Q2 2025 Financial Performance - Net income reached $6.9 million, a year-over-year increase of $38 million[13] - Earnings per share (EPS) amounted to $0.14, up $0.92 year-over-year[13] - Return on equity (ROE) achieved 7.4%, a 41 percentage point increase year-over-year[13] - Adjusted EPS was $0.31, compared to $0.08 in Q2 2024[14] - Adjusted ROE was 16%, versus 3.5% in Q2 2024[14] - Adjusted EBITDA totaled $31 million, a year-over-year increase of $1 million[14] Credit Quality and Operating Efficiency - The net charge-off (NCO) rate was 11.9%, a decrease of 41 basis points year-over-year, with dollar net charge-offs down by 6% year-over-year[14] - The 30+ day delinquency rate was 4.4%, a decrease of 54 basis points year-over-year[14] - Operating expenses (OpEx) amounted to $94.4 million, a 13% year-over-year decline[14] - Q2 risk adjusted net interest margin ratio improved by 192 bps Y/Y to 16.3%[16] - Q2 Adjusted OpEx ratio improved by 46 bps Y/Y to 13.3%[16] Strategic Focus and Future Outlook - The company is raising its 2025 adjusted EPS expectations by 8% at the midpoint[11] - Full-year 2025 adjusted EPS guidance of $1.20-$1.40 reflects 67%-94% growth[14] - The company anticipates full-year 2025 operating expenses of $380 million, a $10 million reduction from prior expectations and a $30 million reduction from 2024's $410 million[14] - The company expects approximately 10% full-year 2025 loan origination growth[14] - Secured personal loan portfolio grew 58% year-over-year in Q2, reaching 7% of owned portfolio[16]

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]

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]

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 - 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]

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]

Company Overview - Tandem Diabetes Care has approximately 480,000 in-warranty customers across 25 countries[5, 81] - The company employs around 2,600 individuals worldwide and is headquartered in San Diego[5, 81] - Tandem offers two pump platforms: t:slim X2 and Tandem Mobi, both featuring Control-IQ+ Technology and cleared for type 1 and type 2 diabetes, with multiple CGM sensor integrations[7, 83] Product Portfolio - The Tandem Mobi system is 55% smaller than other insulin pumps and offers on-body wear options[17, 18] - 95% satisfaction rate among Tandem Mobi Early Access Participants[16] - The t:slim X2 insulin pump is the first in the United States to integrate with three continuous glucose monitoring sensors[22] Market and Growth - Less than 40% of the approximately 2 million people with type 1 diabetes in the U S use an insulin pump[55] - Less than 20% of the approximately 3 million people with type 1 diabetes in the countries Tandem serves use a pump[55] - Approximately 5% of the greater than 2 million people living with type 2 Insulin Intensive Diabetes in the U S use an insulin pump[55] - The company estimates 2025 GAAP Sales guidance of $1 billion[58]