Lady Julie Gold Project Overview - The Lady Julie Gold Project has a total resource of 35.7Mt @ 1.86g/t Au for 2.14Moz Au[19] - The Lady Julie North 4 deposit resource has grown to 31.2Mt @ 1.93g/t Au for 1.94Moz Au[19] - Total Laverton resources grew to 40.7Mt @ 1.77g/t Au for 2.32Moz Au as of June 2025[19] Feasibility Study Highlights - The Feasibility Study (FS) demonstrates compelling economics, with a pre-tax NPV of $970M and a 45% IRR, assuming a gold price of A$4,000/oz[19, 22] - The project anticipates 140koz p.a production at full production over a 9-year Life of Mine (LOM)[19, 22] - The project has an EBITDA of $2,231M and an AISC of $1,908/oz[19, 22] - Maiden Ore Reserve is 18.0Mt at 1.72g/t Au, for 997,300oz[22] Financial and Operational Metrics - The initial capital expenditure for full project development is A$375M[22] - The project has an attractive Life of Mine (LOM) AISC of A$1,908/oz[22] - The EBITDA margin (LOM) is 47%[31]

Financial Performance Highlights - TTM net bookings reached $7.4 billion[8] - Live Services accounted for 72% of total TTM net bookings[9] - TTM Return on Capital was $2.7 billion through stock repurchase program and cash dividends[7] - TTM Free Cash Flow was $1.8 billion[9] Q1 FY26 Results - Net bookings increased by 3% year-over-year to $1.298 billion[11] - Full game net bookings increased by 27% year-over-year[11] - Console net bookings increased by 2% year-over-year to $690 million[16] - PC & Other net bookings increased by 8% year-over-year to $320 million[16] FY26 Guidance - The company expects net revenue between $7.1 billion and $7.5 billion[23] - GAAP EPS is projected to be between $3.09 and $3.79[23] - The company anticipates operating cash flow between $2.2 billion and $2.4 billion[23]

Financial Performance - Revenue for Q2 2025 reached $204.7 million, representing an 18% year-over-year growth[26] - Non-GAAP income from operations for Q2 2025 was $44.8 million[42] - Free cash flow for Q2 2025 amounted to $54.3 million[46] Customer Metrics - The company has over 74,000 customers across more than 120 countries[12] - Customers contributing more than $5,000 in ARR reached 23,975 in Q2 2025[35] - The number of customers with >$50K ARR was 3,460 in Q2 2025[36] Regional Revenue Distribution - North America accounts for 47% of the company's revenue[30] - Europe, Middle East, and Africa (EMEA) contribute 12% to the revenue[30] - Asia-Pacific represents 39% of the revenue[30] - Rest of World accounts for 3% of the revenue[30] Future Outlook - The company projects revenue between $207 million and $210 million for Q3 2025, indicating an 11%-12% year-over-year growth[50] - The company anticipates non-GAAP income from operations to be between $31.2 million and $33.2 million for Q3 2025[50]

Financial Performance & Targets - Clearwater reported Net Sales from continuing operations of $391.8 million in Q2 2025[10, 21] - Net income from continuing operations was $4 million[10] - Adjusted EBITDA from continuing operations reached $40 million with a 10% margin[10] - The company is targeting Adjusted EBITDA margins of 13% to 14% across the cycle, with a 40-50% Adjusted EBITDA to free cash flow conversion rate, or $100M+ per year[5] - Q3 2025 Adjusted EBITDA is projected to be $10 to $20 million[14] Market Trends & Outlook - Industry SBS shipments decreased by 3% in Q2 2025 compared to Q1 2025, while unmade SBS orders increased by 14%[8] - Demand growth of approximately 3% is projected for 2026[8] - Imports are forecasted to decrease by approximately 4% in 2025 compared to 2024, and exports are forecasted to decrease by approximately 2%[8] - Industry operating rates were at 83% in Q2 2025, down from 84% in Q2 2024[9] - The company assumes capacity utilization at approximately 85% for FY 2025, with revenue between $1.5 to $1.6 billion[14] Strategic Initiatives & Capital Allocation - Clearwater is focused on reducing its fixed cost structure by $30-40 million in 2025, with 10% reductions in positions[5] - The company repurchased $4 million of shares in Q2 2025, and $18 million since the new $100 million authorization in November 2024[11] - Capital expenditures are expected to be $80-90 million, including large project carryover spend[14] - The target leverage ratio is 1-2x[16]

Q2 2025 Financial Performance - Revenue reached $943 million[14], exceeding guidance, but down approximately 9% year-over-year due to divestitures[19,36] - Adjusted Operating Income was $179 million[15], above guidance[6] - Adjusted EPS was $0.87[17], exceeding guidance[6] - Free Cash Flow was $116 million[17], with a conversion rate of 91%[6,17], up 20 percentage points year-over-year[6,19] Segment Performance - Performance Sensing Net Revenue decreased by 9.9% year-over-year to $652.2 million[23], or 6.1% organically[23] - Sensing Solutions Net Revenue increased by 8.6% year-over-year to $291.2 million[23], or 10.7% organically[23] Capital Allocation and Leverage - Net leverage ratio decreased to 3.0x[21] from 3.1x as of March 31, 2025[21] - Approximately 0.7 million shares were repurchased in Q2, and 4.2 million year-to-date[21] Q3 2025 Financial Guidance - Revenue is expected to be between $900 million and $930 million[31], a decrease of 1% to 5% sequentially[31] - Adjusted EPS is expected to be between $0.81 and $0.87[31], in line with Q2[31]

Company Overview - Houlihan Lokey has 33 locations worldwide and 2,677 global employees, including 347 managing directors[11] - The firm's revenue reached $2.5 billion for the last twelve months ended June 30, 2025[11] - The average tenure of the Executive Management Team and Operating Committee Team is over 25 years[15] - No single individual generated more than 2% of the firm's revenues[24] Financial Performance - The company experienced strong revenue growth with a five-year Compound Annual Growth Rate (CAGR) of 16%[19] - Adjusted pre-tax income grew at a CAGR of 17% over the same five-year period[19] - For the three months ended June 30, 2025, revenues were $605.349 million compared to $513.609 million for the three months ended June 30, 2024[130] - Adjusted net income for the three months ended June 30, 2025, was $148.005 million, or $2.14 per diluted share, compared to $84.305 million, or $1.22 per diluted share for the three months ended June 30, 2024[130] Business Segments - Corporate Finance generated $1.597 billion in revenue, representing 64% of the total, Financial Restructuring $555 million (23%), and Financial and Valuation Advisory $329 million (13%) for the last twelve months ended June 30, 2025[71] - The Corporate Finance group closed 573 transactions, Financial Restructuring 147, and Financial and Valuation Advisory 2,460 fee events[71] - The company has increased its Managing Director Headcount by a CAGR of 9% over the last 20 years[59]

INVESTOR PRESENTATION July 29, 2025 SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company's future financial condition, results of operations, cash flows, share repurchases, objecti ...

Second Quarter 2025 Results July 29, 2025 Disclaimer Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance, business outlook, and demand for our loan programs, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statemen ...

Financial Performance - Q4FY25 revenue reached $2.44 billion, a 30% increase year-over-year[6] - Non-GAAP gross margin for Q4FY25 was 37.9%, up approximately 700 bps year-over-year[6, 7] - Non-GAAP operating margin for Q4FY25 increased to 26.2%, up approximately 890 bps year-over-year[6, 7] - Non-GAAP diluted earnings per share (EPS) for Q4FY25 expanded to $2.59[6, 7] - Free cash flow for Q4FY25 nearly doubled quarter-over-quarter to $425 million[7] - FY25 revenue increased 39% year-over-year, with gross profit nearly doubling and operating profit more than tripling[7] Market and Technology - Hard drive revenue reached $2.3 billion, up 14% quarter-over-quarter[12] - Mass capacity revenue topped $2.0 billion, up 40% year-over-year[12] - Nearline shipments were 137 exabytes, up 52% year-over-year[12] - Average capacity per drive increased 3% quarter-over-quarter to 13 TB[6, 17] Guidance - Q1FY26 revenue is projected to be $2.50 billion ± $150 million[20] - Q1FY26 non-GAAP operating margin is expected to be in the mid-to-high twenties percentage of revenue[20] - Q1FY26 non-GAAP diluted earnings per share is guided at $2.30 ± $0.20[20]

Financial Performance - Revenues decreased by 1% to $753 million in 2Q25 [12, 28], while revenues net of fuel surcharge increased by 1% or $7 million [15, 28] - GAAP EPS increased by 380% to $0.72 in 2Q25 [12, 27], while adjusted EPS decreased by 36% to $0.11 [12, 25] - Adjusted operating income decreased by 22% to $16.6 million in 2Q25 [12, 28], and adjusted operating margin decreased by 60 bps to 2.2% [12, 28] Truckload Transportation Services (TTS) - TTS revenues decreased by 4% to $517.6 million in 2Q25 [29], and revenues net of fuel surcharge decreased by 1% to $462.4 million [29] - TTS adjusted operating income decreased by 45% to $12.8 million in 2Q25 [29], and adjusted operating margin decreased by 220 bps to 2.8% [29] - Dedicated fleet represents 65% of total TTS trucks at quarter end [32]; revenue per truck per week increased 0.2% Y/Y [32] Werner Logistics - Werner Logistics revenues increased by 6% to $221.2 million in 2Q25 [41], and revenues less purchased transportation expense increased by 3% to $32.9 million [41] - Werner Logistics adjusted operating income increased by 246% to $5.9 million in 2Q25 [41], and adjusted operating margin increased by 190 bps to 2.7% [41] - Truckload Logistics revenues (77% of Logistics revenues) increased 9% [44] Cost Savings and Capital Allocation - The company is increasing its 2025 cost savings target from $40 million to $45 million+ [15, 49], with $20 million achieved through 2Q25 [49] - Net Capital Expenditures YTD25 is $58 million, down >50% Y/Y [58, 64] - The company has total liquidity of $695 million, including $644 million available credit and $51 million cash [55, 62]