Celsius Holdings Reports Third Quarter 2025 Financial Results Quarterly revenue of $725.1 million and US energy category market share of 20.8% reflect portfolio power and growing consumer demand for premium functional beverages 1 Celsius Holdings' retail sales increased 31% year over year, driven by Alani Nu 's 114% surge in sales and double-digit growth for the CELSIUS brand 2 ® ® Strategic energy leadership role and broadened distribution partnership within PepsiCo, portfolio expansion, and strengthened l ...

Financial Performance - Revenues for Q3 2025 reached $409.2 million, a significant increase from $199.1 million in Q3 2024, representing a growth of approximately 105.8%[3] - Net income for Q3 2025 was $2.6 million, with a net income margin of 0.6%, compared to a net loss of $8.9 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was $118.5 million, yielding an Adjusted EBITDA margin of 29.0%[4] - Revenues for Q3 2025 reached $409,151,000, a significant increase of 105.8% compared to $199,119,000 in Q3 2024[29] - Net income for Q3 2025 was $2,593,000, compared to a net loss of $8,860,000 in Q3 2024, marking a turnaround in profitability[29] - Adjusted Net Income for Q3 2025 reached $52.312 million, up 37.8% from $37.990 million in Q3 2024[35] - Adjusted Diluted Earnings Per Share (Non-GAAP) increased to $0.30 in Q3 2025, compared to $0.26 in Q3 2024, reflecting a 15.4% growth[35] Guidance and Projections - The company refined its full year 2025 guidance, projecting revenues between $1.535 billion and $1.570 billion, and Adjusted EBITDA between $430 million and $440 million[2][8] - Adjusted Net Income for the full year 2025 is expected to be between $170 million and $180 million, with Adjusted Diluted Earnings Per Share projected at $0.98 to $1.02[8] Cash Flow and Expenses - Cash flows from operations for Q3 2025 were $72.4 million, with Adjusted Operating Cash Flows of $80.5 million after accounting for acquisition-related costs[4] - Operating cash flows for Q3 2025 were reported at $72.369 million, compared to $43.490 million in Q3 2024, indicating a 66.5% increase[41] - Adjusted Operating Cash Flow for Q3 2025 was $80.510 million, up from $45.314 million in Q3 2024, representing a 77.5% increase[41] - The company incurred $40,041,000 in interest expense for Q3 2025, compared to $17,191,000 in Q3 2024, reflecting a 133.3% increase[32] Assets and Liabilities - Total current assets increased to $542,432,000 as of September 30, 2025, compared to $475,993,000 at the end of 2024, a growth of 13.9%[27] - Total liabilities decreased to $2,554,865,000 as of September 30, 2025, down from $2,615,854,000 at the end of 2024, a reduction of 2.3%[27] - Cash and cash equivalents rose to $216,848,000 as of September 30, 2025, compared to $168,688,000 at the end of 2024, an increase of 28.5%[27] Acquisition and Integration - The integration of the Sterling acquisition is progressing ahead of schedule, contributing to customer satisfaction and retention[6] - The company incurred approximately $1.4 million in expenses related to the Sterling Acquisition during Q3 2025[38] - Integration and restructuring charges for Q3 2025 included approximately $3.8 million associated with the integration of Sterling[39] Shareholder Information - The company reported a basic net income per share of $0.01 for Q3 2025, compared to a loss of $0.06 per share in Q3 2024[29] - The weighted average number of shares outstanding increased to 173,561,778 in Q3 2025 from 144,096,312 in Q3 2024[29] - The weighted average number of diluted shares outstanding increased to 175,549,342 in Q3 2025 from 144,096,312 in Q3 2024[35] - Share-based compensation for Q3 2025 included approximately $1.9 million related to modifications of vesting terms[37] Operational Highlights - The company reported strong momentum in its retail & e-commerce and transportation & logistics verticals, with international business achieving year-over-year revenue growth for six consecutive quarters[5] - The company emphasizes a strategy focused on increasing market share across targeted verticals and accelerating international growth[6] Taxation - The effective tax rate for Q3 2025 was approximately 25.1%, compared to 23.1% in Q3 2024[40]

Financial Performance - Revenue for Q3 2025 was $229.2 million, an increase of 15.5% year-over-year; Total Bookings reached $260.1 million, up 14.3%[6] - Operating income was $52.6 million, with an operating income margin of 23.0%; Net income was $45.1 million, representing a net income margin of 19.7%[6] - Fourth quarter 2025 revenue guidance is projected to be between $234 million and $237 million, indicating a year-over-year growth of 14.2% at the midpoint[6] - Fourth quarter 2025 Total Bookings are expected to be between $265 million and $270 million, representing a year-over-year growth of 16.8% at the midpoint[6] - Net income for Q3 2025 was $45,144,000, compared to $38,024,000 in Q3 2024, representing a growth of 5.9% year-over-year[23] - Adjusted EBITDA for Q3 2025 reached $70,063,000, up from $48,645,000 in Q3 2024, indicating a year-over-year increase of 44%[23] - Revenue for the three months ended September 30, 2025, was $229,193,000, compared to $198,424,000 in Q3 2024, reflecting a growth of 15.5% year-over-year[23] - Free Cash Flow for the nine months ended September 30, 2025, was $155,714,000, compared to $149,806,000 for the same period in 2024, showing an increase of 3.8%[23] Membership and Engagement - Active CLEAR+ Members grew to 7.7 million, reflecting a year-over-year increase of 7.5%[6] - Total cumulative enrollments reached 35.8 million, with a year-over-year growth of 35.1%[7] - Active CLEAR+ Members as of the end of the period are a key metric for measuring growth in the CLEAR+ product[28] - Total Cumulative Enrollments reflect the number of members registered on the CLEAR platform since inception, serving as an important metric for growth initiatives[26] - Total Cumulative Platform Uses track individual engagements across CLEAR use cases, providing insights into member engagement and future growth potential[27] Cash Flow and Shareholder Returns - Free Cash Flow guidance for the full year 2025 has been increased from at least $310 million to at least $320 million[6] - Approximately $16.7 million was returned to shareholders in Q3 2025 through a regular quarterly dividend of $0.125 per share[6] - The company repurchased Class A Common Stock amounting to $126,345,000 during the nine months ended September 30, 2025[14] Operating Metrics - Total operating expenses for the three months ended September 30, 2025, were $176,581,000, compared to $163,337,000 in 2024, reflecting an increase of 8.1%[11] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $174,032,000, compared to $159,065,000 in 2024, indicating a 9.4% increase[14] - The weighted-average shares of Class A Common Stock outstanding, basic, increased to 95,912,490 in 2025 from 92,702,778 in 2024[11] Future Outlook - The company anticipates continued growth and demand for its products and services in 2025, although specific guidance figures were not provided[20][21] - CLEAR has launched eGates across 10 airports, with plans to expand to 30 airports by the end of the year and network-wide by 2026[6] Risks and Challenges - The company faces various risks, including competition, technological adoption, and economic downturns, which could impact future performance[22]

Revenue Performance - Second quarter fiscal 2026 revenue was $327.3 million, a decrease of 5.3% compared to the same period in fiscal 2025[2] - Organic revenue declined 1.8%, while organic ex-CSL revenue increased by 9.4% year-over-year[4] - Net revenues for the three months ended September 27, 2025, were $327.3 million, a decrease of 5.3% compared to $345.5 million for the same period in 2024[23] - Plasma revenue decreased by 9.5% to $125.4 million for the three months ended September 27, 2025, while organic growth excluding CSL was down 10.1%[25] Earnings and Profitability - Adjusted earnings per diluted share rose to $1.27, up 13.4% compared to the second quarter of fiscal 2025[7] - Adjusted operating income for the second quarter was $87.3 million, reflecting a 4.5% increase compared to the prior year[5] - Net income for the three months ended September 27, 2025, was $38.7 million, reflecting a 14.3% increase from $33.8 million in the prior year[23] - Gross profit increased by 3.9% to $194.7 million for the three months ended September 27, 2025, compared to $187.4 million in the prior year[23] - Adjusted net income for the three months ended September 27, 2025, was $19,769, resulting in an adjusted diluted earnings per share of $1.27[31] Cash Flow and Financial Position - Cash flow from operating activities was $111.3 million, an increase of 128.0% year-over-year, while free cash flow reached $88.7 million, up 139.6%[9] - Cash on hand as of September 27, 2025, was $296.4 million, a decrease of $10.3 million since the end of fiscal 2025[8] - Total current assets decreased to $899.7 million as of September 27, 2025, from $934.9 million as of March 29, 2025[27] - The company’s cash and cash equivalents were $296.4 million as of September 27, 2025, down from $306.8 million[27] - Net cash provided by operating activities increased significantly to $128,716 from $21,402 year-over-year[30] - Free cash flow for the six months ended September 27, 2025, was $91,214, up from $20,110 in the prior year[30] Guidance and Projections - The company updated its fiscal 2026 guidance, projecting total revenue growth of -1% to 4%[11] - The adjusted operating margin guidance remains at 26% to 27%, with adjusted earnings per diluted share guidance raised to $4.80 to $5.00[11] Operating Expenses and Investments - Research and development expenses increased by 5.2% to $14.9 million for the three months ended September 27, 2025, compared to $14.1 million in the prior year[23] - Operating expenses for the three months ended September 27, 2025, were $136,253, compared to $135,740 for the same period in 2024, showing a marginal increase[31] - Operating expenses for the six months ended September 27, 2025, were $274,625,000, slightly down from $270,908,000 in the same period of FY25, showing a decrease of 1.0%[32] - The company incurred $10,409,000 in digital transformation costs during the six months ended September 27, 2025[32] - Integration and transaction costs amounted to $4,202,000 for the six months ended September 27, 2025, compared to $13,205,000 in the same period of FY25, indicating a significant reduction[32] Debt and Assets - Long-term debt remained stable at $920.4 million as of September 27, 2025, compared to $921.2 million in the previous period[27] - The cash and cash equivalents at the end of the period were $296,426, slightly down from $299,283 at the end of the same period in 2024[30] Profit Margins - The gross margin improved to 60.5%, up 380 basis points from the previous year, driven by pricing benefits and Plasma share gains[4] - The company reported a gross profit margin of 59.5% for the three months ended September 27, 2025, compared to 54.2% in the same period last year[23] - The adjusted gross profit margin for the six months ended September 27, 2025, was 60.6%, compared to 56.0% for the same period in FY25, reflecting an improvement of 4.6 percentage points[32]

Financial Performance - Total transaction volume reached $15.5 billion, a 34% increase year-over-year[1] - Total revenues increased by 16% to $338 million, with net income rising 16% to $33.5 million, or $0.98 per diluted share[1][3] - Adjusted EBITDA was $82 million, up 4% from the same period in 2024, while adjusted core EPS increased by 3% to $1.22[1][3] - Year-to-date total transaction volume reached $36.5 billion, a 38% increase from 2024[3] - Total revenues for Q3 2025 reached $337,675,000, a 5.4% increase from Q2 2025's $319,240,000[67] - Walker & Dunlop's net income for YTD Q3 2025 was $70,158,000, an 11% increase from $63,331,000 in YTD Q3 2024[33] - Diluted EPS for YTD Q3 2025 increased to $2.05, a 10% rise from $1.87 in YTD Q3 2024[33] - Walker & Dunlop reported a net income of $33,452,000 for Q3 2025, a decrease of 1.5% from $33,952,000 in Q2 2025[85] Servicing Portfolio - The servicing portfolio grew to $139.3 billion, a 4% increase from September 30, 2024[3][11] - The total servicing portfolio at the end of Q3 2025 was $139,331,678,000, an increase from $137,349,124,000 in Q2 2025[69] - The at-risk servicing portfolio increased due to the addition of Fannie Mae loans, with ten loans in default totaling an aggregate unpaid principal balance (UPB) of $139.0 million as of September 30, 2025, compared to seven loans with a UPB of $59.6 million a year earlier[17] - Total risk-sharing servicing portfolio increased to $71,016,342 thousand as of September 30, 2025, up from $66,137,612 thousand a year earlier, representing an increase of 7.5%[73] Capital Markets Segment - Total revenues for the Capital Markets segment increased by 26% year-over-year to $180.8 million in Q3 2025, driven by a 32% increase in origination fees[19] - The net income before noncontrolling interests for the Capital Markets segment was $27.9 million in Q3 2025, reflecting a 28% increase from $21.9 million in Q3 2024[19] - Total revenues in the Capital Markets segment for YTD Q3 2025 were $456,115,000, a 33% increase from $343,779,000 in YTD Q3 2024[39] - Walker & Dunlop's net income in the Capital Markets segment surged to $63,432,000, a 142% increase from $26,167,000 in YTD Q3 2024[39] Expenses and Liabilities - Personnel expenses in the Capital Markets segment rose by 25% year-over-year to $131.1 million, driven by increased commission costs and a 6% increase in average headcount[19] - Total liabilities increased to $4,019,809,000 as of September 30, 2025, up from $2,913,242,000 in June 2025, reflecting a growth of 38%[65] - The company reported cash and cash equivalents of $274,828,000 as of September 30, 2025, an increase from $233,712,000 in June 2025, which is a rise of 17%[65] Dividends and Share Repurchase - The company declared a dividend of $0.67 per share for Q4 2025[1] - The company declared a dividend of $0.67 per share for Q4 2025, payable on December 5, 2025[49] - The company authorized a share repurchase program of up to $75.0 million starting February 21, 2025, with no shares repurchased as of September 30, 2025[50] Credit Losses and Defaults - Defaulted loans increased by 133% to $139,020, reflecting a rise in the at-risk servicing portfolio[13] - The company recorded a provision for credit losses of $0.9 million in Q3 2025, primarily related to updated loss reserves for two previously defaulted loans[17] - The provision for credit losses was $949,000 in Q3 2025, a decrease from $1,820,000 in Q2 2025[85] Market Conditions and Risks - The company anticipates potential risks including changes in interest rates and economic conditions that could impact future performance[60] - The company is focused on strategic investments and market expansion to enhance its competitive position in the commercial real estate finance sector[58]

Investment Performance - The fair value of the investment portfolio as of September 30, 2025, was $252,195,540, an increase from $199,302,778 as of September 30, 2024, representing a growth of approximately 26.5% year-over-year[256][263] - The company realized a net gain on investments of $26,391,459 during the nine months ended September 30, 2025, compared to a net loss of $14,167,198 in the same period of 2024, marking a turnaround in performance[259][266] - The company exited or received proceeds from investments amounting to $49,066,513 during the nine months ended September 30, 2025, compared to $14,941,469 in the same period of 2024, indicating a significant increase in liquidity[259][266] - Net realized gain on investments for the three months ended September 30, 2025, was $5,196,799, compared to a net loss of $13,713,512 for the same period in 2024[278] - Net change in unrealized appreciation for the three months ended September 30, 2025, was $5,675,109, compared to $11,614,384 for the same period in 2024[279] - Net change in unrealized appreciation for the nine months ended September 30, 2025, was $53,401,606, compared to a depreciation of $(13,769,932) for the same period in 2024[282] Investment Strategy and Philosophy - The investment strategy focuses on non-controlling equity and equity-related investments, primarily in high-growth, venture-backed companies across various sectors, including Software-as-a-Service and Artificial Intelligence[249] - The company’s investment philosophy emphasizes a disciplined approach to identifying promising investments, with a focus on growth potential and recurring revenues[249] - The company primarily invests in growth companies with short operating histories and illiquid markets, which may impact the valuation of equity investments during periods of market disruption[321] - Valuation of investments is determined at fair value by the Board of Directors, with inherent uncertainty leading to potential fluctuations in estimated values from period to period[322] Financial Performance - Total investment income decreased to $459,269 for the three months ended September 30, 2025, from $888,717 for the same period in 2024, primarily due to a decrease in interest income[272] - Total investment income for the nine months ended September 30, 2025, was $1,125,667, down from $3,444,161 for the same period in 2024[273] - Net investment loss for the three months ended September 30, 2025, was $3,454,815, compared to a loss of $3,207,873 for the same period in 2024[276] - Net investment loss for the nine months ended September 30, 2025, was $10,838,744, compared to a loss of $10,086,400 for the same period in 2024[277] - Total operating expenses decreased to $3,914,084 for the three months ended September 30, 2025, from $4,096,590 for the same period in 2024, mainly due to reductions in compensation expense and professional fees[274] - Total operating expenses for the nine months ended September 30, 2025, decreased to $11,964,411 from $13,530,561 for the same period in 2024[275] Liquidity and Capital Management - Cash reserves increased significantly to $54,549,056 as of September 30, 2025, up from $20,035,640 at the beginning of the year[287] - Total cash reserves and liquid securities amounted to $63,112,189 as of September 30, 2025, compared to $37,626,760 at the end of 2024[287] - The company has ample liquidity to support near-term capital requirements and will continue to evaluate its liquidity position[289] - The company issued $25.0 million in 6.50% Convertible Notes due 2029 on August 14, 2024, with additional notes of $5.0 million issued on October 9, 2024, and January 16, 2025[301] - As of September 30, 2025, the company had $75.1 million in total contractual obligations, with $39.7 million due for the 6.00% Notes due 2026[290] Shareholder Returns and Distributions - The total distributions declared since formation through September 30, 2025, amount to $12.35 per share, with the latest distribution of $0.25 per share declared on July 3, 2025[304] - The distribution on July 31, 2025, included 2,860,903 shares issued in lieu of cash, representing approximately 14.8% of outstanding shares prior to the distribution[304] - The Board of Directors authorized a Share Repurchase Program extension until October 31, 2026, or until $64.3 million of common stock is repurchased[314] - A dividend of $0.25 per share was declared on November 3, 2025, payable on December 5, 2025, to stockholders of record as of November 21, 2025[318] - The company intends to focus on equity investments primarily for capital gains, with distributions expected to be less consistent than other BDCs[308] Share Repurchase Program - The dollar value of shares available for repurchase under the Share Repurchase Program is approximately $25.0 million as of September 30, 2025[292] - The company did not repurchase any shares under the Share Repurchase Program during the three and nine months ended September 30, 2025[292] - As of November 5, 2025, approximately $25.0 million remains available for repurchase under the Share Repurchase Program[316] - The discretionary Note Repurchase Program allows for the repurchase of up to an additional $40.0 million of 6.00% Notes due 2026, with approximately $39.7 million remaining as of November 5, 2025[317]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to ___________ Commission file number 001-40977 DEVVSTREAM CORP. (Exact name of registrant as specified in its charter) 2108 N St., Suite 4254 Sacramento, California (Add ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to ___________ Commission file number 001-40977 DEVVSTREAM CORP. (Exact name of registrant as specified in its charter) 2108 N St., Suite 4254 Sacramento, California (Add ...

Financial Performance - Total revenues for the nine months ended September 30, 2025, reached $1,778.2 million, up from $1,280.7 million in the same period of 2024, representing a growth of approximately 39%[121] - Adjusted EBITDA for the nine months ended September 30, 2025, was $109.99 million, compared to $73.74 million in 2024, reflecting a year-over-year increase of about 49%[110] - Revenues for the three months ended September 30, 2025, increased by 45.6% to $639,655,000, driven by a 122% net revenue retention rate and significant growth in both Amazon and non-Amazon marketplaces[123] - For the nine months ended September 30, 2025, revenues increased by 38.8% to $1,778,211,000, supported by a 122% net revenue retention rate and substantial growth in international markets[132] Cost and Expenses - Cost of goods sold for the nine months ended September 30, 2025, was $1,002.1 million, up from $719.8 million in 2024, indicating a rise of approximately 39%[121] - Cost of goods sold for the same period rose by 43.0% to $356,132,000, reflecting a smaller percentage increase compared to revenue due to product and brand mix[124] - Operating expenses for the three months ended September 30, 2025, totaled 109.4% of revenue, with significant increases in general and administrative expenses by 106.6% to $177,936,000, largely due to stock-based compensation[125][128] - Research and development expenses surged by 503.9% to $24,584,000, primarily driven by stock-based compensation and increased headcount in technology roles[129] Profitability - Operating income for the nine months ended September 30, 2025, showed a loss of $642, compared to a profit of $64.1 million in 2024, highlighting a significant decline in operational profitability[121] Cash Flow and Financing - Cash and cash equivalents as of September 30, 2025, stood at $312.8 million, bolstered by $135.0 million in proceeds from the IPO after expenses[139] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $90,913,000, influenced by significant non-cash adjustments[142] - Net cash provided by operating activities was $68.9 million for the nine months ended September 30, 2024, consisting of $49.7 million of net income, $10.9 million of non-cash adjustments, and a cash increase of $8.4 million from working capital management[143] - As of September 30, 2025, the company had a $150 million borrowing capacity under a revolving credit facility, with no outstanding borrowings[149] - The revolving credit facility bears interest at a variable base rate plus an applicable margin ranging from 0.50% to 2.00%[148] Taxation - The provision for income taxes for the nine months ended September 30, 2025, showed a significant decrease of 193.5% to a benefit of $(16,202,000), primarily due to stock compensation and non-deductible expenses[138] Operational Insights - The company operates across more than 60 marketplaces, utilizing over 46 trillion data points to optimize ecommerce growth[96] - The technology platform is supported by approximately 400 professionals, including software engineers and data scientists, enhancing operational capabilities[98] - The company has developed strong relationships with over 200 brand partners across various industries, including health and wellness, beauty, and consumer electronics[98] - The company’s operating model leverages global economies of scale to optimize costs while investing in future growth, enhancing operational efficiencies through technology and warehouse automation[102] Stock and Amendments - The stock amendment expense recognized was $32.7 million, a non-cash expense related to the amendment of the Founder Preferred Stock, which is not expected to recur[119] - The company recognized a non-cash stock amendment expense of $32,676,000 in 2025, related to changes in the conversion terms of its preferred stock, which is not expected to recur[130] Risk Management - The company monitors foreign currency risk as fluctuations may impact financial results, although historically, transaction gains and losses have not been material[156] - The company has not engaged in foreign currency hedging transactions but may consider it in the future[156] - The company continues to monitor inflation impacts and aims to offset higher costs through pricing strategies and cost efficiency measures[158] - As of September 30, 2025, there have been no material changes to contractual obligations or commitments from previous disclosures[151]

Financial Performance - Third quarter revenues reached $1.394 billion, representing a year-over-year increase of 19.4%[5] - GAAP diluted EPS for the third quarter was $1.91, a decrease of 19.4% compared to $2.37 in the same quarter of 2024[6] - Non-GAAP diluted EPS was $3.08, down 1.3% from $3.12 in the third quarter of 2024[6] - Expected GAAP diluted EPS for the full year is projected to be in the range of $6.75 to $6.83[8] - The company anticipates fourth quarter revenues to be between $1.380 billion and $1.395 billion, reflecting year-over-year growth of 11.1%[8] - Revenue growth reported for the three months ended September 30, 2025, was 19.4%, while organic constant currency revenue growth was 7.1%[22] - Net income for the three months ended September 30, 2025, was $171,794 thousand, compared to $179,086 thousand for the same period in 2024, reflecting a decrease of 4.3%[22] - Diluted earnings per share for the three months ended September 30, 2025, was $3.08, down from $3.12 in the same period of 2024[22] - Expected revenue growth for Q4 2025 is projected at 11.1%, with an organic constant currency growth of 4.4%[30] - Full year 2025 revenue growth is expected to be 15.0%, with organic constant currency growth at 4.6%[30] Shareholder Actions - The company repurchased $82.1 million of stock in the third quarter and announced a new share repurchase plan for up to $1 billion[5] Operational Metrics - Total headcount as of September 30, 2025, was approximately 62,350, with a 0.5% increase in delivery professionals since June 30, 2025[8] - Cash provided by operating activities for the first nine months of 2025 was $372.0 million, down from $428.9 million in the same period of 2024[8] - Operating margin for the three months ended September 30, 2025, was 10.4%, down from 15.2% in the same period of 2024[22] - GAAP income from operations as a percentage of revenues for Q4 2025 is estimated to be between 10.0% and 11.0%[30] - Non-GAAP income from operations as a percentage of revenues for Q4 2025 is projected to be between 15.5% and 16.5%[30] Tax and Expenses - The company expects a GAAP effective tax rate of approximately 25.0% for the full year[8] - The effective tax rate for GAAP is approximately 24.0% for Q4 2025, while the non-GAAP effective tax rate is approximately 23.0%[30] - Stock-based compensation expenses for the three months ended September 30, 2025, were $21,149 thousand, up from $19,576 thousand in the same period of 2024, an increase of 8.0%[23] - Stock-based compensation expenses are expected to be 3.2% of revenues for the full year 2025[30] Balance Sheet - Total assets increased to $4,843,300 thousand as of September 30, 2025, up from $4,750,473 thousand at December 31, 2024, representing a growth of 1.96%[21] - Total current liabilities increased to $835,262 thousand as of September 30, 2025, compared to $821,039 thousand at December 31, 2024, an increase of 1.5%[21] - Total equity increased to $3,726,843 thousand as of September 30, 2025, compared to $3,631,151 thousand at December 31, 2024, an increase of 2.6%[21] Other Initiatives - The company has committed $100 million for humanitarian support in Ukraine, which includes expenses related to the ongoing crisis[24] - The company incurred $11,028 thousand in cost optimization charges during the three months ended September 30, 2025, related to restructuring initiatives[25] - The impact of foreign exchange rates is expected to reduce revenue growth by 2.4% in Q4 2025[30] - Inorganic revenue growth is anticipated to decline by 4.3% for Q4 2025[30]