Core Viewpoint - Taylor Morrison Home Corporation (TMHC) has initiated a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2027, with the offer commencing on November 3, 2025, and set to expire on November 7, 2025, unless extended or terminated [1][5]. Offer Details - The total principal amount of the Notes outstanding is $500 million [3]. - The Offer includes accrued and unpaid interest from the last payment date up to the initial payment date, expected on November 10, 2025 [4]. - The Offer is not conditioned on a minimum amount of Notes being tendered, but is subject to certain conditions, including the issuance of senior notes yielding at least $525 million in gross cash proceeds [6]. Payment and Redemption - The Purchase Price for each $1,000 principal amount of Notes will be determined based on a fixed spread and the yield to maturity of the U.S. Treasury Reference Security [5][6]. - If the Offer is completed but not all Notes are purchased, the company plans to redeem any remaining outstanding Notes around December 2, 2025 [8]. Management and Contacts - J.P. Morgan Securities LLC is serving as the exclusive dealer manager for the Offer, while D.F. King & Co., Inc. is the tender agent and information agent [10].

Core Insights - Service Corporation International (SCI) reported adjusted earnings per share of $0.87 for Q3 2025, reflecting a 10% increase compared to $0.79 in Q3 2024 [3][7][8] - The company generated net cash from operating activities of $252.3 million in Q3 2025, a decrease from $263.8 million in the same quarter of the previous year, primarily due to an expected increase in cash taxes paid [3][7][8] - Revenue for Q3 2025 was $1,058.1 million, up 4.4% from $1,014.0 million in Q3 2024, driven by strong performance in the cemetery segment [5][7] Financial Performance - Operating income for Q3 2025 was $226.4 million, compared to $212.4 million in Q3 2024, indicating a year-over-year increase [5][14] - Net income attributable to common stockholders was $117.5 million in Q3 2025, slightly down from $117.8 million in Q3 2024 [5][14] - The diluted earnings per share (EPS) was $0.83 for Q3 2025, compared to $0.81 in Q3 2024, with adjusted diluted EPS at $0.87 [5][8] Segment Performance - The cemetery segment saw a 10% increase in preneed cemetery sales production, contributing to a 7% growth in comparable cemetery revenue and a 12% increase in cemetery gross profit [3][7] - Comparable core funeral average increased, but was offset by a decline in comparable core funeral services performed [3][7] - Non-funeral home sales average rose by 13.4%, significantly outpacing the slight decline in non-funeral home services performed [3][7] Guidance and Outlook - The company confirmed its 2025 guidance with a narrowed range for earnings per share expected between $3.80 and $3.90, and an increased cash flow outlook of $910 million to $950 million [6][9] - The anticipated long-term growth framework for diluted EPS from continuing operations, excluding special items, is projected to be within 8%-12% [6][9] Cash Flow and Capital Expenditures - Year-to-date net cash provided by operating activities increased by 7.2% to $729.9 million compared to $680.8 million in the prior year [7][14] - The company plans to allocate $315 million for maintenance, cemetery development, and other capital expenditures in 2025 [9][14]

Core Points - McDonald's Board of Directors declared a quarterly cash dividend of $1.86 per share, reflecting a 5% increase from the previous dividend, demonstrating confidence in the company's growth strategy [1][2] - The new quarterly dividend translates to an annual dividend of $7.44, marking 49 consecutive years of dividend increases since 1976 [2] - The company's capital allocation philosophy includes investing in growth opportunities, prioritizing dividends, and repurchasing shares with remaining free cash flow [2] Company Overview - McDonald's is the leading global foodservice retailer with over 44,000 locations in more than 100 countries, with approximately 95% of its restaurants operated by independent local business owners [4]

Core Insights - Pathward Financial (CASH) reported quarterly earnings of $1.69 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.35 per share a year ago, representing an earnings surprise of +21.58% [1] - The company posted revenues of $186.71 million for the quarter ended September 2025, which missed the Zacks Consensus Estimate by 5.22%, compared to year-ago revenues of $167.93 million [2] - Pathward has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.55 on revenues of $193.9 million, and for the current fiscal year, it is $8.55 on revenues of $874.6 million [7] - The estimate revisions trend for Pathward was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Zacks Industry Rank for Banks - Northeast, to which Pathward belongs, is currently in the top 27% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [5] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [5] - The full-year net interest margin was 7.34%, and the adjusted net interest margin was 5.92% [5] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [5][22] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their product offerings [6] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their goal of financial inclusion [7] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and a decrease in days to fund [8] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [18] - Loans and leases at September 30 were $4.7 billion, compared to $4.1 billion last year, with growth primarily from commercial finance verticals [19] - Non-performing loans increased in the quarter, but the company believes they are well collateralized and manageable [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate growth and scalability [9][10] - The 2026 strategy emphasizes the importance of people and culture, with a commitment to building a talent pipeline and enhancing collaboration [11] - The company aims to mature its risk and compliance framework to support partner success and ensure regulatory adherence [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges faced [4] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25 to $8.75, assuming no rate cuts and an effective tax rate of 18% to 22% [23] - Management acknowledged the potential impact of tax code changes on consumer behavior in the tax preparation market [8] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [22] - The liquidity position remains strong with $2.3 billion available, higher than the previous year [22] Q&A Session Summary Question: Details on the Upstart program and its financial impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place and a short hold period of 30 days or less [28][30] Question: Demand for early wage access loans and impact of government shutdown - Management does not expect significant impact from the government shutdown, but anticipates increased volume from the Claire's contract with Intuit [39] Question: Growth expectations in the tax business due to tax law changes - Management expects a solid tax year but does not have huge growth expectations due to a strong prior year [40][41] Question: Non-performing loans and their correlation with past-due loans - Management clarified that non-performing loans do not correlate with past-due loans, as they manage collateral effectively [42][43] Question: Future pace of share repurchases - The buyback ratio is expected to return to historic norms, targeting an 80% to 90% payout ratio [47]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [5] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [5] - The full-year net interest margin and adjusted net interest margin were expanded to 7.34% and 5.92% respectively [5] - Return on average assets for the year was 2.46% and return on average tangible equity was 38.75% [5][22] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their product offerings [6] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their goal of financial inclusion [7] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and reduced days to fund [8] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [18] - Loans and leases at September 30th were $4.7 billion compared to $4.1 billion last year, with growth primarily from commercial finance verticals [19] - Non-performing loans increased in the quarter, primarily driven by one working capital loan, but the company believes they are well collateralized [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate evolution and scalability [9][10] - The 2026 strategy includes enhancing the client experience and continuing to evaluate new opportunities for partnerships [14] - The company aims to sustain momentum in its culture and talent acquisition efforts, emphasizing remote working as a recruitment tool [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges faced [4] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25-$8.75, assuming no rate cuts and an effective tax rate of 18%-22% [23] - Management acknowledged the potential impact of tax code changes on consumer behavior in the tax preparation market [8] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [22] - The sale of the majority of the held-for-investment consumer portfolio is expected to put downward pressure on pre-tax income and net interest margin in 2026 [23] Q&A Session Summary Question: Details on the Upstart program and its financial impact - Management confirmed that the Upstart program is similar to other marketplace lending products, with credit indemnifications in place [28] Question: Duration of loans on the balance sheet and exclusivity of the Upstart partnership - Loans are typically held for 30 days or less, and the partnership with Upstart is not exclusive [30][31] Question: Demand for early wage access loans and impact of government shutdown - Management indicated that the impact of the government shutdown has not yet been seen, but expects significant volume from the Claire's contract with Intuit [39] Question: Growth expectations for the tax business in fiscal year 2026 - Management expects solid growth in the tax business, influenced by recent tax law changes, but does not have huge growth expectations due to a strong prior year [40][41] Question: Insights on non-performing loans and their resolution - Management explained that non-performing loans can spike without warning but emphasized their ability to manage collateral effectively [42][44] Question: Future pace of share repurchases - Management indicated that the buyback ratio will return to historic norms, targeting an 80%-90% payout ratio [47]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the fiscal year, representing a year-over-year growth of 9% [8] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to the previous year [8] - The net interest margin for the quarter was 7.46%, while the adjusted net interest margin was 6.04% [23] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [8][29] Business Line Data and Key Metrics Changes - In the Consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, which are expected to enhance their product offerings [9][11] - The Commercial segment saw total loans and leases grow by 14%, with significant growth in structured finance and asset-based lending [13][26] - The company shifted more than half of its held-for-investment consumer portfolio to held-for-sale, generating a $14.3 million release of credit provision [23] Market Data and Key Metrics Changes - Deposits held on the balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [25] - Loans and leases at September 30 were $4.7 billion, compared to $4.1 billion last year, with growth primarily from commercial finance verticals [26] - Non-performing loans increased in the quarter, primarily driven by one working capital loan, but the company believes they are well collateralized [27][29] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate evolution and scalability [15][16] - The 2026 strategy includes enhancing the client experience and continuing to build strategic partnerships to drive financial inclusion [14][20] - The company aims to sustain its momentum in talent acquisition and culture, having received recognition as one of the best companies to work for [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, maintaining guidance for 2026 earnings per diluted share of $8.25 to $8.75 [21][30] - The company anticipates a solid tax year due to recent tax law changes, although growth expectations are moderate following a strong previous year [50][52] - Management noted that the increase in non-performing loans does not correlate with the annual net charge-off rate, emphasizing their collateral management approach [29][56] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, with full-year repurchases totaling almost 2.1 million shares [30] - The liquidity position remains strong with $2.3 billion available, higher than the previous year [30] Q&A Session Summary Question: Details on the Upstart program and its financial impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place and a balance sheet management approach [35][36] Question: Demand for early wage access loans and impact of government shutdown - Management indicated that the government shutdown's impact on demand is not significant, but the partnership with Intuit is expected to bring substantial volume [48][49] Question: Growth expectations in the tax business due to tax law changes - Management expects a solid tax year but does not have huge growth expectations due to a strong previous year, with historic growth rates in mid-single digits [50][52] Question: Insights on non-performing loans and their management - Management clarified that non-performing loans do not correlate with past due loans and emphasized their ability to manage and resolve these loans effectively [53][56] Question: Future pace of share repurchases - The company plans to return to historic norms for share repurchases, targeting an 80% to 90% payout ratio [59]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [6] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [6] - The full-year net interest margin expanded to 7.34%, while the adjusted net interest margin was 5.92% [6] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [6][23] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their service offerings [7] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their financial inclusion goals [8] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and a decrease in days to fund [9] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [19] - Loans and leases at September 30 were $4.7 billion, up from $4.1 billion last year, with growth primarily from commercial finance verticals [20] - Non-performing loans increased in the quarter, but the company believes they are well collateralized and manageable [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate growth and scalability [10][11] - The 2026 strategy emphasizes the importance of people and culture, with a commitment to remote working and talent development [12] - The company aims to mature its risk and compliance framework to support partner success and enhance client experience [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges in the operating environment [5] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25 to $8.75, assuming no rate cuts and an effective tax rate of 18% to 22% [24] - Management highlighted the potential positive impact of tax code changes on the tax preparation market [9] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [23] - The sale of the majority of the held-for-investment consumer portfolio is expected to put downward pressure on pre-tax income and net interest margin in 2026 [24] Q&A Session Summary Question: Details on the Upstart program and financial statement impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place [27][28] Question: Duration of loans on the balance sheet - Loans are typically held for 30 days or less before being moved off the balance sheet [29] Question: Demand for early wage access loans and impact of government shutdown - Current demand is not significantly impacted by the government shutdown, but the partnership with Intuit is expected to drive volume [34] Question: Growth expectations in the tax business due to tax law changes - The company expects solid growth in the tax business, but not huge expectations due to a strong prior year [35][36] Question: Non-performing loans and portfolio concentration - Non-performing loans are managed effectively, and the company expects resolution of major NPLs in the coming quarters [39][41] Question: Share repurchase pace in 2026 - The buyback ratio is expected to return to historic norms, targeting an 80% to 90% payout ratio [42]

THE PATHWARD STORY UPDATED OCTOBER 21, 2025 FORWARD LOOKING STATEMENTS This investor update contains "forward-looking statements" which are made in good faith by Pathward Financial, Inc. (the "Company") pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future ...

Financial Performance - For the fiscal year ended September 30, 2025, net income was $185.9 million, or $7.87 per share, compared to $183.2 million, or $7.20 per share, for the prior year, reflecting a growth of 1.5% in net income[2] - Total revenue for the fourth quarter was $186.7 million, an increase of $7.2 million, or 4%, compared to the same quarter in fiscal 2024, driven by a 13% increase in noninterest income[4] - Noninterest income for the fourth quarter increased 13% to $58.8 million, compared to $52.0 million for the same period of the prior year, mainly due to higher secondary market revenue and card fees[9] - Total noninterest income for the fiscal year ended September 30, 2025, was $328,100, up from $299,587 in the previous year, representing a growth of 9.5%[44] - Net income attributable to common shareholders for the three months ended September 30, 2025, was $38,664, compared to $41,996 in the previous quarter, a decrease of 5.5%[44] - Earnings per common share (basic) for the three months ended September 30, 2025, was $1.70, down from $1.83 in the previous quarter[44] Asset Quality - The allowance for credit losses (ACL) totaled $53.3 million at September 30, 2025, a decrease from $106.0 million at June 30, 2025, driven by a reduction in the consumer finance portfolio[17] - The Company's ACL as a percentage of total loans and leases decreased to 1.14% at September 30, 2025, from 2.23% at June 30, 2025[20] - The Company recognized a reversal of provision for credit losses of $6.4 million for the quarter ended September 30, 2025, compared to a provision of $8.7 million for the same period in the prior fiscal year[22] - Net charge-offs for the quarter ended September 30, 2025, were $46.2 million, compared to $44.0 million for the same quarter in 2024[22] - Nonperforming assets increased to $101.7 million, or 1.42% of total assets, at September 30, 2025, compared to $74.7 million, or 1.03% at June 30, 2025[25] - Nonperforming loans and leases at September 30, 2025, were $99.1 million, representing 2.05% of total gross loans and leases[27] Capital and Liabilities - Total liabilities as of September 30, 2025, were $6,314,890, a decrease from $6,411,696 in June 30, 2025[41] - Total stockholders' equity reached $857,454 thousand as of September 30, 2025, compared to $822,189 thousand a year ago, reflecting a growth of 4.3%[33] - As of September 30, 2025, the Common Equity Tier 1 capital ratio is 12.70%, an increase from 12.15% a year earlier[33] - The Tier 1 leverage capital ratio improved to 9.79% as of September 30, 2025, up from 8.90% a year earlier[33] - The Total capital ratio stands at 14.27% as of September 30, 2025, compared to 14.04% a year ago, indicating a positive trend in capital adequacy[33] Deposits and Loans - Total gross loans and leases at September 30, 2025, increased to $4.66 billion, up $589.7 million from September 30, 2024, but decreased by $78.4 million compared to June 30, 2025[4][16] - The average balance of total deposits and interest-bearing liabilities was $6.27 billion for the three-month period ended September 30, 2025, compared to $6.38 billion for the same period in the prior fiscal year[28] - Total end-of-period deposits increased slightly to $5.89 billion at September 30, 2025, compared to $5.88 billion at September 30, 2024[29] - The Company experienced a decrease in wholesale deposits, partially offset by an increase in noninterest-bearing deposits[28] - Loans and leases outstanding as of September 30, 2025, were $4,664,908, a slight decrease from $4,743,324 in June 30, 2025[41] Operational Efficiency and Future Outlook - The Company is focused on improving data analytics and underwriting processes to enhance operational efficiency and customer retention[39] - Forward-looking statements indicate expectations for fiscal year 2026, including performance goals and strategic initiatives[39] - The Company aims to enhance financial inclusion through its Partner Solutions and Commercial Finance business lines[36] - The Company emphasizes the importance of maintaining a well-capitalized status to support growth and manage risks effectively[40] - The Company will host a conference call on October 21, 2025, to discuss earnings and future outlook[34] Interest Income and Margin - The net interest margin (NIM) increased to 7.46% for the fourth quarter from 7.32% during the same period last year, primarily due to an improved earning asset mix[4] - Net interest income for the three months ended September 30, 2025, was $127,952, compared to $122,313 for the previous quarter, reflecting an increase of 5.3%[44] - Adjusted net interest margin for Q3 2025 was 6.04%, up from 5.91% in Q3 2024, indicating an improvement in profitability metrics[52] - The net interest margin improved to 7.46% in Q3 2025 compared to 7.32% in Q3 2024, representing an increase of 14 basis points[49] Other Financial Metrics - Cash and cash equivalents as of September 30, 2025, were $120,568, a decrease from $258,343 in June 30, 2025[41] - Total assets as of September 30, 2025, were $7,172,344, a slight decrease from $7,229,844 in June 30, 2025[41] - Total assets decreased to $7,374,276 thousand in Q3 2025 from $7,481,835 thousand in Q3 2024, a decline of approximately 1.4%[47] - Average interest-earning assets were $6,803,398 thousand in Q3 2025, compared to $6,602,267 thousand in Q2 2025, showing an increase of about 3.04%[51] - Total liabilities decreased to $6,561,071 thousand in Q3 2025 from $6,698,950 thousand in Q3 2024, a reduction of approximately 2.05%[49]