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 & 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]

Q3F25 Financial Performance - Revenue for Q3F25 was $148.4 million, a decrease of 8.4% quarter-over-quarter [9, 16] - Net loss for Q3F25 was $(3.3) million, while non-GAAP net income was $3.8 million [9] - EPS was $(0.06), and non-GAAP EPS was $0.07 [9] - Gross margin was 46.7%, an increase of 2180 bps quarter-over-quarter [18] - Operating expenses were $75.3 million, a decrease of $(49.7) million quarter-over-quarter [18] Outlook for Q4F25 - The company anticipates revenue of $170 million, with a potential variance of +/- $10 million [21] - The company expects operating expenses of $68.0 million, with a potential variance of +/- 2% [21] - The company projects diluted EPS of $0.22, with a potential variance of +/- 10% [21] Strategic Focus and Market Dynamics - The company is internally focused on efficiency, customer engagement, and new product execution [11] - Macro order hesitation, primarily affecting Auto/Industrial demand, contributed to the sequential revenue change [11] - Technology and capacity-related order activity are driving General Semi & Memory recovery [11] - Vertical Wire is positioned well for mobile-HBM, and new Wedge solutions are enabling more capable & efficient Power-Semi [11]

Financial Performance - e.l.f. Cosmetics' Q1 FY 2026 net sales increased by 9% year-over-year[14, 205] - The company achieved adjusted EBITDA growth of 12%[17] - e.l.f. Cosmetics has experienced 26 consecutive quarters of net sales growth and market share gains[21] - Adjusted net income for Q1 FY 2026 was $51 million, compared to $64 million in Q1 FY 2025[252] - Adjusted EPS for Q1 FY 2026 was $0.89, compared to $1.10 in Q1 FY 2025[253] Market Position and Growth Strategy - e.l.f. Cosmetics aims to double its net sales to $3 billion, with growth expected in cosmetics, skincare, and international markets[33] - The company has increased its unit share in the cosmetics category from approximately 7% in 2022 to around 15% today[43, 44] - e.l.f. Cosmetics is the 1 cosmetics brand at Target, holding a 21% dollar share[62] International Expansion - International net sales grew by 30% in Q1 FY 2026 year-over-year[135] - International penetration increased from 10% in FY 2020 to 20% in Q1 FY 2026[164] Tariffs - Tariffs are expected to have an annualized cost of goods sold (COGS) impact of $50 million[295, 298]

Financial Performance - Consolidated revenue decreased by 1% from $818 million in 2Q24 to $809 million in 2Q25[9] - Consolidated AEBITDA increased by 7% year-over-year, from $330 million in 2Q24 to $352 million in 2Q25[9] - Adjusted NPATA increased by 4% year-over-year, from $130 million in 2Q24 to $135 million in 2Q25[9] - iGaming AEBITDA increased by 17% year-over-year[17] - SciPlay AEBITDA increased by 6% year-over-year[17] Gaming Segment - Gaming revenue was $528 million in 2Q25, a decrease of 2% compared to $539 million in 2Q24[24] - Gaming operations revenue increased by 19% year-over-year, driven by the addition of Grover and growth in the North American installed base[26] - Gaming machine sales decreased by 16% year-over-year due to global macroeconomic uncertainty and timing of hardware refresh cycle in Australia[26] - North American installed base increased by 42% year-over-year to over 46,300 units[32] SciPlay Segment - SciPlay revenue was $200 million in 2Q25, a decrease of 2% compared to $205 million in 2Q24[37] - SciPlay's direct-to-consumer (DTC) platform generated $35 million, representing 18% of total SciPlay revenue[40] - Average Revenue Per Daily Active User (ARPDAU) grew 4% year-over-year to a record $1.08[40] iGaming Segment - iGaming revenue reached a record $81 million in 2Q25, a 9% increase compared to $74 million in 2Q24[46] - Wagers processed through OGS increased by 22% to $26.6 billion[47]

Financial Performance and Guidance - FY2025 revenue guidance is \$830 million to \$835 million[7] - FY2025 net income guidance is \$56 million to \$60 million[7] - FY2025 adjusted EBITDA guidance is \$124 million to \$128 million[7] - The "North Star Strategy Phase II" aims to achieve over \$1 billion in yearly revenue and approach \$200 million in adjusted EBITDA by fiscal year 2029[7] Expansion and Growth Strategy - The company plans to launch a minimum of six programs annually at existing campuses beginning in fiscal year 2025[47] - The company plans to open at least two new campuses each year between fiscal years 2026 and 2029[47] - The company is executing a multifaceted approach to expansion, including program expansions, new campuses, and optimized models[25, 26] Division Performance (FY2024) - UTI Division revenue was \$486 million with approximately 14,000 average students[12] - UTI Division adjusted EBITDA was \$104 million, representing a 21.4% margin[53] - Concorde Division revenue was \$246 million with approximately 8,000 average students[12] - Concorde Division adjusted EBITDA was \$28 million, representing an 11.5% margin[62]

Q3 2025 Financial Performance - Net revenue decreased by 13% year-over-year, impacted by the launch of Ace in Q3 2024 and challenging market conditions, offset partially by home theater strength[11] - GAAP gross margin declined by 490 bps year-over-year, primarily due to higher inventory reserves, reorganization efforts, and deleverage[11] - Non-GAAP gross margin decreased by 400 bps year-over-year, for the same reasons as GAAP gross margin[11] - Tariffs reduced Q3 2025 GAAP and Non-GAAP gross margin by 60 bps, equivalent to $2.1 million[11] - Adjusted EBITDA decreased by $13 million year-over-year due to lower revenue and gross profit, partially offset by lower expenses[12] - Free cash flow declined in Q3 2025 due to working capital changes, partially offset by lower capital expenditure and higher cash earnings[14] Inventory and Cash Flow - Inventories decreased by $39 million, a 25% year-over-year reduction, mainly driven by component inventory workdown[17] - Finished goods inventory decreased by $9 million, a 9% year-over-year decrease[17] - Component balance decreased by $30 million, a 58% year-over-year decrease[17] - Cash flow from operations was $37 million, a decrease of $26 million year-over-year from $64 million in Q3 2024[20] - Capital expenditures were $5 million, down $18 million year-over-year due to the launch of Ace in Q3 2024[20] - Free cash flow was $33 million, a decrease of $7 million year-over-year from $40 million in Q3 2024[20] Operating Expenses and Outlook - Non-GAAP Research and Development expenses were $53 million, down 17% year-over-year due to cost optimization efforts[21] - Non-GAAP Sales and Marketing expenses were $58 million, down 13% year-over-year driven by lower marketing investment[21] - Non-GAAP General and Administrative expenses were $20 million, down 16% year-over-year due to cost optimization efforts[21] - Non-GAAP Operating Expenses were $131 million, down 15% year-over-year, with normalized Non-GAAP Operating Expenses down 23% year-over-year[21] - The company expects Q4 2025 revenue to be between $260 million and $290 million, representing a growth of 2% to 14% year-over-year[26]

Q2 2025 Financial Performance - Total revenue for Q2 2025 was $591 million, a decrease of 37% year-over-year[59] - ATS development revenue in Q2 2025 was $526 million, a 15% decrease year-over-year[59] - Wafer Services revenue in Q2 2025 was $54 million, a 6% decrease year-over-year[59] - Tools revenue in Q2 2025 was $11 million, a 96% decrease year-over-year[59] - GAAP gross margin for Q2 2025 was 185%, a 20 basis points increase year-over-year[62] - Non-GAAP gross margin for Q2 2025 was 195%, a 60 basis points increase year-over-year[62] - Adjusted EBITDA for Q2 2025 was $23 million, a 72% decrease year-over-year[63] Fab 25 Acquisition and Outlook - The acquisition of Infineon's Fab 25 in Austin, TX was completed on June 30, funded by a $350 million credit facility[11] - The final purchase price of Fab 25 was approximately $93 million, including cash payment and working capital adjustment[11] - Fab 25 is expected to approximately double the company's annual revenue and adjusted EBITDA[11] - Q3 2025 Wafer Services revenue from Texas (Fab 25) is forecasted to be $75 million to $80 million[56]

Pipeline and Clinical Development - Daraxonrasib, a multi-selective RAS(ON) inhibitor, is being evaluated in a Phase 3 trial for 2L metastatic PDAC and has planned Phase 3 initiations for 1L metastatic and adjuvant resectable PDAC [15] - Elironrasib, a G12C-selective inhibitor, shows promising antitumor activity in previously treated RAS G12C NSCLC, with an objective response rate (ORR) of 56% (20 out of 36 patients) and a disease control rate (DCR) of 94% (34 out of 36 patients) at 200 mg BID [40] - Zoldonrasib, a G12D-selective inhibitor, demonstrates initial activity in previously treated KRAS G12D NSCLC, with an ORR of 61% (11 out of 18 patients) and a DCR of 89% (16 out of 18 patients) at 1200 mg QD [72] Daraxonrasib Clinical Data - In 2L PDAC patients treated with daraxonrasib at 300 mg daily, the median PFS was 85 months in RAS mutant patients, and the OS rate at 6 months was 97% [24] - In 2L/3L RAS G12X NSCLC patients treated with daraxonrasib at 120-220 mg daily, the median PFS was 98 months and the median OS was 177 months [28] - Daraxonrasib combined with pembrolizumab +/- chemotherapy in 1L RAS mutant NSCLC showed an ORR of 60% and a DCR of 90% in patients with TPS < 50%, and an ORR of 86% and a DCR of 100% in patients with TPS ≥ 50% [32] Financial Position - The company has a strong financial position with $21 billion in cash, cash equivalents, and marketable securities as of June 30, 2025 [119] - The company anticipates a 2025 GAAP Net Loss of $103 - $109 Billion [119]

Q2 2025 Financial Highlights - Contribution ex-TAC reached $162 million, a 10% increase year-over-year, exceeding the guidance of $154 to $160 million[16] - CTV Contribution ex-TAC was $71.5 million, up 14% year-over-year (15% excluding political), hitting the high end of the $70 to $72 million guidance[16] - DV+ Contribution ex-TAC amounted to $90.4 million, an 8% increase year-over-year, surpassing the $84 to $88 million guidance[16] - Adjusted EBITDA increased by 22% year-over-year to $54.4 million, resulting in a 34% Adjusted EBITDA margin, compared to $44.7 million and a 30% margin in Q2 2024[16] - Non-GAAP earnings per share increased to $0.20, compared to $0.14 for Q2 2024[16] Q3 2025 Guidance - Total Contribution ex-TAC is projected to be between $161 million and $165 million[19] - CTV Contribution ex-TAC is expected to range from $71 million to $73 million, representing a growth of 10% to 13% (or 17% to 20% excluding political)[19] - DV+ Contribution ex-TAC is anticipated to be between $90 million and $92 million, indicating a growth of 6% to 8%[19] 2025 Full-Year Expectations - Total Contribution ex-TAC growth is expected to be above 10%[22] - Excluding political factors, total Contribution ex-TAC growth is projected in the mid-teens[22] - Adjusted EBITDA is expected to grow in the mid-teens percentage[22] - Adjusted EBITDA margin expansion is anticipated to increase to at least 150 basis points, up from the previous 100 basis points[22]