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 September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-39309 Pinnacle Financial Partners Inc. (Exact name of registrant as specified in its charte ...

Production and Sales - Third quarter 2025 production was 102,673 gold equivalent ounces with a cost of sales of $1,585 per payable ounce and all-in sustaining costs (AISC) of $2,359 per payable ounce[1] - Year-to-date production reached 326,940 gold equivalent ounces at a cost of sales of $1,430 per payable ounce and AISC of $2,131 per payable ounce[1] - For the three months ended September 30, 2025, the company produced 29,821 ounces of gold, with a total year-to-date production of 113,165 ounces since the CC&V acquisition[9] - Seabee produced 9,118 ounces of gold in Q3 2025, down from 10,252 ounces in Q3 2024, with year-to-date production of 46,117 ounces compared to 50,734 ounces in the same period last year[11] - Puna produced 2,409,000 ounces of silver in Q3 2025, a decrease from 2,885,000 ounces in Q3 2024, with year-to-date production of 7,764,000 ounces compared to 7,531,000 ounces last year[13] - Gold sold during the three months ended September 30, 2025, was 74,268 ounces, a decrease from 63,052 ounces sold in the same period of 2024[38] - Silver sold during the three months ended September 30, 2025, reached 2,656,819 ounces, compared to 2,785,411 ounces in the prior year[38] - The company sold 7,565,557 ounces of silver during the nine months ended September 30, 2025, compared to 6,933,096 ounces in the same period of 2024, representing a growth of 9%[39] Financial Performance - Net income attributable to SSR Mining shareholders for Q3 2025 was $65.4 million, or $0.31 per diluted share, with adjusted net income of $68.4 million, or $0.32 per diluted share[1] - SSR Mining's total revenue for Q3 2025 was $385.8 million, up from $257.4 million in Q3 2024[5] - The company reported a diluted net income per share of $0.31 for the three months ended September 30, 2025, compared to $0.05 in the same period of 2024[41] - For the nine months ended September 30, 2025, SSR Mining's adjusted net income per diluted share was $1.12, a significant increase from $0.18 in the prior year[41] - The company experienced a free cash flow of $(2.4) million for the three months ended September 30, 2025, compared to $(34.1) million in the same period of 2024[46] - Cash provided by operating activities before changes in working capital for the nine months ended September 30, 2025, was $433.0 million, up from $22.8 million in the same period of 2024[47] Costs and Expenses - The average realized gold price for Q3 2025 was $3,503 per ounce sold, compared to $2,531 in Q3 2024[5] - Seabee reported a cost of sales of $2,185 per payable ounce in Q3 2025, significantly higher than $1,280 in Q3 2024[11] - The all-in sustaining cost (AISC) for CC&V was $1,756 per ounce sold in Q3 2025, compared to $1,536 in the previous year[9] - AISC for Seabee was reported at $3,003 per ounce sold in Q3 2025, up from $2,301 in Q3 2024[11] - Total cash costs (non-GAAP) are expected to range from $554 million to $679 million[37] - All-in sustaining costs (AISC) are projected to be between $786 million and $921 million[37] - Cost of sales (GAAP) is anticipated to be between $563 million and $689 million[37] - Cash cost per ounce (non-GAAP) is expected to be between $1,350 and $1,410[37] - All-in sustaining cost per ounce (non-GAAP) is projected to be between $1,890 and $1,950[37] - Total cost of sales (GAAP) for the three months ended September 30, 2025, was $165,682,000, a decrease from $138,281,000 in the same period of 2024[38] - Cash costs (non-GAAP) for the three months ended September 30, 2025, totaled $151,466,000, compared to $126,185,000 in the prior year, reflecting an increase of approximately 20%[38] - Total AISC (non-GAAP) for the three months ended September 30, 2025, was $246,622,000, up from $198,547,000 in the same period of 2024, indicating a year-over-year increase of about 24%[38] - The cost of sales per gold ounce sold for the nine months ended September 30, 2025, was $1,430, compared to $1,028 for the same period in 2024, reflecting a 39% increase[39] - The cash cost per gold equivalent ounce sold for the nine months ended September 30, 2025, was $1,312, compared to $1,198 in 2024, indicating a 10% increase[39] Liquidity and Capital Expenditures - As of September 30, 2025, SSR Mining had cash and cash equivalents of $409.3 million and total liquidity of $909.3 million[1] - The company spent $17.1 million on Hod Maden in Q3 2025, with total year-to-date spending of $44.4 million, and expects full-year development capital spend of $60 to $100 million[1] - The company's net cash position improved to $179.3 million as of September 30, 2025, compared to $157.9 million at the end of 2024[31] - Total liquidity reached $909.3 million as of September 30, 2025, up from $887.9 million at the end of 2024[32] - The company has a borrowing capacity of $400 million on its credit facility, with an additional $100 million accordion feature available[32] Operational Updates and Future Outlook - SSR Mining is advancing key brownfield growth projects, including Buffalo Valley at Marigold and Cortaderas at Puna, which are expected to extend mine life at each operation[1] - The company remains committed to restarting operations at the Çöpler mine but cannot currently estimate when operations will resume[1] - The company continues to work closely with authorities in Türkiye to advance the restart of the Çöpler mine, which has been suspended since February 2024[15] - Gold production guidance for 2025 is projected to be between 320,000 and 380,000 ounces[37] - Silver production guidance for 2025 is estimated at 8.00 to 8.75 million ounces[37] - A technical report for CC&V is on track for publication in 2025[9] - Future production and operational targets are contingent on various factors, including regulatory approvals and market conditions[25] Shareholder and Community Relations - The company emphasizes the importance of cash costs and AISC for assessing operating profitability and cost structure[34] - The company is focused on maintaining community and government relations as part of its operational strategy[24] - Forward-looking statements indicate potential risks related to global economic conditions and regulatory changes that may impact operations[23]

Financial Performance - Synovus Financial Corp. reported significant financial performance trends for the three and nine months ended September 30, 2025, compared to the same periods in 2024[164]. - Net income available to common shareholders for Q3 2025 was $185.6 million, or $1.33 per diluted share, up from $169.6 million, or $1.18 per diluted share, in Q3 2024[169]. - Net interest income for the nine months ended September 30, 2025, was $1.39 billion, an increase of $94.1 million, or 7%, compared to the same period in 2024[170]. - Non-interest revenue for Q3 2025 was $140.7 million, up $16.7 million, or 13%, compared to the prior year, driven by higher core banking fees and capital markets income[171]. - Non-interest expense for Q3 2025 was $348.7 million, an increase of $35.0 million, or 11%, including $23.8 million in merger-related expenses[172]. - The company expects adjusted revenue growth of approximately 6.5% and adjusted non-interest expense growth of approximately 2.5% for the upcoming year[183]. - Adjusted net income available to common shareholders for the three months ended September 30, 2025, was $203.9 million, compared to $177.1 million for the same period in 2024, reflecting a year-over-year increase of 15.2%[288]. - Adjusted net income available to common shareholders for the nine months ended September 30, 2025, was $594,684,000, up from $462,709,000 in 2024, reflecting a growth of 28.5%[290]. Loan and Deposit Trends - Loans, net of deferred fees and costs, increased to $43.75 billion, up $1.14 billion from December 31, 2024, primarily due to growth in C&I loans[173]. - Total period-end deposits decreased by $1.09 billion compared to December 31, 2024, primarily due to a decline in core deposits[175]. - Total loans increased to $43.75 billion at September 30, 2025, compared to $42.61 billion at December 31, 2024[234]. - Total period-end deposits as of September 30, 2025, were $50.00 billion, down $1.09 billion, or 2%, from December 31, 2024, primarily due to a $1.24 billion decrease in core deposits[204]. - Core deposits as of September 30, 2025, were $44.98 billion, representing 89.9% of total deposits, down from $46.22 billion, or 90.5%, as of December 31, 2024[204]. Capital and Asset Quality - CET1 capital ratio improved to 11.22% as of September 30, 2025, up 38 bps from December 31, 2024[176]. - The allowance for loan losses (ALL) was $469.5 million at September 30, 2025, a decrease from $486.8 million at December 31, 2024[239]. - Non-performing assets (NPAs) decreased by $77.8 million, or 25%, to $231.7 million at September 30, 2025, primarily due to the resolution of non-performing loan relationships[234]. - Criticized and classified loans decreased by $201.6 million to $1.48 billion at September 30, 2025, compared to December 31, 2024, due to upward migration and paydowns of commercial credits[236]. - The provision for credit losses was $21.7 million for the three months ended September 30, 2025, down from $23.4 million in the same period in 2024, reflecting improved performance[238]. Mergers and Strategic Initiatives - The company is focused on strategic initiatives, including the integration of Pinnacle's operations following a pending merger, which may lead to cost savings and synergies[159]. - The pending merger with Pinnacle Financial Partners is expected to close in Q1 2026, with integration planning actively underway[181]. - Synovus is exploring acquisition opportunities to support its growth strategy, although successful execution may depend on favorable terms and market conditions[160]. - Merger-related expenses for the three months ended September 30, 2025, amounted to $23,757,000, with no expenses recorded in the same period of 2024[290]. Market and Economic Conditions - Synovus anticipates potential challenges from economic downturns, including inflation and interest rate fluctuations, which could impact capital and credit quality[160]. - The company is facing competition from nontraditional banking institutions, which may affect its market position and profitability[160]. - Synovus is actively managing liquidity risks and capital resources to ensure operational stability amid regulatory scrutiny and market conditions[160]. Employee and Operational Metrics - The company emphasizes the importance of attracting and retaining key employees to support its strategic initiatives[160]. - The total headcount as of September 30, 2025, was 4,923, an increase of 117 employees, or 2%, compared to the same date in 2024[221]. - Salaries and other personnel expenses increased by 7% year-over-year for Q3 2025, totaling $197.31 million, driven by headcount additions and merit increases[219][221].

Financial Performance - ProAssurance reported net income of $1.4 million, or $0.03 per diluted share, for Q3 2025, a decrease of 91.2% compared to $16.4 million, or $0.32 per diluted share, in Q3 2024[1][7] - Net income for Q3 2025 was $1.446 million, a decrease from $16.441 million in Q3 2024, while net income for the nine months ended September 30, 2025 was $17.545 million compared to $36.575 million in the same period of 2024[19] - Non-GAAP operating income for Q3 2025 was $7.896 million, down from $16.454 million in Q3 2024, and for the nine months ended September 30, 2025, it was $41.474 million compared to $30.426 million in 2024[19] - Non-GAAP operating income for the nine months ended September 30, 2025, was $41.5 million, a 36.3% increase from $30.4 million in the same period of 2024[7][10] Premiums and Underwriting - Consolidated net premiums written were $261.3 million for the quarter, down 6.5% from $279.5 million in Q3 2024, with Medical Professional Liability business contributing over 95% of this segment[5][7] - Specialty P&C renewal premium increases of 8% this quarter are part of a cumulative premium change of over 80% since 2018 in the medical professional liability market[5] - Specialty P&C segment gross premiums written decreased by 5.9% to $229,507,000 for the three months ended September 30, 2025, compared to $244,007,000 in 2024[11] - Workers' Compensation insurance segment net premiums written fell by 6.3% to $43,396,000 for the three months ended September 30, 2025, down from $46,318,000 in 2024[13] - The net loss ratio for the Specialty P&C segment increased to 80.8% in Q3 2025 from 72.5% in Q3 2024[12] - The current accident year net loss ratio for Q3 2025 is 83.2%, an increase of 0.5 percentage points from 82.7% in Q3 2024[26] Investment Income - Consolidated net investment income increased by 8.5% to $40.4 million in Q3 2025, reflecting higher average book yields[5][7] - Corporate segment net investment income increased by 8.5% to $39,342,000 for the three months ended September 30, 2025, from $36,263,000 in 2024[17] - The company recognized net investment losses of $841,000 in Q3 2025, compared to losses of $2.252 million in Q3 2024[19] Ratios and Performance Metrics - The Non-GAAP combined ratio for Q3 2025 was 112.2%, compared to 106.4% in Q3 2024, indicating a deterioration in underwriting performance[5][10] - The combined ratio for Q3 2025 was 112.2%, a decrease from 114.7% in Q3 2024, and for the nine months ended September 30, 2025, it was 108.8%, down from 111.4% in 2024[23] - The underwriting expense ratio for the nine months ended September 30, 2025, is 27.0%, a slight decrease from 27.4% in the same period of 2024[26] - Non-GAAP operating ROE for Q3 2025 is 2.4%, down from 5.6% in Q3 2024[28] Assets and Book Value - Book value per share rose to $25.37 at September 30, 2025, up from $23.49 at year-end 2024[9] - The Non-GAAP adjusted book value per share at September 30, 2025, is $27.14, an increase from $26.86 at December 31, 2024[29] - Total assets decreased slightly to $5.55 billion as of September 30, 2025, from $5.57 billion at year-end 2024[9] Corporate Actions and Future Outlook - The anticipated closing of the transaction with The Doctors Company is expected by June 30, 2026, pending regulatory approvals in several states[4][3] - The company continues to forgo renewal and new business opportunities that do not meet expectations of rate adequacy in the current medical professional liability loss environment[5] - The Corporate segment results for the three months ended September 30, 2025, included pre-tax transaction-related costs of $3,000,000 related to a proposed merger transaction[17] - Transaction-related costs in 2025 amounted to $2.983 million for Q3 and $14.578 million for the nine-month period, primarily related to a proposed merger transaction[19] Tax and Currency Effects - The consolidated effective tax rate for the Corporate segment was 66.9% for the three months ended September 30, 2025, compared to 22.1% in 2024[17] - The effective tax rate applied to adjustments was 21%, consistent for both 2025 and 2024 periods[24] - Foreign currency exchange rate gains for Q3 2025 were $1.003 million, down from $3.849 million in Q3 2024[19] Non-Core Operations - Non-core operations reported an underwriting loss of $3.4 million for Q3 2025, compared to an underwriting income of $0.5 million in Q3 2024[22] Ratings - The company is rated "A" (Excellent) by AM Best, indicating strong financial stability and performance in the specialty insurance sector[30]

Financial Performance - Voya Financial reported Adjusted Operating Earnings Before Income Taxes for the quarter, which is a key measure for evaluating business performance [4]. - The company emphasized the importance of Adjusted Operating Revenues, which are calculated by adjusting Total Revenues for specific items [6]. - Adjusted Operating Return on Common Equity excluding AOCI is highlighted as a measure of returns for common shareholders, excluding variable components due to interest rate changes [11]. - The company noted that net revenue is derived from investment spread, fee-based margin, and net underwriting gain or loss, providing insights into revenue growth and margin expansion [11]. - Voya Financial's Adjusted Operating Margin is defined as Adjusted Operating Earnings Before Income Taxes divided by net revenue, indicating operational efficiency [11]. - The report includes a reconciliation of Adjusted Operating Earnings Before Income Taxes to the U.S. GAAP measure, Income (loss) before income taxes, for clarity [5]. - The company reported significant adjustments in operating benefits and expenses, reflecting changes in market risk benefits and other non-recurring items [8]. - Voya Financial's analysis of sources of earnings includes net investment income and fee-based margins, which are critical for understanding performance drivers [9]. - Future outlook includes continued focus on market expansion and potential strategic acquisitions to enhance growth [11]. Revenue and Income - Net income available to common shareholders for Q3 2025 was $176 million, up from $162 million in Q2 2025, and $139 million in Q1 2025 [12]. - Adjusted operating earnings before income taxes for Q3 2025 were $290 million, compared to $289 million in Q2 2025 and $232 million in Q1 2025 [14]. - Total revenues for Q3 2025 reached $2,128 million, an increase from $1,981 million in Q2 2025 and $1,969 million in Q1 2025 [13]. - Net investment income for Q3 2025 was $583 million, slightly down from $584 million in Q2 2025 but up from $560 million in Q1 2025 [13]. - Fee income for Q3 2025 increased to $616 million, compared to $577 million in Q2 2025 and $570 million in Q1 2025 [13]. - Premiums collected in Q3 2025 were $719 million, consistent with $718 million in Q2 2025 but down from $737 million in Q1 2025 [13]. - The effective tax rate for Q3 2025 was 17.8%, up from 16.9% in Q2 2025 [12]. - Total cash returned to common shareholders in Q3 2025 was $123 million, including $80 million in share repurchases and $43 million in dividends [12]. Assets and Liabilities - Total assets as of September 30, 2025, reached $177,448 million, up from $166,933 million as of September 30, 2024, indicating a growth of approximately 6% [17]. - Total liabilities as of September 30, 2025, were $170,365 million, an increase from $160,351 million as of September 30, 2024, representing a rise of about 6% [17]. - Total shareholders' equity as of September 30, 2025, was $6,862 million, up from $6,384 million as of September 30, 2024, reflecting an increase of about 7% [17]. - Total Financial Debt as of September 30, 2025, is $2,104 million, a decrease from $2,502 million as of December 31, 2024, representing a reduction of approximately 16% [19]. - The Debt-to-Capital ratio improved to 29.8% as of September 30, 2025, down from 38.5% as of December 31, 2024, indicating enhanced capital structure [19]. Client Assets and Management - Total Assets Under Management (AUM) and Assets Under Administration (AUA) reached $1,088,624 million as of September 30, 2025, with a significant contribution from Retirement AUM of $306,558 million [20]. - Client Assets reached $784,821 million as of September 30, 2025, an increase from $612,205 million as of December 31, 2024, representing a growth of approximately 28% [22]. - Total Client Assets (AUM) reached $366.3 billion as of September 30, 2025, up from $340.5 billion a year ago, representing a 7.6% increase [27]. - Institutional AUM increased to $173.4 billion, with net inflows of $3.56 billion in the third quarter of 2025, compared to net inflows of $1.77 billion in the same period last year [28]. - Retail AUM remained stable at $156.4 billion, with net flows of $317 million in Q3 2025, showing a slight increase from $2.06 billion in Q3 2024 [28]. Segment Performance - Adjusted operating earnings before income taxes for the Retirement segment reached $913 million for the twelve months ended September 30, 2025, up from $758 million a year ago, reflecting a 20.5% increase [39]. - The adjusted return on capital for the Retirement segment was 21.3% for the three months ended September 30, 2025, compared to 19.2% in the same quarter last year [39]. - The adjusted operating earnings for the Employee Benefits segment were $47 million for the three months ended September 30, 2025, significantly lower than $147 million in the same quarter last year [39]. - The adjusted return on capital for the Investment Management segment was 20.1% for the three months ended September 30, 2025, compared to 18.1% in the same quarter last year [39]. Investment Performance - Gross investment income for the three months ended September 30, 2025, was $527 million, with an annualized earned rate of 5.6% [41]. - Alternative investment income for the three months ended September 30, 2025, was $60 million, an increase from $26 million in the same period last year, representing a 130.8% year-over-year growth [43]. - The long-term expected return for alternative investments and investment capital is projected at 9% annually [43]. Adjusted Operating Metrics - The adjusted operating margin for the trailing twelve months (TTM) was 28.5%, up from 28.0% in the previous quarter [26]. - The adjusted operating return on common equity for the twelve months ended September 30, 2025, was 12.8%, up from 11.3% in the previous quarter [49]. - Total adjusted operating revenues for Q3 2025 reached $1,942 million, a 3% increase from $1,900 million in Q2 2025 [47]. - Total benefits and expenses for Q3 2025 were $1,821 million, compared to $1,793 million in Q2 2025, reflecting a 1.6% increase [47].

Financial Performance - Revenue for the three months ended September 30, 2025, was $1,049.2 million, representing a 17% increase compared to the same period in 2024[89] - Adjusted EBITDA for the three months ended September 30, 2025, was $306.1 million, up from $246.99 million in the same period of 2024[110] - Net income for the three months ended September 30, 2025, was $92.1 million, compared to $30.6 million in the same period of 2024[110] - Revenue for the three months ended September 30, 2025, increased by 17% to $1,049,205 thousand compared to $898,373 thousand for the same period in 2024[123] - Adjusted EBITDA for the three months ended September 30, 2025, was $306,051 thousand, up from $246,990 thousand in 2024, representing a 24% increase[121] - Net income for the three months ended September 30, 2025, was $92,108 thousand, compared to $30,556 thousand in 2024, reflecting a significant increase[121] - Free cash flow for the nine months ended September 30, 2025, was $871.5 million, compared to $689.8 million in 2024[112] - Adjusted EBITDA for the nine months ended September 30, 2025, was $728.5 million, reflecting a 30% increase from $561.4 million in the same period of 2024[134] User Metrics - Monthly active users (MAUs) reached 600 million, an increase of 12% year-over-year[89] - The number of average monthly active users (MAUs) increased by 12% for the three months ended September 30, 2025, compared to the same period in 2024[123] Revenue Breakdown - Average revenue per user (ARPU) globally was $1.78, a 5% increase from the previous year[100] - ARPU in the U.S. and Canada was $7.64, an increase of 5%, while Europe saw a 31% increase to $1.31, and Rest of World increased by 44% to $0.21[100] - Revenue from Europe increased by 41% to $193.2 million for the three months ended September 30, 2025, compared to the same period in 2024[124] Expenses - Research and development expenses for the three months ended September 30, 2025, increased by 14% to $371,253 thousand from $326,679 thousand in 2024[126] - Sales and marketing expenses for the three months ended September 30, 2025, rose by 19% to $296,679 thousand compared to $249,033 thousand in 2024[127] - Cost of revenue for the three months ended September 30, 2025, was $212,325 thousand, an increase of 13% from $187,453 thousand in 2024[125] - General and administrative expenses decreased by 22% to $110,432 thousand for the three months ended September 30, 2025, compared to $141,124 thousand in 2024[128] - Share-based compensation expense was $235.1 million, an increase of $27.2 million compared to the same period in 2024[89] Cash and Investments - Cash, cash equivalents, and marketable securities totaled $2,671.3 million as of September 30, 2025[89] - As of September 30, 2025, the company had $2,671.3 million in cash, cash equivalents, and marketable securities, with $190.5 million held by foreign subsidiaries[135] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $893.1 million, an increase of $182.5 million compared to $710.6 million in 2024[145] Share Repurchase and Credit Facilities - The company repurchased 12,180,904 shares of Class A common stock for an aggregate purchase price of $427.0 million at an average price of $35.06 per share during the nine months ended September 30, 2025[143] - The company amended its revolving credit facility in October 2023, increasing the aggregate commitment to $500.0 million[137] - The company is in compliance with all covenants under the revolving credit facility as of September 30, 2025[140] - The company anticipates that existing cash and available credit will be sufficient to meet working capital and capital expenditure needs over the next 12 months[141] Other Financial Information - Interest income (expense), net for the three months ended September 30, 2025, was $28,536 thousand, a decrease of 12% from $32,477 thousand in 2024[129] - The company has not engaged in hedging activities related to foreign currency exchange risk, although it may consider doing so in the future[156] - The company continues to invest in relevance and personalization, contributing to the growth in MAUs[94]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $139.027 million, a 17.0% increase from $118.805 million in the same period of 2024[16] - SaaS revenues increased to $97.524 million, up 27.0% from $76.876 million year-over-year[16] - The net loss for the three months ended September 30, 2025, was $14.353 million, compared to a net loss of $4.520 million in the same period of 2024[16] - Operating loss for the quarter was $14.455 million, an increase from the operating loss of $7.254 million in the prior year[16] - The company reported a comprehensive loss of $13.723 million for the three months ended September 30, 2025, compared to a comprehensive loss of $4.025 million in the prior year[19] - For the three months ended September 30, 2025, total revenues increased to $139.03 million, up 17.0% from $118.81 million in the same period of 2024[41] - The net loss for the three months ended September 30, 2025, was $14.35 million, compared to a net loss of $4.52 million in the same period of 2024[24] - Cash provided by operating activities was $13.80 million, a decrease of 43.5% from $24.45 million in the prior year[24] Expenses - Research and development expenses increased to $40.934 million, up from $32.427 million year-over-year[16] - Sales and marketing expenses rose to $48.786 million, compared to $37.760 million in the same quarter of 2024[16] - The Company reported stock-based compensation of $27.29 million for the three months ended September 30, 2025, compared to $19.99 million in the same period of 2024, reflecting a 36.5% increase[24] - Total stock-based compensation expense for the three months ended September 30, 2025, was $27,287,000, up from $19,989,000 in the same period of 2024, indicating a year-over-year increase of approximately 36.5%[72] Cash and Assets - Cash and cash equivalents decreased to $273.437 million as of September 30, 2025, down from $313.109 million as of June 30, 2025[14] - Total assets as of September 30, 2025, were $823.261 million, a decrease from $894.161 million as of June 30, 2025[14] - Total stockholders' equity decreased to $486.361 million as of September 30, 2025, from $519.765 million as of June 30, 2025[14] - Cash, cash equivalents, and restricted cash at the end of the period totaled $273.64 million, down from $254.05 million at the end of the same period in 2024[24] - As of September 30, 2025, the company had cash and cash equivalents of $273.4 million, held with multiple high credit quality financial institutions[155] Revenue and Client Information - U.S. revenues for the three months ended September 30, 2025, were $97.01 million, representing a 23.4% increase from $78.57 million in 2024[41] - No client accounted for 10% or more of the Company's revenues for the three months ended September 30, 2025, and 2024[36] - The Company operates in one reportable segment, focusing on AI-powered solutions for various professional services firms[33] Investments and Liabilities - The Company incurred $5.85 million in net cash used in investing activities, compared to $2.79 million in the same period of 2024[24] - Deferred commissions were $35.9 million as of September 30, 2025, compared to $36.4 million as of June 30, 2025[42] - Unbilled accounts receivable decreased to $17.7 million as of September 30, 2025, from $19.5 million as of June 30, 2025[43] - Deferred revenue, net, was $239.2 million as of September 30, 2025, down from $259.0 million as of June 30, 2025[43] - The company recorded a contingent consideration liability of $0.5 million as of September 30, 2025, related to the acquisition of Paragon Data Labs, Inc.[53] - Current operating lease liabilities increased from $6.5 million as of June 30, 2025, to $7.6 million as of September 30, 2025[59] - The company had no outstanding borrowings under the JPMorgan Credit Facility as of September 30, 2025, maintaining compliance with all covenants[67] Strategic Initiatives and Future Outlook - The company expects to recognize approximately $715.2 million from remaining performance obligations, with about 55% expected to be recognized over the next 12 months[45] - The company has not experienced any material losses related to non-payment of receivables during the three months ended September 30, 2025, indicating stable credit risk management[152] - The company has not engaged in hedging foreign currency transactions to date, although it may consider doing so in the future due to exposure to foreign currency exchange risk[151] - The stock repurchase program authorized by the Board of Directors on August 7, 2025, allows for discretionary purchases without an expiration date[79] - The company reported that inflation has not had a material effect on its business, but it remains cautious about potential future inflationary pressures[153] Other Financial Metrics - The weighted-average number of shares used to compute net loss per share increased to 81,878 thousand in 2025 from 75,604 thousand in 2024[78] - The total intrinsic value of stock options exercised during the three months ended September 30, 2025, was $11.8 million[70] - The company repurchased approximately 1.1 million shares of its common stock for $50.0 million during the three months ended September 30, 2025, leaving $100.0 million available for future repurchases[80] - The company has $221.9 million of unrecognized compensation cost related to unvested stock-based awards as of September 30, 2025, expected to be recognized over approximately 2.6 years[72] Impairments and Amortization - The company recorded impairment charges of $1.4 million related to its digital transformation initiative during the three months ended September 30, 2025, compared to no impairment charges in the same period of 2024[58] - Amortization expense related to acquired intangible assets totaled $2.9 million for the three months ended September 30, 2025[49] Goodwill and Intangible Assets - Goodwill decreased to $326.1 million as of September 30, 2025, from $326.3 million as of June 30, 2025[48] - Total intangible assets, net, were $37.8 million as of September 30, 2025, compared to $40.7 million as of June 30, 2025[49] - Capitalized internal-use software costs increased to $33.6 million as of September 30, 2025, from $31.6 million as of June 30, 2025[57] - Capitalized cloud computing implementation costs decreased from $7,599,000 as of June 30, 2025, to $7,067,000 as of September 30, 2025, reflecting a reduction of approximately 7%[58] - Strategic investments increased to $5.0 million as of September 30, 2025, from $2.0 million as of June 30, 2025[56]

Assets Under Management and Advisory - As of September 30, 2025, the company had $101.0 billion in assets under management (AUM) from customized separate accounts and $44.4 billion from specialized funds[117] - The company reported $859.8 billion in assets under advisement (AUA) as of September 30, 2025, indicating a strong advisory service segment[117] - Fee-earning AUM increased by $2.0 billion during the three months ended September 30, 2025, primarily due to contributions from customized separate accounts and specialized funds[191] - Customized separate accounts fee-earning AUM rose by $0.5 billion, with contributions of $1.1 billion and distributions of $0.8 billion for the same period[192] - Specialized funds fee-earning AUM increased by $1.5 billion, with contributions of $1.8 billion and distributions of $0.6 billion for the three months ended September 30, 2025[193] - For the six months ended September 30, 2025, fee-earning AUM increased by $4.4 billion, driven by contributions from both customized separate accounts and specialized funds[194] - Customized separate accounts fee-earning AUM grew by $1.5 billion, with contributions totaling $2.9 billion and distributions of $1.8 billion for the six months ended September 30, 2025[195] - Specialized funds fee-earning AUM increased by $2.9 billion, with contributions of $3.4 billion and distributions of $1.2 billion for the same period[196] Financial Performance - Total revenues for the three months ended September 30, 2025, increased by $36.7 million to $190.9 million compared to $149.9 million for the same period in 2024, driven by increases in management and advisory fees and incentive fees[153] - Management and advisory fees rose by $22.3 million to $142.1 million for the three months ended September 30, 2025, compared to $119.8 million in 2024, with specialized funds revenue contributing $19.5 million of this increase[154] - Incentive fees increased by $14.3 million to $44.6 million for the three months ended September 30, 2025, primarily due to the recognition of $13.1 million in performance fees from evergreen funds[155] - For the six months ended September 30, 2025, total revenues increased by $15.9 million to $366.8 million compared to $346.7 million in 2024, primarily due to higher management and advisory fees[156] - Management and advisory fees for the six months ended September 30, 2025, increased by $16.1 million to $275.8 million, with specialized funds revenue contributing significantly to this growth[157] - Total expenses for the three months ended September 30, 2025, increased by $27.7 million to $111.2 million compared to $82.8 million in 2024, mainly due to higher compensation and benefits[161] - Compensation and benefits expenses rose by $21.9 million to $77.0 million for the three months ended September 30, 2025, driven by increased salary expenses and annual bonus plan accruals[162] - Net income attributable to Hamilton Lane Incorporated for the three months ended September 30, 2025, was $70.9 million, compared to $55.0 million in 2024, reflecting a year-over-year increase of 28.5%[150] - Non-GAAP EPS for the three months ended September 30, 2025, was $1.54, up from $1.07 in the same period of 2024[206] - Adjusted EBITDA for the three months ended September 30, 2025, was $100.815 million, compared to $75.638 million for the same period in 2024[204] - Fee Related Earnings (FRE) for the three months ended September 30, 2025, were $77.037 million, compared to $56.292 million for the same period in 2024[204] Investment Activities - The company completed a registered offering of 528,705 shares of Class A common stock, generating $55.5 million in net proceeds[120] - On October 23, 2025, the company sold its interests in a wholly-owned entity for $92.3 million in cash[122] - The company recognized $0.8 million in retroactive fees from its latest direct equity fund for the six months ended September 30, 2025, compared to $20.7 million from a secondary fund in the same period of 2024[157] - Total other income for the three months ended September 30, 2025, was $37.9 million, significantly higher than $9.9 million in 2024, indicating improved investment performance[152] - Other income (expense) increased by $12.4 million for the three months ended September 30, 2025, primarily due to an increase in equity in income of investees[168] - Equity in income of investees increased by $13.7 million for the three months ended September 30, 2025, attributed to larger increases in investment valuations[169] - Other income (expense) of Consolidated Funds and Partnerships increased by $15.6 million for the three months ended September 30, 2025, due to increased investment activity[176] - Net cash provided by operating activities for the six months ended September 30, 2025, was $247.83 million, compared to $197.15 million for the same period in 2024, reflecting a year-over-year increase of approximately 25.7%[239] - Net cash used in investing activities for the six months ended September 30, 2025, was $227.92 million, significantly higher than $25.04 million in 2024, indicating increased investment activity[239] Debt and Liquidity - The company amended its credit facility on October 1, 2025, which included a decrease in the aggregate principal amount available to be borrowed and changes to interest rates[121] - The company had an outstanding balance of $89 million under the Term Loan Agreement as of September 30, 2025, with a maturity date of July 1, 2029[225] - The aggregate principal amount of loans that may be outstanding under all Loan Agreements is capped at $325 million, with $325 million available as of September 30, 2025[229] - The company issued $100 million in Senior Notes with a 5.28% interest rate, maturing on October 15, 2029, with interest payments starting on April 15, 2025[223] - As of September 30, 2025, the principal amount of debt outstanding was $288.1 million, down from $293.1 million as of March 31, 2025[229] - The company expects to continue paying quarterly cash dividends, subject to funds being legally available[237] - The company is required to maintain approximately $7.8 million in liquid net assets to meet regulatory net capital and capital adequacy requirements as of September 30, 2025[236] - The annual interest rate on the Term Loan Agreement was 6.00% as of September 30, 2025[259] - A 100 basis point increase in interest rates is estimated to result in an increased interest expense of approximately $0.9 million over the next 12 months[260] Strategic Partnerships and Investments - A long-term strategic partnership was established with The Guardian Life Insurance Company, managing nearly $5 billion in private equity and committing to invest approximately $500 million annually for the next 10 years[124] - The company plans to make strategic investments in technology-driven private markets data and wealth management solutions[233] Tax and Regulatory Matters - The effective tax rate was 11.9% for the three months ended September 30, 2025, compared to 1.5% for the same period in 2024, reflecting changes in income allocation and tax adjustments[179] - The One Big Beautiful Bill Act signed into law on July 4, 2025, did not have a material impact on the company's consolidated financial statements[145] Market Conditions and Competition - The company has noted increased competition for investment opportunities, which may impact future returns due to rising costs[211] - The performance of the funds is increasingly dependent on newer funds, as historical returns are primarily derived from earlier funds[211] - The company utilizes revolving credit facilities to enhance liquidity, which can magnify performance outcomes[217] - The company’s investment strategy includes a focus on private markets, with specialized funds investing across various sectors[210] Currency and Credit Risk - The company has limited currency exposure related to investments in foreign currency assets, typically at 1% of total capital commitments[258] - The company does not expect changes in exchange rates to materially impact its financial statements[258] - Credit risk is managed by limiting counterparties to reputable financial institutions[261] - The company does not possess significant assets in foreign countries or engage in material transactions in currencies other than the U.S. dollar[258] - The company’s general partner investments include thousands of unique underlying portfolio investments with no significant concentration in any industry or country outside of the United States[256] Performance Metrics - The gross internal rate of return (IRR) for the Secondary Fund VI established in 2022 was 40.6%, while the net IRR was 44.1%[212] - The Infrastructure Opps Fund II, set to launch in 2024, has a projected gross IRR of 32.3% and a net IRR of 30.8%[212] - The company’s specialized funds have shown varying performance, with the PEF IX fund achieving a net IRR of 14.7%[212] - The average gross multiple across the specialized funds is approximately 1.5, indicating a strong return on capital invested[212] - The company’s strategic opportunities funds have a gross IRR of 14.4% for the year 2022, reflecting solid performance in the market[212]

Financial Performance - Third quarter revenue reached a record $9.2 billion, up 36% year-over-year, with a gross margin of 52%[2] - Operating income was $1.3 billion, representing a 75% increase compared to the previous year, while net income was $1.2 billion, up 61% year-over-year[4] - For Q4 2025, AMD expects revenue to be approximately $9.6 billion, representing year-over-year growth of approximately 25%[13] - GAAP gross profit for the three months ended September 27, 2025, was $2,025 million, with a GAAP gross margin of 52%[16] - Non-GAAP gross profit for the same period was $4,992 million, reflecting a non-GAAP gross margin of 54%[16] - GAAP operating income for the quarter was $1,270 million, resulting in a GAAP operating margin of 14%[16] - Non-GAAP operating income reached $2,238 million, with a non-GAAP operating margin of 24%[16] - GAAP net income for the quarter was $1,243 million, translating to earnings per share of $0.75[16] - Non-GAAP net income was $1,965 million, with earnings per share of $1.20[16] - Basic earnings per share for Q3 2025 was $0.76, an increase from $0.54 in Q2 2025 and $0.48 in Q3 2024[24] Segment Performance - The Data Center segment generated $4.3 billion in revenue, up 22% year-over-year, driven by strong demand for AMD EPYC processors and Instinct MI350 Series GPUs[10] - Client and Gaming segment revenue was $4 billion, up 73% year-over-year, with Client revenue at a record $2.8 billion, up 46% year-over-year[10] - Data Center segment revenue was $4,341 million, up 34.1% from $3,240 million in Q2 2025 and up 22.3% from $3,549 million in Q3 2024[27] - Client and Gaming segment revenue totaled $4,048 million, a 11.8% increase from $3,621 million in Q2 2025 and a 72.6% increase from $2,343 million in Q3 2024[27] Cash Flow and Assets - Cash and cash equivalents increased to $4,808 million from $3,787 million at the end of December 2024[25] - Net cash provided by operating activities for the nine months ended September 27, 2025, was $4,189 million, compared to $1,742 million for the same period in 2024[26] - Total current assets rose to $27,000 million as of September 27, 2025, compared to $19,049 million at the end of December 2024[25] - Total assets reached $76,891 million as of September 27, 2025, up from $69,226 million at the end of December 2024[25] - Cash, cash equivalents, and short-term investments increased to $7,243 million in Q3 2025, up from $5,867 million in Q2 2025 and $4,544 million in Q3 2024[27] Expenses and Investments - The company reported a significant increase in operating expenses, with GAAP operating expenses at $3,510 million, representing 38% of revenue[16] - Research and development expenses increased to $2,139 million in Q3 2025, up from $1,894 million in Q2 2025 and $1,636 million in Q3 2024[24] - Capital expenditures for Q3 2025 were $258 million, slightly down from $282 million in Q2 2025 but up from $132 million in Q3 2024[27] Strategic Initiatives - AMD announced a strategic partnership with OpenAI to deploy 6 gigawatts of AMD GPUs for AI infrastructure, with the first deployment of 1 gigawatt set for the second half of 2026[10] - AMD's new ROCm™ 7 software was released, enhancing training and inference performance for enterprise applications[11] - AMD is focusing on strategic partnerships, including collaborations with OpenAI and Oracle, to enhance its market position[21] - AMD's FSR 4 technology saw rapid adoption, with supported games doubling to over 85 since launch[15] Future Outlook - Future outlook includes expected revenue and earnings growth driven by AMD's compute franchise and AI business[21] - Non-GAAP gross margin for Q4 2025 is expected to be approximately 54.5%[13] - Adjusted EBITDA for Q3 2025 was $2,431 million, significantly higher than $1,088 million in Q2 2025 and $1,887 million in Q3 2024[31] - Free cash flow for Q3 2025 was $1,530 million, compared to $1,180 million in Q2 2025 and $496 million in Q3 2024, reflecting a free cash flow margin of 17%[32] Debt Management - Total debt remained stable at $3,220 million in Q3 2025, compared to $3,218 million in Q2 2025 and significantly higher than $1,720 million in Q3 2024[27]

"In our fiscal first quarter, we saw year-over-year revenue growth of 58 percent and operating margin expansion of over 1,500 basis points on a non-GAAP basis. Revenue, operating margin, and earnings per share all came in at the high end of our guidance ranges," said Michael Hurlston, Lumentum President and CEO. "Our first-quarter results and forward guidance underscore our strong momentum across data center, data center interconnect, and long-haul markets. Our guidance indicates we expect more than 20 perc ...