Business Strategy - The company is accelerating its shift to an Industrial REIT, focusing on Industrial Outdoor Storage (IOS) and traditional industrial assets, with the intention to scale IOS and exit the office sector[12] - The company is committed to selling all remaining office properties, having already completed approximately $2.2 billion in office dispositions since 2022, with an expected acceleration in the pace of sales[13] Portfolio Performance and Acquisitions - The company increased IOS Annualized Base Rent (ABR) by over 25% since the beginning of the year[16] - The company acquired two IOS assets for approximately $52 million, encompassing approximately 36.2 usable acres and generating $3.2 million in ABR, with an estimated 13% mark-to-market opportunity[5] - The company completed $158 million in sales during the quarter and an additional $24 million subsequent to quarter-end, bringing the year-to-date sales total to $216 million[5] Financial Position - The company is targeting a Net Debt / EBITDAre ratio at or below 6.0x and is using interest rate swaps to manage floating-rate exposure[13] - The company's Net Debt / Adjusted EBITDAre was 7.0x in Q1 2025, 6.4x in Q2 2025, and a pro forma 6.6x for Q2 2025[5] - The remaining office net book value is $615 million, representing approximately 35% of the real estate net book value[5] Industrial Portfolio Composition - The industrial portfolio consists of 53 IOS properties and 19 traditional industrial assets[48] - The industrial portfolio is approximately 100% leased, with a weighted average lease term (WALT) of 5.1 years and in-place ABR of $78.7 million[43] - The industrial portfolio has embedded growth potential, driven by an estimated 38% mark-to-market opportunity and contractual rent escalations averaging 2.5%[43]

Company Overview - Golden Entertainment focuses on casino and branded tavern operations in Nevada[6,8] - The company owns real estate with excess land, providing potential development opportunities[11,12] - The company has an experienced management team aligned with shareholders[6] Market Position - Golden Entertainment operates 8 Nevada casinos with approximately 4,400 slots and 99 tables[7] - The company also operates 72 Nevada taverns with approximately 1,100 slots[7,26] - The company's loyalty program, True Rewards, includes over six million players[30] Financial Performance - As of June 30, 2025, the company's net debt was $385 million[32] - Since July 2023, the company has returned $216 million of capital to shareholders[33] - The company has $392 million in 1st lien term loans and $40 million drawn on a revolver as of June 30, 2025[36,37] Nevada Market - Nevada's total gaming Gross Gaming Revenue (GGR) in 2024 was $156 billion[17] - Las Vegas Strip GGR in 2024 was $88 billion, while Nevada locals GGR was $36 billion[17] - Las Vegas visitation reached 425 million in 2024[18]

Financial Performance - Net revenues reached $152.6 million, a 6% year-over-year increase[18, 20] - Gross margin was 67.0%[18] - Adjusted EBITDA margin was 12.9%, exceeding expectations[18, 20] - The company maintained a strong financial position with $238.8 million in cash, cash equivalents, and short-term investments[20] Key Operating Metrics - Active customers increased by 4% year-over-year to 2.736 million[20, 24] - Average order value (AOV) increased by 4% year-over-year to $117[20, 30] - Net revenues per active customer saw a slight decrease of 1% year-over-year, landing at $208[27] Revenue Breakdown - Scrubwear revenues grew by 8%, while non-scrubwear revenues declined by 3%[20] - U S revenues grew by 4%, and international revenues experienced substantial growth of 20%[20] International Expansion - International net revenues accounted for 15% of total net revenues in FY 2024 and Q2 2025, with over 80% of global healthcare professionals located outside the U S [61] Updated Outlook for 2025 - Net revenues growth is projected to be up low-single-digits compared to 2024[107] - Adjusted EBITDA margin is expected to be between 8.5% and 9.0%[107]

Financial Performance - Net income reached $26.0 million, a 75.9% increase compared to $14.8 million in 2Q24[7] - Core net income increased by 72.6% to $27.5 million from $15.9 million in 2Q24[7] - Portfolio net interest margin (NIM) increased to 3.82%, up 47 bps from 3.35% in 1Q25[7] - Diluted book value per share as of June 30, 2025, was $15.62, a 5.1% increase from $14.87 as of March 31, 2025[15] Loan Portfolio and Production - Loan production reached a record of $725.4 million in UPB, a 13.3% increase from 1Q25 and a 71.8% increase from 2Q24[7, 18] - The total loan portfolio was $5.9 billion in UPB as of June 30, 2025, a 30.8% increase from $4.5 billion in UPB as of June 30, 2024[7, 21] - The UPB of fair value option (FVO) loans was $3.6 billion, or 62.3% of total loans, as of June 30, 2025, an increase from 42.0% as of June 30, 2024[21] Capital and Financing - The company completed four securitizations totaling $985.5 million of securities issued[6] - The company collapsed and refinanced two securitizations totaling $68.0 million in debt outstanding, which released $53.5 million of capital[6] - Nonperforming loans (NPL) as a % of HFI loans decreased to 10.3%, down from 10.8% as of March 31, 2025[7]

Financial Performance - The Joint Corp's Q2 2025 consolidated Adjusted EBITDA increased by 52% compared to Q2 2024[30, 34] - Q2 2025 comp sales increased by 14%[30] - Q2 2025 system-wide sales increased by 26%[30] - The company reported revenue of $133 million for the three months ended June 30, 2025, a 5% increase compared to $126 million for the same period in 2024[34] - Net loss from continuing operations decreased by 42%, from $17 million in Q2 2024 to $10 million in Q2 2025[34] - Consolidated net income was $01 million, a significant improvement from a net loss of $36 million in the same period last year[34] Clinic Network - Franchised clinics now represent 92% of the company's portfolio[32] - The company refranchised 37 clinics[15] - Total clinics open increased from 842 in 2024 to 885 in Q2 2025[33] 2025 Guidance - System-wide sales are projected to be between $530 million and $550 million[40] - Consolidated Adjusted EBITDA is expected to be between $108 million and $118 million[40] - The company anticipates opening 30 to 35 new franchised clinics, excluding the impact of refranchised clinics[40] Liquidity - The company's unrestricted cash balance as of June 30, 2025, was $298 million[36] - The company has access to a $20 million line of credit with JP Morgan Chase, available through February 2027[36, 38]

Growth & Capacity Expansion - The company aims to reach 1 billion pounds of installed polypropylene recycling capacity by the end of 2029[6,9] - Thailand plant is expected to be operational in Q3 2027 with 130 million pounds capacity[9,11] - Antwerp plant is expected to be operational in Q3 2028 with 130 million pounds capacity[9,11] - Augusta Gen 2 Line 1 is expected to have 300 million+ pounds capacity and be operational in 2029[11] - A second Gen 2 line is planned for an unconfirmed location, also with 300 million+ pounds capacity, expected in 2029[11] Commercial Progress - A commercial agreement is in place with Emerald Carpets for approximately 5 million pounds of fiber sales[6,20] - The company is engaged in 17 post-trial negotiations representing approximately 80 million pounds of potential annual production volume[6] - The company has a strong pipeline with 26 active trials and 70 pending trials[6] Operational Achievements - Ironton facility achieved 87% onstream time in April/May and produced pellets for 65 consecutive days in Q2[6] - A rate test was successfully completed at 14,000 lbs/hr on August 1, nearing nameplate capacity[6] - The company is initiating a project to add approximately 100 million pounds of annual compounding capacity to Ironton[6,26] Financial Update - Approximately $300 million was raised from a perpetual preferred security in June[6] - Unrestricted cash increased from $22.5 million on March 31, 2025, to $284.1 million on June 30, 2025, a change of $261.6 million[30]

Financial Performance - The company's TTM revenue reached $2.533 billion[7] - TTM Free Cash Flow was $893 million[7] - TTM Non-GAAP gross margin was 83.1%[8] - TTM Non-GAAP operating margin was 39.0%[8] - Non-GAAP EPS Growth was 22.3%[8] User Base and ARPU - The company had 18.13 million paying users as of June 30, 2025[8, 9] - ARPU was $138.32[36] Financial Guidance - The company projects GAAP revenue of $622-$625 million for Q3 2025 and $2.490-$2.500 billion for fiscal year 2025[105] - The company anticipates a Non-GAAP operating margin of approximately 37.0% for Q3 2025 and approximately 39.0% for fiscal year 2025[105] - The company expects unlevered free cash flow to be at or above $970 million for fiscal year 2025[105] Capital Allocation - In Q2 2025, the company repurchased approximately 14 million shares for approximately $400 million[103] - As of June 30, 2025, the company had approximately $470 million available under the current Board authorization for share repurchases[104]

Financial Performance & Guidance - FiscalNote reaffirmed its FY2025 revenue guidance of $94 million to $100 million[58] - The company expects adjusted EBITDA for FY2025 to be between $10 million and $12 million[58] - Q2 2025 total revenue reached $233 million, exceeding guidance midpoint[65] - Q2 2025 adjusted EBITDA was $28 million, exceeding guidance[65] - Annual Recurring Revenue (ARR) for Q2 2025 was $859 million[65] Strategic Initiatives & Product Development - FiscalNote is shifting to a product-led growth strategy to improve key performance metrics[73] - The company launched PolicyNote, an AI-driven platform with global data and proprietary insights, in January 2025, and migration is ongoing[38] - Corporate new logo pipeline increased by 20% YoY, and corporate new logo pipeline up +45% vs 1Q25[46] - The company is focused on deleveraging its balance sheet and strengthening its capital structure to fund future growth[73] Market & Customer Dynamics - FiscalNote serves over 3,600 customers[22] - Subscription revenue accounts for 92% of total revenues[23] - The company monitors legislative and regulatory activity in over 100 countries[23]

Financial Performance & Growth - AvePoint's total Annual Recurring Revenue (ARR) reached $327 million in 2024, demonstrating a 23% Compound Annual Growth Rate (CAGR) from 2022 [35] - The company's Non-GAAP operating margin improved significantly to 144% in 2024, a 1560 basis points increase since 2022 [37] - As of Q2 2025, total ARR grew 27% year-over-year to $3676 million [82] - The company is aiming for $1 billion of ARR by 2029 [76, 78] Customer Base & Market - AvePoint has rapidly built a diverse customer base, reaching 25,178 total customers in 2024, reflecting a 21% CAGR from 2022 [27] - North America contributes 44% of the total ARR, with a 22% ARR CAGR [32] - The company operates in a large and growing addressable market, estimated at $813 billion in 2024 and projected to reach $140 billion by 2028, representing a 146% CAGR [21] Product & Strategy - AvePoint is positioned as a leading one-stop solution for data management, focusing on data security, governance, and protection [18, 19] - The company employs a platform-first strategy to maximize the interoperability of every solution [43] - The company's recurring revenue mix continues to grow, with SaaS revenue representing 73% of total revenue as of Q2 2025 [91]

Financial Performance - Blend Labs achieved its fourth consecutive quarter of non-GAAP operating profitability, with a 15% non-GAAP operating margin[6] - Revenue reached $31523000, surpassing the midpoint of guidance and increasing by 10% year-over-year[6, 26] - Record remaining performance obligations of $190 million, driven by a $50 million renewal and expansion[6] Revenue Breakdown - Mortgage Suite revenue was $17961000, representing 57% of total revenue[26] - Consumer Banking Suite revenue totaled $11430000, accounting for 36% of total revenue[26] - Total Software Platform revenue reached $29391000, which is 93% of the total revenue, an 11% increase year-over-year[26] Profitability and Efficiency - Non-GAAP gross margin for the total Blend was 76%[15] - Software Platform non-GAAP gross margin was 79%[15] - Mortgage Suite economic value per funded loan increased to $96 in Q2 2025[12] Expense Management - Significantly reduced non-GAAP operating expenses year-over-year[17] - Non-GAAP Research & Development expenses decreased to $5893000 in Q2 2025[18, 33] - Non-GAAP Sales & Marketing expenses decreased to $6168000 in Q2 2025[18, 33] - Non-GAAP General & Administrative expenses decreased to $7251000 in Q2 2025[18, 33] Guidance - The company projects Q3 2025 total revenue to be between $31500000 and $33500000[22] - The company projects Q3 2025 Non-GAAP Net Operating Income to be between $3000000 and $4500000[23]