Core Insights - Enterprise Products Partners (EPD) reported a revenue of $15.42 billion for the quarter ended March 2025, reflecting a year-over-year increase of 4.5% and a positive surprise of 9.42% over the Zacks Consensus Estimate of $14.09 billion [1] - The earnings per share (EPS) for the quarter was $0.64, down from $0.66 in the same quarter last year, resulting in an EPS surprise of -7.25% against the consensus estimate of $0.69 [1] Financial Performance Metrics - NGL Pipelines & Services reported daily NGL fractionation volumes of 1,652 million barrels of oil, exceeding the average estimate of 1,613.15 million barrels [4] - Fee-based natural gas processing volumes were 7,181 million barrels of oil, surpassing the estimated 7,062.97 million barrels [4] - NGL pipeline transportation volumes were 4,447 million barrels of oil, slightly below the estimate of 4,458.61 million barrels [4] - Natural gas transportation volumes reached 20,310 BBtu/D, exceeding the average estimate of 20,175.16 BBtu/D [4] - Butane isomerization volumes were 114 million barrels of oil, below the estimate of 120.07 million barrels [4] - Propylene fractionation volumes were 113 million barrels of oil, above the estimate of 104.11 million barrels [4] - Octane enhancement and related plant sales volumes were 46 million barrels of oil, significantly exceeding the estimate of 31.03 million barrels [4] - Equity NGL production was 225 million barrels of oil, surpassing the estimate of 196.18 million barrels [4] Gross Operating Margins - Gross operating margin for NGL Pipelines & Services was $1.42 billion, slightly below the average estimate of $1.46 billion [4] - Gross operating margin for Petrochemical & Refined Products Services was $315 million, below the estimate of $352.84 million [4] - Gross operating margin for Natural Gas Pipelines & Services was $357 million, exceeding the estimate of $342.12 million [4] - Gross operating margin for Crude Oil Pipelines & Services was $374 million, below the estimate of $411.62 million [4] Stock Performance - Shares of Enterprise Products have returned +2.1% over the past month, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

WELCOME TO THE Q1 2025 EARNINGS CALL May 8, 2025 © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 2 Key Updates OPERATING CASH FLOW $5.5M $27.5M Increase over Q1 2024 REVENUE $177.8M 14.5% Increase over Q1 2024 CONSOLIDATED ADJUSTED EBITDA1 $19.0M 10.7% of Revenue © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 4 • • • • • • • © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 5 ✓ • • ✓ ✓ • ✓ ✓ ✓ ✓ • • ✓ • Consolidated Adjusted EBITDA1 R ...

Financial Performance - Revenue decreased by 26% year-over-year to $36.3 million[10], or 18% on a constant currency basis[10] - GMV decreased by 11% year-over-year to $161.7 million[10], or 2% on a constant currency basis[10] - Adjusted EBITDA loss was $15.7 million[10], compared to a $4.3 million loss in Q1 2024[10] - Net loss before income tax improved from $39.6 million in Q1 2024 to $16.5 million in Q1 2025[9] Usage Metrics - Physical goods Orders grew by 21% year-over-year[9] - Quarterly Active Customers grew by 14% year-over-year[18] - Gross items sold by International sellers grew 61% year-over-year[9] Guidance - FY2025 loss before income tax is projected to be between negative $50 million and negative $55 million[9], with physical goods order growth of 20-25%[9] - GMV is projected to be between $795 million and $830 million, a year-over-year increase of 10% and 15%, respectively, excluding foreign exchange impacts[55] - FY2026 loss before income tax is projected to be between negative $25 million and negative $30 million[9]; breakeven loss before income tax is expected in Q4 2026[9] Other Key Points - Liquidity position was $110.7 million, comprised of $61.6 million in cash and cash equivalents and $49.1 million in term deposits[11] - Net cash flow used in operating activities was $21.2 million[10] - Share of PUS (Pick-up stations) in shipped packages decreased by 7 percentage points[13]

Financial Performance - Par Petroleum reported $1.75 billion in revenue for the quarter ended March 2025, reflecting a year-over-year decline of 11.9% [1] - The EPS for the same period was -$0.94, compared to $0.69 a year ago, indicating a significant drop in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.6 billion, resulting in a surprise of +8.77% [1] - The company experienced an EPS surprise of -22.08%, with the consensus EPS estimate being -$0.77 [1] Key Metrics - Total Refining - Feedstocks Throughput was 176,000 million barrels of oil per day, surpassing the average estimate of 174,703.3 million barrels [4] - Hawaii Refinery - Feedstocks Throughput was 79.4 million barrels of oil per day, slightly below the average estimate of 80.58 million barrels [4] - Montana Refinery - Feedstocks Throughput was 51.7 million barrels of oil per day, exceeding the average estimate of 50.07 million barrels [4] - Wyoming Refinery - Feedstocks Throughput was 6.3 million barrels of oil per day, above the average estimate of 6 million barrels [4] - Washington Refinery - Feedstocks Throughput was 38.6 million barrels of oil per day, slightly above the average estimate of 38.07 million barrels [4] - Retail sales volumes were 29,431 Kgal, compared to the average estimate of 30,216.58 Kgal [4] - Adjusted EBITDA for Refining was -$14.29 million, significantly lower than the average estimate of $6.05 million [4] - Adjusted EBITDA for Logistics was $29.67 million, slightly above the average estimate of $28 million [4] - Adjusted EBITDA for Retail was $18.62 million, below the average estimate of $19.90 million [4] Stock Performance - Shares of Par Petroleum have returned +14.4% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Murphy USA reported a revenue of $4.53 billion for the quarter ended March 2025, which is a decrease of 6.6% compared to the same period last year [1] - The earnings per share (EPS) for the quarter was $2.63, down from $3.12 in the previous year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $4.77 billion, resulting in a surprise of -5.05% [1] - The company experienced an EPS surprise of -32.04%, with the consensus EPS estimate being $3.87 [1] Financial Performance Metrics - Total fuel contribution was 25.4 cents per gallon, below the average estimate of 28.68 cents from three analysts [4] - Retail fuel volume for the chain was 1,131.2 million gallons, compared to the average estimate of 1,151.95 million gallons [4] - Retail fuel margin was reported at 23.7 cents per gallon, lower than the average estimate of 25.82 cents [4] - Operating revenues from petroleum product sales were $3.49 billion, which is an 8.5% year-over-year decline and below the average estimate of $3.67 billion [4] - Merchandise sales generated $999.40 million, slightly below the average estimate of $1.03 billion, representing a year-over-year change of -0.1% [4] - Other operating revenues were reported at $36.20 million, compared to the average estimate of $40.75 million, reflecting a year-over-year increase of 15.7% [4] Stock Performance - Murphy USA's shares have returned +8% over the past month, while the Zacks S&P 500 composite increased by +10.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - AppLovin reported $1.48 billion in revenue for Q1 2025, a year-over-year increase of 40.3% [1] - The EPS for the same period was $1.67, compared to $0.67 a year ago, representing a significant improvement [1] - The revenue exceeded the Zacks Consensus Estimate by 7.70%, while the EPS surprised by 15.17% [1] Financial Performance Metrics - Average Revenue Per Monthly Active Payer was $52, surpassing the estimated $48.32 [4] - Monthly Active Payers totaled 1.5 million, slightly below the estimated 1.57 million [4] - Advertising Revenue reached $1.16 billion, exceeding the average estimate of $1.05 billion, with a year-over-year change of +70.9% [4] - Apps Revenue was $325.05 million, slightly below the estimated $331.66 million, reflecting a -14.4% change year-over-year [4] - In-App Purchase revenue was $227.54 million, above the estimate of $223.60 million, showing a -12.2% year-over-year change [4] - In-App Advertising revenue was $97.51 million, below the estimate of $108.31 million, with a -19.1% change year-over-year [4] - Segment Adjusted EBITDA for Apps was $61.80 million, exceeding the estimate of $47.20 million [4] - Segment Adjusted EBITDA for Advertising was $943.23 million, compared to the average estimate of $829.36 million [4] Stock Performance - AppLovin shares returned +29.5% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Insights - Occidental Petroleum reported $6.84 billion in revenue for Q1 2025, a 13.9% year-over-year increase, with an EPS of $0.87 compared to $0.65 a year ago, although revenue fell short of the Zacks Consensus Estimate by 4.27% [1] Financial Performance - The reported revenue of $6.84 billion was below the consensus estimate of $7.15 billion, while the EPS of $0.87 exceeded the consensus estimate of $0.73 by 19.18% [1] - Net sales from oil and gas reached $5.68 billion, a 15.6% increase year-over-year, but below the average estimate of $5.71 billion [4] - Net sales from chemicals were $1.19 billion, slightly below the estimated $1.24 billion, representing a 0.2% increase year-over-year [4] - Midstream & marketing net sales were reported at $203 million, significantly higher than the estimated $429.84 million, showing a 105.1% year-over-year increase [4] - Interest, dividends, and other income amounted to $59 million, surpassing the average estimate of $38 million, reflecting a 63.9% year-over-year increase [4] Market Performance - Shares of Occidental have returned +8.8% over the past month, compared to the Zacks S&P 500 composite's +10.6% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Core Insights - Corteva, Inc. reported revenue of $4.42 billion for the quarter ended March 2025, reflecting a decrease of 1.7% year-over-year and a surprise of -2.04% compared to the Zacks Consensus Estimate of $4.51 billion [1] - The company's EPS was $1.13, which is an increase from $0.89 in the same quarter last year, resulting in an EPS surprise of +29.89% against the consensus estimate of $0.87 [1] Revenue Breakdown - Crop Protection revenue was $1.71 billion, below the four-analyst average estimate of $1.77 billion, with a year-over-year decline of -1.8% [4] - Seed revenue reached $2.71 billion, also below the four-analyst average estimate of $2.77 billion, marking a year-over-year decrease of -1.6% [4] Operating EBITDA Performance - Operating EBITDA for Crop Protection was reported at $377 million, exceeding the three-analyst average estimate of $337.09 million [4] - Operating EBITDA for Seed was $842 million, surpassing the average estimate of $738.94 million based on three analysts [4] Stock Performance - Corteva, Inc. shares have returned +12.5% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Kratos (KTOS) reported revenue of $302.6 million for Q1 2025, a year-over-year increase of 9.2%, with an EPS of $0.12 compared to $0.11 a year ago, exceeding Zacks Consensus Estimate of $292.16 million by 3.57% [1] Revenue Performance - Kratos Government Solutions generated $239.50 million, surpassing the four-analyst average estimate of $226.95 million, reflecting a year-over-year increase of 10% [4] - Unmanned Systems reported revenues of $63.10 million, slightly below the four-analyst average estimate of $65.55 million, with a year-over-year change of 6.2% [4] - Product sales reached $200.20 million, exceeding the $176.11 million average estimate from three analysts, marking a year-over-year increase of 17.3% [4] - Service revenues totaled $102.40 million, falling short of the three-analyst average estimate of $117.12 million, representing a year-over-year decline of 3.9% [4] Profitability Metrics - Gross profit from service revenues was $26.70 million, compared to the average estimate of $28.97 million from three analysts [4] - Operating income for Kratos Government Solutions was $17 million, exceeding the average estimate of $13.79 million from three analysts [4] - Unmanned Systems reported an operating loss of $1.70 million, compared to the average estimate of a $0.41 million profit from three analysts [4] - Gross profit from product sales was $46.90 million, slightly below the average estimate of $47.03 million from three analysts [4] Stock Performance - Kratos shares have returned +25.3% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Q1 2025 Q1 2025 Financial Highlights Q1 2025 Q1 2024 Revenue $24.4 million $30.7 million Adj. EBITDA1 $5.7 million $12.5 million Total Certs 27,638 28,189 (1) See reconciliation of GAAP to non-GAAP financial measures on page 5 2 23, 159, 221 149, 201, 61 20, 83, 150 Earnings Supplement 3, 102, 170 146, 192, 219 166, 166, 166 Key Performance Indicators | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | Certs | | | | | | Credit Union & Bank | | 24,215 | | 21,078 | ...