Shares of Jones Soda Co. (JSDA) have declined 4.7% since reporting results for the second quarter of 2025. This compares with the S&P 500 index’s 1.3% growth over the same time frame. Over the past month, the stock has lost 1.9% against the S&P 500’s 3.1% rally.The company posted revenues of $4.9 million for the quarter, down 26% from $6.7 million a year ago. Net income came in at $2.6 million, or 2 cents per share, reversing a net loss of $1.6 million, or 2 cents per share, in the year-ago period. The impr ...

Clarivate (CLVT) FY Conference Summary Company Overview - **Company**: Clarivate (CLVT) - **Industry**: Information services, workflow solutions, particularly in university, pharmaceutical, and legal sectors Key Points and Arguments Divestiture Plans - Clarivate is evaluating options to sell its IP business segment and expects to communicate the outcome by year-end results in February [3][5] - Maroon Murad will join as president of the IP segment effective September 8, indicating a commitment to innovation and growth in this area [4] Value Creation Plan (VCP) - The VCP launched in 2024 is on track, with measurable progress across key initiatives [7] - Annual Contract Value (ACV) and renewal rates are increasing, with 88% of revenue now from subscription and recurring sources, up from 80% last year [8][12] - Major operational changes in the sales organization have been completed, enhancing customer engagement and retention [9][10] Financial Metrics - Organic recurring revenue mix is currently at 88%, expected to stabilize at 84% for the full year due to disposals [12][14] - The company aims for mid-single-digit organic growth in the long term, with expectations of returning to a 3-4% growth rate in the A and G segment [29][68] AI Integration and Innovation - Clarivate has launched 10 AI-powered products and is aggressively introducing new AI capabilities across its segments [10][11] - The company has established an AI innovation center of excellence, with 4,800 academic institutions currently using its AI solutions [52][58] - AI is seen as a significant growth driver, particularly in the IP business, as more inventions seek patent protection [39][41] Segment Performance - **A and G Segment**: 93% of the A and G business is recurring with a 96% renewal rate. The introduction of subscription-based products is expected to drive growth [20][21][23] - **IP Business**: Experienced 1.5% growth in the first half of the year, with expectations of mid-single-digit growth in the long term [36][38] - **Life Sciences and Healthcare (LS and H)**: Stability in R&D spending and improved renewal rates for the Cortella suite of products. New product launches are anticipated to drive growth [47][50] Capital Allocation Strategy - Clarivate expects to generate mid-$300 million in free cash flow, focusing on share repurchases and debt repayment rather than M&A in the near term [65][66] - The company aims to reduce leverage over time while capitalizing on attractive stock value [66][67] Long-term Growth Outlook - Clarivate anticipates organic growth rates to align with industry growth rates, with a focus on increasing the proportion of subscription revenue [68][70] Additional Important Insights - The company is optimistic about growth opportunities in both developed and developing markets, fueled by continuous innovation and AI advancements [27][28][30] - Clarivate's strategic focus on enhancing its product offerings and customer engagement is expected to yield positive results in the coming years [11][19][50]

小食代留意到，澳洲媒体昨晚报道称，旗下拥有Pauls、Vaalia和Oak等品牌的法国乳企兰特黎斯在获得独家收购谈判权后，成为了恒天然消费品牌 业务的领先竞标者（the leading bidder）。 今天，恒天然方面回应称，对上述传闻不予置评。剥离消费品牌业务，是这家全球最大乳制品出口商近年来最重大的一个战略决定，该业务年营 收规模超200亿，涉及Anchor（安佳）、Anlene（安怡）等多个品牌。 小食代介绍过，目前，恒天然正在探索两种不同的业务剥离方案，即出售或IPO。最新传言意味着，如果兰特黎斯成功收购，恒天然消费品牌业 务将不再可能推进IPO。 下面，我们一起来关注下最新消息。 公司回应 来源：小食代 文：何丹琳 新西兰乳企巨头恒天然（Fonterra）计划剥离的消费品牌业务最终"花落谁家"？如如今，答案很可能是全球最大乳制品公司兰特黎斯 （(Lactalis）。 据《澳大利亚金融评论报》报道，兰特黎斯已获得独家收购谈判权（being granted exclusivity）。"恒天然出售'Mainland'（注：消费品牌业务的公 司名）即将完成，兰特黎斯领先。"该报道称。 这意味着，兰特黎斯已 ...

Financial Data and Key Metrics Changes - Revenue for the second quarter was $682 million, an increase of 3.3% compared to 2024, with a projected revenue for 2025 between $2.76 billion and $2.82 billion [14][22] - Adjusted EBITDA for the second quarter was $96.6 million, representing a 14.2% margin, compared to $91.1 million or 13.8% margin in 2024 [15][16] - Adjusted net income for the quarter was $20.5 million or $0.26 per share, compared to $19.3 million or $0.25 per share last year [18] Business Line Data and Key Metrics Changes - The Patient Direct business is projected to grow from approximately $450 million in annual revenue at acquisition in 2017 to between $2.76 billion and $2.82 billion in 2025 [9] - The sleep category, particularly sleep supplies, led overall growth, while diabetes supplies showed lower than planned performance [14][15] - Adjusted EBITDA for the year-to-date period was $192.7 million or 14.2% of revenue, compared to $160.3 million or 12.3% in the prior year [16] Market Data and Key Metrics Changes - Approximately 40% of American adults live with at least one chronic condition, driving demand for home-based health care [7] - The company expects to capitalize on strong sustainable tailwinds in the home-based care market due to demographic shifts and macroeconomic trends [6] Company Strategy and Development Direction - The company is in the final stages of divesting the Products and Healthcare Services segment, focusing exclusively on the higher-margin Patient Direct segment [5][6] - Future growth will be driven by disciplined growth through organic initiatives and strategic acquisitions, while also focusing on reducing stranded costs and improving profitability [10][11] - The company plans to evaluate selective acquisition opportunities that align with its strategic vision [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to lead in the evolving market, supported by favorable demographic trends [6] - The anticipated increase in stranded costs is expected as the company approaches the expected close of the divestiture [23] - Management expects limited impact from the loss of a contract with Kaiser in 2025, with the bulk of the transition occurring in 2026 [39] Other Important Information - The company reported $80 million in expenses related to the termination of the RoTEK acquisition, impacting financial results [12] - Net debt as of June 30 was $1.9 billion, an increase of $126 million since 2024, primarily due to the cash paid to terminate the RoTEK acquisition [19][20] Q&A Session Summary Question: Dynamics of the transaction and stranded costs - Management expects stranded costs to decrease by the second half of 2026 after the divestiture [25] Question: Medium-term trajectory of the diabetes business - Management noted a shift from DME to pharmacy and emphasized growth in their pharmacy capability [26][27] Question: Guidance on EBITDA and stranded costs - The expected increase in stranded costs is related to the anticipated divestiture of the PNHS business [70] Question: Impact of the one big beautiful bill on cash flow - The legislation is viewed as a net positive for the company financially, particularly regarding cash taxes [62] Question: Future acquisition considerations post-RoTEK - Future acquisitions will likely be smaller in scope, focusing on paying down debt and increasing free cash flow [66]

来源：内容编译自路透 ，谢谢 。 英特尔正在考虑剥离其网络与边缘计算业务，三位知情人士表示，这是这家芯片制造商在新任首席 执行官不再认为这些业务至关重要的背景下，为公司"瘦身"的一部分。 据称，这些业务曾在英特尔的财报中被称为"NEX"，而其潜在出售的讨论，是新任首席执行官陈 立武战略的一部分——他希望将英特尔数万名员工集中在公司历来表现最强的领域：个人电脑和数 据中心芯片上。 陈立武周一在台北参加英特尔成立40周年庆典时对高管们表示："这将是我们继续扩展和深化的方 向。"他补充称，英特尔目前在PC芯片市场占有约68%的份额，在数据中心市场占有约55%的份 额。 一位知情人士表示，英特尔已考虑何时以及如何退出NEX业务，并接触了一些对相关交易感兴趣 的第三方。 如果您希望可以时常见面，欢迎标星收藏哦~ 一位知情人士透露，英特尔目前正对其业务组合进行探讨，以决定是否在战略上更适合与他方合 作，或出售部分股权。 其中一位人士透露，英特尔近几周与投行进行了接触，准备遴选顾问来协助出售事宜。不过，另一 位消息人士称，英特尔目前还未聘请任何投行。 两位知情人士称，英特尔考虑出售NEX业务，是因为陈立武确立的新战略方向中 ...

Core Insights - Topgolf Callaway Brands Corp. (MODG) reported first-quarter 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, although total revenues declined year over year by 4.5% [1][4] - The company is divesting its Jack Wolfskin business to focus on core operations, improve resource allocation, and strengthen its balance sheet and liquidity [2] - Management remains optimistic about maintaining full-year revenue and adjusted EBITDA guidance, supported by a strong start to the year and favorable currency trends [3] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 was 11 cents, surpassing the Zacks Consensus Estimate of 4 cents, compared to 8 cents in the prior-year quarter [4] - Total revenues reached $1.09 billion, beating the consensus estimate by 3.1% [4] - Adjusted net income for the quarter was $20.3 million, up from $14.4 million in the prior-year quarter [8] Segment Performance - **Topgolf Segment**: Revenues were $393.7 million, down 6.8% from $422.8 million year-over-year, with an operating loss of $11.9 million compared to an income of $2.9 million in the prior-year quarter [5] - **Golf Equipment Segment**: Revenues were $443.7 million, a slight decline of 0.3% from $449.9 million year-over-year, with operating income increasing to $101.6 million from $82.1 million [6] - **Active Lifestyle Segment**: Revenues were $254.9 million, down 4.7% from $271.5 million year-over-year, attributed to the downsizing of the Jack Wolfskin business, though partially offset by growth in China [7] Cost Management and Outlook - Total costs and expenses for Q1 2025 were $1.03 billion, down from $1.08 billion in the prior-year period [8] - For Q2 2025, the company expects revenues between $1.075 billion and $1.115 billion, with adjusted EBITDA projected between $139 million and $159 million [11] - For the full year 2025, revenues are anticipated to be in the range of $4 billion to $4.19 billion, with Topgolf revenues expected between $1.68 billion and $1.79 billion [12]