| Revenue of $92.60M (16.33% Y/Y) misses by $253.50K
Patria Investments Limited (PAX) Q1 2026 Earnings Call May 7, 2026 9:00 AM EDT
Company Participants
Andre Medina Alexandre Teixeira de Assumpção Saigh – Co-Founder, CEO, Senior Managing Partner & Board Member Raphael Denadai – Partner & CFO
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Conference Call Participants
Craig Siegenthaler – BofA Securities, Research Division Lindsey Marie Shema – Goldman Sachs Group, Inc., Research Division Guilherme Grespan – JPMorgan Chase & Co, Research Division Nicolas Vaysselier – BNP Paribas, Research Division
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Presentation
Operator
Good day, and thank you for standing by. Welcome to the Patria First Quarter 2026 Earnings. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would like to hand over the conference to our first speaker today, Andre Medina, Investor Relations Director. Please go ahead.
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Andre Medina
Good morning, everyone. Welcome to Patria’s First Quarter 2026 Earnings Call. Speaking today are our Chief Executive Officer, Alex Saigh; and our Chief Financial Officer, Raphael Denadai, who joined us for his first earnings call in this role.
This morning, we issued a press release and earnings presentation available on our Investor Relations website and on Form 6-K filed with the SEC. A replay will be available on our IR website.
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As a reminder, today’s call contains forward-looking statements, which are subject to risks and uncertainties, do not guarantee future performance and undue reliance should not be placed on them. Please refer to the forward-looking statement disclaimer and risk factors in our most recent Form 20-F. Patria reports under IFRS and will reference certain non-IFRS measures. Reconciliations are in the earnings presentation.
With that, I’ll hand it to Alex.
Alexandre Teixeira de Assumpção Saigh Co-Founder, CEO, Senior Managing Partner & Board Member
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Thank you, Andre. Good morning, everyone. We started 2026 with solid operating performance as we continue to make progress expanding the breadth and reach of our platform. Our results
TUCSON, Ariz. — Pima County Sheriff Chris Nanos is under growing scrutiny and faces potential political consequences as the disappearance of 84-year-old Nancy Guthrie approaches 100 days with no major breakthroughs, no arrests and mounting criticism over the pace and coordination of the investigation. The case, which has drawn national attention due to Nancy’s daughter Savannah Guthrie’s prominent role on NBC’s “Today” show, remains one of the most high-profile missing persons investigations in recent Arizona history.
Savannah Guthrie & Nancy Guthrie
Nanos, who has served as sheriff since 2019, has seen his handling of the case become a focal point of public frustration. Local officials and some community leaders have quietly questioned whether leadership changes could be on the horizon if the investigation does not yield significant progress soon. While no formal calls for resignation have been made by elected officials, sources close to county government say Nanos is feeling increased internal and external pressure as the milestone approaches.
Nancy Guthrie vanished from her Catalina Foothills home on February 1, 2026. Security footage captured a masked individual near her door around the time of her disappearance. Blood evidence, a disabled Ring camera, propped-open doors and signs of a struggle led authorities to classify the incident as an abduction rather than a voluntary departure. Despite thousands of tips, extensive searches and advanced forensic testing, no suspect has been publicly named and no proof of life has emerged.
Savannah Guthrie has balanced public pleas for information with her professional duties. In recent appearances on the “Today” show, she has worn yellow — a color of hope — while urging viewers to remain vigilant. The family has offered a $1 million reward for information leading to Nancy’s safe return or the arrest of those responsible.
Investigation Faces Criticism
The case has occasionally exposed tensions between local and federal agencies. FBI Director Kash Patel publicly criticized early coordination, claiming the bureau was initially kept out for several days. Sheriff Nanos has pushed back, insisting collaboration has improved and that the investigation remains a top priority. Hundreds of law enforcement personnel have been involved at various stages, but the lack of tangible results after nearly 100 days has fueled public dissatisfaction.
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Advanced DNA testing on a rootless hair sample and potential glove DNA recovered from the home is ongoing at the FBI lab in Quantico. Genetic genealogy analysis offers hope for a breakthrough, but results have not yet yielded a suspect. Behavioral profilers have suggested the perpetrator may have sought fame or had some personal connection to the victim. Multiple ransom-style notes received by media outlets have been deemed likely hoaxes, further complicating the probe.
The unrelated discovery of ancient human bones near the home earlier this week briefly raised false hopes before forensic analysis ruled them out. The incident highlighted the challenges of searching Arizona’s desert terrain, where old remains frequently surface.
Political Pressure on Sheriff Nanos
Nanos, a Democrat elected in 2018 and re-elected in 2024, has built his reputation on community policing and transparency. However, the prolonged Nancy Guthrie case has become a political liability as local elections loom. Some Republican opponents have begun quietly positioning themselves to challenge him, citing the case as evidence of leadership shortcomings. Community activists have also voiced concerns about resource allocation and communication with the public.
A source familiar with county politics said, “The sheriff is feeling the heat. One hundred days without answers in such a high-profile case is not a good look.” Nanos has defended his department’s efforts, emphasizing the complexity of the investigation and the dedication of his team. “We are working tirelessly,” he said in a recent briefing. “Every lead is being pursued. We will not stop until we have answers for the Guthrie family.”
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Family’s Resilience and Public Support
Savannah Guthrie has shown remarkable composure amid the ordeal. She briefly stepped away from the “Today” show earlier this week due to emotional strain but returned the following day. The family continues to balance public advocacy with private grief, with five children between them navigating the uncertainty.
Elizabeth Smart, the abduction survivor who was held captive for nine months in 2002, has publicly expressed hope that Nancy could still be alive. “I absolutely believe Nancy could still be alive,” Smart said recently. She has offered private support to the Guthrie family and continues advocating for improved missing persons protocols.
The Catalina Foothills neighborhood remains on edge, with yellow ribbons symbolizing hope displayed prominently. Neighbors and the broader Tucson community have participated in searches and vigils. National media coverage has kept the case visible while the family urges focus on verified facts rather than speculation.
What Comes Next
As the case nears the 100-day mark, authorities have renewed their appeal for tips. Forensic experts say advanced DNA techniques, including genetic genealogy, remain the strongest hope for resolution. The involvement of elite labs and profilers underscores the case’s priority.
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Sheriff Nanos has vowed to continue dedicating resources to the investigation. “This case is not going away,” he said. “We owe it to Nancy and her family to keep pushing.” Whether his job security becomes tied to a breakthrough remains to be seen, but the pressure is clearly mounting as the days pass without resolution.
The disappearance of Nancy Guthrie has highlighted vulnerabilities even in protected communities and the enduring power of hope in the face of uncertainty. Whether the case ends in a joyful reunion or brings closure through other means, it has already left an indelible mark on those following the story — a testament to one family’s resilience and a community’s determination to bring answers home.
As the investigation enters its fourth month, the Guthrie family and law enforcement refuse to give up. For now, the search continues, supported by a survivor’s empathy, a family’s strength, and a sheriff fighting to keep his department’s reputation intact while racing against time.
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
OKLAHOMA CITY — As Luka Doncic continues his recovery from a Grade 2 left hamstring strain with no return date set for the Western Conference semifinals, Fox Sports commentator Skip Bayless sparked intense debate by claiming the Los Angeles Lakers are actually playing better without their star acquisition and labeling the Slovenian guard “the most inefficient player in the league.”
Luka Doncic
Bayless made the provocative statement on his show “Undisputed” on Thursday morning, just hours before the Lakers prepared for Game 3 against the Oklahoma City Thunder. “Look at the numbers. Look at the eye test. The Lakers are moving better, playing harder, and looking more cohesive without Luka,” Bayless said. “He is the most inefficient player in the league right now. The turnovers, the hero ball — they’re better off without him.”
The comments quickly went viral, drawing sharp criticism from NBA fans, players and analysts who pointed to Doncic’s elite production before the injury. Doncic averaged 33.5 points, 8 rebounds and 9 assists per game this season before suffering the hamstring injury on April 2. His absence has left the Lakers struggling, as they trail the Thunder 2-0 in the series.
Doncic has been progressing in his rehabilitation but remains sidelined. He has begun running and light on-court work, but the Lakers have ruled him out for Game 3 on Friday night at Crypto.com Arena. The original eight-week timeline from his initial MRI would push any potential return into late May. The team continues to manage his recovery cautiously to avoid re-injury.
Bayless Doubles Down on Criticism
Bayless, known for his polarizing takes, doubled down during the show, citing advanced metrics. “Look at his true shooting percentage, his assist-to-turnover ratio in big moments. The numbers don’t lie,” he said. “LeBron is playing like it’s 2018 again without having to babysit Luka’s inefficiency.”
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The remarks ignited immediate backlash. Former NBA players and current analysts pushed back strongly on social media. “Skip has lost it,” tweeted one retired star. “Luka is a top-5 player when healthy. This is just nonsense for clicks.”
LeBron James, when asked about the comments after practice, offered a measured response. “Skip is going to say what he says. I focus on what we do as a team. Luka is a special player, and we miss him,” James said. Coach JJ Redick also dismissed the narrative. “Luka is one of the best players in the world. When he’s healthy, he makes us better. Period,” Redick stated.
Lakers Struggling Without Doncic
The Lakers have looked disjointed without their Slovenian star. In Games 1 and 2, Oklahoma City exploited turnovers and defensive lapses, winning convincingly. James has shouldered a heavy load, averaging nearly 28 points, but the supporting cast has struggled to create consistent offense. Austin Reaves and Rui Hachimura have provided contributions, but the team clearly misses Doncic’s playmaking and floor spacing.
Analysts note that while the Lakers have shown occasional flashes of competitiveness, the talent gap against the deeper, more athletic Thunder has been evident. Without Doncic’s gravity and ability to draw double teams, opposing defenses have been able to load up on James and Reaves.
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Injury Details and Recovery Timeline
Doncic suffered the Grade 2 hamstring strain in the regular-season finale. The injury involves a partial tear that typically requires four to eight weeks. He traveled to Spain for specialized PRP injections shortly after the diagnosis. While PRP is a common treatment, some sports medicine experts have questioned whether more advanced regenerative options could have accelerated his recovery.
The Lakers have taken a conservative approach. Doncic has progressed to running and shooting drills but has not participated in full-contact work. An eight-week timeline from early April points to late May availability. If the Lakers advance past the Thunder, he could potentially return for the Western Conference finals. However, most insiders consider a return in the current series highly unlikely.
Broader Debate on Efficiency and Team Fit
Bayless’s comments have reignited discussions about player efficiency and team chemistry. Critics point to Doncic’s high usage rate and occasional turnover issues, while supporters highlight his elite scoring, passing and ability to elevate teammates. Advanced metrics show Doncic’s positive impact on winning when healthy, with the Lakers posting a strong net rating in games he played this season.
NBA analysts note that high-usage stars like Doncic often appear less efficient due to the volume of difficult shots they create. His playmaking opens up opportunities for teammates, even if the raw assist-to-turnover numbers sometimes draw criticism.
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LeBron James has publicly defended his teammate multiple times. “Luka is a genius on the basketball court,” James said earlier in the season. “The way he sees the game is special.”
Lakers’ Path Forward
With Doncic sidelined, the Lakers must find ways to increase scoring and defensive intensity. Redick has experimented with different lineups, emphasizing pace and three-point volume. Home-court energy at Crypto.com Arena for Game 3 will be crucial as the Lakers try to avoid falling into a 3-0 deficit.
If the series extends, the hope remains that Doncic can return and provide the spark needed to challenge the Thunder. However, medical staff continue to prioritize long-term health over short-term desperation.
What the Future Holds
The Doncic injury and the surrounding debate have highlighted the Lakers’ reliance on star power. The blockbuster trade that brought him to Los Angeles was meant to create a championship window with James, but injuries have tested those plans.
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As the series continues, all eyes remain on Doncic’s recovery timeline and the Lakers’ ability to compete without him. Bayless’s comments, whether provocative or insightful, have added fuel to an already intense playoff narrative. For now, the focus for the Lakers is survival — with or without their Slovenian superstar.
Doncic himself has expressed frustration with the slow progress but remains committed to returning stronger. “I just want to help my team win,” he said in his last public comments. As the Lakers prepare for Game 3, the basketball world watches to see if LeBron James and company can find answers against a Thunder team built for sustained contention.
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
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