FTI Consulting, Inc. Second Quarter 2025 Earnings Conference Call July 24, 2025 Cautionary Note About Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, initiatives, projections, prospects, policies, processes and practices, obje ...

Core Viewpoint - One Stop Systems, Inc. (OSS) is set to release its second quarter 2025 financial results on August 7, 2025, with a conference call scheduled for the same day to discuss the results [1]. Company Overview - One Stop Systems, Inc. is a leader in rugged Enterprise Class compute solutions for artificial intelligence (AI), machine learning (ML), and sensor processing at the edge [1][3]. - The company designs and manufactures products that enable rugged AI, sensor fusion, and autonomous capabilities, catering to demanding environments across various applications [3][4]. Product Offerings - OSS's product lineup includes ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software, utilized in industries such as autonomous trucking, farming, and defense [4]. - The solutions provided by OSS address the entire AI workflow, from data acquisition to deep learning and large-scale inference, achieving many industry firsts for industrial OEM and government customers [5]. Market Position - OSS operates in the rapidly growing segment of the multi-billion-dollar edge computing market, delivering high-performance AI-enabled solutions in challenging environments [5].

Core Insights - FTI Consulting reported second quarter 2025 revenues of $943.7 million, a decrease of $5.5 million or 0.6% compared to the same quarter last year, with a more significant decline of $17.6 million or 1.8% when excluding foreign currency impacts [2][8] - Net income for the quarter was $71.7 million, down from $83.9 million in the prior year, primarily due to lower revenues and increased direct costs [2][3] - The company’s adjusted EBITDA was $111.6 million, representing 11.8% of revenues, compared to $115.9 million or 12.2% of revenues in the prior year [2] Financial Performance - Revenues decreased in the Economic Consulting and Technology segments, while Corporate Finance & Restructuring, Forensic and Litigation Consulting, and Strategic Communications segments saw revenue increases [2][6][10][11][12] - The Corporate Finance & Restructuring segment experienced a revenue increase of $31.3 million or 9.0%, reaching $379.2 million, driven by higher demand for restructuring services [6] - The Forensic and Litigation Consulting segment's revenues rose by $17.0 million or 10.0%, totaling $186.5 million, attributed to higher realized bill rates [7] Segment Analysis - Economic Consulting revenues fell by $39.2 million or 17.0% to $191.7 million, primarily due to decreased demand for M&A-related services [10] - Technology segment revenues decreased by $32.3 million or 27.9% to $83.6 million, driven by lower demand for M&A-related services [11] - Strategic Communications segment revenues increased by $17.7 million or 20.8% to $102.7 million, mainly due to higher demand for corporate reputation services [12] Cash Position and Capital Allocation - Net cash provided by operating activities was $55.7 million, down from $135.2 million in the prior year, primarily due to increased forgivable loan issuances [3] - The company repurchased 2,192,333 shares at an average price of $161.88, totaling $354.9 million, with approximately $309.3 million remaining for future repurchases [4] - Cash and cash equivalents stood at $152.8 million, a decrease from $226.4 million a year earlier [5] Guidance - FTI Consulting revised its full-year 2025 revenue guidance to a range of $3.660 billion to $3.760 billion, with EPS expected between $7.24 and $7.84 [13]

Core Viewpoint - G Mining Ventures Corp. has received a favorable ruling from the 8th Federal Environmental and Agrarian Court in Brazil, which resolves a long-standing permitting issue for the Gurupi Gold Project, allowing the company to advance the project with regulatory clarity [1][2][3]. Regulatory Developments - The Court annulled the preliminary and installation licenses issued in 2011 to a previous operator, confirming GMIN's ability to initiate a new environmental licensing process [2][8]. - The ruling eliminates historical legal and permitting liabilities, providing a clean regulatory path for the Gurupi Project's development [8]. Strategic Path Forward - GMIN is set to implement a disciplined, multi-year exploration program, which will include environmental studies and stakeholder engagement [5][8]. - The company aims to unlock the long-term potential of the Gurupi Project, which is part of a larger ~1,900 km² land package that includes both greenfield and brownfield exploration targets [6][5]. Exploration and Resource Estimates - The most recent mineral resource estimate for Gurupi includes 1.83 million ounces of indicated resources and 0.77 million ounces of inferred resources [9]. - An initial exploration budget of USD $2–4 million has been allocated for 2025, focusing on regional soil sampling, trenching, and mapping [7]. 2025 Outlook - GMIN will focus on advancing the Gurupi Project through updated technical, environmental, and social studies, enabling a structured approach to development [8][10]. - The company is also working towards obtaining the final environmental permit for the Oko West project and making a construction decision in the second half of 2025 [10].

Core Insights - Flex Ltd. is set to report its first-quarter fiscal 2026 results on July 24, with revenue estimates at $6.25 billion, reflecting a 1% decline year-over-year, while earnings per share are expected to rise by 23.5% to 63 cents [1][2] Financial Performance - For the fiscal first quarter, Flex anticipates revenues between $6 billion and $6.5 billion, with adjusted earnings projected at 58-66 cents per share, excluding certain expenses [2] - The company has consistently beaten earnings estimates over the past four quarters, with an average surprise of 16.2%, and its shares have increased by 80.7% in the past year, contrasting with a 7.1% decline in the Zacks Electronics - Miscellaneous Products industry [3] Market Dynamics - Positive momentum for Flex is attributed to its expanding IP portfolio, recent design wins, acquisitions, and strong demand in data center, networking, and automotive power electronics markets [4] - Flex's strategic initiatives in cloud, power, and automotive segments have contributed to revenue growth in the previous quarter and are expected to continue supporting performance [4] Strategic Initiatives - At its recent Investor Day, Flex introduced the next phase of its EMS + Products + Services strategy, enhancing its manufacturing capabilities with proprietary products and value-added services [5] - The company’s power products position it uniquely as a comprehensive provider of data center solutions, which is expected to enhance customer value and support margin growth [5] Growth Projections - For fiscal 2026, Flex projects data center revenue growth of approximately mid-30%, with power growth slightly exceeding that, while cloud growth may be lower due to challenging year-over-year comparisons [7][10] - The Reliability Solutions business is expected to see flat to high-single-digit declines in sales due to automotive sector weaknesses, while Agility Solutions anticipates low-single-digit revenue changes [8][11] Operational Developments - Flex has a global footprint of over 48 million square feet across 110+ sites, which supports efficient manufacturing and reflects strong growth in the Americas [6] - Recent collaborations, such as with MIT on the Initiative for New Manufacturing, aim to enhance U.S. manufacturing through advanced technologies [13] - The introduction of the SmartPlate System by Flex's subsidiary JetCool offers significant efficiency improvements in data centers, achieving an average of 15% IT power savings [14] Challenges - The company faces challenges from an uncertain macro environment and changing trade policies, particularly tariff-related costs impacting margins and cash flow timing [12]

ISELIN, N.J., July 22, 2025 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has announced the appointment of Maheshkumar Kandasamy as SVP, Enterprise Architecture Director. Mr. Kandasamy will provide technical leadership, oversee the bank's enterprise and business solutions architecture function, and play a key role in developing technology strategies. He will report to Satish Harikrishnan, SVP, Technology Services Director. In this role, Mr. Kandasamy will be instrumen ...

Core Insights - Fortinet announced the passing of William H. "Bill" Neukom, a board member since 2013, who provided significant leadership and guidance during the company's growth [1][2] - The Fortinet Board expressed deep sadness over Neukom's passing, highlighting his immeasurable contributions to the company and the technology industry [2] - Neukom's legacy includes his role as Microsoft's first general counsel and founder of the World Justice Project, emphasizing corporate responsibility and technology's societal role [2] Company Overview - Fortinet is a leader in cybersecurity, focusing on the convergence of networking and security, with a mission to secure people, devices, and data globally [3] - The company offers an extensive portfolio of over 50 enterprise-grade cybersecurity products, trusted by more than half a million customers [3] - Fortinet's commitment to enhancing global cyber resilience includes collaboration with public and private sectors and a robust training program through the Fortinet Training Institute [3]

Company Overview - Unbiased Alpha is a Swiss Fintech startup that provides consulting services to institutional investors globally, focusing on Quantitative Trading and Systematic Strategies [2] - The company develops software solutions, cloud services, and API-based data science algorithms, emphasizing investing and trading [2] - Unbiased Alpha has experience managing over $1 billion in assets under management (AuM) in small teams, specializing in statistical arbitrage and innovative machine learning algorithms [2] Research Focus - The research conducted by Unbiased Alpha spans various asset classes and instruments, with a primary focus on stocks, ETFs, foreign exchange (FX), commodities, and cryptocurrencies [2] - The company also monitors hedge funds and utilizes machine learning, artificial intelligence (AI), and quantitative research in its strategies [2]

Financial Data and Key Metrics Changes - The company's market capitalization as of June 30 is over $1,500,000,000, representing nearly 50% growth since June 2024 [8] - Net interest income continues to trend upwards as new investments with attractive yields are added to the portfolio [10] - The portfolio has grown to $14,000,000,000, which is 25% larger since the end of the first quarter and over 50% larger than the same time last year [12] Business Line Data and Key Metrics Changes - The company raised $560,000,000 of new capital this year, allowing it to continue raising capital at a premium to book value [11] - The portfolio's liquidity at quarter end was $891,000,000, or 55% of total equity, indicating a strong liquidity position [12] Market Data and Key Metrics Changes - Agency mortgage-backed securities (MBS) continue to offer attractive returns, with ROEs on newly acquired positions ranging from the mid-teens to low 20% [19] - Mortgages remain extremely cheap relative to corporate bonds, with a mixed technical picture in the medium term affecting spread tightening [20] Company Strategy and Development Direction - The company is focused on raising capital, deploying it into historically cheap investments, and managing its portfolio carefully through volatile periods [7] - A strategic increase in leverage from 7.4% to 8.3% was executed as the policy environment became more supportive [17] - The company is building a world-class operating platform by bringing several functions in-house to achieve scale and retain institutional knowledge [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a proactive approach to navigating market volatility and uncertainty [16] - The current environment is viewed as highly favorable for long-term capital deployment, with wide agency MBS spreads allowing for historic returns [23] - Management expressed confidence in the company's positioning to capitalize on market dynamics and generate strong risk-adjusted returns [23] Other Important Information - The company has appointed Michael Angelo as the chief legal officer and corporate secretary, bringing relevant experience from various financial institutions [5] Q&A Session Summary Question: Can you talk about the leverage range you're targeting? - Management indicated that leverage has been flexed down when the risk environment does not warrant incremental risk, and they are currently at a level that reflects a return to normal [29][30] Question: What are the conditions that might require other investors to be more active in the mortgage-backed space? - Management noted that banks would likely return when they see actual Fed rate cuts, while money managers have been overweight mortgages relative to corporates [40][41] Question: What are your thoughts on swap spreads and their future? - Management stated that current swap spreads are attractive, providing a large margin of safety, and they expect to continue generating strong returns despite potential fluctuations [46][48] Question: How do you view the coupon allocation between pools versus TBAs? - Management explained that they are working into a larger pool position, which offers more certainty in cash flows and is expected to be as attractive as thirty-year RMBS [62][63] Question: Can you provide an overview of the returns on Agency CMBS relative to RMBS? - Management highlighted that Agency CMBS offers a stable economic return profile and is being considered for its compelling return potential in the current market [60][62]

Financial Data and Key Metrics Changes - The company's market capitalization as of June 30 is over $1.5 billion, representing nearly 50% growth since June 2024 [8] - Net interest income continues to trend upwards as new investments with attractive yields are added to the portfolio [10] - The portfolio has grown to $14 billion, a 25% increase since the end of the first quarter and over 50% larger than the same time last year [12] Business Line Data and Key Metrics Changes - The company raised $560 million of new capital this year, allowing it to continue raising capital at a premium to book value [11] - The investment portfolio grew by over $3 billion in the quarter, reflecting a strategic increase in leverage from 7.4% to 8.3% [16] Market Data and Key Metrics Changes - Agency mortgage-backed securities (MBS) continue to offer attractive liquidity, credit quality, and return potential, with ROEs on newly acquired positions ranging from the mid-teens to low 20% [18] - Mortgage spreads remain wide, and the net supply of Agency RMBS is low by historical standards, creating a medium-term headwind for spread tightening [19] Company Strategy and Development Direction - The company is focused on raising capital, deploying it into historically cheap investments, and managing its portfolio through volatile periods [7] - A long-term strategy to build a world-class operating platform includes bringing several functions in-house to enhance scale and organizational resilience [13] - The company aims to be the manager of choice for the agency mortgage market, leveraging its position as a significant player in the mortgage REIT community [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as highly favorable for long-term capital deployment, with wide agency MBS spreads supported by a technical backdrop [22] - The company is well-prepared to capitalize on market dynamics and generate strong risk-adjusted returns despite potential volatility [22] Other Important Information - The company has appointed Michael Angelo as the chief legal officer and corporate secretary, bringing relevant experience from various financial institutions [5] Q&A Session Summary Question: Can you talk about the leverage range you're targeting? - Management indicated that leverage has been flexed down when the risk environment does not warrant incremental risk, and they are currently at a level that reflects a return to normal [29][30] Question: What conditions might require other investors to be more active in the mortgage-backed space? - Management noted that banks would likely return when they see actual Fed rate cuts, while money managers have been active due to attractive mortgage valuations relative to corporates [38][40] Question: What is the current thinking behind the coupon allocation between pools versus TBAs? - Management explained that they are favoring a larger pool position due to the stable economic return profile and the ability to hedge effectively with interest rate swaps [56][62] Question: Any thoughts on adding longer duration as you go down in coupon on the hedge side? - Management confirmed that their hedges remain focused on the longer part of the curve, targeting a duration that is generally flat with the overall portfolio [72][74] Question: Any one-time items in the G&A expense line item? - Management indicated that the first half of the year tends to be higher due to annual meetings and compensation increases, but they expect expenses to trend down in the latter half of the year [76]