Financial Performance - Revenue for Q3 2025 was $132.8 million, a decrease of 15.2% compared to $156.7 million in Q3 2024[11] - Gross profit for Q3 2025 was $28.0 million, down 36.3% from $43.9 million in Q3 2024[11] - Net income for the nine months ended September 30, 2025, was $7.9 million, an increase of 16.9% compared to $6.8 million for the same period in 2024[14] - Operating profit for the nine months ended September 30, 2025, was $11.1 million, down 43.5% from $19.6 million in the same period of 2024[11] - The net income for the three months ended September 30, 2025, was $1,653,000, compared to a net income of $5,986,000 for the same period in 2024[22] - Basic earnings per share for Q3 2025 were $0.12, compared to $0.14 in Q3 2024[11] - Comprehensive income for the nine months ended September 30, 2025, was $8.3 million, compared to $9.9 million for the same period in 2024[14] - Total revenues for the three months ended September 30, 2025, were $132.8 million, a decrease of 15.2% compared to $156.7 million for the same period in 2024[55] - Consumer product revenue for the nine months ended September 30, 2025, was $340.8 million, down 13.6% from $394.4 million in 2024[55] - Commercial product revenue increased to $42.4 million for the nine months ended September 30, 2025, compared to $39.9 million in 2024, reflecting a growth of 6.3%[55] - Licensing revenue for the nine months ended September 30, 2025, was $6.8 million, up 41.7% from $4.8 million in 2024[55] Assets and Liabilities - Total assets as of September 30, 2025, were $392.4 million, a decrease of 5.4% from $415.1 million at the end of 2024[9] - Total liabilities decreased to $228.3 million as of September 30, 2025, down 8.4% from $249.2 million at the end of 2024[9] - Cash and cash equivalents at the end of Q3 2025 were $17.2 million, a decrease of 24.5% from $22.6 million at the end of Q3 2024[9] - Total stockholders' equity as of September 30, 2025, was $164,048,000, with retained earnings of $126,953,000[20] - The company has $54.4 million in outstanding payment obligations to a third-party financial institution as of September 30, 2025[36] Shareholder Activities - The company paid cash dividends of $0.12 per share during the third quarter of 2025, totaling $1,619,000[20] - The company repurchased 396,065 shares for an aggregate purchase price of $7.2 million during the nine months ended September 30, 2025[42] - The company repurchased 39,333 shares for $0.6 million during the three months ended September 30, 2025, compared to 221,529 shares for $5.3 million in 2024[44] - As of September 30, 2025, the company had $4.2 million remaining authorized for share repurchase[42] Credit and Financing - The company has a $125.0 million senior secured floating-rate revolving credit facility expiring on December 13, 2029, which is expected to provide sufficient liquidity for operating needs[29] - The fair value of the HBB Facility was $125.0 million, determined using current rates for similar obligations[41] Environmental and Regulatory Matters - As of September 30, 2025, the Company accrued undiscounted obligations of $3.0 million for environmental investigation and remediation activities, down from $3.9 million as of December 31, 2024[58] - The Company estimates additional expenses related to environmental investigation and remediation could range from $0 to $1.0 million[58] Acquisitions - The Company completed the acquisition of HealthBeacon Limited for €6.9 million (approximately $7.5 million) on February 2, 2024[63] - HealthBeacon generated revenue of $1.887 million and an operating profit of $313,000 for the three months ended September 30, 2025[65] - The total assets acquired from HealthBeacon amounted to $10.191 million, with total liabilities of $2.632 million[67] Taxation - The effective tax rate for the three months ended September 30, 2025, was 18.4%, a decrease from 27.4% in the same period of 2024, primarily due to increased foreign derived tax benefits[60] Other Financial Information - The company reported a net cash used in operating activities of $14.6 million for the nine months ended September 30, 2025[17] - The company reported a share-based compensation expense of $569,000 for the three months ended September 30, 2025[20] - The company incurred transaction costs of approximately $0.2 million and $1.3 million during the three and nine months ended September 30, 2024, respectively[66] - The company completed the termination of its U.S. Pension Plan in 2024, with a pre-tax settlement charge of $7.6 million recognized in the third quarter of 2024[33] - The company transferred $13.4 million of surplus assets to a qualified replacement plan for employee retirement benefits in the first quarter of 2025[34] - The company expects revenue to increase during the second half of the year, peaking in the fourth quarter due to the fall holiday-selling season[28]

National Healthcare Properties Reports Third Quarter 2025 Results NEW YORK, November 5, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the "Company"), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and nine months ended September 30, 2025. Michael Anderson, Chief Executive Officer and President, commented, "We are very pleased with the continued str ...

Financial Performance - The Company reported a net loss of $(0.56) per basic and diluted share, with Nareit defined Funds from Operations (FFO) of $0.23 per diluted share, and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share[5]. - The net loss attributable to common stockholders for Q3 2025 was $15,881,000, compared to a net loss of $24,189,000 in Q2 2025, indicating an improvement of 34.5%[29]. - The company reported a comprehensive loss attributable to common stockholders of $17,762,000 for Q3 2025, compared to $26,394,000 in Q2 2025, indicating a decrease of 32.9%[28]. - The company reported an operating income of $2,375,000 for Q3 2025, recovering from an operating loss of $5,518,000 in Q2 2025[28]. - Funds from Operations (FFO) attributable to common stockholders increased to $6,708,000 in Q3 2025, up 25.3% from $5,352,000 in Q2 2025[34]. - Adjusted Funds from Operations (AFFO) reached $10,364,000 in Q3 2025, representing a 14.0% increase compared to $9,091,000 in Q2 2025[34]. Revenue and Occupancy - Same Store revenue increased by 12.0% year-over-year[5]. - Same Store Cash Net Operating Income (NOI) growth was 12.2% year-over-year, with the Senior Housing Operating Property (SHOP) segment experiencing a 27.2% increase[5]. - Same Store average occupancy increased to 83.7%, up 4.0% year-over-year[5]. - Revenue from tenants for Q3 2025 was $86,026,000, a slight increase from $85,332,000 in Q2 2025[28]. - SHOP segment revenue from tenants increased to $57,004,000 in Q3 2025, up 1.6% from $56,081,000 in Q2 2025[40]. - OMF segment NOI for Q3 2025 was $20,631,000, a slight decrease of 1.3% from $20,910,000 in Q2 2025[40]. Expenses and Liabilities - Total expenses for Q3 2025 were $84,277,000, down from $93,502,000 in Q2 2025, representing a decrease of approximately 9.5%[28]. - The interest expense for Q3 2025 was $15,060,000, slightly lower than $15,836,000 in Q2 2025, showing a decrease of approximately 4.9%[28]. - The total liabilities stood at $1,106,409,000 as of the latest reporting period, consistent with the previous quarter[26]. - As of September 30, 2025, total debt outstanding was $1.0 billion with a weighted average interest rate of 5.1%[4]. - Year-to-date through September 2025, the Company paid down $83.1 million of debt using proceeds from dispositions[4]. Impairment and Equity - Impairment charges in Q3 2025 were $6,641,000, significantly lower than $15,212,000 in Q2 2025, showing a reduction of 56.3%[28]. - The total stockholders' equity increased to $627,219,000 from $647,033,000 in the prior quarter, reflecting a decrease of approximately 3.1%[26]. Dividends and Future Outlook - The Company declared dividends on its preferred stock, including $0.4609375 per share on its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock[12]. - The Company has a solid foundation for public listing preparation, driven by strong performance across its segments[2]. Property and Segment Information - The total number of properties in the OMF segment remained stable at 133 as of September 30, 2025, while the SHOP segment decreased to 41 properties[41]. - The Company completed the disposition of one non-core SHOP for a contract sales price of $1.8 million during the quarter[3].

Financial Performance - Murphy Oil Corporation reported a net loss from continuing operations of $3 million for Q3 2025, translating to a diluted loss per share of $0.02[2] - Adjusted net income from continuing operations was $58.1 million, with an adjusted EBITDA of $390.6 million for the same period[2] - Total revenue for Q3 2025 was $732.985 million, a decrease of 3.5% compared to $758.331 million in Q3 2024[25] - Net income attributable to Murphy for Q3 2025 was a loss of $2.973 million, compared to a profit of $139.094 million in Q3 2024[25] - Operating income from continuing operations for the nine months ended September 30, 2025, was $241.898 million, down from $517.405 million in the same period of 2024[25] - Net income attributable to Murphy for the nine months ended September 30, 2025, was $92.3 million, down from $356.8 million in the same period of 2024, reflecting a decline of 74.2%[36] - Impairment of assets for Q3 2025 was $92.0 million, impacting net income significantly[28] Production and Operations - Total production increased sequentially to 200,383 BOEPD, with oil production at 94,067 BOPD, exceeding guidance due to strong new well productivity[7] - The onshore business produced approximately 132 MBOEPD in Q3 2025, with 35% of production being liquids[8] - Total net crude oil and condensate production for the three months ended September 30, 2025, was 100,065 barrels per day, an increase of 6.4% from 94,078 barrels per day in the same period of 2024[40] - The company’s total net hydrocarbons production, excluding noncontrolling interest, was 200,383 barrels per day for the three months ended September 30, 2025, an increase of 8.5% from 184,567 barrels per day in the same period of 2024[40] - Total net crude oil and condensate production increased to 101,614 barrels per day in Q3 2025, up from 95,104 barrels per day in Q3 2024, representing an increase of 16.4%[41] - Net natural gas production reached 563,319 thousand cubic feet per day in Q3 2025, compared to 522,286 thousand cubic feet per day in Q3 2024, reflecting an increase of 7.9%[41] Financial Position and Debt - Murphy's total debt stood at $1.4 billion, with a liquidity position of approximately $1.6 billion as of September 30, 2025[5][6] - The company paid down $50 million of debt during the quarter and returned $46 million to shareholders through dividends[4] - Long-term debt, including finance lease obligations, increased to $1,425.2 million as of September 30, 2025, from $1,274.5 million at the end of 2024[27] - Total assets increased to $9,732.8 million as of September 30, 2025, compared to $9,667.5 million at the end of 2024[27] - Total liabilities rose to $4,483.1 million as of September 30, 2025, up from $4,325.6 million at the end of 2024[27] Capital Expenditures and Cash Flow - Capital expenditures for 2025 are projected to be between $1,135 million and $1,285 million[14] - Property additions and dry hole costs for Q3 2025 were $148.964 million, down from $216.413 million in Q3 2024, a decrease of 31.2%[26] - Free cash flow for Q3 2025 was $218.8 million, compared to $181.9 million in Q3 2024[34] - Adjusted free cash flow for Q3 2025 was $124.4 million, an increase from $101.8 million in Q3 2024[34] - Capital expenditures for the three months ended September 30, 2025, totaled $189.2 million, a decrease of 10.5% from $211.9 million in the same period of 2024[39] Shareholder Returns - The company has $550 million remaining under its share repurchase authorization as of September 30, 2025[4] - Cash dividends per common share increased to $0.325 in Q3 2025 from $0.300 in Q3 2024, reflecting a growth of 8.3%[25] Future Guidance and Projects - The Lac Da Vang (Golden Camel) project in Vietnam is on schedule for first oil in Q4 2026, with platform jacket installation completed ahead of schedule[3][12] - For Q4 2025, total net production guidance is set between 176,000 to 184,000 BOEPD, with full-year production guidance of 174,500 to 182,500 BOEPD[14]

Property Ownership and Operations - As of September 30, 2025, the company owned 174 properties, comprising 7.3 million rentable square feet across 30 states[248]. - The total gross asset value of the company was $2.2 billion as of September 30, 2025[257]. - The average occupancy rate for the SHOP segment improved to 83.2% in 2025 from 77.5% in 2024[263]. - The company internalized its advisory and property management functions on September 27, 2024, transitioning to a dedicated workforce[249]. Financial Performance - For the three months ended September 30, 2025, net loss attributable to common stockholders was $15.9 million, a decrease of 64% from $44.1 million in the same period of 2024[260]. - Revenue from tenants for the OMF segment decreased by 15.4% to $29.0 million for the three months ended September 30, 2025, compared to $34.3 million in 2024[261]. - The SHOP segment reported a 4.3% increase in revenue from tenants, reaching $57.0 million for the three months ended September 30, 2025, up from $54.6 million in 2024[263]. - Total expenses for the three months ended September 30, 2025, were $84.3 million, down 24.4% from $111.4 million in 2024[260]. - Net loss attributable to common stockholders was $45.1 million for the nine months ended September 30, 2025, compared to $183.1 million for the same period in 2024[283]. - Revenue from tenants in the SHOP segment increased by 3.9% to $168.9 million for the nine months ended September 30, 2025[286]. Expenses and Charges - The OMF segment's net operating income (NOI) decreased by 12.8% to $20.6 million for the three months ended September 30, 2025, compared to $23.6 million in 2024[261]. - Impairment charges recorded were $6.6 million for Q3 2025, compared to $8.8 million for Q3 2024[266]. - Acquisition and transaction related expenses decreased by $5.1 million to $0.1 million for Q3 2025 from $5.2 million for Q3 2024[271]. - General and administrative expenses increased by $0.2 million to $5.7 million for Q3 2025, primarily due to stock-based compensation[272]. - Depreciation and amortization expenses decreased by $2.7 million to $18.0 million for Q3 2025 from $20.7 million for Q3 2024[274]. - Impairment charges for the nine months ended September 30, 2025 totaled $33.8 million, compared to $11.5 million for the same period in 2024[289]. - General and administrative expenses decreased by $1.3 million to $15.6 million for the nine months ended September 30, 2025, from $16.9 million in 2024[294]. - Depreciation and amortization expenses decreased by $3.1 million to $60.3 million for the nine months ended September 30, 2025, compared to $63.4 million in 2024[295]. - Interest expense decreased by $6.7 million to $45.4 million for the nine months ended September 30, 2025, from $52.1 million in 2024[298]. Cash Flow and Distributions - Cash flows provided by operating activities increased by $83.3 million during the nine months ended September 30, 2025, compared to the same period in 2024[306]. - Cash flows provided by investing activities increased by $14.6 million during the nine months ended September 30, 2025, primarily due to proceeds from the sale of 15 held-for-use OMFs and four held-for-use SHOPs[307]. - Total cash distributions for the three months ended September 30, 2025, were $3,374,000, with a total of $10,301,000 for the year-to-date[345]. - Cash flows used in operations for the nine months ended September 30, 2025, were $3.0 million, indicating insufficient cash generation to fund current dividend rates[347]. - The company funded distributions to holders of Series A and B Preferred Stock and Series A Preferred Units primarily with available cash on hand[347]. Stock and Dividends - The company declared and issued quarterly dividends entirely in shares of common stock from October 2020 through January 2024, with no further stock dividends intended in the future[251]. - The Board authorized a stock repurchase program for up to $50.0 million of Series A and Series B Preferred Stock, with no stated expiration date[330]. - In Q3 2025, the company repurchased 74,713 shares of Series A Preferred Stock at an average price of $16.10 and 97,670 shares of Series B Preferred Stock at an average price of $16.03[331]. - For the nine months ended September 30, 2025, the company repurchased 131,629 shares of Series A Preferred Stock at an average price of $15.39 and 163,883 shares of Series B Preferred Stock at an average price of $15.14[331]. - The Board may reduce or suspend dividend payments based on various factors, including financial condition and capital expenditure requirements[342]. - The company has not paid cash dividends on common stock since mid-2020, opting instead for stock dividends until January 2024[341]. Market and Economic Factors - As of September 30, 2025, the 12-month Consumer Price Index increased by 3.0%, impacting lease agreements without indexed escalation provisions[350]. - Most leases in the OMF segment contain rent escalation provisions, but these rates are generally below current inflation rates[350]. - Increased operating costs under net leases could adversely affect tenants' ability to pay rent, impacting the company's revenue[351]. - Leases at SHOPs do not typically have rent escalations, but the company can renew leases at market rates due to their short-term nature[352]. - There has been no material change in the company's exposure to market risk during the nine months ended September 30, 2025[354].

Property Ownership and Operations - As of September 30, 2025, the company owned 174 properties, comprising 7.3 million rentable square feet across 30 states[248]. - The total gross asset value of the company was $2.2 billion as of September 30, 2025[257]. - The average occupancy rate for the SHOP segment improved to 83.2% in 2025 from 77.5% in 2024[263]. - The company internalized its advisory and property management functions on September 27, 2024, transitioning to a dedicated workforce[249]. Financial Performance - For the three months ended September 30, 2025, net loss attributable to common stockholders was $15.9 million, a decrease of 64% from $44.1 million in the same period of 2024[260]. - Revenue from tenants for the OMF segment decreased by 15.4% to $29.0 million for the three months ended September 30, 2025, compared to $34.3 million in 2024[261]. - The SHOP segment reported a 4.3% increase in revenue from tenants, reaching $57.0 million for the three months ended September 30, 2025, up from $54.6 million in 2024[263]. - The OMF segment's net operating income (NOI) decreased by 12.8% to $20.6 million for the three months ended September 30, 2025, compared to $23.6 million in 2024[261]. - SHOP segment NOI increased due to occupancy gains and lower insurance expenses, partially offset by property dispositions[265]. - Net loss attributable to common stockholders was $45.1 million for the nine months ended September 30, 2025, down from $183.1 million in 2024[283]. - Revenue from tenants in the SHOP segment increased by 3.9% to $168.9 million for the nine months ended September 30, 2025[286]. Expenses and Charges - Total expenses for the three months ended September 30, 2025, were $84.3 million, down from $111.4 million in 2024, reflecting a decrease of $27.2 million[260]. - Impairment charges recorded were $6.6 million for Q3 2025, compared to $8.8 million for Q3 2024[266]. - Operating fees to related parties were eliminated in Q3 2025 due to Internalization, resulting in a decrease from $6.4 million in Q3 2024[269]. - Acquisition and transaction related expenses decreased by $5.1 million to $0.1 million in Q3 2025 from $5.2 million in Q3 2024[271]. - General and administrative expenses increased by $0.2 million to $5.7 million in Q3 2025, primarily due to stock-based compensation[272]. - Depreciation and amortization expenses decreased by $2.7 million to $18.0 million in Q3 2025, attributed to property dispositions[274]. - Interest expense decreased by $2.9 million to $15.1 million in Q3 2025, mainly due to lower average indebtedness[276]. - General and administrative expenses decreased by $1.3 million to $15.6 million for the nine months ended September 30, 2025, from $16.9 million in 2024[294]. - Depreciation and amortization expenses decreased by $3.1 million to $60.3 million for the nine months ended September 30, 2025, compared to $63.4 million in 2024[295]. - Interest expense decreased by $6.7 million to $45.4 million for the nine months ended September 30, 2025, from $52.1 million in 2024[298]. Cash Flows and Distributions - Cash flows provided by operating activities increased by $83.3 million during the nine months ended September 30, 2025, compared to the same period in 2024[306]. - Cash flows provided by investing activities increased by $14.6 million during the nine months ended September 30, 2025, primarily due to proceeds from the sale of 15 held-for-use OMFs and four held-for-use SHOPs[307]. - Total cash distributions for the three months ended September 30, 2025, were $3,374,000, with a total of $10,301,000 for the year-to-date[345]. - Cash flows used in operations for the nine months ended September 30, 2025, were $3.0 million, indicating insufficient cash generation to fund current dividend rates[347]. - The company funded distributions to holders of Series A and B Preferred Stock and Series A Preferred Units primarily with available cash on hand[347]. - The ability to pay distributions depends on increasing cash generated from property operations, which is subject to various risks[348]. Stock Repurchase and Dividends - The Board authorized a stock repurchase program for up to $50.0 million of Series A and Series B Preferred Stock, with no stated expiration date[330]. - In Q3 2025, the company repurchased 74,713 shares of Series A Preferred Stock at an average price of $16.10 and 97,670 shares of Series B Preferred Stock at an average price of $16.03[331]. - For the nine months ended September 30, 2025, the company repurchased 131,629 shares of Series A Preferred Stock at an average price of $15.39 and 163,883 shares of Series B Preferred Stock at an average price of $15.14[331]. - The company declared quarterly distributions of $1.84375 per share for Series A Preferred Stock and $1.78125 per share for Series B Preferred Stock, equivalent to 7.375% and 7.125% per annum, respectively[340]. - Since mid-2020, the company has not paid cash dividends on common stock but issued stock dividends until January 2024[341]. - The Board may reduce or suspend dividend payments based on various factors, including financial condition and capital expenditure requirements[342]. - No cash distributions were made to common stockholders or other units in Q3 2025[344]. Market and Economic Conditions - As of September 30, 2025, the 12-month Consumer Price Index increased by 3.0%, impacting lease agreements without indexed escalation provisions[350]. - Most leases in the OMF segment contain rent escalation provisions, but these rates are generally below current inflation rates[350]. - Increased operating costs under net leases could adversely affect tenants' ability to pay rent, impacting the company's revenue[351]. - Leases at SHOPs do not typically have rent escalations, but the company can renew leases at market rates due to their short-term nature[352]. - There has been no material change in the company's exposure to market risk during the nine months ended September 30, 2025[354].

Financial Performance - CrossAmerica reported a net income of $13.6 million for Q3 2025, up from $10.7 million in Q3 2024, driven by asset sales and reduced interest expenses[4]. - Adjusted EBITDA for Q3 2025 was $41.3 million, a decrease of 6% from $43.9 million in Q3 2024, primarily due to lower fuel and rent gross profit[4]. - Distributable Cash Flow increased to $27.8 million in Q3 2025, compared to $27.1 million in Q3 2024, supported by lower cash interest and capital expenditures[5]. - Operating revenues for the nine months ended September 30, 2025, were $2,796,247, a decrease of 11.3% compared to $3,154,066 in 2024[21]. - Gross profit for the nine months ended September 30, 2025, was $295,576, slightly down from $297,336 in 2024, reflecting a decrease of 0.6%[21]. - Net income for the nine months ended September 30, 2025, increased significantly to $31,641, compared to $5,592 in 2024, representing a growth of 465.5%[23]. - Total EBITDA for the nine months ended September 30, 2025, was $141.7 million, compared to $100.7 million in 2024, marking a 40.7% increase[32]. - For the three months ended September 30, 2025, net income was $13.6 million, compared to $10.7 million for the same period in 2024, representing a 27.5% increase[32]. - Adjusted EBITDA for the three months ended September 30, 2025, was $41.3 million, down from $43.9 million in 2024, indicating a decrease of 3.7%[32]. - Distributable Cash Flow for the three months ended September 30, 2025, was $27.8 million, compared to $27.1 million in 2024, reflecting a 2.6% increase[32]. - The Distribution Coverage Ratio for the three months ended September 30, 2025, was 1.39x, slightly up from 1.36x in 2024[32]. Asset Management - CrossAmerica completed asset sales totaling approximately $22 million in Q3 2025, contributing to a net gain of $7.4 million[3][11]. - CrossAmerica recorded $7.4 million in net gains from real estate rationalization efforts during the three months ended September 30, 2025[36]. - As of September 30, 2025, total assets were $998.9 million, a decrease from $1,114.7 million at the end of 2024[19]. Segment Performance - Retail segment gross profit decreased by 4% to $80.0 million in Q3 2025, while wholesale segment gross profit fell by 10% to $24.8 million[6][10]. - Same-store merchandise sales excluding cigarettes rose by 4% to $75.8 million in Q3 2025, with merchandise gross profit percentage increasing to 28.9%[8]. - Total retail segment gross profit for the nine months ended September 30, 2025, was $219,271, up from $214,617 in 2024, an increase of 2.5%[24]. - Operating income for the Retail segment for the nine months ended September 30, 2025, was $66,099, down from $70,631 in 2024, a decrease of 6.4%[24]. - Total motor fuel distribution sites decreased to 988 as of September 30, 2025, from 1,046 in 2024, a reduction of 5.5%[26]. - Volume of gallons distributed in the Wholesale segment for the nine months ended September 30, 2025, was 519,821, down from 563,082 in 2024, a decrease of 7.7%[26]. - Margin per gallon in the Wholesale segment for the nine months ended September 30, 2025, was $0.090, compared to $0.085 in 2024, an increase of 5.9%[26]. Cost Management - Operating expenses declined by 5% from $60.8 million in Q3 2024 to $57.5 million in Q3 2025, reflecting cost management efforts[4]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $62,065, down from $76,672 in 2024, a decrease of 18.9%[23]. - Cash interest expense for the three months ended September 30, 2025, was $11.3 million, down from $13.7 million in 2024, a decrease of 17.5%[32]. Leverage and Financing - Leverage ratio improved to 3.56 times as of September 30, 2025, down from 4.36 times at the end of 2024[4][12]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $125,903, compared to $47,335 in 2024, indicating a significant increase in cash outflows[23]. Company Overview - CrossAmerica operates approximately 1,600 locations and owns or leases around 1,000 sites across 34 states[33]. - The company has established relationships with major oil brands, including ExxonMobil, BP, and Shell, ranking among the top distributors by fuel volume in the U.S.[33].

Financial Performance - Revenues for the three months ended September 30, 2025, increased to $76,614,000, up 24.2% from $61,656,000 in the same period of 2024[9] - Gross profit for the nine months ended September 30, 2025, was $26,445,000, representing a 24.5% increase compared to $21,280,000 in 2024[9] - Net income for the three months ended September 30, 2025, was $13,254,000, a decrease of 15.4% from $15,635,000 in the same period of 2024[10] - Basic earnings per share for the nine months ended September 30, 2025, was $2.89, down from $3.55 in 2024, reflecting a 18.6% decline[9] - The company reported a total comprehensive income of $13,363,000 for the three months ended September 30, 2025, compared to $15,713,000 in 2024, a decrease of 8.6%[10] - The net income for the third quarter of 2025 was reported at $15,635,000, a significant increase compared to $4,570,000 in the first quarter of 2024[14] - Total revenues for the three months ended September 30, 2025, were $76.6 million, a 24.2% increase from $61.7 million in the same period of 2024[51] - For the nine months ended September 30, 2025, total revenues reached $210.4 million, up 25.8% from $167.3 million in 2024[51] - Total operating profit for Q3 2025 was $6,777 million, down 65.6% from $19,699 million in Q3 2024[66] - Operating profit for Q3 2025 was $6,777,000, a significant decline of 65.5% from $19,699,000 in Q3 2024[9] Assets and Liabilities - Total current assets decreased to $207,717,000 as of September 30, 2025, from $264,738,000 at December 31, 2024, a decline of 21.5%[7] - Total liabilities decreased to $211,231,000 as of September 30, 2025, compared to $226,740,000 at December 31, 2024, a reduction of 6.8%[7] - Cash and cash equivalents decreased to $52,657,000 as of September 30, 2025, down from $72,833,000 at December 31, 2024, a decline of 27.7%[7] - As of September 30, 2025, total stockholders' equity increased to $426,402,000 from $382,340,000 at the beginning of 2024, reflecting a growth of approximately 11.5%[14] - Total assets as of September 30, 2025, were $637,633 million, a slight increase from $631,687 million as of December 31, 2024[68] - The balance of trade accounts receivable decreased from $49.7 million at January 1, 2025, to $30.9 million at September 30, 2025[51] - The total liabilities as of September 30, 2025, were $211,231 million, down from $226,740 million as of December 31, 2024[7] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2025, was $39,502,000, compared to a cash used of $(2,879,000) in 2024[12] - The company plans to continue investing in property, plant, and equipment, with expenditures of $(34,342,000) for the nine months ended September 30, 2025[12] - Expenditures for property, plant, and equipment in Q3 2025 totaled $22,392 million, significantly higher than $8,296 million in Q3 2024[68] - Expenditures for property, plant, and equipment for the nine months ended September 30, 2025, were $(34,342,000), compared to $(30,697,000) in 2024[12] - The company has $9.6 million recorded as a prepaid profit-sharing asset, which will be reduced as profit-sharing contributions are made to employees[32] Segment Performance - The Utility Coal Mining segment operates under exclusive, long-term contracts, supplying 100% of fuel requirements for adjacent power plants, ensuring stable revenue streams[17] - The Contract Mining segment is expanding operations, with new projects in Arizona expected to commence in Q1 2026, enhancing growth potential[26] - The Minerals and Royalties segment generates income primarily through leasing mineral interests, contributing to diversified revenue sources[28] - Utility Coal Mining segment revenues for the nine months ended September 30, 2025, were $67,519 million, up 39.9% from $48,247 million in the same period of 2024[66] - Contract Mining segment revenues increased by 41.1% to $45,611 million in Q3 2025 from $32,326 million in Q3 2024[66] Equity and Shareholder Returns - Cash dividends on Class A and Class B common stock increased from $0.2175 per share in Q1 2024 to $0.2525 per share in Q2 2025, representing a rise of approximately 16%[14] - The company’s total capital in excess of par value increased to $40,016,000 by September 30, 2025, up from $28,672,000 at the beginning of 2024, reflecting strong financial health[14] - The stock repurchase program approved on November 7, 2023, allows for the purchase of up to $20.0 million of Class A Common stock through December 31, 2025[55] Accounting and Reporting - The company is evaluating the impact of new accounting standards on its financial statements, including ASU No. 2023-09 and ASU No. 2024-03, which will enhance income tax disclosures and expense disaggregation[35][36] - The reclassification adjustment to net income, net of tax, was $109,000 for the first quarter of 2025, indicating ongoing adjustments in financial reporting[14] Other Notable Items - The company recognized $13.6 million in income related to business interruption insurance recoveries in Q3 2024, partially offsetting losses from a boiler outage[21] - The Thacker Pass lithium project is targeting initial production in late 2027, with Sawtooth Mining, LLC as the exclusive provider of mining services, indicating strategic expansion into the lithium market[27] - The company transferred $14.5 million of excess funds from the terminated Falkirk pension plan to the NACCO 401(k) plan, which will offset future profit-sharing contributions[32] - A gain of $3.6 million was recognized from settling a liability with Falkirk's former customer for $10.9 million during the first nine months of 2025[32] - As of September 30, 2025, assets held for sale amounted to $15.4 million, including draglines and an office building[34] - The company expects to recognize revenue from the Thacker Pass lithium project over the estimated useful life of the asset, with a potential success fee of $4.7 million contingent on meeting commercial mining milestones[49] - The company recorded a loss of $1.4 million related to equity securities during the nine months ended September 30, 2025[59] - The company recognized losses of $0.4 million and $1.4 million during the three and nine months ended September 30, 2025, respectively, related to investments in equity securities[59]

Financial Performance - Total transactions for the last twelve months ended September 30, 2025, were 21,436, an increase from 16,444 in the same period of 2024[112] - Gross transaction value reached $38.9 billion for the last twelve months ended September 30, 2025, compared to $27.6 billion for the same period in 2024, reflecting a 40% increase[112] - Average transaction value per transaction was $1,813.4 thousand for the last twelve months ended September 30, 2025, up from $1,679.1 thousand in the previous year[112] - Revenue for the three months ended September 30, 2025, was $262,838 thousand, a decrease from $266,316 thousand in the same period of 2024[125] - Revenues from commission and other brokerage income were $250,354 for the three months ended September 30, 2025, a decline of $3,720 compared to $254,074 for the same period in 2024[126] - Revenues for the nine months ended September 30, 2025, were $787,607, an increase of $35,301 from $752,306 in 2024, attributed to higher commissions and brokerage income[139] Profitability and Loss - Net loss attributed to Douglas Elliman Inc. was $59,346 thousand for the last twelve months ended September 30, 2025, compared to a net loss of $70,319 thousand for the same period in 2024[112] - Adjusted EBITDA attributed to Douglas Elliman was $(2,454) thousand for the last twelve months ended September 30, 2025, an improvement from $(12,380) thousand in the previous year[112] - Operating loss for the three months ended September 30, 2025, was $(10,655) thousand, compared to $(7,431) thousand for the same period in 2024[125] - Operating loss was $10,655 for the three months ended September 30, 2025, compared to $7,431 in 2024, primarily due to increased general and administrative expenses[134] Expenses - Operating expenses were $273,493 for the three months ended September 30, 2025, a slight decrease of $254 from $273,747 in 2024, primarily due to declines in real estate brokerage commissions[127] - Real estate agent commissions expense was $192,771 for the three months ended September 30, 2025, down $6,362 from $199,133 in 2024, with the expense as a percentage of revenues decreasing to 73.3% from 74.8%[128][129] - Real estate agent commissions expense for the nine months ended September 30, 2025, was $583,890, up $19,284 from $564,606 in 2024, with the expense as a percentage of revenues decreasing to 74.1% from 75.1%[142] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash increased by $8,686 to $150,907 during the nine months ended September 30, 2025, compared to an increase of $27,746 in the same period of 2024[153] - Cash provided by operations was $505 for the nine months ended September 30, 2025, a significant improvement from cash used in operations of $16,987 in 2024[154] - Cash provided by investing activities was $8,266 for the nine months ended September 30, 2025, compared to cash used of $2,009 for the same period in 2024, indicating a significant increase in cash inflow[156] - Cash used in financing activities was $85 for the nine months ended September 30, 2025, a stark contrast to cash provided of $46,742 in the same period of 2024, primarily due to debt issuance proceeds in the prior year[158] - As of September 30, 2025, the company had cash and cash equivalents of approximately $143,003, which is expected to meet liquidity needs over the next twelve months[161] Strategic Transactions - The company sold its property management subsidiary for a base purchase price of $85,000 thousand on October 24, 2025[120] - The company repaid and redeemed all senior secured convertible promissory notes for an aggregate payment of $95,000 thousand on October 24, 2025[121] - The company issued Convertible Notes totaling $50,000 on July 2, 2024, and repaid all notes for $95,000 on October 24, 2025, including accrued interest[159] - The company is evaluating potential acquisitions and strategic transactions, which may limit available liquidity[160] Legal and Market Risks - The company agreed to pay $7,750 as part of a settlement agreement related to litigation, with additional contingent payments of $5,000 through December 31, 2027[162] - The company continues to face litigation risks, including claims related to former independent contractors, which could materially affect financial position and results[165] - The company is exposed to market risks from fluctuations in interest rates and may face risks from foreign currency exchange rates and equity prices in the future[169] Retention and Growth Metrics - Annual retention rate was 84% for the last twelve months ended September 30, 2025, down from 89% in the previous year[112] - Gross profit increased to $70,067 for the three months ended September 30, 2025, compared to $67,183 in 2024, driven by improved margins from the Development Marketing division[130] - Gross profit for the nine months ended September 30, 2025, was $203,717, an increase from $187,700 in 2024, due to increased existing home sales and Development Marketing contributions[143] Contingent Liabilities - Portfolio Escrow Inc. had escrow funds on deposit of $20,640 as of September 30, 2025, which are not assets of the company but represent contingent liabilities[168] - As of September 30, 2025, the company had outstanding letters of credit of approximately $2,645, collateralized by certificates of deposit[167]

Financial Performance - Total revenue increased 21% to $23.1 million for the three months ended September 30, 2025[84]. - Net income increased 145% to $4.2 million, resulting in earnings of $0.30 per basic share[84]. - Adjusted EBITDA increased 35% to $9.0 million, with an adjusted EBITDA margin of 39%[84]. - Gross profit increased 26% to $16.8 million, with a gross margin of 73%[84]. - Adjusted net income increased 75% to $5.8 million, resulting in adjusted earnings of $0.41 per basic share[84]. - Free cash flow (FCF) for the three months ended September 30, 2025, was $7.3 million, compared to $4.8 million for the same period in 2024, reflecting a 51% increase[92]. - Income before income taxes increased by $4.0 million, or 46%, to $12.6 million for the nine months ended September 30, 2025[125]. - Net income increased by $4.2 million, or 68%, to $10.3 million for the nine months ended September 30, 2025[128]. - Cash flows provided by operating activities were $22.7 million for the nine months ended September 30, 2025, compared to $17.3 million for the same period in 2024[132][134]. Customer Metrics - IDI had 9,853 billable customers as of September 30, 2025, up from 8,743 in the previous year[78]. - FOREWARN added 25,538 users during the third quarter, ending with 372,209 users[89]. - The IDI billable customer base increased to 9,853 customers as of September 30, 2025, up from 8,743 customers a year earlier[101]. - FOREWARN user base increased to 372,209 users as of September 30, 2025, up from 284,967 users a year earlier[101]. - As of September 30, 2025, the IDI billable customer base increased to 9,853 customers, up from 8,743 customers a year earlier, while the FOREWARN user base grew to 372,209 users, up from 284,967 users[115]. Revenue Breakdown - Revenue increased by $4.0 million, or 21%, to $23.1 million for the three months ended September 30, 2025, compared to $19.1 million for the same period in 2024[96]. - Revenue from existing customers increased by $4.1 million, or 24%, while revenue from new customers decreased by $0.1 million, or 6%[99]. - Revenue from new customers increased by $0.9 million, or 17%, and revenue from existing customers increased by $10.4 million, or 21%[118]. Cost and Expenses - Cost of revenue (exclusive of depreciation and amortization) increased by $0.3 million, or 9%, to $3.6 million for the three months ended September 30, 2025[102]. - Cost of revenue (exclusive of depreciation and amortization) increased by $0.3 million, or 2%, to $10.8 million for the nine months ended September 30, 2025[116]. - Cost of revenue as a percentage of revenue decreased to 16% for the nine months ended September 30, 2025, compared to 19% for the same period in 2024[120]. - Sales and marketing expenses increased by $3.5 million, or 27%, to $16.4 million for the nine months ended September 30, 2025[121]. Cash Position - Cash and cash equivalents were $45.4 million as of September 30, 2025[85]. - As of September 30, 2025, total shareholders' equity was $101.7 million and cash and cash equivalents were $45.4 million[138]. - The company expects to fund commitments under data licensing agreements and a cloud service agreement totaling $44.9 million using available cash on hand and cash flows generated from operations over the next twelve months[137]. Stock Repurchase Program - The company increased its Stock Repurchase Program authorization by $15.0 million, totaling $30.0 million[89].