Q1 2025 Financial Performance - System-wide sales decreased by 1.8%[7] from $581.8 million in Q1 2024 to $571.1 million in Q1 2025[10] - Same-store sales declined by 3.4%[7] - Total revenue decreased from $152.0 million in Q1 2024 to $142.0 million in Q1 2025[7, 10], a decrease of approximately 6.6% - Adjusted EBITDA decreased from $18.2 million in Q1 2024 to $11.1 million in Q1 2025[7, 10], a decrease of approximately 39% - Net loss attributable to FAT Brands Inc increased from $38.316 million to $45.969 million[21, 22], an increase of approximately 20% Strategic Initiatives - The company plans to accelerate the build-out of a 1,000+ unit new store pipeline[13] - The company aims to drive approximately $10 million in Adjusted EBITDA growth from new stores[13] - The company aims to drive approximately $5 million in Adjusted EBITDA growth from factory production[13] - The company intends to re-franchise 57 company-owned Fazoli's restaurants[13]

Business Overview - Golden Entertainment focuses on casino and branded tavern operations in Nevada[6,8] - The company operates 8 casinos in Nevada with approximately 4,400 slots and 6,000 rooms[7] - It also operates 72 branded taverns in Nevada with approximately 1,100 slots[7,24] Market Position and Growth - Nevada's total gaming revenue (GGR) in 2024 was $15.6 billion[15] - Las Vegas Strip GGR in 2024 was $8.8 billion[15] - Nevada Locals GGR in 2024 was $3.6 billion[15] - Clark County's population is growing at a CAGR of 1.7% from 2024-2028, which is 3.8x faster than the total US population CAGR of 0.4% over the same period[17,20] Financial Performance and Capital Structure - The company's net leverage as of March 31, 2025, was 2.4x[30,33] - Golden Entertainment has repaid over $750 million of debt since 2021[31] - The company has returned $194 million of capital to shareholders since the completion of the Rocky Gap sale in July 2023[31] - Total revenues for continuing operations in 2024 were $660.799 million, and Adjusted EBITDA was $154.891 million[58]

Core Insights - DraftKings reported first quarter 2025 revenue of $1,409 million, a 20% increase from $1,175 million in the same period of 2024, driven by strong customer engagement and the acquisition of Jackpocket Inc. [2][3][35] - Monthly Unique Payers (MUPs) rose to 4.3 million, reflecting a 28% increase year-over-year, with a 5% decrease in Average Revenue per MUP (ARPMUP) to $108, primarily due to the impact of Jackpocket customers [7][14][15] - The company revised its fiscal year 2025 revenue guidance to a range of $6.2 billion to $6.4 billion, down from a previous range of $6.3 billion to $6.6 billion, indicating approximately 32% year-over-year growth [5][7][10] Financial Performance - DraftKings' net loss for the first quarter of 2025 was $33.9 million, an improvement from a loss of $142.6 million in the same quarter of 2024 [14][15] - Adjusted EBITDA for the first quarter of 2025 was $102.6 million, significantly up from $22.4 million in the prior year [15][26] - The company repurchased 3.7 million shares in the first quarter under its stock repurchase program, indicating a commitment to returning value to shareholders [3][35] Market Position and Growth - DraftKings operates mobile sports betting in 25 states and Washington, D.C., covering approximately 49% of the U.S. population, and iGaming in 5 states, representing about 11% of the U.S. population [7][35] - The acquisition of Jackpocket is expected to enhance customer retention and acquisition across DraftKings' offerings [2][7] - The company is preparing to launch its Sportsbook product in Missouri, pending regulatory approvals, following the legalization of sports betting in the state [7][35]

Core Insights - Tejon Ranch Co. reported financial results for Q1 2025, highlighting a net loss of $1.5 million, compared to a net loss of $0.9 million in Q1 2024, with a net loss per share of $0.05 [4][19] - The company achieved revenues of $9.6 million in Q1 2025, slightly up from $9.5 million in Q1 2024, driven primarily by the farming segment due to improved almond prices [5][19] - The company is focused on leveraging its land use approvals to unlock development opportunities and enhance long-term value for shareholders [2][8] Financial Performance - Total revenues for Q1 2025 were $8.2 million, an increase from $7.4 million in Q1 2024, with the farming segment showing significant growth [5][19] - Adjusted EBITDA for Q1 2025 was $2.8 million, compared to $2.1 million in the same period of 2024, indicating improved operational performance [12][25] - The company reported total capitalization of approximately $611.6 million as of March 31, 2025, with a debt to total capitalization ratio of 30.4% [7][29] Real Estate Development - The Tejon Ranch Commerce Center (TRCC) has successfully transitioned into a mixed-use community, with the opening of the Terra Vista at Tejon multi-family residential development, which includes 228 units [2][5] - The TRCC industrial portfolio consists of 2.8 million square feet of gross leasable area (GLA) and is fully leased, while the commercial/retail portfolio has a 95% occupancy rate [5][8] - Nestlé USA is constructing a new distribution facility at TRCC, which will span over 700,000 square feet upon completion [5] Market Outlook - The company anticipates fluctuations in net income due to regulatory delays, commodity prices, and the timing of land sales and leasing activities [9] - The 2025 California almond crop forecast is expected to be released soon, with potential challenges in production due to pollination issues and trade uncertainties [11] - Tejon Ranch is diversifying its farming operations by planting an olive orchard to better position itself against market changes [11]

Financial Performance - The company reported a net income of $4.4 million, or $0.12 per diluted share, for the quarter ended March 31, 2025, compared to a net loss of $(0.2) million, or $(0.01) per diluted share, for the same quarter in 2024 [6][14] - Adjusted EBITDA was $6.2 million, an increase from $4.6 million for the quarter ended March 31, 2024 [6][30] - Total revenue for the quarter was $7.6 million, a decrease from $7.9 million in the same quarter of the previous year [5][25] Sales and Production - Natural gas, oil, and NGL sales increased by $3.3 million, or 47%, compared to the same quarter in 2024, driven by a rise in natural gas prices by 83% and NGL prices by 26% [15][25] - Total production volumes decreased by 9% to 2,159 Mmcfe compared to the previous quarter but increased by 2% compared to the same quarter in 2024 [6][10] - Royalty production volumes decreased by 9% to 1,910 Mmcfe compared to the previous quarter but increased by 3% year-over-year [6][11] Operational Highlights - The company converted 65 gross (0.113 net) wells to producing status during the quarter, compared to 85 gross (0.32 net) wells in the same quarter of 2024 [18][19] - As of March 31, 2025, there were 247 gross (1.017 net) wells in progress and permits, an increase from 225 gross (0.91 net) wells at the end of the previous quarter [19][20] - The company had 18 rigs operating on its acreage as of March 31, 2025 [19][20] Debt and Dividends - Total debt was reduced to $19.8 million, down from $29.5 million at the end of the previous quarter, resulting in a debt-to-adjusted EBITDA ratio of 0.86x [6][31] - The company announced a quarterly dividend of $0.04 per share, payable on June 4, 2025 [6][14] Strategic Developments - The company completed a divestiture of non-producing minerals in January 2025, which contributed to the reduction of debt [4][6] - PHX Minerals entered into a definitive agreement with WhiteHawk Income Corporation for an all-cash acquisition valued at $4.35 per share, totaling approximately $187 million [6][24]

Core Insights - Treace Medical Concepts, Inc. reported a revenue of $52.6 million for Q1 2025, a 3% increase from $51.1 million in Q1 2024, with an adjusted growth of 4.5% when accounting for one less selling day [4][9] - The company is focused on expanding its bunion treatment portfolio and has received positive customer feedback on new specialized bunion systems [3][4] - Treace aims for a full-year 2025 revenue guidance of $224 million to $230 million, indicating a growth of 7% to 10% compared to 2024 [8] Financial Performance - Gross profit for Q1 2025 was $41.9 million, with a gross margin of 79.7%, slightly down from 80.2% in Q1 2024 [4] - Total operating expenses decreased to $57.5 million in Q1 2025 from $59.9 million in Q1 2024 [5] - The net loss for Q1 2025 was $(15.9) million, an improvement from $(18.7) million in Q1 2024, with adjusted EBITDA improving by 53% to $(3.8) million [6][9] Product Development and Market Position - Treace has expanded its bunion technology portfolio with new systems, including the Nanoplasty™ and Percuplasty™ 3D MIS Osteotomy Systems, and the SpeedMTP™ MTP Fusion System [9] - The company announced positive interim clinical data for its procedures at the 2025 ACFAS Annual Scientific Conference [9] - Treace's global patent portfolio has surpassed 100 granted patents, with 172 pending applications, indicating strong innovation and market positioning [9] Liquidity and Financial Outlook - As of March 31, 2025, Treace had total liquidity of $98.6 million, consisting of $76.1 million in cash and marketable securities, and $22.5 million available under a revolving loan facility [7] - The company continues to expect breakeven adjusted EBITDA for the full year 2025, reflecting a focus on improving operational efficiency [8]

Core Insights - Full House Resorts, Inc. reported a 7.3% increase in consolidated revenues for Q1 2025, reaching $75.1 million compared to $69.9 million in the same period last year [2] - The company experienced a net loss of $9.8 million in Q1 2025, an improvement from a net loss of $11.3 million in the prior-year period [2][24] - Adjusted EBITDA for Q1 2025 was $11.5 million, down from $12.4 million in the previous year [2][22] Revenue Performance - American Place Casino achieved a record monthly gaming revenue of $10.9 million in March 2025 [1] - Revenues from Colorado operations increased significantly by 33.9% year-over-year [6] - The Midwest & South segment generated revenues of $57.2 million, a 4.6% increase from $54.6 million in the prior-year period [7][22] - The West segment saw revenues rise by 19.8% to $15.6 million, reflecting the full opening of Chamonix Casino Hotel [8][22] Operational Highlights - American Place Casino's player database surpassed 100,000 members, indicating strong customer engagement [3] - Silver Slipper Casino benefited from new leadership, resulting in improved operating income despite a revenue decline [5] - Chamonix Casino Hotel is focusing on cost efficiencies and has identified several million dollars in potential annual savings [6] Financial Position - As of March 31, 2025, the company had $30.7 million in cash and cash equivalents, with total debt primarily consisting of $450 million in senior secured notes due 2028 [10] - The maturity date of the revolving credit facility was extended to January 1, 2027, allowing for better financial flexibility [11] Future Outlook - The company anticipates significant performance improvements upon transitioning from the temporary American Place facility to the planned permanent casino [4] - Management is evaluating financing options for the permanent American Place facility, which may include refinancing existing debt [11]

Core Insights - Rumble Inc. reported a revenue increase of 34% year-over-year, reaching $23.7 million for Q1 2025, driven by higher subscription revenue and monetization efforts [1][4][5] - The company achieved improved monthly active user (MAU) retention of 87% post the 2024 U.S. general election, compared to 60% retention after the 2022 midterm elections [1][4] - Rumble's net loss for Q1 2025 was $2.7 million, a significant improvement from a loss of $43.3 million in Q1 2024 [1][4][5] Financial Performance - Revenue for Q1 2025 was $23.7 million, up from $17.7 million in Q1 2024, marking a $6.0 million increase [4][6] - Average Revenue Per User (ARPU) decreased by 13% to $0.34 compared to Q4 2024, attributed to lower advertising revenue [4][6] - Adjusted EBITDA loss improved to $22.7 million in Q1 2025 from a loss of $26.5 million in Q1 2024 [4][28] User Engagement - Average global MAUs were 59 million in Q1 2025, down from 68 million in Q4 2024, reflecting a decrease in user engagement [4][5] - The company noted that the decline in MAUs was offset by improved retention rates following the U.S. elections [4][5] Cost Structure - Total expenses for Q1 2025 were $60.1 million, an increase from $52.7 million in Q1 2024, with general and administrative expenses rising significantly by 78% [6][8] - Cost of services decreased by 6% to $30.0 million, primarily due to reduced programming and content costs [6][7] Strategic Developments - Rumble Cloud secured a contract with the Government of El Salvador, indicating a strategic move towards government partnerships [1][4] - The company announced a partnership with the Tampa Bay Buccaneers, expanding its presence in the sports sector [1][4][5] Balance Sheet and Liquidity - As of March 31, 2025, Rumble had total liquidity of $318.7 million, including $301.3 million in cash and cash equivalents [4][6] - The company completed a Tether investment, which has solidified its balance sheet [1][4][5]

Financial Data and Key Metrics Changes - Orion generated total revenues of $38 million in the first quarter compared to $47.2 million in the same quarter of the prior year [17] - The company reported a net loss attributable to common stockholders of $9.4 million or $0.17 per share, an improvement from a net loss of $26.2 million or $0.47 per share in the first quarter of 2024 [17] - Core FFO for the quarter was $10.7 million or $0.19 per share, down from $20.4 million or $0.36 in the same quarter of 2024 [17] - Adjusted EBITDA was $17.4 million versus $26.7 million in the same quarter of 2024 [17] - G&A expenses in the first quarter were $4.9 million, consistent with the same quarter of 2024 [18] Business Line Data and Key Metrics Changes - The company completed over 450,000 square feet of leasing as of May 6, which includes both new and renewal transactions with a weighted average lease term of 7.4 years [5] - Initial rent spreads on renewal leases during the first quarter were down about 18%, while average ending rent spreads were up about 7% since the spin [7] - The operating property occupancy rate was 74.3% at quarter end, with a leased rate of 77.4% and a weighted average lease term of 5.2 years [7] Market Data and Key Metrics Changes - The company noted significant variability in leasing spreads quarter to quarter due to the smaller size of its portfolio [7] - The demand for dedicated use assets, which include medical, lab, R&D flex, and non-CBD government properties, is increasing, with approximately 32% of the portfolio by annualized base rent being dedicated use assets [10] Company Strategy and Development Direction - Orion is shifting its portfolio concentration away from traditional suburban office assets towards dedicated use assets, which are expected to provide more stable cash flows [9] - The company plans to continue monetizing non-core assets and redeploying capital to improve the quality of its remaining portfolio [9] - The strategy includes maintaining significant liquidity to support ongoing leasing efforts and capital expenditures [12][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant macroeconomic uncertainty affecting the broader markets and its impact on tenant retention [6] - The company anticipates that the next year or two will represent the low point for revenue and core FFO earnings, followed by accelerating growth into 2027 and beyond [13] - Management remains focused on investing in well-located properties within target markets and enhancing asset value through capital expenditures [13] Other Important Information - Orion's liquidity remains strong at $244.5 million, comprised of cash on hand and available balance on the revolver [12] - The company declared a quarterly cash dividend of $0.02 per share for the second quarter of 2025 [20] Q&A Session Summary Question: What is the tone of discussions with prospects and is there a lengthening of the deal pipeline for leases? - Management noted that decision-making periods for tenants have been long since the market collapse, but no significant change has been observed recently [24] Question: Can you provide background on the recent property sales? - Management expressed satisfaction with the sales of vacant properties and indicated that they are testing the market for both vacant and occupied assets [26][28] Question: What is happening with the former Walgreens assets? - Management confirmed that they are under an agreement with an institutional group to market the site for retail and entertainment development, with demolition of existing buildings starting to reduce carrying costs [31][32]

Core Viewpoint - Sabre Corporation reported a break-even bottom line for Q1 2025, missing the earnings estimate of 1 cent per share, compared to a loss of 2 cents per share in the same quarter last year [1] Financial Performance - Sabre's revenues for Q1 2025 were $776.62 million, which was 1.77% below the Zacks Consensus Estimate and represented a 0.8% decline year over year [1] - The adjusted EBITDA for Q1 2025 was $149.6 million, an improvement from $142 million in the previous year, with an adjusted EBITDA margin of 19.3%, up 110 basis points year over year [6] Segment Performance - Travel Solutions segment revenues decreased by 2% year over year to $702.13 million, primarily due to lower air bookings and the impact of previously demigrated carriers [2] - Distribution revenues, a sub-division of Travel Solutions, fell by 0.5% to $569 million, affected by lower air bookings but partially offset by increased average booking fees and hotel distribution bookings [3] - IT Solutions revenues were $133 million, down 6% year over year, attributed to customer demigrations [4] - Hospitality Solutions segment revenues increased to $85.2 million from $78.8 million in the prior year, driven by positive customer deployments and CRS transaction growth [5] Cash Flow and Balance Sheet - At the end of Q1 2025, Sabre had cash, cash equivalents, and restricted cash of $672 million, down from $745.5 million in the previous quarter [6] - Cash used in operating activities was $81 million, resulting in a negative free cash flow of $98 million during the quarter [7] Guidance - For 2025, Sabre expects revenue growth in the high single digits, with the Zacks Consensus Estimate for revenues at $3.23 billion, indicating a year-over-year growth of 6.57% [8] - Adjusted EBITDA is forecasted to be approximately $630 million for 2025, with expectations of generating over $200 million in cash flow throughout the year [8] - For Q2 2025, Sabre anticipates revenue growth in flat to low single digits and an adjusted EBITDA of $140 million [9]