Financial Data and Key Metrics Changes - For Q3 2025, diluted earnings per share increased to $0.96 from $0.86 in the linked quarter, primarily due to a reduction in provision for credit losses and an increase in net interest income [18] - Net interest income rose to $43 million from $42.5 million in the linked quarter, while the net interest margin (NIM) was 4.05%, slightly down from 4.07% [18][19] - The consolidated common equity Tier 1 risk-based capital ratio was 14.41%, and the Tier 1 leverage ratio was 12.37% as of September 30, 2025 [8] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $45.5 million to $3.05 billion, primarily due to a $46.5 million decrease in multifamily property loans [9] - The indirect auto loan portfolio remained relatively unchanged at $239 million, down from $296 million a year ago, with a focus on maintaining credit quality [13][15] - Non-interest income for Q3 was $11.2 million, down from $12.2 million in the linked quarter, mainly due to a decrease in mortgage banking revenues [16][17] Market Data and Key Metrics Changes - Deposits increased by $142.2 million to $3.88 billion, with significant growth in non-interest-bearing deposits, which rose to $50.7 million [19] - The non-interest-bearing deposit-to-total deposit ratio increased to 27% from 26.7% in the linked quarter [19] Company Strategy and Development Direction - The company aims to grow its lending team by up to 20% to enhance loan growth, with a focus on organic growth and potential M&A opportunities [5][7] - The management is optimistic about accelerating loan growth in 2026, despite current headwinds from higher-than-normal loan paydowns [5][16] - The company is actively engaging in discussions with potential acquisition targets that align with its conservative nature and culture [6][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's strong financial position and the potential for organic growth, while also being cautious about economic conditions [4][21] - The management noted that while there have been challenges, such as increased loan paydowns, they expect these to moderate in the coming year [9][16] - The company remains focused on maintaining asset quality and is prepared for varying economic conditions [21] Other Important Information - The company redeemed $50 million in subordinated debt, which was done to avoid higher interest rates as the debt was transitioning to a floating rate [22] - The tangible common equity to tangible assets ratio was 10.25%, an increase of 27 basis points from the previous quarter [22] Q&A Session Summary Question: Plans for increasing the lending team - The company plans to increase its lending team by up to 20%, with a current base of about 40 lenders, focusing solely on production staff [27][30] Question: Growth in specific markets - Growth is expected in the Permian, Houston, and Dallas MSA markets [30] Question: Concerns about subprime loan concentration - Management clarified that there has not been a significant increase in subprime loans, and any changes in credit scores are being monitored closely [33][34] Question: Impact of redeemed subordinated debt - The $50 million subordinated debt was redeemed to avoid an increase in interest payments, with no additional expenses incurred from the redemption [36][38] Question: Vulnerability of the commercial real estate book - Management acknowledged that while there are scheduled payoffs, they are not lowering credit standards and are focused on finding new business [88]

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $13.7 billion, exceeding guidance and up 6% sequentially [19] - Non-GAAP gross margin was 40%, four percentage points better than guidance, driven by higher revenue and a favorable mix [20] - Earnings per share for Q3 were $0.23, compared to guidance of break-even EPS, due to higher revenue and stronger gross margin [20] - Operating cash flow was $2.5 billion, with gross CapEx of $3 billion and positive adjusted free cash flow of $900 million [21] Business Line Data and Key Metrics Changes - Intel products revenue was $12.7 billion, up 7% sequentially, driven by strong demand in both client and server segments [22] - Client Computing Group (CCG) revenue was $8.5 billion, up 8% quarter-over-quarter, supported by a stronger pricing mix and Windows 11-driven refresh [22] - Data Center and AI (DCAI) revenue was $4.1 billion, up 5% sequentially, driven by improved product mix and higher enterprise demand [23] - Intel Foundry revenue was $4.2 billion, down 4% sequentially, but operating loss improved by $847 million due to favorable comparisons [25][26] Market Data and Key Metrics Changes - The company noted that customer purchasing behavior and inventory levels are healthy, with industry supply tightening materially [18] - The client consumption total addressable market (TAM) is expected to approach 290 million units in 2025, marking two consecutive years of growth [23] - Demand for server CPUs is expected to grow due to the rapid expansion of AI infrastructure and underinvestment in traditional infrastructure [24] Company Strategy and Development Direction - The company is focused on rebuilding its market position through AI and enhancing its x86 architecture to meet new computing demands [9][10] - A new Central Engineering Group has been created to unify engineering functions and improve product development efficiency [10] - The company aims to position itself as a compute platform of choice for AI inference workloads, with plans to launch successive generations of inference-optimized GPUs [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic conditions and the potential for CPU TAM growth in 2026 [18] - The company is committed to improving its competitive position and addressing supply constraints while managing customer demand effectively [18][45] - Management highlighted the importance of building long-term trust with customers in the Foundry business and ensuring reliable performance and yield [40][41] Other Important Information - The company received significant funding from the U.S. government and strategic investments from Nvidia and SoftBank Group, strengthening its cash position [21] - The company plans to prioritize deleveraging and maintain a disciplined approach to capital expenditures [51] Q&A Session Summary Question: On the Foundry side, do any of the collaborative announcements or equity investments contribute to increased confidence? - Management noted that partnerships, particularly with SoftBank, are expected to drive demand for Foundry capacity, and progress on technology nodes is encouraging [33] Question: Can you walk us through the gross margin dynamics for 2026? - Management indicated that while Altera's absence will be a headwind, improvements in Foundry gross margins are expected as the product mix shifts towards leading-edge technologies [36] Question: How are conversations with customers regarding Foundry commitments progressing? - Management emphasized the importance of demonstrating yield improvement and reliability to build customer trust and secure commitments [40] Question: Where is the shortage in server CPUs coming from? - Management stated that shortages are widespread, particularly in Intel 10 and 7, and are exacerbated by substrate shortages in the market [45] Question: Is the outlook for demand outpacing supply focused on server or client products? - Management confirmed that both segments are experiencing tight supply, with expectations of peak shortages in Q1 [48] Question: How has the improved cash position influenced investment strategies? - Management indicated that while deleveraging remains a priority, there is flexibility to increase CapEx if demand justifies it [51] Question: Can you provide an update on the Nvidia relationship and product timing? - Management highlighted the collaboration with Nvidia as a significant opportunity to expand the total addressable market without cannibalizing existing products [72]

Financial Data and Key Metrics Changes - The company reported record adjusted revenue of $1.569 billion, an increase of 7% year-over-year, and adjusted diluted earnings per share of $1.57, reflecting a 17.2% increase [5][12] - Adjusted consolidated EBITDA reached $619 million, up 9.3%, resulting in a quarterly adjusted consolidated EBITDA margin of 39.5% [5][13] - Cash from operating activities for the nine months ended September 30, 2025, was $1.101 billion, a 22% increase over the prior year [6][15] - The company returned $305 million to shareholders in Q3, including $240 million for share repurchases and $65.8 million in dividends [6][7] Business Line Data and Key Metrics Changes - The GIDS business experienced a 9% revenue growth, while GlobeOp reported a 9.6% revenue growth, contributing to the overall performance [5][12] - Financial services recurring revenue growth was 6.7% in Q3 [5] Market Data and Key Metrics Changes - The company noted strength across all alternative markets and capitalized on international opportunities, particularly in Australia and the U.S. [5][10] - The acquisition of Curo Fund Services is expected to enhance the company's presence in the African market, which is still developing compared to Europe and the U.S. [7][26] Company Strategy and Development Direction - The company aims to enhance user interfaces and client experiences as competitive differentiators, particularly through emerging technologies [10] - Intelligent automation and AI are viewed as both revenue opportunities and means to improve operational efficiency [9][10] - The company is focused on high-quality acquisitions and has recently completed the acquisition of Calastone, which adds capabilities in money markets, ETFs, and digital assets [8][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter and the remainder of the year, expecting continued strong performance [15][18] - The company anticipates revenue growth of approximately 4.5% in Q4 and has raised its full-year revenue guidance [17][18] - Management acknowledged the competitive landscape but remains confident in the company's growth trajectory despite some lost business [31][32] Other Important Information - The company is hosting its annual Deliver Conference, which will showcase its latest offerings and advancements in AI [18] - The effective non-GAAP tax rate was reported at 21.1% for the quarter [13] Q&A Session Summary Question: Contribution of Pathea to Q4 organic growth - Management expects Pathea to contribute approximately $25 million in Q4, up from $16 million in the previous year [20][21] Question: Details on organic growth mechanics - A significant portion of organic growth was attributed to a large liftout in Sydney, Australia, completed on July 1 [22][23] Question: Curo Fund Services deal attraction and revenue - The African market's potential and existing relationships with large insurers were key attractions, with Curo generating approximately $15 million in revenue [26][27] Question: Update on agentic AI implementation - The company is integrating AI across its business, enhancing existing technologies with smarter agents [28] Question: Impact of lost business from State Street - Management indicated a small impact from lost business but remains confident in overall growth [31] Question: Margin outlook with GIDS and GlobeOp growth - The company expects continued margin improvement due to strong performance from GlobeOp and efforts to enhance GIDS margins [32] Question: Seasonality of Calastone's revenue - Management stated that Calastone does not have significant seasonality that would impact overall growth rates [39] Question: M&A pipeline and Intralinks growth - Early indicators show improvement in the M&A pipeline, although revenue growth may lag behind [42] Question: Confidence in healthcare business growth - Management expressed cautious optimism about the healthcare business, highlighting its potential for large deals [43]

McGrath RentCorp (NasdaqGS:MGRC) Q3 2025 Earnings Call October 23, 2025 05:00 PM ET Company ParticipantsJoe Hanna - CEOKeith Pratt - CFOConference Call ParticipantsDaniel Moore - Equity AnalystScott Schneeberger - Senior AnalystMark Riddick - Senior Equity AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp third quarter 2025 earnings call. At this time, all conference participants are in a listen-only mode. Later, we will conduct a question-and-answer session. At ...

The Boston Beer Company (NYSE:SAM) Q3 2025 Earnings Call October 23, 2025 05:00 PM ET Company ParticipantsNik Modi - Managing DirectorBill Kirk - Managing DirectorJim Koch - Founder, CEO, and ChairmanEric Serotta - Executive DirectorMike Andrews - Associate General Counsel and Corporate SecretaryFilippo Falorni - Director of Equity ResearchDiego Reynoso - CFOConference Call ParticipantsPeter Grom - Equity Research AnalystNone - AnalystOperatorGreetings, and welcome to The Boston Beer Company third quarter 2 ...

Financial Data and Key Metrics Changes - The company reported earnings of $0.73 per share for Q3 2025, with net interest income reaching a record $305 million, up 16% from Q3 2024 [7][9] - Total loans grew by 1% quarter-over-quarter and 3% year-over-year, with a 5.5% growth when adjusting for a loan sale completed in January [7][8] - The return on average tangible common equity improved to over 14%, a 250 basis point increase from the previous year [10][23] Business Line Data and Key Metrics Changes - Commercial and Industrial (C&I) loans grew by nearly $300 million in Q3, totaling nearly $1 billion year-to-date [8][12] - Core customer deposits increased by over $600 million in Q3, up 2% from Q2 and over 4% or $1.2 billion year-over-year [8][14] - Non-interest income for Q3 was $81 million, a 21% increase from the prior quarter, driven by capital markets revenue and wealth fees [9][20] Market Data and Key Metrics Changes - The company added nearly $1 billion in high-quality C&I loans year-to-date while reducing low-yielding mortgage balances [4][12] - Seasonal deposit inflows returned as expected, contributing to the growth in core customer deposits [13][14] - The company expects total bank loan growth of 5% to 6% for the year [12] Company Strategy and Development Direction - The company is focused on organic growth and deepening customer relationships, with a strategy to hire talented relationship managers in underpenetrated metro markets [10][11] - The management aims to take market share in commercial lending and deposit acquisition while maintaining a conservative credit culture [6][10] - The company plans to continue investing in strategic growth initiatives to enhance profitability and capital generation [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategy despite macroeconomic uncertainties, indicating strong momentum heading into 2026 [6][7] - The company is monitoring risks related to the macro environment but believes its strategy positions it well for continued growth [6][7] - Management highlighted the importance of credit discipline and proactive portfolio management in maintaining asset quality [5][6] Other Important Information - The company added 13 basis points of CET1 capital in Q3, totaling a 30 basis point increase year-to-date [5][23] - Non-accrual loans decreased to $106 million in Q3, down from previous quarters, indicating stable asset quality [26] Q&A Session Summary Question: What happens when the remaining RMs come off their non-compete? - Management expects C&I growth to accelerate as more relationship managers become available, with production and pipeline both showing positive trends [34] Question: Can you discuss the fee income and expectations for Q4? - Management noted that Q3 included a one-time asset gain, and while Q4 may see a decline, underlying capital markets and commercial production remain strong [36][37] Question: How do you see the margin outlook with potential rate cuts? - Management believes there is an opportunity for margin improvement, with a stable outlook despite potential fluctuations [66][68] Question: What drove the modest increase in deposit costs in Q3? - Management attributed the increase to seasonal factors and higher-end pricing accounts, but remains comfortable with the overall yield [44][45] Question: What is the strategy for hiring additional relationship managers? - Management is open to hiring quality relationship managers year-round and will be opportunistic based on market conditions [48][49] Question: How does the company view the interplay between C&I growth and headwinds in other areas? - Management sees purposeful runoff in residential real estate as a headwind but expects to offset it with increased commercial lending [55] Question: What is the company's approach to expanding its footprint? - The focus remains on organic growth, with management evaluating opportunities for potential M&A as they arise [58] Question: What is the outlook for the lending pipeline? - The increase in the lending pipeline is primarily attributed to new hires and market share gains rather than borrower optimism [64]

Boyd Gaming (NYSE:BYD) Q3 2025 Earnings Call October 23, 2025 05:00 PM ET Company ParticipantsStephen Grambling - Managing DirectorBarry Jonas - Managing DirectorDavid Katz - Managing DirectorJosh Hirsberg - CFOSteven Wieczynski - Managing DirectorDavid Hargreaves - Managing DirectorBrandt Montour - Director of Equity ResearchJohn DeCree - Director of Equity ResearchDaniel Politzer - Executive Director of Equity ResearchDavid Strow - VP of Corporate CommunicationsKeith Smith - President and CEOConference Ca ...

Boyd Gaming (NYSE:BYD) Q3 2025 Earnings Call October 23, 2025 05:00 PM ET Speaker0Good afternoon, and welcome to the Boyd Gaming Third Quarter twenty twenty five Earnings Conference Call. My name is David Straub, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, 10/23/2025. At this time, all lines are in listen only mode. Following our remarks, we will conduct a question and answer session.Our speakers for today's call are ...

Business First Bancshares (NasdaqGS:BFST) Q3 2025 Earnings Call October 23, 2025 05:00 PM ET Speaker0Hello and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to Business First Bancshares Q3 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.I would now like to turn the call over to Matt Silley. Yo ...

Financial Data and Key Metrics Changes - Coursera reported revenue of $194 million for Q3 2025, reflecting a 10% year-over-year increase [4][20] - Free cash flow reached $27 million, up 59% from the previous year, contributing to a total of over $80 million year-to-date, representing 55% year-over-year growth [4][22] - The company raised its full-year revenue guidance to a range of $750 to $754 million, indicating an 8% to 9% growth from the prior year [5][18] Business Line Data and Key Metrics Changes - Consumer segment revenue was $130 million, up 13% year-over-year, driven by 7.7 million new registered learners [20][23] - The gross profit for the consumer segment was $80 million, a 16% increase from the previous year, with a gross margin of 61% [24] - Enterprise segment revenue was $64 million, up 6% year-over-year, with a net retention rate of 89% [25][26] Market Data and Key Metrics Changes - The total number of registered learners reached 191 million, with significant growth in the consumer segment [23] - The demand for generative AI courses has surged, with 14 enrollments per minute, up from eight enrollments per minute last year [9][10] Company Strategy and Development Direction - The company is focusing on product-led innovation and operational discipline to enhance customer experiences and drive long-term growth [4][5] - Coursera is expanding its catalog, which has grown by 44% to over 12,000 courses, and is enhancing its offerings with nearly 100 professional certificates [8][9] - The integration with OpenAI's ChatGPT is expected to enhance user engagement and discovery of Coursera's offerings [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the consumer business, citing strong top-of-funnel metrics and the success of Coursera Plus [37][38] - The enterprise environment remains muted, with no significant changes expected in corporate spending trends [70] - The company anticipates Q4 revenue in the range of $189 to $193 million, representing 5% to 8% year-over-year growth [17][18] Other Important Information - The appointment of Anthony Salcido as the new General Manager of the enterprise segment is expected to drive growth initiatives [5][6] - The company is investing in AI-driven innovations and personalized learning experiences to meet evolving learner needs [19] Q&A Session Summary Question: Insights on OpenAI embedded app and its impact - Management is excited about the partnership with OpenAI, noting it as a top-of-funnel opportunity without a direct economic arrangement [29][30] Question: Sales and marketing investment priorities - The company continues to see effective returns on sales and marketing investments, particularly in driving subscriptions [33][34] Question: Q4 revenue outlook and consumer growth durability - Management raised full-year revenue guidance, citing strong consumer growth and visibility from Coursera Plus [36][37] Question: Balancing free cash flow growth with content investments - The company plans to continue investing in content while leveraging AI to reduce production costs [39] Question: International pricing strategy and its impact - Management lowered prices in various international markets to enhance accessibility and drive revenue growth [43][44] Question: Trends in enterprise segment and corporate spending - Mixed trends were observed across different verticals, with Coursera for Campus performing better than Coursera for Government [45][46] Question: Future of AI certifications and partnerships - There is potential for creating AI certifications in collaboration with partners, similar to existing certifications with other companies [58][60] Question: Shifts in search from traditional SEO to AI search - The integration with OpenAI is expected to improve user engagement and traffic quality, enhancing the learner journey [63][64]