Summary of Distribution Solutions Group (DSGR) FY Conference Call Company Overview - **Company Name**: Distribution Solutions Group (DSGR) - **Ticker**: DSGR - **CFO**: Ron Knudson - **Key Shareholder**: LKCM, owning 78% of shares - **Formation**: Merged from Lawson Products, Gexpro Services, and TestEquity Financial Performance - **Revenue**: Approximately $2 billion, up from less than $1 billion three and a half years ago [5] - **EBITDA**: Adjusted EBITDA running around 10%, with a trailing 12-month EBITDA of about $195 million [5][13] - **Customer Base**: Servicing over 200,000 customers, with 85% of revenue from North America [6] - **Revenue Retention**: Upwards of 92%, with 98% retention on Jexpro services [19][20] Business Model and Value Proposition - **Specialty Distribution**: DSG positions itself as a high-touch, high-value distributor, providing not just products but also labor and services [4][5] - **Product Sourcing**: Works with over 10,000 suppliers and offers more than 500,000 SKUs [7] - **Labor Support**: Addresses labor shortages by providing on-site labor solutions [9][10] - **IoT Integration**: Emphasizes technology integration in all services [11] Growth Strategy - **Acquisition Strategy**: Completed nine acquisitions since formation, deploying about $550 million in capital [12][36] - **Market Positioning**: Focused on GDP plus growth, leveraging macro changes for expansion [23][24] - **Diversification**: No significant customer or end-market concentration, providing resilience through business cycles [6][15] Segment Performance 1. **Lawson Products**: - Revenue includes Canadian operations, with a focus on vendor-managed inventory (VMI) [25][29] - High gross margin of around 70% due to service value [8] 2. **Jexpro Services**: - Accounts for about 25% of DSG's revenue, focusing on Class C parts for manufacturing [29] - Strong performance across diverse end markets, including renewables and aerospace [31][32] 3. **Test Equity Group**: - Represents about 40% of DSG's revenue, with a recent acquisition doubling its size [33] - Offers test and measurement equipment alongside electronic production supplies [34] Financial Health and Capital Allocation - **Free Cash Flow**: CapEx is only about 1% of revenue, allowing for strong free cash flow generation [13] - **Leverage**: Maintains a leverage ratio of about 3.5, comfortable within a range of 3 to 4 times [41] - **Share Buybacks**: Approximately $20 million worth of shares repurchased in the first half of the year [35] Market Challenges and Opportunities - **Tariffs and Inflation**: DSG has strong pricing capabilities and does not see tariffs as a significant margin compression issue [48][50] - **Private Label Products**: 40% of Lawson's sales are private label, providing a competitive edge in response to tariffs [50] Conclusion - DSG is well-positioned for growth through its diversified business model, strong customer relationships, and strategic acquisitions, while effectively managing market challenges and leveraging opportunities in the industrial distribution space.

Financial Data and Key Metrics Changes - Total company comparable net sales increased by 2%, and when excluding contract manufacturing sales related to divested pet food brands, net sales increased by 3% compared to the prior year [6][31] - Adjusted gross profit decreased by $89 million or 11% compared to the prior year, reflecting higher commodity costs and unfavorable volume mix [33] - Adjusted earnings per share was $1.90, a decrease of 22% versus the prior year, driven by reduced gross profit and increased marketing investments [35][48] Business Line Data and Key Metrics Changes - Uncrustables brand grew net sales in double digits, driven by national advertising and distribution gains [7][11] - Cafe Bustelo brand net sales increased by 36%, with a 17% increase in volume mix [11] - Milk Bone brand experienced a decline in net sales due to lapping prior year distribution gains, while Meow Mix brand saw an increase in volume mix [12][13] - Sweet Baked Snacks segment net sales decreased by 24%, primarily driven by a decrease in snack cakes [38] Market Data and Key Metrics Changes - In the U.S. retail coffee segment, net sales increased by 15%, with net price realization contributing an 18 percentage point increase [35] - Pet foods segment net sales decreased by 8%, reflecting declines in dog snacks and contract manufacturing sales related to divested brands [37] - International and away from home segment net sales grew by 7%, driven by strong performance in the away from home business [27][39] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation, and fostering a bold mindset [5][18] - Actions include prioritizing resources towards key growth platforms and optimizing SKU counts to improve operational efficiencies [14][15] - The company aims to generate over $1 billion in free cash flow annually and has achieved $100 million in total run rate synergies from the Hostess Brands acquisition [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted that the external environment remains dynamic, with ongoing input inflation and changes in consumer behavior impacting outlook [42] - The company anticipates net sales to increase by 3% to 5% for the fiscal year, reflecting improved price elasticity of demand assumptions [42][43] - Management remains confident in the long-term growth outlook and the ability to deliver shareholder value despite external challenges [29][49] Other Important Information - The company plans to prioritize debt reduction, aiming to pay down approximately $500 million of debt in each of the next two fiscal years [41] - Free cash flow projection has been increased by $100 million to approximately $975 million, driven by accelerated R&D and tax deductions [47] Q&A Session Summary Question: What are the expectations for the coffee segment given the current inflationary pressures? - Management indicated that the coffee category remains resilient despite inflation, with approximately 70% of coffee drinking occasions occurring at home, providing an affordable alternative to coffee shops [22][29] Question: How is the company addressing the challenges in the Sweet Baked Snacks segment? - The company is taking decisive actions to stabilize the Hostess brand, including SKU optimization and closing a manufacturing facility to improve margins and operational efficiencies [14][15] Question: What is the outlook for the pet food segment? - Management expressed confidence in the long-term growth outlook for the pet portfolio, driven by positive pet population trends and premiumization opportunities [25][29]

Financial Data and Key Metrics Changes - The company reported a 1% decrease in net sales for the first quarter, while comparable net sales increased by 2%, excluding prior year sales related to divested businesses and foreign currency exchange [31] - Adjusted gross profit decreased by $89 million or 11% compared to the prior year, primarily due to higher commodity costs and unfavorable volume mix [33] - Adjusted earnings per share was $1.90, a decrease of 22% versus the prior year, but exceeded expectations due to better-than-anticipated net sales [34] Business Line Data and Key Metrics Changes - In the US retail coffee segment, net sales increased by 15%, driven by an 18 percentage point increase from net price realization [34] - The US retail pet foods segment saw a decrease in net sales by 8%, primarily due to a decline in dog snacks and lower contract manufacturing sales related to divested pet food brands [36] - The Sweet Baked Snacks segment experienced a 24% decrease in net sales, with a 54% decrease in segment profit reflecting unfavorable volume mix and higher costs [37] Market Data and Key Metrics Changes - The away from home business grew net sales by 14% on a comparable basis, driven by coffee and Uncrustables sandwiches [39] - International net sales decreased by 6% on a comparable basis, primarily reflecting a decrease in the coffee portfolio [39] - The company anticipates a higher US tariff impact on green coffee costs, which is expected to be a 50¢ headwind for the fiscal year [29] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation in everyday operations, and fostering a bold mindset [5] - The Uncrustables brand is projected to generate over $1 billion in net sales by the end of the fiscal year, continuing strong double-digit growth [11] - The company is reducing SKU count by 25% for the Hostess brand to improve operational efficiencies and drive margin expansion [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the external environment remains dynamic, with ongoing input inflation and changes in consumer behavior impacting the fiscal year outlook [41] - The company is revising its full-year net sales expectations to increase by 3% to 5%, primarily due to the strength of the coffee portfolio [28] - Management remains confident in the long-term growth outlook and the ability to deliver shareholder value despite external challenges [30] Other Important Information - The company achieved $100 million in total run rate synergies from the Hostess Brands acquisition [16] - Free cash flow for the first quarter was negative $94.9 million, reflecting a decrease in cash provided by operating activities [39] - The company plans to prioritize debt reduction, aiming to pay down approximately $500 million of debt in each of the next two fiscal years [40] Q&A Session Summary Question: What are the expectations for the coffee segment? - The coffee segment is expected to remain resilient despite inflationary pressures, with approximately 70% of coffee drinking occasions occurring at home [21] Question: How is the company addressing the impact of tariffs? - The company is working to mitigate cost increases through alternative sourcing strategies and responsible pricing [45] Question: What is the outlook for the Sweet Baked Snacks segment? - The Sweet Baked Snacks segment is anticipated to improve sequentially, with increased dollar sales and volume growth noted in the Hostess brand [25]

Core Viewpoint - Hancock Whitney Corp. (HWC) shares are performing well, trading near a 52-week high of $63.82, with a 12.3% increase over the past three months, outperforming the industry and Zacks Finance sector, but underperforming close peers [1][9]. Financial Performance - HWC's net interest income (NII) has a compound annual growth rate (CAGR) of 4.5% over five years ending in 2024, driven by higher rates and loan growth [6]. - The net interest margin (NIM) expanded to 3.37% in 2024 from 3.34% in 2023 and 3.26% in 2022, with continued growth in the first half of 2025 [6][10]. - Total revenues (TE) experienced a CAGR of 3.5% from 2019 to 2024, while total loans saw a CAGR of 1.9% during the same period [9]. Growth Initiatives - The company has launched a multi-year organic growth plan, focusing on hiring revenue-generating associates and expanding its presence in Florida and Texas, which is expected to enhance fee revenues [8]. - HWC's bond restructuring, asset repricing, and balance sheet deleveraging strategies are anticipated to support NIM [7]. Balance Sheet Strength - As of June 30, 2025, HWC had total debt of $1.26 billion and cash and cash equivalents of $1.12 billion, indicating a strong liquidity position [10]. - The common equity tier 1 ratio and total capital ratio were 14.03% and 15.87%, respectively, well above regulatory requirements, reflecting a robust capital position [12]. Dividend and Share Repurchase - In January 2025, HWC announced a 12.5% increase in its quarterly dividend to 45 cents per share, with an annualized dividend growth rate of 11.6% over the past five years [12]. - The company has a share repurchase plan authorizing the buyback of 4.3 million shares through December 31, 2026, with approximately 3.21 million shares remaining available as of June 30, 2025 [15]. Analyst Sentiment - The Zacks Consensus Estimate for earnings is $5.60 per share for 2025 and $5.90 for 2026, indicating growth of 5.3% and 5.4%, respectively [17][20]. - HWC's forward price-to-earnings (P/E) ratio is 10.82X, below the industry average, suggesting potential for upside [20]. Competitive Position - HWC's return on equity (ROE) stands at 11.21%, slightly below the industry's 11.64%, indicating room for improvement in capital allocation efficiency [23]. - Compared to peers, Bank OZK has a higher ROE of 13.24%, while F.N.B. Corp has a lower ROE of 7.94% [25]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to bolster HWC's NII and NIM, supporting loan growth and profitability [5][26]. - Overall, HWC's strategic initiatives and strong financial metrics position it favorably for potential investment opportunities [27].

Financial Data and Key Metrics Changes - EBITDA increased by 5.3% to $143,800,000 compared to the same period in 2024 [3] - Funds from operations (FFO) rose by 13.8% to $84,100,000 [3] - Net profit after tax was reported at $43,100,000, a 17% increase from the prior comparative period [13] Business Line Data and Key Metrics Changes - The terminal's capacity remains fully contracted at 84,200,000 tons per annum, with all customers under take-or-pay contracts [2][5] - The terminal infrastructure charge (TIC) increased to $3.72 per ton, reflecting a 3.6% uplift compared to the previous year [3][9] - General and administrative expenses decreased by 9.2% compared to 2024, demonstrating ongoing cost management [10] Market Data and Key Metrics Changes - The terminal services 21 mines owned by 11 customers across the Central Bowen Basin, Australia's premier metallurgical coal region [2] - The terminal represents over 14% of global seaborne metallurgical coal exports [2] Company Strategy and Development Direction - The company is focused on organic growth opportunities, including optimization initiatives and a committed capital expenditure program of $405,500,000 [21][22] - The ADEX project is being considered for future expansion, which will involve significant capital investment [23][27] - The company aims to maintain a payout ratio of 60% to 80% of FFO while targeting distribution per security (DPS) growth of 3% to 7% per annum [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the current coal market is influenced by global geopolitical factors, which may delay customer engagement on expansion projects [35] - The company is optimistic about future revenue growth driven by new revenue initiatives and the implementation of approved projects [31] Other Important Information - The company has received a citizenship level safety rating from Centus, the highest rating issued, indicating strong operational safety [4] - DBI's debt level remains stable, with a total of $2,300,000,000 in debt facilities, of which $1,800,000,000 was drawn as of June 30, 2025 [14][15] Q&A Session Summary Question: Can you provide more time frames on the ADEX expansion? - Management indicated that the ADEX expansion has been delayed due to the current coal market and approvals environment, with customer engagement expected in 2026 [35] Question: What are the components within the supply chain that would need to be expanded for ADEX? - Management believes there is sufficient capacity in the rail network to support an ADEX expansion without significant expansion, but some enhancements may be needed [44] Question: Can you provide a breakdown of the $60 million spent in CapEx? - Most of the CapEx was spent on the ship loader and reclaimer, with approximately $40,000,000 to $50,000,000 allocated to these projects [47] Question: What is the expectation for interest costs for the full year? - Interest costs are expected to be higher due to increased capital spending, but capitalized interest will not significantly impact the P&L until projects are commissioned [48][49] Question: Can you provide more details on the kneecap opportunities? - Management is assessing the need for a new ship loader and potential gallery wrapping projects, with significant capital expected to be spent over the next few years [52][54] Question: What is the scale of potential acquisition opportunities? - Management indicated that opportunities below $100,000,000 may not be pursued unless they are adjacent and easy to execute, while larger opportunities would be considered based on alignment with existing business [56] Question: What is the company's stance on working as part of a consortium? - Management is open to working with partners if it reduces execution risk and aligns with business objectives [62]

Summary of NCS Multistage (NCSM) Conference Call - August 21, 2025 Company Overview - NCS Multistage is an oilfield-focused technology company serving the oilfield services and equipment market, selling directly to major oil and natural gas producers such as Chevron, Conoco, and BP [2][4] - The company competes with larger established firms like Schlumberger and Halliburton, focusing on areas where it can achieve leadership and attractive margins [2] Business Model and Financials - NCS operates with a capital-light business model, outsourcing manufacturing to minimize capital investment and convert EBITDA into free cash flow [3][4] - The company reported a market capitalization and enterprise value just below $85 million, with trailing twelve-month EBITDA of $26 million and free cash flow of $10 million, indicating a low trading multiple and robust free cash flow yield [4] - Revenue grew by 14% or $20 million in 2024, with expectations for continued growth in 2025 despite a challenging market environment [8] Strategic Focus - NCS has three core business strategies: 1. Build on leading market positions, particularly in fracturing systems and Canadian completions [6] 2. Capitalize on offshore and international opportunities, as these markets are growing faster than North America [6] 3. Commercialize innovative solutions to complex customer challenges, enhancing customer value [7] Acquisition of ResMetrix - The strategic acquisition of ResMetrix, a provider of tracer diagnostics technologies, was announced in July 2025 [9][10] - ResMetrix has trailing twelve-month unaudited revenue of over $10 million and an EBITDA margin exceeding 30% [13] - The acquisition aims to create a leading global tracer diagnostics business, enhancing NCS's service offerings and expanding its geographic footprint, particularly in the Middle East [12][10] - NCS plans to integrate ResMetrix carefully, focusing on optimizing chemical usage and realizing economies of scale [12] Market Position and Future Outlook - NCS believes that as the North American exploration and production business matures, oilfield service providers will need to engage in strategic combinations to remain competitive [14] - The company is positioned well for organic growth and complementary acquisitions, with a strong balance sheet and approximately $25 million in cash available for strategic transactions [16] - NCS aims to continue delivering revenue, gross profit, and EBITDA growth with strong incremental margins, focusing on innovative technology for technically demanding applications [15][14] Conclusion - NCS Multistage presents a compelling investment opportunity with a solid growth track record and a focus on expanding its presence in growth markets for unconventional resource development [14]

Core Insights - NKT A/S reported a strong financial performance in Q2 2025, achieving 13% organic growth and a record operational EBITDA of EUR 105 million, reflecting the highest operational performance in the company's history [1][4] Financial Performance - Revenue for Q2 2025 reached EUR 723 million, up from EUR 605 million in Q2 2024, marking a 13% organic growth [2][3] - Operational EBITDA increased to EUR 105 million in Q2 2025 from EUR 86 million in Q2 2024, with an operational EBITDA margin of 14.5%, slightly above the 14.2% reported in the same quarter last year [2][4] - For H1 2025, revenue totaled EUR 1.353 billion, compared to EUR 1.139 billion in H1 2024, with a 12% organic growth [2] Segment Performance - Solutions segment revenue was EUR 450 million in Q2 2025, up from EUR 379 million in Q2 2024, with an operational EBITDA of EUR 66 million [10] - Applications segment revenue increased to EUR 234 million from EUR 175 million, with operational EBITDA rising to EUR 31 million [10] - Service & Accessories segment revenue grew to EUR 70 million from EUR 64 million, achieving an operational EBITDA of EUR 14 million [10] Order Backlog and Investments - At the end of Q2 2025, the high-voltage order backlog stood at EUR 10.1 billion, down from EUR 10.7 billion at the end of Q1 2025 [5] - The company is progressing with high-voltage capacity investments, including the expansion of the site in Karlskrona, Sweden, and the construction of a new cable-laying vessel, NKT Eleonora, expected to be operational by 2027 [8][9] Financial Outlook - The updated financial outlook for 2025 anticipates revenue between EUR 2.65 billion and EUR 2.75 billion, and operational EBITDA between EUR 360 million and EUR 390 million [3]

Financial Data and Key Metrics Changes - Stantec reported net revenue of CAD 1.6 billion for Q2 2025, an increase of 6.9% year-over-year, driven primarily by 4.8% organic growth [7][13] - Adjusted EBITDA grew by 15% with a margin of 17.8%, reflecting a 120 basis point increase compared to the previous year [8][14] - Adjusted EPS increased over 21% to CAD 1.36 compared to Q2 2024 [14] Business Line Data and Key Metrics Changes - The Energy and Resources business experienced high single-digit organic growth, while the Water segment achieved 12.4% organic growth [7][10] - In the U.S., net revenue increased by 5.7%, supported by 4.4% organic growth, with strong demand in mission-critical, science and technology, and civic sectors [8][10] - Canadian net revenue grew by 6.2%, with over 30% organic growth in the Water segment driven by major wastewater projects [10][11] Market Data and Key Metrics Changes - Global business delivered net revenue growth of 10.5% in Q2, with 4.3% organic and 3.6% acquisition growth [10] - The U.S. organic backlog increased by 9.8% year-over-year, indicating strong demand in water, energy, and data centers [20][31] - The UK, Australia, and New Zealand saw double-digit organic growth in the water business due to public sector investments [11] Company Strategy and Development Direction - Stantec aims to increase net revenue growth guidance for 2025 to 10% to 12%, up from the previous 7% to 10% [23] - The company is focused on strong project execution and operational excellence, with plans to continue pursuing acquisitions [27] - Stantec's strategic plan targets a 17% to 18% adjusted EBITDA margin, expected to be achieved a year early [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about accelerating organic growth in the U.S. for the second half of the year, despite some caution in the private sector [30][56] - The company noted that macro trends such as aging infrastructure and energy security continue to drive demand [26][90] - Management highlighted the importance of recent funding programs and infrastructure investments as supportive of future growth [89] Other Important Information - Stantec's contract backlog stood at CAD 7.9 billion, reflecting approximately twelve months of work, with year-over-year growth of nearly 10% [19] - The company completed several acquisitions, including Page, which is expected to enhance its capabilities in key growth sectors [5][18] Q&A Session Summary Question: Insights on U.S. Customers' Sentiment - Management noted some initial caution among U.S. customers but expects organic growth to accelerate in the second half of the year, particularly in water and energy sectors [30][31] Question: Integration of Recent Acquisitions - Integration of Ryan Hanley and Cosgrove is progressing well, with Page's integration planned for completion by the end of the year [34] Question: Margin Guidance and Contributors - Adjusted EBITDA margin guidance was increased to 17% to 17.4%, driven by strong project margins and lower administrative costs [41][42] Question: Water Segment Growth Drivers - Continued strength in the water business is attributed to ongoing projects in water treatment and wastewater treatment, with significant demand expected to persist [48][49] Question: U.S. Market Long-term Outlook - Management remains optimistic about the U.S. market, citing ongoing infrastructure investments and the potential for accelerated growth in the coming years [54][58] Question: Impact of Slower Growth on Pricing - No significant pricing pressure has been observed despite slower growth, with management confident in maintaining project margins [120][122] Question: M&A Landscape Update - The M&A environment is becoming increasingly active, with expectations for more assets to come to market in the near future [98]

Financial Data and Key Metrics Changes - The company delivered positive results in fiscal year 2025, reflecting top line growth supported by strong consumer demand and bottom line growth driven by disciplined cost management [2][3] - Approximately $700 million of debt was repaid in fiscal year 2025, with plans to pay down an additional $500 million in each of the next two fiscal years [17] Business Line Data and Key Metrics Changes - The company is focusing on key growth platforms including Uncrustables, Cafe Bustelo, Meow Mix, Milk Bone, and Hostess Brands to drive organic growth [3][4] - A comprehensive plan is being executed to stabilize the Hostess brand and return it to growth [3] Market Data and Key Metrics Changes - The company remains well positioned to navigate dynamic input costs, including green coffee volatility, through its strong portfolio [4] - Approximately 90% of U.S. homes have a product from the company's portfolio, indicating a strong market presence [14] Company Strategy and Development Direction - The company is amplifying successful strategies and evolving its approach where needed, with a focus on driving organic growth and embedding a transformation mindset [3] - There is a commitment to consumer-led innovation and leveraging data and insights to anticipate consumer needs [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and the strength of its brand portfolio, anticipating continued growth and shareholder value [4][24] - The external environment is expected to remain dynamic, but the company is excited about future opportunities [4] Other Important Information - The company recognized the retirement of board member Alex Schumate, highlighting his contributions over 16 years [5] - The annual meeting included voting on three management proposals, all of which were approved by shareholders [11][12] Q&A Session Summary Question: When do you anticipate the Hostess debt will be repaid? - The company plans to pay down approximately $500 million of debt annually in each of the next two fiscal years, aiming for a leverage ratio at or below three times net debt to adjusted EBITDA by the end of fiscal year 2027 [17] Question: How do you manage hyper politicization of publicly traded corporations? - The company approaches each decision with responsibility, considering alignment with values and potential for positive change, prioritizing the needs of consumers and shareholders [18][19] Question: What effect will global tariffs have on the company? - The company is monitoring trade policy and tariffs, particularly regarding coffee, which cannot be grown in the U.S., and anticipates a 25% adjusted earnings per share impact for fiscal year 2026 due to tariffs [20][21] Question: Did my shares count in the voting? - All shares are treated equally for voting purposes, as the company stopped differentiating long-term shares in 2022 [22]

Financial Data and Key Metrics Changes - The company reported a 95.2% increase in sales, reaching approximately $32.6 million for Q2 2025, compared to approximately $16.7 million for Q2 2024 [4][11] - Gross profit rose over 80% to approximately $9.9 million, with a gross profit margin of 30.3% for Q2 2025, down from 32.8% in Q2 2024 [4][12] - Net income for Q2 2025 was approximately $643,000, compared to a net loss of approximately $1 million for Q2 2024 [4][13] Business Line Data and Key Metrics Changes - The core Strand business segment generated $21.8 million in revenue during Q2 2025, reflecting continued expansion among customers [5][11] - The Loyalty Solutions segment contributed $10.8 million in revenue for Q2 2025, demonstrating successful integration efforts [5][12] - Gross profit margin for the Strand segment was 34.9%, while the SLS segment operated at 21% [5] Market Data and Key Metrics Changes - The company maintained approximately $18.1 million in cash, cash equivalents, and investments as of June 30, 2025, providing strong liquidity for strategic initiatives [9][14] - The company was recognized as the twelfth leading promotional product distributor in North America, up from the previous year [6] Company Strategy and Development Direction - The company aims to continue its top-line growth through organic growth and strategic acquisitions while managing costs effectively [20][24] - The addition of new board members with relevant expertise reflects the company's commitment to operational excellence and long-term competitiveness [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to accelerate growth and deepen client partnerships, particularly in the second half of the year, which is historically strong due to holiday sales [20][21] - The company is focused on disciplined capital deployment and long-term value creation for shareholders [16][17] Other Important Information - The company repurchased over 110,000 shares during Q2 2025, demonstrating a commitment to maximizing shareholder value [10] - The company is now fully compliant with all NASDAQ continuing listing requirements following its annual general meeting [9] Q&A Session Summary Question: Outlook for the second half and expectations for organic growth - Management is excited about changes made to focus on existing customers and expanding offerings, with 30% organic growth in Q2 and over 20% for the first half of the year [19][20] Question: Plans for stock buybacks - The company has authorized a $10 million share buyback program and executed less than $4 million in Q2, with plans to continue buying back stock at reasonable prices [22][24]