Intchains Group (ICG) Q1 2025 Earnings Call May 22, 2025 08:00 PM ET Speaker0 Good day, ladies and gentlemen. Thank you for standing by, and welcome to Ink King's First Quarter twenty twenty five Earnings Conference Call. Today's call is being recorded. If you have any objections, you may disconnect at this time. Joining us today are Mr. Chao Wei Yan, Chief Financial Officer of Exchange and Ms. Lindsay Wang, Director of Investor Relations. Mr. Yen will provide an overview of the company's performance and fi ...

INTCHAINS GROUP LIMITED (NASDAQ: ICG) Q1 2025 Update As of March 31, 2025 1 Key Investment Highlights Notes: 1. Convenience translation: US$1.00=RMB7.2567 on the last trading day of first quarter (March 31, 2025). 2. Unaudited financial results for the first quarter of 2025. Revenues $10.2m Q4 2024 $18.2m +78.5% Q1 2025 Gross Margin 26.2% Q4 2024 56.9% +30.7pct Q1 2025 Total Ethereum Accumulated 5,702 ETH As of December 31, 2024 7,023 ETH As of March 31, 2025 +23.2% Gross Profits $2.7m Q4 2024 $10.4m +287.9 ...

SPEAKERS Bill Lundberg, MD, MBA CHIEF EXECUTIVE OFFICER Fabian Zohren, MD, Ph.D CHIEF MEDICAL OFFICER Peter B. Silverman CHIEF OPERATING OFFICER Shannon Campbell CHIEF COMMERCIAL OFFICER Kathleen Farren IR/CORP COMMS I N V E S T O R C A L L M A Y 2 0 2 5 Disclaimer This presentation (including any oral commentary that accompanies this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation tha ...

Copart (CPRT) Q3 2025 Earnings Call May 22, 2025 05:30 PM ET Company Participants Jeff Liaw - Chief Executive OfficerLeah Stearns - Chief Financial OfficerBob Labick - PresidentJash Patwa - Equity Research Associate Conference Call Participants Craig Kennison - Director of Research Operations & Senior Research AnalystChris Bottiglieri - Analyst Operator Good day, everyone, and welcome to the Copart Incorporated Third Quarter Fiscal twenty twenty five Earnings Call. Just a reminder, today's conference is bei ...

Summary of Merus Investor Call Company Overview - Merus is an oncology-focused company with a proprietary technology platform for developing bispecific and multispecific antibodies, including pitocentimab and other clinical assets [6][8][35] - The company received its first FDA approval for BIZENGRI, validating its capabilities in oncology drug development [6] Clinical Data Presentation - The call focused on the phase two interim clinical data of pitocentimab in combination with pembrolizumab for first-line recurrent metastatic head and neck squamous cell carcinoma [2][5] - Data will be presented at the ASCO Annual Meeting on June 2, 2025 [2][5] Key Clinical Findings - **Efficacy of Pitocentimab**: - The overall response rate (ORR) for pitocentimab monotherapy was 36% with a median duration of response of 6.2 months [17] - In combination with pembrolizumab, the ORR was 63% (27 out of 43 patients) with a 95% confidence interval indicating a lower bound of 49% [27] - The median progression-free survival (PFS) was 9 months, significantly higher than historical data for pembrolizumab alone [29] - The 12-month overall survival (OS) rate was 79%, compared to 51% for pembrolizumab monotherapy [30] - **Safety Profile**: - The combination therapy was well tolerated with no significant overlapping toxicities observed [32][26] - The incidence of treatment-emerging adverse events was manageable, with 38% of patients reporting infusion-related reactions [26] Market Opportunity - The head and neck cancer market is estimated to be around $4 billion in 2024, with significant unmet medical needs [37][39] - Merus aims to position pitocentimab as a first and best-in-class treatment option, potentially changing clinical practice [38][39] Regulatory and Development Strategy - Merus is confident in the potential for accelerated approval based on strong ORR and survival data [66] - The company plans to substantially enroll both Phase III registration trials by the end of 2025, with top-line readouts expected in 2026 [42][34] Intellectual Property - Merus holds a robust patent estate covering its platform technologies and clinical assets, ensuring protection for its innovations [35] Additional Insights - The company emphasizes the importance of including both HPV positive and negative patients in clinical trials, with a focus on maintaining a consistent patient population across studies [101][102] - There is a strong belief that the combination of pitocentimab and pembrolizumab could provide a transformative treatment option for patients with recurrent metastatic head and neck cancer [41][42] Conclusion - Merus is advancing its clinical development of pitocentimab with promising efficacy and safety data, aiming to address significant unmet needs in the oncology market, particularly in head and neck cancer [41][43]

Financial Data and Key Metrics Changes - Global revenue increased to $1.2 billion, with global service revenue up nearly $88 million or over 9% from the previous year [17] - Third quarter GAAP net income increased by over 6% to $407 million or $0.42 per diluted common share [22] - Global gross profit was approximately $552 million, an increase of $27 million or about 5%, with a gross margin percentage of 46% for the quarter [21] Business Line Data and Key Metrics Changes - Global unit sales increased by 1%, with a per business day increase of over 2% [10] - U.S. insurance unit volume decreased close to 1% year over year, while non-insurance U.S. unit volume growth outpaced that of the U.S. insurance business [11] - Blue Car services grew nearly 14% year over year, while dealer sales volume grew over 3% [12] Market Data and Key Metrics Changes - International segment unit sales grew by 6% in the quarter, with fee units increasing by 9% [12] - Global average selling prices (ASPs) increased by approximately 3% for the quarter, with U.S. insurance ASPs up over 2% [14] - Global inventory decreased nearly 10% from the year-ago period, with U.S. inventory down approximately 11% [14][15] Company Strategy and Development Direction - The company continues to invest in real estate infrastructure, technology, and operational readiness in anticipation of the 2025 storm season [8] - The acquisition of Hull Ranch in South Florida enhances the company's capacity to handle storm-related vehicle storage [7] - The company aims to enhance capabilities for both storm preparedness and day-to-day operations [9] Management's Comments on Operating Environment and Future Outlook - Management noted rising total loss frequency, which reached 22.8% in the first calendar quarter of 2025, up 100 basis points from last year [3] - The company anticipates an active storm season in 2025, similar to 2024, based on meteorological forecasts [6] - Management expressed confidence that cyclical trends regarding uninsured and underinsured drivers will eventually reverse [5] Other Important Information - Global purchased vehicle sales for the third quarter decreased approximately 2%, while gross profit from purchased vehicles decreased 60% [18] - Facility-related costs increased by $51 million or about 12%, reflecting ongoing investments in operational capacity [20] - The company has over $5.6 billion in liquidity, comprised of nearly $4.4 billion in cash and $1.3 billion in revolving credit capacity [23] Q&A Session Summary Question: Discussion on land assets and benefits for insurance salvage customers - Management emphasized the importance of physical storage and logistics for insurance companies and other sellers, viewing it as essential to their service offering [28] Question: Insights on the shift of insured versus uninsured motorists - Management noted cyclical trends in insurance coverage, with current conditions reflecting a similar downturn as seen during the global financial crisis [31] Question: Update on Purple Wave partnership and future investments - Management acknowledged the uncertain environment affecting Purple Wave but expressed confidence in the strategic fit and potential benefits for Copart [35] Question: Implications of trade policy and tariffs on business - Management highlighted the uncertainty created by tariffs on parts, which increases repair costs and may make total loss options more attractive [38] Question: Market share perspective and growth numbers - Management indicated that market share is influenced by the growth of individual insurance carriers and emphasized their commitment to delivering value to clients [46] Question: Trends in G&A spend and future expectations - Management clarified that the increase in G&A was primarily due to investments in the sales force and other minor platform services, without indicating a steady state number [64] Question: Legislative actions affecting storage fees and total loss thresholds - Management noted that capping storage fees could benefit insurance companies, while changes to total loss thresholds may not significantly distort insurance companies' decisions [72]

StepStone (STEP) Q4 2025 Earnings Call May 22, 2025 05:00 PM ET Company Participants Seth Weiss - Managing Director of Corporate Investor RelationsScott Hart - CEOMichael McCabe - Head of StrategyDavid Park - CFOBen Budish - DirectorMichael Cyprys - Managing DirectorJason Ment - President & Co-COOChris Kotowski - Managing Director Conference Call Participants Kenneth Worthington - Financial AnalystNone - Analyst Operator Thank you for standing by and welcome to StepStone Group's Fiscal Fourth Quarter twenty ...

Financial Data and Key Metrics Changes - Total revenue in Q1 grew 15% as reported and 16% in constant currency, with a contribution from the new transaction model of $78 million [12][18] - Billings increased 29% as reported and 30% in constant currency, reflecting the shift to annual billings for most multiyear contracts [12][18] - First quarter free cash flow was $556 million, with GAAP operating margins decreasing by seven percentage points due to restructuring charges [14][15] Business Line Data and Key Metrics Changes - Strength was observed in AECO, upfront revenue from enterprise business agreements (EBAs), and the Autodesk store as friction from the new transaction model eased [11] - The contribution from the new transaction model to billings was $105 million in Q1, with billings growing 22% at constant currency excluding this impact [12][18] - Non-GAAP operating margins increased by three percentage points, reflecting operating leverage from ongoing cost discipline [15] Market Data and Key Metrics Changes - The U.S. dollar has depreciated against major currencies, impacting billings, revenue, and free cash flow guidance ranges [17] - Asia Pacific showed some softness, particularly in Japan, which was the last to adopt the new transaction model, and China and Korea were more exposed to macroeconomic turmoil [115][116] Company Strategy and Development Direction - The company is focusing growth investments on strategic priorities in cloud, platform, and AI, optimizing sales and marketing to drive higher margins [8][19] - The new transaction model aims to integrate more closely with customers, driving additional business while increasing automation [9] - The company is committed to delivering connected solutions and enhancing operational efficiency to capture growth opportunities in the market [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted that customer conversations reflect uncertainty due to geopolitical and macroeconomic factors, but construction backlog ticked up, and monthly active users increased [39][40] - The company is prepared for potential macroeconomic impacts, having factored in greater uncertainty into their guidance while maintaining a positive outlook based on Q1 performance [17][92] Other Important Information - The company is refreshing its board to guide the next decade of growth, with new appointments aimed at enhancing strategic direction [8] - The company is focused on reducing stock-based compensation as a percentage of revenue to below 10% [15] Q&A Session Summary Question: How are customer conversations evolving given the uncertainty? - Management acknowledged that trade policy uncertainty is impacting customers, but noted that construction backlog and active user growth remain positive [39][40] Question: Can you discuss margin momentum and the sales and marketing optimization plan? - Management indicated strong Q1 performance driven by revenue outperformance and ongoing expense discipline, with the sales and marketing optimization plan on track [41][43] Question: What are the benefits and risks of channel consolidation? - Management is encouraging consolidation towards fewer, more solution-focused partners, which has led to increased activity and price realization [51][55] Question: How is the new transaction model progressing? - Management reported no significant disruptions compared to the previous year, with channel productivity expected to increase as partners adapt [60][61] Question: What are the opportunities for AI functionality? - Management emphasized the focus on delivering specific AI enhancements that drive productivity, with plans to roll out more sophisticated tools [78][80] Question: How is the company addressing labor constraints in the industry? - Management noted persistent labor constraints and emphasized the need for digital efficiency, which is driving robust adoption of their solutions [94]

Financial Data and Key Metrics Changes - Total revenue in Q1 grew 15% as reported and 16% in constant currency, with a contribution from the new transaction model to revenue of $78 million [12][13] - Billings increased 29% as reported and 30% in constant currency, reflecting the shift to annual billings for most multiyear contracts [12][13] - First quarter free cash flow was $556 million, with GAAP operating margins decreasing by seven percentage points due to restructuring charges [15][14] Business Line Data and Key Metrics Changes - Strength was observed in AECO, upfront revenue from enterprise business agreements (EBAs), and the Autodesk store as friction from the new transaction model eased [10] - The contribution from the new transaction model to billings was $105 million in Q1, with billings growing 22% at constant currency excluding the impact of the new transaction model [12][13] Market Data and Key Metrics Changes - The U.S. dollar has depreciated against major currencies, impacting billings, revenue, and free cash flow guidance ranges [17] - Asia Pacific showed some softness, particularly in Japan, which was the last to adopt the new transaction model, and China and Korea were more exposed to macroeconomic turmoil [114] Company Strategy and Development Direction - The company is focusing growth investments on strategic priorities in cloud, platform, and AI, optimizing sales and marketing to drive higher margins [7] - The new transaction model aims to integrate more closely with customers, driving additional business while increasing automation and reducing duplicative workflows [8] Management's Comments on Operating Environment and Future Outlook - Management noted that customer conversations reflect uncertainty due to trade policy and macroeconomic factors, but construction backlog increased and monthly active users grew [40] - The company remains optimistic about its underlying business momentum despite macroeconomic uncertainties, with guidance reflecting caution [17][89] Other Important Information - The company is refreshing its board to guide the next decade of growth, with new appointments aimed at enhancing strategic direction [7] - The company is committed to reducing stock-based compensation as a percentage of revenue to below 10% [15] Q&A Session Summary Question: How are customer conversations evolving given the uncertainty? - Management acknowledged that trade policy uncertainty is impacting customers, but noted that construction backlog increased and business inflow remains strong [40] Question: Can you discuss margin momentum and the sales and marketing optimization plan? - Management indicated that Q1 margin strength was driven by revenue outperformance and ongoing expense discipline, with the sales and marketing optimization plan on track [42][43] Question: What are the benefits and risks of channel consolidation? - Management is encouraging consolidation towards fewer, more solution-focused partners, which has led to increased activity and price realization in the store [52][55] Question: How is the new transaction model progressing? - Management reported that disruptions seen last year are not present now, and channel productivity is expected to increase as partners adapt to the new model [61][62] Question: What is the outlook for net revenue retention (NRR)? - Management confirmed that the NRR is above the 100-110% range due to the new transaction model, and it is expected to remain in that range for the year [63] Question: How is the company addressing labor constraints in the industry? - Management noted that labor constraints persist, but the demand for digital efficiency is driving robust adoption of their solutions [91] Question: What are the plans for AI functionality and future use cases? - Management emphasized the focus on delivering AI enhancements that drive productivity, with plans to roll out more sophisticated tools [78][80] Question: What is the current status of the restructuring and its impact? - Management indicated that while there was some disruption from the restructuring, overall business momentum has improved, and risks are being managed effectively [85][86]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [4] - Fee related earnings (FRE) reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [4][12] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [5][12] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [5][28] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% increase [6][12] - Managed account re-up rates remained above 90%, with an average growth of approximately 30% [6] - The private wealth platform saw AUM increase from $3.4 billion to over $8 billion [10] - Total gross inflows for the quarter were $9.9 billion, with $1.2 billion of evergreen subscriptions, marking the best private wealth quarter ever [11][20] Market Data and Key Metrics Changes - The company experienced strong fundraising and deployment of undeployed fee earning capital, driving fee earning AUM to over $121 billion, an increase of $7.2 billion from the previous quarter [12][22] - The undeployed fee earning capital (UFEC) grew from approximately $22 billion to $25 billion [22] - The blended management fee rate increased to 65 basis points from 59 basis points in the prior fiscal year [22] Company Strategy and Development Direction - The company aims to double its fee related earnings over five years and expand its FRE margin to the mid-30s, achieving a doubling of fee related earnings in just two years [23][24] - The company is focused on scenario planning to assess impacts by asset class, strategy, region, and sector due to market uncertainties [13] - The company is expanding its private wealth offerings and distribution partners, increasing from 300 to nearly 500 unique platforms [10][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the evolving global trade policy and its impact on market volatility [13] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term disciplined investment approach [14][15] - Management highlighted the importance of leveraging data and technology to enhance client acquisition and retention [26] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [27] - The company declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [28] Q&A Session Summary Question: What were the one-time fees in the quarter? - The one-time fees were approximately $4 million in advisory fees, which impacted the FRE margin [38] Question: How does the pipeline of new business look? - The company is optimistic about the pipeline of new opportunities, with a healthy mix of re-ups and new business expected [44] Question: How do you see the secondaries marketplace evolving? - The company anticipates increased selling in the secondaries market and is positioned as an active buyer across various private markets [60] Question: What is the outlook for the private wealth product platform? - The company sees significant growth potential in both the US and European markets, with plans to expand its product offerings [64]