Financial Data and Key Metrics Changes - Q3 2025 revenues were $363.7 million, reflecting growth of nearly 3% compared to $353.6 million in Q3 2024 [16] - Adjusted EBITDA for Q3 2025 was $124.1 million, a slight decline of less than 1% from $124.7 million in the prior year [17] - Adjusted diluted EPS increased by more than 7% to $1.76 from $1.64 in Q3 2024, driven by share buybacks [17][25] Business Line Data and Key Metrics Changes - Tech and shopping revenue dropped 2% in Q3, with adjusted EBITDA down 12%, primarily due to the wind down of game publishing activities [8][20] - Health and wellness segment saw a 13% year-over-year revenue growth and 18% adjusted EBITDA growth, marking high watermarks for the division [10] - Cybersecurity and martech revenue grew 2% in Q3, driven by strong performance in consumer VPN and cloud backup [12] Market Data and Key Metrics Changes - Connectivity division delivered 2% year-over-year revenue growth, with year-to-date revenues up 7% [11] - Gaming and entertainment revenues were about 4% lower year-over-year, but adjusted EBITDA grew nearly 3% [9] - Advertising and performance marketing revenues grew 5.9% year-over-year, while subscription and licensing revenues grew by 2% [18] Company Strategy and Development Direction - The company is evaluating potential opportunities to unlock shareholder value, engaging outside advisors for this purpose [5][6] - There is a focus on maximizing value for shareholders while maintaining a profitable and growing business structure [6][7] - The company aims to continue its acquisition program while also engaging in share buybacks to capitalize on perceived valuation disconnects [15][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the disconnect between the current market value and intrinsic value is at its widest, prompting a strategic review [31] - The company remains optimistic about its performance despite industry headwinds, particularly in segments like health and wellness [55] - Management anticipates that fiscal year 2025 results will fall within the lower half of the guidance range, with Q4 expected to be the largest revenue quarter [24] Other Important Information - The company has significant cash reserves of $503.4 million and long-term investments of $119.6 million, with a gross leverage of 1.7x trailing 12 months adjusted EBITDA [22] - Year-to-date free cash flow was $261.2 million, indicating strong cash generation capabilities [25] - The company has repurchased over 3.6 million shares since the start of 2025, deploying $109 million in share buybacks [23] Q&A Session Summary Question: What are the thoughts on valuation disconnects? - Management believes the disconnect between current and intrinsic value is at its widest, with interest from strategic and private equity investors [31][32] Question: Are there any properties considered off-limits for divesting? - Management stated that nothing is off the table, but exploring opportunities for select units is likely to be more value-accretive than considering the entire company [38][39] Question: How is the company positioned regarding AI search impacts? - Management indicated that the company is well-positioned and insulated from fluctuations in search traffic, with only 17.5% of revenue exposure coming from search [40] Question: What is the outlook for advertising growth in Q4? - Management expects subscription growth to outpace advertising growth in Q4, with some softness in product launches impacting advertising [58] Question: What are the M&A opportunities in the current market? - Management sees potential for aggressive acquisitions of smaller dislocated properties, balancing share buybacks and acquisitions [65][66] Question: Is there a shift towards targeting different growth profiles in M&A? - Management emphasized a continued focus on cash-on-cash returns and free cash flow, without signaling a change in their acquisition strategy [81][83]

Q3 2025 EARNINGS PRESENTATION November 6, 2025 | 1 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, ...

Core Points - Thermo Fisher Scientific Inc. has authorized a share repurchase program of $5 billion for its common stock [1] - The share repurchase can occur in the open market or through negotiated transactions [1] - There is no expiration date for the share repurchase authorization [1] - Thermo Fisher Scientific reported annual revenue of approximately $40 billion [1]

Core Insights - Turtle Beach Corporation reported a net revenue of $80.5 million for the third quarter of 2025, with a gross margin improvement to 37.4%, reflecting a year-over-year increase of nearly 120 basis points [1][9] - The company achieved a quarterly net income of $1.7 million and reported an adjusted EBITDA of $11.0 million [1][9] - Turtle Beach reiterated its full-year revenue guidance of $340 million to $360 million and adjusted EBITDA guidance of $47 million to $53 million [1][7] Financial Performance - The gross margin increased to 37.4%, up nearly 120 basis points year-over-year, indicating effective cost optimization initiatives [3][9] - The company’s net income for the quarter was $1.7 million, compared to a net loss of $1.9 million in the same period last year [9][25] - Adjusted EBITDA for the quarter was reported at $11.0 million, down from $16.3 million in the prior year [9][25] Strategic Initiatives - Turtle Beach launched or announced over 40 new products since Q2, including officially licensed PlayStation headsets and a range of Nintendo-licensed accessories [4] - The company completed a refinancing of its debt facilities, lowering the cost of capital on the term loan by approximately 450 basis points, resulting in expected annual interest savings of over $2 million [6][9] - Share repurchases totaled approximately $10 million during the quarter, reinforcing the company’s commitment to returning capital to shareholders [5][9] Market Position and Outlook - The company is positioned to capture significant growth opportunities in the gaming accessories market, driven by strong product momentum and multiple industry growth drivers [4] - Turtle Beach's financial outlook for the full year remains positive, with expectations for continued revenue and EBITDA growth [7][9]

Core Insights - NRG Energy, Inc. reported third-quarter 2025 results, showing a decline in share price despite beating revenue and earnings expectations [1][8]. Financial Performance - Revenue for the quarter was $7.635 billion, exceeding the consensus estimate of $7.482 billion [2]. - Adjusted EPS was $2.78, surpassing the consensus of $2.10 [2]. - Quarterly operating income reached $414 million, a significant improvement from a loss of $812 million in the same quarter last year [2]. - Adjusted EBITDA increased to $1.205 billion from $1.055 billion year-over-year [3]. - Adjusted net income rose to $537 million, up $434 million year-over-year, driven by higher adjusted EBITDA [3]. - Operating cash flow for the quarter was $484 million, compared to $31 million a year ago [3]. - Free Cash Flow Before Growth Investments was reported at $828 million [3]. Liquidity Position - As of September 30, 2025, NRG had approximately $0.7 billion in unrestricted cash and $5.7 billion available through credit facilities, totaling $6.5 billion in liquidity [4]. Shareholder Returns - On October 16, 2025, NRG's Board approved a $3 billion share repurchase program through 2028 [5]. - A quarterly dividend of 44 cents per share ($1.76 annualized) was announced, payable on November 17, 2025 [5]. - The company targets $1 billion in repurchases for 2026 and plans to increase the annual dividend by 8% to $1.90 per share [5]. Future Outlook - NRG reaffirmed its 2025 capital allocation plan, aiming to return $1.3 billion via share repurchases and approximately $345 million in dividends [7]. - The outlook for adjusted EPS is set at $7.55-$8.15, with adjusted EBITDA projected between $3.875 billion and $4.025 billion [7]. - For 2026, NRG projects adjusted EBITDA of $3.925 billion to $4.175 billion and Free Cash Flow Before Growth Investments of $1.975 billion to $2.225 billion [8].

Financial Performance - ConocoPhillips reported adjusted earnings of $2.1 billion, resulting in an adjusted EPS of $1.78 [4] - The company generated $4.7 billion in cash from operations (CFO) and $1.8 billion in free cash flow (FCF), ending with a cash balance of $7.1 billion [4] - Share repurchases amounted to $1.2 billion, and $0.9 billion was returned to shareholders through ordinary dividends and VROC [4] - The average realized price was $54.18 per barrel of oil equivalent (BOE) [9] - Total adjusted earnings decreased from $2.601 billion in 3Q23 to $2.081 billion in 3Q24 [8] Operational Highlights - Total company production reached 1,917 MBOED (thousand barrels of oil equivalent per day) [5] - Record Lower 48 production was achieved at 1,147 MBOED [5] Strategic Decisions - The ordinary dividend was raised by 34%, and share repurchase authorization increased by up to $20 billion [4] - An agreement was signed to purchase additional working interests in Alaska [4] - Progress was made on the Marathon Oil acquisition, with an expected close in 4Q [4] Guidance - Full-year production is guided at 1.94 - 1.95 MMBOED (million barrels of oil equivalent per day) [21] - Fourth-quarter production is expected to be 1.99 - 2.03 MMBOED [21] - Full-year adjusted operating costs are projected to be $9.2B - $9.3B [21]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% compared to Q3 2024 [17] - Attendance decreased by approximately 240,000 guests or 3.4% year-over-year [17] - Net income for Q3 2025 was $89.3 million, down from $119.7 million in Q3 2024 [18] - Adjusted EBITDA for Q3 2025 was $216.3 million [18] - Year-to-date total revenue was $1.29 billion, a decrease of $51.9 million or 3.9% compared to the same period in 2024 [18] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1% in Q3 2025, continuing a trend of growth in 20 of the last 22 quarters [6] - Total revenue per capita decreased by 2.9%, with admission per capita down 6.3% [17] Market Data and Key Metrics Changes - International visitation declined by approximately 90,000 guests during the quarter, reversing earlier trends seen in the first half of the year [5] - The consumer environment in the U.S. is described as inconsistent, impacting attendance and spending [5][28] Company Strategy and Development Direction - The company is focused on improving operational efficiencies, driving attendance, and increasing per capita spending [9] - Upcoming attractions and events for 2025 include new rides and immersive experiences at various parks [10][11] - The company is actively pursuing international partnerships and sponsorship opportunities, with expectations of signing additional MOUs [13][49] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 results but remains confident in the ability to improve operational and financial performance [9] - The company anticipates strong revenue trends for Discovery Cove and group business, both projected to be up over 20% compared to the previous year [6][67] - Management acknowledged challenges in managing costs and is implementing new processes to address these issues [12][63] Other Important Information - The company has a strong balance sheet with a net total leverage ratio of 3.2 times and approximately $872 million in total available liquidity [19] - The company has repurchased 635,020 shares for an aggregate total of $32.2 million through November 4, 2024 [8] Q&A Session Summary Question: What happened to attendance from early August to the end of the quarter? - Management noted that attendance was impacted by weather recovery not meeting expectations and a negative calendar shift [24][25] Question: What does the inconsistent consumer environment mean? - Management indicated that while in-park spending is up, there are macro factors affecting consumer behavior that are difficult to pinpoint [28][29] Question: What drove the reversal in international visitation? - Management attributed the decline to macro factors affecting international travel, including visa and immigration issues [33][34] Question: How is attendance pacing for October? - Attendance was up in October, but not as much as desired due to weather impacts and continued international decline [41] Question: Are there differences in domestic visitor trends? - Management stated that most attendance comes from local visitors, and international attendance has been the most pronounced change [51] Question: What are the expectations for CapEx spending next year? - Management expects CapEx to remain in a similar range as the current year, focusing on investments in parks [66] Question: Is there a bifurcation in consumer trends? - Management confirmed strong performance at Discovery Cove while acknowledging some consumers are being impacted by economic factors [67][69]

Financial Data and Key Metrics Changes - Net sales for Q1 increased by $3.6 million, or 5.6% year-over-year, reaching $69 million [10] - Adjusted EBITDA rose to $6.7 million compared to $3.8 million in the prior year, with an adjusted EBITDA margin improvement of 380 basis points to 9.7% [12] - Adjusted net income for the quarter was $4.5 million, or $0.28 per diluted share, compared to $1.9 million, or $0.12 per share in the prior year [11] - Gross margin improved by 420 basis points to 22.3% due to strong cost management and favorable mix [10] Business Line Data and Key Metrics Changes - The MasterCraft segment is expected to see a retail decline of 5% to 10% for the year, with early indicators showing the company gaining market share [6][19] - The pontoon segment showed operational improvements despite market challenges, with a refreshed product lineup well received [8] Market Data and Key Metrics Changes - Retail variability continues, with early industry indicators suggesting a slight decline, but the company remains cautiously optimistic about future demand due to potential interest rate cuts [6][19] - Dealer inventory levels improved, with pipeline inventory ending the quarter 27% better than the prior year [4] Company Strategy and Development Direction - The company is focused on disciplined production planning and dealer engagement, with new product launches like the X24 and refreshed Conquest lineup driving growth [15] - Strategic partnerships and industry involvement are being strengthened to enhance brand presence and consumer experience [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding retail trends, noting that while macroeconomic conditions may dampen sentiment, there are no significant dealer failures or canceled orders [22] - The company is confident in a ramp-up of production in the second half of the fiscal year, driven by new product initiatives [14][28] Other Important Information - The company maintains a debt-free balance sheet with $67.3 million in cash and short-term investments, allowing for continued capital return to shareholders through share repurchases [12][13] - Full-year guidance for consolidated net sales is raised to between $295 million and $310 million, with adjusted EBITDA expected between $30 million and $35 million [14] Q&A Session Summary Question: Current marine consumer and retail trends - Management noted that while the industry is slightly down, the company performed well in Q1 and is gaining market share due to new products and dealer growth [18][19] Question: Dealer network and retail outlook - The changes made to the dealer network are expected to help the company outperform the industry, which is included in the anticipated 5%-10% decline [21] Question: Retail progression and interest rates - Management confirmed that while current rate cuts are factored into forecasts, future cuts are not embedded until their impact is clearer [26] Question: M&A opportunities and leverage comfort level - The company maintains flexibility in its balance sheet and is open to evaluating M&A opportunities while prioritizing shareholder returns through share buybacks [30]

Financial Performance - Net sales increased by 4.2% from $942.8 million to $982.1 million[4] - Operating income decreased by 10.7% from $173.4 million to $154.9 million[4] - Net earnings decreased by 13.0% from $114.2 million to $99.3 million[4] - Adjusted EBITDA decreased by 7.8% from $213.0 million to $196.4 million[4] - Operating cash flow increased by 12.5% from $156.7 million to $176.3 million[4] Segment Performance - Commercial Foodservice net sales increased by 2.4% to $606.0 million[9] - Residential Kitchen net sales increased by 0.9% to $174.8 million[13] - Food Processing net sales increased by 13.2% to $201.3 million[16] Regional Revenue (YTD Proforma) - United States and Canada accounted for 68% of revenue[7] - Europe and Middle East accounted for 22% of revenue[7] - Asia accounted for 6% of revenue[7] - Latin America accounted for 4% of revenue[7] Outlook and Initiatives - Q4 2025 total revenue guidance is $990-1,020 million[19] - Full year 2025 total revenue guidance is $3.85-3.89 billion[19] - The company expects to reduce shares outstanding by 6-8% annually through repurchases[25]

Financial Performance - Net sales reached $3.072 billion, a 7% increase compared to the previous year[65] - Organic sales grew by 6%, driven by electronics, healthcare, water, and industrials end-markets[14] - Operating EBITDA increased by 6% year-over-year to $840 million, attributed to organic growth and productivity[15] - Adjusted EPS remained consistent at $1.09 per share, with higher segment earnings offset by a higher tax rate[15] - Transaction-adjusted free cash flow from continuing operations was $576 million, representing a 126% conversion rate[15] Business Segments - IndustrialsCo's organic sales increased by 4%[15] - ElectronicsCo's organic sales increased by 10%[15] - Healthcare & Water Technologies sales increased by high-single digits organically[21] - Diversified Industrials sales increased by low-single digits organically[21] Strategic Initiatives - DuPont completed the spin-off of its Electronics business, Qnity, on November 1, 2025[3] - A definitive agreement was reached to sell the aramids business to TJC LP for approximately $1.2 billion in cash, a $300 million note, and a minority equity interest valued at $325 million[4] - A $2 billion share repurchase authorization was announced, with an initial $500 million accelerated share repurchase (ASR) expected to launch quickly[10] Guidance - Full-year 2025 operating EBITDA guidance was raised to approximately $1.6 billion[28] - Full-year 2025 net sales are projected to be approximately $6.840 billion[29] - Full-year 2025 adjusted EPS is projected to be approximately $1.66[29]