Financial Performance - Q2 2025 revenues reached $141 million, exceeding the high end of guidance by $21 million[14] - Adjusted EBITDA guidance is raised to $175 - $200 million for 2025[14] - Net leverage decreased significantly from 99x in Q2 2024 to 19x in Q2 2025[14] - Cash position improved to $267 million, with liquidity at $367 million, a $297 million increase year-over-year[14] - 11 million shares were repurchased in Q2 2025 for $69 million[16] Business Segments - International MCM sales accounted for 48% of total MCM revenue year-to-date[16,54] - NARCAN demand rebounded by 50% in Q2 2025 compared to Q1 2025[16,57] Future Outlook - Full year 2025 revenue is projected to be in the range of $765 - $835 million[14] - The company is pursuing organic and inorganic growth initiatives to create shareholder value[15,67] - The company plans to invest to enable sustainable, long-term growth[62]

Financial Performance - Revenue reached $105933000[8], a decrease of 11% year-over-year[24] - GAAP operating expenses, including cost of revenue, decreased by 17%[8] - Non-GAAP adjusted operating expense decreased by 23% due to business transformation and cost management[8] - GAAP net loss attributable to the Company was ($15000000) and Non-GAAP Adjusted EBITDA was $15000000, representing 14% of revenue, up 4% year-over-year[8] - GAAP loss per share was ($032) and non-GAAP earnings per share was $011[8] - Operating Cash Flow was $10000000 and Free Cash Flow was $5000000[8] Segment Highlights - Pay TV revenue decreased by 18%, with Core Pay TV decreasing by 37% but IPTV increasing by 24%[24] - Consumer Electronics revenue increased by 9%, or 23% excluding Perceive[24] - Connected Car revenue decreased by 20%[24] - Media Platform revenue increased by 18%[24] - IPTV subscriber growth exceeded 30% across North America and Latin America[18] 2025 Exit Goals - The company aims to exit 2025 with 10 TV partners, 5 million monthly active users on the TiVo One ad platform, and an Annual Revenue Per User (ARPU) exit rate of $10[15] 2025 Financial Outlook - The company projects revenue between $440000000 and $460000000[30] - Adjusted EBITDA Margin is expected to be between 15% and 17%[30]

EARNINGS PRESENTATION SECOND QUARTER 2025 08.06.2025 DISCLOSURES FORWARD-LOOKING STATEMENTS This presentation references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including, Adjusted EBITDA and free cash flow. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock-based compensation and certain other items the Company believes are not indicative ...

Q3 FY25 Performance - Total revenue decreased to $62.2 million, compared to $70.5 million in Q3 FY24[5] - Gross margin increased to 73.7% from 71.5% in Q3 FY24[5] - Net loss improved to $(2.7) million from $(313.5) million in Q3 FY24[5] - Adjusted EBITDA decreased to $9.0 million from $12.5 million in Q3 FY24[5] - Cash provided by operating activities significantly increased to $48.4 million from $11.1 million in Q3 FY24[5] - Cash balance & marketable securities decreased to $73.7 million from $121.5 million in Q3 FY24[5] Revenue Details - Variable license revenue increased to $34.2 million in Q3 FY25[7] - Pro forma royalties increased to $43.2 million in Q3 FY25[9] - Adjusted Total Billings TTM increased by 3.5% to $226 million[12] Key Performance Indicators - Cerence technology is present in 52% of worldwide auto production (TTM)[12] - Approximately 12 million units shipped with Cerence technology in Q3, a 2.5% YoY increase[12] - Connected attach rate increased to 31% from 27% a year ago[12] - Average PPU on a TTM basis increased to $4.91 from $4.47 a year ago[12] Fiscal Q4 and FY25 Guidance - Q4FY25 revenue is projected to be between $53 million and $58 million[13] - FY25 revenue is projected to be between $244 million and $249 million[13]

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]

Financial Performance - Total revenue for Q2 2025 was $236 million, a 6% year-over-year increase[6] - Adjusted EBITDA for Q2 2025 reached $105 million, representing a 3% year-over-year growth[6] - Adjusted EPS for Q2 2025 was $034, a 10% year-over-year increase[6] - Free Cash Flow for Q2 2025 was $40 million, a 55% year-over-year increase[6] Strategic Highlights - Colorado and Nevada passed School Bus Stop Arm Enforcement laws, creating an incremental total addressable market of $40 million[10] - Government Solutions achieved solid Q2 bookings, potentially adding $21 million of incremental full run-rate ARR, bringing the trailing twelve months total to approximately $60 million[10] - A new $100 million stock repurchase program was authorized by the Board, valid through November 2026[10] Segment Performance - Commercial Services revenue increased by 5% year-over-year, driven by increased product adoption and tolling activity[11] - Government Solutions service revenue grew by 7% year-over-year, with 11% growth outside of New York City[11] - Parking Solutions SaaS and Services revenue remained relatively flat year-over-year, primarily due to a decline in installation and other professional services[11] 2025 Financial Outlook - The company reaffirmed its 2025 financial outlook, but noted a risk to the lower end of guidance ranges due to uncertainty in travel demand[11] - The company expects total revenue growth of 6% at the mid-point of guidance, resulting in revenue between $925 million and $935 million[43]

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]

Financial Performance & Guidance - Q2 2025 revenue reached $1205 million, a 19% year-over-year decrease [43] - Q2 2025 Non-GAAP operating loss was $57 million [43] - The company maintains FY25 revenue guidance between $64 million and $70 million, representing a 7% to 17% year-over-year increase [10, 12] - FY25 gross bookings are projected to be between $67 million and $74 million, a 2% to 13% year-over-year increase [12] - Q3 2025 revenue is guided to be between $14 million and $18 million, a 28% to 64% increase from Q3 2024 [12, 62] Strategic Initiatives & Market Expansion - Silvaco expanded its serviceable addressable market (SAM) by $110 million through the acquisition of Mixel IP [10, 22] - The company achieved Annual Contract Value (ACV) growth of 26% for the trailing twelve months (TTM) ending in Q2 2025 [22, 39] - 14% of revenue came from 10 new customers, representing $39 million in bookings [16] Product & Customer Highlights - 40% of revenue was generated from expansion within existing customers, resulting in $43 million in bookings [16] - TCAD bookings decreased by $78 million, a 55% decrease year-over-year, due to a high-value FTCO booking in Q2 2024 [48] - SIP bookings increased by $15 million, an 87% increase year-over-year, driven by foundry enablement [48]

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]