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    Unknown Analyst • Barclays

    Unknown Analyst's questions to TCELL leadership

    Unknown Analyst's questions to TCELL leadership • Q4 2024

    Question

    An analyst from Barclays asked for the inflation assumption used in the 2025 guidance and the expected net leverage ratio at the end of 2025, considering upcoming CapEx and potential license fees.

    Answer

    CFO Kamil Kalyon responded that the company's guidance is based on an average inflation assumption of around 33% for 2025. He projected that the net leverage ratio would remain below 1.0x by the end of 2025, with the final figure depending on the realization of 5G and other investment plans.

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    Unknown Analyst's questions to Garmin Ltd (GRMN) leadership

    Unknown Analyst's questions to Garmin Ltd (GRMN) leadership • Q4 2024

    Question

    An analyst from Barclays requested more detail on the Auto OEM segment's path to profitability, including the near-term outlook. They also asked for a high-level update on the consumer backdrop, sell-through trends, and channel inventory for flagship products compared to the prior quarter.

    Answer

    CEO Clifton Pemble stated that while profitability is the goal, the Auto OEM segment already provides meaningful margin contributions and significant supply chain leverage for the entire company. On the consumer front, he noted that Q4 sell-in and sell-through were well-matched, leaving the retail channel at a healthy level. He added that Garmin's specific customer base appears to be holding up well despite broader consumer pressures.

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    Unknown Analyst's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Unknown Analyst's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q4 2024

    Question

    An analyst from Barclays asked for color on completions pricing pressure, particularly for Tier 4 dual-fuel fleets, and about the specific returns threshold for deploying capital into the mobile power market.

    Answer

    CEO William Hendricks confirmed that pricing came down at the end of 2024 but stated negotiations are largely complete, with Q2 or Q3 likely representing the financial trough. On power, he emphasized a cautious approach, focusing on integrated solutions rather than commoditized rentals. He noted that recent acquisition valuations have been too high and that any investment must meet high-return thresholds, though he did not specify a number.

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    Unknown Analyst's questions to Prudential Financial Inc (PRU) leadership

    Unknown Analyst's questions to Prudential Financial Inc (PRU) leadership • Q3 2024

    Question

    An analyst from Barclays asked about the revenue pressure from elevated surrenders of foreign currency products in Japan and questioned whether a potential reinsurance deal for Prudential's own Japan business would be for mitigating regulatory impact or for capital release.

    Answer

    Andy Sullivan, Head of International Businesses, explained that weaker yen is driving surrenders, and without this pressure, the international business segment would have seen low single-digit earnings growth. Rob Axel, Controller, clarified that reinsurance serves multiple purposes: derisking, growth financing, and back-book optimization, which could be in response to regulatory changes like ESR or to monetize blocks at attractive private market valuations.

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    Unknown Analyst's questions to Immunocore Holdings PLC (IMCR) leadership

    Unknown Analyst's questions to Immunocore Holdings PLC (IMCR) leadership • Q2 2024

    Question

    An analyst from Barclays, on for Peter Lawson, asked if supportive ovarian cancer data would lead to a monotherapy or combo approval strategy in the platinum-resistant setting, and if the upcoming update would include bevacizumab combo data.

    Answer

    David Berman, Head of R&D, stated that the next steps are to generate more data from chemotherapy combinations in both platinum-resistant and platinum-sensitive settings before deciding on a registrational path. He also confirmed that the upcoming ESMO update will not include any bevacizumab combination data.

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