So there's doorbells, cameras, there's speakers. What query. Right.So there's two cameras and a doorbell and a smart speaker, which actually isn't coming out until spring of next year, which is going to give Amazon quite the head start with its own Smart home lineup, which, as you noted, was unveiled yesterday. So we have a little bit of competition here on our hands team Amazon, then Google. They both seem to be making a claim, Dana, to the home, the AI in the home.What's kind of your reflection on the las ...

在中国房地产市场的风云变幻中，关于购房时机的讨论日益热烈。曾经，开发商的频繁促销、房屋品质与得房率的双重提升，以及诱人的价格，激发了众多 购房者的热情。然而，与往昔的简单决策环境相比，今天的房地产市场已经历了深刻的变革。 其次，市场格局的分化趋势愈发显著。一线城市如北上广深的核心地段，优质房源依旧紧俏，高端住宅市场供不应求；而部分三四线城市则面临房价调整的 压力。这种"冰与火"的对比，归根结底源于人口流动的驱动。人口持续流入的城市，房地产市场拥有稳固的支撑；反之，则面临严峻挑战。2026年，这种由 人口基本面决定的市场分化将更加明显。 再者，购房者的理念正经历深刻变革。虽然房地产投资的吸引力犹存，但以"投资"为目的的购房行为已大幅减少。过去，购房被视为最安全的投资方式，许 多购房者期待通过房价上涨实现资产增值。然而，如今"房住不炒"的理念深入人心，购房者更加注重房屋的居住属性和生活品质。学区、交通便利性、商业 配套等实际居住要素，已成为购房决策的关键。 最后，产品供给的品质正迎来显著提升。房地产市场的调整带来了挑战，也催生了机遇。开发商不得不从追求数量转向提升质量，以满足购房者日益挑剔的 需求。绿色建筑、智能 ...

Summary of Calyxt (CALX) Conference Call Company Overview - **Company Name**: Calyxt (also referred to as Calix) - **Industry**: Broadband service provider technology - **Mission**: Transition from traditional service providers to broadband experience providers, leveraging data for enhanced subscriber experiences [5][6] Key Points and Arguments 1. **Business Confidence**: The company expresses strong confidence in its business outlook despite a higher interest rate environment and fewer new broadband experience providers being formed [8][9] 2. **Revenue Growth**: Calyxt anticipates a long-term revenue growth rate of 10% to 15% per annum, with gross margin improvements of 100 to 200 basis points annually [13][30] 3. **Sequential Growth**: Recent quarters showed sequential growth of 7% in January and 10% in February, attributed to gaining market share from a bankrupt competitor [15][19] 4. **Subscriber Experience**: The focus remains on improving subscriber experience, with metrics such as ARPU growth, declining churn rates, and increasing Net Promoter Scores indicating positive trends [9][10] 5. **Market Dynamics**: The broadband market is characterized as maturing, but the emergence of broadband experience providers is seen as a disruptive force driving growth [31][32] 6. **Platform Evolution**: The introduction of the AgenTik AI platform is viewed as a significant enhancement, allowing for private cloud functionality and compliance with data residency regulations [46][47] 7. **SmartMDU Expansion**: The SmartMDU initiative is expected to increase the total addressable market (TAM) by 50%, targeting multi-dwelling units and small businesses with tailored solutions [49][83] 8. **BEAD Program**: The Broadband Equity, Access, and Deployment (BEAD) program is seen as a directional indicator of future infrastructure investments, with a focus on fiber and fixed wireless solutions [86][87] Additional Important Insights 1. **Competitive Landscape**: Calyxt does not identify direct competitors due to its unique business model focused on broadband experience providers [72][73] 2. **Operational Efficiency**: The company has maintained operational efficiency despite transitioning to new cloud services, with a focus on leveraging existing investments [56][60] 3. **Tariff Impact**: Current tariffs do not significantly affect Calyxt, but the company is prepared for potential changes in the regulatory environment [64][66] 4. **Data Security**: The company emphasizes the importance of data security regarding subscriber information, which is treated with the highest confidentiality [28][29] This summary encapsulates the key discussions and insights from the Calyxt conference call, highlighting the company's strategic direction, market positioning, and growth prospects.

Financial Performance & Growth - Preliminary QTD 2025 Same Store results show blended lease rate growth of 4.1% compared to 3.6% in Q1 2025[4] - Renewal lease rate growth is 4.7% versus 5.2% in Q1 2025[4] - New lease rate growth is 2.5% compared to (0.1%) in Q1 2025, representing an acceleration of >500 bps from December 2024 to May 2025[3,4] - The company has an affordability gap of approximately $1,100 per month, where the cost of home ownership exceeds the cost of leasing[3] - Invitation Homes' cumulative Same Store NOI Growth from 2017-2024 was +60.7%[21] Portfolio & Strategy - Approximately 96% of the wholly-owned portfolio is located in the Western U S, Sunbelt, and Florida[8,26] - The company has an average of over 5,300 wholly-owned homes across its 16 core markets[8] - The company manages approximately 25,000 JV and third-party managed homes, nearly all of which are in core and identified target markets[8] - The company has >1,800 homes under construction through its BTR partnership strategy as of March 31, 2025[11] Market & Operations - The company has 85,261 wholly-owned homes, 7,660 JV-owned homes, and 17,336 3rd party managed homes[35] - The company has approximately 1,000 field operations personnel covering 40 home pods[8,35] - Value-add revenues have grown from $23 million to $80 million[44]