Financial Performance - Net income for Q3 2025 was $20.6 million, an increase from $19.6 million in Q3 2024, with diluted net income per share rising to $0.79 from $0.74[104] - Revenue for Q3 2025 totaled $318.9 million, reflecting an increase of $24.7 million or 8.4% compared to Q3 2024, driven by a 9.9% increase in PEO services revenue[105] - Net income for the first nine months of 2025 was $38.1 million, an increase of 5.2% from $36.2 million in the same period of 2024, with diluted net income per share rising to $1.45 from $1.35[113] - Revenue for the first nine months of 2025 reached $919.2 million, reflecting a 9.5% increase from $839.7 million in 2024, driven by an 11.0% increase in PEO services revenue[114] Margins and Costs - Gross margin for Q3 2025 was $76.8 million, representing 24.0% of revenue, down from 25.3% in Q3 2024[106] - Gross margin for the first nine months of 2025 was $192.6 million, or 20.9% of revenue, down from $181.9 million, or 21.6% of revenue in 2024[115] - Direct payroll costs for Q3 2025 were $14.6 million, or 4.6% of revenue, compared to 5.5% in Q3 2024[107] - Direct payroll costs decreased to $41.1 million, or 4.5% of revenue, compared to $45.6 million, or 5.4% of revenue in 2024[116] - Payroll taxes and benefits for Q3 2025 totaled $176.3 million, or 55.3% of revenue, up from 52.4% in Q3 2024, attributed to higher payroll tax rates and increased client benefit costs[108] - Payroll taxes and benefits increased to $536.6 million, or 58.4% of revenue, from $464.8 million, or 55.4% of revenue in 2024, due to higher average payroll tax rates[117] - Workers' compensation expense for Q3 2025 was $51.3 million, or 16.1% of revenue, down from 16.8% in Q3 2024[109] - Workers' compensation expense was $148.9 million, or 16.2% of revenue, compared to $147.4 million, or 17.6% of revenue in 2024, reflecting lower costs[118] - SG&A expenses for Q3 2025 were $49.9 million, or 15.6% of revenue, compared to 16.7% in Q3 2024[110] - SG&A expense rose to $142.9 million, or 15.5% of revenue, from $137.1 million, or 16.3% of revenue in 2024, primarily due to increased employee-related costs[119] Taxation - The effective income tax rate for Q3 2025 was 22.9%, a decrease from 23.6% in Q3 2024[112] - The effective income tax rate for the first nine months of 2025 was 24.7%, slightly higher than 24.2% in 2024[121] Employee Metrics - Average worksite employees (WSEs) for Q3 2025 increased by 6.1% year-over-year to 141,492, while ending WSEs grew by 5.8% to 140,409[103] Cash Flow - Net cash used in operating activities for the first nine months of 2025 was $10.2 million, significantly improved from $43.3 million in 2024[124] - The company's cash balance decreased to $66.0 million as of September 30, 2025, down from a decrease of $46.1 million in the same period of 2024[123] Gross Billings - Gross billings for Q3 2025 reached $2.32 billion, up from $2.14 billion in Q3 2024, with PEO and staffing wages totaling $2.02 billion[101]

Financial Performance - Gold revenue for Q3 2025 reached $782,948,000, a 75% increase from $448,229,000 in Q3 2024[3] - Gross profit for the nine months ended September 30, 2025, was $979,532,000, compared to $532,240,000 for the same period in 2024, reflecting an increase of 84%[3] - Net income for Q3 2025 was $23,123,000, a significant recovery from a net loss of $631,032,000 in Q3 2024[4] - Total comprehensive income for the nine months ended September 30, 2025, was $323,010,000, compared to a loss of $588,280,000 in the same period of 2024[4] - The company reported a basic earnings per share of $0.01 for Q3 2025, recovering from a loss per share of $0.48 in Q3 2024[3] - The net income for the nine months ended September 30, 2025, was $246,440,000, compared to a net loss of $617,328,000 for the same period in 2024[7] - For the nine months ended September 30, 2025, the company reported a net income of $231.3 million, a significant recovery from a net loss of $618 million in the same period of 2024[60] - Basic earnings per share for the nine months ended September 30, 2025, was $0.18 compared to a loss of $0.47 in the same period of 2024[60] Costs and Expenses - Production costs for the nine months ended September 30, 2025, were $517,511,000, slightly higher than $500,452,000 in the same period of 2024[3] - The total cost of sales for the nine months ended September 30, 2025, was $1,027,729,000, up from $870,002,000 in the same period of 2024[3] - Cash provided by operating activities for the nine months ended September 30, 2025, was $605,259 thousand, a decrease from $757,060 thousand in the same period of 2024[5] - Cash used in investing activities for the nine months ended September 30, 2025, was $708,975 thousand, compared to $511,334 thousand in the same period of 2024[5] - Capital expenditures for the nine months ended September 30, 2025, totaled $688,460,000, compared to $674,531,000 in the same period of 2024, reflecting a modest increase of approximately 2%[91] Assets and Liabilities - Total assets as of September 30, 2025, increased to $5,692,216 thousand from $4,813,998 thousand as of December 31, 2024[6] - Total liabilities increased to $2,321,433 thousand as of September 30, 2025, from $1,778,301 thousand at the end of 2024[6] - The company reported a total of $1,070,469 thousand in current assets as of September 30, 2025, compared to $901,789 thousand at the end of 2024[6] - Long-term investments rose to $178,415 thousand as of September 30, 2025, up from $76,717 thousand at the end of 2024[6] - As of September 30, 2025, total debt increased to $637.6 million from $437.9 million at December 31, 2024, representing a 45.6% increase[10] Shareholder Information - The company declared dividends totaling $77,588,000 for the nine months ended September 30, 2025, compared to $138,248,000 in the same period of 2024, indicating a reduction in dividend payouts[7] - The company repurchased and cancelled 2 million common shares for $10 million during the three months ended September 30, 2025, as part of its Normal Course Issuer Bid[57] - The total number of shares outstanding increased to 1,330,134,000 as of September 30, 2025, from 1,318,041,000 at the end of 2024[7] Operational Highlights - The company achieved commercial production at the Goose Mine on October 2, 2025, expanding its operational capacity[8] - The Fekola Mine generated external gold revenue of $1,104,565,000 for the nine months ended September 30, 2025, up from $721,898,000 in the same period of 2024, marking an increase of about 53%[89] - The company recognized gold revenue of $144 million from the delivery of 66,192 ounces under prepaid gold sales contracts during the three and nine months ended September 30, 2025[73] Impairments and Charges - The company reported a significant impairment of long-lived assets amounting to $661,160,000 for the Goose Mine during the nine months ended September 30, 2025[88] - The company recorded a net impairment charge of $194 million for the Fekola Complex CGU due to changes in the mining code and local content law in Mali[36] - The company wrote off $5 million related to non-core exploration and evaluation properties during the nine months ended September 30, 2025[38] Financial Instruments and Derivatives - The company has guaranteed its gold stream obligation, which is classified as a derivative liability under IFRS 9[68] - The average floor price for the company's gold derivative contracts is set at $2,450 per ounce, with an average ceiling price of $3,294 per ounce[67] - As of September 30, 2025, the unrealized fair value of the company's gold derivative contracts was $(173) million, while fuel derivative contracts had a fair value of $(1.731) million[67][64] Taxation and Compliance - The company incurred $33 million in current income tax for the three months ended September 30, 2025, compared to $50 million in the same period of 2024[85] - The company maintained compliance with its debt covenants, including an interest coverage ratio greater than or equal to 3:1 and a leverage ratio of less than 3.5:1 as of September 30, 2025[51]

Financial Performance - Gross premiums written for Q3 2025 reached $463.4 million, a 33.8% increase from $346.3 million in Q3 2024[142] - Total revenue for the nine months ended September 30, 2025, was $808.9 million, up 33% from $608.4 million in the same period of 2024[142] - Net income for Q3 2025 was $111.0 million, compared to $17.6 million in Q3 2024, representing a significant increase of 530%[142] - Total revenue increased by 32.8% from $200.1 million in Q3 2024 to $265.7 million in Q3 2025, primarily due to higher net premiums earned[179] - Net income surged by 531.5% from $17.6 million in Q3 2024 to $111.0 million in Q3 2025, reflecting improved operational efficiency[186] - Total revenue increased from $608.4 million for the nine months ended September 30, 2024 to $808.9 million for the nine months ended September 30, 2025, a 33.0% increase[205] Underwriting Performance - The combined ratio improved to 48.5% in Q3 2025 from 94.3% in Q3 2024, indicating a strong underwriting performance[142] - The combined ratio improved significantly from 94.3% in Q3 2024 to 48.5% in Q3 2025, indicating better underwriting performance[167] - The combined ratio improved from 76.8% for the nine months ended September 30, 2024 to 58.3% for the nine months ended September 30, 2025, a decrease of 18.5%[194] - The loss ratio improved from 49.3% in 2024 to 27.7% in 2025, driven by increased net premiums earned and reduced catastrophe losses[213] - The combined ratio decreased from 76.8% in 2024 to 58.3% in 2025, reflecting improved operational efficiency and lower catastrophe losses[215] Investment Performance - Net investment income grew by 49.3% from $12.8 million in Q3 2024 to $19.1 million in Q3 2025, supported by an increase in average investable assets from $1,053 million to $1,874 million[176] - Net investment income increased from $34.5 million for the nine months ended September 30, 2024 to $47.9 million for the nine months ended September 30, 2025, a 39.0% increase[202] - The investment portfolio consists of $473.1 million in fixed income securities rated BBB- or better as of September 30, 2025[239] - The fair value of available for sale investments as of September 30, 2025, was $474.6 million, with fixed maturity securities making up the majority[240] - The estimated weighted average credit quality rating of the fixed maturity securities portfolio was AA- as of September 30, 2025, consistent with the previous year[280] Financial Position - Total assets as of September 30, 2025, were $2.69 billion, an increase from $1.93 billion at the end of 2024[142] - Shareholders' equity increased to $964.2 million as of September 30, 2025, compared to $433.2 million at the end of 2024[142] - The debt to capitalization ratio decreased from 9.9% for the three months ended September 30, 2024 to 3.5% for the three months ended September 30, 2025[192] - As of September 30, 2025, stockholders' equity increased to $964.2 million from $433.2 million as of December 31, 2024, primarily due to increased retained earnings and IPO proceeds[237] - As of September 30, 2025, the company had $1.402 billion in cash, cash equivalents, and restricted cash, up from $789.8 million in December 2024[225] Operational Efficiency - The company maintains a disciplined underwriting approach while controlling all aspects of its value chain, enhancing profitability[139] - Losses and loss adjustment expenses incurred decreased by 70.2% from $111.7 million in Q3 2024 to $33.2 million in Q3 2025, with no incurred losses from named storms during the period[180] - Policy acquisition and other underwriting expenses increased by 65.3% from $22.0 million in Q3 2024 to $36.4 million in Q3 2025, representing 15.2% of net premiums earned[181] - General and administrative expenses rose from $38.0 million in Q3 2024 to $45.0 million in Q3 2025, attributed to increased staffing to support the growth in policies[182] Market Strategy - The company aims to capitalize on the increased demand for insurance products in underserved coastal specialty markets[140] - The company follows industry practices of reinsuring a portion of its risks, which involves transferring risk exposure to another insurer[256] Tax and Regulatory - The statutory corporate tax rate is expected to be approximately 25.4% under current tax law[234] - The company is classified as an emerging growth company, allowing it to take advantage of certain exemptions from various reporting requirements[271] - The company’s financial statements may not be comparable to those of companies that comply with new or revised accounting standards as of public company effective dates due to its emerging growth company status[272] Risk Management - The company limits investments in below investment grade bonds to $1.0 million to mitigate credit risk[280] - The company has no material exposure to foreign currency exchange risk as of September 30, 2025[281] - Anticipated fluctuations in interest rates are considered in developing investment strategies[278]

Financial Results Announcement - Slide Insurance Holdings, Inc. announced its financial results for the quarter ended September 30, 2025[6]. - The press release detailing the financial results was issued on November 5, 2025[6]. - The financial results include key metrics that will be detailed in Exhibit 99.1[8]. - The report was signed by Jesse Schalk, the Chief Financial Officer, on November 5, 2025[12]. Company Classification and Structure - The company is classified as an emerging growth company under the Securities Act of 1933[5]. - The company is headquartered in Tampa, Florida, with a principal executive office located at 4221 W. Boy Scout Blvd., Suite 200[2]. - The common stock of Slide Insurance Holdings, Inc. is traded on the Nasdaq Global Select Market under the symbol SLDE[5]. - The filing does not include specific financial data or performance metrics in the provided documents[7]. - The company has not elected to use the extended transition period for new financial accounting standards[5]. - The report is filed under the requirements of the Securities Exchange Act of 1934[10].

Customer Growth - Funded Customers increased by 2.5 million, or 10%, to 26.8 million compared to 24.3 million[163] - Robinhood Gold Subscribers increased by 1.69 million, or 77%, to 3.88 million compared to 2.19 million[164] - The number of users placing cryptocurrency trades increased by 92% and 45% for Q3 2024 and Q3 2025, respectively[172] Financial Performance - Total net revenues increased 100% to $1,274 million compared to $637 million[164] - Net income increased 271% to $556 million compared to $150 million[164] - Adjusted EBITDA increased 177% to $742 million compared to $268 million[164] - Total net revenues for Q3 2025 reached $1,274 million, a 99% increase from $637 million in Q3 2024[170] - Total net revenues for the nine months ended September 30, 2025, reached $1,746 million, up from $1,439 million in the same period of 2024, marking a 21% increase[180] Revenue Breakdown - Net Deposits were $20.4 billion, translating to an annualized growth rate of 29% relative to Total Platform Assets[164] - Transaction-based revenues for Q3 2025 were $730 million, a 129% increase compared to $319 million in Q3 2024[171] - Cryptocurrency transaction-based revenues surged by 339% in Q3 2025, totaling $268 million, up from $61 million in Q3 2024[171] - Margin interest revenues rose by 84% in Q3 2025, reaching $153 million, up from $83 million in Q3 2024[175] - Options revenues increased by 50% in Q3 2025, totaling $304 million, compared to $202 million in Q3 2024[171] Asset Growth - Total Platform Assets increased 119% to $332.7 billion compared to $152.2 billion, driven by continued Net Deposits and higher asset valuations[164] - Total Platform Assets composition: Equities at $203.0 billion (91% increase), Cryptocurrencies at $51.1 billion (162% increase), and Options and futures at $3.9 billion (225% increase)[165] - Total interest-earning assets for the three months ended September 30, 2025, amounted to $64,402 million, an increase from $56,783 million in the previous quarter, representing a growth of 13.5%[177] Operating Expenses - Total operating expenses increased 31% to $639 million compared to $486 million[164] - Total operating expenses for Q3 2025 were $639 million, up from $486 million in Q3 2024, reflecting a 31% increase[170] - Marketing expenses surged to $102 million for the three months ended September 30, 2025, reflecting a 73% increase from $59 million in the same period of 2024[180] - Technology and development costs increased by $32 million (16%) and $55 million (9%) for the three and nine months ended September 30, 2025, primarily due to higher employee compensation and benefits expenses[182] - General and administrative costs rose by $52 million (39%) and $65 million (17%) for the three and nine months ended September 30, 2025, driven by higher employee compensation and legal expenses[186] Credit and Interest Management - The company anticipates that potential future rate cuts by the Federal Reserve may negatively impact net interest revenues[175] - Provision for credit losses increased to $26 million for the three months ended September 30, 2025, a 13% rise from $23 million in the same period of 2024[180] - A hypothetical 100 basis point increase in interest rates would result in an increase of $171 million in total net revenues for 2024 and $298 million for 2025[204] - A hypothetical 150 basis point increase in interest rates would result in an increase of $257 million in total net revenues for 2024 and $447 million for 2025[204] - The company has established a comprehensive interest rate risk management policy to identify and implement appropriate hedging strategies[207] Cash Flow and Liquidity - Cash provided by operating activities increased by $1.33 billion, primarily due to a $783 million increase in net income and a $4.44 billion increase in securities loaned[196] - As of September 30, 2025, the company had cash and cash equivalents of $4.33 billion and held-to-maturity investments of $53 million[191] - The company had committed revolving credit facilities with a total borrowing capacity of up to $3.775 billion as of September 30, 2025[192] - Net cash provided by investing activities increased by $881 million compared to the prior period[198] Risk Management - The company monitors required margin levels daily and requires customers to deposit additional collateral or reduce positions when necessary to manage market-related credit risk[209] - Actual results may differ from simulated results due to various factors, including balance growth or decline and changes in market conditions[208] - The investment policy focuses on the preservation of capital and supporting liquidity requirements, investing in highly-rated debt securities with an average duration of less than one year[205]

Revenue Growth - Revenue for the three months ended September 30, 2025, increased by $25.9 million, or 45%, compared to the same period in the prior year, while revenue for the nine months ended September 30, 2025, increased by $78.8 million, or 59%[91] - Revenue growth was primarily driven by increased sales volume and higher average selling prices due to a change in product mix[91] Customer Concentration - Sales from the largest end customer accounted for 18% of revenue for the three months ended September 30, 2025, down from 23% in the same period of 2024[92] - The top three customers by revenue accounted for approximately 58% of revenue for the three months ended September 30, 2025, compared to 55% in the same period of 2024[92] Market and Product Development - The total timing market is estimated to be approximately $10 billion in size, with a focus on providing solutions for complex timing problems[85] - In December 2023, the company acquired clocking products from Aura Semiconductor for approximately $148 million in fixed payments and up to $120 million in earnouts, significantly expanding its presence in the clocking market[86] - The company’s Precision Timing solutions are designed to be resilient to harsh environmental conditions, making them suitable for applications in AI infrastructure, automotive electronics, and industrial markets[83] - The company’s products have been designed into over 300 applications across various markets, including communications, automotive, and IoT[78] Financial Performance - Gross profit increased by $15.3 million, or 52%, for the three months ended September 30, 2025, compared to the same period in the prior year[94] - Gross profit increased by $42.5 million, or 62%, for the nine months ended September 30, 2025, compared to the same period in the prior year[95] - The gross margin was 53.5% for the three months ended September 30, 2025, compared to 51.1% for the same period in the prior year[94] Operating Expenses - Research and development expenses increased by $3.5 million, or 13%, for the three months ended September 30, 2025, primarily due to higher personnel costs[101] - Selling, general and administrative expenses increased by $5.2 million, or 21%, for the three months ended September 30, 2025, primarily due to higher headcount and sales commissions[104] - Total operating expenses increased by $6.4 million, or 12%, for the three months ended September 30, 2025, compared to the same period in the prior year[99] - Acquisition related costs decreased by $2.4 million, or 95%, for the three months ended September 30, 2025, primarily due to lower accretion of acquisition consideration payable[107] Cash Flow and Investments - Cash and cash equivalents increased to $27.1 million as of September 30, 2025, compared to $6.1 million as of December 31, 2024[119] - For the nine months ended September 30, 2025, net cash provided by operating activities was $61.8 million, despite a net loss of $52.1 million, primarily due to non-cash expenses of $112.1 million[126] - Net cash used in investing activities was $406.4 million, with $929.4 million spent on short-term investments and $39.8 million on manufacturing equipment, offset by $562.9 million from maturities of short-term investments[128] - Financing activities included net proceeds of $29.7 million from the sale of shares and $387.3 million from the follow-on public offering, alongside tax withholdings of $41.3 million and earnouts of $9.1 million related to the Aura transaction[129] - The company expects existing cash and cash equivalents and short-term investments to meet operating cash needs for at least the next 12 months, with future capital requirements dependent on growth rate and other factors[124] - As of September 30, 2025, cash and cash equivalents were $27.1 million, with short-term investments in held-to-maturity securities totaling $782.5 million, generating $16.8 million in interest income during the nine months[133] Interest and Market Risk - Interest income increased by $2.8 million, or 50%, for the three months ended September 30, 2025, due to an increase in average investment balance[111] - A hypothetical 10% increase or decrease in market interest rates would change the fair value of interest-earning instruments of $782.5 million by approximately $2.3 million[134] Strategic Initiatives - The company expects to expand its sales and marketing efforts through increased collaboration with distributors and direct online sales[84] - The company expects continued investment in research and development to support future growth and customer acquisition[100] - The company has non-cancelable purchase commitments with contract manufacturers and a multi-year purchase agreement for MEMS wafers, indicating ongoing investment in R&D and production capabilities[122] - The company does not currently have a hedging program for foreign currency exchange risk, with most revenue denominated in U.S. dollars[132]

Earnings Performance - Earnings per diluted common share decreased to $0.40 for Q3 2025 from $0.73 in Q2 2025, primarily due to higher non-interest expenses related to the Pacific Premier acquisition [163]. - Net income for the three months ended September 30, 2025, was $96 million, a decrease from $152 million for the prior quarter, primarily due to a $115 million increase in non-interest expense [180]. - For the nine months ended September 30, 2025, net income was $335 million, down from $390 million in the same period last year, attributed to increased non-interest expenses and provisions for credit losses [181]. Interest Income and Margin - Net interest margin improved to 3.84% for Q3 2025, up from 3.75% in Q2 2025, driven by a favorable shift to lower-cost funding sources [163]. - Net interest income for the three months ended September 30, 2025, was $505 million, an increase of $59 million compared to the prior quarter [187]. - The net interest margin for the three months ended September 30, 2025, was 3.84%, up from 3.75% in the previous quarter [188]. Loan and Deposit Growth - Total loans and leases rose to $48.5 billion as of September 30, 2025, an increase of $10.8 billion since December 31, 2024, mainly from the Pacific Premier acquisition [167]. - Total deposits reached $55.8 billion as of September 30, 2025, up $14.1 billion from December 31, 2024, driven by the addition of Pacific Premier deposits [167]. - Core deposits reached $51.5 billion as of September 30, 2025, compared to $37.5 billion at December 31, 2024, reflecting a significant increase in stable funding sources [261]. Non-Interest Income and Expenses - Non-interest income increased to $77 million in Q3 2025, compared to $65 million in Q2 2025, attributed to fair value adjustments and MSR hedging activity [163]. - Non-interest expense for the nine months ended September 30, 2025, was $1.0 billion, an increase from $838 million in the same period of 2024, largely due to merger-related costs [167]. - Total non-interest expense for the nine months ended September 30, 2025, rose by 21% to $1,011 million from $838 million in the prior year, largely due to the acquisition-related costs [207]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses (ACL) was $492 million as of September 30, 2025, reflecting an increase of $51 million from December 31, 2024, due to loan growth from the acquisition [167]. - Provision for credit losses was $70 million for Q3 2025, compared to $30 million in Q2 2025, reflecting initial provisions for acquired loans [168]. - Net charge-offs for the nine months ended September 30, 2025, were $81 million, a decrease of 22% from $104 million in the prior year, with a net charge-off rate of 0.28% compared to 0.37% [200]. Capital and Liquidity - Total available liquidity was $26.7 billion, representing 40% of total assets and 130% of estimated uninsured deposits as of September 30, 2025 [174]. - Shareholders' equity increased to $7.8 billion as of September 30, 2025, up $2.7 billion from December 31, 2024, driven by the fair value of common shares issued and net income of $335 million [268]. - The Company recorded $270 million in dividends paid by the Bank during the nine months ended September 30, 2025, reflecting ongoing capital returns to shareholders [264]. Acquisition Impact - The acquisition of Pacific Premier was completed on August 31, 2025, enhancing the company's footprint and service offerings in the western United States [162]. - The increase in non-interest income was attributed to one month of combined operations following the acquisition of Pacific Premier [203]. - Goodwill increased to $1.5 billion as of September 30, 2025, from $1.0 billion at December 31, 2024, primarily due to the $452 million goodwill recorded from the acquisition of Pacific Premier [251]. Risk Management and Regulatory Compliance - Columbia's total risk-based capital ratio was 13.4% and CET1 capital ratio was 11.6% as of September 30, 2025, up from 12.8% and 10.5% respectively as of December 31, 2024 [174]. - The total capital to risk-weighted assets ratio for Columbia was 13.45% as of September 30, 2025, exceeding the regulatory minimum of 8.00% [272]. - The Bank's credit quality administration department is responsible for monitoring asset quality and enforcing credit policies across the institution [241].

Revenue and Earnings - For the three months ended September 30, 2025, total revenues increased by 50.5% to $124.1 million from $82.4 million in the same period of 2024, primarily due to higher average TCE rates rising by $16,715 per available day[106]. - Total revenues for the six months ended September 30, 2025, were $208.3 million, an increase of $11.5 million or 5.8% from $196.8 million in 2024, driven by higher average TCE rates[114]. TCE Rates - The average TCE rate for the three months ended September 30, 2025, was $53,725, compared to $37,010 for the same period in 2024, driven by higher spot rates and lower bunker prices[106]. - Average TCE rates rose by $3,347 per available day, from $43,705 in 2024 to $47,052 in 2025, attributed to higher spot rates and lower bunker prices[114]. Expenses - Vessel operating expenses increased by 5.8% to $20.7 million for the three months ended September 30, 2025, with a per vessel cost of $10,705 per calendar day[107]. - Vessel operating expenses increased to $42.6 million for the six months ended September 30, 2025, up 6.4% from $40.0 million in 2024, resulting in an increase of $670 per vessel per calendar day[117]. - General and administrative expenses decreased by 27.0% to $12.0 million for the three months ended September 30, 2025, down from $16.5 million in the same period of 2024[108]. - General and administrative expenses rose to $28.9 million for the six months ended September 30, 2025, a 7.6% increase from $26.9 million in 2024, primarily due to higher cash bonuses[118]. - Interest and finance costs decreased by 19.5% to $7.6 million for the three months ended September 30, 2025, compared to $9.4 million in the same period of 2024[110]. - Interest and finance costs decreased to $15.3 million for the six months ended September 30, 2025, down 19.2% from $19.0 million in 2024, mainly due to reduced interest on long-term debt[119]. Cash Flow and Liquidity - Net cash provided by operating activities for the six months ended September 30, 2025 was $47.2 million, a decrease of $51.4 million compared to $98.6 million for the same period in 2024[144]. - Net cash used in investing activities was $16.3 million for the six months ended September 30, 2025, compared to $1.0 million for the same period in 2024, primarily for vessel construction[146]. - Net cash used in financing activities was $79.7 million for the six months ended September 30, 2025, which included dividend payments of $47.6 million and long-term debt repayments of $27.4 million[148]. - The company anticipates satisfying its liquidity needs for at least the next twelve months with cash on hand and cash from operations, and may seek additional liquidity through debt or equity financing[136]. Dividends and Share Repurchase - An irregular cash dividend of $0.65 per share was declared, totaling $27.8 million, payable on or about December 2, 2025[102]. - The company declared an irregular cash dividend of $0.65 per share totaling $27.8 million, payable on or about December 2, 2025[140]. - The company repurchased 261,500 shares for an aggregate consideration of $5.6 million under the 2022 Common Share Repurchase Authority as of September 30, 2025[137]. Fleet and Operations - The fleet consists of 27 VLGCs with an aggregate carrying capacity of approximately 2.3 million cbm and an average age of 9.0 years as of October 31, 2025[97]. - Available days for the fleet increased from 2,207 for the three months ended September 30, 2024, to 2,290 for the same period in 2025[106]. - Available days for the fleet declined from 4,467 in 2024 to 4,376 in 2025, primarily due to an increase in the number of vessels drydocked[116]. - The company has a contractual commitment to install a scrubber on a newbuilding VLGC/AC, expected to be completed during fiscal year 2026[98]. - The company has installed scrubbers on fifteen vessels to comply with emissions regulations, with ongoing costs included in drydocking expenses[152]. - The company plans to continue considering strategic opportunities for growth, including the acquisition or charter-in of additional vessels[143]. Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $268.3 million and long-term debt of $526.4 million, with $54.2 million due within the next twelve months[134][135]. - The company has commitments of approximately $74.4 million under newbuilding contracts for a VLGC/AC expected to be delivered in the second quarter of 2026[153]. Market and Industry - The Baltic Exchange Liquid Petroleum Gas Index averaged $81.320 during the three months ended September 30, 2025, compared to $52.049 in the same period of 2024[106]. - The LPG shipping industry is capital intensive, requiring significant investments primarily through long-term debt[162]. - As of September 30, 2025, the company has hedged $140.0 million of amortizing principal under the 2023 A&R Debt Facility, representing 80% of the outstanding indebtedness[162]. - A hypothetical increase or decrease of 20 basis points in SOFR rates would result in a change of $0.1 million in interest expense on all non-hedged interest-bearing debt[162]. Derivatives and Unrealized Loss - Interest income decreased to $3.0 million for the three months ended September 30, 2025, down from $4.5 million for the same period in 2024, a decline of 33.3%[111]. - Unrealized loss on derivatives improved to $0.4 million for the three months ended September 30, 2025, compared to a loss of $5.6 million for the same period in 2024, a difference of $5.2 million[112]. - Adjusted EBITDA for the six months ended September 30, 2025, was $124.3 million, slightly up from $124.1 million in 2024[126].

Financial Performance - Revenues for Q2 2025 reached $103,150 million, a 10.7% increase from $93,651 million in Q2 2024[9] - Net income attributable to McKesson Corporation for Q2 2025 was $1,110 million, compared to $241 million in Q2 2024, representing a significant increase of 360.6%[9] - Gross profit for the six months ended September 30, 2025, was $6,821 million, up from $6,400 million in the same period last year, reflecting a 6.6% growth[9] - Operating income for Q2 2025 was $1,407 million, a 142.6% increase from $578 million in Q2 2024[9] - Diluted earnings per share for Q2 2025 was $8.92, compared to $1.87 in Q2 2024, marking a 376.5% increase[9] - Comprehensive income for Q2 2025 was $1,100 million, compared to $264 million in Q2 2024, representing a 317.4% increase[11] - For the six months ended September 30, 2025, net income was $1,994 million, compared to $1,247 million for the same period in 2024, representing a 60% increase[20] Assets and Liabilities - Total assets as of September 30, 2025, were $84,160 million, up from $75,140 million as of March 31, 2025, indicating a growth of 12.5%[14] - Current liabilities increased to $68,031 million from $61,604 million, reflecting an increase of 10.4%[14] - Cash and cash equivalents decreased to $4,004 million from $5,691 million, a decline of 29.6%[14] - The company reported a decrease in cash, cash equivalents, and restricted cash of $1,847 million, ending the period with $4,004 million[20] - Total long-term debt increased to $7.76 billion as of September 30, 2025, up from $5.65 billion as of March 31, 2025[94] Dividends and Share Repurchases - The company declared cash dividends of $0.82 per common share for Q2 2025, compared to $0.71 per common share in Q2 2024[16] - Cash dividends declared were $1.53 per common share, totaling $192 million for the period[20] - The Company has authorized a share repurchase plan, with repurchases dependent on various factors including stock price and market conditions[158] - The total number of shares repurchased in Q1 2025 was 0.8 million at an average price of $709.84 per share, and in Q2 2025, 1.2 million shares were repurchased at an average price of $693.25 per share[161] - As of September 30, 2025, the approximate dollar value of shares that may yet be purchased under the repurchase program was $6,070 million[161] Acquisitions and Disposals - The Company acquired an 80% controlling interest in PRISM Vision for $871 million in cash, with a total estimated fair value of consideration at $912 million[35][39] - The Company acquired a 70% controlling interest in Core Ventures for $2.5 billion in cash, with a total estimated fair value of consideration at $3.181 billion[40][44] - The Company completed the sale of its Canadian retail disposal group for a total adjusted purchase price of $129 million, including a cash payment of $9 million and a note of $120 million[46] - The Company recorded net charges of $667 million for the Canadian retail disposal group to remeasure it to fair value less costs to sell[47] - The company entered into a definitive agreement to sell its Norwegian operations during the six months ended September 30, 2025, with the transaction subject to customary closing conditions[184] Segment Performance - The company operates in four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions[22] - North American Pharmaceutical segment revenue increased to $86,481 million for the three months ended September 30, 2025, up from $80,018 million in the same period of 2024, representing a growth of 5.8%[188] - Oncology & Multispecialty segment revenue rose to $12,044 million for the three months ended September 30, 2025, compared to $9,157 million in 2024, marking a significant increase of 31.0%[188] - Prescription Technology Solutions segment revenue was $1,376 million for the three months ended September 30, 2025, a slight increase from $1,265 million in the same period of 2024, reflecting a growth of 8.8%[188] - Medical-Surgical Solutions segment revenue remained stable at $2,947 million for the three months ended September 30, 2025, compared to $2,946 million in 2024[188] Legal and Regulatory Matters - The Company has paid approximately $2.5 billion as of September 30, 2025, under a settlement agreement with 48 states and will pay up to approximately $5.4 billion through 2038[138] - The estimated total litigation liabilities for opioid-related claims as of September 30, 2025, amount to $5.72 billion, down from $6.38 billion as of March 31, 2025[148] - The Company is vigorously defending itself against various claims and legal proceedings related to the distribution of controlled substances[136] - The Company has recorded a liability for opioid-related claims when a loss is probable and reasonably estimable, reflecting ongoing legal uncertainties[135] - The Company is establishing a clearinghouse to consolidate controlled-substance distribution data as part of its settlement efforts[138] Tax and Compliance - Income tax expense for the three months ended September 30, 2025, was $232 million, with a reported income tax rate of 16.6%, compared to $247 million and 46.3% for the same period in 2024[63][65] - The company recognized a discrete tax benefit of $119 million during the three months ended September 30, 2025, related to the release of a valuation allowance in a foreign jurisdiction[65] - The company had $1.6 billion of unrecognized tax benefits as of September 30, 2025, with $1.4 billion potentially reducing income tax expense if recognized[69] - The company maintains compliance with all covenants under its credit facilities as of September 30, 2025[102] Risk Management - The company is exposed to foreign currency exchange rate risks and utilizes foreign currency forward contracts and cross-currency swaps to mitigate these risks[105] - Interest rate risk is managed through the use of interest rate swaps and forward contracts to hedge fluctuations in benchmark interest rates[106] - The fair value of the company's long-term debt as of September 30, 2025, was $7.831 billion, compared to a carrying value of $7.758 billion[129] Other Comprehensive Income - The accumulated other comprehensive loss as of September 30, 2025, was $908 million, reflecting a decrease from $898 million as of June 30, 2025[166] - For the three months ended September 30, 2025, the company recorded other comprehensive income (loss) of $(10) million, including gains of $98 million related to net investment hedges[167]

Financial Performance - Operating revenues for Q3 2025 were $1,809.9 million, slightly down from $1,811.4 million in Q3 2024, while year-to-date revenues increased to $4,621.4 million from $4,589.9 million[32]. - Net income attributable to Evergy, Inc. for Q3 2025 was $475.0 million, compared to $465.6 million in Q3 2024, with year-to-date net income decreasing to $771.3 million from $795.3 million[32]. - Basic earnings per common share for Q3 2025 were $2.06, compared to $2.02 in Q3 2024, while diluted earnings per share remained stable at $2.03[32]. - Total operating expenses decreased to $1,151.4 million in Q3 2025 from $1,183.9 million in Q3 2024, contributing to improved income from operations[32]. - Net income for the third quarter of 2025 was $478.0 million, compared to $125.0 million in the same quarter of 2024, representing a year-over-year increase of approximately 282.4%[39]. - Year-to-date net income for 2025 was $453.3 million, compared to $481.3 million for the same period in 2024, indicating a decline of 5.8%[51]. - Evergy's total operating revenues for the year to date September 30, 2025, were $4,621.4 million, a slight increase from $4,589.9 million in 2024[105]. Assets and Liabilities - Total assets increased to $33,440.4 million as of September 30, 2025, compared to $32,282.1 million on December 31, 2024, reflecting a growth of approximately 3.6%[26]. - Current assets rose to $1,924.7 million, up from $1,839.3 million, indicating an increase of about 4.6%[26]. - Total current liabilities increased to $3,733.0 million as of September 30, 2025, from $3,662.4 million at the end of 2024, driven by increases in accounts payable and accrued taxes[29]. - Long-term debt rose to $12,446.3 million as of September 30, 2025, compared to $11,809.2 million at the end of 2024, reflecting ongoing financing needs[29]. - The company reported total equity of $10,332.5 million as of September 30, 2025, an increase from $9,989.2 million at the end of 2024, primarily due to retained earnings growth[29]. - Evergy's total assets as of September 30, 2025, were valued at $520.4 million, with $425.0 million classified under Level 2[182]. - The book value of Evergy's long-term debt as of September 30, 2025, was $13,062.9 million, with a fair value of $12,739.2 million[180]. Cash Flow and Investments - Cash flows from operating activities for the year-to-date period were $1,711.2 million, up from $1,588.1 million in the same period of 2024[34]. - The company experienced a net change in cash of $13.7 million, with cash and cash equivalents totaling $43.6 million at the end of the period[34]. - Evergy's cash and cash equivalents rose to $6.7 million as of September 30, 2025, compared to $3.7 million at the end of 2024, showing a significant increase of approximately 81.1%[41]. - Cash flows from operating activities increased to $866.3 million year-to-date in 2025, up from $801.6 million in 2024[51]. - Evergy's investments in early-stage clean energy companies were valued at $95.7 million as of September 30, 2025, down from $121.4 million on December 31, 2024[83]. Regulatory and Compliance - Evergy Kansas Central filed for a retail revenue increase of approximately $196 million, reflecting a return on equity of 10.5%[116]. - A unanimous settlement agreement resulted in an increase to retail revenues of $128 million for Evergy Kansas Central, effective October 2025[117]. - The KCC approved a $54.8 million increase in annual retail revenues for Evergy Kansas Central due to updated transmission costs effective May 2025[124]. - The EPA plans to end the Good Neighbor Rule for the 2015 Ozone NAAQS, which could materially impact Evergy Companies' operations and compliance costs[197]. - The EPA finalized the primary annual PM NAAQS, lowering it from 12.0 µg/m3 to 9.0 µg/m3, effective May 2024, potentially leading to significant compliance costs for Evergy Companies[198]. Dividends and Shareholder Returns - The company declared dividends on common stock of $0.6675 per share, totaling $153.6 million for the third quarter of 2025, consistent with the previous quarter[39]. - Evergy Kansas Central and Evergy Metro declared cash dividends of up to $50.0 million and $125.0 million, respectively, payable on or before December 18, 2025[96]. Debt and Financing - In March 2025, Evergy Kansas Central issued $300.0 million of 5.25% First Mortgage Bonds, maturing in 2035, to pay down commercial paper[149]. - In August 2025, Evergy Metro issued $400.0 million of 5.125% Mortgage Bonds, maturing in 2035, for general corporate purposes[149]. - Evergy's $2.5 billion master credit facility expires in 2028, with specific sublimits for each borrower[145]. - As of September 30, 2025, Evergy had drawn $1,230.7 million from its master credit facility, with a weighted average interest rate of 4.28%[148]. Operational Highlights - Evergy plans to construct two combined-cycle natural gas plants in Kansas, each with an initial generating capacity of approximately 705 MW, expected to begin operations by summer 2029 and summer 2030[100]. - Evergy Kansas Central intends to construct a 159 MW solar generation facility called Kansas Sky, expected to begin operations by summer 2027, pending regulatory approvals[102]. Risk Management - Evergy's risk management strategies include the use of derivative instruments to mitigate commodity price and interest rate risks[153][154]. - The aggregate fair value of derivative instruments with credit-risk-related contingent features in a liability position was $36.5 million, requiring an additional $32.6 million of collateral if triggered[172].