Financial Data and Key Metrics Changes - Q3 revenue was $316 million, up 9% year over year, with licensing revenue at $290 million, also up 9% year over year [15] - Product and services revenue was $26 million, up 18% year over year [15] - Non-GAAP earnings per diluted share were $0.78, above the high end of guidance due to higher revenue and lower operating expenses [17] - Cash and investments at the end of the quarter totaled $777 million, with $68 million generated in operating cash flow [17] Business Line Data and Key Metrics Changes - Broadcast licensing revenue grew 17% year over year, while mobile licensing revenue declined 11% year over year, and PC licensing revenue grew 22% year over year [16] - Full year expectations indicate flat growth for broadcast, mid-teens growth for other end markets, and low teens decline for consumer electronics [16] Market Data and Key Metrics Changes - Strong momentum in the automotive sector with partnerships with major OEMs like Audi, Tata, and Mahindra [10][11] - Increased adoption of Dolby Vision in mobile devices, with Motorola and Xiaomi launching new products featuring Dolby technologies [10][11] Company Strategy and Development Direction - The company continues to focus on expanding Dolby Atmos and Dolby Vision across various content types and device categories [12] - There is a strong emphasis on engaging with content creators and distributors to enhance the ecosystem [12] Management Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, but the company maintains its guidance for the full year, expecting revenues between $1.33 billion and $1.36 billion [14] - Management is optimistic about long-term growth prospects, citing strong engagement and a solid financial position [15] Other Important Information - The company repurchased $40 million worth of common stock and declared a $0.33 dividend, up 10% from the previous year [17] - The company expects Q4 revenue to be between $288 million and $318 million, with licensing revenue ranging from $263 million to $293 million [19] Q&A Session Summary Question: Impact of ATSC 3.0 transition on Dolby Atmos and Vision adoption - Management does not anticipate any impact from the transition, as Dolby's codecs are supported within the standards [22] Question: Shipment volume expectations in Q4 guidance - Management noted slight headwinds for the year, with softness in shipments particularly in set-top boxes and consumer electronics [24] Question: Trade agreement certainty and its impact on Dolby adoption - Management acknowledged some improvement in trade agreements but noted that uncertainty still exists, though engagement for Dolby technologies remains strong [28] Question: Opportunity for Dolby Vision in automotive outside of China - Management sees significant opportunities for expanding in-car entertainment experiences beyond China [32] Question: Achieving double-digit growth in the current environment - Management believes it is achievable, citing strong growth in Dolby Atmos and Vision categories [36]

Financial Data and Key Metrics Changes - Same store occupancy reached 94.6%, up 60 basis points year over year and 120 basis points sequentially from the first quarter [4] - Flat same store revenue growth in the quarter, with positive year over year rate growth for new customers for the first time since March 2022 [4][11] - Core FFO guidance maintained at $8.15 per share, with same store revenue growth anticipated between negative 0.5% and positive 1% for the full year [7][13] Business Line Data and Key Metrics Changes - Completed one acquisition for $12 million and bought out two joint venture partners' interests in 27 properties for $326 million [5] - Bridge loan program generated $158 million in new originations, while third-party management program added 93 stores, expanding the managed portfolio to 1,749 stores [5][6] Market Data and Key Metrics Changes - Geographic diversification continues to benefit the portfolio, with growth markets offsetting softer conditions in regions affected by new supply or emergencies [6] - New customer rates improved year over year by over 2%, indicating positive trends in July [17] Company Strategy and Development Direction - The company is focused on balancing pricing and occupancy to maximize revenue while pursuing strategic growth to enhance long-term shareholder value [8] - A multichannel approach combining opportunistic acquisitions and capital-light activities is being employed to create value regardless of market conditions [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term revenue growth remains muted, operational discipline and investment strategy position the company well to navigate current conditions [8] - The company is optimistic about gradually improving fundamentals and expects potential acceleration in revenue growth in the second half of the year, particularly in the fourth quarter [13][31] Other Important Information - Same store expenses increased by 8.6%, primarily due to higher property taxes in certain states [12] - The company maintains a strong balance sheet with 89% of debt at fixed rates and a weighted average interest rate of 4.4% [12] Q&A Session Summary Question: Update on street rates and occupancy trends - Occupancy remained flat at 94.6% in July, with new customer rates up over 2% year over year [17] Question: Insights on net rental rate growth - Minor headwinds in LA, but the primary driver of net decrease is the move-out activity [21] Question: Comments on gradual progress and market performance - Positive trends in customer rates are expected to compound and improve revenue in the fourth quarter [19][25] Question: Performance of the LSI portfolio - The LSI portfolio is performing as expected, with rates improving faster than Extra Space rates [27] Question: Expectations for expenses and property taxes - Anticipated deceleration in expense growth in the second half of the year [39] Question: Demand and market health - Demand is steady, with occupancy levels indicating a healthy market despite challenges from new supply [41] Question: Insights on bridge loan products and repayments - Good demand for bridge loan products, with no imminent paybacks from preferred holders [47] Question: Competitive dynamics and acquisition strategy - The company remains active in evaluating acquisition opportunities but is disciplined regarding pricing [75] Question: Markets with easing supply headwinds - Markets like Portland, Seattle, Chicago, and Denver are seeing easing supply pressures, which is expected to improve revenue [81] Question: Third-party management program performance - Strong growth in the third-party management business, with new partners contributing to expansion [85] Question: Impact of AI on customer behavior - Increased use of AI in customer inquiries, leading to higher conversion rates on the website [71] Question: Future earnings growth expectations - Improvement in rate, moderation of vacates, and expiration of state emergencies are expected to aid recovery [109]

Financial Performance - Second quarter revenues were $1.4 billion, remaining flat year-over-year[5] - Adjusted EPS increased by 0.5% to $6.27[5, 19] - Adjusted EBITDA margin decreased by 190 bps to 26.9%[5, 18] Segment Performance - Carlisle Construction Materials (CCM) segment revenue increased by 0.6% to $1.096 billion, while adjusted EBITDA decreased by 5% to $346 million[23] - Carlisle Weatherproofing Technologies (CWT) segment revenue decreased by 2% to $354 million, and adjusted EBITDA decreased by 13% to $71 million[29] Outlook and Strategy - The company anticipates low single-digit (LSD) revenue growth for FY 2025, with adjusted EBITDA margins down 150 bps[6, 42] - The company returned $343 million to shareholders through dividends and share repurchases[6] - The company acquired Bonded Logic, expanding into the $14 billion North American insulation market[6, 11] Liquidity and Debt - The company has total liquidity of $1.1 billion, including $68 million in cash and $1.0 billion available under a revolver as of June 30, 2025[36] - Net debt to EBITDA ratio is 1.4x, within the target range of 1.0x-2.0x[36]

Financial Data and Key Metrics Changes - FFO per diluted share for Q2 2025 was $0.52, with same store cash NOI approximately flat for the quarter and up 1.4% year to date compared to the prior year [5][15] - The office portfolio ended the quarter 82% leased, with the same store office portfolio at 87% leased [5] - Same store cash NOI for all sectors combined was approximately flat year over year in 2025 compared to the same period in 2024 [16] Business Line Data and Key Metrics Changes - Retail portfolio ended the quarter 98% leased, with same store cash NOI growth of 4.5% [8] - Executed over 220,000 square feet of new and renewal leases in Q2, with spreads increasing over 7% on a cash basis and 22% on a straight line basis [8] - Multifamily portfolio ended the quarter approximately 94% leased, with rent increases of 7% on renewals and 4% on new leases, resulting in a blended rent increase of 6% [10] Market Data and Key Metrics Changes - The San Diego market showed strong demand, with two major real estate firms choosing the company's properties for their new headquarters [7] - The hotel segment in Waikiki experienced a 15% decline in NOI due to lower paid occupancy and RevPAR amid ongoing softness in domestic leisure demand [12] - The Japanese yen remains around $1.47 to the US dollar, impacting tourism demand from Japan [19] Company Strategy and Development Direction - The company aims to maintain balance sheet strength and create long-term value for shareholders while navigating elevated interest rates and inflation [4] - Focus remains on driving occupancy, enhancing tenant experience, and positioning the portfolio to perform well under current utilization patterns [7] - The company is exploring opportunities in multifamily and retail sectors while avoiding office acquisitions for the time being [59][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strength of Hawaii's tourism market despite current challenges [19] - The company is optimistic about the potential recovery in tourism and expects improved performance at the Embassy Suites property [22] - Guidance for full year 2025 was increased to a range of $1.89 to $2.01 per FFO share, reflecting steady momentum across core sectors [20] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q3, reflecting confidence in long-term stability and cash flows [13] - The company published its 2024 sustainability report, highlighting progress in environmental, social, and governance initiatives [13] Q&A Session Summary Question: Any changes to the same store NOI growth outlook for the various segments? - Management indicated they are still on track and hope to outperform current guidance, with some segments potentially outperforming while others may underperform [26][27] Question: Discuss the leasing pipeline and interest level for La Jolla Commons 3 and 1 Beach. - Increased touring activity and prospects were noted, with plans to develop parking and amenities to meet demand [28][29] Question: Commentary on the multifamily portfolio and new lease spreads. - Management acknowledged challenges in Portland due to excess supply but noted stability in San Diego, with expectations for growth later this year [44][45] Question: Demand drivers for the hotel in Hawaii and future expectations. - Management highlighted the impact of the Japanese yen on tourism demand and expressed cautious optimism for recovery next year [49][51] Question: Plans for utilizing cash on the balance sheet for acquisitions. - The company is actively looking for opportunities, particularly in multifamily and retail, while maintaining a cautious approach [58][59]

Q2 2025 Financial Performance - Revenue increased to $414230 thousand, a 21% local currency growth[40] - Adjusted EBITDA Margin for the Color Group was 251% in Q2 2025, up 290 bps from Q2 2024[13] - Adjusted EBITDA Margin for the Flavors & Extracts Group was 178% in Q2 2025, up 160 bps from Q2 2024[18] - Adjusted EBITDA Margin for the Asia Pacific Group was 223% in Q2 2025, up 30 bps from Q2 2024[22] - Adjusted diluted earnings per share increased to $094, a 208% increase[40] 2025 Financial Outlook - The company anticipates a mid-single-digit growth rate for local currency revenue[23, 26] - The company anticipates a high single-digit growth rate for local currency adjusted EBITDA[24, 27] - The company anticipates a high single-digit to double-digit growth rate for local currency adjusted EPS[25] - Capital expenditures are expected to be approximately $100 million[43] Regulatory and Market Trends - Synthetic colors revenue for the food and pharmaceutical market in the U S and selectively throughout Latin America is approximately $110 million[31] - There are 58 active bills that affect food color and 6 active bills prohibiting additives including FD&C dyes in a state[34]

Financial Data and Key Metrics Changes - Ameriprise Financial reported adjusted operating EPS increased by 7% to $9.11, with a strong margin of 27% [23][25] - Total revenues increased by 4% to $4.3 billion, driven by asset growth and strong transactional activity [23][25] - Return on equity remains high at 52%, reflecting the company's strong profitability [7][21] Business Line Data and Key Metrics Changes - Wealth Management adjusted operating net revenues increased by 6% to $2.8 billion, benefiting from strong net inflows and market appreciation [28] - Client assets grew to a record $1.1 trillion, up 11%, with total WRAP assets increasing by 15% [9][26] - Asset Management total assets under management and administration increased to $690 billion, up 2% year-over-year and 5% sequentially [16][31] Market Data and Key Metrics Changes - Assets under management, administration, and advisement reached a new high of $1.6 trillion, benefiting from strong client flows and equity market appreciation [7][25] - The company experienced $8.7 billion in outflows in the quarter, largely driven by higher institutional impacts [17][88] - Gross sales in Global Retail increased by about 10% year-over-year, despite higher underlying redemptions [17][88] Company Strategy and Development Direction - The company continues to invest significantly in technology, digital capabilities, and AI to enhance client experience and advisor productivity [8][12] - Ameriprise launched Signature Wealth to improve wealth management capabilities, allowing advisors to manage client assets more holistically [12] - The company aims to maintain a balanced approach to share buybacks and dividends, targeting an 85% payout ratio for the second half of the year [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and competitive strengths of the business, despite market volatility and economic uncertainties [6][22] - The company anticipates continued strong performance in the wealth management sector, supported by high client satisfaction ratings [8][22] - Management noted that the economic environment remains firm, but uncertainties around tariffs could impact future performance [7][22] Other Important Information - Ameriprise received recognition for outstanding overall satisfaction and was named one of America's most innovative companies in 2025 [22] - The company maintains a strong balance sheet with excess capital of $2.3 billion above regulatory requirements [34] - The Retirement and Protection Solutions segment reported a 9% increase in pretax adjusted operating earnings, reflecting strong interest earnings and favorable life claims [33] Q&A Session Summary Question: Drivers of software flows in 2Q and indications of NNA reaccelerating - Management noted that tax payments and market conditions impacted flows, but recovery was seen later in the quarter [39][40] Question: Year-on-year trajectory for AWM distribution expense - Management explained that distribution expenses are influenced by advisor production levels and market conditions, with a focus on maintaining expense discipline [41][43] Question: Recruiting strategy and market outlook - Management highlighted a strong pipeline for recruiting experienced advisors, emphasizing the value proposition and support provided to them [48][49] Question: Share buybacks and payout ratio expectations - Management confirmed a target payout ratio of 85% for the second half of the year, with the potential for adjustments based on market conditions [57][58] Question: Competitive environment in AWM and advisor growth expectations - Management indicated that they are experiencing growth in advisor numbers and are focused on maintaining a strong advisor base [60][61] Question: Updates on Retirement and Protection Solutions performance - Management noted strong fundamentals in the RPS segment, with favorable life claims contributing to improved earnings [64][66] Question: Dynamics in the bank's securities portfolio and loan strategy - Management confirmed expectations for spread increases as the securities portfolio matures and emphasized the launch of new liability products to support loan growth [71][74] Question: Asset management flow performance and outlook - Management acknowledged higher redemptions but noted strong gross sales and ongoing product development efforts [86][89] Question: Weighing human capital versus automation and AI investments - Management stated a commitment to investing in technology and automation to enhance advisor productivity while also considering human capital needs [92][94] Question: Growth drivers in AWM and advisor recruitment - Management confirmed that core growth primarily comes from existing advisors, with recruitment serving as a supplementary growth driver [107][109]

Financial Data and Key Metrics Changes - Banner Corporation reported a net profit available to common shareholders of $45.5 million or $1.31 per diluted share for Q2 2025, compared to $1.15 per share for Q2 2024 and $1.30 per share for Q1 2025 [5][6] - Core earnings for Q2 2025 were $62 million, up from $52 million in Q2 2024, with revenue from core operations increasing to $163 million from $150 million year-over-year [7][8] - Return on average assets was 1.13% for Q2 2025, reflecting strong core performance [8] Business Line Data and Key Metrics Changes - Loan originations increased by 80% compared to the linked quarter, with commercial real estate up 484%, C&I originations up 96%, and construction and land development increasing by 43% [12] - Total loans grew by $265 million during the quarter, with portfolio loans increasing by $252 million or nearly 9% on an annualized basis [19] - Core deposits represented 89% of total deposits, with a 4% year-over-year increase in core deposits [9][20] Market Data and Key Metrics Changes - The agricultural loans sector saw a 3% increase in the quarter, driven by higher operating costs and seasonal activity [14] - Delinquent loans decreased to 0.41% of total loans, down from 0.63% in the previous quarter [14][15] - Nonperforming assets remained modest at 0.3% of total assets, with nonperforming loans totaling $43 million, primarily related to consumer loans [15] Company Strategy and Development Direction - The company continues to focus on its super community bank strategy, emphasizing client relationships, core funding, and safety through economic cycles [8][9] - Banner Corporation aims to maintain a moderate risk profile while investing in operational improvements to enhance performance [6][9] - The company received multiple accolades, including being named one of America's 100 Best Banks and recognized for retail client satisfaction [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty has not significantly impacted loan growth, with strong originations and growth observed in Q2 [17] - The company expects a slight pullback in loan growth in Q3 but maintains a mid-single-digit growth rate projection for the year [30] - Management remains focused on organic growth while being open to opportunistic M&A, emphasizing the success of their current business model [49] Other Important Information - The company reported a core dividend of $0.48 per common share, reflecting strong financial performance [9] - Total securities decreased by $55 million primarily due to normal portfolio cash flows [19] - The company called and repaid $100 million of subordinated notes, reflecting strong capital and liquidity positions [20] Q&A Session Summary Question: Follow-up on loan originations and customer confidence - Management indicated that the increase in originations pulled some of the pipeline out, with expectations of mid-single-digit growth for the year despite potential pullbacks in Q3 [29][30] Question: Competition on the deposit side - Management noted that they are not currently seeing increased competition for deposits, maintaining a focus on relationship banking to drive core deposits [33][34] Question: Funding loan growth amid deposit growth - Management confirmed that FHLB advances were used to temporarily fund loan growth, with expectations for deposit growth to outpace loan growth in Q3 [37][38] Question: M&A environment and strategy - Management acknowledged an increase in M&A activity but emphasized a focus on organic growth, viewing opportunistic M&A as a secondary strategy [49] Question: Credit quality and loan performance - Management clarified that the increase in nonperforming loans was primarily due to residential properties, with agricultural loans experiencing more downgrades due to commodity pressures [61][62]

Financial Data and Key Metrics Changes - For the three months ended 03/31/2025, revenue was $725,000 compared to $743,000 for the same period in 2024, indicating a slight decrease [12] - Gross profit for the same period was $218,000, down from $269,000 year-over-year, with gross margin decreasing from 36% to 30% [12] - Total operating expenses were $3,880,000, slightly down from $3,920,000 in the previous year [12] - Net loss was $3,590,000 or $0.06 per share, compared to a net loss of $3,610,000 or $0.08 per share for the same period last year [12] - As of 03/31/2025, cash equivalents were approximately $6,000,000, increasing to about $6,200,000 by 05/27/2025, which includes a $2,000,000 unsecured bridge loan [12][11] Business Line Data and Key Metrics Changes - The revenue increase was primarily driven by sales in North America and Europe, while sales in Asia declined significantly [12] - The company continues to expect revenue and gross profit to fluctuate quarter to quarter as it builds out its commercial infrastructure [12] Market Data and Key Metrics Changes - In North America, revenue increased by approximately 11% year-over-year, while Europe saw a 60% increase [29] - Sales in Asia experienced a decline of about 60%, with other parts of Asia declining by approximately 40% [29] Company Strategy and Development Direction - The company is focused on obtaining FDA marketing authorization for ProSense, which is expected to be a first-in-class minimally invasive option for early-stage breast cancer treatment [5][8] - Following FDA approval, the company plans to commence commercial sales while running a post-market study, which could lead to additional reimbursement opportunities [7][9] - The company is also preparing for potential regulatory filings and approvals in Japan and Israel [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the FDA's review of the post-market study plan, viewing it as a positive signal for future marketing authorization [6][7] - The company anticipates that the post-market study will drive further interest in ProSense and accelerate adoption in the market [44] Other Important Information - The company raised $2,650,000 in net proceeds from the sale of ordinary shares under its at-the-market offering facility between 01/13/2025 and 05/27/2025 [14] - The company maintains a supportive relationship with its largest shareholder, who provided a $2,000,000 unsecured loan [10] Q&A Session Summary Question: Is the post-market study expected to involve a minimum of 400 patients over 25 sites? - Yes, the post-market study will require 400 patients in at least 25 sites, but the FDA cannot guarantee a specific response time for the submission [18][19] Question: How long is the post-market study expected to take? - The recruitment for the study is expected to be completed within three years [21][22] Question: Can you provide more details on the potential for expanded reimbursement? - The company believes it can increase reimbursement rates after obtaining more records and claims under the CPT3 code, and plans to apply for a CPT1 code post-authorization [23][24] Question: What is the size of the breast cancer patient population in Japan? - The total number of new breast cancer cases in Japan is between 100,000 and 105,000 annually, with a significant portion being low-risk early-stage cases [25][26] Question: What was the geographic breakdown of revenue this quarter? - North America saw an 11% increase in revenue, while Europe experienced a 60% increase; however, Asia saw a decline of about 60% [29][30] Question: Is ProSense subject to any new tariffs for U.S. markets? - Yes, the company is currently affected by tariffs imposed by the U.S. Administration, but the situation is still evolving [36][37] Question: Will the sales team expand after post-market approval? - Yes, the company plans to increase its sales team following marketing authorization [38] Question: What are the pricing and sales strategies for ProSense? - The company plans a mix of placement and outright sales, requiring commitments for probe usage over a period [40]

Financial Data and Key Metrics Changes - The company reported a significant increase in Marcellus upstream cash flows, which were up over 200% sequentially due to a 58% increase in production and a 70% increase in realized pricing [5] - Midstream cash flows also increased by 140% sequentially on higher throughput volumes [5] - The company plans to allocate total capital expenditures of $9 million to $12 million for 0.5 net wells in Texas and Alberta for the remainder of the year [5] Business Line Data and Key Metrics Changes - The Marcellus business demonstrated strong performance, with substantial cash flow increases attributed to both upstream and midstream operations [6][7] - The company has a remaining undeveloped inventory of approximately 500,000 completed lateral length feet gross, expected to be developed starting late next year or early in 2027 [7] - In Texas, the Barnett type curve is delivering above a 15% rate of return down to $55 WTI [8] Market Data and Key Metrics Changes - The company is approximately 45% hedged on forecasted PDP oil production for the remainder of the year at just over $71 WTI and approximately 30% hedged for gas at $3.33 NYMEX [8] Company Strategy and Development Direction - The company is focused on minimizing near-term activity in light of current oil price volatility while maintaining its dividend [5][6] - The strategy includes limiting capital spending in Texas to leasehold obligations, with plans for two gross wells over the remainder of the year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and projected cash flows, positioning it well to capitalize on attractive opportunities [6] - The operator's stated plans for development are subject to change based on gas market conditions and other factors [7] Other Important Information - The first two horizontal Manville wells in Canada were completed in the first quarter, with production sales commencing in April [11] Q&A Session Summary Question: Details on the first two wells in Alberta - Management indicated that oil and gas started flowing to sales in early April, with ongoing efforts to install artificial lift and tie down facilities, expecting a more definitive update in the next quarterly report [15][16]

Financial Data and Key Metrics Changes - Revenue for the first quarter was $239 million, down $49 million from the same period in 2024 [15] - Gross profit was $21.5 million, an increase of $1.1 million from the same period in 2024, with a gross profit margin of 9%, up from 7.1% [16] - The company reported a net loss of $4.5 million or a loss of $0.08 per share, compared to a net loss of $400,000 or a loss of $0.01 per share in the same period last year [18] - EBITDA for the quarter was $10.1 million, compared to $10.9 million for the same period in 2024 [19] Business Line Data and Key Metrics Changes - The Civil segment had revenues of $103 million, up from $84 million in the same period in 2024, with a gross profit of $23 million [19] - The Transportation segment had revenues of $137 million, down $67 million from the same period in 2024, with a gross loss of $1 million [20] - The materials and paving business line contributed $18 million to revenue but had a negative gross profit of $9 million [20] Market Data and Key Metrics Changes - The company added approximately $137 million in new awards during the quarter, bringing the total backlog to approximately $2.5 billion [12] - Approximately 80% of the company's historical client mix consists of government agencies, providing insulation from broader economic uncertainty [12] Company Strategy and Development Direction - The company is focused on strengthening its leadership team and enhancing performance for long-term growth [6] - Upcoming opportunities include significant projects in the Civil segment, such as the $450 million Black Creek Tunnel and the $600 million Jordan Lake water supply program [13] - The company aims to maintain a disciplined bidding approach and improve execution to drive strong margins [14] Management's Comments on Operating Environment and Future Outlook - Management does not expect current tariffs to materially affect the business, citing minimal direct exposure to cross-border material procurement [10] - Demand for infrastructure projects remains strong, particularly from federal and state clients, with no backlog projects affected by government spending cuts [11] - The company anticipates substantial completion of legacy projects by the end of 2025, with a focus on generating positive operating cash flow [48] Other Important Information - The company has made significant progress in improving its balance sheet, with unrestricted cash position more than double compared to the end of Q1 last year [51] - The leadership team has been strengthened with the appointment of a new Chief Financial Officer and Chief Strategy Officer [5] Q&A Session Summary Question: Insights on Civil segment revenue trends - Management is optimistic about the Civil business, expecting strong double-digit margins and a potential shift towards civil projects as the paving business winds down [28][29] Question: Impact of materials and paving on profits - The gross profit impact from materials and paving was $9 million, with a non-cash charge of $3.5 million related to a contract closeout [30] Question: Outlook on transportation bookings - Management is excited about the transportation market, with numerous projects in the pipeline and an expected uptick in bidding in the second half of the year [34] Question: Updates on alternative delivery projects - Progress is being made on the Winnipeg and Burnside Bridge projects, with expectations to develop them into construction contracts [41] Question: Bonding capacity status - The company maintains a strong relationship with surety partners and is targeting strategic projects in civil and transportation segments [43] Question: Margin expectations for the summer work - Management anticipates all legacy work to be substantially complete by the end of 2025, with improved margins from new core backlog projects [48][50] Question: Free cash flow expectations - Positive operating cash flow was generated in Q1, with expectations for cash flow to be more heavily weighted towards the back half of the year [66]