Applied Materials (AMAT) FY 2025 Conference May 29, 2025 10:00 AM ET Speaker0 Our guest today, Gary Dickerson, the President and CEO of Applied Materials. Before I start, I wanna mention, if you have questions that you'd like to get asked during the presentation, you should have a link to the pigeonhole form where you can submit those. We'll have time for q and a at the end. So as many as you many of you know, semi cap is a is a sort of an area that's sort of near and dear to my heart. My in a prior life, t ...

The Boeing Company (BA) FY 2025 Conference May 29, 2025 10:00 AM ET Speaker0 Okay. Good morning. Let's get started. I'm Doug Harned, Bernstein's senior global aerospace and defense analyst. And I'm really happy today to have with us Kelly Ortberg, CEO of Boeing. Kelly, don't know. Speaker1 You may have a couple words you wanna say, and then we'll get into the fireside chat. Well, I'll just welcome everybody. Thanks for joining us here. Doug, I look forward to it. I I don't have any opening comments. I'll we ...

Financial Data and Key Metrics Changes - The company held its Annual General Meeting on May 29, 2025, with a quorum present for voting on various proposals [4][14] - The appointment of Witham Smith and Brown, PC as the independent registered public accounting firm for fiscal year 2025 was ratified [14] Business Line Data and Key Metrics Changes - No specific financial data or metrics related to individual business lines were discussed in the meeting [1][15] Market Data and Key Metrics Changes - No specific market data or metrics were provided during the meeting [1][15] Company Strategy and Development Direction and Industry Competition - The meeting included proposals for the election of directors and advisory votes on executive compensation, indicating a focus on governance and shareholder engagement [6][10] - The company values stockholder opinions on executive compensation and the frequency of advisory votes, reflecting a commitment to transparency and accountability [11][14] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [1][15] Other Important Information - The meeting included a nonbinding advisory vote on executive compensation and the frequency of future advisory votes, emphasizing the company's approach to governance [10][11] - The final results of the votes will be published in a Form 8-K filed with the SEC within four business days [14] Q&A Session All Questions and Answers - No questions were raised during the meeting regarding the proposals or other matters [13][15]

Caleres (CAL) Q1 2026 Earnings Call May 29, 2025 10:00 AM ET Speaker0 Greetings, and welcome to Calera's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Liz Dunn, Senior Vice President, Corporate Development and Strategic Communication. Thank you. You may begin. Spea ...

Moderna (MRNA) FY 2025 Conference May 29, 2025 10:00 AM ET Speaker0 Sure. Speaker1 Fantastic. So I am thrilled to be here today with Stephane Pansell from Moderna. My name is Courtney Breen. I am The U. S. Biopharma Analyst here at Bernstein. Before we dive into the Q and A, I will give Stephane the opportunity to give us some context to where Moderna is at, and then we'll dive in. I've got a long, long list of questions, and we I'm sure we won't get through all. For as a reminder, and I think if you have a ...

Financial Data and Key Metrics Changes - The company faced significant headwinds in 2022, including a drop in Bitcoin prices and a rise in energy prices, leading to a Chapter 11 filing in December 2022 [5][6] - The company reemerged in January 2024 and has since signed contracts worth over $5 billion to build out 590 megawatts of data center capacity [7][8] - The company has approximately $800 million in cash and liquidity, with the potential to leverage contracts for an additional $4 billion, totaling nearly $5 billion in equity capital for new deals [11] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to a data center business model, aiming to capture significant market share in the high-density colocation space [10] - The company is developing data centers with power densities of 150 kilowatts per rack for 2025 and plans to increase this to over 200 kilowatts for future deliveries [21][22] Market Data and Key Metrics Changes - The company is focusing on low-latency sites, with many of its contracted sites achieving sub-10 millisecond latency, which is critical for their end customers [14][15] - The company is exploring opportunities in markets outside major metros, recognizing pockets of opportunity in areas like Northern Virginia [17] Company Strategy and Development Direction - The long-term vision is to build a large-scale data center platform that rivals Digital Realty and QTS, leveraging unique capital structures to facilitate growth [10] - The company aims to reduce customer concentration below 50% by 2028 through both organic and inorganic growth strategies [11][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by utilities, including the ability to change power agreements even after contracts are signed, which poses risks to data center operations [61][62] - The company is optimistic about signing new contracts to diversify its customer base and reduce reliance on a single customer, targeting significant EBITDA contributions from new deals [74] Other Important Information - The company achieved a 3700% internal rate of return (IRR) on a unique data center deal, which management believes is unprecedented in the industry [28] - The company is actively engaged with multiple hyperscalers and has undergone onboarding processes to position itself for future contracts [56] Q&A Session Summary Question: What is the company's long-term growth strategy? - The company aims to grow market share while maintaining attractive return profiles, recognizing the need to diversify its customer base and increase its footprint [36][37] Question: How does the company plan to manage customer concentration? - The company plans to add incremental customers and potentially crystallize value from existing data center builds to reduce exposure to large customers [40][42] Question: What keeps management up at night regarding data center capacity? - The primary concern is the unpredictability of utilities changing power agreements, which can impact the company's ability to deliver on contracts [61][62] Question: How does the company view the current demand from hyperscalers? - Management noted that hyperscalers have become more specific in their geographical requirements, moving away from broad demand to location-specific needs [31][32]

Financial Data and Key Metrics Changes - Roper Technologies has historically compounded total shareholder return (TSR) in the high teens and aims to achieve mid-teens cash flow growth going forward [2][9] - The company has shifted its focus to increasing organic growth, currently in the 7% to 7.5% range, with aspirations to reach high single digits over time [15][56] Business Line Data and Key Metrics Changes - Roper owns approximately 28 businesses that are leaders in their respective vertical markets, with a focus on organic growth and cash efficiency [3][4] - The company has implemented new leadership across its businesses to drive higher organic growth expectations and performance incentives [10][11] Market Data and Key Metrics Changes - The market for Central Reach, a recent acquisition, shows a significant demand-supply gap in autism spectrum disorder services, with 900 million hours of demand versus 300 million hours of supply [27] - The company is focusing on acquiring businesses earlier in their life cycle to capture growth and margin expansion opportunities [16][20] Company Strategy and Development Direction - Roper is transitioning towards a more strategic approach in its acquisition strategy, focusing on bolt-on acquisitions to enhance organic growth rather than opportunistic deals [33][35] - The company is leveraging AI and technology to enhance operational efficiencies and expand total addressable markets (TAM) [63][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to harness AI to improve business models and customer workflows, viewing it as an opportunity rather than a threat [62][64] - The company is committed to optimizing free cash flow compounding and believes that increasing organic growth will lead to stock price appreciation [56][59] Other Important Information - Roper has divested from energy and industrial businesses to reduce cyclicality in its portfolio, focusing on vertical market technology businesses with recurring revenue [46][49] - The company has established a continuous improvement function to support its businesses in identifying growth vectors and enhancing processes [13][14] Q&A Session Summary Question: How is Roper increasing its organic growth profile? - Roper has set higher expectations for its leaders and implemented new leadership to drive growth, with a focus on aligning incentives with performance [10][11] Question: What is the strategy behind the acquisition of Central Reach? - Central Reach was identified as a leader in the autism spectrum disorder market, providing mission-critical software solutions that enhance efficiency and revenue for clinics [25][26] Question: How does Roper view AI in relation to its business? - Management believes that AI presents opportunities for growth and efficiency, and they are actively integrating AI solutions across their businesses [62][64] Question: What is the approach to bolt-on acquisitions? - Roper prefers bolt-on acquisitions for their lower risk and synergy opportunities, moving away from opportunistic deals to a more strategic focus [33][35] Question: How does Roper evaluate potential acquisition targets? - The evaluation process includes assessing the target's approach to AI and its potential for workflow enhancement, ensuring alignment with Roper's strategic goals [73][74]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA guidance of $330 million to $350 million for the full year, with a trailing basis of $309 million [40][41] - Free cash flow conversion remains strong, with a minor amount of capital expenditures and working capital [41] - The company has a net credit facility of $1.2 billion to $1.4 billion and aims to deleverage below four times leverage by year-end [41] Business Line Data and Key Metrics Changes - Dotdash Meredith is the number one digital and print publisher in America, with over $1.8 billion in majority digital revenue [23] - The company has seen consistent digital revenue growth, reporting a 7% increase in the first quarter and guiding for 7% to 9% growth for Q2 [39][40] - Care.com has flat revenue over the last few years, but the company expects improvements with a new management team and better marketing strategies [47] Market Data and Key Metrics Changes - The company noted strength in premium direct advertising revenue, particularly in health and beauty sectors, while experiencing weakness in food and beverage and parts of retail [60] - Programmatic advertising prices have stabilized after initially rising, indicating a shift in market dynamics [60] - MGM Resorts is viewed as undervalued, trading at about 3.3 times the current value of its properties, with significant upside potential [44] Company Strategy and Development Direction - The company is focused on capital allocation, including stock buybacks and strategic acquisitions, while also considering opportunistic divestitures [18][54] - Management changes have been made to enhance execution and focus on free cash flow [15][16] - The company aims to unlock the perceived value of its private assets and reduce the discount at which its equity trades [13][14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong performance in direct premium advertising and a solid position heading into the latter part of the year [62] - The company anticipates some softness in Q2 and Q3 but expects relative strength in Q4, with no significant recession predicted [56] - Management highlighted the importance of resolving tariff issues to improve market conditions [62] Other Important Information - The company has a strong cash position with $900 million available at the holding company level [13] - The integration challenges faced by Dotdash Meredith have been addressed, leading to improved performance [10] - The company is actively exploring M&A opportunities across various stages and sectors, particularly in leisure, entertainment, and media [21] Q&A Session Summary Question: Can you walk through the macro environment regarding tariffs? - Management noted that there was strength in March, but volatility has since increased, with premium direct advertising remaining solid despite some weakness in other sectors [59][60] Question: Is there a path for IAC to take a controlling stake in Turo? - Management indicated that taking a controlling stake is not a priority, focusing instead on executing current opportunities [63] Question: Are there discussions with other large language model developers? - Management confirmed ongoing discussions with various developers, with OpenAI being the most advanced partner [64][65]

Financial Data and Key Metrics Changes - The company reported net sales of $2.9 billion for the second quarter, reflecting a 1% organic increase compared to the previous year [26] - Gross profit margin was 16.7%, impacted by higher commodity input costs, partially offset by savings from the Transform and Modernize initiative [27] - Diluted earnings per share were $0.33, with adjusted diluted earnings per share at $0.35, aligning with expectations [28] Business Line Data and Key Metrics Changes - The retail segment maintained leadership positions, with notable growth from the Applegate brand and Jennie O lean ground turkey, which continues to perform strongly [9][10] - The food service business outperformed the broader industry, with strong volume and net sales growth from branded products [12] - The international segment saw double-digit volume and net sales growth, particularly in exports and China [14] Market Data and Key Metrics Changes - The company anticipates strong second-half growth, particularly from the Turkey portfolio and the Planters brand, with overall net sales growth expected to be between 2% to 3% for the full year [20][34] - The competitive landscape for turkey has tightened, with expectations for share gains as competitors shutter facilities [94] Company Strategy and Development Direction - The company remains committed to delivering profitable and predictable growth, focusing on a diversified portfolio and the Transform and Modernize initiative [21][31] - Increased advertising investments are planned for the second half, particularly for the Planters brand and other key products [46] - The company is strategically positioned to navigate changing consumer preferences and market dynamics [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver strong second-half results, supported by positive momentum in key brands and segments [41][42] - The consumer sentiment is described as strained due to inflation and uncertainty in the macro environment, impacting overall demand [107] - The company is focused on managing input cost pressures and leveraging its diversified portfolio to sustain growth [33][34] Other Important Information - The company announced leadership changes, including the appointment of Kevin Myers to lead supply chain efforts and the retirement of Scott Okri [22][23] - Capital expenditures for fiscal 2025 are expected to be between $275 million to $300 million, focusing on capacity and technology investments [28] Q&A Session Summary Question: Can you help bridge the operating income outlook for the year? - Management highlighted strong positioning for the second half, with positive momentum in the Planters brand and value-added turkey [40][41] Question: What are the expectations for Turkey in the back half? - Management noted a tightening supply in the turkey market and emphasized the focus on value-added products [52][55] Question: Can you elaborate on the expected margin expansion in the second half? - Management expects margin expansion driven by turkey pricing and strong performance from the Planters brand [60][61] Question: How does the company plan to grow in the food service segment? - Management indicated a strong pipeline of innovation and favorable year-over-year comparisons as key drivers for growth [64][65] Question: What are the savings from the Transform and Modernize initiative? - Management reported executing 66 projects under the initiative, with a focus on improving logistics and inventory management [69][71] Question: What products are related to the inventory build for summer demand? - Management indicated that inventory was built for Planters and promotional products like Spam, while managing commodity input costs [74][76] Question: Is the company still confident in achieving the $250 million operating income growth target by FY 2026? - Management affirmed confidence in the target, emphasizing ongoing initiatives and the benefits of the Transform and Modernize program [105][106] Question: What is the current consumer sentiment? - Management described consumer sentiment as strained due to inflation and uncertainty, impacting overall demand [107]

Diana Shipping (DSX) Q1 2025 Earnings Call May 29, 2025 09:00 AM ET Company Participants Semiramis Paliou - CEO & DirectorMaria Dede - Co-Chief Financial OfficerAnastasios C. Margaronis - President & Director Operator Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping Inc. Conference Call for the First Quarter twenty twenty five Financial Results. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session. ...