Core Insights - TDS reported total operating revenues of $1,186 million for Q2 2025, a decrease of 4% from $1,238 million in Q2 2024 [1][22] - The net loss attributable to TDS common shareholders was $(5) million, improving from a loss of $(14) million in the same quarter last year, resulting in a diluted loss per share of $(0.05) compared to $(0.13) [1][22] TDS Telecom Performance - TDS Telecom's operating revenues decreased by 1% year-over-year, impacted by the divestiture of non-strategic assets, including the sale of Hosted and Managed Services operations [2][6] - The company added 10,300 residential fiber connections in Q2 2025, with 3,900 net additions in residential broadband [6][20] - The churn rate for residential fiber was 1.1%, while total residential broadband churn was 1.5% [20] Strategic Developments - TDS completed a significant transaction with T-Mobile, selling its wireless operations and select spectrum assets for $4.3 billion, which included cash and assumed debt [6] - The company is focusing on expanding its fiber broadband strategy, with a growing fiber network and strengthened tower operations [3][6] Financial Estimates and Guidance - TDS has revised its full-year 2025 revenue estimates for TDS Telecom to a range of $1,030-$1,050 million, down from the previous estimate of $1,030-$1,070 million [4][5] - Adjusted OIBDA estimates were also adjusted to a range of $310-$340 million, down from $310-$350 million [5] Operating Metrics - TDS reported a total of 924,500 residential connections as of June 30, 2025, with total broadband connections reaching 557,700 [20] - The average revenue per user (ARPU) for residential services was $65.85, showing a slight increase from previous quarters [20]

Financial Data and Key Metrics Changes - Comparable RevPAR growth in Q2 2025 was 0.1%, driven by a 1.1% increase in rate and an 80 basis point decline in occupancy [4] - Total RevPAR growth was 1.1%, attributed to a 4.2% increase in out of room revenues per occupied room, reaching a new quarterly high of $160 per occupied room [4] - Corporate adjusted EBITDA was $90.5 million, and adjusted FFO per share was $0.35, with free cash flow per share increasing approximately 4.5% to $0.63 [7] Business Line Data and Key Metrics Changes - Group room revenue increased by 0.8%, business transient revenue rose by 4.2%, while leisure transient revenue declined by 1.6% [5] - Food and beverage revenues increased by 3.1%, with F&B profit rising over 6%, leading to a margin increase of 105 basis points [5][6] - Urban portfolio achieved 3% RevPAR growth, with April being the strongest month at 4.6% growth [7][8] - Resort portfolio saw comparable RevPAR decline of 6.3%, impacted by the delayed opening of The Cliffs at La Verge [9] Market Data and Key Metrics Changes - Urban hotels experienced total RevPAR growth that was 100 basis points stronger than RevPAR growth, with food and beverage revenues up over 5% [8] - Resort RevPAR performance varied, with Florida resorts experiencing a 4.1% decline, but out of room spend per occupied room increased by 6.7% [11] - Group room revenues across the portfolio increased by 0.8%, with rates up 3.3% and room nights down 2.5% [12] Company Strategy and Development Direction - The company aims to drive outsized free cash flow per share growth and is focused on recycling low free cash flow yield hotels into higher yielding investments [18][19] - The company plans to continue share repurchases as a key use of capital, especially when trading at a favorable cap rate [15][23] - Future value creation opportunities include potential developments at Chico Hot Springs and residential opportunities in Destin and Fort Lauderdale [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment is expected to stabilize, with improving group lead volumes and out of room spending trends [30] - The company maintains a full-year outlook for RevPAR growth of negative 1% to positive 1%, with total RevPAR growth expected to outperform RevPAR growth by 50 basis points in 2025 [31] - Management expressed optimism about the potential for RevPAR acceleration in the coming year, contingent on reduced political turmoil and increased domestic investment [70] Other Important Information - The company successfully refinanced its senior unsecured credit facility, increasing its size to $1.5 billion, providing operational and transactional flexibility [14][71] - The company has declared or paid a quarterly common dividend of $0.08 per share and may declare an additional sub-dividend for Q4 based on taxable income [15] Q&A Session Summary Question: Can you elaborate on the stabilization at the higher end of the portfolio? - Management clarified that the comment referred to overall portfolio demand improving from a previously softer point [34] Question: What is driving the low single-digit RevPAR declines in Q3? - Management indicated that the decline is primarily due to difficult comparisons from last year's exceptional performance, particularly related to the DNC in Chicago [36][38] Question: How do you view share buybacks in relation to addressing preferred shares? - Management stated that share buybacks remain an attractive use of capital, but they will weigh options regarding preferred shares as the year progresses [41][42] Question: What segments are driving the improvement in group booking pace? - Management noted that the urban side is seeing significant improvement, with short-term group bookings contributing positively [48] Question: How does the company plan to pursue asset sales? - Management acknowledged that recent market volatility and property tax increases have impacted their disposition plans, but they remain focused on accretive recycling opportunities [80][100]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 was $45.9 million, up 30% from Q1 2025 and up 34% from Q2 2024 [18] - The company expects annual EBITDA to exceed $450 million, including the acquisition of Wheeling and Lake Erie Railway [19] Business Line Data and Key Metrics Changes - TransStar reported adjusted EBITDA of $20.7 million, up 4% from Q1 2025 [20] - Long Ridge generated $23 million of EBITDA in Q2, up from $18.1 million in Q1 [21] - Jefferson's EBITDA was $11.1 million, up from $8 million in Q1 [22] Market Data and Key Metrics Changes - The Wheeling and Lake Erie Railway generated total revenue of approximately $150 million for the latest twelve months [7] - The company expects $20 million of annual cost savings from the Wheeling acquisition, primarily from network efficiencies [11] Company Strategy and Development Direction - The company announced a major acquisition of Wheeling and Lake Erie Railway for $1.05 billion, expected to transform its freight rail segment [6] - Plans to refinance the corporate balance sheet to increase free cash flow and provide flexibility for future growth [6] - The company aims to grow its freight rail segment and may consider monetizing other assets to focus on rail acquisitions [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million of targeted annual EBITDA from the combined rail companies by 2026 [10] - The company anticipates significant growth in revenues and EBITDA in 2025 due to the Wheeling acquisition and contracted business [19] - Management noted a mild pickup in M&A activity in the rail sector and sees opportunities for further acquisitions [44] Other Important Information - The company completed financing for its Phase II transloading project at Repauno, issuing $300 million of tax-exempt debt [22] - The company is actively pursuing additional acquisitions of complementary railroads to diversify revenue and commodity base [24] Q&A Session Summary Question: Can you talk about the synergies of putting TransStar and Wheeling together? - Management highlighted the expected $20 million of annual savings from the integration, emphasizing the strategic fit and immediate efficiencies [33][34] Question: What are the implications of the Wheeling acquisition on diversification? - The acquisition is expected to significantly enhance diversification, with TransStar's reliance on U.S. Steel decreasing from 85% to one-third of total business [36][38] Question: Are there continued opportunities for consolidation in the rail space? - Management noted a mild pickup in M&A activity and expressed confidence in pursuing additional acquisitions [44] Question: Can you elaborate on the $70 million EBITDA opportunity at Long Ridge? - Management clarified that the $70 million includes contracted revenue and potential future growth from data center opportunities, which are not yet included in the bar chart [48][49] Question: What is the status of Phase III at Repauno? - The permitting process is expected to be finalized by September 30, with a total cost of about $200 million and a projected payback period of two years [55] Question: How will the $1 billion of preferred stock impact cash flow? - The preferred stock will not trap cash, allowing significant excess cash flow to be distributed to the holding company after debt service [78]

Core Insights - Sabre Corporation (SABR) shares fell nearly 35.7% following weaker-than-expected Q2 2025 results, missing all prior management guidance [1][9] - The company reported an adjusted loss of 2 cents per share, compared to a Zacks Consensus Estimate of break-even earnings, although the loss narrowed from 6 cents in the previous year [1][2] Financial Performance - Sabre's Q2 2025 revenues were $687.2 million, missing the Zacks Consensus Estimate of $705.3 million and reflecting a 1% year-over-year decline [2][9] - Distribution revenues decreased by 1% to $546 million, impacted by lower air bookings and a slight decrease in average booking fees, partially offset by increased hotel distribution bookings [3] - IT Solutions revenues were $141 million, down 2% year-over-year, attributed to customer demigrations, though offset by increased license fee revenues [4] - Normalized adjusted EBITDA was $127.2 million, improving from $120 million year-over-year but falling short of the previous guidance of approximately $140 million [5] Cash Flow and Balance Sheet - As of the end of June, Sabre had cash, cash equivalents, and restricted cash totaling $447 million, down from $672 million in the previous quarter [6] - Cash used in operating activities during Q2 amounted to $218 million, resulting in negative free cash flow of $240 million [6] Updated Guidance - For FY25, Sabre now expects pro-forma revenues to grow in the low single-digit percentage range, a reduction from earlier expectations of double-digit growth [7] - Pro-forma adjusted EBITDA is now forecasted between $530 million and $570 million, down from approximately $630 million previously [8] - The company anticipates generating pro-forma free cash flow in the range of $100-$140 million, a decrease from earlier forecasts of over $200 million [8] Q3 Outlook - Sabre has initiated guidance for Q3, expecting pro-forma revenue growth in the low-to-mid single-digit percentage range and pro-forma adjusted EBITDA between $140 million and $150 million [10]

Core Viewpoint - Nathan's Famous, Inc. reported its financial results for the first fiscal quarter ended June 29, 2025, showing a mixed performance with revenue growth but declines in net income and operating income compared to the previous year [1][2]. Financial Performance - Total revenues increased to $46,998,000 from $44,767,000 in the same period last year, reflecting a growth of approximately 5.5% [2][9]. - Income from operations decreased to $12,791,000 from $13,745,000, a decline of about 6.9% [2][9]. - Adjusted EBITDA was reported at $13,531,000, down from $14,281,000, representing a decrease of approximately 5.2% [2][12]. - Net income fell to $8,928,000 compared to $9,277,000, a decrease of about 3.8% [2][9]. - Earnings per diluted share decreased to $2.16 from $2.27, a decline of approximately 4.8% [2][9]. Segment Performance - License royalties decreased to $12,381,000 from $12,921,000, a decline of about 4.2% [2][10]. - Sales in the Branded Product Program increased by $2,929,000 to $29,075,000, a growth of approximately 11.2% [2][10]. - Sales from Company-owned restaurants decreased to $3,986,000 from $4,199,000, a decline of about 5.1% [2][10]. - Franchise restaurant sales increased by $791,000 to $18,444,000, a growth of approximately 4.5% [2][10]. Dividend Information - The Company paid a regular cash dividend of $0.50 per share on July 1, 2025, and declared a second quarterly cash dividend of $0.50 per share effective August 8, 2025, payable on September 5, 2025 [2][5]. Non-GAAP Financial Measures - The Company disclosed EBITDA and Adjusted EBITDA as non-GAAP financial measures to provide investors with insights into its operating performance and underlying business trends [3][4]. - EBITDA for the first quarter was $13,243,000, down from $14,093,000, while Adjusted EBITDA was $13,531,000 compared to $14,281,000 in the prior year [12].

EBITDA is considered a non-GAAP measure. Refer to "EBITDA Reconciliation" below for a reconciliation of the Company's net (loss) income attributable to common shareholders as reported under IFRS to EBITDA. Consolidated revenue for the quarter ended June 30, 2025, was $32.6 million, down $0.9 million or 2.7% from the same quarter in the prior year. The consolidated EBITDA loss for the period was $0.4 million, a decline of $1.3 million, from EBITDA of $0.9 million for the same quarter in the prior year. Capit ...

Core Insights - ESCO Technologies Inc. reported a 27% increase in Q3 sales to $296 million, while GAAP EPS from continuing operations decreased by 13% to $0.96. Adjusted EPS from continuing operations increased by 25% to $1.60 [1][4][5] - The company raised its FY 2025 adjusted EPS guidance to a range of $5.75 to $5.90, reflecting a growth of 21% to 24% [1][10][11] Financial Performance - Q3 2025 sales increased by $62.7 million (27%) compared to Q3 2024, with organic sales (excluding Maritime sales) increasing by $25.6 million (11%) [5][6] - Entered orders surged by 194% to $749 million, resulting in a book-to-bill ratio of 2.53x and a record backlog of $1.17 billion [1][5][7] - Net cash provided by operating activities from continuing operations was $88 million YTD, an increase of $25 million compared to the prior year [5] Segment Performance - Aerospace & Defense (A&D) segment sales increased by $49.1 million (56%) to $136.3 million, driven by a 200% increase in Navy sales [6][29] - Utility Solutions Group (USG) sales increased by $2.1 million (2%) to $92.4 million, with Doble's sales up by 1% and NRG sales up by 8% [12][29] - Test & Measurement segment sales increased by $11.6 million (21%) to $67.7 million, with EBIT and adjusted EBIT increasing to $10.7 million [12][29] Business Outlook - The company expects FY 2025 revenue from continuing operations to be in the range of $1.075 to $1.105 billion, reflecting a 17% to 20% increase over the prior year [10][11] - Q4 adjusted EPS from continuing operations is expected to be in the range of $2.04 to $2.19, representing a growth of 14% to 22% over Q4 2024 [13] Dividend Information - The next quarterly cash dividend of $0.08 per share is scheduled for payment on October 16, 2025, to stockholders of record on October 2, 2025 [14]

Core Viewpoint - Natural Grocers by Vitamin Cottage, Inc. reported strong third-quarter results for fiscal 2025, leading to an increase in its fiscal outlook for daily average comparable store sales growth and diluted earnings per share [2][19]. Financial Performance - Net sales for the third quarter of fiscal 2025 increased by $19.6 million, or 6.3%, to $328.7 million compared to the same period in fiscal 2024, driven by a $19.0 million increase in comparable store sales [3][7]. - Daily average comparable store sales grew by 7.4%, with a 4.8% increase in daily average transaction count and a 2.4% increase in daily average transaction size [3]. - Net income rose by 26.0% to $11.6 million, resulting in diluted earnings per share of $0.50, compared to $9.2 million and $0.40 per share in the third quarter of fiscal 2024 [8][7]. Operating Results - Gross profit for the third quarter increased by $7.9 million, or 8.8%, to $98.3 million, with a gross margin of 29.9%, up from 29.2% in the prior year [4]. - Operating income increased by 21.3% to $15.6 million, with an operating margin of 4.7%, compared to 4.2% in the third quarter of fiscal 2024 [8]. - Adjusted EBITDA for the third quarter was $24.4 million, a 10.1% increase from $22.2 million in the same quarter of fiscal 2024 [9][34]. Expense Management - Store expenses rose by 6.1% to $71.7 million, but as a percentage of net sales, they decreased to 21.8% from 21.9% in the prior year, indicating expense leverage [5]. - Administrative expenses increased by 14.7% to $10.9 million, with a rise in technology and compensation costs, leading to an increase in administrative expenses as a percentage of net sales to 3.3% from 3.1% [6][12]. Outlook - The company raised its fiscal 2025 outlook for daily average comparable store sales growth to a range of 7.25% to 7.75% and diluted earnings per share to $1.90 to $1.95 [19]. - The updated outlook for the number of new stores is now 2, down from a previous estimate of 3 to 4, while the number of relocations/remodels is updated to 3 [19]. Balance Sheet and Cash Flow - As of June 30, 2025, the company had $13.2 million in cash and cash equivalents, with no outstanding borrowings on its $72.5 million revolving credit facility [16]. - The company generated $39.7 million in cash from operations during the first nine months of fiscal 2025 [16]. Growth and Development - The company ended the third quarter with 169 stores across 21 states and has remodeled one store since June 30, 2025 [18].

Core Insights - Westrock Coffee Company reported record quarterly segment performance, driven by the successful launch of a new single-serve cup plant and increased production at its extract and ready-to-drink facility in Conway, Arkansas [3][4] - The company reaffirmed its financial guidance for 2025 and 2026, indicating confidence in its operational strategy and market position [4] Financial Performance - Net sales for the second quarter reached $280.9 million, a 34.8% increase compared to the prior year [8] - Gross profit remained flat at $41.4 million, while the net loss widened to $21.6 million from $17.8 million in the previous year [8] - Consolidated Adjusted EBITDA was $15.3 million, which included $7.6 million in scale-up costs related to the Conway facility, compared to $12.4 million in the prior year [8][26] Segment Results - Beverage Solutions segment net sales increased by 27.9% to $208.8 million, with Segment Adjusted EBITDA rising by 48.5% to $19.7 million [8][21] - Sustainable Sourcing & Traceability segment net sales surged by 59.6% to $72.0 million, with Segment Adjusted EBITDA improving to $3.3 million from $0.4 million in the second quarter of 2024 [8][21] Cash Flow and Balance Sheet - Cash and cash equivalents increased to $43.96 million as of June 30, 2025, up from $26.15 million at the end of 2024 [12][19] - Total assets rose to $1.16 billion, compared to $1.10 billion at the end of 2024, reflecting growth in inventory and accounts receivable [12][19] Outlook - The company is focused on becoming a premier integrated supplier to leading coffee, tea, and energy beverage brands globally, with ongoing investments in production capabilities [3][4] - Westrock Coffee's secured net leverage ratio was reported at 4.75x, indicating the company's financial leverage in relation to its EBITDA [22][23]

Q2 2025 Performance Highlights - Ring Energy's Q2 2025 net production reached 21,295 Boe/d, with 68% oil and 85% liquids[7] - The company achieved a realized price of $42.63 per Boe in Q2 2025[13] - Adjusted EBITDA for Q2 2025 was $51.5 million, compared to $46.4 million in Q1 2025[13] - Adjusted Free Cash Flow (AFCF) hit a company record of $24.8 million in Q2 2025[11, 13] - Lease operating costs were reduced by 12% quarter-over-quarter to $10.45 per Boe[11, 13] - Capital expenditures decreased by 48% quarter-over-quarter to $16.8 million[11, 13] Updated Guidance and Reserves - The company updated its FY 2025E AFCF guidance to between ~$50 to ~$75 million, assuming $55 to $75 per BO WTI[11] - FY 2025 capital expenditure guidance was reduced by 36% year-over-year, while maintaining 2% year-over-year growth[11] - 2024 SEC Proved Reserves are 134 MMBoe with a PV10 of ~$1.5 billion[7] - The Lime Rock Acquisition added ~12 MMBoe with a PV10 of ~$160 million[7] Strategic Focus and Valuation - The company's leverage ratio decreased from ~40x in early 2021 to ~20x in Q2 2025[11] - The company hedged the remainder of 2025 with ~13 million BO at an average floor price of $64.87 per Bbl and FY 2026 with ~23 million BO at an average floor price of $65.44 per Bbl[11] - An analysis suggests that Ring Energy is trading at a discount, with a potential share price of $2.51 based on APA Divestiture and MNR Acquisition valuation metrics[56]