MEMPHIS, Tenn.--(BUSINESS WIRE)--Sylvamo (NYSE: SLVM), the world's paper company, is announcing its board of directors appointed John Sims to join the board, effective Jan. 1, 2026. In April, the board appointed Sims to become Sylvamo's new chief executive officer and president, also effective Jan. 1, 2026. Sims previously served as chief operating officer, leading commercial and operational functions, before succeeding Jean-Michel Ribiéras, who will retire as chairman and CEO Dec. 31. The board also appoin ...

Core Viewpoint - Sylvamo Corp. (NYSE:SLVM) is identified as a promising small-cap value stock despite a significant year-to-date decline of 36.68%, with a Buy rating and a price target of $59 set by Bank of America Securities [1]. Group 1: Investment Outlook - Bank of America Securities updated the stock to Buy on November 21, highlighting significant catalysts for Sylvamo, including improved operating rates in North America due to the closure of Riverdale and Chillicothe facilities [2]. - Analyst George Staphos anticipates that North American operating rates could reach 90% by 2026, alongside a potential price increase of $40 per ton for uncoated free sheet paper expected in the second half of 2026 [2]. Group 2: Financial Performance - In the fiscal third quarter of 2025, Sylvamo reported a revenue decrease of 12.33% year-over-year to $846 million, which was $10.34 million above expectations, while the EPS of $1.44 fell short of consensus by $0.03 [3]. - Management indicated that a decrease in price and mix contributed to a $14 million decline during the quarter, primarily due to paper and pulp prices in Europe [3]. Group 3: Future Expectations - The company expects ongoing challenges in Europe to continue into the fourth quarter, but these are anticipated to be mitigated by increasing volumes in Latin America and North America [4]. - Sylvamo Corporation, founded in 1898 and headquartered in Memphis, specializes in the production and sale of uncoated paper and pulp across Europe, Latin America, and North America [4].

Core Viewpoint - Sylvamo Corporation (NYSE:SLVM) is identified as a strong dividend stock with a potential upside of 21% based on average price targets, and a high estimate suggesting a 54% upside [1][2]. Group 1: Analyst Upgrades and Price Targets - Analyst George Staphos at BofA upgraded Sylvamo from Underperform to Buy, raising the price target from $41 to $59 [1]. - The average price target indicates a potential upside of 21%, while the highest target suggests a 54% upside [1][2]. Group 2: Shareholder Rights Plan - On November 10, Sylvamo's board approved a limited-term shareholder rights plan to protect shareholder interests and enhance value [2]. - The rights plan was initiated after Atlas Holdings directed its board representatives to resign, ending a cooperation agreement [3]. - Atlas Holdings currently holds a 21.5% stake in Sylvamo, which includes 16% beneficial ownership and 5.5% through derivatives [3]. Group 3: Rights Plan Details - The rights plan allows for one right per share, effective from November 20, 2025, triggered if someone acquires 15% of shares or 20% for passive investors [4]. - If triggered, existing shareholders can purchase stock at half price, or Sylvamo can exchange rights for shares [4]. - The plan is set to last one year, expiring on November 9, 2026, but can be concluded earlier at the board's discretion [4]. Group 4: Company Overview - Sylvamo Corporation, founded in 1898 and headquartered in Memphis, produces and sells uncoated paper and pulp across Europe, Latin America, and North America [5].

Core Insights - The article discusses the potential resurgence of small-cap dividend stocks, highlighting their current undervaluation and the favorable economic conditions that may support their growth [2][5]. Economic Environment - Small-cap American stocks have been slow-moving, but expectations of interest rate cuts by the Fed could benefit these companies due to reduced borrowing costs [2][3]. - Goldman Sachs reports that American small-cap earnings are showing signs of recovery, with 25% of Russell 2000 members posting growing earnings for at least two consecutive quarters [4]. International Perspective - European small-caps are expected to experience robust growth, with higher market expectations compared to larger companies [5]. - Japanese small and mid-cap companies have outperformed large-caps, supported by solid earnings and strong local demand [5]. Valuation Metrics - US small-cap stocks are currently priced about 26% less than large caps, while international small caps are 8% cheaper, indicating potential undervaluation [5]. Investment Strategy - The article presents a list of the best small-cap dividend stocks to buy, focusing on those with significant hedge fund interest [6][9]. - The methodology for selecting these stocks involves using the Invesco S&P SmallCap High Dividend Low Volatility ETF and focusing on holdings with market caps between $300 million and $2 billion [9]. Company Highlights - **Sylvamo Corporation (NYSE:SLVM)**: - Market Cap: $1.967 billion, Dividend Yield: 3.69%, with a potential upside of 21% to 54% based on price targets [11][12]. - Recently upgraded by BofA, with a rights plan approved to protect shareholder value [12][13][14]. - **SunCoke Energy, Inc. (NYSE:SXC)**: - Market Cap: $575.726 million, Dividend Yield: 7.06%, with a suggested upside of 47% [16]. - Adjusted EBITDA guidance for 2025 raised to between $220 million and $224 million, driven by strong performance in Industrial Services [18]. - Extended a cokemaking deal with Cleveland-Cliffs Inc. for three years, starting January 1, 2026 [19].

Core Insights - The article discusses the investment strategies and achievements of Paul Franke, a seasoned investor with 39 years of trading experience, highlighting his unique stock selection methods and performance metrics [1]. Group 1: Investment Strategies - Paul Franke employs a contrarian stock selection style, utilizing daily algorithm analysis of fundamental and technical data to identify investment opportunities [1]. - His system, named "Victory Formation," focuses on supply/demand imbalances indicated by specific stock price and volume movements [1]. - The "Bottom Fishing Club" articles target deep value candidates or stocks showing significant upward technical momentum reversals [1]. - "Volume Breakout Report" articles analyze positive trend changes supported by strong price and volume trading actions [1]. Group 2: Performance Metrics - Franke was consistently ranked among the top investment advisors nationally during the 1990s, recognized for his macro views on stock markets and commodities [1]. - He achieved the 1 ranking in the Motley Fool® CAPS stock picking contest during parts of 2008 and 2009, competing against over 60,000 portfolios [1]. - As of September 2025, he was ranked in the Top 4% of bloggers by TipRanks® for 12-month stock picking performance based on suggestions made over the last decade [1]. Group 3: Risk Management - Franke advises investors to implement stop-loss levels of 10% or 20% on individual stock choices and to maintain a diversified portfolio of at least 50 well-positioned stocks to enhance regular stock market outperformance [1].

Financial Performance - Third quarter 2025 net income was $57 million ($1.41 per diluted share), down from $95 million ($2.27 per diluted share) in Q3 2024, with net sales decreasing to $846 million from $965 million[90]. - Adjusted EBITDA for Q3 2025 was $151 million, representing an adjusted EBITDA margin of 18%, compared to $193 million and a margin of 20% in Q3 2024[90]. - Free cash flow for Q3 2025 was $33 million, significantly lower than $119 million in Q3 2024, with cash from operations at $87 million compared to $163 million last year[90][116]. - Total net sales for the nine months ended September 30, 2025, were $2,461 million, down from $2,803 million in the same period of 2024[115]. - Operating cash flow for the nine months ended September 30, 2025, was $174 million, down from $305 million for the same period in 2024, primarily due to lower net income and working capital cash flow timing[120]. Segment Performance - North America segment sales decreased by $82 million in Q3 2025, primarily due to a $90 million drop in volumes, partially offset by an $8 million increase in sales price and mix[110]. - Latin America segment sales fell by $19 million in Q3 2025, driven by lower volumes ($14 million) and a decrease in sales price and mix ($7 million)[105]. - Europe segment sales decreased by $10 million in Q3 2025, primarily due to unfavorable sales price and mix, which accounted for a $26 million decline[99]. - Business segment operating profit for North America was $84 million in Q3 2025, down from $98 million in Q3 2024, primarily due to lower volumes and higher input costs[111]. Capital Expenditures and Cash Flow - Total capital spending for the nine months ended September 30, 2025, was $168 million, representing 6.8% of net sales, compared to $157 million in 2024[123][126]. - Maintenance, regulatory, and reforestation capital expenditures for the nine months ended September 30, 2025, were approximately $124 million, or 5.0% of net sales[126]. - Cash used for financing activities for the nine months ended September 30, 2025, included $55 million in dividends and $82 million in share repurchases[124]. - The company expects annual maintenance, regulatory, and reforestation capital expenditures to be between $165 million and $190 million for the next several years[126]. - The company anticipates spending approximately $55 million to $65 million on high-return projects in 2025[126]. Market and Operational Outlook - Planned maintenance outage costs in Q4 2025 are expected to be unfavorable by $18 million due to one planned outage in North America[92]. - For Q4 2025, the company anticipates unfavorable price and mix primarily driven by paper prices in Europe, while volume is expected to be favorable due to Latin America and North America[92]. Accounting and Risk Management - The company has not made any changes to its critical accounting policies during the first nine months of 2025[130]. - There have been no material changes in the company's exposure to market risk since December 31, 2024[134].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $151 million with a margin of 18% for Q3 2025, which was in line with the outlook of $145 to $165 million [4] - Free cash flow was $33 million, and adjusted operating earnings were $1.44 per share [3] - The company returned $60 million in cash to shareholders through dividends and share repurchases [3] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 7% quarter over quarter [3] - Price and mix were unfavorable by $14 million, primarily due to paper and pulp prices in Europe [4] - Volume increased by $14 million, mainly driven by stronger seasonality in Latin America and North America [4] Market Data and Key Metrics Changes - In North America, demand remained stable year over year through September [5] - In Latin America, demand was mixed, with Brazil up 3% year over year, while other Latin American countries saw a 5% decline [5] - European market conditions were challenging, with uncoated freesheet demand down 5% year over year [5] Company Strategy and Development Direction - The company is focused on uncoated freesheet paper, viewing it as the largest and most resilient segment in the graphic paper space [15] - Strategic initiatives are being implemented to improve operational efficiency and reduce costs across all regions [12] - The company plans to build inventory to bridge the gap until additional capacity from Eastover investments is completed [9] Management's Comments on Operating Environment and Future Outlook - Management expects fourth quarter adjusted EBITDA to be between $115 million and $130 million, with price and mix projected to be unfavorable by $20 to $25 million [6][7] - The company is navigating cyclical industry conditions and is focused on operational excellence to improve margins and strengthen competitive position [11] - There is uncertainty due to US tariffs, but inventory levels are expected to normalize, potentially leading to a more stable pricing environment in 2026 [6][23] Other Important Information - The company recently had an appraisal of its forest lands in Brazil, valued at almost 5 billion Brazilian reais, which is seen as a significant part of its intrinsic value [10] - Two directors resigned from the board as part of a cooperation agreement with Atlas Holdings, which will terminate with their resignation [16] Q&A Session Summary Question: Regarding North America, can we expect a more stable or improved pricing environment as we move into 2026? - Management expects inventory to normalize, which should improve operating rates and strengthen pricing going into next year [22][23] Question: How far along are we in the process of inventories being consumed? - Management indicated that inventory levels are approaching normal levels currently [27] Question: How much inventory is the company intending to build to bridge to the incremental capacity at Eastover? - The company plans to build about 60,000 tons of inventory, primarily in the first half of the year, to be consumed throughout the year [29]

Financial Performance - Sylvamo's Adjusted EBITDA for Q3 2025 was $151 million, compared to $82 million in Q2 2025 and $193 million in Q3 2024[13] - The Adjusted EBITDA margin for Q3 2025 was 18%, up from 10% in Q2 2025 but down from 20% in Q3 2024[13] - Adjusted Operating Earnings per Share for Q3 2025 was $1.44, compared to $0.37 in Q2 2025 and $2.44 in Q3 2024[13] - Free Cash Flow for Q3 2025 was $33 million, a significant increase from -$2 million in Q2 2025 but lower than $119 million in Q3 2024[13] Market Conditions and Outlook - Uncoated freesheet sales volume increased 7% quarter-over-quarter[12] - Demand in Europe (excluding CIS) was down 5% year-over-year, while supply was down 7% year-over-year[16] - Brazil demand was up 3% year-over-year, while Other Latin America (OLA) demand was down 5%[16] - North America demand was stable year-over-year, with supply recently reduced by approximately 6%[16] Strategic Initiatives - Sylvamo expects to receive approximately 260,000 tons of uncoated freesheet from Riverdale in 2025 and approximately 100,000 tons in 2026[19] - Sylvamo's forestlands in Brazil were appraised at approximately BRL 5 billion in October 2025[20] - The company returned $60 million to shareowners in the quarter[12]

Financial Performance - Sylvamo reported a 7% sales volume growth quarter-over-quarter in Q3 2025, with net sales reaching $846 million compared to $794 million in Q2 2025[6][21]. - Year-to-date net income for 2025 was $57 million, or $1.41 per diluted share, with adjusted EBITDA of $151 million, reflecting an 18% margin[6][21]. - Net sales for the three months ended September 30, 2025, were $846 million, a decrease of 12.3% compared to $965 million for the same period in 2024[35]. - Net income for the three months ended September 30, 2025, was $57 million, down 40% from $95 million in the same period last year[35]. - Adjusted EBITDA for the three months ended September 30, 2025, was $151 million, representing an adjusted EBITDA margin of 18%[52]. - Operating profit for North America segment was $84 million for the three months ended September 30, 2025, compared to $98 million in the same period of 2024[47]. - Latin America segment reported net sales of $228 million for the three months ended September 30, 2025, down from $247 million in the same period last year[46]. - Adjusted EBITDA for North America was $101 million for the three months ended September 30, 2025, down from $113 million in the same period of 2024, reflecting a decrease of 10.6%[53]. - Total Business Segment Net Sales decreased to $862 million for the three months ended September 30, 2025, compared to $973 million in the same period of 2024, a decline of 11.4%[53]. - Adjusted EBITDA Margin for Europe was negative 6% for the three months ended September 30, 2025, compared to a positive 6% in the same period of 2024[53]. - Net income for the nine months ended September 30, 2025, was $99 million, a decrease of 55% from $221 million in the same period of 2024[57]. Shareholder Returns - The company returned a total of $60 million to shareholders in Q3 2025, consisting of $42 million in share repurchases and $18 million in dividends[3][6]. - The company has authorized a new $150 million share repurchase program, emphasizing its commitment to disciplined capital allocation[8]. Cost and Expense Management - The company is focused on strategic initiatives to improve margins and reduce costs, including optimizing product and customer mix in response to changing market conditions[10][12]. - Total costs and expenses for the three months ended September 30, 2025, were $758 million, compared to $833 million for the same period in 2024[35]. - The company incurred a net special items expense of $1 million for the three months ended September 30, 2025[44]. Tax and Income Provisions - The effective tax rate for Q3 2025 was reported at 35%, an increase from 25% in Q2 2025, attributed to the mix of earnings across regions[26]. - Income tax provision for the three months ended September 30, 2025, was $31 million, compared to $37 million for the same period in 2024[52]. Cash Flow and Assets - Cash provided by operating activities for the nine months ended September 30, 2025, was $174 million, down from $305 million in the same period of 2024, a decrease of 43%[57]. - Free Cash Flow for the nine months ended September 30, 2025, was $6 million, significantly lower than $148 million in the same period of 2024[59]. - Cash and temporary investments decreased to $94 million as of September 30, 2025, from $205 million at the beginning of the period, a decline of 54%[56]. - Total assets increased to $2,703 million as of September 30, 2025, compared to $2,604 million as of December 31, 2024, an increase of 3.8%[55]. - The company reported a total equity of $977 million as of September 30, 2025, up from $847 million as of December 31, 2024, an increase of 15.4%[55]. Market Outlook - The fourth quarter outlook projects a decrease in price and mix by $20 million to $25 million, while volume is expected to improve by $15 million to $20 million[6]. - In Europe, uncoated freesheet demand decreased by 5% year-over-year through September, while supply fell by 7%, indicating challenging industry conditions[13]. Future Projections - The company plans to achieve an Adjusted EBITDA of $115 to $130 million for the fourth quarter of 2025[62].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and 2024, detailing operations, balance sheets, and cash flows, with a focus on the significant year-over-year decrease in net income and operating cash flow driven by lower net sales [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income significantly declined in Q2 2025 to **$15 million** from **$83 million** year-over-year, primarily due to reduced net sales from **$933 million** to **$794 million** Consolidated Statements of Operations Highlights (in millions, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $794 | $933 | $1,615 | $1,838 | | **Income Before Income Taxes** | $20 | $113 | $53 | $173 | | **Net Income** | $15 | $83 | $42 | $126 | | **Diluted EPS** | $0.37 | $1.98 | $1.02 | $3.00 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to **$2,668 million** as of June 30, 2025, driven by growth in total equity to **$959 million**, despite a decrease in cash and temporary investments to **$113 million** Balance Sheet Summary (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and temporary investments** | $113 | $205 | | **Total Current Assets** | $977 | $1,063 | | **Total Assets** | $2,668 | $2,604 | | **Total Current Liabilities** | $635 | $682 | | **Long-Term Debt** | $767 | $782 | | **Total Liabilities** | $1,709 | $1,757 | | **Total Equity** | $959 | $847 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow for H1 2025 significantly decreased to **$87 million** from **$142 million** year-over-year, primarily due to lower net income, while investment and financing activities remained stable or decreased Cash Flow Summary - Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Cash Provided by Operating Activities** | $87 | $142 | | **Cash Used for Investment Activities** | $(114) | $(113) | | **Cash Used for Financing Activities** | $(76) | $(95) | | **Change in Cash** | $(92) | $(75) | | **Cash at End of Period** | $113 | $205 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes disclose accounting policies, revenue recognition, debt, and contingent liabilities, highlighting decreased net sales across all geographic segments and an ongoing significant tax dispute in Brazil External Net Sales by Business Segment - Six Months Ended June 30 (in millions) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Europe | $371 | $412 | | Latin America | $387 | $443 | | North America | $857 | $983 | | **Total** | **$1,615** | **$1,838** | - The company is involved in a long-standing tax dispute in Brazil regarding the deductibility of goodwill amortization from a 2007 acquisition. As of June 30, 2025, assessments totaled approximately **$108 million** in tax and **$278 million** in interest, penalties, and fees. Under an agreement, Sylvamo is responsible for **40%** of any assessment up to **$300 million**[49](index=49&type=chunk)[50](index=50&type=chunk) - Total long-term debt decreased slightly to **$767 million** as of June 30, 2025, from **$782 million** at year-end 2024. The company was in compliance with all debt covenants as of the reporting date[59](index=59&type=chunk)[70](index=70&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20(MD%26A)) Management discusses the significant Q2 2025 financial decline due to lower volumes, unfavorable European pricing, and higher maintenance costs, while Q3 anticipates continued price pressure but improved volume and reduced maintenance expenses, maintaining strong liquidity Q2 2025 vs Q2 2024 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net Income** | $15 | $83 | | **Net Sales** | $794 | $933 | | **Adjusted EBITDA** | $82 | $164 | | **Free Cash Flow** | $(2) | $62 | - The decline in Q2 2025 earnings was attributed to decreased volume (primarily in North America), unfavorable price/mix in Europe, and significantly higher planned maintenance outage costs[90](index=90&type=chunk) - Q3 2025 Outlook: Management expects unfavorable price/mix, favorable volume from seasonality, stable input costs, and a **$66 million** improvement from having no planned maintenance outages[91](index=91&type=chunk) [Business Segment Results](index=21&type=section&id=Business%20Segment%20Results) All three business segments saw operating profit decline in Q2 2025, with Europe reporting a **$38 million** loss due to lower prices and higher maintenance, while Latin America and North America profits decreased due to lower volumes Business Segment Operating Profit (Loss) - Three Months Ended June 30 (in millions) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Europe | $(38) | $8 | | Latin America | $2 | $37 | | North America | $66 | $77 | | **Total** | **$30** | **$122** | - Europe's performance was negatively impacted by lower sales price/mix (**$16 million**) and higher planned maintenance outages (**$28 million**)[101](index=101&type=chunk) - North America's sales decrease of **$74 million** was primarily due to a **$78 million** decrease in volumes[110](index=110&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Operating cash flow for H1 2025 decreased to **$87 million** due to lower net income, while capital spending remained consistent at **$114 million**, and **$36 million** in dividends and **$40 million** in share repurchases were executed - The decrease in operating cash flow in H1 2025 compared to H1 2024 was primarily due to lower net income, partially offset by changes in working capital[120](index=120&type=chunk) - Capital spending for H1 2025 totaled **$114 million**, with the largest portion (**$62 million**) allocated to the Latin America segment[123](index=123&type=chunk) - Financing activities in H1 2025 included paying **$36 million** in dividends and repurchasing **$40 million** of common stock[124](index=124&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure have occurred since December 31, 2024, with detailed disclosures referenced from the 2024 Form 10-K - There have been no material changes in the Company's exposure to market risk since December 31, 2024[134](index=134&type=chunk) [Controls and Procedures](index=28&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q2 2025 - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[135](index=135&type=chunk) - No changes occurred in the company's internal control over financial reporting during Q2 2025 that have materially affected, or are reasonably likely to materially affect, its internal controls[136](index=136&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any legal proceedings expected to materially adversely affect its financial condition, referencing tax and contingent liability disclosures from financial statement notes - The company is not involved in any legal proceedings that it believes will result in a material adverse effect on its financial condition or results of operations[138](index=138&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2024 Form 10-K, except for an expanded discussion on significant risks from global economic, civil, and political conditions, including military conflicts and trade protection measures - The company's operations and performance are significantly dependent on global and regional economic, civil, and political conditions and stable trade relations[141](index=141&type=chunk) - Ongoing military conflicts, such as the war in Ukraine and conflicts in the Middle East, could have a material adverse effect, particularly on European operations, through transportation, energy, and supply chain disruptions[142](index=142&type=chunk) - The imposition of tariffs and other trade protection measures could disrupt cross-border flows of materials and products, increase costs, and negatively impact results[146](index=146&type=chunk) [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](index=30&type=section&id=Item%202.%20Purchases%20of%20Equity%20Securities%20by%20the%20Issuer%20and%20Affiliated%20Purchasers) The company repurchased **362,824** shares in Q2 2025, with **$42 million** remaining available under the **$300 million** authorized share repurchase program as of June 30, 2025 Share Repurchases in Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 674 | $67.07 | | May 2025 | 344,311 | $55.48 | | June 2025 | 17,839 | $53.82 | | **Total** | **362,824** | - | - As of June 30, 2025, **$42 million** remains available for repurchases under the **$300 million** share repurchase program. The company repurchased **$40 million** of shares during the first six months of 2025[150](index=150&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and certifications by principal executive and financial officers as required by Sarbanes-Oxley Act - The report includes certifications from the principal executive officer and principal financial officer pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002[151](index=151&type=chunk)