Holley (HLLY) Q2 2025 Earnings Call August 06, 2025 08:30 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to the conference call to discuss Holley's Second Quarter twenty twenty five Earnings Results. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions for asking questions will be provided at that time. We ask that participants limit themselves to one question and one related follow-up during the Q and A period. Please ...

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% [5][8][57] - Gross profit grew 25%, exceeding expectations, with overall gross margin at 48.6%, down from 51.1% in the prior year [52][54] - Operating income for the quarter was $291 million, representing an 11% operating income margin, compared to 9% last year [56] Business Line Data and Key Metrics Changes - GMV in Q2 was $88 billion, up 31%, with offline GMV increasing by 29% [46][29] - Merchant solutions revenue increased by 37%, driven primarily by GMV growth, while subscription solutions revenue grew by 17% [49][50] - The Shop app saw a 140% year-over-year growth in native GMV, indicating strong engagement [26] Market Data and Key Metrics Changes - International GMV was up 42% year over year, with Europe leading the growth [5][34] - Cross-border GMV remained consistent at 15% of total GMV in Q2 [60] - Shopify Payments penetration reached 64%, up from 61% last year, indicating strong adoption [22][49] Company Strategy and Development Direction - Shopify is focused on expanding its reach internationally, particularly in Europe, and enhancing its product offerings to support merchants [5][34] - The company is investing in AI-driven commerce solutions, including the launch of Universal Cart and CheckoutKit, to enhance the shopping experience [12][91] - Shopify aims to build a unified commerce platform that integrates online and offline sales channels [4][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their merchant base amid changing economic conditions, noting strong performance in both North America and Europe [58][59] - The company anticipates continued growth in Q3, with revenue growth expected in the mid to high 20s year over year [61] - Management highlighted the importance of ongoing product innovation and market expansion as key drivers of future growth [85][86] Other Important Information - Shopify has expanded its payments product into 16 new countries this year, nearly doubling its market accessibility [21] - The company has introduced a USDC stablecoin option for payments, enhancing flexibility for merchants [23] - Shopify's capital business continues to grow, with new tools providing merchants more financing options [55] Q&A Session Summary Question: How would you characterize the demand in the US and any potential pull forward due to tariffs? - Management noted no significant pull forward in demand, with consistent performance observed in Q2 and July, indicating strong business health [69][71] Question: What is the status of international growth and localization for merchants? - Management highlighted ongoing product updates and successful expansion into new countries, with significant growth in international GMV, particularly in Europe [74][76] Question: How does the company view long-term growth potential? - Management expressed confidence in maintaining growth rates above 25%, driven by past investments and new product offerings [81][84] Question: Will Universal Cart and Checkout Kit be available for the holiday season? - Management confirmed ongoing development of these products, emphasizing their importance in enhancing the shopping experience through AI integration [89][91]

Financial Data and Key Metrics Changes - The company reported record revenue of $3.3 billion, growing 16% year over year, with 6% being organic growth, marking the highest quarter organic growth in nine quarters [16] - Adjusted EBITDA was $212 million, with margins expanding by 90 basis points sequentially due to improved productivity initiatives [17] - The company raised its full-year adjusted EBITDA guidance to a new range of $865 million to $885 million, an increase of $25 million from the initial range [6][20] Business Line Data and Key Metrics Changes - New business wins totaled $307 million, up 13% year over year, with significant contracts from major clients like Boeing and L'Oreal [5] - The company secured approximately $800 million of incremental revenue for 2025, supported by a mid-90s retention rate [16] - The sales pipeline stands at $2.4 billion, exclusive of the Wincanton sales pipeline, reflecting a more diverse and robust opportunity set [12] Market Data and Key Metrics Changes - Strongest organic growth was observed in the omnichannel retail and technology verticals, with notable performance in aerospace and defense sectors [16][25] - The healthcare market represents a $34 billion opportunity, with the company starting operations for a significant deal with England's National Health Services [25] - The industrial and aerospace businesses are among the fastest-growing verticals, with the pipeline in these areas doubling over the last eighteen months [25] Company Strategy and Development Direction - The company aims to leverage its global scale and technological expertise to capitalize on market tailwinds driving the future of fulfillment [23] - Integration of Wincanton is expected to unlock growth opportunities in industrial and aerospace markets across Europe, with anticipated revenue synergies [7][20] - The focus for 2025 will be on accelerating organic growth and integrating Wincanton, with expectations of capturing strategic growth opportunities from acquisitions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering the full-year organic growth outlook, citing strong customer preparations for the holiday season [39] - The operating environment is described as dynamic but stable, with no significant disruptions currently affecting operations [96] - Management maintains a conservative outlook for the remainder of the year while acknowledging opportunities for better performance [42] Other Important Information - The company has repurchased 5.4 million shares, about 4% of total shares outstanding, at an average price of $37.34, reflecting a 26% discount to the average share price over the last thirty trading days [19][57] - Moody's upgraded the company's credit rating, achieving investment-grade ratings from all three major agencies for the first time since the spin [20] Q&A Session Summary Question: Can you highlight what has changed from a geographic and market perspective regarding organic growth acceleration? - Management noted improvements in North America and the UK, with strong performance in aerospace and technology sectors, and normal inventory levels preparing for the holiday season [36][39] Question: Do you think organic revenue growth could reaccelerate back into upper single-digit ranges? - Management indicated that the integration of Wincanton and strong new business momentum could support higher growth rates, while remaining cautious about macroeconomic conditions [51][56] Question: What is driving the increased rate of change in guidance? - The company cited internal efficiencies, improved space utilization, and strong momentum from new business wins as key drivers for the improved guidance [64] Question: Can you discuss the A&D space and its growth potential? - Management highlighted a strong presence in the US with blue-chip customers and significant growth potential in Europe, with a pipeline of $500 million related to industrial and aerospace [68] Question: What are the strategic priorities with the new CEO transition? - Management emphasized the importance of the new board members' industry expertise and the need for the new CEO to acclimatize to the company before making strategic adjustments [118]

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 [6][19] - Total DE for the first six months was $2.5 per share, marking a record start for the firm [19] - Management fees reached $590 million for the quarter, a 7% increase year over year, while capital market fees were $48 million, more than double last year [20][19] - Firm-wide AUM ended the quarter at $465 billion, with inflows totaling $28 billion for the first half and $51 billion over the last twelve months, reflecting a 12% organic growth rate [20][6] Business Line Data and Key Metrics Changes - Global Credit and Carlyle Alpinvest delivered record FRE, together accounting for 55% of firm-wide FRE, up from less than 30% two years ago [21] - Carlyle Alpinvest FRE reached a record $68 million for the second quarter, with year-to-date FRE of $134 million, up more than 80% [21] - Global Credit FRE was $111 million for the quarter, a 37% year-over-year increase, with strong capital markets activity driving performance [22][23] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, with the tenth vintage U.S. Real Estate fund closing at $9 billion, nearly 15% larger than its predecessor [11][24] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with markets functioning well and activity accelerating, particularly in M&A and deal activity [7][8] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [8] - Asset-backed finance AUM increased by 40% year over year, reflecting significant growth in this area [14] Company Strategy and Development Direction - The company is focused on leveraging its global brand and diversified investment platform to drive growth, particularly in wealth management and capital markets [16][17] - A partnership with UBS was launched to provide private equity secondary solutions for their international wealth clients, expected to be a strong growth driver [17] - The company aims to enhance its capabilities in credit and private equity, with a focus on organic growth and strategic partnerships [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's momentum and performance, expecting full-year FRE growth of approximately 10%, up from a prior outlook of 6% [26] - The company anticipates full-year inflows of $50 billion, compared to a previous estimate of $40 billion, indicating strong fundraising momentum [26] - Management highlighted the importance of collaboration across the Carlyle platform to drive better outcomes and performance [78] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, significantly exceeding the industry average [10][25] - Leadership appointments were announced, including John Ruddett as Co-President and Justin Bluff as the new CFO, aimed at enhancing operational scale and agility [18][26] Q&A Session All Questions and Answers Question: Drivers of FRE growth and outlook for 2026 - Management noted that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [39][40] - They acknowledged the desire for longer-term guidance but emphasized the unpredictability of forecasting five years ahead [36][41] Question: Retail commentary and fundraising potential - Management discussed the systematic strategy for engaging wealth globally, highlighting the importance of brand recognition and partnerships [48][49] Question: Credit business growth outlook - Management emphasized the convergence of insurance and private credit as a significant growth opportunity, with a focus on collaborative partnerships [58][60] Question: Near-term outlook for Alpenvest and Solutions business - Management expressed confidence in consistent growth for Alpenvest, driven by new fund launches and partnerships [71][73] Question: Transition back to global private equity and collaboration - Management highlighted the strong collaborative culture within Carlyle and the exceptional performance of the corporate private equity business [78][81] Question: Net IRR of CP7 and realization performance - Management indicated that CP7 is not expected to be the best fund, but performance improvements are being made, with a focus on driving realizations [91][92] Question: Capital markets fees growth and strategy - Management discussed the strategic development of capital markets fees, emphasizing high-quality revenue streams and organic growth opportunities [98][102] Question: Wealth products and future product development - Management outlined the importance of client-centric solutions in the wealth space, with a focus on developing products that meet long-term needs [127][128]

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 [23][24] - There has been a noted drop in gross margin in Q2, attributed to increased inflation and weather-related challenges [24] Business Line Data and Key Metrics Changes - The company has seen a significant increase in innovation contributions to sales, with expectations for nearly double the previous year's contribution [32][34] - SG&A expenses have been reduced, primarily driven by overhead savings rather than advertising and promotion [30] 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, which impacted sales [15][21] - The company has gained market share in volume despite overall market underperformance during the hot weather [9][10] Company Strategy and Development Direction - The company is focusing on enhancing its product assortment to better align with changing consumer preferences during hotter weather, including more natural and marinated fish options [51][54] - There is an emphasis on cost competitiveness and maintaining pricing strategies to recover from inflation while avoiding overpricing compared to competitors [30][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future despite disappointing first-half performance, citing a strong portfolio and effective strategy [60] - The company is preparing for potential future heat waves by adjusting product offerings and improving supply chain agility [54][51] Other Important Information - The company has conducted share buybacks amounting to €100 million in H1 and announced a dividend, indicating a commitment to returning value to shareholders [56] - The company is exploring partnerships with startups to enhance innovation and speed up product development [44][46] Q&A Session Summary Question: Confidence in full-year guidance after recent performance - Management acknowledged past optimism regarding ERP implementation and excess inventory issues, indicating a more cautious approach moving forward [5][6][8] Question: Organic growth expectations for Q3 and Q4 - Management clarified that while growth is expected in Q3, the overall guidance remains conservative due to market conditions [14][16] Question: Impact of ERP supply disruption on sales - Management confirmed that the ERP lag from the previous year will positively affect comparisons, but current market conditions remain challenging [19][20] Question: Inflationary pressures and pricing strategies for 2026 - Management indicated that pricing adjustments will be necessary to recover from inflation, with a focus on maintaining competitiveness [22][26] Question: SG&A savings and overhead expense reductions - Management detailed ongoing initiatives to reduce overhead costs while remaining competitive in pricing [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 new product categories [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 [41][42] Question: Long-term strategies for dealing with climate change - Management emphasized the need for agility in product offerings to adapt to changing weather patterns and consumer preferences [49][54] Question: Capital allocation priorities - Management confirmed ongoing share buybacks and dividends while maintaining flexibility for future opportunities [56][57]

Financial Data and Key Metrics Changes - The company reported a net revenue increase of 7.7%, driven by adjusted comparable store sales growth of 5.9% and growth from new store sales [25][32] - Adjusted EPS increased to $0.18 per share from $0.15 per share a year ago, reflecting nearly 20% growth in adjusted EPS compared to the prior year [30][32] - Adjusted operating income was $23.8 million compared to $14.1 million in the prior year, with adjusted operating margin increasing by 180 basis points to 4.9% [29][30] Business Line Data and Key Metrics Changes - The managed care business delivered low double-digit comparable sales growth, supported by strong growth in both ticket and traffic [10][12] - The cash pay business continued to show positive comparable sales growth in the low single-digit range, driven by ticket increases [10][11] - The company opened eight new America's Best stores and closed five, ending the quarter with a total of 1,240 stores [26] Market Data and Key Metrics Changes - The company experienced a 6.6% increase in average ticket, reflecting the impact of price increases implemented in late 2024 and Q1 of this year [27] - The average plan for managed care consumers pays $130, with only 20% of frames priced over $99 at the end of last year, moving to approximately 40% this year [13][63] Company Strategy and Development Direction - The company is focused on modernizing its branding and enhancing customer experience through a new CRM platform and refreshed marketing strategies [8][20] - The strategy involves heightened segmentation, personalization, and digitization in messaging, product assortment, and consumer experience [12][19] - The company is also expanding its addressable market by targeting progressive lens wearers and customers bringing prescriptions from other providers [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's transformation initiatives and brand revitalization, which are energizing associates and driving improvements in comparable sales [22][23] - The company raised its full-year outlook, expecting revenue between $1.93 billion and $1.97 billion, with adjusted comparable sales growth of 3% to 5% [33] - Management remains cautious about the macroeconomic environment and is waiting for proof points from new initiatives before incorporating potential benefits into guidance [34][94] Other Important Information - The company successfully implemented the first phase of its new ERP focused on finance and accounting [32] - The company is making significant progress in enhancing its digital marketing and omnichannel capabilities [19][20] Q&A Session Summary Question: Can you talk about visibility in the number of new managed care plans? - Management noted that managed care growth was strong, with a mix around the 50% range, but did not provide specifics on individual plans [40] Question: Is there a line of sight on getting cash customer volumes positive? - Management indicated that the cash pay cohort is shrinking as more consumers transition to managed care, but they are focused on controlling their own destiny through marketing [42][44] Question: How much of America's Best comp growth came from price increases? - The majority of the growth was driven by price actions, with ongoing improvements in assortment contributing as well [49] Question: What is the margin outlook for the business? - Management emphasized that margin expansion is a primary focus, with actions being taken to improve operating margins [52] Question: Can you discuss the average price points for cash and managed care customers? - Managed care transactions generally have a higher average ticket than cash pay transactions, with ongoing efforts to attract higher quality frames for managed care consumers [56] Question: How is the company targeting the $75,000 to $100,000 income cohort? - The company is shifting its marketing strategy to be more targeted and personalized, moving from a one-to-many approach to a one-to-one marketing engine [70][71] Question: What are the goals for Eyeglass World in the context of the transformational strategy? - Eyeglass World has seen positive comps and is undergoing significant changes under new leadership, with a roadmap for improved results [77][80] Question: What is the strategy regarding store closures? - The company is rationalizing its store fleet based on profitability, demographics, and the ability to recruit doctors, with no significant changes expected in the pace of closures [86][88]

Financial Data and Key Metrics Changes - As of June 30, 2025, the company had approximately $93.9 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities [14] - Revenues for 2025 were approximately $1.3 million, a significant decrease from approximately $6.7 million in the comparable period in 2024 [15] - The net loss for 2025 was approximately $7.3 million, or $0.08 per basic and diluted share, compared to a net loss of approximately $2.1 million, or $0.02 per basic and diluted share in 2024 [16] Business Line Data and Key Metrics Changes - The company is advancing its immuno-oncology clinical and early-stage pipeline programs, including the potential first-in-class anti-PVRIG antibody COM701 [7] - The first patient was dosed in the ovarian maintenance immunotherapy trial, with plans to share interim analysis in 2026 [7] - Research and Development (R&D) expenses for 2025 were approximately $5.6 million, down from approximately $6.2 million in 2024 [16] Market Data and Key Metrics Changes - The company is observing increased competition in the platinum-sensitive ovarian cancer space, with a focus on improving treatment options for patients [8] - The initial opportunity in the platinum-sensitive maintenance setting is estimated to involve approximately 8,000 to 12,000 patients based on available epidemiology data [30] Company Strategy and Development Direction - The company aims to leverage its UniGen platform to identify novel mechanisms to activate the immune system against cancer [5] - The leadership transition is expected to provide a strong foundation for the company's next phase of growth, with a focus on corporate strategy and strategic collaborations [4] - The company is committed to advancing its extensive and differentiated early-stage pipeline focused on potential first-in-class drugs [13] Management's Comments on Operating Environment and Future Outlook - Management believes that the differentiated approach in immunotherapy can create significant value, addressing unmet medical needs in cancer treatment [5] - The company is well-positioned to capitalize on potential growth opportunities ahead, supported by a solid balance sheet and expected cash runway into 2027 [6] Other Important Information - The company has partnerships with AstraZeneca and Gilead, with potential milestone payments exceeding $1 billion [6] - The company has received milestone payments of $30.5 million and remains eligible for up to $170 million in future regulatory and commercial milestone payments [12] Q&A Session Summary Question: Can you provide an update on patient enrollment for the ovarian cancer trial? - The company has not disclosed the number of sites but has open sites in the US and Israel, actively enrolling with high investigator enthusiasm [22] Question: What should investors focus on regarding the upcoming presentation? - The focus will be on understanding the patients who had responses in prior studies, with more information on efficacy and safety to be presented [23] Question: What are the expectations from Merck's successful Phase III in ovarian cancer? - The Merck study provides insights into potential activity in earlier lines of treatment but does not change the company's current approach as it focuses on platinum-sensitive patients [36] Question: Can you provide more details on the interim analysis planned for 2026? - The interim analysis is to evaluate for futility and characterize the magnitude of effect size for COM701, with expectations that the study will be fully enrolled [41]

Kornit Digital (KRNT) Q2 2025 Earnings Call August 06, 2025 08:30 AM ET Speaker0Greetings, and welcome to Kornit Digital's Second Quarter twenty twenty five Earnings Conference Call. As a reminder, this call is being recorded. I would now like to turn the conference over to our host, Mr.Jared Maeman, Investor Relations for Kornit Digital. Mr. Maeman, you may begin.Speaker1Thank you, operator. Good day, everyone, and welcome to Kornit Digital's Second Quarter twenty twenty five Earnings Conference Call. Join ...

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $28.4 million, up 15% compared to Q2 2024, with EBITDA margins improving from 33% to 35% [5][19] - The Interactive business was the primary growth driver, with EBITDA growth of nearly 50% year over year [5][12] Business Line Data and Key Metrics Changes - The Interactive segment achieved its eighth consecutive quarter of over 40% year-over-year adjusted EBITDA growth, with an adjusted EBITDA margin expansion of 200 basis points to 67% [12][19] - Gaming EBITDA increased by 35% year over year, significantly driven by the performance of William Hill [17][19] - Virtual Sports EBITDA showed a sequential improvement, with expectations for continued growth in Q3 and Q4 [15][26] Market Data and Key Metrics Changes - Less than 10% of the U.S. population is in jurisdictions offering iGaming, compared to 70% for sports betting, indicating significant growth potential [6] - The company is seeing growth in Brazil, with a focus on launching additional operators and bespoke content [12][36] Company Strategy and Development Direction - The company is focusing on digital segments, aiming to improve cash conversion and EBITDA margins, with a target of approaching 40% [10][19] - The sale of the Holiday Park business is expected to enhance liquidity and shift the business mix further towards digital [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Interactive business, noting that it is still in its infancy and has considerable room for growth [6][12] - The company is cautiously optimistic about the Virtual Sports segment, expecting to see year-over-year growth by the end of the year [7][15] Other Important Information - The company successfully refinanced its credit facility and is in the process of converting floating rate debt to fixed rate [8][9] - A new contract was awarded to supply gaming machines for JenningsBet, the largest independent bookmaker in the UK [8][18] Q&A Session Summary Question: Can you elaborate on the momentum in hybrid dealer? - Management noted a good mix of customers, including tier one and tier two operators, with positive traction and increasing player volume [22][24] Question: Will Virtual Sports see a year-over-year increase in EBITDA? - Management indicated that while Q3 might not see significant growth, Q4 is expected to show improvements due to new product launches [26] Question: What drives the next leg of growth in the Gaming segment? - Management highlighted opportunities in Canadian provinces and Illinois, where the market is expanding and content refreshment is key [41][43] Question: What are the promising international markets for hybrid dealer? - Management stated that every market appears promising, with ongoing rollouts in North America, UK, Greece, and Brazil [45][46] Question: What are the capital deployment priorities? - The first priority is funding business growth, followed by debt reduction, with share repurchases considered afterward [52]

Financial Data and Key Metrics Changes - The company reported revenues of $17.1 million for Q2 2025, exceeding guidance and marking the fifth consecutive quarter of growth [6][25] - GAAP gross margin was 63.5%, within the guidance range, while adjusted EBITDA loss was $4 million, better than the guidance range [6][28] - Full year 2025 revenue guidance was updated to $66 million to $71 million, reflecting a 14% to 23% increase compared to 2024 [6][31] - GAAP net loss for Q2 was $7.2 million, an improvement from $8.3 million in Q1 2025 and $8.9 million in Q2 2024 [28][29] - Cash, cash equivalents, and short-term deposits totaled $102.7 million at the end of Q2 2025, down from $112.5 million at the end of Q1 2025 [30] Business Line Data and Key Metrics Changes - Cross Industry Business (CIB) generated $12.8 million, approximately 75% of total revenue, while Automotive contributed $4.3 million, about 25% [25] - CIB gross margin was 67.8%, while Automotive gross margin was 50.5% for Q2 2025 [26][27] - The CIB revenue increased from $8.1 million in Q2 2024 to $12.8 million in Q2 2025, while Automotive revenue decreased from $5.5 million in Q2 2024 [25][26] Market Data and Key Metrics Changes - The company noted growing demand in the ProAV market, particularly for the VS3000 chip, with product launches increasing from around 100 to over 150 [9][10] - The automotive segment is seeing strong interest, with design wins from leading European OEMs and participation in major industry events [18][20] Company Strategy and Development Direction - The company focuses on integrating its chips into high-end products, expecting market penetration to take time as customers evaluate and adopt the technology [7] - The strategy includes targeting premium offerings in various industries, including Professional Audio-Video, Machine Vision, and Medical [8][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of global tariffs on customer forecasts, leading to a cautious revenue outlook for the second half of the year [6][31] - Despite the challenges, management expressed confidence in the long-term strategy and market opportunities, indicating a belief in returning to growth [33] Other Important Information - The company announced a leadership transition, with the current CEO stepping down in 2025 but remaining involved as a Board member and shareholder [22][23] - The company completed a share repurchase program, investing $10.2 million from a second plan to return value to shareholders [30] Q&A Session Summary Question: Impact of tariffs on revenue guidance - Management explained that the downward revision in guidance is primarily due to tariffs affecting customers in both CIB and Automotive segments [35][36] Question: Automotive gross margin expectations - Management indicated that while they do not provide specific segment guidance, they expect gross margin improvements in Automotive due to product cost optimization [37][38] Question: Customer activity and order improvements - Management noted a temporary weakness in both segments for Q3 but expressed optimism for better visibility in Q4 [42][43] Question: Updates on automotive design wins - Management confirmed that the design wins are with prestigious companies, creating positive industry noise and potential for further attention from other OEMs [46][47] Question: Trends in Industrial Machine Vision - Management highlighted strong market fit and growing interest in the Machine Vision segment, with ongoing discussions and design wins expected [50][51] Question: Customer activity in logistics and ProAV - Management observed a slow recovery in traditional markets and noted growth in the conference room segment as a new opportunity [52][53] Question: Changes in product development plans due to tariffs - Management stated that there have been no significant changes in customer product development plans, maintaining focus on long-term roadmaps [58][59] Question: Snapdragon Ride platform involvement - Management clarified that they demonstrated interoperability with the Snapdragon Ride platform, showcasing the ease of integration of their chips [60][61]