UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 ☐ 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 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of Incorporation or organ ...

VALHI REPORTS THIRD QUARTER 2025 RESULTS DALLAS, TEXAS . . November 6, 2025. Valhi, Inc. (NYSE: VHI) reported a net loss attributable to Valhi stockholders of $22.2 million, or $.78 per share, in the third quarter of 2025 compared to net income of $57.5 million, or $2.01 per share, in the third quarter of 2024. For the first nine months of 2025, Valhi reported a net loss attributable to Valhi stockholders of $4.4 million, or $.15 per share, compared to net income of $85.2 million, or $2.99 per share, in the ...

Branch and Account Information - As of September 30, 2025, the company operates 349 branch locations across 19 states, serving 585,400 active accounts[119] - The number of branches grew to 349, an increase of 9 branches, or 2.6%, from 340 branches in the previous year[154] - Net finance receivables per branch increased by $531, or 9.9%, to $5,883 thousand as of September 30, 2025, from $5,352 thousand in the previous year[154] Loan Portfolio and Originations - The loan portfolio includes 280.4 thousand large installment loans totaling $1.5 billion and 305.0 thousand small installment loans totaling $540.9 million[127] - Total originations rose to $522.3 million during the three months ended September 30, 2025, up from $426.2 million in the prior-year period, representing a 22.5% year-over-year increase[158] - Total originations grew to $1.4 billion, up 20.9% from $1.18 billion in the prior year, with large loans increasing by 36.1% to $941.3 million[180] - Large loans increased by $218,730 thousand, or 16.9%, to $1,512,140 thousand as of September 30, 2025, compared to $1,293,410 thousand in the prior year[154] - Large loans increased by 9.9% year-over-year to $1.39 billion, while small loans rose by 8.6% to $543.4 million, resulting in a total receivables balance of $1.93 billion, a 9.5% increase[180] Financial Performance - Net income increased by $6.7 million, or 87.3%, to $14.4 million for the three months ended September 30, 2025, compared to $7.7 million in the prior-year period[155] - Total revenue rose by $19.1 million, or 13.1%, to $165.5 million for the three months ended September 30, 2025, from $146.3 million in the same period last year[156] - Total revenue increased by $42.2 million, or 9.7%, to $475.9 million during the nine months ended September 30, 2025, compared to $433.7 million in the prior-year period[178] - Interest and fee income increased by $14.7 million, or 11.0%, to $148.7 million for the three months ended September 30, 2025, driven by an 11.6% rise in average net finance receivables[157] Credit Losses and Allowance - The allowance for credit losses was 10.3% of net finance receivables as of September 30, 2025[123] - Provision for credit losses increased by $6.1 million, or 11.3%, to $60.5 million during the three months ended September 30, 2025, from $54.3 million in the prior-year period[163] - Net credit losses rose by $3.6 million, or 7.6%, to $51.3 million during the three months ended September 30, 2025, with a net credit loss rate of 10.2%[165] - The allowance for credit losses as a percentage of net finance receivables decreased to 10.3% as of September 30, 2025, from 10.6% a year earlier[164] - Net credit losses increased by 11.1% to $166.6 million, with a net credit loss rate of 11.5% compared to 11.3% in the prior year[186] Expenses and Efficiency - General and administrative expenses increased by $1.6 million, or 2.6%, to $64.1 million during the three months ended September 30, 2025[169] - General and administrative expenses increased by 5.5% to $193.1 million, with personnel expenses rising by 5.3% to $119.2 million[188][189] - Interest expense increased by $2.6 million, or 13.5%, to $22.0 million during the three months ended September 30, 2025, primarily due to a rise in the cost of funds[175] - Interest expense increased by 13.6% to $62.2 million, primarily due to a rise in the cost of funds to 4.3%[194] - The efficiency ratio improved to 38.7% for the three months ended September 30, 2025, down from 42.7% in the prior quarter[152] - The operating expense ratio decreased to 12.8% during the three months ended September 30, 2025, from 13.9% in the prior-year period[174] Liquidity and Cash Flow - The company had $155.4 million of available liquidity and $399.8 million of unused capacity on revolving credit facilities as of September 30, 2025[124] - Cash and cash equivalents slightly increased to $4.1 million, with available drawdown from revolving credit facilities at $151.3 million[197] - Net cash provided by operating activities increased to $229.0 million for the nine months ended September 30, 2025, up from $205.1 million in the prior-year period, representing a net increase of $23.9 million[203] - Net cash used in investing activities rose to $328.0 million, compared to $196.4 million in the prior-year period, reflecting a net increase of $131.6 million primarily due to increased loan originations[204] - Net cash provided by financing activities was $71.9 million, a significant increase of $89.0 million from a net cash used of $17.0 million in the prior-year period, driven by a $107.4 million increase in net advances on debt instruments[205] Debt and Compliance - As of September 30, 2025, the company had five credit facilities outstanding, with total debt balances amounting to $382.4 million across various facilities[208] - The company was in compliance with all debt covenants as of September 30, 2025[207] - The majority of funding was held at a fixed rate, representing 76% of total debt as of September 30, 2025[133] - As of September 30, 2025, 76% of the company's debt was fixed-rate, with an increase of 100 basis points in rates potentially resulting in approximately $3.8 million of increased annual interest expense[220] Economic Factors and Sensitivity - The allowance for credit losses is based on historical credit experience and current economic forecasts, with macroeconomic factors such as unemployment rates being critical in estimating expected credit losses[215] - A 10% increase in weighting towards slower near-term growth would have increased reserves by $1.8 million as of September 30, 2025, demonstrating macroeconomic sensitivity[217] - Seasonal trends affect loan volume and delinquency, with demand typically highest in the second, third, and fourth quarters[125] Insurance Income - Insurance income, net increased by $4.0 million, or 53.5%, to $11.4 million during the three months ended September 30, 2025, compared to $7.4 million in the prior-year period[160] - Insurance income, net rose by 18.3% to $34.2 million, driven by a $5.3 million increase compared to the previous year[181] Delinquency Rates - The delinquency rate was reported at 7.0% for the three months ended September 30, 2025, a slight increase of 0.1% year-over-year[152] - Delinquency rate rose to 7.0%, up from 6.9% in the previous year, influenced by prior-year hurricane assistance programs[187]

Financial Performance - Third quarter 2025 revenue was $519.1 million, a 1.9% decrease from $529.4 million in the prior year[7] - Net loss for the third quarter 2025 was $11.1 million, or negative 2.1% of revenue, compared to a net loss of $5.9 million in the prior year[1] - Adjusted EBITDA for the third quarter 2025 was $43.4 million, or 8.4% of revenue, down from $50.3 million, or 9.5% of revenue in the prior year[5] - Non-GAAP income from operations for the third quarter 2025 was $28.9 million, or 5.6% of revenue, down from $34.1 million, or 6.4% of revenue in the prior year[7] - Revenue for the three months ended September 30, 2025, was $519.143 million, a decrease of 1.4% from $529.427 million in the same period of 2024[30] - Operating expenses totaled $506.814 million for the three months ended September 30, 2025, down from $516.538 million in the prior year, reflecting a reduction of 1.4%[30] - Net loss attributable to TTEC stockholders for the three months ended September 30, 2025, was $13.371 million, compared to a net loss of $21.122 million in the same period of 2024[30] - The income from operations margin for the three months ended September 30, 2025, was 2.4%, consistent with the margin from the same period in 2024[30] - TTEC Digital segment revenue for the three months ended September 30, 2025, was $121.916 million, an increase of 5.4% from $115.669 million in the same period of 2024[32] - TTEC Engage segment revenue for the three months ended September 30, 2025, was $397.227 million, a decrease of 4.0% from $413.758 million in the same period of 2024[32] - Revenue for Q3 2025 was $519,143, a decrease of 1.4% from $529,427 in Q3 2024[38] - Non-GAAP Income from Operations for Q3 2025 was $28,883, down 15.3% from $34,068 in Q3 2024[38] - Adjusted EBITDA for Q3 2025 was $43,355, representing a margin of 8.4%, compared to 9.5% in Q3 2024[38] - Non-GAAP EPS for Q3 2025 was $0.12, an increase from $0.11 in Q3 2024[39] - Free Cash Flow for Q3 2025 was $(9,590), an improvement from $(100,160) in Q3 2024[39] - TTEC Engage segment reported a Non-GAAP Income from Operations of $17,260 for Q3 2025, compared to $19,657 in Q3 2024[41] - TTEC Digital segment reported a Non-GAAP Income from Operations of $11,623 for Q3 2025, down from $14,411 in Q3 2024[41] Cash Flow and Assets - Cash flow from operations improved to $4.2 million in the third quarter 2025, compared to a negative $91.4 million in the same quarter of 2024[7] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $118.505 million, compared to a net cash outflow of $57.732 million in the same period of 2024[36] - Net cash provided by operating activities for Q3 2025 was $4,204, compared to $(91,377) in Q3 2024[39] - Cash and cash equivalents at the end of the period were $73.508 million, a decrease from $84.991 million at the beginning of the period[36] - Total assets as of September 30, 2025, were $1.682 billion, down from $1.753 billion as of December 31, 2024[34] Guidance and Future Plans - Full year 2025 revenue guidance is set between $2,064 million and $2,114 million, with a midpoint of $2,089 million[15] - Non-GAAP adjusted EBITDA for full year 2025 is expected to be between $215 million and $235 million, with a midpoint of $225 million[15] - TTEC plans to extend its Credit Facility term through November 23, 2027, enhancing financial flexibility[11] Innovation and Market Expansion - The company deployed AI in over a hundred programs across numerous customers, indicating a strong focus on innovation and market expansion[3] Tax Rate - The effective tax rate for the three months ended September 30, 2025, was 21,798%, significantly higher than the effective tax rate of (98.1)% in the same period of 2024[30] Restructuring Charges - The company incurred restructuring charges of $1,771 in Q3 2025, compared to $1,002 in Q3 2024[38]

Revenue and Profit - Revenue decreased by $8.99 million, or 22.8%, from $39.34 million in Q3 2024 to $30.35 million in Q3 2025[141] - Gross profit decreased by $2.53 million, or 32.9%, from $7.67 million in Q3 2024 to $5.15 million in Q3 2025, with gross margin declining from 19.5% to 17.0%[144] - Net loss for Q3 2025 was $3.26 million, compared to a net loss of $5.60 million in Q3 2024, representing a reduction in loss[139] - Net loss decreased from $5,595,016 or $(0.10) per share in Q3 2024 to $3,258,863 or $(0.06) per share in Q3 2025, a reduction of $2,336,153[155] Expenses - Operating expenses decreased by $5.10 million, or 39.4%, from $12.94 million in Q3 2024 to $7.84 million in Q3 2025[145] - Sales and marketing expenses decreased by $1.43 million, or 47.7%, from $2.99 million in Q3 2024 to $1.56 million in Q3 2025[146] Assets and Liabilities - Current assets increased by 3.0% from $72,908,000 on June 30, 2025 to $75,128,000 on September 30, 2025, while current liabilities decreased by 9.3% from $72,540,000 to $65,813,000[157] - Working capital surged by 2,431.3% from $368,000 to $9,315,000 between June 30, 2025 and September 30, 2025[157] - Total lease liabilities as of September 30, 2025 amounted to $4,634,267, with future lease payments totaling $5,085,404[168] - As of September 30, 2025, the company had a borrowing balance of $1,665,435, with maturities scheduled for $1,146,766 in the next year[168] - Contract liabilities decreased from $4,861,250 on June 30, 2025 to $2,962,299 on September 30, 2025, indicating a reduction in advance deposits received[165] Cash Flow - Net cash used in operating activities for Q3 2025 was $(1,184,000), a decrease of $4,794,000 compared to $3,610,000 in Q3 2024[159] - Cash flow from investing activities was $(140,000) in Q3 2025, down from $(925,000) in Q3 2024, reflecting a decrease of $785,000[161] Other Financial Metrics - The allowance for credit losses was $17.3 million as of September 30, 2025, down from $18.0 million as of June 30, 2025[135] - Interest income increased to $95,472 in Q3 2025 from $86 in Q3 2024, primarily due to late fees charged to customers[150] - Income taxes increased by $29,316, or 6.4%, from $456,753 in Q3 2024 to $486,069 in Q3 2025, despite a consolidated net loss[154] Capital and Investments - The company raised approximately $10.6 million in March 2024 through a public offering priced at $6.00 per share, aimed at funding operations and R&D[132] - The company recorded an unpaid $5.8 million consideration in accrued liabilities for a committed investment of $9 million into a joint venture named IKE Tech LLC[168] Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[172] Geographic Revenue - Revenue from Europe increased to 68.2% of total revenue in Q3 2025, up from 55.8% in Q3 2024[140]

Financial Performance - Net sales for the first quarter of fiscal year 2026 decreased by 2% to $365.6 million compared to $374.3 million in the same period last year[109] - Gross profit increased by 22% to $28.8 million, with a gross profit margin of 7.9% compared to 6.3% in the prior year[109] - Automotive sales decreased by 10% to $164.4 million, while medical sales increased by 13% to $101.6 million[110] - The company recorded a net income of $10.1 million, a significant increase of 220% compared to $3.2 million in the previous year[109] Liquidity and Financial Ratios - The debt-to-equity ratio improved to 0.2 as of September 30, 2025, down from 0.3 at June 30, 2025[105] - The current ratio was stable at 2.2 as of September 30, 2025, indicating strong liquidity[119] - As of September 30, 2025, the company had $75.7 million in cash and $294.3 million in unused borrowings under credit facilities, indicating a strong liquidity position[135] Cash Flow and Investments - Net cash provided by operating activities for the first three months of fiscal year 2026 was $8.1 million, a decrease of 82.2% compared to $45.5 million in the same period of the prior year[123] - Net cash used by investing activities was $6.2 million in the first three months of fiscal year 2026, primarily due to capital investments of $10.6 million for a new medical facility and equipment replacement[127] - Net cash used for financing activities was $14.0 million in the first three months of fiscal year 2026, significantly lower than $53.0 million in the same period of the prior year[129] - Capital expenditure commitments were approximately $29.0 million as of September 30, 2025, primarily for leasehold improvements and new program wins[136] Operational Efficiency - Open orders remained flat at $593 million compared to $594 million in the previous year[109] - Days Sales Outstanding improved to 54 days in the three months ended September 30, 2025, down from 66 days in the same period of the prior year[121] - The restructuring expense for the first quarter was $1.4 million, down from $2.3 million in the same quarter last year[114] Strategic Initiatives - The company plans to continue investments to strengthen capabilities, including a new facility lease in Indianapolis and capacity expansions[103] - The company expects to sell the Tampa facility, with proceeds anticipated to exceed the total expected restructuring costs and carrying value of the assets held for sale[137] - The company has repurchased $105.2 million of common stock under its Repurchase Plan through September 30, 2025, with a total authorization of up to $120 million[140] Foreign Currency Impact - The company experienced a favorable 1% impact from foreign currency fluctuations on net sales compared to the previous year[111] Non-Cash Adjustments - Net income adjusted for non-cash items generated cash of $18.0 million in the first three months of fiscal year 2026, while changes in operating assets and liabilities used $9.9 million of cash[125] Accounts Receivable - The company sold $71.2 million of accounts receivable without recourse in the three months ended September 30, 2025, compared to $87.3 million in the same period of the prior year[133]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $57.1 million, an increase of $10.7 million or 23% compared to the same period in 2024[140]. - Net income for the three months ended September 30, 2025, was $1.3 million, a decrease from $2.2 million for the same period in 2024, primarily due to increased costs and expenses[139]. - Analytics revenue for the nine months ended September 30, 2025, was $146.0 million, an increase of $24.6 million or 20% compared to the same period in 2024[140]. - Integrated Yield Ramp revenue for the nine months ended September 30, 2025, was $10.7 million, an increase of $2.6 million or 32% compared to the same period in 2024[140]. Costs and Expenses - Costs of revenues for the three months ended September 30, 2025, increased by $3.4 million, primarily due to increases in personnel-related costs and subcontractor costs[139]. - Gross margin for the three months ended September 30, 2025, decreased to 72% from 73% for the same period in 2024, primarily due to higher costs[150]. - Research and development expenses for the three months ended September 30, 2025, increased by $1.9 million or 14% compared to the same period in 2024[152]. - Selling, general, and administrative expenses for the nine months ended September 30, 2025, increased by $12.2 million or 24% compared to the same period in 2024[157]. - Selling, general, and administrative expenses increased by $1.9 million (approximately 5.5%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a $1.8 million increase in personnel-related costs[158]. - For the nine months ended September 30, 2025, selling, general, and administrative expenses rose by $12.2 million (approximately 12.5%) compared to the same period in 2024, driven by a $7.0 million increase in personnel-related costs and $4.5 million in non-recurring costs related to the acquisition of SecureWise[159]. Interest and Tax Expenses - Interest expense for the three months ended September 30, 2025, was $1.2 million, reflecting a 100% increase compared to the same period in 2024, attributed to long-term debt financing for the acquisition of SecureWise[162]. - Other income (expense), net decreased by $1.6 million for the three months ended September 30, 2025, primarily due to a $1.5 million decrease in interest income[163]. - Income tax expense increased by $769,000 (approximately 54%) for the three months ended September 30, 2025, compared to the same period in 2024[165]. Cash Flow and Working Capital - As of September 30, 2025, working capital was $80.0 million, down from $145.4 million as of December 31, 2024[168]. - Net cash flows provided by operating activities were $6.7 million for the nine months ended September 30, 2025, a decrease of $1.4 million compared to $8.1 million for the same period in 2024[182]. - Net cash flows used in investing activities were $127.6 million for the nine months ended September 30, 2025, compared to net cash flows provided of $0.2 million for the same period in 2024[183]. - For the nine months ended September 30, 2025, net cash flows used in investing activities were primarily $129.7 million for the acquisition of SecureWise and $23.1 million for property and equipment purchases[184]. - Net cash flows provided by financing activities for the nine months ended September 30, 2025, were $65.5 million, a significant increase compared to net cash flows used of $10.9 million for the same period in 2024[186]. - The financing activities included $69.6 million proceeds from long-term debt for the acquisition of SecureWise and $4.2 million from employee stock purchase plans[187]. - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $35.9 million[193]. Debt and Financial Risks - The company had $68.8 million of variable rate debt as of September 30, 2025, with a potential increase in interest expense of $0.5 million annually if rates rise by 100 basis points[195]. - The company is exposed to foreign currency risks due to cash balances and transactions in various currencies, including Euro, Yen, and Chinese Yuan[196]. - The company does not have any off-balance sheet arrangements or undisclosed borrowings as of September 30, 2025[190]. - The company has not entered into any foreign currency exchange contracts and does not expect to do so in the near future[196]. Future Outlook - The company anticipates fluctuations in research and development expenses due to the size and timing of product development projects[156]. - Future revenues from Integrated Yield Ramp may fluctuate due to factors outside the company's control, including customer production levels and contract negotiations[145]. - The company anticipates fluctuations in selling, general, and administrative expenses due to cost control initiatives and increased selling efforts in the future[160]. - The company has a stock repurchase program with approximately $39.8 million remaining available for repurchase as of September 30, 2025[179]. - Cash payments for taxes related to net share settlement of equity awards were $5.9 million for the nine months ended September 30, 2025[187].

Property Portfolio - As of September 30, 2025, the company owns 98 properties, including 61 industrial properties, with an occupancy rate of approximately 98.2%[117] - The company's 2026 base rent is approximately $77.4 million, with industrial properties contributing $61.5 million (79.6%) and retail properties contributing $11.9 million (15.4%) to this total[124][125] - Scheduled lease expirations indicate that 27 leases (17.5% of 2026 base rent) will expire in 2027, with a total base rent of $13.6 million[126] - The company acquired a 210,600 square foot industrial property for $24.0 million, with expected quarterly rental income of $405,000 starting October 1, 2025[129] - The company acquired a 397,440 square foot industrial property in Sewickley, Pennsylvania for $53.5 million, anticipating annual base rent of approximately $3.4 million with increases of 2.0% to 3.0%[135] - A 199,919 square foot industrial property in Oakdale, Minnesota was acquired for $23.0 million, with expected annual base rent of approximately $1.5 million and a 4.0% annual increase[136] Financial Performance - Total revenues for the three months ended September 30, 2025, increased by 7.0% to $23.8 million compared to $22.2 million in 2024, and for the nine months, revenues increased by 8.7% to $72.5 million from $66.7 million[138] - Net rental income for the three months ended September 30, 2025, was $23.8 million, a 7.0% increase from $22.2 million in 2024, while for the nine months, it was $66.5 million, up 9.0% from $72.4 million[139] - Gain on sale of real estate for the three months ended September 30, 2025, was $9.1 million, a 328.9% increase from $2.1 million in 2024, and for the nine months, it was $16.7 million, up 47.3% from $11.3 million[151] - Other income for the three months ended September 30, 2025, decreased by 75.9% to $85,000 from $353,000 in 2024[154] Expenses and Impairments - Total operating expenses for the three months ended September 30, 2025, increased by 18.5% to $17.0 million from $14.3 million in 2024, and for the nine months, expenses rose by 10.8% to $48.4 million from $43.7 million[144] - The company recorded a $1.3 million impairment loss for the three and nine months ended September 30, 2025, compared to a $1.1 million impairment loss in the same period of 2024[149] - An impairment charge of $1.3 million was recorded for The Vue Apartments, which had not generated revenue since 2020, with expected net proceeds from its sale of approximately $16.4 million[134] Debt and Liquidity - The company had available liquidity of $109.4 million as of October 31, 2025, including $9.4 million in cash and cash equivalents[158] - The total principal amount of outstanding mortgages payable was $463.1 million as of September 30, 2025, secured by 61 properties[160] - The company anticipates an increase in mortgage interest expense as it refinances maturing mortgages, with current rates generally higher than the existing weighted average rate of 3.78%[155] - The credit facility allows borrowing up to $100.0 million, with a maturity date of December 31, 2026, and an interest rate of 6.03% as of September 30, 2025[166] Funds from Operations - Funds from operations (FFO) are computed in accordance with NAREIT guidelines, excluding depreciation and amortization related to real estate[170] - Adjusted funds from operations (AFFO) are calculated by adjusting FFO for various items, reflecting the company's operational performance[171] - FFO for the three months ended September 30, 2025 decreased by $136,000, or 1.5%, compared to the same period in 2024, primarily offset by a $1.6 million increase in rental income, net[177] - AFFO for the three months ended September 30, 2025 increased by $173,000, or 1.7%, due to a $180,000 increase in rental income, net, and a $151,000 decrease in general and administrative expenses[178] - FFO for the nine months ended September 30, 2025 increased by $327,000, or 1.2%, compared to the same period in 2024[180] - AFFO for the nine months ended September 30, 2025 increased by $865,000, or 2.9%, primarily due to a $354,000 decrease in general and administrative expenses[180] Risks and Strategy - The company faces risks including tenant defaults, economic conditions, and interest rate volatility, which could impact cash flow and profitability[112][115] - The company maintains a strategy to diversify its property portfolio and minimize exposure to interest rate fluctuations through fixed-rate mortgage debt[119] Acquisitions and Sales - During the three months ended September 30, 2025, the company sold properties for a total gross sales price of $18.8 million, resulting in a gain of $9.1 million[130] - The company anticipates selling a retail property in Port Clinton, Ohio for $1.3 million, expecting net proceeds of approximately $500,000 after mortgage repayment[133] - The company expects to close the acquisition of the Pittsburgh Portfolio during the three months ending December 31, 2025[135] - The annual base rent from acquisitions in 2025 was $8.5 million, reflecting a 1,044.0% increase from $739,000 in 2024[139]

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: 001-36869 PJT Partners Inc. (Exact name of registrant as specified in its charter) Delaware 36-4797143 (State or other jurisdic ...

Revenue Growth - The Company's revenues increased to $239.6 million in the quarter ended September 30, 2025, from $224.4 million in the quarter ended September 30, 2024, an increase of $15.3 million, or 7%[86] - Revenue increased to $474.4 million for the six months ended September 30, 2025, up by $38.3 million or 9% from $436.1 million in the same period in 2024[104] - Patient management services revenues rose to $297.6 million, an increase of $11.2 million or 4%, while network solutions services revenues increased to $176.8 million, up by $27.0 million or 18%[104] Cost and Expenses - Cost of revenues increased to $181.5 million in the quarter ended September 30, 2025, from $173.6 million in the quarter ended September 30, 2024, an increase of $7.8 million, or 5%[87] - General and administrative expense increased to $22.3 million in the quarter ended September 30, 2025, from $22.1 million in the quarter ended September 30, 2024, an increase of $0.2 million, or 1%[88] - General and administrative expenses increased to $43.6 million, up by $1.4 million or 3%, accounting for approximately 9% of revenues[107] Profitability - Income before income tax provision increased to $35.9 million in the quarter ended September 30, 2025, from $28.7 million in the quarter ended September 30, 2024, an increase of $7.2 million, or 25%[89] - Net income increased to $27.9 million in the quarter ended September 30, 2025, from $23.4 million in the quarter ended September 30, 2024, an increase of $4.5 million, or 19.3%[95] - Gross profit increased to $58.2 million in the quarter ended September 30, 2025, from $50.7 million in the quarter ended September 30, 2024, an increase of $7.4 million, or 14.6%[95] - Income before income tax provision increased to $71.2 million, a rise of $14.5 million or 26% compared to $56.7 million in the same period in 2024[108] - Net income for the six months ended September 30, 2025, was $55.1 million, reflecting a 22.6% increase from $45.0 million in the prior year[103] - Gross profit for the six months ended September 30, 2025, was $114.8 million, representing a 16.1% increase from $98.9 million in the prior year[103] Cash Flow - Cash and cash equivalents increased to $207.5 million as of September 30, 2025, up by $36.9 million from $170.6 million as of March 31, 2025[110] - Net cash provided by operating activities rose to $80.0 million, an increase of $17.3 million from $62.7 million in the same period in 2024[114] Taxation - The effective tax rate was 22% for the quarter ended September 30, 2025, compared to 18% for the quarter ended September 30, 2024[89] - The effective tax rate for the six months ended September 30, 2025, was 23%, compared to 21% for the same period in 2024[108] Acquisitions - The Company acquired a privately held technology firm during the quarter ended September 30, 2025, enhancing its bill review process[85] Future Expectations - The company expects general and administrative expenses to remain at approximately 9% to 11% of revenues in future quarters[1]