Financial Data and Key Metrics Changes - Total revenue increased by 17% year-over-year to $1.5 billion [14] - Adjusted diluted EPS grew by 5% to $1.22, while diluted EPS decreased by 10% to $1.06 [15] - Total expenses rose by 29% to $998 million, primarily due to the Paycor acquisition [15] - Cash flow from operations was $718 million for the first quarter [15] - The company returned $549 million to shareholders through dividends and share repurchases [15] Business Line Data and Key Metrics Changes - Management Solutions revenue increased by 21% to $1.2 billion, driven by the addition of Paycor and higher revenue per client [14] - PEO and Insurance Solutions revenue grew by 3% to $329 million, supported by an increase in average PEO worksite employees [14] - Interest on funds held for clients rose by 27% to $48 million due to the inclusion of Paycor balances [14] Market Data and Key Metrics Changes - The PEO business experienced mid-single-digit worksite employee growth, with strong demand and retention performance [11] - The small business employment environment remains stable, with no signs of recession and moderating wage inflation [11][12] Company Strategy and Development Direction - The integration of Paycor is on track, with targeted revenue synergies and cost synergies expected to exceed initial estimates [4][5] - The company is focusing on cross-selling opportunities, particularly in retirement, ASO, and PEO solutions to Paycor's client base [5][6] - The Partner Plus program for brokers has seen nearly double enrollment, indicating strong momentum in referral channels [7][8] - New product offerings, such as Bill Pay Powered by BILL, aim to enhance service delivery for small and mid-sized businesses [8][9] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the resilience of small businesses and expects renewed business confidence due to clarity on tariffs, taxes, and inflation [11][12] - The company anticipates total revenue growth for fiscal 2026 to be between 16.5% and 18.5%, with Management Solutions expected to grow by 20%-22% [16][17] - Adjusted operating income margin is projected to be approximately 43% [16] Other Important Information - The company has launched AI-driven tools to enhance client experiences and operational efficiency [9][10] - The integration of Paycor is expected to provide additional growth opportunities and improve overall service offerings [4][5] Q&A Session Summary Question: Update on demand environment and employer size segments - Demand remains consistent with historical trends, with increased activity and solid RPO bookings [20][21] Question: Paycor recurring revenue growth - Recurring revenue growth for Paycor is expected to be double digits for the full year, with Q1 performance in line with expectations [22][23] Question: PEO environment characterization - PEO continues to perform well with mid-single-digit worksite employee growth and record retention [25][26] Question: Direct expenses and SG&A comparison - Direct expenses showed strong leverage, while SG&A expenses were impacted by integration costs [31][32] Question: Paycor integration and recurring revenue - Integration is progressing well, with high retention rates and strong sales performance [38][39] Question: EPS increase drivers - EPS guidance was raised due to strong retention and confidence in achieving cost and revenue synergies [47][48] Question: PEO market competitiveness - The competitive environment remains stable, with a focus on value proposition rather than aggressive pricing [59][60] Question: Bill.com partnership and customer profile - The partnership aims to enhance payment capabilities for small businesses, integrating with existing platforms [65][66] Question: Regulatory environment impact - The company does not expect significant impacts from regulatory changes, with small businesses remaining resilient [82][83]

Transaction Overview - ADS will acquire National Diversified Sales (NDS) for approximately $1 billion, or $875 million when adjusted for expected tax benefits[9] - The transaction value represents a multiple of 10x NDS Adjusted EBITDA from TTM ended June 2025, inclusive of expected run-rate cost synergies[9] - Approximately $25 million of annual cost synergies are expected to be realized by year 3[9, 35] - The transaction is expected to close in the first quarter of CY2026[9] NDS Overview - NDS is a leading U S supplier of residential stormwater management, landscape irrigation and connecting flow management components for water infrastructure[10] - Landscape Irrigation accounts for approximately 30% of NDS' business mix, while Flow Management accounts for approximately 15%[12] - The Americas account for 90% of NDS' geographic revenue[12] Financial Impact - Pro forma net sales including $25 million cost synergies is approximately $3 2 billion[34] - Pro forma adjusted EBITDA including $25 million cost synergies is approximately $980 million[34] - Pro forma adjusted EBITDA margin including $25 million cost synergies is approximately 31%[34]

Group 1: Company Performance - Celsius Holdings, Inc. reported a 109% increase in adjusted EBITDA for Q2 2025, reaching $210.3 million compared to $100.4 million in the same period last year, driven by the strong performance of the Alani Nu brand and operational efficiencies [1][9] - The company expects to achieve $50 million in run-rate cost synergies within two years following the Alani Nu acquisition, with initial signs of these synergies already materializing [2] - Celsius' overall gross margin for Q2 was 51.5%, supported by lower material costs and an improved product mix, although higher input costs are anticipated to pressure margins in the second half of the year [3][9] Group 2: Industry Comparison - PepsiCo is focused on cost optimization, expecting to deliver 70% more productivity in the second half of the year as part of a multi-year effort to improve its cost structure [4] - The Coca-Cola Company has demonstrated comparable operating margin expansion through effective cost management, focusing on end-to-end revenue growth management capabilities [5] Group 3: Valuation and Estimates - Celsius shares have gained 43% in a month, significantly outperforming the industry's 1% growth [8] - The forward price-to-earnings ratio for Celsius is 47.82X, compared to the industry average of 15.7X [10] - The Zacks Consensus Estimate indicates year-over-year EPS growth of 55.7% for 2025 and 27.4% for 2026 [11]

Summary of Keurig Dr Pepper (KDP) M&A Announcement Company and Industry - **Company**: Keurig Dr Pepper (KDP) - **Industry**: Beverage Industry, specifically focusing on coffee and refreshment beverages Core Points and Arguments 1. **Acquisition Announcement**: KDP has reached a definitive agreement to acquire JDE Peet's (JDEP) for an enterprise value of $23 billion, representing an attractive valuation of approximately 13 times EV to EBITDA on a 2026 basis, or closer to 10.5 times including expected synergies [6][36] 2. **Strategic Rationale**: The acquisition aims to create a global coffee leader serving over 100 countries, combining KDP's Keurig business with JDEP's portfolio of iconic brands [6][12] 3. **Separation Plan**: Post-acquisition, KDP plans to separate into two independent publicly traded companies: Global Coffee Co. and Beverage Co., allowing each to focus on distinct growth opportunities [8][42] 4. **Financial Benefits**: The acquisition is expected to be immediately EPS accretive in year one, with projected cost synergies of $400 million annually [14][36] 5. **Market Positioning**: The combined entity will leverage complementary strengths, with KDP's innovation capabilities enhancing JDEP's global reach, creating a powerful platform in the coffee market [13][24] 6. **Growth Projections**: Global Coffee Co. is projected to achieve $16 billion in net sales, while Beverage Co. is expected to generate $11 billion in net sales, with both companies positioned for sustained growth [24][29] 7. **Investment Grade Commitment**: KDP aims to maintain an investment-grade rating post-acquisition and separation, with a focus on deleveraging and shareholder returns [40][88] Additional Important Content 1. **Market Dynamics**: The global coffee market is valued at approximately $400 billion, with steady growth driven by premiumization and innovation [22][70] 2. **Operational Independence**: Each company will have tailored strategies and operational independence, allowing for optimized capital allocation and growth models [10][15] 3. **Headquarters Locations**: Global Coffee Co. will be headquartered in Burlington, Massachusetts, while Beverage Co. will be based in Frisco, Texas [19][42] 4. **Synergy Realization**: The expected synergies will come from various areas, including logistics, procurement, and manufacturing efficiencies [38][51] 5. **Cultural Integration**: The merger is expected to create a stronger and more resilient portfolio, combining the best practices and innovations from both companies [96][97] 6. **Future Growth Opportunities**: Both companies will explore organic and inorganic growth opportunities, with Beverage Co. focusing on disruptive brands and partnerships [34][62] This summary encapsulates the key points from the KDP conference call regarding the acquisition of JDE Peet's and the subsequent strategic separation into two distinct beverage companies.

Transaction Overview - Keurig Dr Pepper (KDP) will acquire 100% of JDE Peet's for an enterprise value of $23 billion[21] - The acquisition is expected to generate $400 million in cost synergies[28,49] - Following the acquisition, a tax-free separation is planned to create two independent U S -listed companies[23] New Companies - "Global Coffee Co " will have LTM net sales of $15 9 billion[23,49] and adjusted EBITDA of $3 1 billion[49] - "Beverage Co " will have LTM net sales of $11 1 billion[23,60] and adjusted EBITDA of $3 3 billion[60] - Global Coffee Co will have approximately 40% of net sales from North America and 40% from Europe[52] Financial Details - The offer price for JDE Peet's shares is €31 85 per share[77] - The acquisition represents a 12 9x Enterprise Value to Adjusted 2026E EBITDA multiple, or 10 5x including expected cost synergies[77] - Approximately 69% of JDE Peet's holders have irrevocably agreed to tender their shares[77]

Financial Performance & Growth - Sparebanken Norge's Q2 2025 presentation highlights strong financial performance and growth following a legal merger on May 2, 2025 [2, 4] - The group's cost-to-income ratio for Q2 2025 is 29%, positioning it favorably compared to peers [8, 9] - The company reported a pro forma Return on Equity (ROE) of 18% for Q2 2025 [16] - Net interest income increased, reaching NOK 2711 million in Q2 2025 [42, 43] - Underlying cost growth is approximately 2.3%, with a pro forma cost-to-income ratio of 29% (27.4% adjusted for merger costs) [49] Lending & Deposits - The company has a gross loans portfolio of NOK 463 billion [11, 12] - Retail customer lending grew by 3.7% year-to-date, while corporate customer lending grew by 5.1% year-to-date [6] - Retail customer deposits show year-on-year growth of 11.2% [36] - Mortgage loan delinquencies (90 days) remain below 0.1% [59] Subsidiaries & Associated Companies - Eiendomsmegler Norge achieved a year-to-date pre-tax profit of NOK 49 million [75] - Borea Asset Management has Assets under Management (AUM) of NOK 18.7 billion [77] - Frende Holding's annualized ROE was 23.6% in the first half of 2025 [83] Capital Adequacy & Synergies - The Common Equity Tier 1 (CET1) ratio is 18.4% [17, 69, 70] - Realized capital synergies of approximately NOK 2 billion in Q2 2025 due to the implementation of CRR3/Basel IV [123] - Cost synergies are estimated to be greater than NOK 425 million [111, 112, 119] Future Targets & Strategy - The company aims for a Return on Equity (ROE) greater than 13% and a CET1 capital ratio greater than 16% by 2026-2028 [112, 129] - Bulder is targeting NOK 83 billion in lending [111] - Borea Asset Management is targeting > NOK 34 billion in AUM by the end of 2028 [195]

Transaction Overview - Western Union will acquire International Money Express for $1600 per share in cash[16] - The transaction is expected to close in mid-2026, pending regulatory approvals and closing conditions[18] - The acquisition is expected to yield $30 million in annual run-rate cost synergies within 24 months[16] - The transaction is expected to be immediately EPS-accretive[17] Strategic Benefits - The acquisition increases scale in high-growth LACA geographies through complementary agent networks[17] - It expands and stabilizes Western Union's U S retail footprint, enhancing resilience and improving customer access across the Americas[17] - The combined company is projected to have approximately 70000 send locations[25] - The combined company is projected to have approximately 21 million customers[25] - The combined company is projected to have approximately $2100 million in revenue[25] Financial Impact - The transaction is expected to drive an incremental $010 of Adjusted EPS in the first full year[31] - The acquisition strengthens long-term Free Cash Conversion[35]

Financial Performance - The company reported a Net Income of $0.04 million and an Adjusted Net Income of $13.2 million[9] - Adjusted EBITDA reached $69 million[9] - The company declared a dividend of $0.05 per share[9] - The company's cash position is approximately $407 million[9] - Proforma Debt and lease obligations are $1,121 million[9] - Additional liquidity of $115 million is available through undrawn revolver facilities, resulting in proforma liquidity in excess of $520 million[9] - TCE per vessel was $13,624, while average daily OPEX per vessel was $4,928, and average daily net cash G&A expenses per vessel were $1,349, resulting in TCE less OPEX less G&A expenses of $7,347[8] Shareholder Value & Fleet Management - The company repurchased approximately 3.3 million SBLK shares for $54 million during Q2 2025[9] - The company sold 9 vessels with equity proceeds of approximately $82.1 million, with $50.6 million to be received in H2 2025[9] - The company renewed its Share Repurchase program of up to $100 million[9] - The company has twelve debt free vessels with an aggregate market value of $246 million[9] Eagle Bulk Integration & Cost Synergies - Over $53 million of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024[23] - Q2 2025 Synergies are around $13 million[24] Fleet & Coverage - Fleet wide coverage for Q3 2025 is 72% at a TCE of $16,326/day[59] - The company operates a fleet of 142 vessels with an average age of ~11.9 years[37] - The company expects to receive on aggregate net sale proceeds of $104 million in Q3 and Q4 2025 and make debt prepayments of approximately $18.9 million related to the sold ships[37] Dry Bulk Market - Dry bulk trade in 2025 is projected at -0.9% in tons and +0.2% ton-miles[52] - Orderbook is relatively low at ~10.8% of the fleet (~113.2 million dwt)[46] - Vessels above 15 years of age are at ~27.7% of the fleet (~291 million dwt)[46]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter fell well below plan, reflecting a significant decline in attendance due to macro factors and extreme weather conditions [20][24][34] - The company ended the quarter with approximately $107 million in cash and cash equivalents, with total liquidity of $540 million [20] - Gross debt outstanding at the end of the second quarter was approximately $5.3 billion, with net debt to annualized second quarter adjusted EBITDA at approximately 6.2 times, above the target range of sub four times [22][34] Business Line Data and Key Metrics Changes - Attendance at Legacy Cedar Fair parks was up 3% during July, while per capita spending on admissions increased by 4% [25][30] - Per capita spending on in-park products at Legacy Cedar Fair parks was up 3%, driven by higher guest spending on food, beverage, and merchandise [25] - The company introduced a reimagined pass structure for the 2026 season pass program to enhance appeal and attract new customers [16] Market Data and Key Metrics Changes - Combined attendance was down 12% over a six-week period due to severe weather, while attendance was flat during the first seven weeks of the quarter when weather was not an issue [24] - Attendance in July was up 1%, with preliminary net revenues down approximately 3% due to pressure on guest spending [29][34] - The company experienced a surge in demand for parks in July, with season pass sales climbing rapidly [11][29] Company Strategy and Development Direction - The company is focused on optimizing assets and reducing net leverage while executing integration efforts [10][18] - A significant restructuring was completed to flatten leadership layers and improve agility, aiming for annualized labor cost reductions of over $20 million [17] - The company is actively pursuing divestitures of non-core assets to accelerate deleveraging [22][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the challenges faced in the first half of the year are largely transient and not indicative of a fundamental change in consumer behavior [49] - The company anticipates stronger second-half results with normalized weather conditions and improved demand trends [37][39] - Management remains committed to reducing leverage and is evaluating opportunities to monetize non-core assets [38][39] Other Important Information - The company incurred $11 million in non-recurring merger-related integration costs and $28 million in adjusted EBITDA add-backs during the quarter [27] - The company expects to reduce full-year operating costs and expenses by 3% compared to last year's combined cost base [18][35] Q&A Session Summary Question: Clarification on macro pressures - Management clarified that macro pressures include significant weather impacts and some pressure on lower-income consumers, but overall spending behavior at parks remains strong [44][46] Question: Impact of weather on long-term targets - Management believes the challenges faced are transient and not reflective of long-term potential, with a focus on finishing 2025 strong and building momentum for 2026 [49][50] Question: Details on divestitures - Management is actively pursuing two non-core asset sales and evaluating other potential divestitures to optimize the portfolio [58][59] Question: Cost savings and synergies - Management confirmed that the goal for permanent cost savings remains at $120 million, with a focus on realizing these synergies in the second half of the year [61][62] Question: Guidance on attendance and pricing - Management indicated that attendance is expected to be flat for the second half, with pricing strategies being adjusted based on demand trends observed in recent weeks [34][91]

Financial Overview - The third quarter net income was $63.4 million, with diluted earnings per share (EPS) of $1.22, reflecting a 2% growth in net income but a 2% decline in diluted EPS compared to the prior year due to additional shares outstanding [5][44] - Operating revenues reached $1.024 billion, up 12% year-over-year and 7% sequentially [5][6] - Total compensation and other expenses increased by 5% year-over-year and 3% sequentially, with fixed compensation and related costs up 6% year-over-year [6][7] - The trailing twelve months results showed operating revenues up 17%, net income up 26%, and EPS of $5.87, with a return on equity (ROE) of 16.6% [8] Business Line Performance - Growth was observed in securities, payments, and FX CFDs, while declines were noted in listed and OTC derivatives, physical contracts, and interest and fee income on client balances [8][9] - Operating revenues from physical contracts decreased by 17% year-over-year, primarily due to tariff-related uncertainties [9][10] - Securities operating revenues increased by 30%, driven by a 25% increase in volumes and a 15% rise in rate per million [10][11] - The commercial segment's net operating revenues declined by 24%, primarily due to a 44% drop in physical contracts [12][13] - The institutional segment saw record net operating revenues and segment income growth of 27% and 41% respectively [13][14] - The self-directed retail segment's net operating revenues increased by 18%, with segment income up 49% [14][15] Market Data - Interest and fee income on client balances decreased by 11% year-over-year, primarily due to lower short-term interest rates [11][12] - Average daily volume in FX CFD contracts increased by 34%, contributing to the growth in the self-directed retail segment [15][16] Company Strategy and Industry Competition - The company closed the RJO and Benchmark acquisitions, which are expected to be transformational and position the company as a market leader in global derivatives [18][19] - The RJO acquisition is anticipated to enhance earnings and margins, with a focus on integrating capabilities and expanding market reach [19][22] - The Benchmark acquisition is expected to provide robust sales and trading platforms, enhancing the company's investment banking capabilities [25][26] Management Commentary on Operating Environment and Future Outlook - Management noted that the commercial segment faced challenges due to tariff uncertainties and diminished volatility in key agricultural markets [50][51] - The company remains optimistic about the potential revenue synergies from the RJO acquisition, particularly in the commercial segment [56][58] - Management highlighted the ongoing uncertainty in the macro environment but noted that volatility can be beneficial for trading activities [78][79] Other Important Information - The company is focused on expanding its custody and clearing capabilities, including launching digital asset custody solutions [31][34] - The company reported a 27% year-over-year increase in correspondent clearing balances, indicating strong growth across major business lines [33][36] Q&A Session Summary Question: Can you provide more detail on the weakness in the commercial segment? - Management attributed the weakness to tariff uncertainty and lack of volatility in the agricultural sector, impacting trading volumes and revenue capture [50][51][52] Question: Any updates on revenue synergies for RJO now that it's closed? - Management indicated that while it is difficult to quantify revenue synergies immediately, they believe the potential is significant, particularly in the commercial segment [56][58] Question: What are the longer-term plans for the retail segment? - Management discussed plans to expand the retail segment beyond FX trading, focusing on a multi-asset class offering [63][66] Question: What are the priorities for the integration of RJ O'Brien? - Management outlined a focus on realizing synergies quickly, particularly on the international side, while ensuring a seamless integration process for U.S. operations [72][75] Question: Are there any changes in behavior from large financial institutions? - Management noted no significant changes in behavior from banks regarding investment in the FCM business, indicating a continued focus on other strategic priorities [84][85]