2Q25 Camden Property Trust Earnings Call CAMDEN CLEARWATER Clearwater, Florida ACQUIRED 2Q25 360 UNITS $139M DISPOSITIONS 3 Houston communities 1 Dallas community Average age 25 years old Combined unlevered IRR of over 10% over 24 years Sold at average AFFO yield of ~ 5.1% DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN WOODMILL CREEK Spring, Texas ~96% OCCUPIED STABLIZE 1Q26 188 UNITS $72.5M ~74% OCCUPIED CAMDEN LONG MEADOW FARMS Richmond, Texas STABILIZED 189 UNITS $72.5M DEVELOPMENT COMMUNITIES IN LEASE-UP CA ...

Core Insights - PPL reported revenue of $2.03 billion for the quarter ended June 2025, reflecting a year-over-year increase of 7.7% and a surprise of +2.15% over the Zacks Consensus Estimate of $1.98 billion [1] - The company's EPS was $0.32, down from $0.38 in the same quarter last year, resulting in an EPS surprise of -13.51% compared to the consensus estimate of $0.37 [1] Revenue Performance - Pennsylvania Regulated revenues were $693 million, slightly below the estimated $709.5 million, representing a year-over-year increase of +3% [4] - Rhode Island Regulated revenues reached $494 million, exceeding the estimated $431.56 million, with a significant year-over-year increase of +27% [4] - Kentucky Regulated revenues were reported at $837 million, close to the estimated $843.64 million, showing a year-over-year change of +2.2% [4] Stock Performance - PPL shares have returned +5.6% over the past month, outperforming the Zacks S&P 500 composite's +2.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Monolithic Power Systems, Inc. (MPWR) reported strong second-quarter 2025 results, with adjusted earnings and revenues exceeding the Zacks Consensus Estimate [2][10] - The company achieved record revenues driven by robust performance in Automotive, Storage and Computing, and Communication sectors [3] Financial Performance - Net income on a GAAP basis was $133.7 million or $2.78 per share, up from $100.4 million or $2.05 per share year-over-year, primarily due to top-line growth [4] - Non-GAAP net income increased to $202.2 million or $4.21 per share from $155.1 million or $3.17 per share in the prior-year quarter, surpassing the Zacks Consensus Estimate by 9 cents [4] - Revenues reached $664.6 million, a 31% increase from $507.4 million in the year-ago quarter, beating the Zacks Consensus Estimate of $635 million [5] Segment Performance - Storage and Computing revenues were $195.3 million, reflecting a 70% year-over-year growth driven by strong demand for memory and notebook solutions [6] - Automotive revenues surged 66.4% to $145.1 million compared to $87.2 million in the year-ago quarter [10] - Industrial revenues increased to $46.7 million from $32.3 million, while Communications revenues rose to $73.8 million from $43.6 million [7] Operational Metrics - Non-GAAP gross margin was 55.5%, slightly down from 55.7% in the prior year [8] - Non-GAAP operating expenses were $137.6 million, up from $111.7 million in the previous year, while non-GAAP operating income rose to $231.2 million from $171 million [8] Cash Flow and Liquidity - The company generated an operating cash flow of $237.6 million in the June quarter, compared to $141 million in the prior-year quarter [11] - As of June 30, 2025, cash and cash equivalents totaled $787.4 million, with $113.4 million in other long-term liabilities [11] Future Outlook - For Q3 2025, the company estimates revenues between $710 million and $730 million, with non-GAAP gross margin expected to be between 55.2% and 55.8% [12]

Core Insights - Credit Acceptance Corporation (CACC) reported second-quarter 2025 adjusted earnings per share (EPS) of $8.56, which fell short of the Zacks Consensus Estimate of $9.84 and represented an 18.6% decline year over year [1][9] - The company's net income, including non-recurring items, was $87.4 million or $7.42 per share, a significant recovery from a net loss of $47.1 million or $3.83 per share in the same quarter last year [2] Financial Performance - Total GAAP revenues for the quarter reached $583.8 million, marking an 8.5% increase year over year, although it missed the Zacks Consensus Estimate of $585 million [3][9] - The provision for credit losses decreased significantly by 46.2% to $172.6 million, while operating expenses surged by 25% to $155.5 million [3][9] - As of June 30, 2025, net loans receivable stood at $8 billion, reflecting a 1.9% increase from the end of December 2024 [3] Asset and Equity Position - Total assets were reported at $8.72 billion, down from $8.85 billion as of December 31, 2024 [4] - Total shareholders' equity decreased to $1.55 billion from $1.75 billion as of December 31, 2024 [4] Shareholder Actions - During the reported quarter, Credit Acceptance repurchased approximately 0.53 million shares [5] Market Outlook - The company faces challenges from rising operating expenses, which are expected to negatively impact bottom-line growth, alongside concerns regarding asset quality due to a tough operating environment [6] - Despite these challenges, the company is positioned for revenue growth due to a gradual increase in demand for consumer loans [6]

Core Insights - TXNM Energy reported a significant decline in earnings for Q2 2025 compared to Q2 2024, with GAAP net earnings attributable to TXNM Energy at $21.6 million, down from $48.0 million, and ongoing net earnings at $24.5 million, down from $54.3 million [1][21] - The company issued $600 million in equity, including $400 million to affiliates of Blackstone Infrastructure Partners, and is undergoing debt refinancing related to the proposed acquisition by Blackstone [1][3] - TXNM Energy is not affirming its previously issued earnings guidance for 2025 due to the pending transaction with Blackstone Infrastructure [1] Financial Performance - Q2 2025 GAAP diluted EPS was $0.22, a decrease from $0.53 in Q2 2024, while ongoing diluted EPS was $0.25, down from $0.60 [1][21] - Year-to-date (YTD) 2025 results show GAAP net earnings of $30.5 million compared to $95.2 million in YTD 2024, and ongoing net earnings of $42.6 million compared to $91.3 million [1] - Electric operating revenues for Q2 2025 were $502.4 million, up from $488.1 million in Q2 2024 [21] Transaction and Regulatory Updates - TXNM Energy announced an agreement for Blackstone Infrastructure to acquire its outstanding common stock at $61.25 per share, reflecting a total enterprise value of $11.5 billion [3] - The transaction is subject to shareholder and regulatory approvals and is expected to close in the second half of 2026 [3] - TXNM's regulatory outcomes include the approval of a $176 million Distribution Cost Recovery Factor (DCRF) filing and a $105 million rate increase at PNM, with further rate recovery filings planned [4][5] Segment Reporting - In Q2 2025, PNM's GAAP diluted EPS was $0.25, down from $0.34 in Q2 2024, while TNMP's GAAP diluted EPS was $0.22, down from $0.33 [6] - Corporate and Other segment reported a loss of $0.25 per share in Q2 2025, compared to a loss of $0.14 in Q2 2024 [6] - The decline in earnings per share was attributed to the issuance of additional shares and costs related to the planned acquisition [6][7] Operational Insights - The company faced increased operating expenses, with total operating expenses for Q2 2025 at $429.7 million, compared to $382.4 million in Q2 2024 [21] - Key factors affecting PNM included higher retail load and increased costs from new capital investments, while TNMP's performance was impacted by lower weather-related usage [10]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Park Hotels & Resorts reported a slight decline in revenue for the quarter ended June 2025, but showed significant improvement in earnings per share compared to the previous year [1]. Financial Performance - Revenue for the quarter was $672 million, down 2% year-over-year, and slightly below the Zacks Consensus Estimate of $673.07 million, resulting in a surprise of -0.16% [1]. - Earnings per share (EPS) was reported at $0.64, a significant increase from $0.30 in the same quarter last year, leading to an EPS surprise of +12.28% against the consensus estimate of $0.57 [1]. Key Metrics - Comparable RevPAR growth was reported at -1.6%, contrasting with the three-analyst average estimate of 1% [4]. - Total number of rooms was 22,395, slightly below the average estimate of 22,553 based on two analysts [4]. - Occupancy rate stood at 76.5%, compared to the average estimate of 77% [4]. - Revenue from rooms was $401 million, slightly below the five-analyst average estimate of $402.19 million, reflecting a year-over-year decline of -3.6% [4]. - Ancillary hotel revenues reached $68 million, exceeding the four-analyst average estimate of $64.04 million, with a year-over-year increase of +3% [4]. - Food and beverage revenues were $180 million, below the average estimate of $184.61 million, showing a year-over-year change of -1.1% [4]. - Other revenues totaled $23 million, slightly above the estimated $22.31 million, representing a +4.6% change year-over-year [4]. - Diluted earnings per share were reported at -$0.02, significantly lower than the five-analyst average estimate of $0.21 [4]. Stock Performance - Shares of Park Hotels & Resorts returned +0.1% over the past month, underperforming compared to the Zacks S&P 500 composite's +2.7% change [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3].

Core Insights - AppFolio reported revenue of $235.58 million for the quarter ended June 2025, reflecting a year-over-year increase of 19.4% [1] - The earnings per share (EPS) for the quarter was $1.38, up from $1.12 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $231.16 million by 1.91%, while the EPS surpassed the consensus estimate of $1.28 by 7.81% [1] Revenue Breakdown - Revenue from Other services was $2.96 million, compared to the average estimate of $3.5 million, marking a year-over-year increase of 70.8% [4] - Revenue from Value Added Services reached $180.15 million, exceeding the average estimate of $176.21 million, with a year-over-year growth of 18.8% [4] - Revenue from Core Solutions was $52.47 million, surpassing the average estimate of $50.84 million, representing a year-over-year increase of 19.2% [4] Stock Performance - AppFolio's shares have returned +11.4% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Envista (NVST) reported revenue of $682.1 million for the quarter ended June 2025, marking a year-over-year increase of 7.7% and an EPS of $0.26 compared to $0.11 a year ago, exceeding Zacks Consensus Estimates [1] - The revenue surprise was +6.34% over the consensus estimate of $641.45 million, while the EPS surprise was +8.33% against the consensus estimate of $0.24 [1] Financial Performance - Envista's shares have returned -1% over the past month, while the Zacks S&P 500 composite increased by +2.7% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near term [3] Geographic Sales Breakdown - North America: $347.9 million, +7% year-over-year, exceeding the estimate of $328.41 million [4] - Western Europe: $154.1 million, +12.1% year-over-year, surpassing the estimate of $139.68 million [4] - Emerging Markets: $150.4 million, +6.1% year-over-year, above the estimate of $136.77 million [4] - Other Developed Markets: $29.7 million, +3.5% year-over-year, slightly above the estimate of $29.05 million [4] Specialty Products & Technologies Sales - Specialty Products & Technologies in North America: $181.9 million, +4.2% year-over-year, exceeding the estimate of $176.35 million [4] - Specialty Products & Technologies in Emerging Markets: $116.9 million, +9.2% year-over-year, surpassing the estimate of $102.19 million [4] - Specialty Products & Technologies total sales: $445.1 million, +7.2% year-over-year, above the estimate of $418 million [4] Equipment & Consumables Sales - Equipment & Consumables in North America: $166 million, +10.3% year-over-year, exceeding the estimate of $152.06 million [4] - Equipment & Consumables in Western Europe: $29.7 million, +18.3% year-over-year, surpassing the estimate of $25.02 million [4] - Total Equipment & Consumables sales: $237 million, +8.7% year-over-year, above the estimate of $221.21 million [4]

Core Insights - KLA reported $3.17 billion in revenue for the quarter ended June 2025, a year-over-year increase of 23.6% and an EPS of $9.38 compared to $6.60 a year ago, exceeding Zacks Consensus Estimates [1] - The revenue surpassed the Zacks Consensus Estimate of $3.08 billion by 3.21%, and the EPS exceeded the consensus estimate of $8.53 by 9.96% [1] Revenue Breakdown - Semiconductor Process Control revenues were $2.88 billion, exceeding the average estimate of $2.77 billion, with a year-over-year change of 24.7% [4] - Specialty Semiconductor Process revenues were $141.87 million, slightly below the estimated $150.12 million, representing a year-over-year increase of 17% [4] - Service revenues reached $702.56 million, surpassing the estimate of $694.66 million, with a year-over-year change of 14.4% [4] - Product revenues totaled $2.47 billion, exceeding the average estimate of $2.38 billion, reflecting a year-over-year increase of 26.5% [4] - PCB and Component Inspection revenues were $154.11 million, below the estimated $161.18 million, with a year-over-year change of 10.1% [4] Stock Performance - KLA shares returned +0.4% over the past month, compared to the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]