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$SMCI Super Micro Computer, Inc. Q2 2025 Earnings Call Key Highlights: 📈 Revenue Growth & Financial Performance Preliminary Q2 fiscal 2025 revenue estimated at $5.6B to $5.7B, a 54% year-over-year increase. Non-GAAP gross margin at 11.9%, with operating margin at 7.9%, pressured by the 10-K delay, R&D investments, and customer/product mix. Fiscal year 2025 revenue guidance revised down to $23.5B to $25B from prior $26B to $30B due to product transitions and delays in new chip supply. Fiscal year 2026 revenue target of $40B, driven by strong AI demand and expanded production capacity. 💰 Earnings & Profitability Q2 non-GAAP EPS estimated between $0.58 and $0.60, slightly lower than previous guidance of $0.56 to $0.65. GAAP net income projected at $315M to $325M, with non-GAAP net income at $375M to $392M. Cash flow impacted by $240M in cash used in operations, driven by working capital adjustments and inventory reductions. $700M private placement of 2.25% convertible senior notes due 2028 to support growth. 🔍 10-K Delay & Audit Progress Special committee found no evidence to support former auditor’s reasons for resignation. 10-K for fiscal 2024 and 10-Qs for Q1 and Q2 2025 expected to be filed by February 25, 2025. Strengthened corporate leadership in finance, legal, and compliance to ensure future stability. 🚀 AI & Product Roadmap Strong AI demand continues to drive growth, with over 70% of revenue from AI-related platforms. Transitioning from Hopper GPUs (H100/H200) to NVIDIA Blackwell (GB200 & B200 HGX), with volume shipments of air-cooled (10U) and liquid-cooled (4U) platforms underway. DLC (Direct Liquid Cooling) leadership maintained, with 30% of new data centers expected to adopt DLC in the next 12 months. 🏭 Manufacturing Expansion Malaysia, Taiwan, and European production ramping up to serve regional partners. Silicon Valley manufacturing expanding rapidly with capacity to produce 1,500 DLC GPU racks per month. Future U.S. domestic manufacturing expansion planned to align with government initiatives and customer demand. 🌎 Data Center Solutions & Competitive Edge Data Center Building Block Solutions (DCBBS) providing end-to-end solutions, including servers, storage, networking, cooling, cabling, and on-site deployment. Reduces power, space, and water consumption, resulting in 40% lower total cost of ownership (TCO) for customers. Super Micro positioned as a one-stop shop for AI and enterprise data center infrastructure. 📊 Market Trends & Customer Demand Sovereign AI projects and enterprise AI adoption accelerating, expanding beyond hyperscale customers. Expanding market presence in Asia and Europe to broaden customer base beyond the U.S.. Customer demand pipeline remains robust, reinforcing $40B revenue target for fiscal 2026. 🏦 Capital Structure & Liquidity Ended Q2 with $1.4B in cash, but cash flow affected by inventory adjustments and payables management. January 2025 cash balance improved to $2B, highlighting stronger liquidity management. Conservative capital approach to support rapid expansion and meet growing AI infrastructure demand. 🔮 Outlook & Growth Strategy Q3 fiscal 2025 revenue guidance: $5B to $6B, with gross margin stabilizing at 12%. Super Micro remains confident in continued AI-driven growth, expecting similar momentum as 2023 in calendar year 2025. Production capacity, supply chain, and demand pipeline align to sustain long-term revenue growth beyond $40B in fiscal 2026. 📌 Key Takeaway: Super Micro remains well-positioned to capitalize on AI infrastructure growth, leveraging its first-to-market product leadership, expanding manufacturing capacity, and direct liquid cooling expertise. Despite short-term disruptions from the 10-K delay and product transitions, the company is poised for significant revenue acceleration in fiscal 2026.

📊 $LDOS Leidos Holdings, Inc. Q4 2024 Earnings Call Key Highlights 🚀 Record Performance & Strong Multi-Year Growth Revenue reached $4.37 billion in Q4 2024, reflecting 9.7% organic growth, with full-year revenue at $16.66 billion (+7.9% YoY). Exceeded all three-year performance targets set in 2021, with a 6.6% organic revenue CAGR, 12.9% adjusted EBITDA margin (+240 bps vs. target), and 100% free cash flow conversion. Share repurchases totaled $850 million in 2024, significantly exceeding prior commitments, with $400 million repurchased in Q4 alone. Net bookings of $7.6 billion in Q4 (book-to-bill ratio: 1.7x, highest ever for a December quarter). Record FY 2024 backlog growth of 18%, driven by high-quality contracts in critical mission areas. 🔭 NorthStar 2030 Strategy: Future Growth Framework New long-term strategy focused on high-growth, high-profitability sectors aligned with government priorities. Key growth pillars include:IT modernization – transforming outdated government IT infrastructure. Defense capabilities – unmanned maritime systems, hypersonic weapons, and air defense. Privatization & efficiency solutions – leveraging AI and automation for government efficiency. Strategic alignment with the new administration's focus on streamlining procurement, eliminating regulations, and increasing outcome-based contracting. 🏛️ Government & Defense: Positioned for Expansion Defense IT Modernization: Major opportunity to consolidate 330,000 DoD users under a unified IT system, driving cybersecurity and cost savings. Air Defense & Homeland Security: Secured a $4.1 billion IDIQ contract for Enduring Shield IFPC, reinforcing Iron Dome & border security opportunities. Hypersonic & Advanced Weapons: Won a $670 million task order for long-range hypersonic weapons development. Maritime Autonomy: Expanded work on unmanned undersea and surface vessels (UUVs, USVs) for ISR and contested logistics. 🏥 Health & Civil Services: Continued Strong Growth Revenue increased 16.4% in Q4, driven by high demand for managed health services and VA-related contracts. Secured a 2-year multibillion-dollar recompete for VA medical disability exams (MDEs), reinforcing Leidos’ market leadership in veterans’ healthcare services. FAA Future Flight Services program saved over $2 billion, modernizing technology and maintaining 99.9%+ system uptime. Health & Civil segment non-GAAP margin of 21.6% in Q4, reflecting strong execution and efficiencies. 🔍 Segment Performance & Financial Strength 📡 National Security & Digital Solutions Revenue growth accelerated to 5.5% in Q4, with continued strength in digital modernization. Segment margin of 9.7%, slightly impacted by fixed-price contract mix. 🛩️ Defense Systems Revenue grew 6.7%, led by programs like DIABLO, Wide Field of Vision Tranche 2, and Enduring Shield. Segment margin temporarily impacted by a $21 million airborne surveillance asset write-off. 🌎 Commercial & International Revenue up 12.3%, reflecting growth across all business areas. Margin dipped to 7.9% due to investments in growth initiatives and U.K. operations. 🩺 Health & Civil Revenue up 16.4%, driven by managed health services and VA contracts. 21.6% operating margin, reflecting high efficiency and scale benefits. 💰 Capital Allocation & Financial Flexibility Strong balance sheet with net leverage at 2.2x EBITDA, down from 3.4x in 2021. $1.45 billion in expected 2025 operating cash flow, supporting continued shareholder returns and strategic investments. Investment-grade rating strengthened: S&P upgraded Leidos to BBB flat, Moody’s revised outlook to positive (Baa1 potential upgrade). Evaluating refinancing options for a $500 million bond due in May 2025. 🔮 2025 Guidance & Strategic Outlook Revenue expected at $16.9 billion - $17.3 billion (+4% YoY at high end). Adjusted EBITDA margin guidance at 12.5% - 12.9%, reflecting ongoing efficiency gains. Non-GAAP diluted EPS expected between $10.35 and $10.75. $230 million planned capital expenditures to support strategic growth areas. 📌 Key Takeaway: Leidos delivered record financial performance in 2024, exceeding growth and margin targets, while positioning itself for continued expansion under its NorthStar 2030 strategy. Defense, IT modernization, and healthcare privatization are major growth drivers, aligned with government priorities. The company’s strong backlog, disciplined execution, and focus on high-margin, differentiated solutions provide clear visibility for sustained long-term revenue and profit growth. 🚀📡🏛️

📊 $SPGI S&P Global Inc. Q4 2024 Earnings Call Key Highlights 🚀 Strong Financial Performance & Growth Acceleration Total revenue grew 14% YoY, or 15% excluding Engineering Solutions divestiture. Subscription revenue increased 7%, driven by strong renewal rates and expanded product adoption. Adjusted EPS grew 25% YoY, exceeding the midpoint of initial guidance by 13%. Operating margin expanded 300 basis points, reflecting disciplined cost management. Free cash flow of $6 billion in 2024, with 100%+ cash flow conversion rate. 💰 Capital Allocation: Shareholder Returns & Strategic Investments Returned $4.4 billion to shareholders in 2024 through dividends and buybacks. Repurchased 6.7 million shares, with a new $4.3 billion buyback authorization for 2025. 52nd consecutive annual dividend increase, reinforcing strong capital return commitments. M&A activity included acquisitions of Visible Alpha, ProntoNLP, and World Hydrogen Leaders, while divesting Fincentric and PrimeOne to optimize the portfolio. 🔍 Strengthening Customer Relationships & Market Positioning Over 100 executive-level meetings with strategic customers, reinforcing S&P Global’s role as a trusted data and analytics provider. Chief Client Office established to deepen engagement across strategic accounts and optimize cross-selling opportunities. 85% of top customers engaged in the last 100 days, improving renewal rates and product adoption. Vendor consolidation trends benefiting S&P Global, as enterprises seek comprehensive data solutions. 🏦 Ratings Business: Record Issuance & Growth Outlook Ratings revenue grew 27% in Q4, significantly exceeding expectations. 2024 saw $4 trillion in billed issuance, driven by record refinancing and strong CLO volumes. Non-transaction revenue grew 8%, fueled by annual fees and new rating mandates. 2025 issuance expected to see low-single-digit growth, with refinancing and M&A recovery as key drivers. Operating margin for Ratings expanded 650 basis points YoY to 63%, reflecting scale benefits. 🌍 Commodity Insights: Leading in Energy Transition & Sustainability Revenue grew 10% YoY, driven by strong demand for energy transition analytics and price assessments. Energy Transition & Sustainability revenue increased 23% in Q4, reflecting growing market interest. Platts price assessments expanded, including new offerings in chemicals, beef, and poultry. Advisory & Transactional Services grew 27%, bolstered by energy transition consulting and trading services demand. Margin expanded to 45%, reflecting efficiency and pricing power. 🚗 Mobility: Strong Performance in Auto & Insurance Data Revenue grew 9% YoY, fueled by strong demand for CARFAX and insurance-related data. Dealer revenue up 10%, driven by continued growth in CARFAX and Market Scan integrations. Financials & insurance-related solutions grew 18%, supported by underwriting volume expansion. Recall business headwinds expected to subside by Q2 2025, positioning Mobility for continued strong growth. 📈 S&P Dow Jones Indices: Record ETF AUM & Strong Demand for Custom Indices Revenue grew 21% YoY, driven by strong ETF flows and custom subscription growth. ETF AUM reached $4.4 trillion, reflecting $486 billion in net inflows during Q4. S&P 500-driven market appreciation & increased passive fund flows supported revenue growth. Asset-linked fees up 31%, fueled by ETF market strength. Operating margin remained exceptionally high at 70.3% for the full year. 🤖 AI & Technology Investments Driving Future Growth Kensho AI & GenAI product innovations scaling rapidly:S&P Spark Assist (internal AI copilot) adopted by 30,000+ employees for workflow automation. Kensho LLM-ready API launched, enabling seamless AI integration of S&P data into customer AI models. GenAI-powered insights embedded in Capital IQ Pro & Platts Connect, improving client analytics. AI expected to drive both efficiency & revenue growth, positioning S&P Global as a leader in AI-driven financial data. 🔮 2025 Outlook & Guidance Revenue expected to grow 5%-7% YoY, with balanced growth across all divisions. Operating margin expected at 49%-50%, reflecting continued efficiency gains. Adjusted EPS expected at $17-$17.25 (+10% YoY), supported by strong revenue growth & buybacks. Adjusted free cash flow projected at $6 billion, with 100%+ cash flow conversion target. Divisional Revenue & Margin Guidance for 2025: Market Intelligence: +5%-6.5% revenue growth, 33%-34% margin (+50-150 bps expansion). Ratings: +3%-5% revenue growth, 63%-64% margin, reflecting a slight mix shift toward investment-grade issuance. Commodity Insights: +7%-8.5% revenue growth, 47%-48% margin, with energy transition products driving expansion. Mobility: +7%-8.5% revenue growth, 39%-40% margin, with recall business headwinds fading. Indices: +8%-10% revenue growth, 69.5%-70.5% margin, driven by passive fund flows & ETF growth. 📌 Key Takeaway: S&P Global delivered record growth in 2024, exceeding expectations across all key metrics. Strong Ratings issuance, AI-driven product innovation, and leadership in energy transition & sustainability position the company for continued double-digit earnings growth and expanding margins in 2025. With AI, passive investing, and private credit emerging as major long-term drivers, S&P Global remains a dominant force in financial data, analytics, and market intelligence. 🚀🔥

📊 $CFLT Confluent, Inc. Q4 2024 Earnings Call Key Highlights 🚀 Strong Financial Performance & Subscription Growth Q4 revenue exceeded expectations across all guided metrics. Subscription revenue: $251 million (+24% YoY), accounting for 96% of total revenue. Confluent Cloud revenue: $138 million (+38% YoY), now 55% of subscription revenue (up from 49% YoY). Confluent Platform revenue: $113 million (+10% YoY), driven by enterprise-grade streaming demand. Non-GAAP operating margin: 5%, marking the third consecutive quarter of profitability. Full-year subscription revenue: $922 million (+26% YoY), with first-ever non-GAAP net profitability in company history. 📈 2025 Guidance: Continued Growth & Profitability Q1 2025 subscription revenue: $253M-$254M (+22%-23% YoY). Full-year 2025 subscription revenue: $1.12B-$1.13B (+21%-22% YoY). 2025 non-GAAP operating margin: 6%, continuing the path of margin expansion. Net income per share: $0.35 for full-year 2025. Cloud revenue: Expected to exceed 30% YoY growth, with cloud exit rate of 59%-60% by Q4 2025. 🔄 Transition to a Consumption-Based Model Driving Growth Go-to-market transformation completed successfully, improving customer adoption and usage growth. Consumption-driven land-and-expand strategy accelerating adoption of Confluent’s data streaming platform (DSP). DSP Cloud consumption (Connect, Process, Govern) now 13% of cloud revenue, growing substantially faster than the overall cloud business. Enterprise adoption increasing: 1,381 customers with $100K+ ARR (+12% YoY), 194 customers with $1M+ ARR (+23% YoY). Net Revenue Retention (NRR): 117%, with Gross Revenue Retention (GRR) remaining above 90%. 🌐 Strategic Partnerships & Expanded Market Reach New multi-year strategic partnership with Databricks to integrate Confluent’s Tableflow with Databricks’ Unity Catalog & Delta Lake.Enables real-time interoperability across analytical and operational data systems. Positions Confluent as a key data streaming provider for AI-driven applications. Includes comprehensive go-to-market initiatives with co-selling and field enablement. New partnership with Geo Platforms Limited (a subsidiary of Reliance Industries) to bring Confluent Cloud to India, accelerating GenAI adoption in the region. 🏆 New Customer Wins & Expansion in AI & Analytics Continued momentum in key industries including financial services, gaming, retail, healthcare, logistics, and AI. Key new customers include:Top 5 video gaming company optimizing data-driven player experiences. Leading European grocery delivery service using Confluent Cloud and Apache Flink for real-time order tracking and logistics optimization. Fortune 100 pharmaceutical company leveraging real-time data streaming for supply chain management. Major telecom provider replacing legacy streaming systems with Confluent to improve real-time network visibility for 70,000+ cell towers. Citizens Bank reduced IT costs by 30% and saved $1.2M annually by reducing false fraud alerts by 15%. 🔬 Tableflow & Flink: Strengthening Confluent’s AI & Data Strategy Tableflow (now integrated with Databricks) connects streaming and analytics data, allowing customers to analyze real-time data in Delta Lake and Apache Iceberg. Apache Flink adoption accelerating, powering real-time processing for AI-driven decision-making in multiple industries. Strong early success for WarpStream, Confluent’s BYOC (bring your own cloud) Kafka alternative, targeting cost-sensitive workloads. DSP is expected to be a major 2025 growth driver, expanding Confluent’s total addressable market and deepening customer adoption. 💡 Expanding Total Addressable Market (TAM) with New Offerings Serviceable Addressable Market (SAM) expansion through multiple new cluster types:Enterprise Clusters: Multi-tenant, high-security data streaming solutions. Freight Clusters: High-throughput, cost-efficient streaming for observability, analytics, and security workloads. WarpStream: Customer-controlled Kafka deployment with 10x cost savings over alternatives like Redpanda. More than 200 new features & capabilities added across Confluent’s DSP in 2024, solidifying market leadership. 🏦 Financial Strength & Capital Efficiency $1.91 billion in cash & marketable securities, ensuring strong liquidity for strategic growth. Significant free cash flow improvement: Q4 free cash flow margin reached 11.1% (+8 percentage points YoY). Sales & marketing expenses improved by 6 percentage points YoY, highlighting increasing efficiency. Deferred revenue growth stable despite shift to consumption-based sales model, reflecting continued expansion of customer commitments. 🔮 2025: The “Year of DSP” – Long-Term Growth Drivers Consumption-based sales model fully operational, improving revenue visibility & expansion potential. Continued investment in AI-driven streaming use cases to capture enterprise demand. Strengthened cloud partnerships (Databricks, Geo Platforms) enhance product adoption and go-to-market efficiency. Anticipated increases in DSP consumption and Flink adoption across financial services, healthcare, logistics, and AI-driven industries. Confluent remains well-positioned as the dominant data streaming platform for real-time data, AI, and analytics-driven applications. 📌 Key Takeaway: Confluent delivered strong Q4 & FY2024 results, exceeding all guided metrics. The shift to a consumption-based model, AI-driven DSP growth, and strategic partnerships with Databricks and Geo Platforms position the company for sustained revenue acceleration and margin expansion in 2025. With Tableflow, Flink, WarpStream, and a broadening cloud offering, Confluent is set to solidify its role as the enterprise standard for real-time data streaming and AI workloads. 🚀🔥

🏡 $Z Zillow Group, Inc. Q4 2024 Earnings Call Key Highlights 🚀 Strong Financial Performance & Market Outperformance Q4 revenue: $554 million (+17% YoY), exceeding guidance. Full-year 2024 revenue: $2.2 billion (+15% YoY), outperforming the 6% industry growth in total transaction value. Q4 adjusted EBITDA: $112 million (20% margin). EBITDA margin expansion of 200 basis points in 2024 due to revenue growth and disciplined cost management. 2025 Outlook: Expected low to mid-teens revenue growth, positive GAAP net income, and continued EBITDA margin expansion. 🏠 For Sale Business: Enhancing Conversion & Mortgage Growth For Sale revenue in Q4: $428 million (+15% YoY). Residential revenue: $387 million (+11% YoY), driven by agent partnerships and Zillow Showcase expansion. Mortgage revenue: $41 million (+86% YoY), with purchase loan origination volume up 90% YoY to $923 million. Enhanced Markets now represent 21% of connections, aiming for 35%+ by year-end 2025 and 75%+ in the coming years. Zillow Home Loans adoption in Enhanced Markets: Consistently in the mid-teens, with buyers transacting at an 80% higher rate when using both Zillow Home Loans and Premier Agents. Zillow Showcase listings now on 1.7% of U.S. listings, with a goal of 5%-10%, representing a $150M-$300M revenue opportunity. 🏢 Rentals Business: Expanding Listings & Strengthening Marketplace Q4 Rentals revenue: $116 million (+25% YoY), fueled by 41% YoY growth in multifamily revenue. Multifamily properties on Zillow: 50,000, up from 37,000 in 2023, with a total addressable market of 140,000 properties. Total active rental listings: 1.9 million, the largest in the industry. New Partnership with Redfin: Zillow to be the exclusive provider of multifamily rental listings on Redfin, strengthening the platform’s reach. Multifamily rental revenue now near $300M annually, with a clear path to a $1B+ annual Rentals business. 📲 Technology & AI-Driven Innovation Real-time Touring now accounts for 33% of buyer connections, improving transaction efficiency. Follow Up Boss CRM integration now manages 80%+ of agent interactions in Enhanced Markets. AI-powered tools for agents & loan officers, reducing busywork and increasing efficiency. Expanding Zillow Showcase with AI-driven rich media, floor plans, and premium listing features to drive engagement and faster home sales. 📈 Path to $5 Billion Revenue & 45% EBITDA Margin in a Mid-Cycle Housing Market Enhanced Markets expansion to 75% of Zillow transactions represents a $1 billion+ incremental revenue opportunity, even if home sales remain flat. Rentals business targeting $1B+ in annual revenue, adding another $500M+ in growth. A return to a mid-cycle housing market (6M annual existing home sales) could contribute $1.3B in incremental revenue. Zillow Home Loans, Title & Closing Services, and Listing Enhancements (Showcase) will increase revenue per transaction. 💰 Financial Strength & Capital Allocation $1.9 billion in cash & investments at Q4-end. Convertible debt reduced by $1.2 billion in 2024, with plans to fully eliminate remaining convertible debt ($419M) by Q2 2025. $2 billion in share buybacks since 2021 at an average price of $45 per share. Stock-based compensation (SBC) to decline by at least 10% in 2025, contributing to GAAP profitability. 🔮 2025 Guidance & Market Outlook Q1 2025 revenue guidance: $575M-$590M (+10% YoY at midpoint). Q1 For Sale revenue: Expected mid-single-digit growth, with mortgage revenue growing ~30% YoY. Q1 Rentals revenue: Expected ~30% YoY growth, driven by multifamily expansion and increased advertising spend. Full-year 2025 expectations:Low to mid-teens revenue growth. Further EBITDA margin expansion. Positive GAAP net income for the first time. Continued investment in Zillow Showcase, mortgage business, and Enhanced Markets expansion. 📌 Key Takeaway: Zillow is delivering sustained revenue growth, market share gains, and margin expansion, despite a challenged housing market. Its Enhanced Markets strategy, mortgage business, and rentals platform are proving to be long-term growth drivers. With a clear roadmap to $5B revenue and 45% EBITDA margins, Zillow is positioning itself as the dominant housing super app, leveraging AI, digital tools, and strategic partnerships to drive the next phase of real estate digitization. 🚀🏡

🚗 $LYFT Lyft, Inc. Q4 2024 Earnings Call Key Highlights 🚀 Record Growth in Rides and Riders Achieved all-time highs in total rides, active riders, and driver hours in Q4. Lyft’s market share at the end of January 2025 was the highest since 2022. Increased service levels, with average pickup times improving by nearly a minute year-over-year, making Lyft the fastest in the industry. 💰 Driver Earnings and Supply Expansion Lyft drivers collectively earned $9 billion in 2024, the highest in the company’s history. Highest recorded driver hours in Q4, driven by improved retention and better earnings through the 70% earnings commitment. Lyft now has a 16-percentage-point driver preference advantage over its largest competitor, up from 12 points in Q3. 📉 Lower Prices, Higher Reliability for Riders Significant reduction in surge pricing (Prime Time), saving riders over $400 million in 2024. New Price Lock feature allows riders to pay a small fee to lock in their ride prices; 70% of users renew their pass monthly. Women+ Connect, a feature for female riders to request female drivers, has now facilitated over 50 million rides. 📊 Financial Performance & Profitability Milestones First full year of GAAP profitability and positive free cash flow. Q4 gross bookings: $4.28 billion (+15% YoY). Adjusted EBITDA: $112 million (+70% YoY). Full-year adjusted EBITDA margin: 2.4% of gross bookings. 🔥 Lyft Media & Advertising Expansion Lyft Media is a growing revenue stream, supported by in-app ads and map takeovers. Introduced full-screen vertical video ad capabilities in Q4. Media business ended 2024 at a $50M annualized run rate and is projected to double to $100M by Q4 2025. 🚘 Premium Services & Ride Mix Optimization Lyft Black and Lyft SUV rides grew 41% YoY, reflecting increased demand for higher-end services. Expanded Lyft Black to 64 total markets, with more to come. Scheduled rides, driven by partnerships like DoorDash (8 million rides in Q4), are growing and are typically higher-margin rides. 🤖 Autonomous Vehicles (AV) Strategy & Partnerships Launched Lyft-Ready AV platform, allowing multiple partners to integrate their autonomous vehicles. May Mobility AV pilot in Atlanta will launch in 2025, offering public self-driving rides. New partnership with Marubeni, which plans to deploy thousands of AVs on Lyft’s network, starting in Dallas by 2026. 🔄 Capital Allocation & Shareholder Returns $500 million share buyback program announced to offset stock-based compensation dilution. Plan to repay convertible notes due May 2025 with cash on hand, reducing overall leverage. 📉 Q1 2025 Guidance & Market Dynamics Mid-teens rides growth expected in Q1 2025, driven by high service levels and strong demand. Gross bookings guidance: $4.05 billion to $4.2 billion (+10% to 14% YoY). Adjusted EBITDA: $90M to $95M (margin of 2.2%-2.3% of gross bookings). Headwinds: One fewer day in Q1 2025 (leap year impact), seasonally slower quarter, and pricing pressures from competitive dynamics. Delta Air Lines partnership ends in April 2025, expected to reduce rides and gross bookings growth by 1-2 percentage points starting Q2. 📌 Key Takeaway: Lyft delivered a record year of growth and profitability, strengthening its position in the rideshare market. The company is scaling high-margin businesses like Lyft Media and premium rides, while expanding into AV partnerships to future-proof its platform. Despite near-term pricing pressures, Lyft remains confident in achieving its long-term 15% annualized gross bookings growth target while expanding margins and driving shareholder value. 🚀

💰 $DASH DoorDash, Inc. Q4 2024 Earnings Call Key Highlights: 🚀 Strong Growth and Market Penetration DoorDash continues to expand with a massive total addressable market (TAM) of 800 million potential users. Currently, 100 million active shoppers place 7 million orders per day. Growth opportunities exist in both frequency (7%) and penetration (12%), with a focus on expanding geographies and refining product-market fit. 📈 Financial Performance & Profitability Strategy Prioritization remains on increasing absolute profit dollars rather than focusing on specific margin percentages. International business is gross profit positive, and profitability continues to improve year-over-year. Scaling remains key to driving efficiencies and maximizing free cash flow. 🛍️ Expanding into Grocery and Retail Grocery and new verticals are growing at a rapid pace, outpacing overall e-commerce adoption. Customer behavior is shifting from small top-up grocery orders to larger baskets, demonstrating strong retention. DoorDash is focused on improving product selection, accuracy, affordability, and delivery quality to drive further adoption. 💳 DashPass Growth and Subscription Expansion DashPass and Wolt+ have tens of millions of subscribers, but penetration remains low compared to the 100 million+ active users. Continued product enhancements and exclusive benefits are expected to drive further subscription growth. Subscription members exhibit higher frequency and spending, reinforcing long-term customer retention. 🌎 International Expansion & Wolt Performance The international business, led by Wolt, grew significantly and gained market share in nearly every country it operates in. International monthly active users (MAUs) reached an all-time high, and order frequency is increasing. Wolt+ subscription growth is outpacing DashPass in its early years, indicating strong demand. 📊 Advertising Business Progress & Strategy DoorDash Ads had a strong year, serving both restaurants and CPG brands. Focus remains on balancing advertiser return on ad spend (ROAS) with minimal disruption to user experience. New advertising partnerships, such as the Trade Desk integration, indicate growing demand for ad placements on the platform. 🤖 Autonomous Vehicle & AI Strategy DoorDash views autonomy as a long-term opportunity but acknowledges current cost limitations. The company distinguishes between robotaxis and autonomous deliveries, emphasizing the different challenges each presents. AI and large language models (LLMs) will be used to enhance personalization and operational efficiency. 🏍️ Dasher Supply & Network Optimization Dasher supply remains strong, with 90% of Dashers working fewer than 10 hours per week. There is growing segmentation in delivery types, allowing Dashers to self-select based on preferences. Expanding new verticals increases delivery opportunities for Dashers, improving network efficiency. 📉 Q1 2025 Guidance and Seasonality Q1 guidance includes headwinds such as the leap year effect, California storms, and foreign exchange (FX) impact (~1%). Despite these factors, management remains confident in strong business performance for the full year. Core restaurant orders remain stable, while new verticals and international continue to accelerate. 💵 Capital Allocation & Share Buybacks DoorDash remains disciplined in capital deployment, emphasizing high-return investments. Over $2 billion in shareholder value has been returned through buybacks. The company remains opportunistic but conservative with further repurchase activity. 📌 Key Takeaway: DoorDash continues to scale profitably, driven by strong growth in international markets, grocery, new verticals, and advertising. Subscription and AI investments are positioned to drive long-term retention and monetization. Management remains confident in sustaining strong free cash flow and shareholder value creation. 🚀

$CRSP CRISPR Therapeutics Q4 & FY24 Earnings Snapshot 📈 Q4 EPS Beats Expectations Q4 GAAP EPS: $(0.44) vs. $(1.15) consensus (beat by 61.7%) Q4 Revenue: $35.69M vs. $10.13M consensus (252.3% surprise) Revenue down 82.3% Y/Y due to lower collaboration payments 📊 Q4 2024 Financial Highlights: R&D Expenses: $82.2M (⬇️ from $95.1M in Q4'23) G&A Expenses: $18.1M (⬆️ from $16.5M in Q4'23) Net Loss: $(37.3M) vs. $89.3M profit in Q4'23 💰 Balance Sheet Strength Cash & Investments: $1.9B, up from $1.7B in 2023 No collaboration expense in Q4 due to prior cost deferral limits 🧬 Business & Clinical Updates: CASGEVY® (exa-cel) launch gaining momentum with over 50 authorized treatment centers (ATCs) globally Phase 3 trials completed for 5- to 11-year-old SCD and TDT patients CAR-T pipeline advancing:CTX112™ (CD19) for cancer & autoimmune diseases – updates mid-2025 CTX131™ (CD70) for solid tumors – updates in 2025 In Vivo Gene Editing:CTX310™ (ANGPTL3 for cardiovascular disease) – update in H1 2025 CTX320™ (LPA for heart disease) – update in H1 2025 Regenerative Medicine:CTX211™ for Type 1 Diabetes in ongoing trials, updates expected in 2025 🔮 Key Takeaways & 2025 Outlook: Earnings & revenue beat estimates, but revenue sharply declined Y/Y Strong cash position supports R&D and commercialization efforts Major clinical milestones expected in 2025, including updates on CAR-T, in vivo gene editing, and diabetes therapies Despite lower Y/Y revenue, CRISPR’s clinical progress and upcoming catalysts in 2025 could drive future investor interest. 🚀🧬

$ZG Zillow Group Q4 & FY24 Earnings Snapshot 📉 Q4 EPS Misses Expectations Q4 GAAP EPS: $0.27, missing the $0.34 whisper number (⬇️ 20.6% miss) Q4 Revenue: $554M (⬆️ 17% Y/Y), beating consensus of $540.64M 📊 Q4 2024 Financial Highlights: For Sale Revenue: $428M (⬆️ 15% Y/Y)Residential Revenue: $387M (⬆️ 11% Y/Y) Mortgages Revenue: $41M (⬆️ 86% Y/Y), driven by 90% growth in loan origination Rentals Revenue: $116M (⬆️ 25% Y/Y), with multifamily revenue up 41% GAAP Net Loss: $(52)M vs. $(73)M in Q4'23 (⬇️ improved margin from -15% to -9%) Adjusted EBITDA: $112M (⬆️ from $69M in Q4'23), with a 20% margin 📅 Full-Year 2024 Highlights: Total Revenue: $2.24B (⬆️ 15% Y/Y) Net Loss: $(112)M vs. $(158)M in FY23 Adjusted EBITDA: $498M, 22% margin (up from 20% in FY23) 💰 Balance Sheet & Engagement: Cash & Investments: $1.9B (⬇️ from $2.2B in Q3, due to debt settlement) Zillow Traffic: 204M avg. monthly users (⬆️ 3% Y/Y) Total visits: 2.1B in Q4 (⬆️ 3% Y/Y) 🔮 Key Takeaways & Outlook: Solid revenue growth across segments despite earnings miss Mortgage & rental business expansion fueling future growth Strong Adjusted EBITDA margins show improved profitability trajectory While Zillow missed EPS expectations, revenue beat consensus, and key segments like mortgages & rentals showed strong Y/Y growth. Investors may focus on profitability improvements and growth execution in 2025. 📈🏡

$CFLT Confluent Q4 & FY24 Earnings Snapshot 🚀 Strong Cloud Growth & Profitability Improvements Q4 Confluent Cloud revenue: $138M (⬆️ 38% Y/Y) FY24 Confluent Cloud revenue: $492M (⬆️ 41% Y/Y) 📈 Q4 FY24 Financial Highlights: Total Revenue: $261.2M (⬆️ 23% Y/Y) Subscription Revenue: $250.6M (⬆️ 24% Y/Y) GAAP Net Loss: $(88.1)M vs. $(94.1)M in Q4'23 Non-GAAP Net Income: $31.1M, flat Y/Y Free Cash Flow: $29.1M (⬆️ from $6.8M in Q4'23) 💡 FY24 Key Metrics: Total Revenue: $963.6M (⬆️ 24% Y/Y) Subscription Revenue: $922.1M (⬆️ 26% Y/Y) Non-GAAP Operating Margin: 2.9% (Up from -7.4% in FY23) Free Cash Flow: $9.5M vs. $(124.3)M in FY23 📊 Q1 & FY25 Outlook: Q1 Subscription Revenue: $253M - $254M FY25 Subscription Revenue: $1.117B - $1.121B FY25 Non-GAAP Operating Margin: ~6% 🔍 Key Takeaways: Momentum in real-time AI applications driving demand for data streaming Improved profitability & cash flow generation as margins expand 1,381 customers with $100K+ ARR (⬆️ 12% Y/Y) Confluent is scaling efficiently in the AI & data streaming market, with strong cloud revenue and margin expansion. 📊🔥

$SMCI Supermicro Preliminary Q2 FY25 Earnings 🚀 Strong Growth in AI & Cloud Infrastructure: Supermicro reports robust revenue growth, driven by increasing adoption of its direct-liquid cooling (DLC) technology and AI server demand. 💰 Q2 FY25 Preliminary Financial Highlights: Revenue: $5.6B - $5.7B (⬆️ 54% Y/Y at midpoint) GAAP Gross Margin: 11.8% - 11.9% GAAP EPS: $0.50 - $0.52 (Flat Y/Y) Non-GAAP EPS: $0.58 - $0.60 (⬆️ 5% Y/Y) Cash & Equivalents: ~$1.4B | Total Debt: ~$1.9B 📉 FY25 Revenue Guidance Revision: New range: $23.5B - $25B (Lowered from $26B - $30B) CEO targets FY26 revenue of ~$40B, citing AI, cloud, and 30%+ data center adoption of DLC technology 📊 Q3 FY25 Outlook: Revenue: $5.0B - $6.0B GAAP EPS: $0.36 - $0.53 | Non-GAAP EPS: $0.46 - $0.62 ⚠️ Regulatory & Legal Developments: Received DOJ & SEC subpoenas following a short-seller report in Aug 2024 Responding to securities litigation complaints Issuing $700M in new 2.25% Convertible Notes (2028) Supermicro remains a key player in AI-driven infrastructure growth but faces regulatory scrutiny and a slightly lowered full-year revenue outlook. 🔍

$LYFT Lyft Earnings Release 🚖 Record Quarter & Year: Lyft delivered an all-time high in rides, riders, and financial performance in 2024. 💰 Q4 Financial Highlights: Gross Bookings: $4.3B (⬆️ 15% Y/Y) Revenue: $1.6B (⬆️ 27% Y/Y) Net Income: $61.7M, compared to $(26.3)M loss in Q4 2023 Adjusted EBITDA: $112.8M (⬆️ from $66.6M in Q4 2023) 📈 Full-Year 2024 Results: Gross Bookings: $16.1B (⬆️ 17% Y/Y) Revenue: $5.8B (⬆️ 31% Y/Y) Net Income: $22.8M vs. $(340.3)M loss in 2023 Adjusted EBITDA: $382.4M (⬆️ from $222.4M in 2023) Free Cash Flow: $766.3M, a major turnaround from $(248.1)M in 2023 🛞 Operational Highlights: Record Rides: 828M in 2024 (⬆️ 17% Y/Y) Active Riders: 44M, an all-time high Driver Preference: Highest driver hours in company history 📢 $500M Share Buyback: Lyft announced its first-ever $500M stock repurchase program. 🔮 Q1 2025 Outlook: Gross Bookings growth of 10%-14% Y/Y (~$4.05B - $4.20B) Adjusted EBITDA between $90M - $95M Lyft is showing strong momentum, achieving profitability and enhancing shareholder value with its repurchase program. 🚀

$MIR Mirion Earnings Release 📈 Record Revenue Growth: Q4 revenue increased 10.4% Y/Y to $254.3M, marking a record quarter. Full-year revenue reached $860.8M, up from $800.9M in 2023. 💰 Profitability Turnaround: GAAP net income of $15.9M, compared to a $(14.5)M loss in Q4 2023. Adjusted EBITDA grew 14.1% Y/Y to $69.6M. 📊 EPS Improvement: GAAP EPS was $0.07, up from $(0.08) in Q4 2023. Adjusted EPS came in at $0.17, up from $0.15. 🚀 Balance Sheet Strength: Net leverage improved, and capital structure was simplified, with $175.2M in cash at year-end, up from $128.8M in 2023. 🔮 2025 Outlook Reaffirmed: Revenue growth of 4.0% - 6.0% (organic growth 5.5% - 7.5%) Adjusted EBITDA of $215M - $230M Adjusted EPS of $0.45 - $0.50 Free cash flow of $85M - $110M Mirion continues to execute on its long-term growth plan with solid momentum into 2025. 🚀📡

$UPST Upstart Earnings Release 📈 Strong Revenue Growth: Q4 revenue surged 56% Y/Y to $219M, with total fee revenue up 30% Y/Y to $199M. 💰 Loan Volume Expansion: 245,663 loans originated, totaling $2.1B, up 68% Y/Y. Conversion rate improved to 19.3% from 11.6% in Q4 2023. 📊 Profitability Improvement: GAAP net loss narrowed to $(2.8)M from $(42.4)M in Q4 2023. Adjusted net income swung to $29.9M from $(9.7)M. 🚀 Adjusted EBITDA Growth: Reached $38.8M, up from just $0.6M in Q4 2023. Adjusted EBITDA margin climbed to 18% from 0%. 💵 Cash & Balance Sheet: Ended 2024 with $788M in cash, up from $368M a year ago, while borrowings increased to $1.4B. 🔮 2025 Outlook: Full-year revenue expected at $1B, with GAAP net income projected to at least break even and an Adjusted EBITDA margin of ~18%. Upstart is gaining momentum with higher loan volumes and improved profitability, positioning itself for a stronger 2025. 🚀📊

$DASH DoorDash Earnings Release 🔹 Strong Revenue Growth: Revenue increased 25% Y/Y to $2.9B, driven by higher order volume and growth in advertising revenue. 📦 Order & Marketplace Growth: Total orders rose 19% Y/Y to 685M, while Marketplace Gross Order Value (GOV) grew 21% Y/Y to $21.3B. 💰 Profitability Milestone: GAAP net income was $141M, a turnaround from a $(154)M loss in Q4 2023. Adjusted EBITDA reached a record $566M, up from $363M in Q4 2023. 📈 User Growth & Engagement: Monthly Active Users (MAUs) hit 42M+, up from 37M a year ago, with DashPass & Wolt+ members growing to 22M+. 🚀 Strong Cash Flow & Share Buybacks: Generated $2.1B in operating cash flow for 2024. Authorized $5.0B for share repurchases, up from $1.1B in 2024. 🔮 2025 Outlook: Q1 2025 Marketplace GOV expected at $22.6B - $23.0B, with Adjusted EBITDA projected at $550M - $600M. DoorDash continues to scale profitability while expanding services and user engagement. 🚴‍♂️📦

$MAR Marriott International, Inc. Q4 2024 Earnings Call Key Highlights: 📊 Financial Performance & Revenue Growth Q4 2024 global RevPAR increased 5%, driven by a 3% rise in ADR and a 1-percentage-point gain in occupancy. Full-year 2024 RevPAR grew 4%, reflecting robust demand across customer segments and regions. Total gross fee revenues grew 7% YoY to $1.3 billion, driven by higher RevPAR, net rooms growth, and strong credit card fees. Adjusted EBITDA increased 7% to $1.29 billion in Q4, with global managed hotel profit margins expanding by 110 basis points. Strong cash flow generation allowed for $4.4 billion in shareholder returns in 2024, through dividends and buybacks. 🏨 Regional & Market Performance U.S. & Canada RevPAR grew 4% in Q4, with demand rebounding quickly after the U.S. election-related slowdown in November. International markets posted strong growth, with RevPAR up 7% in Q4:APAC RevPAR surged 12.5%, led by Japan, India, and Thailand, supported by strong cross-border travel from China. EMEA RevPAR grew 8%, driven by high leisure demand and strong citywide events. Greater China RevPAR declined 2% but was above expectations, with Tier 1 cities, Hong Kong, Macau, and Taiwan showing positive growth. 👥 Segment Performance & Customer Trends Leisure segment (44% of room nights) led growth, with Q4 RevPAR rising 6% globally and 4% in U.S. & Canada. Business transient segment (33% of room nights) saw Q4 RevPAR up 3% globally, fueled by solid ADR gains. Group bookings (23% of room nights) increased 3% YoY, with U.S. group events rebounding post-election. 2025 group revenue pacing up 6%, with 2026 pacing even stronger at 10% growth, signaling strong long-term demand. 🏗️ Development & Pipeline Expansion Net rooms growth reached 6.8% in 2024, driven by:38,000 rooms added via the MGM partnership. 9,000 rooms from the Sonder deal. Conversions contributing 33% of signings and over 50% of openings. Industry-leading global footprint with 1.7 million rooms across 144 countries, with a record 1,200 deals signed in 2024. 2025 net rooms growth guidance set at 4%-5%, reflecting continued conversion momentum and selective expansion. 💳 Loyalty, Digital Growth & Brand Expansion Marriott Bonvoy membership grew to 228 million, with 31 million new members added in 2024. Bonvoy member penetration hit record highs:73% of room nights in the U.S. 66% of room nights globally. Co-brand credit card fee revenue grew 13% YoY, reflecting higher global card spend and increased member engagement. Significant investment in digital transformation, including reservation, property management, and loyalty system upgrades. 📉 2025 Guidance & Outlook Global RevPAR expected to grow 2%-4% in 2025, with:International markets (excluding China) outpacing U.S. growth. Greater China RevPAR projected to be flat YoY. Gross fee revenue expected to rise 4%-6% YoY, with:Slight headwinds from FX (-$25M impact). Residential branding fees declining ~50% due to unit sale timing. Adjusted EBITDA expected to increase 6%-9% to $5.3B-$5.4B. Expected $4B in capital returns to shareholders in 2025. 💰 Capital Allocation & Investment Strategy $1B-$1.1B in 2025 investment spending, allocated to:Technology upgrades (~33% of spending). Owned & leased property renovations, including Barbados’ Elegant portfolio (~33%). Contract investments (key money, mezzanine loans) to fuel new room growth (~33%). Company remains committed to an investment-grade rating while returning excess capital to shareholders. 🌎 Strategic Focus & Long-Term Growth Continued focus on long-term development through conversions, brand expansion, and luxury offerings. Marriott remains confident in its ability to deliver 5%-5.5% net room growth CAGR over the next three years. Expectations for increased business transient recovery, a stable leisure segment, and growth in group bookings. Key market risks include macroeconomic uncertainty, regulatory challenges, and the China recovery timeline. 📌 Final Takeaway: Marriott delivered strong 2024 results, driven by RevPAR gains, robust loyalty growth, and aggressive expansion. Looking ahead, 2025 will focus on steady RevPAR gains, net room growth, and operational efficiencies, while expanding digital transformation and returning capital to shareholders. 🚀

$BP BP p.l.c. Q4 2024 Earnings Call Key Highlights: 📊 Financial Performance & Strategic Outlook Upstream production reached 2.36 million barrels per day, a 2% increase YoY, supported by strong operational reliability (>95%). Refining underperformed due to weak margins and operational outages at Whiting in Q1 and a significant turnaround in Q4. 2024 trading results were in line with historical averages, contributing a 4% uplift to ROACE, despite lower market volatility. Announced a 10% dividend increase and $7 billion in share buybacks for 2024, including $1.75 billion in Q4 buybacks. Cost-cutting efforts delivered $750 million in structural reductions, with continued focus on efficiency in 2025. Capital Markets Day on February 26 will provide a "fundamental reset" of BP’s strategy, focusing on driving performance, growing cash flow, and maximizing shareholder returns. 🏭 Refining & Trading Performance 2024 refining was challenging due to weak industry-wide margins and operational disruptions (Whiting outage in Q1, major maintenance in Q4). 2025 targets include:Restoring 96% plant reliability. Cost optimization measures across the refining sector. Fewer major maintenance projects (TARs) compared to 2024, improving profitability. Optimized trading strategies as market volatility increases in Q1 2025. January 2025 refining margins were weak but improving, with refining marker margins (RMMs) trending upward. ⛽ Upstream & New Projects BP sanctioned 10 new projects in 2024, including Cascadia, Tangguh, and Iraq’s Kirkuk redevelopment. Expanded presence in India via an upstream services agreement with ONGC—providing technical expertise without direct capital deployment. Iraq’s Kirkuk redevelopment deal is in the final negotiation stages, targeting a field with 20 billion barrels in recoverable reserves. 2025 focus on increasing upstream output while maintaining capital discipline. 🌱 Energy Transition & Renewables Adjustments BP completed acquisitions of bp bioenergy and Lightsource bp, consolidating its renewable energy portfolio. Decapitalization of offshore wind business through JERA Nex BP joint venture, reducing direct capital exposure. Bioenergy performance was mixed:Archaea Energy (biogas) is improving, with 12 new plants operational. Biofuels margins remain weak, particularly in Europe, due to policy rollbacks and oversupply from Asia. BP remains cautious on further biofuels investments, scaling back unprofitable projects (e.g., Australia). 💰 Cost Reduction & Capital Allocation Achieved $5 billion in cost reductions since 2020, partly driven by divestments. Refining and retail (Castrol, TravelCenters of America) will see further cost-cutting measures in 2025. BPX Energy (U.S. onshore oil & gas) is evaluating increased drilling activity, particularly in gas assets, as prices strengthen into late 2025 and 2026. Evaluating further reductions in capital spending for low-return renewable projects. 📈 Financial Framework & Cash Flow Breakeven oil price remains ~$40 per barrel, inclusive of financing costs and hybrid bonds. BP issued hybrid bonds in Q4 to lock in low-cost capital, maintaining financial flexibility. 2025 EBITDA is expected to recover, driven by:Whiting refinery’s return to full operations. Upstream production growth. Operational efficiencies in refining, convenience, and trading. 🔮 Strategic Reset & 2025 Priorities BP’s February 26 Capital Markets Day will provide a “fundamental reset” of its long-term strategy. Shifting focus from low-return renewables to core energy production, cash flow growth, and shareholder returns. Prioritizing capital-light investments and joint ventures (e.g., JERA Nex BP, ONGC partnership). Continued divestment of non-core assets, including the planned sale of the Gelsenkirchen refinery. 📌 Final Takeaway: BP is restructuring its portfolio to prioritize cash flow, performance, and shareholder returns, while scaling back capital-intensive renewable projects. Despite a challenging refining environment in 2024, upstream growth, operational efficiencies, and improved trading conditions position BP for a stronger 2025. 🚀