Executive Commentary "We have made remarkable progress in our strategic initiatives to expand and diversify Target's business portfolio. In the first half of 2025, we announced two new contracts valued at over $400 million across various industries, all benefiting from strong long-term growth trends," stated Brad Archer, President and Chief Executive Officer. "Our strong momentum, combined with an unprecedented domestic investment cycle and increased demand in the government sector, supports the most robust ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, stockholders' deficit, and cash flows, with detailed notes on accounting policies and key financial events [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's assets, liabilities, and stockholders' deficit at specific reporting dates **Condensed Consolidated Balance Sheet Highlights (in thousands):** | Metric | June 29, 2025 | December 29, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total Assets | $890,442 | $888,952 | | Total Liabilities | $1,306,304 | $1,302,265 | | Total Stockholders' Deficit | $(416,754) | $(414,216) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's revenues, operating income, and net income over specific reporting periods **Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts):** | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Revenues | $529,166 | $507,894 | $1,047,475 | $1,021,810 | | Operating Income | $24,490 | $28,226 | $48,455 | $61,944 | | Net Income Attributable to the Company | $9,531 | $12,243 | $18,753 | $26,879 | | Diluted Earnings Per Common Share | $0.28 | $0.37 | $0.56 | $0.82 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents net income and other comprehensive income components, reflecting total changes in equity from non-owner sources - Foreign currency translation adjustments contributed a gain of **$3.6 million** for the six months ended June 29, 2025, compared to a loss of **$(0.4) million** in the prior year period[15](index=15&type=chunk) - Interest rate swaps resulted in a loss of **$(0.5) million** for the six months ended June 29, 2025, compared to a gain of **$1.0 million** in the prior year period[15](index=15&type=chunk) **Condensed Consolidated Statements of Comprehensive Income Highlights (in thousands):** | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $9,671 | $12,536 | $19,014 | $27,450 | | Other comprehensive income (loss), before tax | $1,975 | $253 | $3,165 | $575 | | Comprehensive income attributable to the Company | $11,104 | $12,439 | $21,242 | $27,324 | [Condensed Consolidated Statements of Stockholders' Deficit](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Deficit) This section outlines changes in stockholders' deficit, including net income, other comprehensive income, dividends, and stock-based compensation **Key Changes in Stockholders' Deficit (in thousands, six months ended June 29, 2025):** | Item | Amount | | :-------------------------------- | :------- | | Balance at December 29, 2024 | $(414,216) | | Net income | $18,753 | | Other comprehensive income, net of tax | $2,489 | | Dividends on common stock | $(30,602) | | Stock-based compensation expense | $7,493 | | Balance at June 29, 2025 | $(416,754) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports cash flows from operating, investing, and financing activities, showing changes in cash and cash equivalents **Condensed Consolidated Statements of Cash Flows Highlights (in thousands, six months ended):** | Activity | June 29, 2025 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------ | | Net cash provided by operating activities | $66,843 | $41,957 | | Net cash used in investing activities | $(19,389) | $(23,841) | | Net cash used in financing activities | $(52,751) | $(34,428) | | Cash and cash equivalents at end of period | $33,299 | $24,305 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Presentation](index=9&type=section&id=1.%20Basis%20of%20Presentation) This note describes the preparation of unaudited interim financial statements in accordance with GAAP - The accompanying unaudited Condensed Consolidated Financial Statements are prepared in accordance with **GAAP** for interim financial information[24](index=24&type=chunk) - Operating results for the three and six months ended June 29, 2025, are not necessarily indicative of the results expected for the full fiscal year ending December 28, 2025[24](index=24&type=chunk) [2. Significant Accounting Policies](index=9&type=section&id=2.%20Significant%20Accounting%20Policies) This note details the key accounting policies, including recent changes and their retrospective application - The Company implemented financial statement changes in its 2024 Annual Report on Form 10-K, adopting **ASU 2023-07**, with presentation changes to the Condensed Consolidated Statements of Operations and Cash Flows applied retrospectively[27](index=27&type=chunk) - An updated internal cost allocation methodology was implemented prospectively beginning December 29, 2024, resulting in a higher allocation of corporate expenses to North America franchising and International segments, with prior-period comparative information recast[28](index=28&type=chunk) - During the first quarter of 2025, a tornado caused **$0.9 million** in pre-tax expenses, primarily operating lease right-of-use asset impairment charges, at the Grand Prairie, Texas QC Center[44](index=44&type=chunk) - During the second quarter of 2025, a tornado caused **$2.7 million** in asset impairment charges and **$1.5 million** in additional operating expenses at the Louisville, Kentucky restaurant support center and QC Center, with anticipated insurance recovery[45](index=45&type=chunk) - The Company received **$3.5 million** in insurance proceeds during the three months ended June 29, 2025, related to the two tornado incidents[46](index=46&type=chunk) [Recent Accounting Pronouncements](index=13&type=section&id=Recent%20Accounting%20Pronouncements) This note discusses the impact and effective dates of recently issued accounting standards updates - **ASU 2023-09**, 'Improvements to Income Tax Disclosures,' is effective for fiscal years beginning after December 15, 2024, and is not expected to have a material impact on financial position or results of operations[48](index=48&type=chunk) - **ASU No. 2024-03**, 'Disaggregation of Income Statement Expenses,' is effective for fiscal years beginning after December 15, 2026, and the Company is assessing its impact[49](index=49&type=chunk) [3. Leases](index=13&type=section&id=3.%20Leases) This note provides information on the company's lease arrangements, including subleases and contingent liabilities - The Company subleases approximately **340 Papa Johns restaurants** to franchisees in the UK, recognizing **$2.8 million** and **$5.4 million** in sublease income for the three and six months ended June 29, 2025, respectively[50](index=50&type=chunk) - As of June 29, 2025, the Company is contingently liable for approximately **70 Domestic leases** with an estimated maximum undiscounted payment of **$9.1 million** in case of nonpayment by primary lessees[51](index=51&type=chunk) [4. Papa John's Marketing Fund, Inc.](index=14&type=section&id=4.%20Papa%20John's%20Marketing%20Fund,%20Inc.) This note describes the consolidated variable interest entity, PJMF, and its role in advertising and promotion - Papa John's Marketing Fund, Inc. (PJMF) is a consolidated **variable interest entity (VIE)** that operates at break-even, collecting contributions from Domestic restaurants for advertising and promotional programs[53](index=53&type=chunk) **PJMF Assets and Liabilities (in thousands, June 29, 2025):** | Category | Amount | | :-------------------------- | :------- | | Total Assets | $38,189 | | Total Liabilities | $48,235 | [5. Revenue Recognition](index=15&type=section&id=5.%20Revenue%20Recognition) This note details the company's revenue recognition policies and contract liabilities - The Company recognized **$7.9 million** and **$17.7 million** related to deferred revenue during the three and six months ended June 29, 2025, respectively[56](index=56&type=chunk) **Contract Liabilities (in thousands):** | Category | June 29, 2025 | December 29, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Unearned franchise fees and royalties | $20,652 | $21,860 | $(1,208) | | Unredeemed gift card liabilities | $6,680 | $7,694 | $(1,014) | | Customer loyalty program obligations | $5,707 | $7,252 | $(1,545) | | **Total contract liabilities** | **$33,039** | **$36,806** | **$(3,767)** | [6. Common Stock](index=15&type=section&id=6.%20Common%20Stock) This note provides information on outstanding common stock, share repurchase programs, and dividends - The Company had **32.8 million outstanding shares** of common stock as of June 29, 2025[61](index=61&type=chunk) - Approximately **$90.2 million** remained available under the Company's share repurchase program as of June 29, 2025, with no activity during the three and six months ended June 29, 2025, or June 30, 2024[63](index=63&type=chunk) - Aggregate cash dividends of approximately **$30.5 million** (**$0.92 per share**) were paid for the six months ended June 29, 2025[65](index=65&type=chunk) - A third-quarter dividend of **$0.46 per common share** (approximately **$15.4 million**) was declared on August 1, 2025, payable on August 29, 2025[65](index=65&type=chunk) [7. Earnings per Share](index=16&type=section&id=7.%20Earnings%20per%20Share) This note presents the basic and diluted earnings per common share calculations for various periods **Earnings Per Common Share (EPS):** | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | $0.28 | $0.37 | $0.56 | $0.82 | | Diluted EPS | $0.28 | $0.37 | $0.56 | $0.82 | [8. Debt](index=17&type=section&id=8.%20Debt) This note details the company's long-term debt, credit facilities, and interest rate management strategies - The Company amended its credit agreement on March 26, 2025, establishing a **$200.0 million Term Loan** and a **$600.0 million senior secured revolving credit facility (PJI Revolving Facility)**, maturing on March 26, 2030[71](index=71&type=chunk) - Approximately **$466.2 million** remained available under the PJI Revolving Facility as of June 29, 2025[73](index=73&type=chunk) - During the three months ended June 29, 2025, the Company executed **two new interest rate swaps**, each with notional values of **$50.0 million**, to replace maturing swaps and mitigate interest rate exposure[76](index=76&type=chunk) **Long-term Debt, Net (in thousands, June 29, 2025):** | Category | Amount | | :-------------------------- | :------- | | Senior Notes | $400,000 | | Term Loan | $200,000 | | Revolving Facilities | $133,804 | | **Outstanding debt** | **$733,804** | | Unamortized debt issuance costs | $(7,523) | | **Total long-term debt, net** | **$726,281** | [9. Restructuring](index=20&type=section&id=9.%20Restructuring) This note outlines the International Transformation Plan, including restaurant closures, refranchising, and associated costs - The International Transformation Plan involved strategic restaurant closures and divestitures in the UK, resulting in the closure of **43 Company-owned** and **32 franchised** underperforming UK restaurants during 2024 and 2025[82](index=82&type=chunk) - The Company completed the refranchising of **60 formerly Company-owned restaurants** in 2024[83](index=83&type=chunk) - Total estimated pre-tax costs for the International Transformation Plan are approximately **$35 million**, with **$34.1 million** incurred through the second quarter of 2025, and the remainder expected in 2025[84](index=84&type=chunk) **International Transformation Costs (in thousands):** | Cost Category | Three Months Ended June 29, 2025 | Six Months Ended June 29, 2025 | | :------------------------------------ | :------------------------------- | :----------------------------- | | Professional services and other related costs | $780 | $2,214 | | Loss on franchisee notes receivable | $1,050 | $2,161 | | Long-lived asset impairment charges | $801 | $801 | | **Total international transformation costs** | **$2,451** | **$4,631** | [10. Litigation, Commitments and Contingencies](index=21&type=section&id=10.%20Litigation,%20Commitments%20and%20Contingencies) This note discloses ongoing legal proceedings, commitments, and contingent liabilities affecting the company - The Company reached a **$5.0 million settlement** in principle for the 'In re Papa John's Employee & Franchise Employee Antitrust Litigation' class action, recorded in Q1 2022 and accrued as of June 29, 2025[87](index=87&type=chunk) [11. Segment Information](index=21&type=section&id=11.%20Segment%20Information) This note provides financial data for the company's reportable segments, evaluated by adjusted EBITDA - The Company has four reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International operations[88](index=88&type=chunk) - The Chief Executive Officer, as the chief operating decision maker (CODM), evaluates segment performance and allocates resources based on **adjusted EBITDA**[90](index=90&type=chunk) **Segment Adjusted EBITDA (in thousands, three months ended June 29, 2025):** | Segment | Adjusted EBITDA | | :-------------------------------- | :-------------- | | Domestic Company-owned restaurants | $9,864 | | North America franchising | $26,843 | | North America commissaries | $19,652 | | International | $5,637 | | **Total Segment adjusted EBITDA** | **$61,996** | **Segment Adjusted EBITDA (in thousands, six months ended June 29, 2025):** | Segment | Adjusted EBITDA | | :-------------------------------- | :-------------- | | Domestic Company-owned restaurants | $14,896 | | North America franchising | $54,091 | | North America commissaries | $39,004 | | International | $11,019 | | **Total Segment adjusted EBITDA** | **$119,010** | [12. Subsequent Events](index=26&type=section&id=12.%20Subsequent%20Events) This note reports significant events occurring after the balance sheet date, including new legislation and asset sales - On July 4, 2025, the **'One Big Beautiful Bill Act'** was signed into U.S. law, which is expected to have a material impact on current and deferred tax assets/liabilities and a favorable impact on cash taxes paid in 2025[101](index=101&type=chunk) - On July 18, 2025, the Company entered an agreement to sell its **70% interest** in a consolidated joint venture (**85 Domestic Company-owned restaurants**) for approximately **$25 million**, expecting an estimated pre-tax gain of **$15 million to $20 million**[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, strategic priorities, recent developments, liquidity, capital resources, and market trends [Overview](index=27&type=section&id=Overview) This section provides a high-level summary of the company's global restaurant operations and revenue streams - As of June 29, 2025, Papa John's operates **5,989 restaurants globally**, comprising **554 Company-owned** and **5,435 franchised locations** across 50 countries[104](index=104&type=chunk) - Revenues are derived from Company-owned restaurant sales, franchise royalties and fees, sales of food and paper products to franchisees, marketing fund contributions, and technology service fees[104](index=104&type=chunk) [Recent Developments and Trends](index=27&type=section&id=Recent%20Developments%20and%20Trends) This section highlights key strategic investments, marketing initiatives, and restaurant development efforts - The Company is investing up to an additional **$25 million in marketing** throughout 2025 to enhance its 'BETTER INGREDIENTS. BETTER PIZZA' platform and value perception[106](index=106&type=chunk) - Strategic investments in technology infrastructure include a partnership with **Google Cloud** and the development of new omnichannel experiences, including a new app for iOS and Android[106](index=106&type=chunk) - A **three-year waiver of PJMF contributions** is offered for new restaurants opened in 2025 to accelerate domestic development[107](index=107&type=chunk) - In Q2 2025, **45 new restaurants** were opened systemwide (**19 North America, 26 International**)[107](index=107&type=chunk) [International Transformation Plan](index=28&type=section&id=International%20Transformation%20Plan) This section provides an update on the final stages of the International Transformation Plan and its associated costs - The International Transformation Plan is in its final stages, expected to be completed during 2025, with total estimated pre-tax costs of approximately **$35 million** (**$34.1 million** incurred through Q2 2025)[108](index=108&type=chunk) [Global Restaurant Sales and Unit Information](index=28&type=section&id=Global%20Restaurant%20Sales%20and%20Unit%20Information) This section presents comparable sales growth, system-wide restaurant sales growth, and unit count information - Total restaurants at the end of Q2 2025 were **5,989**, with a trailing four quarters net restaurant growth of **106 units**[112](index=112&type=chunk) **Comparable Sales Growth (Decline) (excluding foreign currency):** | Segment | Three Months Ended June 29, 2025 | Six Months Ended June 29, 2025 | | :-------------------------------- | :------------------------------- | :----------------------------- | | Domestic Company-owned restaurants | 0.3% | (2.1)% | | North America franchised restaurants | 1.0% | (0.7)% | | North America restaurants | 0.9% | (1.0)% | | International restaurants | 3.7% | 3.5% | | **Total comparable sales growth (decline)** | **1.6%** | **0.1%** | **System-wide Restaurant Sales Growth (Decline) (excluding foreign currency):** | Segment | Three Months Ended June 29, 2025 | Six Months Ended June 29, 2025 | | :-------------------------------- | :------------------------------- | :----------------------------- | | Domestic Company-owned restaurants | 1.5% | (0.8)% | | North America franchised restaurants | 2.7% | 1.1% | | North America restaurants | 2.5% | 0.7% | | International restaurants | 6.6% | 6.1% | | **Total global system-wide restaurant sales growth (decline)** | **3.5%** | **2.1%** | [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, including revenue, costs, expenses, and segment results [Financial Statement Updates](index=30&type=section&id=Financial%20Statement%20Updates) This section details retrospective presentation changes and updates to internal cost allocation methodologies - Presentation changes to the Condensed Consolidated Statements of Operations and Cash Flows were applied retrospectively due to the adoption of **ASU 2023-07**[113](index=113&type=chunk) - The internal cost allocation methodology was updated, resulting in a higher allocation of corporate expenses to North America franchising and International segments, with prior-period comparative information recast[114](index=114&type=chunk) [Revenues](index=30&type=section&id=Revenues) This section provides a detailed breakdown and analysis of the company's revenue streams and their changes - Company-owned restaurant sales decreased primarily due to declines in UK Company-owned restaurant revenues from closures and refranchising, partially offset by a **$2.6 million increase** in Domestic Company-owned restaurant revenue for the three months ended June 29, 2025[118](index=118&type=chunk) - Franchise royalties and fees increased due to growth in North America franchised equivalent units and International comparable sales[120](index=120&type=chunk) - Commissary revenues increased due to higher prices and transaction volumes[123](index=123&type=chunk) - Other revenues increased due to higher revenues generated from technology services, resulting from an increase in the technology fee charged to franchisees[124](index=124&type=chunk) **Revenue Components (in thousands):** | Revenue Type | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | % Change QTD | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | % Change YTD | | :-------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Company-owned restaurant sales | $178,989 | $184,640 | (3.1)% | $352,870 | $375,891 | (6.1)% | | Franchise royalties and fees | $48,302 | $46,552 | 3.8% | $96,358 | $93,705 | 2.8% | | Commissary revenues | $234,576 | $214,322 | 9.5% | $463,517 | $431,834 | 7.3% | | Other revenues | $23,136 | $20,410 | 13.4% | $46,893 | $41,345 | 13.4% | | Advertising funds revenue | $44,163 | $41,970 | 5.2% | $87,837 | $79,035 | 11.1% | | **Total revenues** | **$529,166** | **$507,894** | **4.2%** | **$1,047,475** | **$1,021,810** | **2.5%** | [Costs and Expenses](index=32&type=section&id=Costs%20and%20Expenses) This section analyzes the various cost and expense categories, highlighting key drivers of changes - Cost of sales increased due to higher volumes for Domestic QC Centers, higher food costs for Domestic Company-owned restaurants, and higher local advertising costs, partially offset by lower costs from UK Company-owned restaurants due to restructuring[127](index=127&type=chunk) - General and administrative expenses increased by **$17.9 million** for the three months ended June 29, 2025, primarily due to **$8.6 million** in incremental marketing investments and a **$3.7 million increase** from higher incentive compensation[130](index=130&type=chunk) - Depreciation and amortization expenses increased due to higher depreciation related to investments in technology platforms[131](index=131&type=chunk) **Costs and Expenses (in thousands):** | Expense Type | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | % Change QTD | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | % Change YTD | | :-------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Cost of sales | $371,716 | $363,038 | 2.4% | $738,212 | $730,704 | 1.0% | | General and administrative expenses | $70,118 | $57,046 | 22.9% | $135,285 | $114,923 | 17.7% | | Depreciation and amortization | $18,819 | $17,594 | 7.0% | $37,162 | $35,268 | 5.4% | | Advertising funds expense | $44,023 | $41,990 | 4.8% | $88,361 | $78,971 | 11.9% | | **Total costs and expenses** | **$504,676** | **$479,668** | **5.2%** | **$999,020** | **$959,866** | **4.1%** | [Segment Financial Performance](index=34&type=section&id=Segment%20Financial%20Performance) This section evaluates the adjusted EBITDA performance of each reportable segment - Domestic Company-owned restaurants' adjusted EBITDA decreased due to higher food and labor costs and a **2.1% decline** in comparable sales for the six months ended June 29, 2025[135](index=135&type=chunk) - North America commissaries' adjusted EBITDA increased due to higher prices, partially offset by higher food costs, salaries, benefits, and rent[137](index=137&type=chunk) - International adjusted EBITDA increased due to reduced operating losses from UK Company-owned restaurants in the prior year, when more restaurants were owned and operated[138](index=138&type=chunk) **Segment Adjusted EBITDA (in thousands):** | Segment | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Change QTD | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | Change YTD | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | :----------------------------- | :----------------------------- | :--------- | | Domestic Company-owned restaurants | $9,864 | $13,474 | $(3,610) | $14,896 | $28,413 | $(13,517) | | North America franchising | $26,843 | $27,207 | $(364) | $54,091 | $55,714 | $(1,623) | | North America commissaries | $19,652 | $15,042 | $4,610 | $39,004 | $32,217 | $6,787 | | International | $5,637 | $3,713 | $1,924 | $11,019 | $7,906 | $3,113 | [Items Below Operating Income](index=35&type=section&id=Items%20Below%20Operating%20Income) This section covers financial items reported below operating income, including interest expense and income taxes [Net Interest Expense](index=35&type=section&id=Net%20Interest%20Expense) This section details changes in net interest expense, primarily influenced by average interest rates - Net interest expense decreased by **$0.3 million** and **$1.3 million** for the three and six months ended June 29, 2025, respectively, primarily due to lower average interest rates[140](index=140&type=chunk) [Income Tax Expense](index=35&type=section&id=Income%20Tax%20Expense) This section analyzes the effective tax rate and its drivers for the reporting periods - The higher effective tax rate for the three months ended June 29, 2025, was primarily due to lower pretax book income and tax shortfall from vesting of restricted shares[141](index=141&type=chunk) **Effective Tax Rate:** | Period | June 29, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Three Months Ended | 30.5% | 27.7% | | Six Months Ended | 31.6% | 31.3% | [Net Income Attributable to Noncontrolling Interests](index=35&type=section&id=Net%20Income%20Attributable%20to%20Noncontrolling%20Interests) This section reports the portion of net income allocated to noncontrolling interests - Net income attributable to noncontrolling interests was **$0.1 million** and **$0.3 million** for the three and six months ended June 29, 2025, respectively[143](index=143&type=chunk) [Diluted Earnings Per Common Share](index=35&type=section&id=Diluted%20Earnings%20Per%20Common%20Share) This section presents both GAAP and non-GAAP diluted earnings per common share **Diluted Earnings Per Common Share:** | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diluted EPS | $0.28 | $0.37 | $0.56 | $0.82 | | Adjusted Diluted EPS (non-GAAP) | $0.41 | $0.61 | $0.77 | $1.28 | [Non-GAAP Measures](index=37&type=section&id=Non-GAAP%20Measures) This section defines and reconciles non-GAAP financial measures used for performance assessment and incentive plans - The Company uses non-GAAP measures (**adjusted EBITDA, adjusted net income, adjusted diluted EPS**) to assess operating performance, allocate resources, and administer incentive plans[146](index=146&type=chunk) **Adjusted Non-GAAP Financial Measures (in thousands, except per share amounts):** | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Adjusted EBITDA | $52,615 | $58,920 | $102,239 | $119,485 | | Adjusted net income attributable to common shareholders | $13,523 | $20,083 | $25,335 | $42,090 | | Adjusted diluted earnings per common share | $0.41 | $0.61 | $0.77 | $1.28 | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash flows, capital priorities, debt covenants, and future capital expenditures - Primary liquidity sources are cash flows from operations and borrowings under the **Second Amended and Restated Credit Agreement**[150](index=150&type=chunk) - Capital priorities include investing for growth, maintaining a strong balance sheet, and returning capital to shareholders[151](index=151&type=chunk) - Net cash provided by operating activities increased by **$24.9 million** to **$66.8 million** for the six months ended June 29, 2025, primarily due to favorable timing of collections and marketing spend[153](index=153&type=chunk) - Estimated capital expenditures for 2025 are **$75 million to $85 million**, including **$8 million to $13 million** for tornado damage rebuilding, with anticipated insurance recovery[155](index=155&type=chunk) - Approximately **$90.2 million** remained available under the share repurchase program as of June 29, 2025, with no activity in Q2/H1 2025 or 2024[164](index=164&type=chunk) - The **'One Big Beautiful Bill Act'** is anticipated to result in an estimated **$10 million to $15 million reduction** in cash taxes paid during the second half of 2025[167](index=167&type=chunk) **Financial Covenants as of June 29, 2025:** | Covenant | Permitted Ratio | Actual Ratio | | :-------------------- | :-------------- | :----------- | | Leverage ratio | Not to exceed 5.25 to 1.0 | 3.4 to 1.0 | | Interest coverage ratio | Not less than 2.00 to 1.0 | 3.0 to 1.0 | **Free Cash Flow (in thousands, six months ended):** | Metric | June 29, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Net cash provided by operating activities | $66,843 | $41,957 | | Purchases of property and equipment | $(30,305) | $(29,155) | | **Free cash flow** | **$36,538** | **$12,802** | [Impact of Inflation and Macroeconomic Trends](index=42&type=section&id=Impact%20of%20Inflation%20and%20Macroeconomic%20Trends) This section addresses the effects of inflation, rising costs, and macroeconomic trends on the company's operations - The Company has experienced price increases in food items, labor, benefits, fuel, and other energy costs, impacting profitability directly and indirectly[172](index=172&type=chunk) - Strategies to mitigate inflationary pressures include compensating menu price increases (subject to competitive pressure) and expense control measures[172](index=172&type=chunk) - Proposed tariffs are not currently expected to significantly impact the domestic business, as a substantial proportion of ingredients are sourced domestically[172](index=172&type=chunk) [Forward-Looking Statements](index=42&type=section&id=Forward-Looking%20Statements) This section cautions readers about the inherent risks and uncertainties associated with forward-looking statements - Forward-looking statements are subject to various risks, uncertainties, and assumptions, including macroeconomic conditions, labor costs, supply chain disruptions, cyber-attacks, geopolitical conflicts, and changes in consumer behavior[173](index=173&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to interest rate, foreign currency, and commodity price risks, along with management strategies [Interest Rate Risk](index=43&type=section&id=Interest%20Rate%20Risk) This section discusses the company's exposure to interest rate fluctuations and its use of interest rate swaps - The Company is exposed to interest rate changes on its **PJI Revolving Facility** and **PJMF Revolving Facility**[175](index=175&type=chunk) - Interest rate risk is minimized through the utilization of **interest rate swaps**, which are derivative financial instruments[175](index=175&type=chunk) [Foreign Currency Exchange Rate Risk](index=44&type=section&id=Foreign%20Currency%20Exchange%20Rate%20Risk) This section details the company's exposure to foreign currency fluctuations, primarily from international operations - The Company is exposed to foreign currency exchange rate fluctuations from its International operations, primarily in the UK, which accounted for approximately **8.3%** and **8.0% of revenues** for the three and six months ended June 29, 2025, respectively[177](index=177&type=chunk) - Foreign currency exchange rate fluctuations had a favorable impact of approximately **$2.0 million** on International revenues and **$0.1 million** on operating income for the six months ended June 29, 2025[178](index=178&type=chunk) - The Company has not historically hedged its exposure to foreign currency fluctuations[178](index=178&type=chunk) [Commodity Price Risk](index=44&type=section&id=Commodity%20Price%20Risk) This section addresses the company's exposure to commodity price volatility, especially for food and paper products - The Company is exposed to commodity price fluctuations for food and paper products, with **cheese** being the largest ingredient cost[179](index=179&type=chunk) - Pricing agreements with vendors, including forward pricing for a portion of cheese purchases, are used to manage commodity price risk[179](index=179&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures and reports on changes in internal control over financial reporting [Disclosure Controls and Procedures](index=44&type=section&id=Disclosure%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of the reporting date - The Company's disclosure controls and procedures were evaluated and deemed **effective** as of June 29, 2025[180](index=180&type=chunk) [Changes in Internal Control Over Financial Reporting](index=44&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This section reports no material changes in internal control over financial reporting during the fiscal quarter - There were **no material changes** in the Company's internal control over financial reporting during the fiscal quarter ended June 29, 2025[181](index=181&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates legal proceedings details from the financial statement notes, confirming involvement in lawsuits and accruals - The Company is involved in various lawsuits, claims, investigations, and proceedings arising in the ordinary course of business, with appropriate accruals reflected in the financial statements[182](index=182&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section confirms no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2024[183](index=183&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section updates on the share repurchase program and details stock repurchases for tax withholding obligations [Share Repurchase Program](index=45&type=section&id=Share%20Repurchase%20Program) This section provides an update on the company's share repurchase program and remaining authorization - Approximately **$90.2 million** remained available under the Company's **$425.0 million share repurchase program** as of June 29, 2025, with no activity during the three months ended June 29, 2025[184](index=184&type=chunk) [Repurchases of Stock for Tax Withholdings](index=45&type=section&id=Repurchases%20of%20Stock%20for%20Tax%20Withholdings) This section details common stock acquisitions from employees to satisfy tax withholding obligations - The Company acquired approximately **2,000 shares** of its common stock from employees during the fiscal quarter ended June 29, 2025, to satisfy minimum tax withholding obligations upon vesting of restricted stock[186](index=186&type=chunk) [Item 5. Other Information](index=45&type=section&id=Item%205.%20Other%20Information) This section discloses Rule 10b5-1 trading plans adopted by directors and executive officers [Rule 10b5-1 Trading Plans of Directors and Executive Officers](index=45&type=section&id=Rule%2010b5-1%20Trading%20Plans%20of%20Directors%20and%20Executive%20Officers) This section details the adoption of Rule 10b5-1 trading plans by company executives - **Ravi Thanawala**, Chief Financial Officer & EVP, International, adopted a **Rule 10b5-1(c) trading plan** on May 29, 2025, for the sale of up to **15,400 shares** of common stock[187](index=187&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications, plan amendments, and iXBRL financial statements - Exhibits include certifications from the Chief Executive Officer and Chief Financial Officer, an amendment to the **2018 Omnibus Incentive Plan**, and financial statements formatted in **iXBRL**[189](index=189&type=chunk)

Exhibit 99.1 Avalo Reports Second Quarter 2025 Financial Results and Recent Business Updates WAYNE, PA, August 7, 2025 — Avalo Therapeutics, Inc. (Nasdaq: AVTX), a clinical stage biotechnology company fully dedicated to developing IL-1β-based treatments for immune-mediated inflammatory diseases, today announced business updates and financial results for the second quarter of 2025. "The team has made tremendous progress on the execution of the Phase 2 LOTUS trial in hidradenitis suppurativa (HS). We have enr ...

Exhibit 99.1 Kaltura Announces Financial Results for Second Quarter 2025 NEW YORK, August 7, 2025 -- Kaltura, Inc. (Nasdaq: KLTR, "Kaltura" or the "Company"), the Video Experience Cloud, today announced financial results for the second quarter ended June 30, 2025, as well as outlook for the third quarter and full year 2025. "We exceeded the upper end of all our second quarter guidance ranges, delivering record non-GAAP net profit, an adjusted EBITDA profit that matched last quarter's record high, and strong ...

Exhibit 99.1 Insmed Reports Second-Quarter 2025 Financial Results and Provides Business Update —ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $107.4 Million for the Second Quarter of 2025, Reflecting 19% Growth Over the Second Quarter of 2024— —NDA for Brensocatib in Patients with Bronchiectasis Remains on Track, with a PDUFA Target Action Date of August 12, 2025— —TPIP Program Advancing with Phase 3 Studies Planned to Begin for PH-ILD in the Second Half of 2025 and for PAH in Early 2 ...

```markdown Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) DraftKings Inc.'s unaudited condensed consolidated financial statements as of June 30, 2025, covering balance sheets, operations, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $4.47 billion, liabilities grew to $3.46 billion, and equity remained stable at $1.01 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,261,969 | $788,287 | | Total current assets | $1,786,699 | $1,533,761 | | Goodwill | $1,555,116 | $1,555,116 | | **Total assets** | **$4,474,302** | **$4,283,725** | | **Liabilities & Equity** | | | | Liabilities to users | $724,969 | $979,453 | | Term B Loan, net | $578,499 | $— | | Convertible notes, net | $1,257,751 | $1,256,429 | | **Total liabilities** | **$3,464,674** | **$3,273,099** | | **Total stockholders' equity** | **$1,009,628** | **$1,010,626** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net income significantly improved to $157.9 million on $1.51 billion revenue, a turnaround from prior-year operating loss Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$1,512,507** | **$1,104,441** | **$2,921,313** | **$2,279,437** | | Income (loss) from operations | $150,644 | $(32,388) | $104,313 | $(171,226) | | **Net income (loss)** | **$157,936** | **$63,822** | **$124,072** | **$(78,746)** | | Diluted EPS | $0.30 | $0.10 | $0.23 | $(0.17) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $54.9 million for H1 2025, a significant improvement, with financing providing $253.1 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from Operating Activities | $54,905 | $(41,006) | | Net cash from Investing Activities | $(74,278) | $(456,534) | | Net cash from Financing Activities | $253,134 | $(52,469) | | **Net change in cash** | **$233,761** | **$(550,009)** | | Cash at end of period | $1,563,954 | $1,073,484 | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business operations, accounting policies, recent acquisitions, debt structure, and numerous legal proceedings - DraftKings operates online sports betting (Sportsbook) in **26 of 32 live U.S. jurisdictions** and iGaming in **6 U.S. jurisdictions** as of June 30, 2025[27](index=27&type=chunk)[28](index=28&type=chunk) - The company acquired Jackpocket, a digital lottery courier, on May 22, 2024, for **total consideration of $773.1 million**, **comprising $452.3 million in cash** and **$320.8 million in equity**. This **resulted in $550.4 million of goodwill**[34](index=34&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The company acquired Simplebet, a sports betting provider, on December 3, 2024, for **total consideration of $134.6 million**, including cash, equity, and contingent consideration[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - In March 2025, the company entered into a **$600.0 million Term B Loan facility**, maturing in March 2032[55](index=55&type=chunk) - The company is involved in **numerous legal proceedings**, including patent infringement cases (Winview, Arrow Gaming, Colossus), class action lawsuits regarding promotions and marketplace NFTs, and an IRS audit concerning excise taxation of fantasy sports[102](index=102&type=chunk)[109](index=109&type=chunk)[204](index=204&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial performance, highlighting a 36.9% revenue increase to $1.5 billion, improved net income, and strong KPI growth [Financial Highlights and Trends](index=38&type=section&id=Financial%20Highlights%20and%20Trends) The company reported strong financial growth for Q2 2025, with revenue up 36.9% to $1.51 billion, net income of $157.9 million, and Adjusted EBITDA more than doubled Financial Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,512,507 | $1,104,441 | $2,921,313 | $2,279,437 | | Net Income (Loss) | $157,936 | $63,822 | $124,072 | $(78,746) | | Adjusted EBITDA | $300,644 | $127,967 | $403,273 | $150,357 | - Revenue growth was driven by **continued healthy customer engagement**, **efficient acquisition of new customers**, **expansion of Sportsbook into new jurisdictions**, **higher structural Sportsbook hold percentage**, and the **impact of the Jackpocket acquisition**[217](index=217&type=chunk) [Key Performance Indicators](index=39&type=section&id=Key%20Performance%20Indicators) Key metrics showed positive trends in Q2 2025, with MUPs growing 6.5% to 3.3 million, ARPMUP increasing 29.1% to $151, and Sportsbook Net Revenue Margin improving - Average Monthly Unique Payers (MUPs) increased by **6.5%** to **3.3 million** in Q2 2025, primarily due to **strong retention and acquisition**, along with the **impact of the Jackpocket acquisition**[220](index=220&type=chunk)[227](index=227&type=chunk) - Average Revenue per MUP (ARPMUP) increased by **29.1%** to **$151** in Q2 2025, driven by **improved Sportsbook hold percentage** and **more efficient promotional reinvestment**[225](index=225&type=chunk)[228](index=228&type=chunk) Sportsbook Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Sportsbook Handle | $11,474,841 | $10,793,014 | 6.3% | | Sportsbook Revenue | $997,872 | $686,889 | 45.3% | | Sportsbook Net Revenue Margin | 8.7% | 6.4% | N/A | [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q2 2025 revenue grew 36.9% to $1.51 billion, outpacing cost of revenue, leading to improved gross margin and a shift to $150.6 million operating income - Q2 2025 revenue **increased by $408.1 million (36.9%) YoY**, primarily driven by **a $390.1 million increase** in Sportsbook and iGaming revenue[245](index=245&type=chunk) - Cost of revenue as a percentage of revenue **decreased by 3.6 percentage points** to **56.5%** in Q2 2025, reflecting **improved Sportsbook hold rate and promotional efficiency**[247](index=247&type=chunk) - The company achieved **income from operations of $150.6 million** in Q2 2025, a **significant turnaround** from a **loss of $32.4 million** in Q2 2024[245](index=245&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, DraftKings held $1.26 billion in cash, supported by convertible notes and a new $600 million Term B Loan, with an active stock repurchase program - The company had **$1.26 billion in cash and cash equivalents** as of June 30, 2025, which is believed to be **sufficient for at least the next twelve months**[268](index=268&type=chunk) - In March 2025, the company secured a **new $600 million Term B Loan facility**[271](index=271&type=chunk) - Under its **$1.0 billion stock repurchase program**, the company **repurchased 6.5 million shares for $242.7 million** in the first six months of 2025[273](index=273&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes in market risk exposure occurred during the six months ended June 30, 2025, as referenced in the 2024 Annual Report - There have been **no significant changes** in the company's exposure to market risk during the first six months of 2025[281](index=281&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[282](index=282&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[283](index=283&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings is detailed in Note 13 of the condensed consolidated financial statements, covering patent disputes, class actions, and regulatory inquiries - Information on legal proceedings is detailed in **"Note 13 — Commitments and Contingencies"** of the financial statements[285](index=285&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes from the risk factors previously disclosed in the 2024 Annual Report on Form 10-K - The company refers to the risk factors described in the 2024 Annual Report, indicating **no material changes**[286](index=286&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details on the $1.0 billion stock repurchase program, with approximately 2.9 million shares repurchased during Q2 2025 Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 539,815 | $33.04 | | May 2025 | 190,947 | $35.18 | | June 2025 | 2,141,058 | $35.43 | | **Total Q2** | **2,871,820** | **N/A** | - As of June 30, 2025, approximately **$709.3 million remained available** for future repurchases under the authorized **$1.0 billion program**[288](index=288&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) This section discloses securities trading plans established by directors and executive officers, including CEO Jason Robins' prepaid variable forward sale contract - On May 13, 2025, CEO Jason Robins entered into a **prepaid variable forward sale contract** obligating him to deliver up to **306,997 shares** of Class A common stock after the May 13, 2030 maturity date[294](index=294&type=chunk) - On May 14, 2025, Director Jocelyn Moore entered into a **Rule 10b5-1 trading plan** for the sale of up to **4,861 shares**, terminating on August 29, 2025[295](index=295&type=chunk) ```

[Company Overview and Business Update](index=1&type=section&id=Company%20Overview%20and%20Business%20Update) This section provides an overview of Black Diamond Therapeutics' recent financial results, key clinical developments for silevertinib, and future strategic milestones [Introduction and CEO Commentary](index=1&type=section&id=Introduction%20and%20CEO%20Commentary) Black Diamond Therapeutics announced its Q2 2025 financial results, with the CEO highlighting the completion of silevertinib's Phase 2 enrollment for EGFRm NSCLC and ongoing partnership explorations - Phase 2 clinical trial for silevertinib in newly diagnosed EGFRm NSCLC patients has completed enrollment[3](index=3&type=chunk) - Clinical update data is anticipated in Q4 2025[3](index=3&type=chunk) - Partnership opportunities are being explored to advance silevertinib's pivotal development[3](index=3&type=chunk) [Recent Developments & Upcoming Milestones (Silevertinib)](index=1&type=section&id=Recent%20Developments%20%26%20Upcoming%20Milestones%20(Silevertinib)) The company completed enrollment for silevertinib's Phase 2 trial in first-line non-classical EGFRm NSCLC and plans to release ORR and DOR data in Q4 2025, while seeking partnerships for pivotal development - **silevertinib (BDTX-1535)** Phase 2 clinical trial in first-line non-classical EGFRm NSCLC patients (n=43) has completed enrollment[6](index=6&type=chunk)[7](index=7&type=chunk) - Objective Response Rate (ORR) and preliminary Duration of Response (DOR) data are expected in **Q4 2025**[6](index=6&type=chunk)[7](index=7&type=chunk) - Partnership opportunities are being explored to advance silevertinib's pivotal development in NSCLC and Glioblastoma (GBM)[6](index=6&type=chunk)[7](index=7&type=chunk) - Plans to meet with the FDA in **H1 2026** to discuss the first-line NSCLC development pathway when PFS data becomes available[6](index=6&type=chunk)[7](index=7&type=chunk) [Financial Highlights & Guidance](index=1&type=section&id=Financial%20Highlights%20%26%20Guidance) As of June 30, 2025, Black Diamond Therapeutics held $142.8 million in cash, cash equivalents, and investments, projected to fund operations through Q4 2027, with significant reductions in Q2 2025 R&D and G&A expenses Cash, Cash Equivalents, and Investments | Metric | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :-------------- | | Amount (Million USD) | $142.8 | $98.6 | - Cash runway is projected to support operations through **Q4 2027**[6](index=6&type=chunk)[8](index=8&type=chunk) Operating Cash Usage (Q2) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :------------- | :------------- | :--- | | Net Cash Used (Million USD) | $9.2 | $14.7 | -$5.5 | Research and Development Expenses (Q2) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :------------- | :------------- | :--- | | Amount (Million USD) | $9.3 | $12.6 | -$3.3 | General and Administrative Expenses (Q2) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :------------- | :------------- | :--- | | Amount (Million USD) | $4.1 | $9.6 | -$5.5 | Net Loss (Q2) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :------------- | :------------- | :--- | | Amount (Million USD) | $10.6 | $19.9 | -$9.3 | [About Black Diamond Therapeutics](index=2&type=section&id=About%20Black%20Diamond%20Therapeutics) Black Diamond Therapeutics is a clinical-stage oncology company developing MasterKey therapies for oncogenic mutation families, with a focus on advancing silevertinib in Phase 2 NSCLC trials - Black Diamond Therapeutics is a clinical-stage oncology company developing **MasterKey therapies** for families of oncogenic mutations[9](index=9&type=chunk) - MasterKey therapies aim to address broad genetically defined tumors, overcome resistance, minimize wild-type mediated toxicity, and possess brain penetrance[9](index=9&type=chunk) - The company is advancing a Phase 2 NSCLC trial for **silevertinib**, a brain-penetrant fourth-generation EGFR MasterKey inhibitor[9](index=9&type=chunk) [Financial Results](index=4&type=section&id=Financial%20Results) This section details Black Diamond Therapeutics' condensed consolidated balance sheet data and statements of operations, highlighting significant changes in cash, assets, and net income/loss [Condensed Consolidated Balance Sheet Data](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheet%20Data) As of June 30, 2025, the company's cash, cash equivalents, and investments increased to $142.8 million, total assets rose to $166.4 million, and total stockholders' equity significantly grew to $132.6 million Condensed Consolidated Balance Sheet Data (Unaudited, in Thousands USD) | Metric | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Cash, Cash Equivalents, and Investments (Thousands USD) | $142,829 | $98,575 | | Total Assets (Thousands USD) | $166,385 | $122,640 | | Accumulated Deficit (Thousands USD) | $(441,126) | $(487,107) | | Total Stockholders' Equity (Thousands USD) | $132,610 | $83,285 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) In Q2 2025, the company reported a net loss of $10.6 million, a significant reduction from $19.9 million in Q2 2024, and achieved a net income of $46.0 million for the six months ended June 30, 2025, driven by $70.0 million in license revenue Consolidated Statements of Operations (Unaudited, in Thousands USD, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | License Revenue (Thousands USD) | $— | $— | $70,000 | $— | | Research and Development Expenses (Thousands USD) | $9,319 | $12,556 | $19,825 | $26,101 | | General and Administrative Expenses (Thousands USD) | $4,101 | $9,574 | $9,065 | $16,275 | | Total Operating Expenses (Thousands USD) | $13,420 | $22,130 | $28,890 | $42,376 | | Operating (Loss) Income (Thousands USD) | $(13,420) | $(22,130) | $41,110 | $(42,376) | | Net (Loss) Income (Thousands USD) | $(10,561) | $(19,909) | $45,981 | $(38,134) | | Net (Loss) Income Per Share - Basic (USD) | $(0.19) | $(0.36) | $0.81 | $(0.71) | | Net (Loss) Income Per Share - Diluted (USD) | $(0.19) | $(0.36) | $0.80 | $(0.71) | - For the six months ended June 30, 2025, the company recorded **$70.0 million in license revenue**, contributing to net income[16](index=16&type=chunk) [Legal and Contact Information](index=3&type=section&id=Legal%20and%20Contact%20Information) This section includes forward-looking statements regarding clinical development and financial projections, along with essential contact information for investor relations and media inquiries [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding silevertinib's development, clinical timelines, regulatory feedback, potential collaborations, and cash runway, emphasizing that actual results may differ due to risks - Statements regarding silevertinib's development, clinical trial timelines, regulatory feedback, potential collaborations, and the company's cash runway are forward-looking[12](index=12&type=chunk) - Actual results may differ materially from forward-looking statements due to risks and uncertainties outlined in SEC filings[12](index=12&type=chunk) - The company undertakes no obligation to update such statements to reflect events or circumstances occurring after their publication[12](index=12&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Provides contact details for investor relations and media inquiries - Investor contact: **investors@bdtx.com**[17](index=17&type=chunk) - Media contact: **media@bdtx.com**[17](index=17&type=chunk)

Exhibit 99.1 Crocs, Inc. Reports Solid Second Quarter 2025 Results Led By Both Brands ___________________________________________________________________________ BROOMFIELD, COLORADO — August 7, 2025 — Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its second quarter 2025 financial results. "We reported a solid second quarter with both our Crocs and HEYDUDE brands contributing to our performance, while delivering the highest ever gross profit quarter in com ...

[Corporate Announcements and Financial Outlook](index=1&type=section&id=Corporate%20Announcements%20and%20Financial%20Outlook) [Strategic Transactions](index=1&type=section&id=Strategic%20Transactions) The company announced a strategic asset exchange and an acquisition to optimize its portfolio - Martin Marietta will exchange its Midlothian cement plant and North Texas ready-mixed concrete assets with Quikrete[1](index=1&type=chunk) - In return for its cement and concrete assets, Martin Marietta will receive aggregates operations producing approximately **20 million tons** annually and **$450 million in cash**, with the transaction expected to close in **Q1 2026**[1](index=1&type=chunk) - On July 25, 2025, the company completed the acquisition of **Premier Magnesia, LLC**, a producer of magnesia-based products, enhancing its leadership position in this market[2](index=2&type=chunk) - These transactions are part of the company's **SOAR 2025 strategic plan** to improve its portfolio and focus on long-term earnings growth through an aggregates-led business model[3](index=3&type=chunk)[4](index=4&type=chunk) [Second-Quarter Earnings Preview and Full-Year 2025 Guidance](index=1&type=section&id=Second-Quarter%20Earnings%20Preview%20and%20Full-Year%202025%20Guidance) The company previewed strong Q2 2025 results and raised its full-year Adjusted EBITDA guidance Preliminary Second-Quarter 2025 Results | Metric | Expected Value (in millions) | | :--- | :--- | | Revenues | $1,810 | | Net Earnings Attributable to Martin Marietta | $328 | | Adjusted EBITDA | $630 | - The company raised its full-year 2025 Adjusted EBITDA guidance to a midpoint of **$2.30 billion**[5](index=5&type=chunk) - The revised guidance reflects strong first-half results and includes expected contributions from the **Premier acquisition** for the last five months of 2025[5](index=5&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) The company will host its Q2 2025 earnings conference call and webcast on August 7, 2025 - The Q2 2025 earnings conference call is scheduled for **Thursday, August 7, 2025, at 10:00 a.m. Eastern Time**[7](index=7&type=chunk) - A live webcast and supplemental information will be accessible on the Investors section of the company's website, **www.martinmarietta.com**[8](index=8&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report outlines forward-looking statements and associated risks impacting company performance - The company warns that forward-looking statements regarding future revenues, performance, and economic trends involve **risks and uncertainties** and may not be accurate[12](index=12&type=chunk)[13](index=13&type=chunk) - Key operational and market risks include **shipment declines** from economic or weather events, fluctuations in **materials pricing**, changes in **public infrastructure spending**, and **unfavorable weather** conditions[14](index=14&type=chunk) - Economic and external risks include volatility of **fuel and energy costs**, **supply chain challenges**, **labor shortages**, **inflation**, **geopolitical conflicts**, and **cybersecurity threats**[15](index=15&type=chunk) - Risks specific to the Quikrete transaction include the ability to obtain **regulatory approvals**, satisfy **closing conditions**, and potential **integration challenges**[17](index=17&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) The report defines Adjusted EBITDA and reconciles it to comparable GAAP net earnings measures - **Adjusted EBITDA** is a non-GAAP financial measure used by management and investors to evaluate the company's operating performance from period to period[9](index=9&type=chunk)[20](index=20&type=chunk) Reconciliation of Net Earnings to Adjusted EBITDA (Q2) | Metric (Dollars in Millions) | 2025 | 2024 | | :--- | :---: | :---: | | **Net earnings attributable to Martin Marietta** | **$328** | **$294** | | Interest expense, net of interest income | 56 | 33 | | Income tax expense for controlling interests | 83 | 78 | | DD&A and earnings/loss from nonconsolidated equity affiliates | 163 | 140 | | Acquisition, divestiture and integration expenses | — | 19 | | Impact of selling acquired inventory after markup | — | 20 | | **Adjusted EBITDA** | **$630** | **$584** | Reconciliation for 2025 Adjusted EBITDA Guidance | Metric (Dollars in Millions) | Mid-Point of Range | | :--- | :--- | | **Net earnings attributable to Martin Marietta** | **$1,140** | | Interest expense, net of interest income | 225 | | Income tax expense for controlling interests | 290 | | DD&A and earnings/loss from nonconsolidated equity affiliates | 645 | | **Adjusted EBITDA** | **$2,300** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Virginia 54-1972729 (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification no.) 700 US Highway 202/206, Bridgewater, New Jersey 08807 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transiti ...