Financial Performance - Core FFO per share growth for Q2 2025 was 18% year-over-year, and 33% for the first half of the year[10] - Same Store Residential revenue growth was 30% year-over-year for both Q2 2025 and the first half of the year[10] - The company raised $13 billion in capital year-to-date at a weighted average initial cost of capital of 50%[9, 10] - The initial outlook projected full year Same Store Residential revenue growth was revised from 30% to 28%, partially due to changes in the composition of the Same Store segment[22, 37] Market Dynamics - Established Regions are expected to be insulated from standing inventory overhang, with new supply expected to decline to historically low levels in 2026[17] - Market occupancy in Established Regions was 948% in June 2025, compared to 895% in Sunbelt Regions[18] - Projected new market rate apartment deliveries in Established Regions for 2026 are expected to be 08% of inventory, compared to 18% in Sunbelt Regions[20] - Expansion Regions are projected to represent approximately 7% of Same Store Residential revenue in 2025, while Established Regions are projected to represent approximately 93%[48] Development Activity - Approximately $3 billion of Development is underway, expected to provide incremental earnings and value creation upon stabilization[9] - Total capital cost for development starts is projected at $17 billion for the full year 2025[22] - Projected NOI from development communities is expected to be $25 million for 2025, a decrease from the initial outlook of $30 million due to delayed occupancies[22] - Projected initial stabilized yields for development communities are trending above underwriting, with a spread of 100-150 bps to the cost of capital[56]

Q2 2025 Financial Performance - Consolidated sales reached $7.6 billion[7], exceeding the high end of the guidance range[9], representing a 10% year-over-year increase compared to $6.893 billion in Q2 2024[49] and an 11% increase compared to $6.814 billion in Q1 2025[49] - Non-GAAP operating income was $215 million[9], with an operating margin of 2.8%[7] - Non-GAAP diluted earnings per share (EPS) stood at $2.43[7] - Operating cash flow was negative $(206) million[9] - $50 million was spent on share repurchases[9] Segment Performance - Global Components sales were $5.3 billion[22], up 5% year-over-year[50] - Enterprise Computing Solutions (ECS) sales were $2.3 billion[22], a 23% increase year-over-year[50] - Americas components sales reached $1.708 billion[50], a 9% year-over-year increase[50] - EMEA components sales reached $1.427 billion[50], a 1% year-over-year decrease[50] - Asia Pacific components sales reached $2.150 billion[50], a 6% year-over-year increase[50] Q3 2025 Guidance - The company projects consolidated sales between $7.30 billion and $7.90 billion[42] - Global Components sales are expected to be between $5.30 billion and $5.70 billion[42] - Global ECS sales are projected to be between $2.00 billion and $2.20 billion[42] - Non-GAAP diluted earnings per share are forecasted to be between $2.16 and $2.36[42]

Financial Performance - Total Operating Revenues increased to $190 million, a 17.7% increase compared to $161 million in the same period last year[4] - Revenue from casino contracts grew significantly to $84 million, a 35% increase from $62 million in the prior year[4] - Non-Gaming revenue increased to $106 million, a 6.9% increase from $99 million in the prior year[4] - Adjusted EBITDA increased to $76 million, a 40.8% increase compared to $54 million in the same period last year[4] - Net Loss significantly decreased to $4 million, an 88.8% improvement from a $37 million loss in the prior year[4] Key Operating Metrics - Mass Table Drop remained relatively stable at $958 million, showing a 4% increase compared to the previous quarter and 0% compared to the same quarter last year[13] - Mass Table Hold percentage increased to 34%, a 115 basis points increase compared to the previous quarter and a 391 basis points increase compared to the same quarter last year[13] - Mass GGR increased to $326 million, a 7% increase compared to the previous quarter and a 13% increase compared to the same quarter last year[13] - Slots GGR increased to $34 million, a 3% increase compared to the previous quarter and a 22% increase compared to the same quarter last year[13]

Financial Performance - Antero Midstream reported an 11% year-over-year increase in Adjusted EBITDA for the second quarter of 2025[13] - Free Cash Flow (FCF) after Dividends increased by 89% year-over-year in 2Q25[13] - The company's leverage ratio is 28x Net Debt/Adjusted EBITDA[13] - 2025 Free Cash Flow after dividends is expected to increase by 9% to $300 million[16] Operational Achievements - Antero Midstream achieved a company record of 35 Bcf/d in LP gathering volumes during 2Q25[14] - Gathering and processing volumes increased by 6% year-over-year[14] - The company achieved 100% utilization rate on processing and fractionation capacity[14] Capital Management - The 2025 capital budget is guided at $170-$190 million[8] - Compressor re-use savings are now estimated at $85 million from 2026-2030, up from the prior estimate of $60 million[10] - Torrey's Peak Compressor Station has a capacity of 160 MMcf/d and compressor reuse savings of approximately $30 million[12] Market Outlook - PJM projects approximately 30GW of peak demand growth through 2030, with total power generation increasing at a 56% CAGR[19]

Financial Performance - Home closings revenue remained unchanged year-over-year at $547 million[12, 13] - Closings increased by 56% year-over-year to 1,042 units, setting a company record[16, 17] - Homebuilding gross margins decreased by 410 bps year-over-year to 304%, but remained industry-leading[18, 20] - Net income was $819 million in Q2, resulting in a diluted EPS of $185[50] Orders and Backlog - Net new home orders increased by 62% year-over-year to 908, a record for any second quarter[28, 31] - Quarter-end backlog revenue was $516 million on 730 units[31] Land and Lot Position - Total lots owned and controlled increased by 207% year-over-year to 40,200, with 882% owned[33, 37] - The company invested $109 million in land acquisition and $139 million in land development year-to-date[37] - Land development spending in 2025 is expected to be approximately $300 million, a 46% increase from 2024[37] Financial Strength - The company ended the quarter with $112 million in cash and $365 million of capacity in revolving credit facilities[44] - The debt-to-total-capital ratio was 144%, the lowest level since 2015[50, 64]

Financial Performance - Normalized net income increased by 15% in 2Q25, reaching BRL 2.83 billion, compared to BRL 2.46 billion in 2Q24[59, 67] - The company declared approximately BRL 60 billion in dividends year-to-date[16] - Cash and cash equivalents at the end of June 2025 stood at BRL 164 billion, a 4% increase year-over-year[69, 71, 73, 75, 77] Business Unit Performance - Brazil Beer's net revenue per hectoliter increased by 62%, despite an 89% decrease in volume[39] - Brazil NAB (Non-Alcoholic Beverages) experienced a 02% increase in volume and a 65% increase in net revenue per hectoliter[43] - LAS (Latin America South) saw a 29% increase in volume and a 194% increase in net revenue per hectoliter[45] - Canada achieved its best 2Q EBITDA growth, with volume up by 08% and net revenue per hectoliter up by 20%[51] Strategic Initiatives & Digital Platforms - Bees Marketplace GMV (Gross Merchandise Volume) increased by 90%, driven by 3P (third party) partnerships, reaching BRL 74 billion annualized GMV[24] - Zé Delivery GMV grew by 7%, with an 11% increase in average order value[24] Cost & Efficiency - The company achieved 22x operational leverage through cost and expense management initiatives[32] - A 10% reduction in SKU (Stock Keeping Unit) numbers was achieved[57]

Financial Performance & Outlook - Black Hills Corp reaffirmed its full-year 2025 EPS guidance in the range of $400 to $420, reflecting approximately 5% year-over-year growth at the midpoint[7] - The company is targeting long-term EPS growth of 4% to 6%, planning to deliver in the upper half of this range starting in 2026, off a 2023 base of $375 per share[7,8] - Black Hills Corp is forecasting $1 billion in capital investment for 2025 and a total of $47 billion from 2025 to 2029[7] - The company targets a dividend payout ratio of 55% to 65%[7] Capital Investments & Growth Initiatives - Black Hills Corp plans to invest $47 billion in capital projects from 2025 to 2029, with key investment categories including customer growth, safety and system integrity, and electric generation and transmission[7,9,13] - The company is developing plans to serve more than 1 GW of total data center demand within the next 10 years, including 500 MW in the current plan by 2029, expecting data center EPS contribution to grow to more than 10% beginning in 2028[16] - The Ready Wyoming transmission project, a 260-mile electric transmission expansion costing $350 million, is on track for completion by year-end 2025[41,69] - The company obtained approval for a 99 MW dispatchable natural gas generation project (Lange II) in South Dakota, with an estimated investment of $280 million, expected to be in service in the second half of 2026[49,50,51] Regulatory & Reliability - A unanimous black box settlement was approved for Kansas Gas, providing $108 million in new annual revenues with new rates effective August 1, 2025[52] - Black Hills Corp is requesting recovery of $453 million of investments and inflationary impacts in Nebraska Gas application NG-124, with interim rates expected to be effective August 1, 2025[52]

Financial Performance - Q2 2025 - Sales increased by 9.1% to $255.5 million in Q2 2025, compared to $234.1 million in Q2 2024[54] - Adjusted EBITDA increased by 11.2% to $69.2 million in Q2 2025[56] - Adjusted Net Earnings increased by 16.8% to $41.6 million in Q2 2025, compared to $35.6 million in Q2 2024[58] - Adjusted EPS increased by 16.5% to $1.27 per share in Q2 2025, compared to $1.09 per share in Q2 2024[59, 60] Financial Performance - YTD 2025 - Sales increased by 6.8% to $506.0 million YTD 2025, compared to $473.7 million YTD 2024[63] - Adjusted EBITDA increased by 10.1% to $135.5 million YTD 2025[65] - Adjusted Net Earnings increased by 18.0% to $81.6 million YTD 2025, compared to $69.2 million YTD 2024[67] - Adjusted EPS increased by 17.5% to $2.49 per share YTD 2025, compared to $2.12 per share YTD 2024[69] Overall Company Financials - 2024 Sales were $954 million[9] - 2024 Adjusted EBITDA was $250 million with a margin of 26.3%[11]

Financial Performance - Teekay Tankers reported GAAP net income of $62.6 million and adjusted net income of $48.7 million for Q2 2025[7] - The company's free cash flow (FCF) for Q2 2025 was $62.8 million, and its cash position as of June 30, 2025, was $712 million[7] - Teekay Corporation paid a one-time cash dividend of $1.00 per common share, totaling $85.3 million, in July 2025[34] Fleet Management and Strategy - Teekay Tankers acquired one 2017-built Suezmax tanker, delivered in July 2025[12] - The company agreed to acquire the remaining 50% ownership interest in the Hong Kong Spirit VLCC from its joint venture partner[12] - Teekay Tankers agreed to sell five vessels with an average age of 17 years for gross proceeds of approximately $158.5 million, with estimated gains from sales of approximately $46 million[12] Market Conditions and Outlook - Spot tanker rates showed counter-seasonal strength in Q2 2025, outperforming the previous two quarters[7] - Global oil demand growth is forecasted at 0.7 million barrels per day (mb/d) for both 2025 and 2026[24] - The tanker orderbook is stable at 15% of the existing fleet size, with the average fleet age at a 25-year high of 14.0 years[24]

Financial Performance Highlights - Q2 2025 revenue reached $2.053 billion, a 9% increase year-over-year (YoY), driven by an 8% increase in Commercial Aerospace and a 21% increase in Defense Aerospace[7, 15, 17] - Adjusted EBITDA for Q2 2025 was $589 million, up 22% YoY, with an Adjusted EBITDA Margin of 28.7%, an increase of approximately 300 basis points[7, 19] - Adjusted Earnings Per Share (EPS) for Q2 2025 was $0.91, a 36% increase YoY[7, 17] - The company reported a record Q2 Free Cash Flow of $344 million, with an ending cash balance of $546 million[10, 19] - For Q2 Year-to-Date (YTD) 2025, revenue was $3.995 billion, an 8% increase YoY, and Adjusted EBITDA was $1.149 billion, a 25% increase YoY[11] Balance Sheet and Capital Deployment - Net Debt-to-Last Twelve Months (LTM) EBITDA improved to a record low of 1.3x[10, 19] - The company repurchased $175 million of common stock in Q2 at an average price of approximately $142 per share and an additional $100 million in July at approximately $183 per share[10, 20] - The company paid down $76 million in debt, resulting in annualized interest expense savings of approximately $4 million[10, 19] - The quarterly common stock dividend was increased by 20% quarter-over-quarter (QoQ) to $0.12 per share for Q3 2025[10, 20] Guidance - The company expects full-year (FY) 2025 revenue to increase by approximately 9% YoY, Adjusted EBITDA to increase by approximately 21% YoY, and Adjusted EPS to increase by approximately 34% YoY[29, 30] - The company anticipates FY 2025 Free Cash Flow to be approximately $1.225 billion, a 25% increase YoY, with a Free Cash Flow Conversion of approximately 85% or higher[29, 30]