Financial Data and Key Metrics Changes - Revenue for the first quarter reached $18.7 billion, growing 5% in local currency, with adjusted EPS growth of 10% compared to the same quarter last year [6][17][20] - Adjusted operating margin expanded by 30 basis points year over year, reaching 17% [7][17] - Free cash flow for the quarter was $1.5 billion, with a cash balance of $9.6 billion at the end of the quarter [21][22] Business Line Data and Key Metrics Changes - New bookings totaled $20.9 billion, representing 12% growth in U.S. dollars and 10% growth in local currency [16][17] - Consulting revenues were $9.4 billion, growing 4% in U.S. dollars and 3% in local currency, while managed services revenues were $9.3 billion, growing 8% in U.S. dollars and 7% in local currency [18] - Advanced AI bookings reached $2.2 billion, nearly doubling from the previous year, with revenue of approximately $1.1 billion [9][10] Market Data and Key Metrics Changes - Revenue growth in the Americas was 4% in local currency, with a 6% growth excluding federal business impacts [18][19] - EMEA saw 4% growth in local currency, driven by banking and capital markets, while Asia-Pacific experienced 9% growth, led by Japan and Australia [19] - The demand for reinvention remains strong, with 60% of revenue in Q1 coming from work with top 10 ecosystem partners [11][12] Company Strategy and Development Direction - The company aims to be the most client-focused, AI-enabled workplace, emphasizing the importance of partnerships and strategic acquisitions to enhance capabilities [5][14] - Recent acquisitions include a 65% stake in DLB Associates, expanding capabilities in the AI data center engineering market [14] - The focus is on embedding advanced AI across various solutions, moving beyond standalone projects to integrated end-to-end solutions [10][34] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are prioritizing large-scale transformational programs, with no significant changes in discretionary spending observed [24][66] - The company expects revenue growth for fiscal 2026 to be in the range of 2-5% in local currency, with an inorganic contribution of about 1.5% from acquisitions [37][39] - The outlook for adjusted diluted earnings per share for fiscal 2026 is projected to be between $13.52 and $13.90, reflecting 5-8% growth over the previous fiscal year [38][39] Other Important Information - The company recorded $308 million in business optimization costs related to employee severance, impacting operating margin and EPS [20] - The company continues to invest significantly in talent and technology, with nearly 80,000 AI and data professionals targeted [7][8] Q&A Session Summary Question: Shift in consulting industry's role in AI - Management acknowledged a shift in perception, emphasizing that enterprise AI adoption requires foundational work around data and processes [42][44] Question: Revenue impact of AI partnerships - Management indicated that partnerships are crucial for enterprise adoption and will contribute to revenue as the market evolves [50][51] Question: Sustainability of revenue per head growth - Management confirmed a 7% growth in revenue per person, driven by talent rotation, but expects moderation as new hires are integrated [52][54] Question: Discretionary spending outlook - Management stated that they are not waiting for discretionary spending to return, focusing instead on delivering results despite current market conditions [65][66] Question: Fixed-price work growth potential - Management expressed confidence in the competitive advantage of fixed-price contracts, which have increased significantly, and noted ongoing evolution in commercial models [67][68]

Financial Performance - Q1 Fiscal Year 2026 - Organic ASV (Annual Subscription Value)增长5.9%[7]，达到23.9亿美元[19] - 调整后的营业利润率为36.2%[7] - 调整后的摊薄每股收益为4.51美元[7] - 营收为6.08亿美元，同比增长6.9%[26]；有机营收为6.00亿美元，同比增长6.0%[26, 38] - 调整后的营业收入为2.20亿美元，同比增长3.0%[26] - 调整后的净利润为1.70亿美元，同比增长0.9%[26] Key Operational Metrics - 客户ASV保留率超过95%[24] - 用户数量达到239,863，同比增长10%[24] - 客户保留率为91%，比2025年第一季度上升约30个基点[24] - ASV大于1万美元的客户数量为9,003，同比增长9%[24] Growth by Global Segments and Firm Type - 美洲地区的ASV为15.57亿美元，增长6%[20] - 欧洲、中东和非洲地区（EMEA）的ASV为5.88亿美元，增长4%[20] - 亚太地区的ASV为2.45亿美元，增长8%[20] - 机构买方的ASV为11.57亿美元，增长4%[20] - Dealmakers的ASV为4.56亿美元，增长6%[20] - 财富管理的ASV为3.74亿美元，增长10%[20] - 市场基础设施的ASV为4.03亿美元，增长7%[20] Fiscal Year 2026 Guidance - 有机ASV增长预计为1亿至1.5亿美元，约占4.2%至6.2%[32] - 营收预计为24.23亿至24.48亿美元[32] - GAAP营业利润率预计为29.5%至31.0%[32] - 调整后的营业利润率预计为34.0%至35.5%[32] - GAAP摊薄每股收益预计为14.55美元至15.25美元[32] - 调整后的摊薄每股收益预计为16.90美元至17.60美元[32]

Financial Data and Key Metrics Changes - Retail transaction volume reached 14,020 units, representing a 134% year-over-year increase and a 35% quarter-over-quarter increase [5][16] - Retail revenue for the quarter totaled CNY 820 million, up 84% year-over-year and 35% quarter-over-quarter [17] - Gross margin for the quarter was 7.5%, marking the highest level in the past three years, up from 7% a year ago and 5.2% in the prior quarter [19][22] - Adjusted EBITDA loss narrowed significantly to CNY 5.3 million, a 43% reduction year-over-year and a 68% reduction quarter-over-quarter [21] Business Line Data and Key Metrics Changes - Wholesale transaction volume was 1,884 units, representing an 81% increase year-over-year and a 54% increase quarter-over-quarter [18] - Total revenue combining retail and wholesale reached CNY 879 million, representing a 77% increase year-over-year and a 34% increase quarter-over-quarter [18] Market Data and Key Metrics Changes - The Wuhan superstore, which opened in February, is expected to reach nearly 1,800 retail units in December, with local market share approaching 10% [6] - The Zhengzhou superstore, opened in late September, is expected to achieve approximately 900 retail units in December, with market share nearing 5% [6] Company Strategy and Development Direction - The company is expanding its superstore network, having opened three new superstores in 2025, and plans to open four to six additional superstores in 2026 [9][10] - The company aims for a gross margin target of around 10% in the long term, with existing superstores already approaching this target [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained and rapid growth, expecting retail transaction volume to exceed 18,500 units in Q4 2025, representing year-over-year growth of over 110% [12][22] - The company believes that vehicle prices will remain stable or trend upward, supporting margin improvements [28] Other Important Information - The company's Net Promoter Score (NPS) was 67, maintaining an industry-leading level for six consecutive quarters [5] - Strategic partnerships with local governments in Tianjin, Guangzhou, and Yinchuan have been announced to jointly invest in and operate new used car superstores [9] Q&A Session Summary Question: Sustainability of current margin level - Management indicated that the gross margin of 7.5% is supported by stabilized new car pricing and improved profitability at the Wuhan superstore, with expectations for further margin expansion [25][26][28] Question: Performance of Zhengzhou superstore - Management noted that the Zhengzhou superstore's sales and profitability are outperforming the Wuhan superstore due to lessons learned and improved pricing capabilities [34][36] Question: Comparison with Carvana - Management highlighted differences in sales channels, with Uxin operating through both offline superstores and an online marketplace, while sharing similarities in inventory management and customer satisfaction focus [38][42][45]

Leadership Transition - David McCreight was announced as Interim President & CEO, and Thomas Folliard as Interim Executive Chair, effective December 1, 2025[6] - Former Chief Executive Officer, Bill Nash, stepped down from his position and as a member of the Board effective December 1, 2025[9] Q3 2026 Financial Performance - Net earnings per share decreased by 24.7% year-over-year to $0.64[24, 27] - Total gross profit decreased by 12.9% year-over-year to $590.0 million[24] - SG&A expense increased by 1.0% year-over-year to $581.4 million[24] - CarMax Auto Finance (CAF) income increased by 9.3% year-over-year to $174.7 million[27] Sales Performance - Total vehicles bought decreased by 11.7% year-over-year to 238,000 units[24] - Retail used unit sales decreased by 6.2% year-over-year[24] - Wholesale unit sales decreased by 9.0% year-over-year[24] Capital Allocation - The company repurchased $201.6 million in shares of common stock[17]

Transaction Overview - TMTG will merge with TAE in an all-stock transaction, aiming to create a pro forma company capitalized to fund a utility-scale fusion plant and grow media and technology franchises[5] - The transaction is expected to close in mid-2026, pending customary closing conditions and shareholder approval[5] - Post-merger, TMTG/TAE are expected to own approximately 50% each on a fully diluted basis[6] - TMTG has agreed to provide up to $200 million in cash to TAE, with an additional $100 million available upon initial filing of the Form S-4[6] Pro Forma Company Strategy - The pro forma company aims to deliver clean, affordable, and reliable fusion energy, targeting utility-scale power generation with plants scaled to 350-500 MWe[8, 9] - The company plans to advance TAE's proprietary technology, which is considered safe, deployable, and reliable for baseload power to meet AI-driven demand[7, 9] - The company intends to construct its first utility-scale 50 MWe fusion power plant, with site location and construction commencing in 2026, targeting initial power operations in 2031[21] Financials and Leadership - The pro forma company will have $3.1 billion of financial assets on its balance sheet as of Q3 2025[28] - TAE has raised $1.3 billion in private capital to date[7, 25] - The pro forma company will be governed by a nine-member board, with a majority being independent, including Devin Nunes, Michl Binderbauer, Donald J Trump Jr, and Michael B Schwab (Chairman)[6, 7] TAE Technology and Innovation - TAE has a 27-year history of fusion research, having built five fusion reactors to date[6, 7, 19] - TAE has over 400 employees, including 62 Ph Ds, and has been granted over 1,600 patents[7] - TAE is targeting fusion-generated electricity by 2031, with future commercial power plants expected to be sized at 350-500 MWe[11, 20]

Birkenstock (NYSE:BIRK) Q4 2025 Earnings Call December 18, 2025 08:00 AM ET Speaker0Good morning, and thank you for standing by. Welcome to the Birkenstock Quarter and Fiscal 2025 earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. The compan ...

MICVO Monotherapy Efficacy - MICVO monotherapy demonstrated a validated efficacy signal in 2L+ R/M HNSCC, with a 46% confirmed ORR and a 92% DCR (n=13, 5.4 mg/kg)[4] - In the Phase 1 monotherapy dose expansion study at 5.4 mg/kg, Arm 1 (post-PD1/post-Platinum) showed a 60% confirmed ORR (N=5)[32] - Arm 2 (post-PD1/post-EGFRi) in the monotherapy study showed a 25% confirmed ORR (N=4), exceeding the PI benchmark of 20%+[32] - MICVO monotherapy at 5.4 mg/kg demonstrated clear activity with deep responses and exceptional disease control[35] MICVO + KEYTRUDA® Combination Efficacy - MICVO combined with KEYTRUDA® showed a promising emerging efficacy profile in 1L/2L+ R/M HNSCC, with a 71% confirmed ORR and 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg)[4] MICVO Safety and Tolerability - MICVO at 5.4 mg/kg in R/M HNSCC showed no Grade 4 or Grade 5 ADC payload TRAEs of interest[40] - Initial data supports a lack of overlapping toxicities observed between MICVO and KEYTRUDA®[52] Market and Clinical Development - FDA aligned on a 2L+ monotherapy pivotal trial design for MICVO[4] - The US R/M HNSCC market is large, growing, and relatively uncrowded, making it ripe for innovation[17] - Projected 2029 US market data shows a significant number of drug-treatable patients, with ~31K in 1L, ~21K in 2L, and ~8K in 3L[18]

Lasofoxifene (Metastatic Breast Cancer) - The global metastatic ER+/HER2- breast cancer market is expected to grow from approximately $10.9 billion in 2025 to roughly $15.9 billion by 2029[23] - Lasofoxifene, combined with abemaciclib, demonstrated a potential best-in-class median Progression-Free Survival (PFS) of 13 months in a heavily pre-treated mESR1 population in the Phase 2 ELAINE-2 trial[26, 27, 50] - In the ELAINE-1 Phase 2 study, lasofoxifene delivered a median PFS of 24.2 weeks compared to 16.2 weeks with fulvestrant in ESR1-mutant breast cancer[48] - Approximately 70% of all breast cancers are ER+/HER2- subtype[23, 32] - Lasofoxifene reduced new onset breast cancer by 83% in a large prevention trial[30] - The ELAINE-3 registrational Phase 3 trial is ongoing, with topline results expected in mid-2027 and over 50% enrollment[16, 17, 57, 138, 139] - Assuming approximately 10% market penetration, lasofoxifene has a peak market sale potential of over $1 billion in the US market[81] ATH-1105 (ALS) - Approximately 225,000 people globally are affected by ALS, with roughly 33,000 cases in the US[98] - ATH-1105 is a CNS-penetrant positive modulator of HGF as a potential treatment for ALS[103] - A Phase 2 POC study in ALS is planned to start in the first half of 2026, with topline results expected in 2027[18, 19, 140, 141] Financial - A PIPE financing of up to $236 million, including $90 million upfront, provides cash runway through data readout and into 2028[137]

Financial Performance - Total sales reached $3.1 billion, reflecting a 7.3% increase[10] - Same-restaurant sales grew by 4.3%[10] - Adjusted EBITDA amounted to $466 million[10] - Adjusted diluted net earnings per share from continuing operations were $2.08[10] Margin Analysis - Food and beverage expenses accounted for 31.1% of sales, a decrease of 90 basis points compared to the prior year[13] - Restaurant labor expenses represented 32.2% of sales, a decrease of 10 basis points compared to the prior year[13] - Restaurant expenses accounted for 16.4% of sales, a decrease of 10 basis points compared to the prior year[13] - Marketing expenses accounted for 1.6% of sales, an increase of 10 basis points compared to the prior year[13] Fiscal Year 2026 Outlook - The company projects total sales growth of 8.5% to 9.3%, which includes approximately 2% total sales growth for the extra week[19, 20] - Same-restaurant sales growth is expected to be between 3.5% and 4.3%[19] - Adjusted diluted net earnings per share are projected to be $10.50 to $10.70[19]

1 Investment Highlights Worthington Steel Investor Presentation | December 2025 Safe Harbor Statement Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company's current expectations, estimates or projections concerning future results or events. These statem ...