Fortinet Honors the Life and Contributions of Valued Board Member William H. Neukom
The Fortinet Board of Directors issues the following statement: 'We are profoundly saddened by the passing of Bill Neukom. His contributions to Fortinet and to the technology industry are immeasurable, and he will be deeply missed as a friend and colleague across our entire organization. Bill embodied a combination of vision, intellect, and warmth. He brought extraordinary insight and dedication to every discussion, always rooted in integrity, accountability, and a deep commitment to people and purpose. We extend our heartfelt condolences to Bill's family, friends, and all those fortunate enough to have worked alongside him. He will be dearly missed and always remembered.'
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Globe and Mail
25 minutes ago
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Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP) $1.81 $1.69 $1.25 44.8 % Revenue (GAAP) $209.6 million $217.8 million $174.1 million 20.4% Adjusted EBITDA Margin 84 % 81 % 3 pp Free Cash Flow (Non-GAAP) $40.1 million $62.4 million (35.7 %) Operating Cash Flow (GAAP) $152.8 million $113.5 million 34.7 % Source: Analyst estimates for the quarter provided by FactSet. About Royal Gold and Its Business Model Royal Gold acquires and manages streams and royalties from gold, silver, copper, and other metal mining operations. Instead of running mines, it finances mining partners in exchange for rights to a fixed share of production or revenue. This means it generates income without bearing the direct costs and operational risks of mining. Its financial results depend mainly on commodity prices—especially gold, which contributed 78% of revenue. Other key factors for success include effective acquisition and management of stream and royalty interests, a strong balance sheet, and ongoing operational performance at partner mines. The company's strategy focuses on expanding its portfolio and maintaining competitive advantage through deals and prudent capital management. Quarter Highlights: Record Results and Major Acquisitions The quarter saw Royal Gold achieve record GAAP net income and operating cash flow, with adjusted EBITDA margin reaching 84% (non-GAAP). However, GAAP revenue was slightly short of expectations, underscoring the volatility tied to precious metal prices and partner mine outputs. Higher realized gold and silver prices—$3,280 per ounce for gold and $33.68 per ounce for silver—were a main driver of these results, outweighing volume headwinds at certain mines. Gold, silver, and copper prices make up the core of the business and can swing results considerably from quarter to quarter, as seen in the strong average realized prices boosting revenues. Royal Gold announced the planned acquisitions of Sandstorm Gold and Horizon Copper for approximately $3.5 billion and $196 million, respectively, at the time of signing. After completing the transactions, Royal Gold's pro-forma portfolio will comprise 393 streams and royalties, including 80 revenue-producing interests and 47 in development. Additionally, it secured a new $1 billion gold stream on the Kansanshi mine, a large, long-life project in Zambia, financed mainly by a draw on its revolving credit facility. There were some setbacks in the company's partner mining operations. Mount Milligan, operated by Centerra Gold, lowered its 2025 gold production forecast due to lower grades, while guidance at Xavantina was cut after first-half production fell short. Mara Rosa paused processing after heavy rains, impacting output for the period. Some of these issues highlight risks Royal Gold faces, as its partners' performance directly influences its top line. Still, robust contributions from assets like Peñasquito, Pueblo Viejo (run by Barrick), and Khoemacau balanced these headwinds, illustrating the benefit of a diversified royalties and streams portfolio. Financial Health, Liquidity, and Dividend Update The company closed the quarter with $248.2 million in cash and access to a $1.25 billion liquidity pool—including an undrawn revolving credit facility, later partially drawn for new acquisitions. Free cash flow (non-GAAP) dropped to $40.1 million, due to $112.7 million spent on acquisitions in the period. Its leverage position will materially change following major forthcoming deals, with net debt replacing net cash on the balance sheet. The board increased Royal Gold's quarterly dividend by 12.5%, bringing the payout to $0.45 per share. The revolver maturity was extended to 2030, and the borrowing limit was expanded to provide more flexibility for future investments. Operational Overview: Revenue Mix and Partner Performance Royalties, which pay a percentage of mine revenue, contributed 36.5% of total revenue. Major revenue contributors included the Mount Milligan stream ($63.7 million), Pueblo Viejo stream ($25.6 million), and Khoemacau stream ($10.2 million) (GAAP). Peñasquito and Cortez royalties also made notable revenue contributions. Royal Gold's portfolio is set to become broader and more diverse as the Sandstorm and Horizon acquisitions close, adding dozens of producing assets and development projects. Management highlighted the benefits of greater scale and diversification. Some partner operations experienced challenges: Mount Milligan revised gold production guidance downward, Xavantina faced lower-than-planned output, and Mara Rosa halted processing temporarily due to severe weather. The development pipeline remains active, with projects in Ecuador and Australia advancing, and Back River completing its first gold pour at the Goose Project. These examples underline how Royal Gold relies on successful mining operations by its partners and the diversified nature of its revenue streams. Looking across its business lines, realized gold and silver prices increased sharply from the prior year, which had an outsized effect on results. Sales volumes for the first half of CY2025 included 101,605 ounces of gold, 1.5 million ounces of silver, and 7.5 million pounds of copper. Outlook and Guidance We are currently forecasting that 2025 metal sales, DD&A, and effective tax rate will be within the ranges previously provided. It anticipates that sales at several properties—including Mount Milligan, Rainy River, Xavantina, and Bellevue—will be more heavily weighted toward the second half of the fiscal year. This indicates that financial results may be impacted by production changes at these partner sites through year-end 2025. The company continues to expect the Sandstorm Gold and Horizon Copper transactions to close in the fourth quarter of 2025. As the integration process moves forward, investors should monitor leverage, free cash flow trends, and partner mine operating updates, given new risk exposures. Royal Gold remains highly sensitive to metals pricing, a factor beyond its control, and highlights the need for vigilance regarding potential reversals in commodity markets. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,026%* — a market-crushing outperformance compared to 180% for the S&P 500. 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Globe and Mail
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Golden Matrix (GMGI) Q2 Revenue Up 10%
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GMGI reported GAAP revenue of $43.2 million, almost $3.2 million below the $46.4 million GAAP estimate, and EPS (GAAP) of ($0.03) versus an anticipated ($0.003). The quarter saw a net loss as Operating and interest costs outpaced top-line gains, although management reaffirmed its full-year revenue guidance and highlighted ongoing momentum in technology, market expansion, and user engagement. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (GAAP) ($0.03) ($0.00) $0.00 (100.0%) Revenue (GAAP) $43.2 million $46.4 million $39.4 million 9.6% Gross Profit $24.4 million $21.7 million N/A Adjusted EBITDA $3.4 million $5.4 million (36.4%) Gross Margin 56% 55.0% 1.0 pp Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. About Golden Matrix Group Golden Matrix Group is a developer and operator of online gambling technology platforms. 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Meridianbet's casino product line includes a mix of classic table games and Expanse Studios' in-house developed slot games, all distributed via online channels. GMGI's raffle ticket business (RKings) set new daily revenue records, with one instance in August 2025 exceeding the previous record by 40%. In Brazil, a new regulated license fueled a 124% jump in new player registrations and a 165% increase in first-time deposits quarter-over-quarter. Technology improvements also delivered user engagement benefits, as seen in a 50% quarter-over-quarter rise in casino turnover per player and international certifications for Expanse Studios' content in multiple countries. On the expense side, selling, general, and administrative costs (GAAP) increased to $26.7 million from $21.6 million versus Q2 2024. The company attributed the rise to geographic expansion, improved market share, and advancements in gaming technology. 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Key focus areas include continued growth in Brazil, product innovation within online casino and social gaming, and the successful integration of acquired operations. Any updates on regulatory compliance and additional licensing—especially in large new markets—will also be significant for the company's outlook. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,026%* — a market-crushing outperformance compared to 180% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of August 4, 2025
Globe and Mail
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The period saw strong net new client additions and improved workers' compensation costs, though existing client hiring remained muted. Management increased full-year 2025 guidance for gross billings (to 9%–10%) and average worksite employee growth (to 6%–8%), reflecting continued business momentum. Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Understanding Barrett Business Services' Business Model and Strategic Focus Barrett Business Services operates as a business management solutions provider, specializing in professional employer organization (PEO) services for smaller companies. Through its services, it handles human resource administration, payroll processing, and workers' compensation, freeing up clients to focus on their core operations. The company differentiates itself by offering an integrated management platform. 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Net new client additions were a critical factor, driving a year-over-year increase of 8.0% in average worksite employees, from 128,734 to 138,969. Management noted that 'sustained momentum in BBSI Benefits'—the firm's healthcare product suite—was a key factor in landing new customers. The BBSI Benefits platform, which as of April 2025 covers more than 17,500 participants, exceeded expectations for participant growth, especially in California where real uptake outpaced estimates by 2.5 times in just seven months. The company also rolled out an applicant tracking system in March 2025, a software product that allows clients to manage job postings and integrate those seamlessly into payroll and timekeeping. While still early, initial client feedback was positive. Risk management, particularly around workers' compensation expenses, remained strong. 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