Volatus to provide remotely piloted aircraft system (“RPAS”) inspection, mapping, and data services across 100,000 miles of transmission and distribution linesTORONTO, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT) (OTCQB: TAKOF) (FSE: ABB.F) (“Volatus” or the “Company”), is pleased to announce that it has entered into a multi-year agreement with one of North America’s largest electricity transmission and distribution utilities. Under the agreement, Volatus has been selected to provid ...

Showcases strong technology partnerships with Kongsberg Geospatial and MatrixSpace, positioning Volatus as the integrator of a proven ecosystem.Strengthens Volatus’ competitive position as one of the few Canadian operators authorized at this advanced level.Enhances Volatus’ commercialized drone-in-a-box and advanced BVLOS applications by introducing a scalable light weight detect and avoid systems.Expands Volatus’ BVLOS portfolio into higher-value missions unlocks recurring revenue opportunities in drone-in ...

Financial Data and Key Metrics Changes - Overall Total Payment Volume (TPV) grew by 3%, but growth was inconsistent across brands and regions [3][4] - Underlying Profit Before Tax (PBT) fell to just under $290 million, with significant impacts in Q1 and Q4 due to macro conditions [3][4] - The company aims to hold underlying costs flat compared to FY 2025, despite a 3% increase in costs over the last twelve months [5][6] Business Line Data and Key Metrics Changes - Corporate division saw top line growth to $12.3 billion, with a 6% PBT growth excluding Asia [7][8] - Leisure division experienced TPV growth year on year, primarily from lower margin brands, with profit falling due to soft trading conditions [8][9] - Other segments remained flat year on year, with increased profit contributions from operating businesses [9] Market Data and Key Metrics Changes - ANZ and The Americas reported solid profit growth, while EMEA and Asia experienced reductions [3][4] - The UK corporate travel brand underperformed, and Asia faced operational challenges leading to additional provisions [4][5] - The company expects EMEA and Asia to return to more appropriate levels by 2026 [4] Company Strategy and Development Direction - The company is focusing on productivity gains, cost reduction, and targeted investments in technology and AI [5][6][20] - A new Global Business Services division aims to support frontline teams and improve operational efficiency [5][6] - The company is exploring M&A opportunities to expedite growth in specialist businesses [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging operating environment due to geopolitical tensions and macroeconomic conditions but remains optimistic about medium to long-term growth [2][3] - There are promising signs emerging in key markets, and the company is prepared for a market rebound [23][24] - Management expects a challenging first half of FY 2026 but anticipates a stronger second half [43][44] Other Important Information - The company has undertaken $450 million in capital management initiatives, including debt repayment and share buybacks [9] - Investment in TP Connect increased by $7 million to enhance airline content and new revenue streams [8] - The company is launching a travel retail loyalty program to enhance customer engagement and drive growth [35][36] Q&A Session Summary Question: Can you provide details on the impact of lower overrides in FY 2025 and potential upside for 2026? - Management indicated that lower overrides significantly impacted the leisure business, particularly in the last quarter, and emphasized the importance of growth to achieve higher override tiers [48][52] Question: What are the potential impacts of changes to payment surcharges in Australia? - Management has evaluated the potential impacts and is prepared with various options to mitigate any negative effects [54][57] Question: Can you clarify the outlook for the first half of FY 2026? - Management expects a like-for-like comparison to be relatively flat year on year, with improvements anticipated in Asia [60][62] Question: What should be expected for the other segment's loss in FY 2026? - Management expects the loss to decrease to around $70 million, with improvements anticipated from operating businesses [68][70] Question: How is Corporate Traveler positioned in the UK and Europe? - Management expressed confidence in the UK market, highlighting recent management changes and improvements to the product offering [90][92]

Financial Data and Key Metrics Changes - The overall Total Payment Volume (TPV) grew by 3%, but this growth was inconsistent across brands and regions [3] - Underlying Profit Before Tax (PBT) fell to just under $290 million, with significant impacts noted in the first and fourth quarters due to macro conditions [3][4] - The company aims to hold underlying costs flat compared to FY 2025, despite a 3% increase in costs over the last twelve months [5] Business Line Data and Key Metrics Changes - The Corporate division saw top line growth to $12.3 billion, with a 6% PBT growth excluding Asia [7] - The Leisure division experienced year-on-year TTV growth, primarily from lower margin brands, with profit falling due to soft trading conditions [8] - The introduction of the Global Business Services division is yielding early success in non-travel procurement and BPO models [5] Market Data and Key Metrics Changes - ANZ and The Americas reported solid profit growth, while EMEA and Asia experienced reductions [3][4] - The UK corporate travel brand underperformed, impacted by geopolitical tensions and a downturn in travel on key routes [4] - The company expects EMEA and Asia to return to more appropriate performance levels in 2026 [4] Company Strategy and Development Direction - The company is focusing on productivity gains, cost reduction, and targeted investments in technology and AI to enhance business strategies [5][6] - There is a strong emphasis on diversifying customer service channels and enhancing digital capabilities, particularly through the Mellon platform [12][15] - The company plans to expand its addressable markets through new products and services, including consulting and specialist travel [16][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging operating environment due to geopolitical tensions and macroeconomic conditions but remains optimistic about medium to long-term growth [2][3] - There are promising signs emerging in key markets, and management expects a rebound in the second half of FY 2026 [45][46] - The company is confident in its diversified customer offerings and geographic presence, which positions it well for future growth [23][41] Other Important Information - The balance sheet remains strong, supported by healthy cash generation and proactive capital management initiatives totaling around $450 million [9] - The company is targeting a 15% to 20% reduction in capital expenditures for the current year [5] Q&A Session Summary Question: Impact of lower overrides in FY 2025 - Management acknowledged that lower overrides significantly impacted the leisure business, particularly in the last quarter, and emphasized the importance of volume growth to achieve override tiers [49][54] Question: Potential changes to payment surcharges in Australia - Management has evaluated the potential impact of payment surcharge changes and is prepared with various options to mitigate any negative effects [56][59] Question: Clarification on profit outlook for H1 FY 2026 - Management expects a like-for-like comparison to be relatively flat year-on-year, excluding any adjustments from underlying operations [62] Question: Expectations for Asia's performance - Management anticipates improvement in Asia's performance in FY 2026, with expectations for moderate profit growth [64] Question: Outlook for the corporate segment in the U.S. - The U.S. remains the number one growth market, with expectations for good growth in both FCM and Corporate Traveler brands [78][81] Question: Online strategy for leisure market - The company is focusing on increasing online sales, which have grown over 10% year-on-year, and is investing in digital capabilities to attract price-sensitive customers [84][86]

Financial Performance - The company achieved a record Total Transaction Value (TTV) of $24.5 billion, a 3% increase year-over-year[13] - Underlying Profit Before Tax (UPBT) reached $289.1 million, a 9.8% decrease compared to the previous year[18] - The company declared a final dividend of $0.29 per share, fully franked, bringing the total dividends for the year to $0.40 per share, consistent with FY24[14, 18] - The company executed approximately $450 million in capital management initiatives during FY25[20] Segment Performance - The Corporate segment experienced a 2% TTV growth, reaching $12.3 billion, but UPBT decreased to $190 million (FY24: $211 million)[35, 36] - The Leisure segment saw a 6.7% TTV growth to $11.8 billion, with UPBT at $174.7 million, a 5.3% decrease compared to FY24[38, 39] - The "Other" segment reported a TTV of $337.4 million and revenue of $233.8 million, with an Underlying PBT loss of $75.3 million[41] Strategic Initiatives and Outlook - The company is implementing targeted strategies to reduce costs, enhance productivity, and boost margins in response to a challenging global trading environment[15, 23] - Ongoing investments are being made in future growth drivers, including loyalty programs, AI, and digital transformation[16, 33] - The company anticipates benefits from the Global Business Services (GBS) area, expecting improved operational efficiency and reduced costs[26, 32] - The company expects 8.1% growth in global business travel spending during 2026, with 6.1% Compound Annual Growth Rate (CAGR) from 2026-2029[89]

TORONTO, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT, OTCQB: TAKOF, FSE: ABB.F) ("Volatus" or "the Company") announces today the selection of its Condor XL Remotely Piloted helicopter for the next-generation aerial seeding operations by Ki Reforestation (“Ki”). The Company will operate the platform for Ki, marking a significant milestone in the automation of reforestation across Canada’s fire-impacted landscapes. Ki Reforestation is a Toronto-based environmental innovation company sp ...

Core Insights - Volatus Aerospace Inc. reported strong financial growth in Q2 2025, with revenue increasing by 49% year-over-year to CAD 10,587,075, driven by robust demand in equipment and services [2][7][8] - The company achieved a significant improvement in adjusted EBITDA loss, narrowing it by 85% year-over-year to CAD 276,259, reflecting operational efficiency and cost discipline [2][8] - Liquidity strengthened with a current cash balance of approximately CAD 20 million following recent financing events, supporting ongoing operational and strategic initiatives [2][7][8] Financial Highlights - Revenue for Q2 2025 was CAD 10,587,075, up from CAD 7,121,993 in Q2 2024, with equipment sales growing 104% quarter-over-quarter and services up 71% [8] - Gross profit reached CAD 3,375,420, resulting in a gross margin of 32%, slightly down from 35% in Q2 2024 due to a higher proportion of equipment sales [8] - The adjusted EBITDA loss of CAD 276,259 marked an 85% improvement compared to CAD 1,852,178 in Q2 2024, indicating better scale and service growth [8] Operational Highlights - The company secured a one-year extension of a federal standing offer, ensuring continued access to federal contracts, and obtained clearances for pipeline surveillance from major oil and gas firms [8] - Volatus completed a defense demonstration for a G-20 client and entered collaborations for large-scale tree planting and multispectral crop surveys across multiple provinces [8] - The company advanced its commercialization efforts with BVLOS medical deliveries and secured a CAD 560,000 international training contract with a NATO member [8] Strategic Outlook - Volatus is positioning itself to capture growing domestic demand in defense, public safety, and Arctic surveillance, aligning with Canada's increased defense spending [7][8] - The company aims to enhance its operational capabilities and expand its market presence through disciplined execution and strategic partnerships [6][7]

Core Insights - Volatus Aerospace Inc. is positioned for growth with a strong financial position, an expanding international contract portfolio, and alignment with Canada's defense and industrial priorities [1][3][8] Financial Position - The company has approximately $20 million in cash and strong working capital, providing the necessary resources for execution [6] - Long-term institutional support has been secured from partners such as Investissement Québec and Export Development Canada [6] Contract Wins - Volatus has delivered around $5 million in intelligence, surveillance, and reconnaissance (ISR) and public safety contracts, including engagements with NATO partners and emergency response agencies [6] Regulatory Readiness - The company has obtained multiple regulatory approvals that enhance its ability to conduct expanded remote operations, significantly increasing its addressable market across various sectors [6][7] Strategic Partnerships - Collaborations with original equipment manufacturers (OEMs) in Canada, the US, and Europe are expanding Volatus' capabilities in surveillance, heavy-lift cargo, and geospatial markets [6] Execution Capacity - The Operations Control Centre (OCC) enables Volatus to respond effectively to Canadian and international requests for proposals (RFPs) [6] Alignment with National Priorities - Volatus' strengths in ISR, maritime surveillance, wildfire response, and reforestation align with Canada's defense commitments and industrial capacity [2][7] Building Sovereign Capacity - The company is investing in design, production, and secure supply chains to establish a Canadian hub for drone manufacturing and advanced aerial capabilities with export potential [7] Regulatory Tailwinds - Evolving regulatory frameworks and recent approvals are facilitating scalable remote operations and creating new channels for service expansion and long-term contracts [7] Global Expansion - Recent engagements in ISR, training, and heavy-lift operations with NATO-aligned partners demonstrate Volatus' credibility to pursue larger, multi-year contracts [7] Commercializing Innovation - The company is advancing AI-enabled software, counter-drone solutions, and RPAS platforms, including the Condor XL heavy-lift program, to address urgent defense and environmental needs [7] Disciplined Growth - With a robust cash position, Volatus is focusing on profitable growth through solution sales, aerial services, and training while investing in future-ready technologies and evaluating potential acquisition opportunities [8]

Core Viewpoint - Volatus Aerospace Inc. has successfully completed a bought deal private placement offering, raising gross proceeds of $4,830,000 through the sale of 9,288,462 units at a price of $0.52 per unit, indicating strong investor confidence in the company's growth strategy [1][2]. Group 1: Offering Details - The offering was led by institutional investors in Quebec, with significant participation from other Canadian institutional investors, highlighting broad confidence in Volatus' strategy and growth potential [2]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at an exercise price of $0.76, valid until August 14, 2028 [3]. - The net proceeds will be allocated towards expanding into the defense business segment, increasing inventory of drone systems to meet rising demand, and for general working capital [4]. Group 2: Regulatory and Financial Aspects - A total of 8,076,924 units were sold under the "Listed Issuer Financing Exemption," which allows for no statutory hold periods, while 1,211,538 units sold under the over-allotment option are subject to a four-month hold period [5]. - The company paid a cash commission of $289,800 to the underwriter and issued 557,308 non-transferable broker warrants, each allowing the purchase of one common share at $0.76, valid until August 14, 2026, also subject to a four-month hold period [6]. Group 3: Company Overview - Volatus Aerospace is recognized as a leader in innovative global aerial solutions, providing comprehensive services using both piloted and remotely piloted aircraft systems across various industries, including oil and gas, energy utilities, healthcare, public safety, and infrastructure [8].

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Corpay, Inc.'s unaudited consolidated financial statements for the three and six-month periods ended June 30, 2025 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $20.44 billion, total liabilities rose to $16.47 billion, and total equity grew to $3.97 billion Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,192,849 | $1,553,642 | | Accounts and other receivables, net | $2,601,292 | $2,090,500 | | Goodwill | $6,334,018 | $5,984,667 | | **Total Assets** | **$20,435,226** | **$17,957,031** | | **Liabilities & Equity** | | | | Customer deposits | $4,143,205 | $3,266,126 | | Total debt (Notes payable and Securitization) | $8,117,700 | $7,996,080 | | **Total Liabilities** | **$16,468,047** | **$14,811,042** | | **Total Equity** | **$3,967,179** | **$3,145,989** | [Unaudited Consolidated Statements of Income](index=4&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Income) For Q2 2025, revenues increased 12.9% to $1.10 billion and net income attributable to Corpay reached $284.2 million, with similar growth for the six-month period Statement of Income Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues, net | $1,102,030 | $975,710 | $2,107,697 | $1,910,961 | | Operating income | $479,390 | $433,339 | $906,514 | $830,677 | | Net income attributable to Corpay | $284,168 | $251,625 | $527,401 | $481,394 | | Diluted EPS attributable to Corpay | $3.98 | $3.52 | $7.38 | $6.64 | [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities increased to $1.07 billion, while financing activities shifted to a net cash inflow of $78.4 million Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,066,096 | $891,105 | | Net cash used in investing activities | ($222,640) | ($146,613) | | Net cash provided by (used in) financing activities | $78,355 | ($239,238) | | Net increase in cash and cash equivalents and restricted cash | $1,075,013 | $405,761 | [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures on accounting policies, acquisitions, debt, segment information, and legal contingencies, including recent strategic transactions and an ongoing FTC lawsuit - In February 2025, the Company acquired 100% of Gringo, a Brazil-based vehicle compliance payment company, for approximately **$153.7 million**, net of cash, financed through a capital infusion into its subsidiary, Zapay, increasing Corpay's controlling interest to 86%[50](index=50&type=chunk) - In April 2025, Corpay expanded its partnership with Mastercard, which includes a **$300 million** investment by Mastercard for a **2.8%** interest in Corpay's Cross-Border business, with reciprocal put/call options exercisable in 2027 and 2028[53](index=53&type=chunk) - Subsequent to the quarter end, in July 2025, the Company announced a firm intention to acquire 100% of Alpha Group International plc for an enterprise value of approximately **$2.2 billion**, expected to close in Q4 2025 and funded by cash, debt, and divestitures[100](index=100&type=chunk)[101](index=101&type=chunk) - The company is involved in an ongoing lawsuit with the Federal Trade Commission (FTC) regarding advertising and marketing practices, with a court granting summary judgment against the company on liability but denying the FTC's claim for monetary relief, and the case is currently under appeal[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the financial results for Q2 and H1 2025, highlighting a 13% revenue increase in Q2 driven by organic growth and acquisitions, alongside segment performance and liquidity [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q2 2025 consolidated revenue increased 12.9% to $1.1 billion, driven by organic growth and acquisitions, with Corporate Payments showing significant growth while Lodging Payments declined Q2 2025 vs. Q2 2024 Revenue Growth by Segment (in millions) | Segment | Q2 2025 Revenue (M) | Q2 2024 Revenue (M) | % Change | | :--- | :--- | :--- | :--- | | Vehicle Payments | $525.5 | $510.3 | 3.0% | | Corporate Payments | $391.9 | $288.5 | 35.9% | | Lodging Payments | $119.8 | $122.4 | (2.1)% | | Other | $64.8 | $54.6 | 18.8% | | **Total** | **$1,102.0** | **$975.7** | **12.9%** | - Q2 2025 consolidated revenue growth was driven by **11% organic growth** and **5% from acquisitions**, offset by a negative macroeconomic impact of approximately **$19 million** (unfavorable FX, fuel price spreads, and fuel prices)[142](index=142&type=chunk)[143](index=143&type=chunk) - Corporate Payments revenue growth of **35.9%** in Q2 2025 was fueled by **18% organic growth** (driven by a **19% increase in spend volume**) and a **$42 million** contribution from acquisitions[155](index=155&type=chunk) - Vehicle Payments revenue grew **3.0%** in Q2 2025, reflecting **9% organic growth** and a **$4 million** contribution from acquisitions, but was negatively impacted by unfavorable FX (**$10 million**), the disposition of the merchant solutions business (**$10 million**), and unfavorable fuel prices/spreads (**$13 million**)[153](index=153&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Corpay maintained approximately $3.5 billion in total liquidity, with key capital activities including debt management and ongoing share repurchases - Total liquidity as of June 30, 2025, was approximately **$3.5 billion**, comprising **$1.4 billion** available under the Credit Facility and **$2.2 billion** in unrestricted cash[184](index=184&type=chunk) - In February 2025, the company amended its Credit Agreement to increase Term Loan B commitments by **$750 million**, using the proceeds to pay down the revolving credit facility[192](index=192&type=chunk) - The company utilizes interest rate swaps to hedge variable rate debt, with a cumulative notional value of **$4.5 billion** as of June 30, 2025, and also uses cross-currency swaps to hedge net investments in foreign operations[133](index=133&type=chunk)[201](index=201&type=chunk)[204](index=204&type=chunk) - The stock repurchase program has **$1.2 billion** of remaining authorization available for future repurchases as of June 30, 2025[206](index=206&type=chunk)[207](index=207&type=chunk) [Management's Use of Non-GAAP Financial Measures](index=45&type=section&id=Management%27s%20Use%20of%20Non-GAAP%20Financial%20Measures) Management utilizes non-GAAP measures like Adjusted Net Income and Adjusted EBITDA to assess core operating performance, with Q2 2025 Adjusted Net Income at $366.4 million and Adjusted EBITDA at $620.6 million Reconciliation of Net Income to Adjusted EBITDA (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income from operations | $284.1 | $251.7 | $528.0 | $481.5 | | EBITDA | $570.7 | $517.7 | $1,090.0 | $1,000.1 | | **Adjusted EBITDA** | **$620.6** | **$554.4** | **$1,176.0** | **$1,070.9** | | Adjusted EBITDA margin | 56.3% | 56.8% | 55.8% | 56.0% | Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income attributable to Corpay | $284,168 | $251,625 | $527,401 | $481,394 | | **Adjusted net income attributable to Corpay** | **$366,421** | **$324,983** | **$689,347** | **$626,303** | | Adjusted net income per diluted share | $5.13 | $4.55 | $9.64 | $8.64 | [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As of June 30, 2025, the company reports no material changes to its market risk disclosures compared to its prior Annual Report on Form 10-K - There have been no material changes in the company's market risk since the end of the previous fiscal year[235](index=235&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) As of June 30, 2025, management concluded that disclosure controls and procedures were not effective due to a material weakness in IT general controls, with a remediation plan underway - The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2025[236](index=236&type=chunk) - The ineffectiveness is due to a material weakness in IT general controls (ITGCs) related to user access management over certain IT systems, first identified in the 2024 Form 10-K[237](index=237&type=chunk) - A remediation plan is underway, focusing on enhancing IT compliance oversight, training, documentation, and system functionality, with remediation expected once new controls operate effectively for a sufficient period[241](index=241&type=chunk)[242](index=242&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=53&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) This section details the company's legal matters, including the dismissal of shareholder derivative lawsuits and the ongoing Federal Trade Commission (FTC) litigation with an uncertain outcome - The consolidated shareholder derivative lawsuit against the company was dismissed by the court on April 1, 2025, and the plaintiffs did not appeal[247](index=247&type=chunk) - The lawsuit filed by the FTC is ongoing, with the District Court granting summary judgment on liability but denying monetary relief, and the case is now under appeal in the Eleventh Circuit[248](index=248&type=chunk)[249](index=249&type=chunk) - The company is currently unable to predict the ultimate outcome or estimate a range of possible losses resulting from the FTC litigation[251](index=251&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20RISK%20FACTORS) The company reports no material changes in its risk factors compared to those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[252](index=252&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=54&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%2C%20USE%20OF%20PROCEEDS%20AND%20ISSUER%20PURCHASE%20OF%20EQUITY%20SECURITIES) The company details its Q2 2025 stock repurchase activity, with $1.2 billion remaining authorization under its $9.1 billion program, primarily for employee tax withholding obligations - As of June 30, 2025, the company has up to **$1.2 billion** of remaining authorization under its stock repurchase program[253](index=253&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1-30, 2025 | 22,983 | $313.50 | | May 1-31, 2025 | 69,125 | $354.75 | | June 1-30, 2025 | 221 | $326.79 | | **Total Withheld for Taxes** | **92,329** | **$344.41** |