Financial Data and Key Metrics Changes - The company reported record net revenues of $3.7 billion for the fiscal first quarter, with net income available to common shareholders at $562 million and earnings per diluted share of $2.79 [12] - Adjusted net income available to common shareholders was $577 million, resulting in adjusted earnings per diluted share of $2.86, with a pre-tax margin of 19.5% and an adjusted pre-tax margin of 20% [13] - The annualized return on common equity was 18%, and the annualized adjusted return on tangible common equity was 21.4% [13] Business Line Data and Key Metrics Changes - The Private Client Group generated pre-tax income of $439 million on record quarterly net revenues of $2.77 billion, driven by higher assets under administration [14] - The Capital Markets segment generated quarterly net revenues of $380 million and a pre-tax income of $9 million, with revenues declining year-over-year and sequentially due to lower M&A and advisory revenues [14][15] - The asset management segment achieved record pre-tax income of $143 million on record net revenues of $326 million, attributed to higher financial assets under management and strong net inflows [15] - The bank segment generated net revenues of $487 million and record pre-tax income of $173 million, with net interest income growing 6% sequentially [15] Market Data and Key Metrics Changes - The company reported net new asset annualized growth of 8% this quarter, with $31 billion of net new assets, marking the second-best quarter ever [5][31] - Total client assets recruited over the past twelve months exceeded $69 billion across all platforms, reflecting strong recruiting momentum [6] Company Strategy and Development Direction - The company is focused on long-term capital deployment, including investments in technology, acquisitions, and share repurchases, with a commitment to maintaining a strong balance sheet [5][10] - Recent acquisitions, including Clark Capital Management and GreensLedge, are aimed at enhancing the platform and expanding capabilities [9][11] - The company emphasizes a culture that respects advisor independence and ownership, which is seen as a differentiator in attracting and retaining financial advisors [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth driven by a robust advisor recruiting pipeline and strong commitments from prospective advisors [7] - The company acknowledged headwinds from lower interest rates and seasonal impacts typical in the second fiscal quarter but remains focused on generating long-term sustainable growth [27][28] - Management highlighted the importance of personal relationships and a stable platform for advisors, which is expected to differentiate the company in a competitive environment [28][41] Other Important Information - The company repurchased $400 million of common stock at an average share price of $162 during the quarter, with a Tier 1 Leverage Ratio of 12.7% [11][24] - The effective tax rate for the quarter was 22.7%, with an expectation of approximately 24%-25% for fiscal 2026 [24] Q&A Session Summary Question: On net new assets and areas of strength - Management noted that $31 billion of net new assets in the quarter was broad-based, with strong retention of existing advisors and a robust recruiting activity [31][32] Question: On sustainability of net new assets growth - Management expressed confidence in sustaining growth based on strong pipelines and advisor satisfaction, despite competitive pressures [41][54] Question: On capital markets outlook and revenue growth - Management indicated a strong pipeline in capital markets, with expectations for revenue to improve above the current quarter's level [46][61] Question: On M&A results and advisory performance - Management acknowledged challenges in comparing results with peers but emphasized long-term growth trends and sector expertise [82][84] Question: On non-compensation expenses and technology investments - Management highlighted ongoing investments in technology as a key driver of non-compensation expenses, balancing growth with operational efficiency [88][89]

Financial Data and Key Metrics Changes - Consolidated net sales for the second quarter were $149.9 million, benefiting from a higher starting retail backlog and a higher average ticket price, but offset by fewer contract sales and lower demand [7] - Retail written orders declined by 17.9%, while wholesaler orders were down 19.3% compared to the previous year, reflecting macroeconomic challenges and a difficult prior year comparison [7] - Consolidated gross margin was 60.9%, an increase of 60 basis points from a year ago, attributed to a change in sales mix and reduced headcount [8] - Adjusted operating income was $13.5 million, with an operating margin of 9%, significantly higher than the 5.4% margin in the pre-pandemic second quarter of 2019 [8] - Adjusted diluted EPS was $0.44, with an effective tax rate of 25.3% [9] Business Line Data and Key Metrics Changes - Retail written orders showed a decline, with a notable decrease in design center traffic by 11% [7] - The wholesale backlog at the end of the quarter was $49.8 million, influenced by a lower volume of contract orders [8] Market Data and Key Metrics Changes - The company experienced a significant impact from the government shutdown, leading to lower consumer confidence and reduced traffic to design centers [4] - Positive written order growth was observed in January, indicating a potential recovery in consumer behavior [7][34] Company Strategy and Development Direction - The company aims to strengthen its vertically integrated structure, focusing on product programs, marketing, and logistics [13][16] - Approximately 75% of furniture is manufactured in North America, providing a competitive advantage and mitigating tariff exposure [12][13] - Increased advertising spend by 25%, primarily in digital media, is expected to yield future benefits despite not fully impacting the second quarter [15][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the government shutdown had a major impact on orders, but there are signs of recovery as orders are beginning to come in again [21] - The company believes it can maintain strong gross margins due to improvements in talent and technology across its operations [22] - There is cautious optimism regarding consumer behavior returning to normal, with increased traffic noted in January [34] Other Important Information - The company has a robust balance sheet with total cash and investments of $179.3 million and no debt [9] - The company is exposed to tariffs on imported goods, with strategies in place to mitigate these costs through vendor cost sharing and selective price increases [11][30] Q&A Session Summary Question: Retail written orders trends during the quarter - Management acknowledged that retail written orders were impacted by difficult comparisons, with an average decrease of 18% throughout the quarter [19] Question: Improvement in contract side of the business post-government shutdown - Management reported that orders are coming in reasonably high but are lower than the previous year, with a gradual increase observed [21] Question: Sustainability of gross margins moving forward - Management expressed confidence in maintaining gross margins due to ongoing improvements in operations and technology [22] Question: Impact of tariffs and mitigation strategies - Management outlined a three-pronged approach to mitigate tariff impacts, including vendor cost sharing, sourcing diversification, and selective price increases [30][32] Question: January trends and marketing effectiveness - Management attributed improved trends in January to returning consumer confidence and effective marketing strategies [34][36]

Financial Data and Key Metrics Changes - The company reported revenues of $717 million for Q3 2026, representing a 13% increase year-over-year, and adjusted earnings per share of $1.94, up 18% compared to the same period last year [5][11] - Adjusted compensation expenses were $441 million for the quarter, compared to $390 million in the same period last year, maintaining an adjusted compensation expense ratio of 61.5% [12][14] Business Line Data and Key Metrics Changes - Corporate Finance generated $474 million in revenue, a 12% increase year-over-year, with 177 transactions closed, up from 170 in the same period last year [7][11] - Financial Restructuring produced $156 million in revenue, a 19% increase year-over-year, with 41 transactions closed, consistent with the same quarter last year [8][11] - Financial and Valuation Advisory revenues were $87 million, a 6% increase year-over-year, with 1,103 fee events, up 10% from 1,005 in the same period last year [12] Market Data and Key Metrics Changes - The company noted an acceleration in private equity activity, with more portfolio companies exploring liquidity options due to improving investor sentiment and expectations of declining interest rates [5][10] - The European market is experiencing significant growth, bolstered by recent acquisitions, which are expected to enhance the company's footprint in France and overall European operations [9][28] Company Strategy and Development Direction - The company aims to expand its workforce and capabilities in key markets, particularly in Europe, where it sees potential for growth comparable to its U.S. corporate finance business [9][10] - Recent acquisitions, including a controlling interest in Audere Partners, are part of the strategy to strengthen the company's position in Europe and enhance its Capital Solutions capabilities [9][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A recovery, citing improving market conditions and a positive outlook for fiscal year 2027 [5][10] - The company acknowledged potential revenue pressures in restructuring due to an improving market environment but noted that geopolitical events could drive restructuring activity levels higher [8][54] Other Important Information - The company ended the quarter with approximately $1.2 billion in cash and investments and repurchased approximately 418,000 shares as part of its share repurchase program [14][15] - The adjusted effective tax rate for the quarter was 30.6%, down from 33.3% in the same quarter last year, primarily due to decreased state taxes [14] Q&A Session Summary Question: Outlook for restructuring activity - Management indicated that while the market is improving for M&A, there is a structural decline in restructuring activity, though pockets of opportunity may arise due to geopolitical events [18][19] Question: Corporate finance revenue expectations - Management confirmed that corporate finance is strengthening, with increasing M&A activity, particularly in private equity, and good visibility for continued growth [21][22] Question: U.S. vs. non-U.S. growth outlook - Management highlighted that while the U.S. remains the largest market, European operations are growing significantly, supported by recent acquisitions [28][29] Question: Sponsor engagement and market pressures - Management noted a steady improvement in sponsor engagement, with broad-based activity across sectors, despite external pressures [42][44] Question: Capital management and acquisition pipeline - Management stated a strong acquisition pipeline and a preference for strategic acquisitions over share repurchases, while also considering share buybacks as appropriate [57][60] Question: Non-compensation expenses outlook - Management indicated that non-compensation expenses are expected to grow in line with year-to-date trends, with some increases in rent due to acquisitions [64][66] Question: Data bank product strategy - Management discussed the potential for monetizing proprietary data, indicating that it is still in early stages but viewed as a valuable asset for future growth [68][69] Question: Impact of geopolitical uncertainty on activity levels - Management noted that clients are increasingly willing to look past geopolitical noise and continue with business, indicating resilience in the market [74][75] Question: Capital Solutions group build-out - Management described the Capital Solutions group as still in early innings, with significant growth potential across various sectors [76][77] Question: Advisory cycle positioning - Management agreed that the advisory cycle is in early stages, with substantial pent-up demand still present in the market [86][90]

Fair Isaac (NYSE:FICO) Q1 2026 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsAlexander Hess - VP of Equity ResearchDave Singleton - VP of Investor RelationsFaiza Alwy - Managing DirectorKevin McVeigh - Managing DirectorKyle Peterson - Managing Director and Equity ResearchOwen Lau - Managing DirectorRayna Kumar - Managing DirectorRyan Griffin - VP of Equity ResearchSami Nasir - Equity Research AssociateScott Wurtzel - Director of Equity ResearchSteve Weber - CFOWill Lansing - CEOConference C ...

Financial Data and Key Metrics Changes - Consolidated net sales for the second quarter were $149.9 million, benefiting from a higher starting retail backlog and a higher average ticket price, despite a decline in retail written orders by 17.9% and wholesaler orders by 19.3% compared to the previous year [7][8] - Consolidated gross margin was 60.9%, an increase of 60 basis points from a year ago, attributed to a favorable sales mix and reduced headcount [8] - Adjusted operating income was $13.5 million, with an operating margin of 9%, significantly higher than the 5.4% margin in the pre-pandemic second quarter of 2019 [8][9] - Adjusted diluted EPS was $0.44, with an effective tax rate of 25.3% [9] Business Line Data and Key Metrics Changes - Retail written orders declined 17.9%, while wholesaler orders decreased by 19.3%, reflecting macroeconomic challenges and a tough prior year comparison [7] - The wholesale backlog at the end of the quarter was $49.8 million, reduced due to lower contract orders and improved customer lead times [8] Market Data and Key Metrics Changes - Design center traffic declined by 11%, contributing to lower demand trends [7] - Positive written order growth was observed in January, indicating a potential recovery in consumer confidence [4][7] Company Strategy and Development Direction - The company aims to strengthen its vertically integrated structure, focusing on product programs, marketing, and logistics [13][16] - Approximately 75% of furniture is manufactured in North America, providing a competitive advantage and mitigating tariff exposure [12][13] - Increased advertising spend by 25%, primarily in digital media, to enhance customer engagement and drive traffic [15][36] Management's Comments on Operating Environment and Future Outlook - The government shutdown negatively impacted consumer confidence and retail traffic, but there are signs of recovery as traffic improved in January [4][34] - Management is optimistic about maintaining strong gross margins due to disciplined expense management and leveraging technology [22][32] Other Important Information - The company has a robust balance sheet with total cash and investments of $179.3 million and no debt [9][10] - The company declared a regular quarterly cash dividend of 39 cents per share, reflecting its commitment to returning value to shareholders [10] Q&A Session Summary Question: Retail written orders trends during the quarter - Management noted that retail written orders decelerated due to difficult comparisons, with an average decrease of 18% throughout the quarter [19] Question: Improvement in contract side of the business post-government shutdown - Orders are coming in reasonably high but are lower than last year, with a gradual increase observed as the government resumes operations [21] Question: Sustainability of gross margins moving forward - Management believes there is a good opportunity to maintain margins due to improvements in talent and technology across operations [22] Question: Impact of tariffs and mitigation strategies - The company is employing vendor cost sharing, sourcing diversification, and selective retail price increases to mitigate tariff impacts, though some headwinds remain [30][32] Question: Attribution of improved trends in January - Increased consumer traffic is attributed to the resolution of uncertainties from the previous quarter, leading to better engagement with clients [34] Question: Future marketing spend and its effectiveness - The company plans to continue focusing on digital marketing while reducing spending in other mediums, aiming to enhance customer acquisition and traffic [38]

IBM (NYSE:IBM) Q4 2025 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsArvind Krishna - CEOJames Kavanaugh - CFOMatthew Swanson - Director and Equity ResearchOlympia McNerney - Head of Investor RelationsConference Call ParticipantsAmit Daryanani - AnalystOperatorWelcome, and thank you for standing by. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now, I will turn the meeting over to ...

Raymond James Financial (NYSE:RJF) Q1 2026 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsButch Oorlog - CFOCraig Siegenthaler - Managing Director and the North American Head of Diversified FinancialsDevin Ryan - Director of Financial Technology ResearchKristie Waugh - SVP of Investor RelationsPaul Shoukry - CEOConference Call ParticipantsBen Budish - Senior Equity AnalystBill Katz - Senior Equity AnalystBrennan Hawken - Managing Director and Senior Equity AnalystDan Fannon - Managing Direct ...

Financial Data and Key Metrics Changes - SEI reported earnings per share (EPS) of $1.38 for Q4 2025, marking the highest quarterly earnings performance in the company's history, with a 16% year-over-year increase and a 6% sequential increase [3][12] - The company achieved double-digit earnings growth for the year and over a full percentage point of operating margin expansion [21] Business Line Data and Key Metrics Changes - Private Banking segment posted $28 million in net sales events, significantly contributing to the overall strong performance [4] - Investment Manager Services (IMS) benefited from a $3 million revenue accrual true-up, with overall revenue and margins increasing meaningfully from both the prior year and prior quarter [13][14] - Asset management segments experienced sequential growth driven by market appreciation and healthy flows, despite some client losses in the institutional segment [14] Market Data and Key Metrics Changes - The integrated cash program contributed $21 billion to revenue, matching levels achieved in the prior quarter and prior year [14] - Assets Under Management (AUM) grew by 2% and Assets Under Administration (AUA) grew by 3%, supported by strong win momentum and market appreciation [17][18] Company Strategy and Development Direction - SEI is focused on expanding its reach in the advisor channel and capturing new flows through strategic partnerships, such as the Stratos partnership [6][8] - The company plans to accelerate investment management product launches in ETFs, SMAs, models, and select alternative products [8] - SEI is transitioning its IMS business to platform-level services, leveraging automation and AI to lower costs and expand access [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales momentum and expects positive developments to be announced in the April earnings call [5][25] - The company is committed to returning 90%-100% of free cash flow to shareholders through dividends and share repurchases [19] - Management acknowledged the need for thoughtful resource reallocation and ongoing cost efficiency efforts to support future investments [20] Other Important Information - SEI repurchased $101 million of shares in Q4, totaling $616 million for the year, representing nearly 6% of total shares outstanding [19] - The company implemented a targeted reduction in force affecting approximately 3% of its global workforce to ensure a more efficient operating model [21] Q&A Session Summary Question: Can you provide more color on the sales events from alts? - Management indicated that over two-thirds of sales events came from a combination of new business and expanding relationships with current clients, with strong visibility for 2026 [25][27] Question: What drives the gap between net recurring and non-recurring sales? - The gap is driven by the growth of the professional services strategy, with many engagements being characterized as one-time professional services [29][30] Question: Can the margin for the private banking segment stay in the high teens range? - Management expects margins to remain in the high teens range, influenced by the mix of professional services [36][37] Question: How should we think about the revenue recognition impact of the two big sales events? - The two wins are recurring revenue SWP wins, and the associated professional services will be realized immediately or over 12-18 months [56][58] Question: How strategically important is the UK market to the institutional business? - The UK market is important but represents a fraction of the overall business, with ongoing efforts to grow that segment [59][60]

Financial Data and Key Metrics Changes - Total revenue increased by 12.4% to $503.4 million, driven by all three segments [17] - Adjusted EBITDA grew to $154.9 million, up 23.9% compared to the prior year [18] - Adjusted earnings per share rose to $2.43, a 34.3% increase year-over-year [19] - Operating cash flow generation for the trailing twelve months was $428 million, up $146 million from the previous year [20] Business Line Data and Key Metrics Changes - Chamberlain reported revenue of $183.8 million, a 1.6% increase, but total student enrollment declined by 1% [22] - Walden's revenue increased by 27% to $217.6 million, with total student enrollment up 13% [23] - Medical and Veterinary segment revenue was $102 million, a 6.9% increase, with adjusted EBITDA rising by 17.6% [25] Market Data and Key Metrics Changes - Total enrollment grew over 6% to 97,000 students, marking the tenth consecutive quarter of enrollment growth [4][7] - Chamberlain's pre-licensure BSN programs have seen growth for 14 consecutive quarters, while post-licensure programs faced declines [22] - Walden's growth was particularly strong in behavioral sciences and nursing programs [32] Company Strategy and Development Direction - The company is focused on addressing the healthcare workforce crisis by expanding capacity and creating new revenue streams [7] - A disciplined, returns-focused approach to capital allocation is being maintained, with $165 million deployed for share repurchases [4] - The upcoming Investor Day will outline a multi-year growth framework [7][47] Management's Comments on Operating Environment and Future Outlook - The healthcare workforce crisis is intensifying, with significant gaps expected to deepen, particularly in rural and underserved areas [6][7] - Management remains confident in achieving full-year revenue guidance of 6%-8.5% growth and has raised adjusted EPS guidance to 17%-20% growth [4][27] - The company expects application growth at Chamberlain to translate into future enrollment growth [27] Other Important Information - The company has approximately $728 million remaining on its current share repurchase authorization [4] - Adjusted EBITDA margin expanded by 290 basis points to 30.8% [18] - The one-week academic calendar shift contributed an additional $18 million in revenue for Walden in Q2 [17][26] Q&A Session Summary Question: Can you provide insights on Walden's growth and market share? - Management noted that growth is consistent across programs, particularly in behavioral sciences and nursing, indicating potential market share gains [32] Question: What is the status of the partnership with Sallie Mae regarding loan caps? - Management confirmed they are working on definitive documentation for the partnership and are optimistic about its implications for the portfolio [33] Question: Can you elaborate on Chamberlain's enrollment trends and lead times? - Management acknowledged recent improvements in application volumes and expressed confidence in returning to positive enrollment growth by the fall cycle [39][40] Question: What factors could lead to exceeding the high end of revenue guidance? - Management indicated that quicker recovery at Chamberlain and acceleration in the Med Vet segment could contribute to exceeding guidance [42]

Financial Data and Key Metrics Changes - The company reported revenues of $717 million for Q3 2026, representing a 13% increase year-over-year, and adjusted earnings per share of $1.94, up 18% compared to the same period last year [5][11] - The adjusted effective tax rate for the third quarter was 30.6%, down from 33.3% in the same quarter last year, primarily due to decreased state taxes and non-deductible expenses [14] Business Line Data and Key Metrics Changes - Corporate Finance generated $474 million in revenue for the quarter, a 12% increase year-over-year, with 177 transactions closed, up from 170 in the same period last year [7][11] - Financial Restructuring produced $156 million in revenue, a 19% increase year-over-year, with 41 transactions closed, consistent with the same quarter last year [8][11] - Financial and Valuation Advisory revenues were $87 million, a 6% increase year-over-year, with 1,103 fee events, up from 1,005 in the same period last year [12] Market Data and Key Metrics Changes - The company noted an acceleration in private equity activity, with more portfolio companies exploring liquidity options due to improving investor sentiment and expectations of declining interest rates [5] - The company is experiencing strong growth in its European business, bolstered by recent acquisitions, which are expected to enhance its market presence in France [9][28] Company Strategy and Development Direction - The company aims to expand its workforce and capabilities in key markets, particularly in Europe, where it sees significant growth potential [9][28] - The strategy includes a focus on independent, high-quality advice to clients and a commitment to creating shareholder value [10] - The company is actively pursuing acquisitions to strengthen its Capital Solutions capabilities and enhance its market position [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A recovery, citing improving market conditions and increased deal activity [5][10] - There is a recognition of potential revenue pressures in Financial Restructuring as the market improves, but geopolitical events may create new opportunities [8][54] - The company believes it is in the early stages of the advisory cycle, with significant pent-up demand expected to drive future growth [87][90] Other Important Information - The company ended the quarter with approximately $1.2 billion in cash and investments and repurchased approximately 418,000 shares as part of its share repurchase program [14][15] - The company is focused on maintaining a balance between cash for acquisitions and share repurchases, with a strong preference for strategic acquisitions [57][58] Q&A Session Summary Question: Outlook for restructuring activity - Management indicated that while restructuring activity may decline due to improving market conditions, there are still pockets of opportunity driven by geopolitical events [18][19] Question: Corporate finance revenue expectations - Management confirmed that corporate finance is experiencing strong growth, with increasing M&A activity, particularly in private equity [21][22] Question: U.S. vs. non-U.S. growth outlook - Management highlighted that while the U.S. remains the largest market, the European business is growing significantly, aided by recent acquisitions [28][31] Question: Sponsor engagement and market pressures - Management noted a steady improvement in sponsor engagement, with broad-based growth across sectors, despite some external pressures [42][44] Question: Capital management and acquisition pipeline - Management stated that the acquisition pipeline is strong, and they will continue to evaluate share repurchases while maintaining flexibility for acquisitions [56][60] Question: Non-compensation expenses outlook - Management indicated that non-compensation expenses are expected to grow in line with year-to-date trends, with some increases in specific areas like rent [64][66] Question: Data bank product strategy - Management discussed the potential for monetizing proprietary data, indicating that it is an important area of focus for future growth [68][69] Question: Impact of geopolitical uncertainty on activity levels - Management acknowledged the presence of geopolitical noise but noted that clients are increasingly willing to proceed with business despite uncertainties [74][75] Question: Capital Solutions group build-out - Management indicated that the Capital Solutions group is still in early stages of development, with significant demand across various fronts [76][77] Question: Advisory cycle positioning - Management agreed that they are in the early innings of the advisory cycle, with a strong position to capitalize on future growth opportunities [86][90]