Marqeta Earnings Supplement August 6, 2025 Quarterly Total Processing Volume (TPV) 29% $71B $74B $80B $84B $91B Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 The forward-looking statements in this earnings supplement are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law. 1 Investors and others should note that Marqeta announces material financial information to its investors using its investor relations ...

Core Viewpoint - CoreCivic, Inc. has reported strong financial performance in Q2 2025, driven by increasing demand, particularly from U.S. Immigration and Customs Enforcement (ICE), leading to an increase in full-year guidance for 2025 [2][4][20]. Financial Performance - Q2 2025 net income was $38.5 million, or $0.35 per diluted share, up 103.4% from $19.0 million, or $0.17 per diluted share in Q2 2024 [5][7]. - Total revenue for Q2 2025 was $538.2 million, a 9.8% increase from the prior year quarter [7]. - Adjusted EBITDA for Q2 2025 was $103.3 million, up 23.2% from $83.9 million in Q2 2024 [11]. - Funds From Operations (FFO) for Q2 2025 was $63.5 million, or $0.58 per share, compared to $43.8 million, or $0.39 per share in Q2 2024 [12][37]. Business Developments - The company repurchased 2.0 million shares at a cost of $43.2 million during Q2 2025, part of a broader share repurchase program [4][14]. - CoreCivic acquired the Farmville Detention Center for $67 million, expected to generate approximately $40 million in annual incremental revenue [16]. - The company is reactivating previously idled facilities, including the Dilley Immigration Processing Center, which is expected to be fully operational by the end of Q3 2025 [17][19]. Updated Guidance - Revised financial guidance for 2025 includes net income projected between $116.4 million and $124.4 million, and diluted EPS between $1.08 and $1.15, reflecting strong Q2 results and updated occupancy projections [20][21]. - The guidance also anticipates continued demand for detention capacity under new legislation and policies, which may lead to further activations of idle facilities [22]. Operational Metrics - Average daily residential population in Q2 2025 was 54,026, up from 51,541 in Q2 2024, with an average occupancy rate of 76.8% [9]. - Revenue from ICE, the largest government partner, increased by 17.2% to $176.9 million in Q2 2025 compared to $151.0 million in Q2 2024 [10]. Capital Strategy - The company has a total share repurchase authorization of up to $500 million, with $237.9 million available as of June 30, 2025 [15]. - Planned capital expenditures for 2025 include $29 million to $31 million for maintenance on real estate assets and an additional $70 million to $75 million for activating previously idled facilities [23].

Core Insights - DraftKings achieved record revenue, net income, and Adjusted EBITDA in Q2 2025, with a revenue increase of 37% year-over-year to $1,513 million [2][3] - The company maintains its fiscal year 2025 revenue guidance of $6.2 billion to $6.4 billion, expecting to be closer to the high end of this range [6][12] Financial Performance - Revenue for Q2 2025 was $1,513 million, up from $1,104 million in Q2 2024, marking a $408 million increase [2][15] - Net income for Q2 2025 was $158 million, compared to $64 million in Q2 2024, reflecting a significant improvement [15][18] - Adjusted EBITDA reached $301 million in Q2 2025, compared to $128 million in Q2 2024 [18][30] Customer Metrics - Monthly Unique Payers (MUPs) increased to 3.3 million in Q2 2025, a 6% rise from Q2 2024 [6][12] - Average Revenue per MUP (ARPMUP) rose to $151, representing a 29% increase year-over-year [6][12] Strategic Initiatives - The company repurchased 6.5 million shares in the first two quarters of 2025 as part of its stock repurchase program [3] - DraftKings is preparing for the launch of mobile sports betting in Missouri, which is expected to contribute positively to future revenue [12][39] Market Presence - DraftKings operates mobile sports betting in 25 states and Washington, D.C., covering approximately 49% of the U.S. population [12] - The company is also live with iGaming in 5 states, representing about 11% of the U.S. population [12]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Core Insights - Talos Energy Inc. reported strong operational and financial results for Q2 2025, exceeding consensus estimates for Adjusted EBITDA and Adjusted Free Cash Flow, while also repurchasing shares and increasing cash reserves [3][6][13]. Financial Performance - Total revenues for Q2 2025 were $424.7 million, down from $549.2 million in Q2 2024 [44]. - The company recorded a net loss of $185.9 million, including a non-cash ceiling test impairment charge of $223.9 million [12][44]. - Adjusted EBITDA for the quarter was $294.2 million, with Adjusted Free Cash Flow of $98.5 million [6][13]. - Capital expenditures for Q2 2025 totaled $126.1 million [19]. Production and Operational Updates - Average daily production for Q2 2025 was 93.3 MBoe/d, with 69% being oil [14][27]. - Talos initiated production from the Katmai West 2 and Sunspear wells, with the latter temporarily shut in due to equipment failure [4][8]. - The company resumed drilling at the Daenerys prospect, with results expected by the end of Q3 2025 [10][27]. Corporate Strategy - Talos has implemented an enhanced corporate strategy focusing on becoming a leading pure-play offshore exploration and production company [5][6]. - The strategy includes a share repurchase program, with management planning to allocate up to 50% of annual free cash flow for this purpose [5][6]. - The company aims to increase annualized cash flow by approximately $100 million in 2026 through capital efficiency and margin enhancement [7]. Guidance and Future Outlook - For Q3 2025, Talos expects average daily production to range from 86.0 to 90.0 MBoe/d [27]. - The full-year 2025 guidance has been revised to reflect average daily production of 91.0 to 95.0 MBoe/d, with lower cash operating expenses and capital expenditures [27][29].

Core Insights - Brookdale Senior Living Inc. reported improved financial results for the second quarter of 2025, with a significant increase in occupancy rates and revenue, leading to raised annual guidance for the second consecutive quarter [2][8][11] Financial Performance - Resident fees for Q2 2025 reached $775.6 million, up from $739.7 million in Q2 2024, reflecting a 4.9% increase [3] - Facility operating expenses increased to $562.3 million from $537.5 million, a rise of 4.6% [3] - General and administrative expenses rose significantly by 17.8% to $55.0 million, primarily due to restructuring costs [3][9] - Adjusted EBITDA for Q2 2025 was $117.1 million, compared to $97.8 million in Q2 2024, marking a 19.7% increase [3][30] - The company reported a net loss of $43.0 million for Q2 2025, compared to a loss of $37.7 million in Q2 2024 [3][21] Occupancy and Revenue Metrics - The weighted average occupancy rate improved to 80.1% in Q2 2025, up 200 basis points from 78.1% in Q2 2024 [3][5] - RevPAR (Revenue per Available Room) increased to $5,080 from $4,835, reflecting a significant rise [3] - RevPOR (Revenue per Occupied Room) also saw an increase to $6,343 from $6,193 [3] Cash Flow and Liquidity - Net cash provided by operating activities improved to $83.6 million in Q2 2025, up from $55.7 million in Q2 2024 [7][10] - Adjusted Free Cash Flow for Q2 2025 was $19.9 million, a substantial increase from a negative $5.5 million in Q2 2024 [7][31] - Total liquidity as of June 30, 2025, was $350.0 million, which included $251.9 million in unrestricted cash [10] Outlook - The company has revised its full-year 2025 guidance for RevPAR growth to a range of 5.25% to 6.00%, up from the previous range of 5.00% to 5.75% [8][11] - Adjusted EBITDA guidance for the full year 2025 has been raised to a range of $445 million to $455 million [8][11]

Core Financial Performance - Western Midstream Partners, LP reported a net income attributable to limited partners of $333.8 million for Q2 2025, equating to $0.87 per common unit (diluted) [2][7] - The company achieved an Adjusted EBITDA of $617.9 million, marking the highest quarterly Adjusted EBITDA in its history [6][7] - Cash flows from operating activities totaled $564.0 million, with Free Cash Flow amounting to $388.4 million for the second quarter [2][7] Distribution and Cash Flow - A per-unit distribution of $0.910 will be paid on August 14, 2025, consistent with the prior quarter, resulting in an annualized distribution of $3.64 [4][7] - After distributions, the Free Cash Flow for Q2 2025 was $33.1 million [4] Operational Highlights - Natural gas throughput averaged 5.3 Bcf/d, a 3% increase from the previous quarter [5][8] - Crude oil and NGLs throughput averaged 532 MBbls/d, reflecting a 6% sequential increase [5][8] - Produced water throughput averaged 1,217 MBbls/d, representing a 4% increase from the prior quarter [5][8] Strategic Initiatives - The company announced the acquisition of Aris Water Solutions, Inc. for an enterprise value of approximately $2.0 billion, expected to enhance its position in midstream water services [6][9] - A new 300 MMcf/d cryogenic natural-gas processing train, North Loving Train II, has been sanctioned to increase processing capacity in West Texas [6][9] Guidance and Future Outlook - Western Midstream reaffirmed its 2025 financial guidance ranges for Adjusted EBITDA ($2.350 billion to $2.550 billion), capital expenditures ($625 million to $775 million), and Free Cash Flow ($1.275 billion to $1.475 billion) [7][10] - The impact of the Aris acquisition will be incorporated into the 2026 guidance projections, to be announced in February 2026 [10]

Core Insights - Chord Energy Corporation reported strong operational and financial results for Q2 2025, exceeding expectations in free cash flow and production volumes, while maintaining a focus on capital discipline and shareholder returns [4][7][12]. Operational and Financial Highlights - Oil production volumes reached 156.7 MBopd, exceeding guidance of 153.0 – 156.0 MBopd [6] - NGL volumes were 54.1 MBblpd, surpassing guidance of 47.3 – 48.8 MBblpd [6] - Natural gas volumes were 425.9 MMcfpd, above the guidance range of 408.5 – 421.5 MMcfpd [6] - Total production volumes were 281.9 MBoepd, exceeding the guidance of 268.3 – 275.0 MBoepd [6] - Adjusted EBITDA for Q2 2025 was $547.2 million, while adjusted free cash flow was $140.8 million [7][15] - The company returned over 90% of adjusted free cash flow to shareholders through dividends and share repurchases [7] Shareholder Returns - A base dividend of $1.30 per share was declared, payable on September 8, 2025 [9] - The company repurchased $55.0 million of common stock at an average price of $90.80 per share during Q2 2025 [10] - A new share repurchase program totaling $1 billion was authorized, replacing the existing program [11] Updated Outlook - Full-year 2025 oil production guidance was raised by 500 Bopd, with a reduction in capital expenditures by $20 million at the midpoint of guidance [12][14] - The company expects to generate approximately $2.4 billion in adjusted EBITDA and $850 million in adjusted free cash flow for the second half of 2025 [12] - The updated guidance reflects improved capital efficiency and lower operating costs, with a projected 20% increase in adjusted free cash flow compared to earlier forecasts [14] Financial Performance - Total revenues for Q2 2025 were $950.3 million, compared to $902.7 million in Q2 2024 [15] - The company reported a net loss of $389.9 million for Q2 2025, with diluted earnings per share of $(6.77) [15] - Goodwill impairment of $539.3 million was recognized due to a decline in market capitalization [17] Capital Expenditures and Liquidity - E&P and other capital expenditures for Q2 2025 were $355.6 million, at the low end of guidance [7] - As of June 30, 2025, total debt was $930 million, with cash and cash equivalents of $40.5 million [21]

Core Insights - ARKO Corp. reported solid financial results for Q2 2025, with adjusted EBITDA exceeding guidance and merchandise margin expanding year-over-year despite macroeconomic challenges [4][6][24] - The company is focused on enhancing customer experience and executing its transformation strategy, which includes converting retail stores to dealer sites and opening new format stores [4][6][24] Financial Performance - Net income for Q2 2025 was $20.1 million, up from $14.1 million in Q2 2024 [6] - Adjusted EBITDA for Q2 2025 was $76.9 million, compared to $80.1 million in the same quarter last year [6] - Merchandise margin increased to 33.6% from 32.8% year-over-year [6] - Retail fuel margin rose to 44.9 cents per gallon, up from 41.6 cents per gallon in Q2 2024 [6] Segment Highlights - The company converted 70 retail stores to dealer sites in Q2 2025, totaling 282 conversions since mid-2024 [6] - Merchandise revenue for Q2 2025 was $400.1 million, down from $474.2 million in Q2 2024 [6][9] - Fuel contribution decreased by $10.1 million, or 8.6%, compared to Q2 2024, primarily due to store closures and reduced gallon demand [10][14] Capital Allocation - The Board declared a quarterly dividend of $0.03 per share, payable on August 29, 2025 [19] - The company repurchased 2.2 million shares for approximately $9.2 million during the quarter, reflecting confidence in long-term value [20] Liquidity and Capital Expenditures - As of June 30, 2025, total liquidity was approximately $875 million, with $294 million in cash and cash equivalents [18] - Capital expenditures for Q2 2025 were approximately $45.3 million, including investments in new stores and upgrades [18] Guidance - The company expects Q3 2025 adjusted EBITDA to range between $70 million and $80 million, maintaining its full-year 2025 adjusted EBITDA guidance of $233 million to $253 million [24]

Financial Performance - Service revenue for Q2 2025 was $247.5 million, an increase of $20.0 million, or 8.8%, compared to $227.5 million in Q2 2024, driven by a 10.3% increase in partner enrollments to 117,283 [2][20] - Operating income for Q2 2025 was $51.8 million, an increase of $9.1 million, or 21.2%, compared to $42.7 million in Q2 2024, with an operating margin of 20.9% [2][20] - Net income for Q2 2025 was $41.5 million, an increase of $6.6 million, or 19.1%, compared to $34.9 million in Q2 2024, with diluted net income per share rising to $1.48 from $1.19 [2][20] Enrollment Growth - GCU enrollments increased to 113,435 at June 30, 2025, a 10.5% increase from 102,600 at June 30, 2024 [2] - University partner enrollments at off-campus sites were 4,990, a 14.0% increase from the previous year, contributing to overall enrollment growth [2] Liquidity and Capital Resources - The liquidity position increased by $49.3 million between December 31, 2024, and June 30, 2025, with unrestricted cash and cash equivalents at $373.9 million [4] - Cash provided by operations exceeded share repurchases and capital expenditures during the six months ended June 30, 2025 [4] Full Year Outlook - For Q3 2025, the company expects diluted EPS guidance of between $1.75 and $1.80, adjusted for non-cash amortization of intangible assets [5] - For the full year 2025, the diluted EPS guidance is between $8.98 and $9.14, also adjusted for non-cash amortization [7]