Financial Performance - Net income for the three months ended September 30, 2025 was $1.1 million, a decrease of approximately 90% from $11.0 million during the same period in 2024[141]. - Net income for the nine months ended September 30, 2025 was $17.2 million, a decrease of approximately 63% from $46.8 million during the same period in 2024[161]. - Crude oil, natural gas, and NGLs revenues decreased by $79.3 million, or approximately 57%, to $61.0 million for the three months ended September 30, 2025, down from $140.3 million in 2024[142]. - Crude oil, natural gas, and NGLs revenues decreased by $89.0 million, or approximately 25%, to $268.2 million during the nine months ended September 30, 2025, from $357.3 million in 2024[162]. - Total operating costs and expenses decreased by $35.4 million (14%) to $224.0 million for the nine months ended September 30, 2025, from $259.3 million in 2024[163]. Revenue and Sales - Crude oil sales in Gabon decreased by $26.3 million to $21.3 million for the three months ended September 30, 2025, down from $47.6 million in 2024[146]. - Crude oil sales in Gabon contributed $132.0 million in revenue, a decrease of $26.8 million (17%) from $158.8 million in 2024, primarily due to lower average realized sales prices[166]. - Crude oil sales in Egypt generated $102.9 million, down $4.1 million (4%) from $107.0 million in 2024, attributed to a decrease in average realized sales price from $55.12 to $50.74 per Bbl[167]. Expenses and Costs - Production expenses decreased by $12.5 million, or approximately 29%, to $29.9 million for the three months ended September 30, 2025, compared to $42.3 million in 2024[151]. - Production expenses decreased by $11.8 million (9%) to $115.1 million in 2025, with a per barrel increase to $24.63 from $23.51 in 2024[171]. - General and administrative expenses increased by $1.9 million, or 28%, to $8.8 million for the three months ended September 30, 2025, compared to $6.9 million in 2024[154]. - General and administrative expenses increased by $5.2 million (24%) to $26.4 million in 2025, driven by higher professional service fees and salaries[174]. - Depreciation, depletion, and amortization costs decreased by $26.5 million, or approximately 56%, to $20.6 million for the three months ended September 30, 2025, from $47.0 million in 2024[153]. - Depreciation, depletion, and amortization costs decreased by $26.9 million (25%) to $79.1 million in 2025, primarily due to lower depletable costs in Gabon and Egypt[173]. Cash Flow and Financing - Net cash provided by operating activities for the nine months ended September 30, 2025, was $67.5 million, a decrease of $1.7 million compared to $69.2 million in 2024[101]. - Net cash used in investing activities increased by $94.6 million in the nine months ended September 30, 2025, primarily due to development drilling programs in Egypt and maintenance costs in Gabon and Côte d'Ivoire[102]. - Net cash provided by financing activities included $60.0 million from borrowings under the 2025 RBL Facility[103]. - As of September 30, 2025, the company had unrestricted cash of $24.0 million, which will be utilized for operations and capital expenditures[108]. Operational Activities - The company secured a drilling rig for its 2025/2026 drilling program in Gabon, expected to begin in Q4 2025[95]. - Four development wells were drilled in Egypt during Q3 2025, with three completed in the same period[97]. - The company plans to defer additional drilling in Canada to focus on lower-cost optimization projects[98]. - The Baobab FPSO in Côte d'Ivoire ceased production for refurbishment, with significant development drilling expected to begin in 2026[99]. - The company secured a rig for the 2025/26 drilling campaign at Etame, with drilling expected to begin in the fourth quarter of 2025[116]. Risk Management - The company has significant exposure to commodity price risk, particularly for crude oil, natural gas, and NGLs, with potential adverse effects on financial condition if prices remain low or decline further[187]. - A $5 decline in oil prices could lead to a non-cash impairment exceeding $100 million for certain asset groups, indicating vulnerability to commodity price fluctuations[192]. - For the nine months ended September 30, 2025, a $5 per Bbl decrease in crude oil price would decrease consolidated revenues by $33.3 million and increase operating losses by $16.0 million[193]. - The company’s primary exposure to interest rate risk is from $60.0 million of borrowings under the 2025 RBL Facility, accruing interest at 10.8% per annum[195]. Regulatory and Compliance - The company is evaluating the potential effects of the One Big Beautiful Bill Act of 2025 on its financial position, but does not anticipate any material financial impact[128]. - The company continues to monitor the evolving regulatory and trade landscape, including the impacts of U.S. tariffs on energy-related goods[125]. - The company has refined its reporting in line with the Task Force on Climate-Related Disclosures (TCFD) and is committed to transparency in sustainability efforts[135]. Commitments and Future Plans - The Merged Concession Agreement requires the company to make annual modernization payments of $10.0 million to EGPC through February 2026[118]. - The company has financial work commitments of $50.0 million for each five-year period, totaling $150 million over the 15-year license contract term in Egypt[119]. - The FPSO refurbishment is currently underway and is expected to return to service in 2026[120].

Revenue Performance - Revenue for Q3 2025 decreased by $24.1 million, or 16%, to $128.9 million compared to $153.0 million in Q3 2024[105] - High Specification Rigs revenue decreased by $5.8 million, or 7%, to $80.9 million, with average revenue per rig hour decreasing 2% to $727[105] - Wireline Services revenue fell by $13.1 million, or 43%, to $17.2 million, driven by a 28% decrease in completed stage counts to 1,800[106] - Processing Solutions and Ancillary Services revenue decreased by $5.2 million, or 14%, to $30.8 million, with notable declines in coil tubing and snubbing services[107] - Revenue for the nine months ended September 30, 2025, decreased by $23.3 million, or 5%, to $404.7 million from $428.0 million for the same period in 2024[118] - High Specification Rig revenue increased by $5.6 million, or 2%, to $254.7 million for the nine months ended September 30, 2025, driven by a 1% increase in average revenue per rig hour[118] - Wireline Services revenue decreased by $31.1 million, or 36%, to $56.5 million for the nine months ended September 30, 2025, attributed to a 25% decrease in completed stage counts[119] Cost of Services - Total cost of services decreased by $12.9 million, or 11%, to $109.1 million, with cost of services as a percentage of revenue at 85%[109] - High Specification Rigs cost of services decreased by $2.0 million, or 3%, to $65.2 million, with costs as a percentage of revenue increasing to 81%[109] - Wireline Services cost of services decreased by $9.0 million, or 33%, to $18.6 million, with costs as a percentage of revenue rising to 108%[110] - Processing Solutions and Ancillary Services cost of services decreased by $1.9 million, or 7%, to $25.3 million, with costs as a percentage of revenue increasing to 82%[111] - Cost of services for the nine months ended September 30, 2025, decreased by $16.5 million, or 5%, to $339.5 million from $356.0 million for the same period in 2024[122] Net Income and Expenses - Net income for the three months ended September 30, 2025, decreased by $7.5 million, or 86%, to $1.2 million from $8.7 million for the same period in 2024, primarily due to reduced operating income in the Wireline segment[115] - Net income for the nine months ended September 30, 2025, decreased by $3.5 million, or 28%, to $9.1 million from $12.6 million for the same period in 2024, primarily due to reduced operating income in the Wireline segment[128] - General and administrative expenses decreased by $0.5 million, or 7%, to $6.6 million for the three months ended September 30, 2025, compared to $7.1 million for the same period in 2024[112] - Net interest expense decreased by $1.1 million, or 52%, to $1.0 million for the nine months ended September 30, 2025, due to higher interest income recognized on non-recurring items[126] - Income tax expense for the nine months ended September 30, 2025, decreased by $1.0 million, or 20%, to $4.0 million from $5.0 million for the same period in 2024[127] EBITDA Metrics - Adjusted EBITDA for the three months ended September 30, 2025, decreased by $8.3 million to $16.8 million from $25.1 million for the same period in 2024[134] - High Specification Rigs Adjusted EBITDA for the three months ended September 30, 2025, decreased by $3.5 million to $15.7 million, driven by a revenue decline of $5.8 million[134] - Wireline Services Adjusted EBITDA for the three months ended September 30, 2025, decreased by $2.3 million to $0.4 million, due to a revenue decline of $13.1 million[135] - Processing Solutions and Ancillary Services Adjusted EBITDA for the three months ended September 30, 2025, decreased by $3.3 million to $5.5 million, attributed to a revenue decline of $5.2 million[136] - Nine months Adjusted EBITDA for 2025 was $50.7 million, compared to $51.5 million for the same period in 2024[139] - Adjusted EBITDA for the nine months ended September 30, 2025, decreased by $4.1 million to $52.9 million from $57.0 million for the same period in 2024[140] Liquidity and Capital Management - Total liquidity as of September 30, 2025, was $116.7 million, consisting of $45.2 million in cash and $71.5 million available under the Wells Fargo Revolving Credit Facility[144] - Net cash provided by operating activities decreased by $6.9 million to $44.9 million for the nine months ended September 30, 2025[145] - Net cash used in investing activities decreased by $9.7 million to $17.5 million, largely due to decreases in fixed asset additions[147] - The company repurchased 945,600 shares of Class A Common Stock for a total of $11.6 million during the nine months ended September 30, 2025[156] - The quarterly dividend was increased to $0.06 per share in 2025, with total dividend distributions of $4.1 million for the nine months ended September 30, 2025[157] - The company had a working capital increase to $87.5 million as of September 30, 2025, compared to $78.7 million as of December 31, 2024[150] - As of September 30, 2025, the Company had no borrowings under the Wells Fargo Revolving Credit Facility, resulting in a potential interest expense change of less than $0.1 million per year for a 1.0% interest rate fluctuation[163] Trade Receivables - The top three trade receivable balances represented approximately 33%, 20%, and 7% of consolidated net accounts receivable as of September 30, 2025[164] - In the High Specification Rig segment, the top three trade receivable balances accounted for 44%, 20%, and 9% of total net accounts receivable[164] - In the Wireline Services segment, the top three trade receivable balances represented 29%, 16%, and 9% of total net accounts receivable[164] - In the Processing Solutions and Ancillary Services segment, the top three trade receivable balances accounted for 22%, 21%, and 16% of total net accounts receivable[164] Market Outlook - The Energy Information Administration forecasts crude prices to fall to approximately $62 per barrel in Q4 2025 and further to $52 per barrel in 2026[92] - OPEC+ is expected to increase production by 137,000 barrels per day starting November 2025, contributing to downward price pressure[92] - The Company does not currently hedge its indirect exposure to commodity price risk, which may affect demand for services due to fluctuations in oil and natural gas prices[165]

Financial Performance - Q3 total revenue increased by 40% year-over-year to $146.8 million, with coal sales up 62% to $51.3 million and electric sales up 29% to $93.2 million[3] - Q3 net income rose to $23.9 million, or $0.56 earnings per share, compared to $1.6 million in Q3 2024[4] - Adjusted EBITDA for Q3 increased 1.6 times to $24.9 million, up from $9.6 million in the same quarter last year[4] - Total sales and operating revenues for Q3 2025 reached $146.846 million, a 39.7% increase from $105.155 million in Q3 2024[18] - Net income for the nine months ended September 30, 2025, was $42.111 million, compared to a net loss of $10.346 million for the same period in 2024[20] - The company reported a basic net income per share of $0.56 for Q3 2025, compared to $0.04 for Q3 2024[18] Cash Flow and Liquidity - Operating cash flow for Q3 was $23.2 million, which was utilized for capital expenditures and debt service[4] - Operating cash flow for the nine months ended September 30, 2025, was $72.978 million, significantly higher than $26.985 million for the same period in 2024[20] - Total liquidity improved to $46.4 million at the end of Q3 2025, compared to $42.0 million at the end of Q2 2025[5] - Cash and cash equivalents increased to $12.663 million as of September 30, 2025, compared to $7.232 million at the end of 2024, marking a 75.5% increase[16] Capital Expenditures and Debt - Capital expenditures in Q3 were $19.5 million, bringing year-to-date capital expenditures to $44.3 million[5] - Capital expenditures for the nine months ended September 30, 2025, totaled $44.277 million, compared to $39.606 million in 2024, indicating a 11.8% increase[20] - Total bank debt decreased to $44.0 million as of September 30, 2025, down from $45.0 million at June 30, 2025[5] Assets and Liabilities - Total current assets rose to $136.546 million as of September 30, 2025, compared to $104.858 million at the end of 2024, reflecting a 30.2% increase[16] - Total liabilities decreased slightly to $263.273 million as of September 30, 2025, from $264.835 million at the end of 2024[16] - Total stockholders' equity increased to $146.188 million as of September 30, 2025, from $104.285 million at the end of 2024, reflecting a 40.3% increase[16] Future Plans and Contracts - The company filed an application for a 525 MW gas generation expansion through MISO's ERAS program, targeting an online date in Q4 2028[2] - Hallador signed a 5-month, $20.0 million prepaid forward sales contract scheduled for delivery between January 2027 and May 2027[6] - Total forward energy, capacity, and coal sales to third-party customers amounted to $921.7 million through 2029[6]

Exhibit 99.1 Consolidated Water Reports Third Quarter 2025 Results GEORGE TOWN, Grand Cayman, Cayman Islands, November 10, 2025 -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the third quarter ended September 30, 2025. All comparisons are to the same prior year period unless otherwise noted. Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to dis ...

Target for first power delivery from Project Matador's hybrid grid in 2026 2.2 Gigawatts Exhibit 99.1 Q3 2025 Shareholder Letter Key Highlights 11 Gigawatts Planned total generation capacity at Project Matador 1.1 Gigawatts Gas-fired generation equipment secured or under LOI - surpassing initial 2026 target 5,263 Acres 99-year campus lease with Texas Tech University commenced in September $1.6Bn Capital raised year-to-date through private financing and IPO 300K MMBtu/day of Natural Gas Secured 620 S. Taylor ...

Financial Performance - Total revenue for Q3 2025 was $12.0 million, a decrease of 19% from $14.8 million in Q3 2024[4] - Total revenues for Q3 2025 were $12,000,000, a decrease of 18.9% from $14,785,000 in Q3 2024[22] - Interest income from loans decreased to $8,326,000 in Q3 2025 from $11,420,000 in Q3 2024, representing a decline of 27.5%[22] - Net income attributable to common shareholders was a loss of $120,000 in Q3 2025 compared to a loss of $6,146,000 in Q3 2024[22] - Net loss attributable to common shareholders was $0.1 million, or $0.00 per share, compared to a net loss of $6.1 million, or $0.13 per share in Q3 2024[7] Operating Costs - Total operating costs and expenses decreased to $12.4 million in Q3 2025 from $19.6 million in the same quarter last year[5] - Operating expenses decreased to $12,367,000 in Q3 2025 from $19,607,000 in Q3 2024, a reduction of 37.0%[22] - The provision for credit losses related to loans held for investment was $812,000 in Q3 2025, significantly lower than $8,096,000 in Q3 2024[22] Assets and Liabilities - Total assets at the end of Q3 2025 were $484.4 million, down from $492.0 million as of December 31, 2024[8] - Total liabilities decreased to $308.8 million from $310.3 million as of December 31, 2024[8] - Total shareholders' equity as of September 30, 2025, was $175.6 million, down from $181.7 million as of December 31, 2024[10] - Book value per common share decreased to $2.47 as of September 30, 2025, from $2.64 as of December 31, 2024[11] Cash Flow and Dividends - Cash and cash equivalents at the end of the period were $5,881,000, down from $11,172,000 at the end of Q3 2024[23] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $13,510,000, compared to $5,624,000 for the same period in 2024[23] - Dividends paid on common shares increased to $14,159,000 in the nine months ended September 30, 2025, from $7,114,000 in the same period of 2024[24] - The company paid a dividend of $0.05 per share to common shareholders on September 30, 2025[13] Financing Activities - The company reported a net cash used in financing activities of $64,489,000 for the nine months ended September 30, 2025, compared to $14,107,000 in the same period of 2024[24] - The company issued Senior Secured Notes amounting to $90,000,000 during the reporting period[24] Company Strategy - The company intends to continue operating as a Real Estate Investment Trust (REIT) and comply with the requirement to distribute a minimum of 90% of taxable income to shareholders[12]

Financial Performance - Net sales for Q3 2025 reached $811,414, an increase of 21.7% compared to $666,625 in Q3 2024[9] - Gross profit for the nine months ended September 30, 2025, was $2,179,890, up 30.7% from $1,667,811 in the same period of 2024[9] - Operating loss for Q3 2025 was $(2,100,085), compared to $(1,651,273) in Q3 2024, reflecting an increase in selling expenses[9] - Net loss available to common stockholders for Q3 2025 was $(2,321,503), compared to $(1,800,054) in Q3 2024[9] - Basic and diluted loss per share for Q3 2025 was $(0.24), slightly improved from $(0.25) in Q3 2024[9] - The company reported a net loss of $(6,091,898) for the nine months ended September 30, 2025, down from $(6,793,596) in the same period of 2024[9] - For the nine months ended September 30, 2025, NeurAxis reported a net loss of $6,091,898, a decrease of 10.3% compared to a net loss of $6,793,596 for the same period in 2024[12] - As of September 30, 2025, the Company reported a net loss of $2,122,796 for the three months ended, compared to a net loss of $1,755,234 for the same period in 2024, indicating an increase in losses of approximately 20.9%[36] Equity and Cash Position - Total stockholders' equity as of September 30, 2025, was $2,284,941, compared to a deficit of $(1,793,932) as of September 30, 2024[11] - Cash and cash equivalents at the end of the period increased to $4,377,109 from $260,885 at the end of September 2024, representing a significant growth[12] - The Company had stockholders' equity of $2,284,941 and cash of $4,377,109 as of September 30, 2025, indicating a strong liquidity position despite ongoing losses[53] - The company had cash of $4,377,109 and a working capital surplus of $1,840,599 as of September 30, 2025[53] Expenses and Costs - Research and development expenses for the nine months ended September 30, 2025, totaled $347,433, a 17.7% increase from $295,188 in the prior year[9] - Selling expenses for the nine months ended September 30, 2025, amounted to $414,134, a significant increase from $154,299 in the same period of 2024[25] - Selling expenses for Q3 2025 were $292,678, a significant increase from $34,468 in Q3 2024, representing a growth of 748%[25] - The company recorded expired and other inventory charges of $24,339 for the nine months ended September 30, 2025, compared to $2,030 for the same period in 2024, indicating a significant increase in inventory-related expenses[24] Inventory and Reserves - Inventory reserves totaled $28,793 as of September 30, 2025, compared to $4,454 at the end of 2024, indicating increased inventory management efforts[24] - The estimated returns reserve totaled $8,714 as of September 30, 2025, up from $5,000 as of December 31, 2024[48] Financing Activities - The company generated $5,204,211 in net cash from financing activities, compared to $4,550,198 in the same period of 2024, indicating a 14.4% increase[12] - NeurAxis raised $4,999,999 from the issuance of common shares during the nine months ended September 30, 2025, contributing to its cash flow from financing activities[12] - Common stock issued from agreements in Q3 2025 included 39,471 shares, contributing $112,493 to additional paid-in capital[11] Legal and Regulatory Matters - The Company recorded a tentative settlement of $750,000 related to ongoing litigation, with payments starting in January 2026[114] - The Company has no pending or threatened legal proceedings that could materially affect its operations[124] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - Future capital requirements will depend on various factors, including the ability to secure purchase orders and the adoption of insurance coverage by commercial insurance carriers, which is a top priority for the Company[54] - The Company has incurred losses and negative cash flows from operations since inception, raising substantial doubt about its ability to continue as a going concern[56] Stock and Shares - The weighted average shares of common stock outstanding for basic and diluted EPS were 9,878,020 for the three months ended September 30, 2025, compared to 7,172,229 for the same period in 2024, reflecting a 37.7% increase in shares outstanding[37] - The Company had 9,886,294 shares of common stock issued and outstanding as of September 30, 2025, an increase from 6,990,227 shares as of December 31, 2024[81] - During the nine months ended September 30, 2025, the Company issued 1,538,461 shares of common stock for gross proceeds of $4,999,999 at a price of $3.25 per share[84] Research and Development - Research and development expenses are primarily focused on clinical studies and new product development, with costs expensed as incurred[26] - The Company has developed four FDA cleared products, including the IB-STIM and the Rectal Expulsion Device (RED), with ongoing efforts to expand their indications[15] Lease and Asset Management - The Company recognized operating lease expense of $24,193 for the three months ended September 30, 2025, compared to $27,891 for the same period in 2024[79] - As of September 30, 2025, the Company reported operating lease right-of-use assets of $277,219 and operating lease liabilities of $219,933, with a total present value of lease payments amounting to $282,767[80] - The total present value of operating lease payments as of September 30, 2025, was $282,767, with total lease payments amounting to $363,523[80]

Financial Performance - The net loss for the three months ended September 30, 2025, was approximately $5.1 million, compared to a net loss of $4.2 million for the same period in 2024, reflecting an increase of $900,000 [100]. - Total operating expenses for the three months ended September 30, 2025, were approximately $5.3 million, up from $4.1 million in 2024, representing a net increase of approximately $1.2 million [101]. - The Company reported an accumulated deficit of approximately $357.3 million as of September 30, 2025 [107]. Research and Development - Research and development expenses increased to approximately $2.9 million for the three months ended September 30, 2025, from $2.0 million in 2024, an increase of approximately $946,000 [102]. - The Phase 2 study of bezisterim for Parkinson's Disease was completed in December 2022, with 45 patients randomized in a 1:1 ratio to receive either placebo or bezisterim [92]. - The Company is finalizing the protocol design for a Phase 3 study of BIV201, targeting a broader ascites patient population [96]. - The unplanned exclusion of patients in the Alzheimer's Disease trial left it underpowered for primary endpoints, with only 81 patients remaining in the Modified Intent to Treat population [98]. Funding and Capital - The Company received a clinical trial grant of $13.1 million from the U.S. Department of Defense in April 2024 for the Long COVID program [94]. - As of September 30, 2025, the Company had working capital of approximately $24.4 million and cash and cash equivalents totaling approximately $25.0 million [107]. - The Company closed an underwritten public offering of 5,620,000 units at $2.00 per unit, resulting in net proceeds of approximately $10.5 million [110]. - An additional 380,000 pre-funded units were sold at $1.999 per unit, with each pre-funded warrant immediately exercisable [110]. - The underwriter exercised its over-allotment option, purchasing an additional 667,300 warrants [110]. - Each warrant is exercisable at an exercise price of $2.50 per share and expires five years from the date of issuance [110]. Accounting and Compliance - There were no significant changes to the Company's critical accounting policies as identified in the Annual Report Form 10-K for the fiscal year ended June 30, 2025 [111]. - Recent accounting pronouncements were determined to be either not applicable or expected to have minimal impact on the balance sheets or statement of operations [112]. - The Company did not identify any market risk disclosures applicable to smaller reporting companies [113]. Revenue Generation - The Company has not generated any revenue and does not expect to do so in the foreseeable future, relying on ongoing development and financing efforts [108].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-38319 _______________________________________________ ...

Financial Performance - Restaurant revenue for Q3 2025 was $94.6 million, down 7.3% from $102.1 million in Q3 2024[130] - Total operating revenues decreased to $106.9 million in Q3 2025 from $113.9 million in Q3 2024, a decline of 6.1%[130] - Operating loss for Q3 2025 was $13.2 million, an improvement from a loss of $18.1 million in Q3 2024[130] - Net loss attributable to Cannae Holdings, Inc. common shareholders was $68.4 million in Q3 2025, compared to a loss of $13.6 million in Q3 2024[130] - Pre-tax loss before equity in losses of unconsolidated affiliates decreased by $9.4 million, or 324.1%, in Q3 2025 compared to Q3 2024[138] - Total revenues for the Restaurant Group segment decreased by $7.5 million, or 7.3%, in the three months ended September 30, 2025, primarily due to a decline in comparable store sales[147] - Total revenues for the Restaurant Group segment decreased by $20.6 million, or 6.5%, in the nine months ended September 30, 2025, mainly due to a decline in comparable store sales[149] - Pre-tax earnings before income taxes increased by $44.8 million, or 22.0%, in the nine months ended September 30, 2025, compared to the same period in 2024[142] Investment and Impairment - The company recorded an impairment of $59.1 million on its investment in Alight as of June 30, 2025, due to a significant decline in fair value[125] - As of September 30, 2025, the book value of the investment in Alight was $147.4 million, with a fair value of $132.0 million[126] - Equity in losses of unconsolidated affiliates totaled $(57.5) million for the three months ended September 30, 2025, compared to $(25.3) million in 2024, primarily driven by Alight's goodwill impairment of $1,338 million[140] - Equity in losses of Alight for the nine months ended September 30, 2025, was $(155.1) million, significantly impacted by a goodwill impairment of $2,321 million[145] Tax and Deferred Assets - The company has a net deferred tax asset of $50.4 million as of September 30, 2025, primarily due to temporary differences related to investments[128] - A valuation allowance of $99.0 million was recorded on the company's federal NOL carryforwards and certain deferred taxes[128] - Income tax benefit was $3.8 million for the three months ended September 30, 2025, compared to $6.4 million in 2024, with an effective tax rate of 58.5% in 2025 versus (220.7)% in 2024[139] - The effective tax rate for the nine months ended September 30, 2025, was (9.2)%, compared to (7.0)% in 2024, influenced by equity in losses of unconsolidated affiliates[144] Cash Flow and Dividends - Cash flows from investing activities increased to $493.8 million for the nine months ended September 30, 2025, up from $307.1 million in 2024, primarily due to the sale of the remaining interest in D&B for $629.8 million[176] - Cash flows used in operations decreased to $34.1 million for the nine months ended September 30, 2025, from $78.1 million in 2024, mainly due to tax refunds and lower operating expenses[175] - The company had cash and cash equivalents of $233.8 million as of September 30, 2025, with $225.8 million held by the corporate holding company[171] - The company declared a cash dividend of $0.15 per share on November 4, 2025, payable on December 31, 2025[170] Stock Repurchase - The company repurchased 2,295,463 shares of common stock for approximately $42.1 million during the nine months ended September 30, 2025, averaging $18.33 per share[183] - The company authorized a stock repurchase program allowing the repurchase of up to 10.0 million shares of common stock[184] - During Q3 2025, the company repurchased 6,212,998 shares for approximately $120.4 million, averaging $19.38 per share[185] - For the nine months ended September 30, 2025, the total shares repurchased amounted to 9,705,074 for about $189.8 million, averaging $19.56 per share[185] - From October 1, 2025, to November 7, 2025, an additional 294,926 shares were repurchased for approximately $5.4 million, averaging $18.21 per share[185] - Since the start of the 2022 Repurchase Program, a total of 10,000,000 shares have been repurchased for approximately $195.2 million, averaging $19.52 per share[185] - As of November 7, 2025, there are no shares available for repurchase under the 2023 Repurchase Program[185] - The company authorized a new stock repurchase program on March 24, 2025, allowing for the repurchase of up to 10.0 million shares[186] - As of September 30, 2025, no purchases had been made under the 2025 Repurchase Program, leaving 10.0 million shares available for repurchase[186] - From October 1, 2025, to November 7, 2025, the company repurchased 2,003,608 shares for approximately $36.9 million, averaging $18.38 per share under the 2025 Repurchase Program[186] - As of the date of the Quarterly Report, there are 7,996,392 shares available for repurchase under the 2025 Repurchase Program[187]