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Adam

Managing Director and Senior Research Analyst at RBC Capital Markets

Adam Jonas is a Managing Director and Senior Research Analyst at RBC Capital Markets, specializing in gaming, lodging, leisure, and internet stocks. He covers specific companies such as DraftKings, Wynn Resorts, Marriott International, Booking Holdings, Airbnb, and Expedia Group, with a strong performance track record including a 58% success rate on stock ratings and an average return of 14.2% per rating according to TipRanks, where he ranks in the top 5% of analysts covering Leisure Products and top 10% for Gaming. Jonas joined RBC Capital Markets in 2021 after a distinguished career that began at Deutsche Bank in 2003, followed by roles at Morgan Stanley, Credit Suisse, and Sandler O'Neill, bringing over two decades of experience in consumer and gaming sector analysis. He holds Series 7, 63, and 86 FINRA licenses, underscoring his professional credentials in securities research.

Adam's questions to UL Solutions (ULS) leadership

Question · Q4 2025

Adam inquired about the shift of manufacturing activity from China to other parts of the world in FY 2025 and its impact on UL Solutions. He also asked about the demand for the artificial intelligence safety certification services announced last quarter.

Answer

CEO Jennifer Scanlon stated that UL Solutions is not seeing a significant shift *out* of China, but rather a continuation of 'China Plus One' strategies, with significant growth in India, Malaysia, and Thailand. She noted that the China business remains strong. Regarding AI safety certification, Jennifer mentioned it's 'still in early days' but an important topic, with efforts focused on building trust in AI and adapting standards to help customers demonstrate trustworthy AI use.

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Question · Q4 2025

Adam asked about the shift of manufacturing activity from China to other parts of the world and how that trend impacted UL Solutions in FY 2025. He also inquired about the demand for the artificial intelligence safety certification services announced last quarter.

Answer

CEO Jennifer Scanlon stated that UL Solutions is not seeing a significant shift *out* of China, but rather a 'China plus one' continuation, with significant growth in India, Malaysia, and Thailand, indicating supply chain dispersion and de-risking. She confirmed UL's China business remains strong. Regarding AI safety certification, Jennifer Scanlon noted it's still in early days but an important topic, with UL working with customers to adapt standards to build trust in AI use.

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Adam's questions to Celanese (CE) leadership

Question · Q4 2025

Adam, representing RBC Capital Markets, inquired about the components offsetting the approximately $300 million working capital headwind for 2026, specifically asking if the balance beyond lower cash interest and taxes is expected from earnings improvement, and the anticipated impact of earnings on free cash flow. He also asked for quantification of the cost benefit from the Lanaken plant closure.

Answer

Chuck Kyrish, CFO of Celanese, reiterated confidence in achieving the free cash flow target range despite the significant working capital headwind, stating it can be met through modest earnings growth or additional financial levers, similar to 2025. Scott Richardson, President and CEO, quantified the Lanaken plant closure's cost benefit at $20 million-$25 million on a full-year basis, with $5 million-$10 million expected in the current year.

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