Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (☒) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR (☐) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 1-8022 CSX CORPORATION Indicate by a check mark whether the registrant is a shell company (as defin ...

Financial Performance - CSX Corp. reported first quarter 2025 operating income of $1.04 billion, a decrease of 22% from $1.34 billion in the prior year period[2]. - Net income for the quarter was $646 million, or $0.34 per diluted share, down 27% from $880 million, or $0.45 per diluted share, in the same period last year[2][14]. - Total revenue for the quarter was $3.42 billion, representing a 7% decline year-over-year from $3.68 billion[2][14]. - Total revenue decreased by 7% in Q1 2025 compared to Q1 2024, primarily due to declines in coal revenue and merchandise volume[28]. - Operating income for Q1 2025 was $1,041 million, down 22.1% from $1,337 million in Q1 2024[63]. - Gross cash earnings decreased to $1,269 million in Q1 2025 from $1,509 million in Q1 2024, reflecting a decline of 17.9%[63]. - Economic profit (non-GAAP) fell to $320 million in Q1 2025, a decrease of 46% compared to $594 million in Q1 2024[63]. - Free cash flow before dividends remained stable at $559 million in Q1 2025, slightly down from $560 million in Q1 2024[68]. - Net cash provided by operating activities increased to $1,255 million in Q1 2025, up 17.7% from $1,066 million in Q1 2024[68]. Volume and Revenue Declines - Total volume decreased by 1% year-over-year to 1.52 million units in the first quarter of 2025[2]. - Coal volume decreased by 8%, with domestic coal tonnage down 4% and export coal tonnage down 12%[35]. - Merchandise volume decreased by 2%, with notable declines in automotive (down 7%) and forest products (down 4%) segments[31]. - Fuel surcharge revenue decreased to $217 million from $277 million, reflecting a 22% decrease[30]. - The company reported a decrease in other revenue by $28 million, primarily due to prior year payments from customers not meeting volume commitments[37]. Operational Challenges - CSX is addressing operational challenges and network constraints due to ongoing infrastructure projects to improve performance[3]. - Train velocity decreased by 3% and dwell time increased by 19% compared to the prior year, indicating operational challenges[45]. Safety Improvements - The personal injury frequency index improved by 22% to 0.95, and the FRA train accident rate improved by 16% to 3.43, highlighting safety improvements[46]. Capital Expenditures and Investments - CSX's capital expenditures for property additions in the first quarter of 2025 included $133 million related to rebuilding efforts from Hurricane Helene[24]. - Property additions rose to $719 million in Q1 2025, compared to $517 million in Q1 2024, indicating a 38.9% increase[68]. Cash and Liquidity - Cash and cash equivalents increased to $1.14 billion as of March 31, 2025, up from $933 million at the end of 2024[16]. - Total expenses increased by $38 million, or 2%, to $2.4 billion in Q1 2025, driven by inflation and higher union employee benefits[39]. - Estimated locomotive fuel expense decreased to $225 million from $276 million, a reduction of $51 million due to a 15% decrease in fuel prices[42]. Share Repurchase - The company repurchased 24 million shares at a cost of $751 million during the first quarter of 2025, compared to 7 million shares for $247 million in the same period last year[22].

Corporate Governance - The audit committee held a total of 5 meetings in 2024, with all independent directors attending all meetings[262][263]. - The compensation committee conducted 4 meetings in 2024, with full attendance from all independent directors[266][267]. - The nominating and corporate governance committee also held 4 meetings in 2024, with all independent directors present[270][271]. - The company is classified as a "foreign private issuer" and may rely on home country governance practices instead of Nasdaq corporate governance standards[272][274]. - The Company adopted a Clawback Policy on November 6, 2023, to recoup executive compensation in case of accounting restatements due to noncompliance with financial reporting requirements[284]. Employee and Shareholder Information - As of December 31, 2024, the company had 39 employees across various countries, including Hong Kong, Malaysia, Singapore, South Korea, China, and Ireland[279]. - The company has a total of 27,500,000 ordinary shares issued and outstanding, with beneficial ownership determined according to SEC rules[281]. - CBL (Asia) Limited holds a significant ownership interest of 47.9% in the Company, allowing it to exercise approximately 47.9% of the total voting power[283]. - Straits Energy Resources Berhad owns 29.4% of the Company, indicating a strong shareholder base[283]. Financial Risks - The Company is not exposed to significant foreign currency risk as the majority of operations are denominated in U.S. dollars[354]. - Interest rate risk is present due to a receivable purchase facility from a bank, with interest costs fixed upon drawdown for short-term advances[355]. - The Company mitigates market price risk through contractual agreements that incorporate a pass-through mechanism for price fluctuations[356]. - Inflation does not materially affect the Company's business or operational results[357]. - Seasonality does not materially impact the Company's business or operational results[358]. Compensation Practices - The company has not adopted any equity compensation plans and had no outstanding equity awards as of December 31, 2024[277][278].

Financial Performance - Net sales for Q1 2025 were $1,959.4 million, a 3.4% increase from $1,895.1 million in Q1 2024[57] - Daily sales increased by 5.0% to $31.1 million in Q1 2025, compared to $29.6 million in Q1 2024, despite one less business day[62] - Gross profit for Q1 2025 was $883.9 million, representing 45.1% of net sales, down from 45.5% in Q1 2024[57] - Total net sales for the first quarter of 2025 were $101,044, a decrease of 7.3% compared to $109,644 in the first quarter of 2024[68] - Net income for Q1 2025 was $298.7 million, a slight increase of 0.3% compared to $297.5 million in Q1 2024, with diluted net income per share remaining at $0.52[86] Expenses and Profitability - SG&A expenses rose to $490.0 million, accounting for 25.0% of net sales, compared to 24.9% in Q1 2024[57] - Gross profit margin decreased to 45.1% in Q1 2025 from 45.5% in Q1 2024, impacted by customer and product mix, higher fleet and transportation costs, and inflation[71] - SG&A expenses as a percentage of net sales increased to 25.0% in Q1 2025 from 24.9% in Q1 2024, with a 3.9% growth in SG&A compared to a 3.4% growth in net sales[73] - Operating income as a percentage of net sales decreased to 20.1% in Q1 2025 from 20.6% in Q1 2024[83] Cash Flow and Investments - Cash flow from operating activities decreased by 21.8% to $262.2 million in Q1 2025 from $335.6 million in Q1 2024[87] - Net cash provided by operating activities decreased by $73.1 million in Q1 2025 compared to Q1 2024[88] - Net cash used in investing activities increased by $5.5 million in Q1 2025, attributed to higher property and equipment purchases[93] - Net capital expenditures were $53.8 million in Q1 2025, up from $48.3 million in Q1 2024, mainly for facility construction and upgrades[94] - Expected net capital expenditures for 2025 are projected to be between $265.0 million and $285.0 million, an increase from $214.1 million in 2024[95] Customer and Market Growth - The number of $50K+ customer sites grew by 7.4% to 2,502 in Q1 2025, up from 2,340 in Q1 2024[59] - Contract sales increased by 8.5% in Q1 2025, making up 73.1% of total sales, compared to 70.6% in Q1 2024[65] - Total FMI sales increased to $859.0 million in Q1 2025, up 9.5% from $796.7 million in Q1 2024[70] - eBusiness sales grew to $607.6 million in Q1 2025, reflecting a 12.9% increase from $549.3 million in Q1 2024[70] Inventory and Accounts Receivable - Accounts receivable increased by $65.5 million (5.4%) to $1,278.7 million as of March 31, 2025, primarily due to sales growth with larger customers[89][90] - Inventories rose by $177.5 million (11.9%) to $1,673.9 million, driven by projected business growth and stock additions for customer support[89][91] - Trade working capital increased by $243.0 million (9.0%) to $2,952.6 million, reflecting higher accounts receivable and inventory levels[89] Debt and Shareholder Returns - Total debt remained at $200.0 million at the end of Q1 2025, representing 5.1% of total capital, down from 5.5% in Q1 2024[98] - Cash returned to shareholders in the form of dividends was $246.7 million in Q1 2025, compared to $223.2 million in Q1 2024[97] - The company did not repurchase any common stock during either period, maintaining authorization for up to 6,200,000 shares[97] Operational Metrics - Total personnel headcount increased by 2.0% to 24,181 in Q1 2025 from 23,695 in Q1 2024[59] - Daily sales were negatively impacted by currency fluctuations, which reduced sales by approximately 0.5% in Q1 2025[62] - Weighted FASTBin and FASTVend signings were 6,418 in Q1 2025, a decrease of 4.6% from 6,726 in Q1 2024[70] - The company experienced a 2.4% increase in weighted Fastenal Managed Inventory (FMI) devices, totaling 129,996 at the end of Q1 2025[59]

Financial Results - Main Street Capital Corporation issued a press release on April 10, 2025, detailing its financial results[4] - The report includes financial statements and exhibits, specifically Exhibit 99.1, which contains the press release[6] Company Information - The company is listed on the New York Stock Exchange under the trading symbol MAIN[2]

Production and Reserves - As of December 31, 2024, the company has a total production of 78.2 thousand boe/d, with crude oil production at 4.8 k bbl/d and natural gas production at 73.4 thousand boe/d[256][260] - As of December 31, 2024, the company's combined crude oil and natural gas proved reserves amounted to approximately 231.2 million boe, with 93% being natural gas[260] - Combined crude oil and natural gas proved reserves were 231 million boe, with 55% being proved developed reserves[310] - The total proved reserves increased from 199.0 million boe in 2023 to 231.2 million boe in 2024, reflecting successful extensions and discoveries[343] - The company has proved developed and undeveloped reserves totaling 231.2 million barrels of oil equivalent (boe), which includes 17.2 million barrels of liquid hydrocarbons and 1,284.2 billion cubic feet of natural gas[338] - Proved developed reserves of crude oil equivalent represented 55% of total proved reserves, equating to approximately nine years of production at 2024 volumes[339] - There was a 46% increase in proved undeveloped reserves in 2024 compared to 2023, primarily due to successful drilling activities[349] - The independent audit by GaffneyCline covered 98% of the company's estimated proved reserves as of December 31, 2024[337] - The reserves estimation process is supervised by a Reserves Technical Officer, ensuring compliance with SEC guidelines[350] Financial Performance - The oil and gas business segment recorded revenue of U.S.$730 million and an operating profit of U.S.$69 million for the fiscal year ended December 31, 2024[256] - Revenues from oil and gas operations in Argentina for 2024 totaled $730 million, an increase from $666 million in 2023[329] - The average production cost per barrel of oil equivalent in Argentina for 2024 was $17, a decrease from $18 in 2023[327] - The average sales price for oil in Argentina was $73 per barrel in 2024, up from $69 in 2023, while the gas price remained stable at $4 per thousand cubic feet[330] - The average gross margin for 2024 is projected to be 24, compared to 26 for 2023, indicating a slight decrease in profitability[395] - Average gross margin for 2024 is forecasted at $36/MWh, up from $35/MWh in 2023[397] Power Generation - The power generation segment achieved installed capacity of approximately 5,472 MW, representing about 13% of Argentina's total installed capacity, with revenue of U.S.$672 million and an operating profit of U.S.$204 million[257] - Installed capacity increased to 5,472 MW, with a market share of 13%[397] - The total net generation for 2024 is expected to be 3,633 GWh, reflecting a 15% increase compared to 2023[395] - Net generation for 2024 projected at 21,743 GWh, a 4% increase from 2023[397] - Sales for 2024 expected to reach 22,557 GWh, reflecting a 4% growth compared to 2023[397] Investments and Projects - The Vaca Muerta Oil Sur Project involves a 437 km pipeline with an estimated investment of U.S.$3 billion, aimed at enhancing crude oil evacuation and exports[266][269] - The company acquired a 20% stake in the FLNG Project, which is expected to start operations in September 2027, to monetize Vaca Muerta reserves and boost foreign currency inflows[271][272] - The "Proyecto Duplicar" increased the Allen - Puerto Rosales oil pipeline's capacity from 225,000 barrels per day to 540,000 barrels per day, with an investment of U.S.$1.4 billion[444] - VMOS project requires an estimated investment of U.S.$3 billion, aimed at constructing a 437 km pipeline for crude oil evacuation and exports[439] - The company invested U.S.$ 72.2 million in drilling and completion activities in 2024, converting approximately 12.7 million boe of proved undeveloped reserves to proved developed reserves[348] Production Activities - The company has a total of 688 productive wells in Argentina, with 272 being oil wells and 416 gas wells[312] - In 2024, the company drilled a total of 19 gross wells in Argentina, down from 44 in 2023, with 1 oil and 18 gas development wells[314] - Average daily production in 2024 was 4,772 barrels of crude oil and 440 million cubic feet of natural gas, with gas production increasing by 21% compared to 2023[318] - Total oil and gas production for 2024 was 1,742 thousand barrels of oil and 160,829 million cubic feet of gas, compared to 1,762 thousand barrels of oil and 132,652 million cubic feet of gas in 2023[321] - The company lifted hydrocarbons from 688 productive wells in Argentina as of December 31, 2024[317] Segment Performance - The petrochemicals segment generated revenue of U.S.$516 million and an operating profit of U.S.$43 million for the fiscal year ended December 31, 2024[259] - TGS's regulated segment revenues reached $427 million, a 249% increase from 2023[408] - TGS's midstream segment revenues totaled $215 million, a 97% increase compared to 2023[421] - Transener's annual revenues from extra high voltage power transmission amounted to U.S.$292 million, representing 89% of total revenues, a 103% increase compared to 2023[431] - Business development revenues were U.S.$38 million, accounting for 11% of total revenues, reflecting a 115% increase from 2023[432] Regulatory and Compliance - SE Resolutions No. 9/24 and No. 99/24 established increases of 73.9% and 25% in remuneration values for spot generation transactions[291] - The Independent Reserves Engineers Firm audited reserves estimates to conform to SEC guidelines, ensuring "reasonable certainty" about recoverability under current economic conditions[357] - The demand for electricity reached a new all-time high of 29,653 MW on February 1, 2024, exceeding the previous peak by 2%[430] - Transener recorded 0.35 failures per 100 km of line at the end of 2024, maintaining service quality consistent with international standards[430] - Transener's transparent remuneration policy has led to the continual renewal of most contracts, reflecting high customer satisfaction[435]

Financial Performance - Winmark Corporation reported net income of $9,956,400 or $2.71 per diluted share for Q1 2025, an increase from $8,819,000 or $2.41 per diluted share in Q1 2024, representing a 12.9% increase in net income year-over-year [2]. - Total revenue for Q1 2025 was $21,919,700, up 9.0% from $20,109,500 in Q1 2024, driven by a 3.0% increase in royalties and a significant rise in leasing income from $836,800 to $2,307,800 [11]. - The company generated $15,078,400 in net cash from operating activities for Q1 2025, compared to $13,364,000 in Q1 2024, reflecting stronger operational cash flow [13]. Asset and Liability Management - Cash and cash equivalents increased to $21,828,800 as of March 29, 2025, compared to $12,189,800 at the end of 2024, reflecting a strong liquidity position [7]. - Total current assets rose to $25,775,000 from $15,365,600 at the end of 2024, indicating improved asset management and operational efficiency [7]. - The company’s total liabilities increased to $83,003,800 as of March 29, 2025, compared to $77,890,600 at the end of 2024, primarily due to an increase in current liabilities [9]. - Winmark Corporation's shareholders' equity deficit improved to $(45,941,300) from $(51,046,100) at the end of 2024, showing a positive trend in equity management [9]. Business Expansion and Strategy - The company had 1,363 franchises in operation as of March 29, 2025, with 79 additional franchises awarded but not yet opened, indicating ongoing market expansion [4]. - Winmark Corporation plans to continue focusing on sustainability and small business formation through its franchise model, which is expected to drive future growth [4]. - The company has completed the run-off of its leasing portfolio, which was announced in May 2021, indicating a strategic shift in its business operations [3].

Exhibit 99.3 ASML - Summary US GAAP Consolidated Statements of Operations | | Three months ended, | | | --- | --- | --- | | | Mar 31, | Mar 30, | | (unaudited, in millions €, except per share data) | 2024 | 2025 | | Net system sales | 3,965.9 | 5,740.4 | | Net service and field option sales | 1,324.1 | 2,001.1 | | Total net sales | 5,290.0 | 7,741.5 | | Total cost of sales | (2,593.4) | (3,561.8) | | Gross profit | 2,696.6 | 4,179.7 | | Research and development costs | (1,031.9) | (1,161.1) | | Selling, gen ...

Exhibit 99.2 Chunghwa Telecom Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023 and Independent Auditors' Report REPRESENTATION LETTER The entities that are required to be included in the consolidated financial statements of affiliates in accordance with the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises" for the year ended December 31, 2024 are all ...

Sales and Revenue - Jewelry sales accounted for 8.9% of consolidated net sales in fiscal year 2025[33] - The Company's licensed brands accounted for 55.9% of net sales for the fiscal year ended January 31, 2025[123] - The second half of the fiscal years ended January 31 accounted for 55.4%, 54.2%, and 54.0% of the company's net sales for 2025, 2024, and 2023, respectively[56] - Approximately 57.4% of the Company's revenue is generated from international sources[97] - The Company's International operations account for 31.0% of total net sales from Europe, 9.9% from the Americas (excluding the U.S.), 8.9% from Asia, and 7.6% from the Middle East for fiscal 2025[211] Marketing and Advertising - Marketing expenses were 22.4%, 19.4%, and 17.0% of net sales in fiscal years 2025, 2024, and 2023, respectively[48] - The Company focuses on digital marketing and enhancing its online presence through social media and influencer partnerships[48] - The company emphasizes cooperative advertising programs with wholesale customers, enhancing relationships and facilitating new product introductions[58] - Marketing expenditures are strategically aligned to maintain or increase market share in key markets, influenced by global economic conditions[221] Business Segments and Operations - The Company operates primarily in two segments: Watch and Accessory Brands, and Company Stores[49] - The Watch and Accessory Brands segment includes the design, manufacturing, and distribution of quality owned and licensed brands[50] - The Company operates 52 retail outlet locations in the U.S. and four in Canada, along with an online outlet store[54] - The Company operates major distribution centers in New Jersey and Switzerland, and any interruptions at these facilities could materially affect its business operations[147] Supply Chain and Manufacturing - The company employs a flexible manufacturing model relying on independent manufacturers, maintaining quality control through strict standards and inspections[63] - Over 80% of the Company's product unit volume originates from Asia, with the majority coming from China[96] - The Company relies on independent manufacturers for product assembly, and any disruption in their supply chain could adversely affect customer relations and net sales[145] - The Company's cost of sales includes raw materials, component costs, royalties, and logistics management, primarily in Switzerland and Asia[218] Financial Performance and Risks - The Company faces risks related to the increasing costs of digital advertising, which could adversely affect profitability and results of operations[120] - Changes in sales mix towards lower-margin products could adversely impact gross profit margins[124] - An increase in product returns or lost products could negatively impact the Company's operating results and profitability, with recent trends showing an increase in delivery delays and lost packages[144] - The Company may seek to raise prices for products sold in the U.S. due to increased tariffs, which could result in customer loss and harm operating performance[103] Legal and Regulatory Issues - The Company is involved in legal proceedings that may result in significant expenses and reputational damage, with potential settlements exceeding accruals[164] - The Company identified a material weakness in internal controls over financial reporting, leading to restatements of financial statements for the affected periods[168][169] - Remediation of the identified material weakness requires significant resources and could result in future errors in financial statements if not addressed[171] - The Company has established reserves for potential legal claims, including a $5.1 million dispute with U.S. Customs regarding underpaid duties[190] Corporate Governance and Ownership - The Grinberg family controls a majority of the voting power of the Company's stock, potentially influencing key corporate decisions[174] - The Company's stock price may fluctuate due to changes in revenue and operating results, which are influenced by various risk factors[175][176] Cybersecurity and Data Protection - The Company has not experienced any material cybersecurity incidents in the last three fiscal years, indicating effective risk management[183] - The Audit Committee oversees management's strategies for addressing cybersecurity risks, receiving quarterly updates on the status of these risks[184] - A significant privacy breach could lead to costly government enforcement actions and private litigation, adversely impacting sales and operations[163] - The Company is subject to evolving privacy and data protection laws, which could materially affect its operations and financial results[162] Economic and Environmental Factors - Environmental factors and climate change could lead to increased operational expenses and negatively impact profitability[138] - Recent tariff increases on imports by the U.S. government may lead to reciprocal tariffs from foreign jurisdictions, creating greater uncertainty in the global economy[161]