Financial Data and Key Metrics Changes - In Q1 2025, Miniso Group's total revenue reached RMB 4.43 billion, representing a 90% year-over-year growth, exceeding the upper limit of the guidance of 50% to 80% [6][27] - Miniso's revenue from Mainland China was RMB 2.49 billion, growing by 9%, while overseas revenue was RMB 1.59 billion, growing by 30% [6][27] - The gross margin increased by nearly one percentage point to 44.2% compared to the same period last year [33] - Adjusted net profit for Q1 was RMB 590 million, with an adjusted net profit margin of 30.3% [41] Business Line Data and Key Metrics Changes - The Miniso brand generated RMB 3.84 billion in revenue, growing by 16.5% [27] - The Top Toy brand achieved revenue of RMB 1.01 billion, up by 59% [28] - Same store sales in Mainland China showed a mid-single-digit decline, significantly improved from previous quarters [30][49] Market Data and Key Metrics Changes - Overseas revenue contribution increased by three percentage points year-over-year, now accounting for 36% of total revenue [29] - In Q1, 95 new overseas locations were added, expanding the international network [32] - The U.S. market is a key focus, with strategies to optimize store operations and improve inventory efficiency [17][20] Company Strategy and Development Direction - The company is focusing on enhancing same store performance as a core strategy, aiming for a 10% growth in domestic same store sales for the year [8] - Miniso is transitioning from rapid store openings to a strategy focused on larger, better-performing stores [13][15] - The company plans to deepen its IT strategy and enhance product development precision to maintain a competitive edge [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive same store growth despite current challenges in the Chinese market [49] - The company is committed to long-term growth, focusing on refined operations and strict expense management [45] - Management highlighted the importance of innovation and high-quality products to meet evolving consumer needs [12][24] Other Important Information - The company paid out RMB 740 million in dividends and completed nearly RMB 260 million in share repurchases since the beginning of the year [24][44] - Miniso is exploring new business models and enhancing partnerships with agents to improve market dynamics [20][25] Q&A Session Summary Question: Regarding same store improvement in China - Management noted a significant improvement in same store performance, with a decline narrowing to mid-single digits, and expressed confidence in achieving positive growth [49][50] Question: U.S. market strategies amid tariff fluctuations - Management discussed preparations for tariffs, including building inventory in the U.S. and optimizing the supply chain to reduce dependency on Mainland China [56][58] Question: Impact of YH on profit and loss - Management confirmed that YH will be consolidated into overall performance starting Q2, with a focus on reducing financial losses and improving efficiency [60][61] Question: Same store performance trends in overseas markets - Management indicated that overseas same store performance is improving, particularly in the U.S. and Mexico, and emphasized the importance of channel optimization and merchandise improvement [63][65] Question: IP partnership strategies - Management highlighted the importance of exclusive licensing and in-house IP development to enhance market presence and consumer engagement [76][79]

Financial Data and Key Metrics Changes - In Q1 2025, Miniso Group's total revenue reached RMB 4.43 billion, representing a 90% year-over-year growth, exceeding the upper limit of the 50% to 80% growth guidance [6][27] - Miniso's revenue from Mainland China was RMB 2.49 billion, growing by 9%, while overseas revenue was RMB 1.59 billion, growing by 30% [6][27] - The gross margin increased by nearly one percentage point to 44.2% compared to the same period last year [33] - Adjusted net profit for Q1 was RMB 590 million, with an adjusted net profit margin of 30.3% [41] Business Line Data and Key Metrics Changes - The Miniso brand generated RMB 2.84 billion in revenue, growing by 16.5% [27] - The Top Toy brand achieved revenue of RMB 1.1 billion, up by 59% [28] - Directly operated stores contributed 22% of revenue, with revenue growing 86% year-over-year [36] Market Data and Key Metrics Changes - In Q1, overseas revenue contribution rose to 36%, up from 33% in the same period last year [29] - The company opened 95 new overseas locations, expanding its international network [32] - Same store sales in the U.S. faced pressure but showed improvement in April and May [66] Company Strategy and Development Direction - The company is focusing on high-quality channel development and large store expansion, with plans to open larger, better-performing stores [13][15] - Miniso aims to enhance its product development precision and strengthen its IT strategy to support high-quality growth [10][12] - The company is committed to deepening existing partnerships while exploring new ones, particularly in the IP space [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive same store growth for the full year despite challenges in the micro consumption environment in China [50] - The company anticipates healthy operating profit growth in 2025, focusing on expense control and improving the profitability of directly operated stores [45] - Management highlighted the importance of adapting to tariff fluctuations and optimizing the supply chain to enhance competitiveness in the U.S. market [58][59] Other Important Information - The company paid out RMB 740 million in dividends and completed nearly RMB 260 million in share repurchases since the beginning of the year [24] - Miniso's journey is built on exceptional merchandise, with a commitment to innovation and high-quality products to meet evolving consumer needs [12] Q&A Session Summary Question: Can you elaborate on the recent same store improvement in China? - Management noted a significant improvement in same store performance, with a decline narrowing to mid-single digits compared to previous quarters, driven by operational strategies and product offerings [49][50] Question: What is the payback period for franchisees? - Franchisees have seen improvements in ROI alongside same store performance, with a positive outlook for new store formats [52][53] Question: What strategies are in place regarding tariffs and supply chain adjustments in the U.S.? - The company has built up inventory in the U.S. to prepare for sales peaks and is adjusting its supply chain to reduce dependence on Mainland China [56][58] Question: How will YH impact Miniso's profit and loss starting Q2? - YH is expected to reduce financial losses through efficiency improvements, with a dedicated team managing the transition [60][61] Question: What is the outlook for same store performance in the U.S.? - Management is optimistic about improvements in same store performance in the U.S., leveraging successful practices from the Chinese market [66][69] Question: How does sourcing from third parties affect GP margins? - Management reassured that sourcing third-party products will not burden GP margins, as they focus on specific categories that enhance customer experience [83][84] Question: What is the strategy for net store openings in China? - The company plans to dynamically adjust store openings, focusing on quality over quantity, with expectations for double-digit growth from same store performance [92][94]

Intchains Group (ICG) Q1 2025 Earnings Call May 22, 2025 08:00 PM ET Company Participants Minty Wang - Head of Investor RelationsChaowei Yan - Chief Financial Officer Conference Call Participants Mark Palmer - Equity Research AnalystMatthew Galinko - SVP & Senior Research Analyst Operator Good day, ladies and gentlemen. Thank you for standing by, and welcome to Ink King's First Quarter twenty twenty five Earnings Conference Call. Today's call is being recorded. If you have any objections, you may disconnect ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 reached $18.2 million, representing a 78.5% quarter-over-quarter increase and exceeding previous guidance of $15 million to $16 million [6][12] - Gross margin improved significantly to 56.9%, up from 26.2% in the previous quarter, reflecting a 286.9% increase [7] - Operating income turned positive at $5.1 million, a recovery from the loss in Q4 2024 [7][13] - Net income was negative $4.7 million, impacted by a noncash revaluation loss of $9.8 million on cryptocurrency holdings [13][14] Business Line Data and Key Metrics Changes - The successful launch of the Allele miner series accounted for nearly 75% of total revenue in Q1 2025 [12] - Cost of revenue increased modestly from $7.5 million in Q4 to $7.9 million in Q1, growing at a lower pace than revenue due to higher margins from new miners [13] - The company continues to focus on product optimization and operational efficiency to maintain higher gross margins than industry averages [9] Market Data and Key Metrics Changes - The total market cap of cryptocurrency declined by 18% during the quarter, with significant price drops for Ether, Dogecoin, and Allele [6][11] - Despite market headwinds, the company maintained a steady pace of Ethereum accumulation, increasing holdings by over 23% to approximately 7,043 units [7][14] Company Strategy and Development Direction - The company aims to solidify its leadership in the home mining sector and plans to continue refining its mining products through technological upgrades [10][18] - A focus on innovation and operational excellence is central to the company's long-term value creation strategy [18] - The company is exploring new blockchain applications and anticipates potential catalysts such as interest rate cuts and regulatory support for crypto-linked ETFs [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market sentiment improving and the potential for revenue growth in Q2 and beyond [17] - The company projects revenue for the first half of 2025 to be approximately RMB 180 million to 200 million [17] - Management remains committed to a long-term Ethereum accumulation strategy despite current market volatility [16][17] Other Important Information - The company reported cash, cash equivalents, and short-term investments totaling $74.9 million as of March 31, 2025, an increase from the end of 2024 [14] - Total assets represented 147% of the company's market capitalization as of May 2025 [15] Q&A Session Summary Question: Future revenue mix with 75% from Allele miners - Management is optimistic about the future of Dogecoin and plans to continuously upgrade its Dogecoin miner program, aiming to become a top-tier supplier in the industry [22][24] Question: Potential of GoldShell Byte miner for revenue generation - The GoldShell Byte miner was designed to address the pain points of individual miners, allowing them to switch between cryptocurrencies easily, which could lower barriers to entry in the mining industry [26][27] Question: Expectations for inventory management - Management indicated that most inventory consists of both coin miners and Allele miners, and they will adjust pricing based on market conditions to sell inventory rather than write it off [34][35] Question: Feedback on GoldShell Byte from the market - The GoldShell Byte has received positive feedback from individual miners, and the company aims to attract new customers through this product while maintaining existing ones with professional miners [39][40] Question: R&D spending outlook - Management noted that while R&D spending is currently down, they cannot predict when it will increase again due to ongoing projects [48]

Financial Data and Key Metrics Changes - Global revenue increased to $1.2 billion, with global service revenue up nearly $88 million or over 9% from the previous year [18] - Third quarter GAAP net income increased by over 6% to $407 million or $0.42 per diluted common share [23] - Global gross profit was approximately $552 million, an increase of $27 million or about 5%, with a gross margin percentage of 46% for the quarter [22] Business Line Data and Key Metrics Changes - Global unit sales increased by 1%, with a per business day increase of over 2% [11] - U.S. insurance unit volume decreased close to 1% year over year, while non-insurance U.S. unit volume growth outpaced that of the U.S. insurance business [12][13] - Blue Car services saw year-over-year growth of almost 14% [13] - International segment unit sales grew by 6% in the quarter, with fee units increasing by 9% [14] Market Data and Key Metrics Changes - Total loss frequency in the U.S. reached 22.8% in the first calendar quarter of 2025, up 100 basis points compared to last year [4] - Global inventory decreased nearly 10% from the year-ago period, with U.S. inventory levels down approximately 11% [15][16] - International insurance average selling prices (ASPs) increased approximately 5% [15] Company Strategy and Development Direction - The company continues to invest in real estate infrastructure, technology, and operational readiness in anticipation of the 2025 storm season [9] - The focus remains on enhancing capabilities for both storm preparedness and day-to-day business operations [10] - The company views physical storage and logistics as essential to its value proposition for various sellers, including insurance companies [30] Management Comments on Operating Environment and Future Outlook - Management noted that the increase in uninsured and underinsured drivers could impact future volumes, but cyclical trends are expected to reverse over time [8] - The company anticipates an active storm season in 2025 based on meteorological forecasts [8] - Management expressed confidence in long-term growth driven by rising total loss frequency and operational efficiency improvements [17] Other Important Information - Global purchased vehicle sales for the third quarter decreased approximately 2%, while gross profit from purchased vehicles decreased 60% [19] - Facility-related costs increased by $51 million or about 12%, reflecting ongoing investments in operational capacity [20][21] - The company had over $5.6 billion in liquidity as of April, comprised of nearly $4.4 billion in cash and $1.3 billion in revolving credit capacity [24] Q&A Session Summary Question: Discussion on land assets and benefits for insurance salvage customers - Management emphasized the importance of physical storage for insurance companies and other sellers, viewing it as essential for service offerings [30] Question: Insights on the shift of insured versus uninsured motorists - Management noted cyclical trends in insurance coverage and the impact of economic conditions on coverage decisions [32] Question: Update on the partnership with Purple Wave - Management acknowledged the uncertain environment affecting Purple Wave but highlighted the strategic fit and potential for future growth [36] Question: Implications of trade policy and tariffs - Management discussed the uncertainty created by tariffs on parts and how it affects repair costs and total loss decisions [39] Question: Market share perspective and growth numbers - Management indicated that market share dynamics are influenced by various factors, including the growth of individual insurance carriers [46] Question: Pricing mechanisms in end markets - Management explained that pricing is influenced by local economies and the affordability of mobility solutions in emerging markets [51] Question: Trends in G&A spend and future expectations - Management clarified that G&A increases were primarily due to investments in the sales force and other minor platform services [62] Question: Legislative actions on storage fees and total loss thresholds - Management discussed the potential benefits of capping storage fees for insurance companies and the implications of total loss threshold legislation [70][71]

Financial Data and Key Metrics Changes - Global revenue increased to $1.2 billion, with global service revenue up nearly $88 million or over 9% from the previous year [17] - Third quarter GAAP net income increased by over 6% to $407 million or $0.42 per diluted common share [22] - Global gross profit was approximately $552 million, an increase of $27 million or about 5%, with a gross margin percentage of 46% for the quarter [21] Business Line Data and Key Metrics Changes - Global unit sales increased by 1%, with a per business day increase of over 2% [10] - U.S. insurance unit volume decreased close to 1% year over year, while non-insurance U.S. unit volume growth outpaced that of the U.S. insurance business [11] - Blue Car services grew nearly 14% year over year, while dealer sales volume grew over 3% [12] Market Data and Key Metrics Changes - International segment unit sales grew by 6% in the quarter, with fee units increasing by 9% [12] - Global average selling prices (ASPs) increased by approximately 3% for the quarter, with U.S. insurance ASPs up over 2% [14] - Global inventory decreased nearly 10% from the year-ago period, with U.S. inventory down approximately 11% [14][15] Company Strategy and Development Direction - The company continues to invest in real estate infrastructure, technology, and operational readiness in anticipation of the 2025 storm season [8] - The acquisition of Hull Ranch in South Florida enhances the company's capacity to handle storm-related vehicle storage [7] - The company aims to enhance capabilities for both storm preparedness and day-to-day operations [9] Management's Comments on Operating Environment and Future Outlook - Management noted rising total loss frequency, which reached 22.8% in the first calendar quarter of 2025, up 100 basis points from last year [3] - The company anticipates an active storm season in 2025, similar to 2024, based on meteorological forecasts [6] - Management expressed confidence that cyclical trends regarding uninsured and underinsured drivers will eventually reverse [5] Other Important Information - Global purchased vehicle sales for the third quarter decreased approximately 2%, while gross profit from purchased vehicles decreased 60% [18] - Facility-related costs increased by $51 million or about 12%, reflecting ongoing investments in operational capacity [20] - The company has over $5.6 billion in liquidity, comprised of nearly $4.4 billion in cash and $1.3 billion in revolving credit capacity [23] Q&A Session Summary Question: Discussion on land assets and benefits for insurance salvage customers - Management emphasized the importance of physical storage and logistics for insurance companies and other sellers, viewing it as essential to their service offering [28] Question: Insights on the shift of insured versus uninsured motorists - Management noted cyclical trends in insurance coverage, with current conditions reflecting a similar downturn as seen during the global financial crisis [31] Question: Update on Purple Wave partnership and future investments - Management acknowledged the uncertain environment affecting Purple Wave but expressed confidence in the strategic fit and potential benefits for Copart [35] Question: Implications of trade policy and tariffs on business - Management highlighted the uncertainty created by tariffs on parts, which increases repair costs and may make total loss options more attractive [38] Question: Market share perspective and growth numbers - Management indicated that market share is influenced by the growth of individual insurance carriers and emphasized their commitment to delivering value to clients [46] Question: Trends in G&A spend and future expectations - Management clarified that the increase in G&A was primarily due to investments in the sales force and other minor platform services, without indicating a steady state number [64] Question: Legislative actions affecting storage fees and total loss thresholds - Management noted that capping storage fees could benefit insurance companies, while changes to total loss thresholds may not significantly distort insurance companies' decisions [72]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [5] - Fee related earnings reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [5][31] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [6][31] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [6][29] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% growth rate [8][18] - Managed account re-up rates remained above 90%, with average growth of approximately 30% [9] - The private wealth platform saw significant growth, increasing from $3.4 billion to over $8 billion in assets [11] Market Data and Key Metrics Changes - Total gross inflows for the quarter were $9.9 billion, the second highest on record [12] - Fee earning assets under management grew to over $121 billion, up $7.2 billion from the previous quarter [13] - The undeployed fee earning capital (UFEC) increased from approximately $22 billion to $25 billion [22] Company Strategy and Development Direction - The company aims to continue expanding its private wealth offerings and has introduced new products to enhance distribution [11][27] - The strategy includes focusing on scenario planning to assess impacts by asset class, strategy, region, and sector amid a volatile market environment [14] - The company is actively pursuing opportunities in private markets, leveraging its scale and expertise to navigate through cycles [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting recent progress in trade policy but acknowledging ongoing uncertainty [14] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term investment approach [15][16] - Management highlighted the importance of maintaining a disciplined investment strategy to capitalize on market dislocations [17] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [28] - The board declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [29] Q&A Session Summary Question: What were the one-time fees mentioned in the quarter? - The one-time fees were approximately $4 million in advisory fees, which were larger than usual for the quarter [39] Question: How does the pipeline of new business look? - Management expressed a positive outlook on the pipeline, noting strong opportunities in new capital allocations to private markets [44] Question: How do you see the fundraising environment evolving? - Management noted a barbell fundraising trend with strong first and final closes, indicating a healthy fundraising environment [50] Question: What is the outlook for the secondaries marketplace? - Management expects increased selling in the secondaries market due to liquidity constraints among investors, positioning the company as an active buyer [59] Question: How is the private wealth product platform evolving? - The company sees significant growth potential in the private wealth space, particularly in expanding its offerings and distribution in Europe [63]

Financial Data and Key Metrics Changes - Total revenue in Q1 grew 15% as reported and 16% in constant currency, with a contribution from the new transaction model of $78 million [12][18] - Billings increased 29% as reported and 30% in constant currency, reflecting the shift to annual billings for most multiyear contracts [12][18] - First quarter free cash flow was $556 million, with GAAP operating margins decreasing by seven percentage points due to restructuring charges [14][15] Business Line Data and Key Metrics Changes - Strength was observed in AECO, upfront revenue from enterprise business agreements (EBAs), and the Autodesk store as friction from the new transaction model eased [11] - The contribution from the new transaction model to billings was $105 million in Q1, with billings growing 22% at constant currency excluding this impact [12][18] - Non-GAAP operating margins increased by three percentage points, reflecting operating leverage from ongoing cost discipline [15] Market Data and Key Metrics Changes - The U.S. dollar has depreciated against major currencies, impacting billings, revenue, and free cash flow guidance ranges [17] - Asia Pacific showed some softness, particularly in Japan, which was the last to adopt the new transaction model, and China and Korea were more exposed to macroeconomic turmoil [115][116] Company Strategy and Development Direction - The company is focusing growth investments on strategic priorities in cloud, platform, and AI, optimizing sales and marketing to drive higher margins [8][19] - The new transaction model aims to integrate more closely with customers, driving additional business while increasing automation [9] - The company is committed to delivering connected solutions and enhancing operational efficiency to capture growth opportunities in the market [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted that customer conversations reflect uncertainty due to geopolitical and macroeconomic factors, but construction backlog ticked up, and monthly active users increased [39][40] - The company is prepared for potential macroeconomic impacts, having factored in greater uncertainty into their guidance while maintaining a positive outlook based on Q1 performance [17][92] Other Important Information - The company is refreshing its board to guide the next decade of growth, with new appointments aimed at enhancing strategic direction [8] - The company is focused on reducing stock-based compensation as a percentage of revenue to below 10% [15] Q&A Session Summary Question: How are customer conversations evolving given the uncertainty? - Management acknowledged that trade policy uncertainty is impacting customers, but noted that construction backlog and active user growth remain positive [39][40] Question: Can you discuss margin momentum and the sales and marketing optimization plan? - Management indicated strong Q1 performance driven by revenue outperformance and ongoing expense discipline, with the sales and marketing optimization plan on track [41][43] Question: What are the benefits and risks of channel consolidation? - Management is encouraging consolidation towards fewer, more solution-focused partners, which has led to increased activity and price realization [51][55] Question: How is the new transaction model progressing? - Management reported no significant disruptions compared to the previous year, with channel productivity expected to increase as partners adapt [60][61] Question: What are the opportunities for AI functionality? - Management emphasized the focus on delivering specific AI enhancements that drive productivity, with plans to roll out more sophisticated tools [78][80] Question: How is the company addressing labor constraints in the industry? - Management noted persistent labor constraints and emphasized the need for digital efficiency, which is driving robust adoption of their solutions [94]

Financial Data and Key Metrics Changes - Total revenue in Q1 grew 15% as reported and 16% in constant currency, with a contribution from the new transaction model to revenue of $78 million [12][13] - Billings increased 29% as reported and 30% in constant currency, reflecting the shift to annual billings for most multiyear contracts [12][13] - First quarter free cash flow was $556 million, with GAAP operating margins decreasing by seven percentage points due to restructuring charges [15][14] Business Line Data and Key Metrics Changes - Strength was observed in AECO, upfront revenue from enterprise business agreements (EBAs), and the Autodesk store as friction from the new transaction model eased [10] - The contribution from the new transaction model to billings was $105 million in Q1, with billings growing 22% at constant currency excluding the impact of the new transaction model [12][13] Market Data and Key Metrics Changes - The U.S. dollar has depreciated against major currencies, impacting billings, revenue, and free cash flow guidance ranges [17] - Asia Pacific showed some softness, particularly in Japan, which was the last to adopt the new transaction model, and China and Korea were more exposed to macroeconomic turmoil [114] Company Strategy and Development Direction - The company is focusing growth investments on strategic priorities in cloud, platform, and AI, optimizing sales and marketing to drive higher margins [7] - The new transaction model aims to integrate more closely with customers, driving additional business while increasing automation and reducing duplicative workflows [8] Management's Comments on Operating Environment and Future Outlook - Management noted that customer conversations reflect uncertainty due to trade policy and macroeconomic factors, but construction backlog increased and monthly active users grew [40] - The company remains optimistic about its underlying business momentum despite macroeconomic uncertainties, with guidance reflecting caution [17][89] Other Important Information - The company is refreshing its board to guide the next decade of growth, with new appointments aimed at enhancing strategic direction [7] - The company is committed to reducing stock-based compensation as a percentage of revenue to below 10% [15] Q&A Session Summary Question: How are customer conversations evolving given the uncertainty? - Management acknowledged that trade policy uncertainty is impacting customers, but noted that construction backlog increased and business inflow remains strong [40] Question: Can you discuss margin momentum and the sales and marketing optimization plan? - Management indicated that Q1 margin strength was driven by revenue outperformance and ongoing expense discipline, with the sales and marketing optimization plan on track [42][43] Question: What are the benefits and risks of channel consolidation? - Management is encouraging consolidation towards fewer, more solution-focused partners, which has led to increased activity and price realization in the store [52][55] Question: How is the new transaction model progressing? - Management reported that disruptions seen last year are not present now, and channel productivity is expected to increase as partners adapt to the new model [61][62] Question: What is the outlook for net revenue retention (NRR)? - Management confirmed that the NRR is above the 100-110% range due to the new transaction model, and it is expected to remain in that range for the year [63] Question: How is the company addressing labor constraints in the industry? - Management noted that labor constraints persist, but the demand for digital efficiency is driving robust adoption of their solutions [91] Question: What are the plans for AI functionality and future use cases? - Management emphasized the focus on delivering AI enhancements that drive productivity, with plans to roll out more sophisticated tools [78][80] Question: What is the current status of the restructuring and its impact? - Management indicated that while there was some disruption from the restructuring, overall business momentum has improved, and risks are being managed effectively [85][86]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [4] - Fee related earnings (FRE) reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [4][12] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [5][12] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [5][28] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% increase [6][12] - Managed account re-up rates remained above 90%, with an average growth of approximately 30% [6] - The private wealth platform saw AUM increase from $3.4 billion to over $8 billion [10] - Total gross inflows for the quarter were $9.9 billion, with $1.2 billion of evergreen subscriptions, marking the best private wealth quarter ever [11][20] Market Data and Key Metrics Changes - The company experienced strong fundraising and deployment of undeployed fee earning capital, driving fee earning AUM to over $121 billion, an increase of $7.2 billion from the previous quarter [12][22] - The undeployed fee earning capital (UFEC) grew from approximately $22 billion to $25 billion [22] - The blended management fee rate increased to 65 basis points from 59 basis points in the prior fiscal year [22] Company Strategy and Development Direction - The company aims to double its fee related earnings over five years and expand its FRE margin to the mid-30s, achieving a doubling of fee related earnings in just two years [23][24] - The company is focused on scenario planning to assess impacts by asset class, strategy, region, and sector due to market uncertainties [13] - The company is expanding its private wealth offerings and distribution partners, increasing from 300 to nearly 500 unique platforms [10][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the evolving global trade policy and its impact on market volatility [13] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term disciplined investment approach [14][15] - Management highlighted the importance of leveraging data and technology to enhance client acquisition and retention [26] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [27] - The company declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [28] Q&A Session Summary Question: What were the one-time fees in the quarter? - The one-time fees were approximately $4 million in advisory fees, which impacted the FRE margin [38] Question: How does the pipeline of new business look? - The company is optimistic about the pipeline of new opportunities, with a healthy mix of re-ups and new business expected [44] Question: How do you see the secondaries marketplace evolving? - The company anticipates increased selling in the secondaries market and is positioned as an active buyer across various private markets [60] Question: What is the outlook for the private wealth product platform? - The company sees significant growth potential in both the US and European markets, with plans to expand its product offerings [64]