SNC Investment Highlights - SNC shares offer an attractive dividend yield of 6.3% (8.5% grossed up for franking)[15] - The SNC portfolio can be acquired at a 9.8% discount to its Net Tangible Assets (NTA)[11, 15] - As of July 31, 2025, the company possesses solid profits reserves and franking credits amounting to 42.7 cents per share[11] - SNC has paid and announced 65.8 cents per share in dividends and 24.9 cents per share in imputation credits since its inception[18] SNC Performance - SNC's gross performance to July 31, 2025, shows a 1-year return of 19.0%, a 3-year return of 13.8% per annum, and a since-inception annualized return of 9.9%[22] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 70%[24] - SNC's gross performance in rising markets averaged 2.9%, while in falling markets, it averaged -3.3% since inception[26] Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) manages large-scale projects of approximately 17,000 hectares[28] - SNC received a fully franked dividend of $720,000 from CCIL in February 2025 and currently holds approximately $1.7 million in cash[30] - QPM Energy Ltd (QPM) has gas reserves exceeding 400PJ and an enterprise value of $143.8 million[31]

Financial Data and Key Metrics Changes - Total net revenue for Q2 declined by 11.1% year over year on a same station basis, primarily due to weakness in agency business [10][19] - Operating expenses decreased by $4,600,000 or 9.3% year over year, reflecting cost containment measures [21] - Station operating income for the quarter was $8,200,000, with an SOI margin of 15.6% [22] Business Line Data and Key Metrics Changes - Digital revenue grew by 1.3% or 8.1% on a same station basis, accounting for 25% of total revenue [5][20] - The digital segment operating margin improved by 900 basis points quarter over quarter, from 17.8% to 26.8% [6] - Agency-related revenue declined significantly, with national agency revenue down 12.1% and local agency revenue down 24.7% year over year [16] Market Data and Key Metrics Changes - Local direct revenue increased by 1.7% year over year, now representing the majority of local sales mix [20] - Digital growth accelerated at 8.1% year over year on a same station basis and 22.5% quarter over quarter [20] - Ratings for the company's stations rose by 14% year over year in the critical adult 25-54 demographic [28] Company Strategy and Development Direction - The company is focused on advancing its digital roadmap, reducing structural costs, and improving capital position [5][4] - A strategic pivot towards a digitally native, local-first approach is underway, aiming to convert traditional agency clients into digital-first buyers [11][12] - Upcoming product launches, including Display Plus and a self-serve advertising platform, are designed to enhance client outcomes and reduce dependence on traditional sales channels [25][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges in the agency business, emphasizing that the decline is structural rather than cyclical [15][16] - The company expects continued softness in national and local agency channels, with total revenue pacing down high single digits [26] - Confidence remains in the strategic direction, with early signs of traction in digital and direct revenue streams [20][24] Other Important Information - The company has implemented approximately $30,000,000 in annualized expense reductions over the past year [13][32] - Cash on hand at the end of Q2 was $13,700,000, with capital expenditures of $600,000 in the second quarter [23] Q&A Session Summary Question: Can you update us on where the cost savings plan stands? - The company has taken cost actions that will result in approximately $30,000,000 in annualized savings, with expectations for 2025 expenses to be in the low $20,000,000 range [32] Question: How are CPMs trending? - Digital CPMs are holding steady, while traditional over-the-air CPMs are trending down due to declines in agency business [34] Question: Did you see the opportunity for more asset sales? - The company remains open to asset sales or swaps if they make sense strategically [35]

Group 1 - Stingray Group Inc. held its annual general meeting of shareholders virtually, where ten nominees were elected as directors with overwhelming support [1] - The voting results showed that all nominees received over 99% approval, indicating strong shareholder confidence [1] - The nominee with the highest approval was The Honourable Jean Charest, receiving 99.99% of votes in favor [1] Group 2 - Stingray Group Inc. is a global leader in music, media, and technology, providing a wide range of services including TV broadcasting, streaming, and advertising [2] - The company operates 97 radio stations and offers various digital services, reaching 540 million consumers across 160 countries [2] - Stingray Business division focuses on commercial solutions such as in-store advertising and digital signage, while Stingray Advertising is the largest retail audio advertising network in North America [2]

Core Message - The speaker redefines "authenticity" as "honesty" for personal and professional growth [3][4] - Honesty fosters deeper connections with loved ones, family, and friends [16][17] Personal Anecdotes - In response to a school shooting, the speaker and colleagues chose to focus on expressing honest feelings on air, providing comfort to the community [5][6][7][8][9][10] - The speaker's father's reaction to a teenage lie about drinking taught a valuable lesson about honesty and unconditional love [11][12][13][14][15] Takeaway - Honesty, like in an orgasm, is more satisfying than pretense [17][18]

Career & Personal Development - Many people feel reluctant to return to work after summer vacations due to issues with bosses, colleagues, or the job itself [1] - The speaker shares personal experiences of working in radio and later becoming a psychologist, driven by discomfort in a dream job [2][3][4][5][6][7] - The core message encourages listeners to examine situations ("boxes") in their lives that cause discomfort and to make conscious decisions about staying or leaving [19] Cognitive Biases & Decision-Making - The report identifies three common traps that prevent people from leaving uncomfortable situations: sunk cost fallacy (losing prior investment), status quo bias (assuming colleagues are correct), and fear of uncertainty (needing guaranteed success) [9][13][15] - Sunk cost fallacy is illustrated by continuing to read a boring book simply because of the time already invested [11][12] - Status quo bias is exemplified by sticking to a familiar route despite GPS suggestions or following established norms without questioning them [14] - The report highlights the human tendency to avoid losses more strongly than seeking gains, leading to risk aversion [15] - The report contrasts two modes of information processing: a quick, intuitive approach prone to biases, and a slow, analytical approach necessary for important decisions [15][16] Workplace Dynamics & Employee Well-being - The speaker observed that many former colleagues remain in their radio jobs despite expressing dissatisfaction, indicating a gap between feeling and action [17] - The report emphasizes the importance of making a conscious decision to stay in a job, rather than passively remaining due to inertia or external pressures [18]

Core Insights - Stingray Group Inc. will release its financial results for the fourth quarter ended March 31, 2025, on June 10, 2025, after market close [1] - A conference call to discuss these results is scheduled for June 11, 2025, at 10:00 a.m. Eastern Time [1] Company Overview - Stingray is a global music, media, and technology company, recognized as an industry leader in TV broadcasting, streaming, radio, business services, and advertising [3] - The company offers a wide range of services including audio and video channels, over 100 radio stations, subscription video-on-demand content, FAST channels, karaoke products, and music apps [3] - Stingray Business provides commercial solutions in music, in-store advertising, digital signage, and AI-driven consumer insights [3] - Stingray Advertising is the largest retail audio advertising network in North America, reaching over 30,000 major retail locations [3] - The company employs nearly 1,000 people globally and serves 540 million consumers across 160 countries [3]