Vaccine Development and Approvals - Novavax's COVID-19 Vaccine, Nuvaxovid, received BLA approval from the U.S. FDA for adults 65 and older and individuals aged 12-64 with underlying conditions, triggering a $175 million milestone payment under the Sanofi CLA[137]. - The company entered into a collaboration and license agreement (CLA) with Sanofi in May 2024 to co-commercialize the COVID-19 Vaccine and develop combination vaccines, including seasonal variants[127]. - The U.S. FDA granted Fast Track designation to two Sanofi combination vaccine candidates that include Novavax's COVID-19 Vaccine, currently in Phase 1/2 trials[127]. - In August 2025, the U.S. FDA approved the Nuvaxovid™ 2025-2026 Formula for individuals aged 65 and older, or 12 to 64 years with high-risk conditions[138]. - Sanofi received Fast Track designation from the U.S. FDA for the combination of Nuvaxovid with Fluzone High-Dose and Flublok vaccines[145]. Financial Performance - Total revenue for the three months ended September 30, 2025, was $70.4 million, a decrease of $14.1 million from $84.5 million in the same period in 2024, primarily due to a decline in product sales of COVID-19 Vaccine[169]. - Product sales decreased to $13.4 million in Q3 2025 from $41.5 million in Q3 2024, a decline of $28.1 million, attributed to the transition of commercial lead for sales and distribution to Sanofi[170]. - Licensing, royalties, and other revenue increased to $57.0 million in Q3 2025 from $43.0 million in Q3 2024, an increase of $14.0 million, driven by higher revenue from transition services and technology transfer[172]. - Total revenue for the nine months ended September 30, 2025, was $976.3 million, an increase of $382.5 million from $593.9 million in the same period in 2024[190]. - Product sales for the nine months ended September 30, 2025, were $645.8 million, up $491.9 million from $153.9 million in the same period in 2024[192]. Research and Development - Novavax's late-stage programs include a COVID-19-Influenza combination vaccine candidate and a stand-alone influenza vaccine candidate, both showing robust immune responses in a Phase 3 trial[130]. - The proprietary Matrix-M adjuvant enhances immune responses and allows for lower antigen doses, contributing to increased vaccine supply and manufacturing capacity[135]. - The company is advancing its early-stage pipeline with a focus on high-value assets, including candidates for respiratory syncytial virus (RSV) and pandemic influenza[132]. - The company is actively developing a pandemic influenza vaccine candidate and pursuing funding opportunities for preparedness[143]. - The Phase 3 immunogenicity and safety trial for the COVID-Influenza Combination vaccine completed enrollment with approximately 2,000 participants[153]. Expenses and Losses - Research and development expenses rose to $98.3 million in Q3 2025 from $87.2 million in Q3 2024, an increase of $11.1 million, mainly due to increased expenditures on coronavirus vaccine development[179]. - Selling, general, and administrative expenses decreased to $31.7 million in Q3 2025 from $70.7 million in Q3 2024, a reduction of $39.1 million, due to cost containment measures[181]. - Total expenses for Q3 2025 were $248.5 million, an increase of $29.9 million from $218.5 million in Q3 2024, primarily driven by impairment of assets held for sale[177]. - Net loss for the three months ended September 30, 2025, was $202.4 million, or $1.25 per share, compared to a net loss of $121.3 million, or $0.76 per share, for the same period in 2024, representing an increase of $81.1 million[188]. Cash Flow and Financing - Net cash used in operating activities was $205.2 million for the nine months ended September 30, 2025, compared to a cash inflow of $85.9 million for the same period in 2024, representing a change of $291.1 million[226]. - Net cash used in investing activities decreased to $98.8 million in 2025 from $348.0 million in 2024, a reduction of $249.3 million, primarily due to lower investment in marketable securities[227]. - Net cash provided by financing activities was $34.3 million for the nine months ended September 30, 2025, down from $264.0 million in 2024, a decrease of $229.7 million, mainly due to reduced net proceeds from common stock sales[228]. - The company completed a convertible debt refinancing in August 2025, extending the maturity of existing 2027 Notes to 2031, which supports its long-term growth strategy[168]. - The company anticipates future operations to be funded primarily by milestone payments, royalties, and revenue from product sales[225]. Strategic Partnerships and Collaborations - The company is pursuing partnerships to leverage its technology platform and enhance its pipeline, aiming for a disciplined and capital-efficient R&D investment strategy[125]. - The company has entered into material transfer agreements with three pharmaceutical companies to explore the utility of Matrix-M in new vaccine development[160]. - The company has a sole license agreement with Sanofi for the independent development of a COVID-19 and influenza combination product[145]. - The company received a non-refundable upfront payment of $500 million from the Sanofi collaboration agreement and additional milestone payments totaling $225 million during the nine months ended September 30, 2025[212]. Market and Operational Outlook - The company is focused on expanding the COVID-19 Vaccine label worldwide and exploring new markets and age groups for its products[126]. - The company expects a reduction in annual combined research and development, and selling, general, and administrative spend for the remainder of 2025 due to its Restructuring Plan[183]. - The planned consolidation of Maryland-based facilities is expected to result in $60 million in payments and approximately $230 million in future cost savings over 11 years[168]. - The company evaluated its ability to continue as a going concern and concluded it has sufficient capital to fund operations for at least one year from the date the financial statements were issued[229].

Clinical Study Results - The company reported top-line results from the Phase 2 COG0201 SHINE study, which enrolled 153 adults with mild-to-moderate Alzheimer's disease, demonstrating a 95% reduction in cognitive decline for participants with plasma p-tau217 levels below 1.0 pg/mL[106]. - Zervimesine-treated participants in the SHINE study experienced a mean 38% slowing of cognitive decline at six months compared to placebo, although this difference did not achieve statistical significance[107]. - In the Phase 2 COG1201 SHIMMER study for dementia with Lewy bodies, zervimesine-treated patients scored an average of 86% better than placebo on the neuropsychiatric inventory, indicating significant behavioral improvements[112]. - The MAGNIFY study showed zervimesine-treated participants had 29% slower geographic atrophy lesion growth compared to placebo, with lesions being 28% smaller at 18 months[114]. - The Phase 2 studies of zervimesine were generally well tolerated, with 9.6% of participants experiencing transient treatment-emergent elevations in liver function tests greater than 3xULN[116]. - The company is currently enrolling up to 540 participants in the ongoing Phase 2 study COG0203 (START) for mild cognitive impairment or early Alzheimer's disease[118]. - The company has established an expanded access program for individuals with dementia with Lewy bodies, providing zervimesine to eligible participants for approximately one year[113]. Financial Performance - The company has received approximately $176.7 million in net proceeds from various funding sources since inception, including grants and public offerings[118]. - As of September 30, 2025, the company had cash and cash equivalents of $39.8 million and approximately $36.3 million available from obligated NIA funds for future expenses[118]. - The company completed a follow-on public offering in March 2024, issuing 6,571,428 shares at a price of $1.75 per share, resulting in net proceeds of approximately $11.9 million[122]. - Research and development expenses for Q3 2025 were $3.8 million, a decrease of approximately $7.6 million from $11.4 million in Q3 2024[140]. - General and administrative expenses for Q3 2025 were $2.6 million, down from $3.1 million in Q3 2024, primarily due to a decrease in equity-based compensation[140]. - Grant income for Q3 2025 was $1.2 million, compared to $4.3 million in Q3 2024, reflecting a decrease in eligible reimbursable costs related to clinical trials[141]. - For the nine months ended September 30, 2025, total operating expenses were $34.1 million, down from $43.2 million in the same period of 2024, a reduction of $9.1 million[146]. - Net loss for the nine months ended September 30, 2025, was $20.1 million, compared to a net loss of $26.1 million for the same period in 2024, an improvement of $6 million[146]. - Other income, net was $0.6 million for the nine months ended September 30, 2025, compared to $0.8 million for the same period in 2024, indicating an insignificant change[151]. - Interest expense remained less than $0.1 million for both the nine months ended September 30, 2025, and 2024, showing no significant variation[152]. - Net cash used in operating activities was $21.2 million for the nine months ended September 30, 2025, compared to $20.1 million for the same period in 2024, reflecting a $1.1 million increase in cash used[162]. - Net cash provided by financing activities was $36.0 million for the nine months ended September 30, 2025, significantly higher than $12.2 million for the same period in 2024, primarily due to proceeds from stock offerings[164]. - The company anticipates needing to raise additional funding in the future to support ongoing product development and commercialization efforts[156]. - As of September 30, 2025, the company had $34.8 million available to draw under the Lincoln Park Purchase Agreement[155]. - The total cash flows used in investing activities for the nine months ended September 30, 2025, was zero, compared to less than $0.1 million in 2024[163]. - Contractual obligations as of September 30, 2025, totaled $424,000, with operating lease obligations of $424,000 due over various terms[165]. Future Outlook - The company expects to incur significant and increasing expenses and net losses as it advances product candidates through clinical development and seeks regulatory approval[124]. - The company relies on third parties for the manufacture of zervimesine, which allows it to maintain a more efficient infrastructure[127][128]. - The company will remain an emerging growth company until it achieves at least $1.235 billion in annual revenue[175]. - The company will also be classified as a "large accelerated filer" if the market value of its common stock held by non-affiliates exceeds $700.0 million[175]. - The company must issue more than $1.0 billion in non-convertible debt securities within a three-year period to change its status[175].

Revenue Performance - Total revenue for Q3 2025 reached a record $181.6 million, up 1% year-over-year[4] - Total revenue for Q3 2025 was $181.573 million, a slight increase from $179.651 million in Q3 2024, representing a growth of 1.0%[35] - The company anticipates low-single digit revenue growth for the second half of 2025 based on current market conditions[14] Customer and Dealer Metrics - Dealer revenue grew by 2% year-over-year, driven by increased adoption of websites and appraisal products[6] - The customer base expanded by 271 year-over-year, totaling 19,526 dealer customers, marking a three-year high[2] - The average monthly unique visitors increased by 4% year-over-year to 25.5 million[5] Income and Earnings - Adjusted net income for the quarter was $30.4 million, or $0.48 per diluted share, an 18% increase from the previous year[8] - Adjusted net income for Q3 2025 was $30.381 million, compared to $27.704 million in Q3 2024, representing an increase of 9.1%[42] - Net income for Q3 2025 decreased to $7.658 million compared to $18.719 million in Q3 2024, reflecting a decline of 59.0%[35] - Basic earnings per share for Q3 2025 were $0.12, down from $0.28 in Q3 2024, a decline of 57.1%[35] Operating Performance - Adjusted EBITDA for Q3 2025 was $54.6 million, representing 30.1% of revenue, up from 28.5% in the prior year[8] - Adjusted EBITDA for Q3 2025 was $54.631 million, compared to $51.131 million in Q3 2024, indicating an increase of 6.0%[41] - Operating income increased to $16.805 million in Q3 2025, up from $11.456 million in Q3 2024, marking a growth of 46.0%[35] Cash Flow and Expenses - The company reported a net cash provided by operating activities of $114.521 million for the nine months ended September 30, 2025, compared to $122.517 million for the same period in 2024, a decrease of 6.5%[39] - Net cash provided by operating activities for Q3 2025 was $58,838 million, an increase from $53,795 million in Q3 2024, while free cash flow rose to $52,642 million from $47,254 million[43] - Total operating expenses decreased to $164.8 million, down from $168.2 million in the prior year[7] - Total operating expenses for Q3 2025 were reported at $164,768 million, adjusted to $150,407 million after accounting for adjustments, compared to $168,195 million reported in Q3 2024, adjusted to $156,083 million[44][45] Debt and Financial Position - Total debt outstanding was $455 million, with a net leverage ratio of 1.9x, below the target range of 2.0x to 2.5x[10] - Long-term debt as of September 30, 2025, was $451.206 million, slightly down from $455.288 million at the end of 2024, a decrease of 0.5%[37] Asset Management - Cash and cash equivalents at the end of Q3 2025 were $55.072 million, up from $50.673 million at the end of Q4 2024, a rise of 8.7%[39] - Total assets as of September 30, 2025, were $1.071 billion, a decrease from $1.112 billion at the end of 2024, reflecting a decline of 3.6%[37] Expense Breakdown - The cost of revenue and operations for Q3 2025 was $30,063 million, adjusted to $29,841 million, down from $31,610 million reported in Q3 2024, adjusted to $31,395 million[44][45] - Marketing and sales expenses for Q3 2025 were $59,336 million, adjusted to $57,800 million, compared to $58,288 million in Q3 2024, adjusted to $56,775 million[44][45] - General and administrative expenses for Q3 2025 were $24,325 million, adjusted to $14,036 million, significantly lower than $21,511 million reported in Q3 2024, adjusted to $14,083 million[44][45] Capital Expenditures - The company capitalized $5,637 million on internally developed technology in Q3 2025, slightly up from $5,594 million in Q3 2024[43] - Depreciation and amortization for Q3 2025 remained stable at $23,464 million, consistent with the previous year[44][45]

Exhibit 99.1 News Release Air Products Reports Fiscal 2025 Full-Year and Fourth Quarter Results Exceeded FY25 guidance midpoint | Demonstrated strength and resilience in core business Unlocked value through pricing, operational excellence, and disciplined cost management Restored focus on core industrial gases projects | Rationalized energy transition project portfolio Fiscal 2025 Full-Year Summary of Results: Q4 FY25 Summary of Results: Guidance Fiscal 2025 Full-Year Consolidated Results LEHIGH VALLEY, Pa. ...

Financial Performance - Q3 2025 revenue was $935.0 million, a 9.9% decrease year-over-year, primarily due to lower demand in ETM and SET segments, with an underlying revenue decline of approximately 2% after excluding discrete impacts [4][6]. - Operating loss for Q3 2025 was $102.1 million, compared to earnings of $2.6 million in Q3 2024, reflecting non-cash goodwill impairment charges of $102.0 million [5][6]. - Adjusted EBITDA for Q3 2025 was $16.5 million, a decrease of 36.7% year-over-year, with an adjusted EBITDA margin of 1.8%, down 70 basis points [5][6]. - For the 39-week period ended September 28, 2025, revenue was $3.2 billion, a 1.9% increase compared to the same period in 2024, primarily due to the May 2024 acquisition of MRP [7][8]. - The company expects a total year-over-year revenue decline of 12% to 14% for fiscal 2025, with an underlying revenue decline of 4% to 6% [12]. - Adjusted earnings per share for Q3 2025 were $0.18, down from $0.21 in Q3 2024 [7]. - Total revenue from services for the third quarter of 2025 was $935.0 million, a decrease from $1,038.1 million in the third quarter of 2024, representing a decline of approximately 10% [33]. - The Enterprise Talent Management segment generated $487.9 million in revenue for Q3 2025, down from $561.6 million in Q3 2024, reflecting a decrease of about 13% [33]. - The Science, Engineering & Technology segment reported $304.9 million in revenue for Q3 2025, down from $335.0 million in Q3 2024, a decrease of about 9% [33]. - The company reported a goodwill impairment charge of $102.0 million in Q3 2025, significantly impacting net earnings [31]. - Net loss for 2025 was $125.3 million, compared to a net earnings of $31.2 million in 2024, representing a decline of $156.5 million [19]. - Basic earnings per share for 2025 was $(3.56), a decrease of $(4.42) from $0.86 in 2024 [19]. Cash Flow and Assets - Year-to-date free cash flow improved to $87.2 million in 2025 from $15.8 million in 2024 [28]. - Cash flows from operating activities for the 39 weeks ended September 28, 2025, were $94.0 million, compared to $11.9 million in the same period of 2024 [31]. - The company had a net cash used in financing activities of $131.4 million in 2025, contrasting with a net cash inflow of $217.3 million in 2024 [31]. - Cash, cash equivalents, and restricted cash at the end of the period were $35.4 million, down from $40.4 million at the end of the same period in 2024 [31]. - Total current assets decreased to $1,279.8 million in September 2025 from $1,365.5 million in December 2024 [28]. - Total assets decreased to $2,393.1 million in September 2025 from $2,632.3 million in December 2024 [28]. - Working capital decreased to $473.3 million in September 2025 from $539.0 million in December 2024 [28]. Dividends and Share Repurchases - The company declared a quarterly cash dividend of $0.075 per share, payable on December 3, 2025 [9]. - The company anticipates being active with Class A share repurchases in Q4 2025, indicating confidence in its strategy [6]. Operational Efficiency and Cost Management - Adjusted SG&A expenses declined by 9.7% in Q3 2025, reflecting expense optimization initiatives [6]. - The company’s adjusted earnings from operations for Q3 2025 were $4.3 million, compared to $11.7 million in Q3 2024, reflecting a decline of approximately 63% [40]. - Total Adjusted EBITDA for Q3 2025 was $16.5 million, a decline from $26.2 million in Q3 2024, representing a decrease of about 37.0% [44]. - The Adjusted EBITDA margin for Q3 2025 was 1.8%, down from 2.5% in Q3 2024 [44]. - Integration and realignment costs for Q3 2025 totaled $3.5 million, reflecting ongoing efforts to consolidate operations and align processes [53]. - The company plans to continue focusing on market expansion and integration of recent acquisitions to improve operational efficiency and financial performance [49]. Tax and Impairment Charges - The effective income tax rate for Q3 2025 was -44.8%, compared to 140.8% in Q3 2024, reflecting significant changes in tax expense due to goodwill impairment [17]. - The valuation allowance on deferred tax assets in Q3 2025 was $69.7 million, established due to cumulative losses in recent years [52]. - The company incurred a goodwill impairment charge of $83.6 million in Q3 2025, attributed to reduced demand and integration challenges from recent acquisitions [52]. Segment Performance - Revenue from services in the Science, Engineering & Technology segment increased by 13.5% to $944.6 million in 2025 from $832.3 million in 2024 [26]. - The Education segment reported a revenue increase of 5.0%, reaching $717.6 million in 2025 compared to $683.1 million in 2024 [26].

Exhibit 99.1 Kelly Reports Third-Quarter 2025 Earnings TROY, Mich. (November 6, 2025) – Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the third quarter of 2025. Chris Layden, chief executive officer, said, "As I step into this role at an important moment in Kelly's strategic journey, the operating environment is evolving, driven by a dynamic macroeconomic landscape, global and domestic policy shifts, a sluggish labor market, and the AI boom. While K ...

Financial Performance - Total revenue for Q3 2025 reached $1,601,572, an increase of 8.2% compared to $1,480,710 in Q3 2024[28] - Lease income for the nine months ended September 30, 2025, was $4,199,812, up from $3,958,236 in the same period of 2024, reflecting a growth of 6.1%[28] - Consolidated net income for the nine months ended September 30, 2025, was $1,824,237, a decrease of 6.8% from $1,957,262 in 2024[30] - Operating income before other items for Q3 2025 was $812,914, an increase from $767,769 in Q3 2024, representing a growth of 5.9%[28] - Basic and diluted earnings per common share for Q3 2025 were $1.86, compared to $1.46 in Q3 2024, showing an increase of 27.4%[28] - The company reported a net cash provided by operating activities of $2,932,810 for the nine months ended September 30, 2025, compared to $2,729,106 in 2024, an increase of 7.4%[30] - Total operating expenses for Q3 2025 were $788,658, an increase of 10.6% from $712,941 in Q3 2024[39] - Consolidated net income for the nine months ended September 30, 2025, was $369.135 million, compared to $319.002 million for the same period in 2024, reflecting a year-over-year increase of 15.7%[116] Assets and Liabilities - Cash and cash equivalents increased to $1,552,577 as of September 30, 2025, compared to $1,400,345 at the end of 2024, marking a growth of 10.9%[26] - Total assets rose to $33,602,187 as of September 30, 2025, up from $32,405,691 at the end of 2024, indicating a growth of 3.7%[26] - Total liabilities increased to $30,627,651 as of September 30, 2025, compared to $28,806,239 at the end of 2024, reflecting a rise of 6.3%[26] - Total assets decreased to $11.862 billion as of September 30, 2025, from $12.379 billion at the end of 2024, a decline of 4.2%[122] - Total liabilities as of September 30, 2025, were $15.040 billion, slightly down from $15.171 billion at the end of 2024, a decrease of 0.9%[122] Equity and Distributions - As of March 31, 2025, the total equity stood at $3,025,809,000, with a net income of $479,372,000, excluding preferred interests[32] - The company reported a net loss of $30,830,000 in other comprehensive income for the period ending March 31, 2025[32] - Distributions to common stockholders and limited partners, excluding preferred interests, totaled $812,000,000 for the period ending June 30, 2025[33] - The total preferred units and noncontrolling redeemable interests in properties amounted to $244.965 million, up from $184.729 million at December 31, 2024[150] - Simon paid a common stock dividend of $2.15 per share for Q3 2025, totaling $6.35 per share for the nine months ended September 30, 2025[146] Acquisitions and Investments - The company made acquisitions totaling $961,080 during the nine months ended September 30, 2025[30] - On June 27, 2025, the company acquired a 75% interest in the retail component and 100% of the parking component of Brickell City Centre for $497.7 million, consolidating $544.6 million of investment property[93] - On April 1, 2025, the company acquired a 50% interest in Briarwood Mall for $9.2 million, resulting in the consolidation of $168.6 million of investment property[94] - On January 30, 2025, the company completed the acquisition of two luxury outlet destinations in Italy for $392.4 million, recording $413.5 million of investment property[95] - The company owns a 31.3% noncontrolling interest in Catalyst, which recognized a net pre-tax gain of $71.6 million in 2025[109] Market and Risk Factors - The company experienced a significant unrealized loss on hedging activities amounting to $18,593,000 for the quarter ending March 31, 2025[32] - The company reported a currency translation adjustment loss of $21,976,000 for the quarter ending March 31, 2025[32] - The total accumulated other comprehensive income (loss) related to Simon's currency translation adjustment was ($310.5) million as of September 30, 2025, compared to ($250.2) million as of December 31, 2024[74] - There have been no material changes in market risk assumptions since December 31, 2024, as disclosed in the 2024 Annual Report[277] Lease Income - Total lease income for the nine months ended September 30, 2025, was $4,199.8 million, compared to $3,958.2 million for the same period in 2024, reflecting a year-over-year increase of 6.1%[167] - Fixed lease income for the three months ended September 30, 2025, was $1,173.6 million, up from $1,093.1 million in 2024, representing a 7.3% increase[167] - Variable lease income for the nine months ended September 30, 2025, was $769.3 million, compared to $723.7 million in 2024, indicating a year-over-year increase of 6.3%[167] - Lease income for the three months ended September 30, 2025, was $1,456,774,000, compared to $1,341,424,000 in 2024, showing an increase of 8.6%[179][182] Long-Term Incentive Programs - The total compensation expense related to LTIP and LTI programs for the nine months ended September 30, 2025, was approximately $39.0 million, compared to $17.0 million for the same period in 2024[162] - The 2021 Long-Term Incentive Program (LTI Program) had a maximum potential fair value of $18.4 million, with 209,784 LTIP units earned valued at $5.7 million[155][162] - The 2022 LTI Program had a maximum potential fair value of $20.6 million, with 107,462 LTIP units earned valued at $13.7 million[156][162] - The 2023 LTI Program has a maximum potential fair value of $42.5 million, with LTIP units to be determined in 2026[157][158][162] - The 2024 LTI Program has a maximum potential fair value of $44.1 million, with LTIP units to be determined in 2027[159][162] - The 2025 LTI Program has a maximum potential fair value of $48.0 million, with LTIP units to be determined in 2028[161][162]

Financial Performance - Net revenue for Q3 2025 was $375.3 million, a decrease of 1.2% compared to Q3 2024[5] - GAAP net loss was $20.1 million, compared to a net income of $37.6 million in the same quarter last year[8] - Total net revenues for the quarter ended September 28, 2025, were $375.3 million, a decrease of 1.5% compared to $379.9 million for the same quarter in 2024[27] - For the quarter ended September 28, 2025, Krispy Kreme reported a net loss of $20.1 million compared to a net income of $37.6 million for the same quarter in 2024[39] - The company experienced a total net revenue decline of $131.1 million or 10.4% for the first three quarters of fiscal 2025 compared to the same period in 2024[42] Adjusted EBITDA - Adjusted EBITDA increased by 17% to $40.6 million, with an adjusted EBITDA margin of 10.8%, up from 9.1%[9] - Adjusted EBITDA for the quarter was $40,597 thousand, representing an increase from $34,699 thousand in the prior year, reflecting a growth of approximately 23%[37] - The U.S. segment's Adjusted EBITDA increased to $21,010 thousand from $13,922 thousand year-over-year, marking a growth of about 51%[38] - International segment Adjusted EBITDA was $23,157 thousand, slightly up from $22,779 thousand, indicating a growth of approximately 2%[38] Revenue Segments - U.S. segment net revenue declined by $12.2 million to $216.2 million, a decrease of approximately 5.3%[11] - International segment net revenue grew by $9.5 million, or approximately 7.3%, with organic revenue growth of 6.2%[13] - U.S. revenues decreased by 5.3% to $216.2 million in Q3 2025 from $228.4 million in Q3 2024, while international revenues increased by 7.3% to $140.2 million[42] - Organic revenue increased by $2.2 million, or approximately 0.6%, driven by growth in the International segment[7] - Organic revenue growth for the third quarter of fiscal 2025 was 0.6%, with U.S. organic revenue declining by 2.2% and international organic revenue growing by 6.2%[42] Cash Flow and Liquidity - Cash provided by operating activities was $42.3 million, resulting in free cash flow of $15.5 million[3] - Net cash provided by operating activities for the quarter was $42,282 thousand, a substantial increase from $3,262 thousand in the same quarter last year[31] - Free cash flow for the quarter was $15,544 thousand, contrasting with a negative free cash flow of $(22,880) thousand in the prior year[31] - Total available liquidity as of September 28, 2025, was $215.2 million, including $30.7 million in cash[17] Assets and Liabilities - Total assets decreased to $2.6 billion as of September 28, 2025, down from $3.1 billion as of December 29, 2024[29] - Current liabilities totaled $448.9 million, a decrease from $486.2 million at the end of the previous fiscal year[29] - The company’s long-term debt, less current portion, increased to $906.2 million from $844.5 million[29] - Net debt increased to $951,995,000 as of September 28, 2025, compared to $875,263,000 as of December 29, 2024, reflecting a rise of 8.7%[50] - The total long-term debt, including debt issuance costs, rose to $979,463,000 as of September 28, 2025, compared to $900,903,000 as of December 29, 2024, an increase of 8.7%[50] Impairment Charges - The company experienced a significant impairment charge of $411.9 million related to goodwill and other assets[27] - The company experienced a significant goodwill impairment of $355,958 thousand during the three quarters ended September 28, 2025[31] - The company reported a goodwill impairment of $356.0 million for the three quarters ended September 28, 2025[39] Operational Metrics - Global Points of Access decreased by 960, or 6.1%, to 14,851 due to strategic closures of unprofitable locations[3] - Total Global Points of Access decreased to 14,851 in Q3 2025 from 15,811 in Q3 2024, a decline of 6.1%[46] - The total number of U.S. DFD Doors decreased to 6,971 in Q3 2025 from 7,711 in Q3 2024, a reduction of 9.6%[46] - Total Hot Light Theater Shops in the U.S. remained stable at 235 in Q3 2025 compared to 236 in Q3 2024[46] - International Hot Light Theater Shops increased to 52 in Q3 2025 from 48 in Q3 2024, a growth of 8.3%[46] - Total Hubs decreased slightly to 421 in Q3 2025 from 423 in Q3 2024, a decline of 0.5%[48] - The number of Fresh Shops in the U.S. decreased to 69 in Q3 2025 from 71 in Q3 2024, a decline of 2.8%[46] - The total number of Fresh Shops globally increased to 1,718 in Q3 2025 from 1,638 in Q3 2024, a growth of 4.9%[46] Cybersecurity Costs - The company incurred $1.5 million in costs related to the remediation of a cybersecurity incident during the quarter ended September 28, 2025[40]

Financial Performance - Total revenue for Q3 2025 was $2.11 billion, a decrease of 5.4% year over year[6] - Net loss attributable to stockholders was $1,625.9 million, or $(3.47) per share, including a non-cash impairment charge of approximately $1.6 billion[6] - Adjusted EBITDA for Q3 2025 was $830.7 million, down 3.6% year over year, with a margin of 39.4%[6] - Total revenue for Q3 2025 was $2,108,110, a decrease of 5.4% compared to $2,227,700 in Q3 2024[17] - Broadband revenue decreased to $873,449 in Q3 2025 from $913,417 in Q3 2024, a decline of 4.4%[17] - Net loss attributable to Altice USA stockholders for Q3 2025 was $1,625,899, compared to a net loss of $42,970 in Q3 2024[17] - Adjusted EBITDA for the nine months ended September 30, 2025, was $2,433,483, down from $2,575,708 in the same period of 2024, representing a decrease of 5.5%[24] - Operating income (loss) for Q3 2025 was $(1,164,784), compared to $444,593 in Q3 2024[17] - Free Cash Flow deficit was ($178.1) million, compared to a positive $76.9 million in Q3 2024[6] - Free Cash Flow (Deficit) for the nine months ended September 30, 2025, was $(318,267), compared to $99,504 in 2024[25] Subscriber Metrics - Total Broadband Primary Service Units (PSUs) experienced net losses of -58k, with total broadband subscribers ending at 4.2 million[6] - Fiber customer base reached 703k, a 46% increase compared to Q3 2024, with 23.0% penetration of the fiber network[11] - Mobile line net additions were +38k, with total mobile lines reaching 584k, a 39% increase year over year[11] Debt and Cash Position - Consolidated Net Debt for CSC Holdings, LLC as of September 30, 2025, is $22,890 million, with gross debt totaling $23,747 million[26] - The consolidated net debt for Altice USA is $25,351 million, with a total gross debt of $26,279 million[27] - The total cash position for CSC Holdings, LLC is $(857) million, while Cablevision Lightpath has cash of $(50) million[27] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $1,043,664, an increase from $250,291 at the end of Q3 2024[18] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $1,065,163, slightly higher than $1,042,975 in 2024[18] - The weighted average cost of debt (WACD) for CSC Holdings is 6.9%[27] Strategic Initiatives - The company plans to change its corporate name to Optimum Communications, Inc., effective November 7, 2025[10] - The company is focusing on operational efficiency, including workforce optimization and AI capabilities, as part of its 2025 priorities[33] - Revenue opportunities are targeted through broadband, mobile, and fiber growth, aiming to expand penetration of new and existing product offerings[33] - The company plans to enhance its network capabilities to deliver multi-gig speeds and expand its passings footprint[33] - The company is pursuing a sustainable capital structure, including capital structure transformation plans[33] - The company aims to achieve targets for Adjusted EBITDA and revenue through effective pricing and rate management strategies[33] - Future developments in the markets of interest are being closely monitored to adapt strategies accordingly[33] - The company is exploring strategic transactions, including its first-ever primarily HFC asset-backed loan[33] - Rebranding initiatives are underway, with anticipated benefits to enhance market presence[33] Market Conditions - There are expectations for macroeconomic conditions and consumer demand to influence subscriber and market share trends[33] - The company disclaims any obligation to update forward-looking statements, emphasizing the inherent risks and uncertainties involved[33] Operational Metrics - Gross margin reached an all-time high of 69.7%, supported by video gross margin expansion of approximately 350 basis points year over year[6] - The Adjusted EBITDA margin for Q3 2025 was 39.4%, compared to 38.7% in Q3 2024[24] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $746,896, down from $1,142,479 in 2024[18] - The service call rate and service visit rate are annualized metrics reflecting customer support needs[29] - The company has a capital intensity ratio that reflects total cash capital expenditures as a percentage of total revenue[29]

Financial Performance - Consolidated net sales for Q1 fiscal 2026 were $69.0 million, an increase of $3.6 million or 5.6% compared to the prior year[4] - Income from continuing operations was $3.7 million, or $0.22 per diluted share, up from $1.0 million, or $0.06 per diluted share in the prior-year period[7] - Adjusted Net Income for Q1 fiscal 2026 was $4.5 million, or $0.28 per diluted share, compared to $1.9 million, or $0.12 per diluted share in the prior-year period[7] - Adjusted EBITDA was $6.7 million, up $2.9 million from the prior-year period, with an adjusted EBITDA margin of 9.7%, up from 5.9%[8] - The company expects full year fiscal 2026 consolidated net sales to be between $295 million and $310 million, with Adjusted EBITDA between $30 million and $35 million[10] - For Q2 fiscal 2026, consolidated net sales are expected to be approximately $69 million, with Adjusted EBITDA of approximately $5 million[11] Sales and Unit Performance - MasterCraft's consolidated unit sales volume increased by 2.5% to 565 units in Q3 2025, compared to 551 units in Q3 2024[23] - Consolidated net sales rose by 5.6% to $69,002 thousand in Q3 2025, up from $65,359 thousand in Q3 2024[23] - The company reported a significant increase in pontoon unit sales by 6.2%, reaching 188 units in Q3 2025[23] Profitability Metrics - Gross margin percentage increased by 420 basis points during Q1 fiscal 2026, primarily due to increased net sales and effective cost controls[6] - Gross margin improved by 420 basis points to 22.3% in Q3 2025, compared to 18.1% in Q3 2024[23] - Adjusted EBITDA for Q3 2025 was $6,705 thousand, representing a margin of 9.7%, compared to $3,842 thousand and a margin of 5.9% in Q3 2024[31] - Adjusted Net Income increased to $4,532 thousand in Q3 2025, up from $1,938 thousand in Q3 2024[31] - Adjusted Net Income per diluted share rose to $0.28 in Q3 2025, compared to $0.12 in Q3 2024[32] - Income from continuing operations increased to $3,656 thousand in Q3 2025, up from $1,016 thousand in Q3 2024[31] Cash Flow and Shareholder Returns - Free cash flow for Q3 2025 was negative at $(10,127) thousand, compared to $(2,707) thousand in Q3 2024[32] - Share repurchases during the quarter amounted to $2.3 million[4] Strategic Initiatives - The company launched the new MasterCraft X24 model, enhancing brand excitement and momentum[3] - MasterCraft maintains a debt-free balance sheet, considered one of the strongest in the industry, allowing for confident investments throughout the cycle[3] Taxation - MasterCraft's income tax expense for fiscal 2026 reflects an income tax rate of 23.0%[33]