April 15, 2025 First Quarter 2025 Our strategy and path forward remain unchanged Our Vision Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market of the United States Maximize unique global network Scale Wealth Target share gains in Services, Banking, Markets and U.S. Personal Banking Grow Commercial Banking client segment Enhance Business Performance Focus on five core interconnected businesses Exit 14i ...

Summary of SEES 2024 Fourth Quarter Earnings Conference Call Company Overview - **Company**: SEES - **Key Businesses**: E-commerce (Shopee), Digital Financial Services (C-money), Digital Entertainment (Garena) Core Industry Insights E-commerce (Shopee) - **Performance**: Shopee achieved a GMV of over $100 billion for the first time in 2024, with a 28% year-on-year growth in GMV and over 10 billion orders processed [2][3] - **Profitability**: Shopee became adjusted EBITDA positive for the first full year, with significant improvements in monetization through higher commission and advertising take rates [3][12] - **Logistics**: Shopee's logistics costs per order decreased by $0.05 year-on-year, with nearly half of XPX Express orders delivered within two days [4][12] - **AI Integration**: AI tools improved customer service satisfaction scores and reduced customer service costs per contact by nearly 30% year-on-year [4][30] - **Live Streaming**: Contributed around 15% of Shopee's overall order volume, with a 40% year-on-year growth in unique streamers and viewers [5][6] Digital Financial Services (C-money) - **Growth**: The digital financial services segment reported annual revenue of $2.4 billion and adjusted EBITDA of over $700 million, both achieving over 30% year-on-year growth [6][13] - **Loan Book**: The loan book size surpassed $5 billion, with a 60% year-on-year growth in active users, reaching over 26 million [7][13] - **Risk Management**: Maintained a stable risk profile with a 90-day NPL ratio of 1.2% [7][13] Digital Entertainment (Garena) - **Game Performance**: Free Fire saw a 34% year-on-year growth in annual bookings, with average daily active users exceeding 100 million [9][10] - **User Engagement**: Focused on expanding the user base and enhancing engagement through local adaptations and collaborations [9][10] Financial Highlights - **Total Revenue**: GAAP revenue increased by 37% year-on-year to $5 billion in Q4 2024, and 29% year-on-year to $16.8 billion for the full year [11][12] - **Adjusted EBITDA**: Total adjusted EBITDA was $591 million in Q4 2024, compared to $127 million in Q4 2023, and $2 billion for the full year [11][12] - **Net Income**: Net income was $238 million in Q4 2024, compared to a net loss of $112 million in Q4 2023 [14] Strategic Outlook - **2025 Expectations**: Shopee expects GMV growth of around 20% in 2025, with improving profitability [6][15] - **Market Dynamics**: The company is well-positioned to leverage structural cost advantages and operational excellence in the e-commerce sector [6][11] - **Cash Management**: The company is open to various uses of cash, including potential dividends, share buybacks, and investments in AI capabilities [27][28] Additional Insights - **Consumer Behavior**: No significant shifts in consumer behavior were observed, but improvements in service quality are attracting higher-quality buyers [17][18] - **Logistics Strategy**: Engaging in fulfillment services in select markets to improve delivery times and enhance buyer experience [21][22] - **Take Rate Trends**: The take rate for Shopee's core marketplace increased to 8.5%, with expectations for further growth driven by advertising revenue [24][26] This summary encapsulates the key points from the SEES 2024 fourth quarter earnings conference call, highlighting the company's performance, strategic initiatives, and financial outlook.

Q4 2024 Earnings Presentation April 15, 2025 RENT THE RUNWAY Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this presentation that do not relate to maers of historical fact should be considered forward-looking statements. These statements include, but are not limited to, statements regarding Rent the Runway, Inc.'s (the "Company," "our" or "we") guidance and underlying a ...

This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles ("GAAP") and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated ...

Rent the Runway, Inc. (RENT) Q4 2024 Earnings Conference Call April 15, 2025 08:30 AM ET Company Participants Conference Operator - Call ModeratorKara Schembri - Chief Legal and Administrative OfficerJennifer Hyman - Chief Executive OfficerSid - Chief Financial Officer Conference Call Participants Andrew Boone - Analyst, JMP Securities Conference Operator Welcome to Rent the Runway's fourth quarter and fiscal year 2024 earnings results conference call. At this time, all participants are in a listen-only mod ...

Financial Data and Key Metrics Changes - Bank of America reported a net income of $7.4 billion and earnings per share (EPS) of 90 cents for Q1 2025, reflecting a year-over-year revenue growth of 6%, net income growth of 11%, and EPS growth of 18% [8][25] - The return on assets was 89 basis points, and the return on tangible common equity was 14% [8] - Net interest income (NII) grew by 3% year-over-year, reaching $14.4 billion on a GAAP basis [39] Business Line Data and Key Metrics Changes - Consumer banking generated $10.5 billion in revenue and $2.5 billion in net income, with revenue growth of 3% year-over-year [55] - Wealth management reported revenue of $6 billion, growing 8% year-over-year, with net income of $1 billion [60] - Global banking produced earnings of $1.9 billion, with revenue flat at $6 billion compared to the previous year [63] - Global markets earned $1.9 billion, with revenue improving by 10% year-over-year [66] Market Data and Key Metrics Changes - Deposits reached nearly $2 trillion, growing 8% from mid-2023 lows, marking the seventh consecutive quarter of deposit growth [9][35] - Commercial loans grew by 7% year-over-year, with a modest increase in revolver utilization noted [37] - Consumer spending across various methods grew at a pace of 4.4% in Q1 2025 compared to Q1 2024 [19] Company Strategy and Development Direction - The company continues to focus on organic growth across its business lines, with significant investments in commercial banking and wealth management [14][98] - Bank of America is leveraging technology, including artificial intelligence, to enhance efficiency and client engagement [100] - The company aims to maintain a strong balance sheet with over $200 billion in regulatory capital and nearly $1 trillion in liquidity [12][32] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate a recession in 2025 but has lowered GDP growth expectations [18] - The company is prepared for potential economic changes, emphasizing the strength of its credit portfolios and capital [70][71] - Consumer spending remains robust, with a 5% growth rate observed in early April 2025 [126] Other Important Information - Non-interest expenses were reported at $17.8 billion, up from the previous quarter, driven by seasonal payroll taxes and litigation costs [27][50] - The tangible book value per share increased by 9% year-over-year to $27.12 [32] Q&A Session Summary Question: Capital management and CET1 ratio comfort level - Management indicated flexibility in capital management and emphasized the importance of maintaining a strong CET1 ratio while growing into the capital base [96] Question: Outlook for loan and deposit growth - The strength in loan and deposit growth is attributed to investments in commercial banking and enhanced efficiency through technology [98][100] Question: Loan loss reserve dynamics - The reserve was set using blue chip economic indicators, reflecting a cautious approach to economic growth and inflation [106][108] Question: Expense outlook for the year - Management confirmed that the expense growth expectation remains at 2% to 3% for the full year [113] Question: Impact of interest rate cuts on NII target - Management maintains the NII target for Q4 2025 despite anticipated interest rate cuts, emphasizing the company's historical earnings power [120][123] Question: Near-term business segment activity amid volatility - Increased customer activity in global markets was noted, with no significant deposit flight observed [125]

Financial Data and Key Metrics Changes - In Q1 2025, Johnson & Johnson reported worldwide sales of $21.9 billion, reflecting a 4.2% increase year-over-year despite a 470 basis point headwind from Stellara [36][37] - Net earnings for the quarter were $11 billion, with diluted earnings per share at $4.54, significantly up from $1.34 a year ago, primarily due to the reversal of a $7 billion talc settlement proposal [38][39] - Adjusted net earnings were $6.7 billion, with adjusted diluted earnings per share at $2.77, representing increases of 1.9% and 2.2% respectively compared to Q1 2024 [38][39] Business Line Data and Key Metrics Changes - Innovative Medicine achieved worldwide sales of $13.9 billion, up 4.2%, with U.S. growth at 6.3% and international growth at 1.5% [40] - Oncology products like Darzalex grew by 22.5%, while Carvicti saw over 100% growth, achieving sales of $369 million [40][41] - MedTech reported worldwide sales of $8 billion, a 4.1% increase, with U.S. growth at 5.1% and international growth at 3% [46] Market Data and Key Metrics Changes - U.S. sales growth was 5.9%, while international sales growth was 2.1%, positively impacted by acquisitions and divestitures [37] - The MedTech segment faced challenges due to one-time events and competitive pressures, particularly in orthopedics, which declined by 3.1% [50][46] Company Strategy and Development Direction - The company plans to invest over $55 billion in the U.S. over the next four years to enhance manufacturing and R&D capabilities [19][20] - Johnson & Johnson aims to exit non-strategic product lines and optimize select sites to improve growth and profitability, with a restructuring program expected to be completed by 2027 [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite challenges from Stellara biosimilars and Part D redesign, highlighting a 4.2% growth across Innovative Medicine [10][102] - The company anticipates higher growth in the second half of 2025, driven by new product launches and a strong pipeline [66][71] Other Important Information - The company announced a 4.8% increase in dividends, marking the 63rd consecutive year of dividend increases [22][64] - Johnson & Johnson reversed a $7 billion reserve related to the talc settlement, which is expected to positively impact capital allocation priorities [65] Q&A Session Summary Question: Impact of tariffs on guidance - Management explained that the $400 million in tariffs primarily affects MedTech and includes various tariffs from Mexico, Canada, and China, with limited price leverage available to mitigate these costs [82][86] Question: Gross margins in the quarter - Management noted that gross margins were impacted by Stellara's decline and Part D redesign, with expectations for improvement moving forward [93][96] Question: Stellara biosimilar erosion - Management confirmed that the impact of Stellara biosimilars was in line with expectations, with overall business growth remaining strong despite this headwind [99][102] Question: Recession impact on business - Management indicated that healthcare has proven to be more recession-proof than other industries, with a focus on monitoring job reports as a precursor to healthcare demand [110][112] Question: Section 232 potential pharma tariffs - Management is analyzing the potential impact of Section 232 tariffs and emphasized the importance of partnering with the administration to mitigate vulnerabilities in the healthcare supply chain [117][120]

Financial Data and Key Metrics Changes - FB Financial reported EPS of 84 cents and adjusted EPS of 85 cents for Q1 2025, with a tangible book value per share growth at a compound annual growth rate of 12.8% since its IPO in 2016 [14][15] - Pre-tax pre-provision net revenue was $51.1 million, or $52.2 million on an adjusted basis, with net interest income of $107.6 million and non-interest income of $23 million for the quarter [23][24] - The net interest margin increased by five basis points to 3.55%, while the cost of total interest-bearing deposits decreased by 24 basis points [25][26] Business Line Data and Key Metrics Changes - Loan balances grew by $169 million at an annualized rate of 7.14%, primarily in commercial and industrial (CNI) and owner-occupied commercial real estate (CRE) [15][16] - Non-interest income remained relatively flat at $23 million, with mortgage banking income up by approximately $1.8 million due to lower market interest rates [28] Market Data and Key Metrics Changes - The company operates as a regional bank across five states in the Southeast, focusing on customer service and community engagement during economic uncertainty [20] - Economic uncertainty has increased, but the company believes it presents opportunities for disciplined and prepared organizations [21] Company Strategy and Development Direction - The planned combination with Southern States Bank is expected to close in Q3 2025, with a strong conviction in the cultural fit and market opportunity of the merger [13][14] - The company aims to balance growth through organic means while integrating the Southern States transaction, emphasizing the strength of its operating foundation [17] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty is rising, but the company's mission remains unchanged, focusing on serving customers and communities [19][20] - The company is prepared for various economic environments, with a strong capital position and a focus on understanding customer needs during uncertain times [21][22] Other Important Information - The allowance for credit loss balance decreased to $151 million, with an annualized net charge-off rate of 0.14% driven by credit in the C&I portfolio [31] - The company maintains strong capital ratios, including a tangible common equity to total assets ratio of 10.5% and a preliminary common equity tier one ratio of 12.8% [32] Q&A Session Summary Question: Loan growth trends and customer sentiment - Management noted some reticence about major projects at a macro level, but pipelines remain robust with an outlook for high single to low double-digit growth [40][41] Question: Performance in new markets like Asheville and Tuscaloosa - Both markets are showing positive momentum, with strong starts in Tuscaloosa and improving conditions in Asheville [43][44] Question: Stock buyback strategy - The company has $73 million remaining on its stock buyback authorization and will consider buying back shares if they believe the stock is undervalued [51] Question: Balance sheet growth expectations - The company anticipates stronger balance sheet growth in Q2, driven by core customer deposits and managing higher-cost deposits [64][65] Question: Construction commitments and risks - The company is monitoring its construction commitments closely, particularly in Nashville, but maintains a healthy concentration ratio [70] Question: Charge-off expectations and credit quality - Management expects charge-offs to be lower than historical levels, with concerns primarily in the C&I portfolio rather than real estate [92][94] Question: Expense growth and efficiency - The company anticipates a slight increase in expenses due to higher compensation-related costs but expects to stabilize in the latter half of the year [109][111]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $52.9 million, up 22% compared to the prior year [21] - Cost of revenues increased by $2.1 million to $49.1 million from the prior comparable period [23] - Net loss attributable to common stockholders was $36.1 million or $0.16 per share [24] - Adjusted net loss was $17.8 million or $0.08 per diluted share, with adjusted EBITDA increasing 878% to $10 million [25] Business Line Data and Key Metrics Changes - Data center hosting segment generated $35.2 million in revenue, while cloud services segment contributed $17.8 million [21] - Cloud services revenue declined sequentially due to a shift to an on-demand model, but technical issues have been resolved [22] Market Data and Key Metrics Changes - The company operates 286 megawatts of fully contracted data center hosting capacity, running at full capacity [9] - Bitcoin prices remain strong, positively impacting customer sentiment and business prospects [9] Company Strategy and Development Direction - The company is exploring strategic options for its cloud services business, driven by competitive dynamics and potential transition to a data center REIT structure [15][16] - Significant investments have been made, including a $5 billion potential investment from Macquarie Asset Management and a $375 million financing arrangement with Sumitomo Mitsubishi Bank [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business and its future prospects, particularly in the high-performance computing industry [9] - The company is focused on completing construction on schedule and within budget, with plans for future expansions [28] Other Important Information - The company ended Q3 with $261.2 million in cash and $689.1 million in debt [27] - Construction for the first building is expected to generate revenue in Q4 2025, with subsequent buildings planned for 2026 and 2027 [13] Q&A Session Summary Question: Update on the split between on-demand and contracted cloud services - Currently, four of six clusters are in reserve contracts, while two have moved to on-demand, generating some revenue [33] Question: Long-term fit of the BTC hosting business - BTC assets are expected to align with HPC data center capacity, allowing for dynamic load adjustments [34] Question: Impact of Macquarie and SMBC on leasing momentum - Increased interest has been noted, with improved comfort levels among potential customers due to world-class financing partners [42] Question: Expected capital needs over the next 12 to 18 months - Capital expenditures are in line with past projections, running between $30 to $50 million per month for the first building [44] Question: Status of Bitcoin hosting contracts - Approximately two years remain on existing contracts, with some risk of non-renewal [46] Question: Remaining steps to complete the L&A facility - The facility is expected to be operational by Q4 2025, with remaining expenditures primarily for finishing touches and equipment deployment [51] Question: Plans for selling the cloud business - The process has just started, with various potential structures being evaluated [56] Question: Existing hyperscalers' disposition towards data center builds - Demand remains stable, with ongoing discussions with multiple hyperscalers [64] Question: Pricing trends for data center services - Pricing has been stable over the last 90 days but has increased year-over-year [69] Question: Sale process and potential lessors' requirements - There are no hard requirements for the sale process, but it is seen as the right time to separate the cloud business [83]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was $133.8 million, down approximately 2.8% year-over-year, while total revenue for the full year was $531 million, down approximately 4% year-over-year [35][51] - Adjusted EBITDA for the fourth quarter was $29.9 million, representing 22% of revenue, up from $28.3 million or 21% of revenue in the prior year [41] - The company reported a gap net loss of $31.1 million in the fourth quarter, compared to a gap net loss of $245.3 million in the prior year [42] Business Line Data and Key Metrics Changes - Talent Development Solutions (TDS) revenue was $102.8 million in the fourth quarter, up 1% year-over-year, and $405.5 million for the full year, essentially flat to FY24 [31] - Global Knowledge revenue was $30.9 million in the fourth quarter, down approximately 13% year-over-year, with full-year revenue of $125.4 million, down approximately 15% year-over-year [34] Market Data and Key Metrics Changes - The company reported a dollar retention rate (DRR) of 105% for the fourth quarter, leading to a full-year DRR of 100%, a 200 basis point improvement from the previous quarters [8][33] - The market served by the company is estimated to be over $400 billion, with a focus on the talent development lifecycle within the enterprise market segment [12][13] Company Strategy and Development Direction - The transformation strategy focuses on two key objectives: fixing the basics and investing to grow, with a targeted shift of up to 20% of resources into the enterprise market segment [10][11] - The company aims to return to growth in FY26 while generating positive free cash flow, with a commitment to drive at least $45 million in annualized expense reduction [15][16] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring the macroeconomic environment and potential impacts of evolving government policies, but has not seen any material impact on business so far [7][62] - The company expects revenue for FY26 to be between $530 million and $545 million, with adjusted EBITDA of $112 million to $118 million [51][52] Other Important Information - The company generated $17.7 million in cash flow from operations in Q4, resulting in free cash flow of $13.2 million, compared to $5.4 million in the prior year [46] - Total gross debt was $581 million at the end of Q4, down from approximately $591 million at the end of Q3, with a reduction in gross debt leverage from six times to 5.3 times [50] Q&A Session Summary Question: Impact of recent tariff news on customer base - Management noted that as a federal contractor, they have not seen any material impact due to their preparedness and collaboration with federal agencies [62][63] Question: Guidance for growth in FY26 - The outlook reflects current business operations, acknowledging a fluid environment that may impact future performance [71][72] Question: Margin improvement in EBITDA guidance - Management indicated that while revenue is expected to grow, margin expansion may not be significant in the near term due to various factors affecting profitability [74][75] Question: Dynamics of large deal activity - The company reported strong performance in securing large deals, with significant contributions from top customers [88][109] Question: Global Knowledge margin contribution decline - Management attributed the decline to a mix issue and indicated plans to improve the margin profile in FY26 [110][112] Question: Durability of dollar retention rate improvements - Management expressed confidence in the durability of the DRR improvements, supported by long-term contracts and ongoing resource shifts [116][121] Question: Seasonality of the business - Management confirmed that Q1 is typically the smallest quarter, and this seasonality is expected to continue in FY26 [124][125]