UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-39992 Immunocore Holdings plc (Exact name of registrant as specified in its charter) | England and Wales | Not Ap ...

Exhibit 99.1 Vistra Reports Second Quarter 2025 Results Earnings Release Highlights IRVING, Texas, Aug. 7, 2025 — Vistra Corp. (NYSE: VST) today reported its second quarter 2025 financial results and other highlights. "With power demand rising, our team at Vistra remains steadfast in our commitment to reliably power American homes and businesses, providing a critical foundation for the U.S. economy," said Jim Burke, president and CEO of Vistra. "This quarter, we solidified several opportunities to expand ou ...

[Evergy Second Quarter 2025 Financial Results](index=1&type=section&id=Evergy%20Second%20Quarter%202025%20Financial%20Results) Evergy's Q2 2025 financial results show a decrease in EPS, driven by weather and higher expenses, with reaffirmed full-year guidance [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Evergy reported a decline in Q2 2025 GAAP and adjusted EPS, declared a **$0.6675** dividend, and reaffirmed its full-year adjusted EPS guidance Q2 2025 vs Q2 2024 Earnings Per Share (EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **GAAP EPS** | $0.74 | $0.90 | | **Adjusted EPS (non-GAAP)** | $0.82 | $0.90 | - A quarterly dividend of **$0.6675 per share** was declared by the Board of Directors[7](index=7&type=chunk)[8](index=8&type=chunk) - The company reaffirmed its 2025 adjusted (non-GAAP) EPS guidance range of **$3.92 to $4.12**[4](index=4&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) [Performance Analysis](index=1&type=section&id=Performance%20Analysis) Q2 2025 adjusted EPS decline was driven by unfavorable weather, higher O&M, interest, and depreciation, partially offset by regulated investment recovery and demand growth - Milder weather was a key negative driver, causing a **26% decrease** in cooling degree days compared to Q2 2024[3](index=3&type=chunk) - Earnings were also negatively impacted by higher operations and maintenance (O&M) expense, interest, and depreciation[3](index=3&type=chunk) - Partially offsetting factors included increased revenue from the recovery of regulated investments and growth in weather-normalized demand[3](index=3&type=chunk) [Management Commentary and Business Updates](index=1&type=section&id=Management%20Commentary%20and%20Business%20Updates) CEO David Campbell emphasized financial target delivery and customer service, noting a unanimous Kansas rate case settlement and approvals for new natural gas and solar projects - The company remains focused on delivering against its financial targets and serving its **1.7 million customers**[4](index=4&type=chunk) - A unanimous settlement agreement was announced in the Kansas Central rate case, which awaits approval from the Kansas Corporation Commission (KCC)[5](index=5&type=chunk) - Evergy received approval for new natural gas and solar projects in both Kansas and Missouri[5](index=5&type=chunk) [Financial Outlook and Guidance](index=1&type=section&id=Financial%20Outlook%20and%20Guidance) Evergy reaffirmed its 2025 adjusted EPS guidance of **$3.92 to $4.12** and its long-term annual adjusted EPS growth target of **4% to 6%** through 2029 - The 2025 adjusted EPS (non-GAAP) guidance is reaffirmed at a range of **$3.92 to $4.12**[6](index=6&type=chunk) - The long-term adjusted EPS (non-GAAP) annual growth target is reaffirmed at **4% to 6%** through 2029, based on the 2025 guidance midpoint of **$4.02**[6](index=6&type=chunk) - The company anticipates adjusted EPS growth to be in the **upper half of the 4% to 6% range** beginning in 2026[6](index=6&type=chunk) [Dividend Declaration](index=2&type=section&id=Dividend%20Declaration) The Board of Directors declared a quarterly cash dividend of **$0.6675 per share**, payable September 19, 2025, to shareholders of record on August 22, 2025 Quarterly Dividend Details | Detail | Information | | :--- | :--- | | **Dividend per Share** | $0.6675 | | **Record Date** | August 22, 2025 | | **Payment Date** | September 19, 2025 | [Reconciliation of GAAP to Non-GAAP Measures](index=2&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Evergy reconciles GAAP to non-GAAP adjusted earnings by excluding items like mark-to-market impacts and investment losses, with Q2 2025 GAAP net income of **$171.3 million** adjusting to **$191.1 million** - Adjusted earnings (non-GAAP) are used by management to evaluate recurring earnings by excluding items like mark-to-market impacts of hedges and unrealized losses from certain investments[11](index=11&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) Reconciliation of Net Income to Adjusted Earnings (Unaudited, in millions) | Three Months Ended June 30 | 2025 | 2024 | | :--- | :--- | :--- | | **Net income attributable to Evergy, Inc. (GAAP)** | **$171.3** | **$207.0** | | Losses from investments, pre-tax | $25.4 | — | | Income tax benefit | ($5.6) | — | | **Adjusted earnings (non-GAAP)** | **$191.1** | **$207.0** | | **Diluted EPS (GAAP)** | **$0.74** | **$0.90** | | **Adjusted EPS (non-GAAP)** | **$0.82** | **$0.90** | Year-to-Date Reconciliation of Net Income to Adjusted Earnings (Unaudited, in millions) | Year to Date June 30 | 2025 | 2024 | | :--- | :--- | :--- | | **Net income attributable to Evergy, Inc. (GAAP)** | **$296.3** | **$329.7** | | Mark-to-market impact of JEC hedges, pre-tax | — | $2.6 | | Losses from investments, pre-tax | $29.0 | — | | Income tax benefit | ($6.4) | ($0.06) | | **Adjusted earnings (non-GAAP)** | **$318.9** | **$331.7** | | **Diluted EPS (GAAP)** | **$1.28** | **$1.43** | | **Adjusted EPS (non-GAAP)** | **$1.37** | **$1.44** | [Corporate Information and Disclosures](index=4&type=section&id=Corporate%20Information%20and%20Disclosures) This section outlines Evergy's corporate profile, forward-looking statement disclaimers, and investor and media contact information [About Evergy](index=4&type=section&id=About%20Evergy) Evergy, Inc. is an energy company serving **1.7 million customers** in Kansas and Missouri, with approximately **50%** of its power from carbon-free sources - Serves **1.7 million customers** in Kansas and Missouri[21](index=21&type=chunk) - Approximately **50%** of Evergy's power is derived from carbon-free sources[21](index=21&type=chunk) [Forward Looking Statements](index=4&type=section&id=Forward%20Looking%20Statements) This section cautions that forward-looking statements regarding strategic plans and financial targets are subject to risks like economic conditions and regulatory actions, and are not guarantees of future performance - Forward-looking statements regarding strategic plans, earnings goals, and future operations are not guarantees of future performance and involve risks[23](index=23&type=chunk) - Key risks include economic and weather conditions, regulatory actions, changes in electricity demand, and financial market volatility[24](index=24&type=chunk) - The company advises against placing undue reliance on these statements and directs investors to its SEC filings for a more comprehensive list of risk factors[26](index=26&type=chunk) [Investor and Media Contacts](index=5&type=section&id=Investor%20and%20Media%20Contacts) This section provides essential contact information for investor relations and media inquiries Contact Information | Department | Contact Person | Title | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | **Investor Relations** | Pete Flynn | Sr. Director, Investor Relations & Insurance | 816-652-1060 | Peter.Flynn@evergy.com | | **Media** | Gina Penzig | Director, Corporate Communications | 785-508-2410 | Gina.Penzig@evergy.com |

[Overview of Q2 2025 Performance](index=1&type=section&id=PAPA%20JOHNS%20ANNOUNCES%20SECOND%20QUARTER%202025%20FINANCIAL%20RESULTS) Papa Johns reported solid second-quarter results, exceeding expectations with comparable sales growth in North America and internationally, though net income and adjusted EBITDA declined due to increased investments [Second Quarter 2025 Highlights](index=1&type=section&id=Highlights) Papa Johns reported a solid second quarter, exceeding expectations with a return to comparable sales growth in North America (+1%) and strong international growth (+4%), while total revenues increased by 4% to $529 million, net income and adjusted EBITDA declined to $10 million and $53 million respectively, primarily due to increased marketing investments and higher operating costs - CEO Todd Penegor stated that Q2 results exceeded expectations, with the company's strategy driving transaction gains and winning more customer visits[3](index=3&type=chunk) - The company opened 45 new restaurants system-wide in Q2, consisting of 19 in North America and 26 internationally[4](index=4&type=chunk) Q2 2025 Key Performance Indicators | Metric | Q2 2025 | Change vs. Q2 2024 | | :--- | :--- | :--- | | North America Comparable Sales | +1% | N/A | | International Comparable Sales | +4% | N/A | | Global System-wide Restaurant Sales | $1.26 billion | +4% | | Total Revenues | $529 million | +4% | | Net Income | $10 million | -23% | | Adjusted EBITDA | $53 million | -11% | | Diluted EPS | $0.28 | ($0.09) | | Adjusted Diluted EPS | $0.41 | ($0.20) | [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) The company's financial performance in Q2 2025 showed revenue growth but profitability compression, with total revenues rising 4.2% to $529.2 million, mainly from commissary revenues, while net income fell to $9.7 million and adjusted EBITDA decreased to $52.6 million due to higher G&A, marketing, and operating costs [Revenue and Sales](index=2&type=section&id=Revenue%20and%20Sales) Total revenues grew by $21.3 million (4.2%) year-over-year, primarily fueled by a $20.3 million increase in Commissary revenues and positive contributions from franchise royalties and advertising funds, partially offset by a $5.7 million decrease in Company-owned restaurant revenues due to UK refranchising and closures, with global system-wide sales increasing 4% to $1.26 billion - The primary driver of the **4.2% revenue increase** was a **$20.3 million rise in Commissary revenues**[6](index=6&type=chunk) - Company-owned restaurant revenues decreased by **$5.7 million**, mainly due to the refranchising or closure of 105 UK locations, which caused an **$8.2 million revenue drop** from International Company-owned restaurants[7](index=7&type=chunk) System-Wide Sales Growth (Q2 2025 vs Q2 2024) | Region | System-Wide Sales | Growth (YoY) | | :--- | :--- | :--- | | North America | $928 million | +3% | | International | $328 million | +7% | | **Global Total** | **$1.26 billion** | **+4%** | [Profitability and Earnings](index=2&type=section&id=Profitability%20and%20Earnings) Profitability declined in Q2 2025, with net income falling to $9.7 million from $12.5 million and adjusted EBITDA decreasing to $52.6 million from $58.9 million, driven by higher G&A expenses for marketing and loyalty program investments, a $3.7 million increase in incentive compensation, and rising food and labor costs, resulting in lower diluted and adjusted diluted EPS - Net income decreased by **$2.9 million**, as higher revenues were more than offset by increased G&A expenses (marketing, loyalty program), higher incentive compensation, and rising food and labor costs[8](index=8&type=chunk) - Adjusted EBITDA decreased by **$6.3 million**, primarily due to the same factors impacting net income, including incremental investments in marketing and higher operating costs[10](index=10&type=chunk) Earnings Per Share (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted EPS | $0.28 | $0.37 | | Adjusted Diluted EPS | $0.41 | $0.61 | [Global Restaurant Development](index=4&type=section&id=Global%20Restaurant%20Development) As of June 29, 2025, Papa Johns operated 5,989 restaurants across 50 countries, with 45 new openings and 75 closures in the second quarter, resulting in a net decline of 30 restaurants, heavily concentrated in international franchised locations, though the company achieved a net growth of 106 restaurants over the trailing four quarters - The total number of restaurants stood at **5,989** at the end of Q2 2025, down from 6,019 at the beginning of the quarter[16](index=16&type=chunk) - Over the trailing four quarters, the company achieved a net restaurant growth of **106 units**, with North America adding 70 and International adding 36[16](index=16&type=chunk) Q2 2025 Restaurant Activity | Region | Opened | Closed | Net Change | | :--- | :--- | :--- | :--- | | North America | 19 | 18 | +1 | | International | 26 | 57 | (31) | | **System-wide Total** | **45** | **75** | **(30)** | [Cash Flow and Shareholder Returns](index=5&type=section&id=Cash%20Flow%20and%20Shareholder%20Returns) For the first six months of 2025, free cash flow significantly increased to $36.5 million, compared to $12.8 million in the same period last year, driven by improved working capital and timing of marketing fund payments, while the company continued its commitment to shareholder returns, paying a cash dividend of $0.46 per share in the second quarter and declaring an identical dividend for the third quarter - The Board of Directors declared a third-quarter dividend of **$0.46 per common share**, payable on August 29, 2025[20](index=20&type=chunk) Free Cash Flow (Six Months Ended) | (in thousands) | 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** | [Fiscal 2025 Outlook](index=3&type=section&id=2025%20Outlook) The company reiterated most of its 2025 annual guidance while raising the forecast for International comparable sales to up 2% to 4%, with system-wide sales growth remaining at 2% to 5% and adjusted EBITDA projected between $200 million and $220 million - The company raised its guidance range for International comparable sales from 'flat to up 2%' to '**up 2% to 4%**'[12](index=12&type=chunk)[13](index=13&type=chunk) Updated Fiscal 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | System-wide sales | Up 2% to 5% | | North America comparable sales | Flat to up 2% | | **International comparable sales** | **Up 2% to 4% (Raised)** | | North America gross openings | 85 to 115 | | International gross openings | 180 to 200 | | Adjusted EBITDA | $200 million to $220 million | | Capital expenditures | $75 million to $85 million | [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statements of operations, balance sheets, and cash flows, providing a detailed overview of its financial position and performance [Condensed Consolidated Statements of Operations](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, total revenues increased to $529.2 million from $507.9 million in the prior year, but due to higher costs and expenses, which rose to $504.7 million, operating income declined to $24.5 million from $28.2 million, and net income for the quarter was $9.7 million, a decrease from $12.5 million in Q2 2024 Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | $529,166 | $507,894 | | Total costs and expenses | $504,676 | $479,668 | | Operating income | $24,490 | $28,226 | | Net income | $9,671 | $12,536 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 29, 2025, the company's balance sheet showed total assets of $890.4 million, a slight increase from $889.0 million at year-end 2024, with total liabilities also seeing a small increase to $1.306 billion and a stockholders' deficit of $416.8 million, while cash and cash equivalents stood at $33.3 million, down from $38.0 million at the end of 2024 Balance Sheet Summary (in thousands) | Account | June 29, 2025 | Dec 29, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $33,299 | $37,955 | | Total current assets | $238,787 | $230,605 | | Total assets | $890,442 | $888,952 | | Long-term debt, net | $726,281 | $741,650 | | Total liabilities | $1,306,304 | $1,302,265 | | Total Stockholders' deficit | ($416,754) | ($414,216) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 29, 2025, net cash provided by operating activities was $66.8 million, a significant improvement from $42.0 million in the prior year period, while net cash used in investing activities was $19.4 million and net cash used in financing activities was $52.8 million, primarily due to dividend payments and net repayments of credit facilities, resulting in a net decrease in cash of $4.7 million for the period Cash Flow Summary - Six Months Ended (in thousands) | 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) | | **Change in cash and cash equivalents** | **($4,656)** | **($16,282)** | [Segment Information](index=14&type=section&id=Segment%20Information) The company's performance is evaluated across four reportable segments based on adjusted EBITDA, with North America franchising being the most profitable segment in Q2 2025 at $26.8 million, followed by North America commissaries at $19.7 million, while Domestic Company-owned restaurants saw a decline in profitability to $9.9 million and the International segment's adjusted EBITDA improved to $5.6 million - The North America commissaries segment showed the largest year-over-year growth in adjusted EBITDA, increasing by over **$4.6 million**[45](index=45&type=chunk) - The Domestic Company-owned restaurants segment experienced the largest decline in adjusted EBITDA, falling by approximately **$3.6 million** compared to the prior year[45](index=45&type=chunk) Segment Adjusted EBITDA (Q2 2025 vs Q2 2024, in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Domestic Company-owned restaurants | $9,864 | $13,474 | | North America franchising | $26,843 | $27,207 | | North America commissaries | $19,652 | $15,042 | | International | $5,637 | $3,713 | [Supplemental Information](index=8&type=section&id=Supplemental%20Information) This section provides additional financial details, including reconciliations of non-GAAP financial measures and definitions of key performance metrics used throughout the report [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The company provides non-GAAP measures like adjusted EBITDA and adjusted diluted EPS to help investors assess operating performance, with Net Income of $9.7 million for Q2 2025 reconciled to Adjusted EBITDA of $52.6 million by adding back items such as interest, taxes, D&A, stock-based compensation ($3.8M), international restructuring costs ($2.5M), and other costs ($3.0M) - Adjustments for 'Other costs' in Q2 2025 included losses on equipment disposal from a terminated COVID-era program, costs for strategic initiatives, and costs related to tornado damage[36](index=36&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Q2 2025, in thousands) | Line Item | Amount | | :--- | :--- | | **Net income** | **$9,671** | | Income tax expense | $4,235 | | Net interest expense | $10,584 | | Depreciation and amortization | $18,819 | | Stock-based compensation expense | $3,824 | | International restructuring costs | $2,451 | | Other costs | $3,031 | | **Adjusted EBITDA** | **$52,615** | [Definitions](index=8&type=section&id=Definitions) This section defines key performance metrics used in the report, such as "Comparable sales" and "Global system-wide restaurant sales," which are reported on a constant dollar basis for international locations and are considered useful for analyzing results and evaluating brand strength - Comparable sales and Global system-wide restaurant sales for international locations are reported on a constant dollar basis to exclude the impact of foreign currency translation[30](index=30&type=chunk) - The company believes these metrics are useful for analyzing results, comparing to industry trends, and evaluating brand strength, as franchisee payments are based on a percentage of their sales[30](index=30&type=chunk)

JANUS INTERNATIONAL GROUP REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Delivered $228.1 Million in Total Revenue Generated Net Income of $20.7 Million, or $0.15 Per Diluted Share, with Adjusted Earnings Per Share* of $0.20 Achieved Adjusted EBITDA* of $49.0 Million and Adjusted EBITDA Margin* of 21.5% Deployed $10.1 Million into Share Repurchases Reaf irmed Full-year 2025 Revenue and Adjusted EBITDA Guidance TEMPLE, GA, August 7, 2025 – Janus International Group, Inc. (NYSE: JBI) ("Janus" or the "Company") ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Liquidity Services achieved record GMV and double-digit earnings growth in Q3 FY25, driven by strategic investments and marketplace expansion [Company Overview and Q3 FY25 Performance Highlights](index=1&type=section&id=Company%20Overview%20and%20Q3%20FY25%20Performance%20Highlights) Liquidity Services reported strong Q3 FY25 results with record GMV and double-digit earnings growth, reflecting successful strategic investments - Liquidity Services attributes strong Q3 FY25 financial results to leading technology-enabled marketplaces, growing buyer network, and disciplined execution[1](index=1&type=chunk) - Strategic investments in software, platform innovation, marketing, and sales are enabling greater market share capture and enhanced value for sellers and buyers[1](index=1&type=chunk) Q3 FY25 Consolidated Financial Highlights (YoY Growth) | Metric | Q3 FY25 Value (in millions) | Q3 FY24 Value (in millions) | YoY Change | | :----------------------------- | :-------------------------- | :-------------------------- | :--------- | | Gross Merchandise Volume (GMV) | $413.0 | $380.4 | +9% | | Revenue | $119.9 | $93.6 | +28% | | GAAP Net Income | $7.4 | $6.0 | +24% | | GAAP Diluted EPS | $0.23 (dollars) | $0.19 (dollars) | +21% | | Non-GAAP Adjusted EBITDA | $17.0 | $14.7 | +16% | | Non-GAAP Adjusted EPS | $0.34 (dollars) | $0.30 (dollars) | +13% | | Cash balances | $167.0 | N/A | N/A | [Third Quarter Fiscal Year 2025 Financial Results](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Financial%20Results) This section details Liquidity Services' consolidated and segment-specific financial performance for Q3 FY25, including key operational metrics [Consolidated Financial Highlights](index=1&type=section&id=Consolidated%20Financial%20Highlights) Q3 FY25 saw significant year-over-year growth in key financial metrics, including record GMV and revenue, with double-digit increases in GAAP and Non-GAAP earnings Q3 FY25 Consolidated Financial Performance (YoY) | Metric | Q3 FY25 (in millions) | Q3 FY24 (in millions) | Change | | :----------------------------- | :-------------------- | :-------------------- | :----- | | GMV | $413.0 | $380.4 | +9% | | Revenue | $119.9 | $93.6 | +28% | | GAAP Net Income | $7.4 | $6.0 | +24% | | GAAP Diluted EPS | $0.23 (dollars) | $0.19 (dollars) | +21% | | Non-GAAP Adjusted EBITDA | $17.0 | $14.7 | +16% | | Non-GAAP Adjusted Net Income | $11.1 | $9.5 | +17% | | Non-GAAP Adjusted EPS | $0.34 (dollars) | $0.30 (dollars) | +13% | | Cash balances | $167.0 | N/A | N/A | - Consignment sales represented **83% of consolidated GMV** for Q3 FY25[7](index=7&type=chunk) [Segment Financial Results](index=3&type=section&id=Segment%20Financial%20Results) All reportable segments contributed to Q3 FY25 growth, with RSCG and Machinio & Software Solutions showing particularly strong revenue increases - Segment direct profit is calculated as total revenue less cost of goods sold (excluding depreciation and amortization)[8](index=8&type=chunk) [GovDeals](index=3&type=section&id=GovDeals) GovDeals achieved record quarterly GMV and revenue in Q3 FY25, driven by new seller acquisition and service expansion, with revenue growth outpacing GMV GovDeals Q3 FY25 Performance (YoY) | Metric | Q3 FY25 (in thousands) | Q3 FY24 (in thousands) | YoY Change | | :------------------ | :--------------------- | :--------------------- | :--------- | | GMV | $252,291 | $249,652 | +1% | | Total revenue | $23,966 | $22,109 | +8% | | Segment direct profit | $22,160 | $20,716 | +7% | | % of Total revenue | 92% | 94% | -2 ppts | - Growth from new seller acquisition, service expansion, and record seller listing activity were partially offset by lower market prices for vehicles and lower take-rate real estate foreclosure auction activity[7](index=7&type=chunk) [RSCG](index=3&type=section&id=RSCG) RSCG saw substantial Q3 FY25 GMV and revenue growth from retail client expansion and increased purchase model volumes, achieving record direct profit RSCG Q3 FY25 Performance (YoY) | Metric | Q3 FY25 (in thousands) | Q3 FY24 (in thousands) | YoY Change | | :------------------ | :--------------------- | :--------------------- | :--------- | | GMV | $102,556 | $78,950 | +30% | | Total revenue | $81,544 | $58,764 | +39% | | Segment direct profit | $19,371 | $17,365 | +12% | | % of Total revenue | 24% | 30% | -6 ppts | [CAG](index=3&type=section&id=CAG) CAG's GMV increased by **12%** in Q3 FY25, driven by heavy equipment consignment sales, with revenue up **6%** despite economic uncertainties CAG Q3 FY25 Performance (YoY) | Metric | Q3 FY25 (in thousands) | Q3 FY24 (in thousands) | YoY Change | | :------------------ | :--------------------- | :--------------------- | :--------- | | GMV | $58,160 | $51,838 | +12% | | Total revenue | $9,161 | $8,650 | +6% | | Segment direct profit | $8,460 | $7,430 | +14% | | % of Total revenue | 92% | 86% | +6 ppts | - Certain industrial categories and regions experienced tempered activity due to economic and tariff-related supply chain uncertainty[7](index=7&type=chunk) [Machinio & Software Solutions](index=3&type=section&id=Machinio%20%26%20Software%20Solutions) Machinio & Software Solutions achieved a **27%** revenue increase in Q3 FY25, driven by subscription growth, pricing adjustments, and the Auction Software acquisition Machinio & Software Solutions Q3 FY25 Performance (YoY) | Metric | Q3 FY25 (in thousands) | Q3 FY24 (in thousands) | YoY Change | | :------------------ | :--------------------- | :--------------------- | :--------- | | Total revenue | $5,221 | $4,106 | +27% | | Segment direct profit | $4,790 | $3,906 | +23% | | % of Total revenue | 92% | 95% | -3 ppts | [Operational Metrics](index=4&type=section&id=Operational%20Metrics) Q3 FY25 operational metrics showed healthy growth in buyer engagement and transaction volume, with significant year-over-year increases across key indicators Q3 FY25 Operational Metrics (YoY) | Metric | Q3 FY25 (in millions) | Q3 FY24 (in millions) | YoY Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Registered Buyers | 5.9 | 5.4 | +9% | | Auction Participants | 1,098,000 (in thousands) | 1,016,000 (in thousands) | +8% | | Completed Transactions | 286,000 (in thousands) | 263,000 (in thousands) | +9% | [Fourth Quarter Fiscal Year 2025 Business Outlook](index=5&type=section&id=Fourth%20Quarter%20Fiscal%20Year%202025%20Business%20Outlook) This section provides Liquidity Services' Q4 FY25 guidance, segment-specific outlooks, and key trends and assumptions influencing future financial performance [Q4 FY25 Guidance](index=5&type=section&id=Q4%20FY25%20Guidance) Liquidity Services anticipates solid double-digit annual growth for FY25, with Q4 guidance reflecting seasonality and continued year-over-year growth in most segments Q4 FY25 Guidance | Metric | Q4 FY25 Guidance Range | | :-------------------------- | :--------------------- | | GMV | $355 to $390 million | | GAAP Net Income | $5.0 to $8.0 million | | Non-GAAP Adjusted EBITDA | $13.0 to $16.0 million | | GAAP Diluted EPS | $0.15 to $0.25 (dollars) | | Non-GAAP Adjusted Diluted EPS | $0.24 to $0.34 (dollars) | - Consolidated consignment GMV is expected to remain in the low eighties as a percentage of total GMV[17](index=17&type=chunk) - Consolidated revenue as a percentage of GMV is expected to be slightly below **thirty percent**[17](index=17&type=chunk) - Total segment direct profits as a percentage of consolidated revenue are expected to be in the **mid-forty percent range**[17](index=17&type=chunk) [Segment-Specific Outlook](index=5&type=section&id=Segment-Specific%20Outlook) Q4 FY25 projects solid year-over-year growth for CAG and GovDeals, flat GMV and revenue for RSCG, and continued growth for Machinio and Software Solutions - CAG segment is expected to grow its top-line year-over-year, led by the heavy equipment category, despite economic uncertainties[14](index=14&type=chunk) - GovDeals, Machinio, and newly established Software Solutions businesses are expected to continue year-over-year growth[14](index=14&type=chunk) - RSCG's GMV and revenue are expected to be flat year-over-year for Q4 FY25, with segment direct profit slightly down due to product mix and pricing changes[15](index=15&type=chunk) - Start-up costs for the expansion of RSCG's direct-to-consumer online auction and local pick-up initiative in Columbus, Ohio, are included in guidance[16](index=16&type=chunk) [Key Trends and Assumptions](index=5&type=section&id=Key%20Trends%20and%20Assumptions) Q4 FY25 outlook considers transaction and product mix fluctuations, digital economy adoption, economic conditions, and ongoing R&D and business development investments [Potential Impacts to GMV, Revenue, Segment Direct Profits](index=5&type=section&id=Potential%20Impacts%20to%20GMV%2C%20Revenue%2C%20Segment%20Direct%20Profits) GMV, revenue, and segment direct profits are influenced by transaction mix, RSCG inventory, GovDeals real estate timing, digital economy adoption, and economic conditions - Fluctuations in the mix of purchase and consignment transactions can impact revenue as a percent of GMV and segment direct profit as a percentage of revenue[17](index=17&type=chunk) - Variability in RSCG's inventory product mix can cause changes in revenues and/or segment direct profit as a percentage of revenue[17](index=17&type=chunk) - Real estate transactions in GovDeals are subject to significant variability due to postponements, cancellations, or changes in property values[17](index=17&type=chunk) - Continued growth is expected from the acceleration of broader market adoption of the digital economy, particularly in GovDeals and RSCG[17](index=17&type=chunk) - Changes in economic, political, or international trading conditions could impact operating results by affecting sellers' or buyers' financial stability[18](index=18&type=chunk) [Potential Impacts to Operating Expenses](index=7&type=section&id=Potential%20Impacts%20to%20Operating%20Expenses) Operating expenses may be impacted by R&D spending, business development investments, and RSCG warehouse operating requirements due to product volumes - Continued R&D spending to support software solutions and enhance marketing, analytics, and payment optimization[21](index=21&type=chunk) - Spending in business development activities to capture market opportunities with efficient payback periods[21](index=21&type=chunk) - Variability in volumes and sourcing locations of products handled by RSCG can cause fluctuations in warehouse capacity and related operating expense requirements[21](index=21&type=chunk) [Potential Impacts to GAAP Net Income and EPS and Non-GAAP Adjusted Net Income and Adjusted EPS](index=7&type=section&id=Potential%20Impacts%20to%20GAAP%20Net%20Income%20and%20EPS%20and%20Non-GAAP%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Net income and EPS impacts include stock compensation fluctuations, an FY25 ETR of **25% to 31%**, and increased cash taxes due to full NOL utilization in Q2-25 - Changes in financial performance could cause fluctuations in stock compensation expense for performance-based awards[21](index=21&type=chunk) - FY25 annual effective tax rate (ETR) is expected to range from approximately **25% to 31%**, with Q4-25 tax expense potentially appearing higher (low-to-mid **30% range**) due to normalization from earlier discrete benefits[21](index=21&type=chunk) - Cash paid for income taxes is expected to increase in FY25 as the remaining US federal net operating loss carryforward position was fully utilized in Q2-25[21](index=21&type=chunk) - Diluted weighted average shares outstanding are expected to be approximately **32.5 to 33.0 million**[21](index=21&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations of GAAP Net Income to Non-GAAP EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS, along with explanations of these non-GAAP measures [Non-GAAP EBITDA and Adjusted EBITDA Reconciliation](index=8&type=section&id=Non-GAAP%20EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This section reconciles GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA, excluding items not indicative of core operating performance Reconciliation of Net Income to Non-GAAP EBITDA and Adjusted EBITDA (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Net income | $7,410 | $6,000 | | Interest and other income, net | $(1,127) | $(891) | | Provision for income taxes | $3,885 | $2,702 | | Depreciation and amortization | $2,657 | $3,199 | | **Non-GAAP EBITDA** | **$12,825** | **$11,010** | | Stock compensation expense | $3,512 | $2,617 | | Acquisition-related costs | $50 | $1,080 | | Business realignment expenses | $618 | — | | **Non-GAAP Adjusted EBITDA** | **$17,005** | **$14,707** | [Non-GAAP Adjusted Net Income and EPS Reconciliation](index=9&type=section&id=Non-GAAP%20Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) This section reconciles Non-GAAP Adjusted Net Income and EPS, adjusting for stock compensation, intangible amortization, acquisition costs, and tax impacts Reconciliation of Net Income to Non-GAAP Adjusted Net Income and EPS (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Net income | $7,410 | $6,000 | | Stock compensation expense | $3,512 | $2,617 | | Intangible asset amortization | $828 | $1,084 | | Acquisition-related costs | $50 | $1,080 | | Business realignment expenses | $618 | — | | Income tax impact on the adjustment items | $(1,272) | $(1,291) | | **Non-GAAP Adjusted net income** | **$11,146** | **$9,490** | | Non-GAAP Adjusted basic earnings per share | $0.36 (dollars) | $0.31 (dollars) | | Non-GAAP Adjusted diluted earnings per share | $0.34 (dollars) | $0.30 (dollars) | | Basic weighted average shares outstanding | 31,157,183 | 30,388,675 | | Diluted weighted average shares outstanding | 32,497,238 | 31,464,461 | - Tax rates used to estimate the impact of income taxes on non-GAAP adjustments were **25%** for Q3 FY25 and **27%** for Q3 FY24[25](index=25&type=chunk) [Explanation of Non-GAAP Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Non-GAAP measures like EBITDA, Adjusted EBITDA, and Adjusted EPS are used to clarify core financial performance for investors and internal planning, not to replace GAAP results - Non-GAAP measures are provided to enhance investors' overall understanding of current financial performance and future prospects[29](index=29&type=chunk) - Non-GAAP Adjusted EBITDA eliminates the impact of items not considered indicative of core operating performance[30](index=30&type=chunk) - The company does not quantitatively reconcile guidance ranges for non-GAAP measures to comparable GAAP measures in the Business Outlook section due to the inherent variability and scenario-based process of preparing guidance[32](index=32&type=chunk) [Supplemental Operating Data Explanation](index=10&type=section&id=Supplemental%20Operating%20Data%20Explanation) Supplemental operating data, including GMV, registered buyers, and transactions, measures performance and investment effectiveness, providing insight into marketplace activity - GMV is the total sales value of all transactions for which compensation was earned through marketplaces or other channels[33](index=33&type=chunk) - Supplemental operating data helps evaluate the effectiveness of investments in seller/buyer support, value-added services, product development, sales/marketing, and operations[33](index=33&type=chunk) - This data should be considered in addition to GAAP financial information, not as a substitute or superior to it[33](index=33&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This document contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ, with past performance not guaranteeing future outcomes - Forward-looking statements are predictions subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[34](index=34&type=chunk) - Important factors that could cause actual results to differ are set forth in SEC filings, including risks related to asset sourcing, competitive environment, IT systems, employee retention, economic conditions, and regulatory compliance[35](index=35&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the document's date, except as required by law[36](index=36&type=chunk) [Company Information](index=10&type=section&id=Company%20Information) This section provides an overview of Liquidity Services' business and details for its Q3 FY25 financial results conference call [About Liquidity Services](index=13&type=section&id=About%20Liquidity%20Services) Liquidity Services operates the world's largest B2B e-commerce marketplace for surplus assets, facilitating over **$10 billion** in transactions and supporting client sustainability - Liquidity Services operates the world's largest B2B e-commerce marketplace platform for surplus assets[37](index=37&type=chunk) - The platform has facilitated over **$10 billion** in completed transactions to more than **five million** qualified buyers and **15,000** corporate and government sellers worldwide[37](index=37&type=chunk) - The company supports clients' sustainability efforts by extending asset life, preventing waste and carbon emissions, and reducing landfill products[37](index=37&type=chunk) [Conference Call Details](index=10&type=section&id=Conference%20Call%20Details) A conference call to discuss Q3 FY25 financial results will be held on August 7, 2025, with webcast and archive options available - Conference call to discuss results will be held on August 7, 2025, at **10:30 a.m. Eastern Time**[28](index=28&type=chunk) - A live listen-only webcast will be available on the company's investor relations website, with an archive available until August 7, 2026[28](index=28&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets, statements of operations, and statements of cash flows for Liquidity Services [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$372.4 million**, driven by cash and investments, with total stockholders' equity rising to **$208.7 million** Condensed Consolidated Balance Sheet Highlights (Dollars in Thousands) | Metric | June 30, 2025 | September 30, 2024 | | :-------------------------- | :------------ | :----------------- | | Cash and cash equivalents | $155,605 | $153,226 | | Short-term investments | $11,353 | $2,310 | | Total current assets | $220,007 | $199,235 | | Total assets | $372,435 | $346,888 | | Total current liabilities | $153,895 | $155,153 | | Total liabilities | $163,785 | $164,328 | | Total stockholders' equity | $208,650 | $182,560 | [Condensed Consolidated Statements of Operations](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenue increased by **28%** year-over-year for the three months ended June 30, 2025, driven by purchase revenues, leading to improved profitability Condensed Consolidated Statements of Operations Highlights (Three Months Ended June 30, Dollars in Thousands) | Metric | 2025 | 2024 | YoY Change | | :------------------------------------------ | :----- | :----- | :--------- | | Purchase revenues | $76,517 | $53,396 | +43.3% | | Consignment and other fee revenues | $43,358 | $40,217 | +7.8% | | **Total revenue** | **$119,875** | **$93,613** | **+28.0%** | | Cost of goods sold (excludes D&A) | $65,110 | $44,212 | +47.3% | | Total costs and expenses | $109,657 | $85,718 | +27.9% | | **Income from operations** | **$10,218** | **$7,895** | **+29.4%** | | Income before provision for income taxes | $11,295 | $8,702 | +29.8% | | Provision for income taxes | $3,885 | $2,702 | +43.8% | | **Net income** | **$7,410** | **$6,000** | **+23.5%** | | Basic income per common share | $0.24 (dollars) | $0.20 (dollars) | +20.0% | | Diluted income per common share | $0.23 (dollars) | $0.19 (dollars) | +21.1% | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended June 30, 2025, net cash from operations decreased, while investing activities increased, and financing activities decreased Condensed Consolidated Statements of Cash Flows Highlights (Nine Months Ended June 30, Dollars in Thousands) | Metric | 2025 | 2024 | Change | | :------------------------------------------ | :----- | :----- | :----- | | Net income | $20,271 | $13,616 | +48.9% | | Net cash provided by operating activities | $28,768 | $48,215 | -40.3% | | Net cash used in investing activities | $(20,881) | $(17,646) | +18.3% | | Net cash used in financing activities | $(5,068) | $(10,825) | -53.1% | | Net decrease in cash and cash equivalents | $2,379 | $20,031 | -88.1% | | Cash and cash equivalents at end of period | $155,605 | $130,312 | +19.4% | | Cash paid for income taxes, net | $6,960 | $810 | +759.3% | - The decrease in net cash provided by operating activities was influenced by changes in accounts receivable, inventory, and payables to sellers[44](index=44&type=chunk) - Investing activities included **$6.5 million** for business acquisitions and **$16.2 million** for purchases of short-term investments in 2025[44](index=44&type=chunk)

Q2 2025 Earnings Release Overview [Management Commentary & Business Highlights](index=1&type=section&id=Management%20Commentary%20%26%20Business%20Highlights) PENN Entertainment's Q2 2025 highlights include solid retail property performance, record Interactive segment gaming revenue driven by product enhancements, and ongoing share repurchases - The Interactive segment generated record gaming revenue, benefiting from product enhancements and the company's omnichannel ecosystem[3](index=3&type=chunk) - Customer demand in the core retail business was stable, with properties not impacted by new supply growing revenue by **nearly 4% year-over-year**[4](index=4&type=chunk) - Omnichannel engagement continues to grow, with online-to-retail player count and theoretical revenue increasing by **8%** and **28% year-over-year**, respectively[4](index=4&type=chunk) - The company is committed to its goal of repurchasing at least **$350 million** of shares in 2025, having already repurchased **$115.3 million** through August 6, 2025[3](index=3&type=chunk) Segment Highlights Q2 2025 | Segment | Metric | Value (in millions) | | :--- | :--- | :--- | | Retail Property Level | Revenues | $1,400.0 | | | Adjusted EBITDAR | $489.6 | | | Adjusted EBITDAR margins | 33.8% | | Interactive | Revenues (incl. tax gross up) | $316.1 | | | Adjusted EBITDA loss | $(62.0) | [Financial Performance Summary](index=4&type=section&id=Financial%20Performance%20Summary) Consolidated revenues grew **6.1%** to **$1.765 billion** in Q2 2025, primarily driven by a **35.9%** increase in the Interactive segment, with net loss improving to **$18.3 million** [Capital Management & Financial Position](index=3&type=section&id=Capital%20Management%20%26%20Financial%20Position) PENN Entertainment maintained a strong liquidity position of **$1.2 billion**, actively managed its capital structure through **$90.3 million** in stock repurchases, and improved its lease-adjusted net leverage ratio to **7.1x** [Detailed Financial Statements](index=7&type=section&id=Detailed%20Financial%20Statements) The unaudited consolidated financial statements detail a net loss of **$18.3 million**, with **$671.6 million** in cash, **$2.8 billion** in total traditional debt, and capital expenditures increasing to **$159.4 million** [Non-GAAP Financial Measures & Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines and reconciles non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDAR, to provide insights into operational performance by adjusting for various non-cash and financing-related items Reconciliation of Net Loss to Adjusted EBITDAR (Q2 2025, in millions) | Description | Amount | | :--- | :--- | | Net loss | $(18.3) | | Add back: Income tax expense | $6.4 | | Add back: Interest expense, net | $95.9 | | Other adjustments (D&A, stock comp, etc.) | $152.1 | | **Adjusted EBITDA** | **$236.1** | | Add back: Rent expense associated with triple net operating leases | $156.0 | | **Adjusted EBITDAR** | **$392.1** | - The company defines Adjusted EBITDA as earnings adjusted for interest, taxes, D&A, stock-based compensation, and other specific items, used by management to analyze business performance[30](index=30&type=chunk)[31](index=31&type=chunk) - Adjusted EBITDAR is defined as Adjusted EBITDA plus rent expense from triple-net operating leases, considered a key valuation metric by analysts for gaming companies with such lease structures[32](index=32&type=chunk)[33](index=33&type=chunk) [Appendix](index=11&type=section&id=Appendix) The appendix includes investor conference call logistics, a corporate overview of PENN Entertainment's operations across 28 jurisdictions, and a standard forward-looking statements disclaimer outlining potential future risks

FY2025 Highlights * For a reconciliation of all non-GAAP financial measures to their most directly comparable GAAP financial measure, and rationale for why we rely on these measures, see the reconciliation tables below. FY2025 Shareholder Letter August 7, 2025 Dear Shareholders, When I started at Peloton, I promised to share our strategy during our fiscal year-end earnings. So here it is–simple and short, with the assurance that we will bring this strategy to life throughout the year, including through a re ...

[Wheels Up Second Quarter 2025 Results](index=1&type=section&id=Wheels%20Up%20Announces%20Second%20Quarter%20Results) Wheels Up reports its second quarter 2025 results, highlighting improved profitability and strategic advancements despite a slight revenue decline [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Wheels Up reported a 3% revenue decline to $189.6 million in Q2 2025, but achieved significant profitability improvements with gross profit turning positive and net loss narrowing by 15% Q2 2025 Key Financial Metrics (YoY, in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | YoY % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $189.6M | $196.3M | -$6.6M | -3% | | Gross Profit (Loss) | $2.2M | ($11.0M) | +$13.2M | n/m | | Adjusted Contribution | $23.1M | $15.3M | +$7.8M | +51% | | Adjusted Contribution Margin | 12.2% | 7.8% | +4.4 pp | n/a | | Net Loss | ($82.3M) | ($97.0M) | +$14.7M | +15% | | Adjusted EBITDA Loss | ($29.0M) | ($37.4M) | +$8.3M | +22% | Q2 2025 Key Operating Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | YoY % Change | | :--- | :--- | :--- | :--- | | Total Gross Bookings (in millions) | $261.9M | $265.3M | -1% | | Live Flight Legs | 11,971 | 12,855 | -7% | | Private Jet Gross Bookings per Live Flight Leg | $17,403 | $16,868 | +3% | | Utility | 41.1 | 37.4 | +10% | [Business Highlights & Strategic Initiatives](index=1&type=section&id=Business%20Highlights%20%26%20Strategic%20Initiatives) The company advances strategic initiatives including fleet modernization and Delta partnership, driving improved profitability and productivity, with a new program targeting $50 million in annual cost savings - The company's focus on more profitable flying and fleet modernization has led to a **~$13 million YoY improvement in gross profit** and a **4 percentage point increase in Adjusted Contribution Margin to 12.2%**, achieved with 33 fewer active aircraft[8](index=8&type=chunk) - Progress on fleet modernization continues, with premium Phenom and Challenger jets now comprising about **20% of the controlled fleet**, and 31 legacy aircraft retired or sold in H1 2025[8](index=8&type=chunk) - The strategic partnership with Delta is showing strong results, with corporate membership fund sales increasing by **over 25% year-over-year in Q2**[10](index=10&type=chunk) - Wheels Up is implementing initiatives expected to generate approximately **$50 million in annual cash cost savings** through efficiency and productivity improvements, with full impact anticipated by H2 2026[10](index=10&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a narrowed net loss for Q2 and H1 2025, with total assets decreasing to $1.01 billion and cash at $107.0 million as of June 30, 2025 [Statements of Operations (Income Statement)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue decreased 3% to $189.6 million, with net loss improving 15% to $82.3 million, while H1 revenue fell 7% to $367.2 million with a 7% net loss improvement Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $189,637 | $196,285 | -3% | | Cost of revenue | $173,955 | $191,690 | -9% | | Total costs and expenses | $249,237 | $275,339 | -9% | | Loss from operations | ($59,600) | ($79,054) | +25% | | Net loss | ($82,299) | ($96,973) | +15% | | Net loss per share | ($0.12) | ($0.14) | +14% | H1 2025 Statement of Operations Highlights (in thousands) | Line Item | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $367,167 | $393,386 | -7% | | Cost of revenue | $332,379 | $389,950 | -15% | | Total costs and expenses | $507,533 | $556,988 | -9% | | Loss from operations | ($140,366) | ($163,602) | +14% | | Net loss | ($181,612) | ($194,366) | +7% | | Net loss per share | ($0.26) | ($0.28) | +7% | [Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $1.01 billion, cash and cash equivalents $107.0 million, total liabilities $1.35 billion, and total equity a deficit of $347.8 million Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $107,000 | $216,426 | | Total current assets | $233,671 | $332,069 | | Total assets | $1,005,726 | $1,158,011 | | Deferred revenue, current | $727,099 | $749,432 | | Total liabilities | $1,353,477 | $1,354,239 | | Total equity | ($347,751) | ($202,109) | [Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2025 increased to $110.8 million, with a net decrease in cash, cash equivalents, and restricted cash of $105.2 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($110,804) | ($98,956) | | Net cash provided by investing activities | $19,914 | $24,093 | | Net cash used in financing activities | ($17,560) | ($41,396) | | **Net decrease in cash** | **($105,226)** | **($117,434)** | [Definitions and Reconciliations](index=9&type=section&id=Definitions%20and%20Reconciliations) This section defines key operating metrics and non-GAAP financial measures, including Adjusted EBITDA and Adjusted Contribution, providing detailed reconciliations to comparable GAAP figures [Definitions of Key Metrics and Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Key%20Operating%20Metrics%20and%20Non-GAAP%20Financial%20Measures) Key operating metrics like Total Gross Bookings and Utility, alongside non-GAAP measures such as Adjusted EBITDA and Adjusted Contribution, are defined to assess performance and efficiency - **Key Operating Metrics:** - **Total Gross Bookings:** Total gross spend by customers on all private jet, group charter, and cargo flight services[28](index=28&type=chunk)[32](index=32&type=chunk) - **Live Flight Legs:** Number of completed one-way revenue-generating private jet flights[28](index=28&type=chunk)[32](index=32&type=chunk) - **Utility:** Monthly average revenue-generating flight hours per available aircraft in the controlled fleet[34](index=34&type=chunk) - **Non-GAAP Financial Measures:** - **Adjusted EBITDA:** Net loss adjusted for interest, taxes, depreciation, amortization, equity-based compensation, and other non-operating items[38](index=38&type=chunk) - **Adjusted Contribution:** Gross profit excluding depreciation & amortization and adjusted for certain other items in Cost of Revenue[41](index=41&type=chunk) [Non-GAAP Reconciliations](index=12&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) Q2 2025 reconciliation details show Adjusted EBITDA loss of $29.0 million from a net loss of $82.3 million, and Adjusted Contribution of $23.1 million from a gross profit of $2.2 million Q2 2025 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Description | Amount | | :--- | :--- | | **Net loss** | **($82,299)** | | Depreciation and amortization | $13,490 | | Interest expense, net | $21,248 | | Equity-based compensation expense | $8,295 | | Fleet modernization expense | $7,972 | | Other adjustments | $2,257 | | **Adjusted EBITDA** | **($29,037)** | Q2 2025 Reconciliation of Gross Profit to Adjusted Contribution (in thousands) | Description | Amount | | :--- | :--- | | **Gross profit** | **$2,192** | | Depreciation and amortization | $13,490 | | Fleet modernization expense in Cost of revenue | $7,725 | | Other adjustments | ($337) | | **Adjusted Contribution** | **$23,070** | [Supplemental Revenue and Expense Information](index=14&type=section&id=Supplemental%20Revenue%20and%20Expense%20Information) Q2 2025 revenue breakdown shows a 53% decline in Membership revenue to $7.5 million, a 3% decrease in Flight revenue, and a 44% increase in Other revenue, with fleet modernization costs totaling $8.0 million Revenue by Type - Three Months Ended June 30 (in thousands) | Revenue Type | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Membership | $7,474 | $16,046 | -53% | | Flight | $158,330 | $163,684 | -3% | | Other | $23,833 | $16,555 | +44% | | **Total** | **$189,637** | **$196,285** | **-3%** | - For Q2 2025, key supplemental expenses included **$8.3 million in equity-based compensation** and **$8.0 million in fleet modernization costs**[57](index=57&type=chunk)

[First Quarter Fiscal 2026 Financial Results](index=1&type=section&id=First%20Quarter%20Fiscal%202026%20Financial%20Results) This section provides an overview of the company's strong Q1 FY2026 performance, detailed financial results, balance sheet, and fiscal year 2026 outlook [Performance Overview](index=1&type=section&id=Performance%20Overview) ADS reported strong Q1 FY2026 results with a **33.5% Adjusted EBITDA margin**, driven by strategic investments and acquisitions despite macroeconomic headwinds - The company achieved a strong **Adjusted EBITDA margin of 33.5%** despite macroeconomic headwinds including wet weather delaying projects and elevated interest rates[2](index=2&type=chunk) - Strategic initiatives in the quarter included the formal launch of the Arcadia stormwater separator, scaling advanced treatment solutions at the newly acquired Orenco, and acquiring River Valley Pipe to strengthen geographic presence[2](index=2&type=chunk) - Management believes the company is well-positioned for long-term growth due to strong fundamentals and growing awareness of the value of stormwater and onsite wastewater management, which drives market conversion and demand[2](index=2&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) Q1 FY2026 net sales grew **1.8% to $829.9 million**, driven by Infiltrator segment growth, while net income and diluted EPS declined Q1 Fiscal 2026 Key Financial Metrics | Metric | Q1 FY2026 | YoY Change | | :--- | :--- | :--- | | Net Sales | $829.9 million | +1.8% | | Net Income | $144.1 million | -11.2% | | Net Income per Diluted Share | $1.84 | -10.7% | | Adjusted EBITDA (Non-GAAP) | $278.2 million | +1.0% | | Adjusted EPS (Non-GAAP) | $1.95 | -5.3% | Q1 Fiscal 2026 Net Sales Breakdown by Segment (YoY) | Segment | Q1 FY2026 Sales (million USD) | YoY Change | | :--- | :--- | :--- | | Domestic Pipe | $415.5 | -2.5% | | Domestic Allied Products & Other | $187.5 | +1.9% | | Infiltrator | $178.4 | +21.1% | | International | $48.5 | -16.0% | - Gross profit decreased by **0.6% to $330.4 million**, primarily due to unfavorable fixed cost absorption and the mix impact from the Orenco acquisition[4](index=4&type=chunk) - Selling, general and administrative (SG&A) expenses rose **10.5% to $104.0 million**, largely driven by the acquisition of Orenco[5](index=5&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) The company significantly improved liquidity, reducing net debt to **$792.0 million** and increasing operating cash flow to **$275.0 million** Key Balance Sheet and Cash Flow Metrics (as of June 30, 2025) | Metric | Value (million USD) | Change from Prior Period | | :--- | :--- | :--- | | Net Cash from Operating Activities | $275.0 | +$91.6 million (YoY) | | Free Cash Flow (Non-GAAP) | $222.4 | +$96.7 million (YoY) | | Net Debt | $792.0 | -$170.4 million (from Mar 31, 2025) | | Total Liquidity | $1,228.1 | N/A | | Leverage Ratio | 0.9x Adj. EBITDA | N/A | - The company did not repurchase any shares of its common stock in the three months ended June 30, 2025. Approximately **$147.7 million remains available** under the existing share repurchase authorization[10](index=10&type=chunk) [Fiscal 2026 Outlook](index=2&type=section&id=Fiscal%202026%20Outlook) The company reaffirmed its FY2026 guidance, projecting net sales between **$2.825 billion and $2.975 billion** and Adjusted EBITDA of **$850 million to $910 million** Fiscal Year 2026 Guidance | Metric | Expected Range | | :--- | :--- | | Net Sales | $2.825 billion - $2.975 billion | | Adjusted EBITDA | $850 million - $910 million | | Capital Expenditures | $200 million - $225 million | [Financial Statements and Reconciliations](index=4&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents the consolidated financial statements and detailed reconciliations for key non-GAAP financial measures [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited consolidated statements of income, balance sheets, and cash flows for Q1 FY2026, showing revenue growth but lower net income [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q1 FY2026 net sales increased to **$829.9 million**, but income from operations and net income declined due to higher costs Consolidated Income Statement Highlights (Three Months Ended June 30, in thousands USD) | (In thousands, except per share data) | 2025 | 2024 | | :--- | :--- | :--- | | Net sales | $829,880 | $815,336 | | Gross profit | $330,438 | $332,454 | | Income from operations | $205,746 | $226,215 | | Net income attributable to ADS | $143,922 | $161,402 | | Diluted net income per share | $1.84 | $2.06 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$3.91 billion** as of June 30, 2025, driven by a significant rise in cash and stockholders' equity Consolidated Balance Sheet Highlights (in thousands USD) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash | $638,268 | $463,319 | | Total Current Assets | $1,517,026 | $1,324,783 | | Total Assets | $3,909,945 | $3,690,360 | | Total Liabilities | $2,131,669 | $2,054,572 | | Total Stockholders' Equity | $1,690,291 | $1,543,136 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$275.0 million** in Q1 FY2026, resulting in a **$175.0 million** net cash increase Consolidated Cash Flow Highlights (Three Months Ended June 30, in thousands USD) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $274,977 | $183,426 | | Net cash used in investing activities | $(69,934) | $(57,217) | | Net cash used in financing activities | $(31,132) | $(73,895) | | Net change in cash | $175,009 | $51,522 | [Segment Results](index=7&type=section&id=Segment%20Results) In Q1 FY2026, Infiltrator segment sales grew significantly to **$178.4 million**, while Pipe and International sales declined Net Sales from External Customers by Segment (Three Months Ended June 30, in thousands USD) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Pipe | $415,538 | $426,388 | | Infiltrator | $178,353 | $147,302 | | Total International | $48,491 | $57,705 | | Allied Products & Other | $187,498 | $183,941 | | **Total Consolidated** | **$829,880** | **$815,336** | - In Q1 FY2026, the company realigned certain wastewater products from the Pipe and Allied Products & Other segments to the Infiltrator segment. Prior period segment information has been recast to conform to the new presentation[25](index=25&type=chunk) [Non-GAAP Reconciliations](index=7&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of non-GAAP financial measures, including Adjusted Gross Profit, EBITDA, Free Cash Flow, and Adjusted EPS [Reconciliation of Adjusted Gross Profit](index=8&type=section&id=Reconciliation%20of%20Adjusted%20Gross%20Profit) Total Segment Adjusted Gross Profit for Q1 FY2026 increased to **$365.6 million**, resulting in a GAAP Gross Profit of **$330.4 million** Reconciliation of Adjusted Gross Profit (Three Months Ended June 30, in thousands USD) | Description | 2025 | 2024 | | :--- | :--- | :--- | | Total Segment Adjusted Gross Profit | $365,606 | $361,007 | | Depreciation and amortization | (33,512) | (27,212) | | Stock-based compensation expense | (1,656) | (1,341) | | **Total Gross Profit (GAAP)** | **$330,438** | **$332,454** | [Reconciliation of Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for Q1 FY2026 was **$278.2 million**, reconciled from GAAP Net Income by adding back non-operating and non-cash expenses Reconciliation of Net Income to Adjusted EBITDA (Three Months Ended June 30, in thousands USD) | Description | 2025 | 2024 | | :--- | :--- | :--- | | Net income | $144,091 | $162,322 | | Depreciation and amortization | 50,228 | 41,098 | | Interest expense | 23,029 | 22,824 | | Income tax expense | 46,674 | 49,886 | | **EBITDA** | **$264,022** | **$276,130** | | Other Adjustments | 14,145 | (4,632) | | **Adjusted EBITDA** | **$278,167** | **$275,498** | [Reconciliation of Free Cash Flow](index=8&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Free Cash Flow significantly improved to **$222.4 million** in Q1 FY2026, derived from operating cash flow less capital expenditures Reconciliation of Free Cash Flow (Three Months Ended June 30, in thousands USD) | Description | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flow from operating activities | $274,977 | $183,426 | | Capital expenditures | (52,598) | (57,715) | | **Free cash flow** | **$222,379** | **$125,711** | [Reconciliation of Adjusted Earnings per Share](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Earnings%20per%20Share) Adjusted Earnings per Share for Q1 FY2026 was **$1.95**, reflecting adjustments for restructuring, realignment, and transaction costs Reconciliation of Diluted EPS to Adjusted EPS (Three Months Ended June 30, USD) | Description | 2025 | 2024 | | :--- | :--- | :--- | | Diluted Earnings Per Share (GAAP) | $1.84 | $2.06 | | Restructuring and realignment expense | 0.13 | — | | Transaction costs | 0.01 | — | | Income tax impact of adjustments | (0.03) | — | | **Adjusted Earnings per Share** | **$1.95** | **$2.06** |