Core Viewpoint - Alibaba reported its Q2 FY2026 earnings with revenue of 247.8 billion yuan, a 5% year-over-year increase, and a net profit of 20.6 billion yuan, down 53% year-over-year, primarily due to a decline in operating profit [1][2]. Financial Performance - Revenue for Q2 FY2026 was 247.8 billion yuan, with a 5% year-over-year growth. Excluding disposed businesses, the year-over-year growth would be 15% [1]. - Net profit was 20.6 billion yuan, reflecting a 53% decline year-over-year. Adjusted net profit was 10.4 billion yuan, down 72% year-over-year [1][2]. Cloud Business Outlook - The management expressed strong confidence in the growth potential of Alibaba Cloud, citing high demand for AI servers that exceeds supply. The backlog of orders continues to grow, indicating a sustained acceleration in future growth [3]. Instant Retail Business Developments - The company has focused on optimizing unit economics in its instant retail business, achieving significant progress. The average order value has increased, and logistics costs have decreased, leading to a reduction in losses per order by half compared to previous months [4][5]. - Instant retail has shown rapid growth, particularly in food and health categories, with a 30% increase in orders from brands like Hema and Cat Supermarket since August [5]. EBITDA and CMR Insights - The EBITDA for the September quarter is expected to be a peak due to prior investments. Future quarters may see reduced investments as operational efficiency improves [6]. - The core e-commerce business's customer management revenue (CMR) is influenced by payment fees and promotional costs, with expected slower growth in the next quarter due to the recent introduction of payment fees [6]. Capital Expenditure Plans - The company has a three-year capital expenditure plan of 380 billion yuan, with 120 billion yuan already invested in the past four quarters. Management may increase investments if demand continues to outpace supply [8][9]. - The return on investment for capital expenditures remains uncertain due to the evolving nature of the AI industry, but long-term demand growth is expected to support investment returns [9][11]. Strategic Focus Areas - Alibaba is prioritizing the enhancement of its AI infrastructure and model capabilities to meet customer demands. The focus includes improving the efficiency of AI resource utilization and expanding high-value application scenarios [10][11]. - The company is also exploring potential growth in other consumer sectors, including offline retail and travel services, while emphasizing the importance of business integration and collaboration [12].

Core Insights - Maersk reported strong financial performance for Q3 2025, driven by operational improvements and proactive cost measures, achieving growth across all business segments [1] - The company adjusted its full-year financial guidance based on Q3 results, with EBITDA expected to be between $9 billion and $9.5 billion, up from the previous range of $8 billion to $9.5 billion [2] Financial Performance Summary - **Revenue**: Total revenue for Q3 2025 was $14.206 billion, down from $15.762 billion in Q3 2024 [2] - **EBITDA**: EBITDA for Q3 2025 decreased by 44% year-on-year to $2.686 billion, exceeding analyst expectations of $2.58 billion [1][2] - **Segment Performance**: - **Ocean**: Revenue of $9.177 billion and EBITDA of $1.787 billion [2] - **Logistics & Services**: Revenue of $3.983 billion and EBITDA of $468 million [2] - **Terminals**: Revenue of $1.448 billion and EBITDA of $501 million [2] - **Capital Expenditures (CAPEX)**: CAPEX for Q3 2025 was $1.204 billion, compared to $941 million in Q3 2024 [2] Management Commentary - CEO Vincent Clerc highlighted the company's ability to deliver strong performance across all business areas and assist clients in adapting to market fluctuations [1][2]

Core Insights - Telenor's quarterly earnings slightly missed market expectations, primarily due to rising costs in Malaysia, leading to a negative adjustment of 500 million Norwegian Krone (approximately 49.8 million USD) [1][2] - The adjusted EBITDA for Q3 increased from 9.21 billion Krone to 9.54 billion Krone year-on-year, but fell short of the market's average expectation of 9.6 billion Krone [1] - The overall performance of Telenor was largely in line with market consensus, supported by strong results in its core Nordic markets [1] Financial Performance - Telenor's Q3 adjusted EBITDA reached 9.54 billion Krone, reflecting a 4.1% growth in the Asian market, driven by the performance of Grameenphone in Bangladesh, where Telenor holds a 55.8% stake [1] - The cautious spending attitude of consumers in Bangladesh remains a concern due to the impact of last year's macroeconomic challenges [1] Market Challenges - Rising costs and adverse factors related to 5G in the Malaysian market are increasingly affecting Telenor's operations [1] - The negative adjustment of 500 million Krone for the Malaysian CelcomDigi company is linked to cost changes associated with its 5G network operations [2]

Core Viewpoint - The article discusses the importance of understanding value investing and critiques common Wall Street theories, particularly focusing on the misleading nature of terms like EBITDA, EMH, and Beta, as emphasized by investment legends like Buffett, Graham, and Fisher [1][3][9]. Summary by Sections Investment Philosophy - The article begins by highlighting the insights of Yang Yuebin, a fund manager who recently attended the Berkshire Hathaway shareholder meeting, emphasizing the essence of value investing through the "duck-rabbit illusion" [1][6]. - It references Graham's warnings about the dangers of superficial knowledge in investing and the misleading theories that can arise from it [2][3]. Critique of Wall Street Theories - The author critiques the Efficient Market Hypothesis (EMH), Beta, and EBITDA, arguing that these concepts mislead investors and undermine the foundations of modern portfolio theory [3][4]. - Buffett's repeated criticisms of these theories are noted, suggesting they challenge the prevailing investment philosophies in both Western and emerging markets [4][7]. Risk and Return Analysis - The article stresses that investment decisions should be based solely on risk and return analysis, without unnecessary complications [4][5]. - It discusses the psychological aspect of investing, using the "duck-rabbit illusion" to illustrate how different perspectives can lead to varying interpretations of risk and return [5][6]. Misinterpretation of EBITDA - The article delves into the pitfalls of using EBITDA as a measure of profitability, arguing that it ignores essential costs like depreciation, which can lead to significant misjudgments about a company's financial health [11][12]. - Buffett's disdain for EBITDA is highlighted, with examples illustrating how it can mislead investors regarding a company's true earnings potential [11][12][19]. Conclusion and Future Outlook - The article concludes by emphasizing the need for investors to be wary of misleading financial jargon and to maintain a clear understanding of risk and return to avoid falling into the "duck-rabbit illusion" [23][24]. - It reflects on Buffett's legacy and the importance of his teachings in guiding future investors [26][27].

Financial Data and Key Metrics Changes - The company reported total organic growth of 6% in Q1, at the top end of previous guidance [6] - Adjusted EBITDA was $215 million with a margin of 17.2%, exceeding the high end of Q1 guidance due to strong execution [7] - Earnings per share (EPS) was $1.62, reflecting benefits from share repurchases and a planned increase in the tax rate [7] - Free cash flow conversion was 40%, highlighting progress on accounts receivable collections [7] Business Line Data and Key Metrics Changes - ATM Managed Services and Digital Retail Solutions (AMS DRS) grew over 20% for the fourth consecutive quarter, now representing a quarter of total business [6][8] - Cash and Valuables Management (CVM) grew 1% organically, with strong performance in Global Services contributing to overall growth [18] - The Global Services business saw elevated precious metal movement, leading to improved year-over-year growth [8] Market Data and Key Metrics Changes - North America experienced constant currency growth of 4% and organic growth of 2%, with DRS growth highlighted by new customer onboarding [13] - Latin America reported 7% organic growth, but this was offset by currency devaluation, particularly in Mexico and Argentina [14] - Europe grew revenue by 5% organically, with AMS DRS mix increasing to 42% of total revenue [15] Company Strategy and Development Direction - The company is focused on maximizing growth potential in AMS DRS, expanding margins, and executing a capital allocation framework [7][10] - The strategy includes increasing network density and improving routing flexibility to support profit margin expansion [25] - The company is exploring accretive M&A opportunities that align with its capital allocation framework [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid economic uncertainty, citing a diversified global footprint and strong customer relationships [24][25] - The outlook for the second quarter includes expectations for continued mid-single-digit organic growth and EBITDA between $200 million and $225 million [10][34] - Management remains cautious about the Global Services business due to slowing growth trends observed in early Q2 [19] Other Important Information - The company repurchased 1.3 million shares at an average price of $87.62, representing about 3% of outstanding shares [9] - A third consecutive annual increase in the quarterly dividend was announced, reflecting a commitment to shareholder returns [9][31] Q&A Session Summary Question: Can you talk about your tariff exposure? - Management indicated no significant direct exposure to tariffs, as most costs and revenues are in the same currency and services are not heavily imported [39][40] Question: Can you discuss pricing trends in Latin America? - Management confirmed that pricing strategies are in place to offset currency devaluations, particularly in highly inflationary markets like Argentina [42][43] Question: What are the drivers for the second quarter margin guidance? - Key drivers include FX impacts, interest income from Argentina, and restructuring actions, with expectations for improved margins in the second half of the year [50][51][55] Question: What is the expected impact of interest income on EBITDA for the full year? - Management expects a headwind of approximately $4 million to $5 million per quarter from reduced interest income [56] Question: What are the growth expectations excluding last year's equipment sales? - Management anticipates continued growth trajectory in DRS AMS, despite a couple of points of headwind from last year's equipment sales [62][63] Question: Why is AMS DRS expected to be more resilient to macro softness? - The larger white space and subscription-based revenue model of AMS DRS provide more consistent revenues compared to traditional CIT business [70][71]

Group 1 - AppLovin reported strong Q1 performance with revenue of $1.48 billion, a 40% year-over-year increase, exceeding market expectations [1] - The adjusted earnings per share for Q1 were $1.67, also surpassing market forecasts [1] - The company agreed to sell its mobile gaming division to Tripledot Studios to focus on its advertising technology business [1] Group 2 - Morgan Stanley raised its target price for AppLovin from $350 to $420, maintaining an "overweight" rating due to optimism about future growth [1] - Morgan Stanley is more optimistic about AppLovin's execution in core advertising products, estimating non-gaming products contributed approximately $150 million in revenue in Q2 [1] - UBS also raised its target price for AppLovin from $450 to $475, maintaining a "buy" rating based on profit growth outlook [1] Group 3 - UBS increased its EBITDA forecast for AppLovin for FY2026 by 7.4% to $6.1 billion, reflecting faster growth in web-based advertising revenue [2] - The faster transition to self-service advertising platforms is expected to stimulate new advertiser demand, although it may not guarantee sustained revenue acceleration [2] - UBS noted the willingness to meet advertiser needs, which should help further stimulate demand from new advertisers [2]

FINANCIAL RESULTS FY25 4Q SUPPLEMENTAL FINANCIAL PRESENTATION March 17, 2025 Forward Looking Statements In addition, these slides should be read in conjunction with our earnings press release dated March 17, 2025 along with listening to or reading a transcript of the management comments delivered in an earnings conference call held on March 17, 2025. All information in these slides are as of March 17, 2025. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to ...