
TELUS Digital reports second quarter 2025 results, with incremental improvement in revenue growth
'In the second quarter of 2025, TELUS Digital delivered incremental improvement in its performance, with revenue increasing on a sequential quarter and a year-over-year basis, driven primarily by our existing client base, including TELUS,' said Jason Macdonnell, Acting Chief Executive Officer and Chief Operating Officer, TELUS Digital and President, Customer Experience. 'In our AI & Data Solutions service line in particular, we continue to diversify and expand our exposure across several key clients, all within our Top 10 cohort, on the back of a tailwind of generative AI large language models' development race among hyperscalers.'
Tobias Dengel, President of TELUS Digital Solutions added, 'In Digital Solutions, we continue to lean into robust demand for cost optimization and efficiencies from automation, with good engagement seen across our existing client base in particular. At the same time, we secured several exciting net new client and expansion opportunities via our core competencies in digital experience and transformation. These drove year-over-year revenue growth in the second quarter and contributed to our sales funnel.'
Gopi Chande, Chief Financial Officer said, 'With incremental improvement in our top-line growth, we remain vigilant in protecting our operating margins, which remain pressured due to the overall competitive pricing environment in our industry. We are reiterating our full-year outlook for 2025, balancing revenue upside seen year to date and our commitment to working through the pressures on our profitability margins.'
Provided below are financial and operating highlights that include certain non-GAAP measures and ratios. See the Non-GAAP section of this news release for a discussion on such measures and ratios. Note, in the second quarter of 2025, the Company recorded an impairment of goodwill, please see the Goodwill impairment section below and refer to Note 11—Intangible assets and goodwill of our accompanying Financial Statements.
Q2 2025 vs. Q2 2024 summary
Revenue of $699 million, an increase of $47 million or 7% on a reported basis and 6% on a constant currency basis 1, primarily driven by growth in services provided to existing clients, including TELUS and certain social media clients, among others, and new clients added since the same period in the prior year, partially offset by lower revenues from certain technology and eCommerce clients. Revenue for the quarter reflected the non-recurring favorable impact of a certain contractual scope adjustment. Additionally, there was a favorable foreign currency impact of approximately 1% compared with the same quarter of the prior year, associated with the weakening U.S. dollar exchange rate against the euro.
Net loss of $272 million and diluted EPS of $(0.98), compared with net loss of $3 million and diluted EPS of $(0.08), respectively, in the same quarter of the prior year, primarily due to a non-cash charge of $224 million related to the impairment of goodwill, as well as an increase in operating expenses outpacing revenue growth, and other income recognized in the comparative period arising from changes in business combination-related provisions that did not reoccur in the current period, partially offset by lower income taxes and interest expense. Net loss margin, calculated by dividing net loss by revenue for the period, was 38.9%, compared with 0.5% for the same quarter in the prior year. Net loss and diluted EPS include the impact of acquisition and integration charges, amortization of purchased intangible assets, goodwill impairment, and interest accretion on written put options, among other items. Adjusted Net Income 1, which excludes the impact of such items, was $16 million, compared with $46 million in the same quarter of the prior year, primarily due to higher salaries and benefits, goods and services purchased, as well as other income recognized in the comparative period arising from changes in business combination-related provisions that did not reoccur in the current period, which were partially offset by higher revenues earned, including the non-recurring favorable impact of a certain contractual scope adjustment, as well as lower income tax and interest expense.
Adjusted EBITDA 1 was $94 million, compared with $130 million in the same quarter of the prior year, primarily due to the increases in salaries and benefits and goods and services purchased outpacing revenue growth, as well as other income generated in the prior year's comparative period from changes in business combination-related provisions. Adjusted EBITDA Margin 1 was 13.4%, compared with 19.9% in the same quarter of the prior year, due to the aforementioned factors. Adjusted Diluted EPS 1 was $0.06, compared with $0.16 in the same quarter of the prior year.
Cash provided by operating activities was $63 million and Free Cash Flow 1 was $33 million, compared with $124 million and $95 million, respectively, in the same quarter of the prior year, primarily due to increases in operating expenses outpacing revenue growth and a negative non-cash impact in the quarter from foreign currency swaps due to stronger euro exchange against the U.S. dollar, and in the case of Free Cash Flow, reflecting higher capital expenditures due to incremental investments in site builds in Asia Pacific and Europe, as well as investments in our Digital Solutions service line.
Net Debt to Adjusted EBITDA Leverage Ratio 1 as per our credit agreement was 3.75x as of June 30, 2025 compared with 3.40x as of March 31, 2025 and 3.20x as of December 31, 2024. The calculation of the ratio remains negatively impacted primarily by lower Adjusted EBITDA on a trailing twelve-month basis, in addition to a non-cash increase in derivative liabilities attributed to a stronger euro exchange against the U.S. dollar in the current quarter. As of June 30, 2025, the Company is in compliance with its Net Debt to Adjusted EBITDA financial covenant per its credit facility. Should our Net Debt to Adjusted EBITDA Leverage Ratio as per our credit agreement exceed the current covenant in future quarters, we may undertake a combination of measures, including requesting shareholder loan support from the parent company with terms that are compliant with the credit agreement or to seek a credit facility amendment.
Team member count was 78,569 as of June 30, 2025, an increase of 5% year-over-year, resulting from the expansion of our service programs, particularly to meet the near-term client demand across the Americas and Asia Pacific regions, while also reflecting a workforce restructuring undertaken during the quarter in Europe.
YTD Q2 2025 vs. YTD Q2 2024 summary
Revenue of $1,369 million, an increase of $60 million or 5% year-over-year on a reported basis and on a constant currency basis, due to the same factors as outlined above in the quarterly section.
Net loss of $297 million and diluted EPS of $(1.07), compared with net income of $25 million and diluted EPS of $(0.05), respectively, in the same period of the prior year, due to the same factors as outlined above. Net loss margin was 21.7%, compared with a net income margin 1.9% for the same period in the prior year. Adjusted Net Income was $33 million, compared with $111 million in the same period of the prior year, due to the same factors as outlined above.
Adjusted EBITDA was $184 million, compared with $283 million in the same period of the prior year, due to the same factors as outlined above. Adjusted EBITDA Margin was 13.4%, compared with 21.6% in the same period of the prior year, due to the aforementioned factors. Adjusted Diluted EPS was $0.12, compared with $0.38 in the same period of the prior year.
Cash provided by operating activities was $132 million and Free Cash Flow was $75 million, compared with $250 million and $199 million, respectively, in the same period of the prior year, reflecting the same factors as outlined above.
Goodwill impairment
As at June 30, 2025, we recorded a non-cash goodwill impairment charge of $224 million. This resulted from our goodwill impairment test, which determined that the Company's single cash-generating unit's carrying value exceeded its estimated fair value as of June 30, 2025. The recoverable amount was principally affected by changes in key valuation assumptions including higher weighted average cost of capital, lower perpetual growth rate and lower cash flow forecasts arising from pricing pressure on margins. Please refer to Note 11—Intangible assets and goodwill of our accompanying Financial Statements.
A discussion of our results of operations is included in our Management's Discussion and Analysis for the three- and six-month periods ended June 30, 2025, which is filed on SEDAR+ and as Exhibit 99.2 to our Form 6-K filed on EDGAR. Such materials and additional information are also provided at telusdigital.com/investors.
Outlook
For the full-year 2025, management continues to expect:
Revenue growth of approximately 2% on an organic basis
Adjusted EBITDA of approximately $400 million
Adjusted Diluted EPS of approximately $0.32
Q2 2025 investor call
TELUS Digital will host a conference call today, August 1, 2025 at 10:30 a.m. (ET) / 7:30 a.m. (PT), where management will review the second quarter results, followed by a question and answer session with pre-qualified analysts. A webcast of the conference call will be streamed live on the TELUS Digital Investor Relations website at: https://www.telusdigital.com/investors/news-events and a replay will also be available on the website following the conference call.
Status of the TELUS proposal
As previously announced, on June 11, 2025, TELUS Digital received an unsolicited non-binding proposal from TELUS Corporation to acquire 100% of the outstanding multiple voting shares and subordinate voting shares of TELUS Digital not already owned by TELUS Corporation (the Proposal). Subsequent to receiving the Proposal, TELUS Digital's board of directors formed a special committee comprised of six independent directors (the Special Committee) to review, evaluate and consider the Proposal. In addition, the Special Committee has announced the engagement of independent legal counsel, financial advisors, valuators and communications advisors. TELUS Digital does not have any further update on the Proposal.
TELUS Digital cautions the Company's shareholders and others considering trading in TELUS Digital's securities that no decisions have been made with respect to the Proposal. There can be no assurance that any binding offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal, or that the transaction contemplated by the Proposal or any other similar transaction will be approved or consummated.
Non-GAAP
This news release includes non-GAAP financial information, with reconciliation to GAAP measures presented at the end of this news release. We report certain non-GAAP measures used in the management analysis of our performance, but these do not have standardized meanings under International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS ® Accounting Standards). These non-GAAP financial measures and non-GAAP ratios may not be comparable to GAAP measures or ratios and may not be comparable to similarly titled non-GAAP financial measures or non-GAAP ratios reported by other companies, including those within our industry and TELUS Corporation, our controlling shareholder.
Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, revenue on a constant currency basis, and Net Debt are non-GAAP financial measures, while Adjusted EBITDA Margin, Adjusted Diluted EPS, revenue growth on a constant currency basis and Net Debt to Adjusted EBITDA Leverage Ratio are non-GAAP ratios.
Adjusted EBITDA is commonly used by our industry peers and provides a measure for investors to compare and evaluate our relative operating performance. We use it to assess our ability to service existing and new debt facilities, and to fund accretive growth opportunities and acquisition targets. In addition, certain financial debt covenants associated with our credit facility, including Net Debt to Adjusted EBITDA Leverage Ratio, are based on Adjusted EBITDA, which requires us to monitor this non-GAAP financial measure in connection with our financial covenants. Adjusted EBITDA should not be considered an alternative to net income in measuring our financial performance, and it should not be used as a replacement measure of current and future operating cash flows. However, we believe a financial measure that presents net income adjusted for these items provides a more consistent measure for management to evaluate period-over-period performance and would enable an investor to better evaluate our underlying business trends, our operational performance and overall business strategy.
We exclude items from Adjusted Net Income and Adjusted EBITDA, such as acquisition, integration and other, foreign exchange gains or losses and, additionally, with respect to Adjusted Net Income, the interest accretion on written put options, amortization of purchased intangible assets, and the related tax effect of these adjustments. Full reconciliations of Adjusted EBITDA and Adjusted Net Income to the comparable GAAP measures are included at the end of this news release.
We calculate Free Cash Flow by deducting capital expenditures from our cash provided by operating activities, as we believe capital expenditures are a necessary ongoing cost to maintain our existing productive capital assets and support our organic business operations. We use Free Cash Flow to evaluate the cash flows generated from our ongoing business operations that can be used to meet our financial obligations, service debt facilities, reinvest in our business, and to fund, in part, potential future acquisitions.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by consolidated revenue. We regularly monitor Adjusted EBITDA Margin to evaluate our operating performance compared to established budgets, operational goals and the performance of industry peers.
Adjusted Diluted EPS is used by management to assess the profitability of our business operations on a per share basis. We regularly monitor Adjusted Diluted EPS as it provides a more consistent measure for management and investors to evaluate our period-over-period operating performance, to better understand our ability to manage operating costs and to generate profits. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted average number of diluted equity shares outstanding during the period.
Revenue on a constant currency basis is used by management to assess revenue, the most directly comparable GAAP measure, excluding the effect of foreign currency fluctuations. Revenue on a constant currency basis is calculated as current period revenue translated using average foreign exchange rates in the comparable prior period.
Revenue growth on a constant currency basis is used by management to assess the growth of revenue, the most directly comparable GAAP measure, excluding the effect of foreign currency fluctuations. Revenue growth on a constant currency basis is calculated as current period revenue growth translated using average foreign exchange rates in the comparable prior period.
Net Debt to Adjusted EBITDA Leverage Ratio as per our credit agreement is calculated based on Net Debt and Adjusted EBITDA, both as per our credit agreement. Over the long term, we seek to maintain a Net Debt to Adjusted EBITDA Leverage Ratio in the range of 2-3x. We may deviate from our target Net Debt to Adjusted EBITDA Leverage Ratio as per our credit agreement to pursue acquisitions and other strategic opportunities that may require us to borrow additional funds and, additionally, our ability to maintain this targeted ratio depends on our ability to continue to grow our business, general economic conditions, industry trends and other factors.
We have not provided a quantitative reconciliation of our full-year 2025 outlook for Adjusted EBITDA and Adjusted Diluted EPS to our full-year 2025 outlook for net income and diluted EPS because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence, which could materially affect the computation of these financial ratios and measures.
Cautionary note regarding forward-looking statements
This news release contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'aim', 'anticipate', 'assume', 'believe', 'contemplate', 'continue', 'could', 'due', 'estimate', 'expect', 'goal', 'intend', 'may', 'objective', 'plan', 'predict', 'potential', 'positioned', 'seek', 'should', 'target', 'will', 'would' and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These include, but are not limited to, statements and information regarding the proposal received by us from TELUS Corporation, including the terms and conditions of the proposal, TELUS Digital's review and evaluation of the proposal by the special committee.
These forward-looking statements are based on our current expectations, estimates, forecasts and projections about our business and the industry in which we operate, and management's beliefs and assumptions, and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise, except as required by law.
Specifically, we made several assumptions underlying our financial outlook for the full-year 2025 results, including key assumptions in relation to: our ability to execute our growth strategy, including by expanding services offered to existing clients and attracting new clients; our ability to maintain the competitiveness of our service offerings and meet changing customer needs, including by continuing to invest in, develop and deploy new technologies and digital transformation capabilities; our ability to maintain our corporate culture and attract and retain talent; our ability to integrate, and realize the benefits of, acquisitions that align with our strategy and enhance our core capabilities and solutions; the relative growth rate and size of our target industry verticals; our projected operating and capital expenditure requirements; our ability to manage costs and adjust our cost structure as needed; and the impact of global conditions on our and our clients' businesses, including macroeconomic uncertainty, inflation, interest rates fluctuations and geopolitical conditions. Our financial outlook provides management's best judgement of how trends will impact the business and may not be appropriate for other purposes.
Risk factors that may cause actual results to differ materially from current expectations include, among other things:
We face intense competition from companies that offer services similar to ours.
Our business and financial results have been and could be adversely affected by a number of global conditions and the effects of these same conditions on our clients' businesses and demand for our services.
Because the majority of our costs is fixed in the short-term, we may experience a delay in our ability to immediately adjust our cost structure in response to prolonged lower client demand.
A limited number of clients account for a significant portion of our revenue and loss of or reduction in business from, or consolidation of, these or any other major clients could have a material adverse effect on our business, financial condition, financial performance and prospects.
Our ability to grow and maintain our profitability could be materially affected if changes in technology, including without limitation generative artificial intelligence (GenAI), and client expectations outpace our service offerings and the development of our internal tools and processes or if we are not able to meet the expectations of our clients.
Our growth prospects are dependent upon attracting and retaining enough qualified team members to support our operations, and competition for talent is intense.
If we cannot maintain our unique culture as we grow, our services, financial performance and business may be harmed.
Our business could be adversely affected if we lose members of our senior management.
We could be unable to successfully identify, complete, integrate and realize the benefits of acquisitions or manage the associated risks.
The unauthorized disclosure of sensitive or confidential client and customer data, through cyberattacks or otherwise, could expose us to protracted and costly litigation, damage to reputation and cause us to lose clients / revenue.
Our business may not develop in ways that we currently anticipate due to negative public reaction to offshore outsourcing, content moderation and proposed legislation or otherwise.
Our policies, procedures and programs to safeguard the health, safety and security of our team members, particularly our content moderation team members, may not be adequate.
Our business would be adversely affected if individuals providing data annotation services through AI Data Solutions were classified as employees (not as independent contractors).
The dual-class structure contained in our articles has the effect of concentrating voting control and the ability to influence corporate matters with TELUS.
TELUS will, for the foreseeable future, control the TELUS Digital board of directors.
The market price of our subordinate voting shares may be affected by low trading volume and the market pricing for our subordinate voting shares may decline as a result of future sales, or the perception of the likelihood of future sales, by us or our shareholders in the public market.
These risk factors, as well as other risk factors that may impact our business, financial condition and results of operation, are also described in our 'Risk Factors' section of our Annual Report available on SEDAR+ and in 'Item 3D—Risk Factors' of our Annual Report on Form 20-F filed on February 13, 2025, and available on EDGAR, as updated by our management's discussion and analysis for the three- and six-month periods ended June 30, 2025, which is filed on SEDAR+ and as Exhibit 99.2 to our Form 6-K filed on EDGAR.
TELUS International (Cda) Inc.
Condensed Interim Consolidated Statements of Financial Position
(unaudited)
As at (millions)
December 31, 2024
ASSETS
Current assets
Cash and cash equivalents
$
151
$
174
Accounts receivable
491
454
Due from affiliated companies
28
16
Income and other taxes receivable
18
8
Prepaid and other assets
65
42
Current portion of derivative assets
8
13
761
707
Non-current assets
Property, plant and equipment, net
507
456
Intangible assets, net
1,344
1,379
Goodwill
1,789
1,926
Derivative assets
—
15
Deferred income taxes
12
12
Other long-term assets
26
26
3,678
3,814
Total assets
$
4,439
$
4,521
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
356
$
321
Due to affiliated companies
314
231
Income and other taxes payable
61
68
Current portion of provisions
49
7
Current maturities of long-term debt
126
116
Current portion of derivative liabilities
1
2
907
745
Non-current liabilities
Provisions
114
139
Long-term debt
1,434
1,409
Derivative liabilities
38
—
Deferred income taxes
220
256
Other long-term liabilities
32
27
1,838
1,831
Total liabilities
2,745
2,576
Owners' equity
1,694
1,945
Total liabilities and owners' equity
$
4,439
$
4,521
Expand
TELUS International (Cda) Inc.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
Three months
Six months
Periods ended June 30 (millions)
2025
2024
2025
2024
OPERATING ACTIVITIES
Net (loss) income
$
(272
)
$
(3
)
$
(297
)
$
25
Adjustments:
Depreciation, amortization and impairment of goodwill
310
79
391
158
Interest expense
34
36
64
71
Income tax (recovery) expense
(35
)
4
(35
)
13
Share-based compensation
6
10
13
11
Changes in business combination-related provisions
—
(31
)
—
(60
)
Change in market value of derivatives and other
(44
)
2
(54
)
(4
)
Net change in non-cash operating working capital
81
43
74
54
Income taxes paid, net
(17
)
(16
)
(24
)
(18
)
Cash provided by operating activities
63
124
132
250
INVESTING ACTIVITIES
Cash payments for capital assets
(30
)
(29
)
(57
)
(51
)
Cash receipts from other assets
—
1
—
1
Cash payments for acquisitions
(1
)
—
(1
)
(3
)
Cash used in investing activities
(31
)
(28
)
(58
)
(53
)
FINANCING ACTIVITIES
Shares issued
1
1
2
2
Withholding taxes paid related to net share settlement of equity awards
(1
)
(1
)
(3
)
(3
)
Long-term debt issued
237
45
387
90
Repayment of long-term debt
(241
)
(118
)
(452
)
(212
)
Interest paid on credit facilities
(22
)
(24
)
(41
)
(48
)
Cash used in financing activities
(26
)
(97
)
(107
)
(171
)
CASH POSITION
Increase (decrease) in cash and cash equivalents
14
(2
)
(23
)
25
Cash and cash equivalents, beginning of period
137
154
174
127
Cash and cash equivalents, end of period
$
151
$
152
$
151
$
152
Expand
Non-GAAP reconciliations
(unaudited)
Three Months Ended
J une 30
Six Months Ended
J une 30
(millions, except percentages)
2025
2024
2025
2024
Revenue, as reported
$
699
$
652
$
1,369
$
1,309
Foreign exchange impact on current period revenue using prior comparative period's rates
(7
)
3
—
—
Revenue on a constant currency basis
$
692
$
655
$
1,369
$
1,309
Revenue growth
7
%
(2
)%
5
%
(3
)%
Revenue growth on a constant currency basis
6
%
(2
)%
5
%
(3
)%
Expand
Three Months Ended
June 30
Six Months Ended
June 30
(millions, except per share amounts)
2025
2024
2025
2024
Net (loss) income
$
(272
)
$
(3
)
$
(297
)
$
25
Add back (deduct):
Acquisition, integration and other
50
9
56
16
Real estate rationalization-related impairments
3
—
3
—
Amortization of purchased intangible assets and impairment of goodwill
267
43
310
85
Interest accretion on written put options
3
3
5
6
Foreign exchange loss
7
5
5
—
Tax effect of the adjustments above
(42
)
(11
)
(49
)
(21
)
Adjusted Net Income
$
16
$
46
$
33
$
111
Adjusted Basic Earnings Per Share
$
0.06
$
0.17
$
0.12
$
0.41
Adjusted Diluted Earnings Per Share
$
0.06
$
0.16
$
0.12
$
0.38
Expand
Three Months Ended
June 30
Six Months Ended
June 30
(millions, except percentages)
2025
2024
2025
2024
Net (loss) income
$
(272
)
$
(3
)
$
(297
)
$
25
Add back (deduct):
Acquisition, integration and other
50
9
56
16
Depreciation and amortization and impairment of goodwill
310
79
391
158
Interest expense
34
36
64
71
Foreign exchange loss
7
5
5
—
Income tax (recovery) expense
(35
)
4
(35
)
13
Adjusted EBITDA
$
94
$
130
$
184
$
283
Net (loss) income margin
(38.9
)%
(0.5
)%
(21.7
)%
1.9
%
Adjusted EBITDA Margin
13.4
%
19.9
%
13.4
%
21.6
%
Expand
Three Months Ended
June 30
Six Months Ended
June 30
(millions)
2025
2024
2025
2024
Cash provided by operating activities
$
63
$
124
$
132
$
250
Less: capital expenditures
(30
)
(29
)
(57
)
(51
)
Free Cash Flow
$
33
$
95
$
75
$
199
Expand
As at (millions, except for ratio)
June 30,
2025
December 31, 2024
Outstanding credit facility
$
1,280
$
1,284
Contingent facility utilization
7
7
Contingent liability related to M&A (cash component)
5
—
Net derivative liabilities
29
2
Cash balance 1
(150
)
(150
)
Net Debt as per credit agreement
$
1,171
$
1,143
Adjusted EBITDA (trailing 12 months)
$
382
$
481
Adjustments required as per credit agreement
$
(70
)
$
(124
)
Net Debt to Adjusted EBITDA Leverage Ratio as per credit agreement
3.75
3.20
Expand
1 Maximum cash balance permitted as a reduction to net debt, as per the credit agreement, is $150 million.
Expand
About TELUS Digital
TELUS Digital (NYSE & TSX: TIXT) crafts unique and enduring experiences for customers and employees, and creates future-focused digital transformations that deliver value for our clients. We are the brand behind the brands. Our global team members are both passionate ambassadors of our clients' products and services, and technology experts resolute in our pursuit to elevate their end customer journeys, solve business challenges, mitigate risks, and drive continuous innovation. Our portfolio of end-to-end, integrated capabilities include customer experience management, digital solutions, such as cloud solutions, AI-fueled automation, front-end digital design and consulting services, AI & data solutions, including computer vision, and trust, safety and security services. Fuel iX TM is TELUS Digital's proprietary platform and suite of products for clients to manage, monitor, and maintain generative AI across the enterprise, offering both standardized AI capabilities and custom application development tools for creating tailored enterprise solutions.
Powered by purpose, TELUS Digital leverages technology, human ingenuity and compassion to serve customers and create inclusive, thriving communities in the regions where we operate around the world. Guided by our Humanity-in-the-Loop principles, we take a responsible approach to the transformational technologies we develop and deploy by proactively considering and addressing the broader impacts of our work. Learn more at: telusdigital.com.

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NEW YORK, Aug. 5, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the second quarter 2025. SAFE published a presentation detailing these results which can be found on its website, in the "Investors" section. Highlights from the earnings announcement include: Q2'25 revenue was $93.8 million Q2'25 net income attributable to common shareholders was $27.9 million Q2'25 earnings per share was $0.39 Closed $220 million of originations in Q2'25, including four ground leases for $123 million1 and three leasehold loans for $97 million2 Estimated Unrealized Capital Appreciation increased to $9.1 billion "Safehold delivered a solid second quarter, converting several previously announced LOIs into closings at attractive risk-adjusted returns," said Jay Sugarman, Chairman and Chief Executive Officer. "We are encouraged by increasing customer engagement and well positioned to continue scaling our market leading platform." The Company will host an earnings conference call reviewing this presentation beginning at 5:00 p.m. ET on Tuesday, August 5, 2025. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website and by using the dial in information listed below: Dial-In: 888.506.0062 International: 973.528.0011 Access Code: 951370 A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 8:00 p.m. ET on August 5, 2025 through 12:00 a.m. ET on August 19, 2025 by calling: Replay: 877.481.4010 International: 919.882.2331 Access Code: 52799 About Safehold: Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at Company Contact: Pearse HoffmannSenior Vice PresidentHead of Corporate Finance T 212.930.9400E investors@ 1 Includes $62m forward commitments for new ground lease originations that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these transactions. 2 Includes $54m forward commitments for new leasehold loan originations that have not yet been funded (such funding commitments are subject to certain conditions). Excludes $31m commitment regarding contingent-based loan allocation which was fully unfunded as of 6/30/25. There can be no assurance Safehold will fully fund these transactions. View original content to download multimedia: SOURCE Safehold Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Gulfport Energy Reports Second Quarter 2025 Financial and Operating Results
OKLAHOMA CITY, August 05, 2025--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) ("Gulfport" or the "Company") today reported financial and operating results for the three months ended June 30, 2025. Key Highlights Expanding stock repurchase authorization by 50% to $1.5 billion, which supports the preferred stock redemption and continued common share repurchases Targeting accelerated stockholder returns through the redemption of all outstanding shares of Series A Convertible Preferred Stock Allocating $75 million - $100 million toward discretionary acreage acquisitions, potentially extending inventory runway by more than two years Second Quarter 2025 Delivered total net production of 1,006.3 MMcfe per day, an increase of 8% over first quarter 2025 and includes the impact of approximately 40 MMcfe per day from unplanned third-party midstream outages and constraints Produced total net liquids production of 19.2 MBbl per day, an increase of 26% over first quarter 2025 Incurred capital expenditures of $124.2 million Reported $184.5 million of net income and $212.3 million of adjusted EBITDA(1) Generated $231.4 million of net cash provided by operating activities and $64.6 million of adjusted free cash flow(1) Repurchased approximately 338.9 thousand shares for approximately $65.0 million Repurchased approximately 679.6 thousand shares for approximately $125.0 million during the first six months of 2025 Completed opportunistic discretionary acreage acquisitions totaling $6.9 million Turned to sales 14 gross wells, including 8 wells in Ohio targeting the Utica, 4 wells in Ohio targeting the Marcellus and 2 wells in the SCOOP John Reinhart, President and CEO, commented, "We are pleased to announce our plans to allocate $75 million to $100 million towards targeted discretionary acreage acquisition opportunities in the coming months and anticipate this investment will expand our high-quality, low-breakeven inventory by more than two years. This represents the highest level of leasehold investment at Gulfport in over six years, reinforcing our ongoing commitment to organically grow our inventory runway and increase development optionality." Reinhart continued, "With robust adjusted free cash flow forecasted and consistent with our ongoing commitment to shareholder returns, we announced the opportunistic redemption of all outstanding shares of preferred stock. This transaction, assuming cash redemption, accelerates common share retirements, simplifies our capital structure and further demonstrates our confidence in the attractive value proposition that Gulfport's equity represents. To support the redemption of the preferred stock and enable the Company to continue our ongoing repurchase program, we expanded our stock repurchase authorization by 50% to $1.5 billion. Our disciplined and consistent approach to share repurchases over the past four years has delivered value for our shareholders and we remain committed to returning substantially all our adjusted free cash flow, excluding discretionary acreage acquisitions, to shareholders through stock repurchases." Reinhart continued, "Production volumes during the quarter increased approximately 8% over the first quarter, reflecting strong well results despite approximately 40 MMcfe per day of unplanned midstream outages and constraints. These midstream impacts included infrastructure disruptions, processing plant outages and involuntary throughput reductions. While the majority of the production impacts have been mitigated, midstream capacity enhancement projects remain ongoing, and as a result, we currently forecast our full year 2025 total net production is trending toward the low end of our guidance range." "Offsetting these production constraints, we continue to be pleased with the 2025 well results, highlighted by strong production performance across all five of our development areas. The Kage development, a four-well Utica condensate pad in Harrison County, Ohio, continues to exhibit strong oil performance and under revised managed pressure flowback delivered approximately 65% more oil after 120 days than the nearby Gulfport development. In addition, the Company brought online a four-well Utica wet gas pad during the second quarter, currently producing at levels comparable to our Utica dry gas development on a volume equivalent basis but with enhanced cash flows and economics driven by the associated liquids production. This pad marks the first pad turned to sales as a product of our recent discretionary acreage acquisitions and reinforces the continued development of this high-return, rich gas area of the play for years to come," concluded Reinhart. A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here. A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at Operational Update The table below summarizes Gulfport's operated drilling and completion activity for the second quarter of 2025: Quarter Ended June 30, 2025 Gross Net Lateral Length Spud Utica & Marcellus 4 4.0 15,100 SCOOP — — — Drilled Utica & Marcellus 7 7.0 15,100 SCOOP — — — Completed Utica & Marcellus 11 11.0 13,500 SCOOP — — — Turned-to-Sales Utica & Marcellus 12 12.0 13,300 SCOOP 2 1.8 11,500 Gulfport's net daily production for the second quarter of 2025 averaged 1,006.3 MMcfe per day, primarily consisting of 800.6 MMcfe per day in the Utica/Marcellus and 205.7 MMcfe per day in the SCOOP. Gulfport's net daily production for the second quarter of 2025 was negatively impacted by approximately 40 MMcfe per day due to unplanned third-party midstream outages and constraints. For the second quarter of 2025, Gulfport's net daily production mix was comprised of approximately 88% natural gas, 7% natural gas liquids ("NGL") and 5% oil and condensate. Three MonthsEnded June30, 2025 Three MonthsEnded June30, 2024 Production Natural gas (Mcf/day) 891,359 972,487 Oil and condensate (Bbl/day) 7,843 2,747 NGL (Bbl/day) 11,313 10,195 Total (Mcfe/day) 1,006,299 1,050,137 Average Prices Natural Gas: Average price without the impact of derivatives ($/Mcf) $ 2.97 $ 1.63 Impact from settled derivatives ($/Mcf) $ 0.22 $ 1.03 Average price, including settled derivatives ($/Mcf) $ 3.19 $ 2.66 Oil and condensate: Average price without the impact of derivatives ($/Bbl) $ 58.20 $ 76.51 Impact from settled derivatives ($/Bbl) $ 3.38 $ (1.08 ) Average price, including settled derivatives ($/Bbl) $ 61.58 $ 75.43 NGL: Average price without the impact of derivatives ($/Bbl) $ 27.91 $ 28.18 Impact from settled derivatives ($/Bbl) $ (0.26 ) $ (0.25 ) Average price, including settled derivatives ($/Bbl) $ 27.65 $ 27.93 Total: Average price without the impact of derivatives ($/Mcfe) $ 3.40 $ 1.99 Impact from settled derivatives ($/Mcfe) $ 0.21 $ 0.94 Average price, including settled derivatives ($/Mcfe) $ 3.61 $ 2.93 Selected operating metrics Lease operating expenses ($/Mcfe) $ 0.19 $ 0.17 Taxes other than income ($/Mcfe) $ 0.08 $ 0.07 Transportation, gathering, processing and compression expense ($/Mcfe) $ 0.94 $ 0.91 Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP) $ 0.13 $ 0.12 Interest expenses ($/Mcfe) $ 0.15 $ 0.16 Capital Investment Capital investment was $124.2 million (on an incurred basis) for the second quarter of 2025, of which $118.2 million related to operated drilling and completion activity and $6.0 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $0.3 million related to non-operated drilling and completion activities. For the six-month period ended June 30, 2025, capital investment was $284.0 million (on an incurred basis), of which $266.7 million related to operated drilling and completion activity and $17.2 million to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $1.5 million related to non-operated drilling and completion activities. Expanded Stock Repurchase Program Gulfport's board of directors recently expanded the Company's stock repurchase program and Gulfport is now authorized to repurchase up to $1.5 billion of its outstanding stock (including the redemption of its preferred stock) through December 31, 2026. Gulfport repurchased approximately 338.9 thousand shares of common stock at a weighted-average price of $191.80 during the second quarter of 2025, totaling approximately $65.0 million. As of June 30, 2025, the Company had repurchased approximately 6.2 million shares of common stock at a weighted-average share price of $113.48 since the program initiated in March 2022, totaling approximately $709.1 million in aggregate. The Company currently has approximately $790.9 million of remaining capacity under the expanded stock repurchase program. Any cash redemption of our outstanding preferred stock will reduce capacity under the stock repurchase program. Preferred Stock Redemption Notice Gulfport today announced that it will exercise its right to redeem all of its Series A Convertible Preferred Stock (the "Preferred Stock") for cash. The optional redemption will be effective on September 5, 2025, (the "Redemption Date"), with respect to any shares of the Preferred Stock that have not been converted prior to the Redemption Date and remain outstanding at that date. As of the close of business on August 4, 2025, there were 31,356 shares of Preferred Stock outstanding. Holders of the Preferred Stock should refer to Gulfport's Amended and Restated Certificate of Incorporation, specifically Exhibit A, for details regarding the optional redemption and conversion rights. Prior to the Redemption Date, holders may exercise their conversion rights by submitting the required notice via e-mail to preferredconversion@ The total cash amount payable by Gulfport in connection with the redemption will vary depending on the number of shares of Preferred Stock converted prior to the Redemption Date and the price of Gulfport's common stock. The redemption agent will be Computershare ("Computershare"). Holders can inquire about the redemption of the Preferred Stock by contacting Computershare by telephone at 781-575-2765 (toll free at 1-800-546-5141). Financial Position and Liquidity As of June 30, 2025, Gulfport had approximately $3.8 million of cash and cash equivalents, $55.0 million of borrowings under its revolving credit facility, $63.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes. Gulfport's liquidity at June 30, 2025, totaled approximately $884.9 million, comprised of the $3.8 million of cash and cash equivalents and approximately $881.1 million of available borrowing capacity under its credit facility. Derivatives Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company's exposure to commodity price fluctuations. For details, please refer to the "Derivatives" section provided with the supplemental financial tables available on our website at Second Quarter 2025 Conference Call Gulfport will host a teleconference and webcast to discuss its second quarter of 2025 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, August 6, 2025. The conference call can be heard live through a link on the Gulfport website, In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from August 6, 2025 to August 20, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13754847. Financial Statements and Guidance Documents Second quarter of 2025 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at Non-GAAP Disclosures This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at About Gulfport Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations. Forward-Looking Statements This press release includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "intends," "believes," "estimates," "projects," "predicts," "potential" and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine and the conflict in the Middle East on our business, our industry and the global economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures (including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under "Risk Factors" in Item 1A of Gulfport's annual report on Form 10-K for the year ended December 31, 2024 and any updates to those factors set forth in Gulfport's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its website ( to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport's website is not part of this filing. View source version on Contacts Investor Contact: Jessica Antle – Vice President, Investor Relationsjantle@ 405-252-4550 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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The RMR Group Inc. Announces Third Quarter Fiscal 2025 Results
NEWTON, Mass., August 05, 2025--(BUSINESS WIRE)--The RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended June 30, 2025, which can be found at the Quarterly Results section of RMR's website at A conference call to discuss RMR's fiscal third quarter results will be held on Wednesday, August 6, 2025 at 1:00 p.m. Eastern Time. The conference call may be accessed by dialing (844) 481-2945 or (412) 317-1868 (if calling from outside the U.S. and Canada); a pass code is not required. A replay will be available for one week by dialing (877) 344-7529; the replay pass code is 6116743. A live audio webcast of the conference call will also be available in a listen-only mode on RMR's website, at The archived webcast will be available for replay on RMR's website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of RMR. About The RMR Group: The RMR Group is a leading U.S. alternative asset management company, unique for its focus on both residential and commercial real estate (CRE) and related businesses. RMR's vertical integration is supported by nearly 900 real estate professionals in more than 30 offices nationwide who manage approximately $40 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit View source version on Contacts Bryan Maher, Senior Vice President, Investor Relations(617) 796-8230 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data