Lam Research Corporation (NASDAQ:LRCX) Q3 2025 Earnings Conference Call April 23, 2025 5:00 PM ET Company Participants Ram Ganesh - VP, IR Timothy Archer - President and CEO Douglas Bettinger - EVP and CFO Conference Call Participants C.J. Muse - Cantor Fitzgerald Timothy Arcuri - UBS Harlan Sur - JPMorgan Stacy Rasgon - Bernstein Research Krish Sankar - TD Cowen Srinivas Pajjuri - Raymond James Atif Malik - Citi Vivek Arya - Bank of America Securities Blayne Curtis - Jefferies Mehdi Hosseini - SIG Joe Moor ...

Edwards Lifesciences Corporation (NYSE:EW) Q1 2025 Earnings Conference Call April 23, 2025 5:00 PM ET Company Participants Mark Wilterding - SVP, Global Finance Bernard Zovighian - CEO Scott Ullem - CFO Daveen Chopra - Global Leader, TMTT Larry Wood - Global Group President, TAVR and Surgical Conference Call Participants Larry Biegelsen - Wells Fargo David Roman - Goldman Sachs Travis Steed - Bank of America Robbie Marcus - JPMorgan Vijay Kumar - Evercore ISI Matt Taylor - Jefferies Joanne Wuensch - Citiban ...

Financial Data and Key Metrics Changes - Sales grew over 6% to reach $2.9 billion, including a comparable sales decline of 0.4% [8][44] - Digital sales represented 35.4% of total sales [8] - Restaurant-level margin was 26.2%, a decrease of 130 basis points year over year [8][44] - Adjusted diluted earnings per share was $0.29, representing 7% growth over last year [8][44] - Cost of sales increased to 29.2%, up about 40 basis points from last year [47] - Labor costs for the quarter were 25%, an increase of about 60 basis points from last year [51] Business Line Data and Key Metrics Changes - The company opened 57 new restaurants, including 48 Chipotle lanes [8] - The average cost of a popular entree is still under $10, which is about 20% to 30% below comparable fast-casual meals [15] - New restaurant economics remain strong, with year two cash-on-cash returns around 60% [38] Market Data and Key Metrics Changes - The company is facing a slowdown in consumer spending, impacting transaction trends [10][11] - Current underlying trends would result in a low single-digit full-year comparable sales growth [12] Company Strategy and Development Direction - The company focuses on five key strategies: successful restaurant operations, technology and innovation, brand visibility, people leadership, and expanding access through new restaurant openings [12][13] - The company aims to expand to 7,000 restaurants in the US and Canada [37][42] - Marketing plans will ramp up in the summer to enhance visibility and relevance [30] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated consumer uncertainty is impacting spending habits, leading to a slowdown in transaction trends [10][11] - The company remains optimistic about returning to positive transaction growth in the second half of the year [12][46] - Management emphasized the strength of the Chipotle brand and its value proposition [11][63] Other Important Information - The company has a strong balance sheet with $2.1 billion in cash and no debt [55] - The board authorized an additional $400 million for share repurchase [55] Q&A Session Summary Question: How does the company view competition in the fast-casual space? - Management expressed confidence that competition does not materially impact their business, often seeing increased traffic in areas with new competitors [62][63] Question: What is the impact of tariffs on new store CapEx? - Management indicated that tariffs could lead to a mid-single-digit increase in new store build costs, but the impact appears minimal at this point [66][68] Question: What are the underlying factors for the slowdown in consumer spending? - Management attributed the slowdown to economic uncertainty and consumers eating at home more frequently, rather than issues specific to Chipotle [73][74] Question: How does the company plan to address digital sales performance? - Management acknowledged the need for improvement in digital sales and is working on removing friction points in the app to enhance customer experience [113][114] Question: What initiatives are in place to drive positive transaction comps? - Management highlighted the importance of operational efficiency, marketing initiatives, and digital enhancements to drive positive transaction growth in the second half of the year [134]

The Western Union Company (NYSE:WU) Q1 2025 Earnings Conference Call April 23, 2025 4:30 PM ET Company Participants Tom Hadley - Vice President, Investor Relations Devin McGranahan - President and Chief Executive Officer Matt Cagwin - Chief Financial Officer Conference Call Participants William Nance - Goldman Sachs Tien-Tsin Huang - JPMorgan Darrin Peller - Wolfe Research Ramsey El-Assal - Barclays Capital Inc. Timothy Chiodo - UBS Jason Kupferberg - Bank of America Bryan Keane - Deutsche Bank Andrew Schmi ...

Carlisle Companies Incorporated (NYSE:CSL) Q1 2025 Earnings Conference Call April 23, 2025 5:00 PM ET Company Participants Mehul Patel - VP, IR Chris Koch - Chair, President & CEO Kevin Zdimal - CFO Conference Call Participants Tim Wojs - Baird Susan Maklari - Goldman Sachs Bryan Blair - Oppenheimer Garik Shmois - Loop Capital Adam Baumgarten - Zelman & Associates David MacGregor - Longbow Research Keith Hughes - Truist Mehul Patel Good afternoon, everyone. Welcome to Carlisle's First Quarter 2025 Earnings ...

Knight-Swift Transportation Holdings Inc. (NYSE:KNX) Q1 2025 Earnings Conference Call April 23, 2025 5:30 PM ET Company Participants Brad Stewart - Treasurer & Senior Vice President, Investor Relations Adam Miller - Chief Executive Officer Andrew Hess - Chief Financial Officer Conference Call Participants Jonathan Chappell - Evercore ISI Brian Ossenbeck - JPMorgan Chase Ken Hoexter - Bank of America Tom Wadewitz - UBS Scott Group - Wolfe Research Daniel Imbro - Stephens Chris Wetherbee - Wells Fargo Ravi Sh ...

Financial Data and Key Metrics Changes - Newmont Corporation reported record first-quarter free cash flow of $1.2 billion and adjusted EBITDA of $2.6 billion, driven by strong operational performance and favorable gold prices [9][30][39] - The company generated $2 billion in cash flow from operations, marking a significant increase compared to previous quarters [9][30] - Gold all-in sustaining costs remained in line with full-year guidance at $1,651 per ounce for the first quarter [30] Business Line Data and Key Metrics Changes - In the first quarter, Newmont produced 1.5 million ounces of gold and 35,000 tonnes of copper, consistent with full-year guidance [9][39] - The divestment program resulted in over $2.5 billion in after-tax cash proceeds, enhancing the company's focus on its core operations [11][39] - The company anticipates a strong finish to the year from Boddington, with gold production expected to be approximately 53% weighted to the second half of the year [21] Market Data and Key Metrics Changes - The rise in gold prices has positively impacted cash flow and operational performance, with unprecedented volatility in global financial and commodity markets being closely monitored [10][39] - The company is focused on managing variables within its control amidst evolving tariff situations [10] Company Strategy and Development Direction - Newmont's priorities for 2025 include strengthening safety culture, stabilizing managed operations, and executing capital returns [5][13] - The company is committed to maintaining a strong balance sheet and returning capital to shareholders through predictable dividends and ongoing share repurchases [13][37] - The focus remains on delivering the potential of the 11 managed operations and three projects in execution, with a disciplined capital allocation strategy [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 commitments and emphasized the importance of safety, cost, and productivity performance irrespective of gold price fluctuations [56] - The company is actively monitoring geopolitical risks and maintaining strong relationships with governments in its operating jurisdictions [112] Other Important Information - Newmont completed its divestment program, allowing for a sharper focus on core operations and a significant reduction in debt [12][39] - The company has a robust share buyback program in place, with $755 million repurchased so far in 2025 [37] Q&A Session Summary Question: Lihir cash cost profile and mining for margin - Management highlighted efforts to configure the mine for sustainable performance and indicated that Lihir will meet its full-year cost guidance despite a $100 million non-cash impact from inventory adjustments [42][46] Question: Share buyback pace and capital return - Management confirmed ongoing share buybacks, supported by elevated gold prices and divestiture proceeds, with plans to continue this through the remainder of the year [48][50] Question: Impact of high gold prices on business management - Management stated that the focus remains on delivering safety, cost, and productivity performance, regardless of gold price fluctuations, while benefiting from the current high prices [54][56] Question: Progress on Ahafo North project - Management reported that Ahafo North is tracking well, with significant milestones achieved and a focus on safety during the high construction period [80][86] Question: Concerns about geopolitical risks - Management emphasized the importance of operating in stable jurisdictions and maintaining strong government relationships, with no immediate concerns regarding risks [112] Question: Future project considerations - Management indicated that Red Chris is a prime candidate for future capital allocation, with ongoing feasibility studies and engagement with local governments [60][104]

Financial Data and Key Metrics Changes - GATX Corporation reported Q1 2025 net income of $78.6 million or $2.15 per diluted share, compared to Q1 2024 net income of $74.3 million or $2.03 per diluted share, reflecting a year-over-year increase [6] - The first quarter results were in line with expectations, with a renewal lease rate increase of 24.5% and fleet utilization in North America at 99.2% [7][8] Business Line Data and Key Metrics Changes - GATX Rail North America's fleet utilization remained high at 99.2%, with a strong renewal success rate of 85.1% [8] - The investment volume in North America during the quarter was over $227 million, with over $30 million generated in asset remarketing income [11] - In Rail International, GATX Rail Europe's fleet utilization remained stable, while GATX Rail India's fleet utilization was very high at 99.6% [12] Market Data and Key Metrics Changes - The European railcar leasing market remains stable, with GATX Rail Europe experiencing high utilization rates [12] - In India, the infrastructure development needs remain strong, mitigating the impact of tariffs or global turmoil on long-term investment outlook [29] Company Strategy and Development Direction - GATX Corporation continues to focus on long-term value, emphasizing the resilience of its assets through economic cycles [34] - The company is prepared for potential economic downturns and is actively seeking investment opportunities during uncertain times [25][35] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of recent tariff announcements has had little effect on business and financial results, although longer-term economic growth could be affected [16][17] - The company reiterated its full-year earnings guidance of $8.30 to $8.70 per diluted share, reflecting confidence in its operational performance [14][34] Other Important Information - The first quarter net maintenance expense was higher compared to the previous year due to increased tank compliance activity [12] - The company has a strong balance sheet and investment-grade rating, providing funding flexibility [86] Q&A Session Summary Question: Concerns about tariff impacts and guidance adjustments - Management indicated that GATX Corporation typically does not adjust earnings guidance in the first quarter and reiterated its annual guidance despite macroeconomic uncertainties [39][40] Question: Supply-side dynamics in railcar leasing - Management confirmed the supply-led market thesis, noting that new railcar production remains constrained, supporting the business [43][45] Question: Demand risks across different markets - Management ranked Europe as having the most uncertainty due to minimal GDP growth, while North America showed strong renewal rates despite customer concerns [48][54] Question: Macro volatility and customer sentiment - Management noted that customers are holding onto their assets despite uncertainty, indicating a preference to maintain their current fleets [56][58] Question: New railcar prices and pass-through ability - Management acknowledged that new car prices are at high levels, but the relationship between new car prices and existing fleet pricing is indirect [64][66] Question: Secondary market valuations and expectations - Management expressed optimism about the secondary market, expecting a healthy remarketing year with valuations holding up well [70][73]

Financial Data and Key Metrics Changes - Subscription revenue for Q1 2025 was $3.005 billion, growing 20% year over year in constant currency, slightly above the high end of guidance [48] - Remaining performance obligation (RPO) ended at approximately $22.1 billion, representing 25.5% year over year constant currency growth [48] - Non-GAAP operating margin was 31%, 100 basis points above guidance, and free cash flow margin was 48%, up approximately 100 basis points year over year [56] Business Line Data and Key Metrics Changes - The number of deals greater than $1 million in net new annual contract value (ACV) was 72, up from 63 a year ago, with nine deals over $5 million [10][51] - Technology workflows had 36 deals over $1 million, including two over $5 million [11] - Core business workflows, including employee, finance, and supply chain solutions, were in half of the top 20 deals, with eight deals over $1 million [12] Market Data and Key Metrics Changes - Manufacturing delivered over 100% year over year growth in net new ACV, while healthcare and life sciences grew over 70% year over year [49] - The US public sector grew by over 30% year over year, with significant contributions from federal deals [22][49] Company Strategy and Development Direction - The company is focused on AI-driven transformation, with strong demand for its AI platform and a healthy pipeline [17][19] - ServiceNow aims to expand its addressable market, entering new areas such as data management with RaptorDB and enhancing CRM capabilities through acquisitions [26][31] - The intent to acquire Moveworks and Logic AI is part of a strategy to enhance employee self-service and CRM capabilities, respectively [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, emphasizing strong demand and a robust pipeline [72][74] - The guidance for 2025 was raised, reflecting optimism despite potential risks from geopolitical factors [61][64] - The company is committed to driving operational efficiencies and maintaining profitability through AI integration [146][148] Other Important Information - The company ended the quarter with $10.9 billion in cash and investments, and a share repurchase program was initiated [57] - The renewal rate remained at 98%, indicating strong customer retention [50] Q&A Session Summary Question: Insights on federal opportunities and enterprise customer decision-making - Management noted that demand remains strong, with customers focused on future growth and cost efficiency, despite geopolitical uncertainties [72][74] Question: Impact of Moveworks acquisition on technology execution - The acquisition is expected to enhance AI capabilities and provide a unified user experience, allowing for broader customer engagement [81][84] Question: CRM market ambitions and integration strategy - The company aims to redefine CRM with a fully integrated AI-powered approach, addressing complex customer needs efficiently [92][96] Question: Public sector growth and guidance context - The 30% growth in the public sector was in net new ACV, and management remains optimistic about long-term opportunities despite short-term conservatism in guidance [104][108] Question: Trends in Pro Plus adoption and growth initiatives - Pro Plus adoption is expected to continue growing, supported by strong customer interest in AI-driven efficiencies [132][135] Question: Short-term backlog growth and seasonality - Management confirmed that the expected seasonality of bookings and CRPO remains unchanged despite macroeconomic conditions [141]

Penumbra, Inc. (NYSE:PEN) Q1 2025 Earnings Conference Call April 23, 2025 4:30 PM ET Company Participants Cecilia Furlong - Business Development & IR Adam Elsesser - Chairman & CEO Maggie Yuen - CFO Jason Mills - EVP, Strategy Conference Call Participants Robbie Marcus - JPMorgan Lei Huang - Wells Fargo Pito Chickering - Deutsche Bank Macauley Kilbane - William Blair Bill Plovanic - Canaccord Travis Steed - Bank of America Ryan Zimmerman - BTIG Kallum Titchmarsh - Morgan Stanley Richard Newitter - Truist Ma ...