Core Insights - Expedia Group (EXPE) reported second-quarter 2025 adjusted earnings of $4.24 per share, exceeding the Zacks Consensus Estimate by 2.42% and reflecting a year-over-year increase of 20.8% [1] - Revenues reached $3.79 billion, a 6.4% year-over-year rise, also surpassing the Zacks Consensus Estimate by 1.94% [1] - B2B revenues grew by 15% year over year to $1.21 billion, while B2C revenues increased by 2% to $2.48 billion [1] Gross Bookings - Total gross bookings amounted to $30.4 billion, marking a 5% year-over-year increase [2] - B2C gross bookings rose by 1%, while B2B gross bookings surged by 17%, achieving the 16th consecutive quarter of double-digit growth [2] - Lodging gross bookings increased by 6% year over year to $22.07 billion, with hotel bookings climbing by 8% [2] Operating Performance - Adjusted EBITDA for the quarter was $908 million, up 15.5% year over year, with an adjusted EBITDA margin of 24%, expanding by 190 basis points [3] - Direct sales and marketing expenses were $1.92 billion, representing 50.7% of revenues, an increase of 7.1% year over year [3] - Overhead expenses totaled $637 million, accounting for 16.8% of revenues, up 5.1% year over year [3] Profitability Metrics - Adjusted EBIT increased by 22.7% year over year to $583 million, with an adjusted EBIT margin improving by 200 basis points to 15.4% [4] Balance Sheet Overview - As of June 30, 2025, cash and cash equivalents and short-term investments were $6.7 billion, up from $6.1 billion as of March 31, 2025 [5] - Long-term debt stood at $4.466 billion, slightly up from $4.465 billion as of March 31, 2025 [5] - The gross leverage ratio was maintained at 2x, aligning with the target to uphold an investment-grade rating [5] Cash Flow - Net cash provided by operating activities was $1.12 billion for the quarter, with free cash flow amounting to $921 million [6] Future Guidance - For Q3 2025, EXPE expects gross bookings growth in the range of 5-7% and revenue growth between 4-6% [7] - The company anticipates adjusted EBITDA margins to increase by 50-100 basis points year over year for Q3 [9] - For the full year 2025, EXPE projects gross bookings and revenue growth in the 3-5% range, with adjusted EBITDA margin expansion of more than 100 basis points year over year [9]

Core Insights - QuidelOrtho Corporation reported a total revenue of $614 million for Q2 2025, a decrease of 3.6% compared to $637 million in the prior year period, primarily due to lower COVID-19 and Donor Screening revenue [3][14] - The company achieved adjusted diluted EPS of $0.12, compared to an adjusted diluted loss per share of ($0.07) in the prior year period, indicating a significant improvement in profitability metrics [5][14] - The company reiterated its full-year 2025 financial guidance, projecting total revenues between $2.60 billion and $2.81 billion and adjusted EBITDA between $575 million and $615 million [7][14] Financial Performance - Total revenue for Q2 2025 was $614 million, down from $637 million in Q2 2024, with a notable decrease in COVID-19 related revenue [3][14] - GAAP diluted loss per share was $3.77, compared to a loss of $2.20 in the prior year, reflecting increased operational challenges [4][14] - Adjusted EBITDA for Q2 2025 was $107 million, up from $90 million in the prior year, with an adjusted EBITDA margin of 17%, a 330 basis point improvement [5][14] Operational Highlights - The company achieved $100 million in annualized cost savings through various initiatives, which contributed to improved margins [2][14] - Labs revenue grew by 4% as reported and 5% in constant currency, indicating strong performance in this segment [14] - The company announced its intention to acquire LEX Diagnostics and initiated a major manufacturing site consolidation [2][14] Revenue Breakdown - Non-respiratory revenue was $567 million, a decrease of 2% year-over-year, while excluding Donor Screening, it grew by 1% in constant currency [14][25] - Respiratory revenue was $47 million, a 20% decrease primarily driven by lower COVID-19 revenue [14] - Immunohematology revenue grew by 4% as reported and 3% in constant currency, showcasing resilience in this area [14] Guidance and Future Outlook - The company maintains its fiscal 2025 guidance, expecting total revenues of $2.60 billion to $2.81 billion and adjusted diluted EPS between $2.07 and $2.57 [7][14] - The anticipated impact of foreign currency exchange is expected to be neutral for the full year based on rates as of July 27, 2025 [7][14] - The company is focused on delivering sustainable value over time for shareholders, customers, and employees [2][14]

Q2 2025 Financial Performance - Net sales reached $1,784.5 million, a 1% increase compared to Q2 2024[6] - Operating income was $272.7 million, a $1.2 million increase from Q2 2024[6] - Diluted EPS (GAAP and ex-ASU) was $5.17, a 4% increase compared to Q2 2024[6] - Gross profit was $535.2 million, a $5.0 million increase from Q2 2024[6] - Gross margin remained in line with Q2 2024 at 30.0%[6] Sales Performance by Geography and Segment - Florida (FL) and Arizona (AZ) saw net sales increases of 2% each[8] - California (CA) and Texas (TX) experienced net sales decreases of 3% and 2% respectively[8] - Horizon net sales decreased by 2%[8] - Europe net sales increased by 7%[8] - Commercial end market sales increased by 5%, while retail sales decreased by 3%[12] Product Category Performance - Chemicals and Equipment sales each increased by 1%, while Building Materials sales decreased by 1%[11] Strategic Initiatives and Capital Allocation - The company returned $253 million to shareholders, including a $76 million year-over-year increase in share repurchases[24] - Capital expenditures amounted to $27.4 million[23] - Share repurchases totaled $160.6 million[23] - Dividends paid were $92.2 million[23] 2025 Guidance - The company anticipates net sales to be approximately flat for the full year 2025[25] - Inflation/pricing is expected to contribute approximately 2%, including 1% from tariffs beginning in Q2[25] - GAAP diluted earnings per share are projected to be in the range of $10.80 to $11.30[25]

Core Viewpoint - Gray Media, Inc. has updated its financial guidance for the quarter ended June 30, 2025, indicating a decline in total revenue compared to the same quarter in 2024, alongside other significant developments affecting its financial position [2][3][4]. Financial Guidance Summary - The anticipated total revenue for the quarter ended June 30, 2025, is projected to be between $769 million and $775 million, a decrease from $826 million in the same quarter of 2024 [2]. - Core advertising revenue is expected to decline to between $360 million and $362 million from $373 million in the previous year [2]. - Political advertising revenue is forecasted to drop significantly to between $8 million and $9 million, down from $47 million [2]. - Retransmission consent revenue is expected to remain relatively stable, projected between $368 million and $369 million compared to $371 million [2]. - Total operating expenses for broadcasting are anticipated to remain flat at approximately $565 million, with slight variations in station expenses and network affiliation fees [2]. Debt Management Actions - In June 2025, Gray repurchased $7.7 million of its 5.875% senior notes due 2026, and made amortization payments totaling $15 million on its Term Loans D and F, fulfilling all mandatory obligations through December 31, 2025 [3]. Impairment Charge - Gray expects to record a non-cash impairment charge of approximately $29 million in Q2 2025 related to intangible assets from its Atlanta station, WANF, due to its cessation of CBS network affiliation effective August 16, 2025 [4][5].

Financial Performance - Total revenue for Q4 2018 was $166.5 million, a 13% increase compared to $147.7 million in Q4 2017[73] - Net income attributable to common shareholders for Q4 2018 was $48.0 million, a 12% decrease compared to $54.7 million in Q4 2017[73] - FFO (Funds From Operations) attributable to common shareholders for Q4 2018 was $97.7 million, a 25% increase compared to $78.0 million in Q4 2017[73] - Adjusted FFO attributable to common shareholders for Q4 2018 was $105.1 million, a 10% increase compared to $95.9 million in Q4 2017[73] - Total revenue for 2018 was $700.7 million, a 22% increase compared to $576.0 million in 2017[76] - Net income attributable to common shareholders for 2018 was $242.8 million, a 4% increase compared to $234.2 million in 2017[76] - FFO attributable to common shareholders for 2018 was $414.3 million, a 27% increase compared to $327.4 million in 2017[76] - Adjusted FFO attributable to common shareholders for 2018 was $460.4 million, a 28% increase compared to $360.5 million in 2017[76] Portfolio and Investments - Total investments reached $6.8 billion[28] - The company owns 394 properties in service with 99% occupancy[28] - Q4 2018 investment spending was $217 million[28] - 2018 investment spending totaled $572 million[28]

Q1 2025 Earnings May 8, 2025 1 This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. Forward Looking Statements This presentation contains "forward-looking statements". These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of ...

Core Viewpoint - Valneva SE reported strong financial results for Q1 2025, with significant revenue growth and reduced operational cash burn, while confirming its financial guidance for the year [3][5][6]. Financial Performance - Total revenues for Q1 2025 were €49.2 million, a 50.3% increase from €32.8 million in Q1 2024 [5][6]. - Product sales reached €48.6 million, up 51.2% from €32.1 million in the same period last year [6][31]. - The company reported a net loss of €9.2 million compared to a net profit of €58.9 million in Q1 2024, which included €90.8 million from the sale of a Priority Review Voucher [6][45]. - Operating cash burn was reduced by 71% to €8.1 million in Q1 2025 from €28.4 million in Q1 2024 [6][47]. - Cash and cash equivalents stood at €153.0 million as of March 31, 2025, down from €168.3 million at the end of 2024 [6][50]. Product Sales and Market Developments - IXIARO®/JESPECT® sales increased by 65.5% to €27.5 million, driven by demand from travelers and the U.S. Department of Defense [10][32]. - DUKORAL® sales grew 9.4% to €12.3 million, supported by a supply agreement with the French government [12][33]. - IXCHIQ® sales surged to €3.0 million from €0.2 million in Q1 2024, with initial sales related to a chikungunya outbreak response [13][34]. - Third-party product sales increased to €5.8 million from €4.1 million, reflecting recovery from previous supply constraints [18][35]. Research and Development Highlights - Valneva is advancing its Lyme disease vaccine candidate, VLA15, with primary vaccinations completed and data expected by the end of 2025 [20][21]. - The company is also developing a tetravalent Shigella vaccine candidate, S4V2, with ongoing Phase 2 studies [23][24]. - A Phase 1 trial for a Zika vaccine candidate, VLA1601, is currently underway, with results anticipated this year [28][29]. Strategic Partnerships and Regulatory Progress - Valneva secured a $32.8 million supply contract for IXIARO® with the U.S. Department of Defense [7][11]. - The company received marketing authorization for IXCHIQ® in the UK and Brazil, marking significant milestones for its chikungunya vaccine [7][14][15]. - Valneva has entered into a licensing agreement with the Serum Institute of India to expand access to its chikungunya vaccine in Asia [15][61]. Financial Outlook - The company expects product sales to grow to €170-180 million in 2025, with total revenues projected to reach €180-190 million [6][5]. - R&D investments are anticipated to be between €90-100 million in 2025, partially offset by grant funding and tax credits [6][5].

Core Insights - ONE Gas, Inc. reported strong financial results for the first quarter of 2025, with expectations to achieve the upper half of its previously announced financial guidance for the year [1][10] - The company declared a quarterly dividend of $0.67 per share, reflecting a commitment to returning value to shareholders [9] Financial Performance - Operating income for Q1 2025 was $180.5 million, up from $145.9 million in Q1 2024, driven by effective regulatory strategies and disciplined expense management [3][30] - Net income for the first quarter was $119.4 million, or $1.98 per diluted share, compared to $99.3 million, or $1.75 per diluted share, in the same period last year [9][20] - Total revenues increased to $935.2 million in Q1 2025 from $758.3 million in Q1 2024, with natural gas sales contributing significantly to this growth [30] Capital Expenditures and Investments - Capital expenditures and asset removal costs for Q1 2025 were $177.7 million, slightly down from $179.4 million in the same period last year, focusing on system integrity and service extension [4][30] - The company anticipates total capital investments of approximately $750 million for 2025, primarily for system integrity and replacement projects [10] Regulatory Activities - Kansas Gas Service submitted a request for a $7.2 million increase related to its Gas System Reliability Surcharge, with a decision expected by August 2025 [5] - Oklahoma Natural Gas filed for a $41.5 million base rate revenue increase, with a hearing scheduled for June 12, 2025 [6] Customer Metrics - The average number of customers increased to 2.305 million in Q1 2025, up from 2.290 million in Q1 2024, indicating growth in customer base across service areas [30][31] - The company experienced colder weather conditions, with actual degree days being 5% colder than normal, which positively impacted natural gas demand [9][31]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $161 million, down from $172 million in Q4 2024 [11] - Adjusted EBITDA for Q1 2025 was $292 million, compared to $298 million in Q4 2024, primarily due to lower volumes and revenues [11] - Total revenues, excluding pass-through revenues, decreased by approximately $13 million, driven by lower throughput volumes [11] - Adjusted free cash flow for Q1 2025 was approximately $191 million [12] Business Line Data and Key Metrics Changes - Gas processing throughput averaged 424 million cubic feet per day, crude terminaling averaged 125,000 barrels per day, and water gathering averaged 126,000 barrels per day [5] - Processing revenues decreased by approximately $7 million, and gathering revenues decreased by approximately $6 million due to lower throughput volumes [11] Market Data and Key Metrics Changes - Hess reported first quarter net production for the Bakken averaged 195,000 barrels of oil equivalent per day, with expectations for Q2 production to be in the range of 210,000 to 215,000 barrels, reflecting a 9% increase at the midpoint compared to Q1 [5] Company Strategy and Development Direction - The company remains focused on disciplined, low-risk investments to meet basin demand while maintaining reliable operations and strong financial performance [7] - Capital expenditures for 2025 are expected to total approximately $300 million, unchanged from previous guidance [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong recovery in volumes following challenging weather conditions in January and February [42] - The company anticipates adjusted EBITDA in the second half of 2025 to be approximately 11% higher than in the first half [13] Other Important Information - The company has returned $1.95 billion to shareholders since the beginning of 2021 through share repurchases and has increased distributions per Class A share by approximately 57% since 2021 [9] - The company expects to generate over $1.25 billion of financial flexibility through 2027 for incremental shareholder returns [10] Q&A Session Summary Question: Bakken outlook in light of ongoing macroeconomic volatility - Management noted that activity levels remain stable, with no changes in Hess's plans to run four rigs for the rest of the year, supported by established MVCs through 2027 [19][20] Question: Volumes in excess of MVCs and performance against MVCs - Management indicated that MVCs are set at approximately 80% of nomination, with third parties expected to represent about 10% of total volume [24] Question: Risk of rig reduction in the current macro environment - Management reaffirmed that they are looking past short-term volatility and expect consistent activity levels in the Bakken [30][31] Question: Buybacks and secondaries - Management clarified that there is no specific plan for secondaries and expects to continue multiple repurchases per year, with flexibility for $1.25 billion through 2027 [36][37] Question: Gas processing volumes recovery - Management reported a strong recovery in volumes and expressed optimism about meeting guidance for the year [42][43] Question: Impact of oil prices on rig count - Management stated that they are prepared for price volatility and expect to maintain the four-rig program, with improved well economics reducing breakeven costs [45][48] Question: Gas growth in the basin and egress - Management anticipates gas volumes to continue increasing over time, supported by existing export agreements [55][66]

Core Viewpoint - Goldman Sachs analyst James Schneider maintains a Buy rating on T-Mobile US, Inc. with a price target increase from $280 to $285, despite expectations of lower stock trading following results that showed in-line financial metrics and postpaid phone net additions [1] Financial Performance - T-Mobile reported revenue of $20.89 billion, exceeding Schneider's estimate of $20.78 billion and the Street's estimate of $20.64 billion, driven by an increase in equipment revenue [6] - Postpaid phone net additions were +495k, slightly above Schneider's estimate of +486k but below the Street estimate of +499k [6] - High-speed internet net additions were +424k, surpassing both Schneider's estimate of +399k and the Street estimate of +396k [6] Guidance and Market Expectations - T-Mobile updated its 2025 guidance, maintaining postpaid net customer addition guidance at 5.5-6.0 million, compared to the analyst estimate of 6.03 million and the Street estimate of 5.87 million [7] - Investors had anticipated a greater upside in postpaid phone net additions and guidance, based on historical patterns and recent acquisitions [2] Industry Context - The overall industry phone net additions for major carriers, including T-Mobile, were +853k in Q1 2025, reflecting a year-over-year increase of 203k, but a decrease from +1,056k in Q1 2024, indicating a slowing growth rate [4] - On the residential broadband side, net additions were +596k in Q1 2025, down 33k year-over-year, compared to 629k in Q1 2024, suggesting a slowdown in the industry [5] - Despite higher promotional activity and churn metrics across wireless carriers, the wireless market remains healthy due to recent plan price increases [3]