Portfolio Performance - Total portfolio coverage increased to 2.1x in TTM June 2025, compared to 1.9x in YE 2019 [11] - The experiential portfolio consists of 274 properties with 52 operators, representing approximately $6.5 billion (94%) of total investments, and is 99% leased or operated [12] - The education portfolio consists of 55 properties with 5 operators and is 100% leased [12] - Total investments across 329 properties are approximately $6.9 billion, with 99% leased or operated [15] Box Office and Experiential Updates - First half of 2025 box office was $4.1 billion, a 15% increase over 2024, confirming 2025 estimates of $9.3 billion to $9.7 billion [19] - Q2 2025 box office was $2.7 billion, up 37% compared to 2024 [19] Investment and Capital Recycling - Q2 2025 investment spending was $48.6 million, bringing the year-to-date total to $86.3 million [15, 28] - 2025 investment spending guidance remains between $200 million and $300 million [29] - Revised 2025 disposition proceeds guidance is $130 million to $145 million, up from the prior guidance of $80 million to $120 million [34, 48] - Total proceeds from property sales were $35.6 million, with a net gain of $16.8 million [34] Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $178.1 million, a 2.9% increase compared to $173.1 million in 2024 [38] - Net income attributable to common shareholders for the quarter was $69.6 million, a 78.0% increase compared to $39.1 million in 2024 [38] - Total revenue for the six months ended June 30, 2025, was $353.1 million, a 3.8% increase compared to $340.3 million in 2024 [41] - Net income attributable to common shareholders for the six months was $129.4 million, a 35.2% increase compared to $95.7 million in 2024 [41]

Financial Performance - Q2 2025 sales reached $1.14 billion, a 4% year-over-year increase[4] - Adjusted EBITDA for Q2 2025 was $208 million, up 14% year-over-year, with a margin of 18.2%, a 150 bps increase[4] - Adjusted EPS for Q2 2025 was $0.74, compared to $0.60 in Q2 2024[4, 5] - Adjusted Free Cash Flow was $93 million, a 94% year-over-year increase[6] Segment Performance (Aerospace & Defense) - Aerospace & Defense (A&D) accounted for 67% of total sales, with $762 million in Q2[10, 11] - Commercial Jet Engines saw a 27% year-over-year growth in Q2 and 31% year-to-date, with expected growth exceeding 20% for 2025[10, 13] - HPMC (High Performance Materials & Components) segment margin was 23.7% in Q2, up 350 bps year-over-year[10] - AA&S (Advanced Alloys & Solutions) segment margin was 14.4%, a sequential dip due to defense, airframe, and energy timing[10] Outlook and Capital Allocation - The company expects an Adjusted EBITDA between $810 million and $840 million for the full year 2025[20] - The company expects an Adjusted EPS between $2.90 and $3.07 for the full year 2025[20] - The company expects a Free Cash Flow between $270 million and $350 million for the full year 2025[20] - $250 million in share repurchases were made in Q2, with over $800 million repurchased since 2022 at an average price of ~$48 per share[10]

Financial Performance - Total Net Revenue grew by 8% year-over-year to $598 million in Q2 2025[13] - Total Net Revenue growth ex. Advocacy was 10% in Q2 2025, a significant improvement compared to the 0.1% growth in Q2 2024[13] - Adjusted EBITDA for Q2 2025 was $93 million[12] - The company is reiterating its full-year 2025 outlook, including approximately 8% Total Net Revenue Growth and $410 million - $460 million Adjusted EBITDA[11] Business Highlights - The company secured $117 million of net new business in Q2 2025, bringing the last twelve months (LTM) total to $451 million[15] - The number of wins increased 104% year-over-year, with 34 wins exceeding $1 million[15] - The company actioned $20 million of annualized cost savings year-to-date through Back-Office, Technology & Real Estate consolidation initiatives[13] Revenue Breakdown by Geography - United States accounted for 77.7% of Net Revenue in Q2 2025[21] - United Kingdom accounted for 6.1% of Net Revenue in Q2 2025[21] - Other regions accounted for 16.2% of Net Revenue in Q2 2025[21] The Marketing Cloud Group - The Marketing Cloud Group's Net Revenue was $66 million in Q2 2025[45] - The Marketing Cloud Group experienced 28% year-over-year growth[46]

Q2 2025 Earnings Conference Call July 31, 2025 Forward Looking Statements Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on F ...

Financial Performance - Total Q2 Revenue reached $63.2 million[6], with MACI contributing $53.5 million[6], Epicel $8.6 million[6], and NexoBrid $1.2 million[6] - MACI revenue experienced a growth of 21% reaching $53.5 million[10] - Gross margin increased to 74%, up over 400 bps compared to Q2 2024[10] - Adjusted EBITDA increased by 112% to $13.4 million[10] - The company holds $164 million in cash and investments[10] Business Highlights - Approximately 600 surgeons have been trained on MACI Arthro to date[10] - MACI implants for small femoral condyle defects increased by more than 40% in Q2 compared to the prior year[10] - NexoBrid second quarter revenue increased 52% vs prior year[10] - The company received FDA IND clearance for the MACI Ankle clinical study and remains on track to initiate the study in 2H 2025[10] MACI Arthro Launch - MACI Arthro trained surgeons continue to demonstrate expanded MACI utilization[14] - MACI implants for trochlea defects account for nearly 20% of MACI Arthro implants to date[14]

Q2 2025 Financial Performance - Revenue reached $1.1 billion, a 21% year-over-year increase[6] - Bookings totaled $1.4 billion, demonstrating a 51% year-over-year growth[6] - Average Daily Active Users (DAUs) grew to 111.8 million, up 41% year-over-year[6] - Hours Engaged increased to 27.4 billion, a 58% year-over-year rise[6] - Net loss was $(280) million[8] - Net cash provided by operating activities was $199 million, a 32% year-over-year increase[8] - Free cash flow was $177 million, a 58% year-over-year increase[8] Q3 and Fiscal Year 2025 Guidance - Q3 2025 revenue is projected between $1.11 billion and $1.16 billion, representing a 21% to 26% year-over-year increase[63] - Q3 2025 bookings are expected to range from $1.59 billion to $1.64 billion, indicating a 41% to 45% year-over-year growth[63] - Full year 2025 revenue is forecasted between $4.39 billion and $4.49 billion, a 22% to 25% year-over-year increase[64] - Full year 2025 bookings are projected between $5.87 billion and $5.97 billion, reflecting a 34% to 37% year-over-year growth[64]

Financial Performance - Q2 2025 revenue was $415.6 million, a decrease of 0.6% compared to Q2 2024's $418.2 million[37] - Organic revenue decreased by 1.4% to $412.4 million in Q2 2025 compared to $418.2 million in Q2 2024[9, 38] - Adjusted EPS for Q2 2025 was $0.45, a decrease of 28.6% compared to $0.63 in Q2 2024[10, 37] - Adjusted EBITDA margin decreased by 290 bps to 17.1% in Q2 2025 compared to 20.0% in Q2 2024[10, 40] - Adjusted gross margin decreased by 450 bps to 60.7% in Q2 2025 compared to 65.2% in Q2 2024[11, 37] - Operating cash flow was $8.9 million with a negative 32.7% free cash flow conversion in Q2 2025[11, 39] Segment Performance - Codman Specialty Surgical Q2 2025 revenue was $304.0 million, a 0.7% increase, with organic growth down 0.3% to $300.9 million[13] - Tissue Technologies Q2 2025 revenue was $111.6 million, a decrease of 4.1%[18] Guidance - Q3 2025 reported revenue is projected to be between $410 million and $420 million, with organic growth between +7.3% and +9.9%[28] - Full year 2025 reported revenue is projected to be between $1.655 billion and $1.680 billion, with organic growth between +0.6% and +2.1%[29, 30]

Financial Performance - Q2 2025 - Total Operating Revenues reached $1328 million, a 14.5% increase compared to $1160 million in June 2024[22] - Gaming revenue increased by 16.2%, reaching $1096 million compared to $943 million in June 2024[22] - Non-Gaming revenue increased by 7.4%, reaching $233 million compared to $217 million in June 2024[22] - Adjusted Property EBITDA was $378 million, a 24.7% increase compared to $303 million in June 2024[22] - Net Income increased significantly by 826.9%, reaching $9 million compared to a loss of $1 million in June 2024[22] Performance by Property - Q2 2025 - City of Dreams Macau's Adjusted EBITDA was $226 million, a 36.6% increase compared to $165 million in June 2024[22] - Studio City's Adjusted EBITDA was $105 million, a 32.8% increase compared to $79 million in June 2024[22] - City of Dreams Manila's Adjusted EBITDA was $28 million, a 29.8% decrease compared to $40 million in June 2024[22] - City of Dreams Mediterranean and Other's Adjusted EBITDA was $12 million, a 5.3% decrease compared to $13 million in June 2024[22] Sustainability Initiatives - The company aims to achieve carbon-neutral resorts and zero waste across all resorts by 2030[62, 63] - The company installed 25000 solar panels across properties, generating close to 10000 MW annually[66]

Financial Performance & Guidance - Q2 2025 total revenues reached $291 million, a 5% year-over-year increase[79] - The non-GAAP gross margin for Q2 2025 was 44.7%, a 50 bps increase[79] - Non-GAAP EBITDA for Q2 2025 was $38 million, a 4% decrease year-over-year[79] - Non-GAAP diluted earnings per share for Q2 2025 were $0.45, a $0.06 decrease[79] - The company projects total year 2025 revenue between $1.13 billion and $1.16 billion, a 3% year-over-year increase[80] - The company anticipates product bookings between $500 million and $550 million for 2025[86] - The company expects annual recurring revenue (ARR) between $610 million and $630 million for 2025[86] Strategic Focus & Growth - SaaS and Expert Services are targeted to reach 23% of total revenue in 2025[27] - The company has a robust product backlog of $647 million and annual recurring revenue of $580 million as of December 31, 2024[25] - The company is focused on expanding SaaS and Expert Services to capitalize on growth opportunities[29]

Financial Performance - Total revenue increased by 7% year-over-year to $265 billion[53] - Launch products generated $252 million in revenue, a 26% increase quarter-over-quarter and a 91% increase year-over-year[53] - Non-GAAP diluted EPS increased by 4% year-over-year to $547[53] - The company generated $134 million of free cash flow, which includes a $745 million impact from Q2 2025 tax payments[53] - The company expects full-year 2025 Non-GAAP diluted EPS between $1550 and $1600, up from the previous guidance of $1450 to $1550[53] - The company expects full-year 2025 total revenue to be approximately flat at constant currency versus FY 2024, an increase from a mid-single-digit decline previously[53] Product Performance - SKYCLARYS worldwide sales reached $130 million in Q2, up 30% year-over-year and 5% quarter-over-quarter[47] - SKYCLARYS U S sales were $78 million, up 3% year-over-year and 13% quarter-over-quarter[47] - ZURZUVAE U S sales were $46 million in Q2, up 213% year-over-year and 68% quarter-over-quarter[48] - LEQEMBI worldwide sales were $160 million in Q2, excluding $35 million in stocking in China; U S sales increased 20% quarter-over-quarter to $63 million[49] Pipeline and Development - Phase 3 studies were initiated for felzartamab in IgAN and PMN, and for SKYCLARYS in pediatric FA[18] - Positive Phase 1b results for salanersen support moving to registrational status for SMA, with a Phase 3 study expected to start by early 2026[18,32] - New analyses of dapirolizumab pegol Phase 3 data in SLE show improvement in fatigue and reduction in disease activity[18]