Financial Performance - USPH Net Income for Q3 2025 was $13.1 million, up from $6.6 million in Q3 2024, with earnings per share increasing to $0.48 from $0.39[212]. - For the nine months ended September 30, 2025, USPH Net Income reached $35.4 million, compared to $22.2 million for the same period in 2024, with earnings per share rising to $1.85 from $1.32[213]. - Net income attributable to USPH shareholders for Q3 2025 was $13,138,000, compared to $6,628,000 in Q3 2024, representing a 98.5% increase[215]. - For the nine months ended September 30, 2025, net income attributable to USPH shareholders was $35,430,000, compared to $22,180,000 for the same period in 2024, a 59.7% increase[221]. - Adjusted EBITDA for Q3 2025 was $23,855,000, up from $21,071,000 in Q3 2024, reflecting a 13.2% growth[221]. - Adjusted EBITDA for Q3 2025 was $23.9 million, an increase of $2.8 million, or 13.2%, from $21.1 million in Q3 2024[231]. - Operating income surged by $12.5 million, or 97.2%, to $25.3 million in Q3 2025 from $12.8 million in Q3 2024[230]. - Operating income was $69.9 million for the 2025 Nine Months, compared to $43.3 million for the 2024 Nine Months, marking an increase of 61.5%[278]. Revenue and Patient Visits - Net revenue for Q3 2025 increased by $29.1 million, or 17.3%, to $197.1 million compared to $168.0 million in Q3 2024[230]. - Total patient visits reached 1,554,207 in Q3 2025, an 18.0% increase from 1,317,051 in Q3 2024[238]. - Net patient revenue increased by $24.9 million, or 17.9%, to $164.0 million in Q3 2025 from $139.1 million in Q3 2024[237]. - The total number of patient visits in Q3 2025 reached 1,554,207, compared to 1,317,051 in Q3 2024, marking a 17.9% increase[225]. - The company had 4,556,768 total patient visits for the nine months, an increase of 16.2% from 3,920,388 visits in the prior year[266]. Operating Costs and Expenses - Operating costs for Q3 2025 were $134,979,000, compared to $116,698,000 in Q3 2024, indicating a 15.6% increase[225]. - Total operating costs for the nine months ended September 30, 2025, were $394,060,000, compared to $336,917,000 in the same period of 2024, reflecting a 16.9% increase[226]. - Operating costs increased by $57.1 million, or 16.7%, to $399.9 million for the nine months, with operating costs as a percentage of net revenue decreasing to 81.2% from 81.5%[269]. - Corporate office costs increased to $17.4 million for Q3 2025 from $14.4 million for Q3 2024, representing 8.8% of net revenue compared to 8.6% in the prior year[249]. - Interest expense increased by $0.4 million to $2.4 million for Q3 2025, with an effective interest rate of 5.7% compared to 5.4% in Q3 2024[252]. Acquisitions and Growth - The company completed several acquisitions, including a 60% equity interest in a three-clinic practice on July 31, 2025, and a 40% interest in an outpatient home care practice on April 30, 2025[198][201]. - The company acquired a 100% equity interest in a two-clinic practice for a purchase price of $0.4 million, with additional contingent consideration valued at less than $0.1 million[311]. - The acquisition of a 60% equity interest in a three-clinic practice was completed for approximately $7.6 million, with contingent consideration valued at $2.6 million[312]. - The company acquired an 80% equity interest in an outpatient home-care practice for approximately $2.3 million, with contingent consideration valued at $1.0 million[313]. - The purchase price for a 65% interest in a physical therapy practice was approximately $3.8 million, with contingent consideration valued at $0.3 million[314]. - Revenues from Industrial Injury Prevention (IIP) services increased by $15.2 million or 21.6% to $85.5 million for the 2025 Nine Months compared to $70.3 million for the 2024 Nine Months[275]. Challenges and Regulatory Environment - The company faced challenges related to hiring and retaining qualified employees, impacting its operational capacity[197]. - Medicare reimbursement for therapy services is projected to decrease by approximately 2.9% in 2025, following a 1.8% reduction in 2024[207]. - Regulatory changes, including Medicare reimbursement adjustments, are expected to influence the company's financial performance in the future[205]. Cash Flow and Financial Position - Net cash provided by operating activities was $50.1 million for the 2025 Nine Months, down from $55.5 million for the 2024 Nine Months[294]. - Cash used in investing activities totaled $31.3 million for the 2025 Nine Months, primarily for business acquisitions and fixed asset purchases[295]. - Total cash and cash equivalents were $31.1 million as of September 30, 2025, down from $41.4 million as of December 31, 2024[288]. - As of September 30, 2025, the outstanding balance on the Term Facility was $132.4 million, and $26.5 million was outstanding under the Revolving Facility, resulting in $148.5 million of credit availability[305]. - The interest rate on the Senior Credit Facilities was 5.0% for the 2025 Third Quarter, compared to 4.7% for the 2024 Third Quarter, with an all-in effective interest rate of 5.7% and 5.4% respectively[305].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 28, 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 001-40863 __________________________________________ WOLFSPEED, INC. (Exact name of registrant as specified in ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ___________________________ (Exact name of registrant as specified in its charter) _________________________ Delaware 45-2355015 (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...

Financial Performance - For the nine months ended September 30, 2025, net income was $20.3 million, or $3.50 diluted earnings per share, a 35% increase compared to $15.0 million, or $2.59 diluted earnings per share for the same period in 2024[136] - Net income for Q3 2025 was $7.3 million, a 48% increase from $5.0 million in Q3 2024, resulting in earnings per diluted share of $1.27 compared to $0.86[148] - For the nine months ended September 30, 2025, net income was $20.3 million, a 35% increase from $15.0 million in the same period of 2024, with earnings per diluted share rising from $2.59 to $3.50[149] - Net interest income for Q3 2025 was $18.4 million, a 19% increase from $15.4 million in Q3 2024, driven by a $3.4 million increase in interest income[151] - For the nine months ended September 30, 2025, net interest income was $53.4 million, up from $45.5 million in the same period of 2024, reflecting a $9.8 million increase in interest income[153] - Total non-interest income for the nine months ended September 30, 2025 was $15.4 million, an increase of $1.2 million, or 9% from $14.2 million for the same period in 2024[172] - Non-interest expenses increased to $43.9 million for the nine months ended September 30, 2025, an increase of $2.8 million, or 7% from $41.1 million for the same period in 2024[174] Asset and Equity Growth - As of September 30, 2025, tangible common book value per share was $36.23, up from $32.55 as of September 30, 2024, primarily due to an increase in retained earnings from net income[137] - The tangible common equity ratio as of September 30, 2025, was 7.69%, up from 7.19% as of September 30, 2024[143] - Shareholders' equity rose to $219,925, up from $198,794, reflecting a growth of 10.6% year-over-year[161] - Total assets as of September 30, 2025, were $2.736 billion, an increase from $2.616 billion as of September 30, 2024[143] - The Company’s total assets increased by $152.1 million to $2.7 billion as of September 30, 2025, driven by a $113.5 million growth in the loans and leases portfolio[180] Loan Portfolio and Credit Quality - The total loan portfolio increased to $1,915.6 million, up from $1,800.7 million at December 31, 2024, representing a growth of 6.4%[204] - The growth in the loan portfolio was attributed to a $130.0 million increase in the commercial portfolio, including significant loans to a single borrower totaling $30.6 million[202] - The allowance for credit losses reflects management's best estimate of expected credit losses, with a formal review conducted quarterly[222] - The total non-performing assets decreased by $4.8 million, or 61%, to $3.02 million as of September 30, 2025, from $7.8 million on December 31, 2024[244] - Non-accrual loans amounted to $2.6 million as of September 30, 2025, down from $7.3 million on December 31, 2024[245] Interest Income and Rate Management - Interest income adjusted to fully-taxable equivalent (FTE) for the nine months ended September 30, 2025, was $91.071 million, compared to $81.235 million for the same period in 2024, reflecting a growth of 12.7%[141] - The FTE yield on interest-earning assets was 4.83% for Q3 2025, up 15 basis points from 4.68% in Q3 2024, while the overall cost of interest-bearing liabilities decreased to 2.55% from 2.70%[152] - The Company's FTE net interest spread increased to 2.28% in Q3 2025, a 30 basis point improvement from 1.98% in Q3 2024[152] - The FTE net interest margin increased to 2.92% for the nine months ended September 30, 2025, up 22 basis points from 2.70% in the same period of 2024[154] - The Company expects to operate in a moderately declining interest rate environment, with anticipated federal funds rate cuts of 25 basis points in December 2025 and an additional 50 basis points by the end of 2026[156] Operational Efficiency - The efficiency ratio for the nine months ended September 30, 2025, improved to 61.00% from 66.44% for the same period in 2024, indicating better cost management[142] - The Company continues to focus on growing its core business of retail and business lending while maintaining strong asset quality and controlling operating expenses[134] - The Company plans to grow its loan portfolio by utilizing excess cash holdings and managing deposit costs to maintain a reasonable spread[156] Deposits and Funding - Total deposits grew by $126.1 million, which was utilized to fund loan growth and maintain excess in interest-bearing cash[180] - As of September 30, 2025, total deposits increased by $126.1 million, or 5%, to $2.5 billion from $2.3 billion at December 31, 2024[259] - Total uninsured deposits were estimated at $961.7 million, or 39% of total deposits, as of September 30, 2025[261] Interest Rate Risk Management - The Company has established procedures and policy guidelines to manage interest rate risk effectively[290] - The Asset/Liability Committee (ALCO) meets quarterly to monitor interest rate risk and ensure compliance with internal policies[291] - Interest rate risk is monitored using static gap analysis, earnings at risk simulation, and economic value at risk simulation[292] - The Company has a derivative policy in place for managing interest rate risks, with quarterly monitoring by the ALCO Committee[304]

Revenue Growth - Total revenue and other income for Q3 2025 reached $115.461 million, a 123% increase from $51.812 million in Q3 2024[240] - Revenue from intangible royalty assets increased by 51% to $40.161 million in Q3 2025, compared to $26.552 million in Q3 2024[240] - Captisol revenue grew by 71% to $10.672 million in Q3 2025, up from $6.255 million in Q3 2024[240] - Contract revenue and other income surged by 320% to $58.203 million in Q3 2025, compared to $13.848 million in Q3 2024[240] - Ligand's royalty revenue for YTD 2025 was $110.472 million, a 49% increase from $73.966 million in YTD 2024[240] - Total revenue and other income increased by $63.6 million, or 123%, to $115.5 million in Q3 2025 compared to $51.8 million in Q3 2024[241] - Royalties increased by $14.9 million, or 47%, to $46.6 million in Q3 2025 compared to $31.7 million in Q3 2024, driven by sales of Filspari, Ohtuvayre, and Capvaxive[241] - Total revenue and other income for YTD 2025 increased by $84.1 million, or 68%, to $208.4 million compared to $124.3 million in YTD 2024[243] - Captisol sales increased by $9.5 million, or 41%, to $32.4 million in YTD 2025 compared to $23.0 million in YTD 2024[244] Expenses and Costs - Total operating costs and expenses rose by $11.9 million, or 24%, to $60.5 million in Q3 2025 compared to $48.7 million in Q3 2024[250] - Research and development expenses increased significantly to $21.0 million in Q3 2025 from $5.7 million in Q3 2024, mainly due to a $17.8 million funding arrangement related to AVIM Therapy[252] Non-Operating Income and Investments - The gain from short-term investments was $7.8 million in Q3 2025, compared to $2.4 million in Q3 2024, reflecting a significant increase[261] - Total non-operating income increased by $95.7 million, or 1009%, to $86.2 million in Q3 2025 compared to a loss of $9.5 million in Q3 2024[260] - The gain from change in fair value of equity-method investments increased by $78.9 million to $75.9 million in Q3 2025, primarily due to the Pelthos Transaction[262] - Interest income increased in Q3 2025 compared to Q3 2024, driven by higher average investment balances[263] - Interest expense in Q3 2025 included a 0.75% coupon cash interest expense related to Convertible Senior Notes issued in August 2025[264] - Other non-operating expense, net, decreased by $9.0 million in Q3 2025 compared to Q3 2024, mainly due to fair value changes to derivative assets[265] - The loss from short-term investments was $3.6 million in YTD 2025, compared to a gain of $98.9 million in YTD 2024[266] Financing and Investments - Ligand earned a $5 million milestone payment from Pelthos following the commercial launch of Zelsuvmi, which is the first FDA-approved at-home treatment for molluscum contagiosum[223] - Ligand invested $25 million in Orchestra BioMed's late-stage partnered cardiology programs, with an additional $15 million contingent on certain conditions[227] - The company completed a $460 million offering of 0.75% convertible senior notes due 2030, with net proceeds of approximately $445 million[218][219] - Ligand acquired global royalty rights to AT220 and potential milestone fees for AT292, paying $7 million upfront and committing an additional $4 million[226] - The company is entitled to a low-single-digit royalty on U.S. net sales of Pelthos' Xepi and additional milestone payments on Zelsuvmi sales in Japan[225] - As of September 30, 2025, cash, cash equivalents, and short-term investments totaled $664.5 million, an increase of $408.4 million from the end of the previous year[274] - The company issued $460.0 million of 0.75% convertible senior notes due 2030 in August 2025, with net proceeds of approximately $445.1 million[276] - As of September 30, 2025, the company had $124.4 million in available borrowing under the Revolving Credit Facility[282] - Cash provided by operating activities was $3.4 million in YTD 2025, a decrease from $68.6 million in YTD 2024[285] - The company believes existing funds and cash generated from operations are adequate to fund working capital and strategic initiatives[283] Market Risks - No material changes to market risks were reported for the nine months ended September 30, 2025, compared to the previous disclosures[288]

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 September 30, 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 001-38477 BIGLARI HOLDINGS INC. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 (Address of principa ...

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 September 30, 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 001-38477 BIGLARI HOLDINGS INC. (Exact name of registrant as specified in its charter) Indiana 82-3784946 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 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: 001-36367 OUTFRONT Media Inc. (Exact name of registrant as specified in its charter) Maryland 46-4494703 (Sta ...

(Mark One) 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 October 3, 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 000-17781 Gen Digital Inc. (Exact name of the registrant as specified in its charter) | Delaware | | | | 77-0181864 | | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 Columbia Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3504946 (State or other jurisdiction of incorporation or org ...