Group 1 - The company's outlook suggests that revenue in the first quarter could exceed that of the fourth quarter as a recovery takes hold [1]

A reconciliation of those numbers to the GAAP financial measures is included in the earnings press release, which can be found in the investor relations section of our website. A webcast of this call will also be archived on our website. The information we are giving you on the call this morning is as of today’s date, and we undertake no obligation to update the information subsequently. Thank you for your interest and for joining us this morning, and with that, I’ll turn the call over to our CEO, Robert Is ...

Investment Rating - The report maintains a "BUY" rating for iQIYI, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - iQIYI is expected to see a recovery in both revenue and earnings in 4Q25, with total revenue projected to grow by 2% year-over-year (YoY) and 1% quarter-over-quarter (QoQ) to RMB6.77 billion, driven by the recovery of membership and content distribution businesses [1][8]. - The forecast for non-GAAP net income in 4Q25 is RMB93 million, a significant improvement from the non-GAAP net losses recorded in previous quarters [1]. - The target price for iQIYI has been adjusted to US$2.75, based on an 18x multiple of the 2026E non-GAAP EPS, reflecting a 36.8% upside from the current price of US$2.01 [3][11]. Financial Performance Summary - Revenue for FY23A was RMB32,018 million, with a YoY growth of 10.4%. However, FY24A revenue is expected to decline by 8.7% to RMB29,225 million, followed by a further decline of 6.7% in FY25E to RMB27,263 million [2]. - The adjusted net profit for FY23A was RMB2,984.1 million, which is expected to drop to RMB1,512.2 million in FY24A and further to RMB264.1 million in FY25E [2]. - Gross margin is projected to decrease from 27.8% in FY23A to 20.9% in FY25E, before recovering to 23.3% in FY26E and 24.2% in FY27E [2]. Business Forecasts and Valuation - iQIYI's revenue for FY25E is forecasted at RMB27.3 billion, with a slight increase in FY26E to RMB27.9 billion and FY27E to RMB28.4 billion [9]. - The non-GAAP net profit is expected to significantly improve from RMB0.3 billion in FY25E to RMB1.0 billion in FY26E and RMB1.3 billion in FY27E, reflecting a recovery trend [9]. - The valuation of iQIYI is based on a target PE multiple of 18x for 2026E non-GAAP EPS, which is at a discount to the sector average of 24x due to intense competition in the video streaming sector [11].

Core Insights - Perella Weinberg Partners (PWP) reported Q3 CY2025 revenue of $164.6 million, falling 40.8% year-on-year and missing analyst expectations of $179.8 million by 8.4% [1][6] - The company's adjusted EPS was $0.13, which was 10.3% below the consensus estimate of $0.15 [1][6] - Management indicated that the revenue decline was primarily due to lower activity in traditional M&A, although there was growth in nontraditional areas such as liability management and capital raising [3][5] Revenue and Profit Performance - Revenue for Q3 CY2025 was $164.6 million, a 40.8% decline year-on-year, compared to analyst estimates of $179.8 million [6] - Adjusted EBITDA was $12.25 million, reflecting a 68.9% year-on-year decline with a margin of 7.4% [6] - Operating margin decreased to 5.4% from 12.9% in the same quarter last year [6] Strategic Focus and Future Outlook - Management is focused on converting a record pipeline of traditional M&A and new client engagements into deal activity [4] - The addition of 25 senior bankers, representing 18% of the partner base, is expected to drive incremental revenue in the coming year [4][7] - The acquisition of Devon Park is anticipated to enhance private capital capabilities and expand the firm's market reach [4][7] Nontraditional Services and Client Engagement - There was a noted shift towards nontraditional advisory services, including liability management and capital raising, which helped maintain client engagement during a muted M&A environment [7] - The number of active client engagements and overall deal pipeline reached all-time highs, indicating potential for future transaction revenue [7] Expense Management - The CFO highlighted ongoing expense discipline, with noncompensation expenses remaining flat quarter-over-quarter [8] - The focus for capital allocation is on strategic investments rather than share repurchases during this quarter [8]

Core Viewpoint - The approaching 2026 FIFA World Cup and Nike's enhancements in its running portfolio position the company for significant revenue recovery, potentially leading to a cycle of exceeding expectations and raising forecasts [2] Company Summary - Nike is making strategic improvements in its running product offerings, which is expected to contribute positively to its financial performance [2] - The upcoming FIFA World Cup is anticipated to boost Nike's visibility and sales, particularly in the sportswear segment [2] Industry Summary - The sportswear industry is likely to experience a revenue uplift due to major sporting events like the FIFA World Cup, benefiting companies like Nike [2] - Enhanced product portfolios in the sportswear sector are crucial for companies to capitalize on upcoming events and consumer trends [2]

Core Thesis - Opendoor Technologies has the potential to reach a share price of $9–10, doubling from its current price of $5, driven by revenue recovery and valuation reset [3][4][8] Revenue and Valuation - Opendoor recorded revenues of $6.9 billion in 2023 and $5.2 billion in 2024, with forecasts suggesting a recovery to $12–13 billion by 2026 [3] - The company is currently trading at 0.3x forward sales, significantly lower than competitors like Zillow, which trades at 3x [4] - If revenues recover to $12 billion and the price-to-sales (P/S) multiple increases to between 0.7 and 1.0x, the stock could trade around $9–10 [4][8] Key Growth Drivers - Housing market stabilization is expected as mortgage rates decrease and inventory remains constrained, leading to increased transaction activity [6] - Improving unit economics with gross margins rising from negative figures in 2022 to approximately 5–6% in 2024 due to better pricing algorithms [6] - Diversification into mortgage, title, and home services is increasing revenue per customer and reducing reliance on iBuying [6] - Partnerships with Zillow, Realtor.com, and homebuilders are enhancing deal flow and distribution [6] Path Toward Profitability - The company has shown positive adjusted EBITDA in recent quarters and is projected to significantly reduce net losses by 2025, which could attract institutional investors [7][9]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $97.9 million, a decline of 23.8% year-over-year on a constant currency basis, reflecting lower sales volume across markets [15][20] - Gross margin improved to 19.4%, up 130 basis points year-over-year, driven by restructuring actions and an optimized production footprint [13][17] - Full year 2024 sales were $443.2 million, down from $565.2 million in 2023, with a constant currency decline of 21.5% [20] Business Line Data and Key Metrics Changes - The porcelain business is viewed as a significant growth driver, with plans to acquire the remaining equity interest in Lioli Ceramica in the first half of 2025 [12] - The crystalline silica-free product line is being expanded globally, with full collection availability expected in Australia by the end of Q1 2025 [11] Market Data and Key Metrics Changes - In the US, sales decreased by 23.1% to $46.4 million, attributed to softer market conditions [16] - Canada sales fell by 18.5%, while Australia experienced a 37.5% decline, reflecting slower market conditions and regulatory transitions [16] - Israel saw a sales increase of 53.6%, benefiting from improved market conditions post-conflict [16] Company Strategy and Development Direction - The company is focused on strategic transformation initiatives, optimizing operational frameworks, and enhancing competitive positions through investments in R&D and marketing [8][9] - Continued emphasis on maintaining financial flexibility with a strong balance sheet and net cash position of $101.8 million [9][24] Management's Comments on Operating Environment and Future Outlook - Management expects Q1 2025 to reflect similar market dynamics as Q4 2024, with gradual improvement anticipated in Q2 and Q3 [33][36] - The company is optimistic about achieving modest improvement in adjusted EBITDA for full year 2025, driven by cost optimization initiatives [27][29] Other Important Information - The company recorded a provision of $50 million for silicosis claims, with ongoing legal challenges in the US, Australia, and Israel [25][26] - Positive operating cash flow of $31.9 million for the full year 2024, down from $66.5 million in the prior year, driven by improvements in working capital [23][24] Q&A Session Summary Question: Update on end markets and revenue perspective for Q1 - Management sees Q1 reflecting the same market dynamics as Q4, with expectations for gradual improvement as the year progresses [33][34] Question: Clarification on revenue decline levels - Q1 is expected to show similar decline levels as Q4, with hopes for less decline as the year moves on [35][36] Question: Pricing pressure impact on revenue decline - Pricing pressure is evident, particularly in Australia, but is not the most significant factor; market conditions and inflation are leading to project deferrals [37][38] Question: Expected savings from initiatives - Total savings are projected to exceed $45 million compared to 2022, with incremental savings of around $10 million expected in 2025 [39][40]