Core Viewpoint - Peloton Interactive is required to face a lawsuit alleging that it misled shareholders by concealing excess inventory of home fitness equipment during the easing of COVID-19 restrictions, as ruled by the federal appeals court [1] Summary by Relevant Sections - **Lawsuit Details** - The Manhattan Second Circuit Court overturned a lower court's decision, allowing shareholders to continue their claims against Peloton [1] - The lawsuit claims that Peloton made three false and misleading statements that artificially inflated its stock price [1] - **Stock Performance Context** - The shareholder lawsuit coincides with a period when Peloton's stock price plummeted over 80% from February 5, 2021, to January 19, 2022 [1] - This decline in stock price aligns with the widespread availability of vaccines and the reopening of gyms [1]

Peloton (PTON) Stock Analysis - Peloton was a high-flying COVID stock that collapsed when the pandemic ended [2][3] - The stock is showing signs of improvement in price and fundamentals, presenting a good risk-reward entry point [4] - Zacks Rank gives Peloton a number two buy rating [4] - Peloton's market cap is $322 billion, with a beta of 208%, indicating high volatility [5] - Goldman Sachs lifted its price target to $1150 from $7, with a buy rating up from neutral [12] - A major product event announcement is expected in October, potentially related to AI and the "Peloton Intelligence" platform [13] - Q4 earnings showed a 5-cent report, above the expected -7 cents, with revenue exceeding expectations [16] - Adjusted IBIDA is $140 million this year versus $70 million last year, and free cash flow is $113 million versus $26 million last year, indicating fundamental improvement [17] - Key resistance level to watch is $10, with potential targets at $14 and $18 if it breaks through [18][19] - A positive catalyst and continued earnings momentum could lead to a $14 target by December or early January [22] TAT Technologies (TAT) Stock Analysis - TAT Technologies is a defense contractor in the aerospace market, manufacturing components for F-16s and other military vehicles [25] - It has a Zacks Rank number one, indicating a strong buy [24] - The company has a $500 million market cap and a 25 times forward earnings multiple [25] - Earnings estimates have moved from $033 to $041 and $035 to $040 in the last 30 days [26] - Full-year estimates have increased from $131 to $145, and next year's estimates from $089 to $215 [27] - Topline growth is projected at 16% for this year and 25% for next year [27] - The company has a 25 times forward earnings multiple, 28% times book value, and under three times on price to sales [28] - Margins are increasing from 73% to 8% to 82% [29]

Core Viewpoint - Peloton Interactive is preparing to implement a significant turnaround plan, which has positively impacted its stock performance recently [1][2]. Group 1: Stock Performance - Peloton's stock has increased by more than 8% in price week-to-date as of the last market open [1]. - The stock received a boost from an analyst recommendation upgrade from Goldman Sachs [2]. Group 2: Product Upgrades - The company is planning to launch its most significant set of product upgrades in years, potentially as soon as October [4]. - New offerings may include a Peloton bike, a treadmill, and an integrated artificial intelligence (AI) platform [4]. Group 3: Sales Strategy - Management intends to enhance its sales efforts by increasing the sales of used equipment and providing more self-assembly options for customers [5]. Group 4: Historical Context - Peloton experienced a significant rise in sales during the pandemic but has struggled to maintain that momentum since then [6]. - The CEO has recently promised that the turnaround plan will yield results [6].

Company Overview - Peloton Interactive (NASDAQ: PTON) is facing significant pressure and uncertainty in the market despite having survived the post-pandemic phase [1] - The company has struggled to establish a solid business model that can achieve sustainable growth [1] Investment Insights - The analysis emphasizes the importance of deep research and understanding business model trends to identify long-term growth investment opportunities [1] - The focus is on avoiding dangerous financial instruments while recognizing the potential impact of new technologies on younger generations and their investments [1]

Core Insights - Peloton is planning to launch an integrated artificial intelligence (AI) platform along with new products as early as October [1] - The company aims to enhance its offerings by introducing an updated bike, a refreshed treadmill, and new branded peripherals [2] - Peloton is also expanding its refurbished equipment and self-assembly options [2] Product and Service Developments - The CEO announced the use of advanced technologies like AI to provide personalized coaching [2] - Peloton has opened two micro stores and plans to add eight more by the holiday season [2] - The company has launched special pricing programs for various groups including students and healthcare workers [2] Strategic Initiatives - Peloton is undergoing a transformation phase, focusing on intentional investments for future growth [3] - The company has initiated a restructuring campaign to address a significant drop in subscription numbers [3] - An online marketplace called Peloton Repowered was launched to allow members to sell used equipment [4] Community Engagement - Peloton updated its app feature called Teams, enabling larger community building and unique leaderboard goals [4] - The special pricing program introduced in May aims to make membership and purchase options more accessible [4]

Group 1 - Peloton's shares have increased by 28.1% over the past four weeks, closing at $8.25, with a mean price target of $10.4 indicating a potential upside of 26.1% [1] - The average of 17 short-term price targets ranges from a low of $6.00 to a high of $20.00, with a standard deviation of $3.37, suggesting variability in analysts' estimates [2] - Analysts show strong agreement on Peloton's ability to report better earnings than previously predicted, which supports the view of potential upside [4][11] Group 2 - The Zacks Consensus Estimate for Peloton's current year has increased by 84.4% over the past month, with four estimates revised higher and no negative revisions [12] - Peloton holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting exact gains, they can indicate the direction of price movement [14]

Industry Overview - The health and fitness industry has transformed into a significant market, driven by a cultural shift towards healthier living, with consumers actively seeking better nutrition and structured fitness plans [2] - The global health and wellness market is projected to reach $11 trillion by 2034, growing at a compound annual growth rate (CAGR) of 5.4% from 2025 [4] - Major tech companies like Apple and Amazon are reshaping consumer engagement in wellness through innovative products and services [3] Company Highlights Peloton Interactive - Peloton has developed a connected fitness platform that combines advanced equipment with immersive digital content, creating an interactive fitness experience [7] - The company has shifted its business model to a balanced mix of product and subscription revenues, with subscription services becoming a key driver of recurring income [8] - Peloton continues to innovate and expand its market reach through partnerships and international expansion, positioning itself for long-term growth in the fitness sector [10] Sprouts Farmers Market - Sprouts operates as a health-focused grocery retailer, offering a wide selection of fresh, natural, and organic products, with its private-label brand representing about 24% of total sales [11][12] - The company has embraced digital transformation, with online sales accounting for roughly 15% of total revenues, and has invested in community well-being initiatives [13] - Sprouts has expanded its store locations and created a proprietary distribution network to enhance product freshness and supply chain efficiency [12] SunOpta - SunOpta focuses on plant-based and fruit-based products, catering to the growing demand for health and wellness options [14] - The company has evolved into a high-growth platform centered on scalable, high-margin categories, particularly in oat-based beverages and fruit-based foods [15] - SunOpta integrates sustainability into its product development, enhancing its alignment with health and fitness values [16] The Beachbody Company - Beachbody has built a comprehensive health and fitness ecosystem that combines digital workouts, nutrition, and mindset coaching through its BODi platform [17] - The company has shifted its business model to a direct-to-consumer sales approach, enhancing flexibility in content access and reducing operating expenses [19] - Beachbody is expanding into physical retail and innovating with targeted wellness solutions, aligning with evolving health trends [20]

Core Viewpoint - Carnival, Lyft, and Peloton are identified as undervalued turnaround opportunities despite the S&P 500 being near its all-time high and historically expensive [1][2]. Group 1: Carnival - Carnival, the leading cruise line operator, faced significant challenges during fiscal 2020 and 2021 due to the pandemic, leading to a drastic increase in debt from $11.5 billion in fiscal 2019 to $33.2 billion in fiscal 2021 [4]. - The company has since stabilized, attracting more passengers and achieving over 100% occupancy, returning to profitability in fiscal 2024 with reduced net debt of $27.5 billion [5]. - Analysts project Carnival's revenue and EPS to grow at a CAGR of 5% and 22% from fiscal 2024 to fiscal 2027, with the stock trading at just 13 times next year's earnings, still over 55% below its all-time high from January 2018 [6]. Group 2: Lyft - Lyft, the second-largest ride-sharing provider in the U.S. and Canada, struggled during the pandemic but has rebounded by enhancing competitive rates and expanding its service offerings [7][8]. - In the latest quarter, Lyft reported a 10% year-over-year increase in active riders to 26.1 million and a 14% rise in total rides to 234.8 million, both record highs, yet the stock trades over 80% below its March 2019 peak [9]. - Analysts expect Lyft's revenue and adjusted EBITDA to grow at a CAGR of 12% and 28%, respectively, with GAAP net income projected to grow at a CAGR of 134% from 2024 to 2027, while the stock trades at less than one times this year's adjusted EBITDA [10][11]. Group 3: Peloton - Peloton experienced significant growth during the pandemic but has faced declining sales post-lockdown due to increased competition from cheaper alternatives [12]. - The company is focusing on stabilizing margins and cash flow by expanding subscriptions and reducing costs, leading to improved gross margins despite declining revenue [13]. - Peloton's stock trades over 95% below its January 2021 high, with an enterprise value of $3.3 billion, making it appear cheap at 1.3 times next year's sales, presenting potential for recovery if it can grow its subscriber base [14][15].

Core Viewpoint - Peloton has posted a profit for its fiscal fourth quarter, surprising the market, and is implementing strategies focused on cost reductions and growth [2][3]. Financial Performance - The company reported a net income of $21.6 million for the three-month period ending June 30, compared to a loss of $30.5 million in the previous year, with sales declining by 6% year-on-year to $607 million [4]. - Connected fitness revenue for Q4 was $198.6 million, exceeding projections of $170.3 million, while the gross margin for hardware improved to 17.3%, up 9% from the previous year [10]. Cost Reduction Strategies - Peloton plans to reduce run-rate expenses by an additional $100 million in fiscal 2026, building on the $200 million already cut in fiscal 2025, with half of the reductions coming from indirect costs and the other half from a 6% reduction in staff levels [5][6]. - The company is launching a cost restructuring plan aimed at achieving at least $100 million in savings by the end of FY26 [6]. Store Strategy - Peloton is shifting its focus from larger stores, reducing its portfolio from 37 to 13, and plans to expand its micro-stores from one to ten [4][10]. Debt Management - The company restructured its debt last year, resulting in a net debt decline of $343 million, a 43% drop year-on-year, bringing net debt to $459 million [9]. Future Projections - For the current quarter, Peloton forecasts sales between $525 million and $545 million, which is below analyst expectations of $560 million, but for the full year, projections align with expectations at between $2.4 billion and $2.5 billion [9]. Market Response - Investors reacted positively to the announcements and figures, indicating that the strategy under CEO Peter Stern is beginning to show results, despite the share value being 20% off from the start of the year [7]. Tariff Impact - The new 50% tariffs on aluminum are expected to impact free cash flow by $65 million, prompting the company to adjust promotions and pricing strategies [11]. Global Expansion Plans - Peloton aims to introduce its brand globally through partnerships, focusing on local experiences and leveraging AI for content delivery [12].

Part I [Business](index=8&type=section&id=Item%201.%20Business) Peloton is a global fitness and wellness company integrating premium hardware, innovative software, and extensive instructor-led content for its approximately 6 million members - As of June 30, 2025, Peloton has a highly engaged community of approximately **6 million members** across the United States, United Kingdom, Canada, Germany, Australia, and Austria[23](index=23&type=chunk) - The company's sales strategy is multi-channel, utilizing e-commerce, inside sales, a B2B unit (Peloton for Business), retail showrooms, and third-party retailers like Amazon and Dick's Sporting Goods[35](index=35&type=chunk)[44](index=44&type=chunk) - Manufacturing relies on a mix of third-party partners for new products and vertical integration for refurbished items, with logistics handled through owned and third-party provider (3PL) networks[38](index=38&type=chunk) Intellectual Property Portfolio as of June 30, 2025 | Category | U.S. | Foreign | | :--- | :--- | :--- | | **Issued Patents** | 178 | 477 | | **Pending Patent Applications** | 93 | 91 | | **Registered Trademarks** | 45 | 959 | - As of June 30, 2025, Peloton employed **2,145 individuals** in the United States and **511 internationally**[50](index=50&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks related to its history of losses, subscriber retention, restructuring execution, product safety, and intense market competition - **Business Risks:** The company has a **history of operating losses** and may not achieve or maintain profitability, with success dependent on attracting subscribers and executing restructuring initiatives[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Product & Member Risks:** Product safety issues and defects could lead to recalls, litigation, and reputational harm, as seen with the previous recalls of its Tread+ product and original Bike seat posts[176](index=176&type=chunk)[179](index=179&type=chunk) - **Legal & IP Risks:** The business depends on third-party music licenses, and an adverse change could harm operations; the company is also subject to various legal proceedings[110](index=110&type=chunk)[189](index=189&type=chunk)[216](index=216&type=chunk) - **Cybersecurity & Technology Risks:** The company relies on information technology systems vulnerable to cyber-attacks and faces new risks from its growing use of AI and machine learning technologies[93](index=93&type=chunk)[99](index=99&type=chunk)[137](index=137&type=chunk) - **Financial & Stock Risks:** The **dual-class stock structure concentrates voting control**, limiting public stockholders' influence, and its indebtedness contains restrictive covenants that could impact operations[156](index=156&type=chunk)[251](index=251&type=chunk)[275](index=275&type=chunk) [Unresolved Staff Comments](index=74&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - Not applicable[277](index=277&type=chunk) [Cybersecurity](index=74&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risk through a program guided by the NIST framework, led by an experienced CISO and overseen by the Board's Audit Committee - The company's cybersecurity program is guided by industry standards from the National Institute of Standards and Technology (NIST)[278](index=278&type=chunk) - The Board of Directors and its Audit Committee oversee cybersecurity matters, receiving quarterly presentations from the company's Senior Vice President, Chief Security and Trust Officer (CISO)[284](index=284&type=chunk) - The CISO, who has **over 20 years of experience**, leads the information security team and reports regularly to the Audit Committee, the Board, and the executive team on cybersecurity risks and incidents[284](index=284&type=chunk)[285](index=285&type=chunk) [Properties](index=76&type=section&id=Item%202.%20Properties) Peloton's principal properties include leased corporate headquarters in New York and London, alongside a shrinking portfolio of retail and warehouse facilities - The company's corporate headquarters is in New York City, occupying approximately **336,000 square feet** under a lease expiring in 2035[288](index=288&type=chunk) - Peloton leases retail, warehouse, and production studio facilities in the U.S, Canada, Germany, and the U.K, but is actively reducing its retail showroom footprint as part of restructuring[289](index=289&type=chunk)[290](index=290&type=chunk) - The planned U.S manufacturing facility, Peloton Output Park in Ohio, was sold, with the final land parcel sale completed in September 2024[292](index=292&type=chunk) [Legal Proceedings](index=76&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the ordinary course of business, with details referenced in the financial statement notes - For a detailed discussion of legal proceedings, the company refers to Note 12, Commitments and Contingencies, in the Notes to Consolidated Financial Statements[293](index=293&type=chunk) [Mine Safety Disclosures](index=76&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[294](index=294&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=77&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Peloton's Class A common stock trades on Nasdaq as "PTON", and the company does not anticipate paying cash dividends in the foreseeable future - Class A common stock trades on The Nasdaq Global Select Market under the symbol "PTON"; Class B common stock is not publicly traded[296](index=296&type=chunk)[297](index=297&type=chunk) - The company has **never declared or paid cash dividends** and does not anticipate doing so in the foreseeable future, citing the need to retain earnings for debt repayment and business growth[299](index=299&type=chunk) [[Reserved]](index=79&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=80&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 saw revenue decline 7.8% to $2.49 billion, but cost-cutting measures significantly narrowed the Net Loss and turned Adjusted EBITDA and Free Cash Flow positive FY2025 vs. FY2024 Financial Highlights (in millions) | Metric | FY2025 | FY2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $2,490.8 | $2,700.5 | (7.8)% | | Connected Fitness Products Revenue | $817.1 | $991.7 | (17.6)% | | Subscription Revenue | $1,673.7 | $1,708.7 | (2.1)% | | **Gross Profit** | $1,268.3 | $1,206.5 | 5.1% | | **Loss from Operations** | $(36.2) | $(529.0) | 93.2% | | **Net Loss** | $(118.9) | $(551.9) | 78.5% | Key Operational Metrics (FY2025 vs. FY2024) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Ending Paid Connected Fitness Subscriptions | 2,799,943 | 2,976,265 | | Average Net Monthly Paid Connected Fitness Subscription Churn | 1.6% | 1.4% | | Ending Paid App Subscriptions | 552,451 | 621,432 | Non-GAAP Financial Measures (in millions) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $403.6 | $3.5 | | **Free Cash Flow** | $323.7 | $(85.8) | - The company announced a new restructuring plan in August 2025 (the "2025 Restructuring Plan") intended to achieve at least **$100 million of run-rate savings** by the end of fiscal year 2026[312](index=312&type=chunk)[315](index=315&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=103&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rates on its Term Loan, foreign currency fluctuations, and inflationary pressures on costs - **Interest Rate Risk:** The primary exposure is to short-term interest rate changes on the company's Term Loan, though a hypothetical 10% change is not expected to be material[466](index=466&type=chunk) - **Foreign Currency Risk:** The company faces risk from international sales denominated in foreign currencies and from sourcing/manufacturing costs in currencies like the Taiwanese dollar[467](index=467&type=chunk) - **Inflation Risk:** The company has experienced and may continue to experience inflationary pressures on supply chain, materials, and labor costs, which could adversely impact gross margins[468](index=468&type=chunk) [Financial Statements and Supplementary Data](index=106&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements for fiscal years 2023-2025 and an unqualified opinion from its independent auditor - The independent registered public accounting firm, Ernst & Young LLP, issued an **unqualified opinion** on the consolidated financial statements and the effectiveness of internal controls as of June 30, 2025[474](index=474&type=chunk)[475](index=475&type=chunk)[483](index=483&type=chunk) Consolidated Balance Sheet Highlights (as of June 30, in millions) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,039.5 | $697.6 | | Inventories, net | $205.6 | $329.7 | | **Total Assets** | **$2,125.3** | **$2,185.2** | | Total current liabilities | $803.9 | $685.2 | | Convertible senior notes & Term loan (non-current) | $1,290.5 | $1,490.1 | | **Total Liabilities** | **$2,539.1** | **$2,704.3** | | **Total Stockholders' Deficit** | **$(413.8)** | **$(519.1)** | Consolidated Statement of Operations Highlights (Year Ended June 30, in millions) | Account | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total revenue | $2,490.8 | $2,700.5 | $2,800.2 | | Gross profit | $1,268.3 | $1,206.5 | $923.5 | | Loss from operations | $(36.2) | $(529.0) | $(1,197.1) | | **Net loss** | **$(118.9)** | **$(551.9)** | **$(1,261.7)** | Consolidated Statement of Cash Flows Highlights (Year Ended June 30, in millions) | Account | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $333.0 | $(66.1) | $(387.6) | | Net cash (used in) provided by investing activities | $(5.1) | $26.8 | $(69.9) | | Net cash provided by (used in) financing activities | $1.7 | $(94.4) | $76.8 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=155&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[719](index=719&type=chunk) [Controls and Procedures](index=155&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2025, having remediated prior material weaknesses - Management concluded that **internal control over financial reporting was effective** as of June 30, 2025[722](index=722&type=chunk) - The previously reported material weakness related to **inventory controls has been remediated** as of June 30, 2025, through enhanced procedures and improved oversight[723](index=723&type=chunk)[724](index=724&type=chunk)[725](index=725&type=chunk) - The previously reported material weakness related to the **business process control environment at Precor has also been remediated** as of June 30, 2025[726](index=726&type=chunk)[728](index=728&type=chunk)[729](index=729&type=chunk) [Other Information](index=157&type=section&id=Item%209B.%20Other%20Information) Several executive officers adopted pre-arranged stock trading plans under Rule 10b5-1 for the potential sale of company stock upon vesting of equity awards - CFO Liz Coddington entered into a Rule 10b5-1 trading plan on May 16, 2025, for the potential sale of shares upon vesting of RSUs and PSUs between September 2025 and November 2026[734](index=734&type=chunk) - COO Charlie Kirol entered into a Rule 10b5-1 trading plan on May 29, 2025, for the potential sale of shares upon vesting of RSUs between July 2025 and July 2026[735](index=735&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=157&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[737](index=737&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=158&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information will be incorporated by reference from the company's 2025 proxy statement - Information is incorporated by reference from the registrant's definitive proxy statement for its 2025 Annual Meeting of Stockholders[740](index=740&type=chunk) [Executive Compensation](index=158&type=section&id=Item%2011.%20Executive%20Compensation) Required information will be incorporated by reference from the company's 2025 proxy statement - Information is incorporated by reference from the registrant's definitive proxy statement for its 2025 Annual Meeting of Stockholders[741](index=741&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=158&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information will be incorporated by reference from the company's 2025 proxy statement - Information is incorporated by reference from the registrant's definitive proxy statement for its 2025 Annual Meeting of Stockholders[742](index=742&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=158&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Required information will be incorporated by reference from the company's 2025 proxy statement - Information is incorporated by reference from the registrant's definitive proxy statement for its 2025 Annual Meeting of Stockholders[743](index=743&type=chunk) [Principal Accountant Fees and Services](index=158&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Required information will be incorporated by reference from the company's 2025 proxy statement - Information is incorporated by reference from the registrant's definitive proxy statement for its 2025 Annual Meeting of Stockholders[744](index=744&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=159&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists the documents filed with the report, confirming that financial statements are included in Item 8 and all schedules are omitted - The company's consolidated financial statements are included in Part II, Item 8[746](index=746&type=chunk) - All financial statement schedules have been omitted because they are not required, not applicable, or the information is included elsewhere[747](index=747&type=chunk) [Form 10-K Summary](index=162&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[754](index=754&type=chunk)