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Core Viewpoint - Butler National Corporation has initiated a new stock repurchase program of $5 million, closing its previous 2016 program, reflecting the company's commitment to enhancing shareholder value and confidence in long-term growth prospects [2][3]. Group 1: Stock Repurchase Details - The company has repurchased 2.41 million shares of its common stock since April 30, 2025, at an average price of $1.51 per share [1]. - The new stock repurchase program is authorized through April 2027 and allows for the repurchase of approximately 4.8% of the 64,854,736 outstanding shares at current market prices [2]. - As of July 31, 2025, the company has paid $2.9 million for the repurchased shares, with remaining payment obligations of $0.9 million due before December 31, 2025 [4]. Group 2: Management and Strategic Intent - The Board of Directors has prioritized stock repurchases, with management actively seeking opportunities to repurchase shares through private transactions [3]. - The new stock repurchase program is indicative of the Board's commitment to enhancing shareholder value and reflects confidence in the company's long-term growth prospects [3]. Group 3: Company Overview - Butler National Corporation operates in the Aerospace and Professional Services sectors, focusing on aircraft modification, maintenance, and gaming management services [6]. - The Aerospace Products segment includes design, manufacture, and service of structural modifications and electronic systems for various aircraft, while the Professional Services segment manages a gaming facility in Dodge City, Kansas [6].

Core Insights - DraftKings Inc. reported record revenue and earnings in Q2 2025, with earnings per share (EPS) of 30 cents on revenue of $1.51 billion, representing a 37% year-over-year growth [2][3] - The company raised its full-year guidance for revenue to between $4.95 billion and $5.05 billion and adjusted EBITDA to between $460 million and $540 million [11] Financial Performance - DraftKings achieved a significant profit due to reduced advertising and marketing spending after the Super Bowl, allowing more revenue to contribute to the bottom line [4] - The company experienced a 29% increase in average revenue per user and growth in iGaming revenue, indicating a positive trend towards sustained profitability [3] Market Dynamics - There are concerns regarding slower growth in iGaming and active users as DraftKings expands into new markets, which may indicate market saturation in early-entry states [7][8] - DraftKings continues to trade at growth-stock valuations, necessitating evidence that any deceleration in growth is a natural plateau rather than a sign of deeper issues [9] Stock Performance - DraftKings stock has increased over 20% in 2025, outperforming other consumer discretionary stocks, and is currently trading above its 50-day simple moving average [15] - Analysts have set a consensus price target of $54.48 for DraftKings stock, indicating a potential upside of 22% from its recent closing price [16] New Product Developments - DraftKings has launched prediction markets in select states, although these may come under the oversight of the U.S. Commodity Futures Trading Commission, raising concerns among investors [13][14] - While prediction markets currently contribute a small portion of revenue, they represent an opportunity for growth in a competitive market [14]

Core Insights - Flutter Entertainment reported $4.19 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 16% and an EPS of $2.95 compared to $2.61 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $4.22 billion, resulting in a surprise of -0.78%, while the EPS exceeded expectations with a surprise of +15.69% against a consensus estimate of $2.55 [1] Financial Performance - The company’s shares have returned +7.2% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change, and currently holds a Zacks Rank 3 (Hold) [3] - Geographic revenue breakdown includes: - International: $2.4 billion, slightly below the five-analyst average estimate of $2.43 billion - U.S.: $1.79 billion, slightly above the $1.78 billion average estimate [4] - iGaming (U.S.): $507 million, exceeding the three-analyst average estimate of $486.35 million - Other (U.S.): $65 million, slightly above the $64.97 million estimate [4] - Sportsbook (U.S.): $1.22 billion, slightly below the three-analyst average estimate of $1.24 billion - International Sportsbook: $1.04 billion, below the two-analyst average estimate of $1.11 billion [4] - UK and Ireland: $936 million, below the $976.07 million average estimate [4] - Asia Pacific: $402 million, above the two-analyst average estimate of $350.95 million [4] - Central and Eastern Europe: $138 million, below the $146.94 million estimate [4] - Brazil: $44 million, above the $37.57 million estimate [4] - Other International: $87 million, below the $96.29 million average estimate [4] - Other regions: $219 million, in line with the two-analyst average estimate [4]

Financial Data and Key Metrics Changes - DraftKings achieved record revenue of $1,513 million in Q2 2025, representing a 37% year-over-year growth [11] - Adjusted EBITDA reached over $300 million, doubling the previous record, with a margin of 20% [11][12] - The company maintained its fiscal year 2025 guidance for revenue between $6,200 million and $6,400 million, with adjusted EBITDA expected between $800 million and $900 million [14][15] Business Line Data and Key Metrics Changes - Sportsbook net revenue increased by 45% year-over-year, with a handle of approximately $11,500 million, and live betting handle up 16% [12][13] - iGaming net revenue grew by 23% year-over-year, driven by a significant increase in active iGaming customers [13] - The adjusted gross margin improved to 48%, an increase of over 400 basis points year-over-year [13] Market Data and Key Metrics Changes - The sportsbook promotional reinvestments as a percentage of gross gaming revenue improved by nearly 600 basis points year-over-year [12] - The company noted that sportsbook outcomes in May and June added $110 million to revenue due to favorable conditions [9] Company Strategy and Development Direction - DraftKings is focused on enhancing its sportsbook product and capitalizing on the upcoming NFL and NBA seasons [8] - The company is exploring federally regulated prediction markets to enhance shareholder value [9] - Capital allocation is directed towards maximizing risk-adjusted returns, with 6.5 million shares repurchased in the first half of the year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 30% adjusted EBITDA margin target over time [8] - The company is optimistic about the upcoming mobile sportsbook launch in Missouri and its potential financial impacts [16] - Management acknowledged the challenges posed by higher tax rates in certain states but remains focused on core business fundamentals [16][17] Other Important Information - The company is leveraging artificial intelligence and new technologies to improve operational efficiency and customer acquisition [14][33] - DraftKings is monitoring legislative developments regarding micro betting and prediction markets, indicating a proactive approach to regulatory changes [108] Q&A Session Summary Question: Insights on prediction markets opportunity - Management indicated that the total addressable market (TAM) for prediction markets is still uncertain and is being evaluated [20][21] Question: Crossover customer analysis and regulatory conversations - Management is in a monitoring phase regarding regulatory discussions and is assessing the crossover customer potential [25][27] Question: Cost optimization opportunities - Management highlighted potential cost reductions in older agreements and payment processing as areas for improvement [31][32] Question: iGaming revenue acceleration - Management noted that iGaming is ramping up but still has room for growth [39][40] Question: Structural hold improvement drivers - The increase in structural hold was attributed to a better bet mix, particularly in parlays [46] Question: Market access deals and partnerships - Management sees opportunities to renegotiate market access deals and is open to partnerships with sports streaming apps [50][51] Question: Customer acquisition strategies for Q3 - Management is optimistic about customer acquisition efficiency during the peak season and the upcoming Missouri launch [96][98]

Financial Highlights - Super Group achieved a record Total Group Revenue of $579 million, a 30% year-over-year increase[13] - The Group's Adjusted EBITDA reached a record $157 million, representing a 78% year-over-year growth and a 27% margin[13] - The company has a debt-free balance sheet with $393 million in unrestricted cash as of June 30, 2025[13,15] - Dividends of $20 million were paid out during the quarter, with a total of $166 million in dividends paid on a trailing twelve-month basis[13] Business Performance - The average unique monthly active customers increased by 21% year-over-year[15] - Net Revenue increased by 30% year-over-year to $570 million[21] - Ex-U S Total Revenue increased 28% year-over-year to $563 million[15,35] - Sportsbook Gross Revenue increased 27% year-over-year, with a margin of 13 9% compared to 12 6% in the same quarter of the previous year[27] - Casino Gross Revenue increased 25% year-over-year, with a margin of 4 44% compared to 4 40% in the same quarter of the previous year[30] Strategic Decisions - Super Group announced a strategic exit from the U S iGaming business[13,49] - The exit from the U S iGaming business will incur one-off costs, including $63 9 million for goodwill and asset impairment, $22 6 million for onerous contracts, and approximately $6 million in cash closing costs[50] Guidance - Ex-U S Adjusted EBITDA guidance was raised from $480 million to a range of $500-$510 million[13] - The company projects total revenue to be greater than $2 04 billion and Adjusted EBITDA to be in the range of $470-$480 million[61]

Group 1 - DraftKings reported $1.51 billion in revenue for the quarter ended June 2025, a year-over-year increase of 37% [1] - The EPS for the same period was $0.38, compared to $0.12 a year ago, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.43 billion by 5.99%, while the EPS fell short of the consensus estimate of $0.41 by 7.32% [1] Group 2 - Key metrics indicate that DraftKings has an Average Revenue per Monthly Unique Payer (ARPMUP) of $151.00, surpassing the average estimate of $121.53 [4] - Monthly Unique Payers (MUPs) reached 3.3 million, exceeding the average estimate of 2.56 million [4] - Revenue from Sportsbook was $997.87 million, compared to the average estimate of $925.23 million, while revenue from iGaming was $429.66 million, slightly below the average estimate of $440.91 million [4] Group 3 - DraftKings shares have returned +6.1% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Points - Butler National Corporation has adopted new Corporate Governance Guidelines to enhance the structure and practices of its Board of Directors [1][2] - The Guidelines include a mandatory retirement age for directors at 75 years old, alongside existing policies like stock ownership guidelines and annual performance reviews [2][3] - The company has made significant strides in corporate governance, including annual elections for all directors and separating the roles of Chairman and CEO [3][4] Company Overview - Butler National Corporation operates in the Aerospace and Professional Services sectors, focusing on aircraft modification, maintenance, and gaming management services [5] - The Aerospace Products segment involves design, manufacture, and service of aircraft modifications and electronic systems, while the Professional Services segment includes managing a gaming facility in Dodge City, Kansas [5]

Core Insights - DraftKings Inc. is shifting from a high-growth model to a disciplined, cash-generating business, with 2025 expected to be a pivotal year for the company [1] - The company has reaffirmed its free cash flow target of $750 million, indicating improvements in core business fundamentals such as margin expansion and promotional efficiency [1][5] - Despite short-term volatility from sports outcomes, DraftKings is leveraging strong operational capabilities to pursue long-term cash generation [1] Financial Performance - In Q1 2025, DraftKings reported $103 million in adjusted EBITDA, a significant increase from $22.4 million in the same period last year, despite a $170 million revenue hit from unfavorable sports outcomes [2] - Management anticipates a substantial increase in EBITDA for Q2, projecting it to exceed $200 million, driven by sportsbook handle [2] - The structural sportsbook hold is expected to rise from 10.4% in Q1, contributing to improved net revenue margins in the range of 7-7.5% [3] Margin and Revenue Expectations - DraftKings expects to generate an additional $50 million in revenues and $37 million in EBITDA in 2025 through optimized promotional spending and improved margins [3] - The company forecasts an adjusted gross margin of 46% in 2025, reflecting an increase of over 300 basis points year-over-year [3] Regulatory Environment - The operating environment remains challenging due to regulatory issues, including Maryland's tax hike on sports betting and Jackpocket's exit from digital lottery operations, which together are expected to impact revenues by $30 million and EBITDA by $26 million [4] Capital Discipline - DraftKings is maintaining strong capital discipline, with an expected $100 million gap between adjusted EBITDA and free cash flow, supported by low capital expenditures and controlled working capital [5] - The company has $1.1 billion in cash on its balance sheet, positioning it well to meet its 2025 free cash flow target [5] Stock Performance and Valuation - DraftKings shares have increased by 24% over the past three months, compared to the industry's growth of 40.5% [6] - The stock is currently trading at a forward 12-month price-to-sales multiple of 5.31X, significantly higher than the industry average of 3.66X [7] Earnings Estimates - The Zacks Consensus Estimate for DraftKings' 2025 earnings per share has been revised upward from $1.40 to $1.46, indicating strong analyst confidence in the stock's near-term prospects [8] - Projections suggest a 239.1% rise in earnings for DraftKings in 2025, while competitors like Accel Entertainment and Boyd Gaming are expected to see declines [10]

Core Viewpoint - DraftKings' stock price has rebounded from a 9-month low, with expectations of reaching multi-year highs by the end of 2025 due to strong business performance, leverage building, and a healthy balance sheet [1] Financial Performance - DraftKings reported a 19.5% revenue growth in Q1, totaling $1.41 billion, driven by user engagement, new users, and acquisitions like Jackpocket [5] - Monthly unique players (MUP) increased by 28%, with a 20.1% rise in Sportsbook revenue, 14.5% in iGaming, and 45.7% in Other segments [5] - Adjusted earnings were $0.12, maintaining financial health despite a slight revenue miss compared to consensus [7] Market Opportunities - The acquisition of Jackpocket presents both challenges and opportunities, as it initially lowers revenue per user but offers potential for margin improvement over time [3] - The expected entry into Missouri and the growth potential of iGaming, which currently serves only 11% of the U.S. population, are significant growth drivers [4] Stock Forecast and Analyst Ratings - The 12-month stock price forecast for DraftKings is $55.04, indicating a 45.10% upside, with a Moderate Buy rating based on 28 analyst ratings [6] - Analysts have mixed responses, with some adjusting price targets, but the average target remains above current levels, suggesting potential for future gains [10][11] Trading Dynamics - The stock is showing bullish momentum, with critical resistance near $38.25, and could potentially retest all-time highs by late summer or early fall [12]