Financial Performance Highlights - Net income decreased by 32% to $23 million in Q2'25 compared to $33 million in Q2'24, and decreased by 72% to $06 million YTD compared to $20 million YTD, largely due to professional fees related to a transaction and lower net interest income [6] - Pro rata NOI increased by 7% to $191 million in Q2'25 compared to $178 million in Q2'24, and increased by 5% to $97 million YTD compared to $92 million YTD [6] - Pro rata revenue increased to $13997 million in Q2'25 from $13309 million in Q2'24, and increased to $27426 million YTD in 2025 from $26127 million YTD in 2024 [8] Segment Performance - Multifamily segment pro rata NOI increased by 1% to $4737 million in Q2'25 compared to Q2 2024, and increased by 2% to $9367 million YTD compared to YTD 2024, primarily due to improved occupancy at The Verge and Dock 79 [6, 11, 12] - Industrial and Commercial segment NOI decreased by 15% to $1010 million in Q2'25 compared to Q2 2024, and decreased to $2149 million YTD compared to YTD 2024, primarily due to an eviction and lease expirations [6, 15, 16] - Mining Royalty Lands segment NOI increased by 21% to $3665 million in Q2'25 compared to Q2 2024, and increased by 20% to $6949 million YTD compared to YTD 2024, primarily due to a reduction in royalty payments in the prior year [6, 21] Development and Strategic Initiatives - Amended the Company's Credit Agreement with Wells Fargo, establishing a five-year, $50 million revolver at SOFR + 225% [6] - Entered a JV with Strategic Real Estate Partners to develop 377892 square feet of industrial space in Lake County, FL [6] - Development activity continues with construction started on Lakeland, FL (200000 sq ft warehouse), Davie, FL (182000 sq ft warehouse redevelopment), and "Woven" – Greenville, SC (214 multifamily units and 14000 retail sq ft multifamily development) in Q2 '25 [10, 27]

Q2 2025 Performance - Record sales, operating income, and EPS were achieved in Q2 2025[5] - Organic sales increased by 6% due to favorable pricing, pull-forward demand, and incremental volume[5] - The adjusted operating margin reached a record of 21.6%, representing an expansion of 280 bps[5] - Adjusted EBITDA was $153 million, a 22% increase[13] - Adjusted EPS increased by 26% to $3.09[14] Segment Performance - Americas experienced a 10% increase in organic sales, with acquisitions adding $7 million[18] - Europe saw an 8% decrease in organic sales, but benefited from a $6 million FX benefit[18] - APMEA experienced a 1% decrease in organic sales due to project timing in China[18] Financial Position - Free cash flow was $105 million, a 12% decrease compared to the previous year[15] - The net debt to capitalization ratio was negative 10%[18] - Net leverage was negative 0.4x[18] 2025 Outlook - The full-year reported sales growth outlook was raised to between +2% and +5%[19] - The full-year organic sales growth outlook was raised to between flat and +3%[19] - The full-year adjusted EBITDA margin outlook was raised to between 20.7% and 21.3%[19]

Financial Performance - Second quarter revenue remained steady at $178.7 million year-over-year[45] - Adjusted EBITDA margin reached 28.5%, hitting the high end of the projected 27% to 29% range[14, 53] - The company repurchased 3.7 million shares during the first half of 2025[13] Operational Highlights - Total traffic visits reached 162 million in the second quarter[14, 18] - The company saw a 50% quarter-over-quarter increase in completed transactions on DealerClub[39] - AccuTrade appraisals increased by 14% quarter-over-quarter and 45% year-over-year, totaling approximately 925,000 appraisals in Q2[36] Strategic Initiatives - OEM and National revenue increased by 5% year-over-year[14, 15, 45] - The company added 162 dealer customers quarter-over-quarter, bringing the total to 19,412[14, 30] - AI-powered search capabilities led to a 2x higher lead submission rate compared to standard search, with nearly 20% of internet leads originating from the new search capability[22] Outlook - The company projects low-single digit year-over-year revenue growth for the second half of 2025[58] - The company anticipates an Adjusted EBITDA margin of 29% to 31% for the full year 2025[62] - The company increased its share repurchase target to $70 to $90 million for the full year[62]

Q2 2025 Financial Performance - Revenue decreased by 7% year-over-year, from $2.4 billion in Q2 2024 to $2.2 billion in Q2 2025, driven by lower fleet and pricing[10] - RPU decreased by 2% year-over-year, from $1,425 in Q2 2024 to $1,400 in Q2 2025, but was flat excluding fleet mix impact[10] - RPD decreased by 5% year-over-year, from $58.80 in Q2 2024 to $55.65 in Q2 2025, driven by market pricing and fleet mix shift[10] - DPU decreased significantly by 58% year-over-year, from $595 in Q2 2024 to $251 in Q2 2025, exceeding the North Star target by 16%[10] - Adjusted Corporate EBITDA improved from $(460) million in Q2 2024 to $1 million in Q2 2025, driven by lower vehicle depreciation and DOE[10] - Adjusted Free Cash Flow increased from $(553) million in Q2 2024 to $327 million in Q2 2025, driven by profitability improvement and increased vehicle funding advance rates[10] Operational Metrics - Transaction Days decreased by 3% year-over-year, from 39.7 million in Q2 2024 to 38.7 million in Q2 2025, reflecting strategic fleet reduction[10] - Average Fleet decreased by 6% year-over-year, from 577,000 in Q2 2024 to 543,000 in Q2 2025, aligning fleet size with demand[10] - Vehicle Utilization improved by 300 bps year-over-year, from 80% in Q2 2024 to 83% in Q2 2025, driven by fleet management and improved operations[10] - DOE per Transaction Day decreased by 1% year-over-year, from $36.25 in Q2 2024 to $36.03 in Q2 2025, driven by cost discipline and productivity[10]

Financial Performance - Year-to-date adjusted diluted EPS increased by 10% from $3.22 in FY24 to $3.55 in FY25[13] - Year-to-date FY25 GAAP diluted EPS is $3.16, compared to $2.52 in year-to-date FY24[14] - Year-to-date FY25 free cash flow is $558 million[14], an 11% increase compared to year-to-date FY24[15] - Available liquidity as of June 30, 2025, is $1.9 billion[14] - The company expects to achieve the top end of its FY25 adjusted EPS guidance range of $3.00 to $3.15 per share[15] Segment Results (Q3 FY25) - Utilities EBIT decreased from $39 million in Q3 FY24 to $30 million in Q3 FY25[22] - Midstream & Marketing EBIT decreased from $43 million in Q3 FY24 to $27 million in Q3 FY25[24] - UGI International EBIT increased from -$19 million in Q3 FY24 to $43 million in Q3 FY25[28] - AmeriGas Propane EBIT decreased from $9 million in Q3 FY24 to -$28 million in Q3 FY25[28, 32] Strategic Initiatives - The company is generating approximately $150 million of cash through LPG asset sales in Hawaii, Italy, and a small cylinder business in the UK[16] - Year-to-date capital expenditure is $605 million, with over 80% allocated to the natural gas businesses[16] - Utilities added approximately 9,000 residential heating and commercial customers year-to-date FY25[16] - AmeriGas is substantially exiting the wholesale business, which represented approximately 11% of total LPG gallons sold and was essentially a breakeven business in FY24[16]

Financial Performance - Total revenue reached $186.7 million, a 7% year-over-year increase[12, 20] - Product revenue grew significantly by 19.3% year-over-year, reaching $73.0 million[20] - Service revenue saw a slight increase of 0.3% year-over-year, totaling $113.8 million[20] - Non-GAAP gross profit margin improved to 78.7%, up 1.6 percentage points year-over-year[12, 20] - Non-GAAP operating margin increased to 14.2%, a 6.2 percentage point increase year-over-year[12, 20] - Non-GAAP diluted net income per share (EPS) rose to $0.34, a 21% increase year-over-year[12, 20] Geographic Performance - International revenue increased by 15.6% year-over-year, reaching $86.2 million[28] - Revenue from Asia experienced substantial growth of 26.6% year-over-year, reaching $15.1 million[28] - Revenue from the Rest of World region increased by 29.2% year-over-year, reaching $40.5 million[28] FY'26 Outlook - The company reaffirms its fiscal year 2026 revenue outlook to be between $825 million and $865 million[17, 33] - The company anticipates non-GAAP EPS to be between $2.25 and $2.40[33]

Q1 FY26 Performance - Revenue reached $249.5 million, a 6.6% decrease compared to the previous year[18, 22] - Organic revenue declined by 6.4% year-over-year, primarily due to Clear Eyes supply constraints[17, 24] - Diluted EPS increased by 5.6% to $0.95 compared to the adjusted prior year[11, 17, 18, 22] - Free cash flow was solid at $78 million[11] Financial Metrics - Gross margin improved to 56.2%[11, 22, 24] - EBITDA remained relatively flat at $79.6 million[17, 18, 22] - EBITDA margin increased to 31.9%[22, 24] - A&M expenses accounted for 14.0% of revenue[22, 24] - G&A expenses represented 11.4% of revenue[22, 24] Strategic Initiatives and Outlook - The company entered into an agreement to acquire Pillar5 Pharma for approximately $100 million[11, 25] - The company repurchased approximately 400,000 shares for $35 million[25] - Full-year revenue is projected to be between $1.1 billion and $1.115 billion[28] - Full-year free cash flow is expected to be $245 million or more[28]

Q2 2025 Financial Performance - Total revenues increased by 18% from Q2 2024, reaching $319.24 million[20] - Diluted EPS increased by 48% from $0.67 in Q2 2024 to $0.99 in Q2 2025[20] - Adjusted EBITDA decreased by 5% from $80.931 million in Q2 2024 to $76.811 million in Q2 2025[20] - Adjusted Core EPS decreased by 7% from $1.23 in Q2 2024 to $1.15 in Q2 2025[20] Capital Markets Segment - Consolidated total transaction volume increased by 65% year-over-year, reaching $13.951 billion in Q2 2025 compared to $8.448 billion in Q2 2024[27] - Total revenues increased by 46% year-over-year, reaching $172.791 million in Q2 2025 compared to $118.170 million in Q2 2024[27] - Net income increased by 200% year-over-year, reaching $33.142 million in Q2 2025 compared to $11.039 million in Q2 2024[27] - Adjusted EBITDA decreased by 116% year-over-year, reaching $1.323 million in Q2 2025 compared to -$8.532 million in Q2 2024[27] Servicing & Asset Management (SAM) Segment - Total revenues decreased by 5% year-over-year, reaching $140.735 million in Q2 2025 compared to $148.232 million in Q2 2024[32] - Net income decreased by 7% year-over-year, reaching $37.541 million in Q2 2025 compared to $40.432 million in Q2 2024[32] - Adjusted EBITDA decreased by 10% year-over-year, reaching $111.931 million in Q2 2025 compared to $124.502 million in Q2 2024[32]

Financial Performance - Q2 2025 - Net sales reached $720.5 million, a 5.4% year-over-year increase, or 4.7% on a constant currency basis[9] - Golf Balls net sales were $262.2 million, up 5.9% year-over-year, or 5.4% on a constant currency basis[9] - Golf Clubs net sales increased to $191.6 million, a 7.9% year-over-year increase, or 7.0% on a constant currency basis[9] - Adjusted EBITDA was $143.1 million, a 9.2% increase compared to the previous year[9] - Adjusted EBITDA margin was 19.9% compared to 19.2% in the prior year[19] Financial Performance - H1 2025 - Net sales totaled $1,423.8 million, a 2.3% year-over-year increase, or 2.9% on a constant currency basis[9] - Golf Balls net sales were $475.5 million, up 4.4% year-over-year, or 4.7% on a constant currency basis[9] - Golf Clubs net sales increased to $399.4 million, a 4.7% year-over-year increase, or 5.2% on a constant currency basis[9] - Adjusted EBITDA was $282.0 million, a decrease of 0.9% compared to the previous year[9] - Adjusted EBITDA margin was 19.8% compared to 20.5% in the prior year[19] Regional Performance - Q2 2025 - United States net sales were $434.5 million, up 6.4% year-over-year[10] - EMEA net sales were $98.6 million, up 13.7% year-over-year, or 8.0% on a constant currency basis[10] Outlook - The company expects 2025 second half sales to increase low-single digits when compared to 2024[21]

Financial Performance - Total revenue increased by 6%[12] - Recorded music (RM) streaming revenue increased by 8%[12] - Adjusted OIBDA increased by 16%[13] - Adjusted OIBDA margin increased by 170 basis points[13] - Operating cash flow (OCF)/Adjusted OIBDA conversion was 3%[12] Strategic Initiatives - A strategic restructuring plan is expected to deliver $300 million in annualized run-rate savings by the end of fiscal 2027[19] - Launched a joint venture with Bain Capital to invest up to $1.2 billion in music catalogs[19] Debt Maturity - Debt maturing in 2026 amounts to $535 million[16] - Debt maturing in 2028 amounts to $2.617 billion[16]