Patria Investments (NasdaqGS:PAX) Update / briefing January 15, 2026 10:00 AM ET Company ParticipantsAndre Medina - Head of Shareholder RelationsLuis Fernando Lopes - Chief EconomistThiago Pasqua - CSOAndre MedinaHello, everyone. I'm Andre Medina. I lead Patria Shareholder Relations, and welcome to the fourth edition of our PAX Talks on Macroeconomics: Investing Amidst Ugly Geopolitics. This will be a fireside chat Q&A format, so you're welcome to submit your questions. If we're not able to, if we don't hav ...

Financial Data and Key Metrics Changes - The company reported strong loan growth, solid organic deposit growth, and significant loan fee income, indicating robust performance in 2025 [3][4] - The provision for loan losses was not increased significantly despite the growth, reflecting improved asset quality [4] Business Line Data and Key Metrics Changes - The company experienced accelerated loan growth primarily in Oklahoma and Texas, with a focus on capturing market share in these regions [8][9] - Deposit growth outpaced loan growth, showcasing the effectiveness of the company's strategies [9] Market Data and Key Metrics Changes - The current cost of funds decreased to 2.40%, driven by balance sheet growth and new deposits [20] - The company noted that deposit competition has intensified, with depositors becoming more aware of interest rates [21][22] Company Strategy and Development Direction - The company aims to maintain discipline in pricing and underwriting while pursuing growth opportunities in dynamic markets [10][29] - There is a focus on accumulating capital for potential mergers and acquisitions, while remaining cautious about share buybacks [24][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to perform at a high level despite market fluctuations [4] - The company anticipates challenges in maintaining net interest margins due to potential rate cuts and competitive pressures [12][15] Other Important Information - The company highlighted that oil and gas revenues are expected to have a minimal impact on overall financial performance moving forward [36][37] - Management emphasized the importance of controlling expenses and maintaining operational efficiency [35] Q&A Session Summary Question: Loan growth expectations and payoff activity - Management noted that while loan growth was strong, payoff activity was lighter than expected, with a forecast of $25 million in monthly payoffs [6][9] Question: Net interest margin trends - Management indicated slight compression in net interest margin but remains optimistic about maintaining it within historical ranges [11][12] Question: Deposit costs and competition - Management discussed the current cost of funds and the competitive landscape for deposits, noting that recent rate cuts did not significantly affect deposit betas [20][21] Question: Capital management and stock performance - Management stated that while capital is accumulating, they are focused on producing strong results rather than engaging in share buybacks [24][31] Question: M&A opportunities and market conditions - Management acknowledged challenges in acquiring quality deposit franchises due to high valuations but remains disciplined in their approach [28][29]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the Continuance Resolution and Domestication Resolution, which were passed by a majority of not less than two-thirds of the votes cast [20] - The 2026 Incentive Award Plan was also approved by a majority of the votes cast [20] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction - The company is transitioning from Alberta to British Columbia and then domesticated to Nevada, indicating a strategic move to align with favorable business regulations [9][12] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting was conducted virtually, ensuring shareholder rights were protected and participation was similar to past in-person meetings [3][4] - The voting process was outlined, allowing registered shareholders to vote on resolutions [5][6] Q&A Session Summary - No specific questions were raised during the meeting regarding the motions presented [12][15][18][23]

First Horizon (NYSE:FHN) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Company ParticipantsHope Dmuchowski - CFOThomas Hung - CCOBryan Jordan - CEOTyler Craft - Head of Investor RelationsConference Call ParticipantsPeter Winter - AnalystAndrew Leischner - AnalystTimur Braziler - AnalystChristopher Marinac - AnalystMichael Rose - AnalystAnthony Elian - AnalystBernard Gizycki - AnalystJanet Lee - AnalystRyan Nash - AnalystCasey Haire - AnalystDavid Chiaverini - AnalystJon Arfstrom - AnalystJohn Pancari - ...

Summary of ADTRAN Conference Call Company Overview - **Company**: ADTRAN - **Industry**: Communications and Networking - **Key Executives**: Tom Stanton (Chairperson and CEO), Tim Santo (CFO) Key Points Financial Performance - **Optical Networking Solutions**: Increased by 24% year-over-year in Q3 2025, indicating strong sales execution and recovery from supply chain issues [4][5] - **Profitability Metrics**: Operating margin improved to approximately 5%, attributed to cost discipline and leveraging scale [6] - **Gross Margin Expectations**: Projected to remain in the range of 42%-43%, with a positive trend anticipated across product lines [40] Market Opportunities - **European Market**: Significant opportunity in the Huawei replacement market, estimated at around $800 million annually, primarily in Europe [8][20] - **Access Business**: Expected strength in the first half of 2026 as European carriers begin to come online [7] - **BEAD Program**: Anticipated early revenue in the second half of 2026, with a material increase expected in 2027 [10][17] Customer and Inventory Insights - **Customer Inventory**: No significant inventory issues reported; customers are purchasing as needed [28][32] - **AI Integration**: Launch of Clarity, an AI tool for network maintenance and troubleshooting, showing positive beta testing results [33][57] Competitive Landscape - **Market Position**: ADTRAN feels confident in its competitive position, particularly in Europe where fewer competitors exist [48][49] - **Impact of Mergers**: The merger between Nokia and Infinera has created opportunities for ADTRAN as customers seek alternatives [51] Regulatory and Legislative Environment - **EU Legislation**: Discussions around funding for replacing old infrastructure are ongoing, which could benefit ADTRAN in the long term [24][25] Strategic Focus - **Sales and Growth**: Plans to optimize operating costs while increasing sales resources to drive growth [62] - **M&A Activity**: Limited opportunities for consolidation in the optical space, but potential remains for smaller players [60][61] Investor Sentiment - **Market Perception**: There is a belief that the market may be undervaluing ADTRAN's performance and potential, with consistent execution expected to eventually reflect in stock performance [63][64] Additional Insights - **Supply Chain Management**: Successfully navigating supply chain pressures, with confidence in maintaining guidance despite some cost pressures [42] - **Long-term Vision**: Focus on upgrading existing infrastructure to meet the demands of hyperscalers and larger carriers [34][36] This summary encapsulates the key insights and strategic directions discussed during the ADTRAN conference call, highlighting the company's performance, market opportunities, and future outlook.

First Horizon (NYSE:FHN) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Company ParticipantsHope Dmuchowski - CFOThomas Hung - CCOBryan Jordan - CEOTyler Craft - Head of Investor RelationsConference Call ParticipantsPeter Winter - AnalystAndrew Leischner - AnalystTimur Braziler - AnalystChristopher Marinac - AnalystMichael Rose - AnalystAnthony Elian - AnalystBernard Gizycki - AnalystJanet Lee - AnalystRyan Nash - AnalystCasey Haire - AnalystDavid Chiaverini - AnalystJon Arfstrom - AnalystJohn Pancari - ...

The Goldman Sachs Group (NYSE:GS) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Company ParticipantsEbrahim Poonawala - Head of North American Banks ResearchBetsy Graseck - Global Head of BanksMatthew O'Connor - Managing DirectorDavid Solomon - Chairman and CEOSteven Chubak - Managing DirectorDenis Coleman - CFOChristopher McGratty - Head of U.S. Bank ResearchConference Call ParticipantsDan Fannon - Research AnalystErika Najarian - Equity Research AnalystGerard Cassidy - Head of U.S. Bank Equity Strate ...

The Goldman Sachs Group (NYSE:GS) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Company ParticipantsEbrahim Poonawala - Head of North American Banks ResearchBetsy Graseck - Global Head of BanksMatthew O'Connor - Managing DirectorDavid Solomon - Chairman and CEOSteven Chubak - Managing DirectorDenis Coleman - CFOSaul Martinez - Head of U.S. Financials ResearchChristopher McGratty - Head of U.S. Bank ResearchConference Call ParticipantsDan Fannon - Research AnalystErika Najarian - Equity Research Analyst ...

Company Vision and Mission - Claritev aims to make healthcare transparent and affordable for all[14, 25] - The company has identified potential savings of $247 billion for 60 million health plan members[18] - Claritev processed $1776 billion in claim charges[18] Market Challenges and Opportunities - The healthcare industry faces escalating costs, with medical inflation at 85% and employer costs increasing by 8-10%[23] - There is $1 trillion in healthcare waste[23] - Claritev's expansion initiatives can potentially double its addressable market, with a long-term international opportunity exceeding $1 billion[36, 35] Financial Performance - PSAV claim volume decreased by approximately 13% year-over-year from Q3'24 to Q3'25[51] - However, potential savings identified per claim increased by 10% year-over-year, and revenue per claim increased by 19% year-over-year[51] - PSAV revenue increased by $6 million sequentially from Q2'25 to Q3'25[51] Debt Structure - As of September 30, 2025, Claritev's total long-term debt was $4670 billion, with net debt at $4631 billion[61] - The total leverage ratio, net of cash, was 78x[61]

Market Opportunity & Performance - The company operates in a large and underpenetrated market, with 75 million people facing mental health conditions[5] - 40%+ of Talkspace patients are new to therapy[5] - The U S Behavioral Health Market is projected to have a CAGR of 7 9% from 2025E to 2030E[5] - The company has demonstrated top-line growth with a 24% revenue CAGR from 2022 to 2025E[6] - The company is experiencing profitability with 115% YoY EBITDA Growth[9] Growth Strategy - The company is focused on expanding coverage and activating lives through diversified growth strategies[13] - The company is driving consumer awareness through diversified channels, including paid media, organic initiatives, and partnerships[14] - The company is establishing strategic partnerships to drive high-intent referrals[18] - The company is improving the patient journey, leading to a +22% checkout conversion rate and +50% members completing 3 sessions in month 1[23] - The company is expanding its offerings to include psychiatry, social health, military & Medicare, and youth services[25, 26, 27] AI Initiatives - The company is developing a "safe" AI agent specifically designed for mental health support, utilizing clinically recognized standards of care with continuous human oversight, and privacy (HIPAA) protection[31] - The company's AI agent is trained on a massive mental health dataset to improve risk recognition, support appropriate decision-making, and avoid the pitfalls already seen in general-purpose AI systems[32]