Financial Status and Strategy - CureVac has a strong financial position with €550.9 million in cash as of September 30, 2024, and an expected cash runway into 2028[82, 87] - The company streamlined costs and enhanced financial discipline, including a 30% workforce reduction expected by the end of 2024[8, 85, 88] - CureVac refocused its portfolio on innovation and R&D, concentrating on high-value programs in infectious diseases and oncology[8, 9] - A strategic transformation is on track, with OPEX expected to decrease by over 30% from 2025 onwards, including a €25 million decrease in personnel costs[85] Pipeline and Development - CureVac is advancing key pipeline milestones for novel medicines targeting unmet needs, with a focus on expanding the pipeline in oncology and infectious diseases[10, 14] - In oncology, a new shared-antigen lung cancer program is set to start clinical trials in H2 2025, and personalized cancer vaccines are progressing with the first candidate expected to enter the clinic in H2 2026[14] - For infectious diseases, a new non-respiratory program was initiated for Uropathogenic E coli (UPEC) in urinary tract infections, with promising preclinical data[14] - Respiratory infectious disease programs, including seasonal influenza, avian influenza, and COVID-19, are fully out-licensed to GSK, with Phase 3 starting for seasonal flu in 2025[13, 37, 86] Technology and Manufacturing - CureVac's mRNA platform is versatile, featuring precision mRNA backbone, improved LNP delivery systems, and a strong intellectual property portfolio[12, 13] - The company utilizes advanced delivery systems, including proprietary therapeutic area-specific next-generation lipid nanoparticles, and scalable manufacturing, including The RNA Printer®[12] - CureVac's Infectious Disease LNP offers thermostability for more than 12 months at refrigerator temperature (2-8°C)[60]

Wynn Interactive Reorganization - Wynn Resorts reorganized its interactive assets and partnered with BetBull Limited, forming Wynn Interactive, a majority-owned (71%) subsidiary[5] - Wynn Resorts invested approximately $80 million in Wynn Interactive to support growth and expansion[6, 9] - The reorganization combines BetBull's international gaming operations, Wynn Sports Interactive's (WSI) U S operations, and Wynn Slots' social casino operations[6] Market Access and Expansion - Wynn Interactive has secured market access in nine states, covering approximately 24% of the total potential addressable U S market[9, 33] - The company is in discussions for market access in five additional states, representing approximately 29% of the total potential addressable U S market[33] - Wynn Interactive is in advanced stages of seeking access in Tennessee and Virginia, representing approximately 5% of the total potential addressable U S market[33] Team and Products - The Wynn Interactive team includes Craig Billings, Sadok Kohen, and Norbert Teufelberger, experienced professionals in the digital gaming industry[9, 16] - Wynn Interactive's products include BetBull, a UK-facing sports betting and iCasino business, and WynnBET, a U S-facing product[18, 26] Financials - The combined 2019 gross revenue of the combined entities was $21 million[12]

Financial Performance & Guidance - The company's GAAP earnings in 2014 were $297.5 million, compared to $278.2 million in 2013[11] - Adjusted earnings increased from $191.5 million in 2013 to $206.0 million in 2014[13] - The company provides 2015 earnings per share guidance of $1.05 to $1.20 adjusted, and $0.80 to $0.95 GAAP[15] Business Segment Performance - Construction Materials & Services annual adjusted earnings increased from $103.1 million in 2013 to $114.4 million in 2014[18] - Electric & Natural Gas Utilities annual earnings increased from $67.2 million in 2013 to $72.5 million in 2014[26] - Pipeline & Energy Services annual adjusted earnings increased from $15.1 million in 2013 to $22.6 million in 2014[33] - Exploration & Production annual earnings increased from $94.5 million in 2013 to $96.8 million in 2014[40] Capital Investments & Outlook - The company plans to invest approximately $3.9 billion over the next 5 years, excluding E&P capital expenditures[47, 48] - The company plans to invest approximately $1.8 billion in the Electric & Natural Gas Utilities segment over the next 5 years[31, 54] - The company plans to invest approximately $1.1 billion in the Pipeline & Energy Services segment over the next 5 years[38, 54] - The company estimates gross capital expenditures of $778 million for 2015, funded by operating cash flows ($650M - $700M), debt ($150M - $200M), and potential asset sales ($0 - $100M+)[50, 51]

Consolidated Results - Adjusted earnings decreased from $205.5 million in 2014 to $180.0 million in 2015[10, 11] - GAAP earnings showed a significant loss of $(623.1) million in 2015, compared to a profit of $297.5 million in 2014[11, 14] - Adjusted EPS decreased from $1.07 in 2014 to $0.92 in 2015[10] - GAAP EPS decreased from $1.55 in 2014 to $(3.20) in 2015[14] Construction Materials & Services - Construction Materials adjusted earnings increased from $59.9 million in 2014 to a record $90.6 million in 2015[17] - Construction Services adjusted earnings decreased from $54.5 million in 2014 to $25.2 million in 2015[19] - The combined backlog for construction businesses is approximately $1 billion, one-third higher than the prior year-end[16, 40] Utility Electric & Natural Gas - Utility Electric & Natural Gas earnings were impacted by $(7.2) million due to weather[26] - A record $464 million was spent on Cap Ex in 2015[26] - $49.3 million in rate relief was implemented, with an additional $38.9 million in pending cases[26, 40] Pipeline & Midstream - Adjusted earnings decreased slightly from $24.7 million in 2014 to $23.9 million in 2015[30, 31] Refining - The adjusted loss for refining was $20.5 million (MDU share)[35] 2016 Guidance - Adjusted earnings per share are projected to be between $1.00 and $1.15[36, 37] - GAAP earnings per share are projected to be between $0.85 and $1.10[36, 37]

Financial Performance - 2016 earnings from continuing operations were $232.4 million, compared to $175.7 million in 2015[10] - 2016 EPS from continuing operations was $1.19, compared to $0.90 in 2015[11] - Consolidated earnings for 2016 were $63.7 million, a significant improvement from a loss of $623.1 million in 2015[14] - Consolidated EPS for 2016 was $0.33, compared to a loss of $3.20 in 2015[16] Segment Performance - Construction materials and services earnings reached $136.6 million, a 21% increase[20] - Regulated energy delivery earnings were $92.7 million, a 27% increase[20] - Construction Materials GAAP Earnings increased from $89.1 million in 2015 to $102.7 million in 2016[24] - Construction Services GAAP Earnings increased from $23.8 million in 2015 to $33.9 million in 2016, a 43% increase[27] - Utility Electric & Natural Gas GAAP Earnings increased from $59.5 million in 2015 to $69.3 million in 2016[32] - Pipeline & Midstream GAAP Earnings increased from $13.3 million in 2015 to $23.4 million in 2016[38] Outlook and Guidance - 2017 earnings guidance is projected to be $1.10 to $1.25 per common share[20, 45] - The company has a $1.9 billion five-year capital program[44] - The company expects customer base to continue growing by 1-2 percent annually[36]

Financial Performance - 2017 - Earnings from continuing operations increased from $232.4 million in 2016 to $284.2 million in 2017[10], which includes a $39.5 million benefit from tax reform[11] - Consolidated earnings increased from $63.7 million in 2016 to $280.4 million in 2017[13], including a $39.5 million benefit from tax reform[14] - Construction Services reported earnings of $53.3 million in 2017[22], including a $4.3 million income tax benefit[23], and record revenues of $1.37 billion[23] - Construction Materials reported earnings of $123.4 million in 2017[25], including a $41.9 million income tax benefit[26] Segment Performance - 2017 - Electric & Natural Gas Utility reported earnings of $81.6 million[17], including a $6.4 million charge from tax reform[17], with increased retail sales volumes for both electric (2%)[17] and natural gas (13%)[17] - Pipeline & Midstream reported earnings of $20.5 million[20], including a $200,000 charge from tax reform[20], reflecting the sale of Pronghorn assets in January 2017[20] Outlook and Guidance - 2018 EPS guidance is projected to be in the range of $1.25 to $1.45[43] - Construction Services anticipates 2018 revenues between $1.45 billion and $1.60 billion[39] - Construction Materials anticipates 2018 revenues between $1.8 billion and $1.9 billion[42] Capital Program and Dividends - The company's total capital forecast for 2018-2022 is $2.323 billion[46], allocated to Utility ($1.508 billion), Construction ($466 million), and Pipeline & Midstream ($349 million)[46] - The company has increased its dividend for 27 consecutive years[50] and has made dividend payments for 80 consecutive years[49, 50]

Financial Performance - 2018 - Earnings from continuing operations reached $284.2 million, with EPS at $1.45, including a $39.5 million or $0.20 per share benefit from tax reform[16] - Consolidated operations earnings were $280.4 million, with EPS at $1.43, including a $39.5 million benefit from tax reform[19] - The Electric & Natural Gas Utility reported earnings of $84.7 million, which includes a $6.4 million decrease resulting from tax reform[22, 23] - Pipeline & Midstream reported earnings of $28.5 million, including a $4.2 million tax benefit[25, 26] - Construction Services reported record earnings of $64.3 million and record revenues of $1.37 billion[28, 29] - Construction Materials reported earnings of $92.6 million and record revenues of $1.93 billion[31, 33] Outlook and Guidance - 2019 - The company anticipates EPS in the range of $1.35 to $1.55 for the consolidated business[51] - Construction Services expects revenue between $1.35 billion and $1.50 billion in 2019[47] - Construction Materials projects revenue between $2.0 billion and $2.15 billion in 2019[50] Capital Program and Dividends - The company has a total capital forecast of $2.642 billion for 2019-2023[53] - The 2018 annualized dividend was $0.81 per share[57]

2019 Earnings Overview - The company reported 2019 earnings of $272.3 million, compared to $335.5 million in 2018[17] - 2019 EPS was $1.39, compared to $1.69 in 2018[17] - The Electric & Natural Gas Utility reported record earnings of $94.3 million in 2019, a 11.3% increase from $84.7 million in 2018[20, 21] - The Construction Services group reported record earnings of $93.0 million in 2019, a 44.6% increase from $64.3 million in 2018, with record revenue of $1.85 billion compared to $1.37 billion in 2018[27, 28] - The Construction Materials group reported earnings of $120.4 million in 2019, a 29.9% increase from $92.6 million in 2018, with record revenue of $2.19 billion compared to $1.93 billion in 2018[30, 31] - The Pipeline & Midstream group reported earnings of $29.6 million in 2019, a 3.9% increase from $28.5 million in 2018[23, 25] 2020 Guidance and Outlook - The company initiated 2020 EPS guidance of $1.65 - $1.85[48] - The Construction Services group expects 2020 revenue in the range of $1.85 billion to $2.05 billion[44] - The Construction Materials group expects 2020 revenue in the range of $2.2 billion to $2.4 billion[47] - The Electric & Natural Gas Utility expects to grow rate base by 5% compounded annually over the next five years and customer base to continue growing by 1-2% annually[37]

2020 Financial Performance - MDU Resources' total revenue for 2020 was $55327 million[6], with an EBITDA of $8567 million[6] and earnings of $3902 million[6] - The Electric & Natural Gas segment reported revenues of $11802 million[6], EBITDA of $3048 million[6], and earnings of $996 million[6] - The Pipeline segment's revenue was $1439 million[6], EBITDA was $740 million[6], and earnings reached $370 million[6] - Construction Services achieved revenues of $20957 million[6] and record earnings of $1097 million[6], up from $930 million in 2019[13], with an EBITDA of $1731 million[6] - Construction Materials recorded revenues of $21780 million[6] and record earnings of $1473 million[6], compared to $1204 million in 2019[14], with an EBITDA of $3049 million[6] 2021 Outlook and Guidance - The company initiated 2021 EPS guidance in the range of $195 to $215[18] and EBITDA guidance between $875 million and $925 million[18] - Construction Services anticipates revenues between $21 billion and $23 billion in 2021[17] - Construction Materials also expects revenues between $21 billion and $23 billion in 2021[17]

Financial Performance & Growth - The company experienced consistent long-term growth with a 9.3% EBITDA CAGR from 2015 to 2020[6] - EPS also saw significant growth, with a 16.7% CAGR from 2015 to 2020[6] - The company's ROIC improved from 5.5% in 2015 to 8.8% in 2020[6] - YTD Operating Revenues as of June 30, 2021, were $2.65 billion, up from $2.56 billion in 2020[8] - YTD EBITDA from continuing operations as of June 30, 2021, was $382.6 million, compared to $345.1 million in 2020[10] - YTD Net Income as of June 30, 2021, was $152.3 million, an increase from $124.8 million in 2020[11] - The company projects a total EBITDA between $875 million and $925 million for 2021[83] - The company projects EPS between $2.00 and $2.15 for 2021[83] Business Segment Performance - Construction Services reported record second-quarter earnings of $28.9 million[39] - Construction Materials reported earnings of $51.4 million for the second quarter[52] - Electric and Natural Gas Utility reported earnings of $9.6 million for the second quarter[69] - Pipeline reported earnings of $9.2 million for the second quarter[80] Strategic Positioning & Opportunities - The company has a balance of cyclical and counter-cyclical businesses, with a 2020 EBITDA mix of 56% Construction and 44% Regulated Energy Delivery[6] - The company sees a significant opportunity in US infrastructure, citing a >$1 trillion spending gap[6] - The company's Construction Services segment has a record backlog of $1.32 billion as of June 30, 2021[39]