PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Amplitude, Inc.'s unaudited financial statements detail asset and liability changes, revenue growth, and net loss for the period ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show total assets and liabilities increased by June 30, 2025, while total stockholders' equity decreased, reflecting the period's net loss Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$456,610** | **$445,911** | | Cash and cash equivalents | $119,656 | $171,678 | | Total current assets | $286,792 | $303,631 | | **Total Liabilities** | **$177,106** | **$149,355** | | Deferred revenue | $136,659 | $109,671 | | Total current liabilities | $171,476 | $144,513 | | **Total Stockholders' Equity** | **$279,504** | **$296,556** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three and six months ended June 30, 2025, revenue increased, but net loss widened for both periods Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $83,270 | $73,300 | $163,223 | $145,924 | | Gross Profit | $60,458 | $53,815 | $120,207 | $107,550 | | Total Operating Expenses | $87,552 | $80,975 | $171,499 | $159,415 | | Net Loss | $(24,668) | $(23,415) | $(46,899) | $(44,875) | | Net Loss Per Share | $(0.19) | $(0.19) | $(0.36) | $(0.37) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased for the six months ended June 30, 2025, while investing and financing activities used more cash Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $12,032 | $9,180 | | Net cash provided by (used in) investing activities | $(44,995) | $35,671 | | Net cash provided by (used in) financing activities | $(19,052) | $(10,997) | | **Net decrease in cash, cash equivalents, and restricted cash** | **$(52,015)** | **$33,854** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, a significant increase in remaining performance obligations, a share repurchase program, and a subsequent acquisition - The company's business model is providing a Digital Analytics Platform as a subscription service (SaaS)[33](index=33&type=chunk) Remaining Performance Obligations (in thousands) | Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Less than or equal to 12 months | $248,520 | $223,320 | | Greater than 12 months | $109,574 | $85,315 | | **Total** | **$358,094** | **$308,635** | - On May 6, 2025, the Board approved a share repurchase program authorizing up to **$50.0 million** of the company's Class A common stock[83](index=83&type=chunk) - Subsequent to the quarter end, on July 3, 2025, the company acquired Kraftful, Inc. for an aggregate purchase price of **$3.7 million**[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 revenue increase, ARR growth, stable gross margin, increased operating expenses, and the company's solid liquidity position Key Business Metrics as of June 30, | Metric | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $335 million | $290 million | 16% | | Dollar-Based Net Retention Rate (TTM) | 99% | 98% | 1 ppt | | Paying Customers with ARR > $100k | 634 | 547 | 16% | - The company focuses on customer acquisition, AI-led platform investments, and international growth, with recent innovations including Amplitude AI Agents and new marketing capabilities[110](index=110&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk) Q2 2025 vs Q2 2024 Results (in thousands) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $83,270 | $73,300 | $9,970 | 14% | | Cost of Revenue | $22,812 | $19,485 | $3,327 | 17% | | Total Operating Expenses | $87,552 | $80,975 | $6,577 | 8% | - As of June 30, 2025, principal liquidity sources were **$119.7 million** in cash and equivalents and **$167.9 million** in marketable securities, deemed sufficient for the next 12 months[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company assesses market risks from interest rates and foreign currency, concluding that a hypothetical **10%** change would not materially affect financial results - The company's investments are exposed to interest rate fluctuations, but an immediate **10%** change in rates is not expected to have a material effect on portfolio fair value[188](index=188&type=chunk) - Operating expenses include foreign currency denominations, but exchange rate fluctuations have not been material, with a hypothetical **10%** change in the U.S. dollar not expected to have a material effect[189](index=189&type=chunk) - Management believes inflation has not had a material effect on the business, financial condition, or results of operations[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of the period end[191](index=191&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[192](index=192&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 for details on legal proceedings, including dismissed securities class actions and ongoing privacy-related class actions - For details on legal proceedings, the report directs readers to Note 9 of the financial statements[195](index=195&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks including a history of net losses, intense competition, reliance on third-party infrastructure, evolving privacy regulations, and concentrated voting power - The company has a history of net losses, reporting **$46.9 million** for the six months ended June 30, 2025, and an accumulated deficit of **$504.7 million**, with profitability not guaranteed[201](index=201&type=chunk) - The digital analytics market is highly competitive, posing risks of reduced sales, lower margins, or financial losses from large companies, in-house systems, and new entrants[216](index=216&type=chunk)[217](index=217&type=chunk) - A dual-class stock structure concentrates voting control with existing stockholders, executive officers, and directors, limiting Class A stockholders' influence on corporate matters[326](index=326&type=chunk) - The business is subject to evolving privacy laws like GDPR and CCPA, with non-compliance potentially leading to significant fines, reputational damage, and other liabilities[297](index=297&type=chunk)[298](index=298&type=chunk)[301](index=301&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=104&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In May 2025, the company repurchased Class A common shares and authorized a new share repurchase program Company Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | — | $— | | May 2025 | 203,921 | $12.44 | | June 2025 | — | $— | | **Total** | **203,921** | **$12.44** | - A new repurchase program for up to **$50 million** was authorized on May 7, 2025, with no shares repurchased under it as of June 30, 2025[363](index=363&type=chunk) [Item 3. Defaults Upon Senior Securities](index=104&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None [Item 4. Mine Safety Disclosures](index=104&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not Applicable [Item 5. Other Information](index=104&type=section&id=Item%205.%20Other%20Information) On May 15, 2025, President Thomas Hansen adopted a Rule 10b5-1 trading plan for the potential sale of Class A common shares - Thomas Hansen, President of the Company, adopted a Rule 10b5-1 trading plan on May 15, 2025, for the sale of up to **210,000** shares of Class A common stock[366](index=366&type=chunk) [Item 6. Exhibits](index=105&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-40653 Duolingo, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

[Executive Summary & Company Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Highlights) Carriage Services achieved significant Q2 2025 financial growth, driven by strong net income and EPS, strategic acquisitions, and reduced leverage, leading to an upward revision of its full-year outlook [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Carriage Services achieved significant financial growth in Q2 2025, with GAAP net income and diluted EPS increasing substantially, while total revenue remained stable through organic growth and reduced leverage Key Financial Metrics for Q2 2025 (Year-over-Year) | Metric | Q2 2025 | Q2 2024 | Growth Rate | Change ($M) | Notes | | :--------------------- | :------- | :------- | :---------- | :---------- | :---- | | GAAP Net Income | - | - | 85.7% | $5.5 | [4](index=4&type=chunk)[5](index=5&type=chunk) | | GAAP Diluted EPS | $0.74 | $0.40 | 85.0% | $0.34 | [4](index=4&type=chunk)[5](index=5&type=chunk) | | Adjusted Diluted EPS | $0.74 | $0.63 | 17.5% | $0.11 | [4](index=4&type=chunk)[5](index=5&type=chunk) | | Total Revenue (Excluding Divestitures) | - | - | 1.7% | $1.8 | [4](index=4&type=chunk) | - The company's leverage ratio decreased from 4.6x in the prior year to **4.2x**, with **$7.1 million** in credit facility debt repaid during the second quarter[5](index=5&type=chunk) [Strategic Initiatives and Outlook Update](index=1&type=section&id=Strategic%20Initiatives%20and%20Outlook%20Update) After two years of debt reduction, the company is resuming its long-term strategy of increasing shareholder value through high-quality acquisitions and has updated its full-year 2025 guidance - The company has signed contracts to acquire new businesses, expected to close this quarter, which collectively served over **2,600 families** and generated over **$15 million** in revenue last year[4](index=4&type=chunk)[5](index=5&type=chunk) Revised Full-Year 2025 Guidance | Metric | Revised 2025 Outlook | Previous 2025 Outlook | | :--------------------- | :------------------- | :------------------- | | Total Revenue ($M) | $410 - $420 | $400 - $410 | | Adjusted Consolidated EBITDA ($M) | $129 - $134 | $128 - $133 | | Adjusted Diluted EPS | $3.15 - $3.35 | $3.10 - $3.30 | | Adjusted Free Cash Flow ($M) | $40 - $50 | $40 - $50 | - The revised outlook incorporates the anticipated revenue impact from acquisitions and divestitures of certain non-core assets[8](index=8&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details the company's Q2 and H1 2025 GAAP and non-GAAP financial metrics, including operational data for funeral and cemetery businesses, and provides a revised full-year outlook [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) This section details the company's GAAP and non-GAAP financial metrics and key operational data for both cemetery and funeral businesses, reflecting changes in revenue, profit, and operational efficiency [Three Months Ended June 30, 2025](index=2&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025) In Q2 2025, net income significantly increased due to reduced general and administrative expenses and interest expenses, despite a slight decrease in total revenue, while average contract revenue for funeral services improved Q2 2025 Financial and Operational Metrics | Metric | Q2 2025 | Q2 2024 | Change ($M) | Change Rate | | :---------------------------------- | :------- | :------- | :---------- | :---------- | | Total Revenue ($M) | $102.1 | $102.3 | -$0.2 | -0.2% | | Operating Income ($M) | $24.0 | $18.4 | $5.6 | 30.4% | | Net Income ($M) | $11.7 | $6.3 | $5.4 | 85.7% | | Diluted EPS | $0.74 | $0.40 | $0.34 | 85.0% | | Pre-Need Cemetery Property Sales Volume | 4,016 | 4,179 | -163 | -3.9% | | Average Price Per Pre-Need Cemetery Property | $5,871 | $5,908 | -$37 | -0.6% | | Funeral Contract Volume | 10,589 | 10,679 | -90 | -0.8% | | Average Revenue Per Funeral Contract | $5,626 | $5,549 | $77 | 1.4% | - Net income growth was primarily driven by a **$6.7 million** reduction in general, administrative, and other expenses and a **$1.3 million** decrease in interest expense, partially offset by a **$1.1 million** reduction in business gross profit contribution and a **$0.9 million** increase in income tax expense[7](index=7&type=chunk) [Six Months Ended June 30, 2025](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) In H1 2025, both total and net income increased, with the significant rise in net income primarily attributed to gains from divestitures and real estate sales, alongside reduced administrative expenses H1 2025 Financial and Operational Metrics | Metric | H1 2025 | H1 2024 | Change ($M) | Change Rate | | :---------------------------------- | :------------- | :------------- | :---------- | :---------- | | Total Revenue ($M) | $209.2 | $205.8 | $3.4 | 1.7% | | Operating Income ($M) | $55.6 | $37.8 | $17.8 | 47.1% | | Net Income ($M) | $32.7 | $13.2 | $19.5 | 147.7% | | Diluted EPS | $2.07 | $0.85 | $1.22 | 143.5% | | Pre-Need Cemetery Property Sales Volume | 7,252 | 7,616 | -364 | -4.8% | | Average Price Per Pre-Need Cemetery Property | $5,669 | $5,430 | $239 | 4.4% | | Funeral Contract Volume | 22,761 | 22,770 | -9 | 0.0% | | Average Revenue Per Funeral Contract | $5,671 | $5,565 | $106 | 1.9% | - Net income growth was primarily driven by a **$9.3 million** increase in gains from divestitures and real estate sales, a **$10.9 million** reduction in general, administrative, and other expenses, and a **$2.7 million** decrease in interest expense, partially offset by a **$2.5 million** increase in income tax expense and a **$0.5 million** reduction in business gross profit contribution[13](index=13&type=chunk) [Revised Full-Year 2025 Outlook](index=3&type=section&id=Revised%20Full-Year%202025%20Outlook) The company has raised its full-year 2025 guidance for total revenue, adjusted consolidated EBITDA, and adjusted diluted EPS, reflecting current performance trends and the impact of acquisitions and divestitures in the second half Revised Full-Year 2025 Guidance | Metric | Revised 2025 Outlook | Previous 2025 Outlook | | :--------------------- | :------------------- | :------------------- | | Total Revenue ($M) | $410 - $420 | $400 - $410 | | Adjusted Consolidated EBITDA ($M) | $129 - $134 | $128 - $133 | | Adjusted Diluted EPS | $3.15 - $3.35 | $3.10 - $3.30 | | Adjusted Free Cash Flow ($M) | $40 - $50 | $40 - $50 | - Adjusted Consolidated EBITDA, Adjusted Diluted EPS, and Adjusted Free Cash Flow are non-GAAP financial measures, with their outlook excluding special items such as gains/losses on divestitures, acquisition costs, severance, and goodwill impairment[9](index=9&type=chunk) [Condensed Financial Statements](index=5&type=section&id=Condensed%20Financial%20Statements) This section presents the company's condensed operating and financial trends, balance sheet, statements of operations, and cash flows for Q2 and H1 2025, highlighting key financial positions and performance [Condensed Operating and Financial Trend Report](index=5&type=section&id=Condensed%20Operating%20and%20Financial%20Trend%20Report) This report provides detailed revenue and EBITDA data by business segment, along with trends in other expenses and net income, illustrating the profitability of each segment and overall financial performance Q2 and H1 2025 Operating and Financial Trends | Metric | Q2 2025 ($K) | Q2 2024 ($K) | H1 2025 ($K) | H1 2024 ($K) | | :----------------------- | :----------- | :----------- | :----------- | :----------- | | Funeral Business Revenue | $59,572 | $58,753 | $128,662 | $124,801 | | Cemetery Business Revenue | $33,450 | $33,644 | $61,388 | $60,049 | | Financial Revenue | $8,224 | $6,921 | $15,580 | $13,664 | | Total Revenue | $102,147 | $102,318 | $209,216 | $205,811 | | Funeral Business EBITDA | $22,030 | $23,220 | $51,570 | $50,569 | | Cemetery Business EBITDA | $15,003 | $16,712 | $26,368 | $28,247 | | Consolidated EBITDA | $32,262 | $26,778 | $65,210 | $53,749 | | Net Income | $11,739 | $6,259 | $32,665 | $13,232 | [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets slightly decreased, while total shareholders' equity increased, reflecting changes in its asset and liability structure Condensed Consolidated Balance Sheet (As of Date) | Metric | June 30, 2025 ($K) | December 31, 2024 ($K) | | :--------------------- | :----------------- | :--------------------- | | Total Assets | $1,275,714 | $1,279,580 | | Total Liabilities | $1,040,294 | $1,071,030 | | Total Shareholders' Equity | $235,420 | $208,550 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show increased service revenue but decreased property and merchandise revenue in Q2 and H1 2025, with operating and net income significantly growing due to corporate cost and expense control despite a slight reduction in gross profit Consolidated Statements of Operations Key Data | Metric | Q2 2025 ($K) | Q2 2024 ($K) | H1 2025 ($K) | H1 2024 ($K) | | :--------------------- | :----------- | :----------- | :----------- | :----------- | | Service Revenue | $46,510 | $44,433 | $99,520 | $94,132 | | Property and Merchandise Revenue | $46,513 | $49,590 | $92,099 | $95,092 | | Total Revenue | $102,147 | $102,318 | $209,216 | $205,811 | | Gross Profit | $35,935 | $36,993 | $73,777 | $74,255 | | Operating Income | $23,998 | $18,369 | $55,562 | $37,846 | | Net Income | $11,739 | $6,259 | $32,665 | $13,232 | | Diluted EPS | $0.74 | $0.40 | $2.07 | $0.85 | | Dividends Per Share | $0.1125 | $0.1125 | $0.2250 | $0.2250 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In H1 2025, cash flow from operating activities remained stable, while cash flow from investing activities significantly increased due to proceeds from divestitures and asset sales, with increased financing outflows leading to a slight rise in period-end cash and cash equivalents Consolidated Statements of Cash Flows Key Data (Half-Year) | Metric | H1 2025 ($K) | H1 2024 ($K) | | :------------------------- | :----------- | :----------- | | Net Cash Provided by Operating Activities | $21,877 | $21,860 | | Net Cash Provided by Investing Activities | $12,813 | $4,392 | | Net Cash Used in Financing Activities | -$34,457 | -$26,272 | | Net Increase (Decrease) in Cash and Cash Equivalents | $233 | -$20 | | Cash and Cash Equivalents at End of Period | $1,398 | $1,503 | - The increase in cash flow from investing activities was primarily due to proceeds from divestitures and sales of other assets, which rose from **$11,174 thousand** in H1 2024 to **$18,822 thousand** in H1 2025[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=11&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles the company's non-GAAP financial measures, including various EBITDA and free cash flow metrics, to provide a clearer view of core operational performance [Definitions of Non-GAAP Measures](index=11&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section provides detailed definitions of the non-GAAP financial measures used by the company to assess financial performance, aiming to offer investors additional information and enhance comparability with historical performance and industry peers - Non-GAAP financial measures include special items, adjusted net income, consolidated EBITDA, adjusted consolidated EBITDA, adjusted free cash flow, funeral business EBITDA, and cemetery business EBITDA, designed to exclude expenses and gains not directly reflecting core or normal business operations[23](index=23&type=chunk)[24](index=24&type=chunk)[33](index=33&type=chunk) - The company considers Adjusted Consolidated EBITDA a supplemental measure of operating performance, aiding in the analysis and comparison of continuing operations by excluding items that may not be representative of ongoing performance[30](index=30&type=chunk) - Funeral Business EBITDA and Cemetery Business EBITDA aim to highlight the cash profitability and controllable margins of each business segment, excluding regional and unallocated costs determined by the Houston Support Center[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed tables reconciling non-GAAP financial measures to the most directly comparable GAAP measures, ensuring transparency and traceability in financial reporting Reconciliation of Operating Income to Consolidated EBITDA and Adjusted Consolidated EBITDA | Metric | Q2 2025 ($K) | Q2 2024 ($K) | H1 2025 ($K) | H1 2024 ($K) | | :------------------------- | :----------- | :----------- | :----------- | :----------- | | Operating Income | $23,998 | $18,369 | $55,562 | $37,846 | | Depreciation and Amortization | $6,173 | $6,204 | $11,574 | $11,664 | | Non-Cash Share-Based Compensation | $2,092 | $2,182 | $3,845 | $2,671 | | Consolidated EBITDA | $32,262 | $26,778 | $65,210 | $53,749 | | Adjusted Consolidated EBITDA | $32,262 | $32,604 | $65,210 | $66,205 | Special Items Affecting Adjusted Net Income | Special Item | Q2 2025 ($K) | Q2 2024 ($K) | H1 2025 ($K) | H1 2024 ($K) | | :--------------------------------- | :----------- | :----------- | :----------- | :----------- | | Severance and Termination Costs | $0 | $771 | $0 | $6,228 | | Net (Gain) Loss on Divestitures and Real Estate Sales | $12 | $8 | -$7,913 | $1,509 | | Other Special Items | $0 | $5,055 | $0 | $6,228 | | Total | $12 | $5,417 | -$8,217 | $12,212 | Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow | Metric | Q2 2025 ($K) | Q2 2024 ($K) | H1 2025 ($K) | H1 2024 ($K) | | :------------------------- | :----------- | :----------- | :----------- | :----------- | | Cash Flow from Operating Activities | $8,085 | $2,157 | $21,877 | $21,860 | | Capital Expenditures | -$2,846 | -$3,545 | -$6,009 | -$7,096 | | Free Cash Flow | $5,239 | -$1,388 | $15,868 | $14,764 | | Adjusted Free Cash Flow | $6,900 | -$339 | $20,253 | $18,197 | [Additional Information](index=3&type=section&id=Additional%20Information) This section provides details on the upcoming conference call, investor relations contact, and a cautionary statement regarding forward-looking statements and associated risks [Conference Call and Investor Relations Contact](index=3&type=section&id=Conference%20Call%20and%20Investor%20Relations%20Contact) The company has scheduled a conference call for August 7, 2025, to discuss Q2 results and outlook, and has provided investor relations contact information - A conference call is scheduled for **Thursday, August 7, 2025, at 8:00 AM Central Time**, accessible by dialing **888-254-3590** (Conference ID - **6237081**)[11](index=11&type=chunk) - Carriage Services is a leading provider of funeral and cemetery services and merchandise in the United States, operating **159 funeral homes** and **28 cemeteries** as of June 30, 2025[12](index=12&type=chunk) - Investor relations inquiries can be directed via email to **InvestorRelations@carriageservices.com**[12](index=12&type=chunk) [Cautionary Statement on Forward-Looking Statements](index=16&type=section&id=Cautionary%20Statement%20on%20Forward-Looking%20Statements) This press release contains forward-looking statements regarding future performance, strategy, economic conditions, and market performance, cautioning investors about significant risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements include, but are not limited to, projections for financial items such as earnings, revenue, cash flow, return on invested capital, capital allocation, debt levels, market share growth, and cost inflation[42](index=42&type=chunk) - Key risk factors include the ability to retain skilled personnel, competitive impacts, changes in market death rates, shifts in consumer preferences, pre-need sales capabilities, trust fund investment performance, interest rate fluctuations, inflationary effects, financing capabilities, debt levels, tax law changes, litigation, industry consolidation, successful integration of acquisitions and divestitures, information technology disruptions, and acts of war or terrorism[42](index=42&type=chunk)[43](index=43&type=chunk) - Investors should review the 'Risk Factors' disclosed in the company's Form 10-K annual report and other SEC filings, and should not place undue reliance on forward-looking statements[44](index=44&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissio ...

LandBridge Company LLC Announces Second Quarter 2025 Results Delivered Q2 revenue growth of 83% year-over-year and 8% quarter-over-quarter Achieved quarterly record $34.2 million Surface Use Royalties and Revenue New commercial agreements and growing momentum of active land management strategy Exhibit 99.1 Declared quarterly cash dividend of $0.10 per share HOUSTON—(BUSINESS WIRE)—LandBridge Company LLC (NYSE: LB) (the "Company," "LandBridge") today announced its financial and operating results for the seco ...

[Second Quarter 2025 Performance Overview](index=1&type=section&id=Innovative%20Industrial%20Properties%20Reports%20Second%20Quarter%202025%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's key financial metrics declined significantly year-over-year due to tenant defaults Q2 2025 Key Financial Metrics (per share) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net income per share | $0.86 | $1.44 | $(0.58) | (40)% | | Normalized FFO per share | $1.56 | $2.06 | $(0.50) | (24)% | | AFFO per share | $1.71 | $2.29 | $(0.58) | (25)% | Q2 2025 Financial Results (in millions) | Metric | Amount | | :--- | :--- | | Total Revenues | $62.9 million | | Net Income (common stockholders) | $25.1 million | | Normalized FFO | $44.1 million | | AFFO | $48.4 million | - Paid a quarterly dividend of **$1.90 per common share** on July 15, 2025, with total dividends paid since inception reaching **$1.0 billion**[5](index=5&type=chunk) [Portfolio Update](index=1&type=section&id=Portfolio%20Update) The company is actively managing its portfolio by addressing tenant defaults and executing property transactions - Launched a strategic initiative in March 2025 to replace underperforming tenants and declared several operators, including PharmaCann, in default[3](index=3&type=chunk) - Q2 2025 portfolio activity included leasing 205,000 sq ft in Michigan, selling a Michigan property for **$9.0 million**, and selling a California property for **$1.8 million** in net proceeds[6](index=6&type=chunk) - As of June 30, 2025, the total property portfolio comprises 108 properties with **9.0 million rentable square feet** across 19 states[15](index=15&type=chunk) [Balance Sheet and Financing Activities](index=1&type=section&id=Balance%20Sheet%20and%20Financing%20Activities) The company maintained a strong balance sheet with low leverage while repurchasing stock and issuing preferred shares Balance Sheet Strength (at June 30, 2025) | Metric | Value | | :--- | :--- | | Debt to Total Gross Assets | 11% | | Total Gross Assets | $2.6 billion | | Total Liquidity | $192.4 million | | Debt Service Coverage Ratio | 15.0x | - Repurchased 366,952 shares of common stock for **$19.8 million**, with **$79.9 million** remaining available under the share repurchase program[15](index=15&type=chunk) - Issued 173,834 shares of Series A Preferred Stock, generating **$4.0 million** in net proceeds under its "at-the-market" equity offering program[15](index=15&type=chunk) [Detailed Financial Statements and Results](index=2&type=section&id=Financial%20Results) [Consolidated Statements of Income](index=2&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 revenues and net income fell sharply year-over-year, primarily driven by tenant defaults - The **21% decrease in total revenues** was primarily caused by tenant defaults totaling **$15.8 million** from PharmaCann, Gold Flora, TILT, and 4Front[9](index=9&type=chunk) Q2 2025 vs. Q2 2024 Income Statement (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $62,891 | $79,793 | | Income from Operations | $28,898 | $42,347 | | Net Income | $26,024 | $41,993 | | Net Income Attributable to Common Stockholders | $25,146 | $41,655 | | Diluted EPS | $0.86 | $1.44 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased from year-end 2024, driven by declines in real estate holdings and cash Balance Sheet Comparison (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net real estate held for investment | $2,146,770 | $2,168,782 | | Cash and cash equivalents | $99,666 | $146,245 | | Total Assets | $2,305,055 | $2,378,047 | | Total Liabilities | $424,649 | $441,987 | | Total Stockholders' Equity | $1,880,406 | $1,936,060 | [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) [Dividend](index=2&type=section&id=Dividend) The company declared a second quarter 2025 dividend of $1.90 per common share - On June 13, 2025, the Board of Directors declared a Q2 2025 dividend of **$1.90 per common share**[11](index=11&type=chunk) - The dividend was paid on July 15, 2025, to stockholders of record as of June 30, 2025[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=FFO%2C%20NORMALIZED%20FFO%20AND%20AFFO) [Reconciliation and Performance](index=6&type=section&id=Reconciliation%20of%20FFO%2C%20Normalized%20FFO%20and%20AFFO) Non-GAAP metrics such as FFO and AFFO per share experienced significant year-over-year declines Reconciliation of Net Income to AFFO (Q2, in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income attributable to common stockholders | $25,146 | $41,655 | | Real estate depreciation and amortization | $18,500 | $17,473 | | **FFO attributable to common stockholders (diluted)** | **$43,646** | **$58,677** | | Litigation-related expense | $413 | $164 | | **Normalized FFO attributable to common stockholders (diluted)** | **$44,059** | **$58,841** | | Stock-based compensation & other adjustments | $4,340 | $6,660 | | **AFFO attributable to common stockholders (diluted)** | **$48,399** | **$65,501** | Non-GAAP Metrics Per Share (Diluted) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | FFO per common share | $1.54 | $2.06 | | Normalized FFO per common share | $1.56 | $2.06 | | AFFO per common share | $1.71 | $2.29 | [Definition and Usefulness](index=6&type=section&id=Management's%20Discussion%20of%20Non-GAAP%20Measures) Management uses FFO, Normalized FFO, and AFFO as key supplemental measures to evaluate operating performance - FFO is a standard NAREIT measure that excludes property sales gains/losses and real estate depreciation from GAAP net income[24](index=24&type=chunk)[26](index=26&type=chunk) - Normalized FFO adjusts FFO for items management deems infrequent, unusual, or unrelated to core real estate operations[27](index=27&type=chunk) - AFFO adjusts Normalized FFO for certain additional cash and non-cash items to provide another view of operating performance[28](index=28&type=chunk)

Exhibit 99.1 Ziff Davis Reports Second Quarter 2025 Financial Results and Reaffirms 2025 Guidance NEW YORK, NY -- August 6, 2025 -- Ziff Davis, Inc. (NASDAQ: ZD) ("Ziff Davis" or "the Company") today reported unaudited financial results for the second quarter ended June 30, 2025. "We are very pleased with our second quarter results, which exceeded expectations and marked our strongest quarterly revenue growth since 2021," said Vivek Shah, Chief Executive Officer of Ziff Davis. "Our new segment reporting is ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 814-00941 CĪON Investment Corporation (Exact name of registrant as specified in its charter) Maryland 45-3058280 (State or ...

Kinetik Reports Second Quarter 2025 Financial and Operating Results and Updates Full Year 2025 Guidance HOUSTON and MIDLAND, Texas, August 6, 2025 – Kinetik Holdings Inc. (NYSE: KNTK) ("Kinetik" or the "Company") today reported financial results for the quarter ended June 30, 2025. Second Quarter 2025 Results and Commentary For the three and six months ended June 30, 2025, Kinetik reported net income including noncontrolling interest of $74.4 million and $93.7 million, respectively. Kinetik generated Adjust ...

PART I FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited H1 2025 financial statements reflect significant revenue and net income growth, with total assets increasing to $2.81 billion and liabilities rising due to TRAs [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $2.81 billion, while liabilities grew to $1.98 billion, primarily due to tax receivable agreements Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,812,247** | **$2,501,085** | | Cash and cash equivalents | $254,415 | $293,354 | | Property and equipment, net | $747,831 | $683,971 | | Deferred income tax assets, net | $955,190 | $742,126 | | **Total Liabilities** | **$1,978,318** | **$1,737,220** | | Long-term debt, net | $196,838 | $219,755 | | Tax receivable agreements liability | $824,447 | $627,834 | | **Total Equity** | **$833,929** | **$763,865** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues increased 28.0% to $415.8 million, with net income growing 73.1% to $38.4 million, driven by company-operated shops Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$415,813** | **$324,918** | **+28.0%** | **$770,965** | **$600,017** | **+28.5%** | | Company-operated shops | $380,500 | $295,268 | +28.9% | $706,921 | $543,353 | +30.1% | | Franchising and other | $35,313 | $29,650 | +19.1% | $64,044 | $56,664 | +13.0% | | **Income from Operations** | **$54,659** | **$32,184** | **+69.8%** | **$85,731** | **$57,800** | **+48.3%** | | **Net Income** | **$38,357** | **$22,156** | **+73.1%** | **$60,837** | **$38,371** | **+58.6%** | | **Diluted EPS** | **$0.20** | **$0.12** | **+66.7%** | **$0.33** | **$0.20** | **+65.0%** | [Condensed Consolidated Statements of Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow increased to $126.8 million, while financing activities shifted to a $66.0 million outflow due to debt refinancing Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $126,781 | $100,729 | | Net cash used in investing activities | $(99,731) | $(113,240) | | Net cash provided by (used in) financing activities | $(65,989) | $139,888 | | **Net (decrease) increase in cash** | **$(38,939)** | **$127,377** | [Notes to Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant accounting policies, including headquarters relocation costs, debt refinancing, and an increase in the Tax Receivable Agreements liability to $824.4 million - The company is undergoing a significant organizational realignment, relocating its headquarters from Grants Pass, Oregon to Phoenix, Arizona, with a new restructuring program approved in May 2025 expected to incur up to **$8.5 million** in charges[66](index=66&type=chunk)[67](index=67&type=chunk) - On May 29, 2025, the company amended and restated its credit facility, establishing a new **$500 million** revolving credit facility and a **$150 million** term loan facility (the '2025 Credit Facility'), which matures in 2030, with all outstanding debt under the previous facility repaid[77](index=77&type=chunk)[78](index=78&type=chunk) - The liability related to the Tax Receivable Agreements (TRAs) increased from **$627.8 million** at year-end 2024 to **$824.4 million** as of June 30, 2025, primarily due to the exchange of Dutch Bros OpCo units[94](index=94&type=chunk) - The company operates two reportable segments: Company-operated shops, which generate revenue from retail sales, and Franchising and other, which includes sales to franchisees, royalties, and fees[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q2 2025 performance driven by shop growth and same-shop sales, improved margins, debt refinancing, and addresses macroeconomic risks [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2025 total revenue grew 28.0% driven by company-operated shops, with gross profit margin expanding due to sales leverage and reduced labor costs Key Performance Indicators - Q2 2025 vs Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Shop Count | 1,043 | 912 | | Systemwide Same Shop Sales | 6.1% | 4.1% | | - Transactions | 3.7% | (2.0)% | | - Ticket | 2.4% | 6.1% | | Company-operated Same Shop Sales | 7.8% | 5.2% | | - Transactions | 5.9% | (0.8)% | | - Ticket | 1.9% | 6.0% | - Company-operated shop revenue growth in Q2 2025 was driven by **$63.9 million** from new shops and **$21.3 million** from a **7.8%** increase in same-shop sales[140](index=140&type=chunk) - Labor costs as a percentage of company-operated shop revenue decreased by **60 basis points** in Q2 2025 due to the impact of pricing, while beverage, food, and packaging costs decreased by **20 basis points**[145](index=145&type=chunk)[148](index=148&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q2 2025 with $254.4 million in cash, generated $126.8 million from operations, and refinanced its debt with a new $500 million revolver and $150 million term loan - The company refinanced its debt in May 2025, securing a new facility consisting of a **$500 million** revolving credit facility and a **$150 million** term loan, which expires in May 2030[182](index=182&type=chunk) - As of June 30, 2025, cash and cash equivalents stood at **$254.4 million**, down from **$293.4 million** at the end of 2024[174](index=174&type=chunk) [Non-GAAP Financial Measures](index=50&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show Q2 2025 Adjusted EBITDA increased to $89.0 million (21.4% of revenue), and company-operated shop contribution margin improved to 31.1% Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income | $38,357 | $22,156 | | Depreciation and amortization | $27,893 | $22,350 | | Interest expense, net | $7,076 | $6,997 | | Income tax expense | $7,243 | $3,860 | | **EBITDA** | **$80,569** | **$55,363** | | Equity-based compensation | $4,671 | $3,326 | | Expenses associated with credit facility refinancing | $2,000 | $— | | Organization realignment and restructurings | $1,763 | $6,694 | | Other adjustments | $— | $(224) | | **Adjusted EBITDA** | **$89,003** | **$65,159** | [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price fluctuations, rising labor costs, and interest rate exposure on its floating-rate debt, partially mitigated by hedging - The company faces significant commodity risk from inputs like dairy, coffee, fuel, and sugar, and has been raising menu prices to offset inflation[213](index=213&type=chunk) - Labor costs are pressured by rising minimum wage requirements, notably in California, which increased to **$20/hour** for the industry in April 2024[214](index=214&type=chunk) - The company is exposed to interest rate risk on its **$200 million** of outstanding floating-rate debt as of June 30, 2025, where a **1%** rate increase would raise annual interest expense by approximately **$2.0 million**, excluding swap impacts[215](index=215&type=chunk) [Controls and Procedures](index=55&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - As of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[218](index=218&type=chunk) - No material changes to internal control over financial reporting occurred during the three months ended June 30, 2025[219](index=219&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=56&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in routine legal actions incidental to its business, not currently expected to have a material adverse effect - The company is subject to routine litigation and claims incidental to its ordinary course of business[222](index=222&type=chunk) [Risk Factors](index=56&type=section&id=ITEM%201A.%20Risk%20Factors) Material changes to risk factors include potential impacts from international trade policies and evolving regulations and consumer attitudes regarding health and food additives - A new risk factor highlights that U.S. tariffs and restrictive trade policies could raise costs of imported green coffee beans, reduce margins, and disrupt supply chains[225](index=225&type=chunk)[226](index=226&type=chunk) - The company notes increasing risk from government regulations and consumer attitudes regarding diet and health, including menu labeling laws and potential restrictions on food additives and dyes, which could negatively influence demand[231](index=231&type=chunk)[232](index=232&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 28, 2025, the company issued 1.75 million Class A common shares in an unregistered exchange for Dutch Bros OpCo units, with no proceeds received - On April 28, 2025, the company conducted an unregistered issuance of **1.75 million** shares of Class A common stock in exchange for an equal number of Dutch Bros OpCo units held by the Co-Founder's entities, with no proceeds received[237](index=237&type=chunk) [Defaults Upon Senior Securities](index=58&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - There were no defaults upon senior securities[238](index=238&type=chunk) [Mine Safety Disclosure](index=58&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosure) This disclosure item is not applicable to the company's operations - This section is not applicable to the company[239](index=239&type=chunk) [Other Information](index=58&type=section&id=ITEM%205.%20Other%20Information) No other material information is required to be reported under this item - There is no other information to report for this item[240](index=240&type=chunk) [Exhibits](index=59&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the new Credit Agreement and Sarbanes-Oxley certifications - Key exhibits filed include the new Second Amended and Restated Credit Agreement and Sarbanes-Oxley certifications[242](index=242&type=chunk)