Financial Performance - Q2 2025 - Revenue reached $428 million[5], a 3% decrease year-over-year[21, 45] - Organic revenue grew by 5% year-over-year[21, 45] - Adjusted EBITDA was $105 million[5], a 12% decrease year-over-year[21] - Unlevered Free Cash Flow (uFCF) was $53.869 million[54] - Adjusted net income was $0.46 million[5] Segment Performance - Merchant Solutions revenue was $232.2 million[39] - Digital Wallets revenue was $201.2 million[39] - Merchant Solutions organic revenue growth was 6%[25, 47] - Digital Wallets volume increased by 15%[26] Financial Position - The company has a net leverage ratio of 5.4x[5] - Total debt is $2.551 billion[27] - Net debt is $2.285 billion[27] - Available liquidity is $414 million[27]

Financial Data and Key Metrics Changes - Net revenue increased by 4.1% year over year to $314.9 million, and gross profit increased by 5.1% to $55.1 million [5][12] - Adjusted EBITDA rose by 31.1% year over year to $13.8 million, while net income surged by 117% to $500,000 [5][14] - Gross profit margin increased by 13 basis points to 17.5% [13] Business Line Data and Key Metrics Changes - The increase in net revenue was primarily driven by volume increases and improved pricing in the meat and seafood categories [12] - Distribution, selling, and administrative expenses increased by $1.2 million to $51 million, but as a percentage of net revenue, these expenses decreased from 16.5% to 16.2% [13] Market Data and Key Metrics Changes - The company observed lower exit velocity and foot traffic towards the end of Q2 and into Q3, impacting consumer spending [6][21] - The company noted that 99% of its customers are independently run restaurants, with a mix of takeout, dine-in, and buffet types [21] Company Strategy and Development Direction - The company is committed to capital investment and growing capacity, with a focus on digital transformation and infrastructure improvements [6][16] - M&A remains a core pillar of the growth strategy, with a focus on expanding geographic footprint and capturing operational synergies [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth strategy despite short-term uncertainties, emphasizing the importance of strategic investments [6][16] - The company anticipates a lower single-digit growth rate for 2025, around 2% to 2.5%, in line with industry averages [29] Other Important Information - The company successfully deployed a new ERP application across its network, which is expected to enhance efficiency and control [7][8] - The strategic facility enhancements are expected to create organic growth opportunities through expanded cross-selling capabilities [9] Q&A Session Summary Question: How is the Asian Specialty market faring in the current environment? - Management noted that foot traffic has been impacted by recent immigration policy changes, particularly affecting buffet restaurants [20][21] Question: How to prioritize strategic investment projects? - The company is focusing on organic growth through capacity investments and is also evaluating M&A opportunities, with most projects expected to be funded through cash flow [22][25] Question: What are the growth expectations for 2025? - Management expects a growth rate of around 2% to 2.5% for 2025, with significant organic growth opportunities identified over the next three to five years [29][30] Question: What are the tariff impacts on customers? - Management indicated that while tariffs are a concern, foot traffic and consumer spending are more significant factors affecting business volume [36][39] Question: What is the expected margin benefit from the ERP implementation? - Management stated that while it is difficult to quantify exact margin expansion, the goal is to achieve a 5% EBITDA margin over the next three to five years [47]

Financial Data and Key Metrics Changes - Total client assets increased by 76% quarter over quarter, reaching over $300 billion, a record high for quarter end [4] - Adjusted EBITDA was $179 million, equating to an adjusted EBITDA margin of 50.8%, slightly higher than anticipated [5][15] - Revenue increased to $351.2 million, up 60% from the first quarter [13] - Adjusted net income with tax benefit rose to $133 million or $1.57 per diluted share [5][15] - Net leverage ratio improved to 1.2 times, the lowest level since the initial IPO [16][24] Business Line Data and Key Metrics Changes - Gross long-term flows accelerated to $15.4 billion, with net outflows at $660 million, marking the third consecutive quarter of improving long-term flows [4][19] - The ETF platform posted positive net flows of over $4 billion in the first half of the year, bringing ETF assets under management to $15 billion, up nearly 90% from the same time last year [8] - The company achieved $70 million of net expense synergies on a run rate basis, representing nearly two-thirds of the expected total of $110 million [7][20] Market Data and Key Metrics Changes - The company is now managing assets for investors in 60 countries, with over 16% of total client assets from non-U.S. investors [17][45] - The integration of the Pioneer Investments business is progressing well, enhancing diversification across channels and asset classes [6][17] Company Strategy and Development Direction - The company is focused on expanding its product range, launching new ETFs, and enhancing its global distribution capabilities through the partnership with Amundi [6][10][41] - The Board authorized an increase in the share repurchase plan from $200 million to $500 million, indicating confidence in future growth prospects [12][16] - The company is actively evaluating potential acquisition opportunities, anticipating industry consolidation to accelerate in the coming years [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current trajectory and underlying momentum in several products, particularly in fixed income and global equity [4][6] - The company aims to grow organically and is in the best position in its history to achieve this, despite industry headwinds [55][57] - Management noted that the integration of sales teams is ongoing, with expectations for continued improvement in sales efforts [70][72] Other Important Information - The company closed its Newbridge, SOFAS, and THB investment franchises, managing less than $1 billion of AUM, to allocate more resources to growth areas [11] - The effective tax rate for the quarter was 32.5%, with a normal effective tax rate expected to be approximately 25% going forward [22] Q&A Session Summary Question: Can you provide insight into the nonrecurring expenses and how quickly they will wind down? - Management indicated that $53 million of acquisition-related costs were incurred, with $26 million being one-time deal-related expenses that will not recur [28][30] Question: How does the fixed income product set fit into the current market environment? - Management expressed confidence in their fixed income capabilities, stating that they have a strong product set for various market conditions and expect growth in this area [34][36] Question: What are the expectations for non-U.S. distribution and product launches? - Management highlighted the strategic partnership with Amundi, which allows for selling products outside the U.S., and anticipates significant growth in this area [40][45] Question: What is the outlook for organic growth and flows? - Management noted improvements in net outflows and gross flows, emphasizing their goal to grow organically and invest in distribution efforts [55][57] Question: Can you specify the benefit from one-time performance fees? - Management stated that it is difficult to quantify the exact benefit from one-time fees, but various positive factors contributed to the improved fee rate [58][66]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 15% to $76.4 million, driven by strong demand for calibration and rental services [7][15] - Adjusted EBITDA grew by 15% to $11.8 million, with a margin expansion of 10 basis points [17][18] - Net income decreased by $1.1 million to $3.3 million, primarily due to higher interest expenses and taxes [16] Business Line Data and Key Metrics Changes - Service revenue grew by 12%, marking the 65th consecutive quarter of year-over-year growth [8][15] - Distribution revenue increased by 19% to $27.3 million, with gross profits rising by 24% and gross margins expanding to 35.2% [13][15] - Total organic service growth, excluding Transcat Solutions, was 2% [9] Market Data and Key Metrics Changes - The acquisition of ESCO Calibration is expected to enhance Transcat's capabilities in specialized high-end electronic calibrations, particularly in regulated markets [10][11] - The company anticipates a return to high single-digit organic service revenue growth as the fiscal year progresses [21] Company Strategy and Development Direction - The company aims to leverage acquisitions to fortify its core calibration business and expand addressable markets [21] - Continuous process improvement and automation are identified as key drivers for future service margin expansion [21] - The focus remains on generating sustainable long-term value for shareholders [21] Management's Comments on Operating Environment and Future Outlook - The macro environment presents challenges, but the diversified portfolio and strategic acquisitions position the company well for future growth [21] - Management expects to progressively improve organic revenue growth during the fiscal year, barring further economic deterioration [21][58] Other Important Information - The company closed a new five-year credit facility that nearly doubles its capital resources, providing significant financial flexibility [19] - The integration of ESCO is expected to be swift, with anticipated sales and cost synergies [11][12] Q&A Session Summary Question: What drove the strong distribution results? - Management indicated consistent demand across both core distribution and rentals, suggesting that the growth is indicative of more than just pull-in revenue due to tariffs [26][27] Question: How does ESCO compare to Martin in terms of growth potential? - Management believes ESCO can be a similarly successful acquisition as Martin, with both companies having strong regional dominance but differing specialties [31][32] Question: What is the expected growth rate for ESCO? - Management characterized ESCO's growth rate as similar to Transcat's, indicating a high-quality company with consistent growth [38] Question: How will Transcat Solutions impact overall growth? - Management expects stabilization in the solutions business, contributing to high single-digit growth in the back half of the year [41][42] Question: Is there a potential for pricing power in the current market? - Management noted that there are opportunities for growth, particularly in outsourcing calibration services to in-house labs, which could enhance pricing power [85][88] Question: How does onshoring manufacturing in the U.S. affect Transcat? - Management confirmed that any onshoring of manufacturing is beneficial for Transcat, with ongoing discussions indicating potential future growth opportunities [72][76]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $779.3 million, an increase of 51% compared to the same quarter last year, with 5% from organic growth and 46% from acquisitions [11][12] - Adjusted EBITDA was $131.7 million, an increase of 80% year-over-year, with an adjusted EBITDA margin of 16.9%, up 280 basis points from the previous year [12][14] - Net income for the quarter was $44 million, with adjusted net income at $45.2 million, or $0.81 per diluted share [12][14] - Cash provided by operating activities was $83 million, compared to $35 million in the same quarter last year [14] Business Line Data and Key Metrics Changes - The company reported a project backlog of $2.94 billion, covering approximately 80% to 85% of the next twelve months' revenue [13] - General and administrative (G&A) expenses as a percentage of total revenue decreased to 6.6% from 7.3% in the same quarter last year [11][12] Market Data and Key Metrics Changes - Strong public contract bidding was observed across eight states and over 100 local markets, supported by healthy state infrastructure budgets and federal program funds [8][9] - The company expects public spending on roads and bridges to grow substantially in fiscal year 2026, driven by state and local government initiatives [8][9] Company Strategy and Development Direction - The company continues to focus on organic growth and strategic acquisitions in growing markets, with a goal to maintain a leverage ratio of approximately 2.5 times by late fiscal 2026 [14][15] - The acquisition of Durwood Green Construction is expected to enhance operational excellence and provide vertical integration opportunities [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining fiscal year 2025 guidance, citing strong public funding, a growing private economy, and a robust backlog [10][15] - The company anticipates continued economic growth in its current markets, particularly due to migration to Sunbelt states and new investments in American manufacturing [9][10] Other Important Information - The company amended its credit agreement to increase the total facility size to $1.1 billion, extending the maturity date to June 2030 [13] - Capital expenditures for the quarter were $36.7 million, with expectations for total capital expenditures in fiscal year 2025 to be between $130 million and $140 million [14] Q&A Session Summary Question: How did the company navigate weather challenges this quarter? - Management noted that despite weather-related delays, the business performed well due to effective margin levers and operational excellence [18][19] Question: Will full utilization hinder organic growth next year? - Management clarified that full utilization does not indicate capacity constraints and that the CapEx program supports expected organic growth [20][21] Question: What is the expected M&A contribution for fiscal year 2025? - The Q4 acquisition revenue impact is projected to be between $270 million and $280 million, with a rollover benefit of $240 million to $250 million into fiscal year 2026 [22][23] Question: How is public spending for maintenance and lane expansion expected to trend? - Management indicated that contract awards for public funding are expected to increase by about 14% in fiscal year 2026, based on current budgets and programs [34] Question: What is the outlook for labor availability? - Labor shortages from COVID have dissipated, but there is a long-term concern about workforce aging, prompting proactive measures to attract and retain labor [90][92]

Financial Performance - Q2 FY25 revenue was $89.2 million, compared to $101.0 million in Q2 FY24[18] - Q2 FY25 EBITDA was $9.4 million, compared to $10.2 million in Q2 FY24[18] - The company generated $14.5 million of operating cash flow in Q2[18] - Total debt was reduced by $15.3 million in Q2, reaching $151.7 million as of March 31, 2025[18, 9, 21] - The company expects 50-55% of EBITDA to convert to debt reduction by fiscal year end[23] Strategic Initiatives and Outlook - Technology-Powered Solutions (TPS) revenue was $60.7 million in Q2 FY25[18] - TPS revenue increased sequentially by 7.1% from the prior quarter[20] - The company has over $1.0 billion in contract value under review, expecting award decisions in the second half of the fiscal year[9] - The company maintains a healthy new business pipeline with $3.5 billion in opportunities[12] - Mandatory term debt is paid through March 31, 2026, a year ahead of schedule[9, 23]

Financial Data and Key Metrics Changes - The company achieved a record performance in Q2 2025 with a 35% year-over-year revenue growth, reaching $234.5 million, and a 70% increase in consolidated adjusted EBITDA to $39.6 million, representing a 16.9% margin [7][20] - Year-to-date revenues increased by 25.5% to $412.4 million, with year-to-date consolidated adjusted EBITDA rising 46% to $58.6 million, or 14.2% of revenue [20][21] - The company reported positive GAAP net income of $18.4 million, or $0.42 per diluted share, compared to a net loss of $10.2 million in the prior year [21][22] Business Line Data and Key Metrics Changes - In the Assessment, Permitting and Response segment, Q2 revenue nearly doubled to $103.9 million, with adjusted EBITDA of $27.6 million, or 26.5% of revenue [23] - The Measurement and Analysis segment saw a revenue increase of nearly 15% to $62.8 million, with adjusted EBITDA rising to $18.3 million, or 29.1% of revenue [24][25] - The Remediation and Reuse segment's revenue increased to $67.8 million, with adjusted EBITDA growing to $10 million and a margin of 14.8% [26] Market Data and Key Metrics Changes - 80% of 2024 revenue was generated from U.S. clients, primarily in the private sector, indicating strong demand across various industries [13] - The company noted increased regulatory influence from local and state governments in the U.S., which is expected to drive continued demand for its services [14][15] Company Strategy and Development Direction - The company is focused on driving strong organic growth, generating solid cash flow, and simplifying its balance sheet, with a long-term organic revenue growth expectation of 7% to 9% annually [11][12] - The strategic priorities include capital allocation to high-return opportunities, emphasizing scalable profitability, and increasing operating and free cash flow generation [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about current and future business prospects, citing ongoing client demand for environmental science-based solutions [17] - The company anticipates minimal impact from regulatory uncertainties related to greenhouse gas regulations, as most clients operate in states with active regulations [15][16] Other Important Information - The company completed the redemption of remaining preferred shares, bringing leverage below three times pro forma [11] - The company raised its guidance for 2025, expecting revenue to surpass 2024 by 17% and adjusted EBITDA to grow 19% [12] Q&A Session Summary Question: Margins across business lines - Management indicated that margins in the Measurement and Analysis segment are expected to remain in the 18% to 22% range long-term, despite current strong performance due to operating leverage and project mix shifts [30][31] Question: Emergency response business outlook - Management noted that emergency response work is seen as an upside opportunity, with core business growth continuing independently [45][46] Question: Customer concerns - Management acknowledged that customers are dealing with macroeconomic factors but noted that planning cycles remain stable, sustaining demand for services [59][60] Question: Acquisition strategy - Management confirmed that while acquisitions are currently paused, there is a robust opportunity for future consolidation in the market [62][63] Question: PFAS activity and treatment - Management expressed optimism about the PFAS treatment business, noting regulatory developments and a growing patent portfolio that expands service offerings [39][94] Question: Organic growth drivers - Management attributed organic growth to deepening relationships with existing clients and regulatory shifts, rather than acquiring new clients [100][101]

Financial Data and Key Metrics Changes - For Q2 2025, the company generated adjusted EBITDA of $3.9 billion, an increase from $3.8 billion in Q2 2024, indicating a growth in operational performance [5] - The ECF attributable to partners was approximately $2 billion, with $2 billion spent on organic growth capital in the first half of 2025 [5] - The company expects to be at or slightly below the lower end of its guidance range of $16.1 billion to $16.5 billion for 2025 due to weakness in the Bakken and slower recovery in dry gas areas [19][20] Segment Performance Changes - NGL and refined products segment adjusted EBITDA decreased to $1 billion from $1.1 billion in 2024, impacted by lower optimization gains and blending margins [6] - Midstream segment adjusted EBITDA increased to $768 million from $693 million, driven by a 10% increase in legacy volumes in the Permian Basin [6] - Crude oil segment adjusted EBITDA decreased to $732 million from $800 million, affected by lower transportation revenues on the Bakken pipeline [7] - Interstate natural gas segment adjusted EBITDA rose to $470 million from $392 million, attributed to higher contracted volumes [8] - Intrastate natural gas segment adjusted EBITDA decreased to $284 million from $328 million, due to reduced pipeline optimization [8] Market Data and Key Metrics Changes - The company reported strong volumes in midstream gathering, crude transportation, and NGL export volumes, indicating robust market demand [5] - The Permian Basin processing volumes reached a record of nearly 5 Bcf per day, reflecting increased operational capacity [14] Company Strategy and Industry Competition - The company plans to spend approximately $5 billion on organic growth capital projects in 2025, focusing on NGL transportation and pipeline expansions [9] - New projects like the Desert Southwest Pipeline and Hugh Branson pipeline are expected to enhance the company's position in the natural gas market [10][12] - The company aims to leverage its extensive pipeline network and storage capabilities to meet growing energy demands, positioning itself as a leader in the industry [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing significant growth in energy resource demand driven by natural gas and NGLs [20] - The company is confident in its ability to meet future demand with its extensive pipeline network and strategic projects [21] - Management acknowledged challenges in the Bakken and dry gas areas but remains bullish about long-term growth prospects [19][60] Other Important Information - The company has a significant backlog of contracted growth projects expected to generate strong returns and enhance its integrated value chain [23] - The Lake Charles LNG project is progressing, with significant interest from potential customers and ongoing discussions for equity sell-down [17][18] Q&A Session Summary Question: Can you provide more detail on the commercialization efforts related to data centers? - Management highlighted the complexity and time required for data center projects, noting recent significant deals in Texas and ongoing negotiations for additional contracts [26][30][31] Question: Can you provide color on the expected build multiple for the Desert Southwest project? - Management expressed confidence in selling out the project and mentioned potential for expansion due to high demand [34][35] Question: What is the status of the Lake Charles EPC quote process? - Management confirmed that the EPC contract is progressing as expected and is aligned with their financial projections [40][42] Question: How does the company view construction cost risk sharing for the Desert Southwest project? - Management indicated a traditional structure where the midstream company bears the cost risk, with confidence in meeting estimated costs [44][55] Question: What percentage of the overall business could gas represent in the future? - Management refrained from providing an exact percentage but indicated that gas projects are expected to grow significantly as a portion of the overall business [103][104]

Business Overview - Superior Group of Companies operates three diversified businesses: Branded Products, Healthcare Apparel, and Contact Centers[9] - The company has shown revenue growth across all business segments, with a consolidated Compound Annual Growth Rate (CAGR) of 8%[11] - The company has paid uninterrupted dividends since 1977[10] Financial Performance - In 2024, total revenue was $566 million, compared to $377 million in 2019[12] - Branded Products revenue was $354 million in 2024, up from $228 million in 2019[12] - Healthcare Apparel revenue was $118 million in 2024, slightly up from $119 million in 2019[12] - Contact Centers revenue significantly increased to $93 million in 2024 from $31 million in 2019[12] Segment EBITDA (2024) - Branded Products EBITDA was $36287 thousand[87] - Healthcare Apparel EBITDA was $8749 thousand[87] - Contact Centers EBITDA was $12176 thousand[87]

RT Kadense Pengu°❗️❗️❗️ (@iamkadense)Building organic communities is not a sprint, it's a marathon and $BONK has and will be in it for the long termYou don't get to the largest community on Solana with ~1M holders with short term gamesWe keep hustling hard daily. Jobs not finished ...