Financial Data and Key Metrics Changes - The company generated record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9 billion, driving adjusted net income of $5.2 billion, which is up 14% year-over-year, equating to $8.38 per share [4][6] - FRE for the year was $2.5 billion, reflecting a 23% increase year-over-year, while SRE was $3.4 billion, normalized to a 9% increase year-over-year [6][34] - The company achieved record inflows of $228 billion, marking the third consecutive record year for both Athene and Asset Management [6][7] Business Line Data and Key Metrics Changes - The origination volume crossed the $300 billion mark, with a robust consistent spread of 350 basis points over treasuries [6][7] - In the individual market, inflows exceeded $18 billion, with nine strategies raising over $500 million annually [9] - Athene's net invested assets grew by 18% year-over-year to $292 billion, with record inflows of $83 billion driven by retail and funding agreements [31][36] Market Data and Key Metrics Changes - The company reported that all buckets of credit increased by 8%-12%, with hybrid value up 16% for the year [8] - The global wealth business raised $18 billion, up nearly 50% year-over-year, indicating strong demand across multiple client types and geographies [30] - The institutional business had a record year, with $15 billion in new mandates from third-party insurance [28] Company Strategy and Development Direction - The company is transitioning from serving one market to six markets, including individuals, insurance, and traditional asset managers, requiring different products and investments in technology [8][9] - The focus is on a total portfolio approach, which opens up debt and equity buckets to private assets, enhancing competition with public assets [10][11] - The company aims for 20%+ FRE growth in 2026, with a strong emphasis on maintaining quality alongside scale [11][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for retirement income and the global retirement crisis, expecting approximately $85 billion of inflows in 2026 [11][12] - The outlook for SRE growth remains durable, with a reaffirmed expectation of 10% growth on average through 2029 [12][41] - Management emphasized the importance of a principal mindset in investing, focusing on long-term ownership rather than short-term market trends [13][14] Other Important Information - The company plans to increase the annual per-share dividend by 10% from $2.04 to $2.25 starting in Q1 2026, reflecting a commitment to returning capital to shareholders [40] - The company has returned approximately $1.5 billion to shareholders through dividends and repurchases during the year [39] Q&A Session Summary Question: Implications of the ARI transaction on SRE - Management indicated that the ARI transaction helps de-risk the year and supports the goal of 10% SRE growth, but it should not be assumed to be additive [46][50] Question: Dynamics in the non-traded BDC space and ADS - Management noted that the philosophy of portfolio construction in ADS has resonated well, with net new assets increasing over $5 billion last year despite market turbulence [52][53] Question: Interaction with LPs regarding private allocations - Management expects increased dispersion among managers and a shift in institutional allocations towards private assets, driven by public market volatility [57][60] Question: Origination opportunities and margin profile - Management highlighted the globalization of origination strategies and the focus on quality and scale, with expectations for continued growth in FRE margins [73][75]

Pagaya Technologies (NasdaqCM:PGY) Q4 2025 Earnings call February 09, 2026 08:30 AM ET Company ParticipantsEvangelos Perros - CFOGal Krubiner - CEOHal Goetsch - Senior Managing Director and Head of FinTech and FinancialsJosh Fagen - Head of Investor Relations and COO of FinanceKyle Joseph - Managing DirectorRayna Kumar - Head of Fintech Equity ResearchSanjiv Das - PresidentConference Call ParticipantsDavid Scharf - Managing Director and Equity Research AnalystJohn Hecht - Managing Director and Senior Equity ...

Financial Data and Key Metrics Changes - For Q1 of fiscal 2026, total revenue was $120.9 million, a slight increase of $1 million or 0.8% from $119.9 million in Q1 of fiscal 2025, primarily driven by increased DSA revenue and partially offset by decreased RMS revenue [12][19] - DSA revenue increased to $48 million from $42.8 million, representing a year-over-year growth of 12%, with discovery pharmacology service and surgical services contributing significantly [5][12] - RMS revenue decreased by $4.1 million or 5.4% to $72.9 million, primarily due to lower NHP volumes sold [14][15] - The overall operating loss increased to $16.3 million from $15.5 million, driven by a higher RMS operating loss [16][19] - Consolidated net loss totaled $28.4 million or $0.83 loss per diluted share, compared to a net loss of $27.6 million or $1.02 loss per diluted share in the prior year [18][19] Business Line Data and Key Metrics Changes - DSA business saw strong growth with net new awards of $53.6 million, a 27% increase over Q1 of fiscal 2025, and a trailing twelve-month increase of 34% [13] - DSA margins improved, with non-GAAP operating income for the DSA segment at $8.2 million or 6.8% of total revenue, up from $7.1 million or 5.9% [17] - RMS segment's non-GAAP operating income decreased to $7.2 million or 5.9% of total revenue, down from $9.4 million or 7.9% due to lower NHP volume sales [18] Market Data and Key Metrics Changes - The book-to-bill ratio for DSA in Q1 of fiscal 2026 was 1.16 to 1, with a trailing twelve-month book-to-bill of 1.08 to 1 [14] - DSA backlog increased to $145.4 million at December 31, 2025, compared to $138.2 million at September 30, 2025 [14] Company Strategy and Development Direction - The company is focused on improving revenue and margins in the DSA business while reducing costs and diversifying revenue sources in the RMS business [10] - The company is enhancing its NAM strategy to support FDA guidance and industry expectations for innovation, with recent collaborations aimed at integrating advanced machine learning tools [10][50] - The company is committed to optimizing its operational footprint and product portfolio while maintaining client satisfaction [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the DSA business's momentum and the ongoing site optimization and cost reduction initiatives in the RMS business [9] - The company is navigating macroeconomic factors affecting the RMS business and remains committed to refinancing its debt and improving its balance sheet [9][20] - Management anticipates continued improvement in margins and revenue growth in the DSA segment as pricing stabilizes and operational efficiencies are realized [26][31] Other Important Information - The company engaged Perella Weinberg Partners for financial advisory services to explore debt refinancing alternatives [9] - Capital expenditures for Q1 of 2026 were $5.2 million, with expectations to keep annual CapEx below 4% of revenue [21][22] Q&A Session Summary Question: Can you provide more details on profitability and adjusted EBITDA trends? - Management noted that seasonality impacts the first quarter, and increased operating expenses were observed, particularly in cost of goods sold [25][26] Question: What is the outlook for DSA awards and growth? - Management highlighted that DSA growth is supported by improved customer relationships and scientific strength, with expectations for continued positive trends [28][30] Question: Can you explain the recent decline in RMS revenue and operating leverage? - Management indicated that reduced NHP volumes overshadowed operating leverage benefits, but cost reductions from facility closures are expected to yield improvements in future quarters [38][40] Question: How are recent weather conditions impacting operations and costs? - Management confirmed that weather impacts shipping and operations, but the overall cost impact is not significant [51][52]

Financial Data and Key Metrics Changes - Total revenue increased by 7% year-over-year, with an adjusted growth of 9% when accounting for a $2 million accelerated product revenue from the previous year [6][23] - Service revenue grew by 11% year-over-year, now representing 80% of total revenue, up from 77% in the prior year [6][22] - Adjusted EBITDA increased by 26% year-over-year to $25.7 million, with margins expanding by 4% to 23% [7][24] - Net debt to Adjusted EBITDA improved to 2.7 times, with expectations to decline to around 2.4 times by year-end [7][25] Business Line Data and Key Metrics Changes - The company is focusing on high-margin recurring revenue, with services revenue growth indicating a strong shift towards this model [22] - The integration of the Fleet Complete acquisition is reflected in the financials, impacting service gross margins by over 6% due to amortization [22] Market Data and Key Metrics Changes - The company secured a significant contract with the South African government, expected to generate substantial recurring SaaS and services revenue over a multi-year term [8][9] - The AI video pipeline grew by 71% sequentially, indicating strong demand for advanced safety and compliance solutions [11] Company Strategy and Development Direction - The company aims for a Q4 exit run rate for FY26 of 10% total revenue growth and over 10% growth in recurring revenue, positioning itself for accelerated growth in FY27 [4][5] - The Unity platform is central to the company's strategy, providing integrated solutions that enhance operational efficiency and safety across various industries [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving business environment, citing successful navigation through previous challenges such as tariffs [41] - The company is optimistic about achieving a 15% ARR growth for FY27, bolstered by the recent large contract win [32][33] Other Important Information - The company is maintaining disciplined operational execution while investing in growth initiatives, with a focus on optimizing costs and enhancing service delivery [24][59] - The management highlighted the importance of AI as an enabler for the industry, enhancing data utilization and operational decision-making [35][36] Q&A Session Summary Question: Growth mix and contribution of new logos versus upsell - Management indicated that 65%-70% of business comes from existing customers, with 30% from new logos, including the South African government contract [31] Question: Business environment comparison to six months ago - Management noted that the business environment is improving, with increased enterprise engagement and repeat business due to tangible ROI from solutions [40][42] Question: Update on the South African contract's revenue potential - While specific financial details could not be disclosed, management suggested that the contract aligns with existing ARPU and margin expectations, indicating significant future revenue potential [43] Question: Competitive landscape for the South African contract - Management confirmed that the contract was highly competitive, with a focus on robust capabilities and partnerships, particularly with MTN [75] Question: Cost structure related to the South African contract - Management clarified that initial investments would focus on people, processes, and systems to support the contract, with a strategy to optimize existing resources for future growth [56][59]

Financial Data and Key Metrics Changes - For Q1 of fiscal 2026, total revenue was $120.9 million, a slight increase of $1 million or 0.8% from $119.9 million in Q1 of fiscal 2025, primarily driven by increased DSA revenue and partially offset by decreased RMS revenue [12][19] - DSA revenue increased to $48 million from $42.8 million, reflecting a year-over-year growth of 12%, with discovery pharmacology service and surgical services contributing significantly [5][12] - RMS revenue for Q1 of fiscal 2026 was $72.9 million, a decrease of $4.1 million or 5.4% compared to the prior year, primarily due to lower NHP volumes sold [14][15] - The overall operating loss increased to $16.3 million from $15.5 million in the prior year, driven by an increase in RMS operating loss [16][19] - Consolidated net loss totaled $28.4 million or $0.83 loss per diluted share, compared to a net loss of $27.6 million or $1.02 loss per diluted share in Q1 of fiscal 2025 [18][19] Business Line Data and Key Metrics Changes - DSA business saw strong growth with net new awards of $53.6 million, a 27% increase over Q1 of fiscal 2025, and a 34% year-over-year increase for the trailing twelve-month period [13][19] - DSA margins improved, with non-GAAP operating income for the DSA segment at $8.2 million or 6.8% of total revenue, compared to $7.1 million or 5.9% in the prior year [17] - RMS segment reported non-GAAP operating income of $7.2 million or 5.9% of total revenue, down from $9.4 million or 7.9% in the prior year, primarily due to lower NHP volume sales [18] Market Data and Key Metrics Changes - The book-to-bill ratio for DSA in Q1 of fiscal 2026 was 1.16 to 1, with a trailing twelve-month book-to-bill ratio of 1.08 to 1, indicating a healthy order intake relative to revenue [6][14] - DSA backlog increased to $145.4 million at December 31, 2025, compared to $138.2 million at September 30, 2025, and $130.4 million at December 31, 2024 [14] Company Strategy and Development Direction - The company is focused on improving revenue and margins in the DSA business while reducing costs and diversifying revenue sources in the RMS business [10][11] - The company is enhancing its NAM strategy to support FDA guidance and industry expectations for innovation, with recent collaborations aimed at integrating advanced machine learning tools [10][50] - The site optimization plan is expected to improve margins in future periods, with the current phase set to complete by Q3 of fiscal 2026 [7][9] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the DSA business's momentum and the ongoing site optimization and cost reduction initiatives in the RMS business [9][10] - The company is navigating macroeconomic factors affecting the RMS business and remains committed to refinancing its debt and improving its balance sheet [9][20] - Management noted that while the first quarter typically experiences seasonality challenges, they expect to see improvements in margins and revenue in the latter half of the fiscal year [26][28] Other Important Information - The company has received a waiver for non-compliance with financial covenant ratios under its credit agreement for Q1 of fiscal 2026 [9] - Capital expenditures in Q1 of 2026 were $5.2 million, with expectations for annual CapEx to remain below 4% of revenue [21][22] Q&A Session Summary Question: Can you provide more details on profitability and adjusted EBITDA trends? - Management acknowledged that margins in RMS impacted adjusted EBITDA, with some operational expenses higher than expected, and indicated that seasonality will likely follow previous patterns [25][26] Question: What is driving the positive trend in DSA awards? - Management attributed the growth in DSA awards to improved customer relationships, increased sales force efforts, and scientific strengths within the company [29][31] Question: What is the outlook for RMS operating leverage? - Management indicated that reduced NHP volumes overshadowed operating leverage benefits, but cost reductions from facility closures will contribute positively in future quarters [40][42] Question: How much was NHP volume down year-over-year? - Management reported that NHP volumes were down approximately 25% year-over-year [44][45] Question: Can you elaborate on new relationships in the NAM space? - Management highlighted ongoing R&D efforts and collaborations aimed at innovation, which are expected to drive incremental revenues [49][50]

monday.com (NasdaqGS:MNDY) Q4 2025 Earnings call February 09, 2026 08:30 AM ET Company ParticipantsByron Stephen - VP of Investor RelationsCasey George - CROEliran Glazer - CFOEran Zinman - Co-Founder and Co-CEOMark Murphy - Head of Software ResearchRoy Mann - Co-Founder and Co-CEOConference Call ParticipantsAlex Zukin - Managing Director and Senior AnalystAllan Verkhovski - Director and Application Software AnalystArjun Bhatia - Partner and Equity Research AnalystBilly Fitzsimmons - Senior Research Analyst ...

Financial Data and Key Metrics Changes - Total shipments in Q4 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations for Q1 to improve back to 4 million tons [17] - Q4 price realization was $993 per net ton, down by around $40 per net ton, but a substantial improvement in realized prices is expected starting in Q1 2026, with an anticipated increase of approximately $60 per ton [18] - 2025 marked the third consecutive year of unit cost reductions, with a reduction of $40 per ton, and expectations for another $10 per ton decrease in 2026 [19] Business Line Data and Key Metrics Changes - The company has secured more business from automotive clients, which is expected to show throughout 2026 as OEMs reshore production back to the U.S. [4] - The cancellation of the slab contract with ArcelorMittal is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] - The company anticipates continued demand for domestically produced slabs due to melted and poured requirements [5] Market Data and Key Metrics Changes - The Canadian government has moved to restrict imported steel, creating positive momentum for the company's Canadian subsidiary, Stelco [4] - The spot steel price is currently at a two-year high, benefiting the company due to its cost structure and ability to generate its own power [6] - Vehicle production in the U.S. was down for three consecutive years, but a return to pre-COVID levels is expected due to policy-driven reshoring [7] Company Strategy and Development Direction - The company is focused on sustainable performance in an improved market, operating with a leaner footprint and a stronger order book [24] - The partnership with POSCO is a strategic priority, aimed at enhancing industrial cooperation and meeting U.S. trade requirements [14][52] - The company is positioned to benefit from the transition from aluminum to steel in automotive applications, leveraging existing technology and production capabilities [10][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, with solid order books, rising prices, and declining costs [23] - The company is confident in its ability to absorb increased automotive demand with existing production capacity, avoiding the need for new plant construction [8] - Management highlighted the importance of the recent changes in the Canadian steel market and the positive impact on pricing and shipments [12][63] Other Important Information - The company achieved the lowest total recordable incident rate since becoming a steel producer, with a 43% improvement compared to 2021 [15] - Capital expenditures in 2025 were at a record low of $561 million, with projections for 2026 to be around $700 million [20] - Total liquidity at the end of 2025 was $3.3 billion, with a focus on generating EBITDA and cash flow [22] Q&A Session Summary Question: What benefit is expected from the cancellation of the slab contract? - The cancellation is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] Question: When should the improvement in EBITDA be expected? - The company is already selling the material in Q1, with more impact expected in Q2 and Q3 as cost flows through inventory [32] Question: How much open capacity is available for contracting? - The company has downstream capacity in every location, with significant potential to deploy more specialized steel products [40][41] Question: What is the outlook for Q1 regarding ASP and costs? - Shipments are expected to return to 4 million tons, with ASP projected to increase by $60 per ton in Q1, while costs may rise temporarily before normalizing [44][46] Question: How has Stelco performed and what is the outlook? - Stelco was disappointing in 2025 but is expected to contribute significantly in 2026 as market dynamics improve [60][62] Question: What is the status of asset sales? - The company is under contract to sell several idled properties, with total proceeds expected to reach $425 million, while larger asset sales are on hold pending POSCO negotiations [70][72]

Financial Data and Key Metrics Changes - Service revenue grew 11% year-over-year, now representing 80% of total revenue [6][22] - Total revenue increased 7% year-over-year, with an adjusted growth of 9% when accounting for prior year accelerated product revenue [6][23] - Adjusted EBITDA increased 26% year-over-year, with margins expanding by 4% to 23% [7][24] - Net debt to Adjusted EBITDA improved to 2.7 times, with expectations to decline to around 2.4 times by year-end [7][25] Business Line Data and Key Metrics Changes - The company is focused on high-margin recurring SaaS revenue, with services revenue now accounting for 80% of total revenue, up from 77% in the prior year [22][23] - Adjusted EBITDA gross margins remained stable at 67%, with product margins steady in the low 30% range [24] Market Data and Key Metrics Changes - The company secured a significant South African public sector contract, expected to generate substantial recurring SaaS and services revenue over a multi-year term [8][9] - The AI video pipeline increased 71% sequentially, indicating strong demand for advanced safety and compliance solutions [11] Company Strategy and Development Direction - The company aims for a Q4 exit run rate for FY26 of 10% total revenue growth and over 10% growth in recurring revenue [4][5] - The focus is on expanding partnerships with Tier 1 customers and enhancing the Unity platform's capabilities [10][14] - The Data Highway strategy aims to connect fragmented data across enterprises, enabling operational decisions and safety outcomes [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth milestones, indicating a positive outlook for FY27 [5][21] - The business environment is improving, with a focus on creating tangible ROI for customers [41][42] - Management highlighted the importance of AI as an enabler for the industry, enhancing data utilization and operational efficiency [35][36] Other Important Information - The company is maintaining operating expense investments to support growth, with an updated Adjusted EBITDA guidance of approximately 45% annual growth [25] - Initial investments for the South African contract will focus on personnel, processes, and systems to support scalability [55][56] Q&A Session Summary Question: Growth mix and contribution of new logos versus upsell - Management indicated that 65%-70% of business comes from existing customers, with 30% from new logos, including the South African government contract [31] Question: Business environment comparison to six months ago - Management noted that the business environment is improving, with increased enterprise business and repeat business from satisfied customers [40][41] Question: Update on AT&T reps training and South Africa contract revenue - Management refrained from providing specific financial details but indicated that the contract aligns with existing ARPU and margin expectations [43] Question: Competitive nature of the South African contract - Management confirmed that the contract was highly competitive, with a focus on robust capabilities and partnerships, particularly with MTN [74]

Kyndryl (NYSE:KD) Q3 2026 Earnings call February 09, 2026 08:30 AM ET Company ParticipantsHarsh Chugh - Interim CFOIan Zaffino - Managing DirectorJames Faucette - Managing DirectorJonathan Lee - Managing DirectorLori Chaitman - Global Head of Investor RelationsMartin Schroeter - Chairman and CEOConference Call ParticipantsJames Friedman - Senior AnalystTien-tsin Huang - Managing Director and Senior AnalystOperatorPlease be advised that today's conference is being recorded. I would now like to hand the confe ...

Financial Data and Key Metrics Changes - The company reported revenue of $3.9 billion for the third quarter, reflecting a 3% increase year-over-year on a reported basis, unchanged in constant currency [15][16] - Adjusted EBITDA decreased by 1% year-over-year to $696 million, while Adjusted Pre-Tax Income grew by 5% year-over-year to $168 million [16][18] - Free cash flow generated in the third quarter was $217 million, with a net CapEx of $210 million [18][19] Business Line Data and Key Metrics Changes - Kyndryl Consult experienced a strong performance with a 20% year-over-year growth in constant currency, now representing 25% of total revenue [15][16] - Hyperscaler-related revenue reached $500 million in the third quarter, marking a 58% increase year-over-year, exceeding initial growth expectations [17] - The company signed contracts totaling $3.9 billion in the quarter, with a trailing 12-month revenue book-to-bill ratio remaining above 1.0 [5][16] Market Data and Key Metrics Changes - The company noted a slowdown in attrition rates, particularly in strategic markets and the UK, which has led to increased local hiring costs [31][32] - The evolving partnership with IBM has resulted in a significant reduction in annualized spend from nearly $4 billion to approximately $2 billion, impacting revenue growth [9][58] Company Strategy and Development Direction - The company is focused on expanding its capabilities in AI and private cloud services, responding to increased demand driven by data sovereignty and security requirements [12][66] - The strategic direction emphasizes the importance of long-term customer relationships and adapting to changing market dynamics [13][66] - The company aims to achieve fiscal 2028 targets, projecting approximately $1.1 billion in Adjusted Pre-Tax Income and over $1 billion in adjusted free cash flow [14][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that longer sales cycles and evolving customer consumption models are impacting revenue expectations [24][28] - The company remains confident in its growth strategy despite current challenges, emphasizing the importance of adapting to industry disruptions caused by AI and regulatory changes [7][39] - Management reiterated that they do not expect a restatement of financial statements despite ongoing SEC reviews [25][36] Other Important Information - The company has repurchased 3.7 million shares in the quarter, representing 1.6% of outstanding shares, as part of its capital allocation strategy [18][19] - The financial position remains strong with a cash balance of $1.35 billion and a net leverage ratio of 0.7x Adjusted EBITDA [20][21] Q&A Session Summary Question: Outlook and Revision Factors - Analysts inquired about the reasons behind the revised outlook, focusing on sales cycle delays and the evolving IBM partnership [27][28] - Management explained that the sales cycles have lengthened due to market dynamics and regulatory discussions, impacting growth expectations [28][29] Question: Strategic Market Changes - Questions were raised regarding changes in strategic markets, particularly in the UK, and the associated costs and benefits [30][31] - Management indicated that investments in local markets are necessary but may take time to yield results [31][32] Question: Free Cash Flow and Working Capital - Analysts sought clarification on the factors affecting free cash flow projections, particularly in relation to pre-tax income revisions [49][50] - Management confirmed that the primary driver of the change in free cash flow guidance is linked to the revision in pre-tax income [50] Question: Confidence in Fiscal 2028 Targets - Questions were posed about the building blocks supporting confidence in achieving fiscal 2028 targets despite current shortfalls [56][57] - Management highlighted the importance of cash flow growth, profitability improvements, and the shift towards higher-margin contracts as key factors [58][59]