Financial Performance - The company's net investment income (NII) per share was $0.47, resulting in an annualized NII yield on book value of 10.7%[15] - Net income per share was $0.37, equating to an annualized return on book value of 8.3%[15] - The net asset value (NAV) per share decreased slightly to $17.56 as of June 30, 2025, compared to $17.64 as of March 31, 2025[15] - The Board of Directors declared a dividend of $0.42 per share for the third quarter of 2025, along with an additional dividend of $0.03 per share[15] Portfolio Composition and Activity - The total investment portfolio at fair value reached $2,501.8 million, primarily consisting of senior secured, floating-rate loans[15] - Gross investment fundings amounted to $529.6 million, while net investment fundings were $27.3 million[15] - The investment portfolio is diversified across 185 portfolio companies operating in 29 different industries[15] - The weighted average yield at amortized cost on the investment portfolio was 11.4%[15] - Investments on non-accrual represented 1.7% of the total investment portfolio at amortized cost and 0.6% at fair value[15] Liquidity and Funding - The company reported strong liquidity totaling $796 million, including $592 million of undrawn capacity on a revolving credit facility[15] - Unsecured debt represents 61% of the total debt outstanding at quarter-end[15]

Seres Therapeutics Overview - Seres' VOWST, the first-ever oral live microbiome therapeutic, received FDA approval in April 2023 for preventing C difficile infection recurrence, demonstrating approximately 88% sustained clinical response rate[6,9] - The sale of the VOWST asset, completed in September 2024, provided Seres with capital to support pipeline advancement and streamline the organization[9,10] - As of June 30, 2025, Seres had approximately $45.4 million in cash and cash equivalents, projecting a cash runway into Q1 2026[92] SER-155 Clinical Development - SER-155 Phase 1b data in allo-HSCT showed a 77% relative risk reduction in bacterial bloodstream infections (BSIs) compared to placebo[6,45,92] - SER-155 Phase 1b data also showed significantly lower mean cumulative exposure to systemic antibacterials/antimycotics compared to placebo (9.2 days vs 21.1 days)[45,50] - SER-155 Phase 1b data also showed a lower incidence rate of febrile neutropenia in SER-155-treated subjects vs placebo[46] - A Phase 2 study protocol for SER-155 in allo-HSCT was submitted to the FDA in May 2025, with study commencement dependent on funding and aiming to enroll 248 patients[6,31,78] Pipeline and Future Opportunities - Seres is developing SER-147 to prevent infections in chronic liver disease patients, with preclinical data showing a 1-3 log reduction of E coli in in vitro models[6,80] - Seres is also developing SER-603 to target inflammatory drivers of Inflammatory Bowel Disease (IBD)[83] - Seres is engaging with multiple parties regarding various deal structures to secure capital for the clinical advancement of SER-155 and other live biotherapeutic product candidates[6,78,92]

Q2 2025 Performance - Revenues reached $465.5 million, a 9% year-over-year increase, exceeding the high end of the guidance range of $438 to $458 million[10] - Gross profit was $135.6 million, up 18% year-over-year, also surpassing the guidance range of $124 to $134 million[10] - ex-TAC Gross Profit reached $172.1 million, a 15% year-over-year increase, exceeding the guidance range of $156 to $166 million[10] - Adjusted EBITDA was $45.2 million, a 21% year-over-year increase, also surpassing the guidance range of $33 to $44 million[10] Scaled Advertisers - Revenue from Scaled Advertisers accounted for 86% of Total Revenue[16] - The number of Scaled Advertisers grew by 8.5% year-over-year to 2,046[16] - Average Revenue Per Scaled Advertiser grew by 1.8% to approximately $196,000[16] Guidance - Q3 2025 revenue is projected to be between $461 to $469 million, a 5% year-over-year increase[17] - Full year 2025 revenue is projected to be between $1.858 to $1.888 billion, a 6% year-over-year increase[17] - Full year 2025 Adjusted EBITDA is projected to be between $208 to $214 million, a 5% year-over-year increase[17] Additional Modeling Assumptions - Interest payments are estimated to be approximately $7 million in 2025, with about $1.3 million per quarter associated with an average of $100 million RCF usage[18] - Share-based compensation is estimated at $66 million for 2025[18] - Capital Expenditures (CapEx) are projected to be $48 million in 2025[18]

Financial Performance - Revenue for Fiscal Q3 2025 was $673.8 million, a decrease of 3.5% compared to $698.2 million in Fiscal Q3 2024[15] - Gross profit decreased by 10.1% year-over-year, from $202.5 million in Fiscal Q3 2024 to $182.1 million in Fiscal Q3 2025[15] - Gross margin decreased by 197 basis points year-over-year, from 29.0% in Fiscal Q3 2024 to 27.0% in Fiscal Q3 2025[15] - Adjusted EBITDA decreased by 26.3% year-over-year, from $86.9 million in Fiscal Q3 2024 to $64.0 million in Fiscal Q3 2025[15] - Adjusted EBITDA margin decreased by 295 basis points year-over-year, from 12.4% in Fiscal Q3 2024 to 9.5% in Fiscal Q3 2025[15] - Free cash flow decreased by 71.1% year-over-year, from $27.7 million in Fiscal Q3 2024 to $8.0 million in Fiscal Q3 2025[15] Revenue Disaggregation - Consolidated uniforms revenue decreased by 6.7%, from $279.004 million in Fiscal Q3 2024 to $260.427 million in Fiscal Q3 2025[48] - Consolidated workplace supplies revenue decreased by 1.4%, from $419.244 million in Fiscal Q3 2024 to $413.372 million in Fiscal Q3 2025[48] - Rental revenue decreased by 2.7%, and direct sales revenue decreased by 14.2%[13] Liquidity and Debt - Total available liquidity was $290 million, including $24 million cash on hand[14] - Net debt was $1.3 billion[38] - Net leverage ratio was 4.50x[14, 38]

Financial Performance - Thomson Reuters' Q2 2025 revenues increased by 3% to $1.785 billion[12], with organic revenue growth of 7%[11, 12, 14] and recurring revenue growth of 9%[11, 14] - Adjusted EBITDA for Q2 2025 increased by 5% to $678 million[12], with an adjusted EBITDA margin of 37.8%[12], up 70 bps[12] - Adjusted EPS for Q2 2025 increased by 2% to $0.87[12] - Free cash flow for Q2 2025 increased by 4% to $566 million[12] Segment Performance - "Big 3" (Legal, Corporates, and Tax & Accounting) organic revenue growth was 9%[11, 15, 29, 30] - Legal Professionals revenues decreased by 2% to $709 million[14, 29, 30], but experienced organic growth of 8%[14, 29, 30] - Corporates revenues increased by 7% to $472 million[14, 29, 30], with organic growth of 9%[14, 29, 30] - Tax & Accounting Professionals revenues increased by 11% to $277 million[14, 29, 30], with organic growth of 11%[14, 29, 30] Innovation and AI - Agentic AI launches continue, including CoCounsel for Tax, Audit & Accounting and CoCounsel Legal[11, 18] - The company estimates ~$10 billion of capital capacity by 2027[11] Outlook - FY 2025 outlook for organic revenue growth, adjusted EBITDA margin, and free cash flow reaffirmed[11, 35] - Free cash flow is expected to be ~$1.9 billion[35]

Q3 FY25 Financial Performance - Total company Book-to-bill was approximately 10, consistent with the normal historical range[7] - Reported sales increased by 5% year-over-year, with organic sales up over 4%[7] - Total Annual Recurring Revenue (ARR) grew by 7% year-over-year[7] - GAAP pretax margin was 160% and diluted EPS was $260[7] - Segment operating margin was 212% and Adjusted EPS was $282, exceeding expectations[7] - Achieved approximately $250 million in year-over-year productivity benefits, ahead of schedule[7] - Free Cash Flow was $489 million, compared to $238 million in Q3 FY24[14] Segment Performance - Discrete segment sales increased by approximately 10% organically, with Automotive up low teens and e-Commerce & Warehouse Automation up approximately 30%[8] - Software & Control segment sales increased by 23% due to 22% organic growth[15] - Lifecycle Services segment sales decreased by 6% organically[15] Regional Performance - North America is expected to be the strongest region in FY25, with Q3 FY25 organic sales growth of 7%[10, 11] - Latin America organic sales decreased by 14%[10] Full Year Outlook - Updated reported and organic sales growth range to (2)% to 1% year-over-year[13] - Adjusted EPS range updated to $980 - $1020[13] - Expect segment margin of approximately 20%, including over $250 million benefit from cost reduction and margin expansion actions[13] - Expect Free Cash Flow conversion of approximately 100%[13]

Financial Performance - Total revenue for Q2 2025 was $239 million, a 42% decrease compared to $415 million in Q2 2024[32] - Licensing, royalties, and other revenue amounted to $229 million in Q2 2025, a 42% decrease from $393 million in Q2 2024[32] - Product sales were $11 million in Q2 2025, a 52% decrease compared to $23 million in Q2 2024[32] - Combined R&D and SG&A expenses decreased by 41% in Q2 2025 compared to Q2 2024[26,39] - SG&A expenses decreased by 57% in Q2 2025 as the company transitions lead global commercial leadership to Sanofi[26,39] - The company had combined cash and accounts receivable of $854 million as of June 30, 2025, including $628 million in cash[28] and $226 million in accounts receivable[28] Strategic Updates - The company is prioritizing the Sanofi partnership and seeking additional partnerships to leverage its technology platform and pipeline[10] - The company anticipates receiving up to $50 million in Sanofi milestones in the fourth quarter of 2025[29] - The company updated its full-year 2025 guidance to incorporate the Nuvaxovid postmarketing commitment (PMC) study[27] Pipeline Development - The company intends to partner both the COVID-Influenza Combination (CIC) vaccine and stand-alone flu vaccine candidates, with ongoing discussions with potential partners[18] - Pre-clinical H5N1 data was published in Nature Communications, highlighting robust immune responses after a single or two-dose administration[19] Financial Outlook - The company expects adjusted total revenue for full year 2025 to be between $1 billion and $105 billion[46] - The company is targeting combined R&D and SG&A expenses less partner reimbursement of approximately $350 million in 2026 and $250 million in 2027[45]

Financial Performance - Orders increased by 6% year-over-year and 9.5% sequentially[13, 18] - Revenue decreased by $5.9 million year-over-year[25] - Revenue increased sequentially by $1.5 million[24] - Gross margin improved to 42.6%, a 200 bps increase year-over-year[30] - Reduced debt by $4.9 million during the first half of 2025, including $1.7 million in Q2[13, 50] Market Dynamics - Auto/EV sector orders increased by 39.6%, with Alfamation contributing $5.6 million[23] - Semiconductor sector orders decreased by $2.3 million and $3.7 million[23] - Industrial sales increased by 11%[29] Liquidity and Capital Structure - Cash and cash equivalents totaled $19.2 million as of June 30, 2025[49, 61] - Total debt was $10.1 million as of June 30, 2025[49] - Approximately $59 million in liquidity at June 30, 2025, including borrowing capacity[50] Future Outlook - Expects revenue to be $28 million to $30 million for Q3 2025[57] - Anticipates gross margin similar to Q2 2025[57] - Projects operating expenses of $12.6 million to $13.1 million for Q3 2025, excluding restructuring expenses[57]

© 2025 Bentley Systems, Incorporated. All rights reserved. August 6, 2025 1 Bentley Systems Second Quarter 2025 Results Agenda © 2025 Bentley Systems, Incorporated. All rights reserved. 3 Perspectives from the Executive Chair, Greg Bentley 01 © 2025 Bentley Systems, Incorporated. All rights reserved. 4 Total addressable market ("TAM") Perspectives from the Executive Chair 01 © 2025 Bentley Systems, Incorporated. All rights reserved. 2 Perspectives from the CEO 02 Perspectives from the CFO 03 Q&A 04 Disclaim ...

Financial Performance - In Q2 2025, trivago experienced revenue growth, confirming strong momentum[17] - Total revenue for Q2 2025 increased year-over-year[18] - The Last Twelve Months (LTM) total revenue reached €504 million, a 7% increase[24] - Adjusted EBITDA for the LTM Q2 2025 was €13.1 million, an increase of €4.4 million[24] Strategic Focus - trivago is focused on capturing demand through brand marketing, search improvements, and content enhancement[27] - The company aims to match demand and supply by offering deals and partnerships[27] - Core feature improvements are expected to substantially improve conversion rates[27] - A differentiated member proposition is aimed at increasing logged-in users across all segments[27] Partnerships and Acquisitions - trivago expanded its smart bidding and transaction-based model to over 120 partners[51] - The acquisition of Holisto was completed on July 31, 2025, for USD 25.5 million (approximately EUR 22.3 million)[56] - The acquisition of Holisto allows trivago to accelerate the expansion of trivago Book & Go[54]