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CTO Nazar Khan explained that FluidStack is a premier AI cloud platform that diversifies TerraWolf's customer base. CSO Carrie Langlais added that the exclusivity for an additional building (CB5) is on a tight timeline with identical terms, including the Google guarantee. CFO Patrick Fleury clarified the $1.8 billion backstop represents approximately 50% of the total lease payments over the 10-year term.

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CEO Paul Prager emphasized that the biggest lesson was the importance of selecting the right partner, which enabled a collaborative and cooperative design evolution rather than a confrontational one. Executive Nazar Khan added that the process involved refining every design component, leading to a 'perfected' data center design and underscoring the value of a true partner in navigating technical trade-offs for a new and evolving technology.

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CEO Paul Prager clarified that the first 150 megawatts at the Cayuga site are expected to be energy-available in 2026, with the data center build-out timeline dependent on customer requirements. Regarding Lake Mariner, he stated that while not being broadly marketed, the company is in 'deep discussions' with potential long-term counterparties for the remaining capacity.

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CEO Paul Prager stated that pricing per kilowatt-hour has increased and that potential customers are showing greater interest in securing large blocks of megawatts at single sites. CFO Patrick Fleury reaffirmed the company's plan to use a one-year customer prepayment and project financing, noting this market is becoming more developed. He emphasized TeraWulf's positive EBITDA this quarter, contrasting it with peers who incurred losses.

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The company is planning to recapitalize the combined business and is in discussions with its lenders, who are supportive of the transaction. They anticipate refinancing the Capital One note at close. No significant change in CapEx is expected, as Inspirato will leverage BuyerLink's existing technology. The integration work has begun, with benefits expected in 2026, funded by resource prioritization rather than new capital. BuyerLink's growth is driven by adding new marketplace verticals and increasing liquidity in existing ones, with a historical five-year CAGR of over 20%.

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CFO Michael Arthur stated that both senior lenders are supportive of the transaction, with plans to refinance the Capital One note at closing while continuing with Citi as part of a broader recapitalization. He added that he does not anticipate a meaningful change in CapEx. CEO Payam Zamani clarified that BuyerLink's expertise is in building marketplaces, not just lead generation, and that foundational work to leverage this for Inspirato has already begun, with benefits expected in 2026 through resource prioritization rather than new CapEx. Zamani noted BuyerLink's growth is driven by adding new verticals and marketplace liquidity, citing a historical growth rate north of 20%.

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CEO Payam Zamani described a 'U-shaped' recovery for member growth, expecting an inflection point in 2-3 quarters driven by a larger sales force and a focus on acquiring the 'right' members. Zamani outlined three key priorities for 2025: achieving operational efficiencies, enhancing the brand's luxury promise, and building a scalable technology platform for digital marketing. CFO Michael Arthur confirmed that historical seasonality should continue, with Q1 and Q3 being the strongest quarters for travel, revenue, and EBITDA.

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Incoming CFO Michael Arthur attributed the incremental savings primarily to non-payroll operating costs like software and professional services. President David Kallery noted that while the Capital One integration is complete, the current focus is on achieving profitability. Chairman and CEO Payam Zamani confirmed the definitive shift to a club model with initiation fees and annual dues starting January 1, 2025, to improve member stability. Zamani emphasized that 2025's priority is margin expansion and achieving adjusted EBITDA profitability and positive cash flow in Q1, not top-line growth. Arthur added that Q4 is seasonally slower for revenue but should show continued EBITDA improvement.

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Scott Buchanan, Director, COO, and Principal Financial Officer, noted that mature kiosks saw performance improvements and that 1,700 kiosks remain in inventory. He stated there is no specific year-end kiosk goal but expects gross profit margins to hold steady or decline slightly due to seasonality. He also confirmed relocation rates were steady and the Up-C payment is complete. CFO David Gray added that further term loan paydown depends on M&A opportunities.

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CEO Brandon Mintz stated that while there are no public year-end kiosk count goals, the company is focused on deploying its existing inventory, with some reserved for international expansion into Australia and potentially two new countries. He clarified that significant CapEx is not anticipated for 2025 due to the nearly 2,000 kiosks still available for deployment. Regarding newer kiosks, Mintz noted that machines typically see at least 50% revenue growth in their second year compared to their first.

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Executive Brandon Mintz confirmed the inventory figures include Australia-bound kiosks and that reaching 10,000 installed machines is possible, with the pace dependent on Australian market success. He noted that relocations continued aggressively in Q4 and are now a core part of the business model. The margin improvement was attributed to optimized spreads, lower armored transport costs, and reduced average rents. COO and Interim CFO Christopher Buchanan added that the $15 million OpEx is a good run rate, with potential for slight reductions as legacy legal costs decrease.

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CEO Ben Gagnon explained T5 was chosen via a competitive process for its quality, reputation, and full-service capabilities. He disclosed the land purchase is for 178 acres at ~$3.5 million, closing this quarter. He clarified the ~$18 million from the Argentina shutdown includes ~$13 million from miner sales (expected in 2-3 months) and a ~$3.5 million electricity prepayment to be recovered over 18 months.

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CEO Ben Gagnon detailed the unique attributes of each site, positioning Panther Creek as the flagship, followed by the similar but less advanced Scrubgrass. He noted Sharon is attractive for its scale, while Washington offers the lowest power cost, suiting different clients. CFO Jeff Lucas clarified the non-HPC CapEx is approximately $75 million, allocated to miner logistics and electrical infrastructure development at the Pennsylvania sites.

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CEO Ben Gagnon confirmed that 142 MW of data center capacity is active across Panther Creek and Scrubgrass, which can be powered by either on-site plants or the grid. He clarified the regulatory process is for future expansion and redundancy. He also stated the Q2 feasibility studies will be comprehensive, covering all North American sites, including Pennsylvania, Washington, and Quebec.

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CEO Ben Gagnon responded that Bitfarms needs to hire talent for HPC-specific data center engineering and management, and is actively recruiting. While discussions with hyperscalers are ongoing, he believes the Q4 2025/Q1 2026 timeline is ample for execution. Regarding U.S. expansion, Gagnon emphasized that the goal is to rebalance the portfolio with a greater U.S. presence, but the focus is on acquiring sites with a competitive, long-term energy profile rather than targeting a specific megawatt number.

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Executive Chairman & CEO Charlie Youakim confirmed the investment was the $8.8 million in marketing. He explained that 'Anywhere' is the most profitable product due to high usage, followed by the high-margin 'Premium' product, with 'On-demand' being the least profitable but serving as a key entry point for new users. He noted that most recent subscriber growth came from on-demand, which has impacted the 'Premium' product's growth, but 'Anywhere' also continued to grow.

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CEO Charles Youakim addressed the questions, suggesting the WebBank partnership's benefit is best seen in the year-over-year improvement in revenue yield as a percentage of GMV. He attributed subscriber stickiness to the ease of use and peace of mind from having a single, go-to BNPL solution. On credit, Youakim explained that stronger overall profitability allows for a higher provision for credit losses while maintaining target gross margins, and noted that Q1's strong credit performance was also due to better-than-expected repayments and seasonal factors. He described 'Pay in 5' as a customer-driven product offering more payment flexibility and 'auto couponing' as a feature designed to add value and enhance customer loyalty.

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CEO and Executive Chairman Charles Youakim attributed the 100% year-over-year revenue growth to two main factors: the WebBank partnership, which enabled a unified fee structure, and the successful launch of the On-Demand product. He explained the strategy is to use the lower-friction On-Demand product as a bridge to convert users to subscriptions over time. He also noted that continuous improvements to the app's shopping features are driving higher engagement and retention.

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CEO Charles Youakim explained that Sezzle is currently prioritizing the enhancement of its shopping features to drive user acquisition and stickiness. While he anticipates launching one or two financial services products in 2025, he offered no firm commitment on the timeline, stating the near-term focus is on the shopping side of the business.

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CEO Jason Les outlined two parallel top priorities for Jonathan Gibbs: first, building out the data center team with more veteran talent to create a platform that meets hyperscaler expectations, and second, completing the 'basis of design' for the Corsicana site to facilitate more substantive discussions with potential tenants.

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CEO Jason Les shared that feedback from tenants and advisors prompted Riot to proactively enhance the site by adding more land, water access, and fiber connectivity to make the offering more compelling. He stated that the entire hyperscaler landscape and beyond are potential tenants due to the site's prime location near Dallas, and did not single out any front-runners, emphasizing the broad interest.

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CEO Jason Les clarified that inquiries from hyperscalers have been broad, focused on securing power quickly rather than being specific to any particular block of capacity. For 2025, he stated Riot's goal is to increase its Bitcoin mining hash rate by approximately 22% to 38.4 exahash, primarily through expansion at its Kentucky facilities.

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CEO Jason Les explained that Riot's strategy involves curtailing when spot prices are high and monetizing hedges during periods of volatility. He noted that power credit revenue was lower year-over-year because the summer of 2024 saw significantly less price volatility than the summer of 2023. However, this lack of volatility also resulted in lower spot power costs for the Corsicana facility, contributing to a low overall cost of power.

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CEO Tyler Page explained that Barber Lake is being marketed for a single large tenant, while Black Pearl Phase 2, Stingray, and Reveille are being marketed to a broader range of tenants. He noted Stingray is attracting a 'middle tier' of the market, such as HFT firms, who value its remote location and low latency to Dallas.

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CEO Tyler Page stated that the next major milestone for Barber Lake is signing a lease with a tenant, noting they are in advanced discussions with multiple parties. For the 100 MW Stingray site, he mentioned recent interest from a different category of enterprise clients. For the 70 MW Reveille site, he sees future flexibility, including potentially working with smaller clients or managing a colocation facility.

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CEO Tyler Page explained that the decision for Black Pearl Phase 2 involves weighing the immediate revenue opportunity from bitcoin mining against the long-term strategic and financing benefits of securing an HPC tenant. He expects a decision by the next earnings call. Regarding Barber Lake, Page highlighted the recent acquisition of 337 additional acres and an MOU for an adjacent 500-megawatt site, creating a potential 800-megawatt campus. This expanded scope is favorably evolving discussions with potential tenants and financing partners.

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CEO Tyler Page explained that capital allocation is driven by shareholder returns. He contrasted the cyclical nature of Bitcoin mining with the stable, long-term cash flows of HPC hosting, which can be heavily debt-financed. Page noted that the HPC business is complementary and leverages Cipher's expertise in site origination. He confirmed that discussions with potential HPC tenants are "pretty advanced," with interest driven by the scarcity of large-scale sites available in 2025, and described the typical lease structure as a long-term agreement with payments as a percentage of the total build cost.

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President & CEO Ashish Masih attributed the strong collections growth to three factors: high levels of recent portfolio purchases, a stable U.S. consumer, and significant operational performance improvements within the MCM business. He clarified that of the $55.6 million in total 'changes in recoveries', approximately $45 million was attributable to the U.S. MCM business, with 95% of the total representing cash collected above forecast.

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President and CEO Ashish Masih calculated a direct EPS impact of approximately $0.73 from the change in recoveries but cautioned against simply excluding it as it reflects real performance. Regarding buybacks, he stated that future activity depends on market conditions, balance sheet strength, and purchasing opportunities, without committing to a specific pace. Masih described the U.S. market as highly favorable, with record lending and a 10-year high charge-off rate providing ample supply at strong returns, leading to an expectation of record U.S. purchasing in 2025.

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President and CEO Ashish Masih clarified the $200M in Q4 Cabot purchases were opportunistic spot buys and not indicative of future levels, which he expects to be lower in 2025. He stated the ERC reductions were concentrated in pre-2019 vintages. Regarding capital returns, he confirmed the company expects to resume share repurchases in 2025 as leverage is nearing the midpoint of its target range, but did not specify a quarter.

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President and CEO Ashish Masih provided the collections figures: 105% of expectations for the U.S. (MCM) and 97% for Cabot, for a consolidated 103%. He reiterated that portfolio purchasing is the first priority and that repurchases would resume as leverage nears the midpoint of the target range, as the company can delever while still buying portfolios. He also confirmed a $92 million remaining buyback authorization. EVP and CFO Jonathan Clark noted that while the company was 99% fixed-rate as of Q3, it would return to a 20-25% floating-rate debt mix by year-end after redeeming certain notes.

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CEO Jerome Grant explained that lifting the restrictions accelerates their five-year plan by a year, enabling more program launches in 2026 and a couple of additional campuses over the life of the plan. Regarding future margins, he noted that while formal guidance has not been issued, increased investment in new campuses and programs could result in 2026 EBITDA not matching 2025 levels, as these strategic costs are no longer adjusted out of EBITDA.

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CEO Jerome Grant explained that the primary tailwinds are the growing preference for trade schools over traditional 4-year degrees and the national focus on onshoring and infrastructure. He highlighted that new student start strength was driven by increased marketing investment in Concorde's healthcare programs and higher-than-modeled demand for UTI's skilled trades programs, such as welding and HVAC.

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CEO Jerome Grant explained that the company is continuously investing in marketing for Concorde to reach more students in local markets until they see diminishing returns or hit enrollment caps. On the macro front, Grant described the current environment as 'very healthy,' with subsided friction and strong lead flow for skilled-collar careers.

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CEO Jerome Grant detailed the market's evolution, contrasting the difficult post-inflation environment of fall 2022 with the strong recovery and growing student interest in skilled trades seen in 2024. He confirmed that leads and conversions are up, attributing the success, particularly at the Concorde division, to accelerated marketing investments that tested market elasticity and delivered results beyond initial expectations.

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CFO Pamela Johnson stated that average loan sizes would likely see an incremental increase as larger loans are still being integrated into the portfolio. Founder, CEO & Executive Chairman Todd Schwartz explained that while they monitor macro data like jobs reports, they rely more on their own early repayment data, which remains strong. On capital allocation, he mentioned exploring M&A in adjacent spaces, while both he and Johnson highlighted that stock repurchases are a key consideration due to a perceived disconnect between the stock price and the company's value. Johnson also provided specific recovery figures: $10.7 million in Q2 2025, up from $8.4 million in Q2 2024.

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CEO Todd Schwartz expressed strong confidence in their underwriting model's ability to target high-quality customers, allowing for growth. He highlighted that improved auto-approval rates enhance the customer experience, justifying increased marketing spend and testing new channels. For capital use, Schwartz described a 'menu of options,' including funding growth, high-ROI internal projects, share buybacks, dividends, and potential inorganic acquisitions, all aimed at the highest and best use of capital.

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Global CIO Jeremy Schwartz identified the RIA channel as the primary initial target for the Cerus products, particularly through WisdomTree's model portfolios, which can effectively deliver the diversifying asset class to advisors. Regarding digital assets, President & COO R. Jarrett Lilien highlighted the validation of their regulated-first approach and the fundamental appeal of tokenized yield products. CEO Jonathan Steinberg emphasized the strategic advantage gained from their early entry into tokenization, which he believes is now paying off as the market matures.

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Jeremy Campbell, executive, detailed the crypto strategy, highlighting a Bitcoin focus in the U.S. and broader, basket-based leadership in Europe, which has seen over $100 million in crypto inflows this year. He noted the restrictive U.S. regulatory environment but pointed to new thematic funds launching in Europe. William Peck, executive, added that there is a robust client pipeline for WisdomTree Connect and that the company is well-positioned to benefit from potential stablecoin legislation in the U.S.

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CIO Jeremy Schwartz detailed the broad suite of European crypto products, including those for Bitcoin, Ethereum, Solana, and others. CEO Jonathan Steinberg added that he expects a similar product rollout in the U.S. under the new administration in 2025. Executive William Peck explained that staking yields from these products are shared between investors and WisdomTree.

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Executive Jeremy Schwartz highlighted the success of the QGRW quality growth ETF, which has gathered nearly $0.5 billion in AUM and outperformed the NASDAQ since its late 2022 launch. CFO Bryan Edmiston stated that 2025 priorities will be a continuation of the current strategy: investing in global products, portfolio solutions, and digital assets while seeking operational efficiencies, summarizing it as 'more of the same.'

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Chairman & CEO Chad Abraham stated that healthcare advisory has been 'quite strong' this year, rebounding significantly after being down last year. He explained that debt advisory has been one of the firm's fastest-growing areas, driven by the proliferation of private credit funds. A typical transaction involves arranging financing for a sponsor's acquisition or recap by navigating the complex landscape of alternative lenders.

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Chairman and CEO Chad Abraham responded that the primary issue is general uncertainty impacting CEO confidence, which is crucial for M&A. He specified that the key question for clients is how global trade issues will impact a company's P&L. He acknowledged that the market can change quickly with sentiment, citing the recent market bounce, some successful muni deals, and a couple of IPOs on the road as positive signs that demonstrate how fast things can turn.

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Chairman and CEO Chad Abraham highlighted three key priorities: 1) expanding investment banking industry teams, with a major focus on doubling the talent in technology; 2) leveraging product expertise like restructuring and capital advisory across the MD platform; and 3) emphasizing growth in the fixed income business. President Debbra Schoneman added that for fixed income, the priority is a 'slow and steady build' of talent, while for equity brokerage, the focus is on product build-out in electronic trading and geographic expansion in the UK/EU.

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President Debbra Schoneman expects Q4 fixed income results to be similar to Q3, supported by depository client activity, and noted a normalized yield curve would be a positive catalyst for 2025. CEO Chad Abraham confirmed confidence in matching Q4 2023's strong performance, citing a robust start to October in ECM and Advisory, assuming stable market conditions.

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EVP & CFO Rick Weller noted that a few epay promotions are scheduled for late Q3 and early Q4, but described the outlook as 'business as usual' without any expected dramatic changes. He confirmed that the Money Transfer segment did benefit from FX volatility during the quarter, which helped improve margins and supported the 33% year-over-year operating income growth, also noting a higher average transaction value.

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CEO Michael Brown reported that early April travel trends are tracking to plan, with more travelers expected this summer. CFO Rick Weller explained that the guidance assumes flat FX rates, meaning a stronger Euro could provide a tailwind. Weller emphasized that the core 18% growth in operating income, driven by business diversification, is the primary factor supporting their confidence in the full-year earnings guidance.

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CEO Michael Brown declined to quantify the specific impact but confirmed that fee increases occurred throughout 2024, which will provide a full-year benefit in 2025. CFO Rick Weller added that the regulatory environment has shifted favorably, with governments now supporting measures to ensure cash access, creating a 'wind at our back' for the ATM business, which now constitutes 19% of total revenue.

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CFO Saidal Mohmand detailed that financing terms for an investment-grade tenant are coming in as expected, around SOFR plus the low 400s, with loan-to-cost ratios in the 70% range. CEO Wes Cummins provided the go-live schedule: the first 100 MW building in calendar Q4 2024, the second 150 MW building in mid-2026, and the third 150 MW building in 2027.

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Executive Wesley Cummins stated that data center pricing is up year-over-year but stable recently, and discussions continue with multiple hyperscalers. He acknowledged external pressure was a factor in the cloud business sale decision but noted it aligns with their strategy and market timing. He affirmed the cloud business should return to a $110-$120 million annual revenue run-rate.

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CFO Mohammad Saidal Mohmand clarified that over $700 million has been invested in Ellendale, and the company expects to recover over $300 million in cash proceeds. Executive Wesley Cummins added that the pipeline includes 1.6 gigawatts of capacity for 2026/2027 and that the pricing environment remains strong, reflecting high demand.

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Executive Wesley Cummins highlighted a significant increase in inbound interest from three additional hyperscalers seeking 2025 and 2026 capacity. He indicated the company is actively working to secure another LOI for a different site, likely in the Dakotas, and suggested it could be achieved by the end of calendar year 2024.

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CEO Nangeng Zhang stated that current machine lead times are about 6-8 weeks due to inventory buildup, an improvement from previous quarters. CFO Jin James Cheng addressed CapEx, explaining it is primarily for wafer supply and managed via a rolling forecast. While not providing a fixed number, he estimated full-year 2025 wafer-related spending would be higher than $400 million, contingent on market demand.

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CFO James Cheng clarified that A14 series miners were the primary revenue driver in Q3, with A15 deliveries being minimal. He expects A14 to remain the major component in Q4, though A15 mass production is ramping up for key clients. Cheng stated that A13 models represent about 20% of the inventory value. He confirmed the Q3-end cash balance was $72 million and that the new $30 million financing was in process, which would be additive before accounting for operational investments.

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CEO Samir Tabar and CFO Erke Huang explained that the customer exercised their contractual right to delay to the latest possible date due to an internal product development schedule change on their end. They clarified that the GPUs are already deployed in Iceland and are not sitting idle; they are currently generating revenue through on-demand services with Shadeform and are also being marketed for other multiyear contracts.

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CEO Samir Tabar stated that recently signed term sheets and the Enovum acquisition get the company about 90% of the way to its $100 million run rate target. CFO Erke Huang and executive William Schnier clarified Enovum's contribution is a $7 million ARR. Regarding mining, Tabar explained the plan is to reach 3 exahash by H1 2025 by replacing inefficient miners. He also confirmed the issuance of 38 million shares via the ATM to fund CapEx while the company thoroughly evaluates less dilutive debt financing options.

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CEO Samir Tabar explained that the Boosteroid contract is designed to scale in tandem with the customer's growth, with a baseline goal of 30% deployment in 2025. He affirmed confidence in hitting the $100 million run-rate target by year-end due to a strong pipeline, noting the new head of sales has already started. Regarding acquisitions, he confirmed the company is exploring owning its own sites to offer more services. CFO Erke Huang and CEO Samir Tabar added that while they are cautious with the ATM, it's crucial for funding large procurements, and they are evaluating debt financing options but have not yet found terms exciting enough to accept.

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Executive Bryan Lewis confirmed that revenue from the traditional retail credit card vertical was down 26% year-over-year in Q1. He noted this highlights the success of the company's diversification strategy, as overall SaaS revenue still grew 6%. Lewis stated that while retail is not a current growth driver, the company's focus on high-stakes verticals like banking and title insurance has offset the decline.

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CEO Bryan Lewis stated his top priority is 'sales, sales, sales,' and that the three new salespeople are focused on consultative selling across verticals, supported by new digital marketing efforts. He explained the large Q1 ACV renewal figure was due to the timing of large contracts, including a major bank's annual renewal and another bank that exhausted its transaction bucket ahead of schedule, leading to a new, larger commitment.

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Executive Bryan Lewis explained that key retail sectors like department stores, apparel, and jewelry saw double-digit declines in transaction volume. He stated it was too early to comment on Q4 seasonality but expressed hope for overall growth, contingent on the timing of new, large clients going live in other verticals.

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CEO Jay Jackson and CFO William McCauley clarified that total net inflows for the quarter were nearly $160 million, comprising approximately $123 million from longevity funds and positive net inflows from ETFs, led by a $44 million increase in the real assets ETF. McCauley stated the consolidated AUM balance would be in the forthcoming financial supplement. Jackson projected that the Abacus Wealth Advisors division would see significant opportunities materialize in Q3 or Q4, becoming a meaningful revenue contributor in 2026.

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CEO Jay Jackson could not provide non-public Q1 AUM figures but stated the market response to both acquisitions has been very positive, with significant new capital interest for Carlisle. He noted the FCF Advisors rebranding is complete and its strategies are attracting strong interest. Jackson confirmed that website leads have not yet been integrated into FCF, but this is part of a broader strategy for the ABL Wealth division.

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The executive identified the top 2025 priorities as expanding marketing and education, and pursuing horizontal growth in adjacent industries like servicing and ABL Tech. He described the competitive landscape as a 'tight industry' where Abacus has a significant advantage as the only publicly traded company, positioning it well for future growth.

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CEO Jay Jackson outlined two key priorities for 2025: expanding marketing to increase education and awareness, and pursuing horizontal growth through acquisitions in adjacent industries like servicing, valuation, and technology. Regarding competition, Jackson stated that Abacus holds a significant advantage as the sole publicly traded company in its space, which aids in capital access and market positioning.

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CEO Jay Jackson identified two main priorities for 2025: first, expanding education and marketing to increase awareness of the asset class, and second, pursuing horizontal growth through acquisitions in adjacent industries. Regarding the competitive landscape, Jackson emphasized that Abacus's position as the sole publicly traded company in its industry provides a significant advantage in terms of capital access and institutional credibility, allowing them to maintain a competitive edge.

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Management is fully committed to the digital investment ("full systems go"). The WaaS pipeline has been conservatively forecasted and represents potential upside. The shift in transaction behavior was the primary driver of the Q1 miss; had transaction patterns been normal, EBITDA would have been $2-3M higher and revenue $7-10M higher.

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CEO Robert Lisy affirmed a 'full systems go' approach to digital investment, calling it the right long-term strategy and highlighting the 'wires as a service' pipeline as a 'positive sleeping giant' that represents upside not fully baked into guidance. CFO Andras Bende quantified that with normal transaction behavior, Q1 revenue would have been $7M-$10M higher and adjusted EBITDA $2M-$3M higher.

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Management believes the impact from immigration policy changes will be limited, as their customer base consists of working individuals and economic factors like the job market are more significant drivers. Regarding capital allocation, the company has planned for approximately $40 million in share repurchases for 2025, with the potential to be more aggressive if opportunities arise.

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CEO Robert Lisy clarified the company is addressing retail headwinds with strategic pricing and a fully staffed sales team of 50 people. Regarding digital, Lisy and Head of Digital Marcelo Theodoro confirmed the company is ready to invest now that unit economics are highly favorable (gross margin >$6) but declined to specify an amount. Lisy also highlighted the 'wires-as-a-service' partnership strategy as a way to lower overall customer acquisition costs.

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CEO Robert Lisy confirmed that future digital investment will be focused on marketing to drive customer acquisition, as the core application is already built and performing with strong unit economics. He reiterated that the challenges in the retail sector are overwhelmingly due to macro conditions causing the market to contract, rather than pressure from competitors. Lisy emphasized that Intermex's strong free cash flow allows it to fund this digital growth without incurring losses.

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CEO Robert Lisy explained that the primary technological investment in the digital application is complete, so future investment will focus on marketing to drive customer acquisition. He emphasized that Intermex's strong free cash flow allows for this investment without incurring losses. Mr. Lisy also confirmed that the retail challenges stem from a cyclical, macro-driven market contraction, not from increased competitive pressure.

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Executive Brian Balbirnie identified the news distribution product as the primary driver for subscription growth, serving as a hook to upsell broader IR and PR platforms, with the ACCESS PR subscription being the second key driver. He described the go-to-market strategy as centered on a unified platform with a single payment, offering efficiency and competitive pricing, particularly for SMBs. Regarding margins, Balbirnie projected that AI-driven automations could expand gross margins by 2-4% over the next 12 months, with a long-term adjusted EBITDA margin target in the 22-23% range, fueled by increased scale and cost containment.

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Executive Brian Balbirnie identified news distribution as the primary product driving growth, acting as a hook to sell broader IR and PR platforms. He highlighted the ACCESS PR subscription as the second key driver. Balbirnie described the go-to-market strategy as centered on a unified platform offering a single point of contact and payment, which provides a competitive efficiency gain. He also noted that a fixed-fee, all-inclusive model is a key differentiator. For medium-term goals, Balbirnie projected gross margins could increase by 2-4% over the next year to the low 80s, with a long-term target for adjusted EBITDA margins in the 22-23% range, driven by AI-led automation and increased scale.

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The volume increase is attributed to market share gains from new sales leadership and the strength of the ACCESSWIRE brand, rather than a general market lift. The price increase is a combination of acquiring new, larger customers at higher price points and upselling existing customers on distribution add-ons. Regarding the Compliance business sale, a formal process has not yet begun as internal details are being worked out, but the goal is to complete a transaction by year-end if a suitable valuation is achieved.

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CFO Tim Murphy identified the timing of significant client losses in Q3 and Q4, continued macro headwinds in the auto and ARM verticals, and softness in the AR business as the main factors. He contrasted this with strong bookings and the ramp-up of new enterprise accounts, which provide positive momentum. CEO John Morris added that accelerating growth is a key objective of the ongoing strategic review.

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Scott Peyree, COO, explained that the home equity surge was driven by both strong client demand, as lenders reoriented their focus from mortgage refinances, and robust consumer demand to tap into rising home equity. Douglas Lebda, CEO, addressed the consent ruling, stating it averted significant short-term revenue disruption that would have occurred while the market adjusted to new lead dynamics, ultimately preventing a period of financial pain.

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CFO Jason Bengel explained that the high AR balance is primarily related to the significant growth in the Insurance business. He noted that the change in AR is roughly offset by the change in Accounts Payable, as the company has worked to manage working capital by aligning inflows and outflows. To calculate free cash flow from adjusted EBITDA, he advised subtracting capital expenditures (roughly $3M/quarter) and interest paid, noting that working capital changes should not be dramatic going forward.

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Chief Strategy Officer Haris Basit explained that HPC/AI allocation is considered on a site-by-site basis, with the Clarington, Ohio site being a prime candidate. Regarding future miner batches, Basit expressed optimism for additional allocations this year but reiterated that the company does not pre-announce them until they are secured from the foundry.

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Chief Strategy Officer Haris Basit explained that HPC/AI development is being considered on a full-site basis, with the 266 MW Clarington, Ohio site being a primary candidate. Regarding future ASIC supply, he expressed optimism for additional wafer allocations in 2025 that could increase the year-end hashrate target, but stated the company does not pre-announce these allocations.

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Executive Haris Basit stated three people are working on the business development side of HPC, supported by consultants. Head of Capital Markets Jeff LaBerge added that financing terms are not disclosable but could involve project-level equity/debt or development partnerships. Executive Jihan Wu revealed a "capacity lock-in" process showed strong demand, with fees for 12,000 units already paid by customers.

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Cardiac sonography, MRI, and nursing programs were particularly strong. The CCMCC acquisition added 14 programs to the company's portfolio, and the integration is going well. The M&A pipeline has increased since the new administration took office, as more owners are looking to sell. Demand and leads for enrollment have remained very robust into January and February.

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CEO Edward West acknowledged Mitek's dominant market share in mobile deposit and stated that pricing will remain aligned with the value delivered. For CFD, West reiterated the $10 million ACV and projected growth, while CFO David Lyle noted a strategic shift to reporting ACV over GAAP revenue. West quantified the CFD investment as a low-to-mid-single-digit percentage impact on EBITDA margins. Lyle projected a mid-single-digit million dollar increase in total OpEx for fiscal 2025, primarily for CFD.

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CEO Ed West described the sales cycle for the large bank as long, over a year, due to extensive validation, but noted other deals can be shorter. He declined to specify revenue potential but called the deal 'compelling' and 'very attractive.' CFO David Lyle confirmed that mobile deposit reorders were in line with expectations for the quarter.

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CFO Alex Hawkins clarified that at a $10 million quarterly revenue run rate, the company anticipates a more attractive gross margin profile, potentially in the high 30s to low 40s depending on the mix. Hawkins further stated that the target for achieving adjusted EBITDA breakeven is actually between $9 million and $10 million in quarterly net sales.

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CFO R. Hawkins explained that the company will continue to explore creative financing options, such as the recent convertible promissory notes, acknowledging a reliance on external capital to fund its substantial growth plans. CEO Christopher Boever added that the company's cash burn is rapidly decreasing as it approaches profitability, and the capital required is not a large amount. Boever also noted that the pet treat strategy has been conservatively factored into guidance but holds significant upside potential through a new multi-SKU brand launch and potential co-manufacturing deals, which could positively impact cash flow with little upfront investment.

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CEO Christopher Boever explained that the new Costco partnership is built on corrected unit economics, ensuring profitability, and noted strong early velocity. He attributed revenue ramp confidence to the significant velocity lift from new packaging and opportunities for expanded distribution. CFO R. Hawkins confirmed that existing facilities are insufficient to fund the growth and that additional capital will be required.

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Executives indicated that announcements for new distribution wins are expected in the coming days and weeks, with products hitting shelves before the April/May resets. They will provide more financial details in the next annual operating plan. The co-manufacturing deal involves using their unique USDA-certified facility to produce air-dried beef products for a partner in a non-competitive segment, which will absorb overhead, increase revenue, and improve profitability. Details are being finalized.

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Executives are most excited about the credit card vertical due to their ability to apply a unique, data-driven personalization strategy. The 90% margin strategy is executed by acquiring customers directly into their marketplace and by cross-selling third-party products to their existing, highly-engaged user base via their PFM super-app. They did not comment on October business trends.

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CFO Bea Ordonez described pricing as a long-term driver with future opportunities from new products like the 'Pro' account. CEO John Caplan detailed a dual cross-sell strategy: a 'high-touch' motion with dedicated CSMs driving adoption of products like cards, and a product-led motion using bundles to surface relevant features to customers at scale.

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Executive Anthony Cutrone attributed strong Q3 originations to typical seasonality, cautioning that the portfolio may stay flat or contract slightly in Q4. He quantified the taxi collection benefit at approximately $0.08 per share for the quarter, above the typical $0.04 run rate due to a large settlement. He estimated the core provision is likely between $20 million and $22 million. Regarding the net interest margin, Mr. Cutrone believes it is very close to its bottom. Executive Andrew Murstein explained the fintech partnership model, where Medallion earns a fee (e.g., 50 bps) plus float for briefly funding loans with no credit risk.

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Chairman and CEO William Shepro stated that while 2025 plans are not finalized, the Renovation business could become a meaningful contributor, with potential margins in the 10-15% range, possibly higher. He expressed confidence in the company's capacity to scale, citing regional managers and back-office infrastructure. Regarding risk, Shepro explained that their bidding process is robust and that unforeseen costs, like mold discovery, are handled through client-approved change orders, mitigating the risk of significant overages.

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The executive provided a hypothetical revenue scale based on referral volume ($1.5M revenue/month from 15 referrals) and stated that EBITDA margins are expected to be in the 10-20% range. He affirmed the company has the capacity to scale its operations in key states and manages financial risk through a detailed bidding and change-order process for unexpected costs.

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President & CEO Aydin Kilic explained that the 20MW HPC project is currently in the infrastructure phase, as large customers typically engage once a project is underway. For H2 2024 priorities, he listed: 1) achieving a $20 million annualized revenue run rate for AI, 2) beginning construction in Paraguay, and 3) starting the 20MW HPC conversion. Executive Chairman Frank Holmes added color on the engineering complexity of HPC builds but stressed the much higher revenue potential compared to Bitcoin mining.

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President and CEO Aydin Kilic stated that the 20-megawatt project is in the infrastructure phase and that larger customers typically engage once projects are underway. He outlined three key priorities for H2 2024: achieving a $20 million annualized revenue run rate for the AI business, and breaking ground on both the Paraguay Bitcoin mining expansion and the 20-megawatt HPC conversion. Executive Chairman Frank Holmes added color on the complexity of HPC build-outs, emphasizing the significant engineering challenges but also the much higher revenue potential.

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The company responded that the 20MW HPC project is currently in the infrastructure phase, and they will engage larger customers as the project progresses. Their top priorities for H2 2024 are: 1) Reaching a $20 million annualized revenue run rate for the AI business, 2) Beginning construction in Paraguay, and 3) Starting the 20MW HPC conversion.

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BaaS deposits have stabilized. The IDV product has a hybrid SaaS revenue model (subscription + per-use fee) and is applied to all university applicants to combat fraud. The competitive environment in higher education remains stable, with BMTX confident in its value proposition.

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The company is focusing on its student business rather than rate-sensitive deposits, with impacts from new initiatives expected in late 2024. The Q3 OpEx increase was confirmed to be seasonal. The core processor contract was renewed on satisfactory terms to avoid a disruptive conversion. A new cash-back rewards program is planned for Q1 to meet student demand and create a new revenue stream.

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Executive Sundie Seefried reported the loan portfolio was approximately $40 million at quarter-end, with a year-end target of $60 million, and new loans carry interest rates of 15% to 18%. Executive James Dennedy added that the funds for these loans are sourced from the deposits held at Safe Harbor's partner financial institutions.

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The company noted strong performance in Asia Pacific and Latin America. The shift to non-air revenue (now 51%) was slightly ahead of their plan to have air constitute about 50% of the business. They clarified that part of the shift is due to flight bookings being included in higher-margin packages, and they expect the air component to remain around 50% going forward.

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Management spent $3-4 million on the Abhi launch in 2023 and has earmarked $4-5 million for 2024, though spending will be cautious pending a new version of the AI platform. Agent incentives are becoming more efficient and targeted through the use of AI and data analytics, moving away from broad discounts. The company was working to file the 10-K by the deadline, which was the next day.

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Executives stated the Purplegrids acquisition is strategic for its AI platform, not for immediate financials, and is cost-neutral as it replaces consulting fees. For the LBF divestiture, they clarified that Mondee received 200,000 of its own shares as payment and the $7.4M cash outflow was for one-time transition costs. The original LBF purchase was part of a larger 2019 deal, and they are retaining the other, more valuable parts of that acquisition.

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CEO Michael Mathews clarified that earlier AR facility term sheets were rejected due to unacceptable regulatory covenants related to the pre-licensure program's probation, not due to pricing. CFO Matt LaVay explained that the company is already adjusted EBITDA positive due to restructuring. He stated the plan for fiscal '24 and '25 is to manage marketing spend to maintain a breakeven adjusted EBITDA level while growing the online business. He projected more significant EBITDA growth would begin in late fiscal '25 and into '26, once the pre-licensure teach-out is complete.

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