- Food and beverage revenues increased 9% and other revenues increased 3% in the second quarter.
- Occupancy declined less than 0.5% to 78%, representing the second highest nominal occupancy in the past five years.
- Operating expenses increased only 1.5% year-over-year or 2% on a per occupied room basis, limiting EBITDA margin contraction to 160 basis points year-over-year.
- Same-store RevPAR declined 3.6% year-over-year, driven by a 3.3% decline in average daily rate and a 125 basis point headwind from special events in the prior year.
- Second quarter adjusted EBITDA was $50.9 million and adjusted FFO was $32.7 million or $0.27 per share, benefiting from lower interest expense and accretive share repurchases.
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- Adjusted diluted EPS was $0.39 for the quarter.
- Declines were driven by lower U.S. agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams including RE/MAX Media Network and lead concierge initiatives.
- Revenue excluding marketing funds was $54.5 million, down 6.8% year-over-year due to negative organic growth of 5.7% and adverse foreign currency movements of 1.1%.
- Selling, operating, and administrative expenses decreased by $1 million or 2.8% to $33.9 million, primarily due to lower personnel expenses partially offset by severance and investments in flagship websites.
- Total leverage ratio was 3.58:1 as of June 30, consistent with March 31, with expectations to decrease in the second half of the year.
- Total revenue for Q2 2025 was $72.8 million, with adjusted EBITDA of $26.3 million and an adjusted EBITDA margin of 36.1%, up 30 basis points from Q2 2024.
- Adjusted EBITDA for Q2 was $76.3 million, down 12.5% year-over-year, with an adjusted EBITDA margin of 35%, the second highest quarterly margin in company history despite a 90 basis point decrease from last year.
- Capital Markets Compliance and Communications Management segment net sales declined 17.8% to $93.5 million due to lower transactional revenue and print volume.
- Donnelley Financial Solutions reported second quarter 2025 net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Donnelley Financial Solutions reported second quarter 2025 total net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Free cash flow was $51.7 million, $14.9 million higher than Q2 2024, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Free cash flow was $51.7 million, up $14.9 million year-over-year, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Investment Companies Compliance and Communications Management segment net sales decreased 25.2% to $32.4 million, primarily due to lower print and distribution volume impacted by regulatory changes.
- Investment Company Software Solutions segment net sales increased 17% to $33.1 million, driven by Tailored Shareholder Report solution revenue.
- Non-GAAP net leverage ratio was 0.7x as of June 30, 2025, with total debt at $190.1 million and $77 million drawn on the revolver.
- Non-GAAP net leverage ratio was 0.7x with total debt at $190.1 million and $156.3 million non-GAAP net debt as of June 30, 2025.
- Print and distribution net sales declined by approximately $14 million or 26%, primarily due to lower proxy statement and annual report volumes and the impact of the Tailored Shareholder Reports regulation.
- Segment results showed Capital Markets Software Solutions net sales increased 3.1% to $59.1 million, led by ActiveDisclosure's 11% growth, while Venue revenue was nearly flat but down 1% year-over-year.
- Software solutions net sales grew approximately 8% year-over-year, including 15% growth in recurring compliance software offerings, making up 42.3% of total net sales, up 700 basis points from last year.
- The company repurchased approximately 787,000 shares for $34.3 million in Q2, with a new $150 million share repurchase authorization effective May 16, 2025.
- Adjusted EPS of $0.51, up $0.06 from the prior quarter, with adjusted return on tangible common equity increasing by 135 basis points to 15%.
- Adjusted expenses increased by $45 million, primarily due to higher personnel costs, project expenses, technology, risk, and a $20 million contribution to the First Horizon Foundation.
- Common Equity Tier 1 (CET1) capital ratio remained flat at 11%, with a near-term target of 10.75% following annual stress testing.
- Deposit balances decreased by $52 million, driven by a $652 million decline in brokered CDs, offset by growth in index and promotional deposits and a $131 million increase in noninterest-bearing deposits.
- Fee income increased by $26 million excluding deferred compensation, driven by higher fixed income fees and mortgage servicing rights sales.
- Loan balances were slightly down, with mortgage company loans decreasing seasonally by $132 million, while C&I loans grew by $174 million quarter-over-quarter.
- Net charge-offs decreased by $7 million to $26 million, with a net charge-off ratio of 17 basis points and a loan loss provision credit of $5 million.
- Net interest income grew by $33 million with a 15 basis point expansion in net interest margin to 3.55%, aided by loan balance growth and Main Street lending accretion.
- Liquidity remained strong at $4.7 billion as of June 30, including a revolving credit facility upsize and available equity proceeds.
- Net debt-to-EBITDA improved to 5.6x, a 40 basis point improvement since the start of the year.
- Outpatient medical and research portfolio reported 1.7% same-store cash NOI growth, with outpatient medical up 2.2%.
- Senior housing investments year-to-date totaled $1.1 billion, with $3 billion closed since the beginning of last year.
- SHOP same-store portfolio delivered 8.2% revenue growth and 13.3% NOI growth, with U.S. SHOP NOI up 18% after adjusting for a prior year tax refund.
- Total company same-store cash net operating income (NOI) increased 7%, led by SHOP increasing over 13%.
- Ventas reported strong earnings growth with normalized FFO per share growing 9% year-over-year in Q2 2025.
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