Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [7][22] - Total AUM reached a record $465 billion, with first half inflows totaling $28 billion and $51 billion over the last twelve months, reflecting a 12% organic growth rate [23][24] - Management fees for the quarter were $590 million, a 7% increase year to date, while capital market fees were $48 million in the second quarter, more than double from last year [22][23] Business Line Data and Key Metrics Changes - Carlyle Alpinvest experienced a record quarter with fee revenues up more than 50% and FRE nearly doubling over the past year [17] - Global Credit delivered strong performance with FRE of $111 million, a 37% year over year increase, and asset-backed finance AUM up 40% year over year [25][26] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, while the tenth vintage U.S. Real Estate fund closed at $9 billion, nearly 15% larger than its predecessor [13][27] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with equity markets near record highs and increased M&A activity due to reduced uncertainty from tariff negotiations and tax policy [9][10] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [10][11] Company Strategy and Development Direction - The company is focused on expanding its wealth management capabilities, with a partnership with UBS to provide private equity secondary solutions for their international wealth clients [20][110] - The strategic emphasis is on leveraging brand recognition and diversification of the platform to enhance growth in wealth management and private equity [111][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting full year FRE growth of approximately 10%, up from a prior outlook of 6% [30] - The leadership transition is seen as a natural evolution to enhance operational scale and agility in executing the company's strategy [21][88] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, which is three times the industry average [11][29] - The firm is actively pursuing opportunities in the capital markets, generating over $230 million in fees over the last twelve months, with expectations for further growth as M&A and IPO activities increase [20][21] Q&A Session Summary Question: Drivers of FRE growth and future guidance - Management indicated that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [41][42] Question: Retail commentary and fundraising potential - Management highlighted the systematic strategy for engaging wealth clients and the expected positive impact of the upcoming CPAP launch [52][56] Question: Outlook for the credit business - The company sees significant growth potential in the credit business, particularly in private credit and asset-based finance, driven by increasing demand for capital [66][67] Question: Near-term outlook for Alpenvest and Solutions business - Management noted that the business has evolved to generate consistent growth, with CAPM being a significant driver [73][76] Question: Capital markets fees growth and strategy - The company expects capital markets fees to continue growing, driven by organic opportunities and the scale of the platform [101][106] Question: Wealth products and future vision - Management emphasized the importance of brand recognition and diversification in driving success in wealth management [110][112]

Financial Data and Key Metrics Changes - Reported sales increased by 5% year over year, with organic sales up over 4% [9][22] - Adjusted EPS was $2.82, exceeding expectations due to higher volume and strong execution on cost reduction [14][23] - Free cash flow reached $489 million, up $251 million from the prior year, with a conversion rate of 153% [24] Business Segment Data and Key Metrics Changes - Intelligent Devices organic sales rose by 1%, with double-digit growth in products offsetting declines in longer cycle configured to order business [10] - Software and Control organic sales grew by 22% year over year, driven by strong hardware sales [11] - Lifecycle Services organic sales declined by 6% year over year, aligning with expectations due to difficult comparisons [13] Market Data and Key Metrics Changes - The Americas, EMEA, and Asia all experienced year-over-year orders growth, with a total company book to bill ratio of approximately 1.0 [8] - Discrete sales grew by 10%, driven by automotive and e-commerce sectors, while hybrid industries saw high single-digit growth [14][16] - Process Industries sales decreased by low single digits due to weak global demand and volatile commodity prices [17] Company Strategy and Development Direction - The company plans to invest over $2 billion in plants, digital infrastructure, and talent over the next five years to enhance competitiveness and expand margins [6][38] - Focus on operationalizing cost reduction and margin expansion initiatives as part of the core business strategy [37] - Emphasis on automation and digital transformation to drive future growth and efficiency [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to year-over-year growth and improving outlook in key verticals [44] - The company anticipates continued challenges from trade policy uncertainties and geopolitical risks [20][22] - Adjusted sales growth guidance for the year is now in the range of positive 1% to negative 2% [22] Other Important Information - The company achieved its full-year productivity goal of $250 million a quarter earlier than expected [5][36] - The adjusted effective tax rate for the third quarter was 15.2%, up from 13.3% the previous year [23] - Share buybacks in Q3 totaled approximately 500,000 shares at a cost of $123 million [33] Q&A Session Summary Question: Discussion on CapEx investments - Management clarified that the $2 billion investment is a strategic move to expand margins and enhance operational efficiency, not merely a catch-up on past investments [50][56] Question: Outlook on growth and operating leverage - Management indicated that they are optimistic about growth despite potential tax headwinds and are committed to margin expansion [63][66] Question: Insights on project delays and bookings - Management noted that while there are delays in projects, there are no cancellations, and they expect an increase in orders related to new capacity in the upcoming fiscal year [80][84] Question: Margin potential in Intelligent Devices segment - Management expressed commitment to improving margins in the Intelligent Devices segment through cost reductions and operational excellence [86][89]

Perrigo Company (PRGO) Q2 2025 Earnings Call August 06, 2025 08:30 AM ET Company ParticipantsBradley Joseph - VP - Global IR & Corporate CommunicationsPatrick Taylor - President & CEOEduardo Bezerra - EVP & CFOKeith D - Vice PresidentConference Call ParticipantsSusan Anderson - MD & Senior AnalystEthan Brown - Equity Research AnalystOperatorWelcome to Perrigo Q2 twenty twenty five Financial Results Conference Call. This call is being recorded on Wednesday, 08/06/2025. I would now like to turn the conference ...

Griffon (GFF) Q3 2025 Earnings Call August 06, 2025 08:30 AM ET Company ParticipantsBrian Harris - EVP & CFORonald Kramer - Chairman & CEOLee Jagoda - Senior Managing DirectorBobby Schultz - Equity Research Senior AssociateTrey Grooms - Managing DirectorJoshua Wilson - Senior Equity Research AssociateConference Call ParticipantsNone - AnalystOperatorGreetings, and welcome to Griffin Corporation's Fiscal Third Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen o ...

Financial Data and Key Metrics Changes - Total bookings grew to $510 million in Q2, up 11% year over year, driven by stronger new user cohorts and deeper adoption of AI offerings [23][24] - Total revenue increased to $490 million, up 12% year over year, exceeding the high end of guidance [23][24] - Non-GAAP gross margin in Q2 was 70%, up from 69% in Q1, reflecting productivity benefits from AI solutions [24] - Non-GAAP operating income was $110 million, or 22% of revenue, up from 21% in Q1 [25] - Free cash flow for Q2 was $148 million, or 30% of revenue [25] Business Line Data and Key Metrics Changes - Partners revenue grew 24% year over year to $183 million, driven by continued adoption in the professional audience segment [23] - Transaction revenue was $64 million, up 18% year over year, driven by GPV growth and improved take rate [24] - GPV grew 11% year over year to $3.6 billion, with partners contributing nearly 55% of total GPV [24] Market Data and Key Metrics Changes - New user cohort bookings grew 14% over the previous year's cohort in its first quarter, with particular strength in the U.S., UK, and Europe [14][15] - Over 5 million new users onboarded in Q2, up 6% year over year, with an improving mix of high intent and commerce-oriented users [16][19] Company Strategy and Development Direction - The company is focusing on AI-driven advancements to lower barriers to digital creation and enhance user experience [5][6] - Vibe coding is recognized as a future growth driver, with the acquisition of Base44 expected to unlock new markets and audiences [9][10] - The company aims to combine intuitive visual editing with flexible vibe coding to lead in the next era of online creation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive long-term growth by delivering essential tools for users to adapt and succeed [21] - Positive demand trends are expected to continue, with new user cohort bookings growing more than 20% exiting July compared to the previous year [20][28] - The company raised its full-year bookings outlook to $2.04 billion to $2.075 billion, reflecting strong new cohort behavior and contributions from Base44 [26][27] Other Important Information - The company repurchased approximately 646,000 shares for nearly $100 million, demonstrating commitment to returning value to shareholders [25] - Non-GAAP total gross margin is expected to be approximately 69% for the full year, with operating expenses around 49% of revenue [29][30] Q&A Session Summary Question: Insights on Vibe Coding and Base44 - Management views vibe coding as complementary to the core Wix drag-and-drop editor, emphasizing its potential for application building while maintaining visual editing capabilities [32][34] Question: Contribution of Base44 to Bookings - Base44 has some contribution to the bookings raise, but the majority comes from the strength of new cohorts [42][43] Question: Confidence in Sustained Strength - Confidence stems from favorable trends observed in Q2 and early Q3, driven by brand strength and increased demand [48][49] Question: Pricing Strategy Impact - Recent pricing changes were limited and part of the original plan, with no significant impact on retention or future pricing strategies [50][90] Question: Future Capital Allocation Plans - The company plans to repay convertible debt with cash on hand, with future capital needs to be assessed as necessary [82]

Financial Data and Key Metrics Changes - The company has adjusted its full-year inflation assumption from 4% to 4.5% due to adverse weather conditions affecting crop yields, particularly in the UK [24][25] - The gross margin dropped in Q2, attributed to increased inflation and supply chain challenges [26] Business Line Data and Key Metrics Changes - The company reported a significant focus on cost competitiveness, leading to a reduction in SG&A expenses primarily driven by overheads rather than advertising and promotion [30][31] - Innovations and renovations are expected to contribute nearly double the sales compared to the previous year, with a focus on snacking and protein products [32][34] Market Data and Key Metrics Changes - The market in Q2 experienced a volume decline of approximately 5.5%, particularly in key regions like the UK, due to extreme weather conditions [16][22] - The company has gained market share in volume despite overall market underperformance in categories like fish and vegetables [9][10] Company Strategy and Development Direction - The company is adjusting its ERP implementation strategy to mitigate risks and improve inventory management [7][8] - There is a strong emphasis on innovation, with plans to enhance product offerings in response to changing consumer preferences and weather patterns [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current challenges and emphasized the importance of preparing for future weather-related impacts on sales [50][53] - The company is committed to maintaining flexibility in capital allocation, focusing on share buybacks and dividends while being cautious about M&A opportunities [55] Other Important Information - The company is exploring partnerships with startups to enhance its innovation pipeline and speed up product development [43][45] - There is a focus on optimizing the supply chain and reducing complexity within the operational network to improve cost efficiency [40][41] Q&A Session Summary Question: Confidence in full-year guidance - Management acknowledged past challenges with guidance and emphasized lessons learned from ERP implementation and inventory management [6][8] Question: Organic growth expectations for Q3 - Management indicated that while growth is expected in Q3, it is contingent on market conditions and weather patterns [17][19] Question: Inflationary pressures and pricing strategy - Management confirmed an increase in inflation assumptions and indicated plans to adjust pricing where feasible [24][26] Question: SG&A savings initiatives - Management detailed ongoing efforts to reduce overhead costs and improve cost competitiveness [30][31] Question: Innovation pipeline and future products - Management highlighted a significant increase in sales from innovation and renovation, with a focus on snacking and protein products [32][34] Question: Supply chain optimization and facility closures - Management discussed plans for supply chain optimization, including the closure of a smaller factory in the Nordics [40][41] Question: Long-term portfolio adjustments for climate change - Management addressed the need to adapt product offerings to changing weather patterns and consumer preferences [50][53] Question: Capital allocation priorities - Management confirmed ongoing share buybacks and dividends while maintaining flexibility for future opportunities [55]

Financial Data and Key Metrics Changes - The company reported revenues of $3.6 billion, reflecting a 2% growth year-over-year [7][27] - Adjusted EBITDA was $274 million, marking a 7% year-over-year growth with adjusted EBITDA margins increasing by 30 basis points to 7.7% [7][27] - Free cash flow for the quarter was $100 million, contributing to a year-to-date total of $255 million [7][30] - The net leverage ratio was reduced to 3.5 times, ahead of original expectations [8][31] Business Line Data and Key Metrics Changes - Digital Solutions generated revenues of $1.4 billion, representing a 12% growth driven by new contract awards [28] - Adjusted EBITDA for Digital Solutions increased to $114 million, with margins rising to 8% [28] - Global Engineering Solutions reported revenues of $2.1 billion, impacted by the ramp down of certain historical programs [29] - Adjusted EBITDA for Global Engineering Solutions was $160 million, benefiting from strong operational performance [29] Market Data and Key Metrics Changes - The company reported $3.4 billion in net bookings for the quarter, resulting in a book-to-bill ratio of 1.0 times [13] - The imputed book-to-bill ratio, including joint ventures, was 1.8 times for the quarter [13][39] - The total backlog at the end of the quarter was $45 billion, representing 3.2 times annual revenue [13] Company Strategy and Development Direction - The company is focused on optimizing its core business through divestitures, including the sale of its Rapid Solutions business [7][8] - The strategic focus is aligned with long-term growth priorities, particularly in defense and advanced engineering solutions [9][12] - The company aims to achieve at least $30 million in net run rate cost synergies by the end of the fiscal year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the government’s efficiency and the timely execution of contracts, expecting a strong fourth quarter [64] - The company is well-positioned to capitalize on significant investments in national security and advanced technology solutions [9][12] - Management highlighted the importance of the nuclear sector, anticipating substantial growth driven by regulatory support and increasing demand for energy [80][81] Other Important Information - The company completed two divestitures during the quarter, focusing on core business optimization [7][8] - The fiscal year 2025 guidance was raised, with expected revenues between $13.975 billion and $14.175 billion [32] - The company anticipates free cash flow between $475 million and $525 million for the fiscal year [32] Q&A Session Summary Question: Clarification on bookings and Space Force pipeline - Management confirmed an imputed book-to-bill of 1.8 times for the quarter, highlighting the significance of the Space Force Range contract [39][40] Question: Expectations for budget flush opportunities - Management noted that the government is operating efficiently, with RFPs and awards coming out on time, expecting a strong fourth quarter [64][65] Question: Insights on the Golden Dome initiative - Management emphasized their engagement in missile defense and rapid deployment capabilities, viewing it as a significant opportunity [68][70] Question: Nuclear exposure and growth potential - Management indicated that the nuclear segment contributes over $2 billion in business, with a strong pipeline of projects expected to grow significantly [76][80] Question: Backlog and pipeline dynamics - Management reassured that the funded backlog is sufficient for mission-critical work, with a strong pipeline of joint ventures driving future growth [90][92]

Financial Data and Key Metrics Changes - OpenLane reported consolidated revenues of $482 million, representing a 9% year-over-year growth [23] - Adjusted EBITDA for the quarter was $87 million, reflecting a 21% increase, with an adjusted EBITDA margin of 18%, showing a margin expansion of 190 basis points [24][25] - Adjusted free cash flow for the quarter was $87 million, achieving a conversion rate of 100% [25] Business Line Data and Key Metrics Changes - In the marketplace segment, total gross merchandise value (GMV) processed was $7.5 billion, a 10% increase, with dealer GMV growing by 32% while commercial GMV remained flat [26] - Auction fees in the marketplace grew by 24%, while service revenues decreased by 3% [27] - Adjusted EBITDA for the marketplace segment was $45 million, representing a 36% growth and an adjusted EBITDA margin of 12% [27] - The finance segment reported average outstanding receivables of $2.3 billion, up 4%, with adjusted EBITDA increasing by 9% to $42 million [28] Market Data and Key Metrics Changes - Dealer-to-dealer volumes increased by 21%, marking the third consecutive quarter of double-digit growth [6] - The company noted that 90% of its volume is from North America, with comparable growth rates in both the U.S. and Canada [44] Company Strategy and Development Direction - OpenLane's growth strategy focuses on making wholesale easy through enhancing marketplace offerings, technology, and customer experience [7][8] - The company aims to capture opportunities in the commercial vehicle market as off-lease volumes are expected to increase starting in 2026 [9][16] - OpenLane is committed to integrating its marketplace and finance businesses to accelerate growth [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic path, highlighting the transition to digital solutions in the industry and the expected recovery in commercial vehicle volumes [16] - The company raised its full-year guidance for adjusted EBITDA from $290 million - $310 million to $310 million - $320 million, reflecting strong performance in the first half of 2025 [31] Other Important Information - OpenLane ended the quarter with a cash balance of $119 million and a net debt position of zero after paying off $210 million in senior notes [29] - The company is focused on building its buyer network, with only 40% of AFC's dealers currently registered on the OpenLane marketplace, indicating significant growth potential [51] Q&A Session Summary Question: Impact of broader macro tariffs on dealer volumes - Management noted strong dealer volume growth of 21% year-over-year, attributing it to strategic execution and technology investments, with a small benefit from macro factors [37][41] Question: U.S. versus international growth - Management indicated comparable growth rates in both Canada and the U.S., with a stronger market position in Canada [44][45] Question: Selling capacity and its impact on P&L - Management highlighted the scalability of the business and the focus on building the buyer network after successful supply-side investments [46][50] Question: Second half guidance and market expectations - Management acknowledged uncertainty in the market but indicated a conservative approach to guidance, factoring in potential deceleration in growth [56][58] Question: Share gains and digital adoption - Management confirmed that share gains were higher than the industry average, with a noted increase in brand recognition among franchise dealers [67][70] Question: Pricing strategy relative to physical players - Management emphasized a high-value service at a reasonable price, with lower fees than most physical auctions, indicating long-term pricing opportunities [75][78] Question: Update on win-back customer onboarding - Management reported that the win-back project is on track for a launch by year-end, which could positively impact commercial volume growth in 2026 [104][105] Question: Series A preferred shares and potential options - Management acknowledged the upcoming conversion of preferred shares but did not provide specific plans, emphasizing a clean balance sheet and cash production [107][108]

Financial Data and Key Metrics Changes - Shopify reported Q2 revenue of $2.7 billion, up 31% year over year, with a free cash flow margin of 16% [6][10][59] - Gross profit grew 25%, with overall gross margin at 48.6%, down from 51.1% in the prior year [54][56] - Operating income for the quarter was $291 million, representing an 11% operating income margin, compared to 9% last year [58] Business Line Data and Key Metrics Changes - Offline GMV increased by 29%, driven primarily by larger retailers joining the platform [31][49] - Merchant solutions revenue rose by 37%, while subscription solutions revenue grew by 17% [51][52] - GMV in Q2 was $88 billion, up 31%, with North America and Europe showing strong performance [47][48] Market Data and Key Metrics Changes - International GMV was up 42% year over year, with Europe leading the growth [6][36] - Cross-border GMV remained consistent at 15% of total GMV in Q2 [62] - Shopify Payments penetration reached 64%, up from 61% last year [22][51] Company Strategy and Development Direction - Shopify aims to expand its reach across all geographies, particularly in Europe, and is focused on building a unified commerce platform [6][10] - The company is investing in AI and product innovations to enhance the shopping experience and streamline operations for merchants [13][21] - Shopify is committed to supporting entrepreneurs worldwide, with a focus on international expansion and product localization [35][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the merchant base has remained resilient despite macroeconomic challenges, with strong performance continuing into Q3 [60][61] - The company expects Q3 revenue growth in the mid to high 20s year over year, driven by continued growth in merchant solutions [63] - Management highlighted the importance of ongoing investments in product development and marketing to sustain growth [66][68] Other Important Information - Shopify launched several new products, including Universal Cart and CheckoutKit, aimed at enhancing the shopping experience through AI integration [15][93] - The company has expanded its payments product into 16 new countries this year, nearly doubling its market accessibility [22][24] - Shopify Capital is now available in Germany and the Netherlands, providing more merchants with access to growth funding [36][57] Q&A Session Summary Question: How would you characterize the demand in the US and any potential pull forward for consumers? - Management indicated that there has not been a significant pull forward of demand, with consistent performance observed in Q2 and July [70][72] Question: What is the status of international growth and product localization? - Management acknowledged strong international growth, particularly in Europe, and emphasized ongoing efforts to enhance product offerings for international markets [75][78] Question: How does the company view long-term growth potential? - Management expressed confidence in maintaining growth rates above 25% due to past investments and expanding product offerings [82][86] Question: Will Universal Cart and Checkout Kit be available for the holiday season? - Management confirmed ongoing development of these products, aiming for integration into AI platforms to enhance shopping experiences [90][93]

Financial Data and Key Metrics Changes - Payoneer reported revenues of $261 million, up 9% year over year, with revenue excluding interest income reaching a quarterly record of $200 million, up 16% year over year [25][33] - Adjusted EBITDA was $66 million, representing a 25% margin, with net income of $19 million compared to $32 million in the same quarter last year [31][32] - Customer funds held by Payoneer increased 17% year over year to $7 billion, reflecting customer trust in the platform [27] Business Line Data and Key Metrics Changes - B2B revenue grew 37% in Q2, driven by larger multi-entity customers with complex needs [14] - Checkout volumes surged 83% year over year, indicating strong product adoption [25] - SMB volume grew 9% year over year, with volume from B2B SMBs up 19% [25] Market Data and Key Metrics Changes - Approximately one-third of Payoneer's China revenue came from sellers selling to non-U.S. markets, indicating a shift in market focus [12] - In APAC, LatAm, and EMEA, mid-20% volume growth was achieved, with continued take rate expansion [14] Company Strategy and Development Direction - Payoneer is focused on building a financial stack for cross-border commerce, enhancing its product offerings, and expanding its global reach [7][8] - The company is exploring stablecoin functionality to enhance its service offerings and improve operational efficiency [19][20] - A strategic partnership with Stripe was launched to expand global checkout capabilities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic macro environment and reinstated full-year 2025 guidance, expecting total revenue between $1.04 billion and $1.06 billion [33][38] - The company anticipates high single-digit growth in total volume and low double-digit B2B volume growth in Q3, accelerating to high teens in Q4 [34][38] Other Important Information - Total operating expenses increased 19% year over year, driven by labor-related expenses and investments in scaling card products [28] - The company announced a refreshed $300 million share buyback authorization, reflecting confidence in its business value [21] Q&A Session Summary Question: What gave you the confidence to reinstate the higher guidance? - Management noted greater visibility into the tariff environment and a resilient business model, allowing for confidence in meeting full-year guidance [42][44] Question: What are merchants saying about their demand for stablecoins? - Management indicated that they are in the early stages of understanding merchant demand for stablecoins, but see long-term opportunities in supporting customers with new currencies [47][49] Question: How have merchants in China responded to tariffs? - Management highlighted that Chinese merchants are focused on expanding globally, with a third of revenue coming from non-U.S. markets [54][58] Question: Can you share metrics around churn levels? - Management reported improved revenue retention year over year, with higher retention among managed ICPs compared to non-managed ones [108][109] Question: How do you view the potential disruptive threat of stablecoins? - Management acknowledged that while stablecoins can be disruptive, Payoneer is well-positioned to integrate these innovations into its ecosystem [101][103]