Core Viewpoint - Sphere Entertainment Co. has repurchased a total of 425,219 shares of its Class A common stock at an average price of $52.91 per share, amounting to approximately $22.5 million from September 3, 2025, to September 11, 2025 [1] Summary by Relevant Sections - **Share Repurchase Details** - The company repurchased 425,219 shares of SPHR Class A common stock at an average price of $52.91 per share [1] - The total aggregate purchase price for this repurchase was approximately $22.5 million [1] - The repurchases were funded using cash on hand [1] - To date, the company has repurchased a total of 1,054,247 shares of SPHR Class A common stock [1]

Core Points - Restaurant Brands International Inc. (RBI) intends to renew its normal course issuer bid (NCIB) for common shares, allowing for the repurchase of up to U.S.$1,000 million of shares through September 30, 2027 [1][2] - The new repurchase authorization replaces the previous two-year authorization set to expire on September 30, 2025, and reflects RBI's commitment to capital allocation flexibility while prioritizing debt reduction [1][4] - Under the NCIB, RBI may purchase up to 32,326,078 common shares, representing 10% of its public float as of September 2, 2025, during the period from September 16, 2025, to September 15, 2026 [2][3] Company Overview - RBI is one of the largest quick service restaurant companies globally, with nearly $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries [5] - The company owns four prominent brands: TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®, which have been serving customers for decades [5] - RBI is focused on improving sustainable outcomes related to food, the planet, and communities through its Restaurant Brands for Good framework [5]

Core Viewpoint - Bill Holdings' CEO defends the company's performance amid pressure from activist hedge funds seeking changes in the board [1][3] Company Performance - The CEO highlighted that the company has doubled its revenue and non-GAAP profits over the past three years, with a GAAP net profit of $24 million for the 2025 fiscal year after three years of losses totaling $579 million [4] - Bill's shares have declined 37% this year and are approximately 85% below their peak of $342 in November 2021 [6] Market Position and Strategy - Bill targets small and midsized businesses (SMBs), with a current market penetration of only 4%, indicating significant growth opportunities [5] - The company is focused on better monetizing its existing client base and expanding its payment products [5][6] Competitive Landscape - Bill faces increased competition from rivals such as Intuit and Tipalti, which has pressured its revenue growth [7] - Financial uncertainty among SMB customers due to external factors, including tariffs and economic outlook, has also impacted performance [7] Shareholder Actions - The board has authorized a new $300 million share repurchase program, in addition to $100 million in shares repurchased so far in 2025 [6] - Activist hedge funds Starboard Value and Elliott Investment Management have taken significant stakes in the company, with Starboard seeking to add directors to the board [3][8]

Core Viewpoint - Newmont has applied for voluntary delisting from the Toronto Stock Exchange due to low trading volumes, aiming to enhance administrative efficiency and reduce costs [1] Group 1: Delisting and Cost Management - The delisting is expected to be effective around September 24, which may lead to improved administrative efficiency and cost reduction [1] - Newmont has set a target to reduce costs by $300 per ounce, potentially resulting in thousands of layoffs [1] Group 2: Asset Divestment and Financial Strategy - Following its $17.14 billion acquisition of Newcrest, Newmont announced plans to divest non-core assets, reduce workforce, and cut debt [2] - The company has divested several Canadian assets, including the Eleonore mine for approximately $795 million, the Musselwhite Gold Mine for $850 million, and its stake in Porcupine Operations for $425 million [2] Group 3: Current Operations and Share Repurchase - Newmont continues to operate the Brucejack and Red Chris mines in Canada [3] - The company announced a $3 billion share repurchase program in July during its second-quarter results [3] - Newmont will maintain its primary listing on the New York Stock Exchange and support listings on the Australian Securities Exchange and the Papua New Guinea Stock Exchange [3] Group 4: Delisting Approval - Newmont does not intend to seek security holder approval for the delisting, as shares are currently trading on alternative markets [4]

Financial Data and Key Metrics Changes - Q2 net sales grew by nearly 9% year over year to $3.1 billion, exceeding the high end of guidance [6][19] - Gross margin reached 30.4%, expanding by nearly 80 and 90 basis points sequentially and year-over-year, respectively [8][19] - Adjusted EBITDA was $183.3 million, representing a 5.9% margin and a year-over-year increase of over 80 basis points [9][21] - Free cash flow generated was nearly $106 million in the quarter [9][21] - Adjusted net income increased by 34.8% year over year to $141.1 million, with adjusted diluted earnings per share of $0.33 [21][25] Business Line Data and Key Metrics Changes - Autoship customer sales reached $2.58 billion, representing 83% of Q2 net sales and growing nearly 15% year over year [6][7] - Hardgoods business grew over 15% in Q2, driven by structural volume growth [7] - Chewy Plus program showed strong growth, with approximately 3% of total monthly sales attributed to members [11][12] Market Data and Key Metrics Changes - Active customers increased to 20.9 million, reflecting 4.5% year-over-year growth [8] - NESPAC (Net Effective Sales Per Active Customer) reached $591, representing 4.6% year-over-year growth [8] Company Strategy and Development Direction - Chewy is focused on expanding its Chewy Plus membership and private brands, with a new product line "Get Real" launched for fresh dog food [12][15] - The company aims to mitigate tariff-related costs and invest in growth initiatives while maintaining a strong customer experience [17] - Chewy plans to open 8 to 10 new veterinary practices in fiscal year 2025, enhancing its Chewy Vet Care network [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Chewy's ability to gain market share despite a challenging retail environment [17] - The company anticipates continued growth in the second half of 2025, with net sales expected to be between $3.07 and $3.1 billion [23] - Management expects to maintain a full-year adjusted EBITDA margin outlook of 5.4% to 5.7% [24] Other Important Information - The company repurchased approximately 3 million shares for a total of approximately $125 million in Q2 [21][22] - Chewy ended the quarter with approximately $592 million in cash and cash equivalents, remaining debt-free [22][23] Q&A Session Summary Question: Investments required in the back half and increasing awareness of new offerings - Management indicated that they are focusing on existing members for Chewy Plus and have not spent additional marketing dollars externally [27][28] Question: SG&A deleverage and its components - Management expects SG&A leverage in 2025, with temporary costs attributed to the ramp-up of the Houston fulfillment center and higher inventory processing costs [36][42] Question: Q2 gross margin improvement and pricing investments - Management noted that gross margin drivers include product mix, increasing Autoship penetration, and a rational promotional environment [45][46] Question: Potential of the fresh and frozen segment - Management estimates the total addressable market for fresh and frozen pet food to be between $8 billion and $12 billion, with strong initial customer reception for the "Get Real" product line [55][56] Question: Advertising environment and macro expectations - Management reported stable pet household formation trends and competitive intensity in advertising, with expectations for continued customer growth [60][66] Question: Competitive advantages and share gains - Management emphasized Chewy's unique value proposition, combining e-commerce efficiency with personalized service, and highlighted growth opportunities in health and wellness segments [70][76] Question: Quality of customer cohorts and Autoship growth - Management noted improvements in customer retention and engagement through programs like Autoship and Chewy Plus, leading to higher NESPAC [79][82]

Summary of Prothena's Conference Call Company Overview - **Company**: Prothena - **Industry**: Biotechnology, specifically focused on neurodegenerative diseases and amyloidosis Key Points and Arguments 1. **Pipeline Updates**: Prothena has made significant progress in its pipeline, with Roche advancing prasinezumab for Parkinson's disease into a phase three study and Novo moving Kuramitug for ATTR cardiomyopathy into a phase three study as well [4][5] 2. **Restructuring**: The company underwent a restructuring to align its resources with ongoing partnership obligations and to focus on shareholder-friendly activities [13][14] 3. **Financial Milestones**: Prothena anticipates up to $105 million in clinical milestone payments in 2026, contingent on the progress of its partnered programs with Novo and Bristol Myers Squibb [8][16] 4. **Shareholder Returns**: Plans for a share repurchase program are in place, supported by the establishment of distributable reserves through an extraordinary general meeting [11][20] 5. **PRXO12 Data**: The recent data for PRXO12 indicated higher than expected ARIA events, prompting consideration of a transferrin-based approach to mitigate these issues while retaining the drug's efficacy [21][24] 6. **Partnerships**: Prothena has four partnership programs, with two in phase three and one in phase two, which are crucial for the company's future value creation [12][19] 7. **Roche Partnership**: The deal with Roche is valued at $755 million, with $135 million received to date. Roche sees a peak sales opportunity for prasinezumab exceeding $4 billion [32][33] 8. **Novo Partnership**: The partnership with Novo for Kuramitug is valued at $1.23 billion, with $100 million received so far. The next milestone payment is expected to be around $50 million [60][63] 9. **Clinical Development**: Prothena is focused on the clinical development of its partnered assets, with expectations for data releases from ongoing studies [39][70] Additional Important Content 1. **Market Potential**: The market for treatments targeting neurodegenerative diseases and amyloidosis is significant, with increasing demand for effective therapies [43][58] 2. **Competitive Landscape**: The competitive environment is intensifying, with multiple companies developing similar therapies, which could impact Prothena's market positioning [21][22] 3. **Regulatory Considerations**: The timeline for potential partnerships and clinical trials is uncertain, with ongoing discussions expected to take time [29][30] 4. **Scientific Insights**: Prothena's approach to targeting alpha-synuclein in Parkinson's disease is based on empirical data, focusing on the carboxy terminus of the protein for better efficacy [44][46] This summary encapsulates the critical insights from Prothena's conference call, highlighting the company's strategic direction, financial outlook, and ongoing clinical developments.

Core Viewpoint - Thomson Reuters has announced a $1.0 billion share repurchase program and entered into an automatic share purchase plan to facilitate share purchases during blackout periods [1][2]. Group 1: Share Repurchase Program - The company plans to repurchase up to 10 million common shares between August 19, 2025, and August 18, 2026, as part of its normal course issuer bid (NCIB) [1]. - The automatic share purchase plan (ASPP) allows the company to buy shares during periods when it would typically be restricted from doing so due to regulatory reasons [2]. - All purchases made under the ASPP will count towards the total shares repurchased under the NCIB [2]. Group 2: Conditions and Management Discretion - Purchases under the ASPP will be executed by the company's broker based on parameters set by Thomson Reuters, ensuring no material non-public information is involved [2]. - Outside of predetermined blackout periods, share purchases will be at management's discretion, adhering to TSX rules and applicable securities laws [2]. - Future repurchase decisions will depend on market conditions, share price, and other investment opportunities [3].

Core Viewpoint - Commvault Systems, Inc. has announced a private offering of $785 million in 0% Convertible Senior Notes due 2030 to enhance strategic flexibility and fund various corporate activities [2][5]. Group 1: Transaction Details - The offering size was increased from the initially announced $750 million [2]. - The Notes will mature on September 15, 2030, and will not bear regular interest [7]. - An option for initial purchasers to buy an additional $115 million in Notes is available [4]. Group 2: Use of Proceeds - Approximately $86.9 million of the net proceeds will fund capped call transactions [6]. - About $117.7 million will be used to repurchase approximately 0.66 million shares of common stock at a price of $178.78 per share [6]. - Remaining proceeds will be allocated for general corporate purposes, including potential acquisitions or strategic investments [6]. Group 3: Notes Characteristics - The initial conversion rate is set at 4.2215 shares of common stock per $1,000 principal amount, equating to a conversion price of approximately $236.88 per share, representing a 32.5% premium over the last reported sale price [8][9]. - The capped call transactions are designed to offset potential dilution from the conversion of the Notes, with an initial cap price of $357.56 per share [9][13]. - The Notes will not be redeemable before September 22, 2028, and can be redeemed under specific conditions [11]. Group 4: Market Impact - The concurrent share repurchases may have influenced the trading price of Commvault's common stock, potentially leading to a higher initial conversion price for the Notes [17]. - The establishment of hedges related to the capped call transactions may affect the market price of Commvault's common stock and the Notes [14].

Core Viewpoint - Mengniu reported a 16.4% year-on-year (YoY) net profit decrease alongside a 6.9% YoY revenue drop in 1H25, which was below expectations. However, the core operating profit margin (OPM) expanded by 1.5 percentage points YoY, attributed to lower raw milk costs and strict expense control. For FY25, management has revised down revenue guidance to a mid-single-digit (MSD%) or high-single-digit (HSD%) YoY decline, with core OPM expected to remain flat YoY [1][2][4]. Financial Performance - In 1H25, Mengniu's total revenue was RMB41.6 billion, down 6.9% YoY, and net profit was RMB2,046 million, down 16.4% YoY, both missing expectations. The core OPM increased to 8.5%, exceeding expectations due to gross profit margin (GPM) expansion from lower raw milk costs and disciplined expense management. Cash flow improved significantly, with cash flow from operations (CFO) at RMB2.8 billion, up from RMB1.9 billion in 1H24, aided by better working capital management and a 40% YoY reduction in capital expenditures (capex) to RMB1.0 billion [2][3]. Product Category Performance - Liquid milk sales fell by 11% YoY in 1H25, indicating weak dairy consumption demand. However, the YoY sales decline narrowed in Q2 compared to Q1. Other product categories, such as ice cream, milk formula, and cheese, showed resilient growth with YoY increases of 15%, 2%, and 12%, respectively [3]. Management Changes - A change in the CFO position was announced, with Mr. Ping Zhang retiring and Mr. Xinwen Shen appointed as the new CFO effective September 1, 2025. Mr. Shen has extensive experience, having served in various roles within COFCO Corporation Group for around 30 years [3]. Future Guidance - Management anticipates a revenue decrease of MSD% or HSD% YoY for 2025, with core OPM expected to stabilize at over 8%, indicating a half-on-half (HoH) decrease. The long-term OPM expansion target remains intact at +30-50 basis points each year, supported by potential mix upgrades and efficiency gains. Mengniu plans to renew its share repurchase program, potentially valuing up to HK$1 billion over the next 12 months, alongside a steady dividend payout ratio of over 45% based on adjusted net profit [4].

Core Insights - BILL Holdings reported Q4 fiscal 2025 earnings of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.41 but down from $0.57 in the same quarter last year [1][9] - Revenues reached $383.3 million, surpassing the consensus by 2% and reflecting an 11.5% year-over-year increase [1][9] - The company announced a $300 million share repurchase program, indicating confidence in its cash flow and long-term strategy [1] Financial Performance - For fiscal year 2025, non-GAAP earnings per share were $2.21, up from $2.12 in the previous year, with revenues of $1.46 billion, marking a 13% year-over-year increase [2] - In Q4, core revenues from subscription and transaction fees totaled $345.9 million, a 15% increase year over year, with transaction fees growing 18% to $277.1 million [3] - Non-GAAP gross profit was $322.7 million, an 11% increase year over year, while gross margin slightly contracted to 84.2% from 85% [5] Operational Metrics - The company processed $86 billion in total payment volume (TPV) during the quarter, a 13% increase year over year, and handled 33 million transactions, up 18% from the prior year [4] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled $2.22 billion, an increase from $1.59 billion a year earlier [6] Guidance - For Q1 fiscal 2026, BILL expects revenues between $385 million and $395 million, indicating a growth of 7-10% year over year, with non-GAAP EPS projected between $0.49 and $0.52 [7] - For fiscal 2026, projected revenues are in the range of $1.59 billion to $1.63 billion, implying a growth of 9-11% year over year, with non-GAAP earnings expected between $2.00 and $2.20 per share [8]