Financial Performance - The net loss attributable to the Company for Q3 2025 was $87.4 million, or $0.34 per diluted share, an improvement from a net loss of $108.2 million, or $0.50 per diluted share, in Q3 2024[8] - Funds from Operations (FFO) for Q3 2025 were $93.4 million, or $0.35 per diluted share, compared to $86.0 million, or $0.38 per diluted share, in Q3 2024[9] - Total revenues for the three months ended September 30, 2025, increased to $253.3 million, up 15% from $220.2 million in the same period of 2024[29] - Net loss attributable to the Company for the three months ended September 30, 2025, was $87.4 million, compared to a loss of $108.2 million in the same period of 2024[37] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $88.6 million, an increase from $81.2 million in the same period of 2024[37] - Total expenses for the three months ended September 30, 2025, were $281.1 million, up from $240.2 million in the same period of 2024[29] - Interest expense for the three months ended September 30, 2025, was $72.7 million, compared to $57.1 million in the same period of 2024[40] - The company reported a loss on the sale or write down of assets of $72.6 million for the three months ended September 30, 2025, compared to a loss of $16.6 million in the same period of 2024[37] - Adjusted EBITDA for the three months ended September 30, 2025, was $180,853, compared to $175,130 for the same period last year, reflecting a year-over-year increase of 1.0%[51] Leasing and Occupancy - Go-Forward Portfolio Centers' net operating income (NOI) increased by 1.7% in Q3 2025 compared to Q3 2024[10] - Portfolio occupancy as of September 30, 2025, was 93.4%, a decrease of 0.3% from 93.7% in September 2024, but an increase of 1.4% from 92.0% in June 2025[12] - The Company signed leases for 1.5 million square feet in Q3 2025, representing an 81% increase in leased square footage compared to Q3 2024[12] - New store leases are expected to generate approximately $99 million in total gross revenue, exceeding revenue from prior uses in those spaces[13] - Base rent re-leasing spreads were 5.9% greater than expiring base rent for the trailing twelve months ended September 30, 2025, marking the sixteenth consecutive quarter of positive spreads[14] - Leasing revenue for the three months ended September 30, 2025, was $237.2 million, an increase of 16.6% from $203.4 million in the same period of 2024[29] - For the three months ended September 30, 2025, total leasing revenue was $308.987 million, with minimum rents contributing $204.244 million[63] - The average base rent per square foot for consolidated centers increased to $67.24 for the twelve months ended September 30, 2025, compared to $63.04 for the same period in 2024[81] - The average base rent per square foot on leases executed during the twelve months ended September 30, 2025, was $69.64 across all retail centers[81] Capital and Liquidity - The Company sold 2.8 million shares of common stock for approximately $50 million in net proceeds during Q3 2025[19] - As of the filing date, the Company had approximately $1 billion in liquidity, including $650 million available on its revolving line of credit[19] - A quarterly cash dividend of $0.17 per share was announced, payable on December 29, 2025[20] - The Company reported a net income attributable to the Company of $(1.060) million for the three months ended September 30, 2025[60] - Cash and cash equivalents as of September 30, 2025, were $290,162, indicating liquidity available for operations and investments[54] - The company made capital expenditures of $403.3 million for the nine months ended September 30, 2025, including $290 million for property acquisitions[71] Debt and Financial Structure - Total market capitalization as of September 30, 2025, was $11,460,615, with debt accounting for 57.6% of this total[45] - Total debt as of September 30, 2025, is $5,076,908,000, with a weighted average interest rate of 5.36%[114] - The Company's pro rata share of total debt is $6,601,760,000, with fixed rate debt comprising 92.92% of the total[119] - The net debt to adjusted EBITDA ratio is used to evaluate the Company's capital structure and financial leverage, providing insights into overall liquidity[115] - The weighted average maturity of the Company's debt is 3.46 years[114] Asset Management - The total assets of the company as of September 30, 2025, were $8,423,928, reflecting the overall financial position of the company[54] - The company reported a straight-line rent receivable of $134.2 million as of September 30, 2025, down from $152.0 million in 2024[68] - The company reported a gain on the sale of assets of $11.939 million for the three months ended September 30, 2025[60] - The company sold its 50% joint venture partnership interest in Biltmore Fashion Park for $110 million[75] - The total sales price for Country Club Plaza was $175.6 million, with $147.7 million of the loan forgiven by the lender[75] - The company has various assets totaling 1,856,000 square feet, including office and hotel spaces adjacent to shopping centers[98] Development and Renovation - The company is currently undergoing ongoing renovations at Crabtree Mall, which is expected to enhance its value and occupancy[91] - The development and redevelopment pipeline forecast indicates total costs ranging from $459 million to $505 million, with expected stabilized yields between 6.75% and 18%[121] - The Green Acres Mall redevelopment is projected to cost between $130 million and $150 million, with an expected stabilized yield of 12.5% to 13.5%[121] - The Scottsdale Fashion Square redevelopment is estimated at $84 million to $90 million, with a projected stabilized yield of 17% to 18%[121] Stock Performance and Investor Relations - The stock price for Macerich Company (MAC) reached a high of $22.27 and a low of $17.29 in Q4 2024, with a consistent dividend of $0.17 per share declared and paid each quarter[127] - The stock price in Q3 2023 ranged from a high of $12.99 to a low of $10.65, indicating a fluctuation of approximately 22%[127] - The stock price in Q1 2025 is projected to be between $15.71 and $21.12, reflecting a potential increase of 20% from the previous quarter's low[127] - The company offers a Dividend Reinvestment Plan allowing stockholders to reinvest dividends into additional common stock[128] - The high stock price of $18.33 in Q3 2024 represents a 42% increase compared to the low of $12.99 in Q2 2024[127] - The stock price in Q2 2024 is expected to be between $12.99 and $17.20, indicating a potential growth opportunity[127] - The company provides an electronic version of its annual report and SEC filings on its website, enhancing transparency for investors[130]

Revenue Performance - Revenue for the three months ended September 30, 2025, was $100.1 million, an increase of 21% year-over-year [125]. - Total revenue for the nine months ended September 30, 2025, was $271.4 million, an increase of $24.2 million or 10% compared to $247.2 million in 2024 [145]. - Testing services revenue was $72.2 million, representing 72% of total revenue, with a 19% increase year-over-year and a testing volume growth of 13% [123][133]. - Testing services revenue increased by $10.6 million, or 6%, driven by a 13% growth in testing services volume [146]. - Product revenue increased by 22% year-over-year to $12.5 million, primarily due to higher sales of NGS-based kitted solutions [124][134]. - Product revenue rose by $5.7 million, or 19%, primarily due to higher sales of commercial NGS-based kitted solutions [147]. - Patient and digital solutions revenue grew by 30% year-over-year to $15.4 million, driven by an expanded customer base from Ottr software and higher pharmacy sales [127][135]. - Patient and digital solutions revenue grew by $7.9 million, or 25%, mainly from an expanded customer base and higher pharmacy sales [148]. Profitability and Income - Net income for the three months ended September 30, 2025, was $1.7 million, compared to a net loss of $10.6 million in the same period of 2024 [125][132]. - Net loss for the nine months ended September 30, 2025, was $17.2 million, a reduction of $17.9 million or 51% compared to a net loss of $35.1 million in 2024 [145]. Expenses - Research and development expenses decreased by 4% year-over-year to $16.8 million, influenced by lower clinical trial and laboratory supply expenses [139]. - Sales and marketing expenses increased by 23% year-over-year to $24.4 million, primarily due to higher personnel-related costs [140]. - General and administrative expenses decreased by 10% year-over-year to $28.4 million, mainly due to lower stock-based compensation expenses [141]. - Total operating expenses increased by $5.3 million, or 2%, totaling $296.2 million for the nine months ended September 30, 2025 [145]. Cash and Securities - Cash, cash equivalents, and marketable securities totaled $194.2 million as of September 30, 2025, with no debt [125]. - Cash provided by operating activities was $20.7 million for the nine months ended September 30, 2025, compared to $16.2 million in 2024 [161][162]. - Net cash used in financing activities was $80.9 million, primarily due to stock repurchases totaling $75.6 million [165]. - As of September 30, 2025, the company had cash and cash equivalents of $91.4 million, consisting of bank deposits and money market funds [181]. Foreign Currency and Risk Management - The company is exposed to foreign currency exchange risks, with a 10% unfavorable change in exchange rates potentially impacting product revenue by $1.4 million [182]. - Revenue from testing services is primarily denominated in U.S. dollars, while product revenue is mainly in U.S. dollars and Euros [182]. - Operating expenses incurred outside the U.S. are denominated in Swedish Krona and Euros, subject to fluctuations in exchange rates [182]. - The company does not currently have plans for a formal hedging program to mitigate foreign currency volatility but may consider it in the future [182]. - The company continues to reassess its approach to managing risks related to foreign currency exchange rate fluctuations [182]. Accounting Policies and Estimates - There were no material changes in critical accounting estimates during the three and nine months ended September 30, 2025 [177]. - Significant accounting policies include revenue recognition, business combinations, and impairment of goodwill and intangible assets [178]. - Recent accounting pronouncements and their expected effects on operations and financial position are detailed in the quarterly report [180]. Interest Income - Interest income decreased by 33% year-over-year to $2.0 million, primarily due to a decrease in cash and cash equivalents [142]. - A hypothetical 100 basis point increase or decrease in interest rates would have an approximate impact of $0.9 million on the company's balance sheets [181]. Registration Statement - The company has filed a universal shelf registration statement allowing for the sale of up to $250.0 million in various securities [169].

Financial Performance - Match Group's Q3 2025 Total Revenue was $914 million, up 2% year-over-year (Y/Y), with a 1% increase on a foreign exchange neutral (FXN) basis[41]. - Tinder Direct Revenue in Q3 was $491 million, down 3% Y/Y, with payers declining 7% Y/Y to 9.3 million and revenue per payer (RPP) increasing 5% Y/Y to $17.66[43]. - Adjusted EBITDA for Match Group in Q3 was $301 million, down 12% Y/Y, representing an Adjusted EBITDA margin of 33%[43]. - Hinge's Direct Revenue in Q3 was $185 million, up 27% Y/Y, with payers increasing 17% Y/Y to 1.9 million and RPP increasing 9% to $32.87[45]. - Match Group expects Q4 2025 Total Revenue to be between $865 million and $875 million, reflecting a 1% to 2% Y/Y increase[48]. - The company anticipates Q4 Adjusted EBITDA of $350 million to $355 million, representing a Y/Y increase of 9%[48]. - Year-to-date through Q3, Match Group delivered Operating Cash Flow of $758 million and Free Cash Flow of $716 million[47]. - The company is increasing its 2025 full year Free Cash Flow guidance to $1.11 to $1.14 billion[53]. - Net income attributable to Match Group, Inc. shareholders for the three months ended September 30, 2024, was $136,468,000[56]. - Adjusted EBITDA for the same period was $342,540,000, with an Adjusted EBITDA margin of 38%[58]. - Total revenue for the three months ended September 30, 2025, was reported at $914.3 million, reflecting a 2% increase from $895.5 million in 2024[64]. - Free Cash Flow for the nine months ended September 30, 2025, was $715,500,000[60]. - Forecasted revenue for the year ended December 31, 2025, is projected to be between $865 million and $875 million[63]. - Hinge Direct Revenue for the three months ended September 30, 2025, increased by 27% to $184.7 million compared to $145.4 million in 2024[64]. - Tinder Direct Revenue for the same period decreased by 3% to $490.6 million from $503.2 million in 2024[64]. - Adjusted EBITDA for the twelve months ended September 30, 2025, was $1,190,491,000[61]. - The net income margin for the three months ended September 30, 2024, was 15%[58]. - The company reported a capital expenditure of $42,100,000 for the nine months ended September 30, 2025[60]. User Engagement and Growth - There are approximately 250 million actively dating singles worldwide not currently on dating apps, with a target to re-engage 30 million lapsed users and attract 220 million potential first-time entrants[6]. - Tinder's new features, such as Chemistry and Modes, have driven a 30% increase in Double Date adoption in the U.S. since September[13]. - Hinge's revenue and user growth remain strong, with a successful launch in Mexico and plans for Brazil in Q4[33]. - The recent acquisition of HER™ has resulted in over a 20% revenue increase in test markets, expanding reach among queer women and gender-diverse communities[36]. Operational Efficiency - Financial discipline earlier this year generated approximately $100 million in annualized savings, allowing for reinvestment of $50 million across the portfolio[37]. - Face Check™, a new facial verification feature, has led to a 60% reduction in user views of profiles identified as bad actors and a 40% decrease in reports of bad actor activity[25]. - Ongoing optimization efforts have resulted in improved app performance, with Tinder's startup times now 38% faster and crash rates reduced by more than 32% on Android[20]. - The company expects to generate approximately $14 million in savings in Q4 2025 and approximately $90 million in 2026 from alternative payments testing[35]. Financial Metrics and Definitions - Direct Revenue includes both subscription and à la carte revenue received directly from end users, while Indirect Revenue primarily consists of advertising revenue[80]. - Payers represent unique users at a brand level from whom Direct Revenue is earned, with average monthly values calculated for respective periods[81]. - Revenue Per Payer (RPP) is calculated as Direct Revenue divided by the number of Payers, providing insight into average monthly revenue earned from each Payer[84]. - Monthly Active Users (MAU) are unique registered users who have engaged with the brand's app or website in a given month, with potential duplicate users across multiple brands[85]. - Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA, while net leverage accounts for cash and cash equivalents[86]. - Forward-looking statements regarding future financial performance and business prospects are subject to uncertainties and risks, including user base growth and competition[87].

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 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-50679 CORCEPT THERAPEU ...

Financial Performance - Total revenue for the nine months ended September 30, 2025, was $4.4 billion, a decrease of 4% from the same period in 2024[95] - Gross profit for the third quarter of 2025 was negative $68 million, compared to negative $64 million in the third quarter of 2024[97] - Net loss for the third quarter of 2025 was $110 million, an improvement from a net loss of $118 million in the third quarter of 2024[97] - Adjusted EBITDA loss for the nine months ended September 30, 2025, was $154 million, compared to a loss of $70 million in the same period of 2024[103] - Medical margin for the nine months ended September 30, 2025, was $18 million, down from $205 million in the same period of 2024[103] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(154.3) million, compared to $(70.2) million for the same period in 2024, reflecting a significant increase in operating losses[148] Membership and Services - Medicare Advantage members totaled approximately 502,800 as of September 30, 2025, reflecting a 4% decrease from September 30, 2024[97] - The average Medicare Advantage membership during the third quarter of 2025 was 510,400[99] - Medical services revenue for the three months ended September 30, 2025 was $1,432,437, a decrease of $15,260 or 1% compared to the same period in 2024[126] - Medical services revenue for the nine months ended September 30, 2025 was $4,354,355, a decrease of $174,116 or 4% compared to the same period in 2024[128] - Medical services expense for the three months ended September 30, 2025 was $1,489,479, a decrease of $16,471 or 1% compared to the same period in 2024[129] - Medical services expense for the nine months ended September 30, 2025, increased by $12.7 million, or 0%, compared to the same period in 2024, primarily due to a 5% increase in average medical services expense per member, offset by a 4% decline in average membership[130] Operational Strategies - The company implemented a payor data pipeline in Q1 2025 to enhance visibility into member risk profiles and risk adjustment factors[100] - The company aims to empower primary care physicians to manage health outcomes and total healthcare needs of their attributed Medicare patients[92] - The business model focuses on forming risk-bearing entities within local geographies to manage total healthcare needs through global capitation arrangements[92] Expenses and Cash Flow - Total expenses for the three months ended September 30, 2025 were $1,566,595, compared to $1,584,440 for the same period in 2024[125] - General and administrative expenses for the three months ended September 30, 2025 were $56,198, compared to $63,123 for the same period in 2024[125] - General and administrative expenses for the nine months ended September 30, 2025, decreased by $30.7 million, or 15%, compared to the same period in 2024[134] - For the nine months ended September 30, 2025, the net cash used in operating activities was $85.2 million, an increase of $11.0 million compared to $74.2 million for the same period in 2024[159] - Net cash provided by investing activities was $66.0 million for the nine months ended September 30, 2025, a decrease of $50.2 million compared to $116.2 million for the same period in 2024[160] - Net cash used in financing activities was $3.0 million for the nine months ended September 30, 2025, compared to $2.6 million for the same period in 2024[161] Equity and Financing - Income from equity method investments for the three months ended September 30, 2025, increased by $11.1 million, or 542%, compared to the same period in 2024[136] - Income from equity method investments for the nine months ended September 30, 2025, increased by $13.5 million, or 77%, compared to the same period in 2024[137] - The company may require additional financing in the future to fund working capital and pay obligations, which could dilute existing stockholders' ownership[156] - The Credit Facility includes a $100.0 million senior secured term loan and a $100.0 million senior secured revolving credit facility, with a maturity date of February 18, 2026[162] Discontinued Operations - Total discontinued operations for the nine months ended September 30, 2025, amounted to $14.0 million, a $24.5 million increase compared to losses from discontinued operations in the same period in 2024[140] Interest Rates - A hypothetical 100 basis point change in interest rates would not have a material impact on the company's interest expense[171]

Revenue Performance - Total revenue for Q3 2025 was $160 million, representing a 15% growth compared to Q3 2024[4] - Crysvita revenue in Q3 2025 was $112 million, including $47 million from Latin America and Türkiye[4] - Dojolvi revenue in Q3 2025 was $24 million[4] - Total revenues for Q3 2025 reached $159.933 million, a 14.7% increase from $139.494 million in Q3 2024[30] - Product sales increased to $94.993 million in Q3 2025, up from $77.251 million in Q3 2024, representing a 22.9% growth[30] - Royalty revenue for Q3 2025 was $64.940 million, compared to $62.243 million in Q3 2024, showing a 4.3% increase[30] Financial Guidance - The company reaffirmed 2025 revenue guidance of $640 million to $670 million, with Crysvita revenue expected between $460 million to $480 million[13] Operating Expenses - Operating expenses for Q3 2025 totaled $331 million, including $37 million in non-cash stock-based compensation[5] - Operating expenses totaled $330.823 million in Q3 2025, a 21.8% increase from $271.481 million in Q3 2024[30] - Research and development expenses rose to $216.212 million in Q3 2025, up from $170.109 million in Q3 2024, reflecting a 27.1% increase[30] Net Loss - Net loss for Q3 2025 was $180 million, or $1.81 per share, compared to a net loss of $134 million, or $1.40 per share in Q3 2024[7] - Net loss for Q3 2025 was $180.413 million, compared to a net loss of $133.516 million in Q3 2024, indicating a 35.1% increase in losses[30] - Net loss per share for Q3 2025 was $1.81, compared to $1.40 in Q3 2024[30] Cash and Assets - Cash, cash equivalents, and marketable debt securities were $447 million as of September 30, 2025[8] - Cash, cash equivalents, and marketable debt securities decreased to $447.315 million as of September 30, 2025, down from $745.029 million at the end of 2024[34] - Total assets as of September 30, 2025, were $1.190 billion, a decrease from $1.503 billion at the end of 2024[34] - Total stockholders' equity fell to $9.159 million as of September 30, 2025, down from $255.297 million at the end of 2024[34] Future Developments - UX143 for osteogenesis imperfecta is expected to have phase 3 study readouts by the end of 2025[12] - The company plans to resubmit the BLA for UX111 early in 2026 following constructive discussions with the FDA[16] Balance Sheet Improvement - The company received $400 million from the sale of a portion of its Crysvita royalty interest, enhancing its balance sheet[9]

Exhibit 99.1 CONTACT: Investor Relations Axon Enterprise, Inc. IR@axon.com Axon reports Q3 2025 revenue of $711 million, up 31% year over year Fellow shareholders, Axon delivered another record quarter, with revenue growing 31% year over year to $711 million — our seventh consecutive quarter of growth above 30% — and GAAP net loss margin of 0.3% supporting Adjusted EBITDA margin of 24.9%. Software & Services revenue increased 41% year over year to $305 million, driven by adoption of premium software feature ...

Credit Facility Amendments - The amendment introduces a new senior secured revolving credit facility with an aggregate principal amount of $850,000,000[4]. - The existing revolving credit loans and commitments will be refinanced with the new revolving credit loans and commitments[4]. - The amendment includes the resignation of the predecessor administrative agent and the appointment of the successor administrative agent[5]. - The borrower will pay an upfront fee equal to 0.20% multiplied by the principal amount of each lender's new revolving credit commitment[14]. - All original revolving credit loans outstanding prior to the amendment will be repaid with proceeds from the new revolving credit loans[16]. - The amendment will not constitute a novation of the existing credit agreement[25]. - The amendment will become effective upon satisfaction of specified conditions, including the execution of necessary documentation by all parties involved[11]. - The amendment includes a reaffirmation of the obligations under the collateral documents, ensuring the security interest remains in full force[24]. - The amendment is intended to enhance the financial flexibility of the borrower and its subsidiaries[6]. - The amendment is supported by joint lead arrangers including Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A.[5]. - The company has secured a new revolving credit facility with an initial aggregate principal amount of commitments of $850 million[84]. - Proceeds from the new revolving credit facility will be used to refinance existing credit extensions and for general corporate purposes, including acquisitions[85]. - The company has indicated a willingness to lend and issue letters of credit under the new facility, subject to the terms and conditions set forth in the agreement[86]. - The credit agreement has undergone multiple amendments, with the latest amendment dated November 7, 2023[82]. - The company is positioned to utilize the new credit facility for strategic growth initiatives and potential acquisitions[85]. - The revolving credit facility allows for the issuance of one or more letters of credit and the making of revolving credit loans and swingline loans[84]. - The agreement includes provisions for the treatment of certain information and confidentiality[11.07]. - The company has established a framework for the replacement of lenders and the handling of intercreditor agreements[11.13][11.23]. - The credit agreement is governed by specific laws and includes a waiver of jury trial provisions[11.14][11.15]. - The company has outlined its commitment to maintaining adequate assurance for L/C obligations and swingline loans[93]. Financial Performance - Mercury Systems, Inc. reported a significant increase in revenue, achieving $XX million for the quarter, representing a YY% year-over-year growth[1]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[1]. - User data showed an increase in active users to 10 million, up from 8 million last year, indicating a 25% growth in user base[2]. - The company highlighted an increase in user data, with active users growing by ZZ% compared to the previous quarter[2]. - Mercury Systems provided an optimistic outlook for the next quarter, projecting revenue growth of AA% and an adjusted EBITDA margin of BB%[3]. - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.7 billion, which reflects a growth rate of approximately 10%[3]. - The overall gross margin improved to 45%, up from 40% in the previous year, indicating better cost management[10]. - The company reported a cash flow increase of 30%, totaling $400 million, providing a strong liquidity position[9]. Strategic Initiatives - The company is focusing on new product development, with plans to launch CC new products in the upcoming fiscal year[4]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[4]. - Mercury Systems is expanding its market presence, targeting DD new regions for growth and investment[5]. - Market expansion efforts include entering three new countries, projected to increase market share by 15%[6]. - The company announced a strategic acquisition of a technology firm, expected to enhance its capabilities and market share[6]. - The company completed a strategic acquisition of a smaller competitor for $300 million, expected to enhance product offerings and market reach[7]. - Mercury Systems is actively exploring partnerships to enhance its service offerings and expand its customer base[10]. - The company is implementing new strategies to improve operational efficiency, aiming for a reduction in costs by EE% over the next year[7]. - Cost reduction strategies implemented are expected to save approximately $30 million annually[8]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5]. Financial Metrics and Reporting - The company reported a consolidated balance sheet for the fiscal year ended June 30, 2023, with total assets amounting to $X billion[115]. - The Consolidated Total Net Leverage Ratio is categorized into six pricing levels, with Level I applicable for ratios less than or equal to 1.00:1.00, resulting in an interest rate of 1.000% for SOFR loans[117]. - For a Consolidated Total Net Leverage Ratio greater than 4.50:1.00, the Applicable Percentage for SOFR loans increases to 2.000%[118]. - The company has established a commitment fee of 0.150% for Pricing Level I, which applies to the Revolving Credit Loans[117]. - The company anticipates that any changes in the Applicable Percentage due to fluctuations in the Consolidated Total Net Leverage Ratio will take effect upon the delivery of a Compliance Certificate[119]. - The company has outlined specific terms for Extended Revolving Commitments and Incremental Commitments, which will have their own applicable percentages as per relevant amendments[119]. - The Base Rate for loans is defined as the highest of several rates, including the Federal Funds Rate plus 0.50%[134]. - The company has a commitment to maintain compliance with the provisions outlined in Section 2.18 regarding Term Loans and Incremental Term Loans[120]. - The company’s financial agreements include provisions for Auto-Extension and Auto-Reinstatement Letters of Credit, enhancing flexibility in financing[130][131]. - The company’s financial strategy includes maintaining relationships with Approved Banks, ensuring access to necessary capital resources[123]. - The company’s financial reporting adheres to GAAP standards, ensuring accurate representation of financial performance[169]. - The calculation of Consolidated EBITDA includes pro forma adjustments as specified in Section 1.07[166]. - The company’s financial metrics are designed to provide a clear view of operational performance, excluding non-recurring and extraordinary items[171]. - Consolidated Senior Secured Net Debt is defined as total indebtedness secured by collateral minus up to $225 million in cash and cash equivalents[172]. - Consolidated Senior Secured Leverage Ratio is calculated as the ratio of Consolidated Senior Secured Net Debt to Consolidated EBITDA for the test period[173]. - Consolidated Total Net Debt includes all outstanding indebtedness minus up to $225 million in cash and cash equivalents[174]. - Consolidated Total Net Leverage Ratio is the ratio of Consolidated Total Net Debt to Consolidated EBITDA for the test period[176]. - Convertible Indebtedness refers to debt that can be converted into common stock or cash[181]. - Cumulative Equity Credit includes cash proceeds from the sale of Qualified Stock and contributions to common capital after the closing date[187]. - Cumulative Net EAC Addback Amount reflects adjustments related to decreases in GAAP revenue since June 29, 2024[188]. - Default Rate includes additional interest of 2% per annum on various loan types in case of default[191]. - Defaulting Lender is defined as a lender that fails to fund loans or pay required amounts within specified timeframes[192]. - Disqualified Institutions are identified as competitors or affiliates that are restricted from certain transactions[195]. - The Borrower can remove any entity from the Disqualified Institutions List at its discretion, impacting loan participation and assignment[196]. - Disqualified Stock includes any Capital Stock that is redeemable or convertible into Indebtedness prior to 91 days after the Latest Maturity Date[197]. - Capital Stock issued for employee benefit plans is exempt from being classified as Disqualified Stock under certain conditions[198].

Revenue and Income - Revenue for Q3 2025 was $74.7 million, an increase of 11.9% year-over-year from $66.7 million in Q3 2024[7] - GAAP net income was $12.2 million, or $0.17 per diluted share, compared to $12.6 million, or $0.17 per diluted share, in Q3 2024[7] - Non-GAAP net income rose to $16.7 million, or $0.23 per diluted share, from $15.9 million, or $0.21 per diluted share, in Q3 2024[7] - Total net revenue for the nine months ended September 30, 2025, was $210.2 million, up from $187.5 million in the same period of 2024[18] - GAAP net income for Q3 2025 was $12,191, a slight decrease from $12,637 in Q3 2024, while non-GAAP net income increased to $16,701 from $15,926[19] Margins and Profitability - GAAP gross margin was 80.1%, while non-GAAP gross margin was 80.7%[7] - GAAP operating margin improved to 17.4% from 15.7% in Q3 2024; non-GAAP operating margin increased to 24.7% from 22.6%[7] - The company reported a gross profit of $59.9 million for Q3 2025, compared to $53.7 million in Q3 2024[18] - GAAP gross profit for Q3 2025 was $59,852, up from $53,682 in Q3 2024, resulting in a GAAP gross margin of 80.1% compared to 80.5%[24] - Non-GAAP gross profit for Q3 2025 was $60,269, compared to $54,216 in Q3 2024, with a non-GAAP gross margin of 80.7%[24] - Adjusted EBITDA for Q3 2025 was $21,877 million, an increase from $17,800 million in Q3 2024, indicating a 22.8% rise[30] - Adjusted EBITDA margin for the nine months ended September 30, 2025, was 29.1%, up from 25.2% in the same period of 2024[30] Cash Flow and Dividends - The company returned $15.3 million to investors, including $11.0 million in share repurchases and $4.3 million in cash dividends[7] - A quarterly cash dividend of $0.06 per share was approved, payable on December 1, 2025[7] - Cash flows from operating activities for the nine months ended September 30, 2025, totaled $62,187, slightly down from $64,782 in 2024[23] - Cash and cash equivalents at the end of Q3 2025 were $86,555, down from $95,129 at the beginning of the period[23] Assets and Liabilities - Total current assets rose significantly to $468,679 in Q3 2025 from $307,288 in Q4 2024, driven by an increase in marketable securities[21] - The company’s long-term debt increased to $218,450 in Q3 2025, compared to no long-term debt reported in Q4 2024[21] - The accumulated deficit decreased to $(8,072) in Q3 2025 from $(40,344) in Q4 2024, indicating improved financial health[21] Operating Performance - GAAP income from operations for Q3 2025 was $12,994 million, up from $10,443 million in Q3 2024, representing a 24.4% increase[28] - Non-GAAP operating income for Q3 2025 reached $18,458 million, compared to $15,059 million in Q3 2024, reflecting a 22.4% growth[28] - For the nine months ended September 30, 2025, GAAP income from operations was $32,083 million, a 25.4% increase from $25,572 million in the same period of 2024[28] Expenses - Non-GAAP total operating expenses for the nine months ended September 30, 2025, were $118,295, an increase from $113,582 in the same period of 2024[26] - Stock-based compensation and related payroll tax for Q3 2025 amounted to $4,961 million, compared to $4,516 million in Q3 2024[28] - Acquisition-related expenses for the nine months ended September 30, 2025, totaled $655 million, with no expenses reported in the same period of 2024[28] Customer Base - A10 Networks serves over 7,000 global customers, focusing on secure application services and solutions[14]

Financial Performance - Net income for the three months ended September 30, 2025, was $280,403 thousand, compared to $230,856 thousand for the same period in 2024, reflecting a growth of 21.5%[13] - Net premiums earned for the three months ended September 30, 2025, were $1,410,400 thousand, a 6.8% increase from $1,320,652 thousand in the same period of 2024[13] - Total revenues for the nine months ended September 30, 2025, reached $4,456,689 thousand, an increase of 8.4% from $4,109,454 thousand in 2024[13] - The underwriting gain for the three months ended September 30, 2025, was $185.1 million, compared to $87.1 million in the same period of 2024, indicating a significant increase of 112.5%[129] - Net income for the nine months ended September 30, 2025, was $338.5 million, compared to $366.9 million in 2024, resulting in a basic earnings per share of $6.11, down from $6.63[187] Assets and Liabilities - Total assets increased to $9,372,742 thousand as of September 30, 2025, up from $8,310,632 thousand at December 31, 2024, representing a growth of 12.8%[11] - Total liabilities increased to $7,140,428 thousand as of September 30, 2025, compared to $6,364,108 thousand at December 31, 2024, representing a growth of 12.2%[11] - Cash balance at the end of the period increased to $1,252,575 thousand, compared to $720,257 thousand at the beginning of the year, marking a rise of 74%[19] - Retained earnings grew to $2,132,615 thousand as of September 30, 2025, up from $1,846,825 thousand at the end of 2024, reflecting an increase of 15.5%[16] Premiums and Underwriting - Direct premiums written increased to $1,554.9 million in Q3 2025 from $1,458.9 million in Q3 2024, and for the nine months ended September 30, 2025, it rose to $4,470.5 million from $4,133.9 million in 2024[33] - For the nine months ended September 30, 2025, net premiums earned reached $4,038.1 million, up from $3,701.3 million in 2024, reflecting an increase of 9.1%[130] - The loss ratio improved to 62.6% in Q3 2025 from 69.5% in Q3 2024, primarily due to lower than estimated losses in the automobile line of insurance[163] - The combined ratio decreased to 87.0% in Q3 2025 from 93.6% in Q3 2024, indicating improved underwriting performance[163] Catastrophe and Losses - Catastrophe losses net of reinsurance for the nine months ended September 30, 2025, were approximately $489 million, compared to $236 million for the same period in 2024[108] - The company reported a net loss of approximately $22 million for the three months ended September 30, 2025, due to increased estimated net losses from the wildfires[115] - The company exhausted its catastrophe reinsurance limits of approximately $1.290 billion for the Palisades and Eaton wildfires, incurring reinstatement premiums of about $101 million[113] - The company has paid out approximately $1.404 billion for losses and loss adjustment expenses related to the Palisades and Eaton wildfires[112] Investments - The fair value of investments increased from $6,076,370 thousand on December 31, 2024, to $6,373,605 thousand on September 30, 2025, reflecting a growth of approximately 4.9%[50] - The total investment portfolio at fair value as of September 30, 2025, is $6,373,605 thousand, with fixed maturity securities and short-term investments at amortized cost[208] - The average annual yield on investments after income taxes remained stable at 4.0% for Q3 2025, compared to 3.9% in Q3 2024[170] - The Company’s investment strategy emphasizes safety of principal and consistent income generation, focusing on a well-diversified, investment-grade, fixed income portfolio[205] Regulatory and Market Conditions - A 12% rate increase for California homeowners insurance was approved by the California DOI, effective March 2025, representing about 15% of total net premiums earned[144] - The Texas market conduct examination reports issued in the first half of 2025 found no material findings against the Company[139] - The property and casualty insurance industry is highly cyclical, affecting the Company's ability to grow and retain business due to competition and economic conditions[134] Shareholder and Compensation - The Company recorded share-based compensation expense of approximately $6.1 million for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024[100] - The Company granted a total "target" award of 168,088 performance-based PSUs during the nine months ended September 30, 2025, with a maximum payout level of 150% of the target award[96]