Investor Presentation February 14, 2025 1 Safe Harbor Statement The information in this presentation may contain forward-looking statements. These "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," ...

INVESTOR PRESENTATION A leading innovator in entertainment technology since 2000 Cineverse (Nasdaq: CNVS) July 2024 FORWARD-LOOKING STATEMENTS Investors are cautioned that certain statements contained in this document, as well as some statements in press releases and some oral statements of Cineverse officials during presentations about Cineverse, along with Cineverse's filings with the Securities and Exchange Commission, including Cineverse's current reports on Form 8-K, quarterly reports on Form 10-Q and ...

Investor Presentation Unlock the power of home. June 2025 Key Takeaways And Updates We are the nation's premier single-family home leasing and management company >500 bps Acceleration In new lease rate growth from December 2024 to May 2025 (1) We believe we remain well-positioned to deliver attractive growth through our accretive homebuilder partnerships, our high-margin third-party management business, and our strategic approach to offering a best-in-class resident experience focused on choice, flexibility ...

Vertex Pharmaceuticals (VRTX) Conference Summary Company Overview - **Company**: Vertex Pharmaceuticals - **Event**: Conference at the American Diabetes Association 85th Scientific Sessions - **Date**: June 20, 2025 Key Industry and Company Insights Type 1 Diabetes (T1D) Landscape - T1D is caused by the destruction of insulin-producing beta cells in the pancreas, leading to a lifelong dependency on insulin therapy, which has not significantly changed since 1921 [7][9] - Approximately 4 million people are diagnosed with T1D in North America and Europe, with an estimated 60,000 patients experiencing severe hypoglycemic events [11][42] - Severe hypoglycemic events can lead to serious complications, including seizures and increased mortality rates, with those affected having a fivefold increased risk of death [12] Zamyla Cell Overview - **Zamyla Cell**: An investigational islet cell therapy derived from stem cells, designed to replace destroyed islet cells in T1D patients [13] - Administered via infusion into the hepatic portal vein, protected from immune destruction through a steroid-free immunosuppressive regimen [14] - The pivotal Phase 1/2/3 study is progressing, with enrollment expected to complete in summer 2025 [15] Clinical Trial Data - The FORWARD study has transitioned to a Phase 3 pivotal study, focusing on patients with severe hypoglycemia and impaired awareness [20] - Primary efficacy endpoints include freedom from severe hypoglycemia and achieving a hemoglobin A1c (HbA1c) of less than 7% [20] - Data from 12 participants showed restored endogenous insulin production and significant reductions in HbA1c, with 10 out of 12 participants eliminating insulin requirements by 12 months [23][25] Regulatory and Market Potential - Vertex has received several regulatory designations, including RMAT and fast track designations in the US, and PRIME designation in Europe, highlighting the high unmet need for T1D therapies [15] - Anticipated regulatory submissions for Zamyla Cell are expected in 2026, with preparations for commercialization underway [42] Additional Insights Patient Population and Treatment Considerations - Ideal candidates for Zamyla Cell therapy are adults with long-standing T1D and impaired awareness of hypoglycemia [64] - The therapy is expected to significantly improve the quality of life for patients, addressing the burdens of daily diabetes management [39] Future Innovations - Vertex is exploring next-generation therapies, including gene editing and novel immunotherapies, to enhance treatment options for T1D [60] - Manufacturing capabilities are being expanded to meet anticipated demand, with partnerships established to support production [61] Challenges and Considerations - Continuous glucose monitoring has reduced severe hypoglycemic events, but a significant portion of patients still experience these events, indicating a continued need for therapies like Zamyla Cell [49] - The potential for redosing Zamyla Cell exists, as it is an off-the-shelf therapy that can be supplied on demand [54] Conclusion - Zamyla Cell represents a transformative potential for T1D treatment, addressing a significant unmet medical need for patients suffering from severe hypoglycemia [42] - Vertex Pharmaceuticals is positioned to lead advancements in T1D therapies, with ongoing research and development efforts aimed at improving patient outcomes and quality of life [60]

Financial Data and Key Metrics Changes - Kroger reported identical sales growth of 3.2% excluding fuel and adjustment items, with adjusted net earnings per diluted share increasing by 4% to $1.49 [10][26][41] - FIFO gross margin rate, excluding rent, depreciation, and amortization, improved by 79 basis points compared to the previous year, primarily due to the sale of Kroger Specialty Pharmacy and lower supply chain costs [28][30] - Adjusted FIFO operating profit was $1.5 billion, with fuel sales lower than expected due to decreased average retail price per gallon and fewer gallons sold [30][31] Business Line Data and Key Metrics Changes - Strong performance in the fresh category supported identical sales growth, with fresh identical sales outperforming center store sales [10][11] - The Our Brands business grew faster than National Brands for the seventh consecutive quarter, driven by customer demand for high-quality products at various price points [11][12] - E-commerce sales grew by 15%, with ongoing improvements in order accuracy and delivery speed contributing to customer acquisition [13][32] Market Data and Key Metrics Changes - Customers are increasingly cautious in their spending, leading to a rise in promotional product purchases and Our Brands products [17][72] - Inflation was slightly below 2% in the first quarter, aligning with expectations, and is anticipated to remain within the guided range for the year [27][69] - The company is observing a shift in consumer behavior, with more meals being prepared at home and increased use of coupons [72] Company Strategy and Development Direction - The company is focusing on long-term growth by enhancing core business operations, accelerating new store openings, and optimizing capital allocation [7][8][39] - A new e-commerce business unit has been created to streamline online customer experience and improve profitability [8][32] - Plans to close approximately 60 underperforming stores over the next eighteen months are aimed at increasing overall efficiency [15][39] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the uncertain economic environment but remains optimistic about the company's ability to adapt and serve customers effectively [17][43] - The company expects to see continued improvement in grocery volumes throughout the year, supported by strong execution from store teams [68] - Full-year guidance for net operating profit and adjusted earnings per share remains unchanged despite macroeconomic uncertainties [42] Other Important Information - The company is committed to improving associate wages and benefits, with the average hourly rate exceeding $19.50 [20][36] - Kroger's capital allocation strategy aims to deliver a total shareholder return of 8% to 11% over time, focusing on high-return projects [38][39] - The company is actively investing in technology to enhance inventory management and reduce shrinkage [108] Q&A Session Summary Question: Pricing and Value Perception - Management emphasized the importance of competitive pricing and simplifying promotional offers to enhance customer value perception, with a focus on maintaining gross margin [47][48][50] Question: E-commerce Profitability - Management acknowledged that while e-commerce sales are growing, profitability remains a challenge, and efforts are underway to improve this aspect [53][55] Question: Market Share Performance - Management noted modest market share growth attributed to new store openings and improved in-store experiences, with e-commerce growth also contributing positively [76][78] Question: Cost Optimization Strategies - Management is exploring new ways to modernize operations and improve cost efficiency, leveraging fresh perspectives to identify areas for improvement [60][62] Question: Retail Media Growth Trends - Management reported healthy growth in retail media, despite cautious spending from CPG brands, and expects continued growth through the year [106][107] Question: Shrink Improvement - Management highlighted investments in AI technology and improved inventory management processes as key drivers for shrink reduction, with expectations for continued progress [108][110]

Financial Data and Key Metrics Changes - Kroger's identical sales, excluding fuel and adjustment items, increased by 3.2% in Q1 2025, with adjusted net earnings per diluted share rising by 4% to $1.49 [9][25][41] - FIFO gross margin rate, excluding rent, depreciation, and amortization, improved by 79 basis points compared to the same period last year, primarily due to the sale of Kroger Specialty Pharmacy and lower supply chain costs [27][30] - Adjusted FIFO operating profit was $1.5 billion, with fuel sales lower than expected due to a decrease in average retail price per gallon and fewer gallons sold [30][31] Business Line Data and Key Metrics Changes - Strong performance in the fresh category supported identical sales, with fresh identical sales outperforming center store sales [9][10] - The Our Brands business grew faster than National Brands for the seventh consecutive quarter, driven by customer demand for high-quality products at various price points [10][11] - E-commerce sales grew by 15% in Q1, driven by strong demand and delivery improvements [12][32] Market Data and Key Metrics Changes - Customers are increasingly cautious in their spending, leading to a higher demand for promotional products and Our Brands items [16][73] - Inflation was slightly below 2% in Q1, aligning with expectations, and is anticipated to remain within the range of 1.5% to 2.5% for the year [26][70] Company Strategy and Development Direction - The company is focusing on long-term growth by accelerating top-line sales and enhancing customer service through new store openings and capital allocation strategies [6][14] - Plans to close approximately 60 underperforming stores over the next 18 months to optimize the store network while investing in new store projects [39][41] - A new e-commerce business unit has been created to enhance the online customer experience and improve profitability [7][32] Management's Comments on Operating Environment and Future Outlook - The management noted that customers are looking for value and are making more frequent trips to stores, with a shift towards larger pack sizes and increased coupon usage [16][73] - The company remains optimistic about the rest of the year, despite the uncertain macroeconomic environment, and is focused on delivering a better customer experience [43][42] Other Important Information - The company is committed to improving associate wages and benefits, with the average hourly rate exceeding $19.50, which increases to over $25 with benefits [35][20] - Kroger's capital allocation priorities aim to deliver a total shareholder return of 8% to 11% over time, focusing on projects that maximize return on invested capital [37][38] Q&A Session Summary Question: Pricing and Value Perception - Management emphasized the importance of competitive pricing and simplifying promotional offers, noting that pricing investments have resulted in better sales and gross margin [49][51] Question: E-commerce Profitability - The company acknowledged that while e-commerce sales are growing, profitability remains a challenge, and efforts are underway to improve this aspect [55][56] Question: Non-core Assets and Capital Allocation - Management defined core assets as those dedicated to serving customers and indicated that remodels offer average returns, while new store projects typically provide higher returns [58][60] Question: Inflation and Sales Drivers - Identical sales were driven by pharmacy, fresh categories, and e-commerce, with inflation expected to remain stable [66][70] Question: Market Share Performance - Management noted that market share gains were attributed to new store openings and improved in-store experiences, with e-commerce growth also contributing positively [78][79] Question: Retail Media Growth - The retail media business continues to grow at a healthy rate, despite some caution from CPG spending [106][108] Question: Shrink Improvement - The company has seen good progress in reducing shrink, attributed to investments in AI technology and improved inventory management [109][110]

Financial Data and Key Metrics Changes - The company reported total sales of $7.5 billion, a 6% increase year-over-year, driven by higher volume despite lower prices [7][17] - Earnings per diluted share reached $1.38, marking a 42% increase compared to the previous year [17] - Total gross profit was $894 million, up 13% from the same quarter last year [17][18] - The company achieved a 42% growth in earnings per share, marking the fourth consecutive quarter of positive retail unit comps and double-digit year-over-year EPS growth [7][26] Business Line Data and Key Metrics Changes - Retail unit sales increased by 9%, with used unit comps up 8.1% [7][8] - Retail gross profit per used unit reached a record high of $2,407, an increase of $60 year-over-year [18] - Wholesale unit sales were up 1.2%, while average wholesale selling price declined by approximately $150 to $8,000 [8][18] - CarMax Auto Finance (CAF) originated over $2.3 billion, resulting in a sales penetration of 41.8%, which was 150 basis points below last year [11][12] Market Data and Key Metrics Changes - The company purchased approximately 336,000 vehicles during the quarter, a 7% increase from last year [8] - The digital capability supported 80% of retail unit sales, with 66% being omni-channel and 14% online [9] - The Net Promoter Score reached its highest level since the rollout of digital capabilities, indicating strong customer satisfaction [10] Company Strategy and Development Direction - The company is focused on enhancing its omni-channel experience and leveraging digital capabilities to drive sales and market share [5][10] - A new marketing campaign is set to launch later in the summer to promote the omni-channel experience and digital capabilities [10][22] - The company aims to achieve omni cost neutrality and improve operational efficiencies through strategic deployment of AI technology [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining sales growth and market share gains despite macroeconomic challenges [36][47] - The company anticipates service margin growth year-over-year, particularly in the first half of the year [23] - Management noted that the consumer sentiment is slightly less positive, but this has not significantly impacted buying habits [131] Other Important Information - The company doubled its share repurchase pace, buying back approximately 3 million shares for a total of $200 million [22] - The loan loss provision for the quarter was $102 million, influenced by seasonal sales and credit quality [12][16] Q&A Session Summary Question: How is the company viewing the sustainability of the recent acceleration in the used car business? - Management feels positive about the acceleration, attributing it to both macro factors and internal improvements in inventory management and pricing [34][36] Question: How should expenses be considered in the model moving forward? - Management emphasized their commitment to leveraging SG&A and finding efficiencies, indicating a focus on maintaining expense control [37][39] Question: How should comp growth be modeled for the balance of the year? - Management expects to continue growing sales and gaining market share, maintaining their outlook for the year [47] Question: Can you provide more color on the shift in non-prime lending? - Management confirmed that the held-for-sale transaction allows them to mitigate risk and supports growth in CAF income [50][55] Question: How is the marketing campaign aimed at increasing awareness of multi-channel capabilities? - The campaign focuses on educating consumers about their options and the flexibility of the buying experience [61][62] Question: How is the company addressing the financial stress of consumers? - Management noted that while consumers are slightly less positive, there has not been a significant impact on buying habits [131]

Financial Data and Key Metrics Changes - The company achieved total sales of $7.5 billion, a 6% increase year-over-year, driven by higher volume but partially offset by lower prices [6][17] - Earnings per diluted share (EPS) grew by 42% to $1.38, marking the fourth consecutive quarter of positive retail unit comps and double-digit year-over-year EPS growth [6][17] - Total gross profit reached $894 million, up 13% from the previous year, with retail gross profit per used unit at a record high of $2,407, an increase of $60 year-over-year [17][19] Business Line Data and Key Metrics Changes - Retail unit sales increased by 9%, with used unit comps up 8.1% [6][17] - Wholesale unit sales rose by 1.2%, while the average wholesale selling price decreased by approximately $150 per unit to $8,000 [7][17] - CarMax Auto Finance (CAF) originated over $2.3 billion, resulting in a sales penetration of 41.8%, which is 150 basis points below last year [11][12] Market Data and Key Metrics Changes - The company purchased approximately 336,000 vehicles during the quarter, a 7% increase from last year, with 288,000 vehicles sourced from consumers [7][8] - Digital capabilities supported 80% of retail unit sales, with 66% being omni-channel and 14% online [9][10] Company Strategy and Development Direction - The company is focused on enhancing its omni-channel experience, expanding gross profit, and managing credit spectrum expansion [4][5] - A new marketing campaign is set to launch later in the summer to promote the omni-channel experience and digital capabilities [10][22] - The company aims to achieve omni cost neutrality for the first time across three key metrics, indicating a strong focus on operational efficiency [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining sales growth and market share gains, attributing recent performance to both macro factors and internal improvements [36][47] - The outlook for the remainder of the year remains positive, with expectations for continued growth in sales and market share [47][48] Other Important Information - The company doubled its share repurchase pace, buying back approximately 3 million shares for a total of $200 million [22][27] - The loan loss provision for CAF was $102 million, influenced by seasonal sales and credit quality, with a total reserve balance of $474 million [12][14] Q&A Session Summary Question: Sustainability of used car business acceleration - Management noted that the acceleration is driven by both macro factors and internal improvements, with confidence in continued growth for the year [34][36] Question: SG&A expenses and future modeling - Management emphasized their commitment to leveraging SG&A and finding efficiencies, with a focus on maintaining expense control [37][39] Question: Guidance on comp growth for the balance of the year - Management indicated that they expect to continue growing sales and gaining market share, maintaining their outlook for the year [47][48] Question: Impact of student loans on consumer credit - Management reported that about 30% of their customers have student loans, but no material change in performance has been observed [71][72] Question: Marketing campaign details - The new marketing campaign aims to educate consumers about the omni-channel capabilities and the flexibility in purchasing options [60][62] Question: Credit penetration and growth strategy - Management confirmed plans to increase subprime penetration, targeting a growth rate of 50% in the future [65][66] Question: Share buyback spending trends - Management intends to modestly accelerate share buybacks throughout the fiscal year, based on valuation and cash flow dynamics [124][125]

Financial Data and Key Metrics Changes - In the fourth quarter, total sales reached $3.3 billion, a 10.6% increase compared to the prior year, driven by same restaurant sales growth of 4.6% and positive traffic growth [16][24] - Adjusted diluted net earnings per share from continuing operations increased by 12.5% to $2.98, with adjusted EBITDA of $582 million [16][24] - For fiscal year 2025, same restaurant sales growth was 2%, outperforming the industry by 170 basis points, with total sales surpassing $12 billion for the first time [23][24] Business Line Data and Key Metrics Changes - Olive Garden's total sales increased by 8.1% with same restaurant sales growth of 6.9%, outperforming the industry benchmark by 390 basis points [19][20] - LongHorn Steakhouse saw total sales increase by 9.3%, driven by same restaurant sales growth of 6.7% [20] - The Fine Dining segment experienced a 2.3% increase in total sales, but same restaurant sales were negative for the quarter [21] Market Data and Key Metrics Changes - The casual dining industry saw average same restaurant sales grow by 30% and guest counts increase by 0.9% [6] - The company noted that casual dining is gaining market share as consumers perceive it as a better value compared to fast food [44][45] Company Strategy and Development Direction - The company is focusing on disciplined execution of its strategy, emphasizing sales growth while maintaining margins [15][26] - A five-year strategic planning process was completed, with each brand developing plans to enhance their competitive positioning [32] - The company plans to open 60 to 65 new restaurants in fiscal 2026, with a focus on Olive Garden and LongHorn as the primary contributors [48][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the casual dining sector's recovery, attributing it to consumer preferences shifting towards dining out [44][45] - The company anticipates total sales growth of 7% to 8% for fiscal 2026, with same restaurant sales growth projected at 2% to 3.5% [25][26] - Management acknowledged macroeconomic uncertainties but remains optimistic about maintaining strong sales momentum [69] Other Important Information - The company announced a 7% increase in dividends to $1.50 per share, implying an annual dividend of $6 [25] - Strategic alternatives for the Bahama Breeze brand are being considered, including a potential sale [33][34] - The company is expanding its international franchising efforts, with new agreements for Olive Garden locations in various countries [36] Q&A Session Summary Question: Why is casual dining performing well currently? - Management believes consumers are recognizing casual dining as a great value, leading to increased patronage [44][45] Question: What is the outlook for unit growth? - The company expects to ramp up unit growth to over 3% in the next five years, with Olive Garden and LongHorn leading the way [46][48] Question: How does the updated long-term framework affect margin expansion? - The new framework reflects a more holistic view of margins, with a focus on sales growth and reinvestment [51] Question: What is the impact of Uber Direct on Olive Garden's sales? - Uber Direct contributed approximately 3.5% to total sales at Olive Garden, with a positive mix impact of about 40 basis points [54][56] Question: How is the company addressing fine dining challenges? - Management stated that fine dining has faced challenges due to changing consumer behaviors post-COVID, but they are confident in their leadership and strategies [81][82]

Financial Data and Key Metrics Changes - In Q4, total sales reached $3.3 billion, a 10.6% increase year-over-year, driven by a same restaurant sales growth of 4.6% and positive traffic growth [15][19] - Adjusted diluted net earnings per share from continuing operations increased by 12.5% to $2.98, with adjusted EBITDA of $582 million [15][23] - For the full fiscal year, same restaurant sales growth was 2%, outperforming the industry by 170 basis points, with total sales surpassing $12 billion for the first time [22][23] Business Line Data and Key Metrics Changes - Olive Garden's total sales increased by 8.1% with same restaurant sales growth of 6.9%, outperforming the industry benchmark by 390 basis points [19][20] - LongHorn Steakhouse saw total sales increase by 9.3%, with same restaurant sales growth of 6.7%, exceeding the industry benchmark by 370 basis points [20] - The Fine Dining segment experienced a 2.3% increase in total sales, but same restaurant sales were negative, resulting in a lower segment profit margin [21] Market Data and Key Metrics Changes - The casual dining industry saw average same restaurant sales growth of 30% and guest counts grew by 0.9% [5] - Olive Garden's delivery service, Uber Direct, contributed approximately 3.5% of total sales, with a mix impact of about 40 basis points [55][56] Company Strategy and Development Direction - The company remains committed to a long-term financial framework targeting 10-15% total shareholder return, with an increased emphasis on sales growth and margin maintenance [26][29] - Strategic planning has led to the decision to close 15 Bahama Breeze locations, focusing on higher-performing brands and considering strategic alternatives for Bahama Breeze [32][82] - The company is expanding its international presence, with agreements for new Olive Garden locations in Canada and other countries [34][36] Management's Comments on Operating Environment and Future Outlook - Management noted that casual dining is perceived as a great value, leading to increased consumer interest and market share from fast food and fast casual [46] - The outlook for fiscal 2026 anticipates total sales growth of 7-8%, with same restaurant sales growth of 2-3.5% [24][25] - Management expressed caution regarding macroeconomic uncertainties impacting future performance, despite strong momentum observed in Q4 [70][72] Other Important Information - The company announced a 7% increase in dividends to $1.50 per share, implying an annual dividend of $6 [24] - Leadership transitions were discussed, including the retirement of Dan Kiernan as President of Olive Garden and the appointment of John Wilkerson as his successor [36][37] Q&A Session Summary Question: Why is casual dining performing well currently? - Management believes consumers are recognizing casual dining as a great value, leading to increased patronage and market share from fast food [46] Question: What is the outlook for unit growth? - The company expects to open 60-65 new restaurants, with Olive Garden and LongHorn contributing significantly to this growth [48] Question: How does the updated long-term framework affect margin expansion? - The new framework reflects a more holistic view of margin opportunities, with a focus on sales growth and reinvestment [51] Question: What is the impact of Uber Direct on sales? - Uber Direct contributed about 3.5% of total sales at Olive Garden, with a significant portion of new customers using the delivery service [55][90] Question: What are the expectations for inflation in fiscal 2026? - The company anticipates total inflation of 2.5-3%, with food inflation around 2.5% and labor inflation at approximately 3.5% [65]