Financial Data and Key Metrics Changes - The company achieved revenue growth of 4.6% and adjusted EBITDA growth of 8% in the second quarter [9] - Adjusted earnings per share reached $1.77, with adjusted free cash flow of $1,420 million year to date [9][17] - Adjusted EBITDA margin expanded by 100 basis points to 32.1% [22] Business Line Data and Key Metrics Changes - Organic revenue growth was driven by strong pricing, with average yield on total revenue at 4.1% and related revenue at 5% [10][19] - Environmental Solutions revenue decreased by $11 million compared to the prior year, impacted by lower event volumes and sluggish manufacturing activity [22] - Volume performance included a 47% increase in landfill C and D volume due to hurricane cleanup and a 22% increase in landfill special waste revenue [20] Market Data and Key Metrics Changes - The company noted a decline in collection volume due to softness in construction and manufacturing end markets [11] - Recycling commodity prices fell to $149 per ton from $173 per ton in the prior year, with current prices around $130 per ton [21] - The leverage ratio at the end of the quarter was approximately 2.5 times, with total debt at $13.1 billion [23] Company Strategy and Development Direction - The company is focused on sustainability and has released a sustainability report highlighting progress towards 2030 goals [12] - Investments in employee training, plastic circularity, and decarbonization are ongoing, with a commitment to fleet electrification [15] - The acquisition pipeline remains strong, with expectations for over $1 billion in value-creating acquisitions in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a potential recovery in manufacturing activity, despite current challenges [31][79] - The company plans to remove the impact of recent labor disruptions from adjusted results, indicating a commitment to fair negotiations with employees [18][119] - Future pricing strategies will consider tariff impacts, with expectations for a 30 to 50 basis point margin spread per year [61] Other Important Information - The company has invested nearly $900 million in strategic acquisitions year to date and returned $407 million to shareholders through dividends and share repurchases [16] - Full year 2025 financial guidance was updated, with revenue expected in the range of $16.675 billion to $16.75 billion [17] Q&A Session Summary Question: Can you parse out the $200 million reduction in the revenue guide? - The reduction is primarily due to lower volume expectations in recycling and waste, with about $65 million attributed to environmental solutions [29] Question: What is the impact of labor disruptions? - The primary impact is additional labor costs to maintain service levels for customers, with some credits issued to affected customers [39] Question: How is the M&A pipeline looking? - The pipeline remains strong, with a focus on regional deals and tuck-ins rather than transformational acquisitions [82] Question: What are the expectations for volumes in the second half of the year? - Volumes are expected to be flat to slightly negative in the second half, with some event-driven landfill volumes contributing [67] Question: How are pricing strategies evolving? - The company expects to maintain an average yield of around 5% for the full year, with slight modulation in the second half [68] Question: What is the outlook for environmental solutions? - The business is experiencing price positive but volume negative dynamics, with management optimistic about long-term growth despite current challenges [78]

Focusing entirely on allocating capital from venture to liquid markets over the last 6-8 months has proven to be the right move.Expect it to continue over the next 6-8 months. ...

Financial Data and Key Metrics Changes - The company reported a strong FFO per share growth of 22%, exceeding expectations [5] - Full year FFO guidance was raised by $0.13 to $5.1 per share [6] - Same store NOI growth for the seniors housing operating portfolio was 23.4%, marking the eleventh consecutive quarter of growth exceeding 20% [6][15] - Year-over-year total portfolio same store NOI growth was 13.8% [31] Business Line Data and Key Metrics Changes - The outpatient medical business delivered a same store NOI growth of 2.6% [14] - The senior housing operating portfolio achieved another quarter of same store NOI growth well in excess of 20% [15] - The long-term post-acute portfolio saw same store NOI growth of 2.7% [32] Market Data and Key Metrics Changes - The UK portfolio experienced a 600 basis points increase in occupancy and 27% same store NOI growth [7] - Canada delivered 8.5% growth, while the U.S. and U.K. posted increases of 10.2% and 11.5%, respectively [15][16] - The company reported a 5% growth in RevPAR across all regions [17] Company Strategy and Development Direction - The company is focused on leveraging insights from its data science platform to drive portfolio and asset management initiatives [8] - A significant capital allocation of approximately $29 billion has been completed over the past five years, with $16 billion in asset sales to improve portfolio quality [9] - The company is transitioning properties to best-in-class regional operators to unlock operational potential [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand-supply dynamic for the industry, expecting further strengthening of RedPOR in the coming years [8] - The company is optimistic about the momentum in occupancy and anticipates NOI recovery in Q4 [11] - Management emphasized the importance of talent management and technology innovation as key areas of focus for future growth [36][40] Other Important Information - The company achieved a net debt to adjusted EBITDA ratio below three times and interest coverage over six times [12] - A quarterly dividend increase of 10.4% was announced, reflecting confidence in cash flow durability [34] - The company has trained over 8,000 site employees on its Well Towered Business System [21] Q&A Session Summary Question: Future growth potential and capital deployment - Management highlighted that while they are proud of achievements, they remain focused on continuous improvement and avoiding complacency [45][46] Question: Performance of non-same store assets - Management noted that non-same store assets include under-occupied and under-optimized properties, which are expected to improve over time [53][54] Question: Technology and data integration for customer experience - Management discussed the evolution of their technology strategy to enhance customer experience and operational efficiency [58][61] Question: Competitive dynamics for investments - Management indicated that there are ample opportunities to enhance cash flow profiles in a fragmented industry [80][82] Question: Optimal capital stack and leverage - Management emphasized the importance of maintaining a strong balance sheet and liquidity while exploring various capital sources for investments [86][88] Question: Potential for margin expansion - Management expressed confidence in significant margin expansion opportunities driven by revenue growth and operational efficiencies [90][92]

Financial Data and Key Metrics Changes - The company reported a strong FFO per share growth of 22%, exceeding expectations [3] - Full year FFO guidance was raised by $0.13 to $5.1 per share [4] - Same store NOI growth for the seniors housing operating portfolio was 23.4%, marking the eleventh consecutive quarter of growth exceeding 20% [4] - Year-over-year total portfolio same store NOI growth was 13.8% [12][29] - Net income attributable to common stockholders was $0.45 per diluted share, with normalized FFO at $1.28 per diluted share, representing 21.9% year-over-year growth [29] Business Line Data and Key Metrics Changes - The outpatient medical business delivered same store NOI growth of 2.6% year over year, with a retention rate of 94.2% [12] - The senior housing operating portfolio achieved another quarter of same store NOI growth well in excess of 20% [12] - The long-term post-acute portfolio saw same store NOI growth of 2.7% year over year [30] Market Data and Key Metrics Changes - The UK portfolio experienced a 600 basis point increase in occupancy and 27% same store NOI growth, indicating strong market demand [4] - Canada delivered 8.5% growth, while the U.S. and U.K. posted increases of 10.2% and 11.5%, respectively [13] Company Strategy and Development Direction - The company is focused on leveraging insights from its data science platform to drive portfolio and asset management initiatives [5] - There is a commitment to improving operational efficiency through the Welltower Business System (WBS) [17] - The company aims to enhance customer and employee experiences while addressing inefficiencies in the industry [19] - A refined focus on technology and data innovation is being emphasized to improve operational capabilities [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand-supply dynamics for the senior housing business, anticipating continued growth [39] - The company is optimistic about future margin expansion driven by revenue growth and operational efficiencies [92] - Management highlighted the importance of maintaining a dynamic organizational culture to avoid complacency [44] Other Important Information - The company completed approximately $9.2 billion in investment activity year-to-date, with a robust pipeline of acquisitions [10][22] - The balance sheet has improved significantly, with net debt to adjusted EBITDA below three times and total liquidity at $9.5 billion [10] Q&A Session Summary Question: Future growth potential and capital deployment - Management emphasized that while they are proud of their achievements, they remain focused on continuous improvement and avoiding complacency [44][47] Question: Performance of non-same store assets - Management noted that non-same store assets include under-occupied and under-optimized properties, which may impact their performance metrics compared to same store assets [51][52] Question: Technology and data application for customer experience - Management is expanding the focus on operational technology to enhance customer experiences, integrating various technology initiatives [56][60] Question: Competitive dynamics for investments - Management believes there are ample opportunities to enhance cash flow profiles of assets due to the fragmented nature of the industry [81] Question: Optimal capital stack and leverage - Management stated that maintaining a strong balance sheet and liquidity is crucial, and they will consider various capital sources for investments [88] Question: Potential for margin expansion - Management is optimistic about significant margin expansion driven by both revenue growth and expense management [92][94]

Company Highlights - Asbury's revenue has increased by 138% since 2019, with a Compound Annual Growth Rate (CAGR) of +19%[13] - Adjusted Earnings Per Share (EPS) has increased by 188% since 2019, with a CAGR of +24%[13] - The number of new car dealerships has increased by 73% since 2019[13] - Total revenue reached $173 billion[17], with 320118 new and used vehicles retailed[18] Financial Performance (2Q25) - Total company revenue increased by 3%, with same-store revenue up by 5%[34] - New vehicle revenue increased by 6%, with same-store revenue up by 9%[34] - Used vehicle retail decreased by 3%, with same-store retail down by 1%[34] - Parts & Service revenue increased by 4%, with same-store revenue up by 6%[34] Total Care Auto (TCA) - TCA standalone pre-tax income is estimated to be $75 million in 2025[53] - Consolidated TCA pre-tax income is estimated to be $35 million in 2025[53] Herb Chambers Acquisition - The acquisition is valued at approximately $145 billion[77] - Herb Chambers generated $29 billion in revenue in FY2024[69] - The acquisition is expected to increase Asbury's luxury brand mix from 30% to 35%[81]

Financial Data and Key Metrics Changes - Total product revenues for Q2 reached $1,060 million, a 17% increase year-over-year, driven by strong demand for Jakafi and Opsilura, as well as contributions from Nictimvo's launch [22][20] - Total revenues were $1,220 million, up 16% compared to the same period last year [22] - Jakafi net product revenue was $764 million for Q2, representing an 8% growth year-over-year [22] - Opsilura's total net product revenue for Q2 was $164 million, a 35% increase year-over-year [23] - The company raised its full-year revenue guidance for Jakafi to a range of $3,000 million to $3,050 million [22] Business Line Data and Key Metrics Changes - Opsilura's U.S. net product revenue was $132 million, up 19% year-over-year, driven by increased patient demand [24] - Nictimvo's net product revenues in Q2 were $36 million, with strong commercial execution and high patient need [25] - Other hematology-oncology products generated net product revenues of $131 million, a 66% year-over-year increase, primarily due to the Nectinvo launch [27] Market Data and Key Metrics Changes - Opsilura has close to 20,000 prescribers and is showing strong growth across atopic dermatitis and vitiligo [9] - Nictimvo achieved approximately 82% account penetration with rapid uptake in BMT centers across the U.S. [25] - The company expects continued strong performance in the pediatric indication for Opsilura, with an FDA approval anticipated in September [20] Company Strategy and Development Direction - The company aims to build a comprehensive plan for acceleration that includes R&D productivity, operating expenses, and capital allocation [11] - Strategic priorities include taking care of core products, accelerating product development, and careful capital allocation [16][19] - The focus is on converting scientific advancements into regulatory approvals and business results, particularly in hematology oncology and immunology [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for new product flow and emphasized the importance of execution in driving growth [19][40] - The company is navigating challenges to transition to new product growth drivers by 2029 [8] - Management highlighted the strong demand for Jakafi and Opsilura, with expectations for continued growth if execution remains strong [20][40] Other Important Information - The company recorded a benefit of $242 million from a contract dispute settlement with Novartis, which also reduced COGS [28] - R&D expenses for Q2 were $495 million, with an increase of 8% year-over-year, driven by investments in late-stage development assets [29] - The company plans to present full Phase III results for ruxolitinib cream and advance povastatinib in three indications, with significant opportunities for revenue creation [38][39] Q&A Session Summary Question: Importance of therapeutic areas at Incyte - Management indicated that MPNs are the most important therapeutic area, with a focus on transforming treatment in this space [44][45] Question: Read-through from Kallar data for ET and expectations for MF - Management noted that the mechanism of action for the mutant CalR antibody suggests a high probability of success in MF based on ET data [54][55] Question: Initial data for six seventeen F and enthusiasm for povastatin - Management explained that the delay in data release is due to the need for higher doses and longer follow-up to obtain comprehensive data [60] Question: Dynamics of Nictimvo launch and inventory impact - Management highlighted strong penetration in the market and noted that inventory accounted for less than 5% of Q2 sales, indicating strong demand [77] Question: Balancing investment in pipeline advancement and external opportunities - Management emphasized the importance of capital allocation and the need to evaluate both internal and external investments without forcing a specific ratio [97][100]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) of $1.9 billion, providing 1.6 times coverage [6][20] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [16][17] - Distributable cash flow increased by $127 million or 7% compared to the previous year, primarily due to lower sustaining capital expenditures [17][20] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [6][7] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to increase to 360,000 barrels per day with future expansions [9][15] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [12] - The company noted that spot terminal fees for LPG exports have significantly decreased from $0.10 to $0.15 per gallon to lower levels [12] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including new gas processing plants in the Permian [7][8] - The competitive landscape for LPG exports is becoming increasingly challenging, with new midstream companies entering the market [11][13] - The company aims to leverage its existing infrastructure to maintain competitive advantages and meet customer needs through brownfield expansions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic and geopolitical challenges, emphasizing the importance of U.S. energy exports [10][11] - The management team believes that the demand for U.S. ethane and ethylene remains strong in Asia and Europe, despite recent market pressures [13][14] - The company anticipates continued profitability in the Permian Basin, with producers maintaining their guidance despite market fluctuations [40][42] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [18] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain in the range of $4 to $4.5 billion for 2025 [19][20] Q&A Session Summary Question: Ramp-up of new assets in the second half of 2025 - Management indicated that the new processing plants are expected to ramp up quickly, with high utilization rates anticipated [23][24][26] Question: Capital allocation and buyback strategy - The company plans to continue opportunistic buybacks, with expectations of increased free cash flow in 2026 [28][30] Question: LPG export fees and market dynamics - Management confirmed that they are 85-90% contracted for LPG exports through the end of the decade, indicating that significant margin compression challenges are likely over [73] Question: Outlook for PDH and refined product services - Operating rates for PDH have improved, but management noted that they have not yet met expectations [49] Question: Impact of potential LNG projects on Haynesville Shale - The company is optimistic about the Acadian gas system and expects to benefit from increased activity in the Haynesville [68][69] Question: Strategic importance of growth backlog - Management emphasized the importance of maintaining a robust growth backlog to attract equity investment and support future capital allocation decisions [89][90]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) providing 1.6 times coverage and retaining $740 million of DCF [5][15][18] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [14][15] - Distributable cash flow increased by $127 million or 7% to $1.9 billion for Q2 2025, primarily due to lower sustaining capital expenditures compared to the previous year [15][17] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [5][6] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to reach full operational capacity in the first half of 2026 [7] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [10][11] - The company noted a shift in the LPG export market, with spot terminal fees previously ranging from $0.10 to $0.15 per gallon, now facing increased competition [9][10] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including gas processing plants in the Permian [6][12] - The competitive advantage lies in existing export infrastructure, allowing the company to meet customer needs through brownfield expansions [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic and geopolitical challenges but expressed confidence in the company's positioning to succeed despite these headwinds [5][8] - The management highlighted the importance of energy and global trade, indicating potential future challenges due to competitive pressures in the LPG export market [9][12] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [16] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain unchanged at $4 to $4.5 billion for 2025 [17][18] Q&A Session Summary Question: How should we think about the ramp-up of $6 billion of assets coming online in the second half of 2025? - Management indicated that processing plants are expected to ramp up quickly, with high utilization rates anticipated [21][23][25] Question: Will the buyback program increase in anticipation of 2026 being a lean year? - Management confirmed that they are being opportunistic with buybacks and expect larger opportunities in 2026 as free cash flow increases [27][29] Question: How do you see the LPG export market evolving? - Management stated that they are 85-90% contracted through the end of the decade and will defend their market position [32][74] Question: What are the lessons learned from the BIS ethane incident during Q2? - Management noted that while they were largely unscathed, the incident compromised the U.S. brand for reliable supply and energy security [45][46] Question: How do you view the outlook for PDH and octane enhancement? - Operating rates for PDHs have improved, but management is still not satisfied with performance, while octane enhancement margins have normalized but remain healthy [48][49]

Capital Allocation and Returns - Enterprise returned $59 billion to equity investors since IPO via LP distributions and common unit buybacks[8] - Distributions were $0.545 per unit for 2Q 2025, a 3.8% increase over 2Q 2024[8] - Buybacks in 2Q 2025 totaled $110 million for 3.6 million common units[8] - For the trailing 12 months ended 2Q 2025, buybacks were $309 million for 10 million common units[8] - Adjusted CFFO Payout Ratio was 57% for the trailing 12 months ended 2Q 2025[8] Capital Expenditures and Liquidity - Growth Capital Expenditures are projected to be in the range of $40 billion to $45 billion in 2025 and $20 billion to $25 billion in 2026[8] - Sustaining Capital Expenditures are estimated to be approximately $525 million in 2025[8] - The Leverage Ratio was 31x for the trailing 12 months ended 2Q 2025, with a target ratio of 30x (+/- 025x)[8] - Liquidity stood at $51 billion as of June 30, 2025, comprising available credit capacity and unrestricted cash[8] Operational Performance and Growth - Natural Gas Processing Plant Inlet Volume reached a record 77 Bcf/d[20] - Equivalent Pipeline Transportation Volume reached a record 134 MMBPD[21] - Total Marine Terminal Volumes reached a record 21 MMBPD[22] Gross Operating Margin (GOM) Analysis (2Q 2025 vs 2Q 2024) - Total GOM increased from $2412 million in 2Q 2024 to $2477 million in 2Q 2025[39] - NGL Segment GOM decreased by $28 million[39] - Crude Oil Segment GOM decreased by $14 million[39] - Natural Gas Segment GOM increased by $124 million[39] - Petrochemicals & Refined Products Segment GOM decreased by $38 million[39]

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $283.9 million, or $0.53 per diluted share, with a return on equity of 17% [17] - Earnings available for distribution were $291.1 million, or $0.54 per diluted share, reflecting an 18% return on equity [17] - Book value increased to $6.7 billion, or $12.71 per share, up from $12.39 in the prior quarter [17] - The company ended the quarter with a record cash and liquidity amount of $2.1 billion [17] Business Line Data and Key Metrics Changes - Genesis, the company's RTL lender, achieved a record quarter of production, with origination more than doubling since its acquisition in 2022 [6][12] - NewRez, the mortgage company, is the fourth largest originator with $16 billion in funded volume, up 38% quarter over quarter [34] - The servicing portfolio reached $864 billion, with a 19% return on equity for the servicing business [34][39] Market Data and Key Metrics Changes - The asset management business, including Sculptor, managed $36 billion in assets, with an increase of $3.5 billion since the last quarter [22] - The company is seeing inflows across its investment teams, particularly in real estate and asset-based finance products [6][22] Company Strategy and Development Direction - The company aims to grow its asset management platform and is focused on creating synergies and increasing earnings [10][29] - There is a strong emphasis on opportunistic acquisitions and scaling up credit and origination business lines [10][29] - The company is exploring opportunities in the insurance sector and considering M&A activities to enhance its offerings [50][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, anticipating one or two rate cuts this year [24] - The company is focused on maintaining a competitive edge in the asset-based finance space and is optimistic about future growth opportunities [7][29] - Management highlighted the importance of technology and operational efficiency in driving growth and reducing costs [40] Other Important Information - The company has paid out over $6 billion in dividends since inception, indicating a strong commitment to returning value to shareholders [11] - The company is exploring the potential for a C Corp structure to enhance its asset management capabilities [66] Q&A Session Summary Question: Any updated thoughts on Nuurez listing? - Management indicated that they are focused on growing the business and earnings before considering a separate listing for Nuurez [43][44] Question: How will changes in the mortgage market impact NewRez's strategy? - Management noted that growth is expected in the non-QM business and that they are opening new origination channels [58][59] Question: What are the plans for insurance M&A? - Management is looking at smaller insurance acquisitions to grow the business rather than large-scale purchases [50][86] Question: How does the company view capital allocation across segments? - Management stated that capital can be allocated flexibly across different segments based on where the best returns can be generated [71][72] Question: What is the potential for the SMA in residential transition lending? - Management expressed excitement about the SMA and its potential to raise third-party capital while maintaining earnings at the corporate level [96][97]