Tesla just launched a new car rental program in the US, $60/day, up to 7 days, with FSD included!👀 $TSLACould this be the first step toward an all-in subscription model?Jeff @thejefflutz breaks it all down 👇 https://t.co/zBtvpAfOgQ ...

Financial Data and Key Metrics Changes - The company reported earnings of $3.39 per share for Q3 2025, a modest increase of $0.02 year-over-year, primarily due to higher transmission revenues and robust sales growth across customer classes [10][11] - The updated 2025 EPS guidance was raised from a range of $4.40-$4.60 per share to $4.90-$5.10 per share, reflecting strong sales growth and increased transmission revenues [11][12] - Weather-normalized sales growth was reported at 5.4% for the quarter, with 6.6% growth in commercial and industrial (C&I) sales and 4.3% growth in residential sales [11][12] Business Line Data and Key Metrics Changes - The Palo Verde Generating Station operated at a 100% capacity factor throughout the summer, contributing to strong operational performance [5] - The company experienced a weather-normalized sales growth of 5.4%, with residential sales growth at 4.3% in Q3 2025 [5][11] Market Data and Key Metrics Changes - Arizona's population growth remains robust, driven by major employers expanding operations, which is a key factor in the demand for skilled labor [5] - Maricopa County was named the top county in the nation for economic development in 2025, highlighting the region's success in attracting high-growth industries [6] Company Strategy and Development Direction - The company is focused on long-term investments in transmission and baseload generation to secure a reliable grid and meet rising customer demand [7][8] - A new generation site near Gila Bend is planned, which could add up to 2,000 MW of natural gas generation to support existing and new customers [7] - The company is working on a subscription model to contract for phase two capacity, ensuring that growth pays for growth while maintaining affordability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising customer demand and navigate a dynamic operating environment, emphasizing the importance of strategic investments [4][9] - The company anticipates continued robust customer and sales growth, with a forecasted long-term sales growth range raised from 4%-6% to 5%-7% through 2030 [14][16] Other Important Information - The company is actively engaged in a pending rate case, with a hearing expected in Q2 of the following year [8] - The capital plan through 2028 includes critical strategic investments in transmission and generation to support reliability and growth [14][15] Q&A Session Summary Question: Visibility on 2029 and 2030 gas build - Management confirmed that the pipeline is expected to be in service in 2029, with key milestones being monitored to ensure timely delivery [19][20] Question: Progress on the subscription model - Active dialogues are ongoing with counterparties for the 1.2 GW subscription opportunity, aligning with the timing of the Desert Sun project [23][24] Question: Clarification on equity dilution and needs - The company has substantially de-risked the equity need for 2026, with a focus on reducing regulatory lag and improving retained earnings [31][32] Question: Year-over-year change in sales growth as an EPS driver - The year-over-year variability in large load customers contributes to differences in EPS magnitude uplift from sales growth [62][63]

Financial Data and Key Metrics Changes - The company reported earnings of $3.39 per share for Q3 2025, a modest increase of $0.02 year over year, primarily due to higher transmission revenues and robust sales growth across customer classes [10][11] - The updated 2025 EPS guidance was raised from a range of $4.40-$4.60 per share to $4.90-$5.10 per share, reflecting strong sales growth and increased transmission revenues [11][12] - Weather-normalized sales growth was reported at 5.4% for the quarter, with residential sales growth at 4.3% [11][12] Business Line Data and Key Metrics Changes - The company experienced 6.6% growth in commercial and industrial (C&I) sales, supported by large load customers, while residential sales growth was 4.3% [11][12] - Year-to-date residential sales growth stands at 2%, exceeding expectations [11] Market Data and Key Metrics Changes - Arizona's population growth remains robust, driven by major employers expanding operations and increasing demand for skilled labor [5] - Maricopa County was named the top county in the nation for economic development in 2025, highlighting the region's success in attracting high-growth industries [6] Company Strategy and Development Direction - The company is focused on long-term investments in transmission and baseload generation to secure a reliable grid, with plans for a new generation site near Gila Bend that could add up to 2,000 megawatts of natural gas generation [7][8] - The Desert Sun Power Plant project is designed to serve both existing customers and rising demand from large energy users, with phase one expected to begin serving customers by late 2030 [7][8] - The company is actively working on a subscription model to contract for phase two capacity, ensuring growth pays for growth while maintaining affordability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising customer demand and navigate operational challenges, including storms and extreme heat [4][5] - The company anticipates robust customer and sales growth, with weather-normalized sales expected to grow at 4%-6% in 2026 [12][14] - Long-term EPS growth guidance remains at 5%-7%, with a focus on reducing regulatory lag and improving recovery timing [14][16] Other Important Information - The company is engaged in a pending rate case, with a hearing expected in Q2 of the following year [8] - Significant investments in transmission are underway, with cumulative transmission CapEx projected at $2.6 billion through 2028 and over $6 billion through 2034 [33] Q&A Session Summary Question: Visibility on 2029 and 2030 gas build - The pipeline is expected to be in service in 2029, with the first phase of the Desert Sun project necessary to support committed customers expected in service by 2030 [18][19] Question: Progress on the subscription model - Active dialogues are ongoing with counterparties for the 1.2 gigawatt opportunity, aligning with the development of phase two of Desert Sun [24] Question: Clarification on equity dilution and needs - The company has substantially de-risked the equity need for 2026, with a total forecasted equity need of $1 billion-$1.2 billion for 2026-2028 [30][31] Question: Year-over-year change in sales growth as an EPS driver - The year-over-year variability in large load customers contributes to differences in EPS magnitude uplift from sales growth [57] Question: Annual transmission CapEx post-2028 - Specifics of the plan post-2028 have not been laid out, but the company anticipates ongoing investments in strategic transmission projects [33][34]

So, who here will read the headline of a news article and then go and tell someone, "Oh, yeah. I saw that on the news." I'm sure there are more than a few guilty parties here. And no judgment, it doesn't even seem like the wrong thing to do. More often than not, the most important piece of a news article is given away in the headline.Anyways, way back in the day of print newspapers, it didn't really matter if you read the whole piece or not. The article was right underneath the headline, and you were kind o ...

Core Insights - Chewy, Inc.'s membership program, Chewy+, is becoming a key driver of customer engagement and recurring revenues, contributing approximately 3% of total monthly sales in July and leading to higher spending and purchase frequency among members [1][2][9] - The Autoship feature is a significant contributor to sales, with a 14.9% year-over-year increase in customer sales, accounting for 83% of Chewy's net sales [3][5] - Management anticipates that Chewy+ will represent a mid-single-digit percentage of net sales by the end of fiscal 2025, enhancing the company's digital ecosystem [4][9] Financial Performance - Chewy's net sales grew 8.6% year over year to $3,104.2 million in the second quarter, with projections for fiscal 2025 net sales between $12.5 billion and $12.6 billion, indicating a growth rate of approximately 7% to 8% [5][11] - The net sales per active customer (NSPAC) increased by 4.6% year over year to $591, supported by a customer base of 20.9 million [3][11] - Chewy's shares have increased by 33.6% over the past year, outperforming the industry growth of 19.2% [8] Competitive Landscape - Central Garden & Pet Company reported a decline in net sales of 4% year over year to $960.9 million, attributed to assortment rationalization and lower demand in certain categories [6] - Petco Health and Wellness Company experienced a 2.3% decrease in total net sales year over year, primarily due to store closures, with expectations of a low single-digit decrease in net sales for fiscal 2025 [7] Valuation Metrics - Chewy trades at a forward price-to-sales ratio of 1.13, which is below the industry average of 2.23, indicating potential undervaluation [10] - The Zacks Consensus Estimate for Chewy's current financial-year sales implies a year-over-year growth of 6.1%, while earnings per share are expected to grow by 22.1% [11][15]

a very healthy uh you know funnel of people that choose to pay for chatbt. Um you know it's it's surpassed where my expectations frankly were. Um people have this kind of conception that consumers tend to not pay for software.Um and you know similar even to what I was saying before around how do you co-develop the product alongside the business model. Chat GBT is a great example of that where the subscription model I think has been really a testament to how valuable it is for uh more users than I think we e ...

Core Insights - C3.ai, Inc. reported disappointing results for Q1 fiscal 2026, with revenues declining 19% year over year to $70.3 million, missing the Zacks Consensus Estimate of $91 million, and an adjusted net loss of $49.8 million [1][11] Revenue Composition - The company's subscription revenues reached $60.3 million, making up 86% of total revenues, indicating a strategic shift towards building recurring, higher-margin revenue streams [2][11] Customer Engagement and Deployments - C3.ai signed 28 new initial production deployments (IPDs), which are crucial for transitioning to longer-term subscription contracts, although the costs associated with supporting these IPDs negatively impacted margins, which fell to 52% [3][4] Strategic Partnerships - Customer momentum is highlighted by expansions with companies like Nucor, Qemetica, and HII, as well as the U.S. Army's adoption of its Agentic AI, showcasing the platform's versatility across various sectors. Partnerships accounted for 90% of business closed through cloud hyperscalers and system integrators, which C3.ai plans to scale [4][5] Competitive Landscape - C3.ai faces competition from companies like Palantir Technologies and Snowflake Inc., which have successfully monetized their platforms through scalable subscription models and consumption-based revenue strategies, respectively. This emphasizes the need for C3.ai to not only acquire new clients but also expand usage to convert pilots into profitable subscriptions [6][7][8] Stock Performance and Valuation - C3.ai's stock has underperformed, losing 40.4% in the past three months, and is currently trading at a forward 12-month price-to-sales (P/S) ratio of 4.97, indicating a discount compared to industry peers [9][13] Earnings Estimates - The Zacks Consensus Estimate for fiscal 2026 and 2027 loss per share has widened recently, with projected sales growth of 2.5% for fiscal 2026 and 14.5% for fiscal 2027 [15]

Core Insights - Spotify is launching a messaging feature for both free and premium subscribers, allowing users to share content and engage in one-on-one conversations [2][3] - The messaging feature is aimed at enhancing user engagement and fostering conversations about shared audio content [2] - Spotify plans to increase prices while introducing new features, aiming for a user base of 1 billion [4][5] Group 1: Messaging Feature - The new messaging feature allows users aged 16 and above to share Spotify content and react with text and emojis [2] - Users have the option to accept or reject messages from friends or family, promoting a more personalized interaction [2] - This feature is a revival of a previously discontinued messaging service, which was halted in 2017 due to low engagement [3] Group 2: Pricing Strategy - Spotify is planning further price increases after several years of maintaining flat prices, which will coincide with the introduction of new services and features [4] - The company is focused on boosting margins while balancing user growth amidst competition from other streaming services [3][4] - Alex Norström, Spotify's co-president, indicated that price adjustments are part of the business strategy and will be implemented when it makes sense [5][6] Group 3: Market Dynamics - The competitive landscape includes major players like Apple Music, Amazon Music, and YouTube, prompting Spotify to innovate and enhance its offerings [3] - Research indicates that nearly half of consumers are "deal chasers," suggesting that pricing strategies will significantly impact user retention and acquisition [7]

Business Model Comparison - SiriusXM operates primarily through a subscription model, owning both its satellite radio service and Pandora, which offers a music streaming service based on a music genome project [4][6] - SiriusXM's business heavily relies on the automobile industry, with radios pre-installed in most new vehicles sold in the U.S. [5] - Spotify also utilizes a subscription model but differentiates itself with a freemium approach, where most users access a free, ad-supported tier, while the premium tier is growing rapidly [8][7] Financial Performance - SiriusXM faced challenges in expanding its customer base, with self-pay subscribers declining by 330,000 to 33 million and revenue decreasing by 4% to $2.07 billion in the first quarter [9] - Despite these challenges, SiriusXM remains profitable, achieving an adjusted EBITDA margin of 30%, although net income fell from $241 million to $204 million [10] - In contrast, Spotify reported a 15% revenue increase to €4.19 billion, with total monthly active users rising by 10% to 678 million, including 268 million premium subscribers, and net income increasing from €197 million to €225 million [11] Valuation Metrics - SiriusXM trades at a forward P/E ratio of 8 and offers a dividend yield of 4.7%, attracting value and dividend investors [12] - Spotify, however, has a significantly higher forward P/E ratio of around 80 and does not pay a dividend [12] Investment Outlook - Spotify is positioned as the leader in music streaming, showing solid growth in both revenue and user base, with more potential for future expansion [13] - SiriusXM appears to be stagnating, with limited prospects for significant growth, making it less attractive for growth-oriented investors [13]

Financial Performance & Growth - Vail Resorts' Epic Pass revenue is approaching $1 billion, accounting for 64% of total lift revenue[47] - The company anticipates approximately $4781 million in Free Cash Flow for FY25[50] - From FY15 to FY25E, Vail Resorts has demonstrated strong compound annual growth rates (CAGR) with Resort Revenue increasing by 8%, Resort Reported EBITDA by 9%, and Free Cash Flow by 10%[49] Advance Commitment Strategy - Advance commitment strategy has led to 74% of visits being committed in advance, enhancing stability and loyalty[18, 47] - The company's vision is to achieve >75% of lift revenue committed in advance[142] - Epic Pass launched in 2008, achieving steady growth and now almost $1B of lift revenue[77] Resource Efficiency & Capital Allocation - Vail Resorts aims to achieve $100 million in annualized efficiencies through its Resource Efficiency Transformation Plan by FY2027[232, 234] - The company has invested nearly $2 billion in capital over the last 10 years[18, 58] Guest Experience & Ancillary Revenue - Destination guests' Net Promoter Scores (NPS) have increased by 14% from FY23 to FY25[41] - Vail Resorts' Ski & Ride School lesson capture is higher than the industry average[156] - Vail Resorts North American Ski & Ride School Lesson Revenue is $287 million in FY24[147, 152]