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US shoulders disproportionate share of new drug development costs, report find

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US shoulders disproportionate share of new drug development costs, report find

New research by the Office of Health Policy shows the U.S. shoulders a disproportionate cost when it comes to paying for prescription medication.

The report, obtained by FOX Business, shows Americans account for nearly 80% of the innovative revenue for drugs launched between 2020 and 2025. The report also shows that no other country comes close to the United States’ contribution to shouldering the cost of research and development. The next-closest country paying the cost for R&D in that timeframe is Japan, which accounts for about 5.5% of innovative revenues for new medications coming online and roughly 5.8% of innovative revenues for all medications.

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The U.S. trade representative’s office opened a new Section 301 investigation into Germany’s plan to reduce spending on pharmaceutical products on June 18. Germany accounts for nearly 3.4% of revenue for innovative medications from 2020 to 2025. The result of the investigation could allow President Donald Trump to make good on threats to add 100% tariffs on imports of pharmaceutical medications from Germany or tariffs on other imported goods from the country.

MERCK, SANOFI ARE LATEST COMPANIES TO ADD MEDICATIONS TO TRUMPRX

A pharmacy tech pulls medication from a shelf inside a pharmacy.

The U.S. trade representative’s office opened a new Section 301 investigation into Germany’s plan to reduce spending on pharmaceutical products on June 18. (George Frey/Bloomberg via Getty Images)

“I am particularly concerned with news that Germany is fast-tracking legislation that would further reduce its spending on innovative pharmaceuticals,” U.S. Trade Representative Jamieson Greer said in a statement. “This is a serious step backwards at a time when our trading partners need to step up and start paying their fair share to fund innovative pharmaceutical research and development.”

BRISTOL MYERS SQUIBB ADDING 3 MEDICATIONS ON TRUMPRX

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The USTR is taking public comment on the investigation through Aug. 10. A public hearing related to the investigation will be held on Sept. 22.

Johnson & Johnson CEO Joaquin Duato told FOX Business Network’s “Mornings with Maria” this month that “We agree with the government that we have to make other countries pay their fair share, especially Europe. And at the same time, we have to work in the middleman. The middleman captures about 50% of the value of the medicine, and we want that value to go directly to the patient to reduce their out-of-pocket costs. So in those areas, the government is always going to find us, Johnson & Johnson, working with them.”

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 231.29 +2.90 +1.27%

Trump said in a Truth Social post earlier this month that, “Most Favored Nations would not be possible without my use of TARIFFS, which are getting other Countries to ‘pay up’ instead of relying on American Patients getting ripped off, as they were for decades until I ordered an immediate ‘stop’ to this very unfair and, frankly, foolish situation.”

RISING HEALTHCARE COSTS, INSURANCE PREMIUMS NOW WORRY AMERICANS MORE THAN ANY OTHER DOMESTIC ISSUE: POLL

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Seventeen of the largest pharmaceutical companies signed deals for Most Favored Nations status for some medications.

Prescription medication in hand.

A person holds medication from a bottle in their hand. (Getty Images)

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This new report from the Office of Health Policy could be used as a basis of proof that validates the concerns of the Trump administration that the costs Americans have been paying for medications are disproportionally high compared with the rest of the developed world.

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Lionel Messi at 39 Defies Age with Strict Diet and Dedication as He Dominates on Pitch

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Argentina's Lionel Messi celebrates after scoring against Bolivia in a World Cup qualifier on Thursday

MIAMI — Lionel Messi turned 39 on Wednesday, yet the Argentine superstar continues to perform at an elite level that draws comparisons to players half his age, showcasing remarkable longevity in a physically demanding sport.

Messi’s latest displays of brilliance, including a goal against Austria where he evaded multiple defenders with precise control and finishing, have fueled discussions about the secrets behind his enduring excellence. Observers note his vision, anticipation and technical mastery remain as sharp as ever.

The Inter Miami and Argentina captain has long emphasized personal responsibility for his fitness. His approach combines disciplined nutrition, targeted training and an enduring passion for the game that keeps him motivated.

Messi began working with an Italian nutritionist around 2014, focusing on reducing inflammation through dietary changes. He significantly cut back on sugar and refined flour while emphasizing whole grains, fresh vegetables and balanced meals to fuel his body efficiently.

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This regimen supports sustained energy levels and faster recovery, allowing him to maintain high performance despite the rigors of professional soccer. Messi’s commitment extends beyond the kitchen to recovery protocols and smart workload management.

Rather than heavy weightlifting, he prioritizes flexibility, speed and functional movements tailored to soccer’s demands. The strategy helps preserve his agility and reduce injury risk as he advances in his career.

In comments reflecting on his approach, Messi highlighted a mindset focused on the present. He avoids dwelling on age, instead concentrating on his physical condition and giving full effort in every training session and match.

The forward’s dedication has produced a trophy-laden career, including World Cup glory with Argentina and consistent club success. At an age when many players retire or see diminished roles, Messi remains a central figure capable of deciding matches.

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Career Longevity in Focus

Messi’s ability to sustain world-class output stems from holistic self-management. Professional athletes often face accelerated physical decline, but targeted habits can extend prime years significantly.

His dietary discipline aligns with broader trends in sports science emphasizing anti-inflammatory foods and nutrient density. Avoiding processed items while prioritizing recovery nutrition has become a model for aspiring players.

Training philosophy also plays a key role. By focusing on sport-specific preparation over general strength building, Messi optimizes performance without unnecessary wear on his body. Regular monitoring and adjustments ensure he trains smart rather than simply training hard.

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Mental resilience complements physical preparation. Messi has spoken about his deep love for football as a driving force, helping him maintain motivation through challenges and the natural aging process.

When asked about potential participation in the 2030 World Cup, he deflected speculation. “It’s still a long way off,” Messi said, preferring to concentrate on daily responsibilities and current commitments.

This grounded perspective allows him to avoid unnecessary pressure while maximizing present opportunities with Inter Miami in Major League Soccer and the Argentina national team.

Impact and Legacy

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Messi’s influence extends far beyond statistics. His work ethic and professionalism set standards for younger teammates and global fans. Young players study his movement, decision-making and preparation routines in hopes of replicating aspects of his success.

At Inter Miami, he continues elevating the league’s profile while mentoring emerging talents. His presence draws sellout crowds and heightened competition whenever he steps on the pitch.

Argentina national team coach and teammates value his leadership and on-field intelligence. Despite turning 39, Messi’s contributions remain vital in competitive matches, where experience often proves decisive.

The soccer world watches with admiration as he challenges conventional notions of athletic prime. While genetics play a role, Messi’s consistent habits demonstrate the power of discipline and smart choices over decades.

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Broader Context in Professional Soccer

Longevity has become an increasingly studied topic as athletes seek extended careers. Advances in sports medicine, nutrition and recovery technology enable top performers to compete longer than previous generations.

Messi joins a select group of players who have excelled into their late 30s, including contemporaries like Cristiano Ronaldo. Their sustained success highlights evolving approaches to training and lifestyle management.

Clubs and national teams invest heavily in player care to maximize return on talent. Individual responsibility, however, remains crucial as seen in Messi’s proactive management of his body and career.

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As the 2026 season progresses, expectations around Messi will persist. His ability to contribute at the highest level continues inspiring debates about age and performance in elite sports.

For now, Messi focuses on daily improvement and team success. His journey offers valuable lessons on commitment, adaptability and finding joy in pursuit of excellence regardless of calendar years.

The soccer icon’s story resonates globally, reminding fans and athletes alike that sustained greatness requires more than natural talent — it demands unwavering dedication to craft and well-being.

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U.S. banks can withstand $708B in losses

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U.S. banks can withstand $708B in losses

Federal Reserve Board Governor Michelle Bowman, U.S. President Donald Trump’s nominee to be Federal Reserve vice chair for supervision, testifies before a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., April 10, 2025. 

Kevin Mohatt | Reuters

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve’s annual stress test released Wednesday.

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All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator’s hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in home prices.

The industry’s common equity tier 1 capital ratio, a key capital measure that would absorb losses in a downturn, fell by 1.6 percentage points during the exercise, remaining comfortably above required minimums. Projected losses for the group included roughly $200 billion tied to credit cards, $160 billion from commercial and industrial loans and $75 billion from commercial real estate.

“Today’s results underscore the strength of the banking system,” Federal Reserve Vice Chair for Supervision Michelle Bowman said in a release.

The annual exercise comes at a pivotal moment for bank regulation because, unlike in previous years, the results will not affect the amount of capital large banks are required to hold.

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That’s because the Fed said in February that it would leave the stress test buffers untouched until 2027 as regulators rework the methodology, heeding industry complaints, a move that could eventually reshape how much capital firms must hold against future downturns.

In a June 21 research note that described this year’s exercise as “going through the motions,” KBW analysts led by Christopher McGratty said banks are likely to remain focused on the pending Basel III Endgame proposal expected later this year rather than the stress test results themselves.

KBW estimated that if this year’s results had counted toward capital requirements, Morgan Stanley, Citigroup, Citizens Financial and KeyCorp would have seen some of the largest reductions in capital buffers.

This story is developing. Please check back for updates.

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Generation Mining Limited (GENM:CA) Shareholder/Analyst Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Jamie Levy
President, CEO & Director

Thank you all for attending. Good morning. Welcome to the 2026 Annual and Special Meeting of Generation Mining Limited. My name is Jamie Levy, and I am President and Chief Executive Officer and Director of the company. It’s my pleasure to welcome shareholders and others present in person and those watching the 3 of you in-person, thank you and those listening via Zoom to this meeting. Thank you for your interest in Generation Mining. Sorry, I’m just admitting more people here.

We will first proceed with the formal business of the meeting. As highlighted in our notice of meeting and management circular, shareholders joining us via Zoom shall not be able to vote or participate in the formal business of the meeting. Following the formal business of the meeting, I will present an update of the company and those joining us in person or participating via Zoom will have an opportunity to ask questions. Instructions on how to ask questions via Zoom will be provided after the formal business of the meeting has been completed.

The meeting now come to order. I, Jamie Levy, will act as Chair of the meeting. And with the consent of the meeting, I appoint Brian Jennings, the company’s Chief Financial Officer, act as Secretary of the meeting.

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With the consent of the meeting, I appoint TSX Trust Company, the registrar and transfer agent for the company, acting through its representative, Ms. Julie Kim, to act as scrutineer of the meeting. In order for a quorum to be present in accordance with the bylaws of the company, the scrutineer reports must show that there are not less than 2

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Athleisure Brand Vuori Targets China in Global Retail Push

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Athleisure Brand Vuori Targets China in Global Retail Push

Athleisure brand Vuori bets Chinese consumers will shell out for its stylish workout clothes in a global push that primes it to challenge rivals like Lululemon LULU 3.14%increase; up pointing triangle overseas.

The brand—known for its jogger pants as well as attire for tennis, golf and other sports—grew out of California, gaining cachet for its knack for men’s activewear. As the company cements itself in the woman’s activewear segment, it is eyeing an expansion in Asia and could snag market share in the region from rivals like Lululemon and Alo Yoga.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Bitmine Immersion 9.5% Preferred: The ETH Treasury Preferred With No Safety Net

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Bitmine Immersion 9.5% Preferred: The ETH Treasury Preferred With No Safety Net

This article was written by

Dorine is a financial journalist passionate about making crypto accessible. With three years covering digital assets, market trends, and blockchain innovation, she helps readers stay ahead of developments that move markets, without the jargon.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

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Home Depot Shares Surge Over 5 Percent as Retailer Strengthens Position in Housing Market Recovery

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Home Depot

NEW YORK — Home Depot Inc. shares climbed sharply on Wednesday, rising more than 5 percent to around $342.49 as investors responded positively to the home improvement giant’s resilience amid shifting economic conditions.

The stock’s notable gain reflected broader optimism around consumer spending in the housing sector and the company’s strategic positioning for potential market recovery. Home Depot, a bellwether for both consumer confidence and the housing industry, has navigated challenges including elevated interest rates that previously dampened big-ticket purchases.

The retailer’s performance underscores its ability to adapt through diversified offerings, supply chain efficiencies and targeted investments in e-commerce and professional contractor services. As mortgage rates show signs of stabilization, analysts anticipate improved demand for home improvement projects.

Home Depot has consistently demonstrated strength in core categories such as building materials, appliances and seasonal products. Its vast store network and online platform provide customers with comprehensive solutions for renovations, repairs and new construction support.

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Financial Performance and Strategy

The company has reported steady revenue despite macroeconomic headwinds. Comparable sales metrics have reflected a cautious consumer environment, but professional customer segments have offered relative stability.

Leadership continues emphasizing operational excellence, inventory management and customer experience enhancements. Investments in technology, including improved digital tools for contractors and DIY enthusiasts, aim to capture shifting shopping behaviors.

Home Depot’s balance sheet strength supports ongoing share repurchases, dividend growth and strategic capital expenditures. The retailer maintains a disciplined approach to expansion while returning capital to shareholders.

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Analysts have highlighted the company’s market share leadership and competitive advantages in a fragmented home improvement landscape. Pricing strategies and supplier relationships help navigate inflationary pressures on key commodities.

Housing Market Context

The U.S. housing sector has faced affordability challenges due to higher borrowing costs and limited inventory in recent years. However, improving job markets and potential rate easing could unlock pent-up demand for repairs, upgrades and new home-related spending.

Existing homeowners represent a significant opportunity as many delay selling or moving. This dynamic benefits retailers like Home Depot, which cater to maintenance and improvement needs regardless of transaction volumes.

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New construction activity, while variable, provides additional tailwinds through partnerships with builders and suppliers. Home Depot’s professional business segment has grown in importance as contractors rely on reliable, efficient sourcing.

Seasonal factors also influence performance, with spring and summer typically driving higher sales in outdoor living, gardening and project materials. The company optimizes merchandising and promotions to capitalize on these periods.

Competitive Landscape

Home Depot competes with Lowe’s and specialized retailers while facing pressure from online pure-plays and big-box general merchandisers. Its scale, assortment depth and omnichannel capabilities provide differentiation.

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Recent initiatives focus on enhancing in-store experiences, faster fulfillment and personalized recommendations. Loyalty programs and credit offerings further strengthen customer relationships and repeat business.

Supply chain investments have improved product availability and reduced costs over time. These efficiencies contribute to margin stability even as product mix evolves with market trends.

Investment Outlook

For long-term investors, Home Depot offers exposure to essential consumer spending and housing-related cycles. The company’s dividend yield and history of consistent payouts appeal to income-oriented portfolios.

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Valuation metrics reflect expectations for recovery and growth as economic conditions normalize. While sensitive to housing indicators, the retailer’s essential nature provides defensive characteristics during downturns.

Risks include prolonged high interest rates, material cost volatility and labor market shifts affecting contractor activity. Execution on digital transformation and cost management will influence future results.

The stock’s recent movement suggests renewed confidence in the company’s fundamentals and sector prospects. Market participants will monitor upcoming earnings for further insight into consumer trends and guidance.

Broader Retail Environment

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Retail spending patterns have shown resilience supported by employment gains, though discretionary categories face selectivity. Home improvement remains a priority for many households focused on property value and livability.

Home Depot’s role as an economic indicator extends beyond its financial reports. Foot traffic, basket sizes and category performance offer glimpses into homeowner confidence and spending capacity.

Sustainability initiatives and product sourcing practices increasingly influence consumer preferences. The company continues adapting to demands for eco-friendly options and responsible supply chains.

As the year progresses, attention will center on interest rate trajectories, housing inventory levels and consumer sentiment. Home Depot appears well-prepared to capitalize on any upswing while maintaining discipline in challenging periods.

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The retailer’s long track record of adaptation through economic cycles reinforces its position as a core holding for many portfolios. Continued innovation and customer focus should support sustained relevance in evolving markets.

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Elon Musk loses trillionaire status as global tech rout hits SpaceX

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Kemi Badenoch

Tech entrepreneur Elon Musk lost his trillionaire status on Tuesday, less than two weeks after becoming the first person to achieve it following SpaceX’s public debut, according to data from Bloomberg.

The Bloomberg Billionaires Index – updated daily at 17:30 in New York (22:30 BST) – valued his fortune at $957bn (£727bn) on Tuesday, down from the $1.11tn valuation less than 14 days ago.

The reversal followed a sharp retreat in SpaceX and Tesla shares as technology stocks broadly tumbled, fuelled by growing doubts over the long-term profitability of artificial intelligence.

Despite the loss, Musk remains the world’s richest person, and his wealth still dwarfs that of his nearest rivals.

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The billionaire originally made history on 12 June with the highly anticipated public market debut of his rocket company, SpaceX, on the Nasdaq exchange.

The blockbuster initial public offering (IPO) was priced at $135 per share and opened at $150 when it began trading.

The debut valued the rocket and satellite giant at more than $1.77 trillion. Because Musk owned roughly 42% of SpaceX, the listing instantly propelled his paper fortune past the $1 trillion mark.

By 16 June, surging investor enthusiasm drove SpaceX shares to a peak of $225.64, pushing Musk’s total net worth to a peak of $1.32 trillion.

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However, the market rally did not last.

Concerns over capital spending, artificial intelligence infrastructure costs, and stubborn interest rates triggered a widespread tech sell-off and hit high-flying technology giants such as Nvidia, Intel, and AMD, particularly hard.

But SpaceX shares bore the brunt of the correction, plunging more than 30% from their mid-June peak to trade around $156.

On a single turbulent Monday, 22 June, a 16% single-day drop erased an estimated $240 billion from Musk’s personal balance sheet.

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Concurrently, shares of his electric vehicle venture, Tesla, slid nearly 6% just a day later, compounding the financial damage. Musk owned about 12% of Tesla’s outstanding shares.

Musk’s trillionaire status is uniquely vulnerable due to the extreme concentration of his wealth. Unlike traditional billionaires with diversified portfolios, his fortune is almost entirely tied to equity in just two companies: SpaceX, which represents nearly 80% of his total net worth, and Tesla.

Market analysts note that post-IPO volatility is entirely standard for highly valued growth firms, though the scale of the movement reflects a deeper tug-of-war between hype and reality.

“For a stock like SpaceX, a lot of decision making might have been emotional and based on the anticipation of huge leaps forward in space exploration and utilisation, but investing should be something treated with clear eyes and patience, even when such huge numbers are involved,” said Danni Hewson, head of financial analysis at AJ Bell.

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With restrictions lifting in late July that will allow company insiders to finally sell their shares in stages, market pressure may continue.

However, because a modest 6% recovery in SpaceX stock would restore his 13-figure status, Musk may simply become the world’s first recurring trillionaire.

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Invesco Multi-Asset Income Fund Q1 2026 Commentary

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Invesco Multi-Asset Income Fund Q1 2026 Commentary

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

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Paychex, Inc. (PAYX) Q4 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Paychex, Inc. (PAYX) Q4 2026 Earnings Call June 24, 2026 9:30 AM EDT

Company Participants

Robert Schrader – Senior VP & CFO
John Gibson – President, CEO & Director

Conference Call Participants

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Bryan Keane – Citigroup Inc., Research Division
Mark Marcon – Robert W. Baird & Co. Incorporated, Research Division
Andrew Nicholas – William Blair & Company L.L.C., Research Division
Kevin McVeigh – UBS Investment Bank, Research Division
Jared Levine – TD Cowen, Research Division
Daniel Jester – BMO Capital Markets Equity Research
Jacob Cody Smith – Guggenheim Securities, LLC, Research Division
Samad Samana – Jefferies LLC, Research Division
William Qi – RBC Capital Markets, Research Division
Kartik Mehta – Northcoast Research Partners, LLC
David Grossman – Stifel, Nicolaus & Company, Incorporated, Research Division
Scott Wurtzel – Wolfe Research, LLC
Jason Kupferberg – Wells Fargo Securities, LLC, Research Division

Presentation

Operator

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Good morning, everyone, and welcome to Paychex’s Fourth Quarter Fiscal 2026 Earnings Call. Participating on the call today are John Gibson and Bob Schrader. [Operator Instructions] As a reminder, this conference is being recorded, and your participation implies consent to our recording of this call.

I would now like to turn the call over to Mr. Bob Schrader, Paychex Chief Financial Officer. Please go ahead, sir.

Robert Schrader
Senior VP & CFO

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Thank you for joining us to discuss Paychex’s fourth quarter and full year fiscal 2026 results. Our earnings release and presentation are available on our Investor Relations website. We plan to file our Form 10-K with the SEC before the end of July. This call is being webcast live and will be available for replay on our Investor Relations portal.

Today’s call includes forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ from our current

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Bristol Harbour Festival could be axed amid rising costs

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Business Live

The free festival has been running for over half a century

A flyboard display by James Prestwood at Bristol Harbour Festival (Image: Paul Box, free to use by all partners)

A flyboard display by James Prestwood at Bristol Harbour Festival(Image: Local Democracy Reporting Service / Paul Box)

Bristol Harbour Festival could be facing the chop after next year, with growing concerns that current organisers may walk away due to mounting costs.

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The warning comes after a report presented to city councillors revealed that one in four events scheduled for Bristol Harbour this year have been scrapped – 13 out of approximately 50 – owing to ‘challenging market conditions and fragility in the events sector’.

Yet the loss of the festival itself would undoubtedly be the most damaging blow of all.

When questioned by Cllr Kye Dudd (Labour, Southmead) about its future, Bristol City Council regulatory services and city events manager Jonathan Martin told the harbour committee: “The festival continues to be a challenge.

“Financially the current provider is in discussion with us about the continued viability of their involvement.

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“The investment that Bristol City Council makes for Harbour Festival has remained static for over a decade, so in real terms that has decreased significantly.

“When we went through the tendering process we were able to call on the Business Improvement District (BID) to provide a financial contribution.

“But next year when we’re into contract extension [with organisers Proud Events], there is concern that they may not want to extend the contract.

“We’re okay for next year, it’s the contract extension [that is in doubt].”

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Committee vice-chair Cllr Patrick McAllister (Green, Hotwells & Harbourside) said: “We should as a council keep an open mind as to whether it might be useful to put more subsidy in there.

“I know money is tight but this is nearly a 12:1 return on investment across the city, and this is the logic we should be approaching the BID with and saying you will be reaping the rewards of all the people in the city centre.”

Approximately 200,000 people flocked to last year’s festival, which injected almost £4.5m into the local economy.

This year’s spectacular runs from Friday, July 17, to Sunday, July 19, boasting significant changes, amongst them a fresh layout spanning from Thekla to Underfall Yard that ‘brings the city’s waterfront to the centre of the celebration’.

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Visitors can expect dockside spectacles, floating performances, circus acts, live music and family entertainment throughout the weekend.

A report submitted by council officers to the then-cabinet in 2022 concluded that sweeping changes were necessary, as the event, which is free to attend and has been running for over half a century, had become too ‘white and middle-class’.

The document highlighted that many older and disabled people, families, and Black and Asian communities were put off by the sizeable crowds and a ‘drinking culture’.

It further noted that soaring costs had rendered the existing model ‘near impossible’ to sustain.

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Bristol City Council commits £160,000 a year to the festival.

In 2023, Proud Events took over as organisers after securing a four-year contract awarded through a tender process run by the local authority.

That agreement expires following next year’s event, though a contract extension remains a possibility.

Proud Events has been contacted for comment.

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