Second Quarter 2020 Performance - Revenue reached $85.1 million, a 2.9% increase compared to the second quarter of 2019[31] - Remittance volume totaled $2.8 billion, representing a 5.3% growth from the prior year period[31] - Adjusted EBITDA amounted to $17.4 million, a 6.8% increase year-over-year[31] - Net income increased by 26.9% to $9.0 million[31] - Adjusted EBITDA margin expanded by 75 basis points year-over-year to 20.4%[33] Growth Initiatives - Online business transactions grew by 884% in the second quarter of 2020 compared to the second quarter of 2019[14] - Online business customers increased by 608% in the second quarter of 2020 compared to the second quarter of 2019[14] - Emerging LATAM corridors experienced revenue growth of 17% from Q1 to Q2, now representing approximately 7% of total Intermex Revenue[16] Capital & Liquidity - Estimated free cash generated was $10.0 million in Q2 2020, a 16.4% increase of $1.4 million from Q2 2019[26] - The company converted 58% of Adjusted EBITDA to Free Cash after taxes, investments and debt service in Q2 2020[26] Third Quarter 2020 Guidance - The company projects revenue of $88 million – $91 million[36] - The company anticipates Adjusted EBITDA of $17 million - $18 million[36]

Financial Performance - Revenue reached $95.6 million, a 12% increase compared to Q3 2019[4] - Net income increased by 135% to $9.5 million compared to $4.038 million in Q3 2019[4, 20] - Basic & Diluted EPS increased by 127% to $0.25[4, 19] - Adjusted Net Income increased by 28% to $12 million[4] - Adjusted EBITDA grew by 16% to $19 million[4] - Free Cash Generated increased by 79% to $10.5 million[4] Growth Drivers - Online growth was significant, with a 48% increase in Q3 2020 compared to Q3 2019[9] - The company is investing in digital initiatives, including hiring new digital leadership and redesigning the mobile app[11] - Emerging markets transaction growth showed strong quarter-over-quarter increases, reaching 35.2% in Q3 2020[8] Market Share and Strategy - The company is focused on targeted, high-volume agents, adding agents based on specific ZIP code demographics[6] - The company is driving market share growth in core markets[8] Future Outlook - The company anticipates Q4 2020 revenue between $93 million and $95 million, representing a 12%-14% increase[17] - The company projects Adjusted EBITDA for Q4 2020 to be between $16.5 million and $17 million, a 17%-20% increase[17]

Financial Performance - Full Year 2020 - Net Income increased by 72.3% to $33.8 million[4] - Basic & Diluted EPS increased by 71.2% and 69.2% to $0.89 and $0.88 respectively[4] - Adjusted Net Income increased by 30.0% to $42.3 million[4] - Adjusted Basic & Diluted EPS increased by 27.6% and 26.4% to $1.11 and $1.10 respectively[4] - Adjusted EBITDA increased by 18.7% to $68.4 million[4] - Revenue increased by 11.8% to $357.2 million[4] Financial Performance - Fourth Quarter 2020 - Net Income increased by 80.1% to $9.6 million[5] - Basic & Diluted EPS increased by 78.6% to $0.25[5] - Adjusted Net Income increased by 54.2% to $11.7 million[5] - Adjusted EBITDA increased by 32.3% to $18.7 million[5] - Revenue increased by 19.3% to $99.3 million[5] Growth Drivers - Money Transfer Transactions increased by 36.7% in 4Q20 compared to 4Q19[6]

Financial Performance - Q1 2021 - Revenue increased to $94.6 million, a 22.4% increase compared to Q1 2020[4] - Net Income rose to $9.0 million, a 57.8% increase compared to Q1 2020[4] - Basic & Diluted EPS increased to $0.23, a 53.3% increase compared to Q1 2020[4] - Adjusted Net Income increased to $10.6 million, a 40.0% increase compared to Q1 2020[4] - Adjusted EBITDA increased to $16.8 million, a 27.4% increase compared to Q1 2020[4] - Adjusted Basic & Diluted EPS increased to $0.27, a 35.0% increase compared to Q1 2020[4] Growth Metrics - Money transfer transactions increased from 7.0 million in Q1 2020 to 8.4 million in Q1 2021[6] - Market share in core markets grew to 19.6% in Q1 2021[7] Guidance for 2021 - Revenue is projected to be between $414 million and $421 million, representing a 16%-18% increase[11] - Net Income is projected to be between $40 million and $42 million, representing a 19%-24% increase[11] - Adjusted Net Income is projected to be between $47 million and $49 million, representing a 12%-15% increase[11] - Adjusted EBITDA is projected to be between $76 million and $79 million, representing an 11%-14% increase[11]

Financial Performance - Revenue for the second quarter of 2021 was $116.7 million, an increase of 37.2% compared to the second quarter of 2020[4] - Net income for the second quarter of 2021 was $13.2 million, up 47.3% from the same period in 2020[4] - Basic and diluted earnings per share (EPS) increased by 41.7% to $0.34[4] - Adjusted net income was $15.3 million, a 41.2% increase[4] - Adjusted basic and diluted EPS increased by 42.9% and 39.3% to $0.40 and $0.39, respectively[4] - Adjusted EBITDA was $23.2 million, representing a 33.4% increase[4] Transaction and Market Growth - Money transfer transactions to emerging markets grew by 39.0% in Q1 2021 and 41.0% in Q2 2021[6] - The company's market share in core markets increased from 17.3% in 2Q18 to 21.0% in 2Q21[7] Digital Growth - Digital deposits to bank accounts increased between 2Q20 and 2Q21[9] - Total digital send or receive transactions accounted for 19% of total transactions in 2Q21[9] Updated Guidance - The company updated its 2021 revenue guidance to $441 million - $450 million[12] - Net income guidance was updated to $43 million - $45 million[12] - Adjusted net income guidance was updated to $51 million - $53 million[12] - Adjusted EBITDA guidance was updated to $80 million - $83 million[12]

Financial Performance - Q3 2021 - Revenue increased to $1207 million, a 263% increase compared to Q3 2020[4] - Net income reached $115 million, up by 212% from the same period last year[4] - Diluted EPS increased to $029, reflecting a 160% growth year-over-year[4] - Adjusted net income rose to $157 million, a 283% increase compared to Q3 2020[4] - Adjusted diluted EPS increased to $040, up 250% from the previous year[4] - Adjusted EBITDA increased to $229 million, representing a 198% increase[4] Market Growth and Transactions - Money transfer transactions increased, demonstrating growth from 64 million in 3Q18 to 105 million in 3Q21[7] - The company is driving market share growth in core markets, reaching 218% in 3Q21[8] - Emerging markets contributed significantly to growth, with transaction growth reaching 235% in 3Q21[9] Digitalization - Digital deposits to bank accounts are growing, with total digital send or receive transactions accounting for 23% of total transactions in 3Q21[11, 12] Updated Guidance for 2021 - The company updated its 2021 revenue guidance to $450 million - $455 million[17] - Net income guidance was updated to $44 million - $45 million[17] - Adjusted net income guidance was updated to $52 million - $53 million[17] - Adjusted EBITDA guidance was updated to $84 million - $85 million[17]

Financial Performance - In Q3 2025, Pure Cycle delivered revenue of $5.14 million, gross profit of $3.26 million with a 63% gross margin, and net income of $2.26 million, translating to $0.09 EPS[23] - Year-to-date 2025, Pure Cycle delivered revenue of $14.89 million, gross profit of $8.45 million with a 57% gross margin, and net income of $7.00 million, translating to $0.29 EPS[23] - Year-to-date net income totaled $7 million, representing 56% of the full-year target, and EPS reached $0.29, also 56% of the 2025 EPS guidance[32] - The company has acquired over $130 million in water and land interests[7] Water Utilities - The water rights portfolio can provide water to as many as 60,000 connections[63] - The current water system can produce over 3.4 million gallons of water per day, with a book value of $56 million[65] - The company estimates its water portfolio can generate approximately $2.3 billion in revenues based on current rates, serving approximately 60,000 connections[68] Land Development - Total lot sales from completed phases reached $80 million with a 77% gross margin[79] - Sky Ranch land acquisition cost was $3.7 million, with over $600 million in potential development revenue expected[93] Single-Family Rentals - The company has 14 completed homes with $131,000 in quarterly rent revenue and a 69% gross margin[46, 49] - The fair market value of completed homes is $7.4 million[106]

Financial Performance - Q3 reported net sales increased by 13.8% year-over-year to $381 million, driven by the OWYN acquisition and 3.8% organic net sales growth[9, 31] - Fiscal year-to-date reported net sales increased by 13.2% year-over-year to $1,081.9 million, with OWYN contributing $99.6 million, or 10.4% to the growth[31] - Q3 Adjusted EBITDA grew by 2.8% year-over-year, while net income decreased slightly by 0.6% to $41.1 million[10, 34] - Fiscal year-to-date Adjusted EBITDA grew by 10.6% year-over-year, and net income increased by 5.4% to $116 million[11, 38] - The company's leverage improved to 0.5x, driven by Adjusted EBITDA growth and strong cash flow generation[11] Brand Performance - Quest retail takeaway grew by 11%, with household penetration increasing by 120 bps to 18.3%[9, 13] - OWYN Q3 retail takeaway grew by 24%, with balanced growth across channels, including MULO+C (+26%) and e-commerce (+19%)[9, 24, 25] - Atkins Q3 retail takeaway declined by 13%, primarily due to distribution losses[9, 23] Outlook and Strategy - Fiscal Year 2025 net sales for OWYN are expected to be $145 million[25] - The company expects Fiscal Year 2025 retail takeaway to increase low double-digits for Quest and decline low double digits for Atkins[17, 23] - The company is updating its Fiscal Year 2025 outlook, expecting net sales growth in the 8.5% to 9.5% range[10, 47]

Refining Operations - HollyFrontier aims to operate its refineries at a crude charge rate of 450,000 to 470,000 barrels per day[37] - HollyFrontier targets mid-cycle Refining EBITDA of $1.0 billion to $1.2 billion per year[132] - HollyFrontier is implementing cost-saving initiatives to achieve a target operating expense of $5.50 per throughput barrel[40] - HollyFrontier has increased its refining capacity by 15% since 2015[27] Holly Energy Partners (HEP) - HollyFrontier owns 59% of the LP Interest in HEP[15] - Over 80% of HEP's revenues are tied to long-term contracts and minimum volume commitments[15, 62] - HEP is targeting a distribution coverage ratio of 1.0 to 1.2x[62] Lubricants & Specialty Products - HollyFrontier Lubricants & Specialty Products (HF LSP) is the largest North American group III base oil producer[15] - HF LSP's Rack Forward business consistently generates EBITDA margins of 10-15%[114] - HF LSP targets Rack Forward EBITDA of $175 million to $200 million in 2018[135] Financials & Valuation - HollyFrontier's sum-of-the-parts valuation estimates a total share price of $60, based on a $37 valuation for Refining & Marketing, $12 for Holly Energy Partners, and $11 for Lubricants & Specialty Products[129] - HollyFrontier targets a net debt to EBITDA ratio of 1x (excluding HEP)[141]

Transaction Overview - GLPI is acquiring real property assets from Bally's for $1585 billion[5] - The initial cash rent is $1321 million, representing an 83% blended cap rate[5] - The lease term is 15 years with CPI-based rent escalations (10% floor, 20% ceiling)[5] - GLPI has a call option for Bally's Lincoln for $7350 million, with initial cash rent of $588 million[5] Bally's Chicago Investment - GLPI's total investment in Bally's Chicago is $1190 billion, with an 84% blended cap rate[15] - This includes $9400 million in construction financing and $2500 million for land acquisition[15] - The ground lease has a 15-year initial term with an 80% initial cash yield[15] Bally's Kansas City & Shreveport - GLPI is purchasing the real property assets of Bally's Kansas City and Shreveport for $3950 million[31] - The initial cash rent is $322 million, representing an 82% initial capitalization rate[31] - Pro forma rent coverage is projected to be 22x[31] Bally's Lincoln Option - GLPI has an option/call right to acquire Bally's Lincoln for $7350 million, based on an 80% cap rate[37] - The initial annual rent is $588 million, over 20x covered[37]