Enhabit (EHAB) FY Conference June 10, 2025 10:00 AM ET Speaker0 Good morning, everyone. I think we're gonna get started with our next session. We've got, in habit here for our next fireside chat, Barb Jacobs, Meyer, president and CEO, and Ryan Solomon, CFO. Thank you for for joining. Speaker1 Thanks for Speaker0 having Maybe just to start, I mean, high level, kind of reflecting on the last two or so years. It's been a little more challenging than I think you guys expected. Maybe just reflect on that journey ...

Oric Pharmaceuticals (ORIC) FY Conference June 10, 2025 10:00 AM ET Speaker0 Good morning, everyone. Thanks for joining us at the Goldman Sachs Annual Healthcare Conference. Thrilled to be joined today by the team from ORIC. And maybe you guys could start with a brief introduction and then give us an overview of the company and pipeline with a focus on near term value drivers. Speaker1 Sure. My name is Dominic Picciatelli. I'm the Chief Financial Officer, and I'm joined with Matt Hanyoadd, our Chief Busines ...

Ultragenyx Pharmaceutical (RARE) FY Conference June 10, 2025 10:00 AM ET Speaker0 Thank you so much for joining us. I'm Salveen Richter, biotechnology analyst at Goldman Sachs, and we're really pleased to have the Ultragenyx team with us where we have Emil Kakas, president and CEO, sitting next to me here. So to start, Emil, can you provide an overview of where the business stands today, including your portfolio of commercial products, but also your key priorities and pipeline outlook as you as you look to ...

UiPath (PATH) 2025 Conference June 10, 2025 10:00 AM ET Speaker0 Okay. Good morning. Good afternoon, everybody. It's Keith Bachman here from BMO. We're part of our ongoing virtual software conference. We're thrilled to have Ashin from UiPath. And so with that normal process here, we're going be about thirty five, forty minutes. I'm going ask questions. I think there's a way that you can also pose questions or candidly just email me directly and we'll do our best to get to them. So with that said, let's go a ...

Microchip (MCHP) 2025 Conference June 10, 2025 09:45 AM ET Speaker0 Okay. Good morning, everybody. Thank you for joining us at the Mizuho Tech Conference today. I'm Vijay Rakesh, senior semis analyst for Mizuho. Joining me today is Richard Simonsik, chief operating officer at at Microchip. Just to give a little background, Richard joined Microchip in 1989, became COO in April of twenty twenty four. Mister Simon Sikh oversees Microchip's worldwide operations and is leading the company's AI related efforts. H ...

Summary of Citizens Financial Group (CFG) 2025 Conference Call Company Overview - **Company**: Citizens Financial Group (CFG) - **Date of Conference**: June 10, 2025 - **Speaker**: Don McCree, Senior Vice Chair and Head of Commercial Banking Key Points Company Positioning and Strategy - Citizens Financial Group is positioned as one of the best commercial banks among super regional peers, focusing on national expansion from its initial regional base in New England and the Mid-Atlantic [2][3] - The bank has developed a comprehensive set of capabilities beyond traditional lending, including leveraged finance, syndicated finance, and global markets [4][5] - Citizens has built a significant private equity and private capital business, banking 4,000 middle market companies, with 10% of them looking to transition at any time, primarily into private equity [6][7] Competitive Advantages - Citizens competes effectively with larger money center banks by focusing on the middle market, where larger banks often lack attention [8][10] - The bank has a strong team with extensive experience, allowing it to evaluate risk and price opportunities effectively [9][10] - Citizens ranks number two in middle market leverage league tables, demonstrating its competitive success [10] Macro Environment and Client Sentiment - Clients are adjusting to macroeconomic uncertainties, with a general sense of optimism emerging regarding business activity [13][15] - Companies have improved their financial management practices post-COVID, leading to reduced financial distress [14][15] - There is a growing confidence among companies to pursue acquisitions if they can secure favorable valuations [56][57] Financial Performance and Guidance - Citizens expects solid performance in the second quarter, maintaining guidance with strong net interest income (NII) and credit performance [17][18] - The bank anticipates an 8-10% growth in fee income for 2025, driven by diversified revenue streams including M&A, syndicated finance, and global markets [21][22] Capital Markets and M&A Activity - The capital markets have seen a resurgence, with increased activity expected in the second half of the year, despite previous volatility [30][31] - There is a significant amount of liquidity in the market, with private equity firms actively fundraising [28][29] - Citizens is well-positioned to capitalize on generational changes in ownership within companies, facilitating M&A transactions [26][27] Loan Growth and Commercial Lending - Commercial lending activity is driven by inventory building and real investments, with healthy pipelines expected to continue [48][49] - The bank is seeing increased line utilization, indicating a positive trend in loan growth [49] Risk Management and Credit Quality - Citizens is closely monitoring office real estate exposure, which has been well reserved, and is actively reducing its overall commercial real estate portfolio [86][88] - The bank has seen a decline in loans moving into workout groups, indicating stable credit quality [86] Private Capital and Private Equity - Citizens has positioned itself to serve both private equity and private credit markets, focusing on comprehensive service offerings [72][73] - The bank has opted not to enter partnerships with private credit firms, preferring to maintain flexibility and optionality in its client relationships [76][78] Future Outlook - The bank is optimistic about the potential for new money transactions to increase, driven by improved market conditions and client sentiment [30][31] - Citizens aims to leverage its private banking capabilities to enhance cross-selling opportunities and strengthen its market presence [64][71] Additional Insights - Citizens is focusing on enhancing its treasury solutions business, which has shown a 10% revenue CAGR since 2015, by expanding into new sectors and technologies [39][40] - The bank is also exploring opportunities in embedded finance and partnerships with fintechs to enhance its service offerings [44][45]

Nasdaq (NDAQ) 2025 Conference Summary Industry Overview - Nasdaq is a global exchange operator that has been transforming its business model to become a technology and platform provider for corporates, investment managers, and financial institutions [2][3] Key Points and Arguments Market Dynamics - The first half of 2025 has seen significant market volatility, with record volumes in equity options in April, followed by normalization in May [5][6] - Nasdaq reported record-breaking statistics on trading volumes, including 100 million options contracts and 31 billion shares in equities on Liberation Day [8] - The exchange managed over 550 billion messages in a single day, showcasing its operational resilience [10] - The Nasdaq index has shown a recovery, up 2.5% year-to-date after being down 20% earlier [12] - European markets, which Nasdaq operates in, are outperforming U.S. markets, indicating strong performance across its international operations [13] Retail Participation - Retail participation in the markets remains strong, particularly in equities and options, with foreign retail ownership of U.S. equities doubling over the past five years [14][15] - Retail investors are described as more sophisticated, utilizing better tools and information compared to previous years [16] 24/5 Trading Initiative - Nasdaq plans to launch 24/5 trading by the second half of 2026, driven by demand from retail investors, particularly from North Asia [17][18] - The initiative aims to harmonize trading hours across exchanges while ensuring market integrity and transparency [19][20] - Operational challenges include staffing, managing corporate actions, and ensuring liquidity during extended trading hours [27][28] Strategic Pivot Towards Information Services - Nasdaq has been pivoting towards information services since 2017, focusing on financial technology and risk management solutions [29][30] - The company has made several acquisitions to enhance its portfolio, including regulatory technology and financial crime management solutions [34] - Nasdaq aims to be a trusted partner for clients, helping them navigate increasing complexity in the financial landscape [33] Demand for Regulatory and Risk Management Solutions - Acxiom, a regulatory technology solution, is positioned to capitalize on global modernization efforts in banking systems [41][42] - Surveillance solutions are benefiting from increased trading activity in crypto and heightened regulatory scrutiny across asset classes [44][45] AI Integration - Nasdaq is embedding AI capabilities into its products, such as the XVA accelerator in Calypso, which significantly reduces computation time for complex derivatives [61][65] - AI is expected to enhance both product offerings and operational efficiencies, improving client satisfaction [62] Digital Assets Strategy - Nasdaq is actively involved in the digital asset space, offering trading and surveillance technology, and listing ETFs related to crypto [70] - The company sees opportunities in collateral management for digital assets, aiming to integrate traditional finance with digital rails [72][74] Other Important Insights - Nasdaq's operational resilience has been tested during periods of high volatility, and the company has successfully managed record trading volumes [10][11] - The strategic focus on technology and information services positions Nasdaq well for future growth in a rapidly evolving financial landscape [34][35] - The integration of AI and digital asset strategies reflects Nasdaq's commitment to innovation and adapting to market demands [61][70]

Papa John’s International (PZZA) FY Conference June 10, 2025 09:45 AM ET Speaker0 Good morning, everybody. I'm Brian Bittner, the restaurant analyst here at Oppenheimer. And thank you again for attending our twenty fifth annual consumer conference. We're incredibly excited to welcome Papa John's International back to our conference, and we're thrilled to be joined by Papa John's president and CEO, Todd Penegor. He joined the company in August of twenty twenty four after a solid run as CEO at Wendy's. And we ...

Summary of SLM (Sallie Mae) 2025 Conference Call Company Overview - **Company**: Sallie Mae (SLM) - **Event**: 2025 Conference held on June 10, 2025 Key Points Company Evolution and Strategy - Sallie Mae has adopted a hybrid growth and capital return strategy, aiming for modest balance sheet growth post-CECL phase, with a target of mid- to high single-digit organic earnings growth and double-digit earnings per share growth over time [4][6] - In 2024, Sallie Mae achieved a 10% year-over-year growth in originations, exceeding initial expectations, and grew the balance sheet by approximately 3% [5][6] - The company exited a low-yielding legacy portfolio, resulting in a more significant growth in the PSL balance, estimated at around 5% [6] Federal Student Loan Reform - Anticipation of federal student loan reform is high, with expectations for meaningful changes that could impact the private lending market [9][30] - Sallie Mae believes that the current federal program allows excessive borrowing without proper underwriting, leading to unsustainable debt levels for students [9] - The company is preparing for potential reforms and is optimistic about the opportunities they may present [9][30] Competitive Landscape - Sallie Mae maintains a competitive edge with over 2,000 college relationships across the U.S., which is expected to continue benefiting both undergraduate and graduate loan segments [12] - The graduate loan market is currently limited, primarily due to competition from the federal PLUS program, which offers unlimited borrowing without underwriting [16][22] Credit Quality and Underwriting - The credit profile of graduate borrowers is generally stronger than that of undergraduates, as they typically have established credit histories [12][18] - Sallie Mae follows a risk-based pricing methodology and expects to maintain a low annualized net charge-off rate in the high ones to low 2% range [19][37] - Recent changes in underwriting practices are expected to yield benefits over time, particularly as newer cohorts enter repayment [45][46] Capital Markets and Loan Sales - Sallie Mae executed a $2 billion loan sale earlier in the year, achieving strong execution with nearly 10% returns [21] - The company plans to continue its loan sale strategy, which has been critical for managing balance sheet size and capital [22][25] - Market conditions have changed, leading to increased uncertainty, but there remains broad demand for the asset class [25] Strategic Priorities - The company has outlined four key strategic priorities: executing the core strategy, preparing for federal reform, exploring alternative funding sources, and optimizing education services to create additional revenue streams [30][52] - Sallie Mae is committed to meeting its guidance for the year and exceeding its five-year framework, with a focus on operational readiness for potential reforms [51][52] Market Trends and Future Outlook - The company is observing trends in the education market, including a shift towards nontraditional education programs, which are being evaluated for their return on investment [48][49] - Sallie Mae is optimistic about the potential for growth in the graduate loan market and the overall education financing landscape as reforms are anticipated [30][49] Additional Insights - The company has a low exposure to international students, as its programs require borrowers or cosigners to be U.S. citizens or legal residents [20] - The management is focused on creating a more resilient capital structure that is less dependent on market conditions, which could enhance earnings stability [31][52]

Summary of Schneider National (SNDR) 2025 Conference Call Company Overview - **Company**: Schneider National (SNDR) - **Date**: June 10, 2025 - **Speakers**: Mark Rourke (President and CEO), Daryl Campbell (EVP and CFO), Christine McGarvey (VP of Investor Relations) Current Market Conditions - **Market Sentiment**: There was significant uncertainty at the macro level, but the worst-case scenarios have not materialized, indicating a resilient consumer demand [6][7][8] - **Volume Trends**: A downturn in West Coast volumes was noted, but strength was observed in other regions, particularly in Mexico and the Midwest [9][10] - **Customer Expectations**: Mixed signals from customers regarding future demand, with some expecting a surge while others anticipate steady activity [10] Business Segments Performance - **Intermodal**: Less reliance on imports compared to truckload, with steady domestic demand. Productivity enhancements are being pursued [12][13] - **Capacity and Pricing**: The market is approaching equilibrium with modest price increases observed despite ongoing challenges [18][20] - **Used Truck Market**: Prices for used trucks, especially sleepers, have been healthy, indicating stress in the market for small carriers [22][24] Pricing Dynamics - **Contract Rates**: Contractual improvements are being maintained, with a focus on not signing unfavorable agreements [29][30] - **Spot vs. Contract Rates**: A significant disparity exists between spot and contract rates, with contract rates showing flat to positive trends [31][32] Cost Management and Productivity - **Cost Control**: The company has focused on cost management and productivity improvements, resulting in year-over-year margin improvements [38][40] - **Acquisition Synergies**: The recent Cowen acquisition is expected to yield synergistic opportunities, particularly in cost management [42][64] Regulatory Environment - **English Language Provision**: New enforcement guidelines for the English language requirement could disrupt the market, particularly for smaller carriers [46][50] - **B1 Mexican Program**: Increased enforcement may tighten capacity around the border, impacting operations [50][52] Intermodal Growth - **Market Position**: Schneider National is optimistic about intermodal growth, particularly in the Mexico market, with strong service performance noted [54][56] - **Pricing Trends**: Intermodal pricing remains flat to slightly up, with expectations for continued stability [63] Capital Allocation Strategy - **Growth Focus**: The company prioritizes organic growth but remains open to strategic acquisitions, particularly in dedicated and intermodal segments [64][66] - **Leverage Profile**: The company is comfortable with a leverage ratio of up to 2.5 times for the right acquisitions [70][72] Guidance and Outlook - **Earnings Guidance**: EPS guidance is set between $0.75 and $1.00, reflecting a more optimistic outlook than previously anticipated [80][82] - **Market Sentiment**: The negative forward sentiment has moderated, leading to a more favorable industry outlook [92] Key Takeaways - **Resilience in Demand**: The company is experiencing steady demand despite macroeconomic uncertainties - **Focus on Cost Management**: Continuous efforts in cost control and productivity enhancements are yielding positive results - **Strategic Growth Opportunities**: Schneider National is well-positioned for growth in intermodal and dedicated segments, with a balanced approach to capital allocation and acquisitions.