Financial Performance - Recursion reported a net loss of $162.3 million for Q3 2025 and $536.6 million for the nine months ended September 30, 2025, compared to a net loss of $95.8 million and $284.8 million for the same periods in 2024 [150]. - Total revenue for the three months ended September 30, 2025, was $5,175,000, a decrease of 80% compared to $26,082,000 in the same period of 2024 [152]. - Operating revenue decreased by 81% to $4,983,000 for the three months ended September 30, 2025, from $26,082,000 in 2024 [153]. - The net loss for the three months ended September 30, 2025, was $162,253,000, representing a 69% increase from a net loss of $95,842,000 in the same period of 2024 [169]. - Operating costs and expenses for the three months ended September 30, 2025, were $177,377,000, an increase of 43% from $124,436,000 in 2024 [152]. - The company incurred a total operating loss of $172,202,000 for the three months ended September 30, 2025, compared to a loss of $98,354,000 in 2024, marking a 75% increase [152]. - General and administrative expenses rose by 10% to $41,628,000 for the three months ended September 30, 2025, from $37,757,000 in 2024 [163]. - Cash used in operating activities increased to $325,735,000 for the nine months ended September 30, 2025, compared to $243,744,000 in 2024 [171]. - The company has an accumulated deficit of $2.0 billion as of September 30, 2025 [169]. Cash and Financing - As of September 30, 2025, Recursion had cash and cash equivalents of $659.8 million, which is expected to fund operations for at least the next twelve months [149]. - Cash and cash equivalents totaled $659.8 million as of September 30, 2025, up from $594.3 million at the end of 2024 [168]. - Cash provided by financing activities included proceeds of $395.5 million from common stock issuances during the nine months ended September 30, 2025 [177]. - Cash provided by financing activities also included proceeds of $289.4 million from common stock issuances during the nine months ended September 30, 2024 [178]. - The company raised approximately $358.2 million from the sale of 74.6 million shares under an Open Market Sales Agreement as of September 30, 2025 [148]. Research and Development - Recursion's internal pipeline includes six high-potential clinical and pre-clinical programs across oncology and rare diseases, with several programs advancing towards potential development candidate designation over the next 12 months [135][143]. - The ELUCIDATE Phase 1/2 trial for REC-617 established a maximum tolerated dose of 10 mg once-daily, with 29 patients treated and a manageable safety profile [139]. - REC-7735, a precision-designed PI3Kα H1047R inhibitor, has shown significant tumor regressions in preclinical studies and is now in IND-enabling studies [143]. - Research and development expenses increased by 62% to $121,062,000 for the three months ended September 30, 2025, compared to $74,600,000 in 2024 [158]. Collaborations and Milestones - The company achieved over $500 million in upfront and milestone payments from partners, with potential future milestone payments exceeding $10 billion [142]. - The collaboration with Roche and Genentech has resulted in a second $30 million milestone payment, part of a larger 10+ year partnership [144]. - Recursion has achieved $213 million in upfront and milestone payments through its collaboration with Roche and Genentech [144]. Investments and Assets - Cash used by investing activities included property and equipment purchases of $12.4 million, with $2.9 million allocated for upgrading the BioHive-2 supercomputer and $2.7 million for lab equipment [176]. - Investing activities during the nine months ended September 30, 2025 included the disposal of Exscientia GmbH for $4.4 million [175]. - The acquisition of Exscientia involved disposal-related payments of $9.7 million and severance payments of $14.3 million [173]. Currency and Accounting - The company has not experienced material foreign currency transaction gains or losses, and a 10% change in exchange rates would have an insignificant effect on financial results [182]. - As of September 30, 2025, the company's cash and cash equivalents primarily consisted of money market funds, with interest income sensitivity affected by changes in interest rates [181]. - There were no significant changes in the company's application of critical accounting policies during the nine months ended September 30, 2025 [179]. - The company does not have a formal hedging program for foreign currency, indicating a potential risk exposure [182].

Acquisitions - The Company acquired Chesapeake Technology International, Corp for $91.5 million, recognizing $2.2 million in acquisition-related expenses[40] - The Company acquired TRS Group, Inc. for $36.6 million, with $0.5 million recognized in acquisition-related expenses[44] - The Company acquired BCC Engineering, LLC for $233.5 million, with $4.2 million in acquisition-related expenses recognized[50] - The acquisition of BlackSignal Technologies, LLC was completed for $203.7 million, enhancing the company's capabilities in cyber warfare and electronic warfare[55] - The Company has entered into a merger agreement to acquire Applied Sciences Consulting, Inc. for approximately $28 million, which is not material to the consolidated financial statements[173] Revenue - Revenue generated by CTI for the three and nine months ended September 30, 2025, was $19.2 million[42] - Revenue generated by TRS for the three and nine months ended September 30, 2025, was $7.6 million and $19.0 million, respectively[47] - Revenue generated by BCC was $32.5 million and $95.9 million for the three and nine months ended September 30, 2025, respectively[52] - Pro forma revenue for the three months ended September 30, 2025, assuming CTI acquisition was $1,621,748 thousand[43] - Pro forma revenue for the three months ended September 30, 2025 was $1,621,748 thousand, compared to $1,836,915 thousand for the same period in 2024, reflecting a decrease of approximately 11.7%[54] - Revenue for Q3 2025 was $1,621,748, a decrease from $1,810,116 in Q3 2024, with North America contributing $1,313,775 and the Middle East $302,886[169] - Total revenue for the three months ended September 30, 2025, was $1,621,748, a decrease of 10.4% compared to $1,810,116 for the same period in 2024[172] - Federal Solutions segment generated revenue of $788,607 in Q3 2025, while the Critical Infrastructure segment contributed $833,141[166] - Defense and Intelligence segment revenue increased to $468,935 for the three months ended September 30, 2025, up from $459,318 in 2024, reflecting a growth of 1.3%[172] - Engineered Systems segment revenue decreased significantly to $319,672 for the three months ended September 30, 2025, down from $646,262 in 2024, representing a decline of 50.6%[172] - Federal Solutions revenue for the three months ended September 30, 2025, was $788,607, a decrease of 28.7% from $1,105,580 in 2024[172] Financial Performance - Pro forma net income for the nine months ended September 30, 2025, including noncontrolling interests, was $236,520 thousand[43] - The Company reported net income attributable to Parsons Corporation for Q3 2025 was $64,123, compared to $71,951 in Q3 2024[166] - The company reported net income attributable to Parsons Corporation of $180,873 for the nine months ended September 30, 2024, compared to $33,768 in the same period of 2023, indicating a significant increase[174] - Basic earnings per share (EPS) for the three months ended September 30, 2025, was $0.60, down from $0.68 in the same period of 2024[153] - Diluted EPS for the three months ended September 30, 2025, was $0.59, compared to $0.65 for the same period in 2024[153] - Basic earnings per share for the nine months ended September 30, 2024, was $1.70, up from $0.32 in the previous year[174] Assets and Liabilities - Total contract assets increased by 10.9% to $822,487 thousand as of September 30, 2025, compared to $741,504 thousand at December 31, 2024[62] - Total accounts receivable, net, increased to $1,223,904 thousand as of September 30, 2025, from $1,100,396 thousand as of December 31, 2024[65] - The company's remaining unsatisfied performance obligations (RUPO) amounted to $7.0 billion as of September 30, 2025[68] - The carrying value of goodwill increased from $2,082,680 thousand on December 31, 2024, to $2,163,469 thousand on September 30, 2025, representing a growth of 3.9%[75] - Total debt as of September 30, 2025, was $1,236,700 thousand, a slight decrease from $1,247,501 thousand on December 31, 2024[79] - The total joint venture equity for consolidated joint ventures decreased to $210,569 thousand as of September 30, 2025, from $230,314 thousand at the end of 2024[139] - The company's total liabilities for unconsolidated joint ventures remained relatively stable at $1,414,504 thousand as of September 30, 2025, compared to $1,416,880 thousand at the end of 2024[141] Expenses - The Company recognized $12.9 million in revenue during the three months ended September 30, 2025, from contract liability balances[63] - Amortization expense related to intangible assets was $3.2 million for the three months ended September 30, 2025[57] - The aggregate amortization expense for intangible assets for the nine months ended September 30, 2025, was $51.4 million, compared to $40.8 million for the same period in 2024, an increase of 25.5%[76] - Operating lease costs for the three months ended September 30, 2025, were $16,971 thousand, compared to $16,022 thousand for the same period in 2024, reflecting an increase of 5.9%[72] - Total lease costs for the nine months ended September 30, 2025, were $61,557 thousand, slightly up from $61,098 thousand in 2024, indicating a year-over-year increase of 0.75%[72] - The Company recognized interest expense of $18.9 million for the nine months ended September 30, 2025, related to the Convertible Senior Notes due 2029[100] - Total ESOP contribution expense was $18.6 million for the three months ended September 30, 2025, compared to $13.2 million for the same period in 2024[133] Cash Flow and Financing - The Company reported operating cash flows for operating leases of $49,892 thousand for the nine months ended September 30, 2025, down from $51,013 thousand in 2024, a decrease of 2.2%[73] - The Company entered into a $450 million unsecured Term Loan in June 2025, with an interest rate of 5.3% as of September 30, 2025[82] - The Company issued $800.0 million of 2.625% Convertible Senior Notes due 2029, receiving proceeds of $781.1 million net of transaction fees[93] - The Company entered into a $750 million unsecured revolving credit facility with a five-year maturity, increasing the previous facility from $650 million[109] - The interest rate on the new Credit Agreement was 5.4% as of September 30, 2025[109] - The Company incurred $1.7 million in costs related to the new Credit Agreement[109] - The net carrying value of the Convertible Senior Notes due 2029 was $787.5 million as of September 30, 2025[100] - The Company has no amounts outstanding under the Revolving Credit Facility as of September 30, 2025, with interest rates at 5.4%[280] Taxation - The effective tax rate for the three months ended September 30, 2025, was 16.4%, down from 20.8% for the same period in 2024[116] - The effective tax rate for the nine months ended September 30, 2025, was 18.7%, compared to 20.8% for the same period in 2024[117] - The Company recorded a deferred tax asset of $22.3 million related to the Capped Call Transactions costs through additional paid-in capital[103] - As of September 30, 2025, the Company's deferred tax assets were subject to a valuation allowance of $45.0 million[120] - The liability for income taxes associated with uncertain tax positions was $28.1 million as of September 30, 2025[121] Joint Ventures - Consolidated joint ventures reported revenue of $213,752 thousand for the three months ended September 30, 2025, representing a 10.6% increase from $193,461 thousand in the same period of 2024[139] - Net income for consolidated joint ventures increased to $35,629 thousand for the three months ended September 30, 2025, up 29.2% from $27,588 thousand in the prior year[139] - Unconsolidated joint ventures reported revenue of $608,305 thousand for the three months ended September 30, 2025, a 4.0% increase compared to $581,232 thousand for the same period in 2024[142] - The net income from unconsolidated joint ventures was $44,473 thousand for the three months ended September 30, 2025, significantly up from $20,740 thousand in the same period of 2024[142] - The company had net contributions of $7.5 million to unconsolidated joint ventures for the nine months ended September 30, 2025, compared to $83.7 million for the same period in 2024[142] Other - The Company believes that the ultimate resolution of certain lawsuits will not have a material adverse effect on its consolidated financial position[124] - The company limits exposure to foreign currency fluctuations through contract provisions, reducing the need for hedging foreign currency cash flows[282]

Financial Performance - Total revenue for Q3 2025 was $5.2 million, a decrease from $26.1 million in Q3 2024, primarily due to the timing of milestone payments[19]. - Total revenue for Q3 2025 was $5.175 million, a decrease from $26.082 million in Q3 2024, while total revenue for the nine months ended September 30, 2025, was $39.143 million compared to $54.293 million in the same period of 2024[25]. - Net loss for Q3 2025 was $162.3 million, compared to a net loss of $95.8 million in Q3 2024, reflecting a significant increase in losses[23]. - The company reported a net loss per share of $0.36 for Q3 2025, compared to a net loss per share of $0.34 in Q3 2024[25]. Research and Development - Research and development expenses increased to $121.1 million in Q3 2025 from $74.6 million in Q3 2024, driven by increased IPR&D purchases related to REC-102 and the business combination with Exscientia[19][20]. - Research and development expenses surged to $121.1 million in Q3 2025, up from $74.6 million in Q3 2024, indicating a focus on advancing drug development[25]. - The ELUCIDATE Phase 1/2 trial for REC-617 established a maximum tolerated dose of 10 mg once-daily, with 27.6% of patients experiencing grade ≥3 treatment-related adverse events[8]. - REC-7735 has been nominated as a development candidate, with IND-enabling studies underway, showing significant tumor regressions in preclinical studies[12]. Cash and Liquidity - As of October 9, 2025, Recursion reported approximately $785 million in cash and cash equivalents, providing a runway through the end of 2027 without additional financing[6]. - Cash and cash equivalents increased to $659.8 million as of September 30, 2025, from $594.4 million at the end of 2024, indicating improved liquidity[27]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $325.7 million, compared to $243.7 million for the same period in 2024, largely due to the inclusion of Exscientia's operations[23]. - Total liabilities decreased to $352.6 million as of September 30, 2025, from $413.8 million at the end of 2024, reflecting a reduction in current liabilities[27]. Partnerships and Collaborations - Recursion achieved a $30 million milestone from Roche and Genentech for delivering a whole-genome map of microglial immune cells, bringing total milestone and upfront payments to over $500 million[6]. - The partnership with Sanofi has resulted in $130 million in upfront and milestone payments, with each program having the potential for over $300 million in milestone payments[18]. - Recursion expects to achieve over $100 million in milestone payments by the end of 2026, with multiple programs advancing towards potential development candidate designation[12]. - Recursion's collaborations are projected to provide future milestone payments exceeding $10 billion, along with royalties across various indications[11]. Operational Costs - Operating costs and expenses rose to $177.4 million in Q3 2025 from $124.4 million in Q3 2024, driven by increased research and development costs[25]. - General and administrative expenses increased to $41.6 million in Q3 2025 from $37.8 million in Q3 2024, primarily due to the inclusion of G&A expenses from the business combination with Exscientia[23]. Future Outlook - Forward-looking statements indicate expectations for advancements in drug discovery and development, with a focus on achieving near-term milestones and potential collaborations[28]. - The Recursion OS platform continues to drive program development by integrating AI across multimodal biology, enhancing drug discovery and development efficiency[16].

Exhibit 99.1 NEWS RELEASE 804 EAST GATE DRIVE, SUITE 200, MOUNT LAUREL, NJ 08054 FOR IMMEDIATE RELEASE InTest Reports Third Quarter 2025 Results Orders Surge 34.2% Year-over-Year to $37.6 Million on Strong Demand MT. LAUREL, NJ – November 5, 2025 -- InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor ("semi"), automotive/EV, defense/aerospace, industrial, life sc ...

Exhibit 99.1 CENCORA REPORTS FISCAL 2025 FOURTH QUARTER AND FISCAL YEAR END RESULTS "Cencora furthered key initiatives in fiscal 2025 to fortify our leading position in healthcare, most notably by enhancing our position in specialty through our acquisition of RCA as well as the decision to strategically refocus our existing business portfolio," said Bob Mauch, President and Chief Executive Officer of Cencora. "Our strategic drivers of prioritizing growth-oriented investments, accelerating digital transforma ...

Revenue Performance - Total revenue for Q3 2025 was $470.3 million, representing a year-over-year increase of 6.8% compared to $440.2 million in Q3 2024[5] - Active Group revenue increased by 10.7% to $352.8 million, while Work Group revenue decreased by 2.9% to $105.9 million[5] - International revenue for Q3 2025 was $242.7 million, an increase of 13.5% compared to $213.8 million in Q3 2024[5] - Revenue for Q3 2025 was $470.3 million, a 6.8% increase from $440.2 million in Q3 2024[24] - Fiscal 2025 revenue guidance is projected to be between $1,855 million and $1,870 million, with a gross margin of 47.1%[34] Profitability Metrics - Gross margin improved to 47.5%, up 240 basis points from 45.1% in the prior year, driven by supply chain cost initiatives and lower promotional activity[5] - Gross profit increased to $223.2 million in Q3 2025, with a gross margin of 47.5%, compared to $198.7 million and 45.1% in Q3 2024[1] - Operating profit rose to $39.6 million in Q3 2025, resulting in an operating margin of 8.4%, up from $34.7 million and 7.9% in Q3 2024[1] - The operating margin for Fiscal 2025 is projected to be 8.9%, up from a reported margin of 7.8%[34] Earnings Per Share - Diluted earnings per share for Q3 2025 were $0.30, a 7.1% increase from $0.28 in Q3 2024[5] - Diluted earnings per share for Q3 2025 was $0.30, an increase from $0.28 in Q3 2024[1] - Adjusted diluted earnings per share for 2025 are projected to be in the range of $1.29 to $1.34[10] - Adjusted diluted EPS for Fiscal 2025 is expected to be between $1.29 and $1.34, reflecting a $0.21 adjustment from reported EPS of $1.08 to $1.13[34] Net Earnings - Net earnings attributable to Wolverine World Wide, Inc. were $25.1 million in Q3 2025, compared to $23.2 million in Q3 2024, reflecting a 8.2% increase[1] - For the quarter ended September 27, 2025, net earnings attributable to Wolverine World Wide, Inc. were $25.1 million, with diluted EPS of $0.30[39] - Year-to-date net earnings as of September 27, 2025, were $68.5 million, reflecting an increase of $2.8 million from adjustments[39] - Net earnings for Fiscal 2025 are forecasted to be between $109 million and $113 million, with adjustments accounting for $18 million[34] Balance Sheet and Debt - Inventory at the end of Q3 2025 was $293 million, down $2 million or approximately 0.7% from the prior year[6] - Net debt decreased to $543 million, down $20 million or approximately 3.6% compared to the prior year[6] - Total current assets decreased to $716.8 million as of September 27, 2025, from $771.5 million a year earlier[19] - Total liabilities decreased to $1,315.6 million in Q3 2025, down from $1,462.5 million in Q3 2024[19] - Cash and cash equivalents at the end of Q3 2025 were $133.9 million, a decrease from $140.2 million at the end of Q3 2024[21] Accounting Changes - The company has changed its inventory accounting method from LIFO to FIFO, which will impact future financial results[7] - The company has changed its inventory costing method from LIFO to FIFO, impacting financial results for fiscal years 2025, 2024, and 2023[38] Tax and Expenses - The effective tax rate for Q3 2025 was 20.5%, compared to 17.7% in Q3 2024[1] - Operating expenses as a percentage of revenue increased to 39.0% in Q3 2025 from 37.3% in Q3 2024[1] Non-GAAP Measures - The company believes that non-GAAP measures provide useful information for evaluating operating performance and trends[34] - Constant currency presentation is used to exclude the impact of foreign currency fluctuations, providing a clearer view of operational results[34]

Agent and Transaction Growth - As of September 30, 2025, Compass had approximately 38,400 agents on its platform, with principal agents numbering 21,550, reflecting an increase of 4,008 or 22.8% from the previous year[152][153] - Total transactions closed by agents during the three months ended September 30, 2025, reached 67,886, marking a 21.5% increase compared to the same period in 2024[153] - Gross Transaction Value for the same period was $70.7 billion, an increase of 22.5% year-over-year, representing 5.63% of residential real estate transacted in the U.S.[154][155] - The number of Principal Agents as of September 30, 2025, grew to 21,550, an increase of 22.8% year-over-year[171] - Total Transactions increased to 67,886 for the three months ended September 30, 2025, representing a 21.5% increase year-over-year[190] Financial Performance - Revenue for the three months ended September 30, 2025, was $1,846.0 million, representing a 23.6% increase from $1,494.0 million in the same period of 2024[171] - Revenue for the nine months ended September 30, 2025, reached $5,261.8 million, up 23.8% from $4,248.7 million in the prior year[171] - Adjusted EBITDA for the three months ended September 30, 2025, was $93.6 million, compared to $52.0 million for the same period in 2024, indicating significant improvement driven by higher revenue from an increased number of agents[201] - The Adjusted EBITDA margin for the three months ended September 30, 2025, was 5.1%, compared to 3.5% for the same period in 2024[199] - Cash flows from operations for the nine months ended September 30, 2025, were $171.4 million, up from $91.0 million for the same period in 2024[208] Expenses and Losses - Commissions and other related expenses for the three months ended September 30, 2025, were $1,503.4 million, a 22.5% increase from $1,227.7 million in 2024[172] - Sales and marketing expenses for the three months ended September 30, 2025, were $93.8 million, a 6.3% increase from $88.2 million in the same period of 2024[173] - Operations and support expenses for the three months ended September 30, 2025, totaled $111.1 million, reflecting a 31.6% increase from $84.4 million in 2024[174] - Research and development expenses for the three months ended September 30, 2025, were $67.4 million, a 41.9% increase from $47.5 million in the prior year[175] - Total operating expenses for the three months ended September 30, 2025, were $1,853.2 million, slightly exceeding revenue by 0.4%[172] - Net loss for the three months ended September 30, 2025, was $4.6 million, compared to a net loss of $1.9 million in the same period of 2024[171] Merger and Financing - Compass entered into a Merger Agreement with Anywhere Real Estate Inc. on September 22, 2025, with the merger expected to close in the second half of 2026[160][163] - The company secured a debt financing commitment of up to $750 million to support the merger, which will be used to refinance existing indebtedness and cover related expenses[162] - The company incurred $7.5 million in Anywhere merger transaction and integration expenses during the nine months ended September 30, 2025[172] - Anywhere merger transaction and integration expenses were $7.5 million for the three months ended September 30, 2025, representing a 100% increase from the prior year[178] Economic and Market Conditions - Macroeconomic conditions, including high interest rates, have contributed to a slowdown in the U.S. residential real estate market, impacting Compass's business and financial results[165][166] - Changes in industry practices resulting from antitrust settlements may impact Compass's operations and revenue in the future[167] Cash and Debt Management - The company had cash and cash equivalents of $170.3 million and an accumulated deficit of $2.7 billion as of September 30, 2025[206] - The Revolving Credit Facility available to the company as of September 30, 2025, was $322.3 million, with no balance outstanding[206] - The company is contingently liable for escrow and trust deposits totaling $350.2 million as of September 30, 2025[215] - The company has an outstanding balance of $28.8 million under the Concierge Facility, which bears interest at the term SOFR rate plus a margin of 2.50%[224] - The Revolving Credit Facility has no outstanding borrowings as of September 30, 2025, and bears interest equal to SOFR plus a margin of 1.50%[224] Accounting and Financial Reporting - The company evaluates its accounting estimates and assumptions on an ongoing basis, which may affect future financial statements[217] - Business combinations are accounted for using the acquisition method, with goodwill recorded for the excess of purchase consideration over identifiable assets and liabilities[219] - Acquisition costs are expensed as incurred, primarily consisting of third-party legal and consulting fees[219] - The company has not reported any material changes to its critical accounting policies and estimates in its 2024 Form 10-K[218]

Kelderman added, "Our differentiated portfolio of advanced life science tools, reagents, and diagnostic products continues to enable breakthroughs in science and medicine. With our world-class team, sharpened strategic focus, innovation capabilities and sector-leading financial profile, Bio-Techne remains well positioned to deliver long-term value for all stakeholders." Conference Call Bio-Techne will host an earnings conference call today, November 5, 2025 at 8:00 a.m. CST. To listen, please dial 1-800-274 ...

Revenue Performance - Revenue for Q3 2025 was $1,137 million, a 10% increase year-over-year, with 9% organic constant currency growth[5] - Pet Health revenue was $533 million in Q3 2025, a 10% increase year-over-year, driven by new products including Credelio Quattro and Zenrelia[8] - Farm Animal revenue reached $593 million in Q3 2025, a 12% increase year-over-year, with strong sales in cattle and poultry[10] - Revenue for Q3 2025 was $1,137 million, a 10.4% increase from $1,030 million in Q3 2024[37] Profitability Metrics - Adjusted EBITDA for Q3 2025 was $198 million, representing a 21% increase compared to Q3 2024, with an adjusted EBITDA margin of 17.5%[17] - Adjusted EPS for Q3 2025 was $0.19, a 46% increase compared to the same period in 2024[16] - Gross profit for Q3 2025 was $607 million, compared to $538 million in Q3 2024, resulting in a gross margin of 53.1%[39] - Adjusted gross profit for Q3 2025 was $601 million, with an adjusted gross margin percentage of 53.1%[39] Financial Guidance - The company raised its full-year revenue guidance to a range of $4,645 million to $4,670 million, expecting organic constant currency revenue growth of 6% to 6.5%[5] - Elanco plans to provide financial guidance for Q4 and full year 2025 during the conference call[25] - The full year 2025 adjusted EPS guidance is projected to be between $0.91 and $0.94, with reported loss per share guidance ranging from $(0.11) to $(0.08)[50] - The full year 2025 adjusted EBITDA guidance is estimated to be between $880 million and $900 million, with reported net loss guidance ranging from $(56) million to $(41) million[52] Debt and Leverage - The company improved its year-end net leverage ratio target to 3.7x to 3.8x, down from 4.3x at the end of 2024[5] - As of September 30, 2025, the company's net debt was $3,281 million, with a net leverage ratio of 3.7[48] - The company reported a total gross debt of $4,041 million as of September 30, 2025[48] - The company successfully refinanced its $2.1 billion Term Loan B debt facility, improving its debt portfolio's maturity risk profile[9] Expenses - Operating expenses for Q3 2025 were $440 million, a 7% increase year-over-year, driven by strategic investments in new product launches[12] - Research and development expenses for Q3 2025 were $89 million, slightly up from $87 million in Q3 2024[37] - The company reported an interest expense of $52 million for Q3 2025, down from $58 million in Q3 2024[37] Net Income and Loss - Net loss for Q3 2025 was $34 million, compared to a net income of $364 million in Q3 2024[37] - For the three months ended September 30, 2025, adjusted net income was $94 million, resulting in adjusted EPS of $0.19, compared to adjusted net income of $66 million and adjusted EPS of $0.13 for the same period in 2024[40] - The company reported a GAAP net loss of $34 million for the three months ended September 30, 2025, compared to a net income of $364 million for the same period in 2024[40] Future Projections - Reported net loss for Q4 2025 is projected between $(100) million and $(86) million[54] - Adjusted EBITDA guidance for Q4 2025 is estimated to be between $168 million and $188 million[54] - Adjusted EBITDA margin is expected to range from 15.5% to 16.9%[54] Innovation and Market Strategy - Credelio Quattro achieved $100 million in net sales in under eight months, marking it as Elanco's fastest pet health blockbuster[4] - Elanco's innovation revenue is defined as revenue from new products and geographic expansions, excluding cannibalization effects[34] - The company is focused on addressing risks related to competition, regulatory changes, and operational challenges in the animal health industry[30]

Financial Performance - Total revenue for Q3 2025 decreased by $188 million, or 10%, to $1.6 billion, with a 14% decline on an organic basis[5]. - Adjusted EBITDA for Q3 2025 was $158 million, a 5% decrease year-over-year, while the adjusted EBITDA margin expanded 60 basis points to 9.8%[6]. - Revenue for Q3 2025 was $1,621,748, a decrease of 10.4% compared to $1,810,116 in Q3 2024[28]. - Net income attributable to Parsons Corporation for Q3 2025 was $64,123, down 10.8% from $71,951 in Q3 2024[28]. - Basic earnings per share (EPS) for Q3 2025 was $0.60, compared to $0.68 in Q3 2024, reflecting a decrease of 11.8%[28]. - Operating income for Q3 2025 was $107,955, a decrease of 6.5% from $114,988 in Q3 2024[28]. - Adjusted net income attributable to Parsons Corporation for Q3 2025 was $93,053, compared to $102,823 in Q3 2024, reflecting a decline of approximately 9%[42]. - Adjusted earnings per share (EPS) for Q3 2025 was $0.87 per basic share, down from $0.97 per basic share in Q3 2024[42]. - Total adjusted net income for the nine months ended September 30, 2025, was $261,879,000, slightly down from $267,669,000 for the same period in 2024[42]. Segment Performance - Critical Infrastructure segment revenue increased by $129 million, or 18%, driven by organic growth of 13% and contributions from recent acquisitions[8]. - Federal Solutions segment revenue decreased by $317 million, or 29%, with a 31% decline on an organic basis; however, excluding a confidential contract, revenue increased by 9%[10]. Backlog and Contracts - Total backlog increased to $8.8 billion, with 72% funded, marking the highest level since the company's IPO[12]. - The company won four contracts worth over $100 million each during Q3 2025, including a $665 million contract extension for the Hudson Tunnel Project[14]. - Total contract awards for the nine months ended September 30, 2025, were $4,865,560,000, down from $5,367,109,000 in 2024, indicating a decrease of about 9.3%[33]. - Total backlog as of September 30, 2025, was $8,832,447,000, slightly up from $8,784,047,000 in 2024, reflecting an increase of approximately 0.5%[34]. - Total funded backlog in the Critical Infrastructure segment increased to $4,483,659,000 as of September 30, 2025, from $3,811,638,000 in 2024, marking an increase of approximately 17.6%[34]. Cash Flow and Assets - Cash flow from operating activities in Q3 2025 was $163 million, down from $299 million in Q3 2024[13]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $310,864,000, a decrease from $396,840,000 in 2024, representing a decline of approximately 21.6%[32]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $188,314,000, compared to $344,614,000 in 2024, indicating a reduction of about 45.5%[32]. - Total assets increased to $5,736,717 as of September 30, 2025, up from $5,487,962 at the end of 2024, representing a growth of 4.5%[31]. - Current liabilities decreased to $1,587,951 as of September 30, 2025, down from $1,915,644 at the end of 2024, a reduction of 17.1%[31]. - Long-term debt increased to $1,236,700 as of September 30, 2025, compared to $784,096 at the end of 2024, an increase of 57.7%[31]. - Cash and cash equivalents were $422,554 as of September 30, 2025, down from $453,548 at the end of 2024, a decrease of 6.8%[31]. - Total current assets increased to $2,649,045 as of September 30, 2025, up from $2,462,400 at the end of 2024, a growth of 7.6%[31]. Recognition and Awards - Parsons was recognized as one of the World's Best Companies in 2025 and received multiple awards for its infrastructure projects[21]. Other Financial Metrics - The company reported equity in earnings of unconsolidated joint ventures of $8,266 for Q3 2025, compared to $872 in Q3 2024, a significant increase[28]. - The book-to-bill ratio for the nine months ended September 30, 2025, was 1.0, down from 1.1 in the same period of 2024, indicating a decline in contract awards relative to revenue[35]. - The company incurred $17,996,000 in acquisition-related intangible asset amortization for Q3 2025, up from $13,328,000 in Q3 2024[42]. - Equity-based compensation expenses were $11,568,000 in Q3 2025, a decrease from $21,251,000 in Q3 2024[42]. - Transaction-related costs for Q3 2025 amounted to $5,074,000, an increase from $3,770,000 in Q3 2024[42]. - The tax effect on adjustments for Q3 2025 was $(7,829,000), compared to $(8,016,000) in Q3 2024[42]. - Restructuring costs for Q3 2025 were $292,000, while there were no such costs reported in Q3 2024[43].