Financial Performance - Revenue increased by 22.7% year-over-year in Q2 2025[10] - Adjusted EBITDA grew by 59.5% year-over-year in Q2 2025[10] - Organic Revenue increased by 0.4% year-over-year[10] - The company repurchased approximately 1.6 million shares of its common stock for $6.9 million at an average price of $4.24 per share in Q2 2025[10, 37] - Emerald reaffirms full year 2025 revenue guidance in the range of $450 million to $460 million and Adjusted EBITDA in the range of $120 million to $125 million[10, 11] Business Segments - Connections segment accounted for approximately 90% of FY 2024 revenue[14, 15] - Content segment accounted for approximately 5% of FY 2024 revenue[14, 19] - Commerce segment accounted for approximately 5% of FY 2024 revenue[14, 19] Market and Growth - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[25, 28] - The company estimates a total global addressable market of $20 billion[11] Capital Allocation - The company targets a long-term net leverage ratio between 20x and 30x[48] - The company declared a dividend of $0015 per share for the quarter ending September 30 2025[10, 48]

Core Insights - Martin Marietta Materials, Inc. has entered into a definitive agreement with Quikrete Holdings, Inc. for an asset exchange, which includes receiving aggregates operations producing approximately 20 million tons annually and $450 million in cash, while exchanging its Midlothian cement plant and related assets [1] - The acquisition of Premier Magnesia, LLC enhances Martin Marietta's position as a leading producer of magnesia-based products in the U.S. [2] - These transactions are aimed at optimizing the company's portfolio, leading to a higher margin enterprise that is more resilient through economic cycles [3] Transaction Details - The asset exchange with Quikrete is expected to close in the first quarter of 2026, pending regulatory approvals [1] - The Premier acquisition was completed on July 25, 2025, and includes operations in Nevada, North Carolina, Indiana, and Pennsylvania [2] Strategic Goals - The company aims to improve its portfolio attractiveness through asset purchases, exchanges, and divestitures, aligning with its Strategic Operating Analysis and Review (SOAR) 2025 plan [4] - The focus is on core aggregates assets and pursuing accretive acquisitions for the Magnesia Specialties business to position the company for long-term earnings growth [4] Financial Performance - For the second quarter of 2025, the company expects revenues of $1.81 billion, net earnings of $328 million, and adjusted EBITDA of $630 million [5] - The full-year 2025 adjusted EBITDA guidance has been raised to $2.30 billion at the midpoint, reflecting strong first-half results and contributions from the Premier acquisition [5]

Core Insights - Lindblad Expeditions Holdings, Inc. reported a 23% increase in revenue for Q2 2025, reaching $167.9 million, driven by strong performance in both the Lindblad and Land Experiences segments [4][13] - The company achieved an 86% occupancy rate, up from 78% in the same quarter last year, alongside a 139% increase in Adjusted EBITDA to $24.8 million [3][8] - The net loss available to stockholders improved to $9.7 million, a $16.1 million reduction compared to Q2 2024 [7][13] Financial Performance - Tour revenues for the Lindblad segment increased by 19% to $111.0 million, attributed to a 13% rise in net yield per available guest night to $1,241 [5][11] - The Land Experiences segment saw a 31% revenue increase to $56.9 million, benefiting from additional trips and higher pricing [6][11] - Adjusted EBITDA for the Lindblad segment rose by 150% to $16.3 million, while the Land Experiences segment's Adjusted EBITDA increased by 121% to $8.5 million [9][10] Balance Sheet and Liquidity - As of June 30, 2025, the company had cash and cash equivalents totaling $247.3 million, up from $216.1 million at the end of 2024 [12] - Total debt stood at $635.0 million, with the company in compliance with all applicable debt covenants [14] 2025 Outlook - The company anticipates full-year tour revenues between $725 million and $750 million, with Adjusted EBITDA projected to be between $108 million and $115 million [22][30] - A stock repurchase plan of $35.0 million is currently in place, with $12.0 million remaining as of July 31, 2025 [15]

Core Insights - Huron Consulting Group reported adjusted diluted earnings per share (non-GAAP) of $1.89, exceeding analyst estimates by $0.10, while revenue (GAAP) was $402.5 million, aligning with expectations [1][2] - The company raised its full-year guidance, projecting improved revenue and adjusted profits [1][10] - Despite strong non-GAAP metrics, reported net income (GAAP) fell due to a one-time investment impairment [1][6] Financial Performance - Adjusted EBITDA increased by 8.8% to $60.6 million, while adjusted diluted EPS rose by 12.5% [2][6] - Reported net income (GAAP) dropped by 48.3% to $19.4 million compared to Q2 2024, and GAAP EPS fell by 46.3% to $1.09 [2][6] - Revenue growth was 8.3%, with Healthcare contributing $197.8 million (up 4.1%), Education at $129.3 million (up 5.3%), and Commercial segment revenue increasing by 28.2% to $75.4 million [5][6] Business Overview - Huron Consulting Group specializes in management consulting for healthcare, education, and commercial sectors, focusing on strategy, operations, technology, and digital transformation [3][4] - The company aims to expand its presence in healthcare and education while diversifying into commercial sectors like financial services and energy [4] Segment Performance - Digital revenue grew by 13.1% to $173.4 million, with utilization rates for Digital professionals reaching 77.8% [7] - The integration of AXIA Consulting contributed to revenue growth in the Commercial segment, although traditional consulting services faced volatility [8] Investment and Growth Strategy - Huron increased its revenue-generating headcount by 7.8% year over year and returned $133.9 million to shareholders through share repurchases [9] - The company extended its credit facility to $1.1 billion, enhancing its capacity for future investments [9] Future Outlook - Management raised full-year revenue guidance to between $1.64 billion and $1.68 billion and adjusted diluted EPS target to $7.30 to $7.70 [10] - Adjusted EBITDA margins are projected to be between 14.0% and 14.5% of revenue, reflecting confidence in core market execution and acquisition integration [10]

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]