Financial Data and Key Metrics Changes - Revenue for Q1 2023 was $88 million, an increase of 1.5% year-over-year, nearing the top end of guidance [28] - Adjusted EBITDA was $11.3 million, exceeding guidance, with an adjusted EBITDA margin of 12.8% [28] - Active buyers in Q1 were 4.3 million, showing a stable trend driven by disciplined investments [42] - The take rate improved to 30.4%, representing a year-over-year expansion of 80 basis points [43] - For the full year of 2023, revenue is expected to range from $355 million to $365 million, indicating year-over-year growth of 5% to 8% [44] Business Line Data and Key Metrics Changes - The company is focusing on high-value buyers, with a significant portion of revenue coming from repeat buyers, which accounted for 64% of marketplace revenue [76] - The integration of Stoke Talent into Fiverr Enterprise aims to enhance services for medium and large enterprise customers [32] Market Data and Key Metrics Changes - The company is seeing strong traction in international markets, particularly in Germany, the U.K., and France, with a focus on improving platform efficiency [100] - The demand for AI-related services has surged, with the number of AI-related gigs increasing over tenfold and buyer searches for AI soaring over 1,000% [65] Company Strategy and Development Direction - The company is committed to leveraging AI technology to enhance productivity and creativity, believing it will create new professions [30] - Fiverr Business and the move upmarket are key priorities for long-term growth, with efforts to identify ideal customer profiles and expand usage among higher-value accounts [67] - The company is also exploring partnerships to broaden outreach and penetrate new business customer communities [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on 2023 expectations despite macroeconomic volatility, emphasizing a disciplined approach to strategy execution [37] - The company does not anticipate AI development to displace human talent but rather enhance productivity for sellers who adopt AI tools [2][15] - Management noted that the stabilizing trends in the marketplace and disciplined cost management provide confidence in achieving guidance [72] Other Important Information - Overall sales and marketing expense as a percentage of revenue in Q1 was 43.5%, an improvement of 560 basis points from the previous year [70] - The company is committed to improving adjusted EBITDA margins and optimizing growth and profitability profiles [68] Q&A Session Summary Question: What is the outlook for active buyers and demand trends? - Management noted a stable trend in active buyers driven by consistent cohort behavior and a stable top of funnel [76] Question: How does the company view the impact of AI on its business? - Management stated that AI has not negatively impacted the business; instead, demand for AI-related services is booming [65] Question: Can you elaborate on the company's brand investment strategy? - The company maintains a consistent balance between performance and brand marketing, which has proven effective in driving brand awareness [49] Question: What are the near-term goals for Fiverr Enterprise? - The focus is on integrating services to benefit larger accounts and drive adoption among enterprise customers [97] Question: How is the company addressing international market opportunities? - The company is focusing on Germany, the U.K., and France to enhance platform efficiency and apply learnings to other markets [100]

Financial Data and Key Metrics Changes - The company reported net sales of $290.5 million for Q1 2023, exceeding guidance of $270 million to $290 million, representing a 5.4% increase year-over-year [29][63] - Adjusted EBITDA for Q1 2023 was $30.7 million, a 25.7% increase compared to $24.4 million in the prior year period, with an adjusted EBITDA margin of 10.6%, up 170 basis points [36][63] - Gross profit increased 8% to $62.3 million, resulting in a gross margin of 21.4%, an increase of 50 basis points from Q1 2022 [35][63] - Record net income of $9.8 million was reported, with an EPS of $0.32, the highest in the company's history [36] Business Line Data and Key Metrics Changes - The Products segment net sales were $259 million, a 4.5% increase compared to the prior year, driven by growth across all product categories [30][63] - The Services segment reported net revenue of $31.5 million, a 12.6% increase year-over-year, with improved cancellation rates and increased average dollar per pet served [24][63] - The PetIQ manufactured products represented 26.2% of the Products segment net sales in Q1 2023, down from 28.4% in Q1 2022, but the company expects to achieve over 32% for the full year [33][63] Market Data and Key Metrics Changes - Over 50% of the over-the-counter flea and tick category sales were generated online in Q1 2023, with PetIQ's portfolio brands capturing a disproportionate amount of this growth [21][63] - The OTC flea and tick brands grew 6.3% versus the market's growth of 4.1%, leading to a gain of 31 basis points of market share [22][63] - The pet supplement segment saw a consumption growth of 6.5% compared to the prior year, which was expected due to a planned SKU transition [32][63] Company Strategy and Development Direction - The company aims to expand Rocco and Roxie's distribution beyond e-commerce to brick-and-mortar retail, introducing new SKUs in 2023 and beyond [30][63] - PetIQ's unique market position offering convenient and affordable veterinarian products and services is seen as increasingly valuable to pet parents [31][63] - The company is focused on delivering value for stakeholders while executing its mission of providing smarter, convenient, and affordable options for pet care [40][63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in 2023, despite external variables like weather and shipment timing affecting quarterly fluctuations [34][63] - The company is focused on improving operational efficiencies and has seen significant improvements in cancellation rates and overall service performance [120][63] - Management noted that the integration of Rocco and Roxie is ahead of schedule, with no surprises and positive early trends in retail conversations [42][43] Other Important Information - The company completed the acquisition of Rocco and Roxie for $26.5 million in cash on January 13, 2023 [20][63] - Total debt as of March 31, 2023, was $452 million, down from $452.9 million at the end of 2022, with expectations to reduce leverage over the next few years [37][38] Q&A Session Summary Question: How is the integration of Rocco and Roxie going? - Integration is ahead of schedule with no surprises, and the company is optimistic about increasing distribution [42][43] Question: What are the trends in the flea and tick category regarding competitive promotions? - Some aggressive promotional programs were observed, but they did not significantly impact category performance [45][46] Question: What is the company's outlook on e-commerce growth? - E-commerce has been growing consistently, and the company is performing well, taking market share [50][76] Question: What are the priorities for free cash flow this year? - The primary focus is on reinvesting in the business, supporting new brands, and service expansion [102]

Financial Data and Key Metrics Changes - Total revenues increased sequentially by 1% to $150 million, representing a year-over-year increase of 1.4% [5] - Corporate revenues increased sequentially by 0.4% for the first time since Q2 2020, but declined year-over-year by 4% to $85.5 million [24] - Netcentric revenues grew sequentially by 1.9% to $64.5 million and increased by 9.6% year-over-year [26] - EBITDA margins, adjusted for extraordinary expenses, increased sequentially by 50 basis points to 39.9%, marking the highest adjusted EBITDA margin in the company's history [9] Business Line Data and Key Metrics Changes - Corporate business represented 57% of revenues, with a year-over-year decline in corporate revenue [24] - Netcentric business represented 43% of revenues, with significant growth driven by video traffic and streaming [26][56] - On-net revenue was $113.2 million, a sequential increase of 1.1% and a year-over-year increase of 1.9% [28] - Off-net revenue was $36.6 million, a sequential increase of 0.9% but a slight year-over-year decrease of 0.1% [29] Market Data and Key Metrics Changes - The corporate business is influenced by real estate activities in major North American cities, with some improvement noted in leasing activities [6] - The Netcentric business benefits from the increasing trend of over-the-top video and streaming, particularly in international markets [56] - The average price per megabit for the installed customer base decreased by 6.3% sequentially and 20.8% year-over-year [31] Company Strategy and Development Direction - The company anticipates annualized savings of $180 million on the North American network post-acquisition of Sprint [12] - Long-term EBITDA margin expansion guidance is targeted at approximately 200 basis points per year, with a multi-year constant currency growth rate of 10% [15][70] - The acquisition of Sprint is expected to close in the second half of 2023, with a projected revenue scale increase of nearly 90% [10][70] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about improvements in corporate revenues despite ongoing economic uncertainties [7] - The company expects to benefit from a return to office trends and increased demand for higher capacity connections in the corporate sector [61][68] - Management acknowledges the challenges posed by foreign exchange volatility, which negatively impacted revenues [5][44] Other Important Information - The company returned $42.7 million to shareholders through dividends and has $30.4 million available under its buyback program [13] - The quarterly capital expenditures increased to $24 million due to supply chain uncertainties and anticipatory investments related to the Sprint acquisition [46] - Cash flow from operations reached a record $53.6 million, an increase of $6.2 million year-over-year [48] Q&A Session Summary Question: Discussion on dividend growth and board's thought process - Management indicated that the board decided to moderate the dividend growth rate to align with cash flow growth, reflecting a cautious approach given the uncertain corporate environment [74][75] Question: Status of the swap agreement and leverage targets - Management acknowledged that the swap has not performed as expected, resulting in a net economic loss, but remains committed to a leverage target of 2.5 to 3 times on a net basis [76][78] Question: Long-term targets for EBITDA and CapEx post-acquisition - Management discussed elevated CapEx due to supply chain constraints and interconnection expenses related to the Sprint acquisition, projecting a combined revenue scale of about $1.1 billion post-acquisition [81][85] Question: Customer feedback on dark fiber and wavelengths post-acquisition - Management expressed optimism about demand for dark fiber and wavelength services, noting significant interest from key customers [102]

| --- | --- | --- | --- | |-------|---------------|---------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | Fourth Quarter 2021 | | | | | | | | | Earnings Call | | | | | March 2022 | | | Fourth Quarter 2021 Earnings Call March 2022 Forward Looking Statement Statements contained in this presentation that state the Partnership's or management's expectations or predictions of the future are forward-looking statements. The words "believe," "expect," "should," "intends," "anticipates", "estim ...

4Q 2021 and FY 2021 Financial Results and Strategic update February 10th 2022 Lakshmi Mittal, Executive Chairman Aditya Mittal, Chief Executive Officer Genuino Christino, Chief Financial Officer Mexico: Hot Strip mill complex 1 | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - The company's net revenue for Q1 fiscal 2022 was over $1 billion, representing a 21% increase as reported or 20% in constant currency compared to Q1 fiscal 2021 [4] - Adjusted EBITDA for the first quarter was $252 million, up 44% on both an as-reported and constant-currency basis compared to the prior year [4][7] - Adjusted net income for Q1 was $128 million or $0.71 per diluted share, an increase from $0.43 per diluted share in the same period last year [4][9] Business Line Data and Key Metrics Changes - The Biologics segment saw organic net revenue growth of 44%, with segment EBITDA increasing by 56% compared to the first quarter of last year [5][7] - The Softgel and Oral Technologies segment experienced a 9% increase in net revenue, driven by demand for prescription and consumer health products [5][7] - The Clinical Supply Services segment posted modest net revenue growth of 2% compared to the prior year, with profitability impacted by costs related to new facility openings [8] Market Data and Key Metrics Changes - The Biologics segment represented 53% of net revenue in Q1 fiscal 2022, up from 44% in Q1 fiscal 2021 [7] - The backlog for the Clinical Supply Services segment was $515 million, a 20% increase from the previous year [8] Company Strategy and Development Direction - The company is focused on long-term growth through organic investments and strategic acquisitions, including the recent acquisition of Viterra for $1 billion [5][9] - The acquisition of Viterra is expected to enhance the company's growth rate in the Softgel and Oral Technologies segment from 3%-5% to 6%-8% [5] - Continued investments in biologics capacity are planned, including expansions at facilities in Bloomington, Indiana, and Anagni, Italy [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for COVID-19 related products and the recovery of consumer health segments [4][12] - The company anticipates a deceleration in growth rates for the Biologics segment as it compares against higher demand levels from the previous fiscal year [7] - Management highlighted the importance of maintaining capacity to meet customer needs and the ongoing challenges related to supply chain disruptions [32] Other Important Information - The company raised $1.1 billion through term loans and senior notes to fund the Viterra acquisition, resulting in a cash balance of over $2 billion [9] - Capital expenditures are expected to be approximately 15%-16% of net revenue for fiscal 2022, primarily driven by growth investments in the biologics segment [9] Q&A Session Summary Question: Thoughts on organic growth and guidance raise - Management indicated that the guidance raise reflects strong organic performance across business units, particularly in Biologics and consumer health segments [12] Question: Demand environment for Softgel business - Management noted a positive demand profile and a return to organic growth, with expectations for continued strength in the second half of the year [14] Question: Vaccine production outlook - Management sees vaccines as a long-term franchise, with ongoing demand for vaccinations and boosters expected to sustain growth [36] Question: Update on Madison site and commercial therapies - Management aims to bring a commercial product to the Madison site within the next 12 to 18 months, with a robust pipeline in place [18] Question: Insights on backlog growth and future revenue opportunities - Management expressed confidence in returning to long-term growth rates, with significant development activity in both SOT and OSD segments [22] Question: Impact of supply chain disruptions on guidance - Management confirmed that supply chain challenges and wage inflation have been factored into the guidance, with proactive measures taken to mitigate impacts [31][32]

Financial Data and Key Metrics Changes - The company reported revenue of over $5 billion and adjusted EBITDA of $507 million for Q2 2021, reflecting a year-over-year increase of more than 40% and nearly tripling adjusted EBITDA compared to Q2 2020 [9][16] - Adjusted earnings were $1.86 per diluted share, a quarterly record, with free cash flow of $282 million, exceeding expectations [20][21] - The adjusted EBITDA margin rebounded to 10%, with net leverage decreasing to 2.4 times LTM adjusted EBITDA, down from 3.1 times in March [19][23] Business Line Data and Key Metrics Changes - In the Logistics segment, adjusted EBITDA doubled year-over-year, while in the Transportation segment, adjusted EBITDA increased by 168% [19] - LTL revenue grew by 37% year-over-year, with tonnage per day increasing by 23% and shipments per day rising by 17% [36][38] - The truck brokerage business saw a 101% increase in revenue year-over-year, with loads increasing by 38% [47][50] Market Data and Key Metrics Changes - The company experienced strong growth in both North American LTL and truck brokerage, driven by robust consumer demand and a rebound in industrial activity [10][19] - The global microchip shortage impacted transportation operations, reducing EBITDA by approximately $10 million in Q2 [19] - The Logistics segment's organic revenue growth rose to 16%, with strong demand from e-commerce and omnichannel retail [56] Company Strategy and Development Direction - The planned spin-off of GXO is expected to unlock the full potential of both GXO and XPO, with GXO positioned as the largest pure-play contract logistics company [12][63] - XPO aims to achieve at least $1 billion of adjusted EBITDA in 2022, focusing on innovative technologies and margin improvement in LTL [51][113] - The company is committed to deleveraging and moving towards an investment-grade rating post-spin [23][113] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of customer activity and the execution of business strategies, with positive trends continuing into July [10][103] - The outlook for 2021 was updated, with adjusted EBITDA guidance increased by $45 million at the midpoint, reflecting strong second-quarter results [27] - The company anticipates a normalization of year-over-year growth metrics in Q3 compared to the outsized growth reported in Q2 [28] Other Important Information - The company has a strong liquidity position with nearly $2 billion available at quarter-end [21] - GXO's pro forma guidance for 2021 sets a target revenue range of $7.5 billion to $7.8 billion, with adjusted EBITDA expected to be between $605 million and $635 million [62] - The company is focused on environmental goals, including a 30% reduction in greenhouse gas emissions by 2030 [59] Q&A Session Summary Question: Free cash flow guidance seems low, can you explain? - Management explained that the free cash flow guidance is consistent with previous estimates and includes considerations for cash taxes, CapEx, and working capital drag [66][70] Question: What actions can be taken if XPO does not receive appropriate valuation post-spin? - Management expressed optimism that the market will recognize the value of XPO, given its strong EBIT contributions from LTL and truck brokerage [71][74] Question: What are the growth opportunities for LTL post-spin? - Management indicated a focus on optimizing pricing and efficiency, with a target of at least $1 billion adjusted EBITDA in 2022 [81][83] Question: Confidence in maintaining customer acquisition rates for GXO? - Management expressed confidence in sustaining growth rates, citing strong demand for logistics services and a robust pipeline of opportunities [85][89] Question: Pathway to double-digit margins in GXO? - Management indicated that margin expansion is expected as a natural output of strong business performance and contract value [93][94] Question: Geographic performance on the logistics side? - Management noted strong contract wins across regions, with a good mix of business in Europe and North America [96][97]

Financial Data and Key Metrics Changes - Sales grew 12% sequentially to $186 million, at the higher end of updated guidance [8] - Fourth quarter adjusted operating margin was 10.1%, down from 10.7% year-over-year [8] - Generated $27 million of cash from operations and nearly $21 million in free cash flow [10] - Net debt leverage ratio is about 3.4, with a target to reduce it to 2 times within two years [10][11] - Adjusted operating income was $18.9 million, with an adjusted operating margin of 10.1% [30] Business Line Data and Key Metrics Changes - New product revenue (N-3 revenue) was up 22%, indicating strong organic growth [14] - Dorner Manufacturing acquisition created a new platform for intelligent motion solutions, with backlog more than doubling year-over-year to nearly $40 million [12][13] Market Data and Key Metrics Changes - Sales volume in the US declined by approximately 10%, partially offset by price increases [17] - Non-US sales volume was down approximately 1%, but favorable foreign currency translation increased sales by 6.9% [18] - EMEA sales volume was down less than 1%, while APAC saw a 19% increase in volumes [18] Company Strategy and Development Direction - Focus on expanding intelligent motion solutions in higher growth end markets through the acquisition of Dorner [12] - Continued emphasis on product line simplification and strategic pricing to offset inflationary pressures [20][22] - Targeting 19% EBITDA margins and greater than WACC return on invested capital by fiscal year 2023 [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of markets and increasing customer demand [7][42] - Anticipated strong demand in defense, government, energy markets, and fixed venue entertainment products [45][46] - Management is actively addressing supply chain challenges and inflationary pressures through price increases [48] Other Important Information - Adjusted earnings per diluted share were $0.50, down $0.08 from a year ago [32] - Free cash flow for fiscal year 2021 was $86.6 million, with expectations for lower free cash flow in the coming year due to increased working capital needs [36][95] - The company has a strong liquidity position with approximately $155 million available at the end of April [41] Q&A Session Summary Question: Backlog at Dorner - Management confirmed that Dorner's backlog was around $17 million last year and has now more than doubled to $40 million [51][52] Question: EBITDA Margin Expectations - Management expects the 19% EBITDA margin to be an average for the full fiscal year 2023 [53] Question: SG&A Costs and R&D - SG&A costs are expected to increase to approximately $50 million, including Dorner's impact [29][55] Question: Pricing Increases and Margins - Management is implementing price increases to stay ahead of inflation, with expectations to maintain margins [58][89] Question: Distributor Inventory Levels - Management indicated that they are in the early to mid innings of the restocking process, with significant year-over-year order increases [80][81] Question: Dorner's Contribution to Revenue - Management did not provide explicit revenue breakdowns for Dorner but indicated it is included in overall guidance [96]

Financial Data and Key Metrics Changes - In Q2 2020, the company generated revenues of $4.76 million, a 22% increase from $3.90 million in the prior year, marking a record quarter despite COVID-19 [12] - Gross profit rose to $2.38 million, up 25% from $1.90 million in Q2 2019, with a gross margin of 50% [12] - Positive adjusted EBITDA of $338,000 was reported, a significant improvement from negative $795,000 in Q2 2019, indicating a net improvement of over $1 million [13] - Cash flows from operations were positive $446,000 in Q2 2020, compared to negative $714,000 in Q2 2019, representing a 162% improvement [14] - For the first half of 2020, revenue reached $9.3 million, a 28% increase from the first half of 2019, with a gross margin of 50% [15] Business Line Data and Key Metrics Changes - The security guarding and monitoring business generated revenues of $2.0 million in Q2 2020, a 49% increase from the previous year, driven by client growth in California and Colorado [16] - The software business line achieved revenues of $2.61 million, a 10% year-on-year growth, with gross profit increasing by 28% to $1.94 million [18] - Recurring commercial revenues at BioTrack experienced 6% sequential growth and 40% year-over-year growth, highlighting the strength of the software platform [19] Market Data and Key Metrics Changes - The company successfully divested its physical security business to strengthen its balance sheet and focus on data services, which are seeing organic sales growth [5] - The Cannalytics Business Intelligence Suite crossed the 200 client mark, doubling from Q1, indicating strong demand for data services in the cannabis industry [22] Company Strategy and Development Direction - The company aims to provide best-in-class critical infrastructure services through an integrated platform, focusing on operational performance and profitability [9] - Plans include expanding data offerings and enhancing the Cannalytics product to fill industry gaps and increase the total addressable market [24] - The leadership team is confident in the company's potential and is focused on building innovative products to maintain market leadership [27] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with achieving profitability and positive cash flows despite the challenges posed by COVID-19 [10] - The company is navigating the pandemic proactively, maintaining productivity and revenue targets [10] - Future growth is anticipated in the cannabis data market, which could approach $1 billion as the market matures and becomes federally legal [33] Other Important Information - The company sold its security guarding business for $1.75 million after Q2, indicating a strategic shift towards higher-margin software services [17] - The software business unit showed a loss from operations of $235,000 in Q2 2020, but adjusted EBITDA was positive $799,000, reflecting strong cost containment efforts [20] Q&A Session Summary Question: How is Helix generating revenue? - Revenue generation is a mix of service agreements for government business and subscription models for commercial clients [29][30] Question: Will there be cross-marketing with springbig? - Yes, there is already cross-marketing occurring between Helix and springbig, with over 200 shared locations [31] Question: What is the market size for Cannalytics? - The cannabis data market is estimated to be around $1 billion, with potential for growth as more users enter the market [32] Question: Why was the dual listing on the CSC dropped? - The plan was altered due to unfavorable market conditions at the time, and the company continues to evaluate options for increasing shareholder value [34][36] Question: What is the timeline for going completely serverless? - A completely serverless model may not be pursued as clients demand a hybrid solution for control and security [41][43]

Financial Data and Key Metrics Changes - The company exceeded its second quarter earnings guidance, lowered expenses, and raised its 2020 operational and financial guidance, reaffirming its 2021 guidance with adjusted EBITDA growth of 25% compared to full year 2020 and a targeted annual distribution growth per share of 5% [9][22] - For Q2 2020, gas processing volumes averaged 289 million cubic feet per day, a decrease of 10% compared to Q1, while crude terminaling volumes were 144,000 barrels of oil per day, a 12% decrease compared to Q1 [10] - Net income for Q2 was $108 million compared to $129 million for Q1, and adjusted EBITDA for Q2 was $173 million compared to $195 million for Q1 [29] Business Line Data and Key Metrics Changes - Water gathering volumes averaged 66,000 barrels of water per day in Q2 2020, a 22% increase compared to Q1, driven by incremental trucked water into the gathering system [11] - Third parties contributed approximately 11% of gas and 8% of oil volumes in Q2, consistent with guidance expectations [11] Market Data and Key Metrics Changes - Hess Corporation reported strong second quarter production results, with Bakken net production averaging 194,000 barrels of oil equivalent per day, a 39% increase from the year-ago quarter [12] - Hess now forecasts Bakken production to average approximately 185,000 barrels of oil equivalent per day for the full year 2020, up from previous guidance of 175,000 barrels [13] Company Strategy and Development Direction - The company is focused on maintaining the safety of its workforce and communities, deferring the planned maintenance turnaround for the Tioga Gas Plant until 2021 due to COVID-19 [14] - The expansion of the Tioga Gas Plant is well advanced, with facility construction expected to be completed by the end of 2020, and incremental gas processing capacity expected in 2021 [15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the strength of its contract structure, which provides MVCs for approximately 97% of projected revenues for the second half of the year, supporting updated 2020 adjusted EBITDA guidance of $690 million to $710 million [21][22] - The company expects lower throughputs in Q3 relative to Q2 due to reduced operated rig count and lower third-party volumes [18] Other Important Information - The full year capital guidance has been updated to $260 million, reflecting a reduction of $15 million primarily due to the deferral of the turnaround and final tie-in work on the Tioga Gas Plant expansion project [20] - The company expects to maintain approximately 75% EBITDA margin in 2020, consistent with historical margins [26] Q&A Session Summary Question: Regarding EBITDA guidance for 2020 and 2021 - The company acknowledged the conservative nature of its guidance, with the low end assuming 0 third-party volumes for the remainder of the year, despite a strong second quarter performance [39][40] Question: Discussion on 2021 guidance and operational costs - Management confirmed that despite some increased operational costs, they still expect 25% EBITDA growth in 2021, supported by MVCs and a strong contract structure [47][53] Question: Capital allocation strategy and M&A opportunities - The company is focused on selective acquisitions, particularly in the Bakken region, while also considering the Gulf of Mexico assets for potential growth [55][56] Question: Impact of DAPL shutdown - Management indicated that while a DAPL shutdown could create incremental costs, the company has significant flexibility and capacity to support its customers, minimizing potential impacts [77][78]