Financial Data and Key Metrics Changes - Third-quarter net sales totaled $267 million, down 7% in constant currency compared to the prior year, slightly ahead of expectations [18] - Gross margin in Q3 was 48.7%, down 70 basis points year-over-year, but underlying gross margins improved compared to the prior year [18][20] - Adjusted operating loss for Q3 narrowed to $15 million from $22 million a year ago, with expectations for a break-even to slightly positive adjusted operating margin for the full year [22][25] Business Line Data and Key Metrics Changes - Traditional watch sales for the Fossil brand in Q3 were up high double digits, outperforming the market [5][6] - The wholesale channel grew mid-single digits globally, with notable strength in EMEA and Asia regions [12] - The company reported a 26% year-over-year reduction in inventory, aligning with a 7% sales decline [23][34] Market Data and Key Metrics Changes - The U.S. watch market showed low single-digit growth, with department and specialty store channels up low double digits [5] - In Asia, India and Japan experienced double-digit growth, while China remained under pressure [12][33] - The company noted a positive performance in the Asia region, particularly in traditional watches and jewelry, with gross margin expansion [32] Company Strategy and Development Direction - The company has successfully transformed its balance sheet, extending debt maturity to 2029 and bringing in over $32 million of new capital [4][24] - The turnaround plan focuses on three pillars: strengthening the core brand, right-sizing the cost structure, and improving the balance sheet [8][16] - The company is committed to a full-price selling model, which has improved margin architecture and reduced promotional activity [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the path to profitable growth, reiterating financial guidance for the full year [17][25] - The company acknowledged ongoing challenges in the macro environment, particularly in China, but remains optimistic about growth in other regions [33] - Management highlighted the importance of disciplined expense management and working capital improvements [22][23] Other Important Information - The company has appointed Devin Leong as General Manager for Asia, expected to enhance market presence and accelerate growth [12] - The Nick Jonas campaign has generated nearly 6 billion impressions and is attracting a younger demographic [9][10] - The company is focusing on brand investment and enhancing visibility through media and PR partnerships [11] Q&A Session Summary Question: What is driving the gap between wholesale growth and store comps? - Management clarified that the decline in store comps refers to direct-to-consumer performance, which has been intentionally reduced to improve margins [27][28] Question: Can you provide insights on the performance in Asia? - Management noted strong performance in India and Japan, while China remains challenging, with a focus on reducing promotional activity to improve gross margins [32][33] Question: What initiatives are driving inventory improvements? - Management highlighted tighter inventory control and a focus on key products, resulting in a significant reduction in SKUs and improved gross margins [34][37]

Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]

Financial Data and Key Metrics Changes - Gross Merchandise Sales (GMS) reached $2.4 billion in Q3 2025, representing an 11% growth from the prior year period [25] - Revenue for Q3 was $468 million, up 8% compared to last year, driven by GMS growth but offset by a reduction in take rates [27] - Adjusted EBITDA was $67 million, representing 14% of revenue, up 21% from $56 million in the same period last year [30] Business Line Data and Key Metrics Changes - The company has seen nearly 20% GMS growth over the last 12 months, indicating strong performance across its marketplace [8] - The launch of the Reach Pro product has led to significant adoption among sellers, contributing to market share gains [12] Market Data and Key Metrics Changes - The North American secondary ticketing market has been positively impacted by the company's strategic investments, with the company now approximately four times larger than its nearest competitor based on GMS [11] - The implementation of federally mandated all-in pricing in the U.S. has had an estimated 10% one-time impact on the size of the North American secondary ticketing market [26] Company Strategy and Development Direction - The company aims to become the global destination for live entertainment ticketing by leveraging technology and customer focus to eliminate friction in the live event experience [10] - Direct issuance is seen as a transformative growth vector, allowing enterprise sellers to access the marketplace without exclusivity requirements [18] - The company is also pursuing advertising opportunities, including sponsored listings and partnerships with businesses like Booking.com to enhance customer experience [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for live events and the company's ability to navigate temporary market dynamics, such as the transition to all-in pricing [35] - The company plans to provide annual guidance for 2026 expectations in early 2026, focusing on long-term value creation [36] Other Important Information - The company successfully raised approximately $1 billion through capital markets activities, significantly improving its balance sheet and reducing leverage [37] - The company ended the quarter with $1.4 billion in cash and cash equivalents, with a net debt of $1.1 billion [38] Q&A Session Summary Question: Returns on investments in core resale market share and direct issuance - Management highlighted that investments in market share have yielded positive results, with significant share gains and a dominant position in the point of sale system [40][41] Question: Aligning marketing investments over the medium to long term - Management noted strong receptivity to marketing investments, particularly in the direct issuance business, which aims to enhance revenue for content owners [44][46] Question: Visibility on sponsored listing ad launch and Major League Baseball deal - Sponsored listings are expected to roll out in the second half of Q4, with MLB taking advantage of direct issuance for certain events [48][53] Question: Direct issuance market opportunities - Management sees diverse opportunities across various content types, including sports and live theater, emphasizing the non-competitive nature of their model with primary ticketing [55][56] Question: Impact of all-in pricing and World Cup expectations - Management confirmed that all-in pricing represents a 10% headwind, expected to last until May 2026, and expressed excitement about the World Cup's potential impact on resale [62][63]

GameSquare Holdings (NasdaqCM:GAME) Q3 2025 Earnings Call November 13, 2025 05:00 PM ET Speaker1Good afternoon, and thank you for joining us for the GameSquare Holdings 2025 third-quarter conference call. On the call today, we have Justin Kenna, GameSquare CEO, Louis Schwartz, President, and Mike Munoz, CFO. During the call, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Before management discusses the results, I would like to remind ever ...

Financial Data and Key Metrics Changes - Fiscal 2026 is expected to be a pivotal year for the company, with significant progress towards becoming a leading US borate producer [2] - The pre-feasibility study confirmed strong project economics with a 39.5-year mine life, a 19.2% pre-tax IRR, and a pre-tax MTV of $725 million for phase one of the Fort Cady project [9] Business Line Data and Key Metrics Changes - Full-scale product testing is underway with multiple Tier 1 specialty glass manufacturers, indicating strong customer validation [4] - The company has successfully qualified high-purity boric acid with various customers across sectors, including specialty glass, fiberglass, ceramics, agriculture, defense, and advanced materials [9] Market Data and Key Metrics Changes - The borates market is experiencing a tightening of supply and demand, with expectations that demand will outpace supply due to applications in EVs, wind, nuclear energy, semiconductors, and defense [5] - Legacy producers are facing rising operating costs and depleting reserves, creating a market opportunity for the company [5] Company Strategy and Development Direction - The company aims to secure non-dilutive U.S. capital support through various federal programs, advance customer agreements, and ensure construction readiness by 2026 [12] - The strategic focus includes building a portfolio of intellectual property on proprietary mining techniques and processing solutions to cement long-term mineral tenure [13] Management's Comments on Operating Environment and Future Outlook - The recognition of boron as a critical mineral by the U.S. government is expected to provide economic advantages, including expanded access to federal funding and strategic partnerships [3] - The company is positioned to benefit from federal programs aimed at rebuilding American mineral supply chains, which could strengthen its balance sheet and reduce equity dilution [9] Other Important Information - The company has a $285 million letter of interest from the U.S. Export-Import Bank under the Make More in America initiative [7] - The company is preparing additional product shipments for LCD glass producers, reinforcing the scalability and reliability of its operations [10] Q&A Session Summary Question: Is there any word from the Defense Logistics Agency regarding a government stockpile of boron? - The management indicated that stockpiling of carbide has occurred in the past, but it is uncertain if there is current stockpiling, especially given the ongoing midstream developments [15][16] Question: Can you provide details on the horizontal wells being drilled? - The horizontal wells are for validating the commercial design, with positive results from the testing indicating a higher rate of efficiency in the mining process [16][18] Question: What percentage of annual production does the company aim to secure under offtake agreements? - The company targets about 70% of its production under offtake agreements, while keeping 25-30% for the spot market to take advantage of higher prices [26][27]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $18.7 million, representing a 20% sequential increase and a 21% year-over-year increase [13] - Gross loss for the quarter was negative $8.1 million on a GAAP basis and negative $7.3 million on a non-GAAP basis, with improvements attributed to a higher mix of NRE revenue and lower inventory purchases [13] - Operating expenses (OPEX) were $66.6 million on a GAAP basis and $43 million on a non-GAAP basis, with non-GAAP OPEX declining approximately 9% sequentially and 29% year-over-year [14] - Free cash flow for the quarter was approximately negative $48.5 million, an improvement from negative $53.8 million in Q2 [15] Business Line Data and Key Metrics Changes - The automotive LiDAR business faced challenges, particularly with the relationship with Volvo, which is expected to reduce or eliminate anticipated revenues from certain programs [5][8] - LSI, which represents about one-third of Luminar's annual revenue, generated roughly $18 million year-to-date, with strong growth anticipated due to defense and aerospace spending [10] Market Data and Key Metrics Changes - The uncertain status of the relationship with Volvo is expected to impact revenue from the EX90 and ES90 programs, while the relationship with Nissan continues to progress [6][8] - The company is shifting focus towards non-automotive markets, particularly in aerospace and defense, where demand for their technology is increasing [6][10] Company Strategy and Development Direction - The company is actively evaluating multiple proposals for the sale of the entire company or certain assets, indicating a strategic shift in focus [4][15] - A workforce reduction of approximately 25% is planned to align the cost base with long-term goals, expected to result in significant operating expense reductions starting in 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment and emphasized a disciplined approach to navigating the transition, expressing gratitude to employees and partners [16] - The strategic direction towards commercial markets outside of automotive is reinforced by ongoing developments in defense and industrial applications [6][10] Other Important Information - The company has entered into forbearance agreements with secured noteholders and has suspended its 2025 financial guidance while negotiating a long-term solution for capital structure and liquidity needs [3][4] Q&A Session Summary Question: Update on strategic actions and interest in potential sale - Management confirmed interest in assets and business lines, and they are evaluating these along with financing interests [19] Question: Status of next-gen product development - Management stated that next-gen product development is ongoing and critical engineering resources are maintained [20] Question: Size and momentum of LSI business - Management indicated that LSI is a growing business with deep technologies across various applications, and it is considered an under-recognized asset [25] Question: Updates on relationships with platform partners like NVIDIA - Management confirmed continued engagement with platform players but did not provide specific updates on partnerships [27]

Jefferson Capital (NasdaqGS:JCAP) Q3 2025 Earnings Call November 13, 2025 05:00 PM ET Speaker0Good afternoon and welcome to Jefferson Capital's third quarter 2025 conference call. With us today are David Burton, Founder and Chief Executive Officer, and Christo Realov, Chief Financial Officer. As a reminder, this conference call is being recorded. This call may contain forward-looking statements regarding the company's plans, initiatives, and strategies, and the anticipated financial performance of the compa ...

Financial Data and Key Metrics Changes - Year-to-date revenues were $23 million, down 22% year-over-year [7] - Q3 revenues of $8.8 million were down 38% year-over-year but represented an 18% sequential improvement over Q2 [11] - Gross profit was $10.9 million year-to-date, down 10% against the same period last year [9] - Gross margins for the nine-month period were 47.3%, up 6.4 percentage points versus the prior year period [10] - Adjusted EBITDA losses narrowed to below $2 million for the third quarter [15] Business Line Data and Key Metrics Changes - Software and services revenue comprised over 50% of total revenue, contributing to gross margin expansion of over 640 basis points [3] - Software and services revenues made up 57% of total revenues in Q3, an 11 percentage point mix shift [11] - Annualized contract value of renewable software was $10.2 million, down 10% compared to 12 months ago [8] - Net dollar revenue retention of customers with at least $50,000 of ACV was 77% [8] Market Data and Key Metrics Changes - The company has secured deployments in Italy, Bulgaria, Poland, and additional locations across the Middle East [5] - CTE customers drove 49% of bookings value, up from 41% in the prior year comparable period [12] Company Strategy and Development Direction - The company is focusing on advancing its strategy and controlling internal factors while navigating external headwinds [3] - AI is being leveraged to eliminate language barriers and expand global reach [4] - The company is cautiously optimistic about the long-term growth potential despite ongoing uncertainties in the U.S. education funding environment [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the fourth quarter due to ongoing uncertainties related to tariff impacts and education funding [6] - The government shutdown has created delays in purchasing and funding decisions for customers [19] - Management remains confident in the ability to improve the quality of both hardware and software revenues [16] Other Important Information - The integration of Second Avenue Learning has led to the launch of the Career Explorer application [4] - The company is managing stock-based compensation to a target burn rate of less than 7% for the full year [14] Q&A Session Summary Question: Impact of government shutdown on zSpace - The government shutdown has created obstacles for end users in making purchasing and funding decisions, leading to delays in accepting shipments and concluding purchase orders [19][20] Question: Recent wins and deployments - The deployment in Danbury School District is focused on middle and high schools, with potential for broader district-wide implementation [28] Question: Net dollar revenue retention and customer renewals - The decline in net dollar revenue retention is attributed to two large customers who could not fully renew their commitments due to budget constraints [32] Question: International segment contribution and tariff challenges - The international segment is seeing strong demand, with a focus on expanding partnerships in Italy, Bulgaria, and Poland [51] - Tariffs have had a modest impact on gross margins, primarily affecting the sales motion earlier in the year [53] Question: New hardware and margin trends - A new stylus is expected to enhance user experience and simplify logistics, contributing to future margin improvements [60]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported record revenues exceeding $4 billion, driven by strong customer growth and engagement [3][4] - Net income reached $783 million, marking a 39% year-over-year increase, with a return on equity (ROE) of 31% [23] - The cost-to-income ratio improved to 28%, reflecting enhanced operational efficiency [4][22] Business Line Data and Key Metrics Changes - The customer base grew to 127 million, with over 4 million net additions in the quarter, maintaining an activity rate above 83% [3] - Credit portfolio balances reached $30.4 billion, up 42% year-over-year, with secured lending growing 133% and unsecured loans increasing by 63% [15][16] - Loan originations hit a record high of $4.2 billion, up 40% year-over-year [16] Market Data and Key Metrics Changes - In Brazil, the company serves over 60% of the adult population and is the largest player in the SME segment by account numbers [5] - In Mexico, customer growth reached approximately 14% of the adult population, with RPAC levels nearing those in Brazil at $12.5 [6][46] - The cost of funding improved from 91% to 89% of interbank rates, demonstrating effective volume growth and efficiency [18] Company Strategy and Development Direction - The company aims to broaden its product portfolio and deepen customer engagement while executing a disciplined credit strategy [5][6] - A focus on becoming AI-first is emphasized, integrating AI into operations to enhance customer experiences and improve risk management [8][9] - The company is exploring opportunities in the U.S. following its filing for a National Bank Charter, while prioritizing growth in Brazil and Mexico [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the scalability of their model, highlighting strong customer engagement and unit economics [4][5] - The company anticipates continued growth in Mexico, with expectations of meaningful contributions to results in the coming years [6][72] - Management remains cautious about potential regulatory impacts in Mexico, particularly regarding proposed caps on card interchange fees [48][49] Other Important Information - The gross profit reached $1.8 billion, up 32% year-over-year, with a gross profit margin of 43.5% [22] - The liquidity metrics for the consumer credit portfolio in Brazil showed a 15-90 day NPL ratio of 4.2% and a 90-plus-day NPL ratio of 6.8% [20][21] Q&A Session Summary Question: Can you explain the lower provisions this quarter? - Management noted that asset quality has improved, with better-than-expected performance and recovery levels due to reactivating previously defaulted customers [26][27] Question: What explains the NIM contraction? - Management explained that the decline in net interest margin (NIM) was due to a shift towards less risky assets and increased interest expenses in Brazil, despite a decrease in funding costs as a percentage of interbank rates [33][34] Question: How is the rollout of the credit limit increase program performing? - Management indicated that the full effects of the credit limit increase program will materialize over time, with a focus on less risky customers [40][41] Question: What is the impact of the proposed cap on card interchange fees in Mexico? - Management expressed concerns that caps could inhibit financial inclusion and the unit economics of new customers, while remaining engaged in discussions with industry participants [48][49] Question: Will the company provide NPL data for Mexico? - Management confirmed that as Mexico's relevance in the credit portfolio grows, more granular disclosures on asset quality will be provided [52][53]

Nkarta (NasdaqGS:NKTX) Conference November 13, 2025 05:00 PM ET Speaker2Good afternoon, everybody, and thank you once again for joining us for the second day of the first annual iAI Summit at TD Cowen. I'm Yaron Warburg from the Biotech team, and it's a great pleasure to have with us today Paul Hastings, CEO, and Nadir Mahmood, President of Nkarta. Gentlemen, thanks so much for joining us. We appreciate it.Speaker1You bet.Speaker2It's good to see you. Maybe there's a lot of updates from the ongoing studies ...