Financial Performance - XP Inc's client assets, AUM, and AUA reached R$1.9 trillion, a 17% increase year-over-year[10] - Gross Revenue increased by 4% year-over-year to R$4.7 billion[12] - The company's EBT was R$1.3 billion, a 5% decrease year-over-year[12] - Net Income grew by 18% year-over-year, with a diluted EPS growth of 30% CAGR[15] - The company's ROE was 24.4%, a 223 bps increase year-over-year[14] Retail Investments - Retail Net New Money amounted to R$16 billion[26] - Retail revenue increased by 9% year-over-year to R$3.577 billion[66] - Equities and Fixed Income are the main contributors in Retail revenue[69] Wholesale - Institutional, Corporate, and Issuer Services Gross Revenue reached R$3.619 billion LTM[54] - Investment Banking DCM Volume was R$34 billion[54] Capital Management - The company's BIS Ratio is 20.1%[14, 105] - The company's VaR is R$28 million, or 13 bps of Equity[107]

Company Overview - As of June 30, 2025, CareTrust REIT's real estate portfolio has grown to 393 net-leased healthcare properties across 32 states and the United Kingdom, consisting of 35,719 operating beds/units[15] - CareTrust REIT also had 22 other real estate related investments related to 142 healthcare properties across 17 states, consisting of 13,944 operating beds/units and one financing receivable related to 46 properties in one state consisting of 3,820 operating beds/units[15] - The company's total investments reached $4,760 million, encompassing 581 properties and 53,483 operating beds/units across 46 operators and 34 states plus the UK[19] Portfolio Performance - As of June 30, 2025, Skilled Nursing Facilities (SNF) constitute 47.3% of the total investment, amounting to $2,252.12 million and generating $234.715 million in rent, with a current yield of 10.4%[31] - UK Care Homes represent 18.9% of the total investment, valued at $901.593 million, producing $67.500 million in rent, with a current yield of 7.5%[31] - Multi-Service Campuses account for 10.4% of the total investment, totaling $494.236 million and yielding $47.776 million in rent, with a current yield of 9.7%[31] - Seniors Housing makes up 3.8% of the total investment, with a value of $178.997 million, generating $17.010 million in rent, with a current yield of 9.5%[31] - Total Net-Leased Assets represent 80.4% of the total investment, amounting to $3,826.946 million and producing $367.001 million in rent, with a current yield of 9.6%[31] Financial Highlights - For the three months ended June 30, 2025, rental income was $86.033 million, compared to $55.407 million for the same period in 2024[52] - Net income attributable to CareTrust REIT, Inc for the three months ended June 30, 2025, was $68.545 million, or $0.36 per basic share[52] - The company's debt structure as of July 31, 2025, includes $400 million in senior unsecured notes payable at 3.875% and $500 million in senior unsecured term loan at 4.630%[63]

Financial Performance - Ryan Specialty's total revenue for the Last Twelve Months(LTM) ending June 30, 2025, was $2.814 billion[9, 52] - The company's Organic Revenue Growth for the period ending June 30, 2025, was 9.6%[9] - Adjusted EBITDAC for the LTM ending June 30, 2025, reached $915 million, with an Adjusted EBITDAC Margin of 32.5%[54] Market Position and Growth - Ryan Specialty is the 2nd largest U S P&C wholesale broker/managing underwriter[9] - The company experienced a total revenue growth of 23.9% for the period ending June 30, 2025[9] - Ryan Specialty's revenue growth with the top 100 retail brokerage firms exceeded the company's organic revenue growth of 12.8% in 2024[36] Market Dynamics - Excess and Surplus (E&S) premiums are growing faster than the admitted market, with E&S representing 24% of the commercial market[13, 18] - Delegated authority represented 29% of E&S premiums in 2023[36] Strategic Activities - Ryan Specialty has completed 62 acquisitions since its founding[35] - Approximately $115 million of revenue was acquired thus far in 2025[37] - Wholesale Brokerage accounts for 56% of the business, Underwriting Management 31%, and Binding Authority 13%[28]

Financial Data and Key Metrics Changes - Total Recurring Contract Value (TRCV) increased by 2% sequentially, marking the third consecutive quarter of sequential growth and the highest growth rate since early 2021 [8][9] - Adjusted EBITDA margin remains strong at 30%, reflecting disciplined cost management and operational efficiency [10][11] - The company repurchased 382,000 shares, approximately 2% of outstanding stock, at an average price of $14.96 per share during the quarter [12] Business Line Data and Key Metrics Changes - The company experienced the strongest year-to-date sales since 2021, with increased win rate percentage and average win size year-over-year [9] - Retention rates improved due to the strength of the customer success organization, indicating better customer satisfaction and loyalty [10] Market Data and Key Metrics Changes - The top 400 largest healthcare systems represent the target market, which has shown signs of recovery post-pandemic but faces budget pressures [12][13] - The competitive environment remains challenging, but the company's value proposition resonates with customers [12] Company Strategy and Development Direction - The company aims to enhance its market position by focusing on deeper, human-centered connections between healthcare providers and patients [7][8] - Plans for capital allocation include continuing dividends and share repurchases while funding organic growth opportunities and potential mergers and acquisitions [12] Management's Comments on Operating Environment and Future Outlook - The new CEO emphasized the importance of understanding the unique pressures and regulations of healthcare organizations as a competitive advantage [17][18] - The company is in the early stages of developing a strategic plan, with a focus on sustainable growth and long-term margin improvement [19][20] Other Important Information - The company is actively searching for a new Chief Financial Officer, indicating a focus on strengthening the executive team [13][14] - The CEO highlighted the importance of a high-touch customer success model, which differentiates the company from competitors [18] Q&A Session Summary Question: What is the current status of the sales organization? - The sales organization is being reorganized under Jason Rao, with positive momentum reflected in the size of the pipeline and new customer acquisitions [14][15] Question: How does the company differentiate itself in the competitive environment? - The company differentiates through deep healthcare experience and a high-touch customer success model, which builds trust and accelerates value realization for clients [16][17][18] Question: Are there any material investments planned? - The CEO is excited about future value creation opportunities but is still in the early stages of assessing specific investment plans or timelines [19][20]

Financial Performance Highlights - Net income for 2Q25 was $19.4 million, a 7.7% increase quarter-over-quarter and a 151.3% increase year-over-year[7] - Adjusted net income for 2Q25 was $20.2 million, up 4.5% from the previous quarter and 131.2% compared to 2Q24[7] - Diluted EPS reached $1.01, showing a 7.7% increase from 1Q25 and a 37.1% increase from 2Q24[7] - Adjusted diluted EPS was $1.04, a 4% increase from 1Q25 and a 25.3% increase from 2Q24[7] - The company's assets totaled $5,387.6 million, representing a 68.4% increase compared to $3,198.8 million in 2Q24, but a decrease of 1% from $5,441.6 million in 1Q25[7] - Loans amounted to $3,931.4 million, a 1.4% increase from the previous quarter and a 67.5% increase from $2,347.6 million in 2Q24[7] - Deposits totaled $4,516.6 million, a decrease of 2.5% from the previous quarter but a 67.1% increase from $2,702.9 million in 2Q24[7] Profitability and Efficiency - Annualized ROAA was 1.45%, a 10 bps increase from the previous quarter and a 48 bps increase year-over-year[7] - Adjusted annualized ROAA was 1.51%, a 6 bps increase from 1Q25 and a 42 bps increase from 2Q24[7] - The efficiency ratio improved to 60.25%, a decrease of 297 bps from the previous quarter and 778 bps from 2Q24[7] - Adjusted efficiency ratio was 58.70%, a decrease of 180 bps from 1Q25 and 590 bps from 2Q24[7] - Net interest margin improved to 4.07%, a 7 bps increase from the previous quarter and a 52 bps increase year-over-year[7]

Financial Data and Key Metrics Changes - In Q1 2025, net revenue was approximately $64.2 million, a decrease of 17% year over year, driven by a 17% decrease in total orders placed and a 5% decrease in average order value [24] - Gross margin for the quarter was 40.3%, down 200 basis points compared to the prior year, although product margin improved by 100 basis points [24] - The net loss for Q1 worsened to $8 million from $5.7 million in the same period last year, with adjusted EBITDA loss at approximately $4.7 million compared to a $2.7 million loss in Q1 2024 [25][26] - Free cash flow during Q1 was $7.8 million, reflecting a $1.8 million increase year over year, and net debt was reduced to $1.5 million, a $7.2 million reduction from the previous quarter [28] Business Line Data and Key Metrics Changes - The Special Occasion and Bridesmaids categories continued to show positive momentum, driving healthy year-over-year net sales growth, while casualwear and footwear remained under pressure [6][10] - Inventory management resulted in a 4% year-over-year inventory reduction, with product margins increasing sequentially for the second consecutive quarter [8][9] - The Shoes and Separates businesses were a drag on overall results, accounting for most of the year-over-year decline in net sales [10] Market Data and Key Metrics Changes - Q1 revenue in Wholesale had triple-digit year-over-year growth, driven by continued growth among major partners and strong momentum in specialty retail [10] - Active customers increased quarter over quarter despite a year-over-year decline, reflecting the success of recent brand efforts [16] Company Strategy and Development Direction - The company is focused on strengthening its financial foundation, optimizing its business, and broadening its customer base through strategic initiatives [7][31] - A key focus area is SKU management, shifting towards deeper buys on a narrower, more curated SKU set supported by data insights [13] - The company is committed to maintaining positive cash flow and investing in long-term objectives to support a return to growth [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment and potential unstable consumer sentiment due to international trade policies and tariffs [13][31] - The company expects to generate positive adjusted EBITDA in Q2 2025 and is committed to strengthening its liquidity position [30] Other Important Information - The company executed a fourth amendment to its credit agreement with Bank of America, which suspended the measurement of certain financial covenants for Q1 [28] - The company is actively evaluating its sourcing plans to diversify its supply base and reduce reliance on China [14][15] Q&A Session Summary Question: No questions were asked during the Q&A session - There were no questions from participants during the Q&A session, leading to the conclusion of the conference call [34]

Note regarding forward-looking statements This presentation and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may," "will," "coul ...

Financial Performance - Total revenue for 1Q25 was $1497 million, a 40% year-over-year increase[15] - Adjusted EBITDA for 1Q25 was $98 million, a 25% year-over-year increase[15] - Adjusted EBITDA margin was 66% in 1Q25, a decrease of 10 basis points year-over-year[15] Operating Metrics - Admissions increased by 76% year-over-year, totaling 41389[15] - Adjusted Admissions increased by 27% year-over-year, totaling 84536[15] - Net Patient Service Revenue per Adjusted Admission increased by 12% year-over-year, reaching $17402[15] Capital Structure - The company has $495 million in ABL Capacity and $295 million in total cash, resulting in $790 million available liquidity[32] - Net leverage is 26x and lease-adjusted net leverage is 30x[32] 2025 Full Year Guidance - Total revenue is projected to be between $6200 million and $6450 million[38] - Adjusted EBITDA is projected to be between $575 million and $615 million[38]

Group 1 - The conference call is focused on the First Quarter Earnings for 2025, with an emphasis on non-GAAP financial information to assist investors in reconciling financial data [3] - The financial results are presented in U.S. dollars, which is the company's functional currency [4] - The call may include forward-looking statements based on the company's expectations and market trends, which are subject to uncertainties [4][5] Group 2 - The company encourages reviewing detailed financial information published with the Brazilian Comissão de Valores Mobiliários (CVM) [5]

First Quarter 2025 Earnings May 1, 2025 Click Here to Edit Title Cautionary Statement Click Here to Edit Title Cautionary Statement Under the Private Securities Litigation Reform Act; Non-GAAP Measures This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company's second quarter 2025 and full year 2025 outlook including expected sales, expected organic sales, exp ...