2025 First Quarter Earnings Presentation May 6, 2025 2025 FIRST QUARTER EARNINGS PRESENTATION 2 Disclaimer $64 54% $39 34% Revenue1 Composition USD, Millions PAYOR DTE CONSUMER Gross Profit and % Margin USD, Millions (1) Revenue is presented on an as-reported basis. This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to maers of historical fact sh ...

Core Insights - Portillo's Inc. reported a 6.4% increase in total revenue for Q1 2025, amounting to $176.4 million, compared to $165.8 million in Q1 2024, driven by new restaurant openings and an increase in same-restaurant sales [4][8][9] - Same-restaurant sales rose by 1.8% in Q1 2025, a recovery from a 1.2% decline in the same period last year, attributed to a 4.9% increase in average check despite a 3.1% decrease in transactions [4][8][9] - The company experienced commodity inflation of 3.4% in Q1 2025, down from 4.8% in Q1 2024, while labor costs as a percentage of revenue increased by 0.5% due to lower transactions and higher benefit expenses [5][10] Financial Performance - Operating income increased by $0.3 million to $10.4 million, reflecting a 2.8% rise compared to the previous year [12] - Net income decreased by $1.4 million to $4.0 million, a decline of 25.3%, primarily due to a $2.5 million increase in income tax expense [13] - Restaurant-Level Adjusted EBITDA rose by $0.3 million to $36.7 million, while Adjusted EBITDA decreased by $0.6 million to $21.2 million [14] Operational Developments - The company opened ten new restaurants in 2024, contributing $7.9 million to the revenue increase [8] - Portillo's is focusing on traffic-driving strategies, including the launch of the "Portillo's Perks" loyalty program and testing breakfast offerings at five locations [7][17] - The company plans to open 12 new restaurants in fiscal 2025, with a focus on markets outside Chicagoland, particularly in Texas and Atlanta [17] Financial Targets - Updated financial targets for fiscal 2025 include same-restaurant sales growth of 1% to 3% and revenue growth of 10% to 12% [18] - Long-term financial targets project annual unit growth of 12% to 15% and mid-teens revenue growth [20] Key Metrics - Total restaurants increased to 94 as of March 30, 2025, from 85 a year earlier [41] - Average Unit Volume (AUV) decreased to $8.7 million from $9.0 million [41] - Restaurant-Level Adjusted EBITDA Margin was 20.8%, down from 21.9% in the previous year [41]

Core Insights - Peabody reported a net income of $34.4 million for Q1 2025, a decrease from $39.6 million in the same quarter of the previous year, with diluted earnings per share at $0.27 compared to $0.29 [1][19] - Adjusted EBITDA for Q1 2025 was $144 million, down from $160.5 million year-over-year, indicating a focus on cost management amid low seaborne coal prices [1][19] - The company signed a multi-year contract to supply coal to Midwestern generating stations, reinforcing its market position [1][6] Financial Performance - Total tons sold in Q1 2025 reached 28.9 million, compared to 27.4 million in Q1 2024 [19] - Revenue for Q1 2025 was $937 million, down from $983.6 million in the same quarter of 2024 [19] - Operating cash flow for the quarter was $120 million, demonstrating strong cash generation capabilities [10] Segment Performance - Seaborne Thermal segment sold 4.4 million tons, with an Adjusted EBITDA of $84.2 million and a margin of 32% despite an 18% reduction in realized prices from Q4 2024 [4][6] - Seaborne Metallurgical segment reported 1.8 million tons sold, with Adjusted EBITDA of $13.2 million, reflecting a 9% reduction in benchmark pricing [7][8] - Powder River Basin segment achieved 19.6 million tons sold, with Adjusted EBITDA of $36.3 million, benefiting from strong U.S. coal demand [8][10] Operational Updates - The Centurion Mine is progressing ahead of schedule, with a target of 500,000 tons of sales in 2025 and expected longwall production starting in Q1 2026 [10][11] - Peabody's balance sheet remains strong, with over $1 billion in liquidity and a cash-positive net-debt position [10][11] Market Outlook - The company anticipates a light demand in Q2 2025 due to seasonal effects but is sold out for planned production in the Powder River Basin [13] - Metallurgical coal prices have rebounded from lows in March, indicating potential for improved revenue in upcoming quarters [13] Strategic Developments - Peabody notified Anglo American of a Material Adverse Change affecting its planned acquisition of steelmaking coal assets, related to issues at the Moranbah North Mine [11] - The company continues to focus on cost management and operational efficiency across all segments to navigate challenging market conditions [2][6]

Core Insights - Heron Therapeutics reported strong financial results for Q1 2025, achieving record adjusted EBITDA and significant revenue growth driven by its acute care products, particularly ZYNRELEF [2][6][7]. Financial Performance - The company generated net revenue of $38.9 million in Q1 2025, a 12.2% increase compared to Q1 2024 [6][7]. - Adjusted EBITDA for Q1 2025 was $6.2 million, a significant improvement from a loss of $734,000 in Q1 2024 [6][27]. - The acute care segment saw a revenue increase of 89.4%, with ZYNRELEF contributing $8.0 million, up 60.4% from the previous year [5][7]. Business Highlights - The company reached a settlement with Mylan Pharmaceuticals regarding patent litigations for CINVANTI and APONVIE, allowing Mylan to market generics starting June 1, 2032 [6][7]. - The Non-Opioid Policy for Pain Relief, effective April 1, 2025, provides separate payment for non-opioids like ZYNRELEF, enhancing market opportunities [7]. - The launch of the Vial Access Needle (VAN) for ZYNRELEF is progressing well, improving operational efficiency in surgical settings [7]. Financial Guidance - For the full year 2025, the company updated its guidance for net revenue to a range of $153 million to $163 million and adjusted EBITDA to $4 million to $12 million [3][6]. Cash Position - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $50.7 million [7]. Product Information - ZYNRELEF is the first extended-release dual-acting local anesthetic approved for postoperative pain management, demonstrating significant efficacy in reducing pain and opioid use [9]. - APONVIE is indicated for the prevention of postoperative nausea and vomiting, showing bioequivalence to oral aprepitant [11]. - CINVANTI is used for preventing chemotherapy-induced nausea and vomiting, with a unique IV formulation [13]. - SUSTOL is indicated for the prevention of nausea and vomiting associated with chemotherapy, utilizing a novel drug delivery technology [15].

Core Insights - Lindblad Expeditions Holdings, Inc. reported strong financial results for Q1 2025, with a total tour revenue increase of 17% year-over-year to $179.7 million, driven by higher occupancy and pricing [3][11][25] - The company achieved an occupancy rate of 89%, up from 76% in the same quarter last year, and a net yield per available guest night of $1,521, reflecting a 25% increase [4][11][33] - Adjusted EBITDA for the first quarter rose by 39% to $30.0 million, indicating improved operational efficiency and profitability [7][11][29] Financial Performance - Tour revenues for the Lindblad segment reached $131.1 million, an 11% increase, while the Land Experiences segment saw revenues of $48.6 million, a 38% increase [10][11] - The net loss available to stockholders improved significantly to $0.04 million from a loss of $5.1 million in Q1 2024, reflecting better operational results and tax benefits [6][11][25] - Adjusted EBITDA for the Lindblad segment was $26.3 million, up 29%, while the Land Experiences segment's Adjusted EBITDA increased to $3.7 million, a 223% rise [8][9][12] Balance Sheet and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $235.2 million, an increase from $216.1 million at the end of 2024, primarily due to strong cash flow from operations [13] - 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 $700 million and $750 million and Adjusted EBITDA of $100 million to $112 million [21][36] - A stock repurchase plan of $35.0 million is in place, with $12.0 million remaining as of April 30, 2025 [15]

Core Insights - Genie Energy, Ltd. reported strong operational and financial results for Q1 2025, with significant increases in revenue, profitability, and cash generation compared to the same quarter last year [1][6]. Financial Performance - Total revenue increased by 14.3% to $136.8 million from $119.7 million in Q1 2024 [5][6]. - Gross profit rose by 10.6% to $37.4 million, while gross margin decreased to 27.3% from 28.2% [6]. - Income from operations increased by 30.3% to $12.8 million from $9.8 million [6]. - Adjusted EBITDA grew by 22.7% to $14.4 million from $11.7 million [6][30]. - Net income attributable to common stockholders was $10.6 million, up 30.9% from $8.1 million, with diluted EPS increasing to $0.40 from $0.30 [7][6]. Segment Performance Genie Retail Energy (GRE) - GRE's revenue increased by 17.8% to $132.5 million from $112.5 million, with income from operations rising by 18.2% to $16.8 million [8][6]. - The customer base expanded significantly, adding over 48,000 net new meters, totaling approximately 413,000 meters served [2][8]. Genie Renewables (GREW) - GREW's revenue decreased by 40.0% to $4.3 million from $7.2 million, primarily due to the exit from commercial-scale projects [11][6]. - Diversegy, Genie’s energy brokerage business, saw a revenue increase of 55% year-over-year, contributing significantly to GREW's revenues [11]. Shareholder Returns - The company repurchased approximately 127,000 shares for $1.9 million during Q1 2025 [6][3]. - A quarterly dividend of $0.075 per share will be paid on May 30, 2025, with a record date of May 19, 2025 [6][3]. Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents, along with marketable equity securities, totaled $210.2 million [13][14]. - Cash flow from continuing operating activities increased to $13.5 million from $8.7 million in Q1 2024 [7][14].

Core Viewpoint - Bioventus Inc. reported a decline in revenue for the first quarter of 2025, primarily due to the divestiture of its Advanced Rehabilitation Business, but achieved organic revenue growth across all business segments, indicating resilience in its strategic execution despite macroeconomic challenges [2][6]. Financial Performance - Worldwide revenue for Q1 2025 was $123.9 million, a decrease of 4.3% from $129.5 million in the same period last year, largely impacted by the divestiture [2][5]. - Organic revenue increased by 5.0%, reflecting positive growth across all three business segments [2][6]. - The net loss attributable to Bioventus Inc. was $2.6 million, an improvement from a net loss of $4.9 million in the prior-year period [3][4]. - Adjusted EBITDA for the quarter was $19.2 million, down from $22.6 million in the previous year, primarily due to the divestiture and planned growth investments [3][6]. Revenue Breakdown by Business - U.S. revenue from Pain Treatments was $52.7 million, up 4.0% year-over-year, while Surgical Solutions revenue increased by 6.5% to $40.8 million [5][8]. - Restorative Therapies revenue fell by 32.9% to $17.0 million, significantly affected by the divestiture of the Advanced Rehabilitation Business [5][9]. - International revenue totaled $13.4 million, a decline of 12.0%, with Pain Treatments and Surgical Solutions showing modest growth, while Restorative Therapies revenue dropped by 47.1% [5][9]. Strategic Developments - The company reiterated its financial guidance for 2025, expecting net sales between $560 million and $570 million, reflecting organic growth of approximately 6.1% to 8.0% when accounting for the divestiture [10][13]. - Adjusted EBITDA guidance for 2025 is set between $112 million and $116 million, indicating a potential increase in Adjusted EBITDA margin compared to 2024 [10][13]. - Non-GAAP EPS is projected to be between $0.64 and $0.68, representing a growth of 30.6% to 38.8% [10][13].

First Quarter 2025 Financial Highlights - Global Contract Value (CV) increased by 6.7% to $5.1 billion[10] - Consolidated Revenues grew by 4.2% to $1.534 billion, or 5.7% on an FX Neutral basis, with a 69.0% Contribution Margin[10] - Research Revenues increased by 4.2% to $1.322 billion, or 5.8% on an FX Neutral basis, achieving a 74.5% Contribution Margin[10] - Adjusted EBITDA rose by 0.7% to $385 million, or 2.9% on an FX Neutral basis, resulting in a 25.1% Adjusted EBITDA Margin[10] - Adjusted EPS increased by 1.7% to $2.98[10] - Free Cash Flow reached $288 million[10] Updated 2025 Financial Guidance - Consolidated Revenues are projected to be at least $6.535 billion[11] - Adjusted EBITDA is expected to be at least $1.535 billion[11] - Adjusted EPS is forecasted to be at least $11.70[11] - Free Cash Flow is anticipated to be at least $1.145 billion[11] Capital Allocation - Share repurchases amounted to $163 million in Q1 2025[10]

Engineering delivers strong year-over-year gains and internal growth First quarter operating highlights: "We're pleased with our operating results for the quarter, which met expectations and keep us on track to achieve our full-year targets," said Jay S. Hennick, Chairman & CEO of Colliers. "When we set our outlook for the year, we took a conservative stance given the macroeconomic and political uncertainty - and we're glad we did. At Colliers, market volatility has never derailed our focus on creating valu ...

Core Insights - Marathon Petroleum Corp. reported a net loss of $74 million, or $0.24 per diluted share, for Q1 2025, a significant decline from a net income of $937 million, or $2.58 per diluted share, in Q1 2024 [1][9][28] - Adjusted EBITDA for Q1 2025 was $2.0 billion, down from $3.3 billion in Q1 2024, reflecting the impact of planned maintenance and market conditions [2][3][50] Financial Performance - The refining and marketing segment adjusted EBITDA was $489 million in Q1 2025, compared to $1.986 billion in Q1 2024, with a margin of $1.91 per barrel versus $8.22 per barrel in the prior year [5][6][31] - Midstream segment adjusted EBITDA increased to $1.720 billion in Q1 2025 from $1.589 billion in Q1 2024, driven by higher throughput and growth from equity affiliates [10][3] - Renewable diesel segment adjusted EBITDA improved to $(42) million in Q1 2025 from $(90) million in Q1 2024, attributed to increased utilization and higher margins [11][44] Operational Highlights - The company executed its second-largest planned maintenance quarter in history, which contributed to the net loss [9][3] - Refining capacity utilization was 89%, with total throughput of 2.8 million barrels per day in Q1 2025 [7][33] - The company returned approximately $1.3 billion to shareholders, including $1.1 billion in share repurchases [9][14] Strategic Developments - The company is focusing on high-return investments in its refining operations, including projects at its Los Angeles, Galveston Bay, and Robinson refineries [15][17] - MPLX, a subsidiary, announced the acquisition of the remaining 55% of BANGL, LLC for $715 million, enhancing its natural gas liquids transportation capabilities [16][18] - The Traverse Pipeline project, designed to transport 1.75 billion cubic feet per day of natural gas, has reached a final investment decision and is expected to be operational by 2027 [16][18] Financial Position - As of March 31, 2025, the company had $3.8 billion in cash and cash equivalents, with $5 billion available on its bank revolving credit facility [13][14] - The company issued $2.0 billion in unsecured senior notes to refinance maturing debt [14][46] Market Outlook - The refining and marketing segment is expected to see improved margins due to seasonal demand trends [3][20] - The company remains optimistic about its long-term outlook, aiming to deliver peer-leading capital returns [3][9]