[Arhaus Q2 2025 Earnings Release](index=1&type=section&id=Arhaus%20Q2%202025%20Earnings%20Release) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Arhaus achieved record net revenue of $358 million in Q2 2025, a 15.7% year-over-year increase, driven by strong brand performance and efficient conversion of demand Q2 2025 Key Financial Metrics vs. Q2 2024 | Metric | Q2 2025 | Change vs. Q2 2024 | | :--- | :--- | :--- | | Net Revenue | $358 million | +15.7% | | Gross Margin | $148 million | +19.1% | | Net and Comprehensive Income | $35 million | +57.7% | | Adjusted EBITDA | $60 million | +51.2% | | Comparable Growth | 10.5% | N/A | - **Successfully brought the Dallas Distribution Center operations in-house**, which ramped up ahead of schedule, enabling more efficient conversion of strong Q1 demand into net revenue[5](index=5&type=chunk) - Demand comparable growth was **(3.6)%** in Q2 due to macro headwinds, but rebounded sharply to **15.7%** in July[5](index=5&type=chunk)[8](index=8&type=chunk) - Launched the new **Arhaus Bath Collection**, expanding the company's product offerings into a new home category[5](index=5&type=chunk) [Showroom and Balance Sheet Highlights](index=2&type=section&id=Showroom%20and%20Balance%20Sheet%20Highlights) The company operated 103 showrooms and maintained a strong financial position with $235 million in cash, no long-term debt, and increased inventory - Operated **103 Showrooms** across 30 states at the end of Q2 2025[9](index=9&type=chunk) - Completed **3 Total Showroom Projects** in Q2 and expects to complete **12 to 15 total projects** in 2025, including 4 to 6 new openings[9](index=9&type=chunk) Balance Sheet and Liquidity Highlights (as of June 30, 2025) | Metric | Value | Change from Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $235 million | +18.9% | | Long-term debt | None | N/A | | Net merchandise inventory | $311 million | +4.7% | | Client deposits | $233 million | +5.5% | | Net cash from operating activities (YTD) | $81 million | N/A | [Company Outlook](index=3&type=section&id=Outlook) Arhaus reaffirmed its full-year 2025 guidance, reduced its capital expenditure forecast by $10 million, and introduced specific guidance for Q3 2025 Q3 and Full-Year 2025 Guidance | Metric | Q3 2025 Guidance | Full-Year 2025 Guidance | | :--- | :--- | :--- | | Net Revenue | $320M - $350M | $1.29B - $1.38B | | Net Revenue Growth | 0.3% to 9.7% | 1.5% to 8.6% | | Comparable Growth | (4)% to 5% | (5)% to 1.5% | | Net Income | $7M - $17M | $48M - $68M | | Adjusted EBITDA | $23M - $33M | $123M - $145M | | Company-funded Capital Expenditures | N/A | $80M - $100M (reduced by $10M) | [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $1.32 billion as of June 30, 2025, driven by increases in cash, inventory, and right-of-use assets Selected Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $234,797 | $197,511 | | Merchandise inventory, net | $311,117 | $297,010 | | Total current assets | $577,569 | $531,043 | | Total assets | $1,318,376 | $1,206,316 | | **Liabilities & Equity** | | | | Client deposits | $233,070 | $220,873 | | Total current liabilities | $434,723 | $402,451 | | Total liabilities | $932,763 | $862,571 | | Total stockholders' equity | $385,613 | $343,745 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For Q2 2025, net revenue increased 15.7% to $358.4 million and net income rose 57.7% to $35.1 million compared to the prior-year period Income Statement Highlights (in thousands, 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 | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $358,435 | $309,801 | $669,807 | $604,963 | | Gross Margin | $148,227 | $124,372 | $263,814 | $239,426 | | Income from Operations | $46,765 | $29,381 | $52,186 | $47,742 | | Net and Comprehensive Income | $35,066 | $22,234 | $39,948 | $37,333 | | Diluted EPS | $0.25 | $0.16 | $0.28 | $0.27 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operations was $81.4 million, resulting in a net cash increase of $37.5 million Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $81,428 | $84,304 | | Net cash used in investing activities | ($41,622) | ($62,158) | | Net cash used in financing activities | ($2,316) | ($71,052) | | **Net increase (decrease) in cash** | **$37,490** | **($48,906)** | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Net%20and%20Comprehensive%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) For Q2 2025, Net Income of $35.1 million was reconciled to an Adjusted EBITDA of $60.3 million, yielding an Adjusted EBITDA margin of 16.8% Reconciliation to Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net and comprehensive income | $35,066 | $22,234 | | Interest income, net | ($744) | ($606) | | Income tax expense | $12,593 | $7,828 | | Depreciation and amortization | $11,597 | $9,106 | | **EBITDA** | **$58,512** | **$38,562** | | Equity based compensation | $1,795 | $1,327 | | **Adjusted EBITDA** | **$60,307** | **$39,889** | | Adjusted EBITDA as a % of net revenue | 16.8% | 12.9% |

SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For 07 August 2025 InterContinental Hotels Group PLC (Registrant's name) 1 Windsor Dials, Arthur Road, Windsor, SL4 1RS, United Kingdom (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F EXHIBIT INDEX 99.1 Half-year ...

Exhibit 99.1 Nuvalent Highlights Pipeline and Business Achievements, Reiterates Key Anticipated Milestones, and Reports Second Quarter 2025 Financial Results Initiated rolling NDA submission for zidesamtinib for TKI pre-treated patients with advanced ROS1-positive NSCLC, with target completion in the third quarter of 2025 Initiated ALKAZAR Phase 3 randomized, controlled trial of neladalkib for front-line ALK-positive NSCLC Topline pivotal data for neladalkib for TKI pre-treated patients with advanced ALK-po ...

Exhibit 99.1 United Parks & Resorts Inc. Reports Second Quarter and First Six Months 2025 Results ORLANDO, FL, August 7, 2025 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2025. [1] This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accou ...

[Report Overview & Highlights](index=1&type=section&id=Report%20Overview%20%26%20Highlights) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) In the second quarter of 2025, United Parks & Resorts experienced a slight 0.8% increase in attendance to 6.2 million guests, but saw declines in total revenue by 1.5% to $490.2 million, net income by 12.1% to $80.1 million, and Adjusted EBITDA by 5.4% to $206.3 million, driven by a 2.2% drop in total revenue per capita | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 6.2 | 6.2 | +0.8% | | Total Revenue | $490.2M | $497.6M | -1.5% | | Net Income | $80.1M | $91.1M | -12.1% | | Adjusted EBITDA | $206.3M | $218.2M | -5.4% | | Total Revenue Per Capita | $78.64 | $80.44 | -2.2% | | Admission Per Capita | $41.03 | $42.68 | -3.9% | | In-Park Per Capita Spending | $37.61 | $37.76 | -0.4% | [First Six Months 2025 Highlights](index=1&type=section&id=First%20Six%20Months%202025%20Highlights) For the first half of 2025, attendance remained nearly flat with a minor 0.1% decrease to 9.6 million guests, while total revenue declined 2.2% to $777.2 million, net income decreased 20.0% to $64.0 million, and Adjusted EBITDA fell 7.9% to $273.7 million | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 9.6 | 9.6 | -0.1% | | Total Revenue | $777.2M | $795.0M | -2.2% | | Net Income | $64.0M | $79.9M | -20.0% | | Adjusted EBITDA | $273.7M | $297.3M | -7.9% | | Total Revenue Per Capita | $80.74 | $82.50 | -2.1% | | Admission Per Capita | $42.79 | $44.60 | -4.1% | | In-Park Per Capita Spending | $37.95 | $37.90 | +0.1% | [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Marc Swanson noted Q2 attendance growth despite severe weather, driven by international and group visitation, expressing optimism for the second half with strong forward bookings and a new $500 million share repurchase program - Q2 attendance grew despite severe weather, driven by an increase in international and group visitation, particularly at all Orlando parks[4](index=4&type=chunk) - Forward booking trends for group business and the Discovery Cove property are up **mid to high single digits** for the rest of the year, with strong trends continuing into 2026[5](index=5&type=chunk) - The company anticipates its upcoming Halloween and Christmas events to be among the biggest ever, with early ticket sales for "Howl O' Scream" already ahead of the prior year[5](index=5&type=chunk) - Management is confident in its ability to deliver operational and financial improvements and expects strong second-half financial results to offset the challenges from the first half[9](index=9&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) [Second Quarter 2025 Results](index=3&type=section&id=Second%20Quarter%202025%20Results) In Q2 2025, attendance increased by 0.8% to 6.2 million due to a favorable calendar shift, but total revenues decreased by 1.5% to $490.2 million, driven by lower per capita spending, resulting in a 12.1% fall in net income to $80.1 million | (In millions, except per capita amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $490.2 | $497.6 | (1.5%) | | Net income | $80.1 | $91.1 | (12.1%) | | Adjusted EBITDA | $206.3 | $218.2 | (5.4%) | | Attendance | 6.2 | 6.2 | 0.8% | | Total revenue per capita | $78.64 | $80.44 | (2.2%) | - The increase in attendance was attributed to a favorable calendar shift of holidays, which was partially offset by the impact of significantly worse weather compared to the prior year quarter[10](index=10&type=chunk) - The decrease in total revenue was primarily a result of a decrease in total revenue per capita, which stemmed from declines in both admissions per capita and in-park per capita spending[11](index=11&type=chunk) [First Six Months 2025 Results](index=3&type=section&id=First%20Six%20Months%202025%20Results) For the first six months of 2025, attendance slightly decreased by 0.1% to 9.6 million due to worse weather, leading to a 2.2% decline in total revenues to $777.2 million and a significant 20.0% drop in net income to $64.0 million | (In millions, except per capita amounts) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $777.2 | $795.0 | (2.2%) | | Net income | $64.0 | $79.9 | (20.0%) | | Adjusted EBITDA | $273.7 | $297.3 | (7.9%) | | Attendance | 9.6 | 9.6 | (0.1%) | | Total revenue per capita | $80.74 | $82.50 | (2.1%) | - The decrease in attendance was primarily due to the impact of meaningfully worse weather, including during peak visitation periods, compared to the first six months of 2024[13](index=13&type=chunk) - The decrease in total revenue was a result of a decrease in total revenue per capita and a decrease in attendance[14](index=14&type=chunk) [Capital Allocation and Corporate Initiatives](index=4&type=section&id=Capital%20Allocation%20and%20Corporate%20Initiatives) [Share Repurchases](index=4&type=section&id=Share%20Repurchases) The Board of Directors recommended a new **$500 million** share repurchase authorization, pending approval by non-Hill Path stockholders, as an attractive opportunity to return capital - The Board of Directors voted to recommend a new **$500 million** share buyback authorization[16](index=16&type=chunk) - The share repurchase program is subject to approval by non-Hill Path shareholders, with a special meeting expected within 30 days[9](index=9&type=chunk) [Rescue Efforts](index=4&type=section&id=Rescue%20Efforts) As a leading marine animal rescue organization, the company aided **500 animals** in Q2 2025, bringing the historical total to over **42,000**, demonstrating its ongoing commitment to wildlife conservation - In Q2 2025, the company rescued **500 animals** in need, increasing the total number of animals helped in its history to over **42,000**[17](index=17&type=chunk) - The company's rescue teams are on call 24/7, working with federal, state, and local agencies to help ill, injured, orphaned, or abandoned wild animals with the goal of returning them to their natural habitat[18](index=18&type=chunk) [Financial Statements and Reconciliations](index=9&type=section&id=Financial%20Statements%20and%20Reconciliations) [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the first half of 2025, total revenues were **$777.2 million**, operating income fell to **$157.4 million**, and net income decreased **20%** to **$64.0 million** compared to the prior year | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $777,161 | $795,016 | | Operating income | $157,354 | $186,525 | | Income before income taxes | $89,103 | $105,877 | | Net income | $63,975 | $79,923 | | Earnings per share, diluted | $1.15 | $1.26 | [Unaudited Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net income to non-GAAP Adjusted EBITDA and Free Cash Flow, with LTM Covenant Adjusted EBITDA at **$697.6 million** and H1 2025 Free Cash Flow at **$96.4 million** | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income | $63,975 | $79,923 | | Adjusted EBITDA | $273,705 | $297,307 | | Net cash provided by operating activities | $206,911 | $244,673 | | Capital expenditures | ($110,464) | ($166,814) | | Free Cash Flow | $96,447 | $77,859 | - For the last twelve months ended June 30, 2025, Covenant Adjusted EBITDA, a key metric for debt agreements, was **$697.6 million**[32](index=32&type=chunk) [Unaudited Balance Sheet Data](index=11&type=section&id=Unaudited%20Balance%20Sheet%20Data) As of June 30, 2025, the company reported **$193.9 million** in cash, **$2.26 billion** in total long-term debt, and a total stockholders' deficit of **$394.9 million** | (In thousands) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $193,921 | $115,893 | | Total assets | $2,730,473 | $2,573,578 | | Total long-term debt, including current maturities | $2,255,731 | $2,263,442 | | Total stockholders' deficit | $(394,851) | $(461,540) | [Unaudited Capital Expenditures Data](index=11&type=section&id=Unaudited%20Capital%20Expenditures%20Data) For the first six months of 2025, total capital expenditures decreased **33.8%** to **$110.5 million**, primarily due to a **73.2%** reduction in expansion and ROI projects | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Core Capital Expenditures | $97,997 | $120,275 | (18.5%) | | Expansion/ROI projects | $12,467 | $46,539 | (73.2%) | | **Capital expenditures, total** | **$110,464** | **$166,814** | **(33.8%)** | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) [Statement Regarding Non-GAAP Financial Measures](index=4&type=section&id=Statement%20Regarding%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Free Cash Flow, along with per capita metrics, to provide a clearer view of operating performance and for internal and external evaluation - The company uses non-GAAP measures like Adjusted EBITDA because it believes they eliminate the effect of certain non-cash and other items not indicative of underlying operating performance[20](index=20&type=chunk)[22](index=22&type=chunk) - Key performance metrics such as total revenue per capita, admission per capita, and in-park per capita spending are used by management to assess operating performance on a per-attendee basis[25](index=25&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to inherent uncertainties and risks, including weather, consumer spending, and labor costs, and the company does not commit to updating them - The report contains "forward-looking statements" based on current expectations, which are inherently uncertain and subject to various risks[28](index=28&type=chunk) - Key risks include factors affecting attendance and spending (weather, inflation, economic uncertainty), labor costs, regulatory changes, and competition[28](index=28&type=chunk)[29](index=29&type=chunk)

[BD Reports Third Quarter Fiscal 2025 Financial Results](index=1&type=section&id=BD%20Reports%20Third%20Quarter%20Fiscal%2025%20Financial%20Results) [Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) BD reported strong Q3 FY2025 results with 10.4% revenue growth and raised full-year adjusted EPS guidance Q3 FY2025 Key Financial Metrics | Metric | Value | Growth (Reported) | | :--- | :--- | :--- | | Revenue | $5.5 billion | 10.4% | | Adjusted Revenue (FXN) | - | 8.5% | | Organic Revenue | - | 3.0% | | GAAP Diluted EPS | $2.00 | - | | Adjusted Diluted EPS | $3.68 | - | | GAAP Operating Income | - | 46.6% | | Adjusted Operating Income | - | 11.3% | - The company raised its full-year adjusted diluted EPS guidance to **$14.30 - $14.45**, an increase of **$0.18** at the midpoint, while reaffirming organic revenue growth guidance[5](index=5&type=chunk) - Announced a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters Corporation to create a new life science and diagnostics leader[6](index=6&type=chunk) - Key business developments include a **$35 million investment** in a Nebraska facility for BD® PosiFlush™ production, the first clinical trial using the BD Libertas™ Wearable Injector, and the global launch of the BD FACSDiscover™ A8 Cell Analyzer[6](index=6&type=chunk)[11](index=11&type=chunk) [Third Quarter Fiscal 2025 Operating Results](index=2&type=section&id=Third%20Quarter%20Fiscal%202025%20Operating%20Results) [Overall and Geographic Performance](index=2&type=section&id=Overall%20and%20Geographic%20Performance) BD's Q3 FY2025 revenue reached $5.51 billion with 10.4% reported growth across U.S. and International markets Q3 FY2025 Overall Performance vs. Q3 FY2024 | Metric (in millions, except per share) | Q3 2025 | Q3 2024 | Reported Change | Organic Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $5,509 | $4,990 | 10.4% | N/A | | Adjusted Revenues | $5,509 | $5,057 | 8.9% | 3.0% | | Reported Diluted EPS | $2.00 | $1.68 | 19.0% | N/A | | Adjusted Diluted EPS | $3.68 | $3.50 | 5.1% | N/A | Q3 FY2025 Geographic Revenue (in millions) | Region | Q3 2025 | Q3 2024 | Reported Change | FX Neutral Change | | :--- | :--- | :--- | :--- | :--- | | United States | $3,181 | $2,891 | 10.0% | 10.0% | | International | $2,328 | $2,098 | 11.0% | 9.8% | | **Total Revenues** | **$5,509** | **$4,990** | **10.4%** | **9.9%** | [Segment Results](index=3&type=section&id=Segment%20Results) BD Medical and Interventional segments drove Q3 growth, while BD Life Sciences experienced a slight decline Q3 FY2025 Segment Revenue (in millions) | Segment | Q3 2025 | Q3 2024 | Reported Change | Organic Revenue Change | | :--- | :--- | :--- | :--- | :--- | | BD Medical | $2,927 | $2,558 | 14.4% | 3.2% | | BD Life Sciences | $1,254 | $1,260 | (0.5)% | (1.1)% | | BD Interventional | $1,328 | $1,240 | 7.2% | 6.8% | [BD Medical Segment](index=3&type=section&id=BD%20Medical%20Segment) BD Medical segment revenue grew 14.4% reported, driven by APM acquisition and mid-single-digit growth in MMS and PS - Performance reflects revenue contribution from the APM acquisition, **mid-single-digit growth** in MMS and PS, and **low-single-digit growth** in MDS[12](index=12&type=chunk) - MMS performance was driven by continued strength in Infusion Systems. PS performance was led by sustained **double-digit growth** in Biologics[15](index=15&type=chunk) [BD Life Sciences Segment](index=3&type=section&id=BD%20Life%20Sciences%20Segment) BD Life Sciences segment revenue declined 0.5% reported, primarily due to Diagnostic Solutions and Biosciences - Performance reflects declines in Diagnostic Solutions (DS) and Biosciences (BDB), partially offset by **low single-digit growth** in Specimen Management (SM)[13](index=13&type=chunk) - In DS, BD BACTEC™ utilization improved sequentially, exiting the quarter at over **80% of historical levels**. BDB saw strong early traction from the new FACSDiscover™ A8 analyzer[15](index=15&type=chunk) [BD Interventional Segment](index=3&type=section&id=BD%20Interventional%20Segment) BD Interventional segment achieved strong 7.2% reported growth, driven by double-digit UCC and mid-single-digit SURG and PI - Performance reflects **double-digit growth** in Urology & Critical Care (UCC) and **mid-single-digit growth** in Surgery (SURG) and Peripheral Intervention (PI)[14](index=14&type=chunk) - UCC performance was driven by strong **double-digit growth** in the PureWick™ franchise. PI growth was led by the Rotarex™ Atherectomy System[15](index=15&type=chunk) [Full Year Fiscal 2025 Outlook](index=4&type=section&id=Assumptions%20and%20Outlook%20for%20Full%20Year%20Fiscal%202025) [Updated Guidance](index=4&type=section&id=Updated%20Guidance) BD raised its full-year FY2025 adjusted diluted EPS guidance to $14.30-$14.45, reaffirming organic revenue growth Fiscal 2025 Guidance Comparison | Metric | Guidance as of Aug 7, 2025 | Guidance as of May 1, 2025 | | :--- | :--- | :--- | | Organic Revenue Growth (FXN) | 3.0% to 3.5% | 3.0% to 3.5% | | Adjusted Diluted EPS | $14.30 to $14.45 | $14.06 to $14.34 | | Adjusted Diluted EPS Growth | 8.8% to 10.0% | ~7.0% to 9.1% | - The company raised its full-year adjusted EPS guidance by **$0.18** at the midpoint, reflecting strong Q3 operating performance and planned investments in Q4[16](index=16&type=chunk) - The estimated impact of translational foreign currency is now expected to be about **neutral** to adjusted EPS for the full fiscal year, an improvement from previous expectations[17](index=17&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statements](index=8&type=section&id=Condensed%20Consolidated%20Income%20Statements) BD's Q3 FY2025 revenues grew 10.4% to $5.51 billion, with nine-month net income declining 9.2% Q3 FY2025 Income Statement Highlights (in millions) | Account | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | REVENUES | $5,509 | $4,990 | 10.4% | | OPERATING INCOME | $882 | $602 | 46.6% | | NET INCOME | $574 | $487 | 17.9% | | Diluted EPS | $2.00 | $1.68 | 19.0% | Nine Months FY2025 Income Statement Highlights (in millions) | Account | Nine Months 2025 | Nine Months 2024 | % Change | | :--- | :--- | :--- | :--- | | REVENUES | $15,949 | $14,741 | 8.2% | | OPERATING INCOME | $1,882 | $1,775 | 6.0% | | NET INCOME | $1,185 | $1,305 | (9.2)% | | Diluted EPS | $4.10 | $4.49 | (8.7)% | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) BD's total assets decreased to $54.9 billion as of June 30, 2025, primarily due to reduced cash and investments Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Sept 30, 2024 | | :--- | :--- | :--- | | Cash and equivalents | $735 | $1,717 | | TOTAL CURRENT ASSETS | $8,997 | $10,468 | | TOTAL ASSETS | $54,902 | $57,286 | | Long-term debt | $17,531 | $17,940 | | TOTAL LIABILITIES | $29,430 | $31,396 | | TOTAL SHAREHOLDERS' EQUITY | $25,472 | $25,890 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow decreased to $2.08 billion, resulting in a $1.06 billion net cash decrease Nine-Month Cash Flow Highlights (in millions) | Activity | Nine Months 2025 | Nine Months 2024 | | :--- | :--- | :--- | | NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $2,076 | $2,660 | | NET CASH USED FOR INVESTING ACTIVITIES | ($324) | ($1,570) | | NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | ($2,808) | $1,960 | | NET (DECREASE) INCREASE IN CASH | ($1,058) | $3,000 | [Supplemental Information and Reconciliations](index=12&type=section&id=Supplemental%20Information%20and%20Reconciliations) [Supplemental Revenue Information](index=12&type=section&id=Supplemental%20Revenue%20Information) Detailed revenue breakdown highlights Q3 growth drivers including Advanced Patient Monitoring, Urology & Critical Care - For the three months ended June 30, 2025, in the U.S., the Advanced Patient Monitoring unit, acquired in September 2024, contributed **$176 million** in revenue. Urology and Critical Care grew **12.4%** to **$334 million**[36](index=36&type=chunk) - For the three months ended June 30, 2025, internationally, Medication Management Solutions revenue grew **11.4%** reported (**9.6% FXN**) to **$179 million**, and Urology and Critical Care grew **12.7%** reported (**10.8% FXN**) to **$88 million**[39](index=39&type=chunk) - For the nine months ended June 30, 2025, total company revenue for the Medication Management Solutions unit grew **6.0%** to **$2.5 billion**, while the Biosciences unit declined **3.9%** to **$1.07 billion**[51](index=51&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=18&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Reconciliations adjust Q3 reported revenue to $5.23 billion organic revenue and GAAP diluted EPS to $3.68 adjusted Q3 FY2025 Revenue Reconciliation (in millions) | Description | Q3 2025 | Q3 2024 | % Change (FXN) | | :--- | :--- | :--- | :--- | | Total Reported Revenues | $5,509 | $4,990 | 9.9% | | Adjusted Revenues | $5,509 | $5,057 | 8.5% | | Organic Revenue | $5,231 | $5,057 | 3.0% | Q3 FY2025 EPS Reconciliation | Description | Per Share Amount | | :--- | :--- | | Reported Diluted EPS | $2.00 | | Purchase accounting adjustments | $1.34 | | Integration & Restructuring costs | $0.33 | | Other adjustments (net) | $0.01 | | **Adjusted Diluted EPS** | **$3.68** | Q3 FY2025 Gross Margin Reconciliation | Margin | Value | | :--- | :--- | | GAAP Gross Margin % | 47.8% | | Adjusted (non-GAAP) Gross Margin % | 54.8% |

[Restaurant Brands International Inc. Q2 2025 Results](index=1&type=section&id=Restaurant%20Brands%20International%20Inc.%20Q2%202025%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) RBI's Q2 2025 consolidated system-wide sales grew 5.3%, driven by international markets and accelerating comparable sales - CEO Josh Kobza highlighted strong progress in strategic priorities, with improved sales trends led by Tim Hortons and International businesses, expressing confidence in delivering **8%+ organic Adjusted Operating Income growth in 2025**[2](index=2&type=chunk) Q2 2025 Consolidated Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-Wide Sales Growth | 5.3% | 5.0% | +0.3 ppt | | Comparable Sales | 2.4% | 1.9% | +0.5 ppt | | Total Revenues | $2,410M | $2,080M | +15.9% | | Income from Operations | $483M | $663M | -27.2% | | Diluted EPS | $0.58 | $0.88 | -34.1% | | Adjusted Operating Income | $668M | $632M | +5.7% | | Adjusted Diluted EPS | $0.94 | $0.86 | +9.2% | | Net Leverage | 4.6x | 5.0x | -0.4x | [Key Business Updates and Reporting Changes](index=2&type=section&id=Key%20Business%20Updates%20and%20Reporting%20Changes) RBI established a new 'Restaurant Holdings' segment, classified Burger King China as a discontinued operation, and updated its AOI presentation - A new operating and reportable segment, **Restaurant Holdings (RH)**, was established to include results from the newly acquired Carrols Burger King restaurants (May 16, 2024) and Popeyes China restaurants (June 28, 2024)[4](index=4&type=chunk) - On February 14, 2025, RBI acquired the remaining equity in Burger King China, which is now **classified as held for sale** and reported as discontinued operations as the company seeks a new controlling shareholder[7](index=7&type=chunk)[8](index=8&type=chunk) - The presentation of Adjusted Operating Income (AOI) was updated to exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization from Segment Franchise and Property Expenses, a change that **does not impact total AOI** or consolidated results[6](index=6&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) The International segment led growth, Tim Hortons and Burger King US saw positive comparable sales, while acquisitions boosted Popeyes' results [Tim Hortons (TH) Segment Results](index=3&type=section&id=Tim%20Hortons%20(TH)%20Segment%20Results) The Tim Hortons segment reported 3.9% system-wide sales growth, driven by a 3.6% comparable sales increase in Canada and higher supply chain sales TH Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-wide Sales Growth | 3.9% | 5.4% | -1.5 ppt | | Comparable Sales | 3.4% | 4.6% | -1.2 ppt | | Comparable Sales - Canada | 3.6% | 4.9% | -1.3 ppt | | Total Revenues | $1,083M | $1,031M | +5.0% | | Adjusted Operating Income | $278M | $269M | +3.3% | - The increase in Total Revenues was mainly driven by higher Supply Chain Sales, while the rise in Adjusted Operating Income was attributed to revenue growth and lower G&A expenses[12](index=12&type=chunk)[13](index=13&type=chunk) [Burger King (BK) Segment Results](index=4&type=section&id=Burger%20King%20(BK)%20Segment%20Results) The Burger King segment's system-wide sales grew 1.0%, with US comparable sales up 1.5% amid its ongoing "Reclaim the Flame" initiative BK Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-wide Sales Growth | 1.0% | -0.7% | +1.7 ppt | | Comparable Sales | 1.3% | -0.1% | +1.4 ppt | | Comparable Sales - US | 1.5% | 0.1% | +1.4 ppt | | Total Revenues | $388M | $364M | +6.6% | | Adjusted Operating Income | $121M | $114M | +6.1% | - The company is executing its multi-year "Reclaim the Flame" plan, investing up to **$700 million through 2028**, with $152 million funded as of June 30, 2025[17](index=17&type=chunk) - The increase in Adjusted Operating Income was primarily due to the **non-recurrence of $6 million in 'Fuel the Flame' expenses** from the prior year and lower compensation-related G&A expenses[19](index=19&type=chunk) [Popeyes (PLK) Segment Results](index=5&type=section&id=Popeyes%20(PLK)%20Segment%20Results) Popeyes' revenue and operating income growth was driven by the acquisition of company restaurants, despite a decline in comparable sales PLK Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-wide Sales Growth | 1.6% | 4.6% | -3.0 ppt | | Comparable Sales | -1.4% | 0.5% | -1.9 ppt | | Total Revenues | $210M | $194M | +8.2% | | Adjusted Operating Income | $66M | $62M | +6.5% | - The increases in Total Revenues and Adjusted Operating Income were primarily driven by the **acquisition of company restaurants** as part of the Carrols Acquisition[20](index=20&type=chunk) [Firehouse Subs (FHS) Segment Results](index=5&type=section&id=Firehouse%20Subs%20(FHS)%20Segment%20Results) The Firehouse Subs segment achieved 6.3% system-wide sales growth, which drove increases in both total revenues and operating income FHS Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-wide Sales Growth | 6.3% | 3.3% | +3.0 ppt | | Comparable Sales | -0.8% | -0.1% | -0.7 ppt | | Total Revenues | $59M | $53M | +11.3% | | Adjusted Operating Income | $15M | $13M | +15.4% | - The increases in Total Revenues and Adjusted Operating Income were primarily driven by the **increase in System-wide Sales**[21](index=21&type=chunk) [International (INTL) Segment Results](index=6&type=section&id=International%20(INTL)%20Segment%20Results) The International segment demonstrated strong performance with 9.8% system-wide sales growth, fueled by higher royalties from Burger King and Popeyes INTL Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | System-wide Sales Growth | 9.8% | 9.2% | +0.6 ppt | | Comparable Sales | 4.2% | 2.6% | +1.6 ppt | | Total Revenues | $250M | $232M | +7.8% | | Adjusted Operating Income | $172M | $160M | +7.5% | - Revenue and AOI growth was driven by higher royalties from Burger King and Popeyes, partially offset by the **absence of $10 million in revenues from BK China**, which was recognized in the prior year[23](index=23&type=chunk) [Restaurant Holdings (RH) Segment Results](index=7&type=section&id=Restaurant%20Holdings%20(RH)%20Segment%20Results) The new Restaurant Holdings segment reported initial results post-acquisitions, with Burger King restaurants showing 2.9% comparable sales growth RH Segment Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $469M | $230M | | Company Restaurant Expenses | $406M | $194M | | Adjusted Operating Income | $16M | $14M | | BK Comparable Sales | 2.9% | -1.6% | [Capital Allocation and Shareholder Returns](index=8&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) RBI declared a $0.62 per share dividend and approved a new $1 billion share repurchase authorization, while prioritizing debt reduction - A dividend of **$0.62 per common share** was declared for the third quarter of 2025, payable on October 7, 2025[27](index=27&type=chunk) - A new share repurchase authorization for up to **$1 billion of common shares** was approved, valid from September 15, 2025, to September 30, 2027[28](index=28&type=chunk) - While the new share repurchase authorization provides capital allocation flexibility, the company remains committed to **prioritizing debt reduction** in the near term[28](index=28&type=chunk) [Financial Guidance and Outlook](index=8&type=section&id=Financial%20Guidance%20and%20Outlook) RBI reaffirmed its 2025 financial guidance and maintained its long-term algorithm targeting 8%+ organic Adjusted Operating Income growth annually 2025 Financial Guidance | Metric | 2025 Expectation | | :--- | :--- | | Segment G&A (excluding RH) | $600M - $620M | | RH Segment G&A | ~$100M | | Total Capex and Cash Inducements | $400M - $450M | | Adjusted Interest Expense, net | ~$520M | Long-Term Algorithm (2024-2028 Average) | Metric | Long-Term Target | | :--- | :--- | | Comparable Sales | 3%+ | | Organic Adjusted Operating Income Growth | 8%+ | | Net Restaurant Growth | Reaching 5%+ towards end of period | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) Acquisitions drove a significant revenue increase, but higher operating costs led to a decline in net income despite strong operating cash flow [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues rose to $2.41 billion, but higher operating costs caused income from operations to fall to $483 million from $663 million year-over-year Q2 2025 Statement of Operations Summary | (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $2,410 | $2,080 | | Total operating costs and expenses | $1,927 | $1,417 | | Income from operations | $483 | $663 | | Net income from continuing operations | $264 | $399 | | Diluted EPS from continuing operations | $0.58 | $0.88 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $25.69 billion as of June 30, 2025, driven by growth in intangible assets, goodwill, and assets held for sale Balance Sheet Summary | (in millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $2,788 | $2,282 | | Total assets | $25,688 | $24,632 | | Total current liabilities | $2,754 | $2,364 | | Long-term debt, net | $13,428 | $13,455 | | Total liabilities | $20,598 | $19,789 | | Total shareholders' equity | $5,090 | $4,843 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities was $567 million, while financing activities were primarily used for dividend payments Six Months 2025 Cash Flow Summary | (in millions) | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $567 | $482 | | Net cash used for investing activities | ($202) | ($559) | | Net cash used for financing activities | ($555) | ($112) | | Decrease in cash and cash equivalents | ($308) | ($197) | | Cash and cash equivalents at end of period | $1,026 | $942 | [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) RBI uses non-GAAP metrics like AOI and Organic Growth to clarify underlying performance, reporting 5.7% organic AOI growth and improved Net Leverage of 4.6x - The company uses non-GAAP measures to provide investors with a consistent comparison of operating results, excluding items that may cause volatility unrelated to core business performance[45](index=45&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - Organic growth metrics for revenue, AOI, and Adjusted Diluted EPS are calculated to exclude the impact of foreign exchange movements and the results of the new RH segment[56](index=56&type=chunk) Net Leverage Reconciliation | (in millions, except ratio) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total debt | $14,035 | $14,137 | | Cash and cash equivalents | $1,026 | $942 | | Net debt | $13,009 | $13,195 | | LTM Adjusted EBITDA | $2,840 | $2,649 | | **Net Leverage** | **4.6x** | **5.0x** | Q2 2025 Organic Growth Summary | Metric | Reported Growth | Organic Growth | | :--- | :--- | :--- | | Total Revenues | 15.9% | 6.6% | | Income from Operations | -27.2% | -27.4% | | Adjusted Operating Income | 5.7% | 5.7% | | Adjusted Diluted EPS | 9.2% | 10.3% |

```python import urllib.parse import re def url_encode_item_id(item_id): """URL encodes the item_id for page-jump links.""" return urllib.parse.quote(item_id) def remove_trailing_period(text): """Removes a trailing period from a string if present.""" if text.endswith('.'): return text[:-1] return text def process_table_content(table_content, table_title): """ Formats Markdown table content, adding units to column headers based on title or value heuristics. """ lines = table_content.strip().split('\n') if not lines: return "" header_line = lines[0] headers = [h.strip() for h in header_line.split('|') if h.strip()] Determine if the table title explicitly states "in millions" title_specifies_millions = "(in millions)" in table_title.lower() processed_headers = [] for h in headers: Check if the header is a numeric column that should have units Exclude headers that are already percentages or specific non-numeric metrics if h.lower() not in ["metric", "segment", "account", "% change yoy", "adj. ebitda margin %", "diluted eps from continuing operations (gaap)", "non-gaap diluted eps", "gross margin %"]: if title_specifies_millions: processed_headers.append(f"{h} (millions)") else: Heuristic: if the original header is a year/quarter/range, or a monetary metric, assume it's a monetary value and add ($M) if not already specified as (millions) if any(char.isdigit() for char in h) or "range" in h.lower() or "revenue" in h.lower() or "ebitda" in h.lower() or "cash" in h.lower() or "assets" in h.lower() or "liabilities" in h.lower() or "equity" in h.lower() or "debt" in h.lower() or "income" in h.lower() or "margin" in h.lower() or "expense" in h.lower() or "costs" in h.lower() or "compensation" in h.lower(): processed_headers.append(f"{h} ($M)") else: processed_headers.append(h) else: processed_headers.append(h) processed_header_line = "| " + " | ".join(processed_headers) + " |" separator_line = lines[1] data_rows = lines[2:] return "\n".join([processed_header_line, separator_line] + data_rows) def process_insight_content(content, chunk_nums): """ Formats insight content as an unordered list, adds bolding, and appends chunk references. """ processed_lines = [] Split the content into individual logical points, assuming they are separated by newlines raw_points = [p.strip() for p in content.split('\n') if p.strip()] Determine if the chunk_nums provided are meant for individual points or the whole insight If the number of points matches the number of chunk_nums, assume 1-to-1 mapping if len(raw_points) == len(chunk_nums): for i, point_text in enumerate(raw_points): Remove any embedded (chunk_num: X) clean_point_text = re.sub(r'\s*\(chunk_num: \d+\)', '', point_text).strip() Ensure it starts with a bullet point if not clean_point_text.startswith('- '): clean_point_text = '- ' + clean_point_text clean_point_text = remove_trailing_period(clean_point_text) Append the specific chunk reference ref = f"[{chunk_nums[i]}](index={chunk_nums[i]}&type=chunk)" processed_lines.append(f"{clean_point_text}{ref}") else: If no direct 1-to-1 mapping, append all chunk_nums to each point all_refs = "".join([f"[{cn}](index={cn}&type=chunk)" for cn in sorted(chunk_nums)]) for point_text in raw_points: clean_point_text = re.sub(r'\s*\(chunk_num: \d+\)', '', point_text).strip() if not clean_point_text.startswith('- '): clean_point_text = '- ' + clean_point_text clean_point_text = remove_trailing_period(clean_point_text) processed_lines.append(f"{clean_point_text}{all_refs}") return "\n".join(processed_lines) def generate_report_outline(outline_data): """ Generates a professionally structured report outline in Markdown format. """ markdown_output = [] def process_item(item): level = item["level"] title = item["title"] summary = item["summary"] item_id = item["item_id"] start_page = item["start_page"] Determine Markdown heading level md_level_char = "" * level URL encode item_id encoded_item_id = url_encode_item_id(item_id) Construct page-jump link page_jump_link = f"[{title}](index={start_page}&type=section&id={encoded_item_id})" Add heading and link markdown_output.append(f"{md_level_char} {page_jump_link}") Add summary if available and not null if summary: Convert units in summary processed_summary = summary processed_summary = re.sub(r'\$(\d+)M', r'$\1 million', processed_summary) processed_summary = re.sub(r'\$(\d+\.\d+)B', r'$\1 billion', processed_summary) processed_summary = remove_trailing_period(processed_summary) markdown_output.append(processed_summary) Process key_points if "key_points" in item and item["key_points"]: for kp in item["key_points"]: if kp["type"] == "table": Table title as subheading (one level deeper than current item's level) table_heading_level = "" * (level + 1) markdown_output.append(f"{table_heading_level} {kp['title']}") markdown_output.append(process_table_content(kp["content"], kp["title"])) elif kp["type"] == "insight": markdown_output.append(process_insight_content(kp["content"], kp.get("chunk_num", []))) Process children recursively if "children" in item and item["children"]: for child in item["children"]: process_item(child) Start processing from the top-level item(s) for item in outline_data: process_item(item) return "\n\n".join(markdown_output) Provided outline content outline = [ {"level": 1, "title": "NCR Voyix Second Quarter 2025 Earnings Release", "item_id": "NCR Voyix Second Quarter 2025 Earnings Release", "summary": None, "children": [ {"level": 2, "title": "Financial & Business Highlights", "item_id": "Financial & Business Highlights", "summary": "In Q2 2025, NCR Voyix reported a decrease in total revenue to $666M but a significant improvement in profitability, with net income from continuing operations reaching $1M compared to a $90M loss in the prior year. Adjusted EBITDA grew to $95M. The company maintained its full-year 2025 outlook and continued strategic initiatives, including share repurchases and growing its platform and payment sites.", "children": [], "end_page": 2, "key_points": [ {"type": "table", "title": "Q2 2025 Financial Highlights vs. Q2 2024", "content": "| Metric | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Revenue | $666M | $722M |\n| Net Income (Loss) from Continuing Operations | $1M | $(90)M |\n| Adjusted EBITDA | $95M | $79M |\n| Diluted EPS from Continuing Operations | $(0.02) | N/A |\n| Non-GAAP Diluted EPS | $0.19 | N/A |\n| Software & Services Revenue | $499M | $501M |\n| ARR | $1.68B | $1.60B |\n| Software ARR | $799M | $748M |", "chunk_num": [6]}, {"type": "table", "title": "Full-Year 2025 Outlook", "content": "| Metric | Outlook Range |\n| :--- | :--- |\n| Total Revenue | $2,575M – $2,650M |\n| Software and Services Revenue | $1,995M – $2,020M |\n| Hardware Revenue | $580M – $630M |\n| Adjusted EBITDA | $420M – $445M |\n| Non-GAAP Diluted EPS | $0.75 - $0.80 |\n| Adjusted Free Cash Flow - Unrestricted | $170M - $190M |", "chunk_num": [5]}, {"type": "insight", "content": "CEO James G. Kelly expressed encouragement with recent progress in executing key strategic initiatives, including product innovation, expanding payments capabilities, and enhancing global services.", "chunk_num": [5]}, {"type": "insight", "content": "The company grew its platform sites by 16% and payment sites by 3% year-over-year as of June 30, 2025. Additionally, it repurchased approximately 826 thousand shares for $7 million during the second quarter.", "chunk_num": [9]} ], "start_page": 1}, {"level": 2, "title": "Financial Statements", "item_id": "Financial Statements", "summary": "The consolidated financial statements detail the company's performance. The income statement shows a year-over-year revenue decline but improved gross margins and a shift to operating income in Q2. The balance sheet indicates a reduction in cash and total assets since year-end 2024. The cash flow statement reveals a significant use of cash from operations in the first half of 2025, contrasting with cash generation in the prior year.", "children": [ {"level": 3, "title": "Consolidated Statements of Operations", "item_id": "Consolidated Statements of Operations", "summary": "For Q2 2025, total revenue decreased to $666 million from $722 million in Q2 2024. However, gross margin improved from 17.5% to 23.0%, and the company swung from a $34 million operating loss to a $14 million operating income. Net income from continuing operations was $1 million, a significant turnaround from a $90 million loss in the prior-year quarter.", "end_page": 9, "key_points": [ {"type": "table", "title": "Consolidated Statements of Operations (in millions)", "content": "| Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 |\n| :--- | :--- | :--- | :--- | :--- |\n| Total Revenue | $666 | $722 | $1,283 | $1,432 |\n| Total Gross Margin | $153 | $126 | $288 | $264 |\n| Gross Margin % | 23.0% | 17.5% | 22.4% | 18.4% |\n| Income (Loss) from Operations | $14 | $(34) | $(6) | $(53) |\n| Income (Loss) from Continuing Operations | $1 | $(90) | $(19) | $(161) |", "chunk_num": [29]} ], "start_page": 9}, {"level": 3, "title": "Revenue and Adjusted EBITDA Summary by Segment", "item_id": "Revenue and Adjusted EBITDA Summary by Segment", "summary": "In Q2 2025, the Restaurants segment revenue grew 2% to $205 million with a 10% increase in Adjusted EBITDA to $68 million. The Retail segment saw revenue decline 12% to $454 million, but its Adjusted EBITDA decreased by a smaller 7% to $81 million, with its margin improving. Overall company Adjusted EBITDA increased 20% to $95 million for the quarter.", "end_page": 10, "key_points": [ {"type": "table", "title": "Q2 2025 Segment Performance (in millions)", "content": "| Segment | Revenue | % Change YoY | Adjusted EBITDA | % Change YoY | Adj. EBITDA Margin % |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Retail | $454 | (12)% | $81 | (7)% | 17.8% |\n| Restaurants | $205 | 2% | $68 | 10% | 33.2% |\n| **Total** | **$666** | **(8)%** | **$95** | **20%** | **14.3%** |", "chunk_num": [31]} ], "start_page": 10}, {"level": 3, "title": "Consolidated Balance Sheets", "item_id": "Consolidated Balance Sheets", "summary": "As of June 30, 2025, NCR Voyix's total assets stood at $3.98 billion, down from $4.45 billion at year-end 2024, primarily driven by a decrease in cash and cash equivalents from $722 million to $276 million. Total liabilities also decreased to $2.84 billion from $3.25 billion, resulting in a slight decline in total stockholders' equity to $867 million.", "end_page": 11, "key_points": [ {"type": "table", "title": "Key Balance Sheet Items (in millions)", "content": "| Account | June 30, 2025 | Dec 31, 2024 |\n| :--- | :--- | :--- |\n| Cash and cash equivalents | $276 | $722 |\n| Total current assets | $1,222 | $1,671 |\n| Total assets | $3,984 | $4,452 |\n| Total current liabilities | $1,054 | $1,420 |\n| Long-term debt | $1,099 | $1,098 |\n| Total liabilities | $2,841 | $3,245 |\n| Total stockholders' equity | $867 | $931 |", "chunk_num": [34]} ], "start_page": 11}, {"level": 3, "title": "Consolidated Statements of Cash Flows", "item_id": "Consolidated Statements of Cash Flows", "summary": "For the six months ended June 30, 2025, the company reported a net cash outflow from operating activities of $284 million, a significant reversal from a $27 million inflow in the same period of 2024. Net cash used in investing and financing activities were $75 million and $86 million, respectively. This resulted in a decrease in cash, cash equivalents, and restricted cash of $440 million.", "end_page": 12, "key_points": [ {"type": "table", "title": "Six Months Ended June 30 Cash Flow Summary (in millions)", "content": "| Activity | 2025 | 2024 |\n| :--- | :--- | :--- |\n| Net cash provided by (used in) operating activities | $(284) | $27 |\n| Net cash provided by (used in) investing activities | $(75) | $(81) |\n| Net cash provided by (used in) financing activities | $(86) | $15 |\n| **Increase (decrease) in cash** | **$(440)** | **$(53)** |", "chunk_num": [36]} ], "start_page": 12} ], "end_page": 12, "key_points": [], "start_page": 9}, {"level": 2, "title": "Reconciliation of GAAP to Non-GAAP Measures", "item_id": "Reconciliation of GAAP to Non-GAAP Measures", "summary": "This section provides detailed reconciliations of GAAP financial figures to the non-GAAP metrics management uses to evaluate performance. Key adjustments include removing the impact of depreciation, amortization, stock-based compensation, and transformation costs. For Q2 2025, Net Income of $1 million reconciled to an Adjusted EBITDA of $95 million, and GAAP EPS of $(0.02) reconciled to a Non-GAAP EPS of $0.19.", "children": [ {"level": 3, "title": "Reconciliation to Adjusted EBITDA", "item_id": "Reconciliation to Adjusted EBITDA", "summary": "The company reconciled its Q2 2025 GAAP Net Income of $1 million to a Non-GAAP Adjusted EBITDA of $95 million. Major adjustments included adding back $51 million for depreciation and amortization, $16 million for transformation and restructuring costs, and $14 million for interest expense. This represents a year-over-year increase from an Adjusted EBITDA of $79 million in Q2 2024.", "end_page": 6, "key_points": [ {"type": "table", "title": "Adjusted EBITDA Reconciliation (in millions)", "content": "| Line Item | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Net Income (Loss) from Continuing Operations (GAAP) | $1 | $(90) |\n| Depreciation and amortization | $51 | $52 |\n| Interest expense | $14 | $41 |\n| Transformation and restructuring costs | $16 | $50 |\n| Stock-based compensation expense | $9 | $12 |\n| Other adjustments | $4 | $4 |\n| **Adjusted EBITDA (Non-GAAP)** | **$95** | **$79** |", "chunk_num": [24]} ], "start_page": 6}, {"level": 3, "title": "Reconciliation to Non-GAAP Diluted EPS", "item_id": "Reconciliation to Non-GAAP Diluted EPS", "summary": "For Q2 2025, the GAAP Diluted EPS from continuing operations of $(0.02) was adjusted to a Non-GAAP Diluted EPS of $0.19. Significant adjustments included adding back the per-share impact of transformation and restructuring costs ($0.08), stock-based compensation ($0.05), and acquisition-related amortization ($0.03). This compares favorably to a Non-GAAP Diluted EPS of $(0.20) in Q2 2024.", "end_page": 8, "key_points": [ {"type": "table", "title": "Non-GAAP Diluted EPS Reconciliation", "content": "| Line Item | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Diluted EPS from Continuing Operations (GAAP) | $(0.02) | $(0.65) |\n| Transformation and restructuring costs | $0.08 | $0.26 |\n| Stock-based compensation expense | $0.05 | $0.07 |\n| Acquisition-related amortization of intangibles | $0.03 | $0.04 |\n| Other adjustments | $0.05 | $(0.12) |\n| **Non-GAAP Diluted EPS** | **$0.19** | **$(0.20)** |", "chunk_num": [26]} ], "start_page": 7} ], "end_page": 8, "key_points": [], "start_page": 6}, {"level": 2, "title": "Definitions and Cautionary Statements", "item_id": "Definitions and Cautionary Statements", "summary": "This section outlines the definitions for non-GAAP financial measures and key operational terms used throughout the release, providing clarity on their calculation and management's rationale for their use. It also includes a standard safe harbor statement regarding forward-looking statements, highlighting the inherent risks and uncertainties and directing investors to the company's SEC filings for more detailed risk factors.", "children": [ {"level": 3, "title": "Non-GAAP Financial Measures and Key Terms", "item_id": "Non-GAAP Financial Measures and Key Terms", "summary": "The company defines its key non-GAAP metrics, including Adjusted EBITDA, which excludes items like restructuring costs and stock-based compensation, and Non-GAAP Diluted EPS, which removes non-operational items. It also clarifies operational terms such as 'Annual Recurring Revenue' (ARR), which is calculated as the last three months of recurring revenue multiplied by four, plus certain term-based software licenses.", "end_page": 6, "key_points": [ {"type": "insight", "content": "- **Adjusted EBITDA**: Calculated from GAAP net income by adding back interest, taxes, D&A, stock-based compensation, and other special items like restructuring costs. Used to measure ongoing business performance. (chunk_num: 16)\n- **Non-GAAP Diluted EPS**: Excludes pension adjustments and other special items like amortization of acquisition intangibles and restructuring costs from GAAP EPS to better show underlying operational performance. (chunk_num: 17)\n- **Annual Recurring Revenue (ARR)**: Defined as recurring revenue for the last three months multiplied by four, plus the rolling four quarters of term-based software license arrangements with customer termination rights. (chunk_num: 22)", "chunk_num": [16, 17, 22]} ], "start_page": 5}, {"level": 3, "title": "Forward-Looking Statements", "item_id": "Forward-Looking Statements", "summary": "The release contains forward-looking statements regarding the company's 2025 financial outlook, the impact of trade tariffs, and strategic initiatives. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties. The company cautions that actual results could differ materially and directs readers to its Form 10-K and other SEC filings for a comprehensive discussion of risk factors.", "end_page": 4, "key_points": [ {"type": "insight", "content": "This release includes forward-looking statements concerning the fiscal 2025 outlook, strategic initiatives, and other future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially.", "chunk_num": [12]}, {"type": "insight", "content": "Investors are advised that these statements are made as of the date of the release and the company has no obligation to update them. For a full list of risk factors, investors should consult the company's SEC filings, including the 'Item 1A-Risk Factors' in its most recent Annual Report on Form 10-K.", "chunk_num": [12, 13]} ], "start_page": 4} ], "end_page": 6, "key_points": [], "start_page": 4} ], "end_page": 13, "start_page": 1} ] Generate the Markdown output markdown_report = generate_report_outline(outline) print(markdown_report) ``` [NCR Voyix Second Quarter 2025 Earnings Release](index=1&type=section&id=NCR%20Voyix%20Second%20Quarter%202025%20Earnings%20Release) [Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) In Q2 2025, NCR Voyix reported a decrease in total revenue to $666 million but a significant improvement in profitability, with net income from continuing operations reaching $1 million compared to a $90 million loss in the prior year. Adjusted EBITDA grew to $95 million. The company maintained its full-year 2025 outlook and continued strategic initiatives, including share repurchases and growing its platform and payment sites Q2 2025 Financial Highlights vs. Q2 2024 | Metric | Q2 2025 ($M) | Q2 2024 ($M) | | :--- | :--- | :--- | | Revenue | $666M | $722M | | Net Income (Loss) from Continuing Operations | $1M | $(90)M | | Adjusted EBITDA | $95M | $79M | | Diluted EPS from Continuing Operations | $(0.02) | N/A | | Non-GAAP Diluted EPS | $0.19 | N/A | | Software & Services Revenue | $499M | $501M | | ARR | $1.68B | $1.60B | | Software ARR | $799M | $748M | Full-Year 2025 Outlook | Metric | Outlook Range ($M) | | :--- | :--- | | Total Revenue | $2,575M – $2,650M | | Software and Services Revenue | $1,995M – $2,020M | | Hardware Revenue | $580M – $630M | | Adjusted EBITDA | $420M – $445M | | Non-GAAP Diluted EPS | $0.75 - $0.80 | | Adjusted Free Cash Flow - Unrestricted | $170M - $190M | - CEO James G. Kelly expressed encouragement with recent progress in executing key strategic initiatives, including product innovation, expanding payments capabilities, and enhancing global services[5](index=5&type=chunk) - The company grew its platform sites by **16%** and payment sites by **3%** year-over-year as of June 30, 2025. Additionally, it repurchased approximately **826 thousand shares** for **$7 million** during the second quarter[9](index=9&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) The consolidated financial statements detail the company's performance. The income statement shows a year-over-year revenue decline but improved gross margins and a shift to operating income in Q2. The balance sheet indicates a reduction in cash and total assets since year-end 2024. The cash flow statement reveals a significant use of cash from operations in the first half of 2025, contrasting with cash generation in the prior year [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenue decreased to $666 million from $722 million in Q2 2024. However, gross margin improved from 17.5% to 23.0%, and the company swung from a $34 million operating loss to a $14 million operating income. Net income from continuing operations was $1 million, a significant turnaround from a $90 million loss in the prior-year quarter Consolidated Statements of Operations (in millions) | Metric | Q2 2025 (millions) | Q2 2024 (millions) | Six Months 2025 (millions) | Six Months 2024 (millions) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $666 | $722 | $1,283 | $1,432 | | Total Gross Margin | $153 | $126 | $288 | $264 | | Gross Margin % | 23.0% | 17.5% | 22.4% | 18.4% | | Income (Loss) from Operations | $14 | $(34) | $(6) | $(53) | | Income (Loss) from Continuing Operations | $1 | $(90) | $(19) | $(161) | [Revenue and Adjusted EBITDA Summary by Segment](index=10&type=section&id=Revenue%20and%20Adjusted%20EBITDA%20Summary%20by%20Segment) In Q2 2025, the Restaurants segment revenue grew 2% to $205 million with a 10% increase in Adjusted EBITDA to $68 million. The Retail segment saw revenue decline 12% to $454 million, but its Adjusted EBITDA decreased by a smaller 7% to $81 million, with its margin improving. Overall company Adjusted EBITDA increased 20% to $95 million for the quarter Q2 2025 Segment Performance (in millions) | Segment | Revenue (millions) | % Change YoY | Adjusted EBITDA (millions) | % Change YoY | Adj. EBITDA Margin % | | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | $454 | (12)% | $81 | (7)% | 17.8% | | Restaurants | $205 | 2% | $68 | 10% | 33.2% | | **Total** | **$666** | **(8)%** | **$95** | **20%** | **14.3%** | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, NCR Voyix's total assets stood at $3.98 billion, down from $4.45 billion at year-end 2024, primarily driven by a decrease in cash and cash equivalents from $722 million to $276 million. Total liabilities also decreased to $2.84 billion from $3.25 billion, resulting in a slight decline in total stockholders' equity to $867 million Key Balance Sheet Items (in millions) | Account | June 30, 2025 (millions) | Dec 31, 2024 (millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $276 | $722 | | Total current assets | $1,222 | $1,671 | | Total assets | $3,984 | $4,452 | | Total current liabilities | $1,054 | $1,420 | | Long-term debt | $1,099 | $1,098 | | Total liabilities | $2,841 | $3,245 | | Total stockholders' equity | $867 | $931 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company reported a net cash outflow from operating activities of $284 million, a significant reversal from a $27 million inflow in the same period of 2024. Net cash used in investing and financing activities were $75 million and $86 million, respectively. This resulted in a decrease in cash, cash equivalents, and restricted cash of $440 million Six Months Ended June 30 Cash Flow Summary (in millions) | Activity | 2025 (millions) | 2024 (millions) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(284) | $27 | | Net cash provided by (used in) investing activities | $(75) | $(81) | | Net cash provided by (used in) financing activities | $(86) | $15 | | **Increase (decrease) in cash** | **$(440)** | **$(53)** | [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP financial figures to the non-GAAP metrics management uses to evaluate performance. Key adjustments include removing the impact of depreciation, amortization, stock-based compensation, and transformation costs. For Q2 2025, Net Income of $1 million reconciled to an Adjusted EBITDA of $95 million, and GAAP EPS of $(0.02) reconciled to a Non-GAAP EPS of $0.19 [Reconciliation to Adjusted EBITDA](index=6&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA) The company reconciled its Q2 2025 GAAP Net Income of $1 million to a Non-GAAP Adjusted EBITDA of $95 million. Major adjustments included adding back $51 million for depreciation and amortization, $16 million for transformation and restructuring costs, and $14 million for interest expense. This represents a year-over-year increase from an Adjusted EBITDA of $79 million in Q2 2024 Adjusted EBITDA Reconciliation (in millions) | Line Item | Q2 2025 (millions) | Q2 2024 (millions) | | :--- | :--- | :--- | | Net Income (Loss) from Continuing Operations (GAAP) | $1 | $(90) | | Depreciation and amortization | $51 | $52 | | Interest expense | $14 | $41 | | Transformation and restructuring costs | $16 | $50 | | Stock-based compensation expense | $9 | $12 | | Other adjustments | $4 | $4 | | **Adjusted EBITDA (Non-GAAP)** | **$95** | **$79** | [Reconciliation to Non-GAAP Diluted EPS](index=7&type=section&id=Reconciliation%20to%20Non-GAAP%20Diluted%20EPS) For Q2 2025, the GAAP Diluted EPS from continuing operations of $(0.02) was adjusted to a Non-GAAP Diluted EPS of $0.19. Significant adjustments included adding back the per-share impact of transformation and restructuring costs ($0.08), stock-based compensation ($0.05), and acquisition-related amortization ($0.03). This compares favorably to a Non-GAAP Diluted EPS of $(0.20) in Q2 2024 Non-GAAP Diluted EPS Reconciliation | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted EPS from Continuing Operations (GAAP) | $(0.02) | $(0.65) | | Transformation and restructuring costs | $0.08 | $0.26 | | Stock-based compensation expense | $0.05 | $0.07 | | Acquisition-related amortization of intangibles | $0.03 | $0.04 | | Other adjustments | $0.05 | $(0.12) | | **Non-GAAP Diluted EPS** | **$0.19** | **$(0.20)** | [Definitions and Cautionary Statements](index=4&type=section&id=Definitions%20and%20Cautionary%20Statements) This section outlines the definitions for non-GAAP financial measures and key operational terms used throughout the release, providing clarity on their calculation and management's rationale for their use. It also includes a standard safe harbor statement regarding forward-looking statements, highlighting the inherent risks and uncertainties and directing investors to the company's SEC filings for more detailed risk factors [Non-GAAP Financial Measures and Key Terms](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Terms) - **Adjusted EBITDA**: Calculated from GAAP net income by adding back interest, taxes, D&A, stock-based compensation, and other special items like restructuring costs. Used to measure ongoing business performance[16](index=16&type=chunk) - **Non-GAAP Diluted EPS**: Excludes pension adjustments and other special items like amortization of acquisition intangibles and restructuring costs from GAAP EPS to better show underlying operational performance[17](index=17&type=chunk) - **Annual Recurring Revenue (ARR)**: Defined as recurring revenue for the last three months multiplied by four, plus the rolling four quarters of term-based software license arrangements with customer termination rights[22](index=22&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The release contains forward-looking statements regarding the company's 2025 financial outlook, the impact of trade tariffs, and strategic initiatives. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties. The company cautions that actual results could differ materially and directs readers to its Form 10-K and other SEC filings for a comprehensive discussion of risk factors - This release includes forward-looking statements concerning the fiscal 2025 outlook, strategic initiatives, and other future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially[12](index=12&type=chunk) - Investors are advised that these statements are made as of the date of the release and the company has no obligation to update them. For a full list of risk factors, investors should consult the company's SEC filings, including the 'Item 1A-Risk Factors' in its most recent Annual Report on Form 10-K[12](index=12&type=chunk)[13](index=13&type=chunk)

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents the company's comprehensive financial statements and related disclosures [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, changes in stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, financial instrument details, and operational specifics for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Summarizes the company's assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights: | Metric | June 30, 2025 | December 31, 2024 | Change | % Change | |:---|:---|:---|:---|:---| | Total Current Assets | $17,185,946 | $11,742,073 | $5,443,873 | 46.36% | | Total Assets | $57,699,260 | $44,021,630 | $13,677,630 | 31.07% | | Total Current Liabilities | $3,360,652 | $2,279,549 | $1,081,103 | 47.43% | | Total Liabilities | $5,701,315 | $3,608,316 | $2,092,999 | 58.01% | | Total Stockholders' Equity | $51,997,945 | $40,413,314 | $11,584,631 | 28.66% | - Cash and cash equivalents increased from **$1,106,901** at December 31, 2024, to **$2,444,476** at June 30, 2025[11](index=11&type=chunk) - Investments in US treasury notes (current and non-current) significantly increased from **$14,984,123** at December 31, 2024, to **$21,694,018** at June 30, 2025[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Details the company's revenues, expenses, and net income over specific periods Condensed Consolidated Statements of Operations Highlights: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change (%) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change (%) | |:---|:---|:---|:---|:---|:---|:---| | Total Revenue | $9,476,739 | $6,125,382 | 54.7% | $16,755,275 | $12,024,320 | 39.3% | | Gross Profit | $5,475,786 | $3,073,425 | 78.2% | $9,173,872 | $5,911,662 | 55.2% | | Operating Income | $2,516,874 | $2,095,596 | 20.1% | $3,918,128 | $4,237,569 | -7.5% | | Net Income | $2,739,972 | $2,134,922 | 28.3% | $4,331,823 | $4,290,736 | 1.0% | | Net Income Attributable to IDR | $2,767,458 | $2,157,873 | 28.2% | $4,376,437 | $4,328,982 | 1.1% | | Basic EPS | $0.20 | $0.17 | 17.6% | $0.32 | $0.34 | -5.9% | | Diluted EPS | $0.20 | $0.17 | 17.6% | $0.31 | $0.34 | -8.8% | - The increase in revenue for both periods was primarily due to a **higher average gold price realized** (**$3,223.38** for three-month period and **$3,049.19** for six-month period ended June 30, 2025, compared to **$2,043.84** and **$2,102.89**, respectively, in 2024)[87](index=87&type=chunk) - Exploration expense significantly increased by **$1,624,705** (three-month) and **$2,728,290** (six-month) due to increased core drilling activity[87](index=87&type=chunk) [Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) Outlines changes in equity components, including common stock and accumulated deficit Changes in Stockholders' Equity Highlights: | Metric | Balance Jan 1, 2025 | Balance Jun 30, 2025 | Change | |:---|:---|:---|:---| | Common Stock Shares | 13,665,058 | 14,058,339 | 393,281 | | Common Stock Amount | $46,059,318 | $53,296,323 | $7,237,005 | | Accumulated Deficit | $(8,373,953) | $(3,997,516) | $4,376,437 | | Total Stockholders' Equity | $40,413,314 | $51,997,945 | $11,584,631 | - Issuance of common stock for cash, net of offering costs, contributed **$6,246,713** to equity during the six months ended June 30, 2025[18](index=18&type=chunk) - Stock-based compensation recognized was **$990,292** for the six months ended June 30, 2025[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Summarizes cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights (Six-Month Periods Ended June 30): | Cash Flow Activity | 2025 | 2024 | |:---|:---|:---| | Net cash provided by operating activities | $5,952,549 | $5,209,442 | | Net cash used by investing activities | $(10,312,403) | $(8,199,280) | | Net cash provided by financing activities | $5,697,429 | $2,517,619 | | Net change in cash and cash equivalents | $1,337,575 | $(472,219) | | Cash and cash equivalents, end of period | $2,444,476 | $1,814,780 | - Significant investing activities included purchases of property, plant, and equipment (**$2,436,596**) and US treasury notes (**$6,709,895**) in 2025[20](index=20&type=chunk) - Financing activities in 2025 were primarily driven by proceeds from the sale of common stock, net of issuance cost (**$6,246,713**)[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide essential details on the Company's accounting policies, estimates, and specific financial statement line items, offering context and further breakdown of the condensed consolidated financial statements - The unaudited interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information, relying on estimates and assumptions[22](index=22&type=chunk)[23](index=23&type=chunk) - The Company operates as a single operating segment, with financial information presented on a consolidated basis[42](index=42&type=chunk) [Note 1. The Company and Significant Accounting Policies](index=6&type=section&id=Note%201.%20The%20Company%20and%20Significant%20Accounting%20Policies) Details the company's structure and key accounting principles applied in financial reporting - The condensed consolidated financial statements include the accounts of Idaho Strategic Resources, Inc. and its majority-owned subsidiary, the New Jersey Mill Joint Venture (NJMJV)[25](index=25&type=chunk) - Gold revenue from direct sales is recognized upon transfer of control; concentrate sales revenue is recognized at shipment based on estimated forward prices, with adjustments until final settlement[26](index=26&type=chunk) - Exploration costs are expensed as incurred, while pre-development costs (once ore reserves are identified as economically viable) are capitalized[30](index=30&type=chunk)[31](index=31&type=chunk) [Note 2. Investments in US Treasury Notes](index=9&type=section&id=Note%202.%20Investments%20in%20US%20Treasury%20Notes) Provides details on the company's holdings in US Treasury notes, including their classification and fair value Investments in US Treasury Notes (Held to Maturity): | Category | Amortized Cost (Jun 30, 2025) | Fair Value (Jun 30, 2025) | Amortized Cost (Dec 31, 2024) | Fair Value (Dec 31, 2024) | |:---|:---|:---|:---|:---| | US Treasury notes, current (Matures within 1 year) | $10,611,794 | $10,637,000 | $7,775,193 | $7,806,000 | | US Treasury notes, non-current (Matures in 1-5 years) | $11,082,224 | $11,197,000 | $7,208,930 | $7,281,000 | | **Total** | **$21,694,018** | **$21,834,000** | **$14,984,123** | **$15,087,000** | - Fair value of investments in US treasury notes is determined using Level 1 inputs[48](index=48&type=chunk) [Note 3. Inventories](index=9&type=section&id=Note%203.%20Inventories) Details the composition and valuation of the company's inventory, including finished goods and supplies Inventories: | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Finished goods (Concentrate) | $513,580 | $334,033 | | Mine parts and supplies | $470,214 | $475,336 | | Mill parts and supplies | $137,199 | $90,555 | | **Total Inventories** | **$1,120,993** | **$899,924** | [Note 4. Sales of Products](index=10&type=section&id=Note%204.%20Sales%20of%20Products) Outlines the company's revenue streams from gold and silver sales, including customer information and settlement details - The Company sells gold flotation concentrates to H&H Metals and unrefined gold-silver doré to Cascade Refining[50](index=50&type=chunk) - At June 30, 2025, **9,244 ounces of gold** had been sold but not finally settled, with **6,986 ounces** exposed to future price changes[50](index=50&type=chunk) Sales of Products by Metal Type: | Metal | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Gold | $9,588,879 | $16,994,267 | $6,285,048 | $12,410,268 | | Silver | $44,454 | $76,209 | $27,596 | $54,985 | | Less: Smelter and refining charges | $(156,594) | $(315,201) | $(187,262) | $(440,933) | | **Total Revenue** | **$9,476,739** | **$16,755,275** | **$6,125,382** | **$12,024,320** | [Note 5. Related Party Transactions](index=10&type=section&id=Note%205.%20Related%20Party%20Transactions) Reports on transactions with related parties, specifically lease payments Related Party Lease Payments: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Lease Payments | $7,688 | $15,376 | $7,688 | $15,308 | [Note 6. JV Arrangements](index=10&type=section&id=Note%206.%20JV%20Arrangements) Describes the company's joint venture and equity method investments, including ownership and accounting treatment Joint Venture and Equity Method Investments: | JV/Equity | June 30, 2025 Ownership | Significant Influence? | Accounting Method | December 31, 2024 Ownership | Significant Influence? | Accounting Method | |:---|:---|:---|:---|:---|:---|:---| | NJMJV | 65% | Yes | Consolidated | 65% | Yes | Consolidated | | Butte Highlands JV, LLC | 50% | No | Cost | 50% | No | Cost | | Buckskin | 37% | Yes | Equity | 37% | Yes | Equity | [Note 7. Earnings per Share](index=10&type=section&id=Note%207.%20Earnings%20per%20Share) Presents the calculation of basic and diluted earnings per share for the reporting periods Earnings Per Share Calculation: | Metric | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Net Income | $2,739,972 | $4,331,823 | $2,134,922 | $4,290,736 | | Weighted Average Shares - Basic | 14,007,582 | 13,837,894 | 12,836,205 | 12,674,789 | | Weighted Average Shares - Diluted | 14,134,531 | 13,939,790 | 12,999,717 | 12,850,749 | | Net Income Per Share - Basic | $0.20 | $0.32 | $0.17 | $0.34 | | Net Income Per Share - Diluted | $0.20 | $0.31 | $0.17 | $0.34 | [Note 8. Property, Plant, and Equipment](index=11&type=section&id=Note%208.%20Property,%20Plant,%20and%20Equipment) Details the company's property, plant, and equipment, including categories, net values, and depreciation expense Property, Plant, and Equipment (Net): | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Mine Equipment, Net | $6,369,160 | $4,378,247 | | Mill Equipment, Net | $6,170,004 | $5,126,779 | | Buildings, Net | $2,771,157 | $2,420,336 | | Land | $978,703 | $978,703 | | **Total** | **$16,289,024** | **$12,904,065** | Depreciation Expense for Property, Plant, and Equipment: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Depreciation Expense | $488,183 | $1,003,465 | $431,598 | $908,223 | [Note 9. Mineral Properties](index=11&type=section&id=Note%209.%20Mineral%20Properties) Provides a breakdown of the company's mineral properties, their net values, and associated amortization expense Mineral Properties (Net): | Property | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Golden Chest | $10,994,124 | $9,881,412 | | New Jersey | $256,768 | $256,768 | | McKinley-Monarch | $200,000 | $200,000 | | Potosi | $150,385 | $150,385 | | Park Copper/Gold | $78,000 | $78,000 | | Eastern Star | $250,817 | $250,817 | | Oxford | $40,000 | $40,000 | | Accumulated Amortization | $(371,927) | $(284,033) | | **Total** | **$11,598,167** | **$10,573,349** | Amortization Expense for Mineral Properties: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Amortization Expense | $53,555 | $87,894 | $24,332 | $49,495 | [Note 10. Notes Payable](index=12&type=section&id=Note%2010.%20Notes%20Payable) Details the company's outstanding notes payable, including their categories, total amounts, and future principal payment schedule Notes Payable: | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Mine Equipment | $2,451,508 | $962,384 | | Mill Equipment | $606,299 | $540,773 | | Buildings/Land | $221,861 | $229,582 | | **Total Notes Payable** | **$3,279,668** | **$1,732,739** | | Due within one year | $1,254,269 | $709,381 | | Due after one year | $2,025,399 | $1,023,358 | Future Principal Payments of Notes Payable (as of June 30, 2025): | Period | Amount | |:---|:---| | 7/1/2025 – 6/30/2026 | $1,254,269 | | 7/1/2026 – 6/30/2027 | $1,022,795 | | 7/1/2027 – 6/30/2028 | $511,630 | | 7/1/2028 – 6/30/2029 | $331,468 | | 7/1/2029 – 6/30/2030 | $159,506 | | **Total** | **$3,279,668** | [Note 11. Investment in Buckskin](index=12&type=section&id=Note%2011.%20Investment%20in%20Buckskin) Reports on the company's equity method investment in Buckskin Gold and Silver, Inc., including ownership and financial impact - The Company holds a **37% common stock interest** in Buckskin Gold and Silver, Inc., accounted for using the equity method[64](index=64&type=chunk) - The investment resulted in an equity loss of **$159** for the three-month period and income of **$1,187** for the six-month period ended June 30, 2025[64](index=64&type=chunk) [Note 12. Stockholders' Equity](index=13&type=section&id=Note%2012.%20Stockholders'%20Equity) Provides information on the company's stockholders' equity, specifically regarding stock purchase warrants - There were no stock purchase warrants outstanding at June 30, 2025, as all warrants were exercised by December 31, 2024[66](index=66&type=chunk) [Note 13. Stock Options](index=13&type=section&id=Note%2013.%20Stock%20Options) Details the company's stock option grants, related compensation expense, and option activity - On January 15, 2025, the Company granted **400,000 stock options** to employees with an exercise price of **$11.50**, vesting equally over four periods[67](index=67&type=chunk) Stock-Based Compensation Expense: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | |:---|:---|:---| | Expense | $495,146 | $990,292 | Stock Option Activity: | Metric | Number of Options | Weighted Average Exercise Prices | |:---|:---|:---| | Balance December 31, 2024 | 77,000 | $5.17 | | Granted | 400,000 | $11.50 | | Exercised | (20,000) | $5.25 | | Outstanding at June 30, 2025 | 457,000 | $10.71 | [Note 14. Subsequent Events](index=13&type=section&id=Note%2014.%20Subsequent%20Events) Reports on significant events that occurred after the reporting period but before the financial statements were issued - Subsequent to June 30, 2025, the Company sold **380,000 shares of common stock** for net proceeds of **$6,246,713**[68](index=68&type=chunk) - Issued **13,281 shares of common stock** for outstanding stock options via cashless exercises by employees after June 30, 2025[68](index=68&type=chunk) [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements made in the Form 10-Q, emphasizing that actual results may differ materially due to various risks and uncertainties - Forward-looking statements, identified by words like 'expect' and 'anticipate,' are based on current information but are subject to risks and uncertainties[70](index=70&type=chunk) - Readers are cautioned not to place undue reliance on these statements, and the Company does not intend to update or revise them unless required by law[71](index=71&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition, results of operations, and liquidity for the periods presented, including strategic plans, critical accounting estimates, and key operational highlights [Plan of Operation](index=14&type=section&id=Plan%20of%20Operation) Outlines the company's strategic objectives, focusing on gold production and critical minerals exploration - Idaho Strategic is a gold producer and critical minerals/rare earth element (REE) exploration company, aiming to generate positive cash flow and increase its asset base[72](index=72&type=chunk)[73](index=73&type=chunk) - Primary focus is on growing gold production at the Golden Chest Mine and reinvesting cash flow into the mine, New Jersey Mill, and REE exploration[74](index=74&type=chunk) - The Company has expanded into REE exploration with properties in Idaho (Lemhi Pass, Diamond Creek, Mineral Hill) to diversify holdings and capitalize on anticipated demand[75](index=75&type=chunk) [Critical Accounting Estimates](index=14&type=section&id=Critical%20Accounting%20Estimates) Discusses key accounting estimates that require significant judgment and can materially impact financial results - Key estimates include **ounces of gold in inventory** and **concentrate sales** (subject to final assays and fluctuating gold prices), **reclamation bond obligations**, and **amortization of development costs**[77](index=77&type=chunk)[78](index=78&type=chunk) - The reclamation bond obligation is based on estimated future costs to remediate properties, evaluated annually, and discounted using a credit-adjusted risk-free rate[79](index=79&type=chunk) - Amortization of development costs at the Golden Chest Mine is calculated using the units-of-production method over the expected life, based on estimated reserves and resources[80](index=80&type=chunk) [Highlights during the second quarter of 2025](index=15&type=section&id=Highlights%20during%20the%20second%20quarter%20of%202025) Summarizes significant operational and strategic achievements during the second quarter of 2025 - Executed a long-term lease agreement for approximately **1,500 acres** of mineral claims within the Mineral Hill and Lemhi Pass REE projects[83](index=83&type=chunk) - Signed a Memorandum of Understanding with Clean Core Thorium Energy, Inc. to evaluate thorium mining and fuel fabrication for a 'Made in America' supply chain[83](index=83&type=chunk) - At the Golden Chest, **10,240 tonnes of ore** were mined from underground stopes, and **92 meters of development** were completed in the Main Access Ramp (MAR)[82](index=82&type=chunk)[87](index=87&type=chunk) - The New Jersey Mill processed **10,240 dry metric tonnes (dmt)** with a flotation feed head grade of **9.97 gpt gold** and **92.6% gold recovery**; the tailings filtration circuit was completed and commissioned[87](index=87&type=chunk) - Continued exploration drilling at Golden Chest (**2,176 meters**) and commenced drilling in the Murray Gold Belt (**1,687 meters**) and Eastern Star project (**1,956 meters**)[87](index=87&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance, including revenue, gross profit, operating income, and net income trends Financial Performance Summary: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change (%) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change (%) | |:---|:---|:---|:---|:---|:---|:---| | Revenue | $9,476,739 | $6,125,382 | 54.7% | $16,755,275 | $12,024,320 | 39.3% | | Gross Profit as % of Sales | 57.8% | 50.2% | 7.6 pp | 54.8% | 49.2% | 5.6 pp | | Exploration Expense | $2,244,761 | $620,056 | 262.0% | $3,616,194 | $887,904 | 307.3% | | Operating Income | $2,516,874 | $2,095,596 | 20.1% | $3,918,128 | $4,237,569 | -7.5% | | Net Income | $2,739,972 | $2,134,922 | 28.3% | $4,331,823 | $4,290,736 | 1.0% | - The significant increase in exploration expense is attributed to increased core drilling activity, which is expected to continue or increase throughout 2025[87](index=87&type=chunk) - Other income increased substantially due to increased interest income and gains on US treasuries from the Company's short-term investment account, opened mid-Q2 2024[87](index=87&type=chunk) [Cash Costs and All In Sustaining Costs ("AISC") Reconciliation to Generally Accepted Accounting Principles ("GAAP")](index=16&type=section&id=Cash%20Costs%20and%20All%20In%20Sustaining%20Costs%20(%22AISC%22)%20Reconciliation%20to%20Generally%20Accepted%20Accounting%20Principles%20(%22GAAP%22)) Reconciles non-GAAP cash cost and All-In Sustaining Cost (AISC) per ounce to GAAP measures, providing insights into operational efficiency - Cash cost per ounce and AISC per ounce are non-GAAP measures used to assess operating performance and net cash flow after costs for pre-development, exploration, reclamation, and sustaining capital[90](index=90&type=chunk) Cash Cost and AISC Per Ounce: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | |:---|:---|:---|:---|:---|:---|:---| | Ounces Produced | 3,010 | 2,903 | 3.7% | 5,910 | 6,019 | -1.8% | | Cash Cost per Ounce | $1,064.68 | $904.67 | +$160.01 | $957.48 | $874.73 | +$82.75 | | AISC per Ounce | $1,980.41 | $1,387.34 | +$593.07 | $1,710.77 | $1,276.43 | +$434.34 | - The increase in AISC per ounce is primarily due to higher exploration costs from underground and surface drilling at the Golden Chest Mine and other projects[87](index=87&type=chunk) [Financial Condition and Liquidity](index=17&type=section&id=Financial%20Condition%20and%20Liquidity) Assesses the company's financial health and ability to meet short-term and long-term obligations, including cash flow projections - The Company is currently producing profitably from the Golden Chest Mine[93](index=93&type=chunk) - Management believes that cash flows from operations, existing cash, and potential capital raising activities (equity sales, debt) are sufficient to fund planned operations and meet contractual obligations for the next 12 months[93](index=93&type=chunk) Net Cash Provided (Used) by Activities (Six-Months Ended June 30): | Activity | 2025 | 2024 | |:---|:---|:---| | Operating activities | $5,952,549 | $5,209,442 | | Investing activities | $(10,312,403) | $(8,199,280) | | Financing activities | $5,697,429 | $2,517,619 | | Net change in cash and cash equivalents | $1,337,575 | $(472,219) | | Cash and cash equivalents, end of period | $2,444,476 | $1,814,780 | [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Idaho Strategic Resources, Inc. is not required to provide quantitative and qualitative disclosures about market risk - Disclosure regarding market risk is not required for small reporting companies[94](index=94&type=chunk) [ITEM 4. Controls and Procedures](index=17&type=section&id=ITEM%204.%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and procedures and reports on any changes in internal control over financial reporting - The Company's disclosure controls and procedures were evaluated and concluded to be effective as of June 30, 2025, ensuring timely and accurate reporting[96](index=96&type=chunk)[97](index=97&type=chunk) - There was no material change in internal control over financial reporting during the quarter ended June 30, 2025[98](index=98&type=chunk) [PART II - OTHER INFORMATION](index=17&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Presents additional non-financial information and disclosures required for the reporting period [ITEM 1. Legal Proceedings](index=18&type=section&id=ITEM%201.%20Legal%20Proceedings) This section confirms that there are no legal proceedings to report for the Company - The Company has no legal proceedings to report[100](index=100&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=18&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's unregistered sales of equity securities, primarily common stock issued through cashless exercises of stock options and warrants, and the reliance on specific Securities Act exemptions - In the second quarter of 2025, **9,559 shares of common stock** were issued for outstanding stock options via cashless exercises by employees[101](index=101&type=chunk) - In the second quarter of 2024, the Company issued shares for warrants exercised (**29,763 shares** for **$166,673**) and stock options exercised (**21,429 shares** for **$120,002**, and **86,481 shares** via cashless exercises)[102](index=102&type=chunk) - These transactions relied on the exemption afforded by Section 4(a)(2) of the Securities Act of 1933 and Regulation D Rule 506(b)[103](index=103&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=18&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This section states that the Company has no outstanding senior securities - The Company has no outstanding senior securities[104](index=104&type=chunk) [ITEM 4. Mine Safety Disclosures](index=18&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This section indicates that information regarding mine safety violations and regulatory matters is provided in an exhibit to the report - Mine safety information required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in Exhibit 95[105](index=105&type=chunk) [ITEM 5. Other Information](index=18&type=section&id=ITEM%205.%20Other%20Information) This section confirms that there is no other information to report - No other information is reported in this section[106](index=106&type=chunk) [ITEM 6. Exhibits](index=18&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate governance documents, option grants, policies, certifications, and XBRL data Key Exhibits Filed: | Exhibit Number | Description | |:---|:---| | 3.1 | Amended and Restated Articles of Incorporation | | 3.2 | Amended and Restated By-laws | | 10.1 | Registrant's Grant of Options to Employees and Directors (Jan 15, 2025) | | 19 | Insider trading policy | | 31.1, 31.2 | Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | | 32.1, 32.2 | Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 | | 95 | Mine safety information listed in Section 1503 of the Dodd-Frank Act | | 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE | XBRL Instance Document and Taxonomy Extensions |

FOR VALUE RECEIVED, Westwater Resources, Inc., a Delaware corporation (the "Company"), hereby promises to pay to the order of [BUYER] or its registered assigns ("Holder") the Outstanding Principal Value (as defined below) with respect to such amount set forth above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal") when due, whether upon the Maturity Date, on any Installment Date (as defined below) with respect to the I ...