CHICAGO, July 21, 2025 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB) (“Potbelly” or the “Company”), the iconic neighborhood sandwich shop concept, today announced the date for the release of its second quarter 2025 financial results. Second Quarter 2025 ResultsPotbelly will report its financial results for the fiscal second quarter 2025 on Wednesday, August 6, 2025, after market close. The Company has scheduled a conference call for investors at 5:00 p.m. Eastern Time on the same day to discuss th ...

Company Overview - Potbelly (NASDAQ: PBPB) has experienced a significant turnaround since reaching all-time lows in 2020, particularly following the appointment of CEO Robert Wright in July 2020 [1]. Strategic Changes - Under CEO Robert Wright's leadership, Potbelly has undergone numerous changes aimed at revitalizing the brand and improving performance [1]. Investment Perspective - The analysis emphasizes a long-term investment perspective, focusing on identifying companies with a competitive advantage that can adapt to industry changes without losing their edge [1].

Summary of Potbelly (PBPB) FY Conference Call - June 04, 2025 Company Overview - Potbelly is a fast casual restaurant chain known for its sandwich-based menu, with a strong brand presence and customer loyalty [11][20][21] - The company has experienced significant growth and transformation since 2020, moving from a turnaround phase to a growth phase [23][72] Key Metrics and Financial Performance - As of Q1 2025, Potbelly had 444 open locations and 766 open and committed locations, including 103 franchise locations [22] - System sales growth of 34% over the past three years, with nearly 700 basis points of margin expansion at the shop level [27] - Digital sales now account for 42% of total business, up from 9% at the beginning of the pandemic [74] - Adjusted EBITDA increased from near zero to approximately $30 million last year [28] - The company aims to reach 2,000 units in the U.S., projecting system sales to exceed $3 billion at that scale [55][72] Strategic Initiatives - Potbelly's growth strategy is built on five pillars: great food, great value, great people, digital growth, and franchise expansion [29][30] - Menu innovation has been a key focus, with recent additions including new sandwiches and beverages that have resonated well with customers [33][35][74] - The company is replatforming its digital customer experience to enhance user engagement and streamline operations [41][43] Franchise Growth - Potbelly has a strong franchise development pipeline, with 322 committed locations not yet open and 70% of franchisees actively developing new units [46][50] - The franchise model is seen as a significant driver of future growth, with attractive unit-level economics and support for new franchisees [50][72] Market Position and Competitive Advantage - Potbelly has outperformed the fast casual industry in same-store sales and traffic over the last three quarters [59] - The company emphasizes a three-layered value approach, focusing on intrinsic value, everyday value, and promotional value to enhance customer experience [38][39] Future Outlook - The company maintains a positive outlook for continued growth, with guidance for low to mid-single-digit same-store sales growth and unit growth in the low double digits [70][72] - Potbelly is committed to leveraging its digital capabilities and franchise model to drive profitability and expand its market presence [72][76] Additional Insights - The management team has a clear focus on maintaining alignment across the organization regarding growth objectives and performance metrics [30] - Potbelly's unique brand cachet and customer loyalty are seen as critical assets for future expansion [20][21]

Company Overview - Potbelly Corporation is a neighborhood sandwich concept that has been serving customers for over 40 years, offering warm sandwiches, signature salads, hand-dipped shakes, and other fresh menu items [2] - The company operates more than 440 shops across the United States, including over 90 franchised locations [2] Upcoming Investor Conferences - The company will participate in the Craig-Hallum 22nd Annual Institutional Investor Conference in Minneapolis, MN on May 28, 2025, holding one-on-one meetings with investors [3] - On June 4, 2025, Potbelly will present at the William Blair 45th Annual Growth Stock Conference in Chicago, IL, with the presentation scheduled to begin at 4:40 PM Central Time, which will be webcast live [3]

Group 1 - The company specializes in analyzing restaurant stocks in the U.S. market, covering various segments such as QSR, fast casual, casual dining, fine dining, and family dining [1] - Advanced analytical models and specialized valuation techniques are employed to provide detailed insights and actionable strategies for investors [1] - The founder actively engages in academic and journalistic initiatives, contributing to institutions that promote individual and economic freedom [1] Group 2 - The company has no stock, option, or similar derivative position in any of the companies mentioned, nor plans to initiate any such positions within the next 72 hours [2] - The article expresses the author's own opinions and is not receiving compensation from any company mentioned [2] - Seeking Alpha clarifies that past performance is not a guarantee of future results and that no investment recommendations are being made [3]

We are currently offering a free two-week trial to Distressed Value Investing . Join our community to receive exclusive research about various companies and other opportunities, along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies.Potbelly (NASDAQ: PBPB ) delivered +0.9% company-operated same-store sales growth in Q1 2025 despite an estimated 1.5% negative impact from severe winter weather. This was a strong result that exceeded its expectati ...

Company Performance - Potbelly (PBPB) reported break-even quarterly earnings per share, surpassing the Zacks Consensus Estimate of a loss of $0.02, and compared to earnings of $0.01 per share a year ago, representing an earnings surprise of 100% [1] - The company posted revenues of $113.68 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 0.96%, and showing an increase from year-ago revenues of $111.15 million [2] - Over the last four quarters, Potbelly has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Outlook - Potbelly shares have declined approximately 10.4% since the beginning of the year, while the S&P 500 has decreased by 4.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.08 on revenues of $123.2 million, and for the current fiscal year, it is $0.21 on revenues of $479.2 million [7] Industry Context - The Retail - Restaurants industry, to which Potbelly belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Financial Data and Key Metrics Changes - System-wide sales for Q1 2025 increased approximately 4.8% year over year to $140.7 million, with total revenue rising approximately 2.3% year over year to $113.7 million [21] - First quarter adjusted EBITDA was $5.5 million, representing 4.9% of total revenue, a 2.8% decrease year over year due to a prior year settlement payment benefit [21][26] - Company-operated shop revenue increased approximately 1.3% year over year to $109 million, while franchise revenue surged approximately 30.8% year over year to $4.7 million [22] Business Line Data and Key Metrics Changes - Same store sales growth was 0.9% for the full quarter, driven by a 1.1% increase in average check, partially offset by a 0.2% decrease in transactions [22] - Franchise units increased by 26%, contributing to the significant rise in franchise revenue [22] Market Data and Key Metrics Changes - Digital sales represented over 42% of total shop sales during the first quarter, an increase of approximately 200 basis points compared to the previous year [14] - The company expects to open at least six new shops in Q2 2025, with a total of at least 38 new shops anticipated for the year [17][28] Company Strategy and Development Direction - The company is focused on driving same store sales growth through menu innovation, digital investments, and prudent cost controls [10][20] - Plans include modernizing the shop footprint and accelerating unit openings through franchising efforts, aiming for a total of 2,000 units in the U.S. [19][30] - The company is also investing in digital assets and data analytics to enhance customer engagement and operational efficiency [14][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth plan despite potential pressures from tariffs and a challenging consumer environment [27] - The company anticipates same store sales growth of 1.5% to 2.5% for the full year 2025, with adjusted EBITDA projected at approximately $33 million to $34 million [28] Other Important Information - The company reported a slight net loss of $62,000 for the quarter, an improvement of $2.7 million over the prior year [26] - The company purchased approximately 117,000 shares of common stock for about $1.1 million during the first quarter [26] Q&A Session Summary Question: What is driving the outsized performance in same store sales? - Management attributed the performance to menu innovation, digital marketing efforts, and improved value offerings [34][35] Question: Can you provide insights on franchising initiatives and unit level economics? - Management noted strong interest from franchisees due to positive trends in unit level economics and the brand's appeal [41][42] Question: What are the trends in digital ordering and loyalty penetration? - Digital sales increased significantly, and the company is investing in enhancing its digital platforms and loyalty programs [51][52] Question: What are the expectations for inflation and pricing for the rest of the year? - The company anticipates a full-year gross price increase of just over 3%, aligning with inflation expectations [66] Question: What is the status of the PDK rollout and its impact on labor costs? - The company is on track to retrofit half of its company shops with the new system, which is expected to yield labor savings [70][71]

Financial Data and Key Metrics Changes - System-wide sales for Q1 2025 increased approximately 4.8% year over year to $140.7 million, with total revenue rising approximately 2.3% year over year to $113.7 million [20] - Adjusted EBITDA for Q1 was $5.5 million, representing 4.9% of total revenue, a 2.8% decrease year over year due to a prior year settlement payment [20][24] - Company-operated shop revenue increased approximately 1.3% year over year to $109 million, while franchise revenue surged approximately 30.8% year over year to $4.7 million [21] Business Line Data and Key Metrics Changes - Same store sales growth was 0.9% for the quarter, driven by a 1.1% increase in average check, partially offset by a 0.2% decrease in transactions [21] - Franchise units increased by 26%, contributing to the significant rise in franchise revenue [21] Market Data and Key Metrics Changes - Digital sales represented over 42% of total shop sales during Q1, an increase of approximately 200 basis points compared to the previous year [14] - The company expects to open at least six new shops in Q2 2025, with a total of at least 38 new shops anticipated for the year [16][27] Company Strategy and Development Direction - The company is focused on driving same store sales growth through menu innovation, digital investments, and disciplined cost management [10][19] - Plans include modernizing the shop footprint and accelerating unit openings through franchising efforts, aiming for a total of 2,000 units in the U.S. [16][29] - The introduction of new menu items, such as the prime rib steak sandwich and other innovative offerings, is part of the strategy to enhance customer appeal [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth plan despite potential pressures from tariffs and a challenging consumer environment [26] - The company anticipates same store sales growth of 1.5% to 2.5% for the full year 2025, with adjusted EBITDA projected at approximately $33 million to $34 million [27][30] Other Important Information - The company reported a slight net loss of $62,000 for the quarter, an improvement of $2.7 million over the prior year [24] - The company purchased approximately 117,000 shares of common stock for about $1.1 million during the first quarter [25] Q&A Session Summary Question: What is driving the outsized performance in same store sales? - Management attributed the performance to menu innovation, digital marketing efforts, and improved value offerings [32][34] Question: Can you provide insights on franchising initiatives and unit level economics? - Management noted strong interest from franchisees due to positive trends and unit level economics, despite macroeconomic uncertainties [39][40] Question: What are the trends in digital ordering and loyalty penetration? - Digital sales exceeded 42% of total sales, with ongoing investments in technology and consumer-facing digital assets to enhance customer experience [50][51] Question: What are the expectations for inflation and pricing for the rest of the year? - The company anticipates a full-year inflation rate of 2% to 3% for commodities, with pricing increases planned to align with input cost movements [60][63] Question: What is the status of the PDK rollout and its impact on operations? - The company is on track to retrofit half of its company shops with the new PDK system, which is expected to improve labor efficiency and throughput [68][70]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201%2E%20Financial%20Statements) The company's Q1 2025 financials show increased assets and equity, a significant profitability turnaround to $85 thousand net income, and $8.6 million in operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 30, 2025, total assets increased slightly to $265.8 million, driven by higher cash, with total liabilities at $207.4 million and equity at $58.4 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 30, 2025 | December 29, 2024 | | :--- | :--- | :--- | | **Total current assets** | $36,500 | $33,201 | | Cash and cash equivalents | $14,756 | $11,663 | | **Total assets** | **$265,757** | **$263,146** | | **Total current liabilities** | $68,391 | $65,233 | | Long-term debt, net | $4,500 | $4,000 | | **Total liabilities** | **$207,404** | **$205,198** | | **Total equity** | **$58,353** | **$57,948** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues increased 2.3% to $113.7 million, resulting in net income of $85 thousand, a significant improvement from a $2.7 million net loss in Q1 2024 due to the absence of a $2.4 million debt extinguishment loss Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 (ended Mar 30) | Q1 2024 (ended Mar 31) | | :--- | :--- | :--- | | Total revenues | $113,681 | $111,153 | | Income from operations | $250 | $118 | | Loss on extinguishment of debt | $0 | $2,376 | | Net income (loss) | $85 | $(2,673) | | Net loss attributable to Potbelly | $(62) | $(2,767) | | Diluted net loss per share | $(0.00) | $(0.09) | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased from $57.9 million at the end of fiscal 2024 to $58.4 million at the end of Q1 2025, primarily driven by stock-based compensation and warrant exercises, partially offset by net loss and common stock repurchases - During Q1 2025, the company repurchased **117 thousand shares** of common stock for **$1.1 million**[12](index=12&type=chunk) - Total equity increased by approximately **$0.4 million** during the quarter, from **$57,948 thousand** to **$58,353 thousand**[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $8.6 million in Q1 2025 from $0.7 million in Q1 2024, while net cash used in investing activities rose to $4.9 million, and net cash used in financing activities decreased drastically to $0.6 million Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Activity | Q1 2025 (ended Mar 30) | Q1 2024 (ended Mar 31) | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,629 | $693 | | Net cash used in investing activities | $(4,925) | $(3,736) | | Net cash used in financing activities | $(611) | $(18,022) | | **Net change in cash** | **$3,093** | **$(21,065)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide further information on financial statement items, including its structure with 341 company-operated and 103 franchised shops, debt refinancing, ongoing refranchising activities, and the settlement of a class-action lawsuit for $1.8 million - As of March 30, 2025, Potbelly owned and operated **341 shops** in the United States, with franchisees operating an additional **103 shops**[16](index=16&type=chunk) - In February 2024, the company replaced its **$25 million Term Loan** with a new **$30 million Revolving Facility**, resulting in a **$2.4 million loss** on debt extinguishment in Q1 2024[45](index=45&type=chunk)[54](index=54&type=chunk) - Under the Franchise Growth Acceleration Initiative, **4 company-operated shops** were sold to franchisees during Q1 2025[55](index=55&type=chunk) - A new **$20.0 million stock repurchase program** was authorized on May 7, 2024, under which the company repurchased **117,476 shares** for **$1.1 million** in Q1 2025[58](index=58&type=chunk) - The company settled a class action lawsuit related to the Washington Equal Pay and Opportunities Act for **$1.8 million**, which was accrued in 2024 and finalized in Q1 2025[72](index=72&type=chunk)[73](index=73&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 2.3% revenue growth in Q1 2025 to a 0.9% increase in same-store sales and strong franchise revenue growth of 30.8%, highlighting its "Traffic-Driven Profitability" strategy and Franchise Growth Acceleration Initiative as key drivers, with shop-level profit margin improving slightly to 13.7% and Adjusted EBITDA at $5.5 million, maintaining strong liquidity [Business and Strategy](index=18&type=section&id=Business%20and%20Strategy) Potbelly is focused on its "Traffic-Driven Profitability" Five-Pillar strategic plan to drive growth, with a key component being the Franchise Growth Acceleration Initiative aimed at expanding the franchise footprint through multi-unit development and refranchising, resulting in a system of 341 company-operated and 103 franchise-operated shops as of March 30, 2025 - The company's strategy is centered on the "Traffic-Driven Profitability" Five-Pillar plan, which includes: Craveable-Quality Food, People Creating Good Vibes, Customer Experiences, Digitally-Driven Traffic, and Franchise-Focused Development[78](index=78&type=chunk)[79](index=79&type=chunk) - The Franchise Growth Acceleration Initiative, announced in March 2022, is a key strategy to grow domestic franchise units through multi-unit development agreements and refranchising[81](index=81&type=chunk) Shop Count Roll-Forward | | Company Operated | Franchise Operated | Total Company | | :--- | :--- | :--- | :--- | | Shops as of Dec 29, 2024 | 346 | 96 | 442 | | Shops opened | 1 | 3 | 4 | | Shops closed | (2) | — | (2) | | Shops refranchised | (4) | 4 | — | | **Shops as of Mar 30, 2025** | **341** | **103** | **444** | [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Total revenues for Q1 2025 increased 2.3% to $113.7 million, driven by a 1.3% rise in sandwich shop sales and a 30.8% increase in franchise-related income, with improved food costs as a percentage of sales due to lower protein costs, and net income significantly benefiting from the absence of a $2.4 million loss on debt extinguishment from the prior year Key Performance Indicators - Q1 2025 vs Q1 2024 | Indicator | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Same store sales | 0.9% | (0.2)% | 1.1% | | System-wide sales (in thousands) | $140,661 | $134,188 | $6,473 | | Average unit volume, weekly | $24,550 | $24,250 | $300 | - Franchise royalties, fees and rental income grew **30.8%** to **$4.7 million**, driven by new franchise-operated shop openings[94](index=94&type=chunk) - Food, beverage, and packaging costs decreased to **26.1%** of sandwich shop sales from **27.2%** in the prior year, mainly due to lower protein costs and reduced inflation[95](index=95&type=chunk) - General and administrative expenses rose **7.1%** to **$12.4 million**, driven by increases in payroll, consulting, and technology costs[99](index=99&type=chunk) - The company recorded no loss on extinguishment of debt in Q1 2025, compared to a **$2.4 million loss** in Q1 2024 related to the termination of its Term Loan[104](index=104&type=chunk) [Non-GAAP Financial Measures](index=24&type=section&id=Non-GAAP%20Financial%20Measures) The company reported a shop-level profit margin of 13.7% for Q1 2025, a slight improvement from 13.5% in Q1 2024, while Adjusted EBITDA decreased slightly to $5.5 million from $5.7 million in the prior-year quarter, with reconciliation from net loss including adjustments for depreciation, stock-based compensation, and other non-recurring items Shop-Level Profit Margin Reconciliation (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Income from operations | $250 | $118 | | *Plus/Less Adjustments* | ... | ... | | **Shop-level profit** | **$14,936** | **$14,511** | | Sandwich shop sales, net | $109,002 | $107,577 | | **Shop-level profit margin** | **13.7%** | **13.5%** | Adjusted EBITDA Reconciliation (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to Potbelly | $(62) | $(2,767) | | Depreciation expense | 3,721 | 3,011 | | Interest expense | 167 | 364 | | Income tax (benefit) expense | (2) | 51 | | **EBITDA** | **$3,824** | **$659** | | *Plus Other Adjustments* | ... | ... | | **Adjusted EBITDA** | **$5,522** | **$5,680** | [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 2025 with a cash balance of $15.6 million and total liquidity of $40.3 million, including availability under its $30 million Revolving Facility, which management believes is sufficient for at least the next twelve months, alongside a significantly improved operating cash flow and details on its new $20 million stock repurchase program - At the end of Q1 2025, the company had a cash balance of **$15.6 million** and total liquidity of **$40.3 million** (cash plus available credit)[117](index=117&type=chunk) - Net cash from operating activities increased to **$8.6 million** in Q1 2025 from **$0.7 million** in Q1 2024, mainly due to higher incentive payments made in 2024 and favorable working capital changes[119](index=119&type=chunk) - In February 2024, the company entered into a new **$30 million Revolving Credit Facility**, which expires in February 2027, and used it to repay its previous Term Loan[122](index=122&type=chunk) - Under the 2024 Repurchase Program, the company repurchased **117,476 shares** for **$1.1 million** in Q1 2025[134](index=134&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposures to market risks have not materially changed since the fiscal year ended December 29, 2024 - There have been no material changes in the company's market risk exposures since December 29, 2024[139](index=139&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 30, 2025, with no material changes to internal control over financial reporting occurring during the quarter - The CEO and CFO concluded that as of March 30, 2025, the company's disclosure controls and procedures were effective[140](index=140&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[141](index=141&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201%2E%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 12 of the Condensed Consolidated Financial Statements, which discusses the settlement of a class action lawsuit - Details on legal proceedings are provided in Note 12 to the Condensed Consolidated Financial Statements[142](index=142&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A%2E%20Risk%20Factors) There have been no material changes to the company's risk factors as previously reported in the Annual Report on Form 10-K for the fiscal year ended December 29, 2024 - No material changes to risk factors were reported since the last Annual Report on Form 10-K[143](index=143&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202%2E%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, Potbelly repurchased a total of 118 thousand shares under the $20.0 million stock repurchase program authorized on May 7, 2024, with approximately $17.5 million remaining available for future repurchases Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Value for Future Purchases ($ thousands) | | :--- | :--- | :--- | :--- | | Dec 30, 2025 - Jan 26, 2025 | 52,000 | $10.86 | $18,139 | | Jan 27, 2025 - Feb 23, 2025 | 12,000 | $12.44 | $18,025 | | Feb 24, 2025 - Mar 30, 2025 | 54,000 | $12.40 | $17,504 | | **Total** | **118,000** | | | - On May 7, 2024, the Board of Directors authorized a new stock repurchase program for up to **$20.0 million** of outstanding common stock, replacing the 2018 program[144](index=144&type=chunk) [Other Information](index=30&type=section&id=Item%205%2E%20Other%20Information) The company reported that on March 1, 2025, it provided notice to terminate the Cooperation Agreement with Intrinsic Investment Holdings, LLC, and its affiliates, effective March 6, 2025, incurring no penalties or fees - The Cooperation Agreement with Intrinsic Investment Holdings, LLC, which had appointed a director to the board, was terminated by the company effective March 6, 2025, with no resulting penalties[148](index=148&type=chunk)[149](index=149&type=chunk) - No director or officer adopted or terminated a Rule 10b5-1 trading agreement during the quarter[147](index=147&type=chunk) [Exhibits](index=32&type=section&id=Item%206%2E%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications pursuant to the Sarbanes-Oxley Act and Inline XBRL data files