Grindr's AI-Native Strategy - Grindr is building a global super app for gay & bi men, enhancing the core use case with AI and creating new DTC businesses[6] - The company is developing Grindr AI (gAI), a full-stack foundation with three layers: Application, Architecture, and Foundational Models[13] - gAI is designed to capture gay cultural context, behavior patterns, and intent signals at scale, driving user experiences and competitive advantage[17] User Base and Engagement - Grindr has a valuable, trendsetting user base with unmatched reach and engagement[9] - The platform is present in 190+ countries and territories[10] - Users send over 130 billion chats annually[10, 31, 37] - Grindr boasts 2.5 billion+ album shares[10] - The median household income for male-male couples on Grindr is $128,000, compared to $75,000 for all households[10] - Grindr has 14.9 million monthly active users who spend approximately an hour a day on the app[37] A-List and gAI Deployment - A-List, Grindr's first AI-native product at scale, redefines how users connect by prioritizing high-potential chats and summarizing conversations[29, 31] - Agentic AI is supporting the engineering team, boosting productivity per workload by up to 10x and contributing up to 20% of shipped code[32]

ON24 Intelligent Engagement Platform Overview - ON24 offers an Intelligent Engagement Platform for sales and marketing, leveraging first-party data and AI for personalization[7, 10] - The platform aims to transform digital engagement, aligning with the trend that almost 80% of B2B sales interactions will occur in digital channels by 2025[16] - The platform provides tangible ROI to customers, including a 20% increase in meetings and a 40% increase in sales conversion to meetings[14, 15] - The platform captures an average of 20+ data points per attendee during live experiences[26] - The platform boasts over 1 billion annual engagement minutes and reaches over 2 million professionals per month[27] Financial and Customer Metrics - ON24 has $127.1 million in Total ARR and has maintained positive free cash flow for the past 6 quarters[8] - 77% of ON24's customers have ARR greater than $100K[8] - 51% of ARR is from multi-year agreements, and 66% of ARR comes from customers with ARR greater than $100K[8] - 39% of customers use 2+ products[8] - The company estimates a large Total Addressable Market (TAM) of $42 billion[8]

Financial Performance - Q3 FY25 - Sales increased by $62.7 million, a 26.9% increase, reaching $296.3 million compared to $233.6 million in Q3'24[13] - Adjusted EBIT increased by $17.5 million, a 38.6% increase, reaching $62.7 million compared to $45.2 million in Q3'24[13] - Adjusted EPS increased by 25%, reaching $1.60 compared to $1.28 in Q3'24[12] - Record ending backlog of $1.17 billion, a 75% increase from September 30, 2024[14] Segment Performance - A&D - Entered Orders increased by $492.3 million, a 546.5% increase, reaching $582.4 million compared to $90.1 million in Q3'24[19] - Sales increased by $49.1 million, a 56.3% increase, reaching $136.3 million compared to $87.2 million in Q3'24[19] - Adjusted EBIT increased by $19.1 million, a 94.3% increase, reaching $39.3 million compared to $20.2 million in Q3'24[19] Segment Performance - USG - Entered Orders increased by $5.5 million, a 5.5% increase, reaching $105.5 million compared to $100.0 million in Q3'24[25] - Sales increased by $2.1 million, a 2.3% increase, reaching $92.4 million compared to $90.3 million in Q3'24[25] - Adjusted EBIT decreased by $0.4 million, a -2.0% decrease, reaching $21.8 million compared to $22.2 million in Q3'24[25] Segment Performance - Test - Sales increased by $11.6 million, a 20.7% increase, reaching $67.7 million compared to $56.1 million in Q3'24[30] - Adjusted EBIT increased by $1.4 million, a 15.4% increase, reaching $10.7 million compared to $9.3 million in Q3'24[30] - Entered Orders decreased by $3.6 million, a -5.7% decrease, reaching $61.2 million compared to $64.8 million in Q3'24[30] Financial Performance - YTD Q3 FY25 - Sales increased by $97.1 million, a 15.0% increase, reaching $742.7 million compared to $645.6 million in Q3 YTD '24[38] - Adjusted EBIT increased by $30.7 million, a 28.6% increase, reaching $138.0 million compared to $107.3 million in Q3 YTD '24[38] - Adjusted EPS increased by 24.1%, reaching $3.71 compared to $2.99 in Q3 YTD '24[38] FY25 Guidance - Full year revenue from Continuing Operations is expected to be $1.075 billion - $1.105 billion[52] - Full Year Adjusted EPS from Continuing Operations is now expected to be in the range of $5.75 - $5.90, a 21% - 24% growth over FY'24[52] - Q4 Adjusted EPS from Continuing Operations is expected to be in the range of $2.04 - $2.19, a 14% - 22% growth over Q4'24[51]

Financial Objectives and Guidance - Block aims to enhance shareholder returns through disciplined capital return strategy and amplify the long-term value of the business[10] - Block expects $1017 billion in gross profit for 2025 and to exit 2025 with 19% year-over-year gross profit growth and 20% Adjusted Operating Income Margin[14,69] - Block expects gross profit in Q3 2025 to grow 16% year-over-year to $260 billion[71,73] - Block expects to deliver Adjusted Operating Income of $203 billion, or 20% margin for full year 2025[69] Q2 2025 Performance - Block's Q2 gross profit growth accelerated to 14% year-over-year[14,15] - Block's Adjusted Operating Income grew 38% year-over-year, delivering a 22% Adjusted Operating Income Margin[14,22,25] - Square's Gross Payment Volume (GPV) growth accelerated to 10% year-over-year[14,32] Square Performance - Square's gross profit grew 11% year-over-year, driven by strength in software, integrated payments, and banking products[30] - Square's International GPV grew 25% year-over-year in Q2 2025[32,36] - GPV from Square's mid-market sellers grew 17% year-over-year in Q2 2025, representing 44% of total GPV[37,39,40] Cash App Performance - Cash App's gross profit per monthly transacting active was $87 on an annualized basis, up 15% year-over-year[14] - Cash App's gross profit grew 16% year-over-year, driven by Cash App Borrow, Cash App Card, and BNPL[46,47] - Cash App Borrow originations grew 95% year-over-year to $18 billion annualized in Q2 2025, with stable margins[55]

Financial Performance - Total revenue reached $1.2 billion, an 8% increase year-over-year[4] - Total bookings amounted to $1.3 billion, also up by 7% year-over-year[4] - Applications and Commerce (A&C) revenue experienced a 14% growth, reaching $463.9 million[4] - Core Platform (Core) revenue increased by 5% year-over-year, totaling $753.7 million[4] - Operating income rose by 28% to $266.3 million, representing a 22% margin[4] - Net income increased by 37% to $199.9 million[4] - Free cash flow increased by 21% year-over-year, reaching $391.5 million[4] Future Outlook - GoDaddy expects Q3 2025 total revenue to be in the range of $1.22 billion to $1.24 billion, representing 7% year-over-year growth at the midpoint[9] - The company raised its full-year 2025 revenue expectations to a range of $4.89 billion to $4.94 billion, representing 7% year-over-year growth at the midpoint[9] - GoDaddy raised its free cash flow target to approximately $1.6 billion for the full year 2025[12]

Financial Performance Highlights - GAAP EPS was $0.74[7], while Adjusted EPS reached $0.60[7] - Adjusted Recurring Net Investment Income YTD amounted to $164 million[7] - The company reaffirmed guidance for Adjusted EPS CAGR of 8-10% into 2027[8] Portfolio and Asset Management - The company's pipeline grew to over $6 billion[7, 17] - New asset yield YTD exceeded 10.5%[7, 22, 47] - Managed Assets increased by 13% Y/Y to $14.6 billion[25] Capital Structure and Funding - $900 million in debt was refinanced[7, 31] - The company increased CCH1 capacity by approximately $600 million[7] - The company issued $1 billion of new term debt in Q2 2025[33] Sustainability and Impact - The company's investments avoided 8.4 million metric tons of CO2 emissions annually[42]

Financial Performance - Century Aluminum recorded $74 million in Q2 2025 Adjusted EBITDA [11] - Net sales were $628 million in Q2 2025 [32] - The company refinanced 750% Senior Secured Notes with new 6875% notes, extending maturity to 2032 [11] Market Conditions and Tariffs - Realized LME price was approximately $2,540/MT and realized MWP was approximately $850/MT in Q2 [9] - The Section 232 aluminum tariff rate increased to 50% on June 4, 2025, resulting in a spot MWP of approximately $1,600/MT or 72c/lb [9] - Global aluminum inventory levels remain at historic lows of 47 days [9] Operational Updates - Mt Holly plans to restart over 50,000 MT of idled production, aiming for full capacity utilization by Q2 2026 [9] - Grundartangi's production was slightly impacted due to a transformer outage [9, 11] - The company shipped 175,741 tonnes of aluminum in Q2 2025 [32] Q3 Outlook - Q3 2025 Adjusted EBITDA is projected to be between $115 million and $125 million [37] - This outlook includes an estimated hedge impact of $(10) million to $(5) million and a tax expense of $(5) million to $0 [37]

Company Overview - System1 operates an omnichannel marketing platform connecting customers with advertisers in shopping, travel, and search[17] - The company's Responsive Acquisition Marketing Platform (RAMP) identifies, markets to, and monetizes consumers across advertising verticals[20] - System1 monetized 66 billion sessions on its platform in 2023[21] - The platform generates over 1 billion monthly sessions on owned and operated properties and across approximately 220 active network partners[25] Financial Performance - System1's total advertising spend processed by RAMP is over $734 million[21] - The company's adjusted gross profit is $165 million for the twelve months ending June 30, 2025[56] - Adjusted EBITDA is $52 million, representing a 32% margin on gross profit for the twelve months ending June 30, 2025[58] Technology and Operations - System1 processes over 978 million queries per month across owned and operated and partner sites[25] - The platform generates over 16 billion rows of first-party data per day, informing machine learning pipelines[25] - System1 launches over 82,000 quarterly marketing campaigns leveraging AI and automation, a 2x increase from Q1 2025[25] - The company automates 90% of buy-side decisions using AI and machine learning[50]

FY25 Performance - Adtalem's revenue reached $1,788.3 million, a 12.9% increase compared to the prior year[15] - Adjusted EBITDA margin was 25.7%, up by 190 bps from the previous year[15] - Adjusted EPS was $6.67, a 33.1% increase compared to the prior year[15] Q4 FY25 Performance - Revenue was $457.1 million, an 11.5% increase compared to the prior year[19, 20] - Adjusted EBITDA margin was 24.1%, up by 30 bps from the prior year[20] - Adjusted EPS was $1.66, a 21.2% increase compared to the prior year[20] - Total enrollment grew by 10.2% year-over-year[18] Enrollment Trends - Total enterprise enrollments reached 91,780, a 10.2% increase year-over-year[33] - Chamberlain's enrollment increased by 5.8% year-over-year[31] - Walden's enrollment increased by 15.0% year-over-year[31] - Medical & Veterinary enrollments increased by 1.0% year-over-year[31] Financial Position - Free Cash Flow was $283 million, up $44 million compared to the prior year[17] - The company returned $211 million in capital to shareholders through share repurchases[17] FY26 Guidance - Revenue is projected to be between $1,900 million and $1,940 million, representing a year-over-year growth of approximately 6.0% to 8.5%[53] - Adjusted EPS is projected to be between $7.60 and $7.90, representing a year-over-year growth of approximately 14.0% to 18.5%[53]

Financial Performance - The company's book value per common share was $3.34, representing a 6.7% decrease net of the quarterly dividend[7] - A dividend of $0.15 per share was declared and paid[7] - The company experienced a 2.5% total quarterly economic loss[7] - GAAP net loss of $0.03 per share was reported[7] - Earnings Available for Distribution (EAD) was $0.10 per share[7] Portfolio Metrics - The aggregate portfolio leverage ratio was 5.3x[7] - The weighted average CPR for RMBS was 6.1%[7] - The net interest spread for RMBS was 2.6%[7] - The net CPR for MSRs was 6.0%[7] MSR Portfolio - Investments in MSRs totaled $224.6 million related to approximately $16.6 billion in UPB of underlying Fannie Mae and Freddie Mac loans as of June 30, 2025[22]