Investor Presentation March 2026 Vitesse is the French word for velocity. VTS represents the velocity of capital compounding. Disclaimer Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse's financial position, operating ...

高盛发表研报指，奈飞2025年第四季财报稳健，主要得益高于指引的总营收、营业收入及强劲的自由现 金流。该行预计管理层将持续专注于打造强大的电视/电影及回归/原创IP内容阵容；继续提升营运利润 率，同时保持对各项增长计划的投资；继续扩大广告支持方案(关键技术投资和合作伙伴关系可望使该 业务在2026年及以后实现超越行业平均的增长。 在公司财报发布之前，奈飞亦宣布对其先前公布的收购华纳兄弟串流媒体与工作室资产之协议进行修 订，现调整为全现金收购要约。高盛更新了对此交易的预估合并分析，合并后的实体预计将在2028年产 生约278亿至293亿美元的调整后息税折旧摊销前利润，在2029年约为320亿至348亿美元。高盛将奈飞目 标价从112美元降至100美元，维持"中性"评级。 ...

Summary of CRA International Conference Call - December 10, 2025 Company Overview - **Company Name**: Charles River Associates (CRA) - **Ticker**: CRAI - **Industry**: Economic consulting and management consulting - **Anniversary**: Celebrated 60th anniversary in 2025 and over 27 years as a publicly traded company [2][3] Core Business Segments - **Revenue Composition**: - Legal and Regulatory: Approximately 80% of total revenue - Management Consulting: Remaining 20% [4] - **Key Practices**: - Antitrust and Competition Economics: 40%-45% of total revenue - Life Sciences, Energy, Auctions and Competitive Bidding, Maritime Practices: Contribute to management consulting [8][9] Financial Performance - **Revenue Growth**: Over 50% growth in the past five years; year-to-date 2025 shows continued growth [11] - **Headcount Growth**: Increased by 20% over the past five years [11] - **Earnings Per Share (EPS)**: Grew by 142% over the past five years [11] - **Shareholder Returns**: Nearly $200 million returned to shareholders through share repurchases and dividends [12] - **Share Repurchase**: Average repurchase price over the past five years was $88, with current trading above $190 [12] Talent and Workforce - **Employee Qualifications**: - Approximately 75% of senior colleagues have advanced degrees; over 40% hold PhDs [5][6] - Less than 10% voluntary turnover among top revenue-generating employees over the past five years [7] - **Diversity**: Employees from over 70 countries, speaking more than 35 languages [6] Market Position and Clientele - **Client Base**: Worked with 85 of the Fortune 100 companies and 98 of the Am Law 100 law firms in the past two years [10] - **Project-Based Business Model**: Trust built on a project-by-project basis rather than subscription-based [10] Investment Thesis - **Long-Term Value Maximization**: Focus on earning returns above the cost of capital and returning excess capital to shareholders [13] - **Organic Growth**: Approximately two-thirds of growth is organic, with a focus on talent acquisition and retention [17] Current Market Dynamics - **M&A Activity**: Increasing momentum in mergers and acquisitions, with CRA involved in significant deals [24] - **Litigation Activity**: Notable increase in litigation filings, indicating a robust demand for consulting services [26] Conclusion - **Outlook**: CRA anticipates continued success and record performance in 2025, with a strong pipeline of new business opportunities and talent acquisition [19][23]

Core Viewpoint - Gold Royalty Corp. reported a second consecutive quarter of positive free cash flow, along with record revenue, adjusted EBITDA, and operating cash flow, indicating strong financial performance and growth potential [5]. Financial Performance - The company achieved record revenue and adjusted EBITDA, reflecting the successful curation of its asset portfolio over the past five years [5]. - Positive free cash flow for the second consecutive quarter demonstrates the company's effective capital management and operational efficiency [5]. Capital Allocation Strategy - The company emphasized its approach to capital allocation, indicating a focus on maximizing growth and value creation from its assets [6].

Financial Data and Key Metrics Changes - Acacia reported total revenue of $59.4 million, up 16% sequentially and up 155% year-over-year, primarily driven by the third full quarter of Deflecto [5][17] - Adjusted EBITDA for the company was $8 million, with segment-adjusted EBITDA at $12.6 million [5][17] - Free cash flow for the quarter was $7.7 million, with a GAAP loss of $0.03 per share [5][22] - Book value per share at the end of Q3 was $5.98, essentially flat from the last quarter [5] Business Line Data and Key Metrics Changes - Energy operations generated $14.2 million in revenue, down from $15.8 million year-over-year due to a softer oil price environment [17] - Manufacturing operations, including Deflecto, generated $30.8 million, marking a third consecutive sequential increase [17] - Industrial operations reported $6.7 million in revenue, down from $7 million in the same quarter last year [17] - Intellectual property operations generated $7.8 million in revenue, a significant increase from $0.5 million in the prior year [17] Market Data and Key Metrics Changes - The Class 8 truck market faced demand headwinds, with September net orders being the weakest since 2019 [13] - Despite tariff pressures, Deflecto's essential non-discretionary products position the business well for future growth [14] - Benchmark's hedging strategy protects a significant amount of cash flow from downside price risk, with over 70% of operated oil and gas production hedged [11] Company Strategy and Development Direction - Acacia is focused on identifying and acquiring under-loved, under-managed, and under-valued businesses to drive long-term growth [6] - The company is implementing pricing strategies, cost savings initiatives, and operational efficiencies to mitigate tariff pressures [4] - There is a strong emphasis on pursuing accretive, organic, and inorganic growth opportunities, with a cash position of approximately $332 million [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic and geopolitical headwinds but emphasized strong execution against their operationally focused strategy [4] - The company remains focused on driving revenue, EBITDA, and free cash flow growth while expanding its M&A pipeline [8] - Management expressed confidence in the inherent value of their assets and the ability to build momentum through year-end and into next year [25] Other Important Information - Total consolidated G&A expenses were $16 million, up from $11.2 million year-over-year, primarily due to the addition of Deflecto [18] - The company recorded a GAAP operating loss of $6.4 million, an improvement from a loss of $10.3 million in the prior year [19] - Acacia's total indebtedness was $94 million as of September 30, 2025, with zero debt at the parent company level [23][24] Q&A Session Summary Question: Focus on Deflecto's performance - Management noted that Deflecto performed better than expected in a challenging environment and discussed future free cash flow allocation towards debt repayment [26][27] Question: Update on Benchmark and Cherokee properties - Management confirmed that Benchmark's production is performing well and discussed ongoing strategic acquisitions in the Cherokee area [30] Question: Interest in AMO Pharma - Management stated that while AMO Pharma has made positive advancements, they have not changed their estimated valuation [44] Question: Impact of geopolitical tensions on patent portfolio - Management indicated that the U.S. appears to be more IP-friendly under the new administration, which is a positive for their patent portfolio [32] Question: Outreach to investors and analysts - Management acknowledged the need for increased investor outreach and discussed ongoing efforts to raise Acacia's profile among potential investors [39][41]

Financial Data and Key Metrics Changes - In Q3 2025, net operating revenues were $5.3 billion, with consolidated adjusted EBITDA growing 12% year-over-year to $1.1 billion, resulting in an adjusted EBITDA margin of 20.8%, a 170 basis points improvement from the previous year [4][11] - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.47 to $4.57 billion, reflecting an increase of $445 million, or 11% at the midpoint from initial guidance [6][14] - Free cash flow for 2025 is now expected to be in the range of $2.275 to $2.525 billion, with free cash flow after non-controlling interest projected at $1.495 to $1.695 billion, an increase of $250 million at the midpoint from previous guidance [7][16] Business Line Data and Key Metrics Changes - USPI's adjusted EBITDA grew 12% year-over-year to $492 million, with same-facility revenues increasing by 8.3% and total joint replacements in ASCs growing by 11% [4][11] - The hospital segment's adjusted EBITDA increased 13% to $607 million, with same-store hospital admissions up 1.4% and revenue per adjusted admission rising 5.9% [5][12] Market Data and Key Metrics Changes - The exchange business represented 8.4% of total admissions and 7% of total consolidated revenues in Q3, with a slight increase in total as a percent of admissions from Q2 [24][68] - The company noted healthy patient demand supporting same-store volume growth and a stable operating environment for 2026 [8][9] Company Strategy and Development Direction - The company is focusing on higher acuity services, which has led to improved margins and strong earnings growth [9][10] - There is a robust M&A and de novo activity, with 11 centers acquired and two new centers opened in Q3, emphasizing high-acuity procedures [5][6] - Capital expenditures for 2025 are expected to be between $875 million and $975 million, reflecting a $150 million increase at the midpoint over prior expectations [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's performance, citing strong same-store revenue growth, high patient acuity, and effective cost controls [11][14] - There is uncertainty regarding enhanced premium tax subsidies and their impact on reimbursement and enrollment in exchanges for 2026, but management remains optimistic about patient demand [8][9] Other Important Information - The company recognized a $38 million pre-tax impact for Medicaid supplemental revenues related to prior years in Q3 2025, totaling $148 million year-to-date [12][54] - The leverage ratio as of September 30 was 2.3 times EBITDA, indicating strong operational performance and financial discipline [13][14] Q&A Session Summary Question: Q4 guidance and utilization expectations - Management has not built in expectations for higher utilization due to exchange subsidies expiring, but they are prepared for typical demand increases in Q4 [19][20] Question: CapEx inputs and allocation - The increased CapEx is focused on clinical program infrastructure and growth strategies, particularly in high-acuity services [25][26] Question: Free cash flow sustainability - The company highlighted improved cash collections and operational efficiencies as key drivers for sustainable free cash flow [28][29] Question: ASC volumes and service line performance - Growth in ASC volumes was driven by higher acuity services, with healthy GI recovery noted in Q3 [46][48] Question: Contribution from DPP in provider taxes - The company recorded approximately $346 million in supplemental Medicaid programs in Q3, with $148 million being out-of-period [52][54] Question: M&A environment for ASCs - The company remains a partner of choice in the ASC market, focusing on high-end specialties and multi-specialty centers [64][66] Question: Impact of CMS WISER model - The company is prepared for changes in pre-authorization requirements and is confident in managing operational adjustments [69][70] Question: Inpatient-only list removal impact - The potential removal of the inpatient-only list could benefit the USPI segment, but quantification of the impact is still under discussion [73][74]

Financial Data and Key Metrics Changes - Transaction value for Q2 was $481 million, up 49% year over year, driven by a 71% increase in the P and C vertical, while the Health vertical saw a 32% decline [9][11] - Adjusted EBITDA for the quarter was $24.5 million, increasing 31% year over year, representing 62% of contribution, up from 56% in the prior year [10][12] - The company expects Q3 transaction value to be between $545 million and $570 million, representing a year-over-year increase of 23% at the midpoint [12][13] Business Line Data and Key Metrics Changes - The P and C vertical experienced significant growth, with transaction value increasing by 71% year over year, primarily from existing carriers [9][30] - The Health vertical's transaction value declined by 32% year over year, with expectations of continued declines in the near term [9][11] - The company anticipates a Q3 transaction value of approximately $18 million for the under-65 business, reflecting a 54% year-over-year decline [11] Market Data and Key Metrics Changes - The company noted that automotive tariffs are becoming more manageable, and the slowing rate increases are prompting carriers to focus on acquiring new customers [7][23] - The competitive landscape in the auto insurance market remains strong, with healthy advertising spend expected to continue [7][22] Company Strategy and Development Direction - The company aims to capture multi-year growth opportunities, particularly in the P and C insurance vertical, while also focusing on compliance measures following the FTC settlement [5][8] - There is a strategic shift towards optimizing for market share and transaction value, with plans to focus more on gross profit as market conditions evolve [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory for the rest of the year, particularly in the P and C vertical, despite challenges in the Health vertical [8][11] - The company anticipates increased consumer shopping behavior in the Medicare Advantage market, although carrier budgets may be lighter than in previous years [49][50] Other Important Information - The company reached a settlement with the FTC involving $45 million in payments, which will be funded from cash on hand [6][14] - The company ended the quarter with $85 million in cash and a net debt to adjusted EBITDA ratio of 0.6x, indicating strong financial flexibility [13][14] Q&A Session Summary Question: How will the FTC settlement enhance competitive positioning in the under-65 vertical? - Management indicated that the settlement will create a new baseline for the under-65 business, allowing for better navigation of consumer choices and potential growth opportunities [18][19] Question: What is the outlook for carrier budgets in the second half of the year? - Management expressed optimism about continued strong carrier budgets, citing robust underlying profitability in the personal auto space [21][22] Question: Can you provide more details on the mix of existing carrier spend versus new carrier additions? - The majority of the increase in spend was from existing carriers, with new carriers typically starting small [30] Question: What is the strategy to balance volume growth and profitability? - The current focus is on optimizing for market share and transaction value, with plans to shift towards gross profit optimization as market conditions change [32] Question: What are the expectations for the upcoming AEP and its impact on shopping behavior? - Increased shopping behavior is anticipated, but carrier budgets may be lighter than previous years due to market churn and uncertainty [50][51]

Financial Data and Key Metrics Changes - Consolidated net gaming revenue was $55 million, roughly flat compared to the prior year period, primarily due to the devaluation of the Mexican peso [6][9] - On a constant currency basis, net gaming revenue would have been nearly $61 million, representing a 12% increase year-over-year [6][9] - Adjusted EBITDA was positive $2.3 million in the second quarter, with a contribution of $6.3 million from the Spanish business, which is 5% above the prior year [10][11] - The company ended the quarter with €45 million in total cash, of which approximately €41 million was available [17] Business Line Data and Key Metrics Changes - The casino segment contributed 61% of total net gaming revenue, indicating a stabilization around this mix [6] - In Colombia, net gaming revenue decreased by $1.6 million, partially offset by an $800,000 increase in Panama, which reflects a doubling of net gaming revenue in that market [9][10] - In Mexico, net gaming revenue was $29 million, a 3% increase from the prior year, despite a 19% devaluation of the peso impacting overall revenue [12][13] Market Data and Key Metrics Changes - The average monthly active customers increased by 7%, while the average monthly spend per active customer decreased by 5% due to the weaker peso [6][12] - The company acquired 78,000 first-time depositors, a 7% increase from the prior year [7][12] - The Mexican peso devaluation had a $5.7 million negative impact on net gaming revenue, but on a constant currency basis, revenue would have grown by 23% [13] Company Strategy and Development Direction - The company has regained compliance with Nasdaq listing requirements, alleviating concerns about its status as a publicly traded entity [5] - Marketing investments are expected to decrease in the second half of the year, which, along with a positive outlook for net gaming revenue, is anticipated to lead to higher EBITDA generation [11][39] - The company is focusing on the Mexican market, especially with the upcoming World Cup in 2026, which is expected to drive business growth [13][39] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive landscape in Spain remains challenging, with no immediate changes expected in regulations [24][25] - The company is optimistic about the back half of the year, citing strong returns from existing and new players in Mexico [39] - The VAT imposed in Colombia has significantly impacted revenue, leading to a focus on maintaining breakeven operations in that market [54][55] Other Important Information - The company has repurchased approximately 106,000 shares under its buyback plan, investing around $7.7 million [7] - The company is exploring opportunities for future investments as cash flow improves, although no specific plans have been announced [58][59] Q&A Session Summary Question: Performance in Spain and Competitive Environment - Management indicated that the competitive landscape in Spain remains tough, with no expected changes in the near future [24][25] - The impact of sports seasonality was noted, with expectations for stronger performance in the upcoming quarter [26][27] Question: Marketing Initiatives in Mexico - The marketing strategy is focused on lower LTV players, with ongoing testing of various channels [30][32] - Management clarified that the strategy is not a direct response to peso devaluation but part of ongoing user acquisition efforts [31] Question: Profitability Improvement in the Back Half - Factors contributing to expected profitability include the rolling off of certain sponsorships and improved unit economics in Mexico [36][39] Question: Growth Opportunities in Other Latin American Markets - Management expressed concerns about Colombia due to the VAT impact but noted success in Panama [54][55] - The company believes its successful strategies in Mexico can be replicated in other markets, albeit with higher costs [44][46] Question: GGR and VAT Impact in Colombia - Management acknowledged significant top-line impacts due to VAT, estimating a 40% reduction in expected revenue [68] - The viability of the Colombian market under current conditions remains uncertain and would require further analysis [70] Question: Share Repurchase Strategy - Discussions regarding share repurchases are ongoing at the board level, with a focus on opportunistic buying [75]

Core Viewpoint - Brookdale Senior Living Inc. (BKD) reported a first-quarter loss and experienced a decline in share price despite some revenue growth, primarily due to rising operational costs and decreased interest income [1][2]. Financial Performance - BKD incurred a first-quarter loss of 11 cents per share, which is an improvement from a loss of 13 cents in the prior year [2]. - Total revenues increased by 4% year over year to $813.9 million, driven by higher resident and management fee revenues, but fell short of the Zacks Consensus Estimate by 0.8% [2]. - Resident fees reached $777.5 million, up 4.5% year over year, but were below the consensus estimate of $781.3 million [3]. - Management fees rose slightly by 0.1% year over year to $2.6 million, missing the consensus mark of $2.7 million [3]. Operational Metrics - Revenue per occupied unit (RevPOR) increased by 3% year over year, attributed to annual rate increases [4]. - Weighted average occupancy improved by 140 basis points year over year to 79.3% [4]. - Revenue per available unit (RevPAR) saw a 4.9% year-over-year increase [4]. Cost Structure - Facility operating expenses totaled $557 million, reflecting a 2.7% year-over-year increase due to higher wage rates and utility costs [4]. - General and administrative costs rose by 4.7% year over year to $47.9 million [4]. - Interest income decreased by 23.7% year over year to $3.6 million [5]. Net Loss and Cash Flow - The net loss for the quarter was $65 million, wider than the previous year's loss of $29.6 million, primarily due to increased operating and interest expenses [5]. - Adjusted EBITDA rose by 27.2% year over year to $124.1 million [5]. - BKD generated $23.4 million of net cash from operations, a significant improvement from a net cash usage of $1.1 million in the prior year [7]. - Adjusted free cash inflow was $3.8 million, compared to an outflow of $26.3 million in the previous year [7]. Balance Sheet Overview - As of March 31, 2025, BKD had cash and cash equivalents of $239.7 million, down from $308.9 million at the end of 2024 [5]. - Total assets decreased to $6.2 billion from $6.3 billion at the end of 2024 [6]. - Long-term debt increased to $4.2 billion from $4 billion as of December 31, 2024 [6]. - Total equity dropped to $148.1 million from $213.9 million at the end of 2024 [6]. Future Outlook - Management now estimates RevPAR growth for 2025 in the range of 5%-5.75%, an increase from the previous estimate of 4.75%-5.75% [8]. - Adjusted EBITDA is projected to be between $440-$450 million, up from the earlier range of $430-$445 million [8]. - Non-development capital expenditures are expected to remain within $175-$180 million for 2025 [8].