Core Insights - Quest Diagnostics reported strong fiscal Q2 2025 results, exceeding analysts' expectations with revenue of $2.76 billion and adjusted EPS of $2.62, reflecting improvements in sales, margins, and operating income [1][3] Financial Performance - Revenue increased by 15.2% year-over-year, driven by a combination of organic growth (5.2%) and acquisitions [6][8] - Adjusted EPS rose 11.5% from $2.35 to $2.62, while operating income increased by 17.1% to $466 million [3][8] - Total diagnostic requisition volume grew by 16.3%, with organic volume up only 2.1%, indicating acquisitions were a significant growth driver [7][8] Company Overview and Business Focus - Quest Diagnostics operates a vast network for diagnostic testing in the U.S., processing millions of tests annually and serving about one in three adult Americans [4] - The company is focusing on expanding advanced diagnostics, enhancing operational efficiency, and strengthening relationships within the healthcare system [5] Innovation and Strategic Initiatives - Advanced Diagnostics™ includes molecular diagnostics and oncology testing, with $900 million in sales recorded in 2024 [12] - Investments in digital and automation projects aim to streamline workflows and improve data management, including collaboration with Google Cloud [13][14] Guidance and Future Outlook - Management raised its revenue outlook to between $10.80 billion and $10.92 billion and adjusted EPS guidance to a range of $9.63 to $9.83 [15] - Estimated cash provided by operations for the full year is now expected to be approximately $1.55 billion, with capital expenditures planned at around $500 million [15]

Core Insights - Quest Diagnostics reported strong second-quarter 2025 results with consolidated revenue of $2.76 billion, reflecting a 15.2% year-over-year increase, and adjusted EPS of $2.62, up 11.5% year over year [1] - The company raised its full-year revenue guidance to a range of $10.8 billion to $10.92 billion and adjusted EPS to $9.63 to $9.83, driven by sustained demand for advanced diagnostics and successful integration of LifeLabs [1][4] Financial Performance - Operating income increased to $438 million, with adjusted operating income at $466 million, resulting in margin expansions of 110 basis points and 30 basis points year over year, respectively [2] - Cash from operations surged 67.1% year to date to $858 million, supported by a one-time CARES Act tax credit [2] Automation and Productivity - The company has implemented front-end automation solutions to enhance specimen processing efficiency, with plans for broader rollout across its lab network [3] - Systematic automation initiatives are expected to contribute to a targeted 3% annual cost and productivity improvement [3] Acquisition Impact - The LifeLabs acquisition contributed approximately 10% to revenue growth, with LifeLabs alone accounting for about 8% of that contribution, enhancing procurement and operational synergies [4] - Successful integration of LifeLabs is expected to provide a scalable presence in Canada and support ongoing M&A-led expansion [4] Regulatory Environment - Management anticipates limited exposure to regulatory impacts from the "One Big Beautiful Bill," estimating a worst-case volume impact of 30 to 40 basis points in 2026 [5][6] - Wage inflation is projected to remain at 3% to 4%, and the company expects to mitigate tariff impacts through advance contracting and alternative sourcing [5] Future Outlook - Adjusted EPS outlook has been raised to a range of $9.63 to $9.83, with expectations of 3.5% to 4% organic revenue growth and a 6% to 6.5% contribution from M&A [8] - Capital expenditure guidance remains at approximately $500 million, primarily for Project Nova, with operating margin expected to expand year over year [8]

Core Viewpoint - Quest Diagnostics Inc. delivered strong second-quarter results for 2025, exceeding analyst expectations, which led to an upward revision of its full-year guidance. However, the company highlighted potential challenges from ongoing tariffs and the financial impact of the Protecting Access to Medicare Act (PAMA) if not deferred [1][5]. Financial Performance - For Q2 2025, Quest Diagnostics reported sales of $2.76 billion, a 15.2% year-over-year increase, surpassing the consensus estimate of $2.73 billion. Adjusted earnings per share reached $2.62, up 11.5%, also exceeding the consensus of $2.58 [2]. - Adjusted operating income increased by 17.3% to $466 million, with a slight margin improvement from 16.6% to 16.9%. Revenue per requisition decreased by 0.4%, while requisition volume increased by 16.3% and organic requisition volume improved by 2.1% [4]. Guidance and Outlook - The company revised its 2025 revenue guidance from $10.70 billion-$10.85 billion to $10.80 billion-$10.92 billion, compared to the consensus of $10.79 billion. Adjusted earnings guidance was updated to $9.63-$9.83, up from the previous $9.55-$9.80, and above the consensus of $9.70 [6]. Market Sentiment - Investment firm William Blair expressed confidence in Quest Diagnostics, noting its predictable revenue and earnings growth. The firm reiterated its Outperform rating, with shares trading at 16 times expected earnings over the next 12 months, slightly above the 10-year average of 15 times [7]. Stock Performance - Following the strong results and raised outlook, DGX stock rose by 6.19% to $176.75 [8].

Core Viewpoint - Digi Power X Inc is transitioning from Bitcoin mining to focus on AI data centers, aiming to leverage its existing power infrastructure for higher-value opportunities in the AI sector [1][2]. Company Strategy - The company is rebranding itself as a power infrastructure provider, specifically targeting Tier 3 NeoCloud AI data centers [1][2]. - Digi Power X has four operational sites and approximately 100 megawatts of Bitcoin mining capacity, with plans to develop its first Tier 3 AI data center in Alabama [2][3]. - The economic valuation of AI infrastructure is significantly higher than Bitcoin mining, with AI infrastructure valued at $10 million to $12 million per megawatt compared to $500,000 per megawatt for Bitcoin mining [2]. Infrastructure and Deployment - The Alabama site is expected to be operational by late 2025, initially using 200 Nvidia B200 chips, with plans to upgrade to B300s in early 2026 [3]. - The company can build a Tier 3 data center in six to nine months, significantly faster than the typical three to five years required by new entrants [4]. - Digi Power X's partnership with Super Micro Computer enhances its capabilities, allowing for rapid deployment of AI data centers optimized for high-performance computing [6][7]. Financial Performance - The company's model aims to deliver predictable cash flow and strong margins, with a payback period of less than three years [8]. - Digi Power X's power generation assets have been profitable, supplying electricity to the grid at margins described as "exceptional" during recent heatwaves [11]. - The company is rebating gas at $2.55 per gigajoule, resulting in an effective cost of around $31–32 per megawatt-hour, while the grid pays up to $150 per megawatt-hour [11]. Market Positioning - Digi Power X positions itself as a complementary infrastructure provider to major tech companies, focusing on dedicated AI infrastructure solutions [12]. - The company is refining its execution strategy to convert megawatts into higher-value infrastructure, aiming for a 20 to 25 times multiple [12].

Core Insights - Quest Diagnostics Inc. reported second-quarter 2025 adjusted earnings per share (EPS) of $2.62, exceeding the Zacks Consensus Estimate by 1.9% and up 11.5% year-over-year [1][8] - The company’s revenues for the second quarter rose 15.2% year-over-year to $2.76 billion, surpassing the Zacks Consensus Estimate by 1.5% [3][8] - Quest Diagnostics updated its full-year 2025 revenue outlook to a range of $10.80 billion to $10.92 billion, indicating a year-over-year increase of 9.4% to 10.6% [7][8] Financial Performance - Adjusted EPS for the quarter was $2.62, while GAAP earnings were $2.47 per share, reflecting a 21.7% increase from the previous year [2][8] - Revenues from Diagnostic Information Services increased by 15.7% year-over-year to $2.70 billion, exceeding projections [3] - The cost of services was $1.82 billion, up 14.1% year-over-year, with gross profit at $943 million, up 17.3% [5] Volume and Margin Analysis - Volumes measured by the number of requisitions increased by 16.3% year-over-year, although revenue per requisition decreased by 0.4% [4] - The gross margin improved to 34.2%, up 61 basis points year-over-year, while the adjusted operating margin expanded by 37 basis points to 14.6% [5] Cash Position and Dividend Growth - At the end of Q2 2025, the company had cash and cash equivalents of $319 million, up from $188 million at the end of Q1 [6] - Cumulative net cash provided by operating activities was $858 million, compared to $514 million at the same time last year [6] - The company has a five-year annualized dividend growth rate of 7.31% [6] Strategic Outlook - The company’s strong performance is attributed to ongoing strategic execution, demand for clinical solutions, and productivity gains from automation and digital technologies [9] - The revised revenue and EPS outlook for 2025 reflects continued momentum and growth potential [7][9]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $2.76 billion, an increase of 15.2% year-over-year, with organic revenue growth of 5.2% [15][18] - Adjusted earnings per share (EPS) grew by 11.5%, with reported EPS at $2.47 compared to $2.03 a year ago, and adjusted EPS at $2.62 versus $2.35 [17][18] - Cash from operations increased by 67.1% year-over-year to $858 million [18] Business Line Data and Key Metrics Changes - Revenues for Diagnostic Information Services rose by 15.7%, driven by acquisitions and organic growth in physician and hospital channels [15] - The physician channel experienced approximately 20% revenue growth, primarily from acquisitions and high single-digit organic growth [8] - Hospital channel revenues grew in low single digits, supported by collaborative lab solutions [9] Market Data and Key Metrics Changes - The company saw a total volume increase of 16.3% in requisitions, with organic volume up 2.1% [15] - Revenue per requisition decreased by 0.4% year-over-year, but on an organic basis, it increased by 3.3% due to more tests per requisition [16] Company Strategy and Development Direction - The company aims to drive growth through innovative solutions tailored to the evolving needs of core clinical customers and expanding into consumer, life sciences, and data analytics [5][6] - Focus areas include advanced diagnostics in cardiometabolic, autoimmune, brain health, oncology, and women's health [7] - The company is investing in automation and AI technologies to enhance operational efficiency and customer experience [12][13] Management's Comments on Operating Environment and Future Outlook - Management raised the full-year 2025 guidance based on strong second-quarter performance and continued utilization trends [5][20] - The company anticipates organic revenue growth of approximately 3.5% to 4% for the full year, alongside contributions from acquisitions [18][19] - Management expressed confidence in absorbing the impact of tariffs and other economic factors within their guidance [71][74] Other Important Information - The company is focused on expanding access to its consumer channel, achieving significant growth in online offerings [10] - The integration of the LifeLabs acquisition is progressing well, contributing approximately 8% to the 10% growth from M&A in the quarter [79][82] Q&A Session Summary Question: Impact of uninsured individuals due to recent legislation - Management estimates a minimal impact on volume in 2026, projecting a 30 to 40 basis point effect from potential uninsured individuals [25][29] Question: Modernization investments and margin expectations - The company expects to incur approximately $0.20 in modernization expenses, with continued margin expansion anticipated for the full year [37][39] Question: Functional medicine as a growth driver - Management indicated that functional medicine is a significant growth area, with expectations for double-digit growth moving forward [95][96] Question: Haystack MRD test progress - Positive feedback from oncologists has been received, with expectations for continued growth in the Haystack MRD business [107] Question: Wage increases and labor trends - Wage inflation is expected to remain in the 3% to 4% range, with improved employee retention aiding productivity [91][92]

Financial Data and Key Metrics Changes - Consolidated revenues for the second quarter were $2.76 billion, up 15.2% year-over-year, with organic revenues growing by 5.2% [14][15] - Adjusted earnings per share (EPS) increased by 11.5%, reaching $2.62 compared to $2.35 in the prior year [16] - Cash from operations was $858 million year-to-date, a 67.1% increase from $514 million in the previous year [17] Business Line Data and Key Metrics Changes - Revenues for Diagnostic Information Services rose by 15.7%, driven by acquisitions and organic growth in physician and hospital channels [15] - The physician channel experienced approximately 20% revenue growth, primarily from acquisitions and high single-digit organic growth [7] - Hospital channel revenues grew in the low single digits, supported by collaborative lab solutions [9] Market Data and Key Metrics Changes - Total volume measured by requisitions increased by 16.3% year-over-year, with organic volume up 2.1% [15] - Revenue per requisition decreased by 0.4% due to the LifeLabs acquisition, but organic revenue per requisition increased by 3.3% [15] Company Strategy and Development Direction - The company aims to drive growth through innovative solutions tailored to the evolving needs of core clinical customers and higher growth areas such as consumer health and data analytics [5][6] - Focus areas include advanced diagnostics in cardiometabolic, autoimmune, brain health, oncology, and women's health [6] - The company is investing in automation and AI technologies to enhance operational efficiency and customer experience [12][13] Management's Comments on Operating Environment and Future Outlook - Management raised the full-year 2025 guidance due to strong second-quarter performance and continued utilization trends [5][20] - The company expects operating margin to expand compared to the previous year, despite modernization investments [18][19] - Management expressed confidence in absorbing the impact of tariffs and maintaining guidance despite potential challenges [71][72] Other Important Information - The company launched a molecular test for diagnosing Oroposh virus to enhance preparedness for emerging infectious diseases [12] - The integration of LifeLabs is progressing well, contributing approximately 8% to the 10% growth from M&A in the quarter [78] Q&A Session Summary Question: Impact of uninsured individuals due to recent legislation - Management estimates a minimal impact on volume in 2026, projecting a 30 to 40 basis point decrease due to potential loss of insured individuals [25][29] Question: Modernization investments and margin expectations - The company anticipates incurring approximately $0.20 in modernization expenses, with expectations for continued margin expansion throughout the year [36][39] Question: Functional medicine as a growth driver - Management noted that functional medicine is a significant growth area, with expectations for double-digit growth moving forward [96][97] Question: Financial implications of PAMA - The potential impact of PAMA is estimated at $100 million if not deferred, with plans to offset some of this impact through various actions [66][67] Question: Tariff impacts and management strategies - Management indicated that the impact of tariffs is manageable within guidance, with contracts in place to mitigate risks [71][73] Question: LifeLabs acquisition contribution - Approximately 8% of the 10% M&A growth in the quarter came from LifeLabs, with positive integration progress reported [78][82]

This quarterly report represents an earnings surprise of +1.95%. A quarter ago, it was expected that this medical laboratory operator would post earnings of $2.15 per share when it actually produced earnings of $2.21, delivering a surprise of +2.79%. What's Next for Quest Diagnostics? While Quest Diagnostics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can ...

Q2 2025 Performance Strong revenue growth from acquisitions, enterprise accounts, and innovative clinical solutions Q2 2025 15.2% Total revenue $2.76 billion 16.9% Adjusted operating income %2 11.5% Adjusted diluted EPS2 $2.62 per share 1 1,3 Company overview Quest is a leader in diagnostic testing insights and information services. Read our Q2 earnings press release on our Investor Relations site. " Through continued execution of our strategy, we delivered a strong second quarter, with revenues growing 15. ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Quest Diagnostics reported strong Q2 2025 results and raised full-year guidance, reflecting robust growth and operational efficiency [Second Quarter 2025 Performance Highlights](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Highlights) Quest Diagnostics reported strong second-quarter 2025 results, with total revenue increasing by 15.2% to $2.76 billion, driven by a 5.2% rise in organic revenues and contributions from acquisitions. Adjusted diluted EPS grew by 11.5% to $2.62. The company also saw a significant 67.1% year-over-year increase in year-to-date cash provided by operations, reaching $858 million Q2 & H1 2025 Financial Performance vs. 2024 | Metric | Three Months Ended June 30, 2025 | Change vs. 2024 | Six Months Ended June 30, 2025 | Change vs. 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $2,761 million | 15.2% | $5,413 million | 13.7% | | **Reported Diluted EPS** | $2.47 | 21.7% | $4.41 | 17.6% | | **Adjusted Diluted EPS** | $2.62 | 11.5% | $4.83 | 10.0% | | **Cash Provided by Operations** | $544 million | 51.5% | $858 million | 67.1% | | **Requisition Volume** | N/A | 16.3% | N/A | 14.3% | - Growth was driven by demand for innovative clinical solutions, expanded business from enterprise accounts, and contributions from acquisitions[2](index=2&type=chunk) - Productivity gains were realized through the continued deployment of automation and digital technologies across operations[2](index=2&type=chunk) [Updated Full Year 2025 Guidance](index=2&type=section&id=Updated%20Full%20Year%202025%20Guidance) Reflecting strong performance and positive utilization trends, the company has raised its full-year 2025 guidance. The updated forecast anticipates higher net revenues, adjusted diluted EPS, and cash from operations compared to previous estimates Full Year 2025 Guidance Update | Metric | Updated Guidance (Low - High) | Prior Guidance (Low - High) | | :--- | :--- | :--- | | **Net Revenues** | $10.80B - $10.92B | $10.70B - $10.85B | | **Net Revenues Increase** | 9.4% - 10.6% | 8.4% - 9.9% | | **Reported Diluted EPS** | $8.60 - $8.80 | $8.62 - $8.87 | | **Adjusted Diluted EPS** | $9.63 - $9.83 | $9.55 - $9.80 | | **Cash Provided by Operations** | Approx. $1.55B | Approx. $1.5B | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The company's Q2 2025 financial statements show revenue growth, increased profitability, and improved cash flow, alongside a strengthened balance sheet [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, net revenues grew to $2.76 billion from $2.40 billion year-over-year. Operating income increased to $438 million, and net income attributable to Quest Diagnostics rose to $282 million, or $2.47 per diluted share, compared to $229 million, or $2.03 per diluted share, in the prior-year period Key Income Statement Data (in millions) | Line Item | 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 Revenues** | $2,761 | $2,397 | $5,413 | $4,763 | | **Operating Income** | $438 | $355 | $784 | $655 | | **Net Income Attributable to Quest** | $282 | $229 | $502 | $423 | | **Diluted EPS** | $2.47 | $2.03 | $4.41 | $3.75 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Quest Diagnostics reported total assets of $16.0 billion, a slight decrease from $16.2 billion at year-end 2024. Cash and cash equivalents decreased to $319 million from $549 million, while total debt (current and long-term) was reduced to $5.67 billion from $6.22 billion over the same period. Total stockholders' equity increased to $7.27 billion Key Balance Sheet Data (in millions) | Line Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $319 | $549 | | **Total Assets** | $15,969 | $16,153 | | **Total Debt (Current + Long-term)** | $5,673 | $6,217 | | **Total Liabilities** | $8,704 | $9,340 | | **Total Stockholders' Equity** | $7,265 | $6,813 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash provided by operating activities significantly increased to $858 million from $514 million in the prior-year period. Net cash used in investing activities was $239 million, primarily for capital expenditures. Financing activities used $854 million, largely due to $1.0 billion in debt repayments and $174 million in dividend payments Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $858 | $514 | | **Net Cash used in Investing Activities** | ($239) | ($413) | | **Net Cash used in Financing Activities** | ($854) | ($516) | | **Net Change in Cash** | ($230) | ($415) | - Key uses of cash in financing activities for H1 2025 included **$1,001 million** for debt repayments and **$174 million** for dividend payments[19](index=19&type=chunk) [Notes to Financial Tables](index=7&type=section&id=Notes%20to%20Financial%20Tables) This section details the reconciliation of GAAP to non-GAAP financial measures, explaining key adjustments for a clearer view of underlying performance [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a detailed reconciliation between reported GAAP results and adjusted non-GAAP figures. Management presents these adjusted measures, which exclude items like restructuring charges, amortization, and certain gains or losses, because they believe it provides a clearer view of underlying business trends and performance [Q2 2025 Reconciliation](index=7&type=section&id=Q2%202025%20Reconciliation) For the second quarter of 2025, reported diluted EPS of $2.47 was adjusted for several items, including restructuring charges, amortization expense, and a gain related to the CARES Act, resulting in an adjusted diluted EPS of $2.62 Q2 2025 GAAP to Non-GAAP EPS Reconciliation | Description | Per Share Impact | | :--- | :--- | | **Reported Diluted EPS (GAAP)** | **$2.47** | | Restructuring and integration charges | $0.04 | | Other charges | $0.19 | | Gains and losses on investments | ($0.01) | | Other gains (e.g., CARES Act) | ($0.30) | | Amortization expense | $0.25 | | Excess Tax Benefits (ETB) | ($0.02) | | **Adjusted Diluted EPS (Non-GAAP)** | **$2.62** | [YTD 2025 Reconciliation](index=8&type=section&id=YTD%202025%20Reconciliation) For the six months ended June 30, 2025, reported diluted EPS of $4.41 was adjusted to $4.83. The adjustments were similar to the quarterly figures, accounting for restructuring, amortization, and other special items over the six-month period YTD 2025 GAAP to Non-GAAP EPS Reconciliation | Description | Per Share Impact | | :--- | :--- | | **Reported Diluted EPS (GAAP)** | **$4.41** | | Restructuring and integration charges | $0.17 | | Other charges | $0.21 | | Gains and losses on investments | ($0.01) | | Other gains (e.g., CARES Act) | ($0.36) | | Amortization expense | $0.51 | | Excess Tax Benefits (ETB) | ($0.10) | | **Adjusted Diluted EPS (Non-GAAP)** | **$4.83** | [Full Year 2025 Guidance Reconciliation](index=9&type=section&id=Full%20Year%202025%20Guidance%20Reconciliation) The company's full-year 2025 guidance for reported diluted EPS of $8.60-$8.80 is reconciled to an adjusted diluted EPS range of $9.63-$9.83 by factoring in estimated full-year impacts from amortization, restructuring, and other special charges and gains Full Year 2025 GAAP to Non-GAAP Guidance Reconciliation | Description | Per Share Impact | | :--- | :--- | | **Diluted EPS (GAAP) Outlook** | **$8.60 - $8.80** | | Restructuring and integration charges | $0.24 | | Amortization expense | $1.03 | | Other charges | $0.27 | | Other gains | ($0.36) | | Gains and losses on investments | ($0.01) | | Excess Tax Benefits (ETB) | ($0.14) | | **Adjusted Diluted EPS (Non-GAAP) Outlook** | **$9.63 - $9.83** | [Explanation of Adjustments](index=9&type=section&id=Explanation%20of%20Adjustments) The adjustments between GAAP and non-GAAP results for Q2 and H1 2025 include several key items. These consist of pre-tax charges for restructuring and workforce reductions, a significant impairment charge on long-lived assets, and a notable pre-tax gain from a CARES Act payroll tax credit - Restructuring and integration charges amounted to **$7 million** for Q2 and **$26 million** for H1 2025, primarily from workforce reductions and integration costs[27](index=27&type=chunk) - A pre-tax impairment charge of **$24 million** was recorded in Q2 2025 on long-lived assets related to the potential exit of a business[27](index=27&type=chunk) - A **$46 million** pre-tax gain was recognized in Q2 2025 from a CARES Act payroll tax credit for employee retention[29](index=29&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) Quest Diagnostics, a leading diagnostic information provider, includes standard forward-looking statements cautioning on potential risks [About Quest Diagnostics & Forward-Looking Statements](index=2&type=section&id=About%20Quest%20Diagnostics%20%26%20Forward-Looking%20Statements) Quest Diagnostics describes itself as a leading provider of diagnostic information services, serving one in three adult Americans and half of U.S. physicians and hospitals. The release also contains standard forward-looking statements, cautioning that actual results could differ materially due to various risks and uncertainties detailed in their SEC filings - Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States[9](index=9&type=chunk) - The report includes a forward-looking statements disclaimer, warning of risks that could cause actual results to differ, such as economic conditions, competitive environment, and changes in government policies[10](index=10&type=chunk)[11](index=11&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) The company announced it will hold a conference call at 8:30 a.m. Eastern Time on July 22, 2025, to discuss the quarterly financial results. Access is available via phone and a live webcast, with a replay available until August 5, 2025 - A conference call to discuss results is scheduled for 8:30 a.m. Eastern Time on July 22, 2025[7](index=7&type=chunk) - A replay of the call will be available by phone and online until midnight Eastern Time on August 5, 2025[8](index=8&type=chunk)