Financial Performance - ACIC's Non-GAAP Core Income for Q2 2025 increased by $7.2 million (+36.4%) year-over-year to $26.8 million ($0.54 per share) from $19.6 million ($0.40 per share) [9] - Net premiums earned grew by $15.0 million (+23.8%) year-over-year to $78.4 million [9] - The combined ratio decreased to 60.6% from 64.9% in the prior year, and the Non-GAAP underlying combined ratio decreased to 62.2% from 66.4% [9] - Stockholders' equity increased by $56.6 million from December 31, 2024, to $292.3 million, or $6.00 per share [9] - Net income from continuing operations increased by $8.9 million (+46.6%) year-over-year to $28.0 million [14] Balance Sheet & Investment - Total Assets reached $1.35 billion as of June 30, 2025 [6] - Total Equity was $292.3 million as of June 30, 2025 [6] - Cash & investments increased by 34.3% from December 31, 2024, to $726.243 million [15] - Total Cash & Investments increased by 27.7% from Mar. 31, 2025 to $726.243 million [17] Other Highlights - The company completed its Core CAT reinsurance program effective June 1, 2025, with a risk-adjusted decrease of -12.4% [9] - ACIC was upgraded to investment grade status (BBB-) by KBRA on 7.21.25, saving approximately $1.5 million per year in interest expense [9]

Financial Performance - Q2 2025 - Total revenue reached $811 million in Q2 2025, a 16% year-over-year increase[5] - Adjusted EBITDA for Q2 2025 was $138 million, up 26% year-over-year[5] - Core revenue also grew by 16% in Q2 2025[7] - Screening revenue increased by 18% from $532 million in Q2 2024 to $628 million in Q2 2025[8] - Precision Oncology core revenue increased by 9% from $165 million in Q2 2024 to $179 million in Q2 2025[8] Profitability and Cash Flow - Adjusted EBITDA margin improved to 17% in Q2 2025, an increase of 130 basis points[11] - Free cash flow was $46 million[11] Updated 2025 Guidance - Total revenue guidance updated to $3.13 billion - $3.17 billion, an increase of $55 million at the midpoint[13] - Screening revenue guidance updated to $2.44 billion - $2.47 billion, an increase of $48 million at the midpoint[13] - Adjusted EBITDA guidance updated to $455 million - $475 million, an increase of $25 million at the midpoint[13] Cost Savings Initiatives - A multi-year productivity program aims for $150 million in annual run-rate cost savings by 2026[16, 17]

Financial Performance - Net Revenue increased by 14% compared to 2024[9] - Subscription Revenue increased by 16%[8, 17] - Adjusted EBITDA reached R$462 million, an 8% increase from R$428 million in 2024[11, 12] - Free Cash Flow increased by 147% to R$224 million compared to R$90 million in 2024[14, 34] - Adjusted EBITDA margin decreased by 1.6 percentage points to 31.1% compared to 32.7% in 2024[12, 28] Revenue Breakdown - Subscription revenue cycle to date increased by 16%[17] - Non-subscription revenue cycle to date increased by 11%[17] - B2G (Business-to-Government) revenue cycle to date decreased by 28%[17] Margin Analysis - Gross margin decreased by 0.6 percentage points[24] - Commercial expenses slightly increased but remained stable near 17% of net revenue[24, 26] - Adjusted G&A expenses decreased due to operational efficiencies and workforce optimization[24, 27] Debt and Cash Flow - Net Debt decreased by R$123 million cycle to date[47] - LTM (Last Twelve Months) FCF / LTM Adjusted EBITDA conversion improved by 25.8 percentage points to 57.7% compared to 31.9% in 2024[15, 34]

Financial Performance - Revenue decreased from $26.7 million in Q2 2024 to $25.3 million in Q2 2025[3] - Adjusted EBITDA decreased from $6.8 million in Q2 2024 to $4.1 million in Q2 2025[3] - Adjusted EBITDA margin decreased from 25% to 16%[22] - Net income decreased from $2.902 million in Q2 2024 to $1.034 million in Q2 2025[21] Loan Origination - Total certs decreased from 28,963 in Q2 2024 to 26,522 in Q2 2025[3] - Facilitated loan origination volume decreased from $819.3 million in Q2 2024 to $783.3 million in Q2 2025[18, 20] - Average loan size increased from $28,286 in Q2 2024 to $29,535 in Q2 2025[18, 20] Channel and Vehicle Mix - OEM certs decreased from 23.9% of total in Q2 2024 to 11.1% in Q2 2025[6, 10] - CU/Bank certs increased from 76.1% of total in Q2 2024 to 88.9% in Q2 2025[6] - New vehicle certs as a percentage of total increased slightly from 12.7% to 13.1%[10, 20] - Used vehicle certs accounted for 86.9% of total certs in Q2 2025[10, 20]

Company Overview - The Honest Company was launched in 2012 with a focus on clean ingredients and sustainability[15] - The company's mission is to challenge ingredients, ideals, and industries to protect loved ones[16] - The Honest Standard includes banning over 3,500 ingredients and utilizing in-house labs for innovative formulas[18, 19] - The company is the 1 natural brand in baby personal care[20] and baby wipes[22] Financial Performance - In 2024, revenue reached $378 million, a 10% increase year-over-year[38] - Gross margin in 2024 was 38%, representing a 900 bps improvement year-over-year[38] - Adjusted EBITDA for 2024 was $26 million, a $37 million increase year-over-year[38] - The company had $75 million in cash and $0 debt at the end of 2024[29] - Q1 2025 revenue was $97 million, a 13% increase year-over-year[41] - Q2 2025 revenue was $93 million, a 0.4% increase year-over-year[44] Growth Strategy - The company is focused on brand maximization, margin enhancement, and operating discipline[28] - Household penetration has increased by 20% since 2021[24] - The company aims to expand distribution by increasing total distribution points[59] - There is a large runway for growth into more doors, with approximately 45,000 doors selling Honest products compared to a leading competitor's ~90,000 doors[66]

Financial Performance - Q2 2025 - Total company net sales reached $31.1 million, a 37% year-over-year increase[10] - Tru Niagen® net sales were $22.7 million, representing a 22% year-over-year increase[10] - Niagen® ingredient sales surged to $7.4 million, marking a 135% year-over-year increase[10] - Gross margin improved to 65.0%, up 480 basis points year-over-year[10] - Net income was $3.6 million, or $0.05 earnings per share, a $3.6 million year-over-year increase[10] - Adjusted EBITDA reached $5.0 million, a $3.5 million year-over-year increase[10] Financial Position - Cash provided from operations year-to-date was $9.1 million, with a cash balance of $60.5 million and no debt[10] Sales Mix - Q2 2025 - E-commerce accounted for 57% of net sales, while Watson's & Other B2B represented 25%[26] - Food-grade Niagen® contributed 14% to net sales, and Analytical Reference Standards & Services accounted for 3%[26] - Other Ingredients made up 1% of net sales[26] 2025 Outlook - The company anticipates net sales growth between 22% and 27% year-over-year[10] - Sales and marketing expenses are expected to increase in absolute dollars but decrease as a percentage of net sales year-over-year[10]

Financial Performance Highlights - Total billings grew by 15% year-over-year, reaching $1.778 billion in Q2 2025 [5, 21] - Unified SASE billings experienced significant growth of 21% year-over-year [5, 21] - SecOps billings also showed strong growth, increasing by 31% year-over-year [5, 21] - Total revenue increased by 14% year-over-year, reaching $1.630 billion in Q2 2025 [5, 31] - The company achieved a non-GAAP operating margin of 33% [5] - Unified SASE ARR (Annual Recurring Revenue) grew by 22% year-over-year, reaching $1.150 billion in Q2 2025 [26] - SecOps ARR grew by 35% year-over-year, reaching $463 million in Q2 2025 [27] - Adjusted Free Cash Flow reached $428 million [42] Product and Service Performance - Product revenue grew by 13% year-over-year [31] - Service revenue grew by 14% year-over-year [31] - The company shipped >50% of market global firewall units [7] Guidance - The company expects full year 2025 billings to be between $7.325 billion and $7.475 billion [47]

Financial Performance & Guidance - Q2 2025 total revenue reached $761 million, a 19% year-over-year increase[22] - Subscription revenue accounted for $745 million, reflecting a 19% year-over-year growth[22] - The company's Q3 2025 total revenue is projected to be between $785 million and $787 million, representing a 17% year-over-year increase[24] - Full year 2025 total revenue is guided to be between $3.080 billion and $3.088 billion, a 17% year-over-year increase[27] - Q2 2025 operating profit was $129 million, with an operating profit margin of 17%[22] - The company anticipates a full year 2025 operating profit between $568 million and $572 million, resulting in an 18% operating profit margin[27] - Free cash flow for Q2 2025 was $116 million[22] Growth & Market Opportunity - The company is targeting a long-term operating profit margin of 25%[43] - The company estimates its total addressable market (TAM) to be over $100 billion[18] - The company's platform has a penetration rate of less than 10% across all products, indicating significant growth potential[19] Ecosystem & Platform - The company's app marketplace has over 1700 integrations, a 10x increase over the last 5 years[15]

Financial Performance Highlights - Aggregate Subscriber Value reached $1.6 billion in 2Q25, a 40% year-over-year increase[7] - Contracted Net Value Creation was $376 million in 2Q25, up 316% year-over-year[7] - Cash Generation was $27 million in 2Q25, marking the fifth consecutive quarter of positive cash generation[8] - Upfront Net Subscriber Value exceeded $5.7k, representing an 11% margin, expanding 17 percentage points year-over-year[10] Operational Achievements - Customer Additions grew 15% year-over-year in Q2[14] - Customer Additions with Storage grew 50% year-over-year in Q2, with Storage Attachment Rate reaching 70%[14] - Sunrun dispatched 325 MWs of capacity during peak demand in California dispatches in June 2025[20] - Customer enrollments in home-to-grid distributed power plant programs has grown >300% y/y to more than 71k customers[17] Guidance and Outlook - 3Q 2025 Aggregate Subscriber Value is guided to be $1.5 to $1.6 billion, representing 8% growth year-over-year at the midpoint[81] - Full-year 2025 Contracted Net Value Creation is projected to be $1.0 to $1.3 billion, an increase from the prior guidance of $650 to $850 million, representing 67% growth year-over-year at the midpoint[81]

Financial Performance - Energy Transfer's Q2 2025 Adjusted EBITDA was $3.87 billion[7] - Distributable Cash Flow attributable to partners in Q2 2025 was $1.96 billion[7] - Year-to-date 2025 Growth Capital Expenditures reached $2.0 billion, while Maintenance Capital Expenditures were $418 million[7] - The company anticipates approximately $5.0 billion in Growth Capital Expenditures for the full year 2025[7] - The quarterly cash distribution increased to $0.33 per unit, a rise of over 3% compared to Q2 2024[7] Operational Highlights - Interstate natural gas transportation volumes increased by 11% compared to Q2 2024[7] - Midstream gathered volumes rose by 10%, setting a new partnership record[7] - Crude oil transportation volumes increased by 9%, also setting a new partnership record[7] - Total NGL exports increased by 5%, establishing another new partnership record[7] Strategic Initiatives - The company announced a 1.5 Bcf/d expansion to the Transwestern Pipeline, named the Desert Southwest expansion project, involving a 516-mile, 42-inch natural gas pipeline connecting the Permian Basin with markets in Arizona and New Mexico[7]