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Operator

Good day, and welcome to the P3 Health Partners Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. William Hoover of Investor Relations. Please go ahead.

William Hoover

Thank you, operator, and thank you for joining us today. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the U.S. federal securities law, including statements regarding our financial outlook and long-term targets. These forward-looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof, and the company undertakes no obligation to update or revise these forward-looking statements.

We will refer to certain non-GAAP financial measures on this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per member per month, normalized adjusted EBITDA, medical margin, medical margin per member per month, and cash flow. These non-GAAP financial measures are in

Michaela founded the community uniform and children’s clothing bank at Colne Market four years ago.

Families can visit, browse and take away items they need completely free of charge, without having to formally apply.

“It was just going to be a temporary thing over the summer, and four years later we’re still at it,” she said.

“At the end of term I get loads and loads of bags.

“We’ve got a small space that we’ve been given by the local council, and we just hang it all up, nice and neat and tidy, and people are welcome to come and fill a bag with whatever they want. It’s all free.”

She said it is a “massive way of recycling”, describing how families “come down with one size, hang it up and take the next size along”.

“All that school uniform would end up in landfill otherwise,” she said.

She added that the stigma of using second-hand uniform is “definitely” lessening

“Teenagers, even more than adults, have embraced the whole second-hand culture,” she said.

“We get teenagers coming and getting their own uniform.”

According to the Department for Education (DfE), external, the average total expenditure on school uniform, based on the items required in the school year 2023/24, was just under £250 – with PE kit cost approximately £140.

A DfE spokesperson said some families would save “up to £50 per child” when the new law comes into effect at the start of the new school year, adding the government is supporting schools to take further steps to bring down the cost of individual items.

New vape shops will require planning permission and councils will get more powers to stop betting shops, under government plans aimed at improving high streets.

Prime Minister Andy Burnham said town centres had been “hollowed out” by decades of decline and “for many people, the high streets they grew up with have become unrecognisable”.

BBC News has exposed organised crime on high streets across the country, revealing shops selling illegal cigarettes and vapes, selling cannabis and cocaine, enabling illegal working and suspected money-laundering.

The Conservatives and Reform said the proposals would lead to “more empty” shops, without tax relief for other small businesses.

Burnham said the measures will give councils more power to control what businesses open in town centres.

The proposals come as the prime minister embarks on a tour of the UK, with Downing Street saying he will be in “listening mode” during his visits as he works on a “10-year plan to bring back hope”.

The plans announced by the government include:

The National Crime Agency (NCA) estimates that at least £1bn of criminal cash is laundered through high street stores in the UK each year through businesses connected to the sale of fake goods, tax evasion, illegal working and illegal drug supply.

Burnham said “the rise of vape shops, betting shops and rogue operators have replaced the shops, services, and community spaces that people are crying out for”.

He added: “That’s not on. I said we would improve Britain’s high streets, and that’s exactly what we are starting to do.

“We’re putting communities back in control and giving local people a real say over what opens on their high street.”

Nvidia has teamed up with some of Wall Street’s largest banks to help raise $500bn (£370bn) in capital to develop artificial intelligence (AI) infrastructure.

The chipmaker said it had struck deals with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, and that the banks were for the first time treating AI hardware and infrastructure, often referred to as “compute”, as a separate asset class.

“In AI, compute is revenue”, Jensen Huang, chief executive of Nvidia, said. “We are bringing the world’s leading long-term capital providers together to independently underwrite AI infrastructure.”

The financing will go towards Nvidia’s own projects and those being built by its partners.

Infrastructure projects backed by this fund will include the construction of new data centres to house, operate, and cool miles of stacked computer chips that process AI data and actions.

This will also back new factories to manufacture the AI chips needed to power these systems.

“Compute has become a critical infrastructure asset”, Joe Bae and Scott Nuttall, co-cheif executives of KKR, said in a joint statement. “As we’ve scaled our approach to digital infrastructure, we’ve learned that delivery, not ambition, is the hard part.”

Essentially every major technology and AI company uses Nvidia’s computer chips, or graphics processing units (GPUs), to power their services, AI platforms and AI chatbots.

Companies using Nvidia’s popular chips or GPUs include Google, Meta, Amazon, Microsoft, SpaceX, Tesla, OpenAI and Anthropic.

Such companies have collectively spent over $1 trillion, external in just three years on AI projects and infrastructure, with much more spending expected. And their demand for Nvidia’s chips and services has driven the stock market value of the company up five fold in three years.

In a statement on Monday, Huang referred to Nvidia’s role as a chip-maker as the company’s beginning.

“Today, we are helping create a new class of productive, investable infrastructure: AI factories,” he said.

With a new ability to tap some funding from the banks partnering with Nvidia, such banks will be able to finance more of the AI boom.

Jim Zelter, president of Apollo, a lender which manages more than $800 million in assets, said: “Modern compute has emerged as a scarce, mission-critical asset class.”

It is also “positioned to drive significant long-term economic growth and productivity gains”, Zelter added.

BlackRock last month entered into an individual deal with Meta, external to finance and take a majority ownership stake in one data centre in Texas.

Anthropic also recently entered into a deal with Macquarie Asset Management and GIC, an investment bank in Singapore, for its own build-out of AI infrastructure.

The company did not specify the size of the deal, but said more financing was needed as its popular chatbot Claude had become so popular that the “demand requires significant new compute”.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of GRID:CA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Wealthy Americans are investing in New Zealand’s “golden visas” as they look to relocate to the South Pacific nation.

The Financial Times reported that over 700 wealthy foreigners have applied for New Zealand’s golden visa in the last 14 months – an increase from 115 in the prior three years – after the government eased the criteria for approval.

Over one-third of the applications submitted since April 2025 were filed by Americans, according to the report. It also noted that Americans accounted for 277 of the applications, with many Californians expressing interest in the golden visa, which is formally known as the Active Investor Plus Visa.

The golden visa program requires applicants to make a minimum investment of $5 million New Zealand dollars over three years, with funds invested in local funds, companies or charities – though the philanthropic commitment is capped at 20% of the total investment.

PARADISE TRAVEL DESTINATION SEES ‘GOLDEN’ VISA BOOM, ROLLS OUT BRAND-NEW OFFERING

New Zealand’s golden visa program is designed to attract foreign investment to cities like Auckland, with indefinite residential status on offer. (Fiona Goodall/Bloomberg via Getty Images)

An additional 127 applicants have sought a golden visa under a separate program which entails investing $10 million in New Zealand’s passive assets, like bonds, over a five-year period.

Foreigners who receive a golden visa have the right to remain in New Zealand for an indefinite period of time, including the right to work in the country of over 5 million people.

The New Zealand government recently eased some of the other rules governing the golden visa programs, including removing an English language requirement and relaxing the amount of time required for recipients to spend in the country.

AMERICA’S ELITE LEAD BOOM OF ‘GOLDEN’ VISA APPLICATIONS TO VACATION DESTINATION

A cable car travels above the central business district in Wellington, New Zealand. (Mark Coote/Bloomberg via Getty Images)

It also reduced the minimum investment requirement from the original 2022 requirement of $15 million to either $5 million for the growth category and to $10 million for the “balanced” category, while the range of acceptable investments was also broadened for the balanced category to include bonds and property investments.

Individuals who apply for golden visas in the growth category must spend at least 21 days in New Zealand over three years, after the government eased the requirements around the amount of time that must be spent in the country.

Under the balanced investment category, holders of the golden visa must spend at least 105 days in New Zealand over five years.

LUTNICK SAYS TRUMP WANTS ‘THE TOP OF THE TOP’ WITH NEW GOLD CARD VISA PROGRAM NOW ACCEPTING APPLICATIONS

A view of Queenstown, New Zealand. (Varuth Pongsapipatt/SOPA Images/LightRocket via Getty Images / Getty Images)

However, that time-in-country requirement may be reduced by 14 days for each $1 million in New Zealand dollars invested in growth category investments up to a maximum reduction of 42 days – at which point the visa holder must spend 63 days in the country over five years.

Investments made to reduce the time requirement would have to be proposed before the visa application is approved in principle.

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Fox News Digital’s Ashley J. DiMella contributed to this report.

Operator

Good morning, and welcome to the RadNet, Inc. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mark Stolper, Executive Vice President and Chief Financial Officer. Please go ahead.

Mark Stolper
Executive VP & CFO

Thank you. Good morning, everyone, and thank you for joining Dr. Howard Berger and me today to discuss RadNet’s second quarter 2026 financial results. On this call, we have also invited Kees Wesdorp, President and CEO of Digital Health, and Sham Sokka, Chief Operating and Technology Officer of Digital Health. who will share additional information about the progress of the digital health operating segment.

Before we begin today, we’d like to remind everyone of the safe harbor statement under the Private Securities Litigation Reform Act of 1995. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning anticipated future financial and operating performance, RadNet’s ability to continue to grow the business by generating patient referrals and contracts with radiology practices, recruiting and retaining technologists, receiving third-party reimbursement for diagnostic imaging services, successfully integrating acquired operations, generating revenue and adjusted EBITDA for the acquired operations as estimated, successfully selling and licensing digital health solutions, among

Investor Ross Gerber is pitching Elon Musk on a new kind of smartphone: one built around Starlink’s satellite network, powered by artificial intelligence, and stripped of the app-based interface that has defined mobile devices for nearly two decades.

Gerber, the chief executive of Gerber Kawasaki Wealth and Investment Management and a longtime commentator on Musk’s companies, laid out the concept in a series of posts on the social platform X over the weekend. He described envisioning a Starlink-powered phone with roughly three days of battery life that would abandon traditional app icons entirely in favor of a single, instruction-driven interface. According to Gerber, the device would simply do what it’s told, functioning less like a conventional smartphone and more like a direct extension of an AI assistant.

The idea emerged partly as a response to a competing device concept from OpenAI. Gerber criticized reports of a smart speaker under development at the Sam Altman-led company, calling the move an “obvious miss” and arguing that a phone-based approach, rather than a stationary speaker, made more sense as a vehicle for consumer AI. Details of OpenAI’s hardware plans have circulated for months amid broader industry speculation about a wave of new AI-native devices, including wearables and other non-traditional form factors, following high-profile hires and partnerships in the space.

In his vision for the Starlink phone, Gerber said the device would be able to connect to the internet anywhere in the world by relying on SpaceX’s satellite network rather than traditional cellular infrastructure, and that it would come with a fixed-rate cost structure rather than the tiered data plans typically offered by wireless carriers. The pitch drew on Starlink’s existing reputation for providing connectivity in remote or underserved areas, a capability SpaceX has marketed heavily since the satellite internet service’s public launch.

The concept gained additional traction in the replies to Gerber’s posts, where another user directly suggested that Musk build a Starlink-branded smartphone, adding that they would switch away from their current wireless carrier if such a device became available. Gerber endorsed the idea in his response, saying, “Many would buy one just as a back up… I have two starlink systems.” His reply pointed to Starlink hardware’s existing appeal among a subset of consumers already using the satellite service as a backup or supplemental connection alongside traditional broadband or cellular service.

Neither Musk nor SpaceX has publicly responded to Gerber’s proposal, and there has been no indication that a Starlink-branded phone is currently in development. Musk has, however, spoken recently about expanding Starlink’s role in connected devices more broadly. The billionaire recently discussed plans to eventually equip what he described as billions of vehicles with Starlink connectivity, following the appearance of a Tesla robotaxi, sometimes referred to as a cybercab, spotted testing in Dallas equipped with a Starlink dish. Musk has framed satellite-based connectivity as one of the only practical ways to deliver high-bandwidth internet access to a global fleet of connected vehicles, given the limitations of relying solely on terrestrial cellular networks.

Gerber’s proposal comes at a notable moment for SpaceX, whose stock traded higher in premarket activity Monday. Shares climbed more than 3% to above $137, pushing the stock back above its initial public offering price of $135 per share after a stretch of declines in recent weeks. SpaceX had fallen sharply from its post-IPO high in the weeks following its public listing, a decline that drew commentary from other market watchers questioning whether the stock’s valuation had run ahead of the company’s near-term fundamentals. Despite Monday’s rebound, ranking data tracked by Benzinga has continued to show an unfavorable price trend for the stock across short, medium and long-term measures.

The idea of a satellite-connected, AI-driven phone touches on several trends converging across the technology industry in 2026, as major players race to define what a truly AI-native device might look like. Apple, Google and a range of startups have all faced questions in recent months about how artificial intelligence assistants might eventually reshape or replace the app-centric interface that has defined smartphones since the iPhone’s debut in 2007. OpenAI’s reported hardware ambitions, along with device concepts from other AI labs, reflect a broader industry bet that voice- and instruction-based interaction could eventually reduce reliance on the grid-of-apps format that has dominated mobile computing for nearly two decades.

For SpaceX and Starlink specifically, a phone concept would represent a significant expansion beyond the company’s current hardware lineup, which has centered on satellite dishes and routers designed for home, business and vehicle connectivity rather than handheld consumer devices. Musk has previously discussed direct-to-cell satellite technology enabling standard smartphones to connect to Starlink’s network without specialized hardware, a service SpaceX has been rolling out in partnership with wireless carriers including T-Mobile in the United States. A dedicated Starlink-branded phone, as described in Gerber’s posts, would go further by building satellite connectivity directly into a standalone device rather than layering it onto existing carrier networks.

Whether Musk or SpaceX ultimately act on Gerber’s suggestion remains unclear, and no formal announcement or roadmap for such a device has been made public. For now, the proposal remains a piece of investor commentary rather than a confirmed product in development, though it adds to a growing public conversation about what shape the next generation of AI-driven consumer hardware might take.