Core Insights - Sensata Technologies Holdings Inc. has demonstrated steady business performance despite market challenges [1] Company Performance - The company released its Q2 2025 results two months ago, highlighting resilience in its operations [1] Analyst Background - The analysis is conducted by a financial analyst with a background in petroleum and gas engineering, focusing on tech, infrastructure, and internet services [1]

Core Viewpoint - Value investing remains a preferred strategy for identifying strong stocks, utilizing fundamental analysis and traditional valuation metrics to find undervalued stocks in the market [2] Company Summary: Sensata Technologies Holding (ST) - Sensata Technologies Holding (ST) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4] - The stock is currently trading at a P/E ratio of 9.44, significantly lower than the industry average of 18.98 [4] - ST's Forward P/E has fluctuated between 5.38 and 10.18 over the past year, with a median of 8.77 [4] - The company has a PEG ratio of 1.23, compared to the industry average of 2.26, indicating better value relative to expected earnings growth [5] - ST's PEG ratio has ranged from 0.72 to 1.37 in the past year, with a median of 1.13 [5] - The P/B ratio for ST is 1.67, which is attractive compared to the industry average of 3.85 [6] - Over the last 12 months, ST's P/B ratio has varied from 0.91 to 1.93, with a median of 1.50 [6] - The P/S ratio for ST is 1.3, significantly lower than the industry average of 2.7, suggesting strong sales performance relative to its price [7] - ST's P/CF ratio stands at 8.80, well below the industry average of 20.04, indicating potential undervaluation based on cash flow strength [8] - The P/CF ratio has ranged from 4.54 to 9.26 over the past year, with a median of 7.12 [8] - Overall, these metrics suggest that ST is likely undervalued, making it an impressive value stock at the moment [9]

Core Viewpoint - Sensata Technologies Holding (ST) is currently identified as a strong value stock, supported by its favorable valuation metrics and earnings outlook [4][9]. Valuation Metrics - ST holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4][3]. - The stock has a P/E ratio of 8.41, significantly lower than the industry average of 17.92 [4]. - ST's PEG ratio is 1.10, compared to the industry average of 2.18, suggesting it is undervalued relative to its expected earnings growth [5]. - The P/B ratio for ST is 1.49, which is attractive compared to the industry average of 3.69 [6]. - ST's P/S ratio stands at 1.15, while the industry average is 2.56, further indicating potential undervaluation [7]. - The P/CF ratio for ST is 7.81, significantly lower than the industry average of 18.46, highlighting its strong cash flow outlook [8]. Investment Outlook - The combination of these valuation metrics suggests that Sensata Technologies Holding is likely being undervalued in the current market [9].

Core Viewpoint - Sensata Technologies (ST) has experienced a bearish trend recently, losing 8.4% in the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in a downtrend, characterized by a small candle body and a long lower wick, suggesting that bears may be losing control [4][5]. - This pattern signals that after reaching a new low, buying interest emerges, pushing the stock price up towards its opening price, indicating a possible trend reversal [5]. Fundamental Analysis - There is rising optimism among Wall Street analysts regarding ST's future earnings, with a 3% increase in the consensus EPS estimate over the last 30 days, indicating improved earnings potential [2][8]. - The upward trend in earnings estimate revisions is a bullish indicator, as empirical research shows a strong correlation between these revisions and near-term stock price movements [7]. Zacks Rank - ST currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]. - The Zacks Rank serves as a timing indicator, suggesting that the company's prospects are beginning to improve, further supporting the likelihood of a trend reversal [10].

Core Insights - Sensata Technologies Holding plc (ST) reported Q2 2025 adjusted EPS of 87 cents, down from 92 cents year-over-year, but exceeded the Zacks Consensus Estimate by 3.6% [1][9] - Revenues for the quarter were $943.4 million, an 8.9% decline from the previous year, attributed to divestitures and product lifecycle optimization, yet surpassed management's expectations and consensus estimates [2][9] Financial Performance - Performance Sensing revenues, accounting for 69.1% of total revenues, decreased 9.9% year-over-year to $652.2 million, impacted by divested products and reduced truck production [5] - Sensing Solutions revenues, making up 30.9% of total revenues, increased 8.6% year-over-year to $291.2 million, marking the second consecutive quarter of growth [6] - Adjusted operating income for the quarter was $179.1 million, down from $196.7 million year-over-year, with an adjusted operating margin expanding by 20 basis points to 19% [7] Cash Flow and Shareholder Returns - The company generated $140.9 million in net cash from operating activities, slightly down from $143.5 million in the prior year, with free cash flow increasing to $115.5 million from $98.4 million [10] - Sensata returned approximately $37.7 million to shareholders, including $20.1 million in share repurchases and $17.6 million in dividends, and declared a third-quarter dividend of 12 cents per share [11] Future Outlook - For Q3 2025, Sensata projects revenues between $900-$930 million, indicating a sequential decline of 5% to 1%, and adjusted operating income expected to be $171-$179 million [12] - Adjusted EPS is estimated to be between 81-87 cents, suggesting a potential decrease of up to 7% sequentially [13]

Core Insights - Sensata reported revenue of $943.38 million for the quarter ended June 2025, reflecting a year-over-year decline of 8.9% and an EPS of $0.87 compared to $0.93 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $933.26 million by 1.09%, while the EPS surpassed the consensus estimate of $0.84 by 3.57% [1] Revenue Breakdown - Net Revenue from Sensing Solutions was $291.16 million, exceeding the four-analyst average estimate of $276.84 million, with a year-over-year increase of 8.6% [4] - Net Revenue from Performance Sensing was $652.23 million, slightly below the four-analyst average estimate of $656.62 million, showing a year-over-year decline of 9.9% [4] Operating Income - Operating income for Sensing Solutions was reported at $88.04 million, surpassing the three-analyst average estimate of $83.93 million [4] - Operating income for Performance Sensing was $146.88 million, also exceeding the three-analyst average estimate of $144.84 million [4] Stock Performance - Sensata's shares have returned +9.4% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Sensata reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.84 per share, but down from $0.93 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +3.57%, and the company had a previous surprise of +8.33% with earnings of $0.78 per share against an expectation of $0.72 per share [2] - Sensata's revenues for the quarter were $943.38 million, surpassing the Zacks Consensus Estimate by 1.09%, compared to $1.04 billion in the same quarter last year [3] - Over the last four quarters, Sensata has exceeded consensus EPS estimates two times and revenue estimates three times [2][3] Stock Performance - Sensata shares have increased approximately 20.2% since the beginning of the year, outperforming the S&P 500's gain of 8.6% [4] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.82 on revenues of $903.87 million, and for the current fiscal year, it is $3.26 on revenues of $3.65 billion [8] - The Instruments - Control industry, to which Sensata belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable outlook for the stock [9]

Financial Data and Key Metrics Changes - The company reported revenue of approximately $943 million for Q2 2025, a decrease from $1,036 million in Q2 2024, primarily due to divestitures, but showed a sequential growth of $32 million from Q1 2025 [26][30] - Adjusted operating income was approximately $179 million, with a margin of 19%, which included $12 million of zero-margin pass-through revenues related to tariff recovery [26][27] - Adjusted earnings per share were $0.87, reflecting a sequential increase of $0.09 but a decrease of $0.05 compared to the previous year due to divestitures [28] - Free cash flow reached $116 million, representing a conversion rate of 91% of adjusted net income, an increase of 17 percentage points year over year [28][29] Business Line Data and Key Metrics Changes - Performance Sensing revenue was approximately $652 million, a decrease of about 10% year over year, primarily due to product divestitures and lower on-road truck production [30] - Sensing Solutions revenue was approximately $291 million, an increase of about 9% year over year, driven by new content in the industrials business and market outgrowth in aerospace [30][31] - Adjusted operating income for Performance Sensing was approximately $147 million, with a margin of 22.5%, while Sensing Solutions had an adjusted operating income of approximately $88 million, with a margin of 30.2% [30][31] Market Data and Key Metrics Changes - The automotive market saw double-digit growth in China in the first half of 2025, while North America and Europe experienced market weakness [32] - The heavy vehicle and off-road business saw a decline, with on-road truck production down more than 20% in the first half of 2025 across North America and Europe [32][33] - The industrials business grew over 9% in Q2 2025, and aerospace revenue grew over 5% against a market that grew roughly 3% [22][31] Company Strategy and Development Direction - The company is focusing on three key pillars: improving operational performance, optimizing capital allocation, and returning to growth [9][39] - Capital allocation strategies include share repurchases and maintaining a strong balance sheet, with a net leverage ratio reduced from 3.1x to 3.0x [11][12] - The company aims to leverage core product technologies and prioritize platform-driven applications with high switching costs [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted resilience in the business despite challenges such as volatile end markets and geopolitical uncertainty [9] - The company expects to continue prioritizing deleveraging and maintaining operational excellence to support growth [12][39] - Management expressed confidence in returning to consistent growth, particularly in the Chinese market, driven by new energy vehicles [19][65] Other Important Information - The company successfully mitigated tariff costs in Q2 2025, recovering all costs compared to approximately 95% in the previous quarter [21] - The cybersecurity incident disclosed in April did not have a significant financial impact, and the business has fully recovered [38] Q&A Session Summary Question: EBIT margins and drivers of margin improvement - Management highlighted operational productivity as the primary driver for margin improvement, with a focus on operational excellence initiatives [46][50] Question: Product rationalization and backlog recoverability - Management indicated that significant SKU reduction has been completed, but the process is ongoing to ensure alignment with current market needs [59][61] Question: Updates on China positioning - The company noted a shift towards local OEMs in China, with 90% of new business wins coming from top local players, indicating a strong growth opportunity [64][66] Question: Demand pull forward in autos - Management clarified that there was no significant pull forward of demand in Q2, with normal business conditions prevailing [68] Question: Free cash flow and CapEx outlook - Management aims for a cash conversion rate of 80% or more, with expectations for an uptick in CapEx in the second half of the year [84][86] Question: Deleveraging strategy - The focus will be on accumulating cash on the balance sheet in the short term, with plans to address gross debt in the future [90][91] Question: Competitive landscape in China - Management acknowledged the competitive nature of the Chinese market, emphasizing cost focus and technical differentiation as key strategies [95][96]

Financial Data and Key Metrics Changes - The company reported revenue of approximately $943 million for Q2 2025, a decrease from $1,036 million in Q2 2024, primarily due to divestitures, but showed a sequential growth of $32 million from Q1 2025 [23] - Adjusted operating income was approximately $179 million, representing a margin of 19%, with adjusted operating margins improving by 70 basis points sequentially from 18.3% in Q1 2025 [23][24] - Adjusted earnings per share were $0.87, an increase of $0.09 sequentially from Q1 2025, but a decrease of $0.05 compared to Q2 2024 due to divestitures [24] - Free cash flow reached $116 million, a 17% increase year over year, with a cash conversion rate of 91%, up 17 percentage points from Q1 2025 [24] Business Line Data and Key Metrics Changes - Performance Sensing revenue was approximately $652 million, a decrease of about 10% year over year, primarily due to product divestitures and lower on-road truck production [26] - Sensing Solutions revenue was approximately $291 million, an increase of about 9% year over year, driven by new content in the industrials business and market outgrowth in aerospace [26][27] - Performance Sensing adjusted operating income was approximately $147 million, or 22.5% of revenue, while Sensing Solutions adjusted operating income was approximately $88 million, or 30.2% of revenue [26][27] Market Data and Key Metrics Changes - Automotive production estimates have been volatile, with double-digit market growth in China in the first half of 2025, partially offset by market weakness in North America and Europe [28] - The heavy vehicle and off-road business has seen softness, with on-road truck production down more than 20% in the first half of 2025 across North America and Europe [28] - The industrials business grew over 9% in Q2 2025, while aerospace saw over 5% revenue growth against a market that grew roughly 3% [20] Company Strategy and Development Direction - The company is focusing on three key pillars: improving operational performance, optimizing capital allocation, and returning to growth [7][10] - Capital allocation strategy includes share repurchases and dividends, with $100 million repurchased in Q1 2025 and $20 million in Q2 2025 [9][25] - The company aims to leverage core product technologies and prioritize platform-driven applications with high switching costs [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted resilience in the business despite challenges such as volatile end markets and geopolitical uncertainty [7] - The company has successfully mitigated tariff costs and is seeing a mix of volatility, resilience, and growth in end markets [18] - Future growth is expected to be driven by new business wins in China, particularly in the new energy vehicle market [15][16] Other Important Information - The company experienced a cybersecurity incident in April 2025, but has fully recovered without significant disruption to customers [32] - The company plans to maintain a focus on deleveraging, reducing net leverage from 3.1x to 3.0x trailing twelve months adjusted EBITDA [10][25] Q&A Session Summary Question: What is driving EBIT margin improvement? - Management indicated that operational productivity is the primary driver for margin expansion, with a focus on operational excellence initiatives [41][45] Question: How does market mix affect EBIT margins? - Management acknowledged that mix matters, with automotive being the lowest margin business and aerospace the highest, but they expect to offset any mix headwinds with growth in industrial [48][49] Question: What is the status of product rationalization and backlog scrubbing? - Management stated that significant SKU reduction has been done, but it is a continuous process [54][56] Question: What is the company's positioning in China? - The company noted a shift towards local OEMs, with 90% of new business wins in 2025 coming from top local OEMs and leading new energy vehicle players [60][61] Question: Is there any pull forward of demand in autos for Q2? - Management clarified that there was no pull forward of demand, and Q2 was considered normal in terms of order book correlation to production [62][64] Question: What are the expectations for CapEx and free cash flow? - Management indicated that they aim for a cash conversion rate of 80% or more, with CapEx expected to increase in the second half of the year [77][78]

PART I FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Sensata Technologies Holding PLC's unaudited condensed consolidated financial statements for Q2 and YTD June 30, 2025, encompassing balance sheets, operations, cash flows, and related notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$7.27 billion** as of June 30, 2025, from **$7.14 billion** at year-end 2024, driven by higher cash and receivables, while liabilities also rose to **$4.39 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $2,240,020 | $2,027,239 | | Goodwill | $3,383,845 | $3,383,800 | | **Total assets** | **$7,270,072** | **$7,143,264** | | Total current liabilities | $827,112 | $711,358 | | Long-term debt, net | $3,178,457 | $3,176,098 | | **Total liabilities** | **$4,389,861** | **$4,252,821** | | **Total shareholders' equity** | **$2,880,211** | **$2,890,443** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net revenue decreased to **$943.4 million** from **$1,035.5 million** year-over-year, yet operating income increased to **$138.1 million**, while net income declined to **$60.7 million** Statement of Operations Summary (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $943,384 | $1,035,535 | $1,854,639 | $2,042,244 | | Operating income | $138,062 | $129,947 | $260,258 | $274,739 | | Net income | $60,668 | $71,703 | $130,587 | $147,724 | | Diluted net income per share | $0.41 | $0.47 | $0.88 | $0.98 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for the six months ended June 30, 2025, increased to **$260.1 million**, while investing activities used **$33.6 million**, and financing activities resulted in a **$160.8 million** outflow Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $260,103 | $249,943 | | Net cash used in investing activities | ($33,606) | ($85,194) | | Net cash (used in)/provided by financing activities | ($160,776) | $365,090 | | **Net change in cash and cash equivalents** | **$68,107** | **$524,948** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, revenue disaggregation, restructuring plans, debt structure, shareholder equity movements, segment performance, and recent business disposals - The company operates two reportable segments: Performance Sensing (PS) and Sensing Solutions (SS), with segment operating income definition realigned in Q1 2025 to include 'megatrend' costs[23](index=23&type=chunk) Net Revenue by End Market for the Six Months Ended June 30 (in thousands) | End Market | 2025 | 2024 | | :--- | :--- | :--- | | Automotive | $1,058,744 | $1,138,579 | | HVOR | $318,548 | $377,845 | | Industrial | $300,385 | $275,890 | | HVAC | $81,884 | $79,311 | | Aerospace | $95,078 | $91,524 | | Other | $0 | $79,095 | | **Total** | **$1,854,639** | **$2,042,244** | - The company is executing two main restructuring plans: the '2H 2024 Plan' with expected charges of **$15.5-$16.5 million**, and the 'Q3 2023 Plan' with expected charges of **$26.7-$27.6 million**, involving reductions-in-force and site closures[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - In the first six months of 2025, the company repurchased **4.2 million** ordinary shares for **$120.6 million** and paid cash dividends of **$35.5 million**[53](index=53&type=chunk)[55](index=55&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2025 financial results, highlighting an 8.9% Q2 revenue decline, partially offset by Sensing Solutions growth, and an increase in operating income due to cost savings [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 2025 net revenue declined 8.9% to **$943.4 million** due to divestitures and Performance Sensing weakness, while operating income rose to **$138.1 million** from **$129.9 million** Q2 2025 vs Q2 2024 Revenue Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $943.4M | $1,035.5M | -8.9% | | Organic Revenue Change | - | - | -1.5% | | Performance Sensing Revenue | $652.2M | $723.9M | -9.9% | | Sensing Solutions Revenue | $291.2M | $268.1M | +8.6% | - The increase in Q2 operating income was primarily driven by a decrease in product line management charges, a **$17.9 million** decrease in amortization of intangibles, and cost savings from restructuring plans[114](index=114&type=chunk) - Amortization of intangible assets decreased significantly in Q2 and YTD 2025, mainly due to the divestiture of the Insights Business, which lowered amortization expense by **$9.8 million** and **$19.7 million**, respectively[111](index=111&type=chunk) [Non-GAAP Financial Measures](index=26&type=section&id=Non-GAAP%20Financial%20Measures) This section details non-GAAP measures, showing Q2 2025 adjusted operating income at **$179.1 million** (19.0% margin) and adjusted diluted EPS at **$0.87** Reconciliation of GAAP to Non-GAAP Results (Q2 2025 vs Q2 2024, in millions, except per share) | (in millions, except per share) | Q2 2025 (GAAP) | Q2 2025 (Adjusted) | Q2 2024 (GAAP) | Q2 2024 (Adjusted) | | :--- | :--- | :--- | :--- | :--- | | Operating Income | $138.1 | $179.1 | $129.9 | $196.7 | | Operating Margin | 14.6% | 19.0% | 12.5% | 19.0% | | Net Income | $60.7 | $127.3 | $71.7 | $139.3 | | Diluted EPS | $0.41 | $0.87 | $0.47 | $0.92 | - Free cash flow for the first six months of 2025 was **$202.1 million**, an increase from **$162.7 million** in the same period of 2024[146](index=146&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$661.8 million** in cash and **$745.8 million** available under its revolving credit facility, with gross indebtedness at **$3.2 billion** - As of June 30, 2025, the company had **$661.8 million** in cash and cash equivalents and **$745.8 million** available under its Revolving Credit Facility[97](index=97&type=chunk)[159](index=159&type=chunk) Leverage Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total gross indebtedness | $3,222.1M | $3,223.4M | | Adjusted EBITDA (LTM) | $840.3M | $882.8M | | **Gross leverage ratio** | **3.8x** | **3.7x** | | Net debt | $2,560.3M | $2,629.7M | | **Net leverage ratio** | **3.0x** | **3.0x** | - Under the September 2023 share repurchase program, **$282.4 million** remained available as of June 30, 2025[164](index=164&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes to market risk exposures have occurred since the end of fiscal year 2024, with further details available in the 2024 Annual Report on Form 10-K - No significant changes to market risk have occurred since December 31, 2024[167](index=167&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to previously identified material weaknesses, with remediation efforts underway - The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses identified as of December 31, 2024[170](index=170&type=chunk) - The material weaknesses relate to an inappropriate internal control environment, unclear objectives for risk assessment, and inadequate control activities, partly due to a lack of appropriate accounting personnel in Mexico[170](index=170&type=chunk) - Remediation efforts include hiring additional personnel (including a new Chief Accounting Officer in May 2024), formalizing a risk assessment process, implementing a new global account reconciliation system, and enhancing inventory count procedures[176](index=176&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal claims, but their outcomes are not expected to materially adversely affect financial condition or results - The company does not expect the outcome of ordinary course legal proceedings to have a material adverse effect on its results of operations, financial condition, or cash flows[177](index=177&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K have occurred - No material changes to the risk factors disclosed in the 2024 Annual Report have occurred[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **843,026** shares at a weighted average price of **$27.94**, with **$282.4 million** remaining for future repurchases Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Weighted Average Price Paid per Share | Shares Purchased Under Program | Value Remaining in Program | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 135,637 | $24.23 | — | $302.5M | | May 2025 | 246 | $21.37 | — | $302.5M | | June 2025 | 707,143 | $28.65 | 701,232 | $282.4M | | **Quarter total** | **843,026** | **$27.94** | **701,232** | **$282.4M** | [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) An executive officer entered into a Rule 10b5-1 trading plan on June 9, 2025, for the potential sale of up to **28,688** ordinary shares - An executive officer entered into a Rule 10b5-1 trading plan on June 9, 2025, for the potential sale of up to **28,688** ordinary shares, with the earliest possible sale date being September 8, 2025[181](index=181&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL data files - Exhibits filed with the report include CEO, CFO, and CAO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[183](index=183&type=chunk)