Financial Data and Key Metrics Changes - The company generated approximately $300 million in revenue and adjusted EBITDA of $17.2 million in Q2 2025, with adjusted EBITDA up by $1 million compared to the same quarter last year despite an 11% decline in revenue [11] - Total adjusted SG&A expenses were $64.9 million, representing 77.4% of gross profit, down from $70.8 million and 78.8% of gross profit in the same quarter last year, indicating an 8.3% reduction [11] Business Line Data and Key Metrics Changes - The power sports group sold 17,117 total major units, down 3.3% year-over-year, with new unit sales down 11.5% and pre-owned unit sales up 10.2% [12] - Revenue from parts, services, and accessories was $52.4 million, a 7.9% decline, while gross profit was $24.9 million, down 5% [13] - Financing and insurance teams generated $27.2 million in gross profit, reflecting an 8.4% decline compared to the previous year [13] Market Data and Key Metrics Changes - Revenue from the powersports dealership group was $298.6 million, down 7.2% year-over-year, while gross profit was $83.7 million, down 3.6% [14] - Wholesale Express revenue was $1.3 million, a significant decline of 91.4% compared to the same quarter last year, with gross profit decreasing by 93.5% to $200,000 [15] Company Strategy and Development Direction - The company is rebranding to Ride Now Group Inc., with a focus on simplifying operations and aligning corporate and store functions to enhance customer service [8] - A term loan amendment extended maturity by 13 months to September 30, 2027, providing necessary runway for business improvement initiatives [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current pricing environment, indicating that the industry appears to have bottomed out and is beginning to show signs of recovery [21][22] - The company is focused on rebuilding the Wholesale Express sales force and exploring new B2C opportunities, indicating a strategic shift in operations [25][26] Other Important Information - The company ended the quarter with $59.8 million in total cash and $185.1 million in non-vehicle net debt, with total available liquidity of $185.7 million [15] - Cash flow from operating activities was $4 million for the first half of 2025, a significant decrease from $29 million in the same period of 2024 [15] Q&A Session Summary Question: Current pricing environment for new and pre-owned vehicles - Management noted that the industry seems to have stabilized, with signs of an upward trajectory in pricing for both new and pre-owned vehicles [21][22] Question: Update on Wholesale Express and rebuilding the sales force - Management indicated a reset approach, focusing on relationship-driven business and exploring new B2C opportunities, while acknowledging challenges in finding the right brokers [25][26]

Tax Reform Complexity - Tax reforms generally aim for simplification, but this legislation introduces more complexity [1] - The increased complexity serves to fulfill campaign promises and secure Republican votes [1]

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Tax Implications & Migration - 10% of Britain's non-domiciles have left due to tax reforms [1] - More non-domiciles are expected to leave Britain following tax reforms [1] Research Challenges - Credible research on non-domiciles leaving Britain is difficult to find [1]

Industry Overview - Gold has gained approximately 26% year to date, currently trading near $3,030 per ounce, driven by geopolitical risks and a weaker U.S. dollar [1] - The Zacks Mining - Gold industry has increased by 39.1% year to date, outperforming the Zacks Basic Materials sector's 6.4% and the S&P 500's 0.7% [2] - Robust gold demand is anticipated to continue, with central banks expected to maintain a buying streak of over 1,000 tons [8] Demand and Supply Dynamics - Gold demand reached 1,206 tons in Q1 2025, the highest quarterly total since 2016, with central banks acquiring around 244 tons [4] - Investment demand surged 170% year over year to 552 tons, marking the strongest quarter since Q1 2022, driven largely by China [5] - Global gold ETFs saw inflows of 226.5 tons, with April marking the fifth consecutive monthly increase [6] Company Highlights Newmont - Newmont solidified its position as the world's largest gold producer after integrating Newcrest assets and is focusing on Tier 1 assets [10] - The company has a strong liquidity position and is pursuing several growth projects, including Tanami Expansion 2 and Ahafo North [11] - The Zacks Consensus Estimate for Newmont's 2025 earnings indicates a year-over-year growth of 12.6% [12] Agnico Eagle Mines - Agnico Eagle maintains a strong liquidity position and is advancing several projects expected to enhance production and cash flows [13] - The Zacks Consensus Estimate for Agnico Eagle's 2025 earnings suggests a year-over-year growth of 42.2% [14] Barrick Mining - Barrick Mining is well-positioned to benefit from key growth projects, including Goldrush and Pueblo Viejo plant expansion [15] - The Zacks Consensus Estimate for Barrick Mining's 2025 earnings indicates a year-over-year growth of 34.7% [17] Kinross Gold - Kinross Gold has a strong production profile and is advancing key development projects, including Great Bear and Round Mountain Phase X [19] - The Zacks Consensus Estimate for Kinross Gold's 2025 earnings suggests a year-over-year growth of 52.2% [21] New Gold - New Gold consolidated its interest in the New Afton mine to 100%, projecting a 37% increase in gold production between 2024 and 2027 [22] - The Zacks Consensus Estimate for New Gold's 2025 earnings indicates a year-over-year growth of 91.25% [24]