Financial Performance - Net income for the three months ended September 30, 2025, was $127.47 million, compared to $115.57 million in the prior year, marking a year-over-year growth of approximately 10.5%[15] - Net income for the nine months ended September 30, 2025, was $360,501,000, an increase from $338,741,000 in the same period of 2024, representing a growth of approximately 6.5%[24] - Comprehensive income for the three months ended September 30, 2025, was $180.83 million, compared to $298.01 million in the same period of 2024, showing a decrease of about 39.4%[17] - Comprehensive income for the nine months ended September 30, 2025, totaled $550,133,000, compared to $484,372,000 for the same period in 2024, indicating an increase of about 13.6%[24] - Basic earnings per common share for the three months ended September 30, 2025, was $1.50, up from $1.33 in 2024, representing a 12.8% increase[125] Asset and Liability Management - Total assets increased to $35.77 billion as of September 30, 2025, compared to $35.08 billion at the end of 2024, reflecting a growth of approximately 1.96%[13] - Total deposits decreased to $28.66 billion as of September 30, 2025, from $29.49 billion at the end of 2024, a decline of about 2.8%[13] - The allowance for loan losses was $313.64 million as of September 30, 2025, slightly down from $318.88 million at the end of 2024, indicating a decrease of approximately 1.1%[13] - The company experienced a net decrease in deposits of $833,101,000 during the nine months ended September 30, 2025[24] - The company reported a net increase in short-term borrowings of $1,252,505,000 for the nine months ended September 30, 2025[24] Income and Expense Analysis - Net interest income for the three months ended September 30, 2025, was $279.74 million, up from $271.76 million in the same period of 2024, representing an increase of about 2.9%[15] - Noninterest income for the three months ended September 30, 2025, was $106.00 million, an increase from $95.90 million in the same period of 2024, representing an increase of approximately 10.9%[15] - Total noninterest expense for the three months ended September 30, 2025, was $212.75 million, compared to $203.84 million in the prior year, reflecting an increase of approximately 4.4%[15] - Total other noninterest income for the nine months ended September 30, 2025, was $48.588 million, compared to $45.271 million for the same period in 2024[121] - Total other noninterest expense for the three months ended September 30, 2025, was $21.456 million, compared to $20.472 million in 2024, reflecting a 4.8% increase[122] Loan Portfolio and Credit Quality - Total loans increased to $23,596,565 thousand as of September 30, 2025, up from $23,299,447 thousand at December 31, 2024, representing a growth of 1.28%[51] - The allowance for credit losses totaled $341,510 thousand at September 30, 2025, compared to $342,764 thousand at September 30, 2024, reflecting a slight decrease[64] - Nonaccrual loans increased to $113,554 thousand as of September 30, 2025, compared to $97,335 thousand at December 31, 2024, indicating a rise of 16.66%[66] - The provision for loan losses for the nine months ended September 30, 2025, was $34,217 thousand, compared to $43,656 thousand for the same period in 2024, a decrease of 21.66%[62] - The total balance of commercial non-real estate loans as of September 30, 2025, was $57,892 thousand, representing 0.60% of the portfolio[68] Securities and Investments - The amortized cost of available-for-sale securities was $6.203 billion with a fair value of $5.794 billion as of September 30, 2025[37] - The total debt securities held to maturity amounted to $2.198 billion with a fair value of $2.065 billion as of September 30, 2025[38] - The fair value of available-for-sale securities with unrealized losses totaled approximately $4.008 billion as of September 30, 2025[44] - The Company held no securities classified as trading at September 30, 2025[38] - The Company evaluated its held-to-maturity municipal obligation portfolio for credit loss, resulting in negligible credit losses and no allowance for credit loss recorded[45] Derivatives and Hedging - The notional amount of derivatives designated as hedging instruments was $2.12 billion as of September 30, 2025, with total derivative assets of $111.539 million and liabilities of $106.586 million[92] - The Company recorded $203.5 million of fair value hedges that became effective during the nine months ending September 30, 2025, impacting interest income[96] - The aggregate fair value of derivative instruments with credit risk-related contingent features was $17.5 million at September 30, 2025, down from $39.1 million at December 31, 2024[111] - The fair value of derivative liabilities was reported at $106,582,000 as of September 30, 2025, compared to $160,623,000 as of December 31, 2024[150] - The Company’s level 3 derivative liability decreased from $2,089,000 at December 31, 2024, to $1,855,000 at September 30, 2025[161] Shareholder and Capital Management - The company repurchased 1,762,500 shares of common stock for $100,930,000 during the nine months ended September 30, 2025[24] - Common shares outstanding were 8.1 million at September 30, 2025, excluding treasury shares valued at $354.3 million[114] - The company repurchased 1.8 million shares at an average cost of $56.80 per share during the nine months ended September 30, 2025[115] - The balance of Accumulated Other Comprehensive Income (Loss) was $(416.460) million as of September 30, 2025, compared to $(606.092) million at December 31, 2024[117] - The Company had commitments to extend credit totaling $9.474 billion as of September 30, 2025, an increase from $9.249 billion at December 31, 2024[145] Risk Management and Economic Outlook - Interest rate risk management policies are in place to stabilize net interest income under varying rate environments[324] - A 300 basis point increase in interest rates is projected to increase net interest income by 4.15% in Year 1 and 10.54% in Year 2[327] - Economic Value of Equity (EVE) is expected to decrease by 7.93% with a 300 basis point increase in interest rates[330] - The company is currently less sensitive to changes in short-term rate movements due to a shift in funding mix towards more rate-sensitive deposits[327] - Management intends to mitigate interest rate risk through various strategies, including modifying loan and deposit pricing and adjusting the composition of earning assets[327]

Production and Sales - In Q3 2025, the Company produced and sold a total of 6,298 gold equivalent ounces, consisting of 1,422 gold ounces and 417,710 silver ounces, with average sales prices of $3,546 and $41.39 per ounce, respectively[12]. - The Company faced significant challenges with equipment availability and mechanical issues, impacting production levels[11]. - The Company is in the process of developing access to new areas for potential production, particularly in the Three Sisters area[14]. Financial Performance - The Company reported a net loss of $4.7 million, or $0.03 per share, primarily due to lower tonnes produced and fewer ounces sold[12]. - Year-to-date net losses totaled $24.5 million, raising concerns about the Company's ability to continue as a going concern[16]. - Total cash cost after co-product credits for the quarter was $2,116 per AuEq ounce, while total all-in sustaining cost (AISC) was $2,983 per AuEq ounce[12]. Capital and Funding - As of September 30, 2025, the Company had $12.8 million in working capital and $9.8 million in cash and cash equivalents[12]. - The Company closed a $11.4 million registered direct offering on September 8, 2025, selling 25,315,954 shares at $0.45 per share[15]. - The Company raised approximately $8.6 million through its At-The-Market Offering (ATM) Program during the nine months ended September 30, 2025[15]. Future Outlook - The Company expects positive operating income for the remaining months of 2025 based on improvements in production and cash flow[14].

Financial Performance - As of September 30, 2025, approximately 156,000 Locations partnered with Toast, representing a 23% year-over-year increase, processing approximately $186 billion in gross payment volume (GPV) over the trailing 12 months [86]. - For the three months ended September 30, 2025, gross payment volume (GPV) reached $51.5 billion, a 24% increase from $41.7 billion in the same period of 2024 [90]. - Annualized Recurring Run-Rate (ARR) increased by 30% to $2,016 million for the nine months ended September 30, 2025, compared to $1,554 million in 2024 [90]. - Total revenue for the three months ended September 30, 2025, was $1,633 million, a 25% increase from $1,305 million in the same period of 2024 [96]. - Subscription services revenue for the three months ended September 30, 2025, was $244 million, up 29% from $189 million in 2024 [96]. - Financial technology solutions revenue increased by 26% to $1,345 million for the three months ended September 30, 2025, compared to $1,067 million in 2024 [96]. - For the three months ended September 30, 2025, net income was $105 million, compared to $56 million for the same period in 2024, representing an increase of 87.5% [111]. - Adjusted EBITDA for the three months ended September 30, 2025, was $176 million, up from $113 million in the same period of 2024, reflecting a growth of 55.8% [111]. - Free cash flow for the nine months ended September 30, 2025, was $430 million, significantly higher than $172 million in the same period of 2024, indicating a growth of 150.0% [116]. - The net cash provided by operating activities for the nine months ended September 30, 2025, was $467 million, compared to $213 million in 2024, reflecting a growth of 119.7% [116]. Expenses and Costs - Total costs of revenue for the three months ended September 30, 2025, were $1,201 million, a 22% increase from $983 million in 2024 [98]. - Operating expenses for the three months ended September 30, 2025, totaled $348 million, reflecting a 21% increase from $288 million in 2024 [100]. - Sales and marketing expenses rose by 21% to $144 million for the three months ended September 30, 2025, compared to $119 million in 2024 [100]. Shareholder and Capital Information - The company repurchased approximately 2 million shares of Class A common stock for an aggregate amount of $54 million during the nine months ended September 30, 2025 [124]. - As of September 30, 2025, the total fully diluted share count was 629 million, including 587 million Class A and B common stock issued and outstanding [125]. - The company has 21 million options to purchase Class A and B common stock, 17 million unvested restricted stock units, 1 million warrants, and 3 million shares reserved for charitable donations [125]. - The available credit facility increased from $325 million to $346 million as of September 30, 2025, following an amendment to the credit facility [123]. Liquidity and Financial Position - Cash and cash equivalents as of September 30, 2025, totaled $1,357 million, an increase from $903 million as of December 31, 2024 [118]. - The company believes that existing cash and cash equivalents, along with available borrowing capacity, will be sufficient to meet working capital needs for at least the next 12 months [126]. - The company does not anticipate any material changes in liquidity or cash flows in the near term [122]. - There have been no material changes to expected working and other capital requirements since the last annual report [126]. Market and Credit Risk - The company is exposed to financial market risks, including changes in interest rates and foreign currency exchange rates, as well as credit risk on accounts receivable [127]. - The exposure to market and credit risk has not changed materially since the last annual report filed on February 26, 2025 [127]. Other Financial Metrics - The change in fair value of warrant liability for the three months ended September 30, 2025, was $7 million, compared to a loss of $1 million in the same period of 2024, indicating a significant change [103].

Revenue and Sales Growth - CAVA Group, Inc. reported CAVA Revenue of $289.8 million for the twelve weeks ended October 5, 2025, representing a 20.0% increase from $241.5 million in the same period last year[69]. - Revenue for the twelve weeks ended October 5, 2025, was $292,238,000, representing a 19.9% increase from $243,817,000 in the same period of 2024[82]. - CAVA segment revenue for the forty weeks ended October 5, 2025, was $896,518,000, a 22.9% increase from $729,173,000 in the same period of 2024[88]. - Revenue for the forty weeks ended October 5, 2025, reached $904.679 million, an increase of 22.8% from $736.318 million in 2024[106]. - CAVA same restaurant sales growth was 5.1%, driven by a 2.6% increase in guest traffic and a 2.5% increase from menu price and product mix[89]. Profitability and Income - CAVA Restaurant-Level Profit for the twelve weeks ended October 5, 2025, was $71.2 million, with a margin of 24.6%, down from 25.6% in the prior year[75]. - Adjusted EBITDA for the twelve weeks ended October 5, 2025, was $40.0 million, an increase of 19.6% from $33.5 million in the same period last year[69]. - Net income for the twelve weeks ended October 5, 2025, was $14.7 million, a decrease of 17.9% from $18.0 million in the prior year[69]. - Adjusted EBITDA for the forty weeks ended October 5, 2025, was $126.996 million, up from $101.144 million in 2024, representing a growth of 25.5%[106]. - Adjusted Net Income for the forty weeks ended October 5, 2025, was $58.822 million, compared to $43.741 million in 2024, marking a rise of 34.4%[107]. Expenses and Costs - Total operating expenses for the twelve weeks ended October 5, 2025, were $275,117,000, a 19.6% increase from $230,049,000 in the prior year[82]. - CAVA's food, beverage, and packaging costs increased by $15.0 million, primarily due to new restaurant openings and a 1.9% increase in Same Restaurant Sales[75]. - Labor costs increased by $12.6 million, attributed to new restaurant openings and a 2% rise in average hourly wages[78]. - CAVA's occupancy costs increased by $3.1 million, but as a percentage of revenue, they decreased due to operating leverage from higher sales[79]. - General and administrative expenses increased to $104,944,000 for the forty weeks ended October 5, 2025, from $91,951,000 in the prior year, reflecting investments for future growth[95]. Restaurant Openings and Expansion - The company opened 17 new CAVA restaurants during the twelve weeks ended October 5, 2025, compared to 11 openings in the same period last year, bringing the total to 415 locations[72]. - The company opened 106 net new CAVA restaurants during or subsequent to the forty weeks ended October 6, 2024[89]. - Pre-opening costs rose to $14,519,000 for the forty weeks ended October 5, 2025, from $9,500,000 in the previous year, due to a higher volume of new restaurant constructions[95]. Cash Flow and Financial Position - Cash and cash equivalents decreased to $284.6 million as of October 5, 2025, down from $366.1 million as of December 29, 2024[112]. - Net cash provided by operating activities increased by 10.2%, totaling $144.537 million for the forty weeks ended October 5, 2025, compared to $131.174 million in 2024[113]. - Net cash used in investing activities surged by 184.6%, amounting to $228.808 million for the forty weeks ended October 5, 2025, compared to $80.389 million in 2024[113]. - The company expects cash flows from operations and existing cash on hand to meet anticipated cash requirements for the next twelve months, including capital expenditures for restaurant expansion[109]. Tax and Depreciation - The effective tax rate for the forty weeks ended October 5, 2025, was 9.1%, compared to 0.9% for the same period in 2024[102]. - Depreciation and amortization increased to $55,254,000 for the forty weeks ended October 5, 2025, from $45,380,000 in the prior year, primarily due to new restaurant openings[95]. Market Risks - The company is exposed to market risks including commodity and food price risks, labor costs, and interest rate risk, with no material changes reported since the previous year[121].

Product Portfolio - Ultragenyx Pharmaceutical Inc. has a diverse portfolio of approved therapies and product candidates targeting serious rare and ultra-rare genetic diseases [112]. - Crysvita is the only approved treatment for X-Linked Hypophosphatemia (XLH), with approximately 48,000 patients affected in the developed world [115]. - Mepsevii is approved for Mucopolysaccharidosis VII (MPS VII), affecting an estimated 200 patients in the developed world [118]. - Dojolvi is approved for Long-chain Fatty Acid Oxidation Disorders (LC-FAOD), with approximately 8,000 to 14,000 patients in the developed world [119]. - Evkeeza is approved for Homozygous Familial Hypercholesterolemia (HoFH), with around 3,000 to 5,000 patients in the developed world outside the U.S. [120]. - UX143 for Osteogenesis Imperfecta (OI) is in Phase 3, with final analysis expected around the end of 2025 [127]. - GTX-102 for Angelman Syndrome has enrolled 129 patients in the Phase 3 Aspire study, with data expected in the second half of 2026 [128]. - DTX401 for Glycogen Storage Disease Type Ia (GSDIa) achieved its primary endpoint in the Phase 3 GlucoGene study, showing significant reduction in daily cornstarch intake [131]. - UX111 for MPS IIIA received a Complete Response Letter from the FDA, with plans to resubmit the BLA in early 2026 [130]. Financial Performance - Total revenues increased by 15% to $159.9 million for the three months ended September 30, 2025, compared to $139.5 million in the same period of 2024 [139]. - Product sales increased by 23% to $94.993 million for the three months ended September 30, 2025, compared to $77.251 million in the same period of 2024 [141]. - Crysvita product sales increased by 32% to $47.003 million for the three months ended September 30, 2025, compared to $35.604 million in the same period of 2024 [141]. - The company incurred net losses of $180.4 million for the three months ended September 30, 2025, compared to $133.5 million for the same period in 2024 [137]. - Cash used in operating activities for the nine months ended September 30, 2025, was $366.2 million, reflecting a net loss of $446.4 million [166]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $83.8 million, a decrease from $396.1 million in the same period of 2024 [171]. Research and Development - Research and development expenses rose by 27% to $216.212 million for the three months ended September 30, 2025, compared to $170.109 million in the same period of 2024 [148]. - Total research and development expenses increased by $36.6 million (7%) for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to increases in gene therapy and biologic programs [149]. - The company expects annual research and development expenses to moderate as product candidates advance through clinical development [150]. Cash and Liquidity - As of September 30, 2025, the company had $447.3 million in available cash, cash equivalents, and marketable debt securities [139]. - Cash, cash equivalents, and marketable debt securities totaled $447.3 million as of September 30, 2025, down from $745.0 million as of December 31, 2024 [178]. - The company expects to satisfy future cash needs through existing capital balances and revenue from commercial products [174]. Future Outlook - The company anticipates continued annual losses in the near term due to ongoing product development and regulatory approvals [172]. - Future funding requirements will depend on various factors, including clinical study costs and regulatory interactions [173]. - A hypothetical 10% change in foreign exchange rates would not have had a material impact on the company's financial statements for the nine months ended September 30, 2025 [179]. Obligations and Expenses - Manufacturing and service contract obligations related to clinical stage pipeline amounted to approximately $125.4 million, with $92.9 million due within one year [176]. - As of September 30, 2025, future minimum lease payments under non-cancellable leases were approximately $40.3 million, with $15.1 million due within one year [175]. - Selling, general and administrative expenses rose by $21.9 million (9%) for the nine months ended September 30, 2025, driven by higher employee compensation and marketing expenses [153]. - Non-cash interest expense on liabilities for sales of future royalties decreased by $5.0 million (10%) for the nine months ended September 30, 2025, due to reduced royalty obligation balances [157]. - The provision for income taxes increased by $1.5 million (94%) for the nine months ended September 30, 2025, primarily due to increased foreign activities [160].

Revenue and Demand - Lumentum's revenue is driven by the demand for optical and photonic products, essential for cloud, AI/ML, telecommunications, and industrial applications[178] - The company experienced significant fluctuations in demand through fiscal year 2024, with revenue impacted by customer inventory management and supply chain constraints[187] - In the first quarter of fiscal year 2025, demand from AI and cloud customers increased as network equipment manufacturers normalized inventory levels[187] - Lumentum's products support high-capacity optical links for various applications, including cloud computing and IoT, driving long-term market opportunities[183] - The transition to digital and virtual work environments is expected to continue driving demand for Lumentum's technologies[179] Financial Performance - Net revenue increased by $196.9 million, or 58.4%, to $533.8 million for the three months ended September 27, 2025, compared to $336.9 million for the same period in 2024[202][203] - Components products accounted for 71.0% of net revenue, with a $147.8 million increase, while Systems products represented 29.0% with a $49.1 million increase[201][203] - Gross profit rose to $181.5 million, a 133.0% increase from $77.9 million, resulting in a gross margin of 34.0%, up from 23.1%[202][209] - Net income for the three months ended September 27, 2025, was $4.2 million, compared to a net loss of $82.5 million for the same period in 2024[201] Expenses and Investments - Research and Development (R&D) expenses increased by $7.1 million, or 9.6%, totaling $81.4 million, representing 15.2% of net revenue[211][202] - Selling, General and Administrative (SG&A) expenses rose by $8.8 million, or 11.5%, totaling $85.1 million, representing 15.9% of net revenue[213][202] - Cash used in investing activities was $67.8 million during the three months ended September 27, 2025, primarily for capital expenditures of $76.2 million[243] Cash and Liquidity - Cash and cash equivalents increased to $772.9 million as of September 27, 2025, up from $520.7 million as of June 28, 2025[225] - Cash from operating activities for the three months ended September 27, 2025, was $57.9 million, reflecting a net income of $4.2 million and non-cash items of $108.3 million[241] - Cash and cash equivalents increased by $252.2 million from $520.7 million as of June 28, 2025, to $772.9 million as of September 27, 2025, driven by operating cash flow of $57.9 million and financing activities of $262.1 million[240] - The company believes its cash and cash equivalents will be sufficient to meet liquidity and capital spending requirements for at least the next 12 months[229] Debt and Obligations - The company had contractual obligations totaling $4,274.9 million as of September 27, 2025, with $882.1 million due within one year[230] - The net carrying amount of the 2032 Notes was $1,254.6 million as of September 27, 2025, with a maturity date of March 15, 2032[233] - As of September 27, 2025, the aggregate principal amount of the company's convertible notes (2032, 2029, 2028, and 2026 Notes) totals $2,199.6 million, with interest rates ranging from 0.375% to 1.50%[250] Tax and Foreign Exchange - Lumentum released $153.1 million of valuation allowances on UK deferred tax assets, indicating a positive outlook based on future taxable income forecasts[195] - Unrecognized tax benefits for uncertain tax positions amounted to $57.0 million as of September 27, 2025[239] - For the three months ended September 27, 2025, the company recorded a net foreign exchange gain of $1.5 million compared to a net foreign exchange loss of $0.7 million for the same period in 2024[247] Market and Strategic Outlook - The ongoing global trade environment poses risks, including potential tariff increases that could affect costs and gross margins[188] - The company is investing in new technologies and customer programs to maintain market leadership and expand into emerging markets[180] - The company plans to indefinitely reinvest funds held outside the United States, with no immediate need to repatriate them for domestic operations[227]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $914.3 million, a 2% increase from $895.5 million in 2024[115] - Total Direct Revenue for the nine months ended September 30, 2025, was $2.55 billion, a slight decrease of $18.1 million, or 1%, from $2.57 billion in 2024[115] - Indirect Revenue increased by 8% to $17.6 million for the three months ended September 30, 2025, compared to $16.3 million in 2024[115] - Total revenue for the nine months ended September 30, 2025, was $866,547,000, which reflects an increase from $928,423,000 in the same period of 2024, showing a decline of approximately 6.7%[159] - Total revenue for the three months ended September 30, 2025, was $914,275,000, representing a $18,791,000 increase or 2% compared to the same period in 2024[163] Direct Revenue Breakdown - Direct Revenue from Tinder decreased by $12.6 million, or 3%, due to a 7% decline in Payers, despite a 5% increase in Revenue Per Payer (RPP)[115] - Hinge's Direct Revenue grew by $39.2 million, or 27%, driven by a 17% increase in Payers and a 9% increase in RPP[116] - Match Group Asia's Direct Revenue decreased by $3.0 million, or 4%, with a total of $69.1 million in Q3 2025[115] - E&E Direct Revenue declined 4% in 2025 versus 2024, driven by a 13% decrease in Payers, partially offset by a 10% increase in RPP[117] - MG Asia Direct Revenue declined $3.0 million, or 4%, in 2025 versus 2024, with RPP decreasing 10% and Payers increasing 6%[118] - Tinder Direct Revenue declined $65.5 million, or 4%, in 2025 versus 2024, impacted by a 7% decrease in Payers, with a consistent foreign exchange rate decline of $67.0 million or 5%[120] - Hinge Direct Revenue grew $101.7 million, or 25%, in 2025 versus 2024, driven by an 18% increase in Payers and a 6% increase in RPP[121] Expenses and Costs - Cost of revenue decreased 2% to $247,043 thousand in Q3 2025, primarily due to a $4.0 million decrease in Variable Expenses[124] - Selling and marketing expense increased 8% to $169,142 thousand in Q3 2025, primarily due to higher acquisition costs[126] - General and administrative expense increased 42% to $148,021 thousand in Q3 2025, primarily due to a legal settlement of $60.5 million at Tinder[128] - Product development expense remained relatively flat at $104,969 thousand in Q3 2025, with a slight increase in stock-based compensation[130] - Impairments and amortization of intangibles decreased 79% to $8,921 thousand in Q3 2025, primarily due to prior year impairments related to terminated services[134] - Depreciation decreased 41% to $14,845 thousand in Q3 2025, primarily due to fully depreciated assets and write-offs related to live streaming services[132] Income and Profitability - Net income attributable to Match Group, Inc. shareholders for Q3 2025 was $160.7 million, an increase of 18% from $136.5 million in Q3 2024[136] - Tinder's operating income decreased by 22% to $183.7 million in Q3 2025, while Adjusted EBITDA fell by 23% to $203.8 million, primarily due to legal settlement costs and revenue decline[137] - Hinge's operating income increased by 10% to $46.3 million, with Adjusted EBITDA rising by 22% to $62.6 million, driven by continued payer growth across all markets[137] - Adjusted EBITDA for the three months ended September 30, 2025, was $301,406,000, compared to $342,540,000 for the same period in 2024, indicating a decrease of about 12.0%[158] - Adjusted EBITDA for the nine months ended September 30, 2025, was $866.5 million, a decrease of 7% from $928.4 million in the same period of 2024[152] Cash Flow and Capital Structure - Total cash and cash equivalents as of September 30, 2025, amounted to $1,053,240,000, up from $965,993,000 as of December 31, 2024[165] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $757,600,000, compared to $678,009,000 in 2024[167] - Net cash used in investing activities for the nine months ended September 30, 2025, was $(67,883,000), an increase from $(51,072,000) in 2024[167] - Total long-term debt as of September 30, 2025, was $4,073,629,000, compared to $3,875,000,000 as of December 31, 2024[165] - The company expects 2025 cash capital expenditures to be between $55 million and $65 million, an increase compared to 2024[177] - The company repurchased 17.4 million shares for $549.9 million during the nine months ended September 30, 2025[179] - As of September 30, 2025, $499.4 million was available under the Credit Facility[174] - The Company may need to raise additional capital through future debt or equity financing to support acquisitions and investments[182] Tax and Interest - For the nine months ended September 30, 2025, interest expense decreased by 13% to $104.4 million compared to $120.5 million in the same period of 2024, mainly due to the repayment of the Term Loan[140] - The effective income tax rate for Q3 2025 was 17%, down from 23% in Q3 2024, primarily due to changes in tax reserves[143] - The company’s total interest expense for the three months ended September 30, 2025, was $37,024,000, compared to $40,120,000 in the same period of 2024, indicating a reduction of approximately 7.0%[158] Market and Foreign Exchange Impact - The impact of foreign exchange rates on revenue is significant, with the company noting that a weaker U.S. dollar positively affects international revenue, while a stronger dollar has the opposite effect[161] - Revenue excluding foreign exchange effects for the three months ended September 30, 2025, was calculated to provide a clearer comparison of performance by eliminating currency volatility[162] Other Financial Information - Match Group reported $365.4 million of unrecognized compensation cost related to stock-based awards as of September 30, 2025, expected to be recognized over approximately 2.0 years[138] - Other income, net for Q3 2025 increased by 31% to $9.3 million, compared to $7.1 million in Q3 2024[142] - MG Asia's operating income improved to $0.8 million in Q3 2025 from a loss of $18.9 million in Q3 2024, with Adjusted EBITDA at $15.3 million[137] - There were no material changes to the Company's critical accounting policies and estimates during the nine months ended September 30, 2025[185] - The Company reported no material changes to its instruments or positions sensitive to market risk since the last annual report[186]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $120.6 million, a 26.3% increase from $95.5 million in the same period of 2024[18] - Net earned premium increased to $99.7 million for Q3 2025, up 41.2% from $70.6 million in Q3 2024[18] - Net income attributable to Hippo for Q3 2025 was $98.1 million, compared to a net loss of $8.5 million in Q3 2024[18] - The company reported a comprehensive income of $99.4 million for Q3 2025, compared to a loss of $4.4 million in Q3 2024[18] - For the nine months ended September 30, 2025, net cash provided by operating activities was $6.0 million, a decrease from $53.9 million in the same period of 2024[26] - The company reported a net loss of $47.7 million for the three months ended March 31, 2025, compared to a net loss of $35.7 million for the same period in 2024[20] - Total comprehensive income for the three months ended June 30, 2025, was $99.4 million, driven by a net income of $98.1 million[20] - Net income attributable to common stockholders for the nine months ended September 30, 2025, was $51.7 million, compared to a net loss of $84.7 million in the same period of 2024[102] - Basic net income per share attributable to common stockholders was $2.04 for the nine months ended September 30, 2025, compared to a loss of $3.44 in the same period of 2024[102] Assets and Liabilities - Total assets as of September 30, 2025, were $1,873.6 million, an increase from $1,543.4 million as of December 31, 2024[15] - Total liabilities increased to $1,452.1 million as of September 30, 2025, compared to $1,178.2 million at the end of 2024[15] - As of September 30, 2025, total stockholders' equity was $421.5 million, with an accumulated deficit of $1,223.2 million[20] - Cash and cash equivalents rose to $247.7 million as of September 30, 2025, from $197.6 million at the end of 2024[15] - The total financial assets as of September 30, 2025, were $692.4 million, compared to $606.1 million as of December 31, 2024, indicating an increase of approximately 14.2%[55] Investments - The total fair value of fixed maturities available-for-sale securities as of September 30, 2025, was $245.5 million, with an amortized cost of $244.1 million, resulting in gross unrealized gains of $3.0 million and losses of $1.6 million[44] - The total fair value of short-term investments as of September 30, 2025, was $174.7 million, with an amortized cost of $174.7 million, indicating no unrealized gains or losses[44] - The company reported a total of $420.2 million in investments, which includes fixed maturities and short-term investments, as of September 30, 2025[44] - The carrying value of securities on deposit with state regulatory authorities totaled $13.2 million as of September 30, 2025, up from $12.2 million as of December 31, 2024[49] Reinsurance and Risk Management - The company maintained a comprehensive reinsurance program, with a mix of quota share and excess of loss structures, to manage risk exposure and reduce earnings volatility[71] - The company strategically retained more risk in recent periods by scaling back proportional reinsurance, reflecting confidence in the portfolio's underwriting performance[74] - The reserve for losses and loss adjustment expenses (LAE) net of reinsurance recoverables increased to $126.7 million as of September 30, 2025, compared to $122.5 million in 2024, reflecting a growth of 3.4%[66] - The net incurred losses and LAE showed favorable prior years development of $10.6 million for the nine months ended September 30, 2025, compared to $4.0 million in 2024, indicating a significant improvement[67] Stock and Compensation - The company issued 290,411 shares of common stock from stock plans and contingently issuable shares, resulting in an increase of $1.0 million in additional paid-in capital for the three months ended March 31, 2025[20] - The company repurchased 514,309 shares of common stock, resulting in a reduction of $14.5 million in total equity for the three months ended June 30, 2025[20] - The aggregate intrinsic value of options exercised during the nine months ended September 30, 2025, was $4.6 million, compared to $0.7 million in 2024, showing a substantial increase[88] - The company granted 42,244 performance restricted stock units (PRSUs) to its CEO, with a weighted-average grant-date fair value of $24.08 per unit, expecting total compensation expense of $1 million over three years[91] - Total stock-based compensation expense for the nine months ended September 30, 2025, was $22.6 million, a decrease from $29.3 million in the same period of 2024[96] Accounting and Regulatory - The company is currently evaluating the impact of new accounting standards on its financial statements, including ASU No. 2023-09, which requires detailed income tax disclosures effective for annual periods beginning after December 15, 2024[37] - The company has adopted ASU No. 2023-07 regarding reportable segment disclosures, which did not significantly impact its financial statements[36] - The company has determined that unrealized losses as of September 30, 2025, were due to the interest rate environment rather than creditworthiness issues, thus no allowance for credit losses was deemed necessary[46] Future Plans and Strategy - The company plans to expand its product offerings and enhance its technology to improve customer satisfaction and retention[10] - Hippo's strategy includes diversifying its distribution channels and entering new markets to drive future growth[10] - The company plans to leverage its proprietary technology and data to enhance risk management and improve underwriting accuracy[10]

Revenue Performance - Total revenue for Q3 2025 was $2,308.3 million, a 27.5% increase from $1,810.9 million in Q3 2024[86] - Product revenue increased by $387.9 million, or 25.5%, for Q3 2025 compared to Q3 2024, reflecting increased demand for switching and routing platforms[89] - Service revenue rose by $109.5 million, or 38.1%, for Q3 2025 compared to Q3 2024, driven by growth in support contracts[89] Profitability Metrics - Gross profit for Q3 2025 was $1,490.2 million, with a gross margin of 64.6%, compared to $1,161.7 million and 64.2% in Q3 2024[86] - Gross margin increased from 64.2% to 64.6% for the three months ended September 30, 2025[93] Geographic Revenue Distribution - Revenue from the Americas accounted for 79.8% of total revenue in Q3 2025, down from 81.7% in Q3 2024[87] - International revenue represented 20.2% of total revenue for Q3 2025, up from 18.3% in Q3 2024, influenced by changes in the geographic mix of sales[89] Operating Expenses - Cost of revenue increased by $168.9 million, or 26.0%, for the three months ended September 30, 2025, compared to the same period in 2024[91] - Research and development expenses increased by $90.2 million, or 38.3%, for the three months ended September 30, 2025, compared to the same period in 2024[97] - Sales and marketing expenses increased by $44.4 million, or 41.6%, for the three months ended September 30, 2025, compared to the same period in 2024[99] - Total operating expenses increased by $135.6 million, or 36.0%, for the three months ended September 30, 2025, compared to the same period in 2024[95] Cash Flow and Investments - Cash provided by operating activities was $3.1 billion for the nine months ended September 30, 2025, compared to $2.7 billion for the same period in 2024[110] - Cash used in investing activities was $2.6 billion for the nine months ended September 30, 2025, compared to $1.1 billion for the same period in 2024[113] Tax and Financial Management - Effective tax rate increased to 20.8% for the three months ended September 30, 2025, compared to 15.3% for the same period in 2024[105] - The company had no off-balance sheet arrangements or relationships with unconsolidated entities as of September 30, 2025[121] Strategic Initiatives - The company completed the acquisition of VeloCloud from Broadcom in June 2025, enhancing its cloud WAN portfolio[79] - The company expects continued investments in R&D and potential acquisitions to expand product offerings and maintain technology leadership[79] Market Risks - The company faces macroeconomic uncertainties, including inflation and supply chain disruptions, which may impact future performance[83] - Customer concentration remains high, with Microsoft and Meta Platforms representing significant portions of revenue, leading to variability in order timing[80] - The company is exposed to financial market risks, including foreign currency exchange rates and interest rates, with no material changes in exposure since December 31, 2024[124] Shareholder Returns - Cash used in financing activities for the nine months ended September 30, 2024, was $291.8 million, including $299.8 million for stock repurchases and $47.5 million for employee taxes, offset by $55.5 million from stock issuance[116] - The Prior Repurchase Program allowed for stock repurchases of up to $1.2 billion, completed in May 2025, while the New Repurchase Program permits an additional $1.5 billion in repurchases, with $921.0 million repurchased under the Prior Program and $62.0 million under the New Program as of September 30, 2025[117] Future Commitments - As of September 30, 2025, the company had $4.8 billion in purchase obligations, with $4.3 billion expected to be received within one year[119] - Estimated remaining capital expenditures for the property project in Santa Clara, California, are expected to be between $170.0 million and $200.0 million through the end of fiscal 2026[120] Financial Condition - Management's financial condition analysis is based on unaudited condensed consolidated financial statements prepared in accordance with GAAP, with no significant changes to critical accounting estimates since the last Annual Report[122]

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 September 30, 2025 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 C ...