RT Dylan LeClair (@DylanLeClair)Metaplanet has simultaneously announced it's new intended capital structure, with Class A being proposed to be amended in structure.MARS (Class A) – Metaplanet Adjustable Rate SecurityA senior, non-dilutive preferred equity instrument. MARS aim is to deliver monthly dividends that adjust, designed to minimize market volatility: with dividends that rise when the share trades below par and increase when above par. MARS will sit senior in the equity capital stack—senior to MERCU ...

RT Bitcoin For Corporations (@BitcoinForCorps)JUST IN: 🇯🇵 @Metaplanet unveils two preferred-share products.🪐 MARS: Monthly adjustable, low-volatility income🪐 MERCURY: Fixed dividends w/ Bitcoin-linked upside https://t.co/8a7A9ydXDF ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated $99 million of adjusted free cash flow with a conversion rate of 36.8% [14][15] - Adjusted EBITDA for Q4 is expected to be between $274 million and $287 million, improving upon prior levels [19] - The net leverage ratio is approximately 0.5 times, with liquidity around $1.6 billion [18] Business Line Data and Key Metrics Changes - North America saw a slight sequential increase due to seasonal recovery in Canada, but U.S. land operations declined [5][6] - Latin America improved revenues by 10% sequentially, primarily driven by Mexico, although revenues are still down approximately 60% year-over-year [6][8] - The MENA-Asia region posted another quarter of sequential growth, led by the UAE, Qatar, Australia, and Thailand [6][7] Market Data and Key Metrics Changes - The company noted rising pricing pressure in several markets, particularly in commodity-type services [27] - The Middle East is experiencing the most significant pricing pressure, while differentiated product lines are less affected [28] - Customer spending trends for the next year remain uncertain, with expectations of a soft first half of 2026 [11][60] Company Strategy and Development Direction - The company is focused on cost optimization and margin expansion rather than chasing market share at unfavorable cash outcomes [21][22] - A multi-year cost optimization program is in place to achieve sustainable productivity gains through technology and lean processes [22][66] - The company is committed to enhancing working capital efficiency to drive free cash flow conversion to a sustainable 50% [22][43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about slight improvements in Mexico and the potential for growth in the second half of 2026 [6][11] - The company anticipates that the softness in the market will persist for several months, but offshore activity may improve in the latter half of 2026 [11][60] - The management remains confident in the company's ability to navigate the current market challenges and emerge stronger [21][23] Other Important Information - The company has repurchased approximately $193 million worth of shares over the past five quarters, including $7 million in Q3 [8][17] - A significant contract was awarded by Petrobras in Brazil for $147 million, showcasing the strength of the company's technology [9][10] - The company is undergoing a full-scale ERP cloud-based implementation expected to enhance operational efficiencies by 2027-2028 [75] Q&A Session Summary Question: Pricing pressure in certain markets - Management noted pricing pressure primarily in commodity-type services, especially in the Middle East, but less so in differentiated product lines [27][28] Question: Recovery in Saudi Arabia - Management indicated that Saudi Arabia is expected to see a rebound in activity, primarily driven by gas, with oil activity also contributing [33][34] Question: Optimism regarding Mexico - Management expressed cautious optimism about stabilization in Mexico, with recent payments indicating a positive trend [40][42] Question: DRE margins improvement - Management attributed margin improvements to cost structure stabilization and increased activity in Latin America [46][47] Question: Free cash flow guidance - Management indicated that the $100 million free cash flow guidance includes conservatism, with potential for higher outcomes depending on payments from Mexico [51][54] Question: Overall spending levels for 2026 - Management expects a soft first half of 2026 but anticipates a rebound in the second half, particularly in offshore markets [60][62] Question: Cost optimization impact on margins - Management highlighted that cost optimization efforts have already led to significant savings and are expected to continue supporting margin improvements [66][68] Question: Impact of intelligent completions on financial results - Management expressed excitement about new technologies, which are expected to enhance margins and improve cash flow conversion [70][71] Question: ERP implementation benefits - Management discussed the ERP implementation as a transformative initiative that will enhance operational efficiencies and support margin improvements [75][76]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported adjusted free cash flow of $99 million, with a conversion rate of 36.8% [14][17] - EBITDA margin expanded by over 70 basis points despite market headwinds [6] - The company has paid four quarterly dividends of $0.25 per share and repurchased approximately $193 million worth of shares over the past five quarters [7] Business Line Data and Key Metrics Changes - North America saw a slight sequential increase due to seasonal recovery in Canada, but this was offset by a decline in U.S. land operations [4] - Latin America improved revenues by 10% sequentially, primarily driven by Mexico, although revenues are still expected to be down around 60% for the year [5] - The MENA and Asia regions posted another quarter of sequential growth, led by the UAE, Qatar, Australia, and Thailand [5] Market Data and Key Metrics Changes - The ESSR region remained relatively flat quarter on quarter, with some countries offsetting weakness in the UK [5] - Pricing pressure is noted in commodity services, particularly in the Middle East, while differentiated product lines are less affected [27][28] Company Strategy and Development Direction - The company is focused on evolving operations, maximizing cash generation, and maintaining margins rather than chasing market share [21] - A multi-year cost optimization program is in place to achieve sustainable productivity gains through technology and lean processes [23] - The company is committed to improving working capital efficiency to drive free cash flow conversion to a sustainable 50% [23] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism for slight improvements in Mexico and the MENA-Asia region in 2026 [5][10] - The overall market remains soft, with expectations of year-on-year comparisons being down in the first half of 2026 [10] - The company anticipates a rebound in offshore activity and incremental onshore activity in the second half of 2026 [10][11] Other Important Information - The company has expanded its credit facility by $280 million and announced a private offering of $1.2 billion in senior notes [18] - The net leverage ratio is approximately 0.5 times, with liquidity around $1.6 billion [18] Q&A Session Summary Question: Pricing pressure in certain regions - Management noted pricing pressure primarily in commodity services, especially in the Middle East, but less so in differentiated product lines [27][28] Question: Improvement in Saudi Arabia's market - Management indicated that Saudi Arabia is expected to find a bottom, with potential for growth driven by gas and some oil activity [30][31] Question: Stability in Mexico - Management expressed cautious optimism regarding Mexico, noting two quarters of sequential improvement and a more stable operational environment [34][35] Question: Free cash flow guidance - Management indicated that the $100 million free cash flow guidance includes conservatism, with potential for higher outcomes depending on payments from Mexico [44][45] Question: Cost optimization impact on margins - Management highlighted that cost optimization efforts have led to significant savings and are expected to support margin improvements in a flat-to-up market environment [58][60] Question: ERP implementation - Management discussed a multi-year ERP implementation aimed at improving supply chain management and operational efficiencies, with expected benefits for margins [64][66]

Core Viewpoint - The article discusses the intersection of simulation technology, real data, and world models in the context of embodied intelligence, highlighting the ongoing debate about the importance of simulation versus real data and the potential breakthroughs in world modeling [3][11]. Group 1: Roundtable Discussion - The roundtable focuses on the "data dilemma" in embodied intelligence, featuring four young scientists who explore the boundaries between simulation and real interaction, as well as the technological advancements in world models like Genie [3][11]. - Sergey Levine's assertion that real data is irreplaceable is examined, questioning whether this is a strategic choice or an inevitable path in AI evolution [11]. Group 2: Key Participants - Li Hongyang, an assistant professor at the University of Hong Kong, leads the OpenDriveLab and has made significant contributions to end-to-end autonomous driving solutions, including the award-winning UniAD [4]. - Zhao Hao, an assistant professor at Tsinghua University, specializes in computer vision related to robotics and has co-founded over ten startups since 2009 [5]. - Gu Jiayuan, an assistant professor at ShanghaiTech University, focuses on generalizable robotic decision-making models and has received multiple awards for his research [6][7]. - Mu Yao, an assistant professor at Shanghai Jiao Tong University, has published extensively in top conferences and has received numerous academic honors [7].

机器之心报道 编辑：张倩、+0 第 42 届国际机器学习大会（ICML）将于 2025 年 7 月 13 日至 19 日在加拿大温哥华举行。刚刚，ICML 官方向投稿者发送了今年论文接收结果的通 知。 数据显示，今年大会共收到 12107 篇投稿，较去年增加了 28%。共有 3260 篇论文被接收，接收率为 26.9%。其中，只有 313 篇论文被选为 「spotlight poster」。 在收到邮件的第一时间，不少研究者都晒出了自己被接收的论文。当然，也有研究者感到沮丧或对评审结果有所质疑。在这篇文章中，我们汇总了一些被接 收的优秀论文以及有争议的论文，方便大家探讨。 被接收的高分论文 首先，我们检索了一些 spotlight 论文，因为这是 ICML 官方推荐度最高的一批论文，能搜到的论文包括但不限于： …… Neural Discovery in Mathematics: Do Machines Dream of Colored Planes?（数学中的神经发现：机器会梦见彩色的平面吗？） Monte Carlo Tree Diffusion (MCTD) for System 2 Planning（ ...