Second Quarter 2025 Earnings Conference Call July 24, 2025 Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, s ...

Core Viewpoint - Amplify Energy Corp. is focusing on strategic initiatives to simplify its portfolio, reduce debt, and enhance shareholder value through divestitures and operational optimization [2][3][5]. Strategic Initiatives - The company is committed to simplifying its portfolio and focusing on attractive investment opportunities to create shareholder value [2]. - Amplify has engaged TenOaks Energy Advisors to explore the divestiture of its assets in East Texas and Oklahoma, aiming to reduce debt and lower general and administrative costs [3]. - The potential sale of these assets is expected to allow Amplify to accelerate its development program at Beta and pursue cost-saving opportunities at Bairoil [4]. Executive Leadership Changes - Effective July 22, 2025, Martyn Willsher has stepped down as President and CEO, with Dan Furbee promoted to CEO and Jim Frew promoted to President and CFO [5][6]. - The Board of Directors believes the new leadership team can effectively implement the focused strategic plan [6]. Company Overview - Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties, with operations primarily in Oklahoma, the Rockies, federal waters offshore Southern California, and East Texas/North Louisiana [7].

Core Insights - THOR Industries reported strong financial results for the third quarter of fiscal 2025, with net sales of $2.89 billion, a 3.3% increase from the previous year, driven by effective execution of strategic initiatives and improved margins [4][6][5] Financial Performance - Consolidated net sales for the third quarter were $2,894,816, compared to $2,801,113 in the same quarter of fiscal 2024, reflecting a 3.3% increase [6] - Gross profit for the third quarter was $443,119, up 5.0% from $421,852 in the prior year, with a gross profit margin of 15.3%, an increase of 20 basis points [8][6] - Net income attributable to THOR was $135,185, an 18.1% increase from $114,511 in the previous year, with diluted earnings per share rising to $2.53 from $2.13 [8][6] - Cash flows from operations reached $257,667, a 2.4% increase from $251,732 in the prior year, contributing to a year-to-date total of $319,249, a 53.8% increase [6][19] Segment Performance - North American Towable RVs segment net sales increased by 9.1% to $1,168,878, driven by a 5.5% increase in unit shipments and a 3.6% rise in net price per unit [10][12] - North American Motorized RVs segment net sales rose by 3.1% to $666,686, with unit shipments increasing by 10.9% [11][15] - European RVs segment net sales decreased by 5.1% to $883,542, impacted by a 12.2% decline in unit shipments [14][16] Strategic Initiatives - The company is undergoing strategic organizational restructuring to align with current market conditions, aiming to achieve additional operating efficiencies [7][18] - Management emphasized the importance of maintaining strong relationships with independent dealers to ensure rational inventory levels [17][22] Guidance and Outlook - THOR reaffirmed its revised full-year fiscal 2025 financial guidance, projecting consolidated net sales between $9.0 billion and $9.5 billion, with a gross profit margin of 13.8% to 14.5% and diluted earnings per share in the range of $3.30 to $4.00 [7][28][23] - The company anticipates challenging market conditions in the upcoming quarters but remains confident in its strategies to navigate through economic uncertainties [21][22]

Financial Data and Key Metrics Changes - Net sales for the first quarter were $105.5 million, down from $115.5 million in the same quarter last year, primarily due to a 9.4% decline in comparable sales [37][38] - Gross margin rate decreased to 45.1% from 48.2% year-over-year, with a 280 basis point increase in occupancy costs and a 30 basis point decrease in merchandise margins [38] - EBITDA for the quarter was $100,000, a significant drop from $8.2 million in the first quarter of the previous year [40] Business Line Data and Key Metrics Changes - Comparable store sales decreased by 6.6% for physical stores and 16.2% for direct sales, with improvements noted in monthly performance [12][37] - The sales penetration of private label brands increased from 55% to 57%, indicating a shift towards lower-priced merchandise that generates higher margins [15] Market Data and Key Metrics Changes - The overall economic environment remains challenging, with consumers tightening their spending, particularly on discretionary items [13] - Traffic to stores accounted for approximately 90% of the comparable sales decline, highlighting the need for improved brand awareness [20] Company Strategy and Development Direction - The company aims to stabilize its business and return to growth by focusing on customer engagement, cost control, and prudent capital investment [11] - New store openings are being paused to focus on stabilizing the core business, with plans to open four more stores later this year [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about gradual improvements in comparable sales, projecting a return to positive growth in the second half of the year [6] - The impact of tariffs is being closely monitored, with an estimated cost increase of less than $2 million for the year if current policies remain unchanged [7][8] Other Important Information - The company has launched several initiatives, including the Heroes Discount program and the FinExchange, aimed at enhancing customer engagement and driving sales [24][26] - The introduction of the FITMAP technology is expected to redefine the retail experience for big and tall consumers, with plans for further expansion [33][35] Q&A Session Summary Question: Is there any update on the company's growth strategies? - Management reiterated their commitment to stabilizing the business and focusing on customer engagement and cost control, with plans for future growth once stability is achieved [11][21] Question: How is the company addressing the impact of tariffs? - The company is actively working with vendors to mitigate tariff impacts and has not yet implemented price increases, assessing market conditions carefully [7][8]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $105.5 million, down from $115.5 million in Q1 2024, primarily due to a 9.4% decline in comparable sales, partially offset by new store sales [36] - Gross margin rate decreased to 45.1% from 48.2% in the previous year, driven by increased occupancy costs and markdown rates [37] - EBITDA for the quarter was $100,000, a significant drop from $8.2 million in Q1 2024, reflecting the impact of lower sales [40] Business Line Data and Key Metrics Changes - Comparable store sales decreased by 6.6% for physical stores and 16.2% for direct sales, with improvements noted in monthly performance [12] - The sales penetration of private label brands increased from 55% to 57%, indicating a shift towards lower-priced merchandise that generates higher margins [15] Market Data and Key Metrics Changes - The company observed a decline in customer traffic, which accounted for approximately 90% of the comparable sales decline [20] - The impact of tariffs is estimated to add less than $2 million or approximately 40 basis points to costs for the year, with ongoing efforts to mitigate this impact [6] Company Strategy and Development Direction - The strategic focus for 2025 is to stabilize the business and return to growth by enhancing customer engagement and controlling costs [11] - New store openings are planned to pause after reaching a total of 18 stores, allowing the company to focus on stabilizing core operations [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic environment is challenging, with consumers being cautious about discretionary spending [13] - There is optimism for gradual improvement in comparable sales throughout 2025, with expectations of returning to positive growth in the second half of the year [5] Other Important Information - The company has launched several initiatives, including the Heroes Discount program and the FinExchange, aimed at increasing customer engagement and driving sales [24][25] - The introduction of the FITMAP technology aims to enhance the shopping experience for big and tall consumers, with plans to expand its implementation [34] Q&A Session Summary Question: What are the expectations for future sales growth? - Management expressed optimism for gradual improvement in comparable sales, expecting a return to positive growth in the second half of the year [5] Question: How is the company addressing the impact of tariffs? - The company is actively working with vendors to mitigate tariff impacts and has not yet implemented price increases [6][8]

Financial Data and Key Metrics Changes - The company fully repaid its recourse corporate level credit facility, which had a balance of approximately $169 million [5] - Core FFO improved by approximately $1.9 million from the prior quarter, primarily due to higher net operating income and lower preferred dividends [7] - Net operating income (NOI) increased by approximately $2.6 million from the prior quarter, driven by improvements at the hotel [8] - Core FFO was negative $5.1 million or negative $8.85 per diluted share compared to negative $4.4 million or negative $45.15 per diluted share in the prior year comparable period [19] Business Line Data and Key Metrics Changes - Hotel NOI increased by 15% year over year, reaching $4.7 million in Q1 2025 compared to $4.1 million in the prior year [18] - Office segment NOI decreased to $7.1 million in Q1 2025 from $7.9 million in Q1 2024, driven by lower rental revenue in Oakland [17] - Multifamily segment reported an operating loss of $620,000 in Q1 2025 compared to income of $917,000 in the prior year, primarily due to an unrealized loss on investment [18] - Lending division NOI decreased to $590,000 from $789,000 in the prior year, mainly due to lower interest income [19] Market Data and Key Metrics Changes - The office lease percentage was 71.4% at the end of the quarter, and 83% when excluding the Oakland property [14] - Multifamily occupancy at 701 South Hudson reached approximately 41% at the end of the quarter, up from 22% at year-end [11] - The company anticipates a recovery in the Oakland residential market, although it may take time due to economic headwinds [13] Company Strategy and Development Direction - The company is focused on improving its balance sheet and liquidity while accelerating its focus on premier multifamily assets [5] - The company has four operating multifamily assets and is actively evaluating potential asset sales to strengthen its balance sheet [6] - A joint venture for a 36-unit multifamily development in Echo Park is underway, expected to begin lease-up in the third quarter [12] Management's Comments on Operating Environment and Future Outlook - Management noted the challenges in the office financing environment but expressed confidence in the completed refinancing program [5] - The company sees significant opportunities to grow multifamily net operating income through improved occupancy and market rents [10] - Management remains optimistic about the hotel asset's positioning heading into 2026 following renovations [15] Other Important Information - The company completed a refinancing on its office property in Austin, Texas, using proceeds to pay off its credit facility [20] - A one-for-25 reverse stock split was approved by shareholders and executed on April 15 [20] Q&A Session Summary Question: No questions were raised during the Q&A session - The call concluded without any questions from participants [21]

Core Insights - Steven Madden, Ltd. (SHOO) reported first-quarter 2025 results with total revenues increasing but earnings decreasing compared to the previous year [1][4] - The company experienced strong execution of strategic initiatives despite challenges from new tariffs on U.S. imports [2] - SHOO has withdrawn its 2025 financial guidance amid macroeconomic uncertainty [3] Financial Performance - Adjusted quarterly earnings were 60 cents per share, surpassing the Zacks Consensus Estimate of 46 cents, but down 7.7% from 65 cents in the prior-year period [4] - Total revenues rose 0.2% year over year to $553.5 million, missing the consensus estimate of $562 million [4] - Adjusted gross profit increased 0.7% year over year to $226.5 million, but also missed the estimate of $226.9 million [5] Segment Performance - The wholesale business generated revenues of $439.3 million, a 0.2% increase from the first quarter of 2024, but below the estimate of $440.9 million [7] - Direct-to-consumer (DTC) revenues decreased 0.2% to $112.1 million, falling short of the expected $121.4 million [8] Strategic Initiatives - The acquisition of Kurt Geiger for approximately £289 million is seen as a key growth driver, aligning with SHOO's strategic goals in international expansion and DTC channels [2][12] - The company ended the quarter with cash and cash equivalents of $144.8 million and did not repurchase any shares in the open market [10] Dividend Announcement - SHOO announced a cash dividend of 21 cents per share, payable on June 20, 2025, to shareholders of record as of June 9 [11]

Financial Data and Key Metrics Changes - The company achieved net sales of $153 million, representing a 3.3% increase in the core business compared to the prior year [13][45] - Gross margins improved to 41.9%, an increase of 910 basis points from 32.8% in the prior year [14][46] - Free cash flow for the quarter was negative $10.8 million, a decrease of $28.6 million compared to the prior year [15][48] - Adjusted EBITDA margin improved to 17.8%, an increase of 460 basis points from the prior year [16][48] Business Line Data and Key Metrics Changes - The direct-to-consumer channel saw significant growth with more than a 10% increase, while third-party platforms like Amazon and eBay experienced growth of over 50% [12][21] - The B2B channel strengthened relationships with partners, resulting in over 2.5% growth [11][21] - The domestic muscle vertical experienced a 3% year-over-year growth, with power brands averaging an impressive 11% growth [21] Market Data and Key Metrics Changes - The company is gaining market share despite a challenging macroeconomic environment, with no material pre-buy observed from customers in the second quarter [9][10] - The overall consumer sentiment has declined, indicating growing concerns regarding inflation and economic viability, which could moderate spending in the near term [50] Company Strategy and Development Direction - The company is focused on operational excellence and cash flow optimization, with a strategic framework that includes enhancing customer relationships and product innovation [22][43] - The company is actively managing costs to offset tariff impacts, including spend optimization and operational improvements [30][36] - The strategic initiatives have driven $15 million in revenue across key areas and achieved $3.1 million in cost reductions [29] Management's Comments on Operating Environment and Future Outlook - Management noted that the financial health of consumers shows signs of strain, which could impact discretionary spending [50][51] - The company is maintaining its revenue guidance for 2025, expecting $580 million to $600 million, implying approximately 2.5% growth at the midpoint [52] Other Important Information - The company launched several new products across various divisions, contributing approximately $8.1 million in revenue for the quarter [12][17] - The company is on track with its Mexico market expansion, having signed up 15 distributors [27] Q&A Session Summary Question: How does Holley's sourcing mix and capabilities to respond differ from peers? - Management highlighted that Holley's breadth and depth of product across various categories positions it well to gain market share, especially with most production costs based in the U.S. [55] Question: What has been the feedback to the price increase announced in early April? - Overall feedback has been positive, with distribution partners appreciating the blended approach across the portfolio compared to competitors who have implemented larger price increases [58] Question: Can you elaborate on the moderation in demand witnessed through the first quarter? - Management noted that while January and February were slow due to weather conditions, March saw strong performance, and there have been no significant changes in demand trends since then [65] Question: How much exposure does the company have to China regarding tariffs? - Management stated that while most production costs are U.S.-based, the situation is fluid, and the company is actively working to mitigate tariff impacts [90] Question: Can you provide more details on the changes to Holly events? - The company is optimizing events to enhance customer experiences and increase revenue through VIP experiences and improved merchandising [94]

Financial Data and Key Metrics Changes - The company achieved net sales of $153 million, representing a 3.3% increase in core business compared to the prior year [14][48] - Gross margins improved to 41.9%, an increase of 910 basis points from 32.8% in the prior year [15][49] - Free cash flow for the quarter was negative $10.8 million, a decrease of $28.6 million compared to the prior year [15][51] - Adjusted EBITDA margin improved to 17.8%, an increase of 460 basis points from the prior year [16][50] Business Line Data and Key Metrics Changes - The direct-to-consumer channel saw significant growth with more than a 10% increase, while third-party platforms like Amazon and eBay experienced growth of over 50% [13][12] - The B2B channel strengthened relationships with partners, resulting in over 2.5% growth [12][22] - The domestic muscle vertical experienced a 3% year-over-year growth, while the Euro and import division recorded the highest growth at 17% [22] Market Data and Key Metrics Changes - The company is gaining market share despite a challenging macroeconomic environment, with no material pre-buy observed from customers in the second quarter [10][11] - The overall consumer sentiment has declined, indicating growing concerns regarding inflation and economic viability, which could moderate spending in the near term [53] Company Strategy and Development Direction - The company is focused on operational excellence and cash flow optimization, with a strategic framework that includes enhancing customer relationships and product innovation [23][54] - The company is implementing proactive cost reductions and strategic sourcing initiatives to mitigate tariff impacts [14][30] - The strategic initiatives have driven $15 million in revenue across key areas and achieved $3.1 million in cost reductions [30] Management's Comments on Operating Environment and Future Outlook - Management noted that the financial health of consumers shows signs of strain, which could impact discretionary spending [53] - The company is maintaining its revenue guidance for 2025 of $580 million to $600 million, implying approximately 2.5% growth at the midpoint [55] - Management expressed confidence in the company's ability to navigate near-term challenges while preserving free cash flow [54] Other Important Information - The company launched several new products across various divisions, contributing approximately $8.1 million in revenue for the quarter [14][19] - The company has made significant progress in reducing inventory levels, achieving a reduction of over $3 million since year-end 2024 [20][47] Q&A Session Summary Question: How does Holley's sourcing mix and capabilities to respond differ from peers? - Management highlighted that Holley's breadth and depth of product across various categories positions the company to take market share, especially with most production costs based in the U.S. [58][60] Question: What has been the feedback on the price increase from distribution partners? - Overall feedback has been positive, with distribution partners appreciating the blended approach across the portfolio, contrasting with competitors who have implemented larger price increases [61][63] Question: Can you elaborate on the moderation in demand witnessed in the first quarter? - Management noted that January and February saw slow sales due to weather conditions, but March was strong, and current demand trends remain stable [67][69] Question: What is the approach to pricing in light of tariffs? - The company is implementing a blended price increase across its portfolio, with a focus on maintaining competitive pricing relative to peers [70][72] Question: How much exposure does the company have to China regarding tariffs? - Management indicated that while most production is U.S.-based, the evolving tariff situation requires ongoing analysis and mitigation efforts [90][92] Question: How are Holley events being optimized for revenue generation? - The company is enhancing event structures to increase attendance and merchandise sales, providing more opportunities for engagement with enthusiasts [93][95]

Financial Data and Key Metrics Changes - Global same restaurant sales declined by 2.1%, leading to a 1.1% decline in global system sales [5][26] - U.S. same restaurant sales decreased by 2.8%, while system-wide sales were down by 2.6% [5][26] - International same restaurant sales grew by 2.3%, with system-wide sales growth of 8.9% [6][27] - Adjusted EBITDA was $124.5 million, a decrease of $3.3 million year-over-year [33] - Adjusted earnings per share was $0.20, down $0.03 from the prior year [34] - Free cash flow under the new definition was $68 million, improving by $12 million compared to the prior year [35] Business Line Data and Key Metrics Changes - The U.S. company-operated restaurant margin was 14.8%, a contraction of 50 basis points year-over-year [29] - International segment showed strong performance with system-wide sales growth of 8.9% [27][28] - The company opened 74 new restaurants globally, with over 60% of openings occurring internationally [20][21] Market Data and Key Metrics Changes - The consumer environment showed a decline in confidence, impacting demand negatively in March [27][78] - Traffic from households earning below $75,000 saw a high single-digit to low double-digit decline [80] - The QSR burger traffic was down mid-single digits in the first quarter, worse than expected [86] Company Strategy and Development Direction - The company is focused on three strategic pillars: delivering fresh food, providing exceptional customer experience, and accelerating global net unit growth [6][7] - The "100 Days of Summer" campaign aims to enhance customer engagement through value offerings and core innovations [11][23] - The company plans to invest in technology to improve customer experience and operational efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging consumer environment and updated the full-year outlook to reflect potential continued pressure [23][40] - The company remains committed to long-term growth despite current macroeconomic challenges [24][45] - Management expressed confidence in the brand's ability to win in the marketplace through strategic initiatives [24][56] Other Important Information - The company plans to return up to $325 million to shareholders in 2025 through dividends and share repurchases [39] - The adjusted EBITDA outlook for the full year is between $530 million and $545 million [43] - The company expects full-year global system-wide sales to range from flat to down 2% [41] Q&A Session Summary Question: Concerns about the 2025 guidance and consumer behavior - Management acknowledged the pressure on consumers and the need for a prudent approach, emphasizing confidence in upcoming initiatives like the "100 Days of Summer" campaign [52][56] Question: Insights on consumer data and key metrics - Management highlighted accuracy and hospitality as key drivers of customer satisfaction, with early results showing improvements [61][63] Question: Unit development outlook and franchisee demand - Management expressed confidence in unit growth, particularly in international markets, and noted a strong pipeline for future development [70][71] Question: Impact of advertising spend on performance - Management indicated that while advertising spend was reduced, they maintained market share and focused on enhancing customer experience to drive frequency [88] Question: Effectiveness of limited-time offers (LTOs) - Management emphasized the importance of balancing core offerings with innovative collaborations to drive traffic and customer engagement [91][95]