Financial Data and Key Metrics Changes - Workday reported a 14% growth in subscription revenue, totaling $2,169 million for Q2 2026, with total revenue reaching $2,348 million, reflecting a 13% increase [28][29] - Non-GAAP operating margin stood at 29%, with non-GAAP operating income of $680 million [30][33] - Cash and marketable securities at the end of the quarter were $8,200 million, with operating cash flow of $616 million, an 8% growth [31][32] Business Line Data and Key Metrics Changes - Approximately 30% of net new deals were full suite offerings, with this number rising to over 50% in sectors like SLED and healthcare [10][12] - More than 70% of core customers are utilizing Workday Illuminate, with over 30% of customer-based deals including AI products [12][15] - The financial services sector saw significant expansions, including new relationships with Nationwide Insurance and others [12][13] Market Data and Key Metrics Changes - U.S. revenue increased by 13% to $1,760 million, while international revenue grew by 11% to $584 million [29] - The twelve-month subscription revenue backlog (CRPO) reached $7,910 million, up 16.4% year-over-year [29][30] - Strong performance was noted in EMEA, particularly in Germany and the UK, with notable wins in APAC, including a deal in Vietnam [24][122] Company Strategy and Development Direction - Workday is focusing on AI-driven solutions and expanding its platform capabilities, including the acquisition of Paradox to enhance its recruiting suite [16][78] - The company is investing in organic innovation and strategic acquisitions to strengthen its market position and deliver greater value to customers [16][21] - Workday Government was launched to cater specifically to the needs of the U.S. government, emphasizing a commitment to modernization and AI integration [14][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum, driven by AI innovation and a unified platform, while acknowledging macroeconomic challenges in certain sectors [25][56] - The company anticipates continued growth in subscription revenue, increasing its FY 2026 guidance to $8,815 million, reflecting a 14% growth [32][34] - Management highlighted the importance of customer trust in navigating AI transitions, positioning Workday as a key partner in this area [100][49] Other Important Information - Workday's headcount as of July 31 was approximately 19,500, with ongoing efforts to attract top talent [31][21] - The company is expanding its partner ecosystem, with over 20% of net new ACV sourced from partners in the last quarter [22] - Workday is actively pursuing growth opportunities in India, with plans to establish a local data center and expand its team [24][122] Q&A Session Summary Question: Market concerns regarding SaaS and AI startups - Management believes concerns about AI disruption to SaaS models are overblown, emphasizing Workday's strong market position and customer base [45][49] Question: Crosscurrents affecting growth - Management noted strong performance in Europe despite macroeconomic challenges, while observing some headwinds in the SLED market [56][58] Question: Workday Government subsidiary - The subsidiary was established to demonstrate commitment to the government sector and to provide a secure cloud environment [70][71] Question: Acquisition of Paradox - The acquisition is seen as a strategic move to enhance Workday's recruiting capabilities, with expected synergies and growth opportunities [78][84] Question: AI product engagement and win rates - Engagement with AI products is strong, with significant growth in adoption rates among customers [88][90] Question: International market performance - Management expressed satisfaction with growth in international markets, particularly in Europe and Japan, and highlighted plans for expansion in India [122][121]

Core Viewpoint - Value investing is gaining traction due to optimism about potential rate cuts and a downturn in the tech sector [1][4] Market Dynamics - U.S. technology stocks have faced a significant sell-off, with a reported loss of $1 trillion, driven by skepticism regarding the sustainability of the AI boom and caution from industry leaders [2][4] - A shift in investor sentiment has led to a rotation from tech stocks to defensive value-oriented sectors such as consumer staples, healthcare, and utilities [4] Rate Cut Expectations - Market expectations are increasing that the Federal Reserve may begin cutting interest rates, with futures indicating two 25-basis point reductions possibly starting in September [5] Valuation Trends - Growth stocks, particularly in tech and AI, are currently trading at high valuations, while value stocks in sectors like healthcare, financials, and industrials are trading at significant discounts, providing a margin of safety for investors [6][7] Notable Investments - Warren Buffett's investment in UnitedHealth, amounting to $1.57 billion, has sparked interest in the healthcare sector, which is noted to be trading at its greatest discount in 30 years relative to the broader market [7] Investment Opportunities - Investors are encouraged to consider value ETFs that are positioned to benefit from the current market rotation, with several funds showing positive performance [8][9]

Core Insights - Investors prioritize companies with consistent profitability, measured effectively by net profit margin, which reflects operational efficiency and management quality [1][2] - Companies such as Great Lakes Dredge & Dock Corporation (GLDD), InfuSystem Holdings, Inc. (INFU), Interface, Inc. (TILE), and Century Aluminum Company (CENX) demonstrate strong net profit margins [1] Net Profit Margin - Net profit margin is calculated as Net Profit/Sales * 100, indicating a company's ability to convert sales into profits after all expenses [2] - A strong net profit margin signifies effective cost control and operational strength, essential for attracting investors and rewarding stakeholders [2] Industry Comparisons - Net profit margin varies across industries, complicating direct comparisons; it is more critical in traditional sectors than in technology [3] - Differences in accounting practices, particularly regarding non-cash expenses, further complicate comparisons [4] Investment Strategy - A healthy net profit margin and solid earnings per share (EPS) growth are key elements sought by investors [5] - Screening parameters include a net margin greater than or equal to 0, positive EPS growth, high broker ratings, and favorable Zacks Ranks [6] Stock Picks - The selected stocks (GLDD, INFU, TILE, CENX) have shown upward EPS estimate revisions, indicating positive outlooks [7] - GLDD is the largest U.S. dredging service provider with a Zacks Rank 1 and a VGM Score of A, with 2025 earnings estimates revised upward by $0.06 to $1.02 per share [8][9] - INFU, a healthcare services company, has seen its 2025 earnings estimate rise to $0.26 per share from $0.06, with an average surprise of 79.2% [10][11] - CENX, involved in primary aluminum production, has a revised earnings estimate of $2.06 per share, reflecting a 15.7% increase [11][12] - TILE, the largest modular carpet manufacturer, has its 2025 earnings estimate increased to $1.70 per share, consistently outperforming estimates [12][13]

Group 1: Ardmore Shipping (ASC) - Ardmore Shipping is engaged in the ownership and operation of product and chemical tankers, carrying a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Ardmore Shipping's current year earnings has increased by 2.6% over the last 60 days [1] - The company has a price-to-earnings ratio (P/E) of 9.15, significantly lower than the industry average of 19.5, and possesses a Value Score of A [2] Group 2: Dillard's (DDS) - Dillard's is a large departmental store chain featuring fashion apparel and home furnishings, also carrying a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Dillard's current year earnings has increased by 2.6% over the last 60 days [2] - Dillard's has a price-to-earnings ratio (P/E) of 16.25, which is lower than the industry average of 19.80, and possesses a Value Score of A [3] Group 3: Healthcare Services Group (HCSG) - Healthcare Services Group provides housekeeping, laundry, linen, facility maintenance, and food services to the healthcare industry, including nursing homes and hospitals, and carries a Zacks Rank 1 [4] - The Zacks Consensus Estimate for Healthcare Services Group's current year earnings has increased by 4.8% over the last 60 days [4] - The company has a price-to-earnings ratio (P/E) of 17.31, compared to the industry average of 21.10, and possesses a Value Score of A [5]

Financial Data and Key Metrics Changes - Consolidated revenue for fiscal year 2025 reached $1.5 billion, representing a 16% increase year-over-year [5] - Adjusted EBITDA totaled $126 million, with an EBITDA margin of 8%, consistent with the previous year despite revenue growth from lower-margin healthcare services [6][26] - Healthcare Services revenue grew approximately 55% to nearly $500 million, driven by the SelectRx platform [5][11] Business Line Data and Key Metrics Changes - Senior Medicare Advantage business generated $600 million in revenue, with adjusted EBITDA of $162 million, reflecting a 200 basis point increase in EBITDA margins despite a smaller agent workforce [27] - Healthcare Services segment saw membership grow by 31%, with revenue of $743 million and adjusted EBITDA of $25 million, indicating significant progress in scale and profitability [11][30] - Life division revenues grew 10% to $173 million, with a 32% increase in adjusted EBITDA to $27 million, representing a 15% margin [31] Market Data and Key Metrics Changes - The company noted a challenging market backdrop for the Senior Medicare Advantage business due to significant plan changes by carriers and new eligibility parameters [6] - The addressable market for SelectRx is described as massive, with expectations for continued strong growth in healthcare services [30] Company Strategy and Development Direction - The company aims to leverage its information and connectivity advantage within healthcare to drive profitability and cash flow [10][14] - SelectQuote's strategic vision includes becoming a holistic solution provider across the $5 trillion U.S. healthcare market, focusing on efficiency and cash flow generation [13][22] - The company plans to balance growth with sustainable cash flows, with expectations for a flatter year in Medicare Advantage submissions [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 20% plus EBITDA margins driven by technology and agent-led models [23] - The company anticipates generating positive operating cash flow in fiscal 2026, with a focus on capital allocation to improve the balance sheet [38] - Management highlighted the importance of technology and AI in enhancing operational efficiency and customer service [17][19] Other Important Information - The company has made significant investments in technology to automate tasks and optimize decision-making, which has improved enrollment times by 25% [20][68] - The Kansas distribution facility is expected to enhance capacity and drive margin improvements in the healthcare services segment [12][44] Q&A Session Summary Question: Can you discuss the path to target margins as SelectRx scales? - Management indicated that as the business scales, they expect to drive variable costs down and enhance margins through automation and operational refinements [40][43] Question: Is there a catalytic level of EBITDA contribution that could accelerate the securitization program? - Management noted that while there is no specific threshold, increasing EBITDA generation will open up various paths for capital structure improvements [46][47] Question: What dynamics have changed regarding SelectRx growth? - Management clarified that while membership growth may slow, they expect strong EBITDA growth due to operational refinements and partnerships with carriers [51][52] Question: How significant is AI in serving more customers? - Management highlighted that AI is used to enhance agent efficiency and improve customer interactions, resulting in significant time savings [54][66] Question: What are the capital allocation priorities moving forward? - Management emphasized the importance of balancing growth with cash flow generation, focusing on improving the capital structure while exploring growth opportunities in healthcare services [74][78]

Core Viewpoint - Centene Corporation received an unsolicited "mini-tender" offer from TRC Capital Investment Corporation to purchase up to 4 million shares at $24.75 per share, which is below the current market price [1][2] Group 1: Company Response - Centene recommends that stockholders reject TRC's offer and evaluate the current market price of their shares, advising consultation with financial advisors [2] - The company urges investors to be cautious with mini-tender offers, as they may lead to selling securities at below-market prices [2] Group 2: Offer Details - TRC's offer is set to expire on September 4th, 2025, and may be extended [1] - Investors who have already tendered their shares can withdraw them by providing written notice before the expiration of the offer [3] Group 3: Company Overview - Centene Corporation is a Fortune 500 company focused on providing integrated healthcare services, particularly to under-insured and uninsured individuals [4] - The company serves over 1 in 15 individuals in the U.S., including Medicaid and Medicare members, and offers affordable healthcare products [4]

Core Viewpoint - Nutex Health Inc. shares fell by as much as 24% following the announcement of a delay in submitting financial results for Q2 2025, linked to an investigation into potential securities violations [1][3]. Financial Performance and Investigations - Nutex Health has acknowledged a decline in average payments from insurers for out-of-network emergency services, reporting a 26% decrease by the end of 2022 and a further 19% decrease by the end of 2023 [7]. - The company engaged a third-party IDR vendor on July 1, 2024, to manage out-of-network claims, which led to a refinement in revenue recognition timing, increasing revenue by approximately $169.7 million and net income before tax by $112.0 million for the year ended December 31, 2024 [8]. - Hagens Berman has initiated an investigation into whether Nutex misled investors regarding its financial health and accounting practices in light of the anticipated changes in results [11]. Market Reactions and Activist Reports - The stock experienced a significant decline on July 22, 2025, due to a report from Blue Orca Capital questioning Nutex's financial practices and its relationship with the IDR vendor HaloMD [4][9]. - Blue Orca's report suggested that Nutex could revert to penny stock status and highlighted concerns over the collectability of recognized revenue, indicating that a majority of it may be uncollectible [10]. Regulatory Context - The controversy surrounding Nutex is linked to the No Surprises Act, which has impacted healthcare providers' revenue streams by protecting consumers from unexpected medical bills [6].

Core Insights - The American Association of Orthopaedic Surgeons (AAOS) has launched the AAOS Launchpad Program, supported by Tenet Healthcare and United Surgical Partners International (USPI), to assist PGY5 orthopaedic residents in their transition to practice [1][2][3] Company and Industry Overview - Tenet Healthcare is a diversified healthcare services company with a network that includes United Surgical Partners International, the largest ambulatory platform in the U.S., and operates various healthcare facilities [4] - The AAOS is the largest medical association for musculoskeletal specialists, with over 39,000 members, and is dedicated to advancing musculoskeletal health through education and quality care [5]

（原标题：CBN丨Pop Mart worths over HKD400 billion on stunning H1 performance） Hi everyone. I'm Stephanie LI. Coming up on today's program Here's what you need to know about China in the past 24 hours Shares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its LABUBU dolls. Pop Mart jumped 12.5 percent today in Hong Kong to close at HKD316, with a market cap surpassing HKD400 billion, both setting ne ...

Financial Performance - Auna's consolidated revenue for Q2 2025 was S/1,094 million, a decrease of 2% year-over-year (YoY), but an increase of 4% on a foreign exchange neutral (FXN) basis[19] - Adjusted EBITDA for Q2 2025 was S/241 million, a decrease of 3% YoY, but an increase of 5% FXN, with a flat margin of 211% YoY[15,17,19] - Adjusted Net Income increased significantly YoY, showing a +6x increase[46] - The Leverage Ratio remained flat at 36x[17] Segment Performance - Healthcare Services Mexico revenue in Q2 2025 was S/274 million, a decrease of 9% YoY, but an increase of 5% in local currency[25] - Healthcare Services Peru & Oncosalud Peru revenue in Q2 2025 was S/474 million, an increase of 8% YoY[29] - Healthcare Services Colombia revenue in Q2 2025 was S/346 million, a decrease of 8% YoY, but remained flat in local currency[33] Debt and Cash Flow - The company successfully offered an additional $621 million in aggregate principal amount of senior secured notes due 2029 in May 2025[54] - End-of-period cash stood at S/175 million[50] - Consolidated debt was S/3,702 million (US$1,045 million)[54,58] Operational Metrics - Oncosalud Peru plan memberships increased by 10% YoY, reaching 1,388,579 members[19,101] - Total bed capacity across the healthcare network was 2,224 beds[19]