Financial Data and Key Metrics Changes - For Q3 FY2025, revenue decreased by 38% to $8.4 million compared to $13.6 million in the prior year period [11] - For the nine months ended June 30, 2025, revenue decreased by 5% to $43.3 million compared to $45.7 million in the prior year period [11] - Net loss attributable to common stockholders for Q3 FY2025 was $18.3 million, compared to a loss of $2 million in the same period last year [14] - EBITDA for Q3 FY2025 was $19.2 million, compared to $1.3 million for Q3 FY2024 [16] - Cash and cash equivalents increased to $42.1 million as of June 30, 2025, from $3.2 million at the end of FY2024 [16] Business Line Data and Key Metrics Changes - Citrus harvest volumes for Q3 FY2025 were approximately 2.1 million pound solids, down from 4.3 million pound solids in Q3 FY2024 [11] - Land Management and other operations revenue increased by 5768% for Q3 FY2025, primarily due to increased rock and sand royalty income and sod sales [12] - The company completed its last major citrus harvest in April 2025, marking a shift away from capital-intensive citrus operations [5][18] Market Data and Key Metrics Changes - The company achieved $9.3 million from combined land and equipment sales in Q3 FY2025, with year-to-date land sales reaching $23.5 million, exceeding the original guidance of $20 million [6][20] - The estimated present value of near-term real estate development projects is between $335 million and $380 million, representing significant value from just 10% of land holdings [9] Company Strategy and Development Direction - The company is transitioning to a diversified land company model, focusing on land development and diversified usage strategies [5][18] - The approval of House Bill 4,041 for the Corkscrew Grove Stewardship District is a significant regulatory milestone that supports the company's development strategy [7][19] - The company is maintaining a balance between high-value property development and diversified agricultural operations [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver enhanced long-term returns for shareholders, with expectations of approximately $20 million in adjusted EBITDA for FY2025 [20][21] - The company is positioned to end the fiscal year with at least $25 million in cash and sufficient liquidity to fund operations through FY2027 [20] Other Important Information - The company has no significant debt maturities until 2029, with total debt at $85.2 million and net debt at $43.2 million as of June 30, 2025 [17] Q&A Session Summary Question: Are you currently in discussions for additional land sales? - Management indicated that discussions are ongoing, but the timing for closing these transactions is uncertain, potentially rolling into FY2026 [25][26] Question: What are potential milestones to watch for regarding Corkscrew? - Management noted that external variables could affect the entitlement process, but they remain confident in the timeline for securing permits [27][28] Question: Will Alico partner with other groups on development? - Currently, Alico is handling the entitlement process independently, with no immediate need for partners, but they have options for future partnerships [29][30][31]

Core Viewpoint - Outdoor Holding Company is undergoing a strategic transformation focused on operational efficiency and growth in its e-commerce marketplace, GunBroker.com, following the sale of its ammunition division and corporate rebranding [4][30][33]. Financial Highlights - Net revenues for the first quarter of fiscal 2026 were $11.9 million, a slight decrease from $12.3 million in the prior year [5][6]. - Gross margin improved to 87.2%, up from 85.8% year-over-year, driven by better platform monetization and a higher mix of high-margin seller services [5][6]. - Operating expenses decreased by $0.4 million year-over-year, reflecting cost-reduction initiatives [5][6]. - The net loss from continuing operations narrowed to $5.9 million, compared to a net loss of $12.0 million in the prior year [6][8]. - Adjusted EBITDA was $3.1 million, down from $4.1 million in the previous year [6][8]. Operational Highlights - The company has seen an increase in active marketplace listings and registered user accounts, reaching 8.5 million [6][13]. - Platform upgrades included improvements in search functionality, seller programs, and buyer personalization algorithms, contributing to higher average order values [7][38]. - The company is focused on enhancing user experience and engagement to drive growth [39][42]. Strategic Initiatives - The company aims to launch universal payment processing to enhance transaction efficiency and increase gross merchandise value (GMV) [39]. - A disciplined capital allocation strategy is in place, focusing on organic growth and operational efficiency [9][30]. - The company expects to achieve a run rate of $25 million in Adjusted EBITDA within 18 months, even with flat revenue [37].

Core Insights - Koppers reported a second quarter 2025 adjusted EBITDA of $77 million with a margin of 15.3% on sales of $505 million, reflecting a 10.4% year-over-year decline in consolidated sales [1] - The company announced a $0.32 per share annual dividend for 2025, marking a 14% increase year-over-year, while also reducing full-year sales and adjusted EBITDA guidance due to ongoing demand weakness [1] - Key strategies include cost discipline, balance sheet strengthening, and strategic actions aimed at reshaping Koppers' margin trajectory and business mix in the coming years [1] Financial Performance - SG&A expenses decreased by 13% year-to-date, and the workforce was reduced by 11% since April 2024, contributing to the first adjusted EBITDA margin above 15% in eight years [2][3] - Cash flow exceeded $50 million in the quarter, and capital expenditure run rate fell below $60 million for fiscal 2025, enhancing free cash flow capacity amid demand challenges [2] Strategic Initiatives - The Catalyst transformation program was launched to target sustainable margin expansion through process reengineering, technology upgrades, and workforce upskilling [4] - The Chief Operating Officer was appointed as Chief Transformation Officer to lead this multi-phase effort, with initial assessments indicating potential for mid to high teen EBITDA margins by the end of 2027 [4] Guidance and Market Outlook - Koppers revised its consolidated sales outlook to $1.9 billion to $2 billion for 2025, down from $2.1 billion in 2024, and adjusted EBITDA guidance to $250 million to $270 million for 2025, compared to $262 million in 2024 [6][8] - Management highlighted weaker residential end-markets for wood preservatives and persistent challenges in carbon materials, with no significant improvement expected in the second half of 2025 [7][8] - Full-year 2025 adjusted EPS guidance is set at $4.00 to $4.60, with expectations for strong free cash flow and a focus on debt reduction [9]

Financial Performance - Koppers' Q2 2025 sales were $5048 million, a 104% decrease compared to $5632 million in Q2 2024[28] - Adjusted EBITDA for Q2 2025 was $771 million, slightly down from $775 million in Q2 2024[31] - The company generated cash flow exceeding $50 million in Q2[6] - Koppers is aiming for mid-to-high teens margins by the end of 2027[6] Segment Performance - Railroad and Utility Products and Services (RUPS) sales decreased from $2539 million in Q2 2024 to $2504 million in Q2 2025[95] - Performance Chemicals (PC) sales decreased from $1769 million in Q2 2024 to $1508 million in Q2 2025, a 15% volume decrease primarily in the Americas[46, 95] - Carbon Materials and Chemicals (CMC) sales decreased from $1324 million in Q2 2024 to $1036 million in Q2 2025, driven by volume decreases and lower sales prices[52, 95] Strategic Initiatives - Koppers launched "Catalyst," a strategic transformation to improve profitability and shareholder value[6, 22] - The company reduced Year-To-Date Selling, General and Administrative Expense (SG&A) by 13% compared to the prior year[6] - Koppers reduced headcount for 14 consecutive months, with Full-Time Employees (FTEs) 11% lower compared to April 2024[6] - The sale of Koppers Railroad Structures is expected to close in Q3 2025, with a 5-year sales average of $36 million and a 5-year EBITDA average of $2 million[6, 21]

Financial Data and Key Metrics Changes - For Q2 2025, normalized funds from operations (FFO) were $57.6 million or $0.35 per share, down from $0.45 per share in the prior year quarter [20] - Adjusted EBITDAre decreased by $7.7 million year over year to $163.8 million, primarily impacted by an $8.8 million increase in interest expense and lower hotel returns [20] - The gross operating profit margin percentage declined by 300 basis points to 30.2% [20] Business Line Data and Key Metrics Changes - Hotel level EBITDA declined during the quarter due to elevated labor costs and inflationary pressures, with a notable $2.4 million of negative EBITDA attributed to renovation disruptions [11][20] - The 84 hotels expected to be retained generated RevPAR of $121, an increase of 1.5% year over year, but adjusted hotel EBITDA decreased by $7 million or 11.7% year over year [21] - The net lease portfolio consists of 742 service-oriented retail net lease properties with annual minimum rents of $387 million, over 97% leased with a weighted average lease term of 7.6 years [16] Market Data and Key Metrics Changes - RevPAR increased by 40 basis points year over year, outperforming the broader industry by 90 basis points [10] - The company is on track to complete 122 hotel sales totaling nearly 16,000 keys for gross proceeds of $966 million, implying a valuation of 18.4 times hotel EBITDA of $53 million over the trailing twelve months [9][20] Company Strategy and Development Direction - The company is transforming towards becoming a predominantly net lease REIT, focusing on divesting select hotels while retaining full-service, urban, and leisure-oriented properties [7][13] - The strategic shift aims to create a portfolio with minimal capital expenditure needs and stable cash flows, enhancing tenant and geographic diversity [14][18] - The company plans to maintain its capital recycling and deleveraging strategy into 2026, pursuing further hotel dispositions as market conditions improve [13] Management's Comments on Operating Environment and Future Outlook - Management noted softness in Q3, particularly in August, with expectations for a seasonal drop in leisure travel activity [28][29] - The company anticipates a sequential decline in Q3 due to seasonality and recent headwinds in the travel and lodging industries, projecting RevPAR of $98 to $101 [22] - Management expressed confidence in the pricing achieved for hotel sales, indicating strong participation in those assets [55] Other Important Information - The company fully drew down its $650 million credit facility as a precautionary measure to preserve liquidity [24] - The expected proceeds from the sale of 114 hotels will be used to repay $450 million of senior unsecured notes maturing in October 2026 [24] - Capital expenditures for 2025 are expected to be approximately $250 million, with a significant reduction to $150 million in 2026 [26] Q&A Session Summary Question: Can you expand on the renovation disruption in Q3 and headwinds in travel and lodging? - Management noted softness in Q3, particularly in August, with a seasonal drop in leisure travel expected [28][29] Question: Is the $150 million CapEx for 2026 elevated compared to normal? - Management indicated that the $150 million represents a significant reduction from previous years, aiming for a long-term CapEx run rate closer to 10% to 12% of total revenues [30][31] Question: What is the status of the $900 million hotel sales? - Management confirmed that due diligence is complete, and deposits are hard, with incremental closings expected between Q3 and Q4 [48][49] Question: What is the outlook for net lease investments? - Management indicated that net lease acquisitions could ramp up post-closing of hotel dispositions, with a steady state expected based on current run rates [45][46] Question: How does the company plan to address debt maturities? - Management plans to use proceeds from asset sales and operational improvements to address upcoming debt maturities [61][62]

Financial Performance - Q2 2025 - Revenues for Q2 2025 were $614.5 million, compared to $582.8 million in Q2 2024[19] - Net income for Q2 2025 was $71.0 million, compared to $51.9 million in Q2 2024[19] - Adjusted EBITDA for Q2 2025 was $125.6 million, compared to $92.9 million in Q2 2024[44] - Diluted EPS for Q2 2025 was $2.31, compared to $1.67 in Q2 2024[19] Financial Performance - YTD Q2 2025 - Revenues for YTD 2025 were $1.045 billion, compared to $1.023 billion in YTD 2024[21] - Net income for YTD 2025 was $110.5 million, compared to $82.9 million in YTD 2024[21] - Adjusted EBITDA for YTD 2025 was $206.0 million, compared to $154.2 million in YTD 2024[44] - Diluted EPS for YTD 2025 was $3.59, compared to $2.66 in YTD 2024[21] Backlog and Guidance - Total Backlog was $2.01 billion with a 17.8% margin[8, 18] - The company anticipates 2025 EBITDA to be between $406 million and $421 million[31]

Strategic Transformation - The company is focusing on high-growth handheld markets aligned with opioid crisis response, defense budgets, and border security[9] - The company divested its biopharma desktop portfolio to REPLIGEN for $70 million in cash[11] - The company is targeting adjusted EBITDA profitability by Q4 2025 and cash flow positivity in 2026, driven by improved gross margins and streamlined operations[9] Financial Performance and Guidance - The company's revenue for the last twelve months as of June 30th was $54 million[15] - The company's cash balance as of June 30th was $119 million[15] - The company projects revenue from continuing operations to be between $54 million and $56 million in 2025, representing a year-over-year growth of +13% to +17%[43] - The company anticipates a return to 20%+ growth with defined catalysts[43] - The company's adjusted gross margin is expected to be in the mid-to-high 50% range[43] - Recurring revenue accounted for $9.1 million, or 37%, of total revenue in YTD 2025[45] Growth Catalysts - Equipment modernization, specifically replacing outdated FTIR devices, presents a 15,000-unit growth opportunity[40] - The launch of the next-generation MX908 device is expected to generate a replacement cycle[40] - The U S Department of Defense AVCAD program partnership represents a growth catalyst, with potential for >$10 million per year in revenue[40]

Strategic Transformation - SVC is transforming into a majority net lease REIT by selling a significant portion of its hotel portfolio[10, 18] - Anticipated gross proceeds from hotel sales in 2025 are $966 million[21] - Net lease assets will represent 71% of pro forma Adjusted EBITDAre for LTM 2Q25 after the hotel sales[21] - 114 hotels (14,925 keys) are earmarked for sale in 2H25, with $900 million under binding agreement[21] Financial Highlights - SVC's LTM Adjusted EBITDAre is $565.238 million[147] - Pro Forma Net Debt / LTM Adjusted EBITDAre is expected to be 93x after hotel dispositions[40] - SVC has $60 billion of unencumbered assets pro forma for anticipated hotel dispositions[45] Net Lease Portfolio - The net lease portfolio has 742 properties with $3865 million in annualized minimum rent[13] - TravelCenters of America (TA) accounts for 68% of annualized minimum net lease rents as of 2Q25[21] - Approximately 97% of net leases have embedded growth through contractual rent escalators[21] Hotel Portfolio - The pro forma hotel portfolio will consist of 84 hotels with 19,942 keys[23, 29] - The pro forma hotel portfolio is expected to generate $144 million in EBITDA[29] - The ADR for the pro forma hotel portfolio is expected to be $17180 and RevPAR is expected to be $10840[29]

Financial Performance & Strategic Transformation - First Foundation reported a net loss in Q2 2025, largely due to $12.1 million pre-tax impacts from loan sales[13] - Adjusting for loan transactions, the company's "core" EPS was $0.01[13] - Core PPNR was $3.6 million in Q2 2025, compared to $9.7 million in Q1 2025[13] - The company successfully sold $858 million of CRE loans during Q2 2025[8, 12] Asset Quality & Capital Management - Net charge-offs were less than 1 bps (0.00%) in Q2 2025, indicating strong credit performance[13] - Total nonperforming assets decreased by 9.1% compared to Q1 2025, reaching $40.8 million, or 0.35% of total assets[22] - CET1 ratio improved to 11.08% in Q2 2025, compared to 10.63% in Q1 2025 and 9.68% in Q3 2024[13] Deposit & Funding Strategy - Higher-cost MSR deposits were reduced by $0.5 billion, a 50% decrease, and wholesale deposits decreased by $0.2 billion, a 9% decrease[13] - The company exited $540 million of higher-cost MSR deposits (~4.60%) following loan transactions[32] - 60% of the $1.4 billion brokered CD portfolio is scheduled to mature over the next 18 months, with a weighted average interest rate of ~4.9%[32]

Financial Data and Key Metrics Changes - The company reported an organic revenue decrease of 3.5% for the quarter, consistent with earlier guidance [5][12] - Adjusted EBITDA was $393.7 million with a margin of 18.1%, reflecting significant structural cost reductions [7][19] - Diluted EPS was reported at $0.44, while adjusted diluted EPS was $0.75 [9][13] - The company returned $98 million to shareholders through share repurchases, totaling $188 million year-to-date [9][13] Business Line Data and Key Metrics Changes - Media, Data and Engagement Solutions segment saw a 3.1% organic decrease, impacted by prior account activity [15] - Integrated Advertising and Creativity segment experienced a 6.3% organic decrease, primarily due to a significant client loss in healthcare [16] - Specialized Communications and Experiential Solutions segment achieved 2.3% organic growth, led by Octagon and Momentum [17] Market Data and Key Metrics Changes - U.S. market, accounting for 66% of net revenue, decreased 2.6% organically, while international markets, making up 34% of net revenue, decreased 5.4% organically [18] - Client sector growth was led by food and beverage, financial services, and tech and telecom, while retail, healthcare, and consumer goods faced headwinds [6] Company Strategy and Development Direction - The company is focused on strategic transformation, enhancing service delivery, and leveraging technology to improve operational efficiency [8][26] - The integration with Omnicom is expected to create significant value and strengthen offerings in capabilities and geographies [6][32] - The Interact platform is being utilized to democratize data and enhance AI capabilities across the organization [26][30] Management's Comments on Operating Environment and Future Outlook - The macro environment has been more volatile than anticipated, but client engagement remains constructive [10] - The company is on track for a full-year organic net revenue decrease of 1% to 2% and expects adjusted EBITDA margin to exceed previous guidance of 16.6% [11][41] - Management expressed confidence in the long-term earnings power of the combined entity post-acquisition [50][82] Other Important Information - The company ended the quarter with $1.6 billion in cash and a gross financial debt to EBITDA ratio of 1.9 times [13][24] - The restructuring charge for the quarter was $118 million, with a significant non-cash portion [20][22] - The company has secured antitrust clearance in most jurisdictions for the acquisition by Omnicom, with completion expected in the second half of the year [42][43] Q&A Session Summary Question: Can you speak to what allowed you to realize some of those benefits faster? - Management indicated that the restructuring focused on improving service delivery and structural efficiencies, aided by industry pace of change and the upcoming acquisition [48][50] Question: Can you segment the organic growth between lapping account loss headwinds versus underlying improvement? - Management acknowledged the impact of significant account losses but noted real growth in other parts of the business, particularly in media and healthcare [52][53] Question: How is creative performing overall? - Management noted that traditional creative faces industry-wide challenges but emphasized the importance of connecting creative work to data insights for better outcomes [58][59] Question: What percentage of the business is outcome-based today? - Management stated that outcome-based components are integrated into more than 50% of contracts, indicating a growing trend in the industry [60] Question: Can you provide insights on the pro forma organization post-acquisition? - Management expressed excitement about the combined data assets and commerce capabilities, highlighting the potential for significant client benefits [90][91]