Cars.com(CARS) - 2025 Q2 - Quarterly Results
2025-08-07 11:45
Exhibit 99.1 Cars.com Reports Second Quarter 2025 Results Grew to 19,412 Dealer Customers, Driven by Strong Sequential Increase in Marketplace Subscriptions Achieved Record First Half 27.8MM Monthly Average Unique Visitors and 332MM Visits Repurchased 2.1 Million Shares, Representing 3% of Shares Outstanding Raising FY 2025 Share Repurchase Target to $70 to $90 Million CHICAGO, August 7, 2025 -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce Inc." or the "Company"), an audience-driven technology company e ...
Priority Technology (PRTH) - 2025 Q2 - Quarterly Results
2025-08-07 11:44
[Executive Summary](index=1&type=section&id=Executive%20Summary) Priority Technology Holdings, Inc. presents its strong Q2 2025 financial results and updated full-year 2025 guidance [Second Quarter 2025 Consolidated Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Consolidated%20Financial%20Highlights) Priority Technology Holdings, Inc. reported strong second-quarter 2025 financial results, driven by performance across its Unified Commerce Platform - The company's strong Q2 2025 results are attributed to the continued success of its Connected Commerce platform, with over **9% revenue growth** and **13% adjusted gross profit growth**[2](index=2&type=chunk) - Adjusted gross profit from recurring revenue represents **62% of total**, indicating a stable and predictable revenue base[2](index=2&type=chunk) Q2 2025 Consolidated Financial Highlights | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Revenue | $239.8 | $219.9 | 9.1% | | Adjusted Gross Profit | $92.4 | $81.7 | 13.0% | | Adjusted Gross Profit Margin | 38.5% | 37.2% | +135 bps | | Operating Income | $37.4 | $33.2 | 12.6% | | Adjusted EBITDA | $56.0 | $51.6 | 8.7% | | Adjusted EPS | $0.26 | $0.11 | 136.4% | [Full Year 2025 Financial Guidance Update](index=2&type=section&id=Full%20Year%202025%20Financial%20Guidance%20Update) Priority Technology Holdings, Inc. updated its full-year 2025 financial guidance, narrowing ranges for revenue and adjusted EBITDA - The company expects an acceleration of organic growth in the second half of 2025 due to sales pipeline timing, year-over-year comparatives, and moderating headwinds[4](index=4&type=chunk) Full Year 2025 Financial Guidance | Metric | New FY 2025 Guidance (Millions) | Original FY 2025 Guidance (Millions) | Growth Rate (vs FY 2024) | | :-------------------- | :----------------------------- | :---------------------------------- | :----------------------- | | Revenue | $970 - $990 | $965 - $1,000 | 10.2% - 12.5% | | Adjusted Gross Profit | $365 - $380 | $360 - $385 | N/A | | Adjusted EBITDA | $222.5 - $227.5 | $220 - $230 | N/A | [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) Priority Technology Holdings, Inc. will host a conference call on August 7, 2025, to discuss its second-quarter financial results - A conference call to discuss Q2 2025 financial results will be held on Thursday, August 7, 2025, at **10:00 a.m. EDT**[5](index=5&type=chunk) - Access to the live webcast and accompanying slide presentation is available via the company's investor relations website[6](index=6&type=chunk) - An audio replay of the call will be available until **August 21, 2025**[7](index=7&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles key non-GAAP financial measures used by the company to assess performance [Non-GAAP Measures Introduction](index=2&type=section&id=Non-GAAP%20Measures%20Introduction) The company uses non-GAAP financial measures like Adjusted Gross Profit and Adjusted EBITDA to evaluate business trends and performance - Non-GAAP measures are used to evaluate business and trends, measure performance, prepare financial projections, allocate resources, and make strategic decisions[8](index=8&type=chunk) - These non-GAAP measures are intended to complement GAAP measures and illustrate underlying financial and business trends, but are not superior to or a substitute for GAAP[8](index=8&type=chunk) [Adjusted Gross Profit and Adjusted Gross Profit Margin Reconciliation](index=3&type=section&id=Adjusted%20Gross%20Profit%20and%20Adjusted%20Gross%20Profit%20Margin%20Reconciliation) Adjusted gross profit, defined as revenues less cost of revenue (excluding D&A), is reconciled for Q2 and H1 2025 and 2024 - Adjusted gross profit excludes depreciation and amortization from cost of revenue to evaluate underlying profit trends[10](index=10&type=chunk) Adjusted Gross Profit and Margin Reconciliation | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------------- | :--------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $239,812 | $219,867 | $464,442 | $425,586 | | Cost of revenue (excluding depreciation and amortization) | (147,399) | (138,118) | (284,752) | (267,416) | | **Adjusted gross profit** | **$92,413** | **$81,749** | **$179,690** | **$158,170** | | **Adjusted gross profit margin** | **38.5%** | **37.2%** | **38.7%** | **37.2%** | | Depreciation and amortization of revenue generating assets | (4,911) | (3,941) | (9,597) | (7,842) | | Gross profit | $87,502 | $77,808 | $170,093 | $150,328 | | Gross profit margin | 36.5% | 35.4% | 36.6% | 35.3% | [EBITDA and Adjusted EBITDA Reconciliation](index=3&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) EBITDA and Adjusted EBITDA, which excludes non-cash and non-recurring items, are reconciled for Q2 and H1 2025 and 2024 - Adjusted EBITDA starts with EBITDA and excludes non-cash costs (e.g., stock-based compensation) and non-recurring expenses (e.g., acquisition integration, litigation settlements) to provide a clearer view of operational performance[11](index=11&type=chunk) EBITDA and Adjusted EBITDA Reconciliation | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------------- | :--------------------------------- | :------------------------------- | :------------------------------- | | Net income | $10,879 | $994 | $19,147 | $6,187 | | Interest expense | 23,054 | 21,710 | 46,230 | 42,590 | | Income tax expense | 4,423 | 2,515 | 6,673 | 5,097 | | Depreciation and amortization | 14,093 | 15,244 | 27,870 | 30,497 | | **EBITDA** | **$52,449** | **$40,463** | **$99,920** | **$84,371** | | Debt modification and extinguishment expenses | — | 8,623 | 38 | 8,623 | | Selling, general and administrative (non-recurring) | 395 | 636 | 2,594 | 1,435 | | Non-cash stock-based compensation | 3,206 | 1,829 | 4,792 | 3,462 | | **Adjusted EBITDA** | **$56,050** | **$51,551** | **$107,344** | **$97,891** | [Adjusted Earnings Per Share (Adjusted EPS) Reconciliation](index=5&type=section&id=Adjusted%20Earnings%20Per%20Share%20%28Adjusted%20EPS%29%20Reconciliation) Adjusted EPS, a performance measure excluding non-recurring and non-cash items, is reconciled for Q2 and H1 2025 and 2024 - Adjusted EPS is calculated by adjusting net income for items such as accelerated accretion expense, debt extinguishment costs, stock-based compensation, other non-recurring expenses, and amortization of acquisition-related intangible assets, along with their tax impact[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) Adjusted Earnings Per Share Reconciliation | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------------- | :--------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) attributable to common shareholders | $10,879 | $(17,629) | $19,147 | $(25,679) | | Accelerated accretion expense and excise tax attributable to redeemable senior preferred stockholders | — | 9,549 | — | 9,549 | | Debt extinguishment and modification costs | — | 8,623 | 38 | 8,623 | | Stock based compensation | 3,206 | 1,829 | 4,792 | 3,462 | | Other non-recurring expenses | 395 | 636 | 2,594 | 1,435 | | Amortization of acquisition related intangible assets | 9,417 | 11,425 | 18,731 | 23,117 | | Tax impact of adjustments | (3,244) | (5,855) | (6,800) | (9,526) | | **Adjusted net income attributable to common shareholders** | **$20,653** | **$8,578** | **$38,502** | **$10,981** | | Weighted average common shares outstanding (diluted) | 79,837 | 78,139 | 79,968 | 78,180 | | **Adjusted earnings per common share (Diluted)** | **$0.26** | **$0.11** | **$0.48** | **$0.14** | [Forward-Looking Non-GAAP Measures Disclosure](index=6&type=section&id=Forward-Looking%20Non-GAAP%20Measures%20Disclosure) The company does not reconcile forward-looking non-GAAP measures to GAAP due to the difficulty in estimating future reconciling items - Reconciliation of forward-looking non-GAAP measures to GAAP is not provided due to the unreasonable effort required to estimate future reconciling items like stock-based compensation expense[16](index=16&type=chunk) - The company primarily plans, forecasts, and analyzes future periods on a non-GAAP basis[16](index=16&type=chunk) [About the Company](index=7&type=section&id=About%20the%20Company) Priority Technology Holdings, Inc. provides a unified commerce engine offering payments and banking solutions for businesses - Priority provides a unified commerce engine that combines payables, merchant services, and banking and treasury solutions[19](index=19&type=chunk) - The platform helps businesses accelerate cash flow, optimize working capital, reduce costs, and unlock new revenue opportunities[19](index=19&type=chunk) [Forward-Looking Statements Disclaimer](index=7&type=section&id=Forward-Looking%20Statements%20Disclaimer) This press release contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially - The press release includes forward-looking statements regarding future financial and operating results, plans, objectives, and intentions[21](index=21&type=chunk) - These statements are subject to significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially[21](index=21&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company disclaims any obligation to publicly update or revise them[23](index=23&type=chunk) [Investor Relations Contact](index=7&type=section&id=Investor%20Relations%20Contact) Investor inquiries for Priority Technology Holdings, Inc. can be directed to the provided email address - Investor inquiries should be sent to **priorityIR@icrinc.com**[24](index=24&type=chunk) [Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated statements of operations, balance sheets, and cash flows for the reported periods [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) The unaudited consolidated statements of operations show increased net income for Q2 and H1 2025, driven by revenue growth Consolidated Statements of Operations and Comprehensive Income (Loss) | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------------- | :--------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $239,812 | $219,867 | $464,442 | $425,586 | | Total operating expenses | 202,462 | 186,693 | 394,467 | 364,389 | | Operating income | 37,350 | 33,174 | 69,975 | 61,197 | | Income before income taxes | 15,302 | 3,509 | 25,820 | 11,284 | | Net income | 10,879 | 994 | 19,147 | 6,187 | | Net income (loss) attributable to common stockholders | 10,879 | (17,629) | 19,147 | (25,679) | | Basic EPS | $0.14 | $(0.23) | $0.24 | $(0.33) | | Diluted EPS | $0.14 | $(0.23) | $0.24 | $(0.33) | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show an increase in total assets and liabilities as of June 30, 2025, primarily due to settlement activities Consolidated Balance Sheets | (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------------ | :-------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $50,564 | $58,600 | | Settlement assets | 1,125,934 | 940,798 | | Total current assets | 1,305,885 | 1,105,085 | | Goodwill | 382,497 | 376,091 | | Intangible assets, net | 225,035 | 240,874 | | **Total assets** | **$2,027,420** | **$1,826,860** | | **Liabilities, Stockholders' Deficit and NCI** | | | | Settlement obligations | 1,127,266 | 940,213 | | Total current liabilities | 1,229,171 | 1,051,671 | | Long-term debt, net | 917,017 | 920,888 | | **Total liabilities** | **$2,171,554** | **$1,991,885** | | Total stockholders' deficit | (144,134) | (165,025) | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows indicate decreased operating cash flow but increased financing cash flow in H1 2025 Consolidated Statements of Cash Flows | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $27,080 | $42,007 | | Net cash used in investing activities | $(21,145) | $(20,598) | | Net cash provided by financing activities | $178,091 | $18,149 | | Net increase in cash and cash equivalents, and restricted cash | $184,026 | $39,558 | | Cash and cash equivalents and restricted cash at end of period | $1,177,890 | $835,781 | - The significant increase in net cash provided by financing activities in H1 2025 was largely driven by settlement obligations, which provided **$190,863 thousand**[30](index=30&type=chunk) [Reportable Segments' Results (Unaudited)](index=11&type=section&id=Reportable%20Segments%27%20Results%20%28Unaudited%29) This section details the unaudited financial performance of Priority's SMB, B2B, and Enterprise Payments segments [Segment Performance Overview (SMB, B2B, Enterprise)](index=11&type=section&id=Segment%20Performance%20Overview%20%28SMB%2C%20B2B%2C%20Enterprise%29) Priority's SMB, B2B, and Enterprise Payments segments show diversified performance in revenue and Adjusted EBITDA for Q2 and H1 2025 Segment Performance Overview **Three Months Ended June 30, 2025 vs 2024:** | Segment | Q2 2025 Revenue (Thousands) | Q2 2024 Revenue (Thousands) | Revenue Change (%) | Q2 2025 Adj. EBITDA (Thousands) | Q2 2024 Adj. EBITDA (Thousands) | Adj. EBITDA Change (%) | | :---------------- | :-------------------------- | :-------------------------- | :----------------- | :------------------------------ | :------------------------------ | :--------------------- | | SMB Payments | $163,230 | $155,101 | 5.2% | $27,749 | $28,597 | -3.0% | | B2B Payments | $25,033 | $21,881 | 14.4% | $3,770 | $1,530 | 146.4% | | Enterprise Payments | $52,658 | $43,670 | 20.6% | $45,558 | $37,244 | 22.3% | **Six Months Ended June 30, 2025 vs 2024:** | Segment | H1 2025 Revenue (Thousands) | H1 2024 Revenue (Thousands) | Revenue Change (%) | H1 2025 Adj. EBITDA (Thousands) | H1 2024 Adj. EBITDA (Thousands) | Adj. EBITDA Change (%) | | :---------------- | :-------------------------- | :-------------------------- | :----------------- | :------------------------------ | :------------------------------ | :--------------------- | | SMB Payments | $314,920 | $299,105 | 5.3% | $53,454 | $53,620 | -0.3% | | B2B Payments | $48,951 | $43,225 | 13.2% | $7,286 | $3,276 | 122.4% | | Enterprise Payments | $102,746 | $84,660 | 21.4% | $88,001 | $71,971 | 22.3% | - Enterprise Payments showed strong growth in average CFTPay billed clients (**992,279 in Q2 2025** vs **762,873 in Q2 2024**) and monthly new enrollments (**57,818 in Q2 2025** vs **55,416 in Q2 2024**)[32](index=32&type=chunk) - B2B issuing dollar volume decreased in both Q2 and H1 2025 compared to 2024, despite revenue and Adjusted EBITDA growth in the segment[32](index=32&type=chunk) [Reconciliation of Adjusted EBITDA to GAAP Measure by Segment](index=12&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20GAAP%20Measure%20by%20Segment) Detailed reconciliations of Adjusted EBITDA to GAAP Income (loss) before taxes are provided for each reportable segment and corporate overhead - The reconciliation tables provide a detailed breakdown of adjustments from Adjusted EBITDA to Income (loss) before taxes for each segment and the corporate overhead[34](index=34&type=chunk)[36](index=36&type=chunk) - Corporate expenses, including interest, depreciation, non-recurring SG&A, and stock-based compensation, significantly impact the consolidated income before taxes[34](index=34&type=chunk)[36](index=36&type=chunk)
Cabaletta Bio(CABA) - 2025 Q2 - Quarterly Report
2025-08-07 11:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☐ 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: 001-39103 CABALETTA BIO, INC. (Exact Name of Registrant as Specified in its Charter) | Delaware | 82-1685768 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 29 ...
Cronos Group(CRON) - 2025 Q2 - Quarterly Results
2025-08-07 11:41
Industry-leading balance sheet with $834 million in total cash and cash equivalents and short-term investments TORONTO, August 7, 2025 - Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company"), today announced its 2025 second quarter business results. "Cronos delivered another quarter of strong performance, highlighted by record sales from Cronos Israel and continued momentum in international markets. Our strength abroad has been instrumental in driving meaningful margin improvement, unders ...
Achieve Life Sciences(ACHV) - 2025 Q2 - Quarterly Report
2025-08-07 11:40
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 June 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 033-80623 Achieve Life Sciences, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdi ...
Immunocore(IMCR) - 2025 Q2 - Quarterly Results
2025-08-07 11:40
[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) [Q2 2025 Key Achievements](index=1&type=section&id=Q2%202025%20Key%20Achievements) Immunocore achieved KIMMTRAK net revenue of $98 million in Q2 2025, a 30% year-over-year increase, and reported robust cash reserves, making progress in several key clinical trials, including Phase 3 trials for TEBE-AM and PRISM-MEL-301, and planning to release Phase 1 HBV data Q2 2025 Key Financial and Business Highlights | Metric | Amount/Status | | :--- | :--- | | KIMMTRAK Net Revenue (Q2 2025) | $98.0 million | | KIMMTRAK Net Revenue YoY Growth (Q2 2025) | 30% | | Cash, Cash Equivalents, and Marketable Securities (as of June 30, 2025) | $883 million | | Phase 3 TEBE-AM Trial | Enrollment on track for H1 2026 | | PRISM-MEL-301 Phase 3 Trial | Dose selection expected H2 2025 | | Phase 1 HBV Data | To be presented at AASLD Liver Meeting 2025 | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Bahija Jallal highlighted strong revenue growth (32% YoY) in H1 2025, attributed to KIMMTRAK's global market expansion, and noted good progress in multiple Phase 3 and Phase 1/2 clinical trials, preparing for autoimmune CTA submissions, demonstrating platform depth and diversity - Revenue grew **32% year-over-year** in the first half of 2025, primarily driven by the continued rollout of KIMMTRAK in the US and global markets[3](index=3&type=chunk) - The Phase 3 TEBE-AM trial is on track for enrollment completion in the first half of 2026, with other Phase 3 trials like PRISM-MEL-301 and ATOM also progressing well[3](index=3&type=chunk) - The company is advancing Phase 1/2 trials in oncology and infectious diseases and preparing to submit clinical trial applications for autoimmune candidates, showcasing platform depth and diversity[3](index=3&type=chunk) [Product & Pipeline Update](index=1&type=section&id=Product%20%26%20Pipeline%20Update) [KIMMTRAK® (tebentafusp)](index=1&type=section&id=KIMMTRAK%C2%AE%20(tebentafusp)) KIMMTRAK is approved in 39 countries and launched in 28, establishing itself as the standard of care for HLA-A*02:01-positive metastatic uveal melanoma (mUM) patients, with plans for continued global mUM expansion and potential extension to 2L+ advanced cutaneous melanoma (CM) and adjuvant uveal melanoma - KIMMTRAK is approved in **39 countries** globally and launched in **28 countries** for HLA-A*02:01-positive metastatic uveal melanoma patients[4](index=4&type=chunk) - The company plans to achieve three key growth areas for KIMMTRAK through global mUM expansion, potential extension to 2L+ advanced CM, and adjuvant uveal melanoma[6](index=6&type=chunk) [Commercial Performance & Expansion](index=2&type=section&id=Commercial%20Performance%20%26%20Expansion) KIMMTRAK achieved net sales of $98 million in Q2 2025 and $191.8 million in H1 2025, representing 30% and 32% YoY growth respectively, driven by increased demand, new country launches, and completed price negotiations in France and Germany, with new distribution agreements signed for the Middle East and North Africa KIMMTRAK Net Product Sales (million USD) | Period | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $98.0 | $75.3 | 30% | | Six Months Ended June 30 | $191.8 | $145.7 | 32% | Regional Quarterly Growth (YoY) | Region | Growth Rate | | :--- | :--- | | US | 15% | | Europe & International | 71% | - Growth in Europe and international markets was primarily driven by increased demand, new country launches, and completed price negotiations in France and Germany[10](index=10&type=chunk) - The company signed a distribution and commercialization agreement with Er-Kim Pharmaceuticals for KIMMTRAK in Turkey, the Middle East, North Africa, the Caucasus, and CIS regions[10](index=10&type=chunk) [KIMMTRAK Clinical Development](index=2&type=section&id=KIMMTRAK%20Clinical%20Development) The Phase 3 TEBE-AM trial for KIMMTRAK is recruiting patients, with enrollment expected to complete in H1 2026, addressing unmet needs in 2L+ advanced cutaneous melanoma, while the EORTC is expanding site coverage for the Phase 3 ATOM adjuvant uveal melanoma trial, targeting 1,200 high-risk patients in the US and Europe - The TEBE-AM registrational Phase 3 trial is recruiting patients, with enrollment expected to complete in the first half of 2026, addressing a significant unmet need in 2L+ advanced cutaneous melanoma[10](index=10&type=chunk) - The European Organisation for Research and Treatment of Cancer (EORTC) is expanding site coverage for the Phase 3 ATOM adjuvant uveal melanoma trial[10](index=10&type=chunk) - The company estimates the HLA-A*02:01 high-risk adjuvant uveal melanoma patient population could be as many as **1,200 individuals** in the US and Europe[10](index=10&type=chunk) [PRAME Portfolio (Brenetafusp)](index=2&type=section&id=PRAME%20Portfolio%20(Brenetafusp)) Brenetafusp, the company's leading PRAME-A02 ImmTAC bispecific candidate, is being evaluated in multiple clinical trials, including the Phase 3 registrational trial PRISM-MEL-301 for first-line advanced cutaneous melanoma, and Phase 1/2 trials as monotherapy and in combination across various tumor types like ovarian cancer and non-small cell lung cancer - Brenetafusp, the company's leading PRAME-A02 ImmTAC bispecific candidate, is undergoing a Phase 3 registrational trial (PRISM-MEL-301) in combination with nivolumab for first-line advanced cutaneous melanoma patients[9](index=9&type=chunk) - Brenetafusp is also being evaluated in Phase 1/2 clinical trials as monotherapy and in combination across various tumor types, including ovarian cancer and non-small cell lung cancer[9](index=9&type=chunk) [PRISM-MEL-301 Phase 3 Trial](index=3&type=section&id=PRISM-MEL-301%20Phase%203%20Trial) PRISM-MEL-301, a Phase 3 registrational trial for brenetafusp combined with nivolumab in first-line advanced cutaneous melanoma, has activated over 150 global sites, with the IDMC recommending continuation after reviewing safety data from the first 30 patients, and final dose selection expected in H2 2025, addressing an unmet need for approximately 10,000 HLA-A*02:01-positive patients - The PRISM-MEL-301 trial has activated over **150 clinical sites** globally and is recruiting HLA-A*02:01-positive, first-line, advanced or metastatic cutaneous melanoma patients[15](index=15&type=chunk) - The IDMC reviewed safety data from the first **30 patients** and recommended continuation of the study, with final brenetafusp dose selection expected in the second half of 2025[15](index=15&type=chunk) - The company estimates approximately **10,000 HLA-A*02:01-positive patients** in the US and Europe have an unmet need for improved progression-free and overall survival[15](index=15&type=chunk) [Brenetafusp Phase 1/2 in Multiple Solid Tumors](index=3&type=section&id=Brenetafusp%20Phase%201%2F2%20in%20Multiple%20Solid%20Tumors) Brenetafusp is being evaluated in Phase 1/2 trials in combination with non-platinum chemotherapy for platinum-resistant ovarian cancer, and with bevacizumab or platinum chemotherapy for early platinum-sensitive ovarian cancer, while also undergoing signal detection in non-small cell lung cancer cohorts, including combinations with docetaxel and osimertinib, with an estimated 150,000 eligible HLA-A*02:01-positive solid tumor patients globally annually - The company continues to evaluate brenetafusp in Phase 1/2 trials in combination with non-platinum chemotherapy for platinum-resistant ovarian cancer, and with bevacizumab or platinum chemotherapy for early platinum-sensitive ovarian cancer[15](index=15&type=chunk) - In the same trial, the company continues signal detection in metastatic non-small cell lung cancer cohorts, including brenetafusp in combination with docetaxel and osimertinib[15](index=15&type=chunk) - The company estimates that as many as **150,000 HLA-A*02:01-positive patients** are eligible for testing across all solid tumors globally each year[15](index=15&type=chunk) [Other PRAME Candidates](index=3&type=section&id=Other%20PRAME%20Candidates) The company is conducting a Phase 1 dose-escalation trial for IMC-P115C (PRAME-A02 half-life extended) in multiple solid tumors - The company is recruiting patients for a Phase 1 dose-escalation trial of IMC-P115C (PRAME-A02 half-life extended) in multiple solid tumors[12](index=12&type=chunk) [Other Oncology Programs (IMC-R117C)](index=3&type=section&id=Other%20Oncology%20Programs%20(IMC-R117C)) The company is conducting a Phase 1/2 dose-escalation trial for IMC-R117C (PIWIL1) in HLA-A*02:01-positive advanced solid tumors, including colorectal cancer, as monotherapy and in combination with standard of care - The company is recruiting patients for a Phase 1/2 dose-escalation trial of IMC-R117C (PIWIL1) in HLA-A*02:01-positive advanced solid tumors, including colorectal cancer, as monotherapy and in combination with standard of care[13](index=13&type=chunk) [Infectious Disease Programs (ImmTAV)](index=3&type=section&id=Infectious%20Disease%20Programs%20(ImmTAV)) The ImmTAV platform aims for a 'functional cure' of chronic infections through bispecific TCR technology, with two candidates in Phase 1 or Phase 1/2 trials targeting HIV and chronic Hepatitis B virus (HBV) infection - The ImmTAV platform aims to provide a new approach for certain chronic infections, targeting a 'functional cure' where patients eliminate evidence of the virus from their bodies after stopping treatment[14](index=14&type=chunk) [HIV Program (IMC-M113V)](index=4&type=section&id=HIV%20Program%20(IMC-M113V)) The Phase 1/2 multi-dose escalation trial for IMC-M113V (Gag-A02) continues to recruit patients to determine a safe and tolerable dose - The Phase 1/2 multi-dose escalation clinical trial for IMC-M113V (Gag-A02) continues to recruit patients at higher doses to determine a safe and tolerable dose[16](index=16&type=chunk) [HBV Program (IMC-I109V)](index=4&type=section&id=HBV%20Program%20(IMC-I109V)) Phase 1 single-dose escalation trial data for IMC-I109V (Envelope-A02) will be presented at the AASLD Liver Meeting in November 2025 - The company will present single-dose escalation data from the Phase 1 trial of IMC-I109V (Envelope-A02) at the AASLD Liver Meeting in November 2025[17](index=17&type=chunk) [Autoimmune Disease Programs (ImmTAAI)](index=4&type=section&id=Autoimmune%20Disease%20Programs%20(ImmTAAI)) The ImmTAAI platform aims to tissue-specifically downregulate the immune system by inhibiting pathogenic T cells via PD1 receptor agonism, with two candidates in development: IMC-S118AI (PPI-A02) for Type 1 Diabetes, with CTA/IND submission expected in H2 2025, and IMC-U120AI (CD1a) for Atopic Dermatitis, with CTA/IND submission expected in 2026 - The ImmTAAI platform achieves tissue-specific downregulation of the immune system by inhibiting pathogenic T cells via PD1 receptor agonism when binding to target tissues[18](index=18&type=chunk) [Type 1 Diabetes (IMC-S118AI)](index=4&type=section&id=Type%201%20Diabetes%20(IMC-S118AI)) IMC-S118AI (PPI-A02) for Type 1 Diabetes is expected to have its Clinical Trial Application (CTA) or Investigational New Drug (IND) application submitted in the second half of 2025 - The company is on track to submit a CTA or IND application for IMC-S118AI (PPI x PD1) for Type 1 Diabetes in the second half of 2025[19](index=19&type=chunk) [Atopic Dermatitis (IMC-U120AI)](index=4&type=section&id=Atopic%20Dermatitis%20(IMC-U120AI)) IMC-U120AI (CD1a) for Atopic Dermatitis is expected to have its CTA/IND submission in 2026 - The company plans to submit a CTA/IND application for IMC-U120AI (CD1a x PD1) for Atopic Dermatitis in 2026[20](index=20&type=chunk) [Corporate Update](index=4&type=section&id=Corporate%20Update) [Director Resignation](index=4&type=section&id=Director%20Resignation) Rob Perez resigned from the company's Board of Directors on August 5, 2025, effective September 16, 2025, with the company expressing gratitude for his six years of contributions to Immunocore - Rob Perez resigned from the company's Board of Directors on August 5, 2025, effective September 16, 2025[21](index=21&type=chunk) [Financial Results](index=4&type=section&id=Financial%20Results) [Q2 2025 Financial Performance Overview](index=4&type=section&id=Q2%202025%20Financial%20Performance%20Overview) Immunocore achieved net product sales of $98 million in Q2 2025, a 30% YoY increase, with R&D expenses rising to $69 million due to autoimmune programs and Phase 3 trials, and SG&A expenses increasing to $42.8 million to support pipeline and global commercial expansion, resulting in a narrowed net loss of $10.3 million, or $0.20 per share Q2 2025 Key Financial Data (million USD) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Product Sales | $98.0 | $75.3 | 30% increase | | R&D Expenses | $69.0 | $51.1 | increase of $17.9 | | SG&A Expenses | $42.8 | $38.6 | increase of $4.2 | | Net Loss | ($10.3) | ($11.6) | loss narrowed by $1.3 | | Basic and Diluted Loss Per Share | ($0.20) | ($0.23) | loss narrowed by $0.03 | - R&D expenses increased primarily due to the advancement of autoimmune programs and Phase 3 trials (TEBE-AM and PRISM-MEL-301)[23](index=23&type=chunk) - SG&A expenses increased mainly due to business support function costs for the company's growing pipeline and global commercial expansion[24](index=24&type=chunk) [Balance Sheet & Cash Position](index=5&type=section&id=Balance%20Sheet%20%26%20Cash%20Position) As of June 30, 2025, the company's cash, cash equivalents, and marketable securities totaled $882.8 million, an increase from $820.4 million at the end of 2024, with an estimated $65 million in sales-related rebate accruals expected to be paid in H2 2025 Cash, Cash Equivalents, and Marketable Securities (million USD) | Date | Amount | | :--- | :--- | | June 30, 2025 | $882.8 | | December 31, 2024 | $820.4 | | Change | increase of $62.4 | - The company expects to pay approximately **$65 million** in sales-related rebate accruals in the second half of 2025[27](index=27&type=chunk) [About Immunocore & Technologies](index=5&type=section&id=About%20Immunocore%20%26%20Technologies) [About ImmTAC® molecules for cancer](index=5&type=section&id=About%20ImmTAC%C2%AE%20molecules%20for%20cancer) ImmTAC molecules are novel bispecific biologics generated by Immunocore's proprietary T-cell receptor (TCR) technology, designed to redirect the immune system to recognize and kill cancer cells, functioning as soluble TCRs with ultra-high affinity for intracellular cancer antigens and selective killing via anti-CD3 immune activating effector function, holding promise for various hematological and solid tumors - ImmTAC molecules are novel bispecific biologics generated by Immunocore's proprietary T-cell receptor (TCR) technology, designed to redirect the immune system to recognize and kill cancer cells[28](index=28&type=chunk) - ImmTAC molecules selectively kill cancer cells by recognizing intracellular cancer antigens with ultra-high affinity and employing anti-CD3 immune activating effector function, holding promise for both hematological and solid tumors[28](index=28&type=chunk) [About ImmTAV infectious disease molecules](index=5&type=section&id=About%20ImmTAV%20molecules%20and%20infectious%20diseases) ImmTAV molecules are novel bispecific drugs designed to enable the immune system to recognize and eliminate virally infected cells, with Immunocore advancing clinical candidates to achieve a 'functional cure' for HIV and HBV patients, meaning sustained viral control after stopping medication - ImmTAV molecules are novel bispecific drugs designed to enable the immune system to recognize and eliminate virally infected cells[29](index=29&type=chunk) - Immunocore is advancing clinical candidates to achieve a 'functional cure' for HIV and HBV patients, meaning sustained control of HIV after stopping antiretroviral therapy (ART), and sustained clearance of circulating viral antigens and replication markers for HBV after stopping medication[29](index=29&type=chunk) [About ImmTAAI autoimmune disease molecules](index=5&type=section&id=About%20ImmTAAI%20molecules%20and%20autoimmune%20diseases) ImmTAAI molecules are novel bispecific drugs designed for tissue-specific downregulation of the immune system, inhibiting pathogenic T cells via PD1 receptor agonism when binding to target tissues, currently in development for Type 1 Diabetes and inflammatory skin diseases - ImmTAAI molecules are novel bispecific drugs designed to achieve tissue-specific downregulation of the immune system[30](index=30&type=chunk) - When binding to target tissues, ImmTAAI candidates inhibit pathogenic T cells via PD1 receptor agonism[30](index=30&type=chunk) - The company is currently advancing two autoimmune disease candidates, including for Type 1 Diabetes and inflammatory skin diseases[30](index=30&type=chunk) [Detailed Clinical Trial Information](index=6&type=section&id=Detailed%20Clinical%20Trial%20Information) This section provides detailed information on Immunocore's key clinical trials, including the design, patient populations, randomization, and primary endpoints for PRISM-MEL301, IMC-F106C-101, TEBE-AM, and ATOM trials [PRISM-MEL301 (NCT06112314)](index=6&type=section&id=PRISM-MEL301%20(NCT06112314)) PRISM-MEL301 is a Phase 3 registrational trial for untreated HLA-A*02:01-positive advanced melanoma patients, randomized to brenetafusp + nivolumab or control, with an initial three-arm randomization and a primary endpoint of blinded independent central review of progression-free survival (PFS) - PRISM-MEL301 is a Phase 3 registrational trial for HLA-A*02:01-positive, untreated advanced melanoma patients[32](index=32&type=chunk) - Patients are randomized to brenetafusp + nivolumab or a control arm (nivolumab or nivolumab + relatlimab)[32](index=32&type=chunk) - The primary endpoint is blinded independent central review of progression-free survival (PFS), with secondary endpoints including overall survival (OS) and overall response rate (ORR)[32](index=32&type=chunk) [IMC-F106C-101 Phase 1/2 trial](index=6&type=section&id=IMC-F106C-101%20Phase%201%2F2%20trial) IMC-F106C-101 is a first-in-human Phase 1/2 dose-escalation trial for various solid tumor patients, aiming to determine the maximum tolerated dose and evaluate the safety, preliminary anti-tumor activity, and pharmacokinetics of IMC-F106C (brenetafusp), with a current focus on recruiting patients for combination with standard of care - IMC-F106C-101 is a first-in-human Phase 1/2 dose-escalation trial for various solid tumor patients, including non-small cell lung cancer and ovarian cancer[33](index=33&type=chunk) - The trial aims to determine the maximum tolerated dose (MTD) and evaluate the safety, preliminary anti-tumor activity, and pharmacokinetics of IMC-F106C (brenetafusp)[33](index=33&type=chunk) - The company's current focus is on recruiting patients for combination with standard of care[33](index=33&type=chunk) [TEBE-AM Phase 2/3 trial](index=6&type=section&id=TEBE-AM%20Phase%202%2F3%20trial) The TEBE-AM trial targets 2L+ advanced cutaneous melanoma patients who progressed after anti-PD1 therapy and received ipilimumab, randomizing them to tebentafusp monotherapy, tebentafusp plus anti-PD1, or a control arm, with overall survival as the primary endpoint - The TEBE-AM trial targets 2L+ advanced cutaneous melanoma patients who progressed after anti-PD1 therapy and received ipilimumab[34](index=34&type=chunk) - Patients are randomized to tebentafusp monotherapy, tebentafusp plus anti-PD1, or a control arm[34](index=34&type=chunk) - The primary endpoint is overall survival (OS)[34](index=34&type=chunk) [ATOM Phase 3 trial](index=6&type=section&id=ATOM%20Phase%203%20trial) The EORTC-sponsored Phase 3 ATOM clinical trial will establish sites in 10 EU countries and the US, recruiting HLA-A*02:01-positive, high-risk primary uveal melanoma patients randomized 1:1 to tebentafusp monotherapy or observation, with recurrence-free survival (RFS) as the primary endpoint - The EORTC-sponsored Phase 3 ATOM clinical trial will establish sites in **10 EU countries** and the US[35](index=35&type=chunk) - The trial will recruit HLA-A*02:01-positive, high-risk primary uveal melanoma patients, randomized to tebentafusp monotherapy or observation[35](index=35&type=chunk) - The primary endpoint is recurrence-free survival (RFS), with secondary objectives including overall survival and the safety and tolerability of tebentafusp[35](index=35&type=chunk) [Disease Background](index=7&type=section&id=Disease%20Background) This section describes the characteristics, prognosis, and unmet treatment needs of uveal melanoma and cutaneous melanoma, highlighting KIMMTRAK's significance in uveal melanoma treatment [Uveal Melanoma](index=7&type=section&id=Uveal%20Melanoma) Uveal melanoma is a rare, aggressive ocular melanoma and the most common primary intraocular malignancy in adults, with up to 50% of patients developing metastatic disease, often leading to poor prognosis, and no approved treatments existed before KIMMTRAK - Uveal melanoma is a rare and aggressive ocular melanoma, representing the most common primary intraocular malignancy in adults[37](index=37&type=chunk) - Up to **50%** of uveal melanoma patients eventually develop metastatic disease, often with a poor prognosis, and no approved treatment options existed prior to KIMMTRAK's approval[37](index=37&type=chunk) [Cutaneous Melanoma](index=7&type=section&id=Cutaneous%20Melanoma) Cutaneous melanoma is the most common and aggressive form of melanoma, responsible for the vast majority of skin cancer-related deaths, and despite advances in advanced melanoma treatment, unmet needs persist in improving first-line response rates, extending response duration, and treating patients resistant to first-line therapies - Cutaneous melanoma is the most common form of melanoma and the most aggressive skin cancer, associated with the vast majority of skin cancer-related deaths[38](index=38&type=chunk) - Despite advances in advanced melanoma treatment, unmet needs persist in improving first-line response rates, extending response duration, and treating patients resistant to first-line therapies[38](index=38&type=chunk) [About KIMMTRAK®](index=7&type=section&id=About%20KIMMTRAK%C2%AE) KIMMTRAK is a novel bispecific protein, a soluble T-cell receptor fused to an anti-CD3 immune-effector function, specifically targeting the gp100 antigen, and is the first molecule developed from Immunocore's ImmTAC technology platform, designed to redirect and activate T cells to recognize and kill tumor cells, approved for HLA-A*02:01-positive, unresectable or metastatic uveal melanoma in adults - KIMMTRAK is a novel bispecific protein, a soluble T-cell receptor fused to an anti-CD3 immune-effector function, specifically targeting the gp100 antigen[39](index=39&type=chunk) - KIMMTRAK is the first molecule developed from Immunocore's ImmTAC technology platform, designed to redirect and activate T cells to recognize and kill tumor cells[39](index=39&type=chunk) - KIMMTRAK is approved for the treatment of HLA-A*02:01-positive, unresectable or metastatic uveal melanoma in adults, with approvals in the US, EU, Canada, Australia, and the UK[39](index=39&type=chunk) [Important Safety Information](index=7&type=section&id=Important%20Safety%20Information) KIMMTRAK treatment may cause serious cytokine release syndrome (CRS), skin reactions, elevated liver enzymes, and embryo-fetal toxicity, requiring close monitoring for CRS symptoms and treatment or discontinuation based on severity, with common side effects including CRS, rash, fever, pruritus, fatigue, and laboratory abnormalities like decreased lymphocyte count, elevated creatinine, and liver enzymes - KIMMTRAK treatment may cause serious cytokine release syndrome (CRS), occurring in **89%** of patients, with **0.8%** being Grade 3 or 4[40](index=40&type=chunk) - Skin reactions (including rash, pruritus, skin edema) occurred in **91%** of patients, and elevated liver enzymes in **65%**[41](index=41&type=chunk)[43](index=43&type=chunk) - KIMMTRAK may cause fetal harm, and patients of reproductive potential are advised to use effective contraception during treatment and for **1 week** after the last dose[44](index=44&type=chunk) - The most common adverse reactions (≥**30%**) include cytokine release syndrome, rash, pyrexia, pruritus, fatigue, nausea, chills, abdominal pain, edema, hypotension, dry skin, headache, and vomiting[45](index=45&type=chunk) [KIMMTRAKConnect](index=8&type=section&id=KIMMTRAKConnect) The KIMMTRAKConnect program provides personalized support services, including educational resources, financial assistance, and care site coordination, delivered by dedicated nurse case managers, to help patients access KIMMTRAK - The KIMMTRAKConnect program offers personalized support, including educational resources, financial assistance, and care site coordination, to help patients access KIMMTRAK[47](index=47&type=chunk) [About Immunocore](index=8&type=section&id=About%20Immunocore) Immunocore is a commercial-stage biotechnology company developing novel TCR bispecific immunotherapies, ImmTAX, for cancer, autoimmune diseases, and infectious diseases, leveraging its proprietary ImmTAX platform to build a deep pipeline across multiple therapeutic areas, including KIMMTRAK, approved for HLA-A*02:01-positive, unresectable or metastatic uveal melanoma in adults - Immunocore is a commercial-stage biotechnology company dedicated to developing novel TCR bispecific immunotherapies, ImmTAX, for cancer, autoimmune diseases, and infectious diseases[48](index=48&type=chunk) - The company leverages its proprietary, flexible, and off-the-shelf ImmTAX platform to develop a deep pipeline across oncology, infectious diseases, and autoimmune diseases[48](index=48&type=chunk) - The company's most advanced oncology TCR therapeutic, KIMMTRAK, is approved for the treatment of HLA-A*02:01-positive, unresectable or metastatic uveal melanoma in adults[48](index=48&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) [Nature and Risks of Forward-Looking Statements](index=9&type=section&id=Nature%20and%20Risks%20of%20Forward-Looking%20Statements) This press release contains forward-looking statements regarding the company's clinical pipeline progress, KIMMTRAK's commercial performance and potential expansion, TCR technology platform potential, patient population size, clinical trial design and results, regulatory approvals, funding needs, and intellectual property protection, which are based on management's current expectations and subject to various risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements cover the company's clinical pipeline progress, KIMMTRAK's commercial performance and expansion, TCR technology platform potential, patient population size, clinical trial design and results, regulatory approvals, funding needs, and intellectual property protection[50](index=50&type=chunk) - These statements are based on management's current expectations but are subject to various risks and uncertainties, including macroeconomic conditions, clinical trial delays, regulatory actions, ability to obtain funding, and intellectual property protection, which could cause actual results to differ materially from expectations[50](index=50&type=chunk) [Contact Information](index=10&type=section&id=Contact%20Information) [Company Contacts](index=10&type=section&id=Company%20Contacts) Provides contact information for Immunocore's corporate communications and investor relations, including names, phone numbers, and email addresses, for media and investor inquiries - Immunocore's corporate communications contact is Sébastien Desprez, and investor relations contacts are Clayton Robertson / Morgan Warenius[52](index=52&type=chunk) [Financial Statements](index=11&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) In Q2 2025, the company reported total revenue of $97.964 million, a net loss of $10.3 million, and basic and diluted loss per share of $0.20, showing increased revenue and narrowed loss compared to Q2 2024, with H1 total revenue of $191.8 million and a net loss of $5.277 million, or $0.11 per share Immunocore Holdings plc Condensed Consolidated Statement of Operations (Unaudited, in thousands of USD, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net product sales | $97,964 | $75,347 | $191,845 | $145,689 | | Collaboration revenue | — | $53 | — | $213 | | **Total revenue** | **$97,964** | **$75,400** | **$191,845** | **$145,902** | | Cost of product sales | ($1,040) | ($1,707) | ($1,871) | ($1,953) | | Research and development expenses | ($69,008) | ($51,072) | ($125,476) | ($108,531) | | Selling, general and administrative expenses | ($42,791) | ($38,638) | ($82,989) | ($77,925) | | **Operating loss** | **($14,875)** | **($16,017)** | **($18,491)** | **($42,507)** | | Interest income | $4,271 | $6,239 | $8,447 | $14,485 | | Interest expense | ($3,045) | ($4,277) | ($6,070) | ($7,516) | | Foreign currency (loss) gain | ($738) | ($508) | $2,342 | ($2,914) | | Other income, net | $4,693 | $4,433 | $10,162 | $4,243 | | Net income (loss) before income taxes | ($9,694) | ($10,130) | ($3,610) | ($34,209) | | Income tax expense | ($606) | ($1,486) | ($1,667) | ($1,843) | | **Net income (loss)** | **($10,300)** | **($11,616)** | **($5,277)** | **($36,052)** | | Net loss per share, basic and diluted | ($0.20) | ($0.23) | ($0.11) | ($0.72) | | Weighted-average shares outstanding, basic and diluted | 50,294,205 | 50,014,086 | 50,191,018 | 49,944,767 | [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company reported total assets of $1.0824 billion, total liabilities of $693.9 million, and total shareholders' equity of $388.5 million, with cash and cash equivalents at $487.9 million and marketable securities at $394.9 million, totaling $882.8 million Immunocore Holdings plc Condensed Consolidated Balance Sheets (Unaudited, in thousands of USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $487,933 | $455,731 | | Marketable securities | $394,878 | $364,645 | | Accounts receivable, net | $69,761 | $63,009 | | Prepaid expenses and other current assets | $44,270 | $41,033 | | Inventories, net | $5,456 | $5,446 | | **Total current assets** | **$1,002,298** | **$929,864** | | Property and equipment, net | $9,548 | $10,092 | | Operating lease right-of-use assets, net | $39,428 | $37,643 | | Deferred tax assets, net | $14,077 | $14,790 | | Other non-current assets | $17,036 | $17,117 | | **Total assets** | **$1,082,387** | **$1,009,506** | | **Liabilities and Shareholders’ Equity** | | | | Accounts payable | $23,856 | $25,100 | | Accrued expenses and other current liabilities | $143,785 | $185,534 | | Deferred revenue, current | $0 | $0 | | Operating lease liabilities, current | $1,843 | $1,547 | | **Total current liabilities** | **$170,078** | **$212,181** | | Accrued expenses, non-current | $83,960 | $0 | | Deferred revenue, non-current | $5,247 | $5,434 | | Operating lease liabilities, non-current | $42,561 | $40,162 | | Interest-bearing loans and borrowings | $392,060 | $391,013 | | **Total liabilities** | **$693,906** | **$648,790** | | Ordinary shares | $135 | $135 | | Deferred shares | $1 | $1 | | Additional paid-in capital | $1,215,997 | $1,190,104 | | Accumulated deficit | ($801,038) | ($795,761) | | Accumulated other comprehensive loss | ($26,614) | ($33,763) | | **Total shareholders’ equity** | **$388,481** | **$360,716** | | **Total liabilities and shareholders’ equity** | **$1,082,387** | **$1,009,506** | [Summary Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Summary%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $26.4 million, net cash used in investing activities was $20.712 million, and net cash provided by financing activities was $6.221 million, with cash and cash equivalents totaling $487.9 million at period end Immunocore Holdings plc Summary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands of USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents at beginning of period | $455,731 | $442,626 | | Net cash provided by operating activities | $26,399 | $18,885 | | Net cash used in investing activities | ($20,712) | ($350,761) | | Net cash provided by financing activities | $6,221 | $395,194 | | Net effect of exchange rate changes on cash | $20,294 | ($959) | | **Cash and cash equivalents at end of period** | **$487,933** | **$504,985** |
struction Partners(ROAD) - 2025 Q3 - Quarterly Results
2025-08-07 11:40
[Third Quarter Fiscal 2025 Financial Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Highlights) Construction Partners, Inc. achieved significant year-over-year growth in Q3 FY2025, with revenue up 51% to $779.3 million and Adjusted EBITDA increasing 80% to $131.7 million, reaching a record 16.9% margin Q3 FY2025 Key Financial Metrics (vs. Q3 FY2024) | Metric | Q3 FY2025 | Q3 FY2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $779.3M | $517.8M | +51% | | Gross Profit | $131.8M | $83.5M | +58% | | Net Income | $44.0M | $30.9M | +42% | | Diluted EPS | $0.79 | $0.59 | +34% | | Adjusted EBITDA | $131.7M | $73.2M | +80% | | Adjusted EBITDA Margin | 16.9% | 14.1% | +280 bps | - The **$261.5 million revenue increase** was composed of **$235.7 million from acquisitions** and **$25.8 million from organic growth** in existing markets[2](index=2&type=chunk) - General and administrative expenses as a percentage of total revenues **decreased by 70 basis points to 6.6%** compared to 7.3% in the prior year's quarter[3](index=3&type=chunk) [Operational Highlights and Strategic Developments](index=1&type=section&id=Operational%20Highlights%20and%20Strategic%20Developments) The company achieved a record $2.94 billion project backlog and expanded its Texas footprint through the acquisition of Durwood Greene Construction Co., despite weather-related project delays - Project backlog reached a **record $2.94 billion** at June 30, 2025, a **significant increase from $1.86 billion** at June 30, 2024[1](index=1&type=chunk)[6](index=6&type=chunk) - The company successfully managed **persistent weather-related delays**, including **record or near-record rainfall** across many Sunbelt markets, which impacted project timelines and fixed asset cost recoveries[2](index=2&type=chunk) - Announced the **acquisition of Durwood Greene Construction Co.** in the Houston metropolitan area, adding **nearly 200 employees**, **three hot-mix asphalt plants**, and a rail-served aggregates terminal[2](index=2&type=chunk) [Fiscal 2025 Full-Year Outlook](index=2&type=section&id=Fiscal%202025%20Full-Year%20Outlook) The company maintained its full-year fiscal 2025 outlook, incorporating the Durwood Greene acquisition and accounting for Q3 weather impacts, anticipating strong demand Fiscal 2025 Full-Year Guidance | Metric | Low Range | High Range | | :--- | :--- | :--- | | Revenue | $2.77 billion | $2.83 billion | | Net Income | $106.0 million | $117.0 million | | Adjusted Net Income | $124.0 million | $135.0 million | | Adjusted EBITDA | $410.0 million | $430.0 million | | Adjusted EBITDA Margin | 14.8% | 15.2% | - The company is **well-positioned** to capitalize on **long-term infrastructure investment** and **population migration** into the Sunbelt region[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Consolidated financial statements show significant growth from acquisitions, with Q3 revenue up 51%, total assets nearly doubling to $2.9 billion, and strong operating cash flow of $179.3 million for the nine-month period [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q3 2025 revenues grew 51% to $779.3 million and net income increased 42% to $44.0 million, with nine-month revenues reaching $1.91 billion and operating income nearly doubling Income Statement Highlights (in thousands) | Metric | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $779,277 | $517,794 | $1,912,507 | $1,285,726 | | Gross Profit | $131,810 | $83,492 | $279,731 | $174,173 | | Operating Income | $82,943 | $45,657 | $124,040 | $65,472 | | Net Income | $44,047 | $30,908 | $45,211 | $39,627 | | Diluted EPS | $0.79 | $0.59 | $0.82 | $0.75 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached $2.93 billion, a significant increase from $1.54 billion, primarily driven by acquisitions and funded by a rise in long-term debt to $1.39 billion Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Sept 30, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **$809,443** | **$585,006** | | Property, plant and equipment, net | $1,147,613 | $629,924 | | Goodwill | $775,756 | $231,656 | | **Total Assets** | **$2,925,841** | **$1,542,135** | | **Total Current Liabilities** | **$552,198** | **$380,454** | | Long-term debt, net | $1,392,639 | $486,961 | | **Total Liabilities** | **$2,072,513** | **$968,395** | | **Total Stockholders' Equity** | **$853,328** | **$573,740** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended June 30, 2025, operating cash flow was $179.3 million, with $1.03 billion used in investing activities, primarily for acquisitions, funded by $893.4 million from financing activities Cash Flow Summary (Nine Months Ended June 30, in thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $179,318 | $113,181 | | Net cash used in investing activities | ($1,033,130) | ($199,098) | | Net cash provided by financing activities | $893,433 | $95,280 | | **Net change in cash** | **$39,621** | **$9,363** | [Reconciliation of Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company reconciles GAAP Net Income to non-GAAP Adjusted EBITDA and Adjusted Net Income, showing Q3 2025 Adjusted EBITDA of $131.7 million and providing similar adjustments for the full-year 2025 outlook Q3 Net Income to Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q3 2025 | Q3 2024 | | :--- | :--- | :--- | | Net income | $44,047 | $30,908 | | Interest expense, net | $25,239 | $4,673 | | Provision for income taxes | $13,903 | $10,108 | | Depreciation, depletion, etc. | $39,294 | $23,507 | | Share-based compensation | $8,564 | $4,039 | | Transformative acquisition expenses | $663 | $— | | **Adjusted EBITDA** | **$131,710** | **$73,235** | FY2025 Outlook Net Income to Adjusted EBITDA Reconciliation (in thousands) | Line Item | Low | High | | :--- | :--- | :--- | | Net income | $106,000 | $117,000 | | Interest expense, net | $86,000 | $86,000 | | Provision for income taxes | $32,000 | $36,000 | | Depreciation, depletion, etc. | $143,000 | $145,000 | | Share-based compensation | $23,250 | $26,250 | | Transformative acquisition expenses | $19,750 | $19,750 | | **Adjusted EBITDA** | **$410,000** | **$430,000** | - **Adjusted Net Income for Q3 2025 was $45.2 million**, after adding back transformative acquisition expenses and related financing fees to the **GAAP Net Income of $44.0 million**[26](index=26&type=chunk)
Sabre(SABR) - 2025 Q2 - Quarterly Results
2025-08-07 11:40
Sabre Q2 2025 Earnings Release [Performance Overview](index=1&type=section&id=Performance%20Overview) Sabre's second quarter of 2025 was marked by significant strategic actions, including the $1.1 billion sale of its Hospitality Solutions business to reduce leverage, while achieving a strong 6 percentage point year-over-year improvement in operating margin despite weaker air distribution bookings Key Highlights Q2 2025 Financial Highlights | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Revenue | $687 million | -1% | | Operating Income | $89 million | +$40 million | | Operating Margin | 13% | +6 p.p. | | Net Loss Attributable to Common Stockholders | $256 million | Increased from $70M loss | | Adjusted EBITDA | $118 million | +7% | | Normalized Adjusted EBITDA | $127 million | +6% | - Closed the sale of its Hospitality Solutions business for **$1.1 billion** in July 2025[2](index=2&type=chunk) - Repaid over **$1 billion** of debt, including **~$825 million** from the Hospitality Solutions sale proceeds, and refinanced **$1.325 billion** of debt to extend maturities to 2030[2](index=2&type=chunk) - Signed new agency agreements, including with Christopherson Business Travel, demonstrating continued commercial momentum in air distribution[2](index=2&type=chunk) Management Commentary - CEO Kurt Ekert acknowledged that Q2 results were impacted by weaker-than-anticipated air distribution bookings, which offset gains from growth strategies, leading to an updated full-year outlook[3](index=3&type=chunk) - Management stated the current volume pressure is considered **"transitory"** and reaffirmed its focus on two strategic priorities: reducing leverage and driving sustainable growth through innovation[3](index=3&type=chunk)[4](index=4&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) Sabre's Q2 2025 revenue decreased 1% to $687 million, but operating income surged 83% to $89 million due to cost reductions, though net loss widened to $256 million primarily from debt extinguishment and higher taxes, resulting in negative $240 million Free Cash Flow Consolidated Financial Performance Q2 2025 vs Q2 2024 Financial Performance (in thousands, except EPS) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $687,149 | $695,050 | (1)% | | Operating Income | $89,134 | $48,722 | 83% | | Net loss attributable to common stockholders | $(256,364) | $(69,760) | (267)% | | Diluted net loss per share (EPS) | $(0.51) | $(0.18) | (183)% | | Adjusted EBITDA | $118,255 | $110,335 | 7% | - The increase in net loss was primarily driven by an **$85 million** loss on the extinguishment of debt from refinancing activities and an **$85 million** increase in the provision for income taxes from continuing operations[8](index=8&type=chunk) - The improvement in operating income was driven by lower labor costs from prior cost reduction plans, reduced technology expenses from cloud migrations, and a decrease in tax litigation reserves[6](index=6&type=chunk) Segment Performance Q2 2025 Segment Revenue | Segment | Q2 2025 Revenue | Change (YoY) | Reason for Change | | :--- | :--- | :--- | :--- | | Distribution | $546 million | -1% | Decrease in air distribution bookings, partly offset by higher hotel bookings | | IT Solutions | $141 million | -2% | Impact of previously disclosed de-migrated carriers, partly offset by higher license fees | - Total bookings, net of cancellations, were **90 million**, a **1% decrease** from Q2 2024[7](index=7&type=chunk) Cash Flow Analysis - Free Cash Flow was negative **$240 million** in Q2 2025, a significant decrease from positive **$7 million** in Q2 2024[10](index=10&type=chunk) - The negative Free Cash Flow includes a **$227 million** payment-in-kind interest payment recorded to cash flow from operations due to refinancing activity, with pro forma Free Cash Flow, excluding this, being negative **$2 million**[10](index=10&type=chunk) Q2 2025 Cash Flow Summary (vs Q2 2024, in millions) | Cash Flow Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Cash used in operating activities | $(218) | $26 (provided by) | | Cash used in investing activities | $(23) | $(19) | | Cash provided by financing activities | $21 | $(24) (used in) | [Business and Financial Pro Forma Financial Outlook](index=5&type=section&id=Business%20and%20Financial%20Pro%20Forma%20Financial%20Outlook) Sabre provides a pro forma financial outlook for Q3 and full-year 2025, adjusting for the Hospitality Solutions sale, with guidance across three air distribution volume scenarios projecting full-year Pro Forma Adjusted EBITDA between $530 million and $570 million and Pro Forma Free Cash Flow between $100 million and $140 million Pro Forma Basis Explanation - The outlook is provided on a pro forma basis to give effect to the sale of the Hospitality Solutions business, which is now classified as a discontinued operation[13](index=13&type=chunk) - Pro forma adjustments remove costs previously allocated to Hospitality Solutions and exclude the impact of a **$227 million** payment-in-kind interest payment from pro forma Free Cash Flow to enhance comparability of the company's go-forward operations[13](index=13&type=chunk)[15](index=15&type=chunk) Q3 and Full-Year 2025 Scenarios Q3 2025 Pro Forma Financial Outlook Scenarios | Air Distribution Volume (YoY Growth) | 2% | 4% | 6% | | :--- | :--- | :--- | :--- | | Revenue Growth | Low single digit | Low single digit | Mid single digit | | Pro Forma Adjusted EBITDA (in millions) | ~$140 (+15% YoY) | ~$145 (+19% YoY) | ~$150 (+23% YoY) | | Pro Forma Free Cash Flow (in millions) | ~$40 | ~$45 | ~$50 | Full Year 2025 Pro Forma Financial Outlook Scenarios | Air Distribution Volume (YoY Growth) | 0.5% | 2% | 3.5% | | :--- | :--- | :--- | :--- | | Revenue Growth | Flat | Low single digit | Low single digit | | Pro Forma Adjusted EBITDA (in millions) | ~$530 (+9% YoY) | ~$550 (+13% YoY) | ~$570 (+18% YoY) | | Pro Forma Free Cash Flow (in millions) | ~$100 | ~$120 | ~$140 | - The company expects its end-of-year 2025 cash balance to be greater than **$750 million**[17](index=17&type=chunk) [Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Sabre Corporation's unaudited consolidated financial statements, including the Statement of Operations showing a $256.5 million net loss for Q2 2025, a Balance Sheet with $4.42 billion in total assets, and a Statement of Cash Flows detailing a $298.4 million net decrease in cash for the first six months of 2025 Consolidated Statements of Operations Statement of Operations Highlights - Three Months Ended June 30 (in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $687,149 | $695,050 | | Operating income | $89,134 | $48,722 | | Loss from continuing operations | $(201,018) | $(69,731) | | Loss from discontinued operations, net of tax | $(55,514) | $246 (income) | | Net loss | $(256,532) | $(69,485) | Consolidated Balance Sheets Balance Sheet Highlights (in thousands) | Line Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $426,118 | $724,479 | | Total current assets | $952,558 | $1,163,218 | | Total assets | $4,419,145 | $4,634,929 | | Long-term debt | $4,997,092 | $4,834,776 | | Total liabilities | $6,111,560 (calculated) | $6,226,598 (calculated) | | Total stockholders' deficit | $(1,804,310) | $(1,604,699) | Consolidated Statements of Cash Flows Cash Flow Highlights - Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Cash used in operating activities | $(281,841) | $(29,856) | | Cash used in investing activities | $(30,083) | $(45,850) | | Cash provided by financing activities | $34,500 | $54,124 | | Decrease in cash, cash equivalents and restricted cash | $(298,375) | $(35,592) | [Non-GAAP Financial Measures & Reconciliations](index=15&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines and reconciles non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Loss, and Free Cash Flow, which management uses to monitor core operations by excluding specific items, with Q2 2025 Adjusted EBITDA reconciled to $118.3 million Definitions of Non-GAAP Measures - Adjusted EBITDA is defined as loss from continuing operations adjusted for items including D&A, interest expense, stock-based compensation, and restructuring costs[42](index=42&type=chunk) - Normalized Adjusted EBITDA is Adjusted EBITDA further adjusted for estimated costs historically allocated to the sold Hospitality Solutions business[43](index=43&type=chunk) - Free Cash Flow is defined as cash used in operating activities less cash used for additions to property and equipment[45](index=45&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA Reconciliation to Adjusted EBITDA - Q2 2025 (in thousands) | Line Item | Q2 2025 | | :--- | :--- | | Loss from continuing operations | $(201,018) | | Adjustments: | | | Depreciation and amortization | $25,482 | | Interest expense, net | $111,244 | | Loss on extinguishment of debt | $85,182 | | Stock-based compensation | $11,290 | | Provision for income taxes | $91,262 | | Other adjustments | $(5,187) | | **Adjusted EBITDA** | **$118,255** | Reconciliation of Free Cash Flow Free Cash Flow Reconciliation - Q2 2025 (in thousands) | Line Item | Q2 2025 | | :--- | :--- | | Cash used in operating activities | $(217,881) | | Additions to property and equipment | $(22,279) | | **Free Cash Flow** | **$(240,160)** |
Krispy Kreme(DNUT) - 2026 Q2 - Quarterly Results
2025-08-07 11:40
[Executive Summary & Turnaround Plan](index=1&type=section&id=Executive%20Summary%20%26%20Turnaround%20Plan) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Krispy Kreme reported a significant GAAP net loss in Q2 2025, primarily due to a large impairment charge and the terminated McDonald's partnership | Metric | Q2 2025 Value | Note | | :--- | :--- | :--- | | Net Revenue | $379.8 million | - | | Organic Revenue Decline | 0.8% | YoY | | GAAP Net Loss | $441.1 million | Includes $406.9M in impairment charges | | Adjusted EBITDA | $20.1 million | - | | Global Points of Access (POA) | 18,113 | +14.3% YoY | - The company's Q2 results were primarily impacted by **unsustainable operating costs** related to the McDonald's USA partnership, which ended on July 2, 2025[2](index=2&type=chunk) [Turnaround Plan](index=1&type=section&id=Turnaround%20Plan) The company launched a four-part turnaround plan to deleverage, improve capital returns, expand margins, and drive profitable growth - The turnaround plan is built on four key pillars: * **Refranchising:** Improving financial flexibility by refranchising international markets and restructuring a U.S. joint venture * **Driving Return on Invested Capital:** Reducing capital intensity by leveraging existing assets and focusing on franchisee development * **Expanding Margins:** Increasing operational efficiency, including outsourcing U.S. logistics * **Driving Sustainable, Profitable Growth:** Focusing on profitable revenue streams in the U.S. market[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Financial Results (Q2 2025)](index=2&type=section&id=Consolidated%20Financial%20Results%20(Q2%202025)) Consolidated net revenue decreased by **13.5%** in Q2 2025, resulting in a **$441.1 million GAAP Net Loss** primarily from impairment and the McDonald's partnership impact | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $379.8M | $438.8M | (13.5)% | | Organic Revenue | $371.7M | $374.6M | (0.8)% | | GAAP Net Loss | $(441.1)M | $(4.9)M | nm | | GAAP Diluted EPS | $(2.55) | $(0.03) | $(2.52) | | Adjusted EBITDA | $20.1M | $54.7M | (63.3)% | | Adjusted EBITDA Margin | 5.3% | 12.5% | (720) bps | | Adjusted Diluted EPS | $(0.15) | $0.05 | $(0.20) | - The **$59.0 million decline** in net revenue was primarily caused by a **$64.2 million reduction** associated with the sale of a majority stake in Insomnia Cookies in Q3 2024[6](index=6&type=chunk) - A non-cash goodwill and other asset impairment charge totaling **$406.9 million** was the main driver of the significant GAAP Net Loss[7](index=7&type=chunk) [Segment Performance (Q2 2025)](index=2&type=section&id=Segment%20Performance%20(Q2%202025)) Segment performance in Q2 2025 was mixed, with U.S. declines from divestiture and partnership termination, and International organic growth [U.S. Segment](index=2&type=section&id=U.S.%20Segment) - Net revenue declined by **20.5%** (**$59.2 million**), primarily due to the **$64.2 million impact** from the sale of Insomnia Cookies[9](index=9&type=chunk) - Organic revenue declined by **3.1%** (**$6.9 million**) due to consumer softness and strategic door closures[9](index=9&type=chunk) - U.S. Adjusted EBITDA decreased by **69.6%** (**$22.7 million**), driven by the Insomnia Cookies sale, the terminated McDonald's partnership, and lower transaction volumes[10](index=10&type=chunk) [International Segment](index=3&type=section&id=International%20Segment) - Organic revenue grew by **5.9%** (**$7.4 million**), led by strong performance in Canada, Japan, and Mexico[11](index=11&type=chunk) - Adjusted EBITDA declined by **15.9%** (**$3.4 million**), with margins falling **360 basis points** to **13.7%**, primarily due to the ongoing turnaround in the U.K[12](index=12&type=chunk) [Market Development Segment](index=3&type=section&id=Market%20Development%20Segment) - Net revenue declined by **30.2%** (**$7.3 million**), and organic revenue declined by **14.2%**, as growth in new markets was offset by the timing of product and equipment sales to franchisees[13](index=13&type=chunk) - Adjusted EBITDA decreased by **30.5%** (**$3.9 million**), with a slight margin decline of **20 basis points** to **52.9%**[13](index=13&type=chunk) [Financial Position and Capital Management](index=3&type=section&id=Financial%20Position%20and%20Capital%20Management) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) Krispy Kreme maintained **$243.8 million** in total available liquidity as of June 29, 2025, and amended its credit agreement while remaining compliant with covenants - Total available liquidity stood at **$243.8 million**, composed of **$21.3 million** in cash and **$222.5 million** in undrawn credit capacity[16](index=16&type=chunk) - The company amended its credit agreement, adding **$125.0 million** in term loans to pay down its revolving credit facility[15](index=15&type=chunk) | Metric | As of June 29, 2025 | | :--- | :--- | | Net Debt | $939.4 million | | Net Leverage Ratio | 7.5x | [Capital Allocation and Expenditures](index=3&type=section&id=Capital%20Allocation%20and%20Expenditures) The company is actively managing capital by halting dividends, selling Insomnia Cookies for **$75 million** to reduce debt, and pursuing refranchising - The quarterly cash dividend has been halted to preserve capital[17](index=17&type=chunk) - The remaining ownership stake in Insomnia Cookies was sold, generating **$75 million** in cash proceeds used for debt reduction[17](index=17&type=chunk) - The company is actively pursuing refranchising of markets including Australia, New Zealand, Japan, Mexico, and the U.K. to enhance financial flexibility and pay down debt[18](index=18&type=chunk) - Capital expenditures for the first half of 2025 totaled **$54.1 million** (**7.2% of net revenue**), but future investment in new capacity will be curtailed[14](index=14&type=chunk) [Key Business Developments](index=3&type=section&id=Key%20Business%20Developments) [McDonald's USA Partnership Termination](index=3&type=section&id=McDonald's%20USA%20Partnership%20Termination) Krispy Kreme and McDonald's USA mutually terminated their partnership effective July 2, 2025, due to misaligned operating costs - The partnership was terminated effective July 2, 2025, by mutual agreement[19](index=19&type=chunk) - The primary reason for termination was the failure to align Krispy Kreme's operating costs with the unit demand from McDonald's locations[19](index=19&type=chunk) [Goodwill and Other Asset Impairments](index=3&type=section&id=Goodwill%20and%20Other%20Asset%20Impairments) The company recognized **$406.9 million** in non-cash impairment charges in Q2 2025, triggered by stock price decline and revised forecasts - A cumulative, non-cash partial goodwill impairment charge of **$356.0 million** was recognized in Q2 2025[20](index=20&type=chunk) - Impairment indicators included a significant and sustained decline in stock price and market capitalization, and downward revisions to internal forecasts[20](index=20&type=chunk) - Additional non-cash charges of **$22.1 million** for long-lived assets and **$28.9 million** for lease impairment and termination costs were recorded, partly due to the termination of the McDonald's agreement[21](index=21&type=chunk) - The impairment charges do not impact the company's compliance with its debt covenants[22](index=22&type=chunk) [Key Operating Metrics](index=2&type=section&id=Key%20Operating%20Metrics) [Global Points of Access and Hubs](index=2&type=section&id=Global%20Points%20of%20Access%20and%20Hubs) Global Points of Access grew **14.3%** to **18,113** in Q2 2025, including McDonald's locations subsequently closed, and total production hubs increased | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Global Points of Access | 18,113 | 15,853 | +14.3% | | Total Hubs | 430 | 419 | +2.6% | - The Q2 2025 Global Points of Access count includes approximately **2,400 McDonald's doors** that were exited in Q3 2025[49](index=49&type=chunk) [Sales per Hub and Digital Sales](index=2&type=section&id=Sales%20per%20Hub%20and%20Digital%20Sales) Sales per Hub declined slightly in both U.S. and International segments, while digital sales as a percentage of doughnut shop sales increased to **18.0%** | Metric (Trailing Four Quarters) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Sales per Hub (U.S.) | $4.9M | $5.0M | (2.0)% | | Sales per Hub (International) | $9.8M | $9.9M | (1.0)% | | Digital Sales % of Doughnut Shop Sales | 18.0% | 16.4% | +160 bps | [Financial Statements (Unaudited)](index=6&type=section&id=Financial%20Statements%20(Unaudited)) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the unaudited consolidated statement of operations for the 13 and 26 weeks ended June 29, 2025, detailing revenues, costs, expenses, and net loss [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited consolidated balance sheet as of June 29, 2025, outlining the company's assets, liabilities, and shareholders' equity [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the unaudited consolidated cash flows from operating, investing, and financing activities for the 26 weeks ended June 29, 2025 [Reconciliation of Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Reconciliation of Adjusted EBITDA and Adjusted EBIT](index=9&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20Adjusted%20EBIT) This section provides a detailed reconciliation from GAAP Net Loss to non-GAAP Adjusted EBIT and Adjusted EBITDA, detailing key adjustments including goodwill impairment - Adjusted EBITDA is reconciled from Net Loss by adding back interest, taxes, D&A, and other items such as share-based compensation, strategic initiative costs, and impairment charges[36](index=36&type=chunk)[40](index=40&type=chunk) [Reconciliation of Adjusted Net (Loss)/Income](index=11&type=section&id=Reconciliation%20of%20Adjusted%20Net%20(Loss)%2FIncome) This section reconciles GAAP Net Loss to non-GAAP Adjusted Net (Loss)/Income and Adjusted EPS, detailing adjustments for goodwill impairment and strategic initiatives - Adjusted Net (Loss)/Income is reconciled from Net Loss by adjusting for items such as share-based compensation, goodwill impairment, strategic initiatives, and the tax impact of these adjustments[38](index=38&type=chunk)[42](index=42&type=chunk) [Reconciliation of Organic Revenue](index=14&type=section&id=Reconciliation%20of%20Organic%20Revenue) This section reconciles total net revenue growth to organic revenue growth by segment, excluding impacts from divestitures, acquisitions, and foreign currency - Organic revenue growth is calculated by excluding the impacts of acquisitions, divestitures (like Insomnia Cookies), and foreign currency translation from total net revenue growth[45](index=45&type=chunk)
MultiPlan (MPLN) - 2025 Q2 - Quarterly Report
2025-08-07 11:39
Part I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) For the first six months of 2025, the company reported slightly increased revenue and a significantly reduced net loss due to the absence of prior-year impairment charges, alongside a major debt refinancing that restructured its debt and impacted cash flows [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets slightly decreased to **$5.07 billion**, total liabilities increased to **$5.11 billion**, and shareholders' equity shifted to a **$39.9 million** deficit from **$84.0 million** equity at year-end 2024, primarily due to net loss and debt refinancing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $247,138 | $175,515 | | Cash and cash equivalents | $56,390 | $16,848 | | **Total Assets** | **$5,071,980** | **$5,150,827** | | **Total Current Liabilities** | $253,142 | $213,790 | | **Total Liabilities** | **$5,111,888** | **$5,066,805** | | **Total Shareholders' Equity (Deficit)** | **($39,908)** | **$84,022** | [Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For Q2 2025, revenues slightly increased to **$241.6 million**, and the company reported a significantly improved net loss of **$62.6 million** (or **$3.81 per share**) compared to **$576.7 million** in Q2 2024, primarily due to the absence of a **$553.7 million** goodwill impairment charge Statement of Loss Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $241,570 | $233,476 | $472,900 | $467,984 | | **Operating Income (Loss)** | $16,578 | ($523,927) | $26,320 | ($1,010,363) | | Loss on impairment | $0 | $553,701 | $0 | $1,072,751 | | **Net Loss** | **($62,640)** | **($576,727)** | **($133,959)** | **($1,116,416)** | | **Net Loss Per Share** | **($3.81)** | **($35.78)** | **($8.19)** | **($69.18)** | [Unaudited Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity transitioned from **$84.0 million** at year-end 2024 to a **$39.9 million** deficit as of June 30, 2025, primarily due to the **$134.0 million** net loss for the six-month period - The company's retained deficit increased from **$(2,145.1) million** at the end of 2024 to **$(2,279.1) million** at June 30, 2025, due to the net loss incurred during the first half of the year[21](index=21&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased to **$31.2 million**, investing activities used **$63.5 million**, and financing activities provided **$69.9 million**, a significant reversal from the prior year, largely due to **$130 million** in new borrowings Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $31,181 | $68,187 | | **Net Cash used in Investing Activities** | ($63,489) | ($55,989) | | **Net Cash from (used in) Financing Activities** | $69,924 | ($34,523) | | **Net Change in Cash** | $37,616 | ($22,325) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant corporate actions, including the company's name change to Claritev Corporation, a 1-for-40 reverse stock split in 2024, a major debt refinancing in January 2025, and disclosures on revenue, goodwill (with no impairments in 2025), derivatives, and ongoing legal matters - On February 17, 2025, the company changed its name from "MultiPlan Corporation" to "**Claritev Corporation**" and its ticker symbol to "**CTEV**"[26](index=26&type=chunk) - A **one-for-forty (1-for-40) reverse stock split** of its Class A common stock became effective on **September 20, 2024**. All share and per-share data have been retroactively adjusted[29](index=29&type=chunk)[30](index=30&type=chunk) - In **January 2025**, the company completed a major **Refinancing Transaction**, exchanging existing notes and term loans for new first lien term loans and notes with extended maturities, and establishing a new **$350 million revolving credit facility**[56](index=56&type=chunk) - The company recorded **no goodwill impairment in the first six months of 2025**, compared to a significant impairment loss of **$1,072.8 million** in the same period of 2024[42](index=42&type=chunk)[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a **1.1%** revenue increase for the first six months of 2025, driven by Network-Based and Payment and Revenue Integrity Services, with a significantly narrowed net loss due to the absence of 2024 impairment charges, while a January 2025 debt refinancing extended maturities and Adjusted EBITDA slightly increased to **$296.1 million** - The company initiated its first international expansion into the **Middle East and North Africa (MENA) region** through a strategic partnership with Claims Care Revenue Cycle Management LLC[98](index=98&type=chunk) Revenue by Service Line (in thousands) | Service Line | Six Months 2025 | Six Months 2024 | Change % | | :--- | :--- | :--- | :--- | | Network-Based Services | $101,015 | $91,878 | +9.9% | | Analytics-Based Services | $310,396 | $319,988 | -3.0% | | Payment and Revenue Integrity | $61,489 | $56,118 | +9.6% | | **Total Revenues** | **$472,900** | **$467,984** | **+1.1%** | Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net loss | ($133,959) | ($1,116,416) | | Adjustments | $430,056 | $1,409,876 | | **Adjusted EBITDA** | **$296,097** | **$293,460** | - General and administrative expenses increased by **49.2%** for the six months ended June 30, 2025, primarily due to **$15.7 million** in transformation costs and **$5.5 million** in losses on asset disposals[143](index=143&type=chunk) - As of June 30, 2025, the company had **$67.3 million** in cash and cash equivalents (including restricted cash) and **$263.6 million** of availability under its revolving credit facility[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that as of June 30, 2025, there have been no material changes in the market risks it faces compared to those described in its 2024 Annual Report - There were no material changes in the market risks described in the company's 2024 Annual Report as of June 30, 2025[188](index=188&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, noting the implementation of a new enterprise resource planning (ERP) system during the quarter, which led to new and modified internal controls - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of June 30, 2025[190](index=190&type=chunk) - During the second quarter of 2025, the company completed the implementation of a **new enterprise resource planning (ERP) system**, resulting in changes to its internal control over financial reporting[191](index=191&type=chunk) Part II - Other Information [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising from the ordinary course of business, which management does not expect to have a material adverse effect on its financial condition or operations - The company is a defendant in various lawsuits and regulatory investigations arising from the ordinary course of business but does not expect them to have a material adverse effect[194](index=194&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) While no material changes occurred to overall risk factors from the 2024 Annual Report, new risks emerged from international expansion, including challenges in managing foreign operations, complying with international laws, and increased susceptibility to global economic and political events - The company faces **new risks associated with its international business expansion**, including managing foreign operations, complying with international laws, and dealing with political or economic instability in foreign countries[201](index=201&type=chunk)[206](index=206&type=chunk) - As the company expands its international footprint, it becomes more susceptible to global events beyond its control, such as changes in trade policy, military conflict, and public health crises[203](index=203&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2025, no officers or directors of the company adopted or terminated any Rule 10b5-1 trading plans for the purchase or sale of company securities - **No officers or directors adopted or terminated any Rule 10b5-1(c) trading arrangements** during the three months ended June 30, 2025[208](index=208&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act of 2002, and financial statements in Inline XBRL format - The report includes certifications from the CEO and CFO pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act of 2002**[208](index=208&type=chunk)