Summary of Rogers Communications FY Conference Call Company Overview - **Company**: Rogers Communications (NYSE: RCI) - **Date of Conference**: September 25, 2025 Key Points Industry Insights - The Canadian wireless pricing environment is stabilizing, with flanker and fighter brand pricing increasing by double digits [2] - The market is competitive but more stable compared to previous years, with less heavy discounting observed [2] - Subscriber growth in the sector is projected to be around 3%, translating to nearly 1 million new customers [3] Customer Retention and Churn Management - Rogers is focusing on reducing churn, reporting improvements in churn rates compared to previous years [3] - Initiatives such as add-a-line promotions and bundling services (wireless and broadband) are being employed to enhance customer relationships and reduce churn [7][9] - The Rogers Bank credit card program is contributing to customer loyalty through discounts that exceed competitors' offerings [8] Wireline and Wireless Integration - The acquisition of Shaw has expanded Rogers' wireline market presence, allowing for coast-to-coast bundling of services [4] - Fixed wireless capabilities are being utilized effectively in regions where Rogers lacks a wireline footprint, particularly in Quebec and parts of Ontario [10] Financial Performance and Margins - Cable margins are currently at 58%, with expectations to reach 59% again, while wireless margins are around 64% to 66% [12] - The company is focused on driving growth in subscribers, revenues, and free cash flow while maintaining capital efficiency [12] MLSE Acquisition and Future Plans - Rogers has acquired a 75% stake in MLSE and is in discussions to buy out the remaining 25% stake held by a minority partner [15][17] - The integration of MLSE is expected to create significant cost and revenue synergies, particularly in live entertainment and sponsorship opportunities [20] - The combined value of MLSE and Rogers Sports & Media is estimated to be around CAD 20 billion, with potential for substantial growth [25] Leverage and Debt Management - Current leverage is approximately four times, with efforts to reduce it through capital deployment and asset sales [26] - The company aims to maintain a leverage ratio of around 3.9 to 4 times by year-end [28] Market Conditions and Asset Sales - The real estate market remains soft, and Rogers is not aggressively pursuing asset sales but is open to trimming surplus real estate holdings [30] - The focus remains on the MLSE transaction as the largest opportunity for capital monetization [30] Conclusion - Rogers Communications is strategically positioning itself in a stabilizing Canadian wireless market while focusing on customer retention, financial efficiency, and leveraging its recent acquisitions to drive future growth and profitability [2][3][12][25]

Financial Data and Key Metrics Changes - Total adjusted sales grew 13% to $740 million year over year, with organic sales growth at 17% when excluding landing gear sales from the previous year [8] - Adjusted EBITDA increased 18% to $86.7 million, with adjusted EBITDA margins rising to 11.7% from 11.3% [8] - Adjusted diluted EPS increased by 27% to $1.08 from $0.85 in the same quarter last year [9] Business Line Data and Key Metrics Changes - Parts supply sales grew 27% to $318 million, with adjusted EBITDA for this segment increasing by 34% [9] - Repair and engineering sales decreased 1% to $215 million, but organic sales growth was 8% when excluding the impact of landing gear divestiture [10] - Integrated solutions sales increased by 10% year over year to $185 million, with adjusted operating income rising by 5% [11] Market Data and Key Metrics Changes - Adjusted sales growth to government customers increased 21%, while adjusted organic sales to commercial customers increased 15% [8] - Total commercial sales accounted for 71% of total sales, with government sales making up the remaining 29% [8] Company Strategy and Development Direction - The company is focused on driving growth through market share capture and new business, improving margins through cost efficiency, and increasing intellectual property through software investments [5] - The acquisition of Aerostrat is expected to enhance software capabilities and expand the reach of the Trax software solution [7] - The company aims to continue strengthening its offerings with targeted acquisitions to accelerate its strategy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving organic sales growth approaching 10% for the full fiscal year, up from the previously cited 9% [14] - The company noted a strong start to the year and highlighted the strength of its business in the growing aviation aftermarket [14] - Management indicated that the supply of used serviceable materials (USM) is improving, which is expected to positively impact margins in the future [25][26] Other Important Information - The company invested over $50 million in inventory to support future growth, particularly in the parts supply segment [12] - The net debt leverage increased slightly from 2.72 times to 2.82 times due to organic and inorganic investments made during the quarter [11] Q&A Session Questions and Answers Question: What is behind the slight uptick in full-year expectations? - Management indicated that parts supply is leading the way with a strong quarter showing 27% organic growth [17] Question: Can you comment on the pipeline for new distribution agreements? - The majority of recent wins have been from taking market share, with a different exclusive distribution model resonating well with OEMs [18] Question: Do you still expect to outgrow the market within distribution? - Management maintained the outlook for distribution, expecting to continue growing above market rates [20] Question: What are the cross-selling opportunities within repair and engineering? - Management stated they are in the early stages of executing their cross-selling strategy, with a long pipeline of opportunities [22] Question: Has the trend in USM sales continued into the current quarter? - Management confirmed a meaningful growth in USM business, driven by a loosening supply of assets [25] Question: What is the margin opportunity for parts supply if more USM comes available? - Management expects margins to expand as more supply comes onto the market, although current margins in USM are tighter than historically [26] Question: Is there an agreement with Aerostrat employees to ensure retention? - There is a three-year earnout associated with the transaction to incentivize key team members to stay [28] Question: What is the company's exposure to engine-related aftermarket services? - Management confirmed significant exposure, with 80% of USM parts business related to engines [34] Question: How far along is Trax in becoming a digital marketplace? - Management indicated that investments are being made to leverage Trax's position for offering parts and repair solutions [36]

Core Insights - GoPro's Q2 2025 results showed a wider-than-expected non-GAAP loss per share of 8 cents, compared to the consensus estimate of a 7-cent loss, and a loss of 24 cents per share in the same quarter last year [2][4] - Revenue for Q2 2025 was $152.6 million, down 18% year-over-year, but within the company's expectations and beating the consensus mark by 3.4% [3][4] - The company anticipates a return to revenue growth and profitability starting in Q4 2025, driven by new product launches [4][15] Financial Performance - GoPro sold 500,000 camera units in Q2 2025, a decrease of 23% year-over-year [5] - Revenue from GoPro.com was $41 million, accounting for 27% of total revenues, down 16% year-over-year [5] - Subscription and service revenue reached $26 million, with a subscriber base of 2.45 million, reflecting a 3% decline year-over-year [5] - Retail channel revenues were $111 million, representing 73% of total revenues, down 19% year-over-year [6] - Revenue from the Americas increased by 11% year-over-year, while EMEA and Asia-Pacific revenues fell by 46% and 43%, respectively [7] Margin and Cost Management - Non-GAAP gross margin improved to 36% from 30.7% in the prior year [8] - Non-GAAP operating loss was $8.5 million, significantly reduced from a loss of $35.4 million in the previous year [8] - Operating expenses decreased to $63.4 million from $92.6 million year-over-year [8] Future Guidance - For Q3 2025, GoPro projects revenues of $160 million, a 38% year-over-year decline, with a non-GAAP loss per share of 4 cents [12][13] - The company plans to introduce two new cameras in 2025, including the Max 2 360, and expects to reduce full-year operating expenses to $240–$250 million [13][14] - GoPro aims to offset tariff costs through modest price increases and diversifying its supply chain [14] Market Position and Estimates - The consensus estimate for GoPro has seen a downward revision of -316.67% recently [16] - GoPro currently holds a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [18] - In comparison, Sonos, a competitor in the same industry, reported a year-over-year revenue decline of 13.2% but has a Zacks Rank 2 (Buy) [19][20]

Group 1 - The core viewpoint of the article highlights Douyu's financial performance in Q2 2025, showcasing significant revenue growth and profitability [1][2] - Douyu's total revenue reached 1.054 billion yuan, marking a steady increase compared to the same period last year [1] - The innovative business, advertising, and other income segments generated 476 million yuan, reflecting a year-on-year growth of 96.8%, and accounting for 45.2% of total revenue, up from 23.4% a year ago [1] Group 2 - The company achieved a gross profit of 142 million yuan, with a year-on-year increase of 68.5%, and a gross margin of 13.5% [1] - Net profit for the quarter was 37.83 million yuan, with an adjusted net profit of 25.28 million yuan, indicating profitability for the quarter [1] - The platform's mobile MAU (Monthly Active Users) stood at 36.4 million, with 2.8 million paying users and an average ARPPU (Average Revenue Per Paying User) of 255 yuan [1] Group 3 - Douyu's co-CEO emphasized the company's commitment to revenue diversification and cost efficiency amid changing macroeconomic conditions and industry competition [2] - The company plans to continue enhancing the commercialization of its innovative business and expand industry partnerships while upgrading event strategies [2] - Future efforts will focus on optimizing user experience and operational efficiency, providing high-quality gaming events and entertainment content to ensure sustainable development of the platform and content ecosystem [2]

Financial Data and Key Metrics Changes - Net income for the second quarter was 13.6 billion pesos, up 62% sequentially, with a return on equity (ROE) of 6% driven by higher net financial income and lower inflation adjustment [11][12] - Clients' net financial income increased by 10%, supported by wider spreads on higher loan volumes, while market-related net financial income grew by 15% quarter on quarter [11][12] - Loan loss provisions rose by 32%, reflecting loan growth and higher risk weighting from retail lending [12][15] Business Line Data and Key Metrics Changes - Total loans increased by 14% sequentially and 71% year on year in real terms, with retail loans up 130% year on year, accounting for 47% of the total loan book [13][14] - Commercial lending grew by 23% quarter on quarter, now representing 53% of the portfolio, reflecting a disciplined credit stance [13][14] - The non-performing loan (NPL) ratio was 2.7%, with retail delinquency at 4.5%, indicating credit normalization [14][15] Market Data and Key Metrics Changes - Total funding increased by 30% year on year and 6% sequentially, with US dollar deposits up 154% year on year, reaching a record high of $943 million [16][17] - The loan to deposit ratio increased to nearly 72%, while leverage stood at 6.5x, well below historical levels [5][16] - Net interest margin expanded by 160 basis points sequentially to 20.8%, supported by strong spreads in both client and market-related portfolios [18][19] Company Strategy and Development Direction - The company is transitioning towards a more credit-driven balance sheet, with loans now accounting for 48% of total assets, up 25 percentage points since December 2023 [5] - The strategic focus includes enhancing client engagement through innovative products and services, such as a remunerated account and an integrated online store [6][7][8] - The company anticipates economic growth and credit expansion to resume post-election, supported by structural reforms [5][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment presents near-term headwinds due to election-related uncertainty, tight peso liquidity, and high real interest rates, but remains optimistic about post-election recovery [4][5] - The company expects real loan growth between 40% to 50% in 2025, contingent on monetary policy and regulatory developments [20][21] - Management anticipates net fee income growth of 10% in real terms this year, driven by higher bank fees and improved insurance penetration [21] Other Important Information - The CET1 ratio is expected to close the year between 12% to 13%, with potential upside if regulators approve Basel III operational risk treatment for group two banks [22] - The company is focused on driving efficiencies in headcount and costs, aiming for a contraction in expenses of 5% to 8% [21] Q&A Session Summary Question: On asset quality and cost of risk - Management acknowledged the increase in the NPL ratio but emphasized it remains below historical standards, indicating a healthy credit portfolio [26][27] - The cost of risk is expected to stabilize between 5% to 5.5% for the year, with no anticipated increases beyond this range [31][32] Question: On ROE expectations for next year - Management expects ROE to improve towards year-end, potentially reaching 15% in 2026, contingent on stabilization of monetary policy [34][35] Question: On growth guidance revision - The downward revision is attributed to macroeconomic transitions and funding scarcity, with expectations for recovery post-elections [39][41] Question: On NIM expectations - Management anticipates a balanced contribution from retail and commercial loans to NIM, with adjustments made based on credit conditions [96][97] Question: On interest rate volatility - Management believes the current high interest rates are transitory and will ease after the upcoming elections, impacting the overall economy positively [63][66] Question: On international financial institutions entering the market - There is optimism regarding new players entering the Argentine market, which is seen as a positive signal for business confidence [100][101]

Core Insights - Vontier reported strong Q2 2025 results, with adjusted EPS of $0.79 exceeding expectations of $0.72 and revenue of $773.5 million surpassing the forecast of $734.5 million, indicating broad-based strength in its segments [1][2] - The company raised its full-year 2025 financial outlook but expressed caution regarding volume growth in the second half of the year due to mixed conditions in its portfolio [1][12] Financial Performance - Adjusted EPS increased by 25.4% year-over-year from $0.63 in Q2 2024 to $0.79 in Q2 2025 [2] - Revenue grew by 11.1% year-over-year from $696.4 million in Q2 2024 to $773.5 million in Q2 2025 [2] - Adjusted free cash flow surged by 241.7% year-over-year, rising from $25.9 million in Q2 2024 to $88.5 million in Q2 2025 [2] Business Segments - Mobility Technologies segment saw a 17.9% increase in sales, driven by demand for digital payment platforms and enterprise productivity software, with operating profit rising by 29.9% [5] - Environmental & Fueling Solutions reported a 16.2% sales increase and an 18.4% rise in operating profit, benefiting from investments in the convenience retail channel [6] - Repair Solutions segment experienced flat sales year-over-year, with a 2.2% decline in operating profit, reflecting macroeconomic pressures [7][8] Innovation and Strategy - Innovation is a key focus for Vontier, with successful new product introductions in digital payment and enterprise productivity solutions contributing to strong performance [9] - The company completed the acquisition of Sergeant Sudz, reinforcing its strategy of targeted growth and expanding into adjacent product areas [10] - Vontier is actively managing its supply chain to reduce exposure to China and mitigate tariff impacts [10] Outlook - Full-year 2025 adjusted diluted net EPS guidance increased to a range of $3.10 to $3.20, with revenue guidance set at $3.02 billion to $3.07 billion [11] - For Q3 2025, the company anticipates revenue of $745 million to $755 million, with flat core sales growth and adjusted diluted net EPS of $0.74 to $0.78 [11] - Management has communicated a cautious outlook for the second half of 2025, particularly regarding volume growth and demand in Repair Solutions and car wash systems [12]

Financial Data and Key Metrics Changes - The company reported record full-year results of $2,800,000,000, up 20% over the prior year [8] - Adjusted EBITDA margin increased by 140 basis points to 11.8% in fiscal year 2025 [8] - Adjusted diluted earnings per share reached $3.91 compared to $3.33 last year, reflecting a 32% increase [9] Business Line Data and Key Metrics Changes - Parts Supply sales grew 17% to $306,000,000, with above-market growth of over 20% in new parts distribution activities [18][19] - Repair and Engineering sales increased 3% to $223,000,000, with organic sales growth of 8% when excluding the landing gear divestiture [21] - Integrated Solutions adjusted sales increased by 10% year over year to $181,500,000 [22] Market Data and Key Metrics Changes - Sales to government customers increased by 21%, while sales to commercial customers rose by 12% from the same period last year [17] - Total commercial sales accounted for 69% of total sales, with government sales making up the remaining 31% [17] Company Strategy and Development Direction - The company aims to expand market share in new parts distribution and parts supply, while also adding capacity to its heavy maintenance network [26][27] - Focus on achieving $10,000,000 in annual cost synergies from product support integration and continuing the rollout of paperless initiatives [27] - The company plans to pursue accretive acquisitions and optimize its portfolio for further growth [28] Management's Comments on Operating Environment and Future Outlook - Management expects organic sales growth to approach 9% for fiscal year 2026, with Q1 sales growth projected between 6% to 11% [31][32] - The company remains confident in its position within the airframe MRO market, despite potential capacity cuts from competitors [78] Other Important Information - The company reduced its net debt leverage from 3.06 to 2.72x, driven by strong cash flow and proceeds from the landing gear divestiture [24] - The Trax software solution has doubled its revenue from $25,000,000 to $50,000,000 since acquisition, with significant growth opportunities ahead [46][47] Q&A Session Summary Question: Can you discuss the first quarter guidance for revenue growth? - Management indicated that the wide range in guidance is influenced by the USM environment and larger transactions that may fluctuate [38] Question: What caused the step down in adjusted EBITDA margins in the repair and engineering segment? - The margin decline was attributed to the closure of the New York facility, leading to stranded costs, which are expected to improve as the facility exits [40] Question: Where could we see the most margin improvement in 2026? - Management highlighted that repair and engineering has the most opportunity for margin improvement due to completed integration and expected synergies [41] Question: What is the long-term view of Trax's revenue potential? - Management expressed confidence in doubling Trax's revenue again, driven by new business wins and upgrades of existing customers to new offerings [46][47] Question: Can you provide details on the Kira joint venture? - The joint venture aims to access specific DoD markets and allows the company to bid on contracts it could not pursue independently [75]

Core Viewpoint - Vale's stock performance has lagged behind competitors, with a year-to-date increase of approximately 10%, compared to ArcelorMittal's 36% and United States Steel's 26% [1] Financial Performance - Q1 2025 earnings showed a revenue of $8.12 billion, a 4% decline year-over-year, slightly below the consensus estimate of $8.39 billion [2] - Net income decreased by 17% to $1.39 billion from $1.67 billion in Q1 2024 [2] - Free cash flow dropped significantly to $504 million from $2.2 billion in Q1 2024 [2] - Iron ore production fell by 4.5% to 67.7 million metric tons due to heavy rainfall, while sales volumes increased by 3.6% to 66.1 million tons [2] - The average realized iron ore price was $90.80 per ton, nearly a 10% reduction compared to the previous year [2] - Copper and nickel production both rose by 11%, reaching approximately 90,900 tons and 43,900 tons, respectively [2] Market Position and Strategy - Vale's focus on cost efficiency and strategic project development is expected to enhance its performance despite declining commodity prices and adverse weather [3] - The company has acquired the remaining 50% interest in the Baovale iron ore project, gaining full control of the Agua Limpa mine [6] - Vale aims to source 90% of its natural gas from the free market by 2025 through agreements with Eneva and Origem Energia [6] - The company plans to reduce cash costs by 15% in 2025 compared to 2024, optimizing logistics and utilizing automation [7] - Vale increased shipments to Europe by 18% in Q1 2025, benefiting from the EU's carbon border adjustments [7] Valuation Metrics - Vale's current Price-to-Earnings (P/E) ratio is 6.6x, significantly lower than the 9.3x in 2020, indicating potential undervaluation [8] - In comparison, ArcelorMittal's P/E ratio is 17.4x, and United States Steel's is 22x, suggesting that Vale's stock price is substantially below various intrinsic value estimates [8]