Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $0.32 per share, compared to $0.28 per share in the previous quarter and $0.32 per share in the same quarter last year [21] - The net asset value (NAV) per share increased by 5% to $7.12, up from $6.75 at the end of the previous quarter [7][23] - The company achieved a debt investment portfolio yield of 18.6% for the quarter, compared to 15.9% for the same quarter last year [20][12] Business Line Data and Key Metrics Changes - The current portfolio stood at $603 million, with new originations totaling $15 million during the quarter [10][22] - The company funded three debt investments totaling $15 million in the third quarter [10] - The onboarding debt investment yield was 12.2%, consistent with historical levels [12] Market Data and Key Metrics Changes - The venture capital market saw approximately $81 billion invested in VC-backed companies in the third quarter, with significant investments in AI [15] - The exit markets opened further with approximately $75 billion of exit value driven primarily by tech IPOs [15] Company Strategy and Development Direction - The company announced a merger with Monroe Capital Corporation, expected to close in early 2026, which will significantly increase assets under management [5] - The merger aims to create a more coordinated effort and leverage economies of scale in venture lending [5][6] - The company plans to focus on originating larger venture loans to top early-stage and late-stage companies [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong pipeline of larger venture debt transactions and high demand for venture debt capital [9][16] - The company expects to return to a growth trajectory historically experienced, supported by the merger with Monroe Capital [6][9] Other Important Information - The company raised $40 million through the issuance of 5.5% unsecured convertible notes due 2030, which will strengthen the balance sheet [8][18] - The company has a committed backlog of $119 million, down from $149 million at the end of the previous quarter [13] Q&A Session Summary Question: What do you expect the trend of early payoffs to be going forward? - Management expects early payoffs to revert to historical standards despite a higher rate in the recent quarter [26] Question: What is the credit quality of the new deals coming in? - Management indicated that they expect originations to exceed prepayments and are optimistic about the credit quality of new deals [28] Question: How sustainable is the current portfolio yield? - Management noted that the historical average portfolio yield is around 14.5% to 15%, which is more normalized compared to the current yield [32] Question: What is the plan for using the at-the-market program given the stock price is below book? - The company will evaluate its liquidity and capacity before utilizing the at-the-market program [39] Question: What is the target return on equity for new assets from the Monroe deal? - Management stated that they do not have a specific targeted return on equity but will stick to their high-yielding venture debt model [42]

Financial Data and Key Metrics Changes - The company reported a modest year-over-year recovery in top-line performance, although the operating environment remains challenging due to worsening consumer sentiment and ongoing inflation [3][4] - The profit revision of 25% is primarily due to lower expectations of consumption in the U.S. and increased inflation in meat and coffee, rather than additional investments [8][10] - Promotional investment in the U.S. is being increased by approximately $300 million, with an additional $80 million in marketing spending [10][12] Business Line Data and Key Metrics Changes - The North American grocery company experienced a significant improvement in trends in Q3 compared to the first half, but still declined in low single digits [34][35] - The Global Taste Elevation Co also declined in low single digits, but is expected to improve in Q4 [34] - Emerging markets, excluding Indonesia, grew by 9.2%, with the Heinz brand in these markets growing by 13% year-to-date [28][29] Market Data and Key Metrics Changes - Consumer sentiment in Indonesia has declined nearly 10 points year-over-year, leading to a softening of demand [27][29] - Indonesia represents approximately $300 million in revenue, accounting for about 12% of the emerging markets business [29] - The overall market in the U.S. is expected to worsen, impacting consumption despite improvements in market share [45][50] Company Strategy and Development Direction - The company remains on track to separate into two independent companies by 2026, focusing on driving performance and positioning both businesses for long-term success [4][21] - The strategy includes a focus on brand growth and consumer-centric approaches, with an emphasis on R&D and marketing investments to drive product renovation [12][13] - The company is committed to maintaining a strong balance sheet and investment-grade ratings for both future entities [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by consumer sentiment and inflation, which are influencing buying behavior globally [3][4] - The outlook for Q4 suggests revenue may decline compared to Q3, primarily due to inventory phasing and lower consumption expectations [42][44] - Management is optimistic about the long-term potential of the brand portfolio, despite current cyclical challenges [60] Other Important Information - The company is actively rightsizing inventory and transitioning to a new distributor in Indonesia to address current challenges [28][30] - There is a focus on tactical investments to build brand equity and drive consumer trial of new products [12][56] Q&A Session Summary Question: Impact of Weaker Consumer Sentiment on Profit Revision - Management clarified that the profit revision is not linked to additional investments but is due to lower consumption expectations and inflationary pressures [8][10] Question: Thoughts on Potential Pivot for Kraft Heinz - Management emphasized that the decision to separate into two companies was made to unlock shareholder value and that they are committed to the current plan [17][20] Question: Performance of Emerging Markets Excluding Indonesia - Emerging markets, excluding Indonesia, grew by 9.2%, with the Heinz brand showing strong growth [28][29] Question: Promotional Spending and Market Share - Management noted that promotional spending is concentrated around key holidays, and they are focusing on driving household penetration through strategic promotions [46][56] Question: Challenges in Commoditized Categories - Management acknowledged difficulties in categories like coffee and meats but emphasized the ongoing implementation of the brand growth system [62]

Littelfuse (NasdaqGS:LFUS) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker4Good day, everyone, and welcome to the Littelfuse Third Quarter 2025 Earnings Conference call. Today's call is being recorded. At this time, I will turn the call over to the Head of Investor Relations, David Kelley. Please proceed.Speaker0Good morning, and welcome to the Littelfuse Third Quarter 2025 Earnings Conference call. With me today are Greg Henderson, President and CEO, and Abhi Khandelwal, Executive Vice President ...

Banco Santander (Brasil) (NYSE:BSBR) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker3Good morning, everyone. Thank you for joining us today for our third quarter 2025 earnings conference call. We are live from our headquarters in São Paulo, in our new studio, and we will divide this event into three parts. First, Mario Roberto Opice Leão, our CEO, will talk about the main highlights of the quarter and about the directions for our growth in the coming periods. Next, Gustavo Alejo Viviani, our CFO, ...

Blackstone Mortgage Trust (NYSE:BXMT) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker4Good day and welcome to Blackstone Mortgage Trust Third Quarter 2025 Investor Call. Today's call is being recorded. At this time, all participants are in a listen-only mode. If you require operator assistance at any time, please press star zero. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is ...

Zurn Elkay Water Solutions (NYSE:ZWS) Q3 2025 Earnings Call October 29, 2025 08:30 AM ET Company ParticipantsBryan Blair - Managing DirectorBryan Wendlandt - Director of FP&ADavid Polley - CFODavid Tarantino - Assistant VPTodd Adams - Chairman and CEOConference Call ParticipantsNone - AnalystPez Saini - Senior Research AnalystAdam Farley - Associate AnalystBrett Linzey - Managing Director and Senior Research AnalystOperatorGood morning and welcome to the Zurn Elkay Water Solutions Corporation Third Quarter ...

Financial Data and Key Metrics Changes - The third quarter consolidated revenue was $33.8 billion, up 1.5% from the prior year period [10] - Adjusted EBITDA was $12.8 billion, up 2.3% year over year, with year-to-date adjusted EBITDA growth of 3.5% at the top end of the guided range [12][13] - Adjusted EPS was $1.21 in the quarter, up 1.7% year over year [13] - Free cash flow for the third quarter was $7 billion, representing a nearly 17% improvement year over year [14] - Net unsecured debt at the end of the quarter was $112 billion, a $9.4 billion improvement year over year [15] Business Line Data and Key Metrics Changes - Postpaid phone gross adds were up 8.4% from the prior year, but net losses were 7,000 due to a churn rate of 0.91% [7][8] - Consumer upgrades increased by 16% year over year, driven by the best value guarantee [8] - Core prepaid delivered 47,000 net adds, marking the fifth consecutive quarter of positive subscriber growth [8] - Verizon Business added 51,000 phone net adds, offsetting disconnect pressure in the public sector [9] - Broadband net adds were 306,000, with a total of over 13.2 million subscribers, and FiOS Internet delivered 61,000 net adds, the best quarterly result in two years [9][10] Market Data and Key Metrics Changes - Converged customers on fiber have a mobility churn rate nearly 40% lower than the overall mobility base [8] - The company is focused on expanding its fiber footprint and enhancing its broadband offerings through partnerships [10][92] Company Strategy and Development Direction - The company aims to shift from a technology-centric to a customer-centric approach, focusing on delighting customers and improving retention [19][32] - A fundamental change in strategic approach is planned, emphasizing financial discipline and sustainable growth [6][26] - The acquisition of Frontier is expected to create significant cross-sell opportunities and enhance the company's fiber capabilities [23][24] - The company plans to leverage AI to improve customer experience and operational efficiency [22][86] Management's Comments on Operating Environment and Future Outlook - The management acknowledges that Verizon has not captured customer growth opportunities despite its strong network foundation [5][17] - There is a commitment to transforming the culture and financial profile of the company, focusing on customer satisfaction and shareholder returns [19][26] - The company expects to close the Frontier deal in the first quarter of 2026 and is making progress with regulatory approvals [15][16] Other Important Information - The company raised its dividend for the 19th consecutive year, reflecting its commitment to shareholder returns [14] - The management is focused on reducing costs and improving operational efficiency across all business aspects [12][22] Q&A Session Questions and Answers Question: Can you expand on your vision for the company and how you expect to turn consumer volumes? - The vision includes shifting to a customer-centric approach, focusing on retention and creating the best value proposition [30][32] Question: How do you drive share for Verizon higher without going through a painful back book repricing exercise? - The strategy involves addressing customer pain points and creating targeted value propositions without relying solely on price increases [40][42] Question: Are there any parallels between Verizon and PayPal that inform your view of the opportunity for improvement? - Similarities exist in the need to focus on customer satisfaction and addressing pain points to drive growth [53][55] Question: What is the company's perspective on convergence and its fiber footprint? - Convergence is seen as a powerful opportunity for revenue synergies, and the company plans to invest in both fiber and fixed wireless [65][66] Question: How does the company plan to address cost opportunities? - The focus will be on identifying areas for cost reductions and reallocating those savings to enhance the value proposition [90][94]

Financial Data and Key Metrics Changes - In Q3 2025, Teradyne reported sales of $769 million, with non-GAAP EPS at $0.85, both near the high end of guidance ranges [18] - Non-GAAP gross margin was 58.5%, above guidance due to favorable mix [18] - Non-GAAP operating expenses were $293 million, reflecting higher R&D and sales investments tied to AI [18] Business Line Data and Key Metrics Changes - Semiconductor test revenue was $606 million, with SoC revenue contributing $440 million, up 11% sequentially and 12% year-over-year [18] - Memory revenue reached $128 million, up 110% sequentially but down 15% year-over-year, driven by HBM and AI-related LPDDR demand [18][19] - Robotics revenue was $75 million, flat quarter-on-quarter and down year-over-year, with Universal Robots contributing $62 million [19] Market Data and Key Metrics Changes - AI demand in semiconductor testing significantly drove Q3 performance, with expectations for continued growth in Q4 [6][14] - The memory total addressable market (TAM) for 2025 is expected to decline in low double digits, but Teradyne anticipates sustaining memory revenue at 2024 levels [9] - The automotive industrial market segment saw growth in AI-driven applications for power ICs, with a forecasted volume increase of over 50% by 2027 [9] Company Strategy and Development Direction - Teradyne's strategy focuses on AI verticalization and electrification as primary growth drivers moving into 2026 [14][15] - The company is investing in R&D and manufacturing capacity to capture opportunities in AI-driven semiconductor testing [10][12] - A transition in leadership was announced, with Michelle Turner set to become the new CFO, bringing extensive experience in technology and manufacturing [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about AI-related demand driving growth in Q4 and into 2026, despite acknowledging the lumpy nature of shipments [25][60] - The company expects improvements in mobile, auto, industrial, and robotics markets, although the timing and intensity of recovery remain uncertain [15] - Management highlighted the importance of dual sourcing strategies among customers in the compute segment, which could benefit Teradyne [35] Other Important Information - Teradyne repurchased $244 million of shares in Q3 and paid $19 million in dividends, returning approximately 2.5 times free cash flow to shareholders during the year [21] - The company ended Q3 with $427 million in cash and marketable securities, maintaining a balanced capital allocation strategy [21][22] Q&A Session Summary Question: Upside in Q4 guidance - Management indicated that the upside in Q4 guidance is primarily driven by compute and memory, with compute accounting for about two-thirds of the increase [31] Question: Long-term compute intensity and test insertions - Management expressed optimism about increasing test intensity due to larger die sizes and the shift towards chiplet-based designs, which necessitate more rigorous testing [34] Question: Wafer level tests and design wins - Management confirmed that SLT is critical for ensuring quality in data centers, and new technologies like CoWoP are expected to enhance testing processes [40] Question: Revenue shaping for next year - Management noted that revenue is expected to be up relative to 2025, driven by AI-related projects, but acknowledged that the business is no longer seasonally driven by mobile launches [50] Question: Memory market share and growth expectations - Management indicated that while share in final test segments is strong, wafer sort share is lower, but they expect revenue growth in the memory market overall [76]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenue was $768 million, reflecting a 5.9% increase year-over-year, driven by growth in both underwriting and claims [18] - Net income rose to $226 million, a 2.5% increase compared to the previous year, with diluted GAAP earnings per share at $1.61, up 5% [19] - Organic constant currency (OCC) revenue growth was 5.5%, with adjusted EBITDA growth of 8.8% and an expanded EBITDA margin of 55.8% [7][26] Business Line Data and Key Metrics Changes - Subscription revenues, which account for 84% of total revenue, grew 8.7% on an OCC basis, compounding on the previous year's 9.1% growth [21] - Transactional revenues, making up 16% of total revenues, declined 8.8% on an OCC basis, primarily due to lower transactional volumes in property estimating solutions from historically low weather activity [23][24] Market Data and Key Metrics Changes - Weather events in Q3 2025 declined 18% year-over-year and were 31% below the five-year average, marking the lowest level of storm events in the U.S. since 2017 [24] - The company noted that 2025 is on track to be the first year since 2015 without a named U.S. hurricane making landfall so far [24] Company Strategy and Development Direction - The company is committed to investing in AI enhancements and integrations to deliver value to clients, with a focus on strategic engagement leading to increased pipeline opportunities [9][10] - The AccuLynx acquisition is still viewed as strategically and financially beneficial, despite delays in FTC approval [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver results in line with long-term targets, despite temporary factors impacting growth [20] - The company anticipates that the strategic engagement initiatives and product innovations, including AI, will enhance the value of their data and expand growth opportunities [16] Other Important Information - The company paid a cash dividend of $0.45 per share, a 15% increase from the prior year, and repurchased $100 million of common stock [30] - Adjusted net income increased 1% to $241 million, with diluted adjusted EPS rising 3% to $1.72 for the quarter [29] Q&A Session Summary Question: Update on AccuLynx deal and ServiceTitan partnership - Management confirmed ongoing collaboration with the FTC regarding the AccuLynx deal and clarified that ServiceTitan is not the main competitor of AccuLynx [36] Question: Competitive landscape regarding AI startups - Management acknowledged the presence of AI startups but emphasized the company's strong position due to proprietary data and industry expertise [39] Question: Future pricing opportunities amid decelerating net written premiums - Management highlighted the potential for upsell revenue through AI enhancements and integration of data sets into clients' strategies [44] Question: Impact of auto underwriting market dynamics - Management noted that the auto underwriting business is not directly linked to premium growth and emphasized the strategic benefits of their Lightspeed product [50] Question: Clarification on guidance reduction due to AccuLynx deal - Management did not break down the guidance changes but indicated that the overall impact was a combination of factors including weather and the AccuLynx deal [55] Question: Cash flow and free cash flow growth - Management reported strong free cash flow growth driven by improved collections and lower cash taxes, with expectations for continued growth [65] Question: Competitive pressure in the auto market - Management reiterated ongoing competitive pressures in the auto market but emphasized efforts to differentiate their products [69] Question: Industry premium growth expectations - Management indicated that the industry is expected to normalize to mid-single digits in 2025 after experiencing high single-digit growth in 2024 [73][76]

Financial Data and Key Metrics Changes - ITT delivered nearly $1 billion in total orders for the third consecutive quarter, up 3% year-over-year [6] - Revenue grew 13% in total and 6% organically, reaching $999 million [7] - Operating income grew nearly twice the organic sales growth rate, with operating margin expanding over 100 basis points excluding M&A [7] - Adjusted EPS increased by 21%, and free cash flow grew 46% to $368 million year-to-date, with expectations to reach $500 million for the full year [7][10] - Free cash flow margin in the quarter was over 15%, surpassing the high end of the 2030 target [7] Business Line Data and Key Metrics Changes - Industrial Process (IP) grew 11% organically, driven by projects which grew over 50% [8][17] - Connect and Control Technologies (CCT) delivered 25% total growth, with 6% organic growth, supported by defense momentum and aerospace demand [9][17] - Motion Technologies (MT) grew 4% organically, outperforming global auto production, particularly in China [9][17] - IP margins expanded by 70 basis points to nearly 22%, while CCT margins grew by 270 basis points excluding Casoria dilution [9][18] Market Data and Key Metrics Changes - Orders in the Defense and Aerospace sectors were strong, with CCT orders up 27% and 6% organic growth [11] - Market share in China increased from 31% to above 34% [11] - Svanehøj secured over $250 million in orders year-to-date, representing 59% growth compared to the prior year [13] Company Strategy and Development Direction - The company is focused on organic growth and margin expansion, compounded with M&A activities [6] - ITT aims to achieve a book-to-bill ratio above one for the full year, positioning itself for growth in 2026 [15] - Continued investment in innovations like Vidar and Geopad is a priority, with expectations for significant contributions from acquisitions [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong operational performance and the ability to exceed previous guidance [20] - The outlook for 2026 is cautiously optimistic, with expectations for low double-digit growth driven by a strong backlog and project wins [46][85] - Management noted that while the automotive market is facing challenges, ITT's market share is expected to increase due to new product introductions [82] Other Important Information - The company is raising its full-year Adjusted EPS outlook, with the low end of the revised guidance now above the previous high end [10] - The effective tax rate is expected to be lower than planned, contributing positively to earnings [20] Q&A Session Summary Question: Insights on global auto production and its future - Management noted that global auto production was up 2% year-over-year, with China showing significant growth while Europe and North America are forecasted to decline slightly [35] Question: Confidence in the funnel for Industrial Process - Management indicated that the funnel is up 22% year-over-year, with strong activity in green projects and a healthy outlook for future orders [36][37] Question: Breakdown of the $0.20 guidance raise - The guidance raise is attributed to higher revenue, improved margins, and a favorable tax rate [43] Question: Market outlook for 2026 - Management expressed optimism about entering 2026 with a strong backlog, particularly in aerospace and defense [46] Question: Short cycle orders in Industrial Process - Management reported strong activity in parts and valves, with a notable increase in short cycle orders [50] Question: M&A opportunities and attractiveness of the funnel - The M&A funnel is rich with opportunities, primarily focused on pumps and valves, with a rigorous process in place to ensure value creation [60] Question: Impact of FX on Motion Technologies margins - FX transactions had a negative impact in absolute terms but provided a year-over-year benefit of around 100 basis points [113]