Core Viewpoint - Domino's Pizza reported weak FQ2 results, underperforming reduced expectations, but the focus should be on increased profits, improved business leverage, and substantial capital return rather than the negative headlines [3][4]. Financial Performance - Q2 revenue was $1.15 billion, reflecting a 4.7% increase on a constant currency basis, with global retail sales growing by 5.6% due to store count and comparable sales growth [7]. - The company experienced a 5.5% decrease in GAAP EPS, driven by increased input costs and insurance expenses, despite improved income from operations [8]. - Share buybacks reduced the share count by nearly 1% year-to-date, and the dividend yield is approximately 1.5%, which is slightly above the market average [10]. Market Sentiment - Institutional investors are likely to buy on the recent price pullback, having netted nearly $2 in shares for every one sold in Q1 and Q2 [5]. - Analyst sentiment remains constructive despite some price target reductions, with a 12-month stock price forecast of $487.84, indicating a 5.74% upside [12]. Growth Outlook - The company continues to grow its store count and comparable sales, enhancing operating leverage, although it faces headwinds in 2025 related to input costs and margin compression [6]. - Analysts forecast steady mid-single-digit revenue growth and earnings growth exceeding 10% through the middle of the next decade [12].

Core Insights - Domino's Pizza is positioning itself to capture market share from competitors by offering value-driven promotions amidst a challenging restaurant industry environment [2][4] - The company reported a U.S. same-store sales growth of 3.4%, exceeding expectations, driven by new product offerings and strategic discounts [3][8] - Despite facing challenges, including a significant charge from its investment in China, Domino's remains optimistic about its growth potential [7][8] Company Performance - Domino's achieved a same-store sales growth of 3.4%, surpassing the StreetAccount estimate of 2% [3] - The introduction of the stuffed crust pizza and value promotions contributed to sales growth across all income levels, including low-income customers [3][4] - Earnings per share were reported at $3.81, missing the consensus estimate of $3.95, while revenue met expectations at $1.15 billion [8] Industry Context - The restaurant industry is currently facing headwinds, with many fast-food chains promoting value menus to attract cost-conscious consumers [5] - Consumers are increasingly opting to eat at home due to high inflation, impacting restaurant traffic [5][7] - Competitors like Chili's have seen success by emphasizing value and comparing their offerings to fast-food options, a strategy that Domino's is also leveraging [6][7]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - Domino's Pizza, Inc. (DPZ) reported second-quarter fiscal 2025 results with earnings missing estimates but revenues exceeding expectations, leading to a 5.3% increase in shares during pre-market trading [1][3]. Revenue and Earnings - Adjusted earnings per share (EPS) for the quarter were $3.81, falling short of the Zacks Consensus Estimate of $3.93 and down 5.5% from $4.03 in the same quarter last year [3][9]. - Revenues reached $1,145.1 million, surpassing the consensus mark of $1,144 million, and increased by 4.3% year-over-year, driven by U.S. franchise advertising and higher supply-chain revenues [3][9]. Market Performance - The company experienced revenue growth due to gains in both delivery and carryout channels in the U.S., capturing additional market share in the competitive pizza quick-service restaurant segment [2]. - Global retail sales (excluding foreign currency impact) rose 5.6% year-over-year, with U.S. store sales increasing by 5.1% and international store sales by 6% [5]. Store Metrics - Domino's opened 178 net new stores during the second quarter [4]. - Comparable store sales (comps) in the U.S. rose 3.4% year-over-year, while international comps increased by 2.4% [5][6]. Margin Analysis - Gross margin expanded by 70 basis points year-over-year to 40.1%, although the gross margin for U.S. company-owned stores contracted by 200 basis points to 15.6% due to rising food costs and insurance expenses [7]. Financial Position - As of June 15, 2025, cash and cash equivalents stood at $272.9 million, up from $186.1 million at the end of 2024, while long-term debt remained stable at $3.83 billion [8]. - Capital expenditure for the quarter was $32.2 million, down from $43.7 million in the prior year, and the company repurchased 315,696 shares for $150 million [10]. Dividend Information - A cash dividend of $1.74 per share was declared, scheduled for payment on September 30, 2025, to shareholders of record as of September 15 [10].

Group 1: Market Overview - Pre-market futures indicate a positive start to the trading week, with the Dow up 70 points, S&P 500 up 10 points, Nasdaq up 25 points, and Russell 2000 up 13 points, although all indexes are off their all-time highs from earlier in the month [1] Group 2: Company Earnings - Cleveland-Cliffs (CLF) reported a loss of -$0.50 per share, better than the projected -$0.68, with revenues of $4.93 billion exceeding Zacks consensus by +0.62%, leading to a +4.5% increase in shares [2] - Domino's Pizza (DPZ) missed earnings expectations by -3% with earnings of $3.81 per share, marking its second miss in three quarters, but revenues of $1.15 billion were up +4.3% year over year, resulting in a +3% increase in pre-market trading [3] Group 3: Economic Indicators - The U.S. Leading Economic Indicators (LEI) report for June is expected to show a further decline to -0.2% from May's -0.1%, with most LEI numbers negative over the past six months, indicating potential recession signals [4][5] - Upcoming economic reports include Existing & New Home Sales, S&P flash Services and Manufacturing PMI, and Durable Goods Orders, with mixed expectations for these data points [7] Group 4: Future Earnings Expectations - Alphabet (GOOGL) is expected to see a +13.2% increase in earnings and +11.1% in overall revenues, while Tesla (TSLA) is projected to experience a -23.1% decline in earnings year over year and -11.9% in revenue [6]

Core Insights - Domino's Pizza reported revenue of $1.15 billion for the quarter ended June 2025, reflecting a year-over-year increase of 4.3% and a slight revenue surprise of +0.07% over the Zacks Consensus Estimate of $1.14 billion [1] - The company's EPS for the quarter was $3.81, down from $4.03 in the same quarter last year, resulting in an EPS surprise of -3.05% compared to the consensus estimate of $3.93 [1] Financial Performance Metrics - Same store sales growth for international stores was 2.4%, exceeding the seven-analyst average estimate of 1.9% [4] - Total store count reached 21,536, slightly below the seven-analyst average estimate of 21,539 [4] - U.S. franchise stores count was 6,803, surpassing the average estimate of 6,770 [4] - U.S. company-owned stores count was 258, lower than the average estimate of 295 [4] - International stores count was 14,475, in line with the average estimate of 14,474 [4] - Total U.S. stores count was 7,061, slightly below the average estimate of 7,065 [4] - Same store sales growth for U.S. franchise stores was 3.4%, matching the six-analyst average estimate [4] Revenue Breakdown - U.S. franchise advertising revenue was $132.2 million, exceeding the average estimate of $130.71 million, representing a year-over-year increase of +5.8% [4] - U.S. company-owned stores revenue was $92.46 million, below the average estimate of $95.89 million, with a year-over-year change of +0.2% [4] - Supply chain revenue was $687.06 million, slightly above the average estimate of $684.64 million, reflecting a year-over-year increase of +4.2% [4] - International franchise royalties and fees revenue was $77.16 million, surpassing the average estimate of $76.84 million, with a year-over-year change of +4.7% [4] - U.S. franchise royalties and fees revenue was $156.26 million, exceeding the average estimate of $155.85 million, representing a year-over-year increase of +5.9% [4] Stock Performance - Over the past month, shares of Domino's Pizza returned +4.2%, compared to the Zacks S&P 500 composite's +5.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Income from operations increased by 14.9% in Q2, excluding foreign currency impact, primarily due to higher US franchise royalties and fees, gross margin dollar growth within supply chain, and lower G&A expenses [15][17] - Global retail sales grew by 5.6% in Q2, with US retail sales increasing by 5.1%, driven by same-store sales and net store growth [17][19] - Same-store sales accelerated to 3.4% for the quarter, supported by the launch of Parmesan stuffed crust pizza [17][18] Business Line Data and Key Metrics Changes - Delivery business saw a positive growth of 1.5%, while carryout business grew by 5.8%, marking the highest average carryout orders in history [18][36] - The addition of Parmesan stuffed crust contributed to an average ticket increase of 1.4% due to its higher price point [18] Market Data and Key Metrics Changes - International retail sales grew by 6% in Q2, with same-store sales at 2.4%, driven by strong performance in Asia, particularly India, and the Americas [19][51] - The company added 30 net new stores in the US, bringing the total to 7,061 [18] Company Strategy and Development Direction - The company is focused on its "Hungry for More" strategy, emphasizing product innovation, value, and operational excellence to drive sales and market share [6][9] - The rollout of DoorDash is expected to significantly enhance sales in the second half of the year, with marketing efforts planned to increase awareness [11][35] - The company aims to maintain a strong franchisee network, with a focus on both large and small franchisees to ensure diverse operational strengths [92][96] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but expressed confidence in sustaining growth, citing strong franchisee economics and a robust advertising budget [15][21] - The company expects US same-store sales growth to be around 3% for the year, with potential for higher growth in the second half due to ongoing initiatives [21][32] Other Important Information - The company repurchased approximately 316,000 shares for a total of $150 million in Q2, with $614 million remaining on its share repurchase authorization [20] - Management highlighted the importance of maintaining competitive pricing strategies to drive value for customers while ensuring franchisee profitability [102][104] Q&A Session Summary Question: Acceleration in same-store sales and sustainability of growth - Management discussed the historical performance and competitive advantages that support confidence in sustaining 3% plus same-store sales growth despite market challenges [24][30] Question: US sales outlook for the back half of the year - Management reiterated confidence in initiatives like DoorDash and loyalty programs to drive sales growth in the second half [32][36] Question: Market share gains in international markets - Management highlighted strong performance in India and Canada, attributing success to the "Hungry for More" strategy [50][54] Question: International unit development and long-term growth - Management expressed confidence in significant growth plans for India and China, with expectations for continued expansion [57][60] Question: Margins and pricing strategy - Management emphasized a focus on driving profit dollars for franchisees while maintaining competitive pricing below inflation [99][104]

Financial Data and Key Metrics Changes - Income from operations increased by 14.9% in Q2, excluding foreign currency impact, primarily due to higher US franchise royalties and fees, gross margin dollar growth within supply chain, and lower G&A expenses [15][16] - Global retail sales grew by 5.6% in Q2, with US retail sales increasing by 5.1%, driven by same-store sales and net store growth [16][18] - Same-store sales accelerated to 3.4% for the quarter, supported by the launch of Parmesan stuffed crust pizza, which drove positive transaction counts [16][17] Business Line Data and Key Metrics Changes - Delivery business saw a positive growth of 1.5%, while carryout business experienced a significant increase of 5.8%, marking the highest average carryout orders in history [17][35] - The addition of stuffed crust pizza contributed to an average ticket increase, benefiting from a 1.4% pricing adjustment [17][116] Market Data and Key Metrics Changes - International retail sales grew by 6%, excluding foreign currency impact, driven by net store growth of 148 and same-store sales growth of 2.4% [18][21] - Strength was noted in Asia, particularly in India, and in the Americas region, driven by Canada and Mexico [18][51] Company Strategy and Development Direction - The company is focused on its "Hungry for More" strategy, emphasizing product innovation, value, and operational excellence to drive sales and market share [5][6][8] - The rollout of DoorDash is expected to be a significant driver for US comp sales in the second half of the year, with marketing efforts planned to increase awareness [11][34] - The company aims to maintain a strong franchisee network, with a focus on both larger and smaller franchisees to ensure diverse economic strength [92][96] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but expressed confidence in sustaining growth, citing strong franchisee economics and a robust advertising budget [15][19] - The company expects US comp sales to be around 3% for the year, with potential for higher growth in the second half due to ongoing initiatives [20][21] - International same-store sales growth is projected to be 1% to 2%, influenced by global macroeconomic uncertainties [21][66] Other Important Information - The company repurchased approximately 316,000 shares at an average price of $475, totaling $150 million in Q2, with $614 million remaining on the share repurchase authorization [19] - The launch of Parmesan stuffed crust pizza has been well-received, with customer feedback exceeding expectations, indicating a potential long-term market share catalyst [7][116] Q&A Session Summary Question: Concerns about sustaining 3% plus comp growth - Management highlighted the strength of their franchisee economics, supply chain pricing, and advertising budget as key factors that will help sustain growth beyond the current year [26][27] Question: Insights on US sales outlook for the second half - Management discussed ongoing initiatives like the "Best Deal Ever" promotion and the expected impact of DoorDash, indicating confidence in positive trends for both delivery and carryout [33][35] Question: Discussion on DoorDash as a growth vehicle - Management expressed optimism about DoorDash's potential, noting that it is expected to significantly contribute to sales growth in the coming years [39][43] Question: International market share gains - Management pointed to strong performance in India and Canada, emphasizing the successful adoption of the "Hungry for More" strategy across international markets [50][53] Question: International unit development and growth outlook - Management indicated confidence in significant growth in India and China, with plans for substantial store openings in those markets [58][60] Question: Insights on margins and pricing strategy - Management reiterated their commitment to driving profit dollars for franchisees while maintaining competitive pricing, which may be below inflation [102][105]

Financial Performance - Domino's Pizza shares surged after reporting better same-store sales growth than expected for the second quarter [1] Market Trends - The pizza chain reported better same-store sales growth than expected [1]

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q2 2025 financial statements show total assets increased to $1.81 billion and YTD net income rose to $280.7 million [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 15, 2025, total assets increased to **$1.81 billion**, while total liabilities rose to **$5.79 billion**, widening the stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 15, 2025 | December 29, 2024 | | :--- | :--- | :--- | | **Total current assets** | $1,007,558 | $905,278 | | **Total assets** | **$1,811,293** | **$1,737,013** | | **Total current liabilities** | $1,688,181 | $1,612,462 | | **Total liabilities** | $5,785,920 | $5,699,304 | | **Total stockholders' deficit** | **($3,974,627)** | **($3,962,291)** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 total revenues increased to $1.15 billion, with YTD net income rising to $280.7 million and diluted EPS to $8.14 Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,145,144 | $1,097,736 | $2,257,200 | $2,182,383 | | **Income from Operations** | $225,044 | $196,103 | $435,139 | $406,516 | | **Net Income** | $131,091 | $141,978 | $280,742 | $267,802 | | **Diluted EPS** | $3.81 | $4.03 | $8.14 | $7.61 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) YTD 2025 net cash from operating activities significantly increased to $366.9 million, while financing activities used $261.3 million Cash Flow Summary (in thousands) | Activity | Two Fiscal Quarters Ended June 15, 2025 | Two Fiscal Quarters Ended June 16, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $366,860 | $274,150 | | **Net cash provided by (used in) investing activities** | $14,795 | ($44,960) | | **Net cash used in financing activities** | ($261,312) | ($70,657) | - The increase in cash from financing activities was primarily due to a significant increase in purchases of common stock, which rose to **$203.0 million** from **$25.0 million** in the prior-year period[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment income, refranchising gains, DPC Dash investment sale, and a declared quarterly dividend of $1.74 per share Segment Income (YTD 2025 vs YTD 2024, in thousands) | Segment | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | | U.S. Stores | $265,801 | $265,590 | | Supply Chain | $147,031 | $129,563 | | International Franchise | $129,343 | $118,429 | | **Total Segment Income** | **$542,175** | **$513,582** | - In Q2 2025, the company refranchised 36 U.S. Company-owned stores in Maryland for $8.5 million, recognizing a pre-tax gain of **$3.9 million**[54](index=54&type=chunk) - The company sold 4,200,000 ordinary shares of its investment in DPC Dash (China master franchisee) in Q2 2025 for net proceeds of **$44.1 million**[39](index=39&type=chunk) - Subsequent to the quarter end, on July 15, 2025, the Board of Directors declared a **$1.74 per share** quarterly dividend[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Operations) Q2 2025 global retail sales grew 5.6%, consolidated revenues rose 4.3% to $1.15 billion, and operating income increased 14.8% [Overview and Strategy](index=18&type=section&id=MD%26A_Overview) Domino's, with over 21,500 locations, primarily operates as a franchisor, guided by its 'Hungry for MORE' growth strategy - As of June 15, 2025, Domino's has **over 21,500 locations** in over 90 markets, with **approximately 99%** being franchisee-owned[66](index=66&type=chunk)[67](index=67&type=chunk) - The 'Hungry for MORE' strategy is built on four pillars: Most Delicious Food, Operational Excellence, Renowned Value, and Enhanced by Best-in-Class Franchisees[71](index=71&type=chunk)[72](index=72&type=chunk) [Performance and Statistical Measures](index=19&type=section&id=MD%26A_Statistical_Measures) Q2 2025 global retail sales grew 5.6% (ex-currency), with U.S. same-store sales up 3.4% and 178 net new stores added globally Global Retail Sales Growth (Excluding Foreign Currency) | Region | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. stores | +5.1% | +6.8% | | International stores | +6.0% | +7.7% | | **Total** | **+5.6%** | **+7.2%** | Same Store Sales Growth | Region | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. stores | +3.4% | +4.8% | | International stores (ex-currency) | +2.4% | +2.1% | - The company added a net of **178 stores** in Q2 2025, comprising **30 net new stores** in the U.S. and **148 internationally**[85](index=85&type=chunk) [Results of Operations](index=21&type=section&id=MD%26A_Results_of_Operations) Q2 2025 consolidated revenues increased 4.3% to $1.15 billion, driven by supply chain and franchise royalties, despite a DPC Dash investment loss - Consolidated revenues increased **$47.4 million** (**4.3%**) in Q2 2025, primarily due to higher supply chain revenues and U.S. franchise royalties and fees[88](index=88&type=chunk) - Supply chain revenues increased by **$27.8 million** (**4.2%**) in Q2 2025, driven by a **4.8%** increase in food basket pricing and higher order volumes[95](index=95&type=chunk) - Consolidated gross margin percentage increased by **0.5 points** to **40.3%** in Q2 2025, helped by higher franchise revenues which have no cost of sales component[99](index=99&type=chunk) - General and administrative expenses decreased by **$8.3 million** (**7.2%**) in Q2 2025, primarily because the 2024 Worldwide Rally did not reoccur in 2025[103](index=103&type=chunk) - The company recorded a **$16.0 million** pre-tax loss on its investment in DPC Dash in Q2 2025, compared to an **$11.4 million** gain in Q2 2024[109](index=109&type=chunk) [Segment Income](index=27&type=section&id=MD%26A_Segment_Income) All segments reported income growth in Q2 2025, with U.S. stores up 3.5%, supply chain up 14.2%, and international franchise up 11.0% Segment Income (in millions) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | U.S. stores | $134.0 | $129.5 | +3.5% | | Supply chain | $74.2 | $65.0 | +14.2% | | International franchise | $65.6 | $59.1 | +11.0% | [Liquidity and Capital Resources](index=28&type=section&id=MD%26A_Liquidity_and_Capital_Resources) The company maintains strong liquidity with $272.9 million in cash and expects to refinance $1.14 billion of current long-term debt - Primary liquidity sources are cash from operations and two variable funding note facilities totaling **$320.0 million** in capacity[121](index=121&type=chunk) - As of June 15, 2025, the company had **$263.6 million** of available borrowing capacity under its variable funding notes[121](index=121&type=chunk) - The company repurchased **$200.0 million** of its common stock in the first two quarters of 2025, with **$614.3 million** remaining under the current authorization[130](index=130&type=chunk) - Approximately **$1.14 billion** of long-term debt is classified as current, related to notes with an anticipated repayment date of October 2025, which the company expects to refinance[126](index=126&type=chunk)[127](index=127&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on variable funding notes, commodity price volatility, and foreign currency exchange risk impacting international revenues - The company faces interest rate risk on its variable funding notes and expects to refinance **$1.14 billion** of maturing debt at higher interest rates[140](index=140&type=chunk)[141](index=141&type=chunk) - The company is exposed to volatility in food costs, especially commodity prices for products like cheese[142](index=142&type=chunk) - A hypothetical **10%** adverse change in foreign currency rates would have reduced royalty revenues by an estimated **$13.4 million** in the first two fiscal quarters of 2025[143](index=143&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of **June 15, 2025**[144](index=144&type=chunk) - No material changes were made to the Company's internal control over financial reporting during the second quarter of 2025[145](index=145&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation, which management does not expect to materially adversely affect its financial condition - The company is involved in ordinary course litigation but does not expect it to have a material adverse effect on its business or financial condition[146](index=146&type=chunk)[147](index=147&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2024 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2024 Form 10-K[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased 315,696 shares for $150.0 million, with $614.3 million remaining for future repurchases Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Period 4 (Mar 24 - Apr 20) | 1,205 | $458.23 | — | | Period 5 (Apr 21 - May 18) | 112,070 | $480.42 | 110,977 | | Period 6 (May 19 - Jun 15) | 206,250 | $472.23 | 204,719 | | **Total** | **319,525** | **$475.05** | **315,696** | - As of June 15, 2025, **$614.3 million** remained available for future share repurchases under the authorized program[151](index=151&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) Three executive officers adopted new Rule 10b5-1 trading plans for future stock sales during Q2 2025 - Three Section 16 officers adopted Rule 10b5-1 trading arrangements during the quarter: **Joseph H. Jordan (COO)**, **Sandeep Reddy (CFO)**, and **Kelly E. Garcia (CTDO)**[157](index=157&type=chunk)[159](index=159&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) The report lists various exhibits filed, including corporate governance documents and CEO/CFO certifications - Filed exhibits include CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and corporate governance documents[160](index=160&type=chunk)