Financial Performance & Guidance - Second quarter 2025 revenue reached $186.7 million, a 26.1% increase compared to the second quarter of 2024[8] - The company updated its 2025 annual net revenue guidance to $720 - $730 million[45] - The adjusted EBITDA margin is expected to be 8.0% - 8.5% of revenue for 2025[45] Market Opportunity & Penetration - The potential market includes over 27 million patients in the United States who could benefit from ambulatory cardiac monitoring[11] - The company has achieved over 30% penetration in the core U S ambulatory cardiac monitoring market as of December 31, 2024[13] - The international market represents a $1+ billion total addressable market (TAM) with 5+ million tests in prioritized countries across EMEA and Asia Pacific[36] Expansion & Growth Strategies - The company is targeting over 5 million ambulatory cardiac monitoring (ACM) tests in prioritized countries across EMEA and Asia Pacific[17] - There are over 27 million potential patients presenting in primary care who may be symptomatic or at-risk for arrhythmias[17,24] - The company is addressing population health management through targeted monitoring for undiagnosed arrhythmias, leveraging AI[25,26] Technology & Innovation - The company has curated over 2.5 billion hours of ECG data since its inception through 2024[15] - The company's AI capabilities are used for prediction of atrial fibrillation and heart failure[39,40]

Financial Performance & Growth - Asure's Q2 2025 total revenue increased by 7% year-over-year to $30.1 million; excluding ERTC, revenue increased by 10%[13] - FY2025 revenue guidance is between $138 million and $142 million[15, 22] - Asure anticipates an adjusted EBITDA margin of 22%-24% for FY2025[17, 30] - The company has 93% net retention rate[15] Strategic Acquisitions & Business Model - Asure completed the acquisition of Lathem Time Corporation on July 1, 2025, adding scale to the time and attendance business and high-margin recurring revenue[13] - Asure serves over 100,000 clients and facilitates over $10 billion in money movement[15, 17] - The company's revenue model is shifting, with adjusted EBITDA approaching ~30% and operating income approaching ~20% as revenue scales[24] Market Opportunity & Strategy - The US HCM total addressable market (TAM) is projected to reach $90 billion, growing at a CAGR of 7.6% through 2025[38] - Asure's go-to-market strategy includes traditional organic growth, enhanced organic growth through resellers, and strategic inorganic growth via M&A[31, 33] - Approximately 60% of new clients come from trusted advisors like brokers, banks, and CPAs[51]

Q1 Fiscal 2026 Results - Q1 Total Sales reached $504 million, showing a 19% growth compared to the previous year[6] - Q1 Consolidated Same Store Sales (SSS) increased by 9.4%[7] - Q1 Merchandise Margin increased by 180 basis points[8] - Q1 Earnings Per Share (EPS) reached $1.74[9] Strategic Initiatives - The company aims for profitable new units with a 15% annual growth, targeting ~$3.2 million in Year 1 Net Sales per store with a ~$1.7 million total net investment and a ~53% Year 1 Cash on Cash Return[13, 15] - The company is planning to open new stores, targeting a total of 524 to 529 stores by the end of FY26[14] - The high-end guidance for Consolidated SSS% in FY26 is 3.5%[19] - Exclusive Brands account for approximately 35% of sales volume[28] FY26 Guidance - Full Year Fiscal 2026 Total Net Sales are projected to be between $2,100 million and $2,180 million, representing a growth of 10% to 14%[34] - Q2 Fiscal 2026 Total Net Sales are guided between $487 million and $495 million, a 14% to 16% increase year-over-year[35] - Full Year Fiscal 2026 Merchandise Margin is guided between 49.9% and 50.3%[34]

Financial Performance - Ryan Specialty's total revenue for the Last Twelve Months(LTM) ending June 30, 2025, was $2.814 billion[9, 52] - The company's Organic Revenue Growth for the period ending June 30, 2025, was 9.6%[9] - Adjusted EBITDAC for the LTM ending June 30, 2025, reached $915 million, with an Adjusted EBITDAC Margin of 32.5%[54] Market Position and Growth - Ryan Specialty is the 2nd largest U S P&C wholesale broker/managing underwriter[9] - The company experienced a total revenue growth of 23.9% for the period ending June 30, 2025[9] - Ryan Specialty's revenue growth with the top 100 retail brokerage firms exceeded the company's organic revenue growth of 12.8% in 2024[36] Market Dynamics - Excess and Surplus (E&S) premiums are growing faster than the admitted market, with E&S representing 24% of the commercial market[13, 18] - Delegated authority represented 29% of E&S premiums in 2023[36] Strategic Activities - Ryan Specialty has completed 62 acquisitions since its founding[35] - Approximately $115 million of revenue was acquired thus far in 2025[37] - Wholesale Brokerage accounts for 56% of the business, Underwriting Management 31%, and Binding Authority 13%[28]

Financial Performance - NorthWestern Energy reported GAAP diluted EPS of $0.35 and non-GAAP diluted EPS of $0.40 for the second quarter of 2025[4] - The company is initiating 2025 earnings guidance range of $3.53 - $3.65[4] - Second quarter net income decreased by $10.5 million or 33.1% on a GAAP basis, and $8.1 million or 25.2% on a non-GAAP basis compared to the prior period[14, 21] - Diluted earnings per share decreased by $0.17 or 32.7% on a GAAP basis, and $0.13 or 24.5% on a non-GAAP basis for the second quarter[14, 22] - Year-to-date net income increased by $1.5 million or 1.6% on a GAAP basis, and $0.2 million or 0.2% on a non-GAAP basis[23, 28] - Year-to-date diluted earnings per share increased by $0.02 or 1.3% on a GAAP basis, with no change on a non-GAAP basis[24, 29] Growth and Investment - The company is affirming long-term rate base and earnings per share growth rate targets of 4% - 6%[4] - A capital investment of $2.74 billion is forecasted over the next five years, expected to drive annualized earnings and rate base growth of approximately 4% - 6%[11] - The company signed a third Letter of Intent with a 500+ megawatt data center developer[8] Rate Review and Regulatory Updates - Montana electric rate review includes a proposed partial settlement with a $14.6 million increase[41] - The proposed partial settlement for Montana electric rates would result in a $4.63 or 4.2% increase in the typical residential monthly bill[44] - Montana natural gas rate review includes a joint settlement position with an $18.1 million increase[47]

Financial Performance - Q2 2025 adjusted EPS was $0.92, exceeding estimates by $0.07[12] - YTD 2025 adjusted EPS reached $2.15[16] - Southern Company projects a full-year adjusted EPS guidance between $4.20 and $4.30[20] - Weather-normal retail electric sales grew by 3% in Q2 2025 compared to the previous year[12] Capital Investment and Financing - The company has a $76 billion capital investment plan, a $13 billion increase from the prior base forecast[12, 32] - State-regulated utilities account for 95% of the 5-year capital plan, totaling $72 billion[38] - Incremental equity needs through 2029 are estimated at $5 billion to fund the increased capital investment plan[40] - Over $8.9 billion in committed credit facilities and available liquidity of $7.6 billion as of June 30, 2025[68] Generation Resources and Sales - Georgia Power filed for certification of 10 GW of new generation resources through all-source RFP processes[28, 31] - Data center usage increased by 13%[24] - Economic development announcements included 6,000 new jobs and ~$2 billion of capital investment in Q2[27]

Financial Performance - Core FFO per share growth for Q2 2025 was 18% year-over-year, and 33% for the first half of the year[10] - Same Store Residential revenue growth was 30% year-over-year for both Q2 2025 and the first half of the year[10] - The company raised $13 billion in capital year-to-date at a weighted average initial cost of capital of 50%[9, 10] - The initial outlook projected full year Same Store Residential revenue growth was revised from 30% to 28%, partially due to changes in the composition of the Same Store segment[22, 37] Market Dynamics - Established Regions are expected to be insulated from standing inventory overhang, with new supply expected to decline to historically low levels in 2026[17] - Market occupancy in Established Regions was 948% in June 2025, compared to 895% in Sunbelt Regions[18] - Projected new market rate apartment deliveries in Established Regions for 2026 are expected to be 08% of inventory, compared to 18% in Sunbelt Regions[20] - Expansion Regions are projected to represent approximately 7% of Same Store Residential revenue in 2025, while Established Regions are projected to represent approximately 93%[48] Development Activity - Approximately $3 billion of Development is underway, expected to provide incremental earnings and value creation upon stabilization[9] - Total capital cost for development starts is projected at $17 billion for the full year 2025[22] - Projected NOI from development communities is expected to be $25 million for 2025, a decrease from the initial outlook of $30 million due to delayed occupancies[22] - Projected initial stabilized yields for development communities are trending above underwriting, with a spread of 100-150 bps to the cost of capital[56]

Q2 2025 Financial Performance - Consolidated sales reached $7.6 billion[7], exceeding the high end of the guidance range[9], representing a 10% year-over-year increase compared to $6.893 billion in Q2 2024[49] and an 11% increase compared to $6.814 billion in Q1 2025[49] - Non-GAAP operating income was $215 million[9], with an operating margin of 2.8%[7] - Non-GAAP diluted earnings per share (EPS) stood at $2.43[7] - Operating cash flow was negative $(206) million[9] - $50 million was spent on share repurchases[9] Segment Performance - Global Components sales were $5.3 billion[22], up 5% year-over-year[50] - Enterprise Computing Solutions (ECS) sales were $2.3 billion[22], a 23% increase year-over-year[50] - Americas components sales reached $1.708 billion[50], a 9% year-over-year increase[50] - EMEA components sales reached $1.427 billion[50], a 1% year-over-year decrease[50] - Asia Pacific components sales reached $2.150 billion[50], a 6% year-over-year increase[50] Q3 2025 Guidance - The company projects consolidated sales between $7.30 billion and $7.90 billion[42] - Global Components sales are expected to be between $5.30 billion and $5.70 billion[42] - Global ECS sales are projected to be between $2.00 billion and $2.20 billion[42] - Non-GAAP diluted earnings per share are forecasted to be between $2.16 and $2.36[42]

Financial Performance - Total Operating Revenues increased to $190 million, a 17.7% increase compared to $161 million in the same period last year[4] - Revenue from casino contracts grew significantly to $84 million, a 35% increase from $62 million in the prior year[4] - Non-Gaming revenue increased to $106 million, a 6.9% increase from $99 million in the prior year[4] - Adjusted EBITDA increased to $76 million, a 40.8% increase compared to $54 million in the same period last year[4] - Net Loss significantly decreased to $4 million, an 88.8% improvement from a $37 million loss in the prior year[4] Key Operating Metrics - Mass Table Drop remained relatively stable at $958 million, showing a 4% increase compared to the previous quarter and 0% compared to the same quarter last year[13] - Mass Table Hold percentage increased to 34%, a 115 basis points increase compared to the previous quarter and a 391 basis points increase compared to the same quarter last year[13] - Mass GGR increased to $326 million, a 7% increase compared to the previous quarter and a 13% increase compared to the same quarter last year[13] - Slots GGR increased to $34 million, a 3% increase compared to the previous quarter and a 22% increase compared to the same quarter last year[13]

Financial Performance - Antero Midstream reported an 11% year-over-year increase in Adjusted EBITDA for the second quarter of 2025[13] - Free Cash Flow (FCF) after Dividends increased by 89% year-over-year in 2Q25[13] - The company's leverage ratio is 28x Net Debt/Adjusted EBITDA[13] - 2025 Free Cash Flow after dividends is expected to increase by 9% to $300 million[16] Operational Achievements - Antero Midstream achieved a company record of 35 Bcf/d in LP gathering volumes during 2Q25[14] - Gathering and processing volumes increased by 6% year-over-year[14] - The company achieved 100% utilization rate on processing and fractionation capacity[14] Capital Management - The 2025 capital budget is guided at $170-$190 million[8] - Compressor re-use savings are now estimated at $85 million from 2026-2030, up from the prior estimate of $60 million[10] - Torrey's Peak Compressor Station has a capacity of 160 MMcf/d and compressor reuse savings of approximately $30 million[12] Market Outlook - PJM projects approximately 30GW of peak demand growth through 2030, with total power generation increasing at a 56% CAGR[19]