Texas Capital Bancshares (NasdaqGS:TCBI) Q3 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker2Good afternoon. Thank you for attending the Texas Capital Bancshares Q3 2025 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press *1 on your telephone keypad. I would like to pass the conference over to our host, J ...

WD-40 Company (NasdaqGS:WDFC) Q4 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker0Ladies and gentlemen, thank you for standing by. Good day, and welcome to the WD-forty Company Fourth Quarter and Full Fiscal Year twenty twenty five Earnings Conference Call. Today's call is being recorded. At this time, all participants are in a listen only mode. At the end of the prepared remarks, we will conduct a question and answer session.I would like to turn the presentation over to our host for today's call, We ...

SEI Investments (NasdaqGS:SEIC) Q3 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker2Today, and welcome to the Q3 2025 SEI earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star one one again. Please ...

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1,354 million, down 8% from the same quarter last year on both reported and adjusted bases [4] - Net income per share in Q3 was $0.43 compared to $0.64 in Q3 2024 [4] - Cash flow from operations during the quarter was $77 million, with a cash dividend of $0.59 per share distributed to shareholders, totaling $59 million [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year over year, with U.S. revenues at $649 million and non-U.S. revenues at $207 million [7] - Protiviti's global revenues in Q3 were $498 million, with U.S. revenues at $398 million and non-U.S. revenues at $100 million, reflecting a 3% decline year over year [9][10] - Gross margin for Contract Talent Solutions was 38.9%, unchanged from the previous year, while Protiviti's gross margin was 20.9%, down from 24.6% [11][12] Market Data and Key Metrics Changes - There were 64.2 billing days in Q3 2025 compared to 64.1 billing days in Q3 2024 [8] - Currency exchange rate movements increased reported total revenues by $9 million year over year [8] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in talent and consulting services, leveraging its industry-leading brand and technology [5] - The strategic use of contract professionals sourced through Talent Solutions is seen as a vital contributor to Protiviti's success [24] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [22] - The company remains committed to returning free cash flow to investors, emphasizing the importance of maintaining the dividend [31][34] Other Important Information - The fourth quarter revenue guidance is set between $1,245 million and $1,345 million, reflecting a return to positive adjusted sequential growth for the first time in thirteen quarters [17] - The company has $360 million in cash on the balance sheet, providing a cushion for dividend commitments [33] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though they are replacing larger projects with smaller ones, impacting efficiency [28][30] Question: Commitment to the dividend amidst revenue trends - Management reiterated the importance of the dividend, stating that free cash flow covers it and they remain committed to returning cash to investors [31][34] Question: Fourth quarter revenue guidance description - Management described the fourth quarter guidance as conservative, noting that it reflects a cushion based on recent revenue trends [37][38] Question: Dynamics affecting Protiviti's margins - Management explained that gross margin compression is due to a mix shift towards shorter projects and the reallocation of full-time employees to contractor roles [30][56] Question: Long-term operating margin opportunities - Management expressed confidence in achieving higher operating margins through investments in technology and improving skill levels within Talent Solutions [61][63] Question: Impact of government shutdown on public sector revenue - Management indicated that federal government revenue is less than half of 1% of total revenue, with no expected impact from the shutdown [65] Question: Weekly growth trends in contract talent revenues - Management reported a sequential growth rate of approximately 1.5% in early October, which supports their fourth quarter guidance [68] Question: AI's impact on labor costs and the company - Management noted that while AI is being discussed, its impact on the labor market has been minimal, particularly for experienced roles [70][81] Question: Capital allocation policy regarding dividends and share repurchases - Management clarified that free cash flow is primarily allocated to dividends, with any residual available for share repurchases [84][96]

Financial Data and Key Metrics Changes - The company reported quarterly net revenues of $3.7 billion, an increase of 8% year-over-year and 10% sequentially [6][18] - For fiscal 2025, record net revenues reached $14.1 billion, representing a 10% growth, while record pre-tax income was $2.71 billion, up 3% from fiscal 2024 [7][15] - Quarterly pre-tax income was $731 million, a decline of 4% compared to the previous year but an increase of 30% from the preceding quarter [6][15] Business Line Data and Key Metrics Changes - The Private Client Group achieved record quarterly net revenues of $2.66 billion, with pre-tax income of $416 million, driven by higher assets under administration [16][17] - The Capital Markets segment generated net revenues of $513 million, a 6% year-over-year increase, and pre-tax income of $90 million, with a robust 35% sequential growth [17][18] - The Asset Management segment reported record pre-tax income of $132 million on net revenues of $314 million, attributed to higher financial assets under management and strong net inflows [17][18] - The Bank segment's net revenues were $459 million, with pre-tax income of $133 million, reflecting continued loan growth [18][19] Market Data and Key Metrics Changes - The company ended the quarter with record client assets under administration of $1.6 trillion, an 11% year-over-year growth [8] - Domestic net new assets were nearly $18 billion for the quarter, representing a 5% annualized growth rate [9] - The bank segment's loans reached a record $51.6 billion, primarily due to a 22% annual growth in securities-based lending balances [12][25] Company Strategy and Development Direction - The company is focused on organic growth complemented by strategic acquisitions, maintaining a disciplined approach to capital deployment [13][14] - Investments in technology, including a $1 billion commitment to enhance advisor efficiency and client experience, are a priority [4][10] - The acquisition of Greensledge, a boutique investment bank, is expected to enhance the company's capabilities in structured credit and securitizations [11][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive positioning and long-term growth strategy, emphasizing a stable platform for advisors [30][31] - The company anticipates continued strong demand for securities-based loans in a lower interest rate environment [44][68] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [27][28] Other Important Information - The company returned over $1.5 billion to shareholders through dividends and share repurchases in fiscal 2025 [15][29] - The effective tax rate for the quarter was 17.4%, with an estimated rate of 24% to 25% for fiscal 2026 [28] Q&A Session Summary Question: Can you elaborate on the recruiting success across segments? - Management noted broad-based recruiting success across all affiliation options, with a strong pipeline entering fiscal 2026 [33][35] Question: What are the goals for AI initiatives? - The company aims to enhance infrastructure resilience, improve service efficiency, and provide tailored advice through AI investments [36][38] Question: What is the outlook for loan growth in a lower interest rate environment? - Management expects securities-based loans to continue being the highest growth category, with potential acceleration as rates decrease [44][68] Question: How will the company fund growth? - The company plans to utilize third-party deposits and manage its securities portfolio to support growth [58][60] Question: What are the criteria for future acquisitions? - The company emphasizes cultural fit, strategic alignment, and financial sensibility as key criteria for acquisitions [79][80]

Century Communities (NYSE:CCS) Q3 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker0Good afternoon, ladies and gentlemen. Welcome to the Century Communities Third Quarter twenty twenty five Earnings Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, 10/22/2025.I would now like to turn the conference over to Tyler Langton. Please go ahead.Speaker1Good afternoon. Thank you ...

Financial Data and Key Metrics Changes - GAAP operating expenses in Q3 were $115 million, and GAAP net loss was $105.8 million, with an adjusted EBITDA loss of $61.4 million, aligning with expectations [10] - Capital expenditures in Q3 were $9.6 million, primarily for facilities and equipment for the Eagle Line, with a revised full-year CapEx guidance of $30 million to $40 million [10][11] - Customer billings in Q3 reached $12.8 million, marking a significant commercial milestone for the company [11][20] Business Line Data and Key Metrics Changes - The company began shipping Cobra-based QSC5 B1 samples as part of the Ducati launch program, achieving a key operational goal for 2025 [4][5] - The Eagle Line's equipment installation is on track, supporting higher-volume cell production [5][10] Market Data and Key Metrics Changes - The company is expanding its commercial engagement with existing and new customers, including a new top 10 global automotive OEM [6][9] - The collaboration with Volkswagen Group continues to progress, with a focus on automotive-grade standards and a goal for series production by the end of the decade [14][36] Company Strategy and Development Direction - The company aims to revolutionize energy storage and capitalize on market opportunities by building a capital-light development and licensing business model [9][19] - Partnerships with ceramic manufacturers like Murata and Konin are crucial for scaling up separator production and enhancing the supply chain for customers [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving commercialization goals and highlighted the importance of the Ducati V21L demonstration as a significant milestone [4][9] - The company anticipates continued progress in customer engagements and ecosystem development, with a focus on operational efficiency [8][19] Other Important Information - The company completed its at-the-market equity program, raising $263.5 million in net proceeds, enhancing its liquidity to $1.0 billion [11] - The cash runway is projected to extend through the end of the decade, a 12-month extension from previous guidance [11] Q&A Session Summary Question: Importance of the Ducati V21L demonstration and next steps - The demonstration is a major milestone, and the next steps involve field testing to gather data [13][14] Question: Details on the joint development of ceramic separators with Konin and Murata - Both partnerships are essential for scaling production, with each partner bringing unique strengths to the table [26][27] Question: Customer billings as a key operational metric - Customer billings represent the total value of invoices issued, providing insight into customer activity and future cash inflows [20][22] Question: Timeline for productization with Volkswagen Group - The end of the decade is targeted for productization, with ongoing close collaboration to ensure timely ramp-up [36][37] Question: Engagement status with other customers - Active engagement is ongoing, with details to be announced by the OEMs as they mature [46][48] Question: Structure and areas for potential partnerships - The company is looking to expand partnerships across various areas, focusing on capital-efficient collaboration [51][53]

SAP (NYSE:SAP) Q3 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker0Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q3 twenty twenty five Financial Results Conference Call. Throughout today's recorded presentation, all participants will be in a listen only mode. The presentation will be followed by a question and answer session. I would now like to turn the conference over to Alexandra Steiger, Global Head of Investor Relations.Please go ahead.Speaker1Good e ...

Financial Data and Key Metrics Changes - IBM reported a revenue growth of 7% in Q3 2025, the highest growth in several years, with all segments accelerating sequentially [4][12] - Adjusted EBITDA margin expanded by 290 basis points, with adjusted EBITDA growth of 22% and operating earnings per share growth of 15% [13][19] - Free cash flow reached $7.2 billion year-to-date, marking the highest nine-month free cash flow margin in reported history, up $600 million year-over-year [20] Business Line Data and Key Metrics Changes - Software revenue grew by 9%, driven by a 22% increase in automation and a 12% increase in Red Hat revenue [14][15] - Infrastructure revenue grew by 15%, with hybrid infrastructure growing 26% and IBM Z revenue increasing by 59% year-over-year [16] - Consulting revenue increased by 2%, with intelligent operations up 4% and a significant contribution from AI services [17][18] Market Data and Key Metrics Changes - The demand for hybrid cloud products remains strong, with all major subscription offerings gaining market share [14] - The AI adoption is accelerating, contributing significantly to revenue growth across various segments [4][38] - The consulting generative AI book of business reached over $1.5 billion in Q3 2025, with the number of projects more than doubling year-over-year [18] Company Strategy and Development Direction - IBM's strategy focuses on hybrid cloud and artificial intelligence, aiming to modernize client infrastructures and enhance productivity [5][12] - The company is committed to achieving $4.5 billion in annual run-rate productivity savings by the end of 2023 [6][19] - IBM is exploring M&A opportunities that align with its hybrid cloud and AI strategy, emphasizing synergy and growth potential [72][75] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about broad-based demand from clients despite macro uncertainties, highlighting technology as a key growth driver [4][5] - The company raised its expectations for revenue growth to more than 5% and free cash flow to about $14 billion for the year [12][22] - Management noted that the strength and diversity of IBM's portfolio continue to drive durable revenue and free cash flow performance [21][22] Other Important Information - IBM's generative AI offerings have shown momentum, with a book of business exceeding $9.5 billion since inception [8] - The company is on track to demonstrate the first error-corrected quantum computer by 2028, with significant progress in its quantum roadmap [11][12] - IBM's cash position at the end of the quarter was $14.9 billion, with a debt balance of $63.1 billion [20] Q&A Session Summary Question: Free cash flow dynamics and capital allocation - Management highlighted that free cash flow is expected to be around $14 billion for the year, driven by strong revenue growth and operating leverage [28][30] - They noted a $500 million headwind from the previous year due to a transaction but emphasized the underlying fundamentals supporting free cash flow growth [31][32] Question: AI adoption and its financial impact - Management confirmed that AI adoption is accelerating, contributing significantly to revenue growth, particularly in consulting and software [35][38] - They indicated that the government shutdown has had a minimal impact on IBM's business due to the essential nature of their services [36] Question: Software growth expectations for 2026 - Management expects continued growth in software, with Red Hat returning to mid-teens growth and automation remaining strong [47][50] - They anticipate a return to growth in transaction processing revenue, supported by the strong pipeline from the IBM Z17 platform [42][43] Question: M&A strategy and potential targets - Management reiterated that M&A is a critical part of their strategy, focusing on targets that align with their hybrid cloud and AI initiatives [70][72] - They remain open to larger transactions if they meet strategic criteria and can enhance growth rates [75][76] Question: AI readiness and enterprise spending - Management noted that enterprises are increasingly focusing on AI readiness, with a mix of cloud-native applications and self-hosted projects [79]

Financial Data and Key Metrics Changes - The company reported record net revenues of $3.7 billion for Q4 2025, an increase of 8% year-over-year and 10% sequentially [8][20] - For fiscal year 2025, record net revenues reached $14.1 billion, representing a 10% growth, while record pre-tax income was $2.71 billion, up 3% from fiscal year 2024 [9][10] - Quarterly pre-tax income was $731 million, a decline of 4% year-over-year but an increase of 30% from the previous quarter [9][20] Business Line Data and Key Metrics Changes - The Private Client Group generated record quarterly net revenues of $2.66 billion, with pre-tax income of $416 million, driven by higher assets under administration [17][18] - The Capital Markets segment achieved quarterly net revenues of $513 million, with a pre-tax income of $90 million, reflecting a 6% year-over-year growth [19] - The Asset Management segment reported record pre-tax income of $132 million on net revenues of $314 million, attributed to higher financial assets under management and strong net inflows [19] - The Bank segment generated net revenues of $459 million and pre-tax income of $133 million, with a strong loan growth primarily in securities-based lending [15][19] Market Data and Key Metrics Changes - The company ended the quarter with record client assets of $1.73 trillion and a record number of financial advisors at 8,943 [5][10] - Domestic net new assets were nearly $18 billion for the quarter, representing a 5% annualized growth rate [11] - The company reported a 22% annual growth in securities-based lending balances, reflecting strong demand [15][27] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing a stable platform for advisors and clients, differentiating itself from competitors who prioritize short-term gains [32][33] - Significant investments of approximately $1 billion in technology, including AI initiatives, are aimed at enhancing advisor efficiency and client experience [6][12] - The company plans to continue pursuing both organic and inorganic growth opportunities, including strategic acquisitions [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive positioning and growth momentum entering fiscal year 2026, despite a competitive environment [32][63] - The investment banking pipeline remains strong, with expectations for continued growth in various segments [14][19] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [30][31] Other Important Information - The company returned over $1.5 billion in capital through common dividends and share repurchases during fiscal year 2025 [17][31] - The effective tax rate for the quarter was 17.4%, with an estimated rate of 24% to 25% for fiscal year 2026 [30] Q&A Session Summary Question: Can you elaborate on the recent recruiting success and which segments are seeing more uplift? - Management noted broad-based recruiting success across all affiliation options, with a record production of over $400 million from recruited advisors, up 21% year-over-year [36][37] Question: What are the goals for the AI initiatives and how will they impact future technology spending? - The company aims to enhance infrastructure, increase service efficiency, and provide tailored advice through AI, with significant budget increases planned for AI initiatives [39][41] Question: What are the expectations for loan growth in a lower interest rate environment? - Management expects securities-based loans to continue being the highest growth category, with potential acceleration as rates decrease [48][50] Question: How has M&A activity impacted the recruiting pipeline? - M&A activity creates opportunities for advisors to seek new homes, benefiting the company's recruiting efforts [88][89] Question: What are the criteria for future acquisitions? - The company looks for cultural fit, strategic alignment, and favorable financial terms in potential acquisitions [100][101]