Financial Performance - Total revenue for Q2 2025 reached $415813 million, a 28% increase compared to $324918 million in Q2 2024[11] - Company-operated shop revenue increased to $3805 million in Q2 2025 from $2953 million in Q2 2024[11] - Adjusted EBITDA increased by 37% to $89 million in Q2 2025, compared to $65 million in Q2 2024[13] - Net income attributable to Dutch Bros Inc increased to $25624 million in Q2 2025 from $11940 million in Q2 2024[31] Sales Metrics - Systemwide same shop sales increased by 61% in Q2 2025[17] - Company-operated same shop sales increased by 78% in Q2 2025[17] - Dutch Rewards transactions accounted for 716% of total transactions[36] Shop Expansion - The total shop count reached 1043 in Q2 2025, up from 912 in Q2 2024, representing a 14% increase[10] - Company-operated shops increased to 725 in Q2 2025 from 612 in Q2 2024, an 18% increase[10] Outlook - The company projects total revenue between $159 billion and $160 billion for FY 2025[23] - The company anticipates same shop sales growth of approximately 45% for FY 2025[23]

Market Opportunity & Growth - Digital insurance ad spend is projected to reach $14 billion by 2026, representing a 23-26E CAGR of 15% [13, 20] - Digital insurance ad spend growth is outpacing overall digital ad spend growth, with a 27% increase expected in 2024 compared to 13% for overall digital ad spend [21, 22] - The Property & Casualty (P&C) insurance industry is recovering, with carriers refocusing on growth and customer acquisition as underwriting results improve [37] Financial Performance - The company's LTM Transaction Value reached $1.9 billion [17] - LTM Q2 2025 Adjusted EBITDA was $116.8 million, representing a 136% year-over-year growth [17] - Q2 2025 Transaction Value was $435 million, compared to $255 million in Q2 2024 [54] - Q2 2025 Adjusted EBITDA was $24.5 million, compared to $18.7 million in Q2 2024 [54] Business Model & Strategy - The company operates a two-sided marketplace connecting insurance demand partners with high-intent end consumers [24] - The company has high partner retention rates, with 100% one-year retention and 96% three-year retention for both top 25 supply and demand partners [35] - The company's model enables demand partners to monetize surplus traffic through its marketplaces as supply partners [33] - The company's economic model is based on a percentage of Transaction Value, regardless of whether an insurance product is sold [48]

Q2 2025 Performance Highlights - Revenue reached $148 million, exceeding guidance, with a reported year-over-year growth of 53%[11], and a pro forma growth of 74% excluding fitness sale[11] - Adjusted EBITDA surpassed guidance, achieving a 304% margin, a 230 bps year-over-year expansion[11] - Payments Revenue, excluding Fitness, increased by 68% year-over-year, driven by Total Payments Volume (TPV) growth[11] - The company repriced and extended its Term Loan and Revolving Credit Facility, resulting in approximately $13 million in annual interest cost savings[11] Customer and Payments Growth - The company has over 725,000 global customers and a pro forma last twelve months (LTM) revenue of $5741 million[13] - Total customers enabled with more than one solution grew by 32% year-over-year, reaching 261,000[16, 17] - Total Payments Volume (TPV) increased by 7% year-over-year, reaching $129 billion[20] Financial Metrics and Outlook - Adjusted EBITDA for Q2 2025 was $45 million[27] - Levered Free Cash Flow (LFCF) for Q2 2025 was $189 million[31] - Adjusted Unlevered Free Cash Flow (aUFCF) for Q2 2025 was $349 million, a 162% year-over-year increase[33] - The company anticipates Q3 2025 total revenue to be between $1465 million and $1495 million, and adjusted EBITDA between $41 million and $43 million[38]

Q2 2025 Financial Performance - Consolidated Net Revenue for Q2 2025 reached $1.1 billion, a decrease of 4% compared to $1.1578 billion in Q2 2024[6, 11] - Adjusted EBITDA for Q2 2025 was $196 million, a 5% decrease from $205.6 million in Q2 2024[6, 11] - Net Income for Q2 2025 was $45.6 million, a 45% decrease compared to $83.1 million in Q2 2024[11] - Diluted Earnings Per Share for Q2 2025 were $0.24, a 45% decrease from $0.42 in Q2 2024[11] Guidance and Outlook - The company updated its total company guidance to exclude Jack Wolfskin and raised the full year 2025 financial outlook for its continuing business[9] - Updated 2025 revenue guidance excluding Jack Wolfskin to $3.86 billion, an increase of approximately $28 million in Core (Ex JW) revenue and $5 million in Topgolf revenue compared to prior guidance of $3.828 billion[17, 19] - Increased 2025 Adjusted EBITDA guidance midpoint to $460 million excluding Jack Wolfskin, an increase of approximately $31 million in Core (Ex JW) EBITDA and $10 million in Topgolf EBITDA compared to prior guidance of $434 million, offset by a $15 million impact from increased tariffs[23, 25] - Full year 2025 consolidated net revenue guidance is $3.80 - $3.92 billion, compared to prior guidance of $4.000 - $4.185 billion and FY24 results of $4.24 billion[26] - Full year 2025 consolidated Adjusted EBITDA guidance is $430 - $490 million, compared to prior guidance of $415 - $505 million and FY24 results of $588 million[26] Topgolf Performance - Topgolf same venue sales (SVS) decreased by 6% in Q2 2025 compared to Q2 2024, an improvement from the 12% decrease in Q1 2025[33, 36] - Topgolf same venue visits (SVV) increased by 6% in Q2 2025 compared to Q2 2024, a significant improvement from the 8% decrease in Q1 2025[36] - Full year 2025 Topgolf revenue guidance is $1.71 - $1.77 billion, compared to prior guidance of $1.680 - $1.790 billion and FY24 results of $1.81 billion[26]

Financial Performance - Upwork's Q2 2025 adjusted EBITDA reached $57.1 million, a 40% year-over-year increase[21] - The company's Q2 2025 adjusted EBITDA margin hit a record 29.3%[21] - Upwork's Q2 2025 free cash flow generation was strong at $65.6 million[21] - Cash, cash equivalents, and marketable securities totaled approximately $635 million at the end of Q2 2025[21] - In Q2 2025, total GSV was $1,002.7 million, a decrease of 1% year-over-year[57] - In Q2 2025, total revenue was $194.9 million, an increase of 1% year-over-year[57] Growth Initiatives - GSV from AI-related work grew 30% year-over-year in Q2 2025, with some subcategories growing over 50% year-over-year[16] - Business Plus GSV grew 190% quarter-over-quarter in Q2 2025[17] - The company is positioned to increase wallet share within the $650 billion Enterprise opportunity[26] - Ads & monetization revenues grew 17% year-over-year[46]

Financial Performance - SuRo Capital's Net Asset Value (NAV) per share reached $9.18 as of June 30, 2025, marking the greatest quarter-over-quarter increase since inception (over 35%) [8] - Net assets totaled approximately $219.4 million at the end of the quarter [8] - The company declared a cash dividend of $0.25 per share [7] - Net realized gain on investments was $21.2 million [41] - Net change in unrealized appreciation of investments was $44.8 million [41] Investment Exits - SuRo Capital exited 40% of its original aggregate position in CoreWeave, Inc, realizing a gain of approximately $15.3 million [8] - The company sold its entire position in ServiceTitan, Inc, realizing a gain of approximately $5.9 million [8] New Investments - SuRo Capital made a $5.0 million investment in Plaid Inc [10] - The company invested $250,000 in Supplying Demand, Inc (d/b/a Liquid Death) as a convertible debt investment [10] Portfolio Composition - The top 5 positions accounted for approximately 53% of the investment portfolio at fair value as of June 30, 2025 [37] - The total investment portfolio fair value was $243.8 million [37] - Artificial Intelligence Infrastructure & Applications comprised 33.1% of the portfolio fair value, amounting to $80.8 million [39]

Financial Performance - Revenue for Q2 2025 was $162.8 million, a 7% year-over-year increase[9] - Net loss available to common stockholders was ($0.3) million in Q2 2025, compared to ($1.2) million in Q2 2024[9] - Adjusted EBITDA for Q2 2025 was $15.1 million, compared to $10.9 million in Q2 2024[9] - Cash balance as of June 30, 2025, was $176.6 million[13] Enrollment and Registration - APUS net course registrations increased by 7.3% compared to Q2 2024[14] - Hondros College of Nursing (HCN) enrollment increased by 17.6%[14] - Rasmussen enrollment increased by 10.4% in 3Q'25 compared to 3Q'24[14] - Trailing twelve months (TTM) net course registrations reached 388,400[22] Guidance - Full year 2025 revenue is projected to be between $650 million and $660 million[17] - Full year 2025 net income available to common stockholders is guided to be between $18 million and $24 million[17] - Full year 2025 adjusted EBITDA is expected to be between $81 million and $88 million[17] Strategic Initiatives - APEI completed the sale of GSUSA on July 25, 2025[10] - The company is consolidating APUS, Rasmussen, and HCN into one system[20] - APEI redeemed preferred equity in Q2 2025[20]

Financial Performance - Western asset gross profit improved by $56 million from a loss of $(38) million in Q2 2024 to a profit of $18 million in Q2 2025[31] - Adjusted EBITDA improved by $57 million, from $(59) million to $(02) million comparing Q2 2024 to Q2 2025[32, 34] - The company's borrowing availability was $70 million as of June 30, 2025, including $5 million under the operating line and $65 million under the term loan facility[33] Regulatory and Market Opportunities - The 45Z credit is extended through the end of 2029, increasing the focus on domestic production[14] - National year-round E15 adoption could potentially increase U S ethanol demand by 50%, or 5-7 billion gallons annually[14] - California could see an increase of approximately 670 million gallons per year in ethanol demand when transitioning from E10 to E15, pending approval[14] Strategic Initiatives - The company is applying for 45Z credits for Alto Columbia and Alto Pekin Dry Mill, estimated to total approximately $18 million over the next two years[15] - The company is prioritizing projects to lower carbon intensity to capture more benefits from 45Z[7] - The company aims to increase CO2 utilization at the Pekin campus and at Columbia, building upon the successful Carbonic acquisition[7]

Financial Performance - Amdocs reported Q3 FY2025 revenue of $1.14 billion, exceeding guidance, representing a ~3.5% year-over-year increase on a pro forma constant currency basis[16] - The company's non-GAAP operating margin was 21.4%, a 280 bps increase year-over-year and a 10 bps increase quarter-over-quarter, driven by internal efficiency improvements[16] - Non-GAAP diluted EPS was $1.72, slightly above the midpoint of guidance[16] - Amdocs' 12-month backlog reached $4.15 billion, up 3.0% year-over-year on a pro forma basis[16] - The company is targeting free cash flow between $710 million and $730 million for FY2025 before restructuring payments[41] Regional Performance - North America accounted for approximately 65% of Q3 2025 revenue, totaling $745 million[48] - Europe contributed around 17% of Q3 2025 revenue, amounting to $189 million, marking a record quarter in Europe[48] - The Rest of World region generated approximately 18% of Q3 2025 revenue, reaching $210 million[48] Strategic Focus - Amdocs is focused on accelerating the journey to the cloud, simplifying the adoption of Generative AI and Data Services, digitalizing customer experience for consumer and B2B, monetizing next-generation network investments, and streamlining and automating complex network ecosystems[20] - The company is on track to deliver double-digit cloud growth in FY25[26] - Amdocs reiterated its FY2025 revenue growth outlook of 2.4%-3.4% year-over-year in pro forma constant currency[41]

Q2 2025 Financial Performance - Total revenue was $521.3 million, a decrease of 3.1% compared to Q2 2024[28] - Net income was $22.4 million, or $0.50 per share on a diluted basis, up from $20.5 million, or $0.46 per share in Q2 2024[28] - Adjusted EBITDA increased 4.6% to $106.5 million, with an adjusted EBITDA margin of 20.4%, up 140 basis points versus Q2 2024[28] - Adjusted diluted EPS was $0.88, up 3.5% compared to Q2 2024[28] Segment Performance - Merchant Services revenue increased 2.9% to $101.4 million, with an adjusted EBITDA margin of 21.4%, up 190 basis points year-over-year[29, 31] - B2B Payments revenue increased 1.1% to $71.0 million, with an adjusted EBITDA margin of 22.0%, up 210 basis points year-over-year[32, 34] - Data Solutions revenue increased 18.1% to $67.8 million, with an adjusted EBITDA margin of 30.1%, up 260 basis points year-over-year[35, 37] - Print revenue decreased 9.0%, with an adjusted EBITDA margin of 32.2%, expanding 180 basis points year-over-year[45, 47] Balance Sheet and Cash Flow - Net debt was $1,444.6 million as of June 30, 2025, with a net debt to adjusted EBITDA ratio of 3.5x[49] - Free cash flow for the six months ended June 30, 2025, was $52.1 million, compared to $17.6 million for the same period in 2024[49] 2025 Guidance - Revenue is projected to be between $2.090 billion and $2.155 billion, representing a decline of 1% to an increase of 2%[52] - Adjusted EBITDA is expected to be between $415 million and $435 million, an increase of 2% to 7%[52] - Adjusted EPS is projected to be between $3.25 and $3.55, flat to an increase of 9%[52] - Free cash flow is expected to be between $130 million and $150 million, an increase of 30% to 50%[52]