Micron Technology (NasdaqGS:MU) Q1 2026 Earnings Call December 17, 2025 04:30 PM ET Company ParticipantsMark Murphy - CFOSatya Kumar - Head of Investor RelationsSanjay Mehrotra - CEOConference Call ParticipantsTom O'Malley - Research AnalystVivek Arya - AnalystChris Danely - Managing Direct and Semiconductor AnalystC.J. Muse - Senior Managing Director and AnalystKrish Sankar - AnalystHarlan Sur - AnalystTimothy Arcuri - AnalystOperatorAs a reminder, today's program is being recorded. And now I'd like to int ...

Transaction Overview - CVBF will acquire Heritage Commerce in a 100% stock transaction with a fixed exchange ratio of 0.6500x CVBF shares for each HTBK share[29] - The deal is valued at $811 million, or $1300 per Heritage Commerce share[29] - Pro forma ownership will be approximately 77% CVBF and 23% Heritage Commerce[29] Financial Impact - The acquisition is expected to result in 132% EPS accretion for CVBF by 2027E[29, 45] - The transaction is expected to cause a (77%) tangible book value per share dilution, with an earnback period of 25 years[11, 29, 43] - The deal is projected to yield a 150% ROAA and 168% ROATCE by 2027E[11] Strategic Rationale - The merger will expand CVBF's presence into the desirable Bay Area markets[1, 11] - Heritage Commerce is the 2 mid-sized bank in the Bay Area by deposits, with $48 billion[19] - The combined bank will become the 5 mid-sized bank in California[19] Key Assumptions - The deal includes estimated cost savings of 35% of Heritage Commerce's 2027E operating noninterest expense, which is approximately $43 million[31] - One-time expenses are estimated at approximately $75 million pre-tax[31]

Financial Data and Key Metrics Changes - Micron reported total fiscal Q1 revenue of $13.6 billion, up 21% sequentially and 57% year over year, marking a quarterly record for the third consecutive quarter [20] - Fiscal Q1 DRAM revenue reached a record $10.8 billion, up 69% year over year and 20% sequentially, representing 79% of total revenue [20][21] - Fiscal Q1 NAND revenue was a record $2.7 billion, up 22% year over year and sequentially, accounting for 20% of total revenue [21][22] - Consolidated gross margin for fiscal Q1 was 56.8%, up 11 percentage points sequentially, driven by higher pricing and strong cost execution [22] - Non-GAAP diluted earnings per share in fiscal Q1 was $4.78, reflecting 58% sequential growth and 167% year-over-year growth [24] Business Line Data and Key Metrics Changes - Cloud memory business unit revenue was a record $5.3 billion, representing 39% of total revenue, up 16% sequentially [22] - Core data center business unit revenue reached a record $2.4 billion, up 51% sequentially, representing 17% of total revenue [23] - Mobile and client business unit revenue was a record $4.3 billion, up 13% sequentially, representing 31% of total revenue [23] - Automotive and embedded business unit revenue was a record $1.7 billion, up 20% sequentially, representing 13% of total revenue [23] Market Data and Key Metrics Changes - Server unit demand is expected to grow in the high teens percentage range for calendar 2025, higher than previous expectations [10] - PC unit sales are forecasted to grow in the high single-digit percentage range for calendar 2025, above prior expectations [12] - Smartphone unit volumes are on track to grow in the low single-digit percentage range for calendar 2025 [12] - The aggregate industry supply is expected to remain substantially short of demand for the foreseeable future, with DRAM and NAND bit demand growth expectations revised higher [16][17] Company Strategy and Development Direction - Micron is focused on maximizing production output and ramping industry-leading technology nodes while investing in new cleanroom space to enhance supply capability [6][18] - The company anticipates substantial new records in revenue, gross margin, EPS, and free cash flow for both the second quarter and the full fiscal year 2026 [6] - Micron plans to increase fiscal 2026 capital expenditures to approximately $20 billion, primarily to support HBM supply capability and 1-gamma supply [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted that AI-driven demand is accelerating, with significant growth in data center capacity driving demand for high-performance memory [9][10] - The company expects tight market conditions to persist beyond calendar 2026 due to sustained strong industry demand and supply constraints [6][16] - Management expressed confidence in Micron's competitive position, emphasizing technology leadership and a differentiated product portfolio [6][7] Other Important Information - Micron generated record free cash flow of $3.9 billion in fiscal Q1, exceeding the previous record from fiscal Q4 2018 by over 20% [25] - The company reduced debt by $2.7 billion during the quarter, closing with $11.8 billion of debt and a net cash balance of over $250 million [25][26] - Over 80% of Micron's professional workforce actively uses GenAI, significantly enhancing productivity across various functions [26] Q&A Session Summary Question: Long-term agreements with customers - Management discussed ongoing discussions for multi-year contracts with key customers, emphasizing stronger contract structures compared to previous agreements [31] Question: Capital expenditures and intensity - Management confirmed an increase in capital expenditures to $20 billion for fiscal 2026, with a focus on supporting DRAM and HBM supply [32][34] Question: Supply constraints and cleanroom space - Management acknowledged supply constraints and the need for cleanroom space, emphasizing efforts to maximize production efficiency within existing facilities [35][36] Question: HBM market share and competitive positioning - Management expressed confidence in Micron's competitive position, highlighting strong performance and low power consumption of HBM products [46][47] Question: Pricing dynamics for HBM - Management confirmed that HBM for 2026 is sold out in terms of volume, with completed negotiations for pricing, ensuring strong profitability [56]

Company Overview - MillerKnoll's FY25 revenue reached $3.7 billion[10] - The company has a global presence with dealers in over 110 countries[10] - MillerKnoll operates through three segments: North America Contract (54%), Global Retail (28%), and International Contract (18%)[11] Financial Performance - FY25 Adjusted Earnings Per Share was $1.95[44] - FY25 Adjusted EBITDA was $360 million[44] - FY25 Free Cash Flow was $102 million[47] Recent Quarterly Trends (Q2 FY26) - Net sales were $955.2 million, a decrease of 1.6% from the prior year[56, 57] - Orders increased 5.5% from the prior year[57] - Adjusted Earnings Per Share was $0.43[57] Q3 FY26 Guidance - Revenue is projected to be between $923 million and $963 million[63] - Gross Margin % is expected to be between 37.9% and 38.9%[63] - Adjusted Earnings Per Share, Diluted is guided to be $0.42 to $0.48[63] Debt and Liquidity - Cash balance as of Q2 FY26 is $180 million[50] - Long-term debt as of Q2 FY26 is $1.321 billion[50] - Net Debt to EBITDA Ratio is 2.87x[50]

Financial Performance - Gloo's Q3 2025 total revenue reached $32.5 million, representing a 432% year-over-year growth[37] - Platform revenue in Q3 2025 was $19.8 million, a 226% increase year-over-year and a 127% increase compared to Q2 2025[37] - Platform Solutions revenue for Q3 2025 amounted to $12.7 million, showing a 71% growth from the previous quarter[37] - Adjusted EBITDA for Q3 2025 was -$19.2 million, an 88% decrease year-over-year and a 3% increase compared to Q2 2025[37] - The outlook for Q4 projects total revenue between $28 million and $30 million, indicating a 346% year-over-year growth[40] - Adjusted EBITDA for Q4 is projected to be between -$19.5 million and -$18.5 million[40] Strategic Initiatives - Gloo is building a leading vertical technology platform connecting the faith and flourishing ecosystem[12] - The company made two new acquisitions: one in church media and another in AI-powered voice and multilingual technologies[19, 20] - A definitive agreement was made to acquire Westfall Gold, a donor development service for nonprofit organizations[21, 22] - Gloo is advancing its AI strategy, including enhancing voice, transcription, and multilingual features through XRI Global[25, 26]

During the course of this meeting, we may make projections or other forward-looking statements regarding market demand and supply, market and pricing trends and drivers, the impact of technologies such as AI, contractual terms, cost reductions, our manufacturing projects and related investments, expected product volume production, our market position, expected product announcements, capabilities of our future products and technologies, future events, such as the end of life of some products, and future fina ...

Merger with Heritage Commerce California's Top Performing Business Bank Expands into the Bay Area cbbank.com Forward Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction (including statements about the future financial and operating results and impact on CVBF's earnings and tangible ...

CareCloud (NasdaqGM:CCLD) Update Summary Company Overview - CareCloud is focused on modernizing patient phone access in healthcare through AI-driven solutions, specifically the Stratus AI Desk Agent [1][2] Industry Context - The traditional front desk model in healthcare is becoming unsustainable due to staffing shortages, burnout, and increasing patient demands [4][5] - Phone calls remain the primary access channel for patients, despite the rise of digital tools [3][4] Core Challenges Identified - Staffing issues lead to long hold times, missed calls, and frustrated patients, resulting in revenue leakage [4][5] - Traditional solutions like hiring more staff or implementing IVR systems are inadequate for handling unpredictable spikes in call volume [4][5] Stratus AI Desk Agent Solution - Stratus AI Desk Agent is an AI-powered voice agent designed to handle patient calls through natural conversations, available 24/7 [5][6] - It supports unlimited simultaneous calls, detects intent and sentiment in real-time, and integrates with CareCloud's practice management and EHR systems [6][7] - The AI agent can manage scheduling, prescription refills, and general inquiries without increasing staff workload [9][10] Performance Metrics - Stratus AI boasts a 97% call resolution success rate, with nearly 80% of inbound calls handled autonomously [11][12] - The solution leads to fewer no-shows and better schedule utilization, contributing to stronger revenue flow [11][12] Financial Implications - A typical practice handling 2,000 inbound calls per month could save approximately $7,200 monthly or over $86,000 annually by using Stratus AI, with a projected ROI exceeding 200% [13][14] - The pricing model is based on successful calls handled by AI, making it flexible and risk-free with a 30-day trial [12][13] Security and Compliance - Stratus AI is designed to be HIPAA compliant, ensuring patient data protection through end-to-end encryption and secure EHR synchronization [11] Customer Feedback - Positive testimonials highlight that Stratus AI allows staff to focus on complex patient needs while maintaining high service standards [12] Implementation and Customization - The implementation process typically takes 2 to 4 weeks, with customization options available to fit specific practice needs [16][40] - The AI can handle multiple languages and is designed to integrate seamlessly with existing workflows [16][39] Future Developments - Plans to introduce an outbound calling agent to proactively reach out to patients for follow-ups and reminders [32] Conclusion - Stratus AI Desk Agent represents a significant advancement in healthcare operations, providing immediate patient access, scalable operations, and improved staff satisfaction without adding operational burdens [23][41]

Coherus Oncology Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Focus**: Transitioned from a biosimilar company to a commercial-stage innovative oncology company with a focus on immuno-oncology pipeline, particularly PD-1 inhibitors and novel therapies [3][4][5] Key Products and Pipeline - **Toripalimab**: FDA-approved next-generation PD-1 inhibitor, cornerstone of the oncology pipeline [4][5] - **Casdozokitug**: First-in-class anti-IL27 therapy showing promise in liver cancer and other tumor types [11][12] - **Tagmukitug**: Cytolytic antibody targeting CCR8, showing potential in various solid tumors [53][54] Clinical Data and Efficacy - **Casdozokitug**: - Phase 1 trial showed manageable safety profile with no dose-limiting toxicities (DLTs) [16] - Monotherapy activity observed in squamous non-small cell lung cancer (NSCLC) and renal cell carcinoma (RCC) [17] - In combination with Atizo and Bev for hepatocellular carcinoma (HCC), showed an overall response rate (ORR) of 38% and a complete response (CR) rate of 17%, compared to historical controls of 30% and 8% respectively [20][21] - Responses observed irrespective of viral etiology, indicating broad applicability [22] - **Tagmukitug**: - Demonstrated ability to deplete CCR8-positive T regulatory cells in tumors, leading to increased CD8 T cell activity [56] - Early data from head and neck cancer patients showed promising responses in heavily pre-treated individuals [62] Safety and Tolerability - **Casdozokitug**: Safety profile encouraging, with no significant increase in immune-related adverse events compared to standard treatments [26][27] - **Tagmukitug**: Selective targeting of CCR8 with a favorable safety profile, avoiding off-target toxicity seen in other CCR8 programs [58][59] Market Position and Future Outlook - **Market Strategy**: Coherus aims to leverage its innovative pipeline to establish a strong position in the oncology market, focusing on underserved patient populations [5][9] - **Upcoming Milestones**: - Initial data for the Casdozokitug triplet combination expected in mid-2026 [47] - Continued development of Tagmukitug across multiple tumor types with data anticipated throughout 2026 [65] Conclusion - Coherus Oncology is positioned for a data-rich 2026 with promising clinical trials and innovative therapies that could significantly impact cancer treatment, particularly in HCC and other solid tumors [71]

Summary of Capricor Therapeutics Conference Call Company Overview - **Company**: Capricor Therapeutics (NasdaqCM: CAPR) - **Focus**: Development of Deramyocel for the treatment of Duchenne muscular dystrophy (DMD) Key Points Discussed Industry and Clinical Trials - **Phase III Trial**: The Hope III trial is evaluating Deramyocel for DMD treatment, focusing on safety and efficacy [1][5] - **Previous Studies**: The clinical journey began with the HOPE-Duchenne study in 2016, which showed a reduction in cardiac scarring and improvements in skeletal muscle function [6][7] - **Patient Demographics**: 106 patients were randomized in the Hope III trial, with a focus on non-ambulatory patients and those with documented cardiomyopathy [19][20] Efficacy of Deramyocel - **Primary Endpoint**: The trial met its primary efficacy endpoint, showing a 54% slowing of upper limb deterioration compared to placebo, with a statistically significant p-value of 0.029 [31][45] - **Cardiac Function**: Deramyocel patients exhibited a 91% slowing of cardiomyopathy progression, indicating significant stabilization of left ventricular ejection fraction [34][35] - **Mechanism of Action**: Deramyocel works through anti-fibrotic, immunomodulatory, and anti-inflammatory mechanisms, which may enhance the effects of other therapies [12][58] Safety Profile - **Adverse Events**: Most adverse events were mild to moderate, occurring shortly after infusion and resolving within 24 hours. Only one serious adverse event was reported compared to five in the placebo group [21][22] - **Long-term Safety**: The safety profile is consistent with previous studies, showing no new safety findings over four years of treatment in the open-label extension of the HOPE-2 study [21][47] Regulatory and Future Plans - **FDA Submission**: Capricor plans to submit data to the FDA by the end of the calendar year, aiming for a Class 2 resubmission status [51][52] - **Global Expansion**: The company is preparing for international submissions, particularly in Japan and Europe [55][56] Additional Insights - **Combination Therapy**: Deramyocel can potentially be used alongside existing therapies, including gene therapies and corticosteroids, due to its unique mechanism of action [44][68] - **Future Trials**: There are discussions about potential trials targeting younger ambulatory patients, especially with the recent addition of DMD to newborn screening programs [68][70] Conclusion - **Overall Impact**: The Hope III study results suggest that Deramyocel could be a first-in-class therapy for treating both skeletal muscle dysfunction and cardiomyopathy in DMD, with a favorable safety profile and significant clinical benefits [46][47]