Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - EXL has been recognized as a Leader in Everest Group's Property and Casualty (P&C) Insurance BPS PEAK Matrix Assessment 2025, highlighting its strong position in the industry [1][3]. Company Overview - EXL is a global data and AI company that provides services and solutions aimed at transforming client business models and driving better outcomes across various industries, including insurance, healthcare, and banking [6]. - The company was founded in 1999 and has approximately 63,000 employees worldwide [6]. Industry Recognition - The Everest Group's assessment evaluated 25 P&C business process services providers based on their vision, capabilities, and market impact [2]. - EXL's consult-to-operate model, which integrates insurance domain expertise with data and AI, was a key factor in its recognition as a Leader [3][4]. Technological Advancements - EXL has been acknowledged for its leadership in generative AI and autonomous agents, as well as its outcome-driven pricing strategies that are linked to measurable business results [3][4]. - The company utilizes proprietary technologies such as EXL Insurance LLM, SubroSource™, and XTRAKTO.AI™, which contribute to reshaping claims and underwriting workflows [4]. Market Trends - As the P&C insurance industry undergoes digital transformation, there is a growing demand for partners that can leverage emerging technologies to deliver measurable business impacts [4].

Core Insights - Soluna Holdings, Inc. has completed Phase 3 of Project Dorothy 2 and is beginning development on Project Kati-2 for AI applications, while expanding its board with the appointment of Agnes Budzyn [1][7][17] Corporate Highlights - Soluna has announced a partnership with KULR Technology Group for a 3.3 MW hosting project at Project Sophie, enhancing its renewable-powered data center capabilities in Texas [7][18] - The company has been featured in various media outlets, highlighting its advancements in Renewable Computing [7] - A new podcast discusses how Soluna's recent $100 million credit facility will accelerate renewable-powered computing [7] Key Project Updates - Project Dorothy 1A and 1B are operational with 25 MW each for Bitcoin hosting and prop-mining, respectively [5] - Project Dorothy 2 is under construction with a capacity of 48 MW for Bitcoin hosting, with substantial completion of Phase 3 expected by mid-November [6][13] - Project Kati 1 is under construction with 83 MW for Bitcoin hosting, while Project Kati 2 is in development for AI and high-performance computing (HPC) with a similar capacity [9][10] - Project Grace, a 2 MW AI/HPC hosting project at Dorothy 2, is also under development [11] Operational Metrics - The deployment of new customers and upgraded units is ongoing, with a 3.3 MW customer deployment completed at the end of October and another expected in early November [8] - Coordination efforts are in place for a 20 MW deployment of next-generation miners in January [7] - Investment in fleet upgrades continues, with 900 new S19 XP miners expected to replace the current fleet at Project Dorothy 1B [7]

Core Insights - The Technology Services industry has experienced significant growth since the pandemic, driven by remote work adoption and technological advancements such as 5G, blockchain, AI, and ML [1][5][7] Industry Overview - The Zacks Technology Services industry includes companies that produce, develop, and design software support, data processing, computing hardware, and communications equipment [3] - This industry serves both consumer and business markets, offering a wide range of services including advanced analytics, clinical research, data storage technology, and technology-enabled financial services [4] Future Trends - The industry is mature with a healthy demand for services, and revenues are expected to return to pre-pandemic levels, supporting stable dividends for most players [5] - Economic recovery is benefiting the sector, with GDP growth of 3.8% in Q2 2025 and a strong Services PMI indicating robust non-manufacturing sector activity [6] - The global shift towards digitization is creating opportunities in markets like 5G, blockchain, and AI, with the GenAI market projected to reach $59 billion in 2025 and a CAGR of 37.6% from 2025 to 2031 [7] Industry Performance - The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector and the S&P 500, with a 53% increase over the past year compared to a 7.5% decline in the sector and a 17.9% rise in the S&P 500 [10] - The industry is currently trading at an EV-to-EBITDA ratio of 17.19X, lower than the S&P 500's 18.33X, indicating potential valuation opportunities [11] Company Highlights - **Futu Holdings**: A digitalized securities brokerage with a 69.7% year-over-year revenue increase in Q2 2025, and a 1,570 basis points expansion in operating margin. The company added 262,000 funded accounts, totaling 2.7 million [12][13] - **Dave**: A financial services platform that added 843,000 members, resulting in a 60% year-over-year revenue increase. The company raised its full-year revenue guidance to $544-$547 million [15][19] - **Coherent Corp.**: A leader in photonics with a 16.4% year-over-year revenue growth in Q4 2025, driven by demand for 800G transceivers. The company introduced a new 1.6T transceiver, enhancing its market position [20][21]

Core Insights - Infosys has developed an AI Agent aimed at transforming operations in the energy sector, leveraging its own technologies and Microsoft's AI and cloud capabilities to enhance operational efficiency and decision-making [1][3]. Group 1: AI Agent Features - The AI Agent processes various reports, including well logs and images, to streamline operations and provide predictive insights, which help in anticipating operational challenges [2]. - It enhances safety, reliability, and operational performance while reducing non-productive time (NPT) [2]. Group 2: Collaboration and Industry Impact - The partnership between Infosys and Microsoft combines domain expertise with advanced AI and cloud technologies, aiming to drive measurable business value in the energy sector [3]. - Infosys emphasizes the importance of transforming raw data into actionable insights through conversational AI, addressing the complexities of operational data management in the energy sector [3]. Group 3: Company Overview - Infosys is a global leader in digital services and consulting, with over 320,000 employees and operations in more than 59 countries, focusing on digital transformation powered by cloud and AI [4].

Financial Data and Key Metrics Changes - Total revenue increased by 10% year-over-year to $1.51 billion, driven by improved advertising demand and the expansion of direct revenue streams [5][30] - Advertising revenue reached $1.32 billion, up 5% year-over-year, with direct response advertising revenue increasing by 8% year-over-year [30][31] - Net loss reduced by more than 30% year-over-year to $104 million, reflecting progress toward sustained profitability [7][36] - Adjusted EBITDA was $182 million, with adjusted EBITDA margins expanding to 12% [7][35] Business Line Data and Key Metrics Changes - Other revenue, including Snapchat Plus subscription revenue, increased by 54% year-over-year to $190 million [5][30] - Direct response advertising revenue growth was driven by strong demand for pixel purchase and app purchase optimizations, particularly from small and medium-sized business clients [30][31] - The North America large client solutions business experienced a modest decline, while the SMB advertising business grew over 25% [31][64] Market Data and Key Metrics Changes - Advertising revenue growth accelerated in Europe and the rest of the world, with Europe growing by 12% and the rest of the world by 13% year-over-year [31][32] - North America accounted for approximately 43% of total global revenue, decreasing as a share of total revenue by roughly 10 percentage points over the past two years [32] - Global impression volume grew approximately 22% year-over-year, although total eCPMs decreased by about 13% due to increased inventory from Sponsored Snaps [33] Company Strategy and Development Direction - The company aims to reach 1 billion monthly active users globally, with a focus on enhancing user engagement through new features and conversation starters [4][15] - Investments in augmented reality and generative AI are central to the company's long-term strategy, with significant user engagement in AR experiences [15][16] - The company is recalibrating investments in community growth and cost structures to improve financial efficiency [12][13] Management's Comments on Operating Environment and Future Outlook - Management anticipates potential declines in daily active users in Q4 due to internal and external factors, including regulatory changes and age verification initiatives [15][56] - The company remains committed to improving monetization efficiency and ensuring compliance with evolving regulations [15][56] - Management expressed confidence in the long-term growth potential, supported by a robust balance sheet and cash flow generation [37] Other Important Information - The company has authorized a new share repurchase program of $500 million to manage share count for long-term shareholders [40] - A partnership with Perplexity AI will integrate conversational search into Snapchat, expected to enhance user experience and generate revenue starting in 2026 [29][44] Q&A Session Summary Question: On the Perplexity partnership, is the cash stock split already determined? - Management indicated that the cash and stock split for the Perplexity partnership is not finalized and will depend on future developments [42][44] Question: How do you see Snap's role evolving as a distribution channel? - Management highlighted the opportunity to distribute AI agents through the chat interface and Sponsored Snaps, enhancing customer experiences [50][52] Question: Can you provide an update on direct response advertising growth? - Direct response revenue grew by 8% year-over-year, with strong performance in Europe and the rest of the world, while North America lagged [60][63] Question: What is the conviction level on keeping infrastructure costs flat next year? - Management expressed confidence in maintaining flat infrastructure costs through improved capacity utilization and cost structure optimization [66][67] Question: What is the latest thinking on Spectacles and potential financial partners? - Management did not provide specific updates on financial partnerships but emphasized the advanced AR software stack and its potential [69]

Financial Data and Key Metrics Changes - Revenue for Q3 was approximately $1,405 million, up 68% year-over-year due to model updates in the core gaming business [10] - Adjusted EBITDA was $1,158 million, up 79% with an 82% margin, reflecting a 1% quarter-over-quarter increase from operational leverage [10] - Free cash flow reached $1,049 million, up 92% year-over-year, with a free cash flow margin improving sequentially [10] - The company ended the quarter with $1.7 billion in cash and cash equivalents and repurchased approximately 1.3 million shares for $571 million [10][11] Business Line Data and Key Metrics Changes - The gaming advertising segment continued to show strong performance, with the MAX supply side platform growing at healthy rates [4][10] - Self-service platform launched on October 1, showing early growth with spend from self-service advertisers increasing approximately 50% week-over-week [6][10] Market Data and Key Metrics Changes - The company opened up international traffic for advertisers ahead of schedule, expanding its reach beyond the U.S. market [4][8] - The market is recognizing the scalability and reach of the company's platform, particularly following its inclusion in the S&P 500 [4][8] Company Strategy and Development Direction - The focus for Q4 and 2026 includes improving onboarding flows, ramping AI agents into workflows, and testing generative AI-based ad creatives [7][8] - The company aims to broaden access to its self-service platform and scale globally, while maintaining strict compliance and transparency in ad tech practices [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of improving conversion rates and expanding advertiser density [21][50] - The company is committed to optimizing the customer experience and ensuring a seamless onboarding process for new advertisers [40][72] Other Important Information - The board of directors increased the share repurchase authorization by an incremental $3.2 billion [11] - The company is actively testing paid marketing to promote the Axon Ads platform to new customers [7][74] Q&A Session Summary Question: Characteristics of advertisers onboarded since October 1 - Advertisers are predominantly shops, comparable in mix to the initial cohort, but not materially smaller [14] Question: Guidance philosophy for Q4 - Guidance reflects a combination of factors including optimism around the e-commerce referral program and normal holiday seasonality [16] Question: Conversion rates and growth in impressions - Increasing conversion rates is a key growth lever, with model enhancements and advertiser density expected to drive improvements [20][22] Question: Supply growth expectations - Supply growth is driven by higher quality ads and unlocking demand from publishers who previously did not run ads [25][27] Question: Context for 50% week-over-week growth in e-commerce customers - Early growth is promising, with a focus on optimizing the customer experience and ensuring a smooth onboarding process [36][40] Question: Balancing growth and managing core gaming customers - The company does not intend to gate growth, believing that increased advertiser density will benefit all customers [48][50] Question: Update on web-based availability to EU advertisers - The company can work with EU advertisers but has not opened inventory for website or shop advertisers in the EU yet [84] Question: Performance of the current cohort in Q3 - The return on ad spend for customers has improved due to better tools and understanding of the platform [101]

Financial Data and Key Metrics Changes - Revenue for Q3 was approximately $1,405 million, representing a 68% year-over-year increase due to model updates in the core gaming business [10] - Adjusted EBITDA was $1,158 million, up 79% with an 82% margin, reflecting a 1% quarter-over-quarter increase from operational leverage [10] - Free cash flow reached $1,049 million, up 92% year-over-year, with a cash and cash equivalents balance of $1.7 billion at the end of the quarter [10][11] - The company repurchased approximately 1.3 million shares for $571 million during the quarter, with an increased share repurchase authorization of $3.2 billion [11] Business Line Data and Key Metrics Changes - The gaming advertising segment continued to show strong performance, with the MAX supply side platform growing at healthy rates [4][10] - The self-service platform launched on October 1, showing early signs of growth with a 50% week-over-week increase in spending from new advertisers [6][10] Market Data and Key Metrics Changes - The company opened up international traffic for advertisers ahead of schedule, expanding its reach beyond the initial pilot group [4][8] - The market is recognizing the scalability and reach of the company's platform, particularly following its inclusion in the S&P 500 [4][8] Company Strategy and Development Direction - The focus for Q4 and 2026 includes improving onboarding flows, ramping AI agents into workflows, and testing generative AI-based ad creatives [7][8] - The company aims to broaden access to its self-service platform and scale globally, while maintaining strict compliance and transparency in ad tech practices [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of optimizing the conversion funnel and enhancing customer experience [10][72] - The company is committed to continuous improvements in its advertising models and tools, which are expected to drive higher conversion rates and advertiser density [21][67] Other Important Information - The company is currently not prioritizing EU inventory for website or shop advertisers due to GDPR restrictions, focusing instead on expanding its business in other regions [84][94] - Management noted that the transition to direct payments from app stores is expected to provide a long-term tailwind but is not yet contributing significantly to current results [58] Q&A Session Summary Question: Characteristics of advertisers onboarded since October 1 - Advertisers are predominantly shops, comparable in mix to the initial pilot group, but not materially smaller [14] Question: Guidance philosophy for Q4 - Guidance reflects a combination of factors including optimism around the e-commerce referral program and normal holiday seasonality [16] Question: Conversion rates and growth in impressions - The company believes that increasing conversion rates will drive growth without needing a significant increase in impressions [20] Question: Supply growth expectations - Supply growth is expected to come from higher quality ads and increased engagement, alongside improvements to the MAX platform [25] Question: Week-over-week growth context - The 50% week-over-week growth is seen as a positive early indicator, with management focusing on optimizing the customer experience [36][40] Question: Balancing growth and managing core gaming customers - Management believes that increased advertiser density will expand spend for gaming customers rather than diminish it [48][51] Question: Progress on generative AI tools - The company is actively testing generative AI-based ad creatives and expects to implement these tools soon [54] Question: Impact of direct payments on results - Direct payments are not yet significantly impacting results, with growth driven by improvements in advertising models [58] Question: Current cohort performance in Q3 - The current cohort is showing improved return on ad spend due to better tools and understanding of the platform [101]

Financial Data and Key Metrics Changes - Revenue for Q3 was approximately $1,405 million, up 68% year over year, driven by model updates in the core gaming business [8] - Adjusted EBITDA was $1,158 million, up 79% with an 82% margin, reflecting a 1% quarter-over-quarter increase due to operating leverage [8] - Free cash flow reached $1,049 million, up 92% year over year, with a free cash flow margin improving sequentially [8] - The company ended the quarter with $1.7 billion in cash and cash equivalents and repurchased approximately 1.3 million shares for $571 million [8][9] Business Line Data and Key Metrics Changes - The gaming advertising segment continued to show strong performance, with the MAX supply side platform growing at healthy rates [3][4] - Self-service platform spend from new advertisers grew approximately 50% week over week, indicating early positive traction [4][5] Market Data and Key Metrics Changes - The company opened up international traffic for advertisers ahead of schedule, expanding its market reach [3] - The MAX platform ecosystem is experiencing rapid growth, driven by higher quality ads and increased demand density [20][21] Company Strategy and Development Direction - The focus for Q4 and 2026 includes improving onboarding flows and integrating more AI agents to enhance the advertiser experience [5] - The company plans to test generative AI-based ad creatives to improve user response rates and expand the diversity of advertisers [5][6] - The strategic priority is to broaden access to the self-service platform and scale globally while maintaining compliance and transparency in ad tech practices [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the positive recognition from the market and the institutional dynamics following inclusion in the S&P 500 [3][6] - The company is operating in an environment of heightened scrutiny around data privacy and ad tech practices, emphasizing a commitment to compliance and execution excellence [7] Other Important Information - The board of directors increased the share repurchase authorization by an additional $3.2 billion [9] - The company anticipates Q4 revenue between $1,570 million and $1,600 million, reflecting 12% to 14% sequential growth [9] Q&A Session Summary Question: Characteristics of advertisers onboarded since October 1 - The new advertisers are predominantly shops, comparable in mix to the initial cohort, but not materially smaller [11][12] Question: Guidance philosophy for Q4 - Guidance reflects a combination of factors including optimism around the e-commerce referral program and normal holiday seasonality [13][14] Question: Conversion rates and impressions - Management indicated that increasing conversion rates is a key growth lever, with model enhancements and AI technologies playing a significant role [16][18] Question: Supply growth expectations - Supply growth is expected to be driven by higher quality ads and increased engagement, with improvements to the MAX platform also contributing [20][21] Question: 50% week-over-week growth context - The early growth is promising, and management is focused on ensuring a seamless onboarding experience for new customers [25][26] Question: Balancing growth and managing core gaming customers - Management believes that increased advertiser density will expand spend for gaming customers rather than diminish it [33][34] Question: International expansion and localization - The company is currently available globally except for EU web shops, with plans to expand localization efforts as the platform grows [71][72] Question: Current cohort performance in Q3 - The current cohort is showing positive trends in spending, driven by improved tools and understanding of the platform [76][77]

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenues of $205.1 million, reflecting a 77% year-on-year growth [4][20] - Annualized recurring revenue (ARR) reached $807.5 million, also up 77% year-over-year [4][20] - Adjusted quarterly EBITDA was $70.7 million, up from $58.3 million in Q2, with an EBITDA margin of 34.5%, an increase from 32.1% in Q2 [4][5][27] - Gross revenue retention (GRR) for the combined company was 98% [5][21] - Gross margin for the integrated business was 78.5%, with core Clearwater's steady-state clients achieving 82% gross margin [5][25] Business Line Data and Key Metrics Changes - Core Clearwater business grew approximately 21% year-to-date compared to last year [8] - Infusion is expected to grow 12% for the year, with strong booking execution in Q2 and Q3 [8] - Beacon continues to perform well, contributing to overall growth [8] - The hedge fund market was a key contributor to revenue upside, with significant growth in bookings across various sectors [9][20] Market Data and Key Metrics Changes - The total addressable market (TAM) has grown to approximately $23 billion, balanced across geographies and markets [6][8] - Growth in Q3 bookings was evenly spread across insurance, asset management, asset owners, and hedge funds [9] - The company signed a global multi-billion hedge fund client, indicating strong market demand [9] Company Strategy and Development Direction - The company aims to build an integrated, open, modular, and extensible front-to-back platform, which is expected to disrupt the industry [15][18] - Generative AI is seen as a key technological advancement, with the company leveraging it to improve margins and operational efficiency [16][18] - The company plans to roll out a new pricing model for Infusion starting January 1, 2026, aligning value with pricing for clients [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive positioning and growth trajectory, with a strong pipeline for Q4 and beyond [20][29] - The company anticipates continued growth driven by cross-selling opportunities and the integration of new acquisitions [11][28] - Management highlighted the importance of maintaining high gross retention rates and the potential for net revenue retention to reach 115% [22][21] Other Important Information - The company has made significant progress in integrating the businesses acquired, with a focus on enhancing product offerings and client solutions [19][29] - Recent board appointments and leadership hires are expected to strengthen the company's strategic direction [19] Q&A Session Summary Question: What segments of the market are seeing elevated strength? - Management noted strong growth in alternatives, risk, and insurance sectors, with hedge funds also performing well in Q2 and Q3 [31][32][33] Question: How does the ARR growth of 17% reconcile with core business growth? - Management explained that larger deals create lumpiness in ARR, but overall revenue and organic ARR growth were strong [34][35] Question: What is the expected timing for the new pricing model for Infusion? - The new pricing model will be rolled out for new clients starting January 1, 2026, with existing clients to follow [39][40] Question: How is the international business performing? - The international business metrics remained consistent with previous quarters, contributing positively to overall performance [49][50] Question: What is the adoption rate of combined company assets? - Asset management has become the largest booking industry, with significant traction in risk-related offerings and alternatives [51][52]