Financial Data and Key Metrics - Q3 2024 revenue totaled approximately $101,000, a significant increase from $50,000 in Q3 2023, driven by increased contractual sales, particularly from the Johns Hopkins University contract [25] - Gross margins decreased to 9% in Q3 2024 from 52% in Q3 2023, primarily due to the lower-margin Johns Hopkins project [25] - Operating expenses decreased by 18% to $5.4 million in Q3 2024 compared to $6.6 million in Q3 2023, driven by cost containment efforts [26] - Net loss attributable to common stockholders was $5.7 million or $0.06 per basic share in Q3 2024, compared to a net loss of $7.1 million or $0.10 per basic share in Q3 2023 [28] - Total assets increased to $76.8 million as of September 30, 2024, up from $74.4 million at the end of 2023 [30] - Cash and cash equivalents increased to $3.1 million as of September 30, 2024, up from $2.1 million at the end of 2023 [30] - Total liabilities increased to $10.9 million as of September 30, 2024, primarily due to a $7 million secured convertible debt financing [32] Business Line Data and Key Metrics - The company's Dirac-3 quantum machine operates at room temperature with low power consumption (25 watts), offering advantages in solving computational benchmark problems [15][16] - The TFLN foundry in Tempe, Arizona, is in the final phase of commissioning and is expected to begin production in early 2025, with pre-sales orders already secured [17] - The company secured its fifth project with NASA, focusing on quantum technology for spaceborne LiDAR missions aimed at reducing costs and enhancing climate monitoring data collection [22] Market Data and Key Metrics - The company is leveraging the growing demand for TFLN devices in telecom and data center applications, which aligns with its strategy to drive early revenues from foundry services [12][13] - The company's presence at key industry events, such as Quantum World Congress 2024 and Quantum Tech Europe, has elevated its profile among government and commercial stakeholders [20] Company Strategy and Industry Competition - The company's strategy focuses on leveraging its core TFLN technology to capture multiple revenue streams in complementary markets, including energy management, automotive, and financial portfolio optimization [9][10] - The company aims to establish a best-in-class sustainable use case strategy for energy management and automotive applications, aligning with global trends in sustainable energy and advanced technology innovation [8][9] - The company is positioning itself as an early mover in emerging markets, with a focus on scalable quantum machines and high-margin revenue streams [7][13] Management Commentary on Operating Environment and Future Outlook - Management highlighted the favorable environment created by governmental support for quantum technology and initiatives aimed at fostering innovation [9] - The company is confident in its ability to execute its strategic vision, with a focus on delivering accessible, affordable, and scalable quantum solutions [34] - Management emphasized the importance of aligning external funding initiatives with the company's roadmap to ensure strategic growth [37] Other Important Information - The company raised $7 million in secured convertible debt financing during Q3 2024 and an additional $4.5 million through its ATM facility post-Q3 [30][31] - The company extended its CRADA with Los Alamos National Laboratory to explore the capabilities of its Dirac-3 machine for quantum optimization problems [19] Q&A Session Summary Question: What is the outlook for securing more contract grant revenues? - The company has bolstered its R&D proposal writing capability and expects to secure more external funding, particularly in remote sensing applications [36][37] Question: What is the timeline for the Tempe foundry to become operational? - The foundry is expected to complete construction by the end of 2024, with commissioning starting in January 2025 and operations beginning in Q1 2025 [39]

Financial Data and Key Metrics - Daily Active Users (DAU) grew by 54% year-over-year, building on last year's 60%+ growth [6][9] - Bookings and revenue grew 38% and 40% year-over-year, respectively, despite tougher comparisons [9] - Adjusted EBITDA margin for Q3 was 24.7%, with full-year guidance raised to 25.5% at the midpoint [9][13] - Family Plan subscriptions grew to 21% of total subscriptions, up from 18% at the end of last year [6] - Duolingo Max, the highest subscription tier, now includes an AI-powered video call feature and is available to roughly 50% of DAU, with plans to expand to 60-70% by year-end [10][11] Business Line Performance - Duolingo Max is driving significant growth, with early signs of strong demand for the video call feature, particularly among English learners [11][33] - The company is investing heavily in generative AI and automation to improve product efficiency and speed up feature launches [7][8] - The company is seeing a mix of new subscribers directly opting for Max and existing Super subscribers upgrading to Max [49] Market Performance - Growth is broad-based across all regions, with no single country growing significantly slower than others [39][40] - The company is expanding its international presence by adding country marketing managers in France, Korea, Italy, and Turkey [40][105] - Android users, who typically monetize less than iPhone users, are showing strong interest in Max, particularly for English learning [32][33] Strategic Direction and Industry Competition - The company is focusing on expanding its English learning offerings, particularly for intermediate and advanced learners, which represents a significant market opportunity [24][25] - Duolingo is leveraging generative AI to enhance product features, such as the video call with Lily, and to automate internal processes like content creation [8][56] - The company is also exploring opportunities in other subjects like math and music, which are expected to contribute more to growth in the coming years [44] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about continued strong DAU growth, driven by word-of-mouth and product improvements [28][84] - The company expects to see sustained revenue growth above 25% in various DAU environments, supported by multiple growth levers [86][87] - Management highlighted the importance of the freemium model and the company's ability to collect large amounts of data to improve engagement and teaching effectiveness [130][131] Other Important Information - The company is experimenting with pricing and promotional strategies, particularly around the New Year's promotion, which is expected to impact Q4 performance [12][101] - The company is seeing strong engagement with the video call feature, particularly among English learners and more advanced users [96][97] - The company is also focusing on resurrected users, who now make up more than half of the top-of-funnel growth [75][76] Q&A Summary Question: What are the key drivers for reaching 20 million subscribers? [16] - The company plans to continue growing its user base through product engagement and social marketing, with a focus on converting more users to paid subscriptions [17][18] - Duolingo Max is expected to play a significant role, particularly in geographies where English learners are interested in practicing conversation [20] Question: How is the company progressing with intermediate English learning? [22] - The company has made significant progress in developing intermediate and advanced English content and improving user placement within the app [25][26] - Growth in this segment is expected to be driven by word-of-mouth, with marketing efforts focused on influencers and user-generated content [28][37] Question: How is the uptake of new features on Android? [30] - Android users typically monetize less than iPhone users, but the company is seeing strong interest in Max features, particularly among English learners [32][33] Question: What is the marketing strategy for intermediate English learning? [34] - The company is leveraging influencers and user-generated content to promote its intermediate and advanced English courses [35][37] Question: How is the company managing macro risks? [43] - The company believes there is significant runway for growth in the language learning market, with 2 billion people globally learning languages and only 100 million monthly active users on Duolingo [44] Question: How is the company balancing scaling and reinvestment? [46] - The company is focused on scaling profitability while continuing to invest in R&D, with incremental margins above the long-term target of 30-35% [46] Question: What is the conversion cycle for Max subscribers? [47] - The company is seeing a mix of new subscribers directly opting for Max and existing Super subscribers upgrading to Max, with early signs of strong demand for the video call feature [49][50] Question: What are the building blocks of DAU growth for 2025? [52] - The company expects to see continued growth in both penetrated markets like the US and in English learning, driven by word-of-mouth and product improvements [53] Question: How is Max impacting margins? [55] - Max is accretive to gross profit dollars but has a lower gross margin percentage due to higher costs associated with generative AI and the video call feature [59][60] Question: What is the pace of product testing? [63] - The company is running more tests per quarter, with a success rate of around 50%, and expects to continue seeing improvements in engagement and monetization [64][65] Question: How is the family plan performing? [72] - The family plan has grown to 21% of subscriptions, driven by increased visibility and minor feature improvements [73][74] Question: How is the company addressing resurrected users? [75] - Resurrected users now make up more than half of the top-of-funnel growth, and the company is focusing on improving the experience for users returning after a hiatus [76][77] Question: How is subscriber retention trending? [78] - Overall retention has remained stable, with no significant changes in retention trends for Super or Max subscribers [79] Question: How should investors think about the relationship between DAU and revenue growth? [82] - The company expects strong DAU growth to continue, driven by word-of-mouth and product improvements, with revenue growth expected to remain above 25% [84][86] Question: How is Duolingo Max performing compared to Super? [91] - Max is currently positioned as a premium offering focused on conversation practice, while Super is focused on convenience features [93] Question: What is the early data on the video call feature? [95] - The video call feature is showing strong engagement, particularly among English learners and more advanced users, with plans to make the experience more realistic and engaging [96][97] Question: How is the company approaching the New Year's promotion? [100] - The company is running experiments around the New Year's promotion, with the impact already incorporated into Q4 guidance [101] Question: How is international growth tracking? [103] - The company is seeing strong growth in international markets, with recent additions of marketing managers in France and Korea, and plans to expand to Italy and Turkey [105][106] Question: How is the US market performing? [110] - The US market is growing at a similar rate to the global average, with no significant disparity between regions [112] Question: What is the traction for Max? [111] - The company is seeing strong traction for Max, particularly with the introduction of the video call feature, which has made it easier to market the product [113] Question: How is ARPU trending? [111] - ARPU has trended towards 0% year-over-year, with expectations for it to remain flat or increase slightly, driven by the mix of Super, Family, and Max plans [114][115] Question: How is Max adoption split between English and non-English learners? [119] - Max adoption is currently higher in wealthier countries, but the company expects this to shift as the product becomes available in more English-learning countries [120][121] Question: What is the long-term view on Max's paying ratio? [127] - The company does not yet know where Max's paying ratio will settle, but it expects it to vary by country and relative pricing [128] Question: How does Duolingo differentiate itself from competitors? [127] - The company differentiates itself through its freemium model, strong engagement features, and large-scale data collection, which allows for more effective teaching and marketing [129][130]

Evotec SE (NASDAQ:EVO) Q3 2024 Earnings Conference Call November 6, 2024 8:00 AM ET Company Participants Volker Braun - Head of Investor Relations Christian Wojczewski - Chief Executive Officer Laetitia Rouxel - Chief Financial Officer Cord Dohrmann - Chief Scientific Officer Craig Johnstone - Chief Operating Officer & Site Head Toulouse Conference Call Participants Charles Weston - RBC Capital Markets Michael Ryskin - Bank of America Christian Ehmann - Warburg Research Benjamin Jackson - Jefferies Joseph H ...

Zillow Group, Inc. (NASDAQ:Z) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET Company Participants Bradley Berning - VP, Strategic Affairs & IR Richard Barton - Co-Founder & CEO Jeremy Wacksman - COO Jeremy Hofmann - CFO Conference Call Participants John Colantuoni - Jefferies Bradley Erickson - RBC Ronald Josey - Citigroup Mark Mahaney - Evercore ISI Nicholas Jones - Citizens JMP Chris Kuntarich - UBS Michael Ng - Goldman Sachs John Campbell - Stephens Ryan McKeveny - Zelman & Associates Opera ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $12.4 million, exceeding the high-end of the expected range of $9 million to $12 million, representing more than double the revenue from the same quarter last year [10] - The company raised its full-year 2024 revenue guidance to a range of $38.5 million to $42.5 million [11] - Q3 2024 bookings were $63.5 million, bringing year-to-date bookings to $72.8 million, close to the target guidance of $75 million to $95 million [12][33] - Net loss for Q3 2024 was $52.5 million, compared to $44.8 million in the prior year period, including a non-cash loss of $3.9 million related to warrant liabilities [37] - Adjusted EBITDA loss for Q3 2024 was $23.7 million, compared to $22.4 million in the prior year period [38] - Cash, cash equivalents, and investments as of September 30, 2024, were $382.8 million [39] Business Line Data and Key Metrics - The company announced a $54.5 million contract with the United States Air Force Research Lab and a $9 million renewal with the University of Maryland [11] - IonQ has exceeded its original bookings targets for each of the past three years, raising or beating expectations in 12 out of 13 earnings calls [13] - The company is focusing on quantum applications in biopharmaceutical drug discovery and computer-aided simulations for engineering and manufacturing industries [19][20] - Quantum networking is a key focus, with recent contracts totaling over $60 million, including a $54.5 million deal with AFRL and a $5.7 million contract with ARLIS [23] Market Data and Key Metrics - The company is expanding its presence in the quantum networking market, with McKinsey estimating quantum communication to become a $36 billion market by 2040 [25] - IonQ is leveraging partnerships with AstraZeneca and Ansys to develop quantum applications in biopharmaceuticals and engineering, targeting a potential $2 trillion economic value by 2035 [21] Company Strategy and Industry Competition - IonQ is positioning itself as a leader in both quantum computing and quantum networking, with plans to expand into software applications [31][32] - The acquisition of Qubitekk, a quantum networking company, is expected to enhance IonQ's capabilities in quantum networking and expand its total addressable market [24][45] - The company is investing in R&D and manufacturing partnerships, including agreements with NKT Photonics and imec, to reduce hardware costs and improve system performance [28][30] Management Commentary on Operating Environment and Future Outlook - Management believes that early noisy quantum computers can provide value before perfection, giving IonQ a significant advantage in generating early cash flow [16] - The company is focused on profitable growth, positive free cash flow, and commercial quantum market leadership [40] - IonQ expects to continue its momentum in quantum networking and applications, with strong bookings and revenue growth anticipated for the future [43] Other Important Information - The company announced the achievement of ion-to-ion entanglement, a significant milestone in developing photonic interconnects [27] - IonQ is working on reducing the size, weight, and power of its quantum computers through partnerships with NKT Photonics and imec [29][30] Q&A Session Summary Question: Qubitekk Acquisition and Synergies - The acquisition of Qubitekk brings complementary technology and expands IonQ's total addressable market in quantum networking [45] - Qubitekk's existing contracts with telcos allow IonQ to move its quantum networking efforts from the lab to real-world testing [59] Question: Quantum Sensing and Future Market Focus - Quantum sensing is another potential market for IonQ, as it often requires quantum networking to transport quantum information [46] - The company is shifting its focus from government contracts to enterprise applications, particularly in biopharmaceuticals and engineering [62] Question: NKT Photonics Partnership and Commercialization - The partnership with NKT Photonics aims to reduce the cost and size of IonQ's quantum computers by developing next-generation laser systems [65][66] Question: OpEx and Team Expansion - The company is not making any changes to OpEx for the rest of the year and will discuss future OpEx plans during the Q4 earnings call [68] - IonQ is focusing on strategic growth and reallocating capital to areas with the highest potential impact [69]

Weyco Group, Inc. (NASDAQ:WEYS) Q3 2024 Earnings Conference Call November 6, 2024 11:00 AM ET Company Participants Judy Anderson - Chief Financial Officer Tom Florsheim - Chairman and Chief Executive Officer John Florsheim - President and Chief Operating Officer Conference Call Participants David Wright - Henry Investment Trust John Deysher - Pinnacle Operator Good day, and thank you for standing by. Welcome to Weyco Group, Incorporated Third Quarter 2024 Earnings Release Conference Call. At this time, all ...

Delek US Holdings, Inc. (NYSE:DK) Q3 2024 Earnings Conference Call November 6, 2024 10:00 AM ET Company Participants Robert Wright - Deputy Chief Financial Officer Avigal Soreq - President and Chief Executive Officer Joseph Israel - Executive Vice President, Operations Mark Hobbs - Executive Vice President, Corporate Development Mohit Bhardwaj - Senior Vice President, Strategy and Growth Conference Call Participants Neil Mehta - Goldman Sachs Manav Gupta - UBS Matthew Blair - TPH Joe Leach - Morgan Stanley ...

Kennametal Inc. (NYSE:KMT) Q1 2025 Earnings Conference Call November 6, 2024 9:30 AM ET Company Participants Michael Pici - Vice President of Investor Relations Sanjay Chowbey - President and Chief Executive Officer Pat Watson - Vice President and Chief Financial Officer Conference Call Participants Steven Fisher - UBS Julian Mitchell - Barclays Steve Barger - KeyBanc Capital Markets Angel Castillo - Morgan Stanley Tami Zakaria - JPMorgan Chris Dankert - Loop Capital Markets Joe Ritchie - Goldman Sachs Oper ...

Cellebrite DI Ltd. (NASDAQ:CLBT) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET Company Participants Andrew Kramer - Investor Relations Yossi Carmil - CEO Dana Gerner - CFO Thomas Hogan - Executive Chairman Conference Call Participants Shaul Eyal - TD Cowen Michael Cikos - Needham Jeffrey Van Rhee - Craig-Hallum Brian Essex - JP Morgan Jonathan Ho - William Blair Tomer Zilberman - Bank of America Max Michaels - Lake Street Capital Operator Welcome to the Cellebrite Third Quarter 2024 Financial ...

Sempra (NYSE:SRE) Q3 2024 Earnings Conference Call November 6, 2024 12:00 PM ET Company Participants Glen Donovan - SVP, Finance Jeff Martin - Chairman & Chief Executive Officer Karen Sedgwick - Executive Vice President & Chief Financial Officer Justin Bird - Executive Vice President and Chief Executive Officer of Sempra Infrastructure Allen Nye - Chief Executive Officer of Oncor Conference Call Participants Nick Campanella - Barclays Shar Pourreza - Guggenheim Partners Julien Dumoulin-Smith - Jefferies Car ...