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Management stated that the SSSG improvement was primarily volume-driven. Key factors included strong market demand, maturation of recently opened stores, and favorable weather. They confirmed the 8.1% SSSG was a combination of solid fundamentals and some temporary tailwinds, and they expect this growth rate to moderate in the upcoming quarters while remaining positive.

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The executive agreed that higher revenues are the key to improving the stock price and attracting institutional investment. He stated that the company is working hard to secure and announce new business as soon as possible.

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The executive stated that the primary focus is on reinvesting in and growing the core businesses (broker-dealer, wealth management, advisory). They will opportunistically monetize non-core assets to strengthen the balance sheet but declined to provide specific run-rate EBITDA guidance, instead pointing to historical performance. The executive also confirmed that the new credit facility does not currently allow for open-market bond repurchases.

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The executive explained the connectivity partnership is a new fund targeting $200M-$250M, where M-tron will be a GP investor, not committing a meaningful amount of its cash. A right of first refusal will be established to prevent competition. Accretive acquisitions are judged on an immediate EBITDA basis, targeting companies with at least $2M-$5M in EBITDA. Management incentives are currently cash-based bonuses tied to company performance plans, supplemented by restricted stock grants.

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For TEVIMBRA, the company is investing in a targeted way in the US and EU and will provide updates as they gain more market experience. For the BTK degrader, they are excited about all planned combinations as they target different indications: combinations with sonrotoclax and BRUKINSA are exciting for CLL, while the CD20 bispecific combination is exciting for other indolent lymphomas.

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Cash from Q3 deals comes in over the current and next quarter. The company does not expect large one-off subscription deals next year, anticipating a continuation of the current, more modest deal environment. They acknowledge a 'higher risk' of at least one of the two FY '26 AAA titles slipping into the next year but state they would delay if it meant improving quality, as the long-term value is more important than hitting a specific quarter.

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The revenue range is based on the variable timing and phasing of large project rollouts, which are mostly lighting-related. The company stated that project delays are due to macro factors, not pricing, as the ROI is already strong. The automotive project is part of a regular facility retrofit cycle, accelerated by fluorescent bans. Management sees minimal impact from federal policy changes on their outlook and noted that DoD lighting projects are proceeding.

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The company stated that key learnings from the alpha phase were incorporated into the beta design, which is performing well and on track for initial customer deliveries by year-end. The 2-megawatt data center product is a packaging of 10 existing 200-kilowatt generators, which minimizes new development risk. Competitively, the KARNO generator is expected to have a lower upfront cost, be about one-third the size of a comparable fuel cell (improving energy density), and offer better maintenance and reliability.

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Executives stated that enrollment for the COVID study is on track with strong interest and no issues. An interim analysis is being considered with BARDA, but the primary focus is on completing the full 12-month study. Regarding the norovirus program, the company received clarity from the FDA on the path forward but is not disclosing the specific details of the required clinical data at this time.

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The company stated the DUCs will remain 1-mile laterals, with completion timing dependent on the 2025 budget. The move to longer laterals was enabled by improved drilling capabilities and is supported by the new engineering director. The full field development plan is being updated and will be shared after the next third-party reserve report is finalized. Successful longer laterals could indeed expand the economically viable acreage.

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The bank confirmed INSS payroll loans are a key growth area where they are underpenetrated. Their competitive advantage in the capped-rate environment comes from a digital, intermediary-free offering. They will only participate in the INSS auction if the risk-adjusted return is favorable; otherwise, they will continue to grow by targeting competitors' clients.

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The company is seeing interest from both political parties, though spending from Democrats is significantly higher. The optimism is driven by the company's strong presence in key markets like Georgia, North Carolina, and Pennsylvania, and its large digital business. While there's no commitment to specific numbers yet, the high watermark was $18.8 million in radio in 2020. Updates on political spending will be provided during the next quarterly earnings call.

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The company declined to provide any details regarding the new capital structure, the reasons for its timing, or its specific form, stating that they are in advanced discussions and will share information only after the refinancing activities are complete.

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Management explained that the Q1 revenue flatness was an anomaly caused by a few clients discontinuing unsuccessful business ventures, not switching to competitors. They have a 97% retention rate and this was the first such event since 2016. While not providing specific guidance, they are confident in returning to growth, driven by a strong sales pipeline and new product launches. Gross margins are expected to improve with revenue growth due to the fixed costs of their proprietary data sets. Investments in development are tied to long-term contracts and deferred revenue. The company is actively using AI to create value from its data and will announce a new product line within a month.

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Confidence in Q2 growth stems from strong Q1 bookings and successful restructuring efforts. Previous revenue fulfillment issues are resolved. The current margin pressure is due to the onshore/offshore supply rebalancing, specifically lower utilization of onshore resources, which is being addressed and is expected to take a couple of quarters.

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A significant portion of the NDA is already established from the approved ZTALMY API. The new element is the IV formulation, and a pre-NDA CMC meeting with the FDA is planned. The filing is targeted for early Q1 2025, aligning with commercial launch and NTAP reimbursement strategies. The filing will include data from ~100 patients, though the label is expected to be based on the 83-patient interim analysis. The larger dataset will support secondary endpoints, and open-label safety data collection will continue.

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The best benchmark is late-line chemotherapy like cabazitaxel, which vudalimab appears to outperform. Quality-of-life data will be assessed as part of the totality of data from a larger cohort, and it is too early to comment.

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The propulsion system is expected to meet required performance from the start, and significant upgrades are not anticipated due to its high efficiency. In contrast, the battery system has a clear improvement roadmap, with range expected to increase from 175 km to over 200 km with the next generation. Initially, both battery suppliers will produce the same type of battery to de-risk the supply chain, so no performance difference is expected. Future improvements will come from next-generation battery technologies.

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The company will receive 11 remittances this year, not 12, due to a payment timing shift. The year-to-date gap between EBITDA and OCF is primarily due to approximately $4 million in Q1 restructuring costs, with the remainder being working capital fluctuations. This gap is not expected to close in Q4 but will reverse more gradually.

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The company stated that while the landscape is competitive, there are significant opportunities post-auto CAR-T and in earlier lines of therapy by combining with standard regimens, which is enabled by potentially eliminating conditioning chemo with FT522. They confirmed the study is open for enrollment but did not comment on specific numbers, and noted the no-chemo arm could start after the first three patients in the conditioning arm are cleared.

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The company will reduce shareholdings that no longer have strategic significance, including within the group, and will act immediately when the need arises rather than on a fixed timeline. Regarding pay, Toyota will discuss raises with its employees considering inflation and performance. For suppliers, the company has been accounting for increased costs since last year and will continue to do so, while also negotiating higher fees with logistics partners to support driver wages.

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The company attributed the decline primarily to a deteriorating product mix, with a JPY 20 billion reduction in high-margin SoC tester sales. Other factors included lower overall sales volume and increased material and processing costs, some of which were impacted by the weakening yen. The impact from these costs was larger than previously expected.

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The executive stated that they do not plan for more timid growth in 2024. While acknowledging factors outside their control, the elements they do control (capital, risk management) support continued growth. The growth will not be linear but will be pursued with a focus on profitability and a more diversified portfolio than in the past, particularly with a different approach to the low-income segment.

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