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]

First Horizon (NYSE:FHN) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Speaker4Hello, everyone, and thank you for joining the First Horizon Fourth Quarter 2025 earnings conference call. My name is Lucy, and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. It is now my pleasure to hand over to your host, Tyler Craft, Head of Investor Relations, ...

HCV Program (BEM/RZR) - The company is developing BEM/RZR as a potential best-in-class treatment for HCV, with Phase 3 trials underway[7, 12] - Phase 2 results showed a 98% sustained virologic response (SVR12) with the BEM/RZR combination regimen[12] - Two Phase 3 trials, C-BEYOND (US/Canada) and C-FORWARD (outside North America), are enrolling approximately 1,760 patients in total[12, 30] - The US sees over 160 thousand new chronic HCV infections annually, while approximately 90 thousand are treated, highlighting the need for improved treatment strategies[18] - Market research indicates that 48% of non-cirrhotic patients and 49% of compensated cirrhotic patients are likely to be prescribed BEM/RZR[21] HEV Program (AT-587) - A new program is focused on Hepatitis E Virus (HEV) with product candidate AT-587, targeting Phase 1 initiation in mid-2026[7] - The WHO estimates up to 20 million global HEV infections annually[42] - Approximately 3% of at-risk patients develop chronic HEV, leading to a potential treatment population of ~135 thousand patients annually[51] - The commercial opportunity for HEV treatment in the US & EU is estimated at $750 million to $1 billion[50, 51] - AT-587 demonstrates potent antiviral activity against multiple HEV-3 strains and ribavirin-resistant virus[53] Financial Status - The company reported cash and investments of $3018 million as of December 31, 2025, with a cash runway anticipated through 2027[7, 61]

PAPZIMEOS Approval and Launch - PAPZIMEOS received full FDA approval in 2025 for treating all adults with RRP, regardless of disease severity[10, 14] - PAPZIMEOS is the first and only FDA-approved therapy for adults with RRP, targeting the underlying cause of the disease[16] - The company commenced the commercial US launch of PAPZIMEOS and initiated its commercial manufacturing campaign in 2025[10] - Over 50 accounts, including academic and community settings, have prescribed PAPZIMEOS[33] - The company has seen a rapid increase in unaided brand awareness of PAPZIMEOS across academic and community settings[34] Clinical Data and Efficacy - Clinical data shows a 51% complete response rate with PAPZIMEOS, with durable ongoing complete responses[21] - PAPZIMEOS significantly reduced the number of surgeries required post-treatment, with p<0001[22] - Median duration of follow-up was at 36 months (27-37), and the median duration of complete response has yet to be reached[25] Market Opportunity and Expansion - The prevalence of RRP in the US is approximately 27000 adult patients, suggesting a multi-billion-dollar revenue potential[30] - The prevalence of RRP ex-US is approximately 35000 adults in EU4, UK, and Japan, approximately 50000 adults in the rest of EU and select markets, and approximately 85000 adults in China, suggesting a multi-billion-dollar revenue potential[30] - The company anticipates PAPZIMEOS regulatory expansion to the EU and Japan[37] Financials and Future Milestones - The company secured up to $125 million in non-dilutive funding to fortify its balance sheet[10] - The company aims to achieve positive cash flow in 2026 by continuing execution and expansion to maximize the PAPZIMEOS market opportunity[37]