Core Insights - LiveRamp has announced expanded measurement capabilities that enhance customer outcomes through its data collaboration network [1] - Retail media networks (RMNs) can now gain new attribution insights from their Meta campaign investments via the LiveRamp Clean Room [1] - By linking Meta campaign results with first-party sales data, RMNs and their partners can analyze how off-property sites, including Meta, contribute to sales and orders [1]

Core Insights - Planet Labs PBC's subsidiary, Planet Labs Federal, has secured a contract from the National Geospatial-Intelligence Agency (NGA) valued at $12.8 million for Advanced Analytics for Maritime Operations and Reconnaissance (AAMOR) [1] Company Summary - The contract is awarded under the Luno B indefinite delivery, indefinite quantity (IDIQ) framework, indicating a long-term partnership potential with the NGA [1] - Planet Labs will leverage AI-enabled technologies to provide advanced analytics services to the NGA [1]

Core Insights - S&P Global has agreed to acquire With Intelligence, a markets data and analytics firm, for $1.8 billion, which will enhance its data coverage and reach in private markets [1] Company Summary - The acquisition of With Intelligence will allow S&P Global to expand its capabilities in providing data and analytics, particularly in the private markets sector [1] - This strategic move is expected to strengthen S&P Global's position in the competitive landscape of financial data services [1] Industry Summary - The deal reflects a growing trend in the financial services industry where companies are increasingly focusing on enhancing their data analytics capabilities to meet the demands of private market investors [1] - The acquisition is indicative of the ongoing consolidation in the markets data and analytics sector, as firms seek to leverage comprehensive data solutions to gain a competitive edge [1]

Core Insights - NowVertical Group Inc. has successfully repaid its convertible debentures amounting to $5,069,000, which matured on October 5, 2025, marking a significant milestone for the company [1][2] - The repayment eliminates potential dilution from the debentures, strengthens the company's balance sheet, and reflects a disciplined approach to capital management [2] Company Overview - NowVertical is a global data and analytics company that transforms data into business value using AI, offering a comprehensive suite of solutions and services [3] - The company focuses on helping clients optimize decision-making, improve operational efficiency, and unlock long-term value from their data through AI-infused technologies [3] - NowVertical is pursuing growth both organically and through strategic acquisitions [3]

Group 1 - Clarivate Plc is a diversified information services company with a share price of $4.15 and a forward P/E of 6.01 as of September 3rd [1][2] - The company operates across three core segments: Academia & Government (52% of FY24 revenue), Intellectual Property (32% of revenue), and Life Sciences & Healthcare (16% of revenue) [2][3] - The company has historically underperformed due to poorly integrated acquisitions and reliance on one-time transactional revenues, which account for approximately 19% of FY24 revenue [3] Group 2 - Under CEO Matti Shem Tov, Clarivate launched a Value Creation Plan (VCP) aimed at recurring revenue growth and operational improvements, resulting in stabilizing organic growth and strong recurring revenue retention of about 92% [4][5] - A formal review of strategic alternatives was initiated in February 2025, with private equity interest in the IP segment valued at around $4 billion, implying a 12x FY25E EBITDA [4] - The company's sum-of-the-parts (SOTP) analysis suggests a potential upside of approximately 45%, with divestitures expected to unlock value and reduce net leverage from its current level of about 4.3x [4][5] Group 3 - Clarivate benefits from mission-critical datasets and workflow solutions, with 64% of revenue derived from subscriptions and 17% from recurring patent maintenance [5] - The VCP, supported by activist and private equity investors, is expected to enhance margins and generate sustainable free cash flow estimated between $300 million and $380 million for FY25 [5] - The company presents an attractive entry point even in a standalone scenario, with potential catalysts including business unit sales and accelerating organic growth [5]

Core Insights - LexisNexis Risk Solutions Government has appointed Katie James as the new Head of DMV Solutions, emphasizing the company's commitment to digital transformation and operational excellence in motor vehicle agencies nationwide [1][4] - James will focus on solution development and customer engagement, particularly in fraud prevention, payment processing, and modernization of vital records [1][4] Company Overview - LexisNexis Risk Solutions utilizes data and advanced analytics to provide insights that help businesses and government entities reduce risk and improve decision-making across various industries, including insurance, financial services, healthcare, and government [5] - The company is headquartered in metro Atlanta, Georgia, and is part of RELX, a global provider of information and analytics [5] Industry Context - Katie James brings over twenty years of experience in the government sector, recognized for her role in innovation, modernization, and cross-agency collaboration [2] - She has a strong background in leading technology initiatives that enhance service, security, and trust within DMVs and related organizations [2][3] Leadership Perspective - Haywood Talcove, CEO of LexisNexis Risk Solutions – Government, highlighted James's strategic vision and deep relationships with agency leaders as key assets that will accelerate the company's mission to enhance DMV security and efficiency [4]

Group 1 - Red Violet (NASDAQ: RDVT) stock has increased by 22% this year and over 150% since May of the previous year, indicating strong market performance [1] - The company has shown robust organic revenue growth, capitalizing on the rapidly expanding data and analytics sector [1] Group 2 - The individual investor focuses on undercovered companies, maintaining a watchlist of up to 100 companies across technology, software, electronics, and energy transition sectors [1] - The investor has over 7 years of personal capital investment experience and a Master's degree in Electrical Engineering, currently working as an automotive battery R&D engineer in Sweden [1] - The analysis aims to identify asymmetric investment opportunities to achieve market-beating returns, particularly in small to mid-cap companies that are less researched [1]

Financial Performance - The company's Annual Recurring Revenue (ARR) reached $502 million, showing a year-over-year growth of 5%[9] - Subscription revenue accounted for 76% of the company's total revenue on a trailing twelve-month (TTM) basis[9] - The company's Non-GAAP gross margin was 73%, and the Non-GAAP operating margin was 19% on a TTM basis[9] - Free cash flow was $146 million, resulting in a free cash flow margin of 19% on a TTM basis[9] - Q1 FY26 revenue was $195 million, an 11% increase year-over-year[12] Revenue Breakdown - Subscription revenue in Q1 FY26 was $148 million, a 10% increase year-over-year[14] - Marketplace & Other revenue in Q1 FY26 was $46 million, a 13% increase year-over-year[14] - US revenue in Q1 FY26 was $184 million, an 11% increase year-over-year[14] - International revenue in Q1 FY26 was $11 million, a 9% increase year-over-year[14] Outlook - The company projects Q2 FY26 revenue to be approximately $197 million, representing a 6% year-over-year growth[25]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $621 million, bringing the first half total to $1.2 billion, with changes attributed to the ScholarOne divestiture and business disposals, partially offset by organic growth and foreign exchange [23] - The second quarter net loss was $72 million, an improvement over the previous year due to the absence of a non-cash impairment charge recorded last year [24] - Adjusted diluted EPS was $0.18, with changes attributed to divestitures and disposals [24] - Free cash flow was strong at $50 million for Q2 and $161 million for the first half, driven by adjusted EBITDA despite higher one-time costs associated with the value creation plan [28][29] - The mix of organic recurring revenue to total revenue for the first half improved to 88%, an increase of 800 basis points compared to last year [21] Business Line Data and Key Metrics Changes - The A and G business delivered 2% organic ACV and subscription revenue growth, with a 96% renewal rate achieved [7][11] - The IP segment returned to organic growth in patent annuities, with recurring revenue rising by about 1.5% in the first half of 2025 [15] - Life Science and Healthcare segment saw a return to organic ACV growth, supported by investments in the Cortellis suite of products [18][70] Market Data and Key Metrics Changes - The company noted a market-wide surge in AI innovation, which is expected to drive growth in the patent renewal business [15] - The U.S. dollar weakened against foreign currencies, providing a foreign exchange translation tailwind on revenue and adjusted EBITDA [26][28] Company Strategy and Development Direction - The value creation plan (VCP) is on track, with measurable progress across key initiatives and KPIs, including AI-led product innovation and operational efficiency [5][8] - The company is transitioning away from transactional sales to increase recurring revenue, with A and G subscription revenue now constituting 93% of total segment revenue [10][11] - A strategic review is underway to assess alternatives across the business, with results expected to be communicated in February 2026 [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewal rates and subscription uptake despite macroeconomic challenges, highlighting the mission-critical nature of their products [61] - The company anticipates continued organic growth in the second half of the year, driven by improvements in the A and G and Life Sciences segments [39] - Management noted that the strategic disposals are expected to lower revenue by approximately $125 million this year, but are part of optimizing the business model [35] Other Important Information - The company announced the appointment of Maroon Murad as President of the IP segment, effective September 8, 2025 [17] - The company has completed refinancing $500 million of its 2026 bonds, extending the maturity by five years [30] Q&A Session Summary Question: Rebound in the IP business and AI opportunities - Management noted that new patent filings take a few years to impact renewals, but the trend of increased AI-related patents is expected to benefit the business globally over the next few years [44][46] Question: Potential changes to the U.S. patent fee structure - Management stated that they are well-positioned to support any changes in the IP ecosystem due to their long-standing presence and collaboration with patent offices and law firms [51][52] Question: University funding cuts and renewal outlook - Management reported strong renewal rates and emphasized the critical nature of their products to universities, indicating confidence in continued renewals [61] Question: Sales momentum and new sales incentive plan - Management highlighted the focus on subscription and recurring revenue, noting positive sales momentum and excitement within the sales organization [66] Question: Market dynamics in Life Sciences and Healthcare - Management indicated stable R&D spending and improvements in the subscription business, attributing growth to investments in the Cortellis suite [71] Question: Delays in disposals - Management explained that one disposal is taking longer due to customer requests for more time to adjust to alternative offerings [76]

Group 1 - Thomson Reuters Corp will be added to the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted™ Index on July 28, 2025, replacing ANSYS, Inc. [1] - ANSYS, Inc. will be removed from multiple Nasdaq indices, including the Nasdaq-100 Tech Sector™ Index and the Nasdaq-100 ESG™ Index, on the same date [2] - Thomson Reuters Corp will also replace ANSYS, Inc. in the Nasdaq-100 Tech Sector™ Index and other related indices on July 28, 2025 [2] Group 2 - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators [4] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings, including data, analytics, and software solutions [4]