Craig Brelsford

This is Craig Brelsford with RedChip Companies. Thank you for joining today’s event with Alliance Entertainment, which trades on the NASDAQ under the ticker AENT. With us today, we have Bruce Ogilvie, Executive Chairman of Alliance Entertainment; Jeff Walker, the CEO; and Amanda Gnecco, the CFO. We will begin with a brief presentation in a moment, and then we will answer your questions. [Operator Instructions].

Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans or prospects expressed by management constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Alliance team, please go right ahead.

Bruce Ogilvie
Executive Chairman of the Board

Craig, thank you very much. Thank you, everybody, for joining us today and taking the time to learn about our company. Some of you may be new to us, I’ll give you, like, a little brief background where we are. I’m trying to explain everything, and then we’re going to have a Q&A session after about 22 minutes.

On my screen here, hopefully, you can see it. This is a picture of all the different types of products we carry, which consist of movies, music, video games, toys and collectibles. Music consists of LPs, CDs and yes, and cassettes. As far as movies go, it’s 4K Blue-ray

Wall ​Street indexes closed lower on Thursday with Nasdaq sinking more than 2% as the latest earnings updates from large technology companies revived concerns about heavy AI spending, while soaring oil prices amped up inflation worries, lifting bond yields.

Losses were broad-based after investors were unimpressed by second-quarter results from Alphabet and Tesla , the first of ‌the heavyweight “Magnificent Seven” companies ⁠to report ⁠results this season.

Stocks also came under additional pressure as Brent crude oil futures settled above$100 a barrelfor the first time since May, and U.S. oil futures rose above $90.

Middle ​East hostilities fanned worries about global oil supplies. The U.S. military launched another round of air strikes on Iran, and Iran fired at neighboring ​Arab countries that house U.S. bases. U.S. President Donald Trump vowed “major military punishment” for Iran and Houthis, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea.

The resulting surge in oil prices prompted worries about inflation days before the next Federal Reserve policy ​meeting.

“Oil prices rising at this clip pose a meaningful macro and market risk,” said Matt ⁠Miskin, co-chief investment ‌strategist at Manulife John Hancock Investments. He added that low unemployment data would pressure the Fed to focus ​on fighting inflation.
And he ​also pointed to the lack of enthusiasm, even for strong earnings reports as investors struggle to justify ⁠high valuations.”The numbers in aggregate are great but many companies have had a story that’s ​caused the stock to fall,” said Miskin, pointing to worries about capital spending as one ​example. “Any chink in the armor and the stocks are being sold off.”

According to preliminary data, the S&P 500 lost 92.62 points, or 1.24%, to end at 7,408.53 points, while the Nasdaq Composite lost 552.33 points, or 2.15%, to 25,138.57. The Dow Jones Industrial Average fell 523.01 points, or 1.00%, to 51,695.57.

The S&P 500’s 11 major industry sectors were a mixed bag with strength in industrials where big gainers included Lockheed Martin. Shares in the defense giant rallied after it lifted 2026 sales and profit forecasts.

Shares of Google’s parent, Alphabet, sank after ‌it reported higher spending plans while it also burned cash.

The stock’s fall dragged the communication services sector down. Consumer discretionary was another big sector loser, with a hefty weight from Tesla, whose shares tumbled after it reported ​negative free cash flow ​in the second quarter for the ⁠first time in more than two years.

Wall Street’s fear gauge, the CBOE Volatility Index hit its highest level in nearly a month during the session.

With oil prices rising, inflation worries pushed U.S. 10-year yields to their highest levels since early 2025. However traders were still ​betting on a roughly 64% probability that the Fed would keep interest rates unchanged next week, according to CME Group’s FedWatch tool.

The volatile Philadelphia semiconductor index was down during the session with results due after the bell from chip giant Intel. Shares in analog chip company Texas Instruments fell sharply despite forecasting quarterly revenue above estimates.

However, shares in Thermo Fisher Scientific rallied after the medical equipment maker raised its annual profit forecast and beat estimates for second-quarter results.

Operator

Welcome to the Five Star Bancorp Second Quarter 2026 Earnings Webcast. Please note, this is a closed conference call and you are encouraged to listen via the webcast. Before we get started, we would like to remind you that today’s meeting will include some forward-looking statements within the meaning of applicable securities laws. These forward-looking statements relate to, among other things, current plans, expectations, events, and industry trends that may affect the company’s future operating results and financial position. Such statements involve risks and uncertainties, and future activities and results may differ materially from these expectations.

For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from the company’s forward-looking statements, please see the company’s annual report on Form 10-K for the year ended December 31, 2025, and quarterly report on Form 10-Q for the 3 months ended March 31, 2026, and in particular, the information set forth in Item 1A, Risk Factors, in those reports. Please refer to Slide 2 of the presentation, which includes disclaimers regarding forward-looking statements, industry data, unaudited financial data, and non-GAAP financial information included in this presentation. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP figures are included in the appendix to the presentation. The presentation will be referenced during this call but not followed exactly and is available for close review on the company’s website under the Investor Relations tab.

Please note this event is also being recorded. I would now like to turn the conference over to James Beckwith, Five Star Bancorp President and CEO. Please go ahead.

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Operator

Good day, and thank you for standing by. Welcome to the AppFolio, Inc. Second Quarter 2026 Financial Results Conference Call. Please be advised that today’s conference is being recorded, and a replay will be available on AppFolio’s Investor Relations website.

I would now like to hand the conference over to Lori Barker, Investor Relations.

Lori Barker
The Blueshirt Group, LLC

Thank you. Good afternoon, everyone. I’m Lori Barker, Investor Relations for AppFolio, and I’d like to thank you for joining us today as we report AppFolio’s Second Quarter 2026 financial results. With me on the call today are Shane Trigg, AppFolio’s Chairman and CEO; and Tim Eaton, AppFolio’s CFO. This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com. Additionally, an audio replay of the call and a transcript of the prepared comments will be posted to the website.

Before we get started, I would like to remind everyone of AppFolio’s safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections, future market conditions, business performance or future product enhancements or development is a forward-looking statement. AppFolio’s actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in our SEC filings.

AppFolio assumes no obligation to update any such forward-looking statements, except as