Financial Data and Key Metrics Changes - Revenue less ancillary services for Q2 2025 was $127.5 million, representing a 25% FX neutral growth rate or 27.7% on a spot basis, exceeding guidance [32] - Adjusted gross profit increased to $78 million during the quarter, up 23% year over year, with an adjusted gross margin of 61.1% [34] - Adjusted EBITDA reached almost $17 million for the quarter, resulting in a 13% margin, expanding by 723 basis points year over year [35] Business Line Data and Key Metrics Changes - Transaction revenue saw an 18% year-over-year increase, with a 28% increase in transaction-related payment volume, driven by Certify [33] - Platform and other revenues increased by 84% year over year, primarily due to platform fees and contributions from Certify [34] - Certify contributed $12 million in Q2, adding approximately 12 points of growth [32] Market Data and Key Metrics Changes - Revenue from outside the US, Canada, Australia, and the UK is growing well above the company average, with significant traction in markets like Singapore and Spain [14] - In the EMEA region, major wins included partnerships with institutions such as Bocconi University and Universidad Autonoma de Guadalajara [15][20] - The travel segment is seeing strong early traction, with Certify's revenue growing above 35% year over year [26] Company Strategy and Development Direction - The company is focused on diversifying its revenue mix and expanding client relationships through high-value software contracts [7] - The evolution to launch student financial services as a broader SaaS education platform aims to provide greater revenue visibility and durability [7] - The company is committed to capturing all money flows using industry-tailored software solutions powered by AI [9] Management's Comments on Operating Environment and Future Outlook - Management noted that organizations are increasingly focused on efficiency and return on investment, which aligns with Flywire's offerings [5] - The company remains confident in the long-term value of international education despite current visa approval challenges [40] - Management anticipates a mid to high single-digit headwind to organic revenue growth due to visa declines in major markets [43] Other Important Information - The company repurchased approximately $5 million of its shares and expanded its revolving credit facility from $125 million to $300 million [39] - The company is investing in data infrastructure, AI, and automation to enhance productivity and scale [36] - Stock-based compensation expenses are expected to be in the 12% to 13% range for the year, with expectations to trend down as revenue grows [37] Q&A Session Summary Question: Insights on full-year guidance - Management indicated that the strong Q2 results were offset by expected U.S. weakness in the latter half of the year, maintaining a cautious outlook [49][50] Question: Growth profile over the next three to five years - Management expressed excitement about the diversified growth and the potential to double the business, emphasizing strong unit economics [58][60] Question: Trends in the UK business - Management highlighted strong performance in the UK, with significant opportunities for revenue growth through deeper integrations and new product offerings [82][84] Question: U.S. education growth outlook amidst visa challenges - Management noted that domestic growth is offsetting international softness, with strong demand for the student financial services product [92][95]

Financial Data and Key Metrics Changes - The company reported record revenue of $7.7 billion for Q2 2025, a 32% increase year over year, exceeding the midpoint of guidance [5][27] - Free cash flow reached over $1 billion, and gross margin was reported at 54% excluding an $800 million inventory write-down related to export controls [5][28] - Operating income was $897 million, representing a 12% operating margin, down from 22% a year ago due to inventory charges [28][30] Business Segment Data and Key Metrics Changes - Data Center segment revenue increased 14% year over year to $3.2 billion, driven by strong demand for EPYC processors [6][30] - Client and Gaming segment revenue surged 69% year over year to $3.6 billion, with record client CPU sales and strong demand for gaming products [19][31] - Embedded segment revenue decreased 4% year over year to $824 million, reflecting mixed demand across markets [24][32] Market Data and Key Metrics Changes - The company saw robust demand for EPYC processors in cloud and enterprise workloads, with significant adoption among hyperscalers [6][8] - The gaming market experienced a 73% year-over-year revenue increase, driven by strong demand for Radeon GPUs and semi-custom products [21][31] - The embedded market showed gradual recovery, with expectations for growth in test and measurement, communications, and aerospace sectors [24][25] Company Strategy and Development Direction - The company is focused on expanding its AI capabilities, with significant investments in the MI350 and upcoming MI400 series accelerators [12][26] - Strategic partnerships, such as the collaboration with Humane for AI infrastructure, highlight the company's commitment to sovereign AI initiatives [12][54] - The company aims to capitalize on the growing demand for high-performance computing across all markets, positioning itself for long-term revenue growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the server CPU business, driven by durable demand for cloud and on-premise compute [10][26] - The company anticipates a strong ramp in MI350 series GPU production, with expectations for year-over-year revenue growth in the third quarter [10][62] - Management acknowledged challenges from U.S. export controls but remains confident in the recovery and growth potential in the Chinese market once licenses are approved [18][47] Other Important Information - The company generated $1.5 billion in cash from operating activities, with a total of $5.9 billion in cash and short-term investments at the end of the quarter [33][34] - The company has a share repurchase program with $9.5 billion remaining, reflecting its commitment to returning value to shareholders [34] Q&A Session Summary Question: Client business performance and outlook - Management noted strong performance in the client business, with expectations for continued growth, albeit at a slightly lower rate than the first half of the year [40][44] Question: China market and MI308 shipments - Management is optimistic about resuming MI308 shipments to China once licenses are approved, with inventory primarily in work-in-process rather than finished goods [46][48] Question: Sovereign opportunities and growth potential - Management highlighted the additive nature of sovereign opportunities, particularly with the MI355 and MI400 series, and emphasized the importance of regulatory processes [51][55] Question: Data center GPU ramp and revenue expectations - Management confirmed a strong ramp for MI355, with positive customer demand and expectations for year-over-year growth in the third quarter [60][62] Question: Developer cloud and revenue impact - The developer cloud aims to facilitate easier access to AMD GPUs for developers, though it is not expected to significantly impact revenue in the near term [66] Question: Gross margins and product mix - Management indicated that despite the ramp of MI products, operational efficiencies and a strong mix from the gaming and client segments are expected to maintain gross margins [84][86]

Financial Data and Key Metrics Changes - In Q2 2025, the company produced 5,979 vehicles and delivered 10,661 vehicles, generating $927 million in automotive revenue [14] - Consolidated revenue for the quarter was $1.3 billion, with gross profit losses of $206 million, impacted by $185 million in depreciation and $37 million in stock-based compensation [16] - Adjusted EBITDA losses for the quarter were $667 million, with an increase in operating expenses due to ongoing investments in technology and sales infrastructure [16][19] Business Line Data and Key Metrics Changes - The Automotive segment faced a significant decrease in production volume compared to Q1, leading to automotive gross profit losses of $335 million due to fixed costs [15] - The Software and Services segment reported $376 million in revenue and $129 million in gross profit, with half of the revenue coming from a joint venture with Volkswagen Group [15] Market Data and Key Metrics Changes - The company anticipates total regulatory credit sales for 2025 to be approximately $160 million, down from a prior outlook of $300 million due to changes in regulatory credit programs [19] - The company expects the third quarter to be the peak delivery quarter of the year across both consumer and commercial vehicles [18] Company Strategy and Development Direction - The company is focused on developing the R2 vehicle and its autonomy platform, aiming to scale production and establish market leadership [5][6] - The company plans to shut down its normal facility for approximately three weeks in September to prepare for the R2 launch in 2026 [17] - The company is actively studying tariff mitigation strategies and believes that R2 and technology development will be transformative for growth and profitability [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged changes in the external operating environment, including complex policy changes affecting EV tax credits and tariffs, which are expected to impact results and cash flow [6][19] - Despite headwinds, management remains confident in achieving positive EBITDA by 2027, driven by R2 production and strong software and services performance [30][64] Other Important Information - The company received a $1 billion equity investment from Volkswagen Group at a 33% premium to the trading price [16] - The company refinanced its senior secured notes by issuing $1.25 billion of green secured notes at a 10% rate maturing in January 2031 [17] Q&A Session Summary Question: Transitioning from R1 to R2 and cost reduction - Management confirmed that the bill of material cost for R2 is about half that of R1, supported by negotiated contracts with suppliers [24][28] Question: Path to EBITDA breakeven in 2027 - Management emphasized that the R2 cost structure is designed to achieve positive gross margins, despite recent headwinds [66] Question: Impact of the Department of Energy loan - Management confirmed that the loan has not yet been drawn as construction has not started, but they intend to utilize it for expanding manufacturing in Georgia [39] Question: COGS per vehicle increase - The increase in COGS per vehicle was primarily due to lower production volumes and fixed cost absorption issues [48] Question: ASP trends and pricing strategy - Management indicated that Rivian remains a market share leader in its segments and expects strong ASPs despite potential headwinds from the loss of IRA credits [54][56]

Financial Data and Key Metrics Changes - The second quarter revenue was $190 million, down from $218 million in the same quarter last year, primarily due to asset sales and lower office occupancy [19][20] - General and administrative (G&A) expenses improved significantly to $13.5 million from $20.7 million year-over-year, and $80.5 million in the first quarter of this year, marking a 3527% improvement [19][20] - Funds from operations (FFO) excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the same quarter last year [19][20] Business Line Data and Key Metrics Changes - Office leasing activity resulted in 1.2 million square feet of leases signed year-to-date, with 558,000 square feet signed in the quarter, 60% of which were new leases [5][12] - Studio revenue increased by 3% to $34.2 million due to additional studio occupancy, while studio expenses decreased by 11% to $36.6 million [16] - The trailing twelve-month net effective rents were 2% lower compared to the prior year and 11% lower versus pre-pandemic levels [13] Market Data and Key Metrics Changes - The West Coast office recovery is being driven by tech and AI companies, with San Francisco experiencing the largest quarterly occupancy increase in seven years [6][7] - In Silicon Valley, over 1 million square feet of positive net absorption was driven by the tech sector, with AI job postings increasing significantly [7][8] - The Bay Area currently hosts 60% of AI's footprint, indicating strong demand for office space in this sector [8] Company Strategy and Development Direction - The company is focused on enhancing its cost profile and has executed operational enhancements, asset sales, and capital transactions to drive future cash flow growth [6][11] - The strategic pursuit of non-core asset dispositions continues, with the sale of 625 Second for $28 million completed in the second quarter [11] - The company anticipates a stable and growing office occupancy due to lower expirations and increased demand [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of office occupancy, projecting a low to high 8 handle by year-end 2026 [31] - The company expects to see increased allocation activity in the studio segment due to the California Film and Television Tax Credit [10] - Management noted that the balance sheet is in a strong position, allowing for a focus on leasing and operational improvements [34] Other Important Information - The company has over $1 billion in liquidity, including $236 million in unrestricted cash and $775 million in undrawn capacity under its credit facility [21] - The outlook for the third quarter expects FFO per diluted share to range from $0.01 to $0.05, with gross FFO expected to increase due to the recent equity offering [22][23] Q&A Session Summary Question: Concerns about future tenant move-outs - Management confirmed there are no significant issues with any tenant that would change the leasing dynamics [26][28] Question: Pace of occupancy recovery - Management indicated a comfortable projection for occupancy recovery, aiming for a low to high 8 handle by year-end 2026 [31] Question: Focus on leasing versus balance sheet - Management stated that the focus has shifted to leasing and occupancy growth, with no immediate major steps needed on the balance sheet [34] Question: Studio business and lease terminations - Management explained that lease terminations were part of cost-cutting efforts, with significant reductions in expenses achieved [36] Question: Revenue recovery in the studio segment - Management projected potential recovery in studio revenue, aiming for a breakeven point with increased show counts [44] Question: Leasing environment and activity levels - Management confirmed that leasing activity has picked up, surpassing previous quarterly averages [53][54] Question: Guidance for third quarter - Management indicated that studio business activity will be a key variable affecting guidance for the third quarter [62][64]

Financial Data and Key Metrics Changes - The company reported a 32% year-over-year growth in Medicare Advantage membership, reaching over 106,000 members [20] - Insurance revenue increased by 34% to $470 million in Q2 2025, with year-to-date revenue at $927 million [20] - Adjusted EBITDA for Q2 2025 was $70 million, maintaining year-to-date adjusted EBITDA at $43 million [24] - GAAP net loss improved by $4 million year-to-date to $12 million [19][24] - The insurance benefit expense ratio (BER) was reported at 88.4%, up from 76.1% in 2024 [24] Business Line Data and Key Metrics Changes - The Medicare Advantage segment continues to show robust growth, with a focus on leveraging technology to enhance care management [5][8] - The company is experiencing elevated utilization levels in supplemental benefits and Part D, which are being monitored closely [21][22] Market Data and Key Metrics Changes - The company is insulated from broader industry pressures affecting Medicaid and ACA markets due to its focus on Medicare Advantage [10] - The Part D direct subsidy rate for 2026 is significantly higher than for 2025, indicating potential cost pressures that may alleviate in 2026 [12] Company Strategy and Development Direction - The company aims to achieve profitability, return to growth while sustaining profitability, and leverage its differentiated model for accelerated growth [6] - The focus remains on expanding the reach of Clover Assistant and enhancing member retention in existing markets [14] - The company is strategically positioned for a four-star payment year in 2026, which is expected to provide financial tailwinds [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming membership growth season, potentially stronger than the current year [7] - The company is closely monitoring the impacts of the Part D IRA changes and anticipates variability in performance modeling [11] - Management believes that the technology-centric care delivery model will differentiate the company amidst industry pressures [12][13] Other Important Information - The company has maintained a strong cash position with $389 million in cash and investments as of Q2 2025 [26] - Days in claims payable decreased to 32 days, indicating normalization of claims inventory [25] Q&A Session Summary Question: How much conservatism is embedded in the raised guidance on the BER? - The increase in the BER guidance is primarily related to Part D and supplemental benefits, with initiatives in place to monitor these trends going forward [36][37] Question: When did the pressures start emerging, and how much was captured in the bids for next year? - The pressures, especially on Part D, have been tracked throughout the year, with adjustments made in pricing for bids [38][39] Question: What are the drivers for improvements in adjusted SG&A? - Improvements are mainly due to cost efficiencies and renegotiations with partners, reflecting the company's strong growth [41][42] Question: What response has been received from the COPD white paper? - The company plans to continue producing similar papers to highlight the benefits of using Clover Assistant in managing care [43][44] Question: Is the elevated cost trend localized or broad-based? - The elevated cost trends are not specific to new or returning members and are being monitored across the board [48][50] Question: How is the competitive landscape changing for the upcoming AEP? - Competitors are pulling back in certain areas, particularly within PPO networks, which may benefit the company due to its strong positioning [51][52]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $614 million, a decrease from $637 million in the prior year, primarily due to lower COVID and donor screening revenue [20][27] - Adjusted EBITDA increased by 19% year-over-year to $107 million, with an adjusted EBITDA margin improvement of 330 basis points to 17% [27] - Adjusted diluted EPS was $0.12, compared to a loss of $0.07 in the prior year, representing a growth of 271% [27] Business Line Data and Key Metrics Changes - The labs business grew by 5%, driven by strong performance in clinical chemistry and immunoassay testing [21] - Immunohematology revenue grew by 3%, with notable strength in Latin America and EMEA [22] - Respiratory business revenue decreased by $2 million, primarily due to a 52% decline in COVID sales [23] Market Data and Key Metrics Changes - North America revenue declined by 12% during the quarter, while international markets showed growth, particularly in Latin America (14% growth) and Japan/Asia Pacific (6% growth) [9][10] - China experienced 2% growth in Q2 despite tariff-related shipment holds, with expectations for mid-single-digit growth for the full year [11][12] Company Strategy and Development Direction - The company is focused on expanding its low OUS penetration as a significant growth opportunity [10] - Plans to acquire Lex Diagnostics to enhance its molecular diagnostics capabilities, with expected FDA clearance and market placements in 2026 [16][17] - Continued emphasis on cost structure optimization and operational improvements to drive profitability [12][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts, estimating potential headwinds of $20 million to $25 million for 2025, lower than previous estimates [15] - The company remains committed to delivering on its strategy to drive growth and expand profitability, with a focus on customer service and innovation [18][27] Other Important Information - The company completed its ERP conversion related to the business combination, which is expected to lower integration costs in the second half of the year [26] - The company anticipates annual operating cost savings of approximately $20 million from the consolidation of its New Jersey manufacturing site [26] Q&A Session Summary Question: Can you walk through your respiratory expectations for the remainder of the year? - The company is not changing flu assumptions, but COVID revenue guidance has been lowered due to lower emergency room visits and hospitalizations [35][36] Question: Can you provide insights on the visibility for China growth? - The company has good visibility for mid-single-digit growth in China, with minimal impact from recent pricing and volume actions [39][45] Question: What are the moving pieces affecting EBITDA? - The decrease in COVID revenue is offset by lower tariff impacts and the discontinuation of the Savannah platform, leading to no change in adjusted EBITDA guidance [48][51] Question: How is the company planning for the commercialization of the Lex platform? - No commercial efforts have started yet; the focus is on FDA approval before any marketing activities [92] Question: What is the outlook for free cash flow in the second half? - The company expects to generate more cash in the second half, targeting $140 million to $160 million of free cash flow [77][78]

Financial Data and Key Metrics Changes - The company reported revenue of $1.6 billion in Q2 2025, marking its first quarter of adjusted EBITDA profitability in three years [18] - Adjusted EBITDA was $23 million in Q2 2025, compared to a loss of $5 million in Q2 2024 [19] - Contribution profit was $69 million in Q2 2025, with a contribution margin of 4.4%, down from $95 million and 6.3% in Q2 2024 [19] Business Line Data and Key Metrics Changes - The company acquired 1,757 homes in Q2 2025, slightly exceeding expectations but down year-over-year due to wider spreads and reduced marketing spend [19] - Listing conversion rates improved significantly, with five times more customers converting to listings compared to traditional methods [11][44] Market Data and Key Metrics Changes - The housing market has deteriorated, with persistently high mortgage rates suppressing buyer demand and leading to lower clearance rates [21] - The company expects a sequential decline in Q4 revenue similar to Q3, indicating ongoing challenges in the market [21] Company Strategy and Development Direction - The company is transitioning from a single product to a distributed platform with multiple offerings delivered through agents, aiming to enhance customer choice and speed [8][10] - The launch of the Cash Plus product aims to provide sellers with immediate cash while allowing them to maximize proceeds upon resale, aligning incentives with customers [14][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging housing market but emphasized the long-term strategy for durability, relevance, and scale over the next decade [17] - The company anticipates that the impact of new initiatives will show up in conversion rates and contracts before reflecting in the P&L, with significant contributions expected in 2026 [30] Other Important Information - The company ended Q2 2025 with 4,538 homes representing $1.5 billion in net inventory and $1.1 billion in total capital [20] - The company issued $325 million of convertible senior notes in May 2025, extending maturities and adding cash to the balance sheet [20] Q&A Session Summary Question: Regarding Q3 guidance and macro conditions - Management indicated that the macro environment has stabilized but remains below early Q2 levels, with expectations for Q3 and Q4 based on current conditions [28] Question: Impact of new initiatives on contribution margin - Management stated that Cash Plus could enhance confidence in achieving target contribution margins due to lower upfront capital needs and better risk adjustment [33] Question: Sequential decline in Q4 revenue - Clarified that the sequential decline in Q4 revenue is expected on a percentage basis, not absolute dollars, with operational expenses expected to increase in Q4 due to marketing strategies [37][38] Question: Seller demand in a buyer's market - Management noted no current increase in seller demand, as it is contingent on buyer demand improving first [39] Question: Performance of the distributor platform - Management reported that pairing sellers with agents early in the selling journey has significantly improved conversion rates, with twice as many customers reaching cash offers [42][43] Question: Trends in spreads and home price volatility - Management expects spreads to peak in late spring and trend down in the second half of the year, with home price appreciation typically varying seasonally [63][68]

Financial Data and Key Metrics Changes - Revenues grew 10% to $164.1 million, with channel contributions increasing to 49% of total revenues from 46% a year ago [21][22] - Adjusted EBITDA for Q2 was $73.4 million, representing a 45% margin compared to 47% a year ago [23] - Free cash flow was $32.4 million, representing a 20% margin compared to 33% in the prior year [24] - EPS for Q2 grew 11% to $1.68 [24] Business Line Data and Key Metrics Changes - Patch management and cybersecurity asset management combined accounted for 16% of total bookings and 26% of new bookings on an LTM basis [23] - Cloud security solutions, Total Cloud SINA, made up 5% of LTM bookings [23] Market Data and Key Metrics Changes - International revenue grew by 15%, outpacing domestic growth of 7% [22] - The number of customers spending $500,000 or more grew 7% year-over-year to 212 [12] Company Strategy and Development Direction - Qualys is pioneering a new risk operation center category in cybersecurity, focusing on proactive risk management rather than just detection [6][7] - The company is expanding its ETM solution and introducing identity security management to address the evolving cybersecurity landscape [10][11] - A new flexible pricing model, Qualys units (QLUs), allows customers to access the entire platform and utilize modules of their choice [18] Management's Comments on Operating Environment and Future Outlook - The management noted ongoing macroeconomic uncertainty but expressed optimism about improving net dollar expansion rates, which increased to 104% [32][33] - The company expects revenue growth for the full year 2025 to be in the range of $656 million to $662 million, representing an 8% to 9% growth rate [25][26] - Management emphasized the importance of continued investment in sales and marketing to drive growth and capitalize on market opportunities [27] Other Important Information - Qualys received FedRAMP High authorization, positioning it as a modern alternative for federal, state, and local agencies [16] - The company is focusing on expanding its partner ecosystem to drive growth and enhance its market presence [17] Q&A Session Summary Question: Insights on the macro environment and guidance conservatism - Management acknowledged a stable but challenging environment, with customers being cautious about spending [32] Question: Performance of mROC messaging - Management noted that partners are excited about the proactive risk management capabilities offered by mROC, differentiating it from traditional SOC services [35] Question: Bridging revenue and billings growth - Management indicated that current billings growth is expected to align with revenue growth guidance of 6% to 8% [41] Question: Expectations for the federal vertical post-FedRAMP High - Management expressed optimism about future opportunities in the federal sector, although immediate impacts are not expected [46][48] Question: Impact of Qualys Flex pricing - Management reported positive feedback on the new pricing model, which allows customers to access multiple modules without purchasing additional SKUs [51] Question: Revenue outperformance and guidance - Management attributed revenue outperformance to a more conservative initial guidance due to macro uncertainties, but noted strong execution in the first half of the year [58]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were $110.6 million, a significant increase from $2.2 million in the same period last year, primarily driven by a $71.5 million increase in net product revenue from Atruvi [34][35] - Net product revenue for Atruvi reached $71.5 million, representing a 100% growth compared to Q1 2025 [9][26] - Operating costs and expenses increased to $244.8 million from $177.7 million year-over-year, largely due to a rise in SG&A expenses [36] Business Line Data and Key Metrics Changes - Atruvi's unique patient prescriptions reached 3,751 with 1,074 unique prescribers, showing growth in both new prescribers and depth of prescribing [8][9] - Weekly prescriptions for Atruvi grew over 30%, exceeding internal projections [9] - The launch of Atruvi has seen new patient additions at approximately 120 patients per week, up from 100 previously [26] Market Data and Key Metrics Changes - The ATTR cardiomyopathy market is expanding rapidly, with expectations for peak market size between $15 billion to $20 billion [27] - The company is capturing market share from treatment-naive patients, with an estimated market share of 18% to 20% in the treatment-naive segment [46] Company Strategy and Development Direction - BridgeBio aims to become a diversified biopharma company with multiple first-in-class assets targeting high unmet needs [18][19] - The company is focused on expanding its commercial infrastructure to support future launches, with each potential launch having peak sales potential exceeding $1 billion in the U.S. market [33][34] - The strategy includes enhancing access programs and increasing awareness to drive patient identification and treatment [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing growth trajectory of Atruvi and the potential for upcoming Phase III trial results to further validate their pipeline [37] - The company anticipates continued revenue growth driven by Atruvi and expects cash flow to extend through multiple value-creating milestones [36][37] Other Important Information - The company has a strong cash position of $756.9 million, bolstered by strategic monetization efforts [36] - Management highlighted the importance of scientific data in driving commercial momentum and patient access [47][48] Q&A Session Summary Question: What is driving the increase in patient adds? - The increase is attributed to strength in treatment-naive starts and continued switch activity, with the market expanding due to increased screening and awareness [44][45] Question: How have the trends evolved regarding the 28-day free trial and patient assistance programs? - Normalization was observed in the utilization of the 28-day free trial and patient assistance programs, which is crucial for serving under-penetrated populations [50][53] Question: What are the competitive dynamics in the market? - The company is facing more pressure in the switch category but is seeing strong growth in treatment-naive patients, with no significant price competition observed [80][82] Question: What are the key metrics for the upcoming Phase III CALIBRATE trial? - A successful study would be defined by a majority of patients achieving normalization of both blood and urine calcium levels, which are critical biomarkers for the condition [70][71] Question: How does the company view the potential market share for its pipeline products? - The company believes that a successful study in ADH1 could significantly de-risk further evaluations in chronic hypoparathyroidism, given the strong genetic link [99][100]

Financial Data and Key Metrics Changes - Organic revenues were essentially flat, in line with previous guidance, while OIBDA was $124 million and AFFO was $85 million [12][19] - Billboard revenues decreased by 2.5%, primarily due to the exit of two large marginally profitable contracts in New York and LA [13][14] - Transit revenues grew by 5.6%, driven by a 17% increase in digital revenues [14][16] - Digital revenues represented over 34% of total organic revenues, with programmatic and digital direct automated sales up nearly 20% [16][18] Business Line Data and Key Metrics Changes - Billboard revenues were impacted by the exit of contracts, with traffic and other billboard revenues down 1.6% and digital billboard revenues down 4.5% [13][14] - Transit revenue growth was supported by mid-single-digit growth in the New York MTA, despite a strong performance in 2024 [14][18] - Commercial revenues increased by 1.4% year-on-year, while enterprise revenues declined by 4% [17] Market Data and Key Metrics Changes - The strongest revenue categories were legal, financial, service providers, and insurance, while weaker categories included entertainment, health and medical, restaurants, and alcohol [14] - The company noted a significant opportunity in engaging digital media buyers who have not yet embraced digital out-of-home advertising [16] Company Strategy and Development Direction - The company has undergone a significant internal reorganization to enhance revenue growth and redefine sales categories [6][9] - A redesigned brand solutions group has been established to drive demand from enterprise marketers across major industry verticals [7][12] - The focus is on operational excellence, reducing administrative burdens, and optimizing sales strategies [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue growth to accelerate in Q3, driven by transit growth and a low single-digit decline in billboard revenues [30][31] - The company is determined to address industry challenges such as complexity, measurement, and attribution to enhance its role in the marketing mix [32] Other Important Information - A restructuring charge of $19.8 million was incurred due to workforce reductions, with expected annualized expense savings of $18 million to $20 million [19][20] - The company maintained a $0.30 cash dividend payable on September 30 [28] Q&A Session Summary Question: Are you through the heaviest period of changes to the business? - Management indicated that while significant restructuring has occurred, ongoing efforts to modernize workflows and improve demand generation are still in progress [36][37] Question: Can you help unpack the weakness in the entertainment vertical? - Management noted that the absence of key studios supporting their slate contributed to the weaker performance, but they are optimistic about future growth in this sector [41] Question: What are the drivers behind the acceleration in transit? - Key performance improvements in New York, management focus, and incentives were highlighted as factors driving transit growth [44] Question: What is the anticipated impact from the MTA and LA contract exit? - The exit of these contracts is expected to be a headwind in Q3, but the company anticipates recovery in subsequent quarters [45] Question: Is the decline in static transit revenue structural? - Management acknowledged that the decline in static transit revenue is likely structural, as there is a growing preference for digital formats [49][50] Question: What is the potential for margin expansion in the back half of the year? - Management expects significant cost savings from restructuring, with potential margin improvements anticipated in 2025 [53][58] Question: Are there any cost levers left to pull if revenue remains soft? - Management confirmed that there are always cost levers available, but they are currently focused on the impact of recent changes [55][56] Question: Can you discuss regional variations in revenue growth expectations? - Management indicated that while there are no significant regional variations, California and New York remain the strongest markets [65][66]