| Unaudited interim condensed consolidated statements of comprehensive loss | 1 | | --- | --- | | Unaudited interim condensed consolidated statements of financial position | 2 | | Unaudited interim condensed consolidated statements of changes in equity | 3 | | Unaudited interim condensed consolidated statements of cash flows | 4 | | Notes to the unaudited interim condensed consolidated financial statements | 5 | | Note 1. General information | 5 | | Note 2. Accounting standards and basis of preparation | 5 ...

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]

Financial Performance - Net sales for Q1 2025 were $2,578 million, a decrease of 1.4% compared to $2,615 million in Q1 2024[14] - Gross profit increased to $478 million in Q1 2025, up 7.9% from $443 million in Q1 2024[14] - Operating income rose to $254 million, reflecting a 30.9% increase from $194 million in the same period last year[14] - Net income attributable to controlling interest was $167 million, compared to $126 million in Q1 2024, marking a 32.5% increase[14] - Basic net earnings per share increased to $2.15, up from $1.53 in Q1 2024, representing a growth of 40.5%[14] - Total comprehensive income for the first quarter of 2025 was $175 million, up from $85 million in the first quarter of 2024, indicating a significant improvement in overall financial performance[26] Assets and Liabilities - Total assets as of March 31, 2025, were $8,114 million, an increase from $7,804 million at the end of 2024[21] - Cash and cash equivalents decreased to $322 million from $330 million at the end of 2024[21] - As of March 31, 2025, total equity increased to $2,361 million from $2,285 million at December 31, 2024, reflecting a growth of approximately 3.3%[26] - Total inventories as of March 31, 2025, were $999 million, a slight decrease from $1,003 million as of December 31, 2024[62] - The company’s total short-term debt as of March 31, 2025, was $540 million, compared to $541 million as of December 31, 2024[53] Cash Flow and Dividends - Net cash provided by operating activities was $77 million, down from $122 million in Q1 2024[25] - The company declared a cash dividend of $0.70 per share, up from $0.68 in Q1 2024[14] - Cash dividends declared in the first quarter of 2025 amounted to $54 million, consistent with the previous year's first quarter[26] - The company repurchased and retired shares worth $50 million in the first quarter of 2025, compared to $161 million in the same period of 2024, showing a reduction in share buyback activity[26] Expenses and Costs - Research, development, and engineering expenses (net) for the three months ended March 31, 2025, were $95 million, down from $113 million in 2024[98] - The company recorded approximately $7 million in stock-based compensation expense for the three months ended March 31, 2025, compared to $3 million for the same period in 2024[87] Tax and Reserves - The effective tax rate for the three months ended March 31, 2025, was 28.0%, an increase from 27.0% for the same period in 2024[57] - The company recorded a net increase of $1 million to income tax reserves for unrecognized tax benefits during the three months ended March 31, 2025[60] - The restructuring reserve balance as of March 31, 2025, was $121 million, primarily related to a global structural cost reduction program initiated in Europe in 2023[63] - The reserve for product-related liabilities as of March 31, 2025, was $71 million, compared to $78 million as of March 31, 2024[69] Legal and Compliance - The company is currently involved in civil litigation in the UK and Germany related to alleged anti-competitive behavior, with a potential loss range of €0 to €95 million from a complaint filed by BMW[73] - The company anticipates potential losses related to the NHTSA recall decision affecting approximately 52 million airbag inflators, with no accrual made at this time[80] - The Honda Buckle Recall involved approximately 449,000 vehicles, with an estimated excess of $12 million in product liability accrual over insurance receivables[82] - The company has determined that a loss is reasonably possible with respect to the ZF Inflator Recall, estimating potential losses between $0 to $43 million[83] Segment and Reporting Changes - The company has one reportable segment, which includes airbag and seatbelt products and components, indicating a focused operational strategy[29] - The company adopted ASU 2023-07 in Q4 2024, enhancing segment disclosures, which may impact future financial reporting transparency[34] - The company is currently assessing the impact of ASU 2024-03 on its financial statements, which will require additional disclosures about specific expense categories starting in 2026[37] Derivatives and Interest - Gains from derivatives not designated as hedging instruments were $28 million for the three months ended March 31, 2025, compared to $10 million in the same period of 2024, indicating improved performance in risk management[45] - The company reported a loss of $1 million in interest expense related to derivatives for the first quarter of 2025, contrasting with a gain of $1 million in the same quarter of 2024[46]

Financial Performance - Earnings per share for Q1 2025 was $0.98, an increase of 19.5% from $0.82 in Q1 2024[2] - Net income for Q1 2025 was $131.6 million, up from $112.7 million in Q1 2024, but down from $136.1 million in Q4 2024[2] - The return on average assets was 1.69%, while the return on average equity was 15.82%[7] - For Q1 2025, net income was $131.6 million, down from $136.1 million in Q4 2024 but up from $112.7 million in Q1 2024[24] - The effective tax rate for the company was 21.9% in the current quarter, consistent with the same quarter last year[43] Income and Revenue - Net interest income reached a record $269.1 million, reflecting a $2.5 million increase from the prior quarter and a 7.7% increase year-over-year[5] - Non-interest income totaled $158.9 million, a 6.8% increase compared to Q1 2024, with trust fees growing 10.7% to $57 million[5] - Total non-interest income for Q1 2025 was $158.9 million, an increase of $10.1 million or 6.8% year-over-year[34] - Trust fees increased by $5.5 million or 10.7% compared to the same period last year, driven by higher private client fees[36] Assets and Liabilities - Total assets as of March 31, 2025, were $32.4 billion, an increase of $368.3 million, or 1.2%, from the prior quarter[7] - Total assets increased to $32,364,964 thousand as of March 31, 2025, up from $31,996,627 thousand at December 31, 2024, representing a growth of 4.3%[16] - The total liabilities increased to $28,866,562 thousand from $28,664,152 thousand, reflecting a growth of 0.7%[16] Loans and Deposits - Average loan balances increased by 1.0% to $17.2 billion compared to the prior quarter[7] - Total loans reached $17,379,421 thousand, a slight increase from $17,220,103 thousand in the previous quarter, reflecting a growth of 0.9%[16] - Net loans amounted to $17,212,390 thousand, up from $17,057,361 thousand, indicating a quarter-over-quarter increase of 0.9%[16] - Total deposits rose to $25,841,797 thousand, compared to $25,293,644 thousand at the end of the previous quarter, marking a growth of 2.2%[16] - Total average deposits decreased by $83.7 million, with significant declines in demand deposits and certificates of deposit[27] Expenses and Efficiency - Non-interest expense decreased by 3.0% to $238.4 million compared to Q1 2024[5] - Non-interest expense decreased to $238.4 million from $245.7 million year-over-year, mainly due to the absence of litigation settlement expenses[39] - The efficiency ratio improved to 55.6%, down from 61.67% in Q1 2024[9] Credit Quality - The allowance for credit losses on loans increased to $167.0 million, with a ratio of 0.96% to total loans[7] - The allowance for credit losses on loans was $167,031 thousand, slightly higher than $162,742 thousand in the previous quarter, indicating a proactive approach to risk management[16] - The provision for credit losses on loans was $15.1 million, up from $12.6 million in the previous quarter[22] - Non-accrual loans to total loans ratio increased to 0.13% from 0.11% in the previous quarter[22] - Net loan charge-offs for Q1 2025 were $10.8 million, with an annualized charge-off ratio of 0.25%[44] Capital and Dividends - Stockholders' equity increased to $3,498,402 thousand, up from $3,332,475 thousand, reflecting a growth of 5.0%[16] - The company maintained a stable capital surplus of $3,381,960 thousand, slightly down from $3,395,645 thousand in the previous quarter[16] - The company paid a cash dividend of $0.275 per common share, reflecting a 7.0% increase year-over-year[49] Securities and Investments - Investment securities totaled $9,601,068 thousand, an increase from $9,462,380 thousand, representing a growth of 1.5%[16] - Total average available for sale debt securities rose by $66.1 million to $9.2 billion, primarily due to higher U.S. government and federal agency obligations[26] - The unrealized loss on available for sale debt securities decreased by $157.7 million to $832.9 million at the end of the quarter[26] - Net securities losses amounted to $7.6 million, a significant decline from gains of $977 thousand in the prior quarter[38] Interest Rates - The net yield on interest earning assets increased to 3.56%, up from 3.49% in the prior quarter[29] - Interest expense decreased by $7.5 million to $1.89% from 2.04% in the prior quarter, primarily due to lower average rates on deposits[33]