 basis points [8][18] - Total payment volume (TPV) for Q1 was approximately $12.7 billion, reflecting nearly 9% year-over-year growth [16] Business Line Data and Key Metrics Changes - Subscription and transaction revenue grew by 8.1% year over year, with adjusted gross profit of $111.1 million, resulting in an adjusted gross margin of 78.1% [10][19] - EverPro and EverHealth verticals accounted for 95% of consolidated revenue, with significant growth opportunities identified in payment integrations and additional product offerings [9][27] Market Data and Key Metrics Changes - The company reported a net revenue retention (NRR) of 97% over the trailing twelve months, indicating strong customer loyalty and revenue stability [15] - Approximately 240,000 customers were enabled for more than one solution, reflecting a 20% year-over-year growth [13] Company Strategy and Development Direction - The company is focusing on integrating AI capabilities into its products to enhance innovation and operational efficiency [11] - Strategic investments are being made in payment platforms to drive adoption and revenue growth, with a focus on optimizing go-to-market strategies [16][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their end markets, noting no significant degradation in key metrics despite macroeconomic volatility [31][33] - Guidance for Q2 2025 remains unchanged, with expected total revenue between $144.5 million and $147.5 million, and adjusted EBITDA between $39.5 million and $41.5 million [22] Other Important Information - The Board of Directors approved a $50 million increase to the share repurchase program, extending the authorization to year-end 2026 [8][21] - The company generated significant free cash flow, with cash flow from operations for the quarter at $30.7 million, more than double the previous year [20] Q&A Session Summary Question: How has prioritizing payment attachment at the point of sale impacted sales teams? - Management noted positive results in Q1, with increased payment attachment seen with new customers, and emphasized ongoing efforts to integrate payment selling into SaaS workflows [24][26] Question: What are the biggest upsell opportunities within EverPro, EverHealth, and EverWell? - Management highlighted payments as the largest growth opportunity, along with additional product integrations to enhance customer experience and value [27][28] Question: Any changes in pipeline activity or net expansion metrics due to macroeconomic factors? - Management reported no degradation in key metrics and stated that business operations remain stable despite macroeconomic concerns [31][32] Question: Is there potential tariff exposure on the EverPro side of the business? - Management indicated that most of the EverPro business is break-fix, suggesting limited direct exposure to tariffs, although some supply costs may be affected [40] Question: Any surprises or areas of improvement identified in the EverPro business? - Management expressed optimism about growth opportunities in payments and cross-selling other products, emphasizing the potential for significant improvements [42]

Financial Data and Key Metrics Changes - The company reported consolidated revenue growth of 11% year over year, or 21% on a constant currency basis [6][18] - Gross profit margin increased by 217 basis points to 29.3%, and adjusted EBITDA margins improved nearly 90 basis points to 4.8% [6][20] - Adjusted EBITDA for the trailing twelve months reached $1.5 billion, with free cash flow exceeding $1 billion [6][24] - Operating income grew to $154 million, a year-over-year increase of nearly 300% [22] - Net income attributable to stockholders was $107 million, resulting in diluted earnings per share of $0.06 [22] Business Line Data and Key Metrics Changes - Product Commerce segment revenues grew by 6% year over year, or 16% in constant currency, with active customers increasing by 9% [19] - Developing Offerings segment revenues surged by 67% year over year, or 78% in constant currency, driven by strong customer engagement in Eats and Taiwan [19][20] - Product Commerce gross profit was $2.2 billion, with a gross profit margin of 31.3%, reflecting a margin improvement of over 300 basis points year over year [20] Market Data and Key Metrics Changes - The company experienced strong momentum in Taiwan, with selection expanding by nearly 500% this quarter [12][43] - The Eats segment continued to sustain momentum, with strong customer enthusiasm and growth in both revenue and margin [15][38] Company Strategy and Development Direction - The company is focused on expanding selection, lowering prices, and enhancing delivery experiences to drive sustained growth [7][11] - Significant investments are being made in technology, innovation, automation, and robotics to improve operations and customer experience [10][11] - The company is optimistic about the potential in Taiwan, aiming to replicate the success seen in Korea [12][43] Management's Comments on Operating Environment and Future Outlook - Management noted that there has not been a meaningful impact from recent global events on the business, and they will continue to monitor the macroeconomic environment closely [17][29] - The company expects a full-year constant currency consolidated growth rate of about 20% [29][35] - Management remains confident in the long-term trajectory of investments in Taiwan and other developing offerings [43][54] Other Important Information - The board approved a $1 billion share repurchase program to act opportunistically in the market [26][30] - The effective income tax rate was reported at 47%, influenced by losses in early-stage operations in Taiwan [25] Q&A Session Summary Question: Impact of macro and tariff on business and user behavior - Management indicated limited impact from macro conditions and tariffs, with no significant changes in consumer behavior observed [29] Question: Details on the stock repurchase plan and capital allocation strategy - The share repurchase program is designed to generate meaningful returns for shareholders, with no fixed term for execution [30][31] Question: Revenue growth guidance and product commerce outlook - Management confirmed confidence in achieving the 20% revenue growth target despite current macro conditions [35] Question: Developing offerings loss and margin trends in Eats and Taiwan - Management acknowledged increased losses in developing offerings but highlighted strong growth and engagement in Eats and Taiwan [38][43] Question: Timeline for the share repurchase and user changes in Taiwan - There is no fixed timeline for the $1 billion repurchase, and management is optimistic about growth in Taiwan, expecting more changes in the coming quarters [41][43] Question: Growth for FLC and technology investment cycle - FLC is growing at a high multiple of the overall business, and the company is in the midst of a technology investment cycle that is expected to yield long-term benefits [51][55] Question: Impact of Chinese competitors on the market - Management emphasized a focus on providing the best customer experience and selection, regardless of competitor actions [54]

Financial Data and Key Metrics Changes - The company reported revenues of $242.9 million for Q1 2025, an increase of $44.2 million compared to Q1 2024, marking the second highest revenue quarter in company history [11] - Adjusted EBITDA for the quarter was $60.1 million, with an adjusted EBITDA margin of 24.7% [11] - Net income for Q1 2025 was $33.4 million, up from $21 million in the same quarter of the previous year [12] - Gross profit increased to $69.5 million with a gross profit margin of 28.6%, compared to $45.6 million and 22.9% in Q1 2024 [11][12] Business Line Data and Key Metrics Changes - The dredging backlog remains strong at $1 billion, with capital and coastal protection projects accounting for 95% of this backlog [7] - Over 87% of revenue in Q1 2025 came from capital and coastal protection projects, which typically yield higher margins [12] Market Data and Key Metrics Changes - The U.S. Army Corps of Engineers is operating under a continued resolution for fiscal year 2025, sustaining record funding levels established in the prior fiscal year's budget [15] - The bid market for 2025 is expected to normalize at approximately $2 billion, focusing on coastal protection projects funded by the 2023 Disaster Relief Supplemental Appropriation Act [16] Company Strategy and Development Direction - The company is focusing on large and complex projects, particularly in the beach renourishment and port deepening markets, which are expected to continue delivering strong performance [15][17] - The company is expanding its offshore wind business into international markets, including the UK, EU, and Asia, to mitigate potential delays in the U.S. offshore wind market [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and backlog, indicating that 2025 results are expected to exceed those of 2024 [14][17] - The company anticipates being cash flow positive starting in 2026, with a robust liquidity position to support ongoing strategic initiatives [13][18] Other Important Information - The company has initiated a $50 million share repurchase program, citing that the share price does not reflect the company's financial performance and long-term outlook [8] - The company has upsized its revolving credit facility to $330 million, enhancing liquidity [13] Q&A Session Summary Question: Update on the Equinor project, Empire Wind One - Management stated that the project was fully funded and permitted, and the temporary pause was unexpected. They are in contact with Equinor to clarify the situation [22][23] Question: How quickly can the Acadia's time slots be refilled if the project is canceled? - Management indicated that it would be difficult to fill the time slots quickly, but there are cancellation arrangements in the contract that would mitigate some costs [25][26] Question: Update on the Woodside job and ongoing LNG projects - The base work for the Woodside project is in low bid pending and will be added to the backlog in Q2. The ongoing LNG projects are performing well and are expected to wrap up as scheduled [42][43] Question: Competitive environment and bid market pace - Management noted that the competitive environment remains similar to historical levels, with some dredges taken out of operation and new builds entering the market [35] Question: Impact of dry docks on Q1 performance - Management confirmed that the dry dock in Q1 was a hopper dredge and that Q2 will be most impacted by dry docks, but they expect a normalization in the second half of the year [49][51]

Core Viewpoint - California Bancorp has authorized an increase in its share repurchase program to 1.6 million shares, representing approximately 4.9% of its outstanding shares, indicating confidence in its banking strategy and commitment to long-term shareholder value [1][2]. Share Repurchase Program - The share repurchase program was initially set at 550,000 shares when announced on June 15, 2023, and has now been increased to 1.6 million shares [1]. - The repurchase may occur through open market transactions, privately negotiated transactions, or other means, funded by available working capital and cash from operating activities [2]. - The timing and number of shares repurchased will depend on various factors, including price, trading volume, and market conditions [2]. Financial Strategy - The company plans to redeem $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, which were issued on May 28, 2020 [3]. - The strong balance sheet and capital levels of the company provide flexibility for opportunistic capital deployment for share repurchases and debt repayment [2]. Company Overview - California Bancorp is a registered bank holding company headquartered in San Diego, California, with its subsidiary, California Bank of Commerce, offering a range of financial products and services [4]. - The bank operates through 14 branch offices and four loan production offices, focusing on a relationship-based banking approach [4].

Financial Data and Key Metrics Changes - RevPAR in the same store portfolio increased by 1.5% year over year, driven by a mix of rate and occupancy growth [4] - EBITDA margin contracted by less than 50 basis points compared to the first quarter of the previous year, with pro forma operating expenses increasing by only 1.5% year over year [4][20] - Adjusted EBITDA for the first quarter was $45 million, a modest decline compared to the prior year, primarily due to net effective asset sales completed in 2024 [22] - Adjusted FFO was $27.4 million or $0.22 per share, benefiting from lower interest expenses due to deleveraging efforts [23] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR increased nearly 3%, outperforming the total industry by approximately 80 basis points [17] - Suburban and small town metro portfolios generated average RevPAR growth of 1.2%, driven by hotels in specific regions [19] - The resort location type accounts for only 11% of total guest rooms, with significant capital investment expected to enhance performance [19] Market Data and Key Metrics Changes - January RevPAR declined by 1.5% due to weather-related disruptions, but February saw a robust increase of 8.1% year over year [5] - March RevPAR declined by 1.6% in the same store portfolio, with a 10% decline in the qualified segment, primarily due to weakness in government-related travel [5][10] - April RevPAR is expected to decline by 45% compared to last year, influenced by difficult calendar comparisons [8][12] Company Strategy and Development Direction - The company is focused on managing expenses effectively in a lower revenue growth environment, with EBITDA margins contracting only 15 basis points on 1.6% RevPAR growth over the past five quarters [11] - A $50 million share repurchase program has been approved to return capital to shareholders and drive value creation [15][26] - The company continues to prioritize a balance between returning capital to shareholders, investing in the portfolio, reducing corporate leverage, and maintaining liquidity for future growth [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the portfolio despite near-term macroeconomic uncertainties [11][15] - The company expects a modest pullback in demand, particularly in government and international travel, but anticipates some recovery as the year progresses [10][32] - The outlook for the second quarter indicates a RevPAR decline of 24% compared to the previous year, with expectations for flat RevPAR growth for the full year [12][14] Other Important Information - The company has closed on a $275 million delayed draw term loan to refinance maturing convertible notes, preserving cash flow [24][25] - Total liquidity stands at over $300 million, with an average interest rate of approximately 4.6% [25] Q&A Session Summary Question: How have trends evolved within government and international travel? - Management noted that the most acute impact was felt in March, but there is optimism for recovery as the year progresses [31][32] Question: How have trends for business transient customers evolved? - Business transient travel has held up reasonably well, with no significant downward trend observed [34] Question: Is leisure travel being impacted the most? - Leisure travel is expected to be resilient, with potential shifts towards more domestic travel [40][41] Question: What proactive measures are being taken regarding margins? - Management has focused on managing contract labor and employee turnover, without implementing deeper cuts seen in previous downturns [55][56] Question: Thoughts on the buyback announcement and capital allocation? - The buyback program is seen as a compelling opportunity due to significant dislocation in stock prices, with funding expected from reduced CapEx and potential asset sales [59][61] Question: Latest thoughts on joint venture partner's capital deployment? - The joint venture partner is well-capitalized and prepared to take advantage of dislocation opportunities, though transaction activity is expected to slow [64]

Core Points - Pool Corporation has authorized an increase in its share repurchase program to $600 million, adding $309.2 million to the existing $290.8 million [1] - The Board declared a quarterly cash dividend of $1.25 per share, representing a 4% increase from the previous dividend of $1.20 per share, payable on May 29, 2025 [2] - This marks the 20th quarterly dividend increase since 2004, reflecting the Board's commitment to returning capital to shareholders [3] - Pool Corporation operates approximately 445 sales centers globally, distributing over 200,000 products to around 125,000 wholesale customers [4]