Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged for each share of Vital[17] - The transaction implies a 5% premium to the 30-day VWAP exchange ratio and a 15% premium to Vital's 30-day VWAP as of August 22, 2025[17] - Post-transaction, Crescent shareholders will own approximately 77% and Vital shareholders will own approximately 23% of the combined company[17] - The combined company targets $90 to $100 million in estimated annual synergies within the first 12 months[17] Financial Highlights - The combined entity anticipates generating over $4 billion in free cash flow over the next 5 years[17] - Leverage is expected to be approximately 1.5x at closing, with further deleveraging planned through organic free cash flow and potential divestitures of non-core assets worth around $1 billion[17] - Crescent plans to maintain a quarterly dividend of $0.12 per share[17] - The pro forma company anticipates approximately $3.4 billion in EBITDA for 2025[18] and $1 billion in levered free cash flow[18] Asset Portfolio - The combined company will have a scaled asset portfolio across the Eagle Ford, Permian, and Uinta Basins[16] - Pro forma production is estimated at approximately 397 Mboe/d, with approximately 64% liquids[31] - The company holds approximately 1 million net acres across the Eagle Ford, Uinta, and Permian basins[34]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged per share of Vital[17] - The pro forma combined enterprise value is approximately $9.1 billion, assuming a Vital equity value of ~$750 million as of August 22, 2025, and the assumption of ~$2.3 billion in net indebtedness[17] - Pro forma ownership will be 77% Crescent and 23% Vital[17] - The transaction is expected to close by the end of Q4 2025[17] Financial and Strategic Benefits - The combined company anticipates strong free cash flow generation of over $4 billion over the next 5 years[17] - Targeting $90 - $100 million of estimated annual synergies over the next 12 months[17] - Expect ~1.5x leverage at close with a path to further deleveraging through organic FCF and ~$1 billion pipeline of non-core divestitures[17] - Pro forma Crescent is positioned as a Top 10 independent producer[15] - The combined company's 2025E production is estimated at ~397 Mboe/d, with ~64% liquids[31] Capital Allocation and Returns - Maintain a $0.12 per share quarterly dividend[17] - The acquisition is expected to be highly accretive to CFFO, FCF, and NAV per share[14] - The company targets a ~50% reinvestment rate to increase free cash flow[37]

Core Insights - Crescent Energy Company (CRGY) shares have increased by 9.9% over the past three months, outperforming the Zacks Alternative-Energy industry's return of 9.3% and the broader Zacks Oils-Energy sector's rise of 5.6%, but lagging behind the S&P 500's growth of 10.7% [1][9] - The company has shown strong operational performance, with a 59.4% year-over-year increase in average daily net sales volume for oil, natural gas, and NGLs, leading to a revenue growth of 37.5% to $898 million and a net income surge of 131.5% [6][9] - Crescent Energy's acquisition of complementary minerals assets for approximately $72 million in July has contributed to its growth momentum [7][9] Industry Trends - Rising demand for natural gas and NGLs in the U.S. is driven by increased use in power generation and industrial processes, as well as growing demand from the petrochemical industry [4][5] - Global population growth is boosting demand for transportation, cooking, and heating fuels, while technological advancements in oil extraction are enhancing supply [5] - The U.S. Energy Information Administration (EIA) indicates that natural gas has been the leading source of U.S. power generation since 2016, with expectations of rising natural gas spot prices in late 2025 and 2026 [11][12] Financial Performance - Crescent Energy's operating cash flow improved by 77.6% to $836.1 million as of June 30, 2025, reflecting long-term liquidity strength [6] - The Zacks Consensus Estimate for 2025 sales indicates a year-over-year improvement of 24.6%, while a decline of 2.3% is expected for 2026 [16] - CRGY shares are trading at a forward 12-month Price/Earnings (P/E F12M) ratio of 6.49X, significantly lower than the industry average of 20.48X, suggesting a relative undervaluation [18] Risks and Challenges - A decline in U.S. oil prices is projected due to OPEC members increasing production, which may affect Crescent Energy's revenue growth from oil [13] - The company faces headwinds from the cyclical nature of the energy sector, influenced by macroeconomic factors such as geopolitical tensions and regulatory uncertainties [14][15] - CRGY's short-term liquidity ratio is 0.89, indicating potential concerns regarding its ability to meet short-term debt obligations, alongside a significant long-term debt of $3.38 billion [20]

Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on Crescent Energy and identifying undervalued names in the sector [1] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of patience and experience in navigating this market [2] - The analysis includes a breakdown of key financial aspects such as balance sheets, competitive positioning, and development prospects of the companies [1] Group 2 - The article mentions that the accounting practice of mark-to-market reporting has implications for how unrealized gains and losses are reflected in financial statements [2] - The author has a beneficial long position in Crescent Energy shares, indicating a personal investment interest in the company [3]

Financial Data and Key Metrics Changes - Crescent Energy reported approximately $514 million in adjusted EBITDA and $171 million in levered free cash flow for the quarter, exceeding Wall Street expectations [14][8] - The company generated record production of 263,000 barrels of oil equivalent per day, including 108,000 barrels of oil per day [8][9] - Capital expenditures for the quarter were approximately $265 million, with a focus on maximizing free cash flow and returns on capital invested [14][9] Business Line Data and Key Metrics Changes - The Eagle Ford operations are delivering on a flexible capital program, focusing on gas activity in the latter half of the year [9] - In the Uinta basin, the company is maintaining a prudent approach to capturing long-term resource opportunities, with strong performance from joint ventures [10][11] - The minerals portfolio is expected to generate approximately $100 million of annual cash flow, with recent acquisitions enhancing this segment [11][14] Market Data and Key Metrics Changes - The A&D market was quieter in Q2, with continued volatility in commodity pricing, but the company successfully identified and executed accretive transactions [10][11] - The company repurchased approximately $28 million worth of stock at a weighted average price of $7.88, reflecting a strategy to capitalize on market volatility [15][14] Company Strategy and Development Direction - Crescent Energy is focused on operational excellence and long-term value creation, with a business model designed to generate durable free cash flow [5][6] - The company is simplifying its stock structure by transitioning to a single share class, which is expected to enhance shareholder value [8][14] - The management emphasizes a proactive approach to capital allocation, balancing debt repayment, dividends, and share repurchases [33][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and highlighted the importance of operational execution in driving free cash flow [5][6] - The company is optimistic about future opportunities, particularly in the context of ongoing market dislocation [40][41] - Management reiterated a commitment to maintaining a strong balance sheet while pursuing growth opportunities [62][65] Other Important Information - The company has eliminated its Up C structure, simplifying its public company evolution [14] - Crescent Energy has a strong liquidity position of $1 billion, following significant debt repayment [15][14] Q&A Session Summary Question: Efficiency gains in D&C per foot - Management attributed efficiency gains to the execution of best practices, particularly in completion operations [20][21] Question: Capital allocation decisions in Uinta - Management indicated excitement about resource potential in Uinta and plans to allocate capital prudently based on proven economic inventory [22][24] Question: Justification for adding to the minerals portfolio - The acquisition aligns with the company's strategy and is expected to be highly cash flow accretive [28][30] Question: Balance sheet and capital allocation - Management confirmed that 80% of free cash flow was directed towards debt repayment, with the remaining 20% allocated to dividends and buybacks [33][35] Question: Market dislocation in A&D - Management noted that many asset sale processes were pulled due to market volatility, indicating a functioning but cautious market [39][40] Question: Production response in Uinta - Management expressed satisfaction with reservoir performance and indicated no surprises in production results [42][43] Question: Future capital allocation flexibility - Management confirmed the ability to pivot capital allocation between oil and gas based on market conditions [52][53] Question: Cash tax benefits and future outlook - Management highlighted significant cash tax savings expected over the next few years due to updated tax legislation [56][57] Question: Realistic leverage targets - Management reiterated a focus on maintaining leverage within the 1 to 1.5 times range, with plans for continued debt reduction [61][62]

Financial Data and Key Metrics Changes - Crescent Energy reported record production of 263,000 barrels of oil equivalent per day, with 108,000 barrels of oil per day, generating approximately $171 million of free cash flow for the quarter, all exceeding Wall Street expectations [7][14] - The company achieved approximately $514 million of adjusted EBITDA and $265 million of capital expenditures, continuing a strong track record of free cash flow generation [14] - The company has generated cumulative free cash flow roughly equal to its current market cap over the last five years, indicating a compelling discount on free cash flow metrics [14] Business Line Data and Key Metrics Changes - The Eagle Ford operations are delivering on a flexible capital program, focusing on gas activity in the latter half of the year, while maintaining a prudent approach in Utah to capture long-term resource opportunities [9][10] - Operational efficiencies have improved well costs by approximately 15% in both the Eagle Ford and Uinta basins since last year, contributing to enhanced production expectations and reduced capital [8][9] Market Data and Key Metrics Changes - The A and D market was quieter in Q2 with continued commodity price volatility, but the company successfully identified compelling value opportunities for both acquisitions and divestitures [10][12] - The company acquired attractive minerals assets expected to generate returns exceeding the 2x MOIC target, while divesting non-operated assets to streamline the business [11][12] Company Strategy and Development Direction - Crescent Energy is focused on driving long-term value through operational excellence, capital efficiency, and a consistent hedge program to generate durable free cash flow [5][6] - The company is transitioning to a single share class to simplify its stock structure and enhance shareholder value [7][14] - The management emphasizes a proactive approach to capital allocation, balancing debt repayment, dividends, and share buybacks [15][33] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and highlighted the importance of operational execution in delivering strong results [5][6] - The company is optimistic about future opportunities, particularly in the Eagle Ford and Uinta basins, and is committed to maximizing free cash flow and returns on capital [9][10] - Management acknowledged the current dislocation in the A and D market, indicating a cautious yet opportunistic approach to acquisitions [38] Other Important Information - The company repurchased approximately $28 million worth of stock at a weighted average price of $7.88, roughly 12% below the current share price, as part of its buyback program [15] - Crescent Energy paid down approximately $200 million of debt this quarter, increasing liquidity to $1 billion [15] Q&A Session Summary Question: Efficiency gains on D and C per foot - Management attributed the efficiency gains to the execution of best practices, particularly the implementation of simul frac in completion operations [21] Question: Capital allocation decisions in Uinta - Management indicated excitement about the resource potential in Uinta and plans to allocate capital prudently based on proven economic inventory [24] Question: Justification for adding to the minerals portfolio - Management emphasized that the acquisition aligns with their strategy and is expected to be highly cash flow accretive [29] Question: Balance sheet and capital allocation - Management confirmed that 80% of free cash flow is directed towards debt repayment, with the remaining 20% allocated to dividends and buybacks [33] Question: Dislocation in the A and D market - Management noted that many asset sale processes were pulled due to volatility, indicating a functioning market with opportunities for strategic transactions [38] Question: Comparison of returns between Uinta and Eagle Ford - Management stated that both areas have similar capital allocation potential, but Uinta has more stacked resources that require careful evaluation before further development [70]

Financial Performance - Crescent Energy's Q2 2025 Adjusted EBITDAX was approximately $514 million[17] - The company generated approximately $171 million in Levered Free Cash Flow during Q2 2025[17] - Crescent Energy repurchased approximately $28 million of shares at an average price of $788 per share during Q2 2025[13] - The company has ~$110 million of non-core divestitures YTD[15] Production and Operations - Q2 2025 production averaged approximately 263 Mboe/d, with approximately 41% oil and approximately 59% liquids[17] - Eagle Ford net production was approximately 173 Mboe/d with approximately 42% oil[33] - Uinta net production was approximately 23 Mboe/d with approximately 62% oil[39] - Drilling and completions efficiency gains of ~15% and ~33%, respectively, since 2023 in Eagle Ford[34] Outlook and Strategy - Capital Expenditures are expected to be between $910 million and $990 million for FY'25[20, 64] - Cash taxes are now projected to be 0% of Adjusted EBITDAX for FY'25, a decrease from the prior outlook of 20%-50%[20, 64] - The company closed acquisition of minerals and royalty assets for ~$72 million[15, 46]

Financial Performance - Crescent Energy reported revenue of $897.98 million for the quarter ended June 2025, reflecting a 37.5% increase year-over-year [1] - The earnings per share (EPS) was $0.43, up from $0.31 in the same quarter last year, representing an EPS surprise of +86.96% compared to the consensus estimate of $0.23 [1] - The reported revenue exceeded the Zacks Consensus Estimate of $895.46 million by +0.28% [1] Key Metrics - Average daily net sales volumes for natural gas liquids were 48 million barrels of oil per day, surpassing the analyst estimate of 45.09 million barrels [4] - Total average daily net sales volumes reached 263 million barrels of oil equivalent per day, compared to the estimated 256.49 million barrels [4] - Average daily net sales volumes for oil were 108 million barrels of oil per day, exceeding the estimate of 105.68 million barrels [4] - Average sales price per barrel of oil and condensate was $61.47, higher than the estimated $60.85 [4] - Average daily net sales volumes for natural gas were 644 million cubic feet per day, above the estimate of 635.15 million cubic feet [4] Revenue Breakdown - Revenues from natural gas amounted to $159 million, slightly below the average estimate of $162.35 million, but showed a significant year-over-year increase of +210.1% [4] - Midstream and other revenues were reported at $38.35 million, exceeding the estimate of $34 million, with an 8.1% year-over-year increase [4] - Revenues from natural gas liquids reached $98.14 million, surpassing the estimated $86.85 million [4] - Oil revenues were reported at $602.49 million, which was below the estimate of $616.23 million, but still represented a +20.6% change compared to the previous year [4] Stock Performance - Crescent Energy's shares have returned -1.9% over the past month, while the Zacks S&P 500 composite increased by +0.6% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - Crescent Energy (CRGY) reported quarterly earnings of $0.43 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, and showing an increase from $0.31 per share a year ago, resulting in an earnings surprise of +86.96% [1] - The company achieved revenues of $897.98 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.28% and up from $653.28 million year-over-year [2] - Crescent Energy has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37, with projected revenues of $917.51 million, and for the current fiscal year, the EPS estimate is $1.52 on revenues of $3.7 billion [7] - The trend of estimate revisions for Crescent Energy was favorable ahead of the earnings release, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Alternative Energy - Other industry, to which Crescent Energy belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance compared to higher-ranked industries [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]

[Part I - Financial Information](index=7&type=section&id=Part%20I%20-%20Financial%20Information) [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Crescent Energy's Q2 2025 financial statements reflect increased assets and liabilities due to acquisitions, with net income and operating cash flow significantly improving year-over-year Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $753,271 | $788,088 | | **Property, Plant and Equipment, net** | $8,980,400 | $8,145,054 | | **TOTAL ASSETS** | **$9,856,686** | **$9,160,649** | | **Total Current Liabilities** | $851,595 | $827,363 | | **Long-term Debt** | $3,373,595 | $3,049,255 | | **Total Liabilities** | $5,357,962 | $4,792,689 | | **Total Equity** | $4,498,724 | $3,139,631 | | **TOTAL LIABILITIES AND EQUITY** | **$9,856,686** | **$9,160,649** | Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $1,848,156 | $1,310,756 | | **Total Expenses** | $1,596,293 | $1,057,352 | | **Income from Operations** | $251,863 | $253,404 | | **Net Income** | $168,412 | $37,841 | | **Net Income Attributable to Crescent** | $151,074 | $13,379 | | **Diluted EPS (Class A)** | $0.67 | $0.13 | Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $836,080 | $470,696 | | **Net Cash used in Investing Activities** | $(1,269,111) | $(286,562) | | **Net Cash from Financing Activities** | $213,380 | $594,461 | - In April 2025, the company simplified its corporate structure by eliminating the Up-C structure; all remaining Class B common stock and corresponding OpCo units were exchanged for Class A common stock, resulting in all common stockholders holding Class A shares[37](index=37&type=chunk) - The company completed the Ridgemar Acquisition on January 31, 2025, for **$807.2 million** in cash and **5.5 million** shares of Class A Common Stock, plus up to **$170.0 million** in contingent consideration[64](index=64&type=chunk) - The company consummated the SilverBow Merger on July 30, 2024, issuing **51.6 million** shares of Class A Common Stock and paying **$382.4 million** in cash to former SilverBow shareholders[65](index=65&type=chunk)[67](index=67&type=chunk) - In March 2025, the company sold non-core assets for **$83.0 million**, recording an impairment of **$48.6 million** on these assets during the six months ended June 30, 2025[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes significant H1 2025 revenue and production growth to recent acquisitions, effectively managing commodity price fluctuations and optimizing debt [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Q2 2025 revenues rose **37%** to **$898.0 million** due to a **60%** increase in sales volumes, offsetting lower oil prices, with net income reaching **$162.5 million** and Adjusted EBITDAX increasing **61%** Q2 2025 vs Q2 2024 Revenue and Volume Comparison | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues (in thousands)** | $897,983 | $653,283 | 37% | | **Oil Revenue (in thousands)** | $602,488 | $499,622 | 21% | | **Natural Gas Revenue (in thousands)** | $159,001 | $51,274 | 210% | | **Total Sales Volume (MBoe)** | 23,908 | 14,971 | 60% | | **Average Daily Volume (MBoe/d)** | 263 | 165 | 59% | Six Months 2025 vs 2024 Revenue and Volume Comparison | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues (in thousands)** | $1,848,156 | $1,310,756 | 41% | | **Oil Revenue (in thousands)** | $1,222,147 | $973,516 | 26% | | **Natural Gas Revenue (in thousands)** | $346,441 | $131,218 | 164% | | **Total Sales Volume (MBoe)** | 47,125 | 30,059 | 57% | | **Average Daily Volume (MBoe/d)** | 260 | 165 | 58% | - General and administrative (G&A) expense for Q2 2025 increased by **164%** to **$124.6 million**, primarily driven by a **$71.3 million** increase in equity-based compensation expense, which included a **$69.3 million** expense from a change in estimate[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) Non-GAAP Financial Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (loss)** | $162,498 | $70,205 | $168,412 | $37,841 | | **Adjusted EBITDAX** | $513,854 | $319,774 | $1,043,310 | $633,097 | | **Levered Free Cash Flow** | $170,875 | $146,933 | $412,452 | $213,057 | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is driven by operating cash flow and its Revolving Credit Facility, with **$1.7 billion** available, while strategic debt management included a tender offer for 2028 notes and issuance of new 2034 notes - As of June 30, 2025, the company had **$3.05 million** in cash and cash equivalents and **$3.37 billion** in long-term debt[222](index=222&type=chunk) - Net cash from operating activities increased by **77.6%** to **$836.1 million** for the six months ended June 30, 2025, compared to the same period in 2024[223](index=223&type=chunk) - In June 2025, the company commenced a tender offer for its **9.250% Senior Notes due 2028**, ultimately purchasing **$500 million** aggregate principal amount; in July 2025, it issued **$600 million** of **8.375% Senior Notes due 2034** to finance the tender and repay revolver borrowings[226](index=226&type=chunk)[228](index=228&type=chunk) Revolving Credit Facility Status (as of June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | **Borrowing Base** | $2,600 | | **Elected Commitment** | $2,000 | | **Outstanding Borrowings** | $323.5 | | **Letters of Credit** | $19.9 | | **Availability** | ~$1,700 | [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces commodity price volatility, mitigated by derivatives, and interest rate risk on variable debt, with a 1% rate change impacting six-month expense by **$1.6 million** - The company's main market risk exposure is the pricing of its oil, natural gas, and NGL production[258](index=258&type=chunk) - As of June 30, 2025, the fair value of the company's commodity derivative contracts was a net asset of **$72.1 million**; a hypothetical **10%** increase in commodity prices would result in a derivative loss of **$202.6 million**, while a **10%** decrease would result in a gain of **$170.2 million**[260](index=260&type=chunk)[261](index=261&type=chunk) - At June 30, 2025, the company had **$323.5 million** of variable rate debt; a **1%** change in the average interest rate would impact interest expense by approximately **$1.6 million** for a six-month period[267](index=267&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q2 2025 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[270](index=270&type=chunk) - No material changes were made to the internal control over financial reporting during the three months ended June 30, 2025[271](index=271&type=chunk) [Part II - Other Information](index=59&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial position or operations - The company is unaware of any legal proceedings that are expected to have a material adverse effect on its financial condition or results of operations[273](index=273&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights potential U.S. government tariffs and trade measures, which could increase costs and reduce demand for oil and natural gas, adversely affecting financial results - A new risk factor was noted regarding the April 2025 announcement of a baseline **10%** tariff on products from all countries by the U.S. government[275](index=275&type=chunk) - The imposition of tariffs could increase the company's material input costs and supply chain costs, or reduce demand for oil and natural gas, which would adversely affect financial results[275](index=275&type=chunk)[276](index=276&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased approximately **3.6 million** Class A Common Stock shares for **$28.2 million** under its **$150 million** program, with **$86.0 million** remaining Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 2,941,982 | $7.87 | | May 2025 | 631,311 | $7.95 | | June 2025 | 0 | $0.00 | - As of June 30, 2025, approximately **$86.0 million** remained under the company's **$150.0 million** share repurchase authorization[279](index=279&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025[282](index=282&type=chunk)