Core Insights - Evolution Petroleum Corporation reported a significant improvement in net income and a 41% increase in adjusted EBITDA to $8.0 million for the fiscal second quarter ended December 31, 2025, alongside the declaration of its 15th consecutive cash dividend of $0.12 per share [1][2][25]. Financial & Operational Highlights - Average production increased by 6% year-over-year to 7,380 barrels of oil equivalent per day (BOEPD) [2][6]. - Total revenues rose by 2% to $20.7 million compared to $20.3 million in the same quarter last year, driven by a 6% increase in production and a 22% rise in realized natural gas prices [10][11]. - Net income was reported at $1.1 million, a turnaround from a net loss of $1.8 million in the prior year [14]. - Adjusted net income improved to $0.3 million from a loss of $0.8 million year-over-year [14][15]. - Adjusted EBITDA increased by 41% to $8.0 million, attributed to higher natural gas revenues and reduced lease operating costs [15][19]. Production & Pricing - The average realized price for crude oil decreased by 16% to $55.42 per barrel, while natural gas prices increased by 22% to $3.32 per thousand cubic feet (MCF) [17][18]. - Total production included approximately 2,098 BOPD of crude oil, 4,065 BOEPD of natural gas, and 1,217 BOEPD of natural gas liquids (NGLs) [17]. Development & Acquisitions - The company expanded its mineral and royalty platform, completing four acquisitions in the Haynesville-Bossier Shale for a total estimated net consideration of $4.5 million, adding approximately 321 net royalty acres [6][19]. - The acquisitions are expected to enhance cash flow and dividend coverage, with a payback period of under three years [6][19]. Operational Efficiency - Lease operating costs improved to $11.5 million, with a per-unit cost of $16.96 per BOE, down from $20.05 per BOE in the previous year [11]. - The transition from electric submersible pumps to rod pumps in the Chaveroo field has improved lifting efficiency and stabilized production, resulting in performance trending approximately 5% above initial expectations [6][7]. Balance Sheet & Liquidity - As of December 31, 2025, the company had cash and cash equivalents of $3.8 million and outstanding borrowings of $54.5 million [23][24]. - The company paid $4.2 million in dividends during the quarter and incurred $0.9 million in capital expenditures [24].

Core Insights - Zillow Group reported strong financial results for Q4 and full-year 2025, achieving all full-year financial targets, including positive net income, while gaining market share in both For Sale and Rentals [1] - The company’s Q4 revenue increased by 18% year-over-year to $654 million, and full-year 2025 revenue rose by 16% to $2.6 billion, outperforming the residential real estate industry by significant margins [1][2] - Zillow's CEO highlighted the company's unique position to drive growth through innovative technology and a deeply engaged audience, celebrating 20 years of operation [1] Financial Performance - Q4 2025 For Sale revenue was $475 million, an 11% increase year-over-year, while Mortgages revenue surged by 39% to $57 million due to a 67% rise in purchase loan origination volume to $1.5 billion [1] - Residential revenue for Q4 2025 reached $418 million, up 8% year-over-year, benefiting from growth in agent and software offerings [1] - Adjusted EBITDA for Q4 was $149 million, representing a 33% increase from $112 million in Q4 2024, with an Adjusted EBITDA margin of 23% [1][3] Market Position - The residential real estate industry grew by 3% in Q4 and for the full year 2025, indicating Zillow outperformed the industry by 1,500 basis points in Q4 and 1,300 basis points for the full year [1] - Zillow's traffic to its apps and sites increased by 8% year-over-year to 221 million average monthly unique users, with visits up 2% to 2.1 billion [3] Non-GAAP Financial Measures - Adjusted net income for Q4 was $98 million, compared to $68 million in Q4 2024, with diluted adjusted net income per share rising to $0.39 from $0.27 [3] - Adjusted free cash flow for Q4 was $125 million, up from $78 million in Q4 2024, indicating strong cash generation capabilities [3][5]

Core Insights - Red Rock Resorts reported a 5.4% increase in Adjusted EBITDA for Q4 2025, reaching $213.3 million compared to $202.4 million in Q4 2024 [1] - The company's net income for Q4 2025 decreased by 3.5% to $84.6 million from $87.7 million in Q4 2024 [1] - Total net revenues for Q4 2025 increased by 3.2% to $511.8 million, up from $495.7 million in the same period of 2024 [1] Fourth Quarter Results - Adjusted EBITDA for consolidated operations was $213.3 million, a rise of $10.9 million from $202.4 million in Q4 2024 [1] - Net income for the fourth quarter was $84.6 million, down by $3.1 million from $87.7 million in Q4 2024 [1] - Net revenues reached $511.8 million, an increase of $16.1 million from $495.7 million in Q4 2024 [1] - Las Vegas operations contributed $231.1 million in Adjusted EBITDA, up 3.2% from $223.9 million in Q4 2024 [1] - Net revenues from Las Vegas operations were $505.0 million, an increase of $12.4 million from $492.6 million in Q4 2024 [1] Full Year Results - Adjusted EBITDA for the full year 2025 was $848.6 million, a 6.6% increase from $795.9 million in 2024 [1] - Net income for 2025 rose by 22.1% to $355.7 million, compared to $291.3 million in 2024 [1] - Total net revenues for 2025 were $2.01 billion, an increase of $72.5 million from $1.94 billion in 2024 [1] - Las Vegas operations generated $915.9 million in Adjusted EBITDA, a 4.2% increase from $879.4 million in 2024 [1] - Net revenues from Las Vegas operations for 2025 were $1.98 billion, up by $55.7 million from $1.93 billion in 2024 [1] Balance Sheet Highlights - Cash and cash equivalents at the end of Q4 2025 were $142.5 million [1] - Total principal amount of debt outstanding was $3.4 billion at the end of Q4 2025 [1] Dividends - The Board of Directors declared a cash dividend of $0.26 per Class A common share for Q1 2026, payable on March 31, 2026 [1] - A special dividend of $1.00 per Class A common share was also declared, payable on February 27, 2026 [1]

Core Viewpoint - Jumia Technologies AG reported disappointing fourth-quarter EPS results, leading to a significant decline in share price despite revenue exceeding expectations [1][6]. Group 1: Earnings Report - The company reported a fourth-quarter EPS loss of 8 cents, which was worse than Wall Street's expectation of a 5 cent loss [2]. - Revenue for the fourth quarter was $61.395 million, slightly above the consensus estimate of $60.657 million, marking a year-over-year increase from $45.7 million, representing a 34% growth [2]. Group 2: Operational Performance - Jumia experienced a 36% increase in gross merchandise value (GMV), reaching $279.5 million, indicating improved platform activity [3]. - The operating loss improved to $10.6 million, and the adjusted EBITDA loss narrowed to $7.3 million, reflecting progress in profitability metrics [3]. Group 3: Liquidity Position - The company ended the quarter with a liquidity position of $77.8 million, and net cash used in operating activities decreased to $1.7 million from $26.5 million a year ago, indicating reduced cash burn [4]. Group 4: Future Guidance - For 2026, Jumia projected GMV growth of 27% to 32% and an adjusted EBITDA loss of $25 to $30 million, with a goal of achieving adjusted EBITDA breakeven in Q4 2026 and full-year profitability in 2027 [5]. - The company plans to exit the Algerian market, which accounted for about 2% of 2025 GMV, to focus on higher-potential markets [5].

Presentation IMPORTANT NOTICE This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which m ...

Financial Data and Key Metrics Changes - Total operating revenue for the full year 2025 was $430.4 million, an increase of 10.7% compared to 2024 [11] - Operating revenue for the fourth quarter of 2025 was $105.4 million, an increase of 11.5% over the fourth quarter of 2024 [11] - Adjusted EBITDA for the full year 2025 was $40.2 million, essentially unchanged from 2024, while fourth quarter adjusted EBITDA was $9.2 million, an increase of 32% year-over-year [11][12] - The adjusted operating ratio for the fourth quarter improved modestly compared to the prior year despite challenges [6][11] Business Line Data and Key Metrics Changes - The company delivered over 2.3 million vehicles in 2025, representing a 16.2% increase from 2024, although revenue per unit decreased by about 6% [5][12] - The fourth quarter revenue and unit volumes each increased over 11% year-over-year, driven by the Brothers' acquisition and new business wins [6] Market Data and Key Metrics Changes - The automotive market peaked in March and April 2025, but the remainder of the year was weaker than expected, with a lower year-over-year seasonal volume push in the fourth quarter [5][6] - January 2026 saw lower-than-forecasted SAR, potentially the lowest monthly SAR in several years due to severe winter weather impacting dealership operations [8] Company Strategy and Development Direction - The company aims for continued margin expansion and market share gains, focusing on sustainable profitability and reinvestment [9][10] - The forecast for SAR in 2026 is lower than 2025 actual, with growth expected to come from internal initiatives rather than market conditions [13] - The company is prioritizing profitability over top-line growth, making disciplined choices regarding business retention and new contracts [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying resiliency of the automotive market, supported by replacement demand and lower interest rates [9] - The company anticipates improved consumer demand in the coming months as weather impacts ease and sales incentives remain strong [8] - Management noted that while the market environment was challenging in 2025, they are optimistic about potential improvements in the second half of 2026 [70] Other Important Information - A non-cash goodwill impairment charge of $27.8 million was recorded during the quarter, reflecting changes in market conditions [8] - The company’s net debt to trailing 12-month adjusted EBITDA improved from 2.2x to 1.5x, enhancing flexibility for future capital structure decisions [12] Q&A Session Summary Question: Expectations for Q1 revenue and operating ratio - Management expects sequential revenue to be down but modest improvement in operating ratio [21] Question: Impact of tightening capacity in the auto hauling market - Management noted that non-domiciled CDL issues are impacting driver recruitment but the company is somewhat insulated due to its hiring practices [23] Question: Revenue per unit expectations for 2026 - Management anticipates stability in revenue per unit, with no significant increases expected [28] Question: Capital allocation priorities - The company will prioritize debt paydown but remains open to M&A opportunities [30] Question: Updates on revenue mix and competitive pricing - Management indicated that a healthier demand environment is needed for spot market recovery, and they are maintaining discipline in pricing [35][39] Question: Updates on contract awards and market share gains - Management reported some new contract awards but also noted losses due to pricing dynamics [48] Question: M&A pipeline and expectations for 2026 - The company is actively engaged in developing a pipeline and expects to make 1-2 acquisitions in 2026 [53]

| Three Months Ended, | Quarter-Over | Twelve Months | | Year | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Ended, | | Over | | | | | | | December 31, | Quarter | December | | Year | | | | | | | | | 31, | | | | | | | | | 2025 | 2024 | Change | | 2025 | | 2024 | Change | | | | (In thousands, except per | (In thousands, except per | | | | | | | | | | share data and percentages) | share data and percentages) | | | | | | | | | | Net sales | $ 539,345 | $ | 517,429 | 4.2 | % | $ ...

Core Insights - The company reported a strong fiscal Q3 2026, highlighting a return to profitability with significant improvements in key financial metrics [5][7][8] Financial Performance - Adjusted EBITDA increased by 54% to $6.5 million from $4.3 million year-over-year, representing 49% of net sales [1][7] - Net income before discontinued operations was $1.465 million, a significant recovery from a loss of $21.177 million in the prior-year quarter [2][7] - Net sales rose to $13.4 million, up 7% from the previous year, with gross margin remaining high at 87% [4][7] Revenue and Market Metrics - Gross merchandise value (GMV) reached nearly $216 million, with a modest increase in take rate to 6.2% from 6.17% a year earlier [3][7] - The company generated over $4 million in operating cash and ended the quarter with $69.9 million in cash [7][8] Cost Management - Operating expenses fell by approximately $22 million year-over-year, driven by lower litigation costs and a streamlined corporate structure [6][9] - Recurring corporate operating expenses declined by roughly $1.4 million, indicating effective cost management strategies [9] Marketplace Trends - Firearm unit sales increased over 8% from the previous quarter, contributing to a stronger market position despite a decline in non-firearm categories [13][14] - The company attributed its outperformance to enhanced buyer experience and streamlined fulfillment processes [14] Strategic Initiatives - The company announced a partnership with Master FFL to improve the transfer process for regulated products, requiring an investment of approximately $60,000 to $120,000 per month [16][17] - Management is exploring "universal payments" to reduce transaction friction, with about 30% of transactions currently not paid by credit card [17] Future Outlook - The near-term objective is to achieve a $25 million Adjusted EBITDA run rate within the next 12 months while continuing cost optimization and targeted investments [18]

Financial Data and Key Metrics Changes - Net sales for Q3 2026 were $13.4 million, an increase of 7% or approximately $900,000 compared to the previous year [4] - Gross margin remained strong at 87% [4] - Adjusted EBITDA increased by 54% to $6.5 million from $4.3 million in Q3 2025 [7] - Net income before discontinued operations was $1,465,000, a significant improvement from a loss of $21,177,000 in the same period last year [6] - Earnings per share improved to $0.01 from a loss of $0.18 in Q3 2025 [6] Business Line Data and Key Metrics Changes - Gross merchandise value (GMV) increased to nearly $216 million, with a modest improvement in the take rate to 6.2% from 6.17% [5] - Firearm unit sales were up over 8% from the previous quarter, while Adjusted NICS decreased by 3.7% [8] - The significant increase in firearm GMV was partially offset by a decline in the non-firearms category [8] Market Data and Key Metrics Changes - For the first nine months of fiscal 2026, net sales were up slightly at $37.2 million compared to $36.8 million in fiscal year 2025 [10] - Year-to-date gross margins were 87.1%, an increase from 86.7% in the previous year [10] Company Strategy and Development Direction - The company is focused on improving user experience on GunBroker.com and has announced a strategic partnership with Master FFL to enhance the transfer process for regulated products [9] - The near-term objective is to achieve a $25 million Adjusted EBITDA run rate before sales growth over the next 12 months [12] - The company aims to continue cost optimization while making targeted investments to enhance the user experience [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the financial performance continuing on a positive trajectory, although legal costs may temper results in the short term [11] - The company is committed to disciplined capital allocation to support long-term shareholder value [12] - Management noted that the recent changes in banking regulations could open up opportunities for traditional financing, which may be beneficial for future capital allocation strategies [47] Other Important Information - Operating expenses declined significantly year-over-year, down about $22 million, with a notable reduction in litigation-related costs [5] - The company generated over $4 million in cash from operations during the quarter, despite restructuring and legal costs [6] Q&A Session Summary Question: What is driving the good performance in firearm sales versus NICS? - Management highlighted the focus on buyer experience and streamlined processes as key drivers of growth, along with strong sales in used firearms [15][16] Question: What is the status of universal payments implementation? - Management indicated that about 30% of transactions are not done through credit cards, and the implementation of universal payments is a high priority for the engineering team [18][20] Question: What are the expectations for legal fees and professional fees in the coming quarters? - Management noted that legal costs are variable and may not trend consistently, but efforts are being made to resolve legal issues quickly [22][24] Question: Was the tax holiday in Florida a driver of increased sales? - Management confirmed that while sales were up, the tax holiday was not a large driver of overall performance; both new and used firearms contributed to the increase [28] Question: What are the expectations for operating expenses moving forward? - Management indicated that while they are working to reduce operating expenses, certain legal and compliance costs may continue to impact them in the near term [30][31] Question: What are the company's thoughts on capital allocation and potential debt financing? - Management expressed that recent regulatory changes could make it easier to obtain reasonably priced debt, which could be used for various capital allocation strategies [46][48]

Financial Data and Key Metrics Changes - Net sales for Q3 2026 were $13.4 million, an increase of 7% or approximately $900,000 compared to the previous year, outperforming broader trends in a restrained consumer spending environment [4][9] - Gross margin remained strong at 87%, with a slight improvement in the take rate to 6.2% from 6.17% in the same period last year [5][10] - Adjusted EBITDA increased by 54% to $6.5 million compared to $4.3 million in Q3 2025, representing 49% of net sales [8][9] - Net income before discontinued operations was $1,465,000, a significant improvement from a loss of $21,177,000 in the same period last year, translating to earnings per share of $0.01 versus a loss of $0.18 [7][9] Business Line Data and Key Metrics Changes - Firearm unit sales increased over 8% from the previous quarter, while Adjusted NICS decreased by 3.7%, resulting in an increased share of Adjusted NICS by 56 basis points [9] - Gross merchandise value (GMV) rose to nearly $216 million, with a growth of 6.4% [9][10] - The non-firearms category experienced a decline, partially offsetting the increase in firearm GMV [9] Market Data and Key Metrics Changes - The company noted that the tax holiday in Florida contributed to increased sales, but it was not a large driver of overall performance [29] - The removal of the NFA tax is expected to drive renewed interest in firearms, contributing positively to sales [31][60] Company Strategy and Development Direction - The company is focused on improving user experience on GunBroker.com and has announced a strategic partnership with Master FFL to streamline the transfer process for regulated products [10][43] - The near-term objective is to achieve a $25 million Adjusted EBITDA run rate before sales growth over the next 12 months [13] - The company is committed to disciplined capital allocation to support long-term shareholder value, including a stock repurchase program [14][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued cost optimization and targeted investments to enhance user experience, which is expected to drive traffic and revenue [15] - Legal costs are anticipated to impact cash generation in the short term, but a larger percentage of cash from operations is expected to be retained as legal matters are resolved [11][12] - The company is exploring opportunities for reasonably priced debt financing, which could support various capital allocation strategies [50][52] Other Important Information - Operating expenses were significantly reduced by approximately $22 million year-over-year, with a notable decline in litigation-related costs [5][11] - The company has a strong cash position of nearly $69.9 million, including $500,000 of interest income [10] Q&A Session Summary Question: What is driving the good performance in firearm sales versus NICS? - Management highlighted the focus on buyer experience and streamlined processes as key factors driving growth, along with strong performance in used firearms [17][18] Question: What is the status of universal payments implementation? - Management indicated that about 30% of transactions are not done through credit cards, and universal payments could significantly enhance the buyer experience and increase GMV [20][21] Question: What are the expectations for legal fees and professional fees in the coming quarters? - Management noted that legal costs are variable and may not trend consistently, but efforts are ongoing to resolve legal issues quickly [24][25] Question: How did the tax holiday in Florida impact sales? - Management confirmed that while sales were up, the tax holiday was not a major driver, with both new and used firearms contributing to the increase [29][30] Question: What are the expectations for cash generation and capital allocation? - Management is always looking for capital allocation strategies and is open to exploring reasonably priced debt financing opportunities [50][52]