Equifax (NYSE:EFX) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsFaiza Alwy - Managing DirectorDavid Paige - Equity Research Assistant VPShlomo Rosenbaum - Managing DirectorTrevor Burns - Senior VP and Head of Corporate Investor RelationsRyan Griffin - Senior Equity Research AssociateJohn Gamble - CFOKevin McVeigh - Managing DirectorMark Begor - CEOConference Call ParticipantsGeorge Tong - Senior Research AnalystNone - AnalystAndrew Nicholas - Equity Research AnalystKelsey Zhu - Dir ...

Elevance Health (NYSE:ELV) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsNathan Rich - VP of Investor RelationsAJ Rice - Managing DirectorPete Haytaian - President of CarelonMark Kaye - CFO and EVPLisa Gill - Managing DirectorAndrew Mok - DirectorGail Boudreaux - President and CEOBen Hendrix - VPLance Wilkes - Managing DirectorFelicia Norwood - President of Government Health BenefitsDave Windley - Managing DirectorConference Call ParticipantsKevin Fishbeck - Director and Senior Equi ...

Financial Data and Key Metrics Changes - The company reported a net income of $10.8 million or $0.56 per share for Q3 2025, down from $13.2 million or $0.68 per share in the previous quarter [4][6] - Pre-provision pre-tax revenue (PP&R) increased by 17% from Q2 and 48% year-over-year [6] - Net interest income for Q3 was $38.8 million, up by $1.6 million or 4% from the previous quarter, and up by $6.6 million or 20% year-over-year [6][7] - Non-interest income comprised 31% of revenue in Q3, up 3% from Q2 and 8% year-over-year [7] - Non-interest expense totaled $35.7 million in Q3, down by $804,000 or 2% [7] Business Line Data and Key Metrics Changes - Wealth management revenues increased by 3%, with a 6% rise in asset-based revenues due to market appreciation and the acquisition of $195 million in managed assets [6][7] - Mortgage banking revenues reached $3.5 million, up 15% for the quarter and 22% year-over-year [7] Market Data and Key Metrics Changes - End-of-period assets under administration (AUA) totaled $7.7 billion, up $501 million or 7% [7] - In-market deposits increased by $179 million or 4% from the end of Q2 and by $431 million or 9% year-over-year [7][8] Company Strategy and Development Direction - The company is focused on long-term value creation and has made key investments to drive growth, including an asset purchase from Lighthouse Financial management [5] - The hiring of Jim Brown as Senior Executive Vice President and Chief Commercial Banking Officer aims to strengthen commercial relationships and integrate services with the wealth division [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current portfolio quality despite elevated provisions for credit losses due to resolved credit exposures [4][6] - The company anticipates low single-digit loan growth for the year, with a healthy pipeline of approximately $180 million [35] - Management expects margin expansion of about 5 basis points in Q4 [27] Other Important Information - The company repurchased 237,000 shares at an average price of $27.18 per share, totaling $6.4 million, and an additional 21,000 shares in October [8] - The effective tax rate for the full year is expected to be 22.5% [7] Q&A Session Summary Question: Remaining shared national credits size - The remaining shared national credits amount to about $173 million, split between commercial and industrial (CNI) and commercial real estate [17][47] Question: Change in specific reserves on a credit - The change was due to reduced recovery expectations from a Chapter 11 situation, leading to a significant loss [18] Question: Confidence in appraisals of other office properties - Confidence is based on different properties in various markets, with some showing leasing momentum [19][20] Question: Client flows in wealth management - The company is no longer disclosing client flows to align with peers [25] Question: Margin expectations - The company anticipates a margin expansion of about 5 basis points in Q4 [27] Question: Buyback plans - The company is pausing buybacks to evaluate capital levels for growth opportunities [38][46] Question: Breakdown of shared national credits - The breakdown includes $90 million in commercial real estate and $84 million in commercial and industrial [47] Question: NDFI exposure - The company has no NDFI exposure [49]

Financial Data and Key Metrics Changes - Consolidated revenues for the third quarter were $2.82 billion, reflecting a 13.1% increase year-over-year, with organic revenues growing by 6.8% [15][17] - Reported operating income was $386 million, or 13.7% of revenues, compared to $330 million, or 13.3% of revenues last year [16] - Adjusted EPS was $2.60, up from $2.30 the prior year, while reported EPS was $2.16 compared to $1.99 a year ago [17] Business Line Data and Key Metrics Changes - Revenues for diagnostic information services increased by 13.5%, driven by organic growth across physician, hospital, and consumer channels [15] - In the physician channel, revenue grew approximately 17%, with organic growth in the high single digits [8] - The hospital channel saw low single-digit revenue growth, primarily driven by Co-Lab Solutions [9] Market Data and Key Metrics Changes - Total volume measured by requisitions increased by 12.5% year-over-year, with organic volume up 3.9% [15] - The consumer health business experienced strong growth, with direct channel growth between 30%-40% year-to-date [24][33] Company Strategy and Development Direction - The company is focused on delivering solutions that meet the evolving needs of clinical customers and expanding into consumer life sciences and data analytics [6] - Collaborations with Corewell Health and consumer health brands are expected to support future growth [19] - The company is investing in automation and AI technologies to drive operational improvements [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong demand for clinical solutions and the potential for revenue growth in the consumer health segment [3][19] - The company raised its full-year 2025 guidance, expecting revenues between $10.96 billion and $11 billion [18] - Management highlighted the potential impact of PAMA reforms and the need for legislative action to avoid significant payment cuts [5][26] Other Important Information - The company received FDA Breakthrough Device designation for its Haystack MRD test, reinforcing its cancer monitoring innovation [11] - The partnership with Epic Systems for Project Nova aims to modernize the order-to-cash process over the next several years [14][75] Q&A Session Summary Question: Utilization backdrop and expectations into year-end - Management noted that raw REC volume was up 3.9%, with strong demand in various states contributing to growth [23] Question: Latest expectations on PAMA - Management indicated that while the RESULTS Act has been proposed, a delay in PAMA is more likely than its passage [26] Question: Mix performance relative to expectations - Management stated that consumer channels are performing slightly above expectations, with strong growth in wellness and episodic testing [32] Question: 4Q margins and investment impacts - Management expects elevated margins in Q4 but noted potential headwinds from increased employee health expenses and Project Nova investments [40] Question: Cash flow and one-time benefits - Management highlighted strong cash flow but noted that one-time benefits from the CARES Act and tax legislation should not be expected to repeat next year [56] Question: Consumer health momentum and partnerships - Management discussed partnerships with Whoop and Oura, emphasizing the potential for increased requisition volume through these collaborations [62] Question: Oncology initiatives and evidence generation - Management confirmed ongoing studies for the Haystack MRD test and expressed optimism about expanding indications and reimbursement [98]

Financial Data and Key Metrics Changes - Consolidated revenues for the third quarter were $2.82 billion, reflecting a 13.1% increase year-over-year, with organic revenues growing by 6.8% [15] - Reported operating income was $386 million, or 13.7% of revenues, compared to $330 million, or 13.3% of revenues last year; adjusted operating income was $458 million, or 16.3% of revenues, compared to $385 million, or 15.5% last year [16] - Reported EPS was $2.16, up from $1.99 a year ago; adjusted EPS was $2.60 versus $2.30 the prior year [17] - Cash from operations increased to $1.42 billion year-to-date, a 63.1% increase from $870 million in the prior year [17] Business Line Data and Key Metrics Changes - In the physician channel, revenue grew approximately 17%, with organic revenue growth in the high single digits, driven by broad-based demand for clinical solutions [8] - Revenues in the hospital channel grew in low single digits, with COLAB Solutions contributing to growth [9] - The consumer channel saw strong double-digit growth, particularly from the questhealth.com platform and partnerships with companies like Whoop and Oura Health [10] Market Data and Key Metrics Changes - Total volume measured by requisitions increased by 12.5% year-over-year, with organic volume up 3.9% [15] - Revenue per requisition increased by 0.8% year-over-year, driven by an increase in the number of tests per requisition [16] Company Strategy and Development Direction - The company is focused on delivering solutions that meet the evolving needs of core clinical customers and expanding into higher growth areas such as consumer life sciences and data analytics [6] - Strategic acquisitions are emphasized as key growth drivers, particularly in hospital outreach and independent labs [7] - The company announced a joint venture with Corewell Health to establish a laboratory services partnership in Michigan, which is expected to generate approximately $1 billion in annual revenues from COLAB Solutions once fully scaled [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong demand for clinical solutions and the execution of their strategy, raising the full-year 2025 guidance [3][19] - The management highlighted the potential impact of PAMA reforms and the need for legislative action to avoid significant payment cuts [5] - The company expects to continue seeing elevated utilization levels and strong performance in the consumer health channel [24] Other Important Information - The company received FDA Breakthrough Device designation for its Haystack MRD test, reinforcing its cancer monitoring innovation [11] - The partnership with Epic Systems aims to modernize the order-to-cash process, enhancing patient and provider experiences [14][75] Q&A Session Summary Question: Utilization backdrop and expectations into year-end - Management noted that raw REC volume was up 3.9%, with strong growth in autoimmune and advanced cardiometabolic testing, and expects utilization levels to continue into Q4 [23] Question: Latest expectations on PAMA - Management indicated that while the RESULTS Act has been proposed, a delay in PAMA is more likely than its passage, with a potential $100 million impact next year [26] Question: Mix performance relative to expectations - Management stated that consumer channels are performing slightly above expectations, with strong growth in episodic testing and wellness testing [32] Question: Q4 margins and Project Nova investments - Management expects elevated margins in Q4 but noted potential headwinds from increased employee health expenses and Project Nova investments [39] Question: Cash flow and one-time benefits - Management highlighted strong cash flow but noted that some one-time benefits, such as the CARES Act payment, are not expected to recur next year [56] Question: Consumer health momentum and partnerships - Management discussed partnerships with Whoop and Oura, emphasizing the potential for increased requisition volume through these collaborations [62] Question: Oncology initiatives and Haystack integration - Management confirmed that the Haystack MRD test is fully integrated and ongoing studies are expected to broaden coverage for multiple cancer indications [98]

PulteGroup (NYSE:PHM) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsMichael Rehaut - Executive DirectorMike Dahl - Managing Director of Equity ResearchDavid Carrier - SVP of FinanceJim Zeumer - VP of Investor Relations and Corporate CommunicationsRafe Jadrosich - Managing DirectorSam Reid - Executive Director Equity Research of Home Builders & Building ProductsJim Ossowski - EVP and CFOStephen Kim - Senior Managing DirectorAlan Ratner - Managing Director of Equity ResearchRyan Marsh ...

Financial Data and Key Metrics Changes - The company reported a net income of $10.8 million or $0.56 per share for Q3 2025, down from $13.2 million or $0.68 per share in the previous quarter [4][6] - Pre-provision pre-tax revenue (PP&R) increased by 17% from Q2 and 48% year-over-year [6] - Net interest income for Q3 was $38.8 million, up by $1.6 million or 4% from the previous quarter and by $6.6 million or 20% year-over-year [6][7] - Non-interest income accounted for 31% of total revenue in Q3, up 3% from Q2 and 8% year-over-year [6][7] - Non-interest expenses totaled $35.7 million in Q3, down by $804,000 or 2% [7] Business Line Data and Key Metrics Changes - Wealth management revenues increased by 3%, with a 6% rise in asset-based revenues due to market appreciation and the acquisition of $195 million in managed assets [6][7] - Mortgage banking revenues reached $3.5 million, up 15% for the quarter and 22% year-over-year [7] Market Data and Key Metrics Changes - End-of-period assets under administration (AUA) totaled $7.7 billion, an increase of $501 million or 7% [7] - In-market deposits rose by $179 million or 4% from the end of Q2 and by $431 million or 9% year-over-year [7][8] Company Strategy and Development Direction - The company is focused on long-term value creation and has made key investments to drive growth, including the acquisition of Lighthouse Financial Management [5][6] - The hiring of Jim Brown as Senior Executive Vice President and Chief Commercial Banking Officer aims to enhance commercial relationships and integrate services with the wealth division [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current portfolio quality despite elevated provisions for credit losses due to resolved credit exposures [4][6] - The company anticipates low single-digit loan growth for the year, with a healthy pipeline of approximately $180 million [6][37] - Management expects margin expansion of about 5 basis points in Q4 [27] Other Important Information - The company repurchased 237,000 shares at an average price of $27.18 per share, totaling $6.4 million, and an additional 21,000 shares in October [8] - The effective tax rate for the full year is expected to be 22.5% [7] Q&A Session Summary Question: Remaining shared national credits size - The remaining shared national credits amount to about $173 million, split between CNI and commercial real estate [16][48] Question: Change in specific reserves on a credit - The company had to take an additional $6 million charge-off due to reduced recovery expectations from a Chapter 11 situation [17] Question: Confidence in appraisals of office properties - Confidence in appraisals is based on different properties in various markets, with some properties showing leasing momentum [19][20] Question: Client flows in wealth management - The company is no longer disclosing client flows, aligning disclosures with peers [25][26] Question: Loan growth and pipeline outlook - The company expects low single-digit growth for the year, with a healthy pipeline of $180 million [36][38] Question: Future buyback plans - The company has paused buybacks to evaluate capital deployment for growth, with no immediate plans for additional repurchases [40][47]

Elevance Health (NYSE:ELV) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsNathan Rich - VP of Investor RelationsAJ Rice - Managing DirectorPete Haytaian - President of CarelonMark Kaye - CFO and EVPLisa Gill - Managing DirectorAndrew Mok - DirectorGail Boudreaux - President and CEOBen Hendrix - VPLance Wilkes - Managing DirectorFelicia Norwood - President of Government Health BenefitsDave Windley - Managing DirectorConference Call ParticipantsKevin Fishbeck - Director and Senior Equi ...

RTX (NYSE:RTX) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsNeil Mitchill - CFOSeth Seifman - Executive DirectorChris Calio - CEO and ChairmanPeter Arment - Managing DirectorDoug Harned - Managing DirectorNathan Ware - VP of Investor RelationsRob Stallard - PartnerScott Deuschle - DirectorKen Herbert - Managing DirectorMyles Walton - Managing DirectorKristine Liwag - Executive DirectorSheila Kahyaoglu - Managing DirectorGavin Parsons - Director of Aerospace and Defense Equity Resea ...

RTX (NYSE:RTX) Q3 2025 Earnings Call October 21, 2025 08:30 AM ET Company ParticipantsNeil Mitchill - CFOSeth Seifman - Executive DirectorChris Calio - CEO and ChairmanPeter Arment - Managing DirectorDoug Harned - Managing DirectorNathan Ware - VP of Investor RelationsRob Stallard - PartnerScott Deuschle - DirectorKen Herbert - Managing DirectorMyles Walton - Managing DirectorKristine Liwag - Executive DirectorSheila Kahyaoglu - Managing DirectorGavin Parsons - Director of Aerospace and Defense Equity Resea ...