Financial Data and Key Metrics Changes - Global sales for Q2 were $936 million, a decrease of 5% as reported or a negative 7% on a constant currency basis, with adjusted EBITDA margin at 21%, increasing 360 basis points year-over-year [12][20] - Adjusted earnings per share were $0.52, growing 7% compared to the prior year, driven primarily by active cost reduction programs [12][20] - Cash flow from operations was $48 million for the quarter, a decline from $28 million in the prior year quarter [21] Business Line Data and Key Metrics Changes - EDS (Endo, Resto, and preventative products) sales increased 1.1% on a constant currency basis, with growth in the rest of the world, but lower volumes in Europe and the US [22] - OIS (Orthodontic and Implant Solutions) sales declined 19.4% in constant currency, with BiTE accounting for over half of the decline [22] - CTS (Connected Technology Solutions) sales fell 5.9% in constant currency, with double-digit growth in imaging in Europe offset by declines in CADCAM and imaging in the US [22] Market Data and Key Metrics Changes - US sales in Q2 were $293 million, down 18% in total or 11% excluding the BiTE impact, primarily driven by softness in connected technology solutions and orthodontic and implant solutions [14] - European sales were approximately $400 million, flat compared to Q2 of the prior year, with Germany showing growth driven by CTS and SureSmile, which was up over 27% [15] - Rest of world sales were $239 million, slightly up versus the prior year, with growth in essential dental solutions and SureSmile up double digits [15] Company Strategy and Development Direction - The company aims to enhance customer experience and support through simplified interactions and increased strategic investments [10] - Focus on innovation and speed to market, with a goal to shape the future of markets by partnering with practitioners [10] - The DS Core platform is a critical element of the strategy, with 50,000 unique users and increasing connected devices and lab orders processed [10] Management's Comments on Operating Environment and Future Outlook - Management noted that global patient volumes and procedures remained largely unchanged, with a focus on long-term strategies rather than short-term market fluctuations [32] - The company is maintaining its full-year 2025 outlook for sales, adjusted EBITDA margin, and adjusted EPS despite current challenges [26] - Management emphasized the importance of focusing on customer needs and improving execution to drive growth [95] Other Important Information - The company recorded a non-cash after-tax charge of approximately $214 million related to the impairment of goodwill and other intangible assets within the OIS and CCS segments [20] - The company completed a $550 million hybrid bond offering in Q2, enhancing financial flexibility [21] Q&A Session Summary Question: Overview of the broader dental market - Management indicated that patient volumes remain stable, but procedural utilization in elective areas like implants and ortho continues to be soft, with a focus on long-term strategies [31] Question: Distributor stock dynamics - Management noted no significant revenue impact from distributor stock changes, with healthy positions in imaging and CADCAM [34] Question: Motivation for joining Dentsply - The new CEO expressed interest in applying operational experience to enhance Dentsply's performance and accelerate growth [39] Question: Performance of implants - Management reported a decline in premium implants due to the transition from legacy brands, with expectations for growth driven by sales force changes and new consumer experiences [43] Question: Tariff assumptions - The annualized impact of tariffs has increased from $50 million to $80 million, with ongoing efforts to mitigate costs through supply chain efficiencies [48] Question: Adjustments on BiTE - A $4 million adjustment was noted for BiTE in Q2, with no further changes anticipated for the second half of the year [52] Question: Portfolio assessment - The CEO believes Dentsply is well-positioned in the market, with a focus on organic growth while remaining open to opportunistic acquisitions [58] Question: Market share dynamics in implants - Management acknowledged challenges in the value implant segment due to Middle East volatility but expects stronger performance in the second half of the year [90]

Core Insights - Temasek aims to build a resilient investment portfolio that can navigate through economic cycles, emphasizing long-term returns over short-term performance [1][2] - The company's net asset value reached SGD 434 billion, an increase of SGD 45 billion from the previous fiscal year, with a one-year total shareholder return of 11.8% [1] - Temasek's investment strategy has evolved alongside the Chinese market, focusing on sectors like energy transition and life sciences [1][2] Investment Strategy - Temasek's investment portfolio is divided into three main segments: Singapore-based assets (41%), global direct investments (36%), and cooperative investment projects (23%) [3][4] - The Singapore-based assets include well-known companies such as Singapore Airlines and DBS Bank, providing stable long-term returns [3] - Global direct investments align with structural trends like digitalization, sustainability, and new consumption, allowing Temasek to navigate different economic cycles [4] Early-Stage Investments - Temasek continues to invest in early-stage companies but maintains a limit, with early investments not exceeding 6% of the global portfolio [5][6] - The company focuses on supporting successful companies through multiple funding rounds, exemplified by its ongoing investment in Innovent Biologics [5][6] Focus on China - Temasek's exposure to Chinese assets is 18%, slightly down from 19% in the previous fiscal year, but the net asset value in China increased by approximately SGD 4 billion [6][7] - The company emphasizes innovation as a key investment theme, noting the shift in China's competitive advantages from manufacturing to engineering and R&D [6][7] New Consumption Trends - Temasek observes a significant shift in the perception of Chinese brands, moving from low-cost to premium branding, as seen with companies like Pop Mart and LABUBU [9][10] - The emergence of brands that offer emotional value and aesthetic appeal indicates a new era for Chinese consumer products, with potential for global market success [9][10] Stablecoin Insights - Temasek recognizes the early-stage development of stablecoins and their potential in enhancing payment efficiency and reducing cross-border transaction costs [11] - The company is monitoring the regulatory landscape surrounding stablecoins, emphasizing the importance of regulatory alignment for long-term viability [11]

Group 1: Industrial Growth in Hunan - Hunan's industrial added value increased by 8.1% year-on-year from January to May, 1.2 percentage points faster than the same period last year [1] - The equipment manufacturing sector showed strong support, with an added value growth of 12.9%, contributing 4.1 percentage points to industrial growth [1] - Specific sectors such as metal products grew by 23.6%, electronic information manufacturing by 16.2%, and electrical machinery and equipment manufacturing by 14.4% [1] - The raw materials sector maintained stable growth, with an added value increase of 8.4%, including a 14.2% growth in the non-ferrous sector and a 10.3% increase in non-metallic mineral products [1] - High-tech manufacturing also experienced rapid growth, with an added value increase of 13.9%, particularly in electronic and communication equipment manufacturing, which grew by 17.4% [1] - Production of high-tech products surged, with sensor output increasing by 28.1%, optoelectronic devices by 40.2%, and industrial control computers and systems by 77.7% [1] Group 2: Service Sector and Investment Trends - From January to April, the revenue of large-scale service enterprises in Hunan grew by 4.4%, with 29 out of 34 industries reporting revenue growth, expanding the growth coverage to 85.3% [2] - The technology service sector showed high growth rates, with research and experimental development revenue increasing by 14.6%, technology promotion and application services by 12.4%, and professional technical services by 12.1% [2] - Profitability in the service sector improved significantly, with total profits of large-scale service enterprises increasing by 21.1%, 27.1 percentage points higher than the previous year [2] - Fixed asset investment in Hunan grew by 3.8% year-on-year from January to May, 0.6 percentage points faster than the previous four months [2] - Industrial investment saw a notable increase of 14.2%, 1.9 percentage points faster than the previous four months, while high-tech industry investment grew by 9.5% [2] - Investment in equipment renewal and transformation was substantial, with equipment and tool purchases increasing by 28.2%, 20.3 percentage points faster than the previous year [2]

Group 1 - KPMG highlights that despite global economic uncertainties, the Chinese economy demonstrates strong internal momentum and adaptability [1] - Looking ahead to the second half of the year, KPMG anticipates continued robust growth in the Chinese economy, supported by a large consumer market and a complete supply chain system [1] - The current phase of increased innovation investment and industrial transformation in China is expected to generate more globally competitive innovative outcomes [1]

Financial Data and Key Metrics Changes - The company reported record fee-based revenue of $315 million in the first quarter, representing a 67% year-over-year increase, and now has an annualized fee-based revenue of nearly $1.3 billion [23] - The loan platform business has reached an annualized run rate of over $6 billion in originations, contributing more than $380 million in additional high-margin, high-return fee-based revenue [23] Business Line Data and Key Metrics Changes - In the SoFi Money segment, the rollout of self-service wires was completed, making it the only company offering digital person-to-person payments via phone number or email [21] - SoFi Invest improved its single stock presentations and expanded alternative investment opportunities, including investments in privately held companies like Anthropic [21] Market Data and Key Metrics Changes - The appetite for loans from members and capital markets remains strong, with the company achieving its best quarter ever for originations, selling or transferring over $3 billion in personal and home loans [25] - The company signed over $8 billion in loan platform business partnerships, which is expected to accelerate volume in the second quarter [25] Company Strategy and Development Direction - The company is focused on diversifying revenue towards more capital-light, fee-based sources to ensure durable growth and strong returns [23] - Investments are being accelerated in innovation and brand building, with a strong belief in the growth potential of the business [20] Management's Comments on Operating Environment and Future Outlook - Management expressed strong conviction in the company's outlook and emphasized the importance of investing during economic uncertainty to drive member and product growth [20] - The company is building from a position of strength as a comprehensive digital platform, with a relevant value proposition for its members and clients [20] Other Important Information - The company plans to launch additional products and features, including a personal loan product for prime credit card customers and new AI-driven features [22] - The company does not take on ongoing credit risk or capital requirements for loans, which presents an opportunity to generate more fee-based revenue [26] Q&A Session Summary Question: How are you thinking about investing in the business during this time of economic uncertainty? - Management is accelerating investments in innovation and brand building, citing strong member and product growth as a result [20] Question: How do you plan to further diversify your revenue? - The company is on a path to diversify revenue towards capital-light, fee-based sources, achieving record fee-based revenue of $315 million in Q1 [23] Question: What is the current appetite for SoFi's loans from consumers and the capital markets? - The appetite remains strong, with record originations and significant partnerships signed to drive future volume [25]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $247 million, a slight decline from $249 million in Q1 2024, reflecting a decrease of $2 million or 1% year-over-year [11][20] - Gross profit percentage decreased to 19% in Q1 2025 from 20% in Q1 2024, indicating a decline in profitability [21] - The company reported a net loss of $7 million for Q1 2025, compared to a net income of $32 million in the prior year, a decrease of $39 million [21][22] - Operational EBITDA for Q1 2025 was $2 million, down from $4 million in Q1 2024, reflecting a decline of $2 million [22] Business Line Data and Key Metrics Changes - The Advanced Materials and Chemical Group (AM and C) is highlighted as crucial for Kodak's future, with ongoing investments in growth initiatives [11][12] - The commercial print business is transitioning from controlled introduction to controlled production of the Prosper Ultra 520 press, with several units being installed at customer sites [12] Market Data and Key Metrics Changes - Demand for various types of film, including still motion picture and NDT, continues to grow, prompting investments in expanding film production capacity [12] - The company remains committed to U.S.-based manufacturing, which is expected to reduce environmental impact and ensure high quality and reliable supply [13][27] Company Strategy and Development Direction - Kodak is focused on operational efficiencies and cost reductions, having shut down unprofitable businesses to concentrate on growth areas [9][19] - The company is committed to maintaining and expanding U.S. manufacturing across all business lines, which is part of its long-term strategy [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty but emphasized the company's commitment to executing its long-term plan [8][19] - The management expressed confidence in the core business performance and the potential for long-term gains despite short-term challenges related to tariffs [10][28] Other Important Information - The termination and settlement process for the U.S. Pension plan is proceeding as planned, with expectations to use reverted assets to reduce long-term debt [15][17] - The company ended Q1 2025 with a cash balance of $158 million, a decrease of $43 million from the end of 2024, primarily due to investments in growth initiatives and increased costs [22][25] Summary of Q&A Session - There was no formal Q&A session during the call, but the Investor Relations team is available for follow-up inquiries [7]