Core Insights - Meta Platforms (META) and Snap (SNAP) are leveraging AI to enhance user engagement and attract advertisers, leading to increased advertising revenue growth [1][2][6] Digital Advertising Growth - Global ad spending is projected to grow 4.9% to $992 billion by 2025, with digital ad spending expected to rise 7.9% to $678.7 billion [2] - META's advertising revenue for Q3 2025 is estimated at $48.44 billion, reflecting over 21% growth year-over-year [5] Meta Platforms' Performance - META's AI initiatives, including the Andromeda machine learning system, have improved ad targeting, resulting in a 5% increase in ad conversions on Instagram and 3% on Facebook in Q2 2025 [2] - Engagement metrics show a 5% increase in time spent on Facebook and 6% on Instagram, with video engagement on Instagram rising over 20% year-over-year [3] - META AI has surpassed 1 billion monthly active users and is available in over 200 countries [4] - Earnings estimates for META in 2025 are projected at $28.13 per share, indicating a 17.9% increase from 2024 [10] Snap's Performance - Snap's advertising platform saw a 39% year-over-year growth in commerce-driven ad volume in Q2 2025, with new ad formats improving conversion rates [6] - Snap's daily active users reached 469 million, an 8.6% increase year-over-year, with a subscriber base for Snapchat+ nearing 16 million [7][8] - Earnings estimates for Snap in 2025 remain steady at 25 cents per share, suggesting a 13.79% decline from 2024 [11] Stock Performance and Valuation - META shares have appreciated 33% year-to-date, while SNAP shares have declined by 28.1% [12] - META is trading at a forward Price/Sales ratio of 8.99X, compared to SNAP's 2.06X, indicating that both stocks are considered overvalued [15] Conclusion - Both META and SNAP are positioned to benefit from increasing digital ad spending, but META's larger user base, AI advancements, and rising earnings estimates provide it with a competitive advantage over SNAP [18]

CFO Commentary September 18, 2025 Arthur J. Gallagher & Co. Forward-Looking Statements and Non-GAAP Measures Information Concerning Forward-Looking Statements This CFO Commentary contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this CFO Commentary, the words "anticipates," "believes," "contemplates," "see," "should," "could," "will," "estimates," "expects," "intends," "plans" and variations thereof and similar expressions, are int ...

Investor Day 2025 TM Transform. Innovate. Accelerate. 2025 INVESTOR DAY 1 Welcome and Opening Remarks Ann Giancristoforo Vice President, Investor Relations 2 2 2025 INVESTOR DAY 2025 INVESTOR DAY Forward looking statements On January 15, 2025, DuPont de Nemours, Inc. ("DuPont", or after the completion of the Intended Electronics Separation, "New DuPont") announced it is targeting November 1, 2025 to complete the intended separation of its Electronics business (the "Intended Electronics Separation") by way o ...

CMC Announces Acquisition of Concrete Pipe & Precast (CP&P) September 2025 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws with respect to the proposed acquisition of CP&P and the timing thereof, the ability to obtain regulatory approvals and meet other closing conditions for the proposed acquisition, the expected benefits of the proposed acquisition, general economic conditions, key macro-economic drivers that impact our bus ...

[Arrow Electronics Q2 2025 Earnings Release](index=1&type=section&id=Arrow%20Electronics%20Reports%20Second-Quarter%202025%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported strong Q2 2025 results with sales and GAAP EPS exceeding guidance, though non-GAAP results declined - **Consolidated sales, segment sales, and earnings per share all surpassed the high end of the company's guidance** for Q2 2025[2](index=2&type=chunk)[3](index=3&type=chunk) Consolidated Financial Results (Q2 2025 vs Q2 2024) | (in millions except per share data) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Consolidated sales** | $7,580 | $6,893 | 10% | | **Net income attributable to shareholders** | $188 | $109 | 73% | | **Net income per diluted share** | $3.59 | $2.01 | 79% | | **Non-GAAP net income attributable to shareholders** | $127 | $150 | (15)% | | **Non-GAAP net income per diluted share** | $2.43 | $2.78 | (13)% | - Changes in foreign currencies had a positive year-over-year impact, increasing sales by approximately **$123.3 million** and diluted EPS by **$0.07**[4](index=4&type=chunk) [Business Segment Performance](index=1&type=section&id=Business%20Segment%20Performance) Both Global Components and Global ECS segments reported sales above guidance, with ECS showing particularly strong top-line growth [Global Components](index=1&type=section&id=Global%20Components) The Global Components segment sales grew 5% year-over-year, driven by the Americas and Asia, despite a decline in operating income - The company observed sequential growth across all three operating regions, and leading indicators suggest a **modest cyclical recovery is in progress**[5](index=5&type=chunk) Global Components Financials (Q2 2025 vs Q2 2024) | (in millions) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Global components sales** | $5,285 | $5,032 | 5% | | **Global components operating income** | $187 | $210 | (11)% | | **Global components non-GAAP operating income** | $189 | $218 | (13)% | - Regional Sales Performance (YoY): - Americas: **+9%** - Asia-Pacific: **+6%** - EMEA: **-1%** (-6% in constant currency)[5](index=5&type=chunk) [Global Enterprise Computing Solutions (ECS)](index=2&type=section&id=Global%20Enterprise%20Computing%20Solutions) The Global ECS segment delivered robust 23% year-over-year sales growth, fueled by strong performance in EMEA and its Arrowsphere platform - The company saw year-over-year growth in billings and gross profit, with **robust growth in its IT as-a-service backlog** and continued adoption of its digital platform, Arrowsphere[7](index=7&type=chunk) Global ECS Financials (Q2 2025 vs Q2 2024) | (in millions) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Global ECS sales** | $2,295 | $1,861 | 23% | | **Global ECS operating income** | $97 | $103 | (5)% | | **Global ECS non-GAAP operating income** | $98 | $104 | (6)% | - Regional Sales Performance (YoY): - EMEA: **+39%** (+31% in constant currency) - Americas: **+9%**[8](index=8&type=chunk) [Other Financial Information](index=2&type=section&id=Other%20Financial%20Information) The company improved operational efficiency, enhanced returns on capital, and continued its share repurchase program in Q2 2025 - Key operational improvements in Q2 include **increased inventory turns, a reduced cash conversion cycle, and improved returns on capital**[9](index=9&type=chunk) - The company repurchased **$50 million** of its shares during the second quarter[9](index=9&type=chunk) [Third-Quarter 2025 Outlook](index=3&type=section&id=Third-Quarter%202025%20Outlook) The company projects Q3 2025 consolidated sales between $7.30 billion and $7.90 billion and non-GAAP EPS of $2.16 to $2.36 Q3 2025 Guidance | Metric | Q3 2025 Outlook | | :--- | :--- | | **Consolidated sales** | $7.30B - $7.90B | | - Global components sales | $5.30B - $5.70B | | - Global ECS sales | $2.00B - $2.20B | | **GAAP diluted EPS** | $1.49 - $1.69 | | **Non-GAAP diluted EPS** | $2.16 - $2.36 | | **Interest expense** | Approx. $65M | | **Average tax rate** | 23% - 25% | - Foreign currency changes are expected to increase Q3 2025 sales by approximately **$135 million** and diluted EPS by **$0.11** compared to Q3 2024[15](index=15&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) The financial statements show increased sales but lower operating income, with a significant use of cash from operations [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Sales rose 10% year-over-year, but operating income declined, while a large gain on investments boosted net income Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $7,579,947 | $6,892,868 | | Gross Profit | $848,657 | $846,444 | | Operating Income | $190,586 | $212,275 | | Gain on investments, net | $103,976 | $(4,615) | | Net income attributable to shareholders | $187,749 | $108,698 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $24.3 billion, driven by a significant increase in accounts receivable and a corresponding rise in liabilities Balance Sheet Highlights (in thousands) | Line Item | June 28, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $20,846,420 | $18,401,413 | | Accounts receivable, net | $15,271,349 | $13,030,991 | | Inventories | $4,749,431 | $4,709,706 | | **Total assets** | $24,252,578 | $21,757,707 | | **Total current liabilities** | $14,978,258 | $12,636,162 | | Accounts payable | $13,213,323 | $11,047,470 | | **Total shareholders' equity** | $6,333,890 | $5,761,151 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a significant negative swing in operating cash flow, primarily due to a large increase in accounts receivable Q2 2025 Cash Flow Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash (used for) provided by operating activities | $(205,896) | $320,181 | | Net cash provided by (used for) investing activities | $106,240 | $(20,788) | | Net cash used for financing activities | $(73,832) | $(317,247) | | Net decrease in cash and cash equivalents | $(9,912) | $(29,801) | [Supplemental and Non-GAAP Information](index=12&type=section&id=Supplemental%20and%20Non-GAAP%20Information) This section reconciles GAAP to non-GAAP metrics, adjusting for items like amortization and restructuring to clarify core performance - Management uses non-GAAP financial measures to better assess operating performance by excluding items like **intangible amortization, restructuring charges, and foreign currency impacts**[19](index=19&type=chunk)[21](index=21&type=chunk) Q2 2025 GAAP to Non-GAAP Reconciliation Highlights (in millions) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Operating income | $190.6 | $24.8 | $215.4 | | Net income attributable to shareholders | $187.7 | $(60.4) | $127.4 | | Net income per diluted share | $3.59 | $(1.16) | $2.43 | - Global ECS Gross Billings, a key operational metric, **increased 15% year-over-year** to $5.14 billion in Q2 2025[35](index=35&type=chunk)

WCLC 2025 Highlights DAIICHI SANKYO CO., LTD. September 17th (US)/ 18th (JP), 2025 Forward-Looking Statements Management strategies and plans, financial forecasts, future projections and policies, and R&D information that Daiichi Sankyo discloses in this material are all classified as Daiichi Sankyo's future prospects. These forward looking statements were determined by Daiichi Sankyo based on information obtained as of today with certain assumptions, premises and future forecasts, and thus, there are vario ...

Financial Data and Key Metrics Changes - The company reported total sales of $3 billion, which is 10% higher than last year, driven by same restaurant sales growth of 4.7% and the acquisition of 103 Chuy's restaurants [15][16] - Adjusted diluted net earnings per share from continuing operations were $1.97, reflecting a 12.6% increase year-over-year [16] - Adjusted EBITDA reached $439 million, with a return of $358 million to shareholders through dividends and share repurchases [16][18] Business Line Data and Key Metrics Changes - Olive Garden's same restaurant sales grew by 5.9%, supported by culinary innovations and effective marketing strategies [5][19] - LongHorn Steakhouse achieved same restaurant sales growth of 5.5%, maintaining a strong focus on quality and operational consistency [8][20] - The fine dining segment experienced slightly negative same restaurant sales, but Ruth's Chris Steak House's limited-time offer helped offset challenges [11][20] Market Data and Key Metrics Changes - The casual dining industry saw average same restaurant sales growth of 5% and guest counts increased by 2.6% [4] - Olive Garden's sales momentum continued, outperforming the industry benchmark by 90 basis points [19] - The other business segment, including Yard House and Cheddar's, reported a 22.5% increase in sales, driven by the acquisition of Chuy's and positive same restaurant sales of 3.3% [21] Company Strategy and Development Direction - The company aims to leverage its competitive advantages, including significant scale and extensive data insights, to drive long-term growth [5][12] - A focus on affordability and menu innovation is evident, with Olive Garden testing lighter portion sizes to attract more guests [8][40] - The company plans to open approximately 65 new restaurants in fiscal 2026, reflecting confidence in its development pipeline [22][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the consumer spending environment, noting that retail sales were strong and the company is ahead of expectations [58] - The company anticipates total sales growth for the year to be between 7.5% and 8.5%, with same restaurant sales growth of 2.5% to 3.5% [22] - Management acknowledged challenges with beef costs but remains optimistic about navigating through these pressures while maintaining pricing discipline [26][60] Other Important Information - The company is actively involved in philanthropic efforts, including supporting Feeding America with refrigerated trucks for food banks [14] - The acquisition of Chuy's restaurants is expected to enhance the company's market position and profitability [15][21] Q&A Session Summary Question: Can you discuss the visibility on food cost outcomes? - Management indicated that coverage for beef is currently at 25% for the next six months, with significant price increases observed, particularly in tenders and rib eyes [26] Question: What are the early indications of the new portion sizes at Olive Garden? - Early indications suggest that the new portion sizes may drive traffic, although there could be some dilution in check size [28] Question: Can you provide a breakdown of LongHorn's comp split between traffic and ticket? - LongHorn's traffic was up 3.2%, with same restaurant sales of 5.5%, indicating a check increase of 2.3% [45] Question: How is the delivery business performing? - Delivery accounted for about 5% of Olive Garden's sales in the first quarter, exiting at about 4%, still 40% above pre-promotion levels [85] Question: What is the company's outlook on consumer spending? - Management believes there have been no dramatic changes in consumer spending, with positive retail sales trends observed [58]

Financial Data and Key Metrics Changes - For Q1 2026, Darden Restaurants reported total sales of $3 billion, a 10% increase compared to the previous year, driven by same restaurant sales growth of 4.7% and the acquisition of 103 Chuy's restaurants [16][17] - Adjusted diluted net earnings per share from continuing operations were $1.97, reflecting a 12.6% increase year-over-year [17] - Adjusted EBITDA for the quarter was $439 million, with a return of $358 million to shareholders through dividends and share repurchases [17] Business Line Data and Key Metrics Changes - Olive Garden's same restaurant sales grew by 5.9%, supported by successful marketing initiatives and first-party delivery growth [5][19] - LongHorn Steakhouse achieved same restaurant sales growth of 5.5%, maintaining a strong focus on quality and operational consistency [9][19] - The other business segment, which includes brands like Yard House and Cheddar's, saw a sales increase of 22.5% due to the Chuy's acquisition and positive same restaurant sales of 3.3% [21] Market Data and Key Metrics Changes - The casual dining industry experienced average same restaurant sales growth of 5% and guest count growth of 2.6% during the quarter [4] - Darden's same restaurant sales outperformed the industry benchmark by 90 basis points, placing them in the top decile of the industry [19] Company Strategy and Development Direction - Darden continues to leverage its competitive advantages, including significant scale and extensive data insights, to drive long-term growth [5] - The company is focusing on affordability and menu innovation to attract a broader customer base, particularly through initiatives like lighter portion sizes at Olive Garden [8][9] - Darden plans to open approximately 65 new restaurants in fiscal 2026, reflecting confidence in its development pipeline [22][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the consumer spending environment, noting that sales momentum from the previous quarter continued into Q1 2026 [16][56] - The company anticipates total sales growth for the year to be between 7.5% and 8.5%, with same restaurant sales growth projected at 2.5% to 3.5% [22] - Management acknowledged challenges related to rising beef costs but emphasized a disciplined approach to pricing and cost management [22][88] Other Important Information - Darden's philanthropic efforts include supporting Feeding America by funding refrigerated trucks for food banks, highlighting the company's commitment to community engagement [15] - The company is testing a new lighter portion menu at Olive Garden, which has shown promising initial responses from guests [9] Q&A Session Summary Question: Can you discuss the visibility on food cost outcomes for the remainder of the year? - Management indicated that beef coverage is currently at 25% for the next six months, with significant price increases expected to be unsustainable [25][26] Question: What are the early indications regarding the new portion sizes at Olive Garden? - Management believes the new portion sizes may drive traffic, although it could slightly dilute check averages [27][28] Question: How did the affordability pivot and UberDirect impact costs during the quarter? - Management noted that the segment profit margin was only down 10 basis points, indicating strong business model resilience despite cost pressures [30][31] Question: What is the outlook for casual dining performance? - Management believes casual dining is performing well due to lower pricing compared to other dining segments, with a focus on value and connection [39][40] Question: How is the delivery business performing? - Delivery accounted for about 5% of Olive Garden's sales in Q1, with a strong exit rate post-promotion [80] Question: What are the dynamics driving recent beef price increases? - Supply constraints due to packer cutbacks and import issues are driving prices higher, but management believes these levels are not sustainable [86][88]

AAON FY Conference Summary Company Overview - **Company**: AAON (NasdaqGS:AAON) - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) Key Points and Arguments Leadership and Strategic Focus - Under the leadership of Matt Tobolski, AAON is focusing on innovation and disruption in the HVAC space, with an emphasis on building capacity and maturing the organization to support growth as a $2 to $4 billion enterprise [2][3] ERP Implementation - The implementation of a new ERP system is crucial for scaling operations and improving visibility and transparency. The previous homegrown system from 1988 limited operational efficiency [5] - Q2 was noted as a low point for efficiency, but improvements were observed in July and August, with Tulsa meeting efficiency targets and Longview showing gradual recovery [6][7] Growth Opportunities - AAON is experiencing strong demand in the AI and cloud data center sectors, with a three to seven-year pipeline visibility for existing customers [15] - The company is diversifying its customer base beyond hyperscalers, with a focus on productization strategies to engage more customers in the data center market [17][18] Capacity Expansion - The Memphis facility is a significant investment, transitioning from an assembly site to a true manufacturing site by the end of the year, with ongoing equipment installations [22][23] - AAON has started selling capacity from Memphis, with expectations for backlog and revenue growth in late 2025 and 2026 [24][25] Market Dynamics - The HVAC market has seen price premium compression due to increased competition and regulatory changes, with AAON's price premium narrowing to high single digits [36][37] - Despite a challenging macro environment, AAON's booking strength is attributed to intentional efforts in developing national accounts, which have increased from 20% to mid-30s in bookings [40][41] Product Differentiation - AAON's Alpha Class heat pump is highlighted as a competitive product, particularly for customers focused on reducing carbon emissions [42][43] - The company emphasizes a solution-based sales approach, focusing on understanding customer needs and providing customized solutions [28][30] Supply Chain and Margin Considerations - The supply chain has stabilized, with proactive management strategies being implemented to mitigate risks [53][54] - Future capital investments will focus on supporting growth and capacity absorption, with ongoing discussions about potential organic or inorganic investments [55] Market Outlook - The company anticipates a positive trajectory in the HVAC market as it adjusts to new price dynamics and stabilizes after recent volatility [50][51] - AAON is mapping its production facilities to optimize efficiency and capacity utilization across its operations [59] Additional Important Insights - The company continues to engage in clean room solutions for pharmaceuticals and semiconductors, although the data center market remains the primary growth driver [34] - AAON's competitive landscape includes major players like Vertiv and Schneider, with a focus on maintaining relationships and providing value in a mature market [60][61] This summary encapsulates the key insights from the AAON FY Conference, highlighting the company's strategic direction, market dynamics, and growth opportunities within the HVAC industry.

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was reported at $868 million, with restaurant revenue at $718.2 million and retail revenue at $149.8 million, reflecting a 4.4% increase excluding the $62.8 million benefit from the 53rd week in the prior year [11] - Comparable store restaurant sales grew by 5.4%, marking the fifth consecutive quarter of positive growth [11] - Adjusted EBITDA for Q4 was $55.7 million, or 6.4% of total revenue, with an 8% increase when excluding the impact from the 53rd week [14] Business Line Data and Key Metrics Changes - Restaurant cost of goods sold was 26.3% of restaurant sales, up from 26% in the prior year, driven by menu mix and commodity inflation [12] - Retail cost of goods sold increased to 51% of retail sales from 50.1% in the prior year, primarily due to additional tariff expenses [12] - Off-premise sales accounted for 18.1% of restaurant sales, an increase of approximately 100 basis points year-over-year [12] Market Data and Key Metrics Changes - Traffic for the first half of August was down approximately 1%, with a decline of about 8% since the logo change on August 19 [17] - The company anticipates a Q1 traffic decline of approximately 7% to 8% based on current trends [18] - For fiscal 2026, total revenue is projected to be between $3.35 billion and $3.45 billion, assuming annual traffic declines of 4% to 7% [18] Company Strategy and Development Direction - The company is focused on a multi-year plan to return to growth, emphasizing food quality and guest experience [6][22] - A renewed marketing strategy is being implemented, including the return of nostalgic branding elements and menu items [7][25] - The company plans to invest approximately $135 million to $150 million in capital expenditures, primarily for maintenance and technology [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced due to recent traffic declines but expressed optimism about regaining momentum through strategic initiatives [18][22] - The company is committed to listening to guest feedback and adjusting its offerings accordingly, particularly in food quality and service [27][68] - Management highlighted the importance of maintaining a conservative balance sheet while returning cash to shareholders through dividends and share repurchase programs [33] Other Important Information - The company has authorized a new $100 million share repurchase program and declared a quarterly dividend of $0.25 per share [17] - A non-GAAP store impairment charge of $16.2 million was recorded, primarily related to low-performing Maple Street stores [14] Q&A Session Summary Question: What is the marketing plan for traffic recovery? - Management expects marketing as a percentage of sales to be higher in 2026 than in 2025, continuing to invest in marketing to drive traffic [36][37] Question: Can you elaborate on food quality improvements? - Food quality has always been a priority, with ongoing initiatives to enhance processes and menu items based on guest feedback [38][39] Question: How are traffic trends and challenges evolving? - Traffic declines have been broad-based, with larger declines in the Southeast, but management is optimistic about sequential improvement [41][44] Question: What is the approach to capital allocation and returning cash to shareholders? - The board is focused on a balanced approach to capital allocation, maintaining a conservative balance sheet while returning cash to shareholders [54] Question: How does competition impact pricing strategy? - The company believes it offers exceptional value and plans to maintain pricing strategies that reflect its value proposition while remaining competitive [57][60]