Financial Performance - Q2 2025 revenue reached $78 million, showing a year-over-year growth of 16%[8] - Q2 2025 gross profit was $62 million, resulting in a gross profit margin of 79%[8] - Q2 2025 Adjusted EBITDA was $3 million, representing 4% of revenue[8] - The company had $56 million in cash and $20 million in debt at the end of Q2 2025[8] User Engagement - ThredUp had 1.5 million active buyers in Q2 2025, a 17% increase year-over-year[8] - Total orders in Q2 2025 amounted to 1.5 million, reflecting a 21% year-over-year growth[8] Sustainability Impact - ThredUp's operations have saved 666 million pounds of carbon emissions[8] - The company has also contributed to saving 1.3 billion kWh of energy[8] - Water savings attributed to ThredUp's efforts amount to 7 billion gallons[8] Market Position and Strategy - The U S secondhand apparel market grew 14% in 2024, which is 5 times faster than the broader retail clothing market[38] - The U S throws away approximately 17 billion pounds of apparel that could be recycled and reused[39]

Financial Performance - Net investment income increased to $2.5 million, or $0.83 per share, driven by incentive fee reversal[9] - Total expenses were a benefit of $864,000, reflecting a $1.5 million capital gains incentive fee reversal[9] - Total investment income decreased by 25% due to repayments exceeding originations[9, 32] - Adjusted expenses decreased 38% to $626,000 in Q2 2025, excluding the capital gains incentive fee benefit[32] - Net Asset Value (NAV) decreased from $65.3 million to $56.7 million[35] Portfolio Composition and Activity - The fair value of the investment in Tilson Technologies decreased by $9.5 million due to bankruptcy filing[20] - Portfolio mix at quarter-end: 86% fixed-rate debt investments and 14% equity investments in private companies[17] - Annualized weighted average yield of debt investments was 12.2% at June 30, 2025[17] - Total investments at fair value of $52.4 million[24] Liquidity and Dividends - Ended the quarter with approximately $25 million in liquidity and no debt[9] - Maintained quarterly dividend at $0.29 per share[38] - $20.2 million available credit capacity[38]

Production and Operations - Second quarter net production was approximately 63,500 boepd[11] - Kosmos is targeting 27 mtpa FLNG nameplate capacity for GTA in the fourth quarter of 2025[9] - Jubilee's first producer from the 2025/26 drilling program came online in late July[9] - Winterfell-4 was successfully drilled and is expected to add approximately 1,000 boepd net rate when it comes online at the end of the third quarter of 2025[39] - Gross oil production from Ceiba & Okume averaged approximately 22,000 bopd in the second quarter[17] Financial Performance and Guidance - Kosmos expects fiscal year 2025 capital expenditures to be approximately $350 million, reduced from a previous estimate of $400 million[9,47] - Kosmos is targeting a $25 million overhead reduction by year-end 2025[10] - Kosmos has agreed to indicative terms for a Gulf of America term loan of up to $250 million to repay 2026 maturities[9,41] - Kosmos anticipates operating expenses per barrel of oil equivalent (Opex/boe) to decrease as production increases[9] - Kosmos expects 3Q 2025 net production to be 65,000 – 71,000 boe/day and FY 2025 net production to be 65,000 – 70,000 boe/day[50] Hedging and Risk Management - Kosmos has hedged 5 million barrels of remaining oil production for 2025 with a floor of approximately $62/barrel and a ceiling of approximately $77/barrel[47] - Kosmos has hedged 7 million barrels of oil production for 2026 with a floor of approximately $66/barrel and a ceiling of approximately $75/barrel, targeting approximately 50% of 2026 oil production to be hedged[47]

Financial Performance - Total revenue grew by 18% to $688 million[5] - Operating income increased by 46% to $73 million[9] - Net income increased by 46% to $74 million[9] - Adjusted EBITDA increased by 28% to $103 million[9] Revenue Components - Commission and fee revenue increased by 12%[9, 25] - Membership, Marketplace, and other revenue increased significantly by 68%[9, 25] Marketplace growth was 232%[9] - Earned premium in Hagerty Re grew by 12%[25] Future Outlook - The company aims to double policies in force to 30 million by 2030[10, 15] - Revised 2025 outlook projects total revenue between $1356 million and $1368 million, a 13%-14% increase[41] - Revised 2025 outlook projects net income between $112 million and $120 million, a 43%-53% increase[41] - Revised 2025 outlook projects Adjusted EBITDA between $162 million and $172 million, a 30%-38% increase[41] Strategic Initiatives - Hagerty entered into a non-binding LOI with Markel to control 100% of the premium in 2026[7, 16]

Second Quarter 2025 Financial Results Conference Call Supporting Slides August 4, 2025 Safe Harbor This presentation contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements ...

Financial Results - Q2 2025 net loss attributable to IEP was $165 million, compared to a net loss of $331 million for Q2 2024[6] - Q2 2025 Adjusted EBITDA loss attributable to IEP was $43 million, compared to an Adjusted EBITDA loss of $155 million for Q2 2024[6] - Indicative net asset value as of June 30, 2025, was approximately $3.3 billion, an increase of $252 million compared to March 31, 2025[6] - The company declares a second quarter distribution of $0.50 per depositary unit[6] Segment Performance - Energy segment: Adjusted EBITDA decreased by $127 million to a loss of $24 million for Q2 2025 compared to $103 million in Q2 2024[17, 20] - Automotive segment: Adjusted EBITDA decreased $27 million for Q2 2025 compared to Q2 2024, impacted by higher labor costs and operating expenses[23, 24] - Investment segment: Returns of negative 0.5% for Q2 2025[12, 14] - All Other Segments: Q2 2025 Adjusted EBITDA attributable to IEP was $17 million compared to $28 million for Q2 2024[31] Energy Segment Details - Refining margin for Q2 2025 was $2.21 per throughput barrel, compared to $10.94 during Q2 2024[17, 20] - Renewable margin for Q2 2025 was $0.38 per vegetable oil throughput gallon, compared to $0.43 in Q2 2024[17, 20] - Q2 2025 average realized gate prices for UAN increased by 18% to $317 per ton and ammonia increased by 14% to $593 per ton when compared to Q2 2024[17, 19]

Q3 Fiscal 2025 Financial Results - Net sales reached $7253 million, showing a 34% increase reported and a 01% organic increase[24] - Batteries & Lights net sales increased by 51% reported and 05% organically[24] - Auto Care net sales decreased by 11% reported and 09% organically[24] - Adjusted gross margin increased by 330 basis points to 448%[24] - Adjusted EPS increased by 43% year-over-year to $113, with $078 prior to production credits[24] - Adjusted EBITDA increased by 145% year-over-year to $1714 million[24] Fiscal Year 2025 Outlook - Reported net sales are expected to increase by 1% to 3%, with Q4 projected to increase by 2% to 4%[43] - Organic net sales are expected to remain flat to +2%, with Q4 projected to decrease by 2% to flat[43] - Adjusted EPS is projected to be in the range of $355 to $365, with Q4 projected to be $105 to $115[43] - Adjusted EBITDA is projected to be in the range of $630 million to $640 million[43]

Acquisition Highlights - Chairish, a leading online marketplace for vintage furniture, décor, and art, generated $51 million in revenue in 2024 and has 1.3 million active listed items[5] - The acquisition is expected to generate approximately $8 million in accelerated operational synergies[5] - The purchase price is $85 million, funded from existing cash and RCF, with adjusted EBITDA expected to be positive in FY26 and accretive to adjusted EPS in FY27[5] Chairish Key Metrics - Chairish has 4.1 million total accounts[8] - The total inventory listing value is $2.6 billion with 1.3 million active items[10] - Chairish has 4.5 million monthly sessions[12] Synergies and Growth - The acquisition immediately adds $2.6 billion in inventory and approximately 1.3 million items to the network[20] - Approximately $8 million in annualized synergies are expected to be executed by FY27[27] - $2-3 million from marketing efficiency[27] - $3-4 million from headcount optimization[28] - $2 million from increased take rate[29] - The list price market is 3x the Total Addressable Market (TAM) of the US Arts & Antiques (A&A) auction market[23] Financial Impact - Adjusted EBITDA is expected to be positive in FY26[36] - The acquisition is expected to be accretive to adjusted EPS in FY27[36] - In the medium term, Chairish is expected to achieve double-digit revenue growth and adjusted EBITDA margins of around 30%[36]

Financial Highlights - Net income decreased by 6% from $317 million to $299 million, while core income increased by 3% from $326 million to $335 million[6] - Net investment income increased by 7% to $662 million pretax, driven by increases in both fixed income securities and limited partnerships/common stock[6] - The book value per share excluding AOCI increased by 4% from year-end 2024, adjusting for $2.92 of dividends per share paid[6] Property & Casualty Operations - The P&C combined ratio improved slightly from 948% to 941%, with catastrophe losses impacting 24 points compared to 35 points in the prior year quarter[6] - P&C segments, excluding third-party captives, experienced gross written premium growth of 5% and net written premium growth of 6%[6] - The underlying combined ratio for P&C was 917%, compared to 916% in the prior year quarter[6] Segment Performance - Specialty segment GWP ex third party captives increased by 3% from $984 million to $1013 million[10] - Commercial segment GWP ex third party captives increased by 6% from $1802 million to $1903 million[12] - International segment NWP increased by 9% from $359 million to $391 million[14] Investment Portfolio and Capital - Fixed income securities net investment income increased from $520 million to $544 million[19] - Limited Partnership & Common Stock net investment income increased from $78 million to $100 million[22] - The company maintains a high-quality investment portfolio, with 88% of total invested assets in fixed income securities and an average credit rating of "A"[30]

Q2 2025 Financial Highlights - Revenue reached $1.47 billion, a 2% increase Q/Q[14] - Gross margin was 37.6%, a decrease of 240 bps Q/Q[14] - Operating margin was 17.3%, a decrease of 90 bps Q/Q[14] - Diluted EPS was $0.53, a decrease of $0.02 Q/Q[14] Revenue Breakdown by Segment - Automotive revenue was $733 million, a 4% increase Q/Q[14] - Industrial revenue was $406 million, a 2% increase Q/Q[14] - Other revenue was $329 million, a 16% increase Q/Q[14] Q3 2025 Guidance - Revenue is expected to be between $1.465 billion and $1.565 billion[18] - Non-GAAP gross margin is expected to be between 36.5% and 38.5%[18] - Non-GAAP operating expenses are projected to be between $280 million and $295 million[18] - Non-GAAP diluted EPS is expected to be between $0.54 and $0.64[18] Long-Term Financial Targets (2027) - Revenue is targeted to grow at a CAGR of 10-12%[79, 86] - Gross margin is targeted to reach 53%[36, 79, 86] - Operating margin is targeted to reach 40%[79, 86] - Free cash flow is targeted to be 25-30% of revenue[37, 79, 86]