Wipro (WIT) Q1 2026 Earnings Call July 17, 2025 09:30 AM ET Company ParticipantsDipak Bohra - SVP, Corporate Treasurer & Head - IRSrini Pallia - CEO & MDAparna Iyer - CFOGaurav Rateria - Executive DirectorSurendra Goyal - MD & Head - India ResearchVibhor Singhal - Executive DirectorManik Taneja - Executive DirectorKumar Rakesh - Associate Director - Equity ResearchSandeep Shah - Director - Equity ResearchAshwin Mehta - MD & Head - Equity ResearchConference Call ParticipantsAbhishek Kumar - Equity Research A ...

Financial Data and Key Metrics Changes - IT Services revenue for Q1 FY 2026 was $2,590 million, reflecting a quarter-on-quarter decline of 2% in constant currency terms, which is within the guidance range [8][21] - IT Services margin was 17.3%, an expansion of 80 basis points year-on-year [8][22] - Net income grew by 10.9% year-on-year, with EPS at INR 3,200, reflecting a 10.8% year-on-year increase [25][26] - Free cash flow generation was robust at 115% of net income, with gross cash reaching $6,400 million [26] Business Line Data and Key Metrics Changes - In the Americas, revenue grew 1.5% year-on-year in constant currency terms, while APMEA's revenue remained flat [9][23] - BFSI sector declined 3.8% sequentially and 3.5% year-on-year, while Healthcare grew 0.5% sequentially and 3.5% year-on-year [24] - Capco grew 6% year-on-year, driven by strong performance in Latin America [9][24] Market Data and Key Metrics Changes - Europe faced a decline of 6.4% sequentially and 11.6% year-on-year, with clients focused on maintaining competitiveness [23][24] - Digital spending in India, the Middle East, and Southeast Asia kept the market resilient [9] Company Strategy and Development Direction - The company is focusing on AI-led efficiency and transformation, with a strategic shift towards consulting-led and AI-powered solutions [17][48] - The company aims to build an AI-first enterprise, integrating AI capabilities into industry solutions [17][18] - The outlook for the next quarter is cautious, with guidance for sequential growth of -1% to +1% in constant currency terms [19][28] Management's Comments on Operating Environment and Future Outlook - Management noted significant macro uncertainty affecting overall demand, with clients prioritizing cost optimization and vendor consolidation [6][7] - The company expressed confidence in the second half of the year due to a strong order book and healthy pipeline [19][57] Other Important Information - The Board declared an interim dividend of INR 5 per share, with a commitment to pay dividends twice a year [27][28] - The company reported bookings worth $5 billion in total contract value, a growth of 51% year-on-year, with large deal bookings reaching $2.7 billion, up 131% year-on-year [13][14] Q&A Session Summary Question: On deal wins and ACV growth - Management acknowledged that TCV has been growing faster than ACV due to a mix of longer-tenure deals and vendor consolidation [32][33] Question: On capital allocation and dividend policy - The company has moved towards a dividend-focused capital allocation policy, with buybacks remaining an option [35] Question: On margins and deal execution - Management indicated that while current margins are strong, there may be pressures due to upfront investments in large deals [39][40] Question: On deal wins in traditionally weak areas - The company has invested in domain expertise and focused on consulting-led strategies to win deals in new sectors [48][49] Question: On discretionary spending and project pauses - Certain projects remain paused due to ongoing evaluations of tariffs and geopolitical factors, but management is hopeful for future investments [52] Question: On client metrics and active clients - The decline in active clients is attributed to a weak discretionary spend environment, but the company continues to focus on large accounts [98] Question: On competitive pressures and pricing - Management acknowledged competitive pricing pressures in the current environment but emphasized the importance of execution [119]

Financial Data and Key Metrics Changes - The company reported core income of $1,500,000,000 or $6.51 per diluted share, with a core return on equity of 18.8% for the quarter, and 17.1% for the trailing twelve months [5][14] - Underwriting income improved with a combined ratio of 90.3%, a nearly 10-point improvement, driven by lower catastrophe losses and favorable prior year reserve development [6][14] - Adjusted book value per share increased by over 14% compared to the previous year, reaching $144.57 [20] Business Line Data and Key Metrics Changes - Business Insurance segment income rose to $813,000,000, up nearly 25% from the prior year, with net written premiums increasing by 5% to $5,800,000,000 [25][30] - Bond and Specialty Insurance generated segment income of $244,000,000 with a combined ratio of 80.3% [31] - Personal Insurance delivered segment income of $534,000,000, with an underlying combined ratio of 79.3%, reflecting significant improvements in underwriting [35][36] Market Data and Key Metrics Changes - Net written premiums grew to $11,500,000,000 in the quarter, with growth across all three segments [9] - Renewal premium change in Business Insurance was strong at 7.7%, with retention rates at 85% [9][27] - In Personal Insurance, renewal premium change was 19.3%, indicating strong pricing actions [39] Company Strategy and Development Direction - The company is committed to disciplined capital allocation and value creation, as evidenced by the sale of its Canadian business for $2,400,000,000 [11][12] - The focus remains on optimizing capital deployment to generate attractive returns and profitable growth [12][14] - The company plans to relax property restrictions by the end of 2025, aiming to balance its portfolio between auto and property [40][106] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for continued premium growth and attractive underwriting margins, supported by a strong balance sheet [14][20] - The company noted that the overall market conditions remain orderly, with a positive trajectory for investment income [14][20] - Management acknowledged the challenges posed by tort inflation but indicated that pricing strategies are in place to address these issues [58] Other Important Information - The company returned over $800,000,000 of capital to shareholders during the quarter, including $557,000,000 in share repurchases [8][21] - Operating cash flows for the quarter were strong at $2,300,000,000, marking the twenty-first consecutive quarter with cash flows exceeding $1,000,000,000 [21] Q&A Session Summary Question: Insights on Business Insurance pricing and competition - Management noted that while there are some pressures in the national property market, overall pricing remains strong in other lines, with retention indicating market stability [44][48] Question: Future expectations for Personal Lines and premium production - Management indicated that relaxing property restrictions could positively impact both property and auto opportunities, aiming for a balanced portfolio [49][106] Question: Concerns about property market durability - Management expressed confidence in the overall positive landscape and indicated that property outside of national accounts has historically performed differently [52][53] Question: Impact of tariffs on pricing and margins - Management stated that there has been no significant impact from tariffs on their businesses, but they are monitoring the situation [73] Question: Cyber insurance market dynamics - Management highlighted that the cyber insurance market remains competitive, with pricing not fully reflecting the loss environment [108]

Texas Capital Bancshares (TCBI) Q2 2025 Earnings Call July 17, 2025 09:00 AM ET Company ParticipantsJocelyn Kukulka - Managing DirectorRob Holmes - Chairman, President & CEOMatt Scurlock - MD & CFOMichael Rose - Managing DirectorWoody Lay - Vice PresidentMatt Olney - Managing DirectorJon Arfstrom - MD & Associate Director - US ResearchConference Call ParticipantsStephen Scouten - MD & Senior Research AnalystOperatorGood morning, and thank you all for attending the Texas Capital Bancshares Inc. Q2 twenty twe ...

Fifth Third Bancorp (FITB) Q2 2025 Earnings Call July 17, 2025 09:00 AM ET Company ParticipantsMatt Curoe - Senior Director - IRTimothy Spence - CEO, President & DirectorBryan Preston - EVP & CFOEbrahim Poonawala - MD & Head - North American Banks ResearchRyan Nash - MD - Regional Banks & Consumer FinanceThomas Leddy - AVP - Equity ResearchMike Mayo - MD & Head - US Large-Cap Bank ResearchChristopher Mcgratty - MD & Head of U.S. Bank ResearchGreg Schroeck - EVP & Chief Credit OfficerConference Call Particip ...

Texas Capital Bancshares (TCBI) Q2 2025 Earnings Call July 17, 2025 09:00 AM ET Company ParticipantsJocelyn Kukulka - Managing DirectorRob Holmes - Chairman, President & CEOMatt Scurlock - MD & CFOMichael Rose - Managing DirectorWoody Lay - Vice PresidentMatt Olney - Managing DirectorJon Arfstrom - MD & Associate Director - US ResearchConference Call ParticipantsStephen Scouten - MD & Senior Research AnalystOperatorGood morning, and thank you all for attending the Texas Capital Bancshares Inc. Q2 twenty twe ...

Webster Financial (WBS) Q2 2025 Earnings Call July 17, 2025 09:00 AM ET Company ParticipantsEmlen Harmon - Senior MDJohn Ciulla - Chairman & CEOLuis Massiani - COO & PresidentNeal Holland - Senior EVP & CFOAndrew Leischner - AVP - Equity ResearchMark Fitzgibbon - Head of FSG ResearchJared Shaw - Managing DirectorMatt Breese - Managing DirectorAnthony Elian - Equity Research – BanksDavid Smith - Head - Consumer LendingDaniel Tamayo - Vice PresidentTimur Braziler - Director - Mid-Cap Bank Equity ResearchBen G ...

Financial Data and Key Metrics Changes - The company achieved high single-digit sales growth, with adjusted earnings per share of $1.26, reflecting an 11% increase year-over-year and exceeding consensus estimates [8][18] - Adjusted gross margin increased by 100 basis points to 57% of sales, while adjusted operating margin also rose by 100 basis points to 22.9% of sales [19][20] - Sales growth excluding COVID testing was 7.5% in Q2 and 8% in the first half of the year [8][18] Business Line Data and Key Metrics Changes - Nutrition sales increased by 3.5%, driven by a 6.5% growth in adult nutrition [9] - Diagnostics sales declined by 1.5%, primarily due to a decrease in COVID testing sales and volume-based procurement in China, with a projected headwind of approximately $700 million for the full year [10] - Established Pharmaceuticals Division (EPD) saw nearly 8% sales growth, particularly in key markets like India and China [11] - Medical devices sales grew by 12%, with notable growth in diabetes care and heart failure segments [12][16] Market Data and Key Metrics Changes - Core Lab Diagnostics grew by 8% excluding China, indicating strong underlying demand globally [10][32] - The U.S. market for diabetes care saw a 19.5% increase in continuous glucose monitors [12] - The company reported strong performance in international markets, particularly in Latin America and Asia, which are expected to drive future growth [11] Company Strategy and Development Direction - The company is focused on sustainable growth with targets of high single-digit growth, healthy margin expansion, and double-digit EPS growth [15][20] - There is a commitment to expanding the biosimilars portfolio and launching new products across various segments, including diabetes and electrophysiology [11][28] - The company is exploring M&A opportunities selectively, aiming for strategic fits that generate attractive returns [79] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from COVID testing declines and challenges in the China market but remains optimistic about achieving high single-digit growth despite these challenges [26][28] - The company expects to see recovery in certain markets and product lines, with a positive outlook for 2026 as headwinds dissipate [29][32] - Management emphasized the importance of innovation and product launches in driving future growth [11][90] Other Important Information - The company is making significant investments in R&D and expanding its product portfolio, particularly in structural heart and electrophysiology [90][101] - The dual analyte sensor is expected to be a significant innovation in the continuous glucose monitoring market, with ongoing clinical trials [112] Q&A Session Summary Question: Context for 2025 performance and headwinds - Management discussed the impact of COVID testing declines and challenges in the China market, estimating over $1 billion in headwinds but still forecasting high single-digit growth [24][26] Question: Potential for growth acceleration into 2026 - Management indicated that there is a scenario for growth acceleration as headwinds fade and new product launches gain traction [35][36] Question: Trends in diabetes and electrophysiology products - Management reported strong growth in diabetes care, particularly with the Libre product, and positive trends in electrophysiology with the Volt catheter [42][48] Question: Competitive bidding for CGM and potential impacts - Management noted that competitive bidding for CGM is expected to take time to implement and will primarily affect DMEs rather than manufacturers [57] Question: Update on CRM product conversion and growth expectations - Management highlighted a significant increase in the uptake of the Avera leadless pacemaker and expects continued growth in the CRM market [64][66] Question: M&A opportunities and strategic focus - Management expressed a strong interest in M&A opportunities that align with strategic goals and profitability, while also focusing on organic growth [79][80]

Financial Data and Key Metrics Changes - The company reported a return on tangible common equity of 18% and a return on assets (ROA) of nearly 1.3% with overall revenue growth of 1.6% compared to the prior quarter [5][6] - The common equity Tier one ratio increased, and the loan to deposit ratio remained flat at 81% [6][15] - The tangible book value per common share grew to $35.13, up over 3% from the previous quarter [15][23] Business Line Data and Key Metrics Changes - Total loans increased by $616 million or 1.2% linked quarter, with a notable one-time transfer of $242 million of loans to held for sale [16][17] - Total deposits grew by $739 million, with deposit costs up three basis points due to seasonal mix shifts [17][20] - Non-interest income was $95 million, reflecting a modest increase driven by growth in deposit service fees [20] Market Data and Key Metrics Changes - The company has not observed new pockets of credit deterioration across any industry or sector, maintaining a strong operating position [7][22] - The healthcare financial services segment is expected to benefit from favorable provisions in the reconciliation bill, potentially increasing HSA deposits significantly over the next five years [11][12] Company Strategy and Development Direction - The company is focused on organic growth, tuck-in acquisitions, and enhancing its healthcare services vertical [25][46] - The asset management partnership with Marathon is anticipated to enhance loan growth and drive fee revenue starting in 2026 [9][13] - The company aims to leverage its differentiated deposit profile and strong capital position to capitalize on growth opportunities [7][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth accelerating as clients adapt to the current economic environment [25][26] - The company is well-positioned to thrive in various operating environments, including an accelerating investment cycle [27][28] - Management remains vigilant regarding potential impacts from proposed tariffs but does not foresee significant exposure to affected industries [7][26] Other Important Information - The company authorized an additional $700 million in share repurchases and bought back 1.5 million shares during the quarter [6][15] - The company welcomed a new Chief Risk Officer and a new Board member, enhancing its executive management team [28][29] Q&A Session Summary Question: What is the company's willingness to reduce CET1 and thoughts on near-term buyback pace? - Management indicated a medium-term goal of 11% for CET1 and a potential reduction over time, with disciplined capital management strategies in place [34][35] Question: What is the outlook for NIM and cash balances? - Management confirmed that cash balances are at desired levels, with a slight impact on NIM expected from cash build and new debt issuance [40] Question: How does the company view deposit costs in light of expected rate cuts? - Management expects to lower deposit costs if rate cuts occur but noted significant competition in the deposit market [42][43] Question: What is the company's stance on M&A if the category four threshold is lifted? - Management stated that while they are not actively pursuing whole bank M&A, they remain open to opportunities if the regulatory environment changes [46][47] Question: How will the expansion of the HSA market impact expenses? - Management indicated no major changes in expense trajectory for HSA, with some marketing investments anticipated for consumer education [53][55] Question: What is the outlook for credit quality metrics? - Management expressed cautious optimism about continued improvement in credit quality metrics, with no new pockets of problems identified [76][78] Question: How will the joint venture with Marathon impact loan growth? - Management expects the joint venture to enhance competitive positioning and facilitate participation in larger transactions, positively impacting loan growth [95][101]

Fifth Third Bancorp (FITB) Q2 2025 Earnings Call July 17, 2025 09:00 AM ET Speaker0Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fifth Third Second Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.I would now like to turn the call over to Matt Currow, Sen ...