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9 hours ago
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Trustco Bank Corp N Y (TRST) Q2 2025 Earnings Call Highlights: Strong Net Income Growth and ...
Net Income: $15 million for the quarter, a 19.8% increase over the prior-year quarter. Year-to-Date Net Income: Nearly $30 million. Return on Average Assets: 0.96% for the second quarter of 2025. Return on Average Equity: 8.73% for the second quarter of 2025. Net Interest Income: $41.7 million, a 10.5% increase compared to the prior-year quarter. Net Interest Margin: 2.71%, up 18 basis points from the prior-year quarter. Average Loans: Grew 2.3% or $115.6 million to $5.1 billion. Home Equity Loans: Increased by $64.7 million or 17.8% year over year. Commercial Loans: Increased by $25.8 million or 9.2% year over year. Total Deposits: $5.5 billion, up $213 million compared to the prior-year quarter. Book Value Per Share: $36.75, up 6.6% from $34.46 a year earlier. Non-Interest Income from Wealth Management: Increased 13% to $1.8 million. Non-Interest Expense: $25.7 million, down $600,000 from the prior-year quarter. Allowance for Credit Losses: $51.3 million with a coverage ratio of 286%. Warning! GuruFocus has detected 10 Warning Signs with RTX. Release Date: July 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Trustco Bank Corp N Y (NASDAQ:TRST) reported a net income of $15 million for the quarter, marking a 19.8% increase over the prior-year quarter. The company achieved a significant margin expansion, with a 7% increase compared to the previous year. Home equity products saw an 18% year-over-year increase, demonstrating strong demand and effective product offerings. The commercial loan portfolio grew by 11% over the past year, contributing to overall loan growth. Trustco Bank Corp N Y (NASDAQ:TRST) maintained strong asset quality with net recoveries for the second consecutive quarter and a decrease in non-performing loans. Negative Points The cost of interest-bearing liabilities decreased only slightly, indicating potential pressure on net interest margins. Installment loans decreased by $2.9 million over the same period in the previous year. Non-interest expense, specifically ORE expense, increased to $522,000 compared to $16,000 in the prior-year quarter. The provision for credit losses was $650,000, indicating a need to account for potential future credit risks. Despite strong performance, the company faces ongoing challenges in maintaining competitive deposit offerings amidst a changing interest rate environment. Q & A Highlights Q: The strong local demand you mentioned, is it present in Florida as well as in the Northeast? A: Yes, the strong demand is across our markets. Florida has shown better demand, but we have also experienced strong local demand in the Northeast. - Robert McCormick, CEO Q: What is the rate for maturing CDs in the next quarter compared to the ones currently being issued? A: The average rate for maturing CDs is about 3.91%. Currently, the highest rate we are offering is 4% for a three-month term. - Michael Ozimek, CFO Q: Regarding future CD maturities, how do the rates compare? A: In future quarters, particularly Q4 and Q1 of next year, the rates for maturing CDs are lower, around the 3.60% range, which will allow us to gain more ground. - Robert McCormick, CEO Q: What types of borrowers are you lending to in the commercial loan growth, and what is the mix between secured and unsecured loans? A: Over 90% of our commercial loans are real estate-related, including smaller multifamily projects and small office offerings. The vast majority of these loans are secured by real estate. - Robert McCormick, CEO Q: Can you provide more details on the commercial loan portfolio's security? A: The commercial loan portfolio is predominantly secured by real estate, with a focus on smaller multifamily and office projects, both owner-occupied and investment properties. - Robert McCormick, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
9 hours ago
- Business
- Yahoo
RBB Bancorp (RBB) Q2 2025 Earnings Call Highlights: Strong Loan Growth and Strategic Buyback ...
Net Income: $9.3 million or $0.52 per share, including a $2.9 million after-tax net income from an employee retention tax credit refund. Loan Growth: Loans held for investment grew by $92 million or 12% annualized. Loan Originations: Total of $183 million at a blended yield of 6.76%. Net Interest Margin (NIM): Increased to 2.92%, a 4-basis-point increase from the previous quarter. Net Interest Income: Increased by $1.2 million to $27.3 million. Noninterest Expenses: Increased by $2 million to $20.5 million, with $1.2 million related to the ERC refund. Provision for Credit Losses: $2.4 million, including $1.5 million for net loan growth. Net Charge-offs: $3.3 million, primarily related to one lending relationship. Nonperforming Loans (NPLs): Decreased by $3.6 million to $56.8 million, representing 1.76% of loans held for investment. Total Deposits: Increased at a 6% annualized rate to $3.2 billion. Tangible Book Value per Share: Increased to $25.11. Warning! GuruFocus has detected 5 Warning Signs with RBB. Release Date: July 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points RBB Bancorp (NASDAQ:RBB) reported a net income of $9.3 million or $0.52 per share, driven by solid loan growth and stable earning asset yields. Loans held for investment grew by $92 million or 12% on an annualized basis, with strong contributions from the in-house mortgage origination business. Net interest margin increased to 2.92%, marking a 25 basis point increase over the last four quarters. Total deposits increased at a 6% annualized rate to $3.2 billion, with growth in noninterest-bearing deposits and CDs. RBB Bancorp (NASDAQ:RBB) announced an $18 million stock buyback program, indicating confidence in the company's valuation and financial position. Negative Points Criticized and classified assets increased, with a notable rise in substandard loans to $91 million. Net charge-offs amounted to $3.3 million, primarily related to one lending relationship. Noninterest expenses increased by $2 million to $20.5 million, partly due to executive management transition and incentive payments. Loan-to-deposit ratio exceeded 100%, indicating a potential imbalance between loan growth and deposit acquisition. The bank faces challenges in reducing deposit costs without rate cuts, amidst a competitive environment for liquidity. Q & A Highlights Q: Can you discuss the capital and buyback strategy given the current stock trading price and credit workout? A: Lynn Hopkins, CFO, explained that the buyback program was modest due to timing but views the stock as attractive relative to tangible book value. The approved buyback represents about 5% of the stock, and the company has sufficient liquidity to support both the buyback and credit workout initiatives. Q: Can you provide more details on the loans downgraded to substandard and special mention this quarter? A: Johnny Lee, CEO, noted that the downgrades were part of enhanced credit quality control efforts. The loans, mainly bridge and gap loans, are still performing with manageable LTVs. Lynn Hopkins added that two main credits were downgraded due to transitioning to a higher interest rate environment but remain on accrual status. Q: How sustainable is the dual path of growing loans while addressing asset quality issues? A: Johnny Lee stated that the company can continue this dual path, with a focus on resolving non-performing loans. The pipeline remains healthy, supporting continued loan growth. Lynn Hopkins added that the business model execution is strong, with a 12% annualized loan growth and a healthy pipeline. Q: What is the outlook for loan and deposit growth, given the current loan-to-deposit ratio? A: Johnny Lee mentioned that while the loan-to-deposit ratio is high, the company is focused on quality loans and organic deposit growth through promotions. Lynn Hopkins added that there is potential for loan sales in the second half of the year to manage the ratio, and the company is comfortable with its current position. Q: What are the expectations for deposit costs and the impact of potential Fed rate cuts? A: Lynn Hopkins noted that while competition for liquidity remains high, the company has historically been successful in reducing deposit rates following rate cuts. The expectation is to push down deposit costs if rates decrease, with CDs maturing at higher rates providing an opportunity for repricing. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 hours ago
- Business
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Merkur PrivatBank KgaA Reports Second Quarter 2025 Earnings
Merkur PrivatBank KgaA (ETR:MBK) Second Quarter 2025 Results Key Financial Results Revenue: €32.4m (up 19% from 2Q 2024). Net income: €2.41m (down 1.2% from 2Q 2024). Profit margin: 7.4% (down from 9.0% in 2Q 2024). The decrease in margin was driven by higher expenses. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. All figures shown in the chart above are for the trailing 12 month (TTM) period Merkur PrivatBank KgaA Earnings Insights Looking ahead, revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Banks industry in Europe. Performance of the market in Germany. The company's shares are up 9.0% from a week ago. Balance Sheet Analysis While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We've done some analysis and you can see our take on Merkur PrivatBank KgaA's balance sheet. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
a day ago
- Business
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IQVIA Reports Second-Quarter 2025 Results
Revenue of $4,017 million, up 5.3 percent year-over-year GAAP Net Income of $266 million, Adjusted EBITDA of $910 million GAAP Diluted Earnings per Share of $1.54, Adjusted Diluted Earnings per Share of $2.81 R&D Solutions quarterly bookings of $2.5 billion, representing a book-to-bill ratio of 1.12x R&D Solutions contracted backlog of $32.1 billion, up 5.1 percent year-over-year TAS Revenue of $1,628 million, up 8.9 percent year-over-year Repurchased $607 million of common stock in the quarter, over $1 billion year-to-date RESEARCH TRIANGLE PARK, N.C., July 22, 2025--(BUSINESS WIRE)--IQVIA Holdings Inc. ("IQVIA") (NYSE:IQV), a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, today reported financial results for the quarter ended June 30, 2025. Second-Quarter 2025 Operating Results Revenue for the second quarter of $4,017 million increased 5.3 percent on a reported basis and 3.6 percent at constant currency, compared to the second quarter of 2024. Technology & Analytics Solutions (TAS) revenue of $1,628 million increased 8.9 percent on a reported basis and 6.8 percent at constant currency. Research & Development Solutions (R&DS) revenue of $2,201 million increased 2.5 percent on a reported basis and 1.3 percent at constant currency. Excluding reimbursed expenses, R&DS revenue grew 1.8 percent on a reported basis. Contract Sales & Medical Solutions (CSMS) revenue of $188 million increased 9.3 percent on a reported basis and 6.4 percent at constant currency. As of June 30, 2025, R&DS contracted backlog was $32.1 billion, growing 5.1 percent year-over-year and 3.2 percent at constant currency. The company expects approximately $8.1 billion of this backlog to convert to revenue in the next twelve months, representing growth of 4.8 percent year-over-year. Second quarter net new bookings were $2.5 billion, representing a book-to-bill ratio of 1.12x, and resulting in a trailing-twelve-month book-to-bill ratio of 1.10x. Second-quarter GAAP Net Income was $266 million and GAAP Diluted Earnings per Share was $1.54. Adjusted EBITDA was $910 million, up 2.6 percent year-over-year. Adjusted Net Income was $486 million and Adjusted Diluted Earnings per Share was $2.81. "IQVIA delivered strong financial results, with revenue above target and profit towards the high-end of expectations," said Ari Bousbib, chairman and CEO of IQVIA. "Our TAS segment performed well with high single digits year-over-year revenue growth. In the clinical development business, forward-looking demand indicators improved, with net bookings up 15 percent quarter-over-quarter, and RFP flow growing high single digits sequentially and low teens year-over-year. These results underscore the resilience of our global diversified portfolio and the team's ability to execute consistently against our strategic and financial objectives." First-Half 2025 Operating Results Revenue for the first six months of 2025 was $7,846 million, up 3.9 percent on a reported basis and 3.5 percent at constant currency, compared to the first six months of 2024. TAS revenue was $3,174 million, representing growth of 7.7 percent on a reported basis and 7.2 percent at constant currency. R&DS revenue was $4,303 million, up 1.4 percent on a reported basis and 1.2 percent at constant currency. CSMS revenue was $369 million, up 2.2 percent on a reported basis and 1.9 percent at constant currency. GAAP Net Income was $515 million and GAAP Diluted Earnings per Share was $2.94. Adjusted Net Income was $965 million and Adjusted Diluted Earnings per Share was $5.50. Adjusted EBITDA was $1,793 million. Financial Position As of June 30, 2025, cash and cash equivalents were $2,039 million and debt was $15,490 million, resulting in net debt of $13,451 million. IQVIA's Net Leverage Ratio was 3.61x trailing twelve-month Adjusted EBITDA. For the second quarter, Operating Cash Flow was $443 million and Free Cash Flow was $292 million. Share Repurchase During the second quarter of 2025, the company repurchased $607 million of its common stock, resulting in first-half share repurchases of $1,032 million. IQVIA had $1,981 million of share repurchase authorization remaining as of June 30, 2025. Full-Year 2025 Guidance The company is updating its full-year 2025 guidance as follows: revenue between $16,100 million and $16,300 million, Adjusted EBITDA between $3,750 million and $3,825 million, and Adjusted Diluted Earnings per Share between $11.75 and $12.05. This revenue guidance assumes approximately $100 million of COVID-related revenue step-down, entirely in R&DS, approximately 100 basis points of tailwind from foreign exchange, and approximately 150 basis points of contribution from acquisitions. All financial guidance assumes foreign currency exchange rates as of July 21, 2025 remain in effect for the forecast period. Webcast & Conference Call Details IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its second-quarter 2025 results and its third-quarter and full-year 2025 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call. About IQVIA IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA's portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI®, advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 90,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide. IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA's insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit Cautionary Statements Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2025 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "assume," "anticipate," "intend," "plan," "forecast," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners' security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation, and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to our business, see the "Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC's website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise. Note on Non-GAAP Financial Measures This release includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow. Non-GAAP financial measures are presented only as a supplement to the company's financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company's financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements, trademarks and trade names from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations. Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP. IQVIAFIN # # # Table 1IQVIA HOLDINGS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2025 2024 2025 2024 Revenues $ 4,017 $ 3,814 $ 7,846 $ 7,551 Cost of revenues, exclusive of depreciation and amortization 2,694 2,488 5,225 4,932 Selling, general and administrative expenses 509 509 1,017 1,017 Depreciation and amortization 276 269 541 533 Restructuring costs 32 28 61 43 Income from operations 506 520 1,002 1,026 Interest income (10 ) (12 ) (21 ) (23 ) Interest expense 182 163 347 329 Loss on extinguishment of debt — — 4 — Other expense (income), net 11 (67 ) 26 (56 ) Income before income taxes and equity in (losses) earnings of unconsolidated affiliates 323 436 646 776 Income tax expense 56 75 117 124 Income before equity in (losses) earnings of unconsolidated affiliates 267 361 529 652 Equity in (losses) earnings of unconsolidated affiliates (1 ) 2 (14 ) (1 ) Net income $ 266 $ 363 $ 515 $ 651 Earnings per share attributable to common stockholders: Basic $ 1.55 $ 1.99 $ 2.96 $ 3.58 Diluted $ 1.54 $ 1.97 $ 2.94 $ 3.53 Weighted average common shares outstanding: Basic 171.8 182.2 173.7 182.0 Diluted 173.2 184.3 175.3 184.3 Table 2IQVIA HOLDINGS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(preliminary and unaudited) (in millions, except per share data) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,039 $ 1,702 Trade accounts receivable and unbilled services, net 3,344 3,204 Prepaid expenses 200 154 Income taxes receivable 62 36 Investments in debt, equity and other securities 149 141 Other current assets and receivables 551 592 Total current assets 6,345 5,829 Property and equipment, net 536 535 Operating lease right-of-use assets 280 238 Investments in debt, equity and other securities 134 108 Investments in unconsolidated affiliates 272 266 Goodwill 15,611 14,710 Other identifiable intangibles, net 4,596 4,499 Deferred income taxes 345 194 Deposits and other assets, net 513 520 Total assets $ 28,632 $ 26,899 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 3,399 $ 3,684 Unearned income 2,123 1,779 Income taxes payable 124 156 Current portion of long-term debt 1,313 1,145 Other current liabilities 613 193 Total current liabilities 7,572 6,957 Long-term debt, less current portion 14,177 12,838 Deferred income taxes 216 196 Operating lease liabilities 210 173 Other liabilities 671 668 Total liabilities 22,846 20,832 Commitments and contingencies Stockholders' equity: Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2025 and December 31, 2024, $0.01 par value, 258.5 shares issued and 170.0 shares outstanding as of June 30, 2025; 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024 11,225 11,143 Retained earnings 6,580 6,065 Treasury stock, at cost, 88.5 and 82.1 shares as of June 30, 2025 and December 31, 2024, respectively (11,145 ) (10,103 ) Accumulated other comprehensive loss (882 ) (1,038 ) Equity attributable to IQVIA Holdings Inc.'s stockholders 5,778 6,067 Noncontrolling interests 8 — Total stockholders' equity 5,786 6,067 Total liabilities and stockholders' equity $ 28,632 $ 26,899 Table 3IQVIA HOLDINGS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(preliminary and unaudited) Six Months Ended June 30, (in millions) 2025 2024 Operating activities: Net income $ 515 $ 651 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 541 533 Amortization of debt issuance costs and discount 11 11 Stock-based compensation 132 104 Losses from unconsolidated affiliates 14 1 Gain on investments, net (16 ) (12 ) Benefit from deferred income taxes (86 ) (80 ) Changes in operating assets and liabilities: Change in accounts receivable, unbilled services and unearned income 269 187 Change in other operating assets and liabilities (369 ) (285 ) Net cash provided by operating activities 1,011 1,110 Investing activities: Acquisition of property, equipment and software (293 ) (288 ) Acquisition of businesses, net of cash acquired (315 ) (221 ) Sales of marketable securities, net 2 — Investments in unconsolidated affiliates, net of payments received (27 ) (49 ) Investments in debt and equity securities (19 ) (2 ) Proceeds from sale of property, equipment and software — 25 Other 1 — Net cash used in investing activities (651 ) (535 ) Financing activities: Proceeds from issuance of debt 3,985 — Payment of debt issuance costs (35 ) — Repayment of debt and principal payments on finance leases (2,140 ) (86 ) Proceeds from revolving credit facility 875 375 Repayment of revolving credit facility (1,700 ) (585 ) Payments related to employee stock incentive plans (35 ) (60 ) Repurchase of common stock (1,032 ) — Contingent consideration and deferred purchase price payments (20 ) (10 ) Other (11 ) — Net cash used in financing activities (113 ) (366 ) Effect of foreign currency exchange rate changes on cash 90 (40 ) Increase in cash and cash equivalents 337 169 Cash and cash equivalents at beginning of period 1,702 1,376 Cash and cash equivalents at end of period $ 2,039 $ 1,545 Table 4IQVIA HOLDINGS INC. AND SUBSIDIARIESNET INCOME TO ADJUSTED EBITDA RECONCILIATION(preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2024 2025 2024 Net Income $ 266 $ 363 $ 515 $ 651 Provision for income taxes 56 75 117 124 Depreciation and amortization 276 269 541 533 Interest expense, net 172 151 326 306 Loss (income) in unconsolidated affiliates 1 (2 ) 14 1 Stock-based compensation 60 48 132 104 Other expense (income), net (1) 29 (66 ) 44 (45 ) Loss on extinguishment of debt — — 4 — Restructuring and related expenses (2) 42 39 84 61 Acquisition related expenses 8 10 16 14 Adjusted EBITDA $ 910 $ 887 $ 1,793 $ 1,749 (1) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. (2) Reflects restructuring costs as well as accelerated expenses related to lease exits. Table 5IQVIA HOLDINGS INC. AND SUBSIDIARIESNET INCOME TO ADJUSTED NET INCOME RECONCILIATION(preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2025 2024 2025 2024 Net Income $ 266 $ 363 $ 515 $ 651 Provision for income taxes 56 75 117 124 Purchase accounting amortization (1) 131 133 256 262 Loss (income) in unconsolidated affiliates 1 (2 ) 14 1 Stock-based compensation 60 48 132 104 Other expense (income), net (2) 29 (66 ) 44 (45 ) Loss on extinguishment of debt — — 4 — Restructuring and related expenses (3) 42 39 84 61 Acquisition related expenses 8 10 16 14 Adjusted Pre Tax Income $ 593 $ 600 $ 1,182 $ 1,172 Adjusted tax expense (107 ) (113 ) (217 ) (217 ) Adjusted Net Income $ 486 $ 487 $ 965 $ 955 Adjusted earnings per share attributable to common stockholders: Basic $ 2.83 $ 2.67 $ 5.56 $ 5.25 Diluted $ 2.81 $ 2.64 $ 5.50 $ 5.18 Weighted average common shares outstanding: Basic 171.8 182.2 173.7 182.0 Diluted 173.2 184.3 175.3 184.3 (1) Reflects all the amortization of acquired intangible assets. (2) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. (3) Reflects restructuring costs as well as accelerated expenses related to lease exits. Table 6IQVIA HOLDINGS INC. AND SUBSIDIARIESNET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW RECONCILIATION(preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2024 2025 2024 Net Cash provided by Operating Activities $ 443 $ 588 $ 1,011 $ 1,110 Acquisition of property, equipment and software (151 ) (143 ) (293 ) (288 ) Free Cash Flow $ 292 $ 445 $ 718 $ 822 Table 7IQVIA HOLDINGS INC. AND SUBSIDIARIESCALCULATION OF GROSS AND NET LEVERAGE RATIOSAS OF JUNE 30, 2025(preliminary and unaudited) (in millions) Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of June 30, 2025 $ 15,490 Net Debt as of June 30, 2025 $ 13,451 Adjusted EBITDA for the twelve months ended June 30, 2025 $ 3,728 Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA) 4.16 x Net Leverage Ratio (Net Debt/LTM Adjusted EBITDA) 3.61 x View source version on Contacts Kerri Joseph, IQVIA Investor Relations (
Yahoo
a day ago
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WR Berkley Corp (WRB) Q2 2025 Earnings Call Highlights: Record Premiums and Investment Income ...
Net Income per Diluted Share: Increased 8.7% to $1 per share or $401 million. Annualized Return on Equity: 19.1%. Operating Earnings: $420 million or $1.05 per share, with a 20% annualized return on equity. Combined Ratio: Current accident year combined ratio before cat losses was 88.4%; calendar year combined ratio was 91.6%. Underwriting Income: $261 million. Catastrophe Losses: $99 million in Q2 2025. Net Premiums Earned: Record $3.1 billion. Net Premiums Written: Record $3.4 billion. Net Investment Income: Record $379 million. Investment Income from Fixed Maturity Securities: Improved 16.5% year over year. Effective Tax Rate: 23.2%. Stockholders' Equity: Increased by $380 million to $9.3 billion. Cash and Cash Equivalents: More than $2 billion. Financial Leverage: 23.4%. Growth in Book Value per Share: 6.8% in the quarter and 14.3% year-to-date. Release Date: July 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points WR Berkley Corp (NYSE:WRB) reported a strong performance in both underwriting income and net investment income for the second quarter of 2025. Net income per diluted share increased by 8.7% over the prior year, reaching $1 per share, with an annualized return on beginning of year equity of 19.1%. Operating earnings were $420 million or $1.05 per share, yielding an annualized return on beginning of year equity of 20%. Net premiums written increased to a record $3.4 billion in the quarter, with growth in all lines of business in both segments. Record net investment income of $379 million was achieved, benefiting from ongoing growth in invested assets and favorable new money rates on fixed maturity securities. Negative Points Catastrophe losses were $99 million in the second quarter of 2025, slightly higher than the $90 million reported in the prior year's quarter. The property insurance market is becoming more competitive, particularly for larger accounts, which may impact future growth. Foreign currency losses amounted to $55 million in the quarter due to the weakening US dollar relative to other currencies. The effective tax rate was 23.2%, exceeding the US statutory rate due to taxes on foreign earnings at higher rates and state income taxes. The reinsurance marketplace is showing signs of eroding discipline, particularly in casualty lines, which could affect future profitability. Q & A Highlights Q: Just first question on growth, just thinking about the growth potential here. I know it was a tougher quarter with the property pricing deceleration, but just curious if you all still view this as sort of a 10% to 15% growth environment? Or has the last few quarters changed that? A: Look, I think we had come out with that band if you will, probably, I don't know, call it, 18 months ago, maybe 24 months ago, if you're asking my best guesstimate at this stage in spite of the number that we saw in this quarter, my view is that it's probably somewhere between 8% and 12% would be my guess as opposed to 10% to 15%. - W. Robert Berkley, Jr., President, CEO & Director Q: You mentioned tariffs and labor costs in your opening remarks. And I just wanted to understand if you're actually seeing anything coming through if that's more of like a forward-looking statement. And obviously, it's the wider range out? A: It is a forward-looking statement. We are not seeing it in any noteworthy way in our loss activity right now. At the same time, we are conscious of the fact that, that concept of timing that I referenced in conjunction with the point that you're flagging. And we want to make sure that we're not caught flat-footed. - W. Robert Berkley, Jr., President, CEO & Director Q: My first question is actually on capital. You guys didn't buy back any shares in the quarter. Just wondering what drove that decision? A: Look, ultimately, Elyse, when the day is all done, as we've shared with you and others in the past, we have a view as to how much capital we have and what type of surplus we have at any moment in time. We have a view as to what we see is opportunities potentially before us and want to make sure that we have a surplus of gas in the tank. - W. Robert Berkley, Jr., President, CEO & Director Q: Rob, on the 15% Mitsui stake, any update on the time frame and timeline there? A: I know no more than anybody else or at least anybody else who bothered to read the SEC filings. Again, I think as I don't know if we share it or not, if we didn't, I said that we, by design, have not been privy to sort of where they stand in their process because in no way, shape or form, perhaps back to one of Elyse's points, we don't want to be encumbered or restricted in any way and our ability to repurchase stock. - W. Robert Berkley, Jr., President, CEO & Director Q: Rob, you mentioned in the write-up rate increases were 7.6% ex workers' comp. And I know that you're kind of writing a more specialized, higher risk line. So I was just kind of curious, how is the workers' comp pricing doing in that arena? A: Well, thanks for the question, Andrew. The answer is that I think what you perhaps are referring to is some of the higher hazard stuff where we see growth opportunities from time to time, we saw, particularly in the first quarter. It was still there in the second quarter, but perhaps not to the same degree. - W. Robert Berkley, Jr., President, CEO & Director For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
