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CEO Mark McFarland stated that discussions around the future of the PJM market structure, including the collar, are in their "early innings" with no consensus yet. On nuclear fuel, he acknowledged it's a key focus and that the company is actively hedging, with plans to provide a detailed update at the upcoming September 9 Investor Day. CFO Terry Nutt confirmed the company is substantially hedged through 2029.

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EVP & CFO Brian Harris confirmed the material tailwind and expects steel prices to be stable. He reiterated the long-term HBP margin target of over 30%. For CPP, he stated that while supply chain diversification will help, reaching the 15% margin target requires a consumer demand recovery. Chairman & CEO Ronald Kramer added a comment on HBP's potential in a stronger housing market.

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CFO Venk Nathamuni stated that while the company expects a positive impact from bonus depreciation changes in FY26, particularly on cash taxes, it is too early to quantify and has had no impact in the current quarter.

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CEO Murray Auchincloss explained that physical oil inventories are tight, suggesting potential volatility, while the gas trading business is designed to capitalize on optionality and arbitrage opportunities rather than market direction. He reiterated the long-term guidance for trading to contribute 4% to corporate returns, stating that while individual quarters will vary, this has been a durable average.

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CCO Eric Benevich explained that for many community-based adult endocrinologists, having only one or two classic CAH patients is the norm. He noted that significant room for growth remains, particularly within pediatric endocrinology and at Centers of Excellence. He emphasized that it is still very early in the launch, with many physicians yet to be reached.

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Chairman and CEO Mr. Jay Wenjie Xiao responded that the company is well-prepared for regulatory changes, which he believes will benefit large, compliant platforms like Lexin in the long run. He confirmed that to protect shareholder interests amidst geopolitical uncertainties, the company is actively exploring potential listings on other exchanges, including the Hong Kong Stock Exchange, and will disclose any concrete plans in accordance with regulations.

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CEO and CFO Derek Lowe explained that depreciation is unlikely to drop, as new vessel acquisitions would increase the depreciable base based on a 23-year useful life policy. He stated that refinancings are typically like-for-like, with amortization and a final balloon. Regarding dividends, he referred to the Board's capital deployment strategy outlined in the earnings release.

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Chief Commercial Officer Oeyvind Lindeman explained that the trade disruption created market inefficiencies, such as new Middle East-to-China LPG routes, which were a net positive. He added that with ethylene volumes now increasing, voyages are getting longer, supporting optimism for Q2. Chief Financial Officer Gary Chapman stated that placing debt on the terminal is not an imminent priority, as the company is focused on refinancing more expensive bank debt first.

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Executive Robert Bates confirmed the weak performance was due to company-specific factors rather than an industry-wide issue. He cited delayed shipments, product complexity, and a conscious decision to maintain pricing levels even at lower volumes as key reasons. Bates reiterated his confidence in the overall industry, pointing to strong fundamentals like housing affordability, and stated he expects a positive year for Legacy.

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Executive Heather Dixon explained that cash flow was impacted by several factors. These included peak capital expenditures from the high number of new bed additions, startup losses which were at their highest level for the year in Q1, and the impact of legal costs flowing through the statement.

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CFO Ross Ian Jerrard stated that approximately $10 million of the CapEx budget has been spent. CEO Mark Learmonth added that the pace of spending is limited by procurement and service provider lead times, not cash availability. Learmonth confirmed that all CapEx is funded from internal cash flows and that the projected year-end cash balance of $50-$60 million is after all capital expenditures.

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Craig Harvey, VP of Technical Services, responded that while formal metallurgical test work is yet to be done, preliminary bottle roll tests are conducted on assay samples to give an early indication of oxidation levels and potential recovery. He added that the depth of weathering is not uniform but can generally be considered to be around 20 to 25 meters, with historic oxide mining in the region reaching depths of 30 to 40 meters.

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CFO Michael Miller explained that despite a 20% headwind from declining multifamily units under construction, IBP's revenue in the segment was only down 5%, attributing this outperformance in part to the CQ team. He noted that the CQ team, which manages about 45% of the company's multifamily revenue, maintains a solid backlog. However, Mr. Miller anticipates that headwinds for the multifamily industry will persist through 2025.

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Cristian Vicuna, Head of Strategy and IR, stated that the ratio of risk-weighted assets to total assets is expected to remain stable, as no significant movements are foreseen. Patricia Pallacan, CFO, added that the asset composition should also remain stable, and any change would likely be driven by regulatory updates, which are not anticipated in the coming months.

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CEO Glenn Williams acknowledged that while their clients typically react slowly, the prolonged market noise is now causing a 'wait-and-see' attitude that is slowing momentum. Regarding recruiting, he explained that while some economic disruption can be a tailwind, the current high level of uncertainty is causing potential recruits to pause. However, he noted that once clarity returns, the memory of this period can be leveraged as a positive recruiting message.

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Executives Marcelo de Noronha and Cassiano Scarpelli outlined a strategy focused on reducing the 'cost to serve' through a new digital value proposition for mass retail clients. They confirmed the branch footprint reduction is ongoing but is being carefully managed, with client growth continuing through channels like Bradesco Expresso. They expect a significant improvement in the efficiency ratio starting in 2026, with a long-term ambition of reaching 40% by 2028.

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CFO Anna Shlimak explained that the market is experiencing a shortage of high-quality products, which affects Cronos and is a primary driver for the GrowCo expansion. She projected that the expansion would be neutral to accretive to gross margins by leveraging fixed costs, but noted it will take time to ramp. For the remainder of the year, she advised viewing a blend of Q4 2024 and Q1 2025 adjusted gross margins as a more indicative rate.

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CFO Jason Child outlined the expected royalty progression, forecasting flattish sequential performance into Q2, which is a seasonally lower quarter. He then projected 10% to 15% sequential growth for each of the two quarters in the back half of the year. The question regarding the Vera transition was not directly addressed.

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CEO Rene Haas affirmed that reaching 50% market adoption for CSS in smartphones is achievable. He explained that the primary value proposition is a significant reduction in time-to-market, which is critical in the mobile industry's relentless annual product cycle. By saving months of development time on increasingly complex chips, CSS provides a compelling benefit that is driving strong adoption.

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President and CEO Heather Rosentrater explained that Avista has previously allowed for bid refreshes during times of uncertainty and will evaluate if that is appropriate for this RFP process. She added that the wide 50 to 400 MW range in the RFP is designed to accommodate various scenarios from large load customer discussions, and the specific resource mix will depend on the RFP results and ongoing conversations.

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CEO Yaki Faitelson explained that Varonis has built security agents that augment its world-class human analysts, using a unique data set to automatically investigate and close alerts. This allows analysts to be extremely productive. He clarified that for customers, this capability is an integral part of the MDDR service, providing them with an 'army of robots' and top-tier analysts working 24/7 to prevent data breaches.

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CEO Jayshree Ullal explained that white box solutions have always coexisted with Arista and represent a different, hardware-centric business model. She emphasized that Arista's 'blue box' hardware and EOS software provide superior value for complex, mission-critical use cases like AI spines, and that Arista can work to complement white box deployments where they exist.

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President and CEO Makko DeFilippo explained that Tucuma's declining grade profile is a planned function of the mine's geology, while Xavantina's grade improvement is a normalization after a brief dip. He positioned the gold stream extension as a strategic partnership with Royal Gold to fund asset development. Both he and EVP & CFO Wayne Drier noted that the definition of commercial production is subjective and under review, especially given Tucuma's high-grade ore and significant cash flow contribution.

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President and CEO Paul Goodfellow attributed the low LOE to a strong, efficient operational organization and a continuous improvement culture. While guidance was maintained to account for upcoming planned maintenance, he expects the current run rate to be sustainable. Regarding M&A, Goodfellow stated that Talos will continue to evaluate both organic and inorganic accretive opportunities, including bolt-ons.

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Executive Jorge Salas explained that the cost increases are tied to the company's strategic plan, primarily from headcount growth, IT investments, and consulting fees. He highlighted that revenues have nearly tripled while expenses doubled over the last three years, leading to an improved efficiency ratio. Salas projected that the pace of hiring will decelerate, and the efficiency ratio is expected to remain around the guided 27% for the year.

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CEO Tim Herbert clarified that the limited market release intentionally included a balance of both academic centers and commercial centers with general ENTs to gain broad feedback. He expressed confidence that the existing training programs will allow for a swift and seamless transition for all surgeon types as the company moves into the full launch of Inspire V.

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Executive Patrick Chaffin stated that inbound international travel is not a large part of their business. He noted some pullback from Canadian travelers for the Christmas season but mentioned it's not a significant impact and they have time to adjust. Executive Colin Reed added that this is offset by new international flights into Nashville from Europe, which supports overall tourism growth in that key market.

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SVP of Operations Megan Krull stated that Omega has not seen any direct impact from immigration on labor at this point. Regarding Genesis, CEO Taylor Pickett pointed to the coverage metric as the key indicator, noting their portfolio has been consistently above 1.5x, and more recently north of 1.6x, which is higher than the overall portfolio average.

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CEO Anthony Wood and CFO Dan Jedda both emphasized that the company is not focused on device revenue, which can be lumpy due to the timing of first-party TV sales. They stated the key metrics are device units, market share, and, most importantly, streaming household growth, which remains strong and on track. The company's monetization focus is on platform revenue generated from its large and growing user base.

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Chief Financial Officer Kevin O'Shea explained that fewer home occupancies in 2025 create an earnings headwind, quantifying external growth at about $0.14 per share, but this will reverse in 2026 with a higher number of deliveries. Chief Operating Officer Sean Breslin commented on D.C., noting that while there is 'chatter' and uncertainty, it has not yet impacted leasing data or resident behavior.

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H. Boyle confirmed the L.A. fire-related restrictions last until early 2026 and are expected to have a 100 basis point, back-half weighted impact on 2025 same-store revenue. Joseph Russell stated that the company's 2025 outlook does not assume a traditional peak leasing season, expecting demand from home sales to remain muted as it was in 2024.

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President and COO John W. Payne highlighted Red Rock's expertise as a premier developer and the site's prime location off Highway 99, which is superior to local competition. Management also explained that VICI participated in a syndicate of large money center banks and is protected by a completion guarantee from Red Rock, providing confidence in the lending structure despite the complexities of tribal land.

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Albert Behler, Chairman, CEO, and President, stated that the company will remain disciplined and opportunistic with its capital, considering further asset sales to maintain flexibility. Peter Brindley, EVP, Head of Real Estate, added that the new San Francisco lease at One Market Plaza is with a law firm on former Google floors, where upper floor rents generally exceed $120 per square foot, and noted that overall tour activity and proposals are increasing in the market.

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Chairman and CEO Jeffrey Olson responded that they have seen no slowdown in retailer demand, citing a brokerage firm with 500 active lease negotiations. CFO Mark Langer added that the $66 million in dispositions at a 5% weighted average cap rate included a land sale for residential use at a ~4% cap rate, and the company is actively seeking acquisitions for 1031 exchanges.

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CEO Fabio Sandri explained that the company's diversified portfolio includes both commodity-priced products and more stable, contract-based retail businesses. While the commodity segment saw strong pricing, the stable segments passed lower grain costs to partners, muting the overall profit spike compared to a pure commodity player. He confirmed that the profitability of the commodity segment is currently higher than the stable segments, which is a result of their strategy to reduce long-term volatility.

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CEO Stephen Horn reiterated the full-year acquisition guidance of $500 million to $600 million, noting the company is already about 40% of the way there with a strong Q2 pipeline. He stated that while performance could lead to higher volumes if the macro environment remains stable, it is not prudent to raise guidance at this time due to broader economic uncertainty.

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President & CEO Olivier Rabiller and SVP & CFO Sean Deason addressed the questions. Deason clarified that while North American gasoline sales are growing, this is offset by softness in commercial vehicle and aftermarket segments. Rabiller highlighted significant future opportunities in North America and China, driven by the auto industry's pivot to turbocharged hybrids and range-extended EVs. He expressed confidence in their market position in China with both traditional and new energy vehicle manufacturers. Regarding financial risks, Deason stated that the estimated $60 million in potential tariff impacts would be passed through to customers and that while a stronger euro is favorable, the company is maintaining its conservative guidance due to macro uncertainty.

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CFO and CIO Michael Bilerman clarified the Howell sale was not a 'cap rate type of transaction' and, as a non-same-center asset, had a minimal impact on reported same-center NOI growth. He reaffirmed confidence in the full 2% to 4% same-center NOI growth guidance range for 2025, stating it already accounts for various potential outcomes.

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CEO John Hanna confirmed that surveillance testing volumes are returning, with kidney testing leading the growth. CFO Abhishek Jain explained that the 6% year-over-year increase in operating expenses was a strategic investment in Sales & Marketing to accelerate growth, which was significantly lower than the 18% revenue growth. He also noted that G&A expenses decreased year-over-year.

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CEO Ivo Jurek described 80/20 as a central part of the company's operating DNA, with good progress being made that can help offset macroeconomic challenges. On capital deployment, Jurek stated that the stock is 'super cheap' and the company will be opportunistic with its remaining $100M+ share repurchase authorization. While nice M&A assets are available, the company will remain disciplined, requiring any deal to deliver double-digit ROIC by year three. CFO L. Mallard added that given the strong balance sheet and current stock price, share buybacks are the likely short-term priority.

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CEO Shankh Mitra explained that because Welltower has transformed into an 'operating company in a real estate wrapper,' its size is an advantage. He argued that growth fuels a network effect: as the company expands, it captures more data, which strengthens its data science platform and business system, widening its performance gap against competitors.

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CFO Allison Marino disclosed that the D.C. property was acquired for approximately $120 million at a cap rate in the "high 9s," achieving a 100-basis-point spread over their cost of capital. For the Medford development, she stated that while it's still in early design, the company targets a 150-basis-point spread on a yield basis.

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Executive Alain Bedard identified improving linehaul service as the top priority, which involves moving freight from rail to road for better control and ensuring third-party carriers meet commitments. He also highlighted a major focus on eliminating missed pickups. Regarding yields, he noted that while trends improved in April, the primary focus is on improving the revenue mix by shedding unprofitable accounts, which will drive better overall results and an expected Q2 OR of around 96%.

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President and CEO Sami Takaluoma highlighted several margin drivers, including internal efficiencies, benefits from a new ERP system, product standardization in the Minerals segment, and supply chain optimization. Regarding customer behavior, he noted that tariff-related uncertainty is causing some project delays as clients recalculate total investment costs, though the underlying activity level remains strong.

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CFO Brett Sandercock expressed high confidence, citing very strong operating cash flows and a net cash position on the balance sheet. CEO Michael Farrell added that while investing in the business is the top priority, the company is actively looking at tuck-in M&A that aligns with its 2030 strategy, meets financial criteria, and is a good cultural fit.

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Adolfo Castro Rivas responded that there are no new updates on the Bavaro project. He confirmed that the situation remains unchanged and the legal process is still ongoing, which is expected to continue for some time.

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Chief Financial Officer Christopher Del Moral-Niles explained that the current NII guidance already factors in potential rate cuts reflected in the March 31 curve. He confirmed that while the deposit beta will likely remain above their 50% guide, the positive momentum from CD repricing will diminish as the forward curve flattens.

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CFO Dean Shigemura stated the March NIM was 2.34%. Chairman and CEO Peter Ho affirmed the 2.50% target is a reasonable year-end goal if low-cost deposit stability continues, allowing fixed-asset repricing to drive margin expansion. Peter Ho also suggested the quarter-end savings growth was likely tax-related and that average balances were a better indicator. Dean Shigemura confirmed the 2-3% core expense growth guidance for 2025 remains intact.

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CFO Srinivasan Vaidyanathan opined that the industry credit cycle bottomed a few quarters ago and should normalize at lower NPA levels than seen historically. Executive Sashidhar Jagdishan asserted that HDFC Bank's growth will not lead to higher loss ratios, as the bank sticks to its well-tested customer segments. Vaidyanathan concluded that credit policies will not be relaxed to gain volume, as the focus is on building total banking relationships.

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CEO Jason Matuszewski confirmed that a majority of the company's revenue is predicated on Medicare reimbursement. For specific product costs, he directed the analyst to the publicly available ASP pricing on the CMS website. He also highlighted a recent analysis in the Journal of Wound Care suggesting that the use of advanced skin substitutes saves the Medicare Trust Fund money by preventing more costly outcomes like amputations and sepsis.

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CEO Ty Silberhorn confirmed that tariff uncertainty is causing a general slowdown and increased caution in the nonresidential construction market. CFO Matt Osberg affirmed that the Glass segment's EBITDA margin target is still attainable, although margins are expected to moderate from recent highs to within that range. Osberg also stated that operating cash flow is projected to decline in fiscal 2026, primarily due to a significant arbitration payment in Q1, lower anticipated EBITDA, and higher interest expenses.

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CEO Gerard Barron explained that the U.S. operates under the 'freedom of the high seas' principle as it has not ratified UNCLOS, allowing for potential overlap with existing areas. He confirmed that Allseas' vessel could be re-flagged to the U.S. to comply with DSHMRA and stated that the ISA was hearing about this new strategy concurrently with the public. CFO Craig Shesky added that the company's valuation is tied to the extensive work already done in its current areas, implying a desire to leverage that investment.

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CFO Saurabh Sinha stated that Aeva has $237 million in total available liquidity, comprising $112 million in cash and a $125 million undrawn facility that can be accessed at management's discretion. He expressed confidence that this provides a multi-year runway through to production, supported by rising revenues and decreasing costs as major R&D activities, like silicon development, are now largely complete.

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Executive Chairman Adam Waterous explained that the assets were managed for short-term gains to a greater degree than anticipated, which is the opposite of the new team's long-term value strategy. He stated that the company had been 'extremely capital constrained,' leading to decisions that were not in the long-term interest of the business. Waterous confirmed the new development plan will be 'radically different,' implying the previous plan was flawed.

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Executive Chairman Kar Shun Pang noted a strong user desire for live experiences, which has fueled robust growth in China's music performance market. He expects overall market size and ticket prices to remain relatively stable in 2025. However, he cautioned that with more shows available, the industry is becoming more competitive, with a 'survival of the fittest' dynamic where high-quality productions will succeed.

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CEO Justin Jacobs confirmed that while not committing to specific figures, the analyst's method of calculating the potential EBITDA run-rate was a 'generally a reasonable way to think about it.'

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CFO Fion Zhou stated that while Niu will not provide specific net profit margin guidance for 2025, the company does expect to achieve overall profitability for the full year. She projected that the company would turn profitable on a quarterly basis in the second quarter of 2025, which is a seasonal peak for both domestic and international markets.

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CFO Scott Flaherty explained that the disparity between the market value (based on annual appraisals) and the GAAP book value of their portfolio has grown. He stated that while it was approaching $400 million a year ago, the gap has now increased to approaching $600 million as of the end of 2024, highlighting the appreciating nature of the assets.

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CFO Marcelo Fischer clarified that NRS's strong quarter included a 12% YoY increase in advertising revenue and a nearly 40% jump in data revenue. CEO Shmuel Jonas addressed the other points, stating that NRS international expansion would likely be through acquisition, not organic growth, and that he expects to meet terminal installation targets for the year. Regarding net2phone, Jonas noted seeing larger deals in the pipeline and expressed optimism about the impact of new ARPU-driving features and AI. For BOSS Money, Fischer explained that IDT's strong balance sheet allows it to fund working capital needs internally, avoiding financing costs that competitors incur.

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Executive Samuel Jonas addressed the BOSS Money question, stating it's too early to predict policy impacts but emphasized that product improvement is the core growth driver. For net2phone, CFO Marcelo Fischer acknowledged the significant FX headwinds, noting Q1 subscription revenue growth would have been 16% vs. the reported 13% in constant currency. Jonas added this allows for greater investment in the profitable U.S. market. Regarding NRS, Jonas attributed seasonal churn to a large fireworks client and confirmed that both the kiosk runout and a sales focus shift to new software plans impacted terminal sales. He also noted over 3,000 new advertising screens were ordered for high-traffic locations like hotels.

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Executive Samuel Jonas stated that the MetaSwitch end-of-life has no effect on their business. He explained that new net2phone customers are exclusively on their homegrown platform, and they expect savings and better user satisfaction from migrating existing customers, though there is no hard timeline. Regarding an NRS spinoff, Jonas emphasized the current focus is on building NRS into a multibillion-dollar company and a transaction would be considered when the time is right, but they are currently happy with its internal performance.

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Executive Jason Long explained that the surface use economic efficiency metric could exceed $3,000 per acre, not including high-density opportunities. Regarding the WES deal, he projected low single-digit millions in initial payments over the next 12-18 months, with potential for high single-digit millions in royalties once operational. He confirmed that LandBridge is actively in discussions with other third parties for similar infrastructure agreements.

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CEO Daniel Barber expressed high confidence in a potential Ad Comm, viewing it as an opportunity to showcase Anaphylm's rapid epinephrine uptake, which he described as a 'common sense' profile beneficial for patients. Executive Sherry Korczynski added that feedback from physicians suggests broad appeal across all patient types due to its convenience, with teenagers and young adults being a primary target.

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CEO Jay Chaudhry stated that the Zero Trust branch offering is key to simplifying branch infrastructure, with a recent survey showing 96% of CXOs are ready to embrace it. CFO Remo Canessa added that the improved NRR of 115% is driven by bigger initial deals, strong upsell momentum, and broader platform adoption, though the primary company focus remains on total new ACV growth.

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CEO Paul Bay clarified that the purchasing strength from large enterprise customers was a global trend, not confined to North America. He added that the PC refresh cycle is gaining momentum, driven primarily by the need to update aging systems and the Windows refresh, with a minor influence from AI PCs.

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CFO Stan Matuszewski and another executive confirmed that their financial models for dividend coverage do incorporate assumptions for portfolio recycling. They also noted that the models include flexibility to account for potential future realized or unrealized losses.

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CEO Jillian Evanko emphasized hydrogen as a global opportunity, citing strong 2024 performance in Europe. She described the 45V clarification as a positive catalyst that removes uncertainty and helps well-funded projects advance. She reaffirmed that the high single-digit to 10% CAGR growth forecast for the hydrogen market through 2030 is 'very achievable' for Chart across both liquid and gaseous applications.

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CFO Benjamin Rosenblum and CEO Dominic Frederico addressed the U.K. water sector, stating their exposure is at the senior operating company level for Thames Water, not the holding company, and they remain optimistic about a resolution with no loss. CEO Dominic Frederico confirmed they see no material exposure to the California wildfires. Regarding structured finance, CEO Dominic Frederico and COO Robert Bailenson highlighted growth in Continental Europe and Australia, noting a strategic shift towards shorter-dated, repeatable business which may understate PVP in the near term but builds a stronger, quicker earnings profile.

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CFO Kamil Kalyon responded that the company's guidance is based on an average inflation assumption of around 33% for 2025. He also stated that Turkcell's target is to keep its net leverage ratio below 1.0x by the end of 2025, down from the 0.14x level at the end of 2024.

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CEO Gregory Silvers stated that for vacant theaters, the buyer pool depends on the quality of the underlying real estate. He noted limited visibility on leased theater trades but mentioned one property under contract at a cap rate of approximately 9%. Regarding expenses, Silvers believes the significant annual increases in insurance costs are 'topping out' but have not necessarily peaked, remaining a challenge for both EPR's operating assets and its tenants, though tenants are managing through it.

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Executive Perry Sook explained that The CW is currently in the 'show-me phase,' where it must prove the value of its new live sports programming before it can be fully monetized in future distribution deals. CFO Lee Ann Gliha added that despite this, the company has already been able to grow The CW's distribution revenue to date with the new programming slate.

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CEO Simon Johnson stated a decision on stacking the West Capella would be made in 'weeks to days' if no work is secured. He noted the West Vela has secured additional work and has good prospects. He clarified the West Carina's situation was unrelated to any dispute; Petrobras simply awarded only two rigs in that tender, which Seadrill won with other vessels.

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President and CEO Peter Greenleaf explained the commercial strategy focuses on high-prescribing rheumatology offices and hospital lupus centers to drive adoption based on ACR guidelines. He also stated the AUR200 readout will include standard pharmacokinetic and pharmacodynamic data, including key markers like IgG, IgA, and IgM, which will inform the subsequent MAD study design.

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CEO Joseph Cutillo confirmed that while customer demand is pushing them to expand geographically, organic expansion is costly, and finding suitable M&A targets is challenging. He clarified that the Transportation segment's flat revenue forecast is not due to funding issues, which remain secure, but is a result of lapping a prior year's growth surge and strategically exiting low-margin Texas work, a move expected to improve profitability.

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CEO Oran Holtzman explained that the international push is a deliberate strategic decision to accelerate growth, not a reaction to U.S. market softness, and that early 2025 results look very good. Global CFO Lindsay Drucker Mann added that Q1 started strong, and while media costs are rising as expected, they are effectively offset by a very strong repeat customer rate, ensuring healthy overall returns on marketing investments.

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CEO David Steinberg clarified that Zeta partners with walled gardens and primarily takes market share from last-generation marketing clouds and DSPs that lack native data and AI capabilities. CFO Chris Greiner explained that while AI revenue is not broken out separately, it is a key growth lever, evidenced by the over 40% growth in consumption-based revenue in 2024. Steinberg added that monetizing AI through increased platform usage is currently more effective than charging separate fees.

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CEO Jason Les highlighted Corsicana as an 'amazing site' and noted that Riot is actively expanding its land portfolio there to increase optionality. Regarding deal terms, Les emphasized that securing a 'blue chip counterparty' is a key priority to facilitate financing and drive higher valuations, asserting that the premium quality of Riot's assets will command favorable terms.

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CEO Brian Mueller explained that a more rigorous 'Discover GCU' process has increased conversion rates, leading to registrations being 'fairly significantly ahead' of the prior year for the ground campus. He confirmed the impressive 88-89% success rate and 90% NCLEX pass rate apply to all ABSN students, driven by a new model to prepare students with online prerequisite courses. CFO Dan Bachus added that while the hybrid business has lower margins, the core GCU contract should see 'continued slight margin expansion' once the ground campus returns to consistent growth.

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CEO Matt Calkins expressed strong optimism for the GAM Suite's potential, citing a historically strong pipeline for the solution entering the year. He noted that Appian has established credibility through successful deployments and possesses a best-in-class product, positioning it well to capitalize on the government's push for modernization and efficiency.

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CEO Carey Smith confirmed the contract's option year was exercised before the administration change and that a related program was paused due to a policy issue. While unable to disclose the contract's full value for national security reasons, management confirmed the initial $242 million funding could grow. CEO Smith expressed high confidence in the continuation of Parsons' work, calling it an 'extremely important mission for the nation.'

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Roop Lakkaraju, EVP and CFO, clarified that ddPCR growth is expected to be around 1-2%, while process chromatography is projected at high single digits, noting the Stilla acquisition is not included. For the margin guide, he explained that reaching the high end depends on a market recovery in academia and biopharma, particularly in China, while continued softness would lead to the lower end.

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Ned Coletta, President, and John Casella, Chairman and CEO, described the M&A pipeline as more active than ever, driven by strong relationships and direct outreach. Coletta detailed the acquisition of 'Save that stuff' in Massachusetts, highlighting its complementary hauling operations and the potential to consolidate processing into Casella's existing facilities. Casella confirmed the Brookhaven landfill has closed, and while the volume shift started slow, tons are beginning to increase at Casella's facilities.

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CEO Eric Green clarified that West is a minority stakeholder in its Mexico relationship, making the financial impact immaterial. CFO Bernard Birkett corrected the GLP-1 exposure, stating it's in the mid-teens of overall revenue, with different economics between Proprietary and Contract Manufacturing. Both executives declined to size the incremental opportunities but said they would provide updates as they materialize.

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Executive Angela Aman explained that while significant move-outs are expected in Q1 2025, occupancy should stabilize thereafter, with proactive efforts underway to address 2026 expirations. Regarding KOP Phase 2, Ms. Aman and Executive A. Paratte noted that the project's recent completion has significantly improved tour activity and led to more constructive conversations with a broad range of life science and traditional office users, despite a competitive South San Francisco market.

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President and CEO Peter Baccile explained that portfolio composition is a key differentiator. He stated that First Industrial's focus on delivering high-quality, competitive products in specific submarkets means their assets are often among the first to lease, resulting in a more resilient rent growth profile compared to the broader market average.

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CEO Andrew Clyde explained that strong performance in Murphy-branded stores, particularly in categories like candy, beer, and salty snacks, drove the positive results, attributing the success to recent digital transformation initiatives. He noted that the largest factor in the gap between sales and margin growth rates is the accounting treatment for lottery sales. Clyde also stated that the promotional cadence is not expected to change materially, though QuickChek will likely continue its value-oriented food and beverage offers to sustain traffic.

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CFO John McCallion explained that core spreads were depressed in 2024 by expiring interest rate caps but should stabilize in 2025. CEO Michel Khalaf described Chariot Re as a long-term vehicle to source PRT and other liabilities, creating value for MetLife Investment Management (MIM). McCallion added that while MetLife effectively manages its Holdings block, it remains open to accretive risk transfer opportunities but feels no immediate pressure to act.

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CEO Milton Maluhy Filho explained that the credit vertical's ROI is temporarily impacted by the rising cost of capital but enables high cross-sell revenue. He noted Chile's profitability is understated due to Brazil's tax system, conservative capital allocation, and hedging costs. Regarding credit quality, he confirmed all recent loan vintages are performing very well and the bank is comfortable with its current low NPL levels.

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Chief Financial Officer Jonathan Root clarified that the company views the year in two halves. He stated that the front half of 2025 will see a significant inventory reduction of over 30%, leading to a double-digit percentage decrease in wholesale shipments. Consequently, performance is expected to be weighted towards the second half of the year, which will see a substantial increase in shipments to properly position inventory levels for year-end.

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John Akers, President and CEO, explained that the increased CapEx is a continuation of their established strategy, focusing on system modernization and supporting growth, including pipeline replacements and storage enhancements. He confirmed strong growth across residential, commercial, and industrial sectors, noting 11 new industrial customers came online in the quarter. However, Akers stated the company would not provide specifics on prospective customers until contracts are officially signed.

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President and CEO Kimberly Fields downplayed the near-term threat from Russian titanium, citing lengthy requalification times and a broader industry shift toward supply chain diversification. She noted a potential benefit could be the return of Russia as a nickel source. For 'aero-like' markets like specialty energy and electronics, she stated that lead times are currently long, around 6 to 9 months, due to very high demand.

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President and CEO Neil Hunn stated that Roper is well-positioned to win with AI due to deep customer intimacy, vast proprietary data, and market share leadership, which provides scale for investment. EVP and CFO Jason Conley addressed the outlook, acknowledging strong bookings but noting the conversion to revenue takes time. He suggested potential upside could come from continued momentum or a stronger-than-expected perpetual license mix.

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CEO Kelly Ortberg explicitly declined to provide a specific date, stating that rate increases are strictly governed by achieving stability across key performance indicators (KPIs). While he hopes to get approval for the 42/month rate this year and potentially reach it late in the year, he emphasized that the data will drive the timeline, which is a key reason for not issuing formal guidance.

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Kimberly Dang (Executive) stated that the company's return criteria have not changed and that its existing infrastructure, reputation, and execution capabilities provide a competitive advantage. Regarding the Outrigger acquisition, she noted it offers potential capital and commercial synergies with existing assets, though significant downstream synergies are not expected immediately.

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Zhihui Yang, Executive President and CFO, stated that there has been no recent change in the regulatory environment and that their attitude remains 'neutral to positive.' He confirmed that the company is able to obtain the necessary licenses for new learning centers and is proceeding with its expansion plans, noting the situation has been stable for some time.

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CFO Mike Santomassimo explained that the migration from noninterest-bearing to interest-bearing deposits is stabilizing, and promotional rates are declining. He expects the deposit mix to stabilize with some absolute growth. On credit cards, he confirmed it is a future profitability driver, as the first new product vintages are just beginning to mature. CEO Charlie Scharf added that home lending is another key area where profitability is expected to improve.

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Executive Wesley Cummins shared that a key learning was the value of preparation; having all diligence materials ready significantly accelerates subsequent negotiations. He also noted the importance of understanding the constant evolution in design, especially for cooling, and that successfully completing the process once 'stamps' the company as a credible supplier, which helps accelerate future deals.

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Executive Mark Harding clarified that the projected asset value is a core mathematical computation derived exclusively from the company's Sky Ranch assets. This includes the value of remaining lots for sale, future reimbursable payments for public improvements, water tap fees from new connections, and the equity in single-family homes. Harding emphasized that this figure does not include the potential value from the company's broader portfolio of 60,000 water connections available for other developments.

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Executive Mark Harding identified the oil and gas water business as the highest margin segment due to its pricing structure and the company's excess capacity. He confirmed that targeted land acquisitions are being pursued, though the timing is uncertain. Commercial development is projected to be a year or more away, pending more residential rooftop growth. Harding highlighted the strong demand and high occupancy in the single-family rental segment. Regarding pricing, he noted that tap fees have risen significantly over time, rental increases are strategic to maintain occupancy, and the company has actually seen some cost relief, with labor being the only area of inflationary pressure.

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Founder, Chairman and CEO, JW Roth, explained that a key learning has been the unexpectedly high value and demand for premium seating, which sold out completely and had a 50% turnover rate, far exceeding initial projections. He emphasized that the foundation of VENU's growth strategy is developing public-private partnerships, which the company has successfully honed and continues to expand into a strong list of new communities.

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Executive Lars Barstad acknowledged China's shift but suggested overall activity and strong petrochemical demand would support oil consumption. On OPEC, he found their strategy difficult to predict but noted their impressive discipline. Regarding seasonality, he suggested Q1 could be the 'new Q4' but emphasized that he is more focused on potential political events, like stricter Iran sanctions, which he believes could have a more significant impact on rates than seasonal patterns.

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CFO Fuya Zheng stated a preference for share repurchases at the current price but affirmed the company will continue its semi-annual dividend policy, expecting significant capital return by year-end. President Kan Li described the regulatory environment as stable, noting that government stimulus efforts to boost the economy are expected to benefit the personal finance industry.

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CEO George Kurian stated that the conversion from subscription services was modest and not a material driver of the 43% growth, which was fueled by new customers and expansions. He explained that AI storage deals were driven by a combination of customers building new GPU clusters and others creating data lakes to unify scattered data.

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Arthur Yu, President of Baozun E-Commerce, confirmed Baozun is a strategic partner with JD, operating 5 of the top 10 luxury brands on the platform. While unable to comment on Ralph Lauren's business directly, he noted Baozun's technology minimized the impact of cancellations, and the net GMV target was exceeded. He acknowledged a high single-digit increase in return rates for the apparel category overall. Ken Huang, CFO of Baozun Brand Management, stated that BBM's growth was driven by strong online performance from GAP, particularly on Douyin, and improving offline store productivity.

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CFO Xavier Destriau clarified that impairment is a forward-looking accounting assessment and a recent reassessment showed an immaterial impact, thus no reversal was warranted. He stated that the 35 vessels up for renewal in 2025 represent 120,000-130,000 TEU of capacity. Regarding inventory, he noted that the current U.S. inventory-to-sales ratio is not abnormal and the company is not alarmed about a significant buildup that could negatively impact 2025.

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Kevin Yeaman, CEO, explained that the Theo acquisition broadens Dolby's solutions for real-time interactive experiences in sports and entertainment, creating a combined force with a larger customer base. Regarding tariffs, Yeaman stated it was too early to speculate but noted that the Foundational business is stabilizing for fiscal 2025, with customers expressing more confidence after recent pressures.

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CEO Thomas Healy explained that learnings from the alpha version regarding the linear motor and reliability were incorporated into the beta design, which is now in a promising testing and validation phase. He clarified the 2-megawatt data center unit is a packaging of ten 200-kilowatt systems, minimizing core technology risk. Competitively, Healy positioned the KARNO generator as having a lower upfront cost, a smaller physical footprint (about one-third the size of a fuel cell), and superior long-term reliability compared to fuel cells, which suffer from membrane degradation.

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Executive Toby Xu clarified that buybacks are executed on both U.S. and Hong Kong lines, though recently focused on the U.S. due to higher liquidity. He stated they are exploring various financing options but have not used the specific PBOC program, noting it seems geared toward A-shares. He added that since the company has abundant onshore RMB, financing in other currencies would be more attractive.

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Executive Dror Bashan stated he did not have the exact baseline uric acid levels on hand but mentioned the data is published in the ACR meeting abstract. He confirmed that one subject out of 64 had an anaphylactic reaction shortly after infusion began, which was managed successfully. He clarified there were no specific differentiating factors identified for this subject and it was an isolated event.

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Executive Ricardo da Silva attributed the MSMB TPV growth to strategic investments in sales HUBs and an integrated acquiring/banking value proposition, noting the trend was ongoing. Executive Artur Schunck explained that the prepayment revenue increase was partly due to a reclassification from transaction revenue and is expected to continue in line with TPV growth.

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CFO Jason Vlacich explained that the HFS business remains steady, with ADR fluctuating within expected ranges, and he anticipates moderate seasonality in Q4 similar to previous years. CEO Brad Archer added that the Permian Basin is a mature, disciplined market, but Target Hospitality is well-positioned to benefit from any future increases in capital investment without significant new spending.

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CEO Steven Sell confirmed this is a new approach for 2025, driven by the current environment. He explained that for the majority of the 2025 new partner class, the company will use first-year contracts featuring a care management fee with no downside risk. This 'glide path' allows for the proper setup of data exchange, clinical programs, and quality initiatives before transitioning the partner to a full-risk arrangement in subsequent years, providing greater flexibility and protection.

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CFO Britt Vitalone addressed these points by stating the medical market has long been competitive and McKesson is well-positioned. He noted that oral oncology generics could be additive to the platform by providing choice and leveraging the ClarusONE sourcing engine. He expressed confidence in CoverMyMeds' leading position despite new entrants and stated that provider turnover in newly acquired oncology practices is immaterial, as practices typically want to join the network.

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CFO Don Cummings explained that Jackson is comfortable with its capital-efficient product mix, noting that the capital impact from strong fixed annuity sales was largely offset by portfolio activity. He stated that while Brooke Re is expected to be capital generative over time, there are no near-term plans to take dividends from it, as the primary operating company, JNL, provides sufficient capital generation to fund near-term capital return targets.

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CEO Maximo Vedoya explained that the company is addressing the Brazil import issue on two fronts: lobbying the government to close loopholes in the current quota system and filing long-term anti-dumping cases. Regarding future investments, he confirmed Ternium's focus will remain in the Americas, but for the next two years, the priority is the successful completion of the major expansion project in Pesqueria, Mexico.

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President & CIO Bryan Wulfsohn clarified that the 3-4% book value decrease was as of that morning and net of the dividend accrual. He affirmed management's confidence in the portfolio's earnings power and the current dividend level, noting that while some beneficial swaps are expiring, their positive impact has already been realized over time.

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CEO Kevin Conroy took accountability for the performance but emphasized that long-term trends for Cologuard remain intact. CFO Aaron Bloomer detailed the key drivers for the revised outlook, including slower-than-historical Cologuard order growth from August to October, a more gradual-than-expected contribution from new sales reps, and significant disruption from hurricanes, which impacted regions representing about 18% of Cologuard's historical volume.

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CEO Kevin Conroy acknowledged accountability for the performance, emphasizing that long-term trends remain intact but short-term execution on engaging newer providers fell short. CFO Aaron Bloomer detailed the key drivers for the guidance change, noting that while rescreens and care gap programs performed well, order growth from August to October was below historical rates. He also highlighted the significant impact of hurricanes, which affected areas representing 18% of Cologuard volume, and a more gradual than expected contribution from new sales reps.

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CEO Designate Peter Jackson stated that the 2025 scenarios reflect ongoing benefits from productivity initiatives and value-added products. He noted that while multifamily weakness has stabilized, the single-family market remains dynamic. Regarding commodities, Jackson explained that while rising prices are a tailwind, the company remains focused on affordability and that the repair and remodel market is a more significant driver of lumber demand than new construction.

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CEO Sumit Roy explained that while the Q3 initial cash yield was 50 basis points lower than Q2, the cost of capital improved by 65 basis points, making the investments more accretive. He confirmed a healthy Q4 pipeline of approximately $1.3 billion, which is fully pre-funded, removing reliance on public markets. Roy emphasized that portfolio deals are pursued at a discount to the one-off market and that recent investments were acquired at 6% below market rent.

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CFO Jane Wang projected that the Delaware Supreme Court would likely hear the plaintiff's appeal in the spring of 2025 and issue a ruling in the summer or fall of 2025, adding that Loews remains very confident in its case.

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Executive James Tisch stated that Boardwalk is expected to finance all its capital needs using its own balance sheet, while likely maintaining current distribution levels to Loews. He noted that significant capital expenses are not anticipated for a few years due to project lead times.

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Jane Wang, CFO, stated that Loews expects the Delaware Supreme Court to hear the plaintiff's appeal in the spring of 2025, with a ruling anticipated in the summer or fall of 2025. She reiterated that the company remains very confident in its case.

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Executive William Newton confirmed that workers' comp reimbursement rates are expected to remain strong and stable, with good visibility into 2025. Executive Matthew DiCanio added that the Florida rate update is on track for January 1, 2025. DiCanio quantified the combined Q3 impact from Hurricanes Beryl, Helene, and a cyber outage at approximately $1.7 million in revenue and $600,000 in EBITDA, noting that visit trends improved in August and September after a softer July.

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President and CEO Earl "Duke" Austin confirmed the acquisition of a small transformer company to help alleviate supply chain constraints, noting that their internal backlog for these components is growing. He stated the acquisition enhances their market position and supports internal EPC projects. Regarding renewables, he described the pipeline for large transmission projects as being at record levels for 2025, 2026, and 2027, driven by significant load growth.

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President and CEO Mark Fogel explained that the dividend strategy is tied to monetizing assets, driving Earnings Available for Distribution (EAD), and managing the deleveraging from CLO paydowns. CFO Eldron Blackwell specified that $1.7 million was used for share repurchases in Q3, with approximately $2.3 million remaining in the authorized program.

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Executive Antonio Carrillo reported that the Stavola integration is progressing well, praising the acquired team and noting the potential for mutual operational improvements. He described the integration as not overly complex due to its geographic concentration. Carrillo acknowledged that severe weather caused operational disruptions like flooding and power losses but stated the financial impact on the quarter was not material.

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COO Danny Rivera attributed the growth to two main factors: continued strong performance from the international car wash team and significant success with the U.S. membership strategy, which has tripled conversion rates and surpassed one million members.

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President and CFO Roland Burns explained the outspend is a matter of timing, as faster drilling pulled completion activities from 2025 into Q4 2024. He affirmed the 2025 goal is to balance capital expenditures with cash flow. COO Daniel Harrison added that the recent Western Haynesville well cost of $2,814 per foot was a milestone achieved on a single well, with further improvements expected from multi-well pads, and that a more fulsome update would come on the next call.

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CEO Brian Niccol explained that menu simplification is underway for both food and beverages. Customization guardrails will be implemented to simplify the ordering process and prevent overly complex drinks that are difficult to execute. Regarding innovation, Niccol stated the company will reinstate its formal stage-gate process, leading to a more disciplined and slower pace of new product rollouts compared to the last two years.

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President and CEO Adam Greenlee projected mid-single-digit growth for the Dispensing and Specialty Closures (DSC) segment and low-single-digit growth for Custom Containers in 2025, consistent with long-term trends. He stated the Weener integration is underway with full synergies expected within 18 months. The primary capital priority is deleveraging, after which the company will look for further M&A opportunities. EVP, Corporate Development and Administration Bob Lewis added that Weener is expected to deliver over half of its potential accretion in 2025.

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Executive Todd Meredith stated that long-term growth will come from the combination of occupancy gains and strong underlying fundamentals like rent escalators and expense management. Interim CFO Austen Helfrich ranked absorption capital as the highest-return use of funds. He noted the company has flexibility to address 2025 debt maturities due to expected revolver capacity and is actively managing its interest rate exposure.

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Chief Financial Officer Elizabeth Mann stated that the acceleration was broad-based and not attributable to a single factor. Beyond a specific contract conversion, she credited the underlying growth to two primary drivers: a more focused go-to-market strategy enhancing client engagement, and the strength of product development and innovation. These factors, supported by the tailwind of industry premium growth, are driving new sales, conversions to subscription, and upselling across the business.

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CEO Doug Black estimated the market was down, making SiteOne's 2% volume growth a clear outperformance, which he expects to strengthen as initiatives like digital and CRM mature. Regarding hurricanes, he anticipates recouping some, but not all, lost sales with a typical three-month delay for landscaping repair. He does not foresee any significant, lasting impact on regional supply chains or pricing dynamics.

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CEO Anthony Labozzetta stated that selling CRE loans is not under consideration, emphasizing the bank's relationship-oriented approach and that the portfolio is within its concentration risk tolerances with no systemic deterioration. CFO Tom Lyons added that a securities portfolio restructuring is also not anticipated, noting a minor restructuring of about $550 million was already completed in conjunction with the Lakeland merger.

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CEO Giel Rutten explained that 2024 capacity expansion was focused on fully utilized 2.5D and advanced SiP, with plans to invest further in 2025. He noted that underutilization is primarily in factories serving the automotive and industrial markets, which are expected to recover in 2025. CFO Megan Faust added that the new Vietnam factory would have a dilutive effect on gross margin of about 50 basis points in Q3 and 100 basis points in Q4, tapering off as it scales through 2025. Giel Rutten also stated the auto market recovery is prolonged due to inventory depletion and weaker end-market demand, particularly in EVs.

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Executive Marcelo Benitez confirmed the 2024 CapEx target will be below $700 million and expects a similar percentage of revenue for 2025, driven by a new return-focused investment framework. Executive Bart Vanhaeren added that current cash flow levels are sustainable into 2025. Regarding the tower deal, Vanhaeren estimated a net annual impact of around $40 million on equity free cash flow before considering interest savings from debt repayment. On shareholder returns, he stated that while the company is approaching its 2.5x leverage target, a strategic discussion with the board is needed to decide between debt repayment, M&A, share buybacks, or dividends.

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CEO Adena Friedman detailed that implementation times range from 6-12 months for medium-sized banks to 9-12 months for Tier 1 clients. Regarding the IPO market, she noted 'green shoots' and a strong pipeline but anticipates a significant pickup in momentum from Q2 2025 onwards, with the near term remaining quiet.

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CEO Jon Witter attributed the efficiency gains to a shift towards an organic, content-led marketing strategy that acquires and engages customers more effectively. CFO Pete Graham noted that while consolidation activity is expected to pick up with rate cuts, it is unlikely to return to prior peak levels, citing an anecdotal view that a 100 bps rate decline is needed for a meaningful increase.

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CFO Steven Cunningham stated that while specific 2025 guidance is pending, Enova's current momentum is expected to continue, supported by a flexible growth strategy and strong competitive position. Regarding credit, he explained that the rise in consumer delinquencies is a result of typical seasonality and a deliberate product mix shift toward products with different risk profiles but strong unit economics. He highlighted that the 1+ day delinquency rate was actually down year-over-year, and stable fair value premiums confirm the portfolio's risk is well-managed.

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Executive Andre Schulten characterized retailer inventory levels as broadly stable with no major movements to report. He described P&G's relationship with retailers as 'extremely constructive' and likely the best in recent memory, driven by a shared objective of growing categories. He added that integrated supply chain programs are further strengthening these partnerships globally.

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John Holmes, Chairman, President and CEO, explained that the focus is on broadening DER repair capabilities from structures to accessories and components, rather than quantifying a specific growth rate. He also expressed confidence in staffing the new hangars due to favorable labor markets and existing relationships, noting there will be a short, manageable operational ramp-up.

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CFO Helen Shan confirmed that the impact of generative AI is baked into the guidance, particularly in the more optimistic outlook for the second half of the year. She estimated that gen AI could contribute between 30 to 50 basis points to ASV growth. On the expense side, she attributed about 50-plus basis points of investment to gen AI initiatives for fiscal 2025.

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Executive Ali Koç explained that the 5G rollout is expected to be a hybrid model, serving both retail customers and industrial clients concurrently, with a significant focus on the digitalization of industry. CFO Kamil Kalyon confirmed that the company's stated cash position does not yet include the proceeds from the sale of its Ukrainian operations.

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CFO Xiaofan Wang responded that the APAC market offers ample growth opportunities due to being the fastest-growing region with rising online penetration. She identified Trip.com's key differentiators as its one-stop travel service, a mobile-first strategy that drives high engagement, and a commitment to superior service quality.

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EVP Commercial, Jens Christophersen, confirmed that with time charter rates having increased, the company is evaluating increasing its charter coverage. An executive clarified that the Big Hill JV project targets production in 2028/2029 and Hafnia's role is primarily on the shipping side, involving investment in vessels under long-term contracts rather than direct equity in the plant.

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CEO Jason Breaux concurred that interest rates are not high by long-term historical standards, only in comparison to the last decade. Regarding buybacks, he stated that the company continuously evaluates this option, weighing it against compelling asset yields, the benefits of scale for a public BDC, and the company's current leverage, noting a buyback would be a leveraging transaction.

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CEO Alexander Saverys confirmed that discussions with Exxon are ongoing regarding a chemical tanker project. However, he clarified that the discussions concern seven ships, not twenty as reported, and emphasized that no firm contracts have been signed yet. He deferred providing further details on vessel size until an agreement is finalized.

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CEO Alexander Saverys confirmed that discussions with Exxon are ongoing regarding a chemical tanker project. However, he clarified that the discussions concern seven ships, not twenty as reported, and emphasized that no firm contracts have been signed yet. He declined to provide further details on vessel sizes until a deal is finalized.

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David Berman, Head of R&D, affirmed that the 0.5 log reduction appears to be a good threshold, correlating with survival in both uveal and cutaneous melanoma, and that ctDNA data for ovarian cancer will be shared at ESMO. He noted it is too soon to provide a timeline for the endometrial cohort update due to the strategic focus on the three main indications.

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CEO Ben Gagnon explained that while Bitcoin's price pullback affects hash price, Bitfarms remains cash-flow positive due to its low hash cost of around $0.027. He noted the market is responding as expected by turning off less efficient miners. Regarding HPC and AI, Gagnon stated that the 12+ month timeline for integration is advantageous, as it allows Bitfarms to capture the potential upside of a Bitcoin bull run before diversifying revenue streams, potentially near the historical market cycle top in late 2025 or early 2026.

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Executive Mark Chalmers reported that negotiations for a stability agreement for the Toliara project are ongoing with the Madagascar government, and he is optimistic about a successful outcome. To fund growth, he cited the company's strong balance sheet, potential offtake agreements, and the pursuit of non-recourse financing from government entities, with funding decisions to be made on a case-by-case basis for each project.

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Executive Georges Karam responded that the most important regulatory hurdle is the FDI (Foreign Direct Investment) approval in France and that it is the only one he highlighted as a key requirement.

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Ralph LaRossa, Chairman, President and CEO, explained that co-located hyperscale data centers would attract AI companies and create local construction jobs. He noted that PSEG is seeing "several hundred megawatts" of data center projects moving past the initial engineering phase. LaRossa affirmed that PSEG's commitment to supporting New Jersey's economic development is unchanged by other industry activities, but he did express concern about the broader implications of co-located load rules on other industries like combined heat and power.

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An executive from Medium Display Planning and Management affirmed confidence in the company's differentiated portfolio, stable customer relationships, and high-end B2B focus. He noted that cost-cutting measures are underway to ensure profitability even in the current uncertain environment. He projected slight annual growth for monitors but a more sluggish notebook PC market, with the high-end segment recovering slowly.

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CFO Seckin Koseoglu explained that the holiday's impact is already factored into the Q2 guidance. He elaborated that holidays typically boost offline sales at the expense of online sales, estimating that without the shift, GMV growth might have been 1-2% higher.

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Peter Clarke, President and COO, emphasized the high liquidity and defensive posture of the investment portfolio. He noted the fixed income portfolio consists mainly of U.S. treasuries with a short average duration of about three years, providing significant flexibility. He confirmed that should an opportunity arise in the equity markets, the company has the ability to pivot its allocation.

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