Financial Performance - Upwork's Q2 2025 adjusted EBITDA reached $57.1 million, a 40% year-over-year increase[21] - The company's Q2 2025 adjusted EBITDA margin hit a record 29.3%[21] - Upwork's Q2 2025 free cash flow generation was strong at $65.6 million[21] - Cash, cash equivalents, and marketable securities totaled approximately $635 million at the end of Q2 2025[21] - In Q2 2025, total GSV was $1,002.7 million, a decrease of 1% year-over-year[57] - In Q2 2025, total revenue was $194.9 million, an increase of 1% year-over-year[57] Growth Initiatives - GSV from AI-related work grew 30% year-over-year in Q2 2025, with some subcategories growing over 50% year-over-year[16] - Business Plus GSV grew 190% quarter-over-quarter in Q2 2025[17] - The company is positioned to increase wallet share within the $650 billion Enterprise opportunity[26] - Ads & monetization revenues grew 17% year-over-year[46]

Financial Performance - SuRo Capital's Net Asset Value (NAV) per share reached $9.18 as of June 30, 2025, marking the greatest quarter-over-quarter increase since inception (over 35%) [8] - Net assets totaled approximately $219.4 million at the end of the quarter [8] - The company declared a cash dividend of $0.25 per share [7] - Net realized gain on investments was $21.2 million [41] - Net change in unrealized appreciation of investments was $44.8 million [41] Investment Exits - SuRo Capital exited 40% of its original aggregate position in CoreWeave, Inc, realizing a gain of approximately $15.3 million [8] - The company sold its entire position in ServiceTitan, Inc, realizing a gain of approximately $5.9 million [8] New Investments - SuRo Capital made a $5.0 million investment in Plaid Inc [10] - The company invested $250,000 in Supplying Demand, Inc (d/b/a Liquid Death) as a convertible debt investment [10] Portfolio Composition - The top 5 positions accounted for approximately 53% of the investment portfolio at fair value as of June 30, 2025 [37] - The total investment portfolio fair value was $243.8 million [37] - Artificial Intelligence Infrastructure & Applications comprised 33.1% of the portfolio fair value, amounting to $80.8 million [39]

August 2025 2Q 2025 Earnings Presentation $162.8 M Revenue ($0.3) M Net loss available to common stockholders ($0.02) Diluted EPS 2Q'25 Business Highlights +7% YoY +38% YoY +13% YoY ($1.2 M) in 2Q'24 ($0.06) in 2Q'24 Enrollment Highlights Subsequent Event ▪ APEI completed the sale of GSUSA, including the transfer of the lease obligation on July 25, 2025 FORWARD- LOOKING STATEMENTS Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Co ...

Q2 2025 Performance Highlights - Revenue reached $148 million, exceeding guidance, with a reported year-over-year growth of 53%[11], and a pro forma growth of 74% excluding fitness sale[11] - Adjusted EBITDA surpassed guidance, achieving a 304% margin, a 230 bps year-over-year expansion[11] - Payments Revenue, excluding Fitness, increased by 68% year-over-year, driven by Total Payments Volume (TPV) growth[11] - The company repriced and extended its Term Loan and Revolving Credit Facility, resulting in approximately $13 million in annual interest cost savings[11] Customer and Payments Growth - The company has over 725,000 global customers and a pro forma last twelve months (LTM) revenue of $5741 million[13] - Total customers enabled with more than one solution grew by 32% year-over-year, reaching 261,000[16, 17] - Total Payments Volume (TPV) increased by 7% year-over-year, reaching $129 billion[20] Financial Metrics and Outlook - Adjusted EBITDA for Q2 2025 was $45 million[27] - Levered Free Cash Flow (LFCF) for Q2 2025 was $189 million[31] - Adjusted Unlevered Free Cash Flow (aUFCF) for Q2 2025 was $349 million, a 162% year-over-year increase[33] - The company anticipates Q3 2025 total revenue to be between $1465 million and $1495 million, and adjusted EBITDA between $41 million and $43 million[38]

Financial Performance - Western asset gross profit improved by $56 million from a loss of $(38) million in Q2 2024 to a profit of $18 million in Q2 2025[31] - Adjusted EBITDA improved by $57 million, from $(59) million to $(02) million comparing Q2 2024 to Q2 2025[32, 34] - The company's borrowing availability was $70 million as of June 30, 2025, including $5 million under the operating line and $65 million under the term loan facility[33] Regulatory and Market Opportunities - The 45Z credit is extended through the end of 2029, increasing the focus on domestic production[14] - National year-round E15 adoption could potentially increase U S ethanol demand by 50%, or 5-7 billion gallons annually[14] - California could see an increase of approximately 670 million gallons per year in ethanol demand when transitioning from E10 to E15, pending approval[14] Strategic Initiatives - The company is applying for 45Z credits for Alto Columbia and Alto Pekin Dry Mill, estimated to total approximately $18 million over the next two years[15] - The company is prioritizing projects to lower carbon intensity to capture more benefits from 45Z[7] - The company aims to increase CO2 utilization at the Pekin campus and at Columbia, building upon the successful Carbonic acquisition[7]

Q2 2025 Financial Performance - Consolidated Net Revenue for Q2 2025 reached $1.1 billion, a decrease of 4% compared to $1.1578 billion in Q2 2024[6, 11] - Adjusted EBITDA for Q2 2025 was $196 million, a 5% decrease from $205.6 million in Q2 2024[6, 11] - Net Income for Q2 2025 was $45.6 million, a 45% decrease compared to $83.1 million in Q2 2024[11] - Diluted Earnings Per Share for Q2 2025 were $0.24, a 45% decrease from $0.42 in Q2 2024[11] Guidance and Outlook - The company updated its total company guidance to exclude Jack Wolfskin and raised the full year 2025 financial outlook for its continuing business[9] - Updated 2025 revenue guidance excluding Jack Wolfskin to $3.86 billion, an increase of approximately $28 million in Core (Ex JW) revenue and $5 million in Topgolf revenue compared to prior guidance of $3.828 billion[17, 19] - Increased 2025 Adjusted EBITDA guidance midpoint to $460 million excluding Jack Wolfskin, an increase of approximately $31 million in Core (Ex JW) EBITDA and $10 million in Topgolf EBITDA compared to prior guidance of $434 million, offset by a $15 million impact from increased tariffs[23, 25] - Full year 2025 consolidated net revenue guidance is $3.80 - $3.92 billion, compared to prior guidance of $4.000 - $4.185 billion and FY24 results of $4.24 billion[26] - Full year 2025 consolidated Adjusted EBITDA guidance is $430 - $490 million, compared to prior guidance of $415 - $505 million and FY24 results of $588 million[26] Topgolf Performance - Topgolf same venue sales (SVS) decreased by 6% in Q2 2025 compared to Q2 2024, an improvement from the 12% decrease in Q1 2025[33, 36] - Topgolf same venue visits (SVV) increased by 6% in Q2 2025 compared to Q2 2024, a significant improvement from the 8% decrease in Q1 2025[36] - Full year 2025 Topgolf revenue guidance is $1.71 - $1.77 billion, compared to prior guidance of $1.680 - $1.790 billion and FY24 results of $1.81 billion[26]

Financial Performance - Amdocs reported Q3 FY2025 revenue of $1.14 billion, exceeding guidance, representing a ~3.5% year-over-year increase on a pro forma constant currency basis[16] - The company's non-GAAP operating margin was 21.4%, a 280 bps increase year-over-year and a 10 bps increase quarter-over-quarter, driven by internal efficiency improvements[16] - Non-GAAP diluted EPS was $1.72, slightly above the midpoint of guidance[16] - Amdocs' 12-month backlog reached $4.15 billion, up 3.0% year-over-year on a pro forma basis[16] - The company is targeting free cash flow between $710 million and $730 million for FY2025 before restructuring payments[41] Regional Performance - North America accounted for approximately 65% of Q3 2025 revenue, totaling $745 million[48] - Europe contributed around 17% of Q3 2025 revenue, amounting to $189 million, marking a record quarter in Europe[48] - The Rest of World region generated approximately 18% of Q3 2025 revenue, reaching $210 million[48] Strategic Focus - Amdocs is focused on accelerating the journey to the cloud, simplifying the adoption of Generative AI and Data Services, digitalizing customer experience for consumer and B2B, monetizing next-generation network investments, and streamlining and automating complex network ecosystems[20] - The company is on track to deliver double-digit cloud growth in FY25[26] - Amdocs reiterated its FY2025 revenue growth outlook of 2.4%-3.4% year-over-year in pro forma constant currency[41]

INVESTOR PRESENTATION Q2 FY25 Disclaimer Forward-Looking Statements The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to differ materially, including (i) our history of operating losses; (ii) our limited operating history; (iii) our ability to maintain and advance our innovation and brand; (iv) our ability to effectively add new customers; (v) our abil ...

Forward-Looking Statements Investor Presentation Second Quarter 2025 Earnings August 6, 2025 August 2025 / © 2025 Remitly Inc. Disclosures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future events or our future results of operations and financial position, includ ...

Financial Highlights - Revenue reached $83.3 million, a 14% year-over-year increase[12, 44] - Annual Recurring Revenue (ARR) grew to $335 million, up 16% year-over-year[12, 44] - The company's Net Retention Rate was 104%, compared to 96% in Q2 2024[12, 44] - Free Cash Flow was $18.2 million, compared to $6.8 million in Q2 2024[12, 44] - Non-GAAP Operating Loss was reduced to $(1.5) million, compared to $(3.7) million in Q2 2024[12, 44] - Cash and investments totaled $288 million[12, 44] Customer Base - The company has 634 customers with ARR greater than or equal to $100,000, a 16% year-over-year increase[13, 44] - Enterprise customers contribute 65% of the company's ARR[13] - 34% of customers are using more than one product[13] Guidance - The company projects Q3 2025 revenue to be between $85 million and $87 million, representing a 13% to 16% year-over-year growth[61] - The company projects full year 2025 revenue to be between $335.2 million and $338.2 million, representing a 12% to 13% year-over-year growth[61]