Operator

Good morning and thank you for standing by. Welcome to Stella-Jones Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Thursday, August 6, 2026.

I will now turn the call over to David Galison, Vice-President of Investor Relations of Stella-Jones.

David Galison
Vice President of Investor Relations

Thank you, John, and good morning, everyone. Earlier this morning, we issued our press release reporting our results for the second quarter of 2026. Along with our MD&A, it can be found in the Investor Relations section of our website at www.stella-jones.com as well as on SEDAR+.

As a reminder, all figures expressed on today’s call are in Canadian dollars unless otherwise stated. Please note that comments made on today’s call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company’s relevant filings on SEDAR+. These documents are also available in the Investor Relations section of Stella-Jones website at www.stella-jones.com.

Additionally, during this conference call, the company may refer to non-GAAP measures, which have no standardized meaning under GAAP and are not likely to be comparable to similar measures presented by other issuers. For more information, please refer to the company’s latest MD&A available on Stella-Jones website

Each month new brands come into the gambling industry, and not all of them are equally worthy of trust from the first moment of their work.

Sparkling promotions may cover up poor support services, unclear limitations, or a poor game section. Yet there are nice exceptions to this rule, namely when a new brand discloses its rules and creates something that can be used.

In that context, Spinformula lands with a lively first impression and a surprisingly broad setup. The site presents itself as a new venue where newcomers can enter jackpot play almost immediately after opening an account. One claim is clear on the page: the lobby is reachable in under two minutes after landing there. The site does not prove a guaranteed jackpot hit within five minutes, yet it clearly pushes speed as part of its appeal.

A welcome package built for different spending moods

The initial promotion is not just one simple package deal; it is divided into a number of stages, which adds a certain degree of structure compared to the standard initial package. The web page lists a total of five deposits and bonuses in their welcome program that includes 555 percent up to £15,555 along with 555 free spins. The website also mentions a cryptocurrency welcome that includes 130 percent up to 1,300 USDT along with 130 free spins, followed by 130 percent up to £1,200, 140 percent up to £1,400, 85 percent up to £6,000, and a high roller bonus package of 1055 percent up to £10,555.

This is important considering the many new sites which spout out huge figures without detailing the logic behind it. In this case, the logic points to distinct entrances for casual players, cryptic players, and heavy spenders. The process of newcomers detailed on the page seems fairly straightforward. This involves making an account using email, password, nationality, currency preference, and age verification. After that, it’s possible to choose a promotion, make a deposit, and begin playing starting at £10.

Fast jackpot play starts with the actual lobby

It’s not just about the welcoming figure in the pitch, but also about the combination of games that come with it. This platform has slots, jackpot games, live games, crashes and instant games, hence giving a lobby which is not very limited compared to many others who are newbies. Some of the featured games are Mental, Fire in the Hole xBomb, Aviator, Crazy Time and Mega Moolah. It is important to note that Mega Moolah game is one of those few featured games related to jackpots.

The crash section provides the brand an additional beat. The games mentioned here include Aviator, JetX, Spaceman, Crash X, Mines, Plinko, Dice, Balloon, Goal, Hi Lo, and Keno Rush. For those who are more into fast spins and speedy getaways, this part of the website can be as significant as the slots area. And, indeed, it complements the idea of the place being created for prompt actions, not tedious browsing. This vibe suits a launch well.

Providers that give the room real weight

The large lobby is useless without quality providers. In fact, the page says that the content comes from 47 studios, which makes the project more solid. Some of the providers include such brands as Pragmatic Play, Nolimit City, Evolution Gaming, Hacksaw Gaming, Play’n GO, NetEnt, Relax Gaming, BGaming, Push Gaming, Yggdrasil, Red Tiger, Thunderkick, Quickspin, Big Time Gaming, and Alchemy Gaming. This list is quite impressive for a relatively new platform, taking into account the variety of options it includes.

The live portion of the website does not seem to be an afterthought either. There are different versions of games such as roulette, blackjack, baccarat and gameshow. On the page, there is mention of European roulette, Lightning roulette, and Immersive roulette. There is also classic blackjack, infinite blackjack, and speed blackjack. Moreover, baccarat in its squeeze, lightning and no commission formats can be found here.

Weekly value instead of one loud opening trick

A decent first package gets attention, but repeat value keeps a real money account alive. Here the recurring side looks fairly busy. Thursday Reload promises 100 percent up to £700. Monday Cashback reaches up to £500. Tuesday Rakeback goes up to £200. The site also mentions personal free spins tied to provider activity, which suggests rotating offers based on game studio campaigns rather than a dead static calendar.

This matters for practical play because the best long term offer is not always the biggest headline number. Cashback softens rough sessions. Rakeback gives something back to regular volume. Personal spin drops can add a low risk reason to revisit selected content. None of this guarantees profit, of course, yet it does create more ways to squeeze value from the account than a one day launch gift ever could.

Tournaments and VIP perks add the extra layer

The site does not describe tournaments with exact dates or prize tables on the main page, but it does confirm that most leaderboard events are linked to specific slot providers or game groups. That is a useful detail because provider based races often reward focused activity better than vague platform wide contests. It hints at recurring promotional cycles rather than a one off decoration built only for launch week.

The VIP system is invitation based. According to the page, it includes a personal account manager, higher withdrawal limits, and access to exclusive promotions. That is not a flashy novelty, yet it is still one of the clearest signals of how the brand wants to retain stronger customers. Rather than pushing everyone into the same funnel, it separates regular starter value from a more tailored upper tier. For a recent entrant, that is a sensible move.

Conditions for newcomers matter as much as the promos

A strong looking page can still fall apart on banking rules. Spinformula handles this part reasonably clearly. The listed payment methods include Visa, Mastercard, bank transfer, Apple Pay, Google Pay, Skrill, Neteller, MiFinity, Bitcoin, Ethereum, Trustly, Paysafecard, and Rapid Transfer. The minimum deposit is £10, and the minimum withdrawal is also £10. The site says it charges no withdrawal commission and no conversion fee on its side.

KYC is also stated plainly. The operator may request an identity document, proof of address, or payment confirmation depending on account activity. That is standard enough and, frankly, healthier than pretending checks never happen. The licence named on the page is Curaçao eGaming, which should be noted as part of any fair assessment. It gives the platform a stated legal base, though careful players will still judge the overall service by execution, not by a badge alone.

Where the new name stands right now

So what emerges from the site is not a miracle story, and that is actually a plus. The stronger impression comes from range, speed, and promotional layering rather than fantasy claims. The lobby is broad, the recurring offers are active, the live room looks developed, and the banking page does not feel hidden in fog. The jackpot angle is backed mainly by quick access and named jackpot content, not by evidence of guaranteed instant wins. That distinction matters.

As a fresh online venue in England, it appears to offer most of what a modern real money player expects. Newcomer promos are aggressive, weekly value is present, crash content is strong, and the VIP track adds another hook for longer sessions. The real takeaway is simple. New sites are not always worth the risk, yet some launch with enough depth to earn a closer look. On its own published terms, Spinformula belongs in that more promising group.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Bose’s QuietComfort Headphones, priced at $349, promise the comfort and noise cancellation the brand has built its reputation on, but a closer look at the over-ear headphones reveals a product that changes little from its predecessor while introducing a sound profile that several reviewers have described as an unwelcome step backward.

Released in 2023 as a replacement for the long-running Bose QuietComfort 45, the QuietComfort Headphones sit as the entry-level model in Bose’s current noise-cancellation lineup, positioned below the pricier QuietComfort Ultra line. According to a detailed review from SoundGuys, which tested the headphones over a two-day period using the stock firmware and version 8.0.5 of the Bose Music app, the new model earned an overall score of 7.5 out of 10, reflecting a headphone that performs competently in several areas while stumbling in others.

Familiar Comfort, Familiar Design

Anyone who has previously worn a pair of Bose QuietComfort headphones will find the new model immediately familiar. According to SoundGuys, the QuietComfort Headphones are nearly indistinguishable from the QuietComfort 45 in terms of materials, microphone placement and button layout, aside from a new olive green color option. The ear cups measure 63 by 40 millimeters, are lightweight, and feature sufficiently soft padding, continuing Bose’s reputation for headphones well-suited to extended listening sessions. In testing, the headphones delivered 27 hours and 14 minutes of continuous music playback, several hours beyond Bose’s own promotional claim of 24 hours, enough for roughly a week’s worth of daily commuting or about three full days of continuous use.

The headphones ship with a compact, fabric-wrapped travel case designed to fit easily into a carry-on bag, along with a 3.5mm to 2.5mm cable, a USB-A to USB-C charging cable, and printed documentation. Notably, the package does not include an airplane headphone adapter, though most airlines have increasingly updated their in-flight entertainment systems to reduce the need for one.

Reliable Physical Controls

Unlike some competing noise-cancelling headphones that rely on touch-sensitive surfaces, the Bose QuietComfort Headphones use physical buttons positioned on the back of each ear cup, a design SoundGuys described as more reliable and easier to operate by feel than touch-based alternatives. The right ear cup houses volume and playback controls, while the left ear cup includes a dedicated action button that can toggle between noise-cancellation modes, mute an active call, or trigger a customizable shortcut, though that shortcut is currently limited to launching Spotify or announcing the current battery level aloud.

Solid, if Unspectacular, Noise Cancellation

The Bose Music app remains necessary to unlock the headphones’ full functionality, including firmware updates and adjustable noise-cancellation modes, a feature that allows users to save up to two custom presets tailored to specific environments. In testing, the active noise cancellation reduced between 10 and 30 decibels of low-frequency noise below 1 kilohertz, a level SoundGuys said was effective at cutting engine and street noise by roughly 50% to 85%. High-pitched noise reduction measured between 20 and 45 decibels, described as respectable though not class-leading given the increasingly high standards set by competing noise-cancelling headphones on the market.

A Sound Profile That Divided Opinion

Where the Bose QuietComfort Headphones drew the most pointed criticism was in their default sound signature. According to lab measurements cited by SoundGuys, the headphones’ sub-bass response is dramatically over-emphasized, creating an impression that the midrange sounds comparatively weak or underpowered by contrast. The review’s author described the overall listening experience as “weird,” pointing specifically to a pronounced peak in the treble range between 6 and 8 kilohertz that can create the sensation of missing detail elsewhere in a song’s higher frequencies. In practical listening tests, the reviewer noted that tracks with busy high-end instrumentation, including hi-hats and cymbals, sounded noticeably different than expected on other headphones, an effect the review compared to listening to band-limited audio through a phone speaker, though less extreme.

Attempts to correct the sound profile using the Bose Music app’s built-in equalizer presets did not meaningfully improve the situation, according to the review. Both the app’s Bass Boost and Treble Boost presets were found to exacerbate existing imbalances rather than resolve them, and manual adjustments using the app’s basic three-band custom equalizer similarly failed to bring the sound closer to a more neutral listening preference. Despite these technical criticisms, the review noted that a broader crowd-pleasing quality score, based on an industry-standard multi-dimensional audio assessment, suggested that many casual listeners, particularly those who enjoy heavier bass, might still find the default sound signature enjoyable.

Calling Performance and Everyday Use

For phone calls, the headphones performed reasonably well handling wind noise, though background noise rejection during calls was flagged as a relative weak point. Connectivity is handled through Bluetooth 5.1 or a standard 3.5mm wired cable, though the headphones support only the SBC and AAC audio codecs and do not offer USB-C audio passthrough, a feature found on some competing 2023-era headphones. The headphones are not waterproof, and while their ear pads can be replaced, the ear cups themselves cannot.

How the Bose QuietComfort Headphones Stack Up

Compared with the Sony WH-1000XM5, a similarly priced competitor, reviewers found Sony’s offering superior in several respects, including sound quality, in-app equalization options and features such as spatial audio, making it difficult to recommend the Bose model over Sony’s alternative except on the basis of price, aesthetics or brand preference. Against the similarly priced Beats Studio Pro, neither model was judged clearly superior, with the Bose headphones offering better comfort but the Beats providing USB-C audio support that Bose lacks.

The Verdict

Ultimately, reviewers have suggested that shoppers considering the Bose QuietComfort Headphones might be better served financially by seeking out the older Bose QuietComfort 45, which offers roughly equivalent noise cancellation, arguably better default sound quality, and is frequently available at a lower price during seasonal sales. For buyers willing to spend closer to $350, alternatives such as the Sennheiser MOMENTUM 4 Wireless or the Shure AONIC 50 Gen 2 were also cited as offering more robust equalization options and additional features, positioning the Bose QuietComfort Headphones as a comfortable but ultimately unremarkable option within an increasingly competitive premium noise-cancelling headphone market.

Operator

Good day, and thank you for standing by. Welcome to Legacy Housing Corporation Second Quarter 2026 Earnings Call. [Operator Instructions]

Please be advised that today’s conference is being recorded.

I would now like to turn the conference over to your speaker for today, Jon. Please go ahead.

Jon Langbert
Chief Financial Officer

Good morning, and thank you for joining Legacy Housing Second Quarter 2026 Conference Call.

I’m Jon Langbert, the Chief Financial Officer; our CEO, Kenneth Shipley is also on the line and will join me for the question-and-answer session following our prepared remarks.

Before we get into the quarter, I want to briefly note a leadership change in July. Curt Hodgson retired as Executive Chairman and from our Board of Directors after decades building Legacy alongside Kenny from a Texas partnership into one of the largest producers of manufactured homes in the country. Curt is the reason I joined Legacy. I’ve known him personally for more than 20 years, and I’ve learned an immense amount from him about this business and about business in general. So I’ll always be grateful to him.

Kenny continues to lead the company as Chief Executive Officer, and he’ll share a few thoughts on Curt, at the close of our prepared remarks.

Before we begin those remarks, I’ll read our safe harbor disclosure. Management’s prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe