Gene Munster to you. Um the guidance is going to be key. How big does the number have to be beyond what the street expects.The so-called whisper number. >> Yeah, Christina nailed it. Uh it's 55.5% is kind of the whisper number for the guidance for July.The imprint number 53.5%. I went back and checked. There's 42 analysts that cover Nvidia.18 of them, only 18 have changed their estimates after the July update for the curves. And so that's why that whisper number is higher for uh for October. And the answer ...

Core Insights - Williams-Sonoma Inc. (WSM) reported strong second-quarter fiscal 2025 results, with earnings and net revenues exceeding expectations and showing year-over-year growth [1][3][8] - Following the earnings announcement, WSM's shares rose by 4.1% in pre-market trading [1] Financial Performance - Earnings per share (EPS) for the quarter were $2, surpassing the Zacks Consensus Estimate of $1.79 by 11.7%, and up from $1.74 in the prior-year quarter [3][8] - Net revenues reached $1.84 billion, exceeding the consensus estimate of $1.82 billion by 1.1% and growing 2.8% year over year [3][8] - Comparable sales (comps) increased by 3.7%, a significant improvement from a negative 3.3% in the same period last year [3][8] Segment Performance - Comps at Williams-Sonoma increased by 5.1%, while West Elm saw a 3.3% gain, and Pottery Barn Kids and Teens grew by 5.3% [4] - Pottery Barn's comps rose slightly by 1.1%, contrasting with a 7.1% decline in the previous year [4] Operational Highlights - Gross margin improved to 47.1%, up 220 basis points year over year, attributed to higher merchandise margins and supply-chain efficiencies [5] - Selling, general and administrative expenses were 29.2% of net revenues, reflecting a 20 basis point decline year over year [5] - Operating margin expanded by 240 basis points to 17.9%, exceeding the projected margin of 15.3% [6][8] Cash Flow and Shareholder Returns - As of August 3, 2025, cash and cash equivalents stood at $985.8 million, a decrease from $1.21 billion at the end of fiscal 2024 [7] - Net cash from operating activities for the first half of fiscal 2025 was $401.7 million, down from $473.3 million a year ago, allowing for nearly $280 million returned to shareholders through stock repurchases and dividends [7] Future Guidance - WSM raised its fiscal 2025 guidance, projecting annual net revenues to grow between 0.5% and 3.5%, and comparable brand revenue growth expected between 2.0% and 5.0% [9] - Operating margin guidance remains between 17.4% and 17.8%, with long-term expectations of mid-to-high single-digit net revenue growth and operating margins in the mid-to-high teens [10]

Core Viewpoint - Apple Inc has announced a price increase for its AppleTV+ subscriptions from $9.99 to $12.99 per month, marking its first price hike since 2023, which is seen as a strategic move to enhance revenue per device through subscriptions and service price increases [1][2]. Revenue Impact - The price increase could potentially add $430 million in high-margin revenue, representing a 0.1% rise in next year's expected revenue [3]. - Apple is estimated to have around 60 million paid subscribers, with approximately 65% receiving discounts, leading to an average monthly cost of $6.50 per subscriber [3]. Strategic Focus - The company aims to increase average revenue per device, with two-thirds of this growth expected to come from services and one-third from hardware price increases [4]. - This price adjustment is part of a broader strategy that has evolved over the past 20 years, transitioning from a mobile device company to one focused on higher margins through services [4]. Future Growth Strategy - Over the next five years, Apple is expected to adopt a more aggressive pricing strategy, as consumers perceive the cost of using Apple services as minimal compared to the value they receive [5]. - The company has reported annual losses of $1 billion on AppleTV+, but it is investing heavily in high-budget content to drive future profitability [5][6]. Content and Awards - Apple TV+ has received significant recognition, with 81 Emmy Award nominations, including for popular series like "Severance" and "Ted Lasso" [7]. - The price increase coincides with the streaming premiere of "F1," which has grossed $185.9 million domestically and $603.4 million worldwide, marking it as Apple's highest-grossing film [7][8]. Market Position - The price increase may also precede the introduction of an ad-supported plan, which could attract subscribers looking for lower-cost options while potentially benefiting Apple through high advertising rates [8]. - Apple stock is currently trading at $227.71, down 6.6% year-to-date in 2025, within a 52-week range of $169.21 to $260.04 [9].

Valuation Concerns - The company's valuation is approximately 70 times revenue, a multiple rarely seen and unsustainable for software companies [1] - While the company's fundamentals are exceptional, the valuation remains a concern, reminiscent of past instances where high multiples for companies like Snowflake proved unsustainable [3][4] - A significant portion (around 40%) of the investor base is retail investors, which can sustain the stock price for a while, but institutional investors have valuation thresholds they cannot exceed [5] Growth and Sustainability - The company's performance is outstanding, with top-line and bottom-line margin combined equaling 90, which is unheard of [2][3] - Deceleration in revenue growth could trigger a multiple contraction, especially given the current high valuation [4] - The CEO's statement about growing revenue ten X with a shrinking employee workforce raises questions about the sustainability of such growth, considering the need for talented personnel to implement the software [7] Market Dynamics and Risks - The market's irrationality, driven by a retail investor base, could persist, making it difficult to predict when the stock's high valuation will correct [9] - The company's unique business model and exceptional execution have defied fundamental reasons to sell the stock, despite the stretched multiple [10][11] - Upside risks include potential monetization of IP and sustained commercial momentum, which could justify the valuation [8]

Key Performance Indicators - Raydium Protocol's TVL (Total Value Locked) increased by 547% to $18 billion [1] - RAY price increased by 253% to $213 [1] Revenue & Product Launch - Raydium's LaunchLab debut brings free token launches to Solana, flipping competitors and driving significant revenue growth [1] - LaunchLab volume reached $11 billion, contributing 217% of Q2 net revenue [1]

Core Viewpoint - FST Corp. reported significant revenue growth in the first half of 2025, driven by increased sales in the OEM sector, despite experiencing a net loss due to rising operating expenses and one-time costs related to its public listing [1][3][8]. Financial Performance - Revenue for the first six months of 2025 reached $22,193,432, marking a 24% increase from $17,829,745 in the same period of 2024 [1]. - Gross profit margin improved to 46.0% from 43.4% year-over-year, attributed to higher-margin product sales and enhanced operational efficiency [2]. - The company incurred a net loss of $5,827,047, or $(0.13) per share, compared to a net income of $77,617, or $0.01 per share, in the prior year [3]. - Total operating expenses rose by $3,357,809, or 40%, primarily due to increased personnel costs and marketing expenses [3]. - Loss from operations was $1,529,247, an increase from a loss of $644,225 in the previous year; however, adjusting for one-time expenses, the operating income would be approximately $220,000, an improvement of about $870,000 [4]. Cash Flow and Liquidity - As of June 30, 2025, cash and cash equivalents were $6,802,368, up from $5,098,420 at the end of 2024 [5]. - Net cash used in operating activities was $1,091,950 for the first half of 2025, contrasting with net cash provided of $1,420,385 in the same period of 2024 [6]. - The company believes its current liquidity and cash flows will be sufficient to meet operating requirements for the next 12 months [7]. Strategic Outlook - The CEO expressed optimism about continued sales momentum, driven by a new product line launch in Q4 and plans to expand OEM business and distribution channels in Southeast and East Asia, as well as Europe [8]. - The company anticipates that all listing expenses related to its merger will be accounted for by the end of 2025, potentially enhancing its bottom line in 2026 and beyond [9]. Company Background - FST Corp., founded in 1989, specializes in manufacturing and selling golf club shafts and related items, with a strong presence in the golf equipment market [9][10]. - The company's products are utilized by golfers at all levels, including professionals in major golf associations, and it aims to expand into under-tapped markets like the PRC [10].

Core Viewpoint - FST Corp. reported significant revenue growth in the first half of 2025, driven by increased sales in the OEM sector, despite experiencing a net loss due to rising operating expenses and one-time costs related to its public listing [1][3][8]. Financial Performance - Revenue for the first six months of 2025 reached $22,193,432, marking a 24% increase from $17,829,745 in the same period of 2024 [1]. - Gross profit margin improved to 46.0% in the first half of 2025, up from 43.4% in the prior-year period, attributed to higher-margin product sales and improved operational efficiency [2]. - The company reported a net loss of $5,827,047, or $(0.13) per share, compared to a net income of $77,617, or $0.01 per share, in the same period a year earlier [3]. - Total operating expenses increased by $3,357,809, or 40%, compared to the first half of 2024, primarily due to higher personnel costs and marketing expenses [3]. - Loss from operations was $1,529,247 for the first half of 2025, compared to a loss of $644,225 in the prior year; however, adjusting for one-time expenses, the company would show an operating income of approximately $220,000 [4]. Cash Flow and Liquidity - As of June 30, 2025, cash and cash equivalents were $6,802,368, up from $5,098,420 at the end of 2024; total current assets increased to $29,327,334 from $26,655,003, while total current liabilities rose to $34,151,914 from $22,113,495 [5]. - Net cash used in operating activities was $1,091,950 for the first half of 2025, compared to net cash provided of $1,420,385 in the first half of 2024 [6]. Strategic Outlook - The company anticipates continued sales momentum, driven by a new product line launch in Q4 and plans to expand OEM business and distribution channels in Southeast and East Asia, as well as Europe [8]. - FST expects to account for all listing expenses related to its merger by the end of 2025, which is projected to positively impact the bottom line in 2026 and beyond [9]. - The company operates a vertically integrated business model, enhancing its competitive advantages and positioning for growth in under-tapped markets, including the PRC [10].

Financial Data and Key Metrics Changes - Revenue increased by 36% year over year to $11.5 million in Q2 2025, driven primarily by the supply chain division's performance [5] - Net income surged 53% to $765,000, translating to earnings per share of $13.13 [6] - EBITDA rose to $900,000 from approximately $800,000 in 2024 [6] - Cash and equivalents grew to $5.2 million from $3.6 million at year-end [8] - Contracted backlog increased to $24 million as of June, up from $22 million in March [7] Business Line Data and Key Metrics Changes - Supply chain division revenues increased by 57% to $8.3 million [5] - RFID division experienced a temporary decrease in gross profit margin to 19.1% from 21.1% due to service line challenges [12] - Supply chain division maintained a gross profit margin of 24%, which is considered a sustainable baseline [13] Market Data and Key Metrics Changes - More than 60% of total consolidated revenues are now defense-based, with expectations for growth in 2026 [17] - The company is expanding its offerings to existing customers, particularly in Israel and India [26] Company Strategy and Development Direction - The company is focused on the defense sector while diversifying its customer base [4] - Plans to pursue strategic acquisitions and support organic growth are in place, backed by a strong financial foundation [8] - The company aims to improve margin performance and deliver better bottom-line results in the future [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business trajectory for the remainder of 2025, raising full-year revenue guidance to between $45 million and $48 million [9] - The company anticipates a decline in revenue in the second half of the year compared to the first half due to exceptional first-quarter results and supply chain issues [28] Other Important Information - A non-cash goodwill charge of $700,000 was recorded in the RFID division, offset by favorable currency fluctuations [13] - Deferred revenue increased to $3.2 million from $2 million at year-end, indicating strong booking events [14] Q&A Session Summary Question: What percent of your revenue is now defense-based? - More than 60% of total consolidated revenues are defense-based, with anticipated growth in 2026 due to increasing demand [17] Question: Is the defense business mostly directly with the IDF or through other companies? - The defense business is primarily through Rafael, Elbit, and the Israeli aircraft industry, with recent bids directly with the IDF [18] Question: Why wouldn't a company like Elbit Systems acquire you? - There are no limitations to such an acquisition; it may be a strategic decision on their part [21] Question: Any progress on acquiring other companies? - The company is continuously evaluating at least two acquisition opportunities and will proceed if it benefits shareholders [22] Question: Did you gain any new major customers this quarter? - The growth primarily came from expanding offerings to existing customers rather than new customer acquisition [26] Question: Will the second half of the year see lower revenue compared to the first half? - Yes, the second half is expected to be lower due to exceptional first-quarter results and potential supply chain issues [28] Question: Can you provide more details on the robotics division? - The robotics division is focused on defense clients, with a backlog of $3 million, and is involved in projects with Elbit Systems [32] Question: How much of your business is due to replenishing defense stocks? - The Israeli defense industry is expected to see extensive budget expansion due to ongoing conflicts and the establishment of new production lines [44] Question: What are the international opportunities, particularly in India? - India is a major focus for expansion, with plans to potentially open a local office to capture more business opportunities [48]

Financial Performance - Operating revenue reached $2.02 billion, an increase of 8% [15] - Underlying Net Profit After Tax was $377.2 million, up by 43% [15] - The total dividend was 42.50 cents per share, a 19% increase [16] - The total dividend for the year represents a payout of 66% of FY25 net profit [22] FY26 Outlook - The company projects operating revenue in the range of approximately $2.15 billion to $2.25 billion [52] - Net profit after tax is expected to be in the range of approximately $390 million to $440 million [52] - For the first half of FY26, revenue is projected to be approximately $1.075 billion [55] - Net profit after tax for the first half of FY26 is expected to be approximately $200 million [55] Resolutions & Voting - Proxy voting results show strong support for the re-election of directors, with Neville Mitchell receiving 96.9% of the votes [103] - The re-election of Lewis Gradon received 99.5% of the votes [103]

Core Insights - Jack Henry & Associates (JKHY) reported fourth-quarter fiscal 2025 GAAP earnings of $1.75 per share, exceeding the Zacks Consensus Estimate by 19.9% and reflecting a year-over-year increase of 26.4% [1][9] - The company's revenues for the quarter reached $615.4 million, surpassing the Zacks Consensus Estimate by 1.6% and showing a year-over-year growth of 9.9% [1][9] - Non-GAAP revenues, after adjusting for deconversion revenues of $20.5 million, were $594.9 million, representing a 7.5% increase year over year [1] Revenue Breakdown - Revenues from Services and Support, accounting for 57.1% of total revenues, were $351.2 million, up 10.9% year over year, driven by growth in data processing and hosting revenues [3] - Processing revenues, which made up 42.9% of total revenues, were $264.1 million, an increase of 8.6% year over year, primarily due to growth in card, transaction, and digital payment processing revenues [4] - Core segment revenues were $189.7 million, up 10.3% year over year, while Payments revenues rose 7.9% to $229.3 million, and Complementary revenues increased 12.9% to $175.1 million [5] Profitability Metrics - Adjusted EBITDA for the fourth quarter was $189.2 million, reflecting a year-over-year increase of 10.9%, with an adjusted EBITDA margin expanding by 100 basis points to 31.8% [6] - Adjusted operating income rose 14.8% year over year to $137.8 million, with the adjusted operating margin increasing by 150 basis points to 23.2% [6] Balance Sheet and Cash Flow - As of June 30, 2025, the company's cash and cash equivalents stood at $102 million, a significant increase from $39.9 million as of March 31, 2025 [7] Future Guidance - For fiscal 2026, Jack Henry & Associates has initiated GAAP revenue guidance of $2.50-$2.48 billion, with non-GAAP revenues expected to be $2.48-$2.46 billion [8] - The Zacks Consensus Estimate for revenues is $2.53 billion, indicating a year-over-year growth of 6.7% [8] - GAAP earnings are projected to be in the range of $6.44-$6.32 per share, with a year-over-year increase of 5.1% expected [10]