Veru (NasdaqCM:VERU) Q4 2025 Earnings Call December 17, 2025 08:00 AM ET Company ParticipantsRohan Mathur - Biopharma Equity Research AssociateMichele Greco - Chief Financial Officer and Chief Administrative OfficerMitchell Steiner - Chairman, CEO and PresidentSam Fisch - Executive Director of Investor Relations and Corporate CommunicationsConference Call ParticipantsWilliam Wood - Research AnalystOperatorGood morning, ladies and gentlemen, and welcome to Veru Inc.'s Investors Conference Call. All participa ...

Financial Data and Key Metrics Changes - The net loss from continuing operations for fiscal year 2025 was $15.7 million, or $1.07 per diluted common share, compared to a net loss of $35.3 million, or $2.61 per diluted common share in the prior year [27] - Research and development costs increased to $15.6 million in fiscal 2025 from $12.8 million in the prior year, primarily due to expenses related to the phase 2b obesity clinical study for Enobosarm [25] - Selling, general and administrative expenses decreased to $19.9 million in fiscal 2025 from $24.6 million in the prior year, mainly due to a reduction in share-based compensation expenses [25] Business Line Data and Key Metrics Changes - The company sold the FC2 female condom business for $18 million in cash, resulting in net proceeds of approximately $16.5 million after selling costs, but incurred a loss of approximately $4.1 million on the sale [22][23] - The gain on the sale of ENTADFI assets was $10.8 million in fiscal 2025, compared to a gain of $1.2 million in the prior year [25] Market Data and Key Metrics Changes - The company reported that as of September 30, 2025, cash, cash equivalents, and restricted cash balance was $15.8 million, down from $24.9 million as of September 30, 2024 [28] - The net working capital was $11.1 million on September 30, 2025, compared to $23.4 million on September 30, 2024 [29] Company Strategy and Development Direction - The company is focusing exclusively on drug development following the sale of the FC2 female condom business, which represents a strategic shift [23] - The planned phase 2b plateau clinical trial will target patients with a BMI greater than or equal to 35 and age greater than or equal to 65, aiming to assess the ability of Enobosarm treatment to break through the weight loss plateau [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory landscape evolving for muscle-preservation drugs for obesity treatment, with at least two possible regulatory pathways for Enobosarm [15] - The company highlighted the importance of addressing the weight loss plateau experienced by many patients on GLP-1 receptor agonists, indicating a significant market opportunity [18][42] Other Important Information - The company completed a public offering on October 31, 2025, resulting in net proceeds of approximately $23.4 million [24] - The company used cash of $30 million for operating activities in fiscal 2025, compared to $21.7 million in the prior year [29] Q&A Session Summary Question: Will any GLP-1 be allowed in your phase 2b, or will it be limited to just tirzepatide? - Management indicated that they will choose one GLP-1 receptor agonist to avoid variability in the study, with tirzepatide currently being the placeholder [32][33] Question: How does the FDA's guidance affect the phase 3 transition? - Management explained that the phase 2b study is designed to mirror phase 3 criteria, allowing for a clear understanding of incremental weight loss and functional endpoints [34][35] Question: What patient population is being targeted in the Plateau study? - The focus is on patients over 65 with physical limitations, as this group is seen as most in need and informative for assessing physical function [37][39]

Financial Performance - Q2 Fiscal Year 2026 - Net sales decreased by 7% to $4.861 billion, while organic net sales decreased by 1%[80] - Adjusted operating profit decreased by 20% to $848 million[80] - Adjusted diluted EPS decreased by 21% to $1.10[80] - Adjusted gross margin decreased from 36.3% to 34.8%[103] Segment Performance - Q2 Fiscal Year 2026 - North America Retail organic net sales decreased by 3%[87] - North America Pet organic net sales increased by 1%[89] - North America Foodservice organic net sales was flat[92] - International organic net sales increased by 4%[94] Fiscal Year 2026 Outlook - The company reaffirmed its fiscal year 2026 outlook, including organic net sales growth of -1% to +1%[10, 75] - Adjusted operating profit growth of -15% to -10%[75] - Adjusted diluted EPS growth of -15% to -10%[75]

Udemy (NasdaqGS:UDMY) M&A Announcement December 17, 2025 08:00 AM ET Company ParticipantsMike Foley - CFOBrian Smilek - Equity Research AssociateCam Carey - VP of Investor RelationsGregg Hart - CEOHugo Sarrazin - CEOConference Call ParticipantsRyan MacDonald - Senior AnalystSteven Sheldon - Research Analyst, Technology, Media, and CommunicationsJosh Baer - Executive Director and Software Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to today's conference call. A ...

SEB Q4 2025 Pre-Close Call Summary Company Overview - **Company**: SEB (OTCPK:SVKE.F) - **Date of Call**: December 17, 2025 - **Speaker**: Paul Wyszyski, Head of Investor Relations Key Points Macro Environment - Average three-month STIBOR is lower in Q4 compared to Q3, with the Swedish central bank lowering the policy rate by 25 basis points effective October 1st [1] - SEB adjusted some lending and deposit rates in Sweden following the rate cuts [1] - The European Central Bank kept the deposit facility rate unchanged, affecting Baltic operations primarily on the deposit side [2] Interest Rate Sensitivity - SEB's equity is approximately SEK 220 billion, with private and corporate transaction accounts and savings accounts totaling around SEK 370 billion, and Baltic transaction accounts around SEK 200 billion, leading to a total of roughly SEK 800 billion sensitive to rate changes [2] - Net interest income (NII) is expected to bottom out three to six months after the last rate cut, influenced by balance sheet dynamics [3] Profit and Loss Overview - The P&L and balance sheet are impacted by FX movements; a stronger SEK results in lower income and costs, while a weaker SEK has the opposite effect [4] - The SEK strengthened marginally against the euro compared to Q3, resulting in a smaller headwind on the P&L [4] - NII increased slightly despite downward trending interest rates due to higher day count, positive FX effects, lower deposit insurance fees, and reduced short-term funding costs [6] Division Performance - Business and retail banking NII declined by around SEK 100 million compared to the previous quarter due to lower interest rates on deposit margins [6] - Baltic division's NII remained largely unchanged as lower rates were offset by higher lending and deposit volumes [6] - Treasury NII benefited from favorable yield curve and funding conditions [7] Net Fee and Commission Income - A significant portion of net fee and commission income is linked to assets under management, which correlates with stock market performance [7] - Advisory and securities-related fees were seasonally softer in Q3, with no larger transactions reported in Q4 [8] Expenses and Credit Losses - Total expenses target for 2025 is SEK 33 billion, with potential for acceleration in cost implementation programs [9] - Net expected credit losses reported at three basis points, with an additional SEK 100 million in portfolio overlays [10] Capital and Risk Exposure - Current share buyback program amounts to SEK 2.5 billion, expected to conclude by January 27, 2026 [10] - CET1 capital ratio is affected by share buybacks, with a dividend payout ratio target of around 50% [11] - Remaining impact from the risk exposure amount (REA) increase in the Baltics is around 70 basis points, expected to phase in over the next three quarters [12] Additional Notes - The call concluded with a reminder of the silent period starting January 1, with the Q4 2025 interim report scheduled for publication on January 29, 2026 [13] Conclusion - SEB is navigating a challenging macro environment with interest rate adjustments and FX movements impacting its financial performance. The bank is focused on managing its capital effectively while preparing for upcoming financial disclosures.

Summary of Coursera and Udemy Conference Call Industry and Companies Involved - **Industry**: Online Education and Learning Platforms - **Companies**: Coursera and Udemy Core Points and Arguments 1. **Combination Announcement**: Coursera has entered into a definitive agreement to combine with Udemy, aiming to create a leading technology platform for skills discovery and development [2][4][12] 2. **Market Needs**: The World Economic Forum estimates that 39% of key skills will change in the next five years, highlighting the need for agile learning platforms [5] 3. **Learner Focus**: 86% of learners come to Coursera to transform their careers, indicating a strong demand for career-oriented learning solutions [5] 4. **Platform Capabilities**: The combination aims to unite Coursera's verified learning ecosystem with Udemy's dynamic marketplace, enhancing value and choice for learners and organizations [6][8] 5. **Innovation Acceleration**: The merger is expected to accelerate AI-native innovation, allowing for faster development of personalized learning experiences [9][10] 6. **Global Reach**: Coursera added 7.7 million new registered learners in Q3, bringing the total to 191 million, while Udemy has over 17,000 enterprise customers and generates more than 60% of its revenue outside North America [11][12] 7. **Financial Profile**: The combined pro forma annual revenue exceeds $1.5 billion, with identified cost synergies of $115 million expected to be realized within 24 months [12][19] 8. **Transaction Structure**: This is an all-stock transaction where Udemy stockholders will receive 0.8 shares of Coursera Common Stock for each share of Udemy Common Stock [20] 9. **Regulatory Perspective**: The companies believe the combination will deliver better value across the education value chain, although they will need to navigate regulatory approvals [38][39] Additional Important Content 1. **Instructor Opportunities**: The merger will provide instructors access to a larger learner base, enhancing their distribution and monetization opportunities [31][32] 2. **Content Strategy**: Both companies will maintain their content strategies, leveraging their strengths to create a more comprehensive offering [40] 3. **Geographic Expansion**: The combination is expected to enhance Coursera's reach outside North America, capitalizing on Udemy's international presence [44][45] 4. **Future Vision**: The goal is to create a platform that keeps pace with technological changes, ensuring learners gain essential skills for career advancement [22][23] This summary encapsulates the key points discussed during the conference call regarding the strategic combination of Coursera and Udemy, focusing on their market positioning, operational synergies, and future growth potential.

Business Performance and Outlook - Spire Global's remaining performance obligation exceeded $200 million as of September 30, 2025 [5] - The company anticipates over 30% revenue growth in 2026, excluding the divested maritime business, driven by secured contracts [16, 21] - Q4 2025 revenue is projected to grow sequentially by approximately $3 million at the midpoint of guidance [15] - Full year 2025 revenue guidance is between $70.5 million and $72.5 million [21] Contracts and Expansion - Spire Global secured a $2.5 million NOAA contract for satellite weather data [6] - EUMETSAT renewed a €3 million contract with Spire Global for satellite weather data [6] - Spire Global was awarded an $11.2 million NOAA contract for satellite weather data [6] - The company was selected as an awardee on the Missile Defense Agency's SHIELD IDIQ, with a shared ceiling of $151 billion [12] Investments and Technology - NATO member states are increasing defense and security investment to 5% of GDP by 2035 [12] - Germany plans to invest €35 billion through 2030 to strengthen space-based capabilities [12] - The European Space Agency has agreed to raise space spending to over €22 billion over the next three years [12]

Financial Performance - Record revenue reached $2.3 billion, a 5.4% increase[10, 15] - Organic revenue growth was 5%[10] - Adjusted EBITDA was $124.2 million[10] - Adjusted EPS reached $0.88[10] - Free cash flow was $112.7 million, a significant increase from the previous year[10] Segment Performance - Business & Industry revenue increased by 2.3% to $1,048.8 million[23, 24] - Aviation revenue increased by 7.3% to $296.7 million[25] - Manufacturing & Distribution revenue increased by 7.7% to $417.4 million[28] - Education revenue increased by 1.6% to $233.7 million[29, 30] - Technical Solutions revenue increased by 16% to $298.7 million[14, 32] Fiscal Year 2026 Outlook - The company anticipates organic revenue growth of 3%-4%[39] - Total revenue growth is projected to be 4%-5%[39] - Adjusted EPS is expected to be in the range of $3.85-$4.15[39]

Financial Performance - Consolidated net sales reached $327 million, a 19% increase year-over-year, driven by higher volumes in Building Products and contributions from Elgen[7] - Building Products achieved Adj EBITDA of $53 million in Q2, up from $47 million in the prior year, with a 25.5% Adj EBITDA margin[7] - Consumer Products reported Adj EBITDA of $15 million in Q2, flat compared to the prior year, with a 12.7% Adj EBITDA margin[7] - Free cash flow for Q2 was $39 million, with $12 million in capex spend, including $6 million related to facility modernization projects[7] - Adjusted EBITDA reached $60 million with a margin of 18.5% compared to $56 million with a margin of 20.5% in Q2 FY25[8] - Adjusted EPS was $0.65 compared to $0.60 in Q2 FY25[8] Capital Allocation - The company repurchased 250 thousand shares of common stock during Q2 for $14 million, at an average purchase price of $54.87, with 5.0 million shares remaining on the repurchase authorization as of November 30, 2025[7] - A dividend of $0.19 per share was declared, payable in March 2026[7] Strategic Initiatives - An agreement was made to acquire LSI Group, a manufacturer of commercial metal roof clips, accessories, and retrofit systems, for approximately $205 million, expected to close in January 2026[7] - The company's net sales are $1.3 Billion, with Adjusted EBITDA of $284 million[86]

Financial Performance - Q1 FY26 - Net revenue reached $8305 million, a 19% increase year-over-year[6] - U S GAAP operating income was $283 million, compared to $197 million in the previous year[6] - Core operating income (non-GAAP) amounted to $454 million, up from $347 million[6] - Core diluted earnings per share (non-GAAP) were $2 85, an increase from $2 00[6] Cash Flow Highlights - Q1 FY26 - Net cash provided by operating activities was $323 million[10] - Adjusted free cash flow (non-GAAP) reached $272 million[10] - Core EBITDA (non-GAAP) totaled $600 million[10] - Share repurchases amounted to $300 million[10] FY26 Outlook - The company anticipates net revenue of $32 4 billion and a core operating margin of 5 7%[26, 30] - Core EPS is projected to be $11 55, with free cash flow exceeding $1 3 billion[26, 30]