Financial Data and Key Metrics Changes - Consolidated revenues for the second quarter were $206 million, up 17% compared to the prior year quarter, with operating income increasing to $13 million, a rise of $10.8 million [6] - Consolidated adjusted EBITDA for the second quarter was $32.3 million, reflecting a nearly 47% increase over the previous year [6] - Net earnings for the quarter were $7.3 million, or $0.23 per share, compared to a net loss of $5.2 million, or $0.17 per share, in the prior year [6] Business Line Data and Key Metrics Changes - Theater division revenue for the second quarter was $131.7 million, an increase of nearly 30% year-over-year, with comparable admission revenue up 29.3% and attendance up 26.7% [7][8] - Hotel division revenues before cost reimbursements were $64.6 million, a 1.2% increase compared to the prior year, with RevPAR decreasing by 2.9% due to a 5.4 percentage point drop in occupancy [12][14] Market Data and Key Metrics Changes - U.S. box office receipts increased by 36.5% during the second quarter compared to the previous year, indicating that the company's admissions revenue performance trailed the industry by approximately seven percentage points [8] - Comparable competitive hotels in the markets experienced RevPAR growth of 2.9%, indicating that the company's hotels underperformed the competitive set by 5.8 percentage points [14] Company Strategy and Development Direction - The company is focused on driving long-term attendance and total revenue, with strategies that include optimizing ticket prices and promotional programs to encourage repeat moviegoing [22][23] - The company plans to continue capital expenditures for fiscal 2025 between $70 million and $85 million, with a significant portion allocated to renovations [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter results, highlighting strong consumer demand and a diverse film slate as key drivers of growth [18][19] - The company noted that while there is increased economic uncertainty, its hotel portfolio has generally performed well, with stable group bookings and no significant cancellations [29] Other Important Information - The company completed major renovations at the Hilton Milwaukee, with all guest rooms returned to service, and expects limited impact on room sales moving forward [13][27] - The company is exploring opportunities for capital deployment to grow both business segments, with a history of executing on attractive investments [30][31] Q&A Session Summary Question: Can you separate the group pace between the Milwaukee area and outside of Milwaukee? - Management indicated that group pace gains are partly due to renovated meeting spaces and acknowledged the positive impact of the convention center expansion, but did not provide specific splits [34][36] Question: What is the size of the blockbuster surcharge being implemented? - Management mentioned that the everyday matinee pricing is moving from $7 to $7.50, with certain films priced at $8.50, indicating a cautious approach to pricing strategies [35][41] Question: What are the preliminary thoughts for the domestic box office going into the second half? - Management noted that while there are tough comparisons, there are strong films expected in the latter half of the year, making it difficult to predict box office performance [46][49] Question: How do you see the hotel segment revenue netting out for the current period? - Management highlighted strong banquet and catering business growth but noted lower margins, while the impact of the Hilton renovation is expected to ease in the second half [50][52] Question: What is the outlook for capital expenditures moving forward? - Management indicated a significant step down in capital expenditures is expected next year, with ongoing smaller projects but no major renovations like those recently completed [56][60]

Financial Performance Highlights - Net income attributable to Unitholders was $26 million, or $0.12 per limited partnership unit, compared to a net loss of $20 million, or a loss of $0.10 per unit, in the prior period[19] - Adjusted EBITDA increased to $591 million from $524 million in the prior period, which included $71 million of tax benefits from advanced energy storage operation[19] - Adjusted EFO was $234 million, or $1.11 per unit, compared to $289 million, or $1.33 per unit, in the prior period[19] - Corporate liquidity stood at $2,333 million, including $2,230 million of availability on credit facilities, and pro forma liquidity is approximately $2,900 million[19] Strategic Initiatives and Transactions - The company invested $56 million to repurchase 2.2 million units and shares at an average price of approximately $25 per unit and share[22] - Brookfield Business Partners completed the acquisition of Antylia Scientific for approximately $1.3 billion, with BBU investing $168 million for a 26% interest[22] - The company completed the sale of a partial interest in three businesses for units of a new evergreen fund with an initial redemption value of approximately $690 million, representing an 8.6% discount to NAV[22] - The company entered into a partnership to privatize First National Financial Corporation for $2.7 billion, with BBU's share expected to be approximately $145 million for an 11% interest[22] Balance Sheet and Liquidity - Total assets were $75,335 million as of June 30, 2025[23] - Non-recourse borrowings in subsidiaries of the partnership were $42,493 million[23] - Corporate borrowings were $1,116 million[23] - Total equity was $15,321 million[23]

Financial Performance - Adjusted EBITDA for Q2 2025 was $681 million, an increase of $23 million compared to Q2 2024[51] - Renewables SBU Adjusted EBITDA grew by 56% in Q2 2025[18] - Adjusted EPS increased by 34% from $0.38 in Q2 2024 to $0.51 in Q2 2025[53] - The company is reaffirming its 2025 Adjusted EBITDA guidance of $2650-$2850 million [70] - The company is reaffirming its Adjusted EPS guidance of $210-$226 [73] Strategic Highlights & Growth - The company is on track to add 32 GW of new projects in full year 2025, with 19 GW completed year-to-date and ~80% completion on the remaining 13 GW[18] - Since the Q1 call in May, 16 GW of new PPAs for renewables have been signed or awarded, all with data center customers[18] - The backlog of projects under signed PPAs is now 12 GW[18] - The company is on track to invest ~$14 billion across AES Indiana & AES Ohio in 2025[43] Market Position & Resilience - The company has a market-leading position in signed agreements with data center customers, totaling 86 GW[29] - The company expects the majority of capacity to be completed through 2029 has no exposure to potential changes in tax credit policy, with nearly all capacity safe harbored[21] - The company expects data center demand to grow at a 22% CAGR from 2023-2030[29]

Financial Data and Key Metrics Changes - The company's second quarter revenue for 2025 was $36,500,000, representing a year-over-year improvement of 23% and the highest second quarter revenue since 2019 [18] - Adjusted EBITDA for the second quarter was $2,200,000, an improvement compared to $900,000 for the same period in 2024 [21] - Net income for the second quarter was $900,000, or diluted earnings per share of $0.34, compared to a net loss of $3,100,000 or a loss per share of $1.21 in the prior year [20] - Adjusted gross profit was $13,000,000, with an adjusted gross margin of 36%, down from 40% a year ago [19] Business Line Data and Key Metrics Changes - Revenue in Canada for 2025 was $56,000,000, increasing 27% compared to the same period in 2024, driven by strong performance in fracturing systems [7] - U.S. revenues improved by 15%, reflecting an increase in fracturing system sales and higher frac plug sales at Repeat Precision [18] - International revenues decreased by 17%, primarily due to the timing of tracer diagnostic projects in the Middle East [18] Market Data and Key Metrics Changes - The Canadian rig count was approximately 10% to 15% below the previous year, impacting the company's performance [38] - The company expects continued success in the North Sea, with an increase in customers from two in 2022 to seven in 2025 [10] - The Middle East market is seeing increased well construction sales, partially offsetting delays in tracer diagnostics projects [10] Company Strategy and Development Direction - The company aims to build upon its leading market positions, capitalize on international opportunities, and commercialize innovative solutions [11] - The acquisition of ResMetrix is expected to enhance the company's tracer diagnostics capabilities and expand its presence in the Middle East [15] - The company maintains a strong balance sheet and liquidity position, utilizing cash on hand for strategic acquisitions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2025 due to deteriorating market conditions, including a decline in U.S. rig counts and potential oversupply in the oil market [25] - The company is maintaining a wider than normal range for annual operating guidance, with expected revenue growth of 6% at the midpoint [25] - Management noted a cautiously optimistic tone among customers, with a focus on the fourth quarter and potential impacts from OPEC supply [48] Other Important Information - The total purchase price for ResMetrics is up to a maximum cash amount of $7,150,000, with an earn-out component of up to $1,250,000 [22] - The company expects ResMetrics to contribute an additional $4,000,000 to $5,000,000 of revenue and $1,000,000 to $1,500,000 of adjusted EBITDA for the last five months of 2025 [27] Q&A Session Summary Question: Opportunities for cross-selling post-acquisition of ResMetrics - Management indicated that there are distinct customer bases for ResMetrics and the existing tracer diagnostics business, with potential revenue synergy opportunities as new technologies are introduced to a broader customer set [33][34] Question: Targeting new geographies and market uncertainty - Management expressed interest in continuing momentum in the North Sea and expanding into other offshore markets, while remaining cautious due to market uncertainties [35] Question: Factors needed to tighten guidance range - Management highlighted the importance of Canadian rig counts and indicated that narrowing the guidance range would depend on improvements in rig activity [36][38] Question: Margin opportunities and integration of ResMetrics - Management discussed potential operational synergies and cost reductions through the adoption of best practices, with a long-term goal of generating $1,000,000 to $2,000,000 in operational synergies [42][43] Question: Customer mindset in the current market environment - Management noted a cautiously optimistic tone among customers, with a focus on the potential impacts of OPEC supply and a reassessment of forecasts in Canada [46][50]

Financial Performance - Funds From Operations (FFO) increased to $371 million, a 10% increase year-over-year, driven by strong hydro performance, stable contracted cash flows, and contributions from new development projects[9] - FFO per Unit increased to $0.56, a 10% increase from the prior year[9] - Available liquidity stands at $4.7 billion, supporting growth initiatives[10] - The company maintains a best-in-class balance sheet with $4.7 billion of available liquidity and virtually no floating rate exposure[15] Operational Highlights - The company has approximately 47,500 MW of total operating capacity[22] - The company delivered ~7,700 MW of capacity during the last twelve months and expects to bring on a total of ~8,000 MW of new renewable capacity in 2025[19] - Actual renewable generation was 9,542 GWh, compared to 8,298 GWh in the same quarter of the previous year[9] Portfolio and Strategy - The company has total power and sustainable solutions assets of approximately $138 billion[22] - Approximately 90% of generation, on a proportionate basis, is contracted for an average term of 13 years, and approximately 70% of revenues are indexed to inflation[27] - The company is executing on its asset recycling program, with expected proceeds of approximately $1.5 billion (~$400 million net to Brookfield Renewable)[19]

Financial Performance - Free Cash Flow was $126.2 million, a decrease of 5.7% year-over-year and 7.0% quarter-over-quarter[4] - Adjusted EBITDA reached $440.4 million, up 6.6% year-over-year and 1.3% quarter-over-quarter[4] - Shareholder returns totaled approximately $79.3 million through dividends and share repurchases[4] - ROCE was 19.6%, approximately flat quarter-over-quarter[4] Production and Operations - Average daily production was 134.1 Mboe/d, an increase of 8.7% year-over-year but a decrease of 0.6% quarter-over-quarter[4] - Capital expenditures amounted to $210 million, down 11.5% year-over-year and 16.0% quarter-over-quarter[4] - Appalachian volumes reached a record 123.5 mmcf per day[4] - Uinta volumes increased by approximately 18.5% on a sequential quarter basis[8] M&A and Capital Allocation - The company closed on an Upton County, Texas acquisition for a total cash consideration of $61.7 million, net of closing adjustments[8] - Over $1.1 billion of available liquidity at quarter-end[8]

Core Insights - AirSculpt Technologies, Inc. reported a revenue decline of 13.7% year-over-year for Q2 2025, totaling $44.0 million compared to $51.0 million in Q2 2024 [8] - The company narrowed its year-over-year revenue decline by four percentage points compared to Q1 2025, indicating a potential recovery trend [2] - AirSculpt's case volume decreased by 14.1% in Q2 2025, with 3,392 cases compared to 3,949 in Q2 2024 [8] Financial Performance - For the first six months of 2025, revenue declined 15.5% to $83.4 million from $98.6 million in the same period of 2024 [8] - The net loss for Q2 2025 was $0.6 million, an improvement from a net loss of $3.2 million in Q2 2024 [8] - Adjusted EBITDA for Q2 2025 was $5.8 million, down from $6.9 million in Q2 2024, reflecting a decrease in profitability [8] Strategic Initiatives - The company is piloting two new offerings: skin tightening procedures and expanded financing options for consumers, aimed at enhancing growth strategies [2] - AirSculpt has successfully reduced its debt by $16 million in Q2 2025 following a common stock offering in June [2] - The company maintains its full-year 2025 revenue and adjusted EBITDA guidance, projecting revenues between $160 million and $170 million and adjusted EBITDA of approximately $16 million to $18 million [5][8] Liquidity and Capital Structure - As of June 30, 2025, AirSculpt had $8.2 million in cash and cash equivalents, with an additional $5.0 million available under its revolving credit facility [6] - The company generated $5.9 million in operating cash flow for the first half of 2025, compared to $6.8 million for the same period in 2024 [6] - AirSculpt's total liabilities decreased to $107.2 million from $130.7 million year-over-year, indicating improved financial health [24]

Core Insights - The AES Corporation reported a net loss of $150 million for Q2 2025, a significant decrease from a net income of $153 million in Q2 2024, primarily due to higher day-one losses on sales-type leases and increased income tax expenses [3][6][10] - Adjusted EBITDA for Q2 2025 was $681 million, reflecting a 3.5% increase from $658 million in Q2 2024, driven by higher contributions from the Renewables Strategic Business Unit (SBU) [4][32] - The company reaffirmed its 2025 guidance for Adjusted EBITDA between $2,650 million and $2,850 million, with expected annualized growth of 5% to 7% through 2027 [8][9][10] Financial Highlights - Q2 2025 Adjusted EBITDA with Tax Attributes was $1,057 million, up from $849 million in Q2 2024, attributed to higher realized tax attributes and contributions from new projects [5][32] - The diluted earnings per share (EPS) from continuing operations was ($0.15) for Q2 2025, a decrease from $0.39 in Q2 2024 [6][36] - Adjusted EPS for Q2 2025 was $0.51, an increase of $0.13 compared to $0.38 in Q2 2024, mainly due to a lower adjusted tax rate and contributions from new renewables projects [7][10] Strategic Accomplishments - The company has a backlog of 12 GW of signed long-term Power Purchase Agreements (PPAs), with 5.2 GW currently under construction [2][11] - AES completed 1.9 GW of new projects year-to-date and is on track to add a total of 3.2 GW to its operating portfolio by the end of 2025 [11][12] - The company signed or was awarded new long-term PPAs for 1.6 GW of renewables, all with data center companies, since the first quarter of 2025 [11][12] Financial Position and Outlook - Total revenue for Q2 2025 was $2.855 billion, a decrease from $2.942 billion in Q2 2024, with non-regulated revenue at $1.922 billion and regulated revenue at $933 million [24] - The company’s total assets increased to $48.542 billion as of June 30, 2025, compared to $47.406 billion at the end of 2024 [25] - The company expects to maintain its quarterly dividend payment of $0.17595 going forward [13]

Core Points - Select Medical Holdings Corporation reported a revenue increase of 4.5% to $1,339.6 million for Q2 2025 compared to Q2 2024 [2] - Income from continuing operations, net of tax, rose 53.8% to $57.9 million for Q2 2025 [2] - The company declared a cash dividend of $0.0625 per share, payable on August 28, 2025 [13] Financial Performance - For the six months ended June 30, 2025, revenue increased 3.4% to $2,692.8 million compared to the same period in the prior year [3] - Adjusted EBITDA for the six months was $276.9 million, down from $290.5 million in the prior year [3] - Earnings per common share from continuing operations increased 52.0% to $0.76 for the six months ended June 30, 2025 [3] Segment Performance - Critical Illness Recovery Hospital Segment revenue decreased to $601.1 million for Q2 2025, down from $604.9 million in Q2 2024 [6] - Rehabilitation Hospital Segment revenue increased 17.2% to $313.8 million for Q2 2025 compared to Q2 2024 [8] - Outpatient Rehabilitation Segment revenue increased 3.8% to $327.6 million for Q2 2025 compared to Q2 2024 [11] Stock Repurchase and Dividend - The Board of Directors authorized a stock repurchase program of up to $1.0 billion [15] - During the first half of 2025, Select Medical repurchased 6,375,512 shares at a cost of approximately $96.5 million [16] Business Outlook - Select Medical expects revenue for fiscal year 2025 to be in the range of $5.3 billion to $5.5 billion [17] - Adjusted EBITDA is projected to be between $510.0 million and $530.0 million for 2025 [17]

Core Insights - Cooper-Standard Holdings Inc. reported second quarter 2025 results that exceeded expectations, with an optimistic outlook for the second half of the year despite challenges in light vehicle production and inflationary pressures [3][4][15] Financial Performance - Sales for Q2 2025 were $706.0 million, a slight decline of 0.3% from $708.4 million in Q2 2024 [3][27] - The net loss for Q2 2025 was $1.4 million, significantly improved from a net loss of $76.2 million in Q2 2024 [4][27] - Adjusted net income for Q2 2025 was $1.0 million, compared to an adjusted net loss of $11.3 million in Q2 2024, marking a year-over-year improvement of $12.3 million [4][37] - Adjusted EBITDA for Q2 2025 was $62.8 million, up from $50.9 million in Q2 2024, driven by improved manufacturing efficiency [5][34] Business Developments - The company secured net new business awards totaling $77.1 million in anticipated future annualized sales during Q2 2025, bringing the total for the first half of 2025 to $132.0 million, primarily related to battery-electric and hybrid vehicle platforms [7][15] Segment Performance - Gross profit for Q2 2025 was $93.1 million, an increase of 12.2% compared to Q2 2024 [9] - Operating income for Q2 2025 was $37.3 million, a substantial increase of 234.5% from Q2 2024 [9] Cash and Liquidity - As of June 30, 2025, the company had cash and cash equivalents of $121.6 million, with total liquidity of $272.8 million [13][14] Outlook and Guidance - The company raised its full-year adjusted EBITDA guidance to a range of $220 million to $250 million, while maintaining sales guidance of $2.7 billion to $2.8 billion [16] - The company anticipates that operational excellence will help mitigate the impact of potential lower light vehicle production volumes in the second half of the year [15][16]