Financial Data and Key Metrics Changes - Revenue in Q3 2025 was $115 million, representing a 2% decline year-over-year but a 2% increase sequentially, exceeding the midpoint of guidance [10] - Quarterly paid employers reached 67,000, increasing 3% year-over-year and 1% sequentially, marking the first year-over-year growth since Q1 2022 [10][11] - Revenue per paid employer for Q3 2025 was $1,717, down 4% year-over-year but up 1% sequentially [11] - Net loss in Q3 2025 was $9.8 million, with adjusted EBITDA of $9.2 million, resulting in an adjusted EBITDA margin of 8% [11] - Cash, cash equivalents, and marketable securities totaled $411 million as of September 30, 2025 [11] Business Line Data and Key Metrics Changes - Performance-based revenue grew 12% quarter-over-quarter, making up 24% of total revenue in Q3 2025, up from 22% in the prior quarter [11] - Quarterly paid employers increased by 1% sequentially and 3% year-over-year, indicating strong brand value despite a subdued hiring market [7][11] - Enterprise customer adoption of automated campaign performance optimization increased by 19% quarter-over-quarter [8] Market Data and Key Metrics Changes - Job seeker visits from generative AI models increased by 140% sequentially, indicating a growing channel of job seeker traffic [5][9] - Breakroom, a workplace rating platform, published over 10,000 employer profiles, up from 8,000 in the prior quarter, powered by over 1 million ratings from workers [9] Company Strategy and Development Direction - The company is focused on product and technology investments to drive better matching and engagement across its marketplace [7] - The strategy includes optimizing for AI-driven discovery and enhancing the job seeker application experience through tools like ZipApply [5][6] - The company aims to capture market share as the labor market recovers, leveraging its strong brand and product offerings [6] Management's Comments on Operating Environment and Future Outlook - Management noted a persistently soft labor market but highlighted consistent revenue growth and paid employer growth from Q1 to Q3 2025 [4] - The guidance for Q4 2025 anticipates revenue between $109 million and $115 million, representing a 1% year-over-year increase [11][12] - Management expects continued stability in the hiring environment, with normal seasonal slowness during the holiday periods [12] Other Important Information - The company repurchased 2.2 million shares for a total of $10 million during Q3 2025 [11] - The adjusted EBITDA guidance midpoint for Q4 2025 is $14 million, implying a full-year adjusted EBITDA margin of 9% [12] Q&A Session Summary Question: Market reception for products like automated campaign optimization and ZipIntro - Management indicated that product strategy is working, with evidence of revenue and utilization growth despite macro challenges [14][15] Question: Macro view and guidance for Q4 - Management observed a modest decline in hiring but expects the current market trend to continue into Q4 [19][21] Question: Q4 margin strength versus earlier mid-single-digit characterization - Management explained that Q4 margins reflect typical seasonal patterns in marketing investments, with a focus on high ROI opportunities [22] Question: Drivers of quarterly paid employer trends - Growth is attributed to both new paid employers and reactivations of former employers, reflecting strong customer acquisition and engagement [32][33] Question: Conversion quality from generative AI traffic - Management noted that the quality of traffic from generative AI is on par with traditional sources, with ongoing optimization efforts [34][36]

Financial Data and Key Metrics Changes - In Q3 2025, 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][29] - Advertising revenue reached $1.32 billion, up 5% year-over-year, primarily due to growth in direct response advertising revenue, which increased by 8% year-over-year [29][30] - Adjusted EBITDA was $182 million, an improvement of $50 million compared to the prior year, with a net loss reduced by over 30% year-over-year to $104 million [6][36] - Free cash flow was $93 million in Q3, with a total of $414 million over the trailing 12 months [6][37] Business Line Data and Key Metrics Changes - Direct response advertising revenue increased by 8% year-over-year, with strong demand from small and medium-sized business customers [5][29] - Other revenue, including Snapchat Plus subscription revenue, surged by 54% year-over-year to $190 million [5][29] - The community reached 477 million daily active users, an increase of 34 million or 8% year-over-year [4] Market Data and Key Metrics Changes - Advertising revenue growth in Europe accelerated to 12% year-over-year, while the rest of the world saw a 13% increase [30] - North America advertising revenue grew only 1% year-over-year, with the SMB segment growing over 25% [30][31] - Global impression volume grew approximately 22% year-over-year, although total eCPMs decreased by about 13% due to increased inventory [32] Company Strategy and Development Direction - The company aims to reach 1 billion monthly active users globally and is focusing on enhancing user engagement through new features and conversation starters [4][7] - Investments in augmented reality and AI are prioritized, with plans to introduce new monetization tools and premium offerings [5][20] - The strategy includes recalibrating investments in community growth and optimizing cost structures to improve financial efficiency [11][12] Management's Comments on Operating Environment and Future Outlook - Management anticipates potential declines in daily active users in Q4 due to regulatory changes and internal initiatives [13] - The company remains committed to long-term growth despite short-term engagement headwinds, focusing on monetization efficiency and compliance with regulations [12][13] - Future revenue guidance for Q4 is set between $1.68 billion and $1.71 billion, implying year-over-year growth of 8%-10% [37] Other Important Information - The company has approximately $3 billion in cash and marketable securities, providing financial flexibility for future investments [6][37] - A new share repurchase program of $500 million has been authorized to manage share count for long-term shareholders [39] Q&A Session Questions and Answers Question: On the Perplexity partnership, is the cash stock split already determined? - Management expressed excitement about the Perplexity partnership, emphasizing its potential to enhance Snapchat's role as a messaging service and the unique opportunity to distribute AI agents through the chat interface [41][43] Question: Should we presume that the reason for the leverage in cost of revenue is due to not paying out to content owners? - Management clarified that the improvement in gross margins is attributed to a mix shift towards higher-margin ad formats like Sponsored Snaps and Spotlight, which have lower associated costs [42][46] Question: How do you see Snap's role evolving as a distribution channel? - Management highlighted the opportunity to open up the chat interface to more AI agents and conversational commerce experiences, indicating a strategic focus on enhancing customer engagement through these channels [47][49] Question: Could you talk about your conviction level on keeping infrastructure costs flat next year? - Management indicated a strong focus on improving capacity utilization and efficiency in infrastructure costs, aiming to maintain flat costs into 2026 [60][61] Question: What is the latest thinking on Spectacles and potential financial partners? - Management is preparing for the public release of Spectacles and is considering various options to accelerate technical leadership in the AR space, including establishing a standalone subsidiary for better flexibility [63]

Financial Data and Key Metrics Changes - Software revenue in Q3 was $35.2 million, up 17% year-over-year, while total revenue was $40.9 million, up 13% year-over-year [5][26] - Adjusted EBITDA for Q3 was negative $297,000, representing an adjusted EBITDA margin of negative 1%, which is a $4.2 million improvement over Q3 of 2024 [5][29] - The company ended Q3 with $113.5 million in cash and short-term investments and no debt [5][29] Business Line Data and Key Metrics Changes - Revenue growth was driven by both large and small matters, particularly in multi-terabyte matters [26][27] - Services revenues, including Disco Managed Review and Professional Services, were $5.7 million [27] Market Data and Key Metrics Changes - The number of customers contributing over $100,000 in total revenue over the last 12 months reached 326, accounting for 76% of total revenue [6] - The adoption of Cecilia AI more than tripled year-over-year, with consistent growth in auto-review adoption throughout 2025 [7][20] Company Strategy and Development Direction - The company is focusing on large multi-terabyte matters and has refined its approach to target customers that best fit its capabilities [9][10] - Disco has initiated a marketing and sales effort specifically targeting intellectual property litigation, highlighting its strengths in this area [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth acceleration and operational execution, emphasizing the importance of delivering value to customers [5][6] - The company is positioned to be a disruptor in the legal technology industry, leveraging its core platform and AI capabilities [12][25] Other Important Information - The company recognized $1.3 million in revenue from a contingent case, which was a significant contributor to the quarter's results [26][36] - The gross margin in Q3 was 77%, compared to 74% in the prior year [27] Q&A Session Summary Question: About the contingent liability or the contingent case - Management indicated that there are a small number of other contingent cases in the system, but nothing close to the size of the one recognized in Q3 [35][36] Question: Regarding the target for in-quarter EBITDA break-even for Q4 of 2026 - Management confirmed that the target for adjusted EBITDA break-even remains Q4 of 2026, while acknowledging the potential for earlier profitability [38]

Product Innovation - Google Maps integrates Gemini to enhance navigation with generative AI, creating a conversational copilot [1] - The integration aims to provide smarter navigation and real-world awareness [1]

Core Insights - Duolingo forecasts fourth-quarter bookings between $329.5 million and $335.5 million, below Wall Street estimates of $343.6 million, leading to a 20% drop in shares [1][2] - The company is shifting focus towards user growth and teaching quality, while still aiming for monetization [2] - Despite lower profit margins due to AI features, the company reported a 34% increase in paid users, reaching 11.5 million in the third quarter [4] Financial Performance - Duolingo's third-quarter revenue was $271.7 million, exceeding estimates of $260.3 million, marking a consistent trend of beating revenue estimates since going public in 2021 [6] - The annual revenue forecast has been raised to between $1.028 billion and $1.032 billion, up from a previous range of $1.01 billion to $1.02 billion, with analysts expecting $1.02 billion [6] User Growth and Monetization Strategy - The company operates on a "freemium" model, converting free users to paid subscriptions, including "Super Duolingo" and "Duolingo Max" [3] - A partnership with Luckin Coffee in China has enhanced visibility and contributed to user growth [4]

What does AI need to do to deliver real economic value. Let's talk about it with Charles Sansbury, the CEO of Cloudera, who is here with us in studio for a video brought to you by Cloudera. Charles, great to see you.How are you. >> Great to see you and thanks for having me. >> Thanks for being here.We've been talking on the show so much about the economic value of artificial intelligence. Um whether or not there there will be an ROI on this technology. >> I'm so happy to be speaking with you today because y ...

Core Insights - Lemonade's stock has surged following a strong third quarter performance, with nearly 100% growth this year, although it remains over 50% below its all-time high in 2021 [1] - The company reported a 24% increase in customer growth and a 30% increase in topline revenue, attributed to significant operational efficiencies driven by AI investments over the past decade [2][3] Financial Performance - Lemonade added one million customers and tripled its revenue and gross profit over the last three years, while reducing headcount and maintaining flat operating expenses [3][4] - The company is cash flow positive and aims to achieve profitability by Q4 of next year, with a trend of increasing gross profit and stable operating expenses indicating a strong path to profit [9][10] AI Implementation - Lemonade's foundational strategy revolves around AI, which has been integrated into every aspect of its operations, leading to enhanced efficiencies and cost reductions [6][7] - The company utilizes AI for ad allocation, customer predictions, sales processes, and claims handling, with 98% of sales occurring without agents and claims often settled in as little as three seconds [13][15][16] Competitive Advantage - Lemonade's operational efficiencies, as measured by loss adjustment expenses, significantly outperform larger competitors, demonstrating the effectiveness of its AI-driven model [8] - The company believes that once it reaches profitability, it will continue to grow rapidly and capture market share from traditional insurance incumbents [11]

Financial Data and Key Metrics Changes - Revenue grew by 10%, Adjusted EBITDA increased by 16%, and Adjusted EPS was up by 29%, marking the sixth consecutive quarter of double-digit revenue gain and eighth consecutive quarter of double-digit adjusted EPS growth [5][6][12] - Transactional revenue grew by 13%, led by a 26% increase in investment sales, debt, and equity advisory [6][12] Business Line Data and Key Metrics Changes - Real Estate Management Services saw double-digit revenue growth for the seventh consecutive quarter, with Workplace Management revenue increasing nearly 30% on a two-year stacked basis [8][14] - Leasing advisory revenue grew nearly 30% on a two-year stacked basis, with global office leasing revenue growth accelerating to 14% [16] - Capital Market Services experienced significant growth, with debt advisory revenue increasing by 47% and investment sales growing by 22% [18] - Software and Technology Solutions reported double-digit growth in software revenue, although discretionary technology solutions spending decreased from certain large clients [19][20] Market Data and Key Metrics Changes - The U.S. market showed broad-based activity across capital markets, office and industrial leasing, with investors shifting to a risk-on mode supported by robust debt markets [6][7] - The overall leasing pipeline remains healthy, with client demand for high-quality assets continuing [17] Company Strategy and Development Direction - The company is focused on investing in people and technology to drive long-term revenue and margin growth, with a strong emphasis on Data Technology and AI [8][9] - A new structure will be implemented for Software and Technology Solutions, allowing it to operate as a fifth business line within Real Estate Management Services [10] - The company is actively developing its strategy for growth through 2030, with plans to refresh financial targets in early 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic outlook and forward indicators for transactional markets, noting stabilization and improvement during the quarter [6][12] - The company anticipates continued growth in the medium and long term, despite some moderation expected in the near term due to contract ramping and comparisons to strong prior year performance [31][32] Other Important Information - Free cash flow generation reached its highest level since 2021, contributing to a reduction in net debt and an improvement in reported net leverage to 0.8x [20][21] - Share repurchases totaled $70 million in the quarter, with a year-to-date total of $131 million, reflecting a commitment to returning capital to shareholders [21][22] Q&A Session Summary Question: Regarding Property Management and REM - Management clarified that the moderating growth in Property Management is due to exiting low-margin contracts, primarily in Asia Pacific, while the U.S. still shows mid-single-digit growth [27][30] Question: On Free Cash Flow and Buybacks - Management indicated that share repurchases are expected to continue as long as no strong M&A opportunities arise [32][33] Question: On Agentic AI Solutions - The main benefit from AI solutions currently is efficiency gains, with productivity in Capital Markets significantly increasing due to AI tools [36][37] Question: Trends in Capital Markets - Management expressed a positive outlook for capital markets, noting steady recovery in transaction volumes and a strong pipeline heading into the fourth quarter [39] Question: On AUM and CRE Valuations - Management noted a slight increase in underlying values, suggesting that CRE valuations may have bottomed out [41] Question: On Property Management Growth - Management stated that while mid-single-digit growth is currently observed, they have higher ambitions for the future as restructuring progresses [46][47] Question: On Industrial Leasing Performance - Industrial leasing revenue grew 6% globally, with strong performance in the U.S., and management remains optimistic about the pipeline [48] Question: On Capital Markets Margins - Management sees significant upside potential for margins in the Capital Markets business, with a strong cohort of producers maintained during downturns [51] Question: On Fraud Charges and Credit Trends - Management confirmed that the charges related to fraud were primarily from two loans, with no indication of broader deterioration in credit trends [52][56]

Core Insights - Stack Capital Group Inc. reported its financial results for Q3 2025, highlighting a strong capital position and ongoing investments in high-growth technology companies [1][2]. Financial Summary - Book Value per Share ("BVpS") was $14.26 as of September 30, 2025, down from $14.34 at June 30, 2025 [4]. - Total Book Value reached $188.7 million [4]. - The company raised $35 million through a private placement during the quarter [4]. Portfolio Company Highlights - Stack Capital made significant investments in technology companies, including: - OpenAI: Invested US$8.0 million, focusing on generative AI and enterprise AI deployment [3]. - Databricks: Invested US$2.1 million in a unified cloud-based platform for data and AI workloads [9]. - PsiQuantum: Invested US$0.5 million in developing a silicon photonic quantum computer [9]. - Valuation of SpaceX increased from US$350 billion to US$400 billion during the quarter [4]. - Canva's valuation rose from US$32 billion to US$42 billion [4]. Management Commentary - The CEO of Stack Capital noted a robust IPO environment and strong momentum in private markets, particularly in AI, defense, and robotics, indicating attractive investment opportunities [5]. Breakdown of Book Value per Share - The detailed breakdown of Book Value per Share as of September 30, 2025, includes: - CoreWeave, Inc. (AI hyper-scaler): $2.37 - SpaceX: $2.28 - Canva, Inc.: $1.30 - Other notable investments include Locus Robotics, Omio, Hopper, and OpenAI, contributing to the overall Book Value per Share of $14.26 [5][6].

Group 1 - Dollar General is undergoing a digital transformation with the appointment of Travis Nixon as senior vice president of artificial intelligence optimization to enhance operations and customer experience [3][4][8] - The company reported a 5.1% year-over-year increase in net sales to $10.7 billion for Q2, with same-store sales rising by 2.8% and an upward revision of its full-year guidance [6] - Competitor Dollar Tree is also focusing on AI, with plans to replace legacy systems and improve various operational aspects, indicating a broader trend in the retail industry towards AI integration [5] Group 2 - The new executive role at Dollar General reflects a commitment to innovation and operational excellence through strategic AI integration [4][8] - AI is becoming a core component of retail operations, with other companies like Ralph Lauren and Lululemon also incorporating it into their executive strategies [3][4] - Nixon's previous experience includes leadership roles at Dropbox, Meta, and Microsoft, suggesting a strong background in AI and technology [8]