Fiscal Year Net Revenue of $821 Million, $834 Million in Constant Currency, Strategic Decisions Impacted Revenue by $35 Million Q4 Consolidated Adjusted EBITDA is the 2nd Highest in the Company’s History International Cannabis Revenue Increased 71% in Q4 and 19% for the Fiscal Year; Canadian Cannabis Remained #1 by Revenue in the Fiscal Year; Global Cannabis Gross Margin Increased by ~700 Basis Points in the Fiscal Year 19% Revenue Growth in Tilray Beverages with $241 Million for the Fiscal Year 9% Revenue ...

Financial Data and Key Metrics Changes - The company reported a net income of $32 million or $1.13 per diluted share based on revenues of $722 million for Q2 2025, with adjusted net income of $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year [19][20] - Revenue grew by 20% and adjusted EPS increased by 48% compared to Q2 2024 [8][19] - The title segment's operating revenues improved by $96 million or 19%, resulting in a pretax income improvement of $16 million or 48% [20] Business Line Data and Key Metrics Changes - Direct operations grew by 6% overall, with a focus on growing market share in target MSAs and micro markets [8] - Small commercial operations delivered a 36% growth rate compared to the previous year [9] - Domestic commercial revenues increased by $24 million or 46%, driven by strength in various asset classes [11][20] - Agency service business grew by 25% compared to Q2 2024, indicating continued share gains [12] Market Data and Key Metrics Changes - Existing home sales were down roughly 1% compared to Q2 2024, with price appreciation cooling to around 1.5% for the quarter [7][8] - The title loss ratio improved to 3.6% compared to 4.2% last year, with expectations to average around 4% for the full year 2025 [21] Company Strategy and Development Direction - The company is focused on strategic growth initiatives, including acquisitions to drive growth in direct operations [8][10] - There is a strong emphasis on expanding small commercial operations and enhancing agency capabilities [9][12] - The company aims to deepen customer relationships and expand its geographic presence, particularly in Canada [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting some improvement relative to 2024 despite market uncertainties [7][8] - The company remains dedicated to strengthening its competitive position and is poised to capitalize on market improvements when they occur [16] Other Important Information - The company announced the acquisition of Batch Leads and Batch Dialer, enhancing its real estate data and analytics capabilities [14] - Total cash and investments were approximately $390 million, with a fully available $200 million line of credit [23] Q&A Session Summary Question: Discussion on commercial pipeline in July and expectations for the back half of the year - Management feels confident about the commercial pipeline, expecting growth but not at the same rate as previous quarters [27][28] Question: Agent premiums and timing issues - The increase in agency premiums is attributed to improved servicing and capabilities, with a focus on geographic growth [31][32] Question: Agent retention rate decline - The decline is primarily driven by geographic factors, particularly in Florida, where market share remains low compared to competitors [34] Question: Breakdown of domestic commercial business - Approximately $19 million of the total domestic commercial revenue is classified as small commercial, indicating a focus on this segment [40] Question: Premium relationship between purchase and refi deals - Retail deals average around $3,000, while refi deals range from $1,000 to $1,400, with margins varying based on capacity [42][43] Question: Investment income increase - The increase in investment income is attributed to higher yield environments and increased balances [56][58]

Core Viewpoint - Venus Concept Inc. has entered into a definitive agreement to sell its Venus Hair business to MHG Co. Ltd for $20 million in cash, which is expected to enhance the company's financial condition and support strategic growth initiatives [1][2][3] Group 1: Transaction Details - The transaction is valued at $20 million, subject to customary working capital adjustments [1] - The sale includes the portfolio of hair restoration and hair transplant technologies, related equipment, services, and intellectual property, specifically for ARTAS and NeoGraft [2][3] - The transaction is anticipated to close in the third quarter of 2025, pending certain closing conditions [3] Group 2: Financial Impact - The revenue from the sale of ARTAS and NeoGraft systems, procedure kits, and warranty revenue was approximately $12.5 million in fiscal year 2024 [3] - Cash used in operations related to the hair restoration and transplant businesses totaled approximately $6.7 million in fiscal year 2024 [3] Group 3: Strategic Rationale - The CEO of Venus Concept stated that the transaction allows the company to focus on its global medical aesthetics business, which is expected to improve revenue growth and lower operating expenses [2] - Meta Healthcare Group aims to leverage the acquired technologies to expand its hair loss-related business areas and enhance R&D and manufacturing capabilities [2][5]

Financial Data and Key Metrics Changes - The company reported total revenue of $474 million for the first quarter, an increase of approximately 4% year-over-year, driven by a 5% growth in comparable sales, marking the third consecutive quarter of positive comps [34][35] - Adjusted gross margin for the quarter was 46.7%, a decline of 90 basis points compared to the previous year, primarily due to a shift towards higher price point but lower margin products [35] - Adjusted earnings per share loss improved by $0.05 year-over-year, with an adjusted diluted loss per share of $2.05 for the quarter compared to a loss of $2.10 last year [38][42] Business Line Data and Key Metrics Changes - Journeys led the business with comparable sales up 8%, while Schuh saw a 1% increase, and Johnston and Murphy experienced a 2% decline in comps [34][35] - The company noted that all channels posted positive growth, with store comps improving by 5% and direct comps increasing by 7% [34][36] - Schuh's digital capabilities and e-commerce business remained a key channel, with digital sales growth outpacing store sales in Q1 [19] Market Data and Key Metrics Changes - The consumer environment was described as choppy, with consumers showing a willingness to shop during specific events like Valentine's Day and Easter, but retreating during quieter periods [5][6] - The UK consumer remains selective, impacting the footwear category and overall purchases [19] Company Strategy and Development Direction - The company is focused on diversifying its product offerings and strengthening its leadership in premium athletic footwear, with a significant increase in athletic sales contributing to overall growth [25][26] - The strategic growth plan for Journeys includes enhancing product assortments, improving customer experience through store remodels, and leveraging brand partnerships [24][29] - The company is actively mitigating tariff impacts by diversifying suppliers and sourcing from countries with lower tariffs, aiming to reduce dependence on China [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current trade environment and emphasized the importance of compelling footwear and freshness to motivate consumer purchases [8][9] - The company reaffirmed its full-year EPS guidance range of $1.30 to $1.70, despite acknowledging increased uncertainty in the external consumer environment [42][43] - Management highlighted the importance of the back-to-school and holiday shopping periods for driving sales and expressed optimism about the second half of the fiscal year [30][42] Other Important Information - The company ended the quarter with 1,256 total stores, having closed 26 stores and opened 4, resulting in a net reduction of 65 stores year-over-year [40] - Free cash flow for the quarter was negative $120 million, impacted by higher capital spending and inventory growth to meet consumer demand [39][40] Q&A Session Summary Question: Can you talk about the impacts of new athletic brand relationships on Q1 comps? - Management noted that existing brands drove the comp, but new brands like HOKA and Saucony had a positive impact, validating Journeys' position in lifestyle running [50][51] Question: How did the vulcanized product category perform? - Management acknowledged pressure on vulcanized products but stated that strength in other brands offset this pressure [53][54] Question: What are the expectations for Journeys in the back half of the year? - Management indicated that while they are lapping more difficult comparisons, they are optimistic about serving a broader market and continuing to strengthen product leadership [67][70] Question: How does the company view recent M&A activity in the footwear landscape? - Management expressed confidence in their positioning, focusing on lifestyle-driven offerings for the teen market, which differs from the performance-focused M&A activity [78][79] Question: What are the expectations regarding gross margins and price increases? - Management discussed the shift towards athletic products impacting margins but emphasized that they do not expect to absorb gross margin reductions due to tariffs [80][81]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was approximately $70 million, with adjusted EBITDA of approximately $22 million [14] - The company ended the quarter with $35 million in cash and $169 million in total liquidity, with a net leverage ratio of 0.1 times [19] - The financial outlook for 2025 consists of total revenue between $265 million and $285 million and adjusted EBITDA between $47 million and $57 million [19] Business Segment Data and Key Metrics Changes - The Government segment produced quarterly revenue of approximately $26 million, a decrease primarily due to the termination of the PCC contract and the South Texas Family Residential Center contract [14] - The HFS and All Other segments delivered quarterly revenue of approximately $44 million, benefiting from consistent customer demand [15] - The Workforce Hospitality Solutions segment generated approximately $5 million of revenue in Q1, with the majority of construction revenue expected in Q2 and Q3 [17] Market Data and Key Metrics Changes - The company is experiencing strong demand for hospitality solutions to support significant workforce requirements associated with large industrial projects across the U.S. [8] - The government segment is actively pursuing growth opportunities related to immigration initiatives, with a focus on reactivating facilities and supporting policy objectives [9][10] Company Strategy and Development Direction - The company announced two multi-year contracts expected to generate over $380 million in revenue, illustrating its ability to support critical domestic initiatives [5] - The strategic growth initiatives are focused on expanding and diversifying the contract portfolio across end markets, including both commercial and government sectors [12] - The company is evaluating a robust growth pipeline, particularly in large capital investments aimed at modernizing domestic infrastructure [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the existing customer base and operational flexibility, supporting a resilient business model [12] - The company is optimistic about the growth opportunities stemming from significant domestic capital investments and national security initiatives [20] - Management emphasized the importance of maintaining financial flexibility to react to value-enhancing opportunities as they arise [20] Other Important Information - The company redeemed all outstanding senior notes due in June 2025, resulting in expected annual interest savings of over $19 million [18] - The reactivation of the Dilley, Texas facility is progressing ahead of schedule, with expectations for full activation by September 2025 [14] Q&A Session Summary Question: Opportunities on idle assets in the government side - Management indicated strong interest in West Texas assets and ongoing conversations with the government, emphasizing the facility's readiness for immediate occupancy once funding is secured [28] Question: Contract details on the lithium front - The majority of revenue from the workforce subcontract will come from construction activities, expected to contribute about $65 million this year, with service revenue kicking in through 2027 [30][31] Question: M&A or new asset considerations - Management noted strong bid activity in large domestic infrastructure projects and indicated that immediate government opportunities may not require significant capital investment [38][42] Question: Trends in ADR and demand - Management stated that while utilization is slightly up, ADR is down due to a competitive market, with expectations for the remaining quarters to resemble Q1 [46] Question: Financial cadence for the WorkhorseHub contract - The majority of construction activity is expected in Q3, with Q4 being a minimal wrap-up period [50][52] Question: Opportunities to assist the government on immigration policy - Management plans to utilize existing assets first and then consider open market options or new builds if necessary [54]

Financial Data and Key Metrics Changes - In Q1 2025, revenues increased by 27% year over year to $253.4 million, marking the strongest first quarter performance since 2022 [5] - The net loss for Q1 2025 was $6 million or $0.07 per diluted share, compared to a net loss of $41.5 million or $0.50 per diluted share in Q1 2024 [16] - Adjusted EBITDA for Q1 2025 was positive $1.1 million, compared to a loss of $17.6 million in Q1 2024 [16] - Adjusted net loss for Q1 2025 was $2.4 million or $0.03 per share, compared to an adjusted net loss of $23.1 million or $0.28 per share in Q1 2024 [16] Business Line Data and Key Metrics Changes - Revenues from existing home sales in New York City increased by $17 million or 34% from Q1 2024 [10] - Development marketing's revenues in Q1 2025 increased by $14.6 million or 222% from Q1 2024 [10] - The average price per transaction rose to $2 million per home sale compared to $1.6 million in the comparable 2024 period [11] Market Data and Key Metrics Changes - The average price per home sale transaction for the last twelve months was $1.76 million compared to $1.6 million in the 2024 period [11] - In February, 343 homes sold for approximately $5 million or more, a 73% increase from the same quarter last year [12] - 104 home sales of $10 million or more represented a 76% increase from the same quarter last year [12] Company Strategy and Development Direction - The company is focused on executing strategic growth initiatives, particularly in the development marketing division, which is crucial for long-term growth [8] - The company is prioritizing expense discipline while optimizing operations and balancing strategic investments with cost management [9] - The strategic M&A and business development unit is evaluating complementary acquisitions in ancillary businesses [9] Management's Comments on Operating Environment and Future Outlook - Management noted challenges such as elevated U.S. mortgage rates, low housing inventory, and soft transaction volume, but expressed optimism due to a 4% increase in average daily cash receipts in April 2025 compared to the same period in 2024 [7] - The company believes ongoing efforts are transforming it into a more diversified and resilient real estate services company [10] - Management is confident that the improvement in financial results positions the company for long-term success [10] Other Important Information - The company maintains active liquidity with cash and cash investments of approximately $137 million as of March 31, 2025 [14] - The decline in cash investments was $8.7 million in Q1 2025 compared to $28.4 million in Q1 2024, showing an improvement of approximately $20 million [15] Q&A Session Summary Question: No questions were raised during the call - The operator concluded the call without any questions from participants [17]

Financial Data and Key Metrics Changes - The company reported organic net sales growth of nearly 4% for Q1 fiscal 2025, with adjusted earnings per share increasing by 14% [6][20] - Adjusted gross margin expanded by 50 basis points to 40% [6][18] - Reported net sales were up 2.1%, with organic revenue increasing 3.8% [17][20] - The company paid down $25 million of debt, marking the 10th consecutive quarter of debt reduction [6][20] Business Line Data and Key Metrics Changes - The battery business achieved 4% organic growth, driven by distribution gains and $10 million of hurricane-related sales [17][20] - The auto care segment saw organic growth of 2%, supported by distribution gains and international market expansion [10][18] Market Data and Key Metrics Changes - The battery category volume remained positive both globally and in the U.S., with improving value trends [9][10] - The auto care category showed strong fundamentals, including an increase in the age of the car park and a shift towards DIY car care activities [10] Company Strategy and Development Direction - The company is focused on five strategic growth initiatives: distribution, pricing and revenue management, market expansion, innovation, and digital economy [12][66] - Project Momentum is expected to generate total savings of approximately $60 million for the year and $200 million for the program [11][22] - The company plans to continue investing in growth areas, including digital transformation and product innovation [12][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic initiatives and raised the full-year organic sales guidance to 2% to 3% [20][22] - The consumer environment is described as stable but cautious, with a focus on value-seeking behavior [50][51] - The company anticipates consistent organic growth driven by distribution gains and new product launches [20][22] Other Important Information - The company expects adjusted gross margin expansion of 50 basis points to more than 41% for the full year [22] - Capital expenditures are projected to be in the range of $80 million to $90 million, focusing on IT, operations, and sustainable packaging initiatives [22] Q&A Session Summary Question: Impact of tariffs on manufacturing - Management noted that domestic manufacturing helps minimize exposure to tariffs, with only about 5% of COGS sourced from China [30][32] Question: Consumer behavior during the holiday season - Management described the holiday season as solid, with varying consumer shopping patterns, leading to confidence in raising the sales outlook [34][35] Question: Input cost pressures - Management indicated mixed input cost pressures, with some materials seeing cost increases while others provide modest benefits [41][42] Question: E-commerce growth and competition - E-commerce is a growing source of revenue, with expectations of 30% growth in that segment for fiscal 2025 [93] Question: Distribution gains and shelf space - Distribution gains are broad-based, with some coming from expanded shelf space and others from displacing competitors [60][80]