⁠Wall St Engine
TRUMP TRADE ADVISER NAVARRO:

THE US IS NOT GETTING RID OF ALL TARIFFS ON STEEL AND ALUMINIUM; THERE’LL BE OTHER DEALS QUICKLY WHETHER UK, AUSTRALIA
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⁠Wall St Engine
US COMMERCE SEC. LUTNICK:

IN FAVOR OF RAISING TAX RATE ON HIGH EARNERS; WANT 50% OF CHIPS DOMESTIC; US WILL HAVE DOZENS OF TRADE DEALS IN COMING WEEKS; GOING TO ROLL OUT DEALS OVER NEXT MONTH
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⁠Wall St Engine
$TMDX | TransMedics Q1'25 Earnings Highlights

🔹 Revenue: $143.5M (Est. $123.66M) 🟢; +48% YoY
🔹 Adj. EPS: $0.70 (Est. $0.26) 🟢
🔹 Aircraft Fleet: 21 owned as of March 31, 2025

FY25 Guidance (Raised)
🔹 Revenue: $565M–$585M (Est. $540.5M) 🟢
🔹 Midpoint represents +30% YoY growth

Other Metrics:
🔹 Net Income: $25.7M (18% of revenue);
🔹 Gross Margin: 61% (vs. 62% YoY; 59% QoQ)
🔹 Operating Expenses: $60.8M (vs. $47.5M YoY)
🔹 Stock-based Compensation Expense: $8.7M (vs. $6.5M YoY)
🔹 Cash Balance: $310.1M

Strategic & Clinical Highlights
🔸 Strength driven by expanded OCS use (especially Liver & Heart) under National OCS Program (NOP)
🔸 Announced design center and disposables manufacturing facility in Mirandola, Italy
🔸 Hosted 10 scientific abstracts at ISHLT showcasing OCS/NOP clinical value
🔸 Logistics services contributed to revenue upside

CEO Dr. Waleed Hassanein Commentary
🔸 “Q1 performance underscores our strong execution and the unique attributes of our business.”
🔸 “With the strength of OCS NOP, we’re confident in our ability to sustain this momentum through 2025 and beyond.”
🔸 “We remain focused on enabling broader organ utilization and cost-efficient transplant outcomes.”
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⁠Wall St Engine
$HUBS | HubSpot Q1'25 Earnings Highlights

🔹 Revenue: $714.1M (Est. $699.88M) 🟢; UP +16% YoY
🔹 Adj. EPS: $1.78 (Est. $1.77) 🟢
🔹 Avg. Subscription Revenue per Customer: $11,038; DOWN -4% YoY

Guidance
🔹 Q2 Revenue: $738M–$740M (Est. $725.4M) 🟢
🔹 Q2 EPS: $2.10–$2.12 (Est. $2.13) 🔴
🔹 FY25 Revenue: $3.036B–$3.044B (Est. $2.997B) 🟢
🔹 FY25 EPS: $9.29–$9.37 (Est. $9.18) 🟢

Other Key Metrics:
🔹 Subscription Revenue: $698.7M; UP +16% YoY
🔹 Prof. Services & Other Revenue: $15.4M; UP +13% YoY
🔹 Adj. Operating Income: $100.3M
🔹 Adj. Operating Margin: 14.0%
🔹 Free Cash Flow: $122.3M; UP +18% YoY
🔹 Operating Cash Flow: $161.6M
🔹 Calculated Billings: $766.8M; UP +20% YoY
🔹 Customer Count: 258,258; UP +19% YoY
🔹 Cash + Investments: $2.2B

Strategic & Business Highlights
🔸 Authorized $500M share repurchase program (12-month window)
🔸 AI-first strategy driving engagement — Customer Agent cited as standout success
🔸 Positioning as platform of choice amid tech stack consolidation trends

CEO Yamini Rangan Commentary
🔸 “We had a solid start to 2025, with continued revenue growth and customer expansion.”
🔸 “Our AI-first strategy is working—Customer Agent is delivering strong results.”
🔸 “HubSpot is well-positioned to drive long-term durable growth through innovation and platform consolidation.”
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⁠Wall St Engine
President Trump is calling for a 30-day ceasefire between Russia and Ukraine, warning that either side could face sanctions if they break the truce. https://t.co/79UqwIqGlT
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⁠Wall St Engine
PINTEREST $PINS CEO says Gen Z is now their largest & fastest-growing user group, & top-tier performance marketers are putting 5–10% of ad spend into Pinterest, drawn by strong lower-funnel tools. He adds they’re tapping into “always-on” budgets, which are bigger & more durable.
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⁠Wall St Engine
US VP VANCE SAYS INDIA VS PAKISTAN CONFLICT 'FUNDAMENTALLY NONE OF OUR BUSINESS'
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⁠Wall St Engine
Adobe $ADBE will offer U.S. government agencies a 70% discount on software packages—including Acrobat—through November, following a DOGE-led review of tech spending. https://t.co/NZPrzD8rjL
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⁠Capital Employed
Another fresh batch of Q1 2025 fund letters just added.

89 added now in total.

The majority of funds are in negative territory this year to date.

https://t.co/lJZP1lUdTx https://t.co/NNg5Ufn6TA
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⁠Hidden Value Gems
Cannot remember a company where SOTP valuation was lower than the share price.

“Listed companies Shell, Chevron, ExxonMobil and TotalEnergies, as well as Abu Dhabi’s Adnoc, have separately run the numbers, according to industry sources and advisers, while oil trader Vitol could be interested in elements of the business.”

“A sum of the parts valuation suggests BP’s assets are worth in excess of £120bn, without including debt and liabilities, more than twice its current market capitalisation of £57bn, which follows a sharp slump in its shares over the past 12 months.”

$BP
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⁠Wall St Engine
Today's Key Events (All EST) — 05/09/2025

06:15: Fed's Williams
08:30: Fed's Kugler
10:00: Fed's Goolsbee
11:30: Fed's Williams
19:45: Fed's Musalem
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⁠Wall St Engine
NVIDIA $NVDA to release a downgraded version of its H20 AI chip in China by July, per Reuters. The modified H20 will reportedly feature reduced memory capacity and performance. https://t.co/Sh8nFbcDGX
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⁠Wall St Engine
PANASONIC TO CUT ABOUT 10,000 EMPLOYEES IN JAPAN, OVERSEAS
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⁠Wall St Engine
TSMC just posted its highest-ever monthly revenue in April — NT$349.57B (≈$11.54B USD), up 48% YoY and +22% from March. https://t.co/8a8zeJwfjj
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