Q2 2025 Performance - Net sales decreased by 13.7% year-over-year to $78.2 million[10] - Delivery Systems net sales decreased by 36.5% year-over-year to $22.4 million[10] - Consumables net sales increased slightly by 0.8% year-over-year to $55.8 million[10] - Net income increased by $19.5 million year-over-year to $19.7 million[10] - Adjusted EBITDA increased by $19.1 million year-over-year to $13.9 million[10] Financial Outlook - The company expects 3Q 2025E net sales to be between $65 million and $70 million[20] - The company expects 3Q 2025E adjusted EBITDA to be between $2 million and $4 million[21] - The company expects FY 2025E net sales to be between $285 million and $300 million[21] - The company expects FY 2025E adjusted EBITDA to be between $27 million and $35 million[21] Market Position - Hydrafacial holds the 1 market share and 41% of aesthetic practices with microdermabrasion offer Hydrafacial[25] - Hydrafacial is the 2 best-known brand[26]

Financial Performance & Outlook - Second quarter commercial revenue reached $18.4 million, a 21% increase compared to Q2 2024[8] - A backlog in unpaid provider claims impacted RECELL performance, resulting in an estimated $10 million reduction in RECELL revenue[14] and a ~20% drop in demand[13] - Full-year 2025 revenue guidance revised from $100 million - $106 million to $76 million - $81 million, reflecting a growth of ~19% to 27% compared to FY2024[38] - The company now anticipates cash flow break-even in Q2 2026 and GAAP profitability in Q3 2026[38] - Net loss decreased by 35.7%, and operating expenses decreased by 9.1%[37] Product Impact & Clinical Data - RECELL treatment achieves a significant 36% reduction in hospital Length of Stay (LOS) for patients with deep second-degree burns <30% total body surface area[11, 17] - Cohealyx enables autograft readiness in five to ten days, offering a faster path to healing for full-thickness wounds[11, 24] Market Expansion & Strategy - The U S Total Addressable Market (TAM) for burn and trauma with multi-product strategy is estimated at $3.5 billion[33] - Two major hospitals are expanding RECELL use to burns <20% TBSA, potentially adding ~150 additional patients per month[29] - VAC submissions are now active in ~25% of the ~130 U S burn centers[30]

Financial Performance - Tripadvisor achieved 11% year-over-year revenue growth in Q2 2025, driven by reinvestment of cost savings in top-line growth initiatives[9] - The Last Twelve Months (LTM) ending Q2 2025 revenue was $882 million for Brand Tripadvisor, $920 million for Viator, and $198 million for TheFork[12] - LTM Adjusted EBITDA ending Q2 2025 was $65 million (7% margin) for Brand Tripadvisor, $270 million (29% margin) for Viator, and $11 million (6% margin) for TheFork[12] - The company's liquidity position as of June 30, 2025, was $1708 million, including $341 million from a term loan, offset by $411 million for stock repurchase[25, 27] Segment Highlights - Viator's Total Gross Booking Value (GBV) has a Compound Annual Growth Rate (CAGR) of approximately 23% from 2019 to 2024, reaching over $4 billion in FY2024[39, 42] - Brand Tripadvisor has approximately 300 million monthly unique users and over 100 million active members with over 1 billion reviews and opinions[53] - TheFork operates in 11 countries with over 55,000 bookable restaurants, with over 75% of bookings made via mobile app and from repeat diners[64] Strategic Focus - Tripadvisor is focused on an engagement-led strategy through product delivery, shifting from a legacy model to scaling engagement-led growth opportunities[9] - Brand Tripadvisor is focusing on engagement and delivering world-class guidance products to fuel diverse monetization paths[66] - Viator is reinforcing its leadership position in experiences by investing in awareness, enhanced products, and repeat bookings to capture more market share[66] - TheFork aims to drive profitable revenue growth by delivering value to both diners and restaurants as the leader in the European dining market[66]

Q2 2025 Financial Performance - Room nights increased by 7% year-over-year to 105 million[10] - Gross bookings increased by 5% year-over-year to $30.4 billion[10] - Revenue increased by 6% year-over-year to $3.8 billion[12] - Adjusted EBITDA increased by 16% year-over-year to $908 million[12] - Adjusted EBITDA margin increased by 190 bps year-over-year[10, 22, 26] - Adjusted EPS increased by 21% year-over-year to $4.24[12] Segment Performance - B2B gross bookings increased by 17% year-over-year to $8.8 billion[17] - Advertising revenue increased by 19% year-over-year to $182 million[17] Guidance - Q3 2025 gross bookings are expected to increase by 5-7% year-over-year[61] - Q3 2025 revenue is expected to increase by 4-6% year-over-year[61] - Q3 2025 Adjusted EBITDA margin is expected to increase by 50-100 bps year-over-year[61]

Fiscal Year 2025 Performance - The company's revenue reached $1,084.3 million, marking a 42.4% year-over-year increase[7] - Non-GAAP operating income was $153.9 million, a 33.8% year-over-year increase[7] - The non-GAAP operating margin was 14.2%, up 270 basis points year-over-year[7] - Non-GAAP EPS was $0.47[7] Fiscal Q4 2025 Performance - Revenue was $290.5 million, a 15.3% year-over-year increase[12, 21, 26] - Non-GAAP operating income was $41.9 million, a 52.4% year-over-year increase[12, 26] - The non-GAAP operating margin was 14.4%, up 350 basis points year-over-year[12, 21, 26] - Non-GAAP EPS was $0.13, a 62.5% year-over-year increase[12, 21, 26] Segment Performance in Fiscal Q4 2025 - Network and Service Enablement (NSE) revenue was $209.1 million, a 14.8% year-over-year increase[15, 21, 22, 32] - Optical Security and Performance Products (OSP) revenue was $81.4 million, a 16.6% year-over-year increase[17, 21, 22, 32]

Financial Performance - Revenue for Q2 2025 reached $8.5 million, a 126% increase year-over-year, primarily driven by BESS revenue [10, 13] - Gross margin for Q2 2025 was 29.6%, improved from 27.8% in Q2 2024, with gross profit of $2.5 million, a 140% increase year-over-year [10, 13] - Adjusted operating expenses were $16.2 million, a 2% improvement year-over-year, with an additional $6.5 million in annualized cost savings initiatives implemented in June/July [10, 13] - Adjusted EBITDA loss was $13.7 million, narrowed by 11% year-over-year due to increased revenue and gross margin [10, 13] - Total cash and cash equivalents as of June 30, 2025, were $58.1 million, a 23% improvement versus Q1 2025 [10, 13] Commercial Pipeline and Projects - Backlog as of August 7th, 2025, including Build, Own & Operate projects, reached $954 million, a 120% increase year-to-date [10, 15] - The company has a developed pipeline of 5.9 GWh, shortlisted and/or awarded projects worth $2.4 billion [15] - Revenue recognized since the IPO in Q1 2022 totals $551 million [15] - The company launched "Asset Vault" with a $300 million preferred equity investment expected to enable over $1.0 billion in CapEx spending for 1.5 GW of projects [57] Operational Updates - The 57 MW/114 MWh Cross Trails BESS project in Texas is fully owned and operated by the company and is in operation [29, 35] - The Calistoga Resiliency Center, an 8.5 MW/293 MWh hybrid hydrogen and battery energy storage project in California, is operation-ready [36, 41] - The company acquired the Stoney Creek 125 MW/1,000 MWh BESS project in New South Wales, Australia, backed by a 14-year Long-Term Energy Service Agreement (LTESA) [42, 46, 55]

Business Overview - VTEX is a SaaS commerce platform for enterprises, with 88% of its Annual Recurring Revenue (ARR) coming from enterprise customers, each generating at least $25,000 ARR, with an average of $131,000 in ARR [17] - VTEX's platform facilitated $19.0 billion in B2C Gross Merchandise Value (GMV) in the last twelve months (LTM) of the second quarter of 2025 [21] - VTEX reported $230.4 million in revenue for the LTM period of the second quarter of 2025 [21] - The company has 3,400 customers and 2,400 active online stores across 43 countries as of fiscal year 2024 [21] Financial Performance and Growth - VTEX boasts an attractive unit economics model with a Lifetime Value to Customer Acquisition Cost (LTV/CAC) ratio above 6x [68] - VTEX achieved a Non-GAAP subscription gross margin of 79.1% for the LTM period of the second quarter of 2025 [21] - The number of customers with ARR above US$250,000 experienced YoY growth of 23% in 2024 [69] - VTEX's Top 100 customers have shown a Compound Annual Growth Rate (CAGR) of 24% from 2017 to 2024 [72] - Top 100 customers ARR grew 29% FX Neutral CAGR from 2017 to 2024, reaching $98.7 million in ARR [79] Market and Technology - The Latin American e-commerce market reached $19.0 billion in GMV in fiscal year 2024 [32] - The worldwide e-commerce market is projected to reach $8.1 trillion by fiscal year 2028 [33] - Approximately 45% of VTEX's GMV comes from Collaborative Commerce transactions, with over 85% of GMV from customers using Collaborative Commerce integrations [44]

Financial Performance - Q2 2025毛利率为32.1%[7] - 渠道和产品销售组合变化对毛利率产生-0.6%的影响[7] - 产品利润率提高使毛利率增加3.5%[7] - 版权最低保证缺口导致毛利率下降-2.4%[7] - 关税导致毛利率下降-4.6%[7] - 库存准备金调整导致毛利率下降-5.8%[7] Sales & Top Properties - 前十大IP占比净销售额的33%[5] - 前十大IP占比未知[4] Global Expansion & Brand Engagement - Funko于2025年7月在东南亚开设了第一家授权商店，位于菲律宾[9] - Funko在2025年圣地亚哥动漫展（SDCC）上占据了最大的实体展位，通过四个沉浸式区域与各个年龄段和圈子的收藏家互动[13] - SDCC 2025上，每日都有售罄情况发生，表明产品受欢迎和品牌亲和力[13]

Financial Performance Highlights - ARR reached $710 million, demonstrating a 14% year-over-year growth[12] - Revenue was $176.5 million, reflecting a 15% year-over-year increase[12] - Non-GAAP Operating Income was $33.5 million, with a margin of 19%, showing a 42% year-over-year growth[12] - Adjusted EBITDA was $35.3 million, with a margin of 20%, indicating a 40% year-over-year growth[12] - The company achieved Security ARR of $203 million, representing 40% year-over-year growth and 29% of Jamf's total ARR[16] Strategic Initiatives and Acquisitions - The company completed the acquisition of Identity Automation on April 1, 2025[16, 28] - A $400 million Term Loan A was successfully completed on May 21, 2025[16] - The company announced a strategic reinvestment plan to support business success, including resource reallocation and investment in AI capabilities[16] Financial Outlook for 2025 - Q3 2025 revenue is projected to be between $176 million and $178 million, representing 10%-12% growth compared to Q3 2024[37] - Full year 2025 revenue is expected to be between $701 million and $704 million, indicating 12% growth[37] - Full year 2025 Unlevered Free Cash Flow growth is projected to be greater than 75%[37]

Financial Performance Highlights - Farmer Mac achieved core earnings of $93331 thousand YTD 2025[66] - Net Effective Spread was $183883 thousand YTD 2025[66], with a Net Effective Spread percentage of 118%[66] - The company maintained a Tier 1 Capital Ratio of 136% in Q2 2025[38] - Farmer Mac's revenue has a 10-Year Compound Annual Growth Rate (CAGR) of 112%[21] Business Segments - Farm & Ranch Finance segment reported a net volume of $182 billion[30], contributing to 33% of the overall segment volume[30] - Corporate AgFinance segment had a net volume of $2 billion[30], accounting for 26% of the segment volume[30] - The Renewable Energy segment's net volume was $19 billion[30], representing 7% of the total segment volume[30] - P & U Infrastructure Finance segment recorded a net volume of $73 billion[30], making up 20% of the segment volume[30] Capital and Dividends - Core Capital above the Statutory Minimum was $602106 thousand in Q2 2025[66] - The company has increased quarterly dividend payments for 14 consecutive years[42], with a 7% year-over-year increase in 2025[42] Credit Quality - Farmer Mac's average charge-offs are 002% of assets, outperforming the Banks average of 016% and the Farm Credit System average of 009%[46] - The average portfolio Loan-to-Value (LTV) was 47% as of June 30, 2025[44]