Platinum Capital (PMC) 2025 Annual General Meeting August 11, 2025 11:30 PM ET Speaker0Good afternoon ladies and gentlemen. Welcome to today's hybrid meeting. My nameSpeaker1is Margaret Taz and I'm the chair ofSpeaker0the company and I've been appointed to act as the chair of today's meeting. I'd like to begin by acknowledging that I'm speaking to you from the land of the Gadigal people of the Eora Nation. I also acknowledge the traditional custodians of the various lands from which each of you are joining ...

Zeotech (ZEO) Update Summary Company Overview - **Company**: Zeotech (ZEO) - **Industry**: Mining and Materials, specifically focusing on kaolin production Key Points from the Call DSO Offtake Agreement - Zeotech announced a significant DSO offtake agreement with MSI, projected to generate approximately **$200 million** in revenue over the first five years [3][31] - The agreement is legally binding and includes fixed price, terms, conditions, and volumes [5][6] - Expected EBITDA from this agreement is estimated to be between **$10 million to $12 million** annually starting early next year [4][8] - The capital expenditure required to initiate this business is around **$7 million**, which is relatively low compared to the expected revenue [8][14] Business Model and Synergies - The DSO agreement is not the core business but will support the main project, Auspolz, by providing necessary funding for capital expenditures and road improvements [9][12] - The DSO material is unique due to its high purity and does not require refining, making it competitive against other products [22][23] - The DSO includes two types of material: low iron DSO (150,000 tons/year) and a higher value cosmetic grade (starting at 10,000 tons/year) [15][16] Operational Logistics - The Tundurin deposit is located approximately **200 km** from Thunderbird Port, with transportation costs around **$40 per ton** [27] - Bundaberg Port has recently invested over **$20 million** in bulk minerals loading systems, which will facilitate the shipping process [28] Future Plans and Auspolz Project - Zeotech is moving into the definitive feasibility study phase for the Auspolz project, with positive feedback from various concrete companies on its applications [34][35] - A significant concrete pour demonstration is planned, involving about **90 cubic meters** of concrete, to showcase Auspolz's performance [36][37] - The Auspolz project has the potential to significantly reduce carbon emissions, aligning with government decarbonization goals [40][41] Market Opportunities - There is strong interest from both domestic and international markets for Auspolz, with potential orders already in place [52][54] - The company is exploring offshore opportunities while maintaining a focus on the Australian market [52][53] Regulatory and Community Support - Zeotech has a fully granted mining lease and is working on final permits for road upgrades, with local council support for job creation [56][59] - The project is expected to create approximately **140 new regional jobs** [58] Conclusion - Zeotech has successfully secured a major offtake agreement, positioning itself for strong revenue growth and operational success in the near future. The company is focused on advancing its core business, Auspolz, while leveraging the DSO agreement to enhance its financial and operational capabilities [61][62]

Coursera (COUR) Conference Call Summary Company Overview - **Company**: Coursera (COUR) - **Date of Conference**: August 11, 2025 - **Key Speaker**: Ken Corso, CFO Industry and Business Segments - **Industry**: Online Education and Learning Platforms - **Business Segments**: - Consumer Segment - Enterprise Segment Key Points and Arguments Business Performance - The consumer segment faced operational and executional headwinds leading to slowed growth since the IPO in March 2021, but has recently rebounded with double-digit growth in the last quarter [6][8] - The enterprise segment also experienced a slowdown due to uncertainty in capital spending across the market [6][20] - The appointment of the new CEO, Greg Hart, has led to a renewed focus on operational improvements, particularly in the consumer segment [7] AI and Course Demand - There has been a significant increase in interest in AI-related courses, with enrollments rising from 8 to 12 per minute over the past year [11] - The company has expanded its offerings to include 5,000 courses in 26 languages, resulting in increased revenue from these courses [12] - A shift in demand is noted, with more mid-level professionals seeking reskilling in AI rather than just entry-level courses [14] Subscription Model - The Coursera Plus subscription model has seen strong adoption, particularly in annual subscriptions, which enhances cash flow and deferred revenue visibility [17] - The focus on improving key metrics such as conversion and retention has yielded positive results, contributing to overall growth [17][18] Enterprise Segment Insights - The enterprise segment is experiencing a slowdown, but there is optimism for recovery as companies seek to reskill their workforces in response to AI advancements [19][21] - The campus segment, while smaller, is performing well, offering accredited courses to universities, which is beneficial for both students and institutions [25][27] Financial Performance - The company reported strong second-quarter results, raising its full-year revenue guidance by $17 million and increasing EBITDA guidance [36][40] - The consumer business model reacts quickly to improvements, leading to immediate payback on strategic initiatives [35] - There is a focus on maintaining a balance between growth and operational efficiency, with improvements in gross margin due to content initiatives and partnerships [44] Future Outlook - The company is transitioning towards a more platform-oriented approach, enhancing the value of its offerings through AI and product improvements [49][51] - There is an expectation of creating more value with existing content, which will drive revenue growth [53] Additional Important Insights - The synergy between Coursera's consumer and enterprise segments is significant, with approximately 30% of enterprise leads coming from former students [32] - The company emphasizes the importance of brand recognition and the value of certificates in enhancing the learning experience [49] - The management is focused on long-term platform investments and capabilities to drive future growth [51] This summary encapsulates the key insights from the conference call, highlighting Coursera's current performance, strategic initiatives, and future outlook in the online education industry.

Summary of Appian's Conference Call Company Overview - **Company**: Appian - **Industry**: Software, specifically focused on process automation and optimization - **Core Offering**: A platform that allows customers to design, automate, and optimize complex mission-critical processes across organizations [3][4] Key Points and Arguments - **Customer Use Cases**: - Appian is utilized by a major asset manager for customer onboarding and management, consolidating fragmented processes into a single application [4] - A large financial institution uses Appian for monitoring corporate customer communications for regulatory compliance [4] - Medical device companies leverage Appian for the lifecycle management of equipment from order to installation [5] - A U.S. city employs Appian for a digitized budgeting process, reducing response times by over 50% [6] - **AI Integration**: - AI enhances automation and process improvement, presenting significant incremental opportunities for Appian [9] - The company is seeing a steady increase in AI demand, with 50% of new customers opting for advanced pricing tiers that include AI features [21][25] - **Pricing Model**: - Appian employs various pricing models, primarily per seat and per app, with flexibility to adapt to customer needs [10] - The company has been successfully raising prices, reflecting the value delivered to customers, especially in the context of AI [11] - **Recent Financial Performance**: - In Q2, cloud subscription revenue grew by 21% (18% on a constant currency basis), with total revenue growth at 17% [16][17] - EBITDA margin reached 5%, exceeding guidance, attributed to strong new business and strategic focus on the enterprise segment [18][19] - **Go-to-Market Strategy**: - Appian has shifted focus to the enterprise segment, resulting in larger deal sizes and improved execution [19][23] - The company emphasizes clear communication of value to customers and has instituted a more disciplined sales process [24] - **Federal Sector Insights**: - Appian's federal business has outpaced overall growth, with expectations for continued success as the government modernizes and eliminates legacy systems [39][42] - The company anticipates more direct engagement with government entities, enhancing opportunities for software revenue [44] - **Competitive Landscape**: - Appian competes with both tech conglomerates and pure-play automation companies, maintaining steady win rates against larger competitors [47][48] - The company’s strengths include breadth of offering and quick time to value, which are critical in complex automation scenarios [50] - **Operational Efficiency and Margin Expansion**: - Appian has improved profitability, achieving close to 20 percentage points of EBITDA margin expansion over two years by eliminating low productivity areas [57] - Future focus areas include enhancing go-to-market efficiencies, R&D productivity, and leveraging AI for internal processes [60][61] Additional Important Insights - **Sales Cycle and Budgeting**: - Sales cycles remain long but stable, with no significant changes observed [54] - AI funding is not detracting from operational budgets, indicating a healthy environment for investment in new technologies [55] - **Partnership Ecosystem**: - Appian is deepening its partnership program, focusing on partners willing to invest in mutual success, which is expected to enhance market presence [51][52] This summary encapsulates the key insights from Appian's conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Cogent Communications (CCOI) Conference Summary Industry Overview - The discussion revolves around the telecommunications industry, specifically focusing on the wavelength services market and data center monetization opportunities. Key Points and Arguments Wavelength Services - The ramp-up of the wavelength business has been slower than expected due to three main factors: 1. Integration of the former Sprint voice network with Cogent's metro network took about a year and a half, which was slightly ahead of schedule [3][56] 2. Building a demand funnel was challenging, with a total of 10,000 expressions of interest, but only 1,000 converted to orders, and 8,000 fell out over time [4][57] 3. A strong funnel of 4,700 orders was reported, including various stages of order fulfillment [5][58] - The market is highly concentrated, with two major players dominating and a few smaller regional players [4][57] - The company has pre-enabled 938 data centers for quick provisioning of wavelength services, which is a significant improvement over traditional market practices [8][62] - The wavelength market is valued at approximately $2 billion, and Cogent aims to capture market share through unique architectural advantages [10][64] Backlog and Revenue Recognition - The backlog consists of four categories: 1. Signed contracts that have been installed but not accepted (200-300 units) [11][66] 2. Signed orders still in provisioning (a few hundred) [13][69] 3. Signed orders not yet provisioned due to customer readiness [15][71] 4. Orders with agreed terms but not yet signed [19][72] - Revenue is only recognized when customers accept the service, leading to discrepancies between installed units and recognized revenue [12][67] Financial Performance and Projections - The company aims to achieve a quarterly revenue run rate of $20 million from wavelength services by the end of the year, up from $9.1 million [21][54] - Historical growth rates indicate that Cogent has grown revenues organically at 10.2% from 2005 to 2020, with a target of 6% to 8% growth moving forward [23][24] - The enterprise business, which represents about 13% of total revenues, is declining but is expected to stabilize [39][40] - The NetCentric business, including WAVES, is currently growing in the high single digits, while excluding WAVES and IPv4 leasing, growth is in the low single digits [46][48] Data Center Monetization - The company has interacted with over 160 counterparties regarding data center monetization, with six letters of intent received [30][31] - The facilities are primarily former central offices, and the company is looking for counterparties willing to invest risk capital [29][30] - There is a potential market for small COLO facilities and portfolio-wide deals, but challenges exist due to the lack of current revenue from these facilities [36][37] Additional Important Insights - The company has faced challenges in the past, particularly with the acquisition of the Sprint Global Markets business, which initially led to a decline in revenue and margins [24][25] - The management emphasizes the need for credibility and transparency in reporting metrics to investors, especially during the early stages of wavelength deployment [22][23] - The company has a history of overcoming financial headwinds and aims to improve EBITDA sequentially through cost-cutting initiatives and ramping high-margin sales [53][54]

Abaxx Technologies (ABXX.F) Update Summary Company Overview - **Company**: Abaxx Technologies - **Date of Call**: August 11, 2025 - **Context**: Special presentation in APEX Technologies' midyear investor call focusing on strategic updates rather than financial metrics Key Industry and Company Insights Industry Context - The call emphasizes the highly regulated nature of the commodities and financial markets, particularly in relation to new product offerings and technology integration Core Company Developments 1. **Strategic Update Focus**: The call is a strategic update, not a financial quarter-end call, with no discussion of financial reporting metrics or guidance [2] 2. **Pilot Programs**: Introduction of AbEx digital title and AbEx US dollar trust network technology pilots, which will initially occur outside of the regulated clearinghouse [3][4] 3. **Regulatory Status**: Abaxx Singapore is recognized as a market operator exchange and approved clearinghouse in Singapore, with revenue-generating futures products trading [4] 4. **Product Milestones**: Successful trading of physical delivery LNG and the first VCM carbon futures contracts, along with a new Singapore kilobar gold contract generating daily trading volume [4][5] 5. **Commercial Transition**: The company is transitioning into an operating and growth stage, ramping up commercial operations and revenues [5] Technology and Innovation 1. **Technological Vision**: The technology aims to upgrade the global post-trade and commodity financing collateral ecosystem, addressing structural inefficiencies [9] 2. **Digital Title and Trust Network**: The AbEx digital title and trust network are central to the long-term mission of building smarter markets [8][9] 3. **Identity and Legal Finality**: The technology focuses on establishing trusted digital identities and legal finality, which are critical for institutional adoption [20][28] 4. **Privacy and Compliance**: The system is designed to ensure privacy and compliance without relying on central surveillance, addressing a significant barrier for institutional participation [30][31] Financial and Market Opportunities 1. **Revenue Generation**: The company plans to monetize through SaaS licensing fees and transaction fees based on assets managed within the AbEx trust network [45][61] 2. **Market Potential**: The addressable market is estimated at 1,000,000 lots per day ADV, translating to potential annual revenues between $300 million and $500 million [79] 3. **Future Products**: Plans to introduce additional products, including money market funds, contingent on regulatory approval [70][76] Important Milestones and Achievements 1. **Trading Volume Growth**: Average daily volume for gold contracts increased from 200 lots in June to over 1,000 lots in August, indicating strong market adoption [54] 2. **Successful Transactions**: Completion of the first physical delivery of a regulated exchange-cleared voluntary carbon contract, validating the end-to-end infrastructure [55] 3. **Institutional Engagement**: Ongoing discussions with major players and regulators to ensure the technology meets market needs and regulatory standards [39][40] Conclusion - Abaxx Technologies is positioned at a transformative juncture, with significant advancements in technology and market engagement. The focus on regulatory compliance, innovative product offerings, and strategic partnerships is expected to drive future growth and market share expansion.

Summary of Roper (ROP) FY Conference Call - August 11, 2025 Company Overview - Roper is a vertical market software and technology compounder, focusing on compounding cash flow in the mid-teens sustainably over a long period of time [4][5] - The company operates 29 businesses that are leaders in niche vertical markets, emphasizing organic growth and acquisitions to drive expansion [5][6] Core Business Strategy - Roper achieves growth through: - Organic growth of existing portfolio, currently at 6% to 7%, with a target of 7% to 7.5% [6][25] - Strategic acquisitions of niche market leaders, leveraging cash flow and investment-grade leverage [6][7] - The company aims to improve organic growth and capture more value from mergers and acquisitions (M&A) [7][19] Market Position and Competitive Advantage - Roper focuses on niche markets that are less prone to disruption, allowing for high gross retention and strong customer relationships [10][11] - The company emphasizes a decentralized operational structure, enabling agility and accountability at the business unit level [12][13] - Roper is investing in generative AI and other resources to enhance business performance and innovation [14][14] Recent Acquisitions and Growth Opportunities - Roper has acquired businesses like Central Reach and SubSplash, which are positioned in growing markets with strong retention rates [28][34] - Central Reach serves the autism services space, addressing a significant gap in care, while SubSplash focuses on church management software, benefiting from increased engagement and giving [30][34] - The company anticipates these acquisitions will contribute to organic growth and cash flow generation [29][30] Macro Environment and Market Dynamics - Roper's government contracting business (Deltek) has faced challenges but is expected to benefit from pent-up demand and favorable contract types [47][48] - The freight market has been in a recession, but Roper's DAT business is tracking mid-single-digit growth, with potential for improvement [49][50] - The healthcare sector remains strong, with Roper's solutions positioned well to manage costs [51] Risks and Challenges - Roper acknowledges potential execution risks with new acquisitions, particularly with ProCare, and is implementing measures to mitigate these risks [37][42] - The company is enhancing its market diligence and forecasting capabilities to better navigate potential challenges [39][40] AI and Technology Integration - Roper is actively exploring AI applications across its portfolio, aiming to enhance productivity and innovation [69][71] - The company is focused on modernizing its code base and leveraging AI to drive growth and efficiency [75][76] Future Outlook - Roper aims to achieve high single-digit organic growth by leveraging its existing portfolio and new acquisitions [25][26] - The company remains optimistic about the M&A environment, with a $5 billion capacity for acquisitions and a focus on disciplined valuation [60][62] - Roper believes that as long as there are entrepreneurs and capital, new opportunities will continue to emerge [88][90]

Summary of Forge Global Holdings (FRGE) FY Conference Call - August 11, 2025 Company Overview - **Company**: Forge Global Holdings (FRGE) - **Industry**: Private market trading and information services - **Core Services**: Marketplace for private companies, providing trading, data, custody, and related services to investors, companies, and shareholders [1][2] Key Points and Arguments Company Evolution and Value Proposition - Forge is transitioning from a transaction-focused platform to foundational infrastructure for private markets, with a newly launched next-generation platform [5][6] - The platform integrates with various participants, including high net worth individuals, institutions, and family offices, aiming for global reach [5][6] - Strategic partnerships with Yahoo, ICE, and Fortune enhance transparency and access to private market data [6][7] Market Performance and Outlook - Forge's trading volume increased by 110% year-over-year in the first half of the year, reflecting a recovery in the IPO market [10][11] - The company remains cautiously optimistic about a full-scale market recovery, driven by high-performing sectors like AI and fintech [11][12][13] Fund Launch and Product Development - Forge plans to launch its first registered fund, the Acquidity Megacorn Fund, aimed at non-accredited investors, enhancing access to private market investments [7][14][15] - The Megacorn Fund will feature a diversified index of top private companies, with future plans for additional rules-based products targeting various sectors [15][16][17] Competitive Landscape - The current market for private market index funds is limited, with Forge positioned uniquely against incumbents like ARC and traditional private equity firms [19][20] - Forge is exploring partnerships with major asset managers to enhance distribution of its products [21] Data Strategy and Revenue Generation - Forge views data as a strategic driver for success, with a phased approach to adoption and monetization [22][23] - The company anticipates material revenue from data as it moves into a revenue-sharing model with partners [24][25] Partnerships and Collaborations - A new partnership with Silicon Valley Bank focuses on providing secondary liquidity solutions, enhancing Forge's competitive advantage [29][30] - The partnership is exclusive and aims to integrate Forge's services within the bank's offerings [31][32] Regulatory Environment - Recent regulatory changes, including expanded definitions of accredited investors and allowing 401(k) investments in private markets, present opportunities for Forge [39][40][41] - Forge has been actively engaging with legislators to support policies that enhance access to private market investments [44][45] Financial Performance and Future Goals - Forge aims to achieve positive adjusted EBITDA by 2026, driven by operational scalability and efficiency gains from the new marketplace [49][51] - The company is confident in reaching breakeven, supported by strong volume growth and strategic investments [51][52] International Expansion - Forge is looking to expand its operations internationally, with a focus on Europe, Asia, and the Middle East, aiming for breakeven in its European operations by the end of 2025 [56][57] Investor Perception - The company emphasizes its technology-driven approach and recurring revenue model, which should influence investor perceptions and valuation multiples [58][59] Additional Important Insights - The market for tokenization of securities is evolving, with Forge positioned to partner with credible platforms for tokenization [35][36][37] - Forge's technology-first approach is expected to change how investors view the company and its scalability potential [58][59]

Amprius Technologies (AMPX) FY Conference August 11, 2025 03:45 PM ET Speaker0Hi, everyone. My name is Colin Rusch. I lead, Oppenheimer's sustainable growth and resource optimization research practice here. We're thrilled to have, the Ampreus team here, CEO, Kang Soon, and CFO, Sandra Wallach. We'll go through a presentation with the company and then do a little bit of q and a afterwards.So with that, I'll pass it over to you, Keng, to give us an introduction to the company.Speaker1Morning. Thank you. I'm g ...

Summary of Cognex Conference Call Company Overview - **Company Name**: Cognex - **Industry**: Industrial Automation and Machine Vision - **CFO**: Dennis Fear, in the role for about a year [1][2] Core Business and Market Position - Cognex specializes in converting real-world images into actionable data through machine vision technology, primarily for factory automation [3] - The company is recognized as a technology leader in both pre-AI and AI-enhanced machine vision [4] - The market is attractive due to factors such as cost optimization, reshoring of manufacturing, and labor shortages [4] Financial Performance - Cognex has historically maintained an adjusted EBITDA margin of around 28%, which has recently compressed [4] - The company is refocusing on profitability under new leadership, with optimism for future performance [5] Market Trends and Visibility - The largest end market for Cognex is logistics and warehouse automation, accounting for 24% of business [9] - Other significant markets include automotive, packaging, consumer electronics, and semiconductors [10] - Logistics has shown strong growth potential due to low penetration of machine vision technology [11] - Positive trends noted in packaging and early signs of recovery in consumer electronics due to reshoring [12] Margin Improvement Initiatives - Cognex has seen a year-over-year EPS increase and is trending towards a 20% adjusted EBITDA margin [14] - The company is focusing on operational efficiency and cost control, with a 3% reduction in operating expenses year-over-year [15][16] Growth Strategy - Cognex's growth strategy includes a focus on organic growth through market penetration and M&A [17][22] - The company aims for a 4% underlying market growth and 6-7% penetration growth through AI applications and reaching new customers [20][21] - M&A is considered a smaller component of the growth strategy, focusing on synergistic businesses with a clear path to 20-30% adjusted EBITDA [22] Product Development - The introduction of OneVision, a cloud-based training tool for machine vision systems, aims to enhance customer access to deep learning applications [24][25] - OneVision allows customers to improve their machine vision models using cloud computing while maintaining device-level performance and cybersecurity [26][27] Customer Base and Sales Strategy - Cognex is shifting its sales strategy to target a broader customer base, moving beyond high-concentration customers [43][44] - The company is hiring new sales personnel to penetrate the market more effectively, focusing on both new and existing customers [44][46] - The initiative aims to tap into different buyers within existing accounts, enhancing overall sales efficiency [46] Competitive Landscape - Concerns about smaller players and large tech companies entering the machine vision space are acknowledged, but Cognex believes its established accuracy and device-level optimization provide a competitive edge [32][33][34] - The company emphasizes its ability to maintain high accuracy and efficiency in industrial machine vision tasks, which are critical for success [35][36] Leadership and Execution - A new leadership team has been established to drive sales, growth, and innovation, with a focus on aligning strategic objectives [38][39] - The emphasis is on focused execution and disciplined cost management to achieve growth targets [42] Conclusion - Cognex is positioned for growth in the industrial automation sector, leveraging AI and machine vision technology while addressing profitability and market expansion through strategic initiatives and leadership alignment [5][22][42]