Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $1,600,000, representing an 11% year-over-year growth from $1,500,000 in Q2 2024 [6][10] - Gross margin decreased to 31% in Q2 2025 from 35% in Q2 2024, attributed to product mix and new manufacturer trial costs [11] - Net loss for Q2 2025 was $880,000, an improvement from a net loss of $1,000,000 in Q2 2024 [12] Business Line Data and Key Metrics Changes - The company is expanding its manufacturing capacity with two co-manufacturers now producing products, which is expected to improve operational consistency [5][6] - The company is building inventory for the first time in many quarters, preparing for the high selling season in the education channel [7] Market Data and Key Metrics Changes - The company has only 5% market penetration in the education channel, indicating significant growth potential [8] - Interest in new products like Pop and Go 100% Juice Freeze Pops is increasing, targeting the lunch market [8] Company Strategy and Development Direction - The company is focused on solidifying its long-term supply chain and enhancing production capabilities to support sustainable growth [5][15] - The company is revising its fiscal year 2025 revenue guidance to $12,500,000 to $14,000,000, reflecting anticipated growth despite earlier manufacturing constraints [8] Management Comments on Operating Environment and Future Outlook - Management acknowledged that product supply shortages impacted revenue but emphasized progress in resolving manufacturing challenges [15] - The company expects revenue growth in the second half of the year as manufacturing capacity increases and operational consistency improves [9] Other Important Information - As of June 30, 2025, the company had approximately $1,300,000 in cash and accounts receivable and $1,800,000 in inventory [14] - Adjusted EBITDA for Q2 2025 was a loss of approximately $600,000, an improvement from a loss of approximately $682,000 in Q2 2024 [13] Q&A Session Summary Question: Progress on new school year contracts and interest in Pop and Go products - Management reported good interest in Pop and Go products, with large school districts already approving them, and the bidding process is nearing completion [20][21] Question: Commitment from customers who took products off their menus - Management indicated that most products are already approved, and customers will return them to menus once consistent supply is established [23] Question: Specific regions for near-term expansion opportunities - Management noted that increased capacity will allow broader penetration across the country, with a focus on larger populated areas [25] Question: Composition of inventory at the end of the quarter - The inventory primarily consists of bottles, built up to prepare for the school year [29][30] Question: Future manufacturing capacity and product distribution - Management expects the new manufacturing capacity to allow production in the range of 20,000,000 to 25,000,000 bottles next year, with significantly more capacity for cartons [41][42]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $72.8 million, with adjusted EBITDA of $26.3 million and an adjusted EBITDA margin of 36.1%, an increase of 30 basis points compared to 2024 [20][21] - Revenue excluding marketing funds decreased by 6.8% year-over-year, primarily due to negative organic growth of 5.7% and adverse foreign currency movements of 1.1% [20][21] - Selling, operating, and administrative expenses decreased by $1 million or 2.8% to $33.9 million, attributed to lower personnel expenses [21] Business Line Data and Key Metrics Changes - The decline in organic growth was mainly due to lower U.S. agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams from REMAX Media Network and lead concierge initiatives [20][21] - The company reported a record high of over 147,000 agents in its global network, marking the best U.S. agent count performance since 2022 [3][9] Market Data and Key Metrics Changes - U.S. existing home sales have been slow to recover, but inventory levels increased by 30% compared to June 2024, with new listings growing year-over-year for the sixteenth consecutive month [5] - The company noted challenges in the housing market due to tariffs, inflation, and high mortgage rates, which tempered expectations for a housing rebound in the latter half of the year [5][6] Company Strategy and Development Direction - The company is focused on enhancing its value proposition and expanding its global agent network, particularly in the U.S. and Canada [16] - Recent strategic moves include the introduction of the Aspire onboarding program aimed at attracting and developing new agents, which has seen nearly 60% of U.S. and Canadian brokerages sign up [11][12] - The company is investing in technology and tools to empower agents, including a new AI-powered global referral system and a pricing engine for mortgage brokerage [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing solid momentum and resilience despite a challenging macro environment [4][16] - The company tightened its revenue and profit range expectations for the rest of the year but raised agent count expectations due to strong international growth [23][24] Other Important Information - The company is strategically reinvesting in the business and building cash reserves while working to lower its total leverage ratio [21][22] - The REMAX Media Network is beginning to contribute to the top line, although its launch has been slower than anticipated due to the macro environment [14] Q&A Session Summary Question: What drove the reduced guidance range? - Management indicated that the reduced guidance was influenced by a delay in the ramp-up of the REMAX Media Network, a tempered outlook on broker fees, and near-term impacts from the Aspire program [27][30] Question: How did different geographies contribute to the agent count change? - The international expansion was identified as a key driver for the agent count guidance, with significant contributions from the U.S. and a recent large-scale conversion in Hawaii [31][33] Question: How is the Aspire program resonating with agents? - The Aspire program has seen positive adoption, with nearly two-thirds of eligible brokerages participating, and it is helping to attract younger agents and those transferring books of business [36][39] Question: What is the engagement level with the new tools launched? - While it is early to assess the stickiness of multiple tool usage, management noted good adoption rates for the tools deployed, including the global referral platform and lead concierge [41][44]

Financial Data and Key Metrics Changes - The company reported net income of $133 million or $0.22 per diluted share, with adjusted net income of $134 million or $0.23 per share, compared to $106 million and $0.18 in the previous quarter, reflecting solid momentum in net interest income and non-interest income [5][15] - Profitability ratios, including return on average assets and return on tangible shareholders' equity, continue to trend higher and are on track to meet full year guidance [6][12] - The company expects approximately 3% loan growth for the year, with net interest income growth estimated at 8% to 10% [15] Business Line Data and Key Metrics Changes - Core deposit growth was $600 million, driven by growth in commercial non-interest bearing deposits and promotional CD offerings [16] - Commercial loan diversification has seen the C&I portfolio grow at a 19% compound annual rate since 2017, with nearly 15% growth over the last twelve months [9][12] - Non-interest income has grown at a 12% annual rate since 2017, with a significant improvement in the composition of that income [11][21] Market Data and Key Metrics Changes - The company added over 105,000 new deposit accounts, contributing to approximately 8% core deposit growth [7] - C&I loan growth was particularly robust, fueled by activity in fund finance and healthcare verticals, contributing roughly 60% of the quarter's net growth in C&I [18][48] - The CRE concentration ratio has declined to 349% from 474% at the end of 2023, surpassing year-end targets ahead of schedule [19] Company Strategy and Development Direction - The company is focused on deposit growth and funding transformation, with a significant reduction in reliance on indirect deposits [7][12] - Strategic imperatives include building durable high-quality fee income and enhancing treasury management offerings [11][12] - The company aims to close the valuation gap through continued execution of its strategy, despite recognizing a disconnect between franchise quality and share valuation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit quality and anticipates further normalization in credit metrics [23][36] - The company remains optimistic about the long-term growth potential in its markets, particularly in the healthcare and fund finance sectors [12][40] - Management highlighted the importance of maintaining a balance between organic growth opportunities and potential share buybacks [62] Other Important Information - The company has seen a 51 basis point reduction in average cost of deposits compared to the same period in 2024 [7] - Non-interest expenses grew modestly due to merit-based salary increases and higher incentive accruals, but the efficiency ratio improved to 55.2, the best level since Q1 2023 [22] Q&A Session Summary Question: Can you speak to the ability to maintain deposit pricing given competitive nature and growth outlook? - Management anticipates margin will increase as the year progresses, driven by asset repricing tailwinds and stability on the deposit side [29] Question: What drove the increase in past dues this quarter? - The increase in delinquencies was driven by three credits, with two already cleared and the remaining expected to be resolved soon [50] Question: How is the company adapting to the competitive landscape in the technology and software sector? - The company has built infrastructure and acquired a team to leverage opportunities in the technology sector, particularly with strong connectivity to the Israeli market [39] Question: What is the outlook for loan growth in 2026? - While specific guidance for 2026 has not been provided, management anticipates low single-digit growth in CRE and overall loan growth could be closer to 5% [74]

Financial Data and Key Metrics Changes - CorMedix reported first quarter net sales of $39.1 million, aligning with preannounced results, and achieved adjusted EBITDA of $23.6 million, slightly above earlier expectations [7][15] - The company recognized net income of $20.6 million or $0.32 per share, compared to a net loss of $14.5 million or $0.25 per share in the same quarter of the previous year [15] - Operating expenses increased approximately 9% to $17.4 million from $15.9 million year-over-year, with R&D expenses rising 281% to $3.2 million [16] Business Line Data and Key Metrics Changes - The majority of first quarter shipments (over 80%) came from U.S. Renal Care, with growth also noted in smaller outpatient dialysis operators and inpatient hospitals [31][32] - Inpatient hospital orders accounted for more than 6% of shipments in April, more than doubling from the first quarter [8] Market Data and Key Metrics Changes - The company anticipates net revenue guidance for DEFENCATH sales to existing customers in the first half of the year to be approximately $70 million, with a projected second quarter revenue of $23 million to $31 million [8] - The inpatient market is expected to grow as the dedicated sales team is now fully operational, and initial orders to VA facilities have been shipped [11] Company Strategy and Development Direction - CorMedix aims to expand DEFENCATH to new therapeutic indications and increase its customer base [18] - The company is optimistic about the implementation timeline with a large dialysis operator customer, targeting mid-year 2025 for the start [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operational engagement with the large dialysis operator and noted that macro-level issues are not currently impacting inventory [25][26] - The company is focused on increasing utilization growth in the latter half of 2025 as new patients initiate therapy [10] Other Important Information - CorMedix has cash and cash equivalents of $77.5 million as of March 31, 2025, and expects cash operating expenses for 2025 to be between $72 million and $78 million [17] - The company is conducting a Phase 3 clinical study targeting the reduction of central line-associated bloodstream infections, with completion expected by late 2026 or early 2027 [12] Q&A Session Summary Question: Updates on the LDO partnership and operational engagement - Management noted increased preparatory activities with the large dialysis operator and remains cautiously optimistic about the timeline for implementation [22][23] Question: Drivers behind the first quarter revenue number - The majority of revenue was driven by U.S. Renal Care, with good growth also seen in smaller customers and hospitals [30][31] Question: Insights on U.S. Renal Care's patient pool and utilization tracking - Approximately 78% of first quarter revenue came from U.S. Renal Care, with good visibility into utilization versus inventory [42][43] Question: Reimbursement negotiations with Medicare Advantage - Management expects to enter negotiations with Medicare Advantage plans while TDAPA is still in force, with about 40% of claims currently from MA plans [44][46] Question: Inpatient segment opportunity and reimbursement process - The inpatient segment is expected to grow, but its overall percentage of business will depend on new customer onboarding and market dynamics [54][55]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $74.5 million, with adjusted EBITDA of $19.3 million, reflecting a 1.5% increase year-over-year [18] - Adjusted EBITDA margin improved to 25.9%, an increase of 164 basis points compared to Q1 2024 [18] - Adjusted diluted EPS was reported at $0.24 [18] - Revenue excluding marketing funds decreased by 4.3% year-over-year, primarily due to a 3.2% decline in organic growth and adverse foreign currency movements of 1.1% [18] Business Line Data and Key Metrics Changes - The mortgage segment continues to face challenges, impacting revenue, with expectations for recovery taking several quarters [18] - Despite the decline in organic growth, higher broker fees partially offset the negative trends [18] - The company experienced a 10% growth in global agent count in Q1 2025 [12] Market Data and Key Metrics Changes - The U.S. agent count showed signs of stabilization, with April 2025 being the best month of April since 2022, despite a slight decline [54] - The overall real estate market remains under pressure, but the company believes its agents are better positioned due to their productivity and trust [52][78] Company Strategy and Development Direction - The company is focused on operational excellence, enhancing profitability, and building a strong foundation for long-term success [4][8] - New initiatives include the Aspire onboarding program aimed at attracting and developing top-producing agents, and the Max Engage social influencer platform to modernize branding [9][10] - The company is committed to transparency and fairness in real estate, supporting the recent changes in the National Association of Realtors' policies [5][6][83] Management's Comments on Operating Environment and Future Outlook - The macroeconomic situation and real estate market are characterized by uncertainty, with various factors influencing performance [5] - Management expressed optimism about ongoing initiatives and the potential for revenue growth in the second half of 2025 [21] - The company expects agent count to increase by 1.5% to 2.5% in Q2 2025 compared to the same period in 2024 [22] Other Important Information - The company announced the retirement of Ward Morrison, who has been with REMAX for 20 years, marking a significant transition in leadership [23][60] - The company is actively searching for new leadership for the Motto and Weimlo segments following Morrison's departure [61] Q&A Session Summary Question: Concerns about franchise sales decline - Management noted that the decline in franchise sales was partly due to the wind down of prior technology acquisitions and a successful annual conference despite lower attendance [25][26] Question: Operational expenses management - Management highlighted their focus on strategic spending and cost control, with expectations for continued efficiency improvements [33][34] Question: Feedback on the Aspire program - Early feedback on the Aspire program has been positive, with higher than expected adoption rates, indicating a widening interest in the REMAX brand [50][52] Question: Revenue trends in the Motto segment - The decline in revenue for the Motto segment is primarily driven by macroeconomic factors, with stabilization observed on a sequential basis [57][58] Question: International agent growth momentum - The growth in international agents is attributed to outstanding operators and brand momentum in various markets [70][72] Question: Market share trends in the U.S. - The company is monitoring market share across multiple dimensions, noting that their agents are more productive than the industry average [77][78] Question: NAR's clear cooperation policy impact - The company supports transparency and believes in the broad distribution of listings, aligning with consumer interests [81][83]

Financial Data and Key Metrics Changes - In Q1 2025, revenue increased by $28 million or 4% year-over-year, while gross profit rose by $30 million or 54% [18] - Adjusted net income improved by $9 million, and adjusted EBITDA increased by $14 million, achieving positive operating cash flow of $4 million [18][22] - The Construction segment's revenue increased by $19 million or 3% year-over-year to $615 million, with gross profit improving by $29 million to $85 million, resulting in a gross profit margin of 14% [19][20] Business Line Data and Key Metrics Changes - The Materials segment's revenue increased by $8 million year-over-year to $85 million, with gross loss decreasing by $1 million to a loss of $2 million [22] - The Construction segment is expected to see year-over-year revenue growth increase in the second and third quarters due to a busy construction season ahead [20] - The average selling prices for aggregates are expected to increase in the high single digits, while asphalt prices are projected to rise in the low single digits [14] Market Data and Key Metrics Changes - The company reported a record CAP of $5.7 billion, an increase of $444 million in Q1 [15] - Strong bidding environments in public markets, supported by federal funding and healthy state budgets, are expected to continue driving opportunities [32] - The federal business has seen significant work, particularly in Guam and Texas, indicating strong market demand [54][55] Company Strategy and Development Direction - The company is focused on strategically investing in its materials business to drive volumes and higher margins, with a target of completing two to three M&A deals in 2025 [11][12] - The company aims to derisk its project portfolio by avoiding long-term design-build mega projects and focusing on locking in pricing at bid time [10] - Continued emphasis on operational excellence and a high-quality project portfolio is expected to support growth and margin expectations [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 guidance and 2027 financial targets despite macroeconomic uncertainties [5][6] - The company has not experienced significant impacts from tariffs to date, although it continues to monitor the situation closely [25][7] - The outlook for 2025 remains positive, with expectations for strong demand in both public and private sectors [26][32] Other Important Information - The company has invested significantly in its materials business, increasing reserves by 56% to 1.6 billion tons and adding new aggregate and asphalt plants [13] - The first quarter typically sees slower cash flow, but the company generated $4 million in operating cash flow, slightly better than expected [23] - The company maintains a strong balance sheet with cash and marketable securities of $513 million and debt largely unchanged at $740 million [23] Q&A Session Summary Question: Active bidding environment and trajectory of CAP - Management noted a strong public market environment, with CAP reflecting increased bidding and higher margins than previous years [30][31] Question: Higher profitability in the Construction segment despite weather challenges - Management attributed higher profitability to improved execution and a focus on higher quality projects, expecting continued margin improvement throughout 2025 [34][35] Question: Diverging movements in project types and CAP quality - Management indicated that while bid-build projects grew, best value projects are larger and more complex, maintaining a healthy mix in the project portfolio [40][41] Question: Federal business and regional performance post-acquisition - Management highlighted strong performance in the federal business and successful integration of acquisitions in the Southeast, with confidence in future growth [55][56] Question: Cash gross profit per ton compared to peers - Management acknowledged differences in cash gross profit per ton due to geographic factors and product mix, with expectations for margin expansion in 2025 [66][69] Question: Demand cadence and April performance - Management reported strong demand in January and February, with April showing continued strength despite some weather-related slowdowns in March [72][75] Question: Tariff impacts on equipment costs - Management anticipates some increases in equipment and parts costs due to tariffs but has been proactive in managing capital expenditures [76][77]