KYV-101 has the potential to deliver durable, drug-free, disease-free remission in myasthenia gravis and set a new treatment standard for stiff person syndrome Innovative FDA-aligned KYSA-6 Phase 3 trial design for myasthenia gravis supports clear and rapid path to BLA Webcast today August 28th, at 11 am ET EMERYVILLE, Calif., Aug. 28, 2025 (GLOBE NEWSWIRE) -- Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a clinical-stage biopharmaceutical company focused on developing cell therapies for patients with autoimm ...

That rival was none other than Hertz Global Holdings, which reported that it has entered into a sales agreement with Amazon Autos. Since Amazon is a near-unavoidable monster in online retail, its vehicle marketplace is an obvious and handy destination for customers searching for new rides. Shares of Avis Budget Group (CAR -5.73%) coughed and sputtered like a stalling car on Hump Day, shedding almost 6% of their price across the trading session. That was almost entirely due to the news that its archrival had ...

On Wednesday, William Blair initiated coverage on Kyverna Therapeutics Inc. KYTX, a small-cap biotechnology company focused on cell therapies for autoimmune disorders. Kyverna's lead CAR T-cell therapy candidate, KYV-101, is advancing through late-stage clinical development with registrational trials for stiff person syndrome and myasthenia gravis, and two ongoing multi-center Phase 1/2 trials for patients with lupus nephritis. Topline data for the registrational Phase 2 trial of KYV-101 in stiff person syn ...

Core Viewpoint - Avis Budget Group's stock has been downgraded from Buy to Underperform by BofA Securities, with a price target reduction from $120 to $113 due to unfavorable industry fundamentals and macroeconomic conditions [1][4]. Industry Overview - The U.S. rental car industry is experiencing pricing and demand pressures that are expected to negatively impact Avis Budget's earnings in the latter half of 2025 and into 2026 [1]. - A Bank of America survey indicates a decline in consumer expectations for increased travel spending over the next three months compared to the previous year, suggesting a softer pricing environment [2]. Company Performance - Avis Budget's growth initiatives, such as the premium-focused Avis First program and a fleet management partnership with Waymo, are recognized as positive long-term strategies but are not expected to significantly enhance near-term earnings [3]. - The analyst has revised EBITDA estimates to $0.9 billion for 2025 and $1.03 billion for 2026, down from previous forecasts of $0.95 billion and $1.2 billion [4]. - Expected sales for 2025 are projected at $8.09 billion, with an EPS of $9.43 [4]. Stock Performance - Avis Budget Group's stock is currently down 4.83%, trading at $149.06 at the time of publication [4].

About Anixa Biosciences, Inc. Fourth Cohort Receiving 30x Initial Dose with No Dose-Limiting Toxicities Observed to Date SAN JOSE, Calif., Aug. 18, 2025 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa" or the "Company") (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer, today announced that the second patient in the fourth dose cohort has been treated in the ongoing Phase 1 clinical trial evaluating the Company's novel chimeric antigen receptor-T cell (CAR-T) therapy ...

The allowed claims in this patent encompass core methods and compositions that are fundamental to Anixa's innovative CAR-T approach. Anixa's CAR-T platform is specifically designed to address the long-standing challenges of applying CAR-T therapies to solid tumors, positioning the program as a potential breakthrough in immuno-oncology. This newly issued patent builds on Anixa's growing portfolio of CAR-T intellectual property, collectively designed to protect the platform's use across multiple tumor types. ...

Core Insights - Avis Budget Group, Inc. (CAR) reported second-quarter 2025 results that were narrower than expected, with adjusted earnings per share of 10 cents, missing the Zacks Consensus Estimate by 95.1% and decreasing 75.6% from the previous year [1][8] - Revenues for the quarter were $3 billion, slightly below consensus estimates and showing a marginal year-over-year decline [1][8] - Following the earnings release on July 29, CAR's stock experienced a 21.9% decline due to disappointing earnings and revenue results [1][8] Financial Performance - Year-to-date, CAR shares have surged 97.5%, contrasting with a 3.3% decline in the industry and a 7.3% growth in the Zacks S&P 500 composite [2] - Revenues from the Americas segment were $2.3 billion, reflecting a 1% decline from the previous year and missing the estimate of $2.4 billion [3] - International revenues totaled $707 million, down 3% year-over-year, also missing the estimate of $698.2 million [3] - Adjusted EBITDA for the company was $277 million, up 29% from the prior year, with the Americas segment contributing $220 million (an 18% increase) and international operations reporting $82 million (a 71% increase) [4] Balance Sheet and Cash Flow - At the end of Q2 2025, Avis Budget had cash and cash equivalents of $541 million, up from $516 million at the end of Q1 2025 [5] - Corporate debt increased to $6.1 billion from $5.9 billion in the previous quarter [5] - The company generated $837 million in net cash from operating activities, with adjusted free cash flow utilized at $17 million and capital expenditure at $53 million [5]

Financial Data and Key Metrics Changes - The company is experiencing challenges with revenue per day (RPD) due to tariffs and recalls affecting fleet management, which has led to a conservative approach in accounting for gross depreciation [60][64]. - The company expects a normalized EBITDA of at least $1 billion going forward, despite current challenges [80][81]. Business Line Data and Key Metrics Changes - The introduction of Avis First aims to redefine the premium car rental experience, with expectations that it will capture a significant share of rental days similar to premium airline seats [106][112]. - The company is focusing on maintaining a fleet of newer, low-mileage vehicles for the Avis First offering, which may involve reallocating resources within the existing fleet [50][51]. Market Data and Key Metrics Changes - The overall car rental market is competitive, with the company aiming to differentiate itself through innovative offerings rather than competing solely on price [95]. - The company is seeing signs of demand recovery in the leisure segment, which is stronger than the commercial segment [58]. Company Strategy and Development Direction - The company is prioritizing value-creating innovation as a core responsibility, with a focus on enhancing customer experience and operational efficiency [9][10]. - The partnership with Waymo is seen as a strategic move to position the company within the autonomous vehicle ecosystem, leveraging its fleet management expertise [30][32]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current operational challenges due to tariffs and recalls but remains optimistic about long-term growth opportunities in the mobility ecosystem [65][66]. - The company is committed to maintaining a disciplined approach to investments, ensuring that growth translates into free cash flow while enhancing customer experience [102][103]. Other Important Information - Avis First has been launched in over a dozen locations, with plans to expand to over 50 markets by the end of the year [22][112]. - The company is actively managing its fleet to adapt to market conditions, including being cautious with vehicle purchases in light of tariff uncertainties [85][86]. Q&A Session Summary Question: Confirmation of competitive process for Waymo partnership - Management indicated that discussions with multiple AV parties were ongoing, and both parties were aware of the competitive landscape [37]. Question: Long-term vision for Avis Budget's business model - The company sees its core competency in mega fleet management continuing, with potential expansion into autonomous ride-hailing as a future growth area [40][41]. Question: Bandwidth for future partnerships - Management expressed confidence in their capacity to take on future partnerships while maintaining focus on the core rental car business [47]. Question: Fleet considerations for Avis First - The company plans to include more premium vehicles in the fleet for Avis First, ensuring a high-quality customer experience [50][51]. Question: Guidance on RPD and market conditions - Management noted that RPD has been challenged but is seeing signs of improvement due to tightening industry supply and strong leisure demand [58][92]. Question: Revenue model for AV strategy - The specifics of the revenue model for the Waymo partnership are not disclosed, but management emphasized alignment on profitability variables [70][71]. Question: Measuring success of investments - The company evaluates investments based on growth, free cash flow generation, and customer experience enhancement [102][103].

Financial Data and Key Metrics Changes - The company is experiencing challenges with revenue per day (RPD) due to tariffs and recalls affecting fleet management and vehicle availability [60][64][66] - The guidance for the second half of the year is between $900 million to $1 billion, reflecting the impact of these challenges [66][80] Business Line Data and Key Metrics Changes - The introduction of Avis First is aimed at creating a premium product offering that enhances customer experience and differentiates the brand from competitors [11][12][14] - Avis First is expected to be operational in over 50 markets by the end of the year, with a pricing strategy designed to be margin accretive from day one [23][113] Market Data and Key Metrics Changes - The leisure travel segment is currently stronger than commercial travel, indicating a shift in demand patterns post-pandemic [58] - The overall industry supply is tightening, which is expected to positively influence RPD in the coming months [93] Company Strategy and Development Direction - The company is focusing on structural growth through value-creating innovation, such as the Avis First initiative and partnerships with autonomous vehicle companies like Waymo [10][24][34] - Avis aims to expand its footprint in the mobility ecosystem, leveraging its core competencies in fleet management to capture a larger share of the market [32][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive environment but emphasizes the importance of not competing solely on price, instead focusing on enhancing customer value through differentiated offerings [96] - The company is optimistic about the future, with plans to grow its market presence and innovate within the car rental industry [34][113] Other Important Information - The company has faced significant challenges due to recalls affecting 4% of its fleet, particularly impacting higher RPD segments [64][66] - The partnership with Waymo is seen as a strategic move to position Avis as a key player in the autonomous vehicle space, with initial testing already underway [30][71] Q&A Session Summary Question: Can you confirm whether the Waymo agreement was the result of a competitive process? - Management indicated that discussions with multiple AV parties were ongoing, suggesting a competitive landscape for the partnership [38] Question: What is the long-term vision for Avis Budget's business model? - The focus remains on mega fleet management, with plans to expand into autonomous ride-hailing as the market evolves [42] Question: How do you view the bandwidth for future partnerships? - Management expressed confidence in their capacity to take on additional partnerships while maintaining focus on the core rental car business [48] Question: What is the expected impact of Avis First on fleet management? - The initiative will involve a careful selection of premium vehicles, with a focus on enhancing the overall customer experience [52][54] Question: How is the company addressing the challenges posed by tariffs and recalls? - Management is taking a disciplined approach to fleet management and is in ongoing discussions with OEMs to navigate these challenges [85][86] Question: What metrics will be used to measure the success of new investments? - The company will focus on growth, free cash flow generation, and customer experience as key metrics for evaluating success [104][105] Question: What is the expected uptake for Avis First? - While it is early to determine trends, management is optimistic about the potential for Avis First to capture a significant share of rental days [107][113] Question: How do you see the market for the Waymo solution evolving? - Management anticipates that the partnership will expand into additional markets, with a focus on developing a sustainable revenue model [115]

[PART I Financial Information](index=4&type=section&id=PART%20I%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Avis Budget Group, Inc., including statements of comprehensive income, balance sheets, cash flows, and stockholders' equity, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial line items for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Three Months Ended June 30, 2025 vs. 2024 | Metric | 2025 (Millions) | 2024 (Millions) | Change ($M) | Change (%) | | :----------------------------------- | :-------------- | :-------------- | :---------- | :--------- | | Revenues | $3,039 | $3,048 | $(9) | -0.3% | | Total expenses | $3,024 | $3,021 | $3 | 0.1% | | Income before income taxes | $15 | $27 | $(12) | -44.4% | | Net income attributable to Avis Budget Group, Inc. | $4 | $14 | $(10) | -71.4% | | Basic EPS | $0.10 | $0.41 | $(0.31) | -75.6% | | Diluted EPS | $0.10 | $0.41 | $(0.31) | -75.6% | Six Months Ended June 30, 2025 vs. 2024 | Metric | 2025 (Millions) | 2024 (Millions) | Change ($M) | Change (%) | | :----------------------------------- | :-------------- | :-------------- | :---------- | :--------- | | Revenues | $5,469 | $5,599 | $(130) | -2.3% | | Total expenses | $6,131 | $5,714 | $417 | 7.3% | | Loss before income taxes | $(662) | $(115) | $(547) | 475.7% | | Net loss attributable to Avis Budget Group, Inc. | $(501) | $(100) | $(401) | 401.0% | | Basic EPS | $(14.24) | $(2.80) | $(11.44) | 408.6% | | Diluted EPS | $(14.24) | $(2.80) | $(11.44) | 408.6% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025 vs. December 31, 2024 | Metric | June 30, 2025 (Millions) | Dec 31, 2024 (Millions) | Change ($M) | Change (%) | | :----------------------------------- | :----------------------- | :---------------------- | :---------- | :--------- | | Total assets exclusive of vehicle programs | $10,157 | $9,668 | $489 | 5.1% | | Total assets under vehicle programs | $22,214 | $19,373 | $2,841 | 14.7% | | **Total assets** | **$32,371** | **$29,041** | **$3,330** | **11.5%** | | Total liabilities exclusive of vehicle programs | $12,393 | $11,047 | $1,346 | 12.2% | | Total liabilities under vehicle programs | $22,711 | $20,311 | $2,400 | 11.8% | | **Total liabilities** | **$35,104** | **$31,358** | **$3,746** | **11.9%** | | Total stockholders' equity | $(2,733) | $(2,317) | $(416) | -17.9% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six Months Ended June 30, 2025 vs. 2024 | Cash Flow Activity | 2025 (Millions) | 2024 (Millions) | Change ($M) | Change (%) | | :----------------------------------- | :-------------- | :-------------- | :---------- | :--------- | | Net cash provided by operating activities | $1,456 | $1,473 | $(17) | -1.2% | | Net cash used in investing activities | $(3,956) | $(2,555) | $(1,401) | 54.8% | | Net cash provided by financing activities | $2,471 | $1,036 | $1,435 | 138.5% | | Effect of changes in exchange rates | $35 | $(15) | $50 | -333.3% | | Net increase (decrease) in cash | $6 | $(61) | $67 | -109.8% | | Cash and cash equivalents, end of period | $603 | $583 | $20 | 3.4% | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' Equity Attributable to Avis Budget Group, Inc. (Millions) | Period | Balance as of March 31, 2025 | Net Income (Loss) | Other Comprehensive Income (Loss) | Net Activity Restricted Stock Units | Balance as of June 30, 2025 | | :----------------------------------- | :--------------------------- | :---------------- | :-------------------------------- | :--------------------------------- | :-------------------------- | | Three Months Ended June 30, 2025 | $(2,822) | $4 | $67 | $6 | $(2,745) | | Three Months Ended June 30, 2024 | $(515) | $14 | $5 | $6 | $(490) | Stockholders' Equity Attributable to Avis Budget Group, Inc. (Millions) | Period | Balance as of Dec 31, 2024 | Net Income (Loss) | Other Comprehensive Income (Loss) | Net Activity Restricted Stock Units | Balance as of June 30, 2025 | | :----------------------------------- | :--------------------------- | :---------------- | :-------------------------------- | :--------------------------------- | :-------------------------- | | Six Months Ended June 30, 2025 | $(2,327) | $(501) | $75 | $8 | $(2,745) | | Six Months Ended June 30, 2024 | $(349) | $(100) | $(39) | $(2) | $(490) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 Basis of Presentation](index=12&type=section&id=Note%201%20Basis%20of%20Presentation) This note outlines the basis for preparing the unaudited condensed consolidated financial statements, including the company's reportable segments (Americas and International), significant accounting policies, and recent accounting pronouncement adoptions and upcoming changes. It also details revenue disaggregation by geography and brand - The company operates two reportable business segments: Americas (North, South, Central America, Caribbean) and International (Europe, Middle East, Africa, Asia, Australasia), both including vehicle rental and car sharing operations[30](index=30&type=chunk) Revenues Disaggregated by Geography (Millions) | Geography | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Americas | $2,332 | $2,361 | $4,239 | $4,354 | | Europe, Middle East and Africa | $564 | $544 | $925 | $926 | | Asia and Australasia | $143 | $143 | $305 | $319 | | **Total revenues** | **$3,039** | **$3,048** | **$5,469** | **$5,599** | Revenues Disaggregated by Brand (Millions) | Brand | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Avis | $1,718 | $1,747 | $3,090 | $3,207 | | Budget | $1,133 | $1,117 | $2,018 | $2,038 | | Other (includes Zipcar) | $188 | $184 | $361 | $354 | | **Total revenues** | **$3,039** | **$3,048** | **$5,469** | **$5,599** | - The company adopted ASU 2023-07, 'Improvements to Reportable Segment Disclosures,' on January 1, 2024, enhancing disclosures about significant segment expenses, and expects to adopt ASU 2023-09, 'Improvements to Income Tax Disclosures,' on January 1, 2025[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2 Leases](index=16&type=section&id=Note%202%20Leases) This note details the company's lease activities, distinguishing between lessor and lessee roles. It provides disaggregated lease revenues by geography and brand, and outlines lease expenses and related balance sheet and cash flow information for operating leases Total Lease Revenues (Millions) | Period | 2025 | 2024 | Change ($M) | Change (%) | | :------------------------------- | :----- | :----- | :---------- | :--------- | | Three Months Ended June 30 | $2,989 | $2,994 | $(5) | -0.2% | | Six Months Ended June 30 | $5,374 | $5,503 | $(129) | -2.3% | Total Property Lease Expense (Millions) | Period | 2025 | 2024 | Change ($M) | Change (%) | | :------------------------------- | :----- | :----- | :---------- | :--------- | | Three Months Ended June 30 | $326 | $326 | $0 | 0.0% | | Six Months Ended June 30 | $617 | $624 | $(7) | -1.1% | Property Lease Balance Sheet Information (Millions) | Metric | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :-------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Operating lease ROU assets | $3,198 | $3,057 | $141 | 4.6% | | Operating lease liabilities | $3,251 | $3,112 | $139 | 4.5% | | Weighted average remaining lease term | 7.9 years | 8.0 years | -0.1 years | -1.25% | | Weighted average discount rate | 5.32% | 4.98% | 0.34% | 6.8% | [Note 3 Restructuring and Other Related Charges](index=18&type=section&id=Note%203%20Restructuring%20and%20Other%20Related%20Charges) This note details the company's restructuring activities, including the ongoing 'Global Rightsizing' plan initiated in 2024 and the completed 'Cost Optimization' plan from 2022. It also covers officer separation costs related to the CEO's transition - The company initiated a 'Global Rightsizing' plan in 2024 to scale operations, incurring **$73 million** in restructuring expense for the six months ended June 30, 2025, with an additional **$15 million** expected this year[47](index=47&type=chunk)[48](index=48&type=chunk) - In connection with the CEO's transition, the company recorded **$8 million** in officer separation costs for the three and six months ended June 30, 2025, with an additional **$7 million** expected this year[49](index=49&type=chunk) Restructuring-Related Liabilities (Millions) | Category | Balance as of Jan 1, 2025 | Restructuring Expense (Global Rightsizing) | Restructuring Payment/Utilization (Global Rightsizing) | Restructuring Payment/Utilization (Cost Optimization) | Balance as of June 30, 2025 | | :-------------------------- | :------------------------ | :--------------------------------------- | :--------------------------------------------------- | :--------------------------------------------------- | :-------------------------- | | Personnel Related | $10 | $42 | $(20) | $(1) | $31 | | Facility Related | $0 | $4 | $(1) | $0 | $3 | | Other | $7 | $27 | $(18) | $0 | $16 | | **Total** | **$17** | **$73** | **$(39)** | **$(1)** | **$50** | [Note 4 Earnings Per Share](index=19&type=section&id=Note%204%20Earnings%20Per%20Share) This note provides the computation of basic and diluted earnings (loss) per share (EPS) for the three and six months ended June 30, 2025 and 2024, highlighting the impact of net income/loss and weighted average shares outstanding Earnings (Loss) Per Share (Millions, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to Avis Budget Group, Inc. | $4 | $14 | $(501) | $(100) | | Basic weighted average shares outstanding | 35.2 | 35.6 | 35.2 | 35.6 | | Diluted weighted average shares outstanding | 35.4 | 35.7 | 35.2 | 35.6 | | Basic EPS | $0.10 | $0.41 | $(14.24) | $(2.80) | | Diluted EPS | $0.10 | $0.41 | $(14.24) | $(2.80) | - For the six months ended June 30, 2025 and 2024, diluted weighted average shares outstanding exclude non-vested stock due to their anti-dilutive effect resulting from a net loss[50](index=50&type=chunk) [Note 5 Other Current Assets](index=19&type=section&id=Note%205%20Other%20Current%20Assets) This note details the composition of other current assets, including sales and use taxes, prepaid expenses, and prepaid vehicle license and registration, as of June 30, 2025, and December 31, 2024 Other Current Assets (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :-------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Sales and use taxes | $431 | $187 | $244 | 130.5% | | Prepaid expenses | $175 | $162 | $13 | 8.0% | | Prepaid vehicle license and registration | $135 | $77 | $58 | 75.3% | | Other | $203 | $236 | $(33) | -14.0% | | **Total Other current assets** | **$944** | **$662** | **$282** | **42.6%** | [Note 6 Intangible Assets](index=20&type=section&id=Note%206%20Intangible%20Assets) This note provides a breakdown of the company's intangible assets, distinguishing between amortized and unamortized assets, and details the amortization expense for the periods presented and future expected amortization Intangible Assets (Millions) | Category | As of June 30, 2025 (Net Carrying Amount) | As of December 31, 2024 (Net Carrying Amount) | Change ($M) | Change (%) | | :-------------------------- | :---------------------------------------- | :------------------------------------------ | :---------- | :--------- | | Amortized Intangible Assets | $86 | $90 | $(4) | -4.4% | | Goodwill | $1,133 | $1,071 | $62 | 5.8% | | Trademarks | $516 | $511 | $5 | 1.0% | | **Total Intangible Assets** | **$1,735** | **$1,672** | **$63** | **3.8%** | Amortization Expense (Millions) | Period | 2025 | 2024 | Change ($M) | Change (%) | | :------------------------------- | :----- | :----- | :---------- | :--------- | | Three Months Ended June 30 | $5 | $7 | $(2) | -28.6% | | Six Months Ended June 30 | $11 | $15 | $(4) | -26.7% | - Expected amortization expense for amortizable intangible assets is approximately **$11 million** for the remainder of 2025, **$22 million** for 2026, **$17 million** for 2027, **$10 million** for 2028, **$8 million** for 2029, and **$8 million** for 2030[54](index=54&type=chunk) [Note 7 Vehicle Rental Activities](index=20&type=section&id=Note%207%20Vehicle%20Rental%20Activities) This note provides details on the company's vehicle rental activities, including the components of vehicles, net, within assets under vehicle programs, and a summary of vehicle depreciation and lease charges, net Vehicles, Net (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :-------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Rental vehicles (net of accumulated depreciation) | $20,117 | $16,951 | $3,166 | 18.7% | | Vehicles held for sale | $301 | $594 | $(293) | -49.3% | | Vehicles, net investment in lease | $92 | $74 | $18 | 24.3% | | **Total Vehicles, net** | **$20,510** | **$17,619** | **$2,891** | **16.4%** | Vehicle Depreciation and Lease Charges, Net (Millions) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Depreciation expense | $657 | $655 | $1,350 | $1,217 | | Lease charges | $33 | $39 | $61 | $74 | | (Gain) loss on sale of vehicles, net | $(54) | $39 | $280 | $78 | | **Total Vehicle depreciation and lease charges, net** | **$636** | **$733** | **$1,691** | **$1,369** | - For the six months ended June 30, 2025, vehicle depreciation and lease charges include **$390 million** in other fleet charges related to the accelerated disposal of certain fleet in the Americas segment[55](index=55&type=chunk) [Note 8 Income Taxes](index=21&type=section&id=Note%208%20Income%20Taxes) This note discusses the company's effective tax rates for the six months ended June 30, 2025 and 2024, and outlines the potential impact of the OECD's Pillar Two rule and the recently enacted One Big Beautiful Bill Act (OBBBA) in the United States - The effective tax rate for the six months ended June 30, 2025, was a benefit of **24.6%**, primarily due to foreign and state taxes, differing from the Federal Statutory rate of **21.0%**[57](index=57&type=chunk) - The effective tax rate for the six months ended June 30, 2024, was a benefit of **14.8%**, influenced by tax credits, foreign taxes, and state taxes[58](index=58&type=chunk) - The company does not expect the OECD's Pillar Two global minimum tax rate to have a material impact on its financial statements for 2025 and is evaluating the impact of the recently enacted OBBBA[59](index=59&type=chunk)[60](index=60&type=chunk) [Note 9 Accounts Payable and Other Current Liabilities](index=21&type=section&id=Note%209%20Accounts%20Payable%20and%20Other%20Current%20Liabilities) This note provides a detailed breakdown of the company's accounts payable and other current liabilities as of June 30, 2025, and December 31, 2024 Accounts Payable and Other Current Liabilities (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :----------------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Short-term operating lease liabilities | $621 | $628 | $(7) | -1.1% | | Accounts payable | $597 | $450 | $147 | 32.7% | | Accrued sales and use taxes | $367 | $305 | $62 | 20.3% | | Accrued advertising and marketing | $291 | $258 | $33 | 12.8% | | Public liability and property damage insurance liabilities – current | $267 | $245 | $22 | 9.0% | | Deferred lease revenues - current | $306 | $149 | $157 | 105.4% | | Accrued payroll and related | $174 | $126 | $48 | 38.1% | | Accrued interest | $153 | $180 | $(27) | -15.0% | | Other | $392 | $359 | $33 | 9.2% | | **Total Accounts payable and other current liabilities** | **$3,168** | **$2,700** | **$468** | **17.3%** | [Note 10 Long-term Corporate Debt and Borrowing Arrangements](index=22&type=section&id=Note%2010%20Long-term%20Corporate%20Debt%20and%20Borrowing%20Arrangements) This note details the company's long-term corporate debt and borrowing arrangements, including senior notes, floating rate term loans, and committed credit facilities. It also highlights recent financing activities such as new debt issuances and repayments, and confirms compliance with debt covenants Long-term Corporate Debt (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :----------------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Total long-term debt | $6,038 | $5,373 | $665 | 12.4% | Committed Corporate Credit Facilities (Millions) as of June 30, 2025 | Facility | Total Capacity | Outstanding Borrowings | Letters of Credit Issued | Available Capacity | | :----------------------------------- | :------------- | :--------------------- | :--------------------- | :--------------- | | Senior revolving credit facility maturing 2028 | $2,000 | $0 | $1,597 | $403 | - In May 2025, the company issued **$600 million** of 8.375% Senior Notes due June 2032, using proceeds to repay existing debt and for general corporate purposes[63](index=63&type=chunk) - In July 2025, the floating rate term loan was amended, extending its maturity from August 2027 to July 2032 and increasing the interest rate to SOFR plus **2.50%**[62](index=62&type=chunk) - As of June 30, 2025, the company was in compliance with all financial covenants governing its indebtedness[66](index=66&type=chunk) [Note 11 Debt Under Vehicle Programs and Borrowing Arrangements](index=23&type=section&id=Note%2011%20Debt%20Under%20Vehicle%20Programs%20and%20Borrowing%20Arrangements) This note details the company's debt under vehicle programs, including related party debt and other borrowings, and provides a summary of debt issued by Avis Budget Rental Car Funding. It also outlines debt maturities and available funding arrangements, confirming compliance with debt covenants Debt Under Vehicle Programs (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | Change ($M) | Change (%) | | :----------------------------------- | :------------------ | :---------------------- | :---------- | :--------- | | Americas - Debt due to Avis Budget Rental Car Funding | $15,585 | $14,143 | $1,442 | 10.2% | | Americas - Debt borrowings | $1,334 | $1,160 | $174 | 15.0% | | International - Debt borrowings | $2,905 | $2,159 | $746 | 34.6% | | International - Finance leases | $164 | $143 | $21 | 14.7% | | **Total Debt under vehicle programs** | **$19,914** | **$17,536** | **$2,378** | **13.6%** | Debt Issued by Avis Budget Rental Car Funding (Six Months Ended June 30, 2025) | Issuance Date | Maturity Date | Weighted Average Interest Rate | Amount Issued (Millions) | | :-------------------------- | :------------ | :----------------------------- | :----------------------- | | January 2025 | Aug 2027 | 7.31% | $41 | | January 2025 | Apr 2028 | 7.59% | $75 | | January 2025 | Jun 2028 | 7.31% | $75 | | January 2025 | Dec 2028 | 7.37% | $72 | | January 2025 | Feb 2029 | 7.52% | $95 | | May 2025 | Aug 2028 | 4.94% | $250 | | May 2025 | Aug 2030 | 5.26% | $400 | | **Total** | | **5.95%** | **$1,008** | Contractual Maturities of Debt under Vehicle Programs as of June 30, 2025 (Millions) | Period | Amount | | :-------------------------- | :----- | | Within 1 year | $3,866 | | Between 1 and 2 years | $8,867 | | Between 2 and 3 years | $2,959 | | Between 3 and 4 years | $2,976 | | Between 4 and 5 years | $1,024 | | Thereafter | $296 | | **Total** | **$19,988** | - As of June 30, 2025, the company had **$1,690 million** in available funding capacity under its vehicle program debt arrangements[69](index=69&type=chunk) [Note 12 Commitments and Contingencies](index=25&type=section&id=Note%2012%20Commitments%20and%20Contingencies) This note outlines the company's various commitments and contingencies, including legal proceedings, indemnification agreements related to former subsidiaries, and commitments to purchase vehicles. It also addresses potential exposures from litigation and concentrations of credit risk - The company is involved in several legal proceedings, including class action lawsuits related to traffic infractions and administrative fees, and shareholder securities class actions concerning fleet strategy[75](index=75&type=chunk)[76](index=76&type=chunk) - The company estimates a potential exposure of up to approximately **$40 million** in excess of accrued amounts from adverse outcomes of current legal proceedings, which is not expected to materially impact its financial condition or results of operations[78](index=78&type=chunk) - Commitments to purchase vehicles decreased by **$4.0 billion** from December 31, 2024, to approximately **$2.3 billion** for the next 12 months, financed primarily through vehicle-backed debt and vehicle dispositions[79](index=79&type=chunk) [Note 13 Stockholders' Equity](index=27&type=section&id=Note%2013%20Stockholders%27%20Equity) This note details changes in stockholders' equity, including information on the stock repurchase program, total comprehensive income (loss), and the components of accumulated other comprehensive income (loss) - The Board of Directors authorized a stock repurchase program of up to **$8.1 billion**, with approximately **$757 million** remaining available as of June 30, 2025. No shares were repurchased under this program during the six months ended June 30, 2025 or 2024[81](index=81&type=chunk) Total Comprehensive Income (Loss) Attributable to Avis Budget Group, Inc. (Millions) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to Avis Budget Group, Inc. | $4 | $14 | $(501) | $(100) | | Other comprehensive income (loss), net of tax | $67 | $5 | $75 | $(39) | | **Total comprehensive income (loss) attributable to Avis Budget Group, Inc.** | **$71** | **$19** | **$(426)** | **$(139)** | Accumulated Other Comprehensive Income (Loss) (Millions) | Component | Balance as of Jan 1, 2025 | Net Current-Period Other Comprehensive Income (Loss) | Balance as of June 30, 2025 | | :-------------------------- | :------------------------ | :--------------------------------------------------- | :-------------------------- | | Currency Translation Adjustments | $(125) | $84 | $(41) | | Net Unrealized Gains (Losses) on Cash Flow Hedges | $31 | $(11) | $20 | | Minimum Pension Liability Adjustment | $(116) | $2 | $(114) | | **Total Accumulated Other Comprehensive Income (Loss)** | **$(210)** | **$75** | **$(135)** | [Note 14 Related Party Transactions](index=29&type=section&id=Note%2014%20Related%20Party%20Transactions) This note describes transactions with related parties, primarily Avis Mobility Ventures LLC (AMV), a former subsidiary in which the company holds an equity method investment. It details the services provided to AMV and the financial impact on the company's statements - Avis Budget Group, Inc. holds approximately **35%** ownership in Avis Mobility Ventures LLC (AMV) and accounts for it under the equity method, providing vehicles, fleet services, and administrative services to AMV[88](index=88&type=chunk) Other (Income) Expense, Net Related to AMV (Millions) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | (Income) expense for services to AMV, net | $4 | $0 | $8 | $(2) | | (Income) loss on equity method investment in AMV, net | $1 | $2 | $3 | $5 | | **Total Other (income) expense, net** | **$5** | **$2** | **$11** | **$3** | [Note 15 Stock-Based Compensation](index=29&type=section&id=Note%2015%20Stock-Based%20Compensation) This note provides information on stock-based compensation expense and activity related to time-based and performance-based restricted stock units (RSUs), including grants, vesting, and forfeiture Stock-Based Compensation Expense (Millions) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Stock-based compensation expense | $6 | $6 | $12 | $13 | | Net of tax | $5 | $5 | $9 | $10 | - As of June 30, 2025, aggregate unrecognized compensation expense related to time- and performance-based RSUs amounted to **$44 million**, to be recognized over a weighted average vesting period of **1.6 years**[94](index=94&type=chunk) [Note 16 Financial Instruments](index=30&type=section&id=Note%2016%20Financial%20Instruments) This note describes the company's use of derivative instruments and hedging activities to manage exposure to currency, interest rate, and commodity risks. It provides details on notional values, fair values, and the effects of these instruments on the financial statements - The company uses currency exchange contracts, interest rate swaps, and interest rate caps to manage currency, interest rate, and commodity risks[95](index=95&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) Absolute Notional Values of Derivative Instruments as of June 30, 2025 (Millions) | Instrument | Notional Value | | :-------------------------- | :------------- | | Foreign exchange contracts | $1,746 | | Interest rate caps | $9,828 | | Interest rate swaps | $750 | Effects of Financial Instruments Recognized in Condensed Consolidated Financial Statements (Millions) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Financial instruments designated as hedging instruments | $(92) | $5 | $(139) | $27 | | Financial instruments not designated as hedging instruments | $29 | $(6) | $26 | $(19) | | **Total** | **$(63)** | **$(1)** | **$(113)** | **$8** | [Note 17 Segment Information](index=32&type=section&id=Note%2017%20Segment%20Information) This note provides detailed financial information for the company's reportable segments (Americas and International), including revenues, significant segment expenses, and Adjusted EBITDA. It also includes a reconciliation of Adjusted EBITDA to income (loss) before income taxes and segment assets - The company's chief executive officer assesses performance and allocates resources based on revenues and Adjusted EBITDA for the Americas and International segments[104](index=104&type=chunk)[105](index=105&type=chunk) Reportable Segment Adjusted EBITDA (Millions) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Americas | $220 | $186 | $153 | $230 | | International | $82 | $48 | $79 | $33 | | Corporate and other | $(25) | $(20) | $(48) | $(37) | | **Total Company Adjusted EBITDA** | **$277** | **$214** | **$184** | **$226** | Reconciliation of Income (Loss) Before Income Taxes to Adjusted EBITDA (Millions) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income (loss) before income taxes | $15 | $27 | $(662) | $(115) | | Non-vehicle related depreciation and amortization | $60 | $58 | $116 | $119 | | Interest expense related to corporate debt, net | $114 | $89 | $210 | $172 | | Other fleet charges | $0 | $0 | $390 | $0 | | Restructuring and other related charges | $59 | $14 | $81 | $17 | | Transaction-related costs, net | $0 | $1 | $0 | $2 | | Other (income) expense, net | $5 | $2 | $11 | $3 | | Legal matters, net | $12 | $12 | $13 | $7 | | Cloud computing costs | $13 | $11 | $25 | $21 | | **Adjusted EBITDA** | **$277** | **$214** | **$184** | **$226** | Segment Assets (Millions) | Category | As of June 30, 2025 | As of December 31, 2024 | | :----------------------------------- | :------------------ | :---------------------- | | Assets exclusive of assets under vehicle programs | $10,157 | $9,668 | | Assets under vehicle programs | $22,214 | $19,373 | | Net long-lived assets | $2,446 | $2,369 | [Note 18 Subsequent Event](index=35&type=section&id=Note%2018%20Subsequent%20Event) This note discloses a subsequent event where the company amended its floating rate term loan in July 2025, extending its maturity and increasing the interest rate - In July 2025, the company amended its floating rate term loan, extending its maturity date from August 2027 to July 2032 and increasing the interest rate to SOFR plus **2.50%**[115](index=115&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, discussing key performance metrics, business trends, and the impact of macroeconomic factors. It offers a detailed analysis of revenues, expenses, and Adjusted EBITDA for both the Americas and International segments [OVERVIEW](index=36&type=section&id=OVERVIEW) The overview introduces Avis Budget Group as a leading global mobility solutions provider operating Avis, Budget, and Zipcar brands. It highlights the company's strategic focus on technology-driven transformation, recent fleet strategy changes, and the impact of macroeconomic factors on its operations - Avis Budget Group operates globally recognized brands (Avis, Budget, Zipcar) and is a leading vehicle rental operator with an average rental fleet of approximately **699,000 vehicles** in Q2 2025[119](index=119&type=chunk) - The company's strategy focuses on transforming its business through technology, system enhancements, and data to improve customer experience, revenue generation, and cost efficiency[121](index=121&type=chunk) - In Q4 2024, the company changed its fleet strategy for US and Canadian rental cars to accelerate fleet rotations and decrease fleet age for competitive reasons[121](index=121&type=chunk) Key Financial Highlights (Three Months Ended June 30, 2025) | Metric | Amount (Millions) | | :-------------------------- | :---------------- | | Revenues | $3,039 | | Net income | $5 | | Adjusted EBITDA | $277 | [RESULTS OF OPERATIONS](index=37&type=section&id=RESULTS%20OF%20OPERATIONS) This section details the company's financial performance for the three and six months ended June 30, 2025, compared to the prior year. It analyzes changes in revenues, expenses, net income/loss, and Adjusted EBITDA, providing segment-specific breakdowns for Americas and International operations - For the six months ended June 30, 2025, revenues decreased by **$130 million (2%)** year-over-year, primarily due to a **2%** decrease in revenue per day and a **1%** decrease in volume[127](index=127&type=chunk)[141](index=141&type=chunk) - Net loss attributable to Avis Budget Group, Inc. for the six months ended June 30, 2025, was **$501 million**, an additional loss of **$401 million** year-over-year, mainly due to other fleet charges from accelerated vehicle disposal in the Americas segment[127](index=127&type=chunk)[141](index=141&type=chunk) - Adjusted EBITDA for the six months ended June 30, 2025, decreased by **$42 million** year-over-year to **$184 million**[127](index=127&type=chunk)[143](index=143&type=chunk) Americas Segment Performance (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | % Change | | :-------------------------- | :-------------- | :-------------- | :------- | | Revenues | $2,332 | $2,361 | (1%) | | Adjusted EBITDA | $220 | $186 | 18% | International Segment Performance (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | % Change | | :-------------------------- | :-------------- | :-------------- | :------- | | Revenues | $707 | $687 | 3% | | Adjusted EBITDA | $82 | $48 | 71% | Americas Segment Performance (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | % Change | | :-------------------------- | :-------------- | :-------------- | :------- | | Revenues | $4,239 | $4,354 | (3%) | | Adjusted EBITDA | $153 | $230 | (33%) | International Segment Performance (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | % Change | | :-------------------------- | :-------------- | :-------------- | :------- | | Revenues | $1,230 | $1,245 | (1%) | | Adjusted EBITDA | $79 | $33 | 139% | [FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES](index=43&type=section&id=FINANCIAL%20CONDITION%2C%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This section assesses the company's financial health, liquidity, and capital resources, distinguishing between vehicle programs and other activities. It covers changes in assets, liabilities, and stockholders' equity, as well as cash flow trends, debt levels, and liquidity risks - The increase in total liabilities exclusive of vehicle programs is primarily due to increased corporate indebtedness from the issuance of Senior Notes due June 2032[154](index=154&type=chunk) - Increases in both assets and liabilities under vehicle programs are primarily due to the rising cost of the rental fleet[155](index=155&type=chunk) - Cash used in investing activities increased significantly due to a higher investment in vehicles, while cash provided by financing activities increased due to higher borrowings under vehicle programs[164](index=164&type=chunk) Financial Condition Summary (Millions) | Metric | June 30, 2025 | December 31, 2024 | Change ($M) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :---------- | :--------- | | Total assets exclusive of vehicle programs | $10,157 | $9,668 | $489 | 5.1% | | Total liabilities exclusive of vehicle programs | $12,393 | $11,047 | $1,346 | 12.2% | | Assets under vehicle programs | $22,214 | $19,373 | $2,841 | 14.7% | | Liabilities under vehicle programs | $22,711 | $20,311 | $2,400 | 11.8% | | Total stockholders' equity | $(2,733) | $(2,317) | $(416) | -17.9% | - As of June 30, 2025, the company had approximately **$26.0 billion** of indebtedness, comprising **$6.1 billion** in corporate indebtedness and **$19.9 billion** under vehicle programs[165](index=165&type=chunk) - Total liquidity as of June 30, 2025, was approximately **$944 million**, including **$541 million** in cash and cash equivalents and **$403 million** in available borrowing capacity under its revolving credit facility[168](index=168&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, including changes in currency exchange rates, interest rates, and fuel prices. It uses sensitivity analysis to assess the potential impact of hypothetical changes on earnings, fair values, and cash flows - The company is exposed to market risks from currency exchange rates, interest rates, and fuel prices[173](index=173&type=chunk) - A hypothetical **10%** change in interest or foreign currency exchange rates is not expected to have a material impact on the company's results of operations, balance sheet, or cash flows[173](index=173&type=chunk) - A **10%** change in unleaded fuel prices is also not expected to have a material impact on earnings for the period ended June 30, 2025[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, based on an evaluation by the CEO and CFO. It also states that there were no material changes in internal control over financial reporting during the second quarter of 2025 - The company's disclosure controls and procedures were effective as of June 30, 2025[174](index=174&type=chunk) - No material changes in internal control over financial reporting occurred during the second quarter of 2025[174](index=174&type=chunk) [PART II Other Information](index=45&type=section&id=PART%20II%20Other%20Information) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 for information on legal proceedings and reiterates the company's disclosure threshold for environmental proceedings - Information regarding legal proceedings is detailed in Note 12 – Commitments and Contingencies[175](index=175&type=chunk) - The company uses a **$1 million** threshold for disclosing environmental proceedings that may result in monetary sanctions[176](index=176&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section states that there were no material developments to report regarding risk factors during the quarter ended June 30, 2025, and refers to the 2024 Form 10-K for additional information - No material developments regarding risk factors were reported during the quarter ended June 30, 2025[177](index=177&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides an update on the company's Stock Repurchase Program, noting that no common stock repurchases were made during the second quarter of 2025, and details the remaining authorization - The Board of Directors authorized a Stock Repurchase Program of up to approximately **$8.1 billion**[178](index=178&type=chunk) - No common stock repurchases were made under the program during the second quarter of 2025[178](index=178&type=chunk) - As of June 30, 2025, approximately **$757 million** of authorization remained available for common stock repurchases[178](index=178&type=chunk) [Item 5. Other Information](index=45&type=section&id=Item%205.%20Other%20Information) This section confirms that no director or Section 16 officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[179](index=179&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, indentures, supplements, amendments, and certifications - The exhibit index includes corporate documents (e.g., Certificate of Incorporation, Bylaws), debt instruments (e.g., Indenture, Series Supplements), and certifications (e.g., CEO/CFO certifications)[186](index=186&type=chunk)[187](index=187&type=chunk)