Financial Data and Key Metrics Changes - The company reported total revenue of $1.53 billion for Q1 2025, down from $1.6 billion in Q1 2024, primarily due to market and partnership exits, partially offset by premium growth [21][22] - Medical margin for Q1 2025 was $128 million, compared to $157 million in Q1 2024, reflecting elevated medical costs driven by increased utilization and flu-related expenses [21][22] - Adjusted EBITDA for Q1 2025 was $21 million, down from $29 million in Q1 2024, impacted by ongoing elevated cost trends [23] Business Line Data and Key Metrics Changes - Medicare Advantage membership at the end of Q1 2025 was 491,000, a decrease from 523,000 in Q1 2024, due to a cautious approach to membership growth and partner exits [19][20] - ACO REACH membership for Q1 2025 was 114,000, down from 131,000 in Q1 2024, primarily due to exiting an underperforming partnership [20] Market Data and Key Metrics Changes - The Medicare Advantage market continues to expand, with CMS data showing a year-over-year growth trend of 3.9% [10] - Overall market trends in 2025 remain consistent with the prior year, with a full-year trend expected at 5.3% [9] Company Strategy and Development Direction - The company is focused on disciplined growth, reducing exposure to costs outside of its control, and enhancing clinical and operational capabilities [7][11] - Investments in technology are seen as a key competitive advantage, aimed at improving automation, efficiency, and clinical outcomes [13][14] - The company aims to reduce Part D exposure and improve economic terms for Part C, with a focus on quality incentives [12][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 2026 environment, citing a favorable final rate notice from CMS and supportive comments from administration officials regarding value-based care [8][17] - The company anticipates clearer signals from Congress regarding Medicare policy as the year progresses [8] - Management remains cautious about ongoing utilization pressures and is taking a conservative approach to assumptions for 2025 [25][66] Other Important Information - The company ended Q1 2025 with $369 million in cash and marketable securities, expecting to use approximately $110 million of cash in 2025 [28] - The company is targeting cash flow breakeven by 2027 while maintaining a disciplined approach to capital allocation [28] Q&A Session Summary Question: Impact of V-28 risk model transition on value-based care companies - Management indicated that the risk adjustment perspective for 2025 is in line with expectations, with a 2% net increase year-over-year, inclusive of a 3% headwind from V-28 [33][34] Question: Contribution from previously exited areas - Management noted that unfavorable development from exited markets would not impact 2025 significantly, with minimal remaining IBNR for those service dates [38][39] Question: Clarity on 2026 MA final rate notice - Management confirmed that 40% of membership was repriced for January 2025, with expected benefits from the average 9% increase across the network [42][43] Question: Expectations for 2026 MA bit cycle - Management expressed optimism about the 2026 environment, with a focus on quality incentives and clinical cost-saving initiatives [60][61] Question: Visibility on completed claims and medical cost trends - Management highlighted improved visibility through a new financial data pipeline, which provides detailed member-level revenue and claims data [67][70] Question: Potential membership reduction into 2026 - Management stated that they do not anticipate a reduction in membership due to ongoing efforts to reduce Part D exposure and improve economic terms [76][77] Question: Impact of Humana's star ratings decline - Management acknowledged the potential headwind from Humana's star ratings but emphasized the company's strong quality performance as a differentiator [96][100] Question: Development of clinical programs - Management confirmed that while 2025 is an investment year for new clinical programs, benefits are expected to materialize in 2026 and beyond [107]

Financial Data and Key Metrics Changes - In Q1 2025, the company produced 2,212 vehicles, a 28% year-over-year increase, and delivered 3,109 vehicles, up more than 58% year-over-year, marking the fifth consecutive quarter of record deliveries [6][32] - Total revenue for the quarter was $235 million, representing a 36% growth year-over-year, with $31.5 million recognized in regulatory credit revenue [33] - The GAAP gross margin improved to negative 97.2%, up from negative 134.3% in the prior year quarter, reflecting higher regulatory credit revenue and cost management [33][34] - Adjusted EBITDA was negative $563 million, an improvement of 2% versus Q4 [36] Business Line Data and Key Metrics Changes - The Lucid Air remained the number one best-selling EV and the third best-selling sedan overall in its segment in the U.S. [8] - The Lucid Gravity is generating strong interest, with over three-quarters of orders coming from new customers [12] Market Data and Key Metrics Changes - The company experienced significant demand for the Lucid Air, which was named Best Luxury Electric Car for the fourth consecutive year [7][8] - The marketing campaign for the Lucid Gravity reached over 11 million people on social media, significantly increasing brand awareness [10] Company Strategy and Development Direction - The company is focused on building a vertically integrated enterprise designed to lead in the next era of mobility, with plans to expand its vehicle lineup with a mid-sized platform scheduled for production in late 2026 [41][42] - The company is exploring strategic adjustments to align with changing market conditions, including vehicle price changes and tariff risk mitigation [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty in the market due to tariffs and supply chain issues but expressed confidence in the company's ability to navigate these challenges [21][39] - The company aims to produce approximately 20,000 vehicles in 2025, despite market uncertainties [40] Other Important Information - The company completed a convertible notes offering with strong support from the public investment fund, extending liquidity into the second half of 2026 [32] - The acquisition of the Nikola factory is expected to mitigate some capital expenditure needs [48] Q&A Session Summary Question: Can the midsize rollout and ramp be accelerated due to the acquisition of the Nikola factory? - Management clarified that while the acquisition is beneficial, the timeline for the midsize platform remains late 2026 due to complexities in sourcing and tariffs [45][46] Question: Are there plans for Lucid to sell or lease its technology to other manufacturers? - Management confirmed ongoing discussions with various OEMs regarding technology licensing, emphasizing the strategic direction of Lucid Group [49] Question: What is the impact on Lucid's supply chain due to Chinese curbs on rare earth material exports? - Management highlighted the importance of vertical integration, allowing the company to mitigate risks associated with rare earth material shortages [50][51] Question: Is it fair to say that Lucid lacks urgency regarding production ramp and deliveries? - Management emphasized the importance of quality over speed, stating that they are focused on delivering high-quality vehicles despite some supply chain bottlenecks [52][53] Question: Can you provide an update on test drives and order perspectives for the Gravity? - Management reported strong order inflow and plans to roll out test drives as vehicles meet quality standards [56][57] Question: What is the plan to address the convertible bonds maturing in 2026? - Management stated that they will remain opportunistic regarding financing and timing for addressing convertible bonds [70][71]

Financial Data and Key Metrics Changes - In Q1 2025, the company produced 2,212 vehicles, a 28% year-over-year increase, and delivered 3,109 vehicles, up more than 58% year-over-year [5][31] - Total revenue for the quarter was $235 million, representing a 36% growth year-over-year [31] - Gross margin improved significantly, with Q1 gross margin at negative 97.2%, up from negative 134.3% in the prior year quarter [31] - Adjusted EBITDA in Q1 was negative $563 million, an improvement of 2% versus Q4 [34] Business Line Data and Key Metrics Changes - The Lucid Air was named the Best Luxury Electric Car for the fourth consecutive year and remained the number one best-selling EV in the U.S. [6][7] - The Lucid Gravity is generating strong interest, with over three-quarters of orders coming from new customers [11][12] Market Data and Key Metrics Changes - The company faced temporary systems issues in Saudi Arabia that have now been resolved, impacting delivery numbers [31] - The company is seeing increased interest in its technology access and licensing business, with ongoing discussions with various OEMs [13][14] Company Strategy and Development Direction - The company aims to rewrite the EV playbook with the Lucid Air and Lucid Gravity, focusing on innovation and technology leadership [26] - There is a strong emphasis on vertical integration to maintain control over components and mitigate tariff impacts [22][23] - The company is exploring strategic adjustments to align with changing market conditions, including potential vehicle price changes and supply chain bifurcation [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macroeconomic environment and its potential impact on financial performance, particularly regarding tariffs [19][37] - The company is optimistic about its production target of approximately 20,000 vehicles in 2025, despite market uncertainties [38] - Management emphasized the importance of delivering high-quality vehicles and maintaining a focus on long-term value creation [52][40] Other Important Information - The company completed a convertible notes offering with strong support from the public investment fund, extending liquidity into the second half of 2026 [30] - The recent acquisition of the Nikola factory is expected to mitigate some capital expenditure needs [47] Q&A Session Summary Question: Can the midsize rollout and ramp be accelerated due to the acquisition of the Nikola factory? - Management clarified that while the acquisition is beneficial, accelerating the midsize platform is not feasible due to current uncertainties in tariffs and supply chains [44][46] Question: Are there plans for Lucid to sell or lease its technology to other manufacturers? - Management confirmed that this has always been the plan, with ongoing discussions with various OEMs despite current tariff concerns [48] Question: What is the impact on Lucid's supply chain due to Chinese curbs on rare earth material exports? - Management reiterated the importance of vertical integration, allowing the company to control components and mitigate supply chain risks [49] Question: Does Lucid lack urgency regarding production ramp and deliveries? - Management emphasized the importance of thoughtful execution in bringing high-quality vehicles to market, stating that they are focused on delivering products that meet high standards [51][52] Question: Can you provide an update on the Atlas drivetrain? - Management indicated that an announcement regarding the Atlas drivetrain is expected in the coming months [57] Question: How should investors think about the breakdown between sedans and the Gravity in terms of production and deliveries? - Management expects the Lucid Air to maintain steady sales, with the majority of growth coming from the Gravity [61][62]

Ginkgo Bioworks (DNA) Q1 2025 Earnings Call May 06, 2025 05:30 PM ET Speaker0 Communications and ownership. It's my third year here at Ginkgo. I've spent much of that time working behind the scenes with our investor relations team on these earnings calls, but I'm thrilled to be joining you for the first time live on air. I'm joined by Jason Kelly, our cofounder and CEO, and Mark Demetriuk, our CFO. Thanks as always for joining us. We're looking forward to updating you on our progress. As a reminder, during ...

Coupang (CPNG) Q1 2025 Earnings Call May 06, 2025 05:30 PM ET Company Participants Michael Parker - Vice President, Head of Investor RelationsBom Kim - Founder, CEO & ChairmanGaurav Anand - CFO Conference Call Participants Eric Cha - AnalystStanley Yang - AnalystSeyon Park - Equity Research AnalystJiong Shao - Analyst Operator Hello everyone. My name is Krista and I'll be your conference operator today. At this time, I would like to welcome everyone to the Kupong twenty twenty five First Quarter Earnings Co ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue growth of 11% year over year, or 21% on a constant currency basis [6][17] - Gross profit margin increased by 217 basis points to 29.3%, while adjusted EBITDA margins improved nearly 90 basis points to 4.8% [6][20] - Adjusted EBITDA for the trailing twelve months reached $1.5 billion, with free cash flow exceeding $1 billion [6] Business Line Data and Key Metrics Changes - The Product Commerce segment saw revenue growth of 6% year over year, or 16% in constant currency, with active customers growing by 9% [19] - The Developing Offerings segment experienced a significant revenue increase of 67% year over year, or 78% in constant currency, driven by strong customer engagement in Eats and Taiwan [19][20] - Gross profit for Product Commerce was $2.2 billion, with a gross profit margin of 31.3%, reflecting a margin improvement of over 300 basis points year over year [20] Market Data and Key Metrics Changes - In Taiwan, selection expanded by nearly 500% this quarter, leading to increased customer engagement and spending [11][42] - The company continues to see strong momentum in its Eats segment, sustaining growth and margin improvements throughout 2024 [14][38] Company Strategy and Development Direction - The company is focused on expanding selection, lowering prices, and enhancing delivery experiences to drive sustained growth [7][10] - Significant investments are being made in technology, innovation, automation, and robotics to improve operations and customer experience [9][10] - The company is optimistic about its investments in Taiwan, expecting them to follow a similar trajectory as past investments in Korea [12][43] Management Comments on Operating Environment and Future Outlook - Management noted that there has not been a meaningful impact from recent global events on the business, and they continue to monitor the macroeconomic environment closely [16][29] - The company maintains a growth outlook of approximately 20% for the full year on a constant currency basis, despite potential macroeconomic challenges [29][36] Other Important Information - The board approved a $1 billion share repurchase program as part of the company's capital allocation strategy, allowing for opportunistic buybacks [25][30] - The effective income tax rate was reported at 47%, influenced by losses in early-stage operations in Taiwan [24][25] Q&A Session Summary Question: Impact of macro and tariffs on business - Management indicated limited impact from macroeconomic factors and tariffs, with no significant changes in consumer behavior observed [28][29] Question: Details on the stock repurchase plan - The share repurchase program is designed to act opportunistically based on market conditions, with no fixed term established [30][31] Question: Revenue growth guidance comfort level - Management expressed confidence in achieving the 20% revenue growth target despite the current macro and competitive environment [33][36] Question: Developing offerings loss and margin trends - The company acknowledged increased losses in developing offerings but highlighted strong growth in Eats and Taiwan, expecting continued improvement [34][38] Question: Timeline for the share repurchase program - There is no fixed timeline for the $1 billion repurchase program, and the pace will be opportunistic [40][41] Question: User engagement in Taiwan post-selection increase - Management reported strong growth in Taiwan, with increased engagement and spending following the expansion of selection and the launch of the Wow membership program [42][43] Question: FLC growth and marketplace performance - FLC is growing at a high multiple of the overall business, with marketplace growth outpacing 1P [48][50] Question: Technology investment cycle status - The company is in the midst of a technology investment cycle, with expectations for OG&A expenses to decline as a percentage of revenue in the near to medium term [55][56]

Beta Bionics (BBNX) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Company Participants Blake Beber - Head - Investor RelationsSean Saint - Board Member, President & CEOStephen Feider - CFOMike Kratky - Senior Managing Director - Medical Devices & TechnologyMathew Blackman - Managing DirectorTravis Steed - Managing Director - Equity ResearchJeffrey Cohen - MD - Equity ResearchKelly L. Close - Founder & President Conference Call Participants Matt O'Brien - AnalystJeffrey Johnson - Senior Research AnalystBroo ...

Viant Technology (DSP) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Speaker0 Hello, everyone, and welcome to Viant Technologies first quarter twenty twenty five earnings conference call. My name is Emmanuel, and I will be your operator today. Before I hand the call over to the Viant leadership team, I'd like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded. After the speakers' remarks, there will be a question and answer session. If you plan to ask a question ...

Ultragenyx Pharmaceutical (RARE) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants Joshua Higa - VP - Investor RelationsEmil Kakkis - Founder, President, CEO & DirectorErik Harris - Executive VP & Chief Commercial OfficerHoward Horn - Executive VP of Corporate Strategy & CFOEric Crombez - Chief Medical Officer & Executive VPTazeen Ahmad - MD - US Equity ResearchGena Wang - MD - Biotech Equity ResearchYigal Nochomovitz - DirectorWill Soghikian - Vice President - Equity ResearchLiisa Bayko - ...

Ultragenyx Pharmaceutical (RARE) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Speaker0 Good afternoon, and welcome to the Ultragenyx First Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. At the end of the prepared remarks, you will have an opportunity to ask questions during the Q and A portion of the call. It is now my pleasure to turn the call over to Joshua Higa, Vice President of Investor Relations. Speaker1 Thank you. We have iss ...