Financial Data and Key Metrics Changes - The company reported a revenue growth of 6.9% year over year, reaching $608 million, with organic growth of 6% excluding foreign exchange and M&A impacts [22][27] - Adjusted operating margin was 36.2%, and adjusted diluted EPS increased by 3% year on year to $4.51 [4][22] - Organic ASV growth accelerated to 5.9%, an increase of $6.6 million, driven by strong demand in trading, workstations, and market data [18][22] Business Line Data and Key Metrics Changes - In the Americas, organic ASV grew 6%, primarily driven by asset managers and wealth [18] - EMEA saw a 4% organic ASV growth, with improved retention and expansion in performance solutions [18] - Asia-Pacific experienced an 8% organic ASV growth, up from 7% last quarter, driven by middle office solutions and AI-ready data [19] - Wealth management delivered a 10% organic ASV growth, with significant wins in workstations and analytics [20] Market Data and Key Metrics Changes - Client count grew to over 9,000, a 9% increase year over year, with retention rates at 91% for clients and above 95% for ASV [22] - The user base approached 240,000, with wealth and asset managers leading user growth, up 10% versus the prior year [22] Company Strategy and Development Direction - The company is increasing its share repurchase authorization from $400 million to $1 billion, reflecting confidence in its balance sheet and long-term growth potential [5][26] - Three strategic priorities include driving commercial excellence, improving productivity, and solidifying long-term strategy for sustainable growth [12][17] - The company is focused on enhancing its data offerings and integrating AI capabilities to maintain competitive differentiation [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the pipeline and client demand, indicating a positive sentiment in the market [46][48] - The company is maintaining a prudent approach to guidance, reaffirming previously issued FY26 guidance across all metrics [27][56] - There is an expectation of continued growth in AI product adoption, with a reported sequential growth of over 45% in AI products launched earlier this year [12][51] Other Important Information - Operating expenses increased by 9% year over year, driven by higher people-related expenses and technology costs [23][24] - The company is allocating roughly two-thirds of its investments to growth initiatives and one-third to internal infrastructure [24][25] Q&A Session Summary Question: Competitive positioning versus AI startups and Big Four data incumbents - Management emphasized confidence in proprietary assets and the ability to partner with the AI ecosystem, viewing distribution through various channels as complementary [29][30] Question: Changes in sales incentives and early results - Management highlighted alignment of sales incentives with desired outcomes, leading to faster sales motions and a richer pipeline [33][34] Question: AI's impact on customer hiring and desktop business - Management noted no significant reductions in headcount, with increased hiring observed in banking and strong demand for AI products [37][39] Question: Margin impact from investments - Management discussed the balance between structural investments for operating leverage and growth investments aligned with client demand [52][54] Question: Organic ASV growth expectations - Management expressed confidence in the pipeline but maintained a conservative approach to guidance, acknowledging the need for prudent execution [55][56] Question: Proprietary versus non-proprietary products - Management provided insights into the classification of proprietary data and the importance of proprietary methodologies in delivering high-quality outputs [57][59]

Summary of the European Central Bank Update / Briefing December 18, 2025 Industry Overview - **Industry**: European Central Bank (ECB) and Eurozone Economic Outlook Key Points and Arguments 1. **Interest Rates Decision**: The ECB decided to keep the three key interest rates unchanged, indicating a cautious approach to monetary policy amid economic uncertainties [2][3][13] 2. **Inflation Projections**: - Headline inflation is projected to average 2.1% in 2025, 1.9% in 2026, and stabilize at 2% in 2028. - Inflation excluding energy and food is expected to average 2.4% in 2025 and gradually decline to 2% by 2028 [2][9] 3. **Economic Growth Outlook**: - Economic growth has been revised upward to 1.4% for 2025 and 2027, and 1.2% for 2026, driven by domestic demand and investment [3][5] - The labor market remains robust with unemployment at 6.4% in October, close to historical lows [4] 4. **Domestic Demand as Growth Engine**: Real incomes are expected to rise, and a gradual decrease in the saving rate will support consumption. Business investment and government spending on infrastructure are also anticipated to bolster growth [5][12] 5. **Geopolitical Context**: The ECB emphasizes the need to strengthen the euro area economy in light of geopolitical tensions, particularly the war in Ukraine, which poses risks to economic stability [5][10] 6. **Inflation Dynamics**: - Annual inflation remained stable at 2.1% in November, with energy prices down 0.5% year-over-year and food price inflation at 2.4% [6] - Services inflation has increased, contributing to overall inflation, with compensation per employee rising at an annual rate of 4% [7][29] 7. **Risks to Economic Outlook**: - Potential risks include geopolitical tensions, global trade challenges, and volatility in financial markets, which could disrupt growth and inflation [10][11] - A stronger euro could further lower inflation, while fragmented supply chains might increase import prices [10][11] 8. **Monetary Policy Approach**: The ECB will continue a data-dependent approach to monetary policy, assessing inflation outlooks and economic data on a meeting-by-meeting basis [3][13] 9. **Digital Euro Initiative**: The ECB is progressing with the Digital Euro project, aiming to enhance financial stability in the euro area [34][35] 10. **Future Projections**: The ECB plans to review economic and inflation projections in February, considering the impact of AI and other factors on growth [17][18] Other Important Content - **Labor Market Trends**: The job vacancy rate is at its lowest since the pandemic, indicating a cooling labor demand [4] - **Investment Trends**: The contribution of exports, particularly from the chemical industry, has surprised on the upside, indicating resilience in certain sectors [18] - **Financial Stability Concerns**: The ECB acknowledges risks to financial stability due to geopolitical uncertainties and potential market volatility [12][10] - **Legal Considerations**: Discussions around the ECB presidency succession and the implications of appointing a sitting member of the Executive Board were addressed, emphasizing the need for clarity on legal frameworks [33][25] This summary encapsulates the key insights from the ECB's briefing, highlighting the current economic landscape, inflation dynamics, and the central bank's strategic approach to monetary policy amidst ongoing uncertainties.

Darden Restaurants (NYSE:DRI) Q2 2026 Earnings Call December 18, 2025 08:30 AM ET Company ParticipantsJeff Farmer - Managing DirectorPeter Saleh - Managing DirectorGregory Francfort - Managing DirectorChris O'Cull - Managing DirectorAndrew Charles - Managing DirectorJohn Ivankoe - Managing DirectorRick Cardenas - CEOJim Sanderson - Managing DirectorRaj Vennam - CFODennis Geiger - Executive DirectorBrian Vaccaro - Managing DirectorJacob Aiken-Phillips - VP Equity ResearchAndy Barish - Managing DirectorCourtn ...

Worthington Steel (NYSE:WS) Q2 2026 Earnings Call December 18, 2025 08:30 AM ET Company ParticipantsJohn Tumazos - PrincipalTim Adams - VP and CFOMelissa Dykstra - VP of Corporate Communications and Investor RelationsGeoff Gilmore - President and CEOConference Call ParticipantsPhil Gibbs - Managing Director and Metals Equity Research AnalystMartin Englert - Senior Equity Research AnalystOperatorGood morning and welcome to Worthington Steel's Second Quarter Fiscal Year 2026 Earnings Call. All lines have been ...

Pyxis Oncology (NasdaqGS:PYXS) Update / Briefing December 18, 2025 08:30 AM ET Company ParticipantsAlex Kane - SVP, IR and Capital MarketJeff La Rosa - Equity ResearchLara Sullivan - President, CEO and CMOConference Call ParticipantsAndy Hsieh - Biotechnology and Equity Research AnalystStephen Willey - MD and Senior Equity Research AnalystSwayampakula Ramakanth - MD and Senior Healthcare AnalystParsons Hack - AnalystSam Slutsky - Senior Research AnalystNone - AnalystBradley Canino - Biotechnology and Equity ...

Howard Hughes Holdings (NYSE:HHH) M&A Announcement December 18, 2025 08:30 AM ET Company ParticipantsAnthony Paolone - Executive DirectorJon Petersen - Managing DirectorMeyer Shields - Managing DirectorDavid O'Reilly - CEOJoe Valane - General CounselRyan Israel - Chief Investment OfficerRyan Shelley - High Grade and High Yield Credit Research VPBill Ackman - Executive ChairmanCarlos Olea - CFOConference Call ParticipantsAlexander Goldfarb - Managing Director and Senior REIT AnalystOperatorGood day, and than ...

Financial Data and Key Metrics Changes - Enerpac's first quarter revenue for Fiscal 2026 was $144 million, a decrease of 1% year-over-year [5] - Adjusted EBITDA was $32.4 million, representing a margin of 22.4%, while adjusted earnings per share was $0.36 compared to $0.40 in the previous year [8][10] - Gross profit margin was 50.7%, consistent with previous quarters, but impacted by higher tariff-driven costs [7][8] - Free cash flow increased to $13 million, up $10 million year-over-year, attributed to timing of receipts and payments [9] Business Line Data and Key Metrics Changes - In the Industrial Tools and Services (IT&S) segment, product sales grew 4% organically, while IT&S sales declined 3% [3][5] - Standard products saw low single-digit growth, and heavy-lifting technology (HLT) business experienced double-digit growth [5] - Service revenue declined by 26%, primarily in the EMEA region, particularly the U.K. [5][6] Market Data and Key Metrics Changes - Revenue in the Americas grew by 5%, with product revenue expanding by 8% [6] - EMEA revenue declined by 10%, but product revenue in the region grew by 5% [6] - APAC revenue decreased by 8%, affected by a decline in the HLT business and political uncertainties in Southeast Asia [7] Company Strategy and Development Direction - The company is focused on investing in growth strategies, including increasing spending on innovation and expanding sales capabilities in key markets [11][12] - Enerpac aims to capitalize on growth opportunities in power generation and infrastructure, with significant contract wins in bridge and tunnel projects [14][15] - The company is enhancing its e-commerce capabilities and implementing a new technology platform to improve user experience and marketing tools [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the year, supported by strong order growth across all geographic regions [11] - The company maintains its full-year guidance, expecting organic revenue growth of 1%-4% and adjusted EBITDA growth of 6% at the midpoint [10] - Management acknowledged challenges in the service business due to market conditions in the U.K. but remains optimistic about future growth and margin expansion [22][23] Other Important Information - The company announced a change in the investor relations team, with Travis Williams leaving and Darren Kozik becoming the main point of contact for investors [16][17] - Enerpac's balance sheet remains strong, with net debt at $49 million and total liquidity of $539 million [9] Q&A Session Summary Question: What caused the sharp decline in service revenue this quarter? - Management indicated disappointment in service revenue performance, primarily due to a contraction in the U.K. market and ongoing initiatives to capture higher-margin business [21][22] Question: Can you elaborate on changes in services to capture higher value business? - Management discussed transitioning from an agent-based model to a direct model to enhance customer relationships and capture more margin [25][26] Question: What is the pricing strategy heading into 2026? - A small, low single-digit price increase was implemented in December, with ongoing efforts to offset tariff impacts and maintain margins [27][51] Question: Can you provide insights on the 2026 organic growth guidance? - Management highlighted an ambitious innovation program with plans for more new product launches compared to the previous fiscal year [33][34] Question: What is the current status of the M&A funnel? - Management noted an increase in M&A activity and expressed optimism about evaluating several opportunities while maintaining a disciplined approach [60]

Financial Data and Key Metrics Changes - Enerpac's first quarter revenue for Fiscal 2026 was $144 million, a decrease of 1% year-over-year [5] - Adjusted EBITDA was $32.4 million, representing a margin of 22.4%, while adjusted earnings per share was $0.36 compared to $0.40 in the previous year [8][10] - Gross profit margin was 50.7%, consistent with previous quarters, but impacted by higher tariff-driven costs [7] Business Line Data and Key Metrics Changes - In the Industrial Tools and Services (IT&S) segment, product sales grew 4% organically, while IT&S sales declined 3% [3][5] - Standard products saw low single-digit growth, and heavy-lifting technology business experienced double-digit growth year-over-year [5] - Service revenue declined by 26%, primarily in the EMEA region, particularly the U.K. [5][6] Market Data and Key Metrics Changes - Revenue in the Americas grew by 5%, driven by an 8% increase in product revenue [6] - EMEA region revenue declined by 10%, with product revenue growing by 5% but service revenue declining significantly [6] - APAC revenue decreased by 8%, affected by a decline in heavy-lifting technology business and political uncertainties in Southeast Asia [7] Company Strategy and Development Direction - The company is focused on investing in innovation and expanding sales capabilities in markets like India, Australia, and the Philippines [12][14] - Enerpac aims to capitalize on growth opportunities in power generation and infrastructure, with significant contract wins in bridge and tunnel projects [15] - The company is also enhancing its e-commerce capabilities to improve user experience and marketing tools [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the year, citing strong order growth across all geographic regions [11] - The company is maintaining its full-year fiscal 2026 guidance, expecting organic revenue growth of 1%-4% and adjusted EBITDA growth of 6% at the midpoint [10] - Management acknowledged challenges in the service business but remains optimistic about future growth and margin expansion [22] Other Important Information - The company reported a net debt of $49 million, resulting in a net debt-to-Adjusted EBITDA ratio of 0.3, indicating a strong balance sheet [9] - Total liquidity was $539 million, and free cash flow increased to $13 million, up $10 million year-over-year [9] Q&A Session Summary Question: What caused the sharp decline in service revenue this quarter? - Management noted that the decline was largely driven by a contraction in the U.K. market, with ongoing initiatives to capture higher-margin service business [21][22] Question: Can you elaborate on changes being made in services to capture higher value business? - Management discussed transitioning from an agent-based model to a direct model to enhance customer relationships and margins [25][26] Question: What is the pricing strategy heading into calendar year 2026? - A small, low single-digit price increase was implemented in early December, with ongoing efforts to maintain margins [27] Question: Can you provide insights on the 2026 organic guidance and new product contributions? - Management highlighted an ambitious innovation program with plans to launch more new products than in the previous fiscal year [33][34] Question: How is the backlog compared to a normalized basis? - Management indicated that the backlog has increased due to strong order activity, providing confidence in the outlook for the year [43]

Financial Data and Key Metrics Changes - Net sales for the second quarter were $871.9 million, with adjusted EBITDA at $48.3 million and adjusted earnings per share at $0.38, reflecting a solid performance despite market headwinds [4][15] - Adjusted EBIT increased to $26.6 million, up from $14.3 million year-over-year, driven by higher direct volumes and improved direct spreads [15][16] - Earnings for the quarter were reported at $18.8 million or $0.37 per share, compared to $12.8 million or $0.25 per share in the prior year quarter [15][16] Business Line Data and Key Metrics Changes - Direct sales volume made up 65% of the mix in the current quarter, up from 55% in the prior year quarter, with direct volumes increasing by 13% year-over-year [16] - Automotive shipments increased by 26% year-over-year, reflecting market share gains and a return to normal production levels at a key OEM [16][17] - Energy shipments rose by 50% year-over-year, driven by project-based solar programs, while agriculture volume increased by 1% [17] Market Data and Key Metrics Changes - North American light vehicle output is expected to hold near 15.2 million units in calendar year 2025, essentially flat with 2024 [5] - The construction market remains stable but subdued, with pockets of strength in power and infrastructure [6] - The heavy truck and trailer market is expected to see a rebound beginning in late calendar year 2026 [6] Company Strategy and Development Direction - The company is focused on long-term strategies, including electrical steel growth plans, new product development, and business optimization through transformation [7][9] - Expansion projects for electrical steel are on track, with initial production in Mexico expected in the first quarter of calendar year 2026 [7][8] - The integration of CDEM is progressing well, enhancing the company's capabilities in stamping electrical steel laminations and improving competitiveness [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for early 2026, anticipating improvements as interest rates ease and policy uncertainties subside [6][14] - The company is well-positioned to navigate uncertainty and act decisively when opportunities arise, maintaining a strong balance sheet and generating consistent cash flow [21][22] - Management highlighted the importance of transformation and artificial intelligence in driving operational efficiency and cost savings [10][50] Other Important Information - The company received recognition as a 2025 Supplier of the Year by Schaeffler Group USA and was named a Military Friendly Employer for the 11th consecutive year [11][12] - The 2025 Corporate Citizenship and Sustainability Report was released, showcasing progress in safety, emissions reduction, and community support [12] Q&A Session Summary Question: What is the nature of the SG&A increase? - The increase in SG&A was primarily due to higher compensation and benefits, with professional fees related to strategic projects being more one-time in nature [26][27] Question: What contributed to the automotive momentum? - The automotive momentum was largely due to market share gains from new programs reaching expected volumes, rather than solely from the cold-rolled strip segment [33][34] Question: What is the impact of compressed galvanized spreads? - Decreased demand, particularly in construction, has contributed to compressed galvanized spreads, but management expects margin expansion moving forward [45][46] Question: What are the top transformation initiatives for calendar year 2026? - Key initiatives include focusing on back-office transformation and leveraging artificial intelligence to drive operational efficiencies [49][50]

Summary of Athira Pharma Conference Call - December 18, 2025 Company Overview - **Company**: Athira Pharma (NasdaqGS:ATHA) - **Focus**: Development of innovative therapies for diseases with unmet medical needs, specifically in oncology and neurology Key Points Discussed Transformative Acquisition - Athira announced the acquisition of rights to develop and commercialize **lasofoxifene**, a potential treatment for metastatic breast cancer, which diversifies its pipeline with a late-stage program [5][15][16] - The acquisition is expected to enhance Athira's mission to deliver transformative therapies for patients [5][14] Lasofoxifene Overview - Lasofoxifene is currently in a pivotal phase III clinical trial targeting **ER-positive HER2-negative metastatic breast cancer**, which represents about 70% of all breast cancer cases [15][16] - The global market for metastatic ER-positive HER2-negative breast cancer is projected to grow from **$10.9 billion in 2025 to over $15.9 billion by 2029** [15] - Lasofoxifene has shown promising clinical activity, achieving **13 months of progression-free survival (PFS)** in combination therapy during phase II trials [20][26] Clinical Data and Mechanism - Lasofoxifene demonstrated an **83% reduction in new-onset primary wild-type estrogen receptor-positive breast cancer** in previous studies [19] - It modulates the estrogen receptor rather than degrading it, providing tissue selectivity and sparing healthy estrogen receptors in critical tissues [19][21] - The drug has shown **significant efficacy against ESR1 mutations**, which occur in over 40% of patients and are a major mechanism of resistance in breast cancer treatments [20][21] ATH-1105 for ALS - Athira is also advancing **ATH-1105**, a potential treatment for **Amyotrophic Lateral Sclerosis (ALS)**, which affects approximately **33,000 patients in the U.S.** [37] - ATH-1105 modulates the hepatocyte growth factor (HGF) system, which is critical for neuronal health [38] - Preclinical studies have shown that ATH-1105 preserves motor function and reduces neurodegeneration in ALS models [39][40] Financial and Strategic Positioning - Athira raised **$90 million** to support its development programs, with the potential for an additional **$146 million** through warrants [46] - The financing positions the company to reach critical data readouts across both programs by the end of **2027** [46] - Athira aims to achieve peak annual U.S. sales for lasofoxifene approaching **$1 billion** if approved [35] Market Opportunity - The global breast cancer market is approximately **$55 billion**, with the second-line breast cancer segment in the U.S. exceeding **$5-$6 billion annually** [34] - Lasofoxifene's favorable tolerability profile and unique attributes position it as a potential leading therapy in this market [35][36] Conclusion - Athira is committed to advancing its promising development programs for lasofoxifene and ATH-1105, addressing significant unmet needs in metastatic breast cancer and ALS [45] - The company is optimistic about its future and the potential impact of its therapies on patient outcomes [47]