Financial Performance - Fiscal 2025 net sales were $3.1 billion, a decrease of 2% from $3.2 billion in fiscal 2024[1][5] - Fiscal 2025 GAAP EPS increased to $2.55 from $1.62, while non-GAAP EPS rose to $2.73 from $2.13[1][8] - Operating income for fiscal 2025 was $250 million, up from $185 million, with an operating margin increase to 8.0% from 5.8%[6][8] - The company reported a net loss attributable to Central Garden & Pet Company of $9,806,000 for the three months ended September 27, 2025, compared to a net loss of $34,158,000 in the same period of 2024, showing an improvement of approximately 71.2%[33] - The company reported a GAAP net loss of $9.8 million for the three months ended September 27, 2025, compared to a loss of $34.2 million for the same period in 2024[46] - Non-GAAP net income attributable to the company for fiscal year 2025 was $174.2 million, up from $142.4 million in fiscal year 2024, reflecting a significant increase[46] Margins and Profitability - Gross margin expanded by 240 basis points to 31.9% from 29.5% in fiscal 2024, driven by productivity initiatives[5][8] - The company achieved a gross margin of 31.9% for fiscal year 2025, compared to 30.0% for fiscal year 2024[49] - Adjusted EBITDA for fiscal year 2025 was $371.0 million, compared to $334.2 million for fiscal year 2024, indicating growth[52] - Adjusted EBITDA for the three months ended September 27, 2025, was $25,670,000, a decrease from $16,822,000 in the same period in 2024[53] Segment Performance - The Pet segment reported net sales of $428 million, a slight decrease from $435 million, primarily due to the closure of U.K. operations[12][13] - The Garden segment saw net sales increase to $250 million from $234 million, driven by improved consumer demand and retail execution[14] - The Pet segment's non-GAAP operating income for the three months ended September 27, 2025, was $30.6 million, compared to $34.6 million for the same period in 2024[50] - The Garden segment reported a GAAP operating loss of $1.7 million for the three months ended September 27, 2025, improving from a loss of $28.8 million in the same period of 2024[51] Cash and Debt Management - Cash and cash equivalents at the end of fiscal 2025 were $882 million, compared to $754 million in the prior year[16][17] - Total debt remained unchanged at $1.2 billion, with gross leverage at 2.8x, below the target range of 3.0 to 3.5x[17] - Cash and cash equivalents at the end of the fiscal year were $898,433,000, up from $768,403,000 at the end of the previous fiscal year, marking an increase of approximately 16.9%[35] - The company’s long-term debt remained stable at $1,191,641,000 as of September 27, 2025, compared to $1,189,809,000 in 2024[31] Future Outlook - The company expects fiscal 2026 non-GAAP EPS to be $2.70 or better, reflecting continued margin discipline and cost efficiencies[21] - Capital spending for fiscal 2026 is projected at approximately $50 million to $60 million, focusing on maintenance and targeted growth initiatives[22] Operational Efficiency - Selling, general and administrative expenses for the fiscal year ended September 27, 2025, were $747,294,000, a decrease from $758,348,000 in 2024, representing a reduction of about 1.46%[33] - The company reported adjusted EBITDA for the fiscal year ended September 27, 2025, which is a key non-GAAP measure, reflecting improved operational performance[38] Other Financial Metrics - Total current assets increased to $1,976,130,000 as of September 27, 2025, from $1,886,806,000 as of September 28, 2024, reflecting a growth of about 4.75%[31] - The total equity of Central Garden & Pet Company increased to $1,584,933,000 as of September 27, 2025, from $1,557,545,000 in 2024, indicating a growth of approximately 1.76%[31] - The company incurred a $12.8 million non-cash impairment charge in the Pet segment during fiscal 2024 due to changing market conditions[44] - In fiscal 2025, the company recognized a $5.0 million incremental expense in the Garden segment due to the closure of a distribution facility in Ontario, California[41]

Financial Performance - Fiscal 2025 net sales were $3.1 billion, a decrease of 2% from $3.2 billion in fiscal 2024[1][5] - Fiscal 2025 GAAP EPS increased to $2.55 from $1.62, while non-GAAP EPS rose to $2.73 from $2.13[1][8] - Operating income for fiscal 2025 was $250 million, up from $185 million, with an operating margin increase to 8.0% from 5.8%[6][8] - The company reported a net loss attributable to Central Garden & Pet Company of $9,806,000 for the three months ended September 27, 2025, compared to a net loss of $34,158,000 in the same period of 2024, showing an improvement of approximately 71.2%[33] - The company reported a GAAP net loss of $9.8 million for the three months ended September 27, 2025, compared to a loss of $34.2 million for the same period in 2024[46] - Non-GAAP net income attributable to the company for fiscal year 2025 was $174.2 million, up from $142.4 million in fiscal year 2024, reflecting a significant increase[46] Margins and Profitability - Gross margin expanded by 240 basis points to 31.9% from 29.5%, driven by productivity initiatives[5][8] - Gross profit for the fiscal year ended September 27, 2025, was $997,336,000, compared to $943,735,000 in 2024, indicating an increase of about 5.66%[33] - The company reported a gross margin of 31.9% for fiscal year 2025, compared to 30.0% for fiscal year 2024[48] - Adjusted EBITDA for fiscal year 2025 was $371.0 million, compared to $334.2 million for fiscal year 2024, indicating growth[52] Segment Performance - The Pet segment reported net sales of $428 million, a slight decrease from $435 million, primarily due to the closure of U.K. operations[12][13] - The Garden segment saw net sales increase to $250 million from $234 million, driven by improved consumer demand[14] - The Pet segment's non-GAAP operating income for the three months ended September 27, 2025, was $30.6 million, compared to $34.6 million for the same period in 2024[50] - The Garden segment's GAAP operating income for fiscal year 2025 was $142.4 million, a significant increase from $81.9 million in fiscal year 2024[51] Cash and Debt Management - Cash and cash equivalents at the end of fiscal 2025 were $882 million, compared to $754 million in the prior year[16][17] - Total debt remained unchanged at $1.2 billion, with gross leverage at 2.8x, below the target range of 3.0 to 3.5x[17] - Cash and cash equivalents at the end of the fiscal year were $898,433,000, up from $768,403,000 at the end of the previous fiscal year, marking an increase of approximately 16.9%[35] - The company’s total liabilities increased to $2,040,138,000 as of September 27, 2025, compared to $1,878,980,000 as of September 28, 2024, representing a rise of about 8.6%[31] Future Outlook - The company expects fiscal 2026 non-GAAP EPS to be $2.70 or better, reflecting continued margin discipline and cost efficiencies[21] - Capital spending for fiscal 2026 is projected at approximately $50 million to $60 million, focusing on maintenance and targeted growth initiatives[22] Operational Efficiency - Cash flows from operating activities for the fiscal year ended September 27, 2025, were $332,506,000, a decrease from $394,892,000 in the previous year, reflecting a decline of about 15.8%[35] - Operating loss for the three months ended September 27, 2025, was $6,400,000, an improvement from an operating loss of $32,408,000 in the same period of 2024[33] - Non-GAAP adjustments for the three months ended September 27, 2025, amounted to $5,751,000, while for the same period in 2024, it was $21,047,000[53] Other Financial Metrics - Total current assets increased to $1,976,130,000 as of September 27, 2025, from $1,886,806,000 as of September 28, 2024, reflecting a growth of about 4.75%[31] - The company’s total equity increased to $1,584,933,000 as of September 27, 2025, from $1,557,545,000 as of September 28, 2024, indicating a growth of approximately 1.76%[31] - Depreciation & amortization for the three months ended September 27, 2025, totaled $20,831,000, compared to $22,738,000 in the same period in 2024[53] - Interest expense, net for the three months ended September 27, 2025, was $6,881,000, compared to $6,476,000 in the same period in 2024[53] - Other expense for the three months ended September 27, 2025, was $576,000, a decrease from $6,137,000 in the same period in 2024[53] - Income tax benefit for the three months ended September 27, 2025, was $(3,421,000), compared to $(10,621,000) in the same period in 2024[53] - Noncash stock-based compensation for the three months ended September 27, 2025, was $5,488,000, slightly higher than $5,445,000 in the same period in 2024[53] - Net loss attributable to noncontrolling interest for the three months ended September 27, 2025, was $(630,000), compared to $(242,000) in the same period in 2024[53]

Land and Property Management - Alico owned approximately 49,537 acres of land and 44,700 acres of oil, gas, and mineral rights as of September 30, 2025[16]. - Alico plans to wind down its Alico Citrus division after the 2024-2025 harvest due to financial challenges and focus on diversified land usage and real estate development[18]. - Alico's strategy includes transitioning approximately 25% of land holdings for strategic development opportunities while maintaining 75% for diversified agricultural ventures[30]. Financial Performance - The Alico Citrus division accounted for 93.8% of total operating revenues for the year ended September 30, 2025, down from 96.6% in 2024[27]. - Sales to the processed market represented 96.0% of Alico Citrus revenues for the year ended September 30, 2025[23]. - Revenues from Land Management and Other Operations increased to 6.2% of total operating revenues for the year ended September 30, 2025, up from 3.4% in 2024[28]. - Revenue from Tropicana accounted for 87.2% of consolidated revenue for the year ended September 30, 2025, compared to 86.8% in 2024[35]. - The increase in Tropicana revenue was primarily due to a decrease in Grove Management Services revenue and an increase in price per pound solids, despite lower total pound solids produced due to Hurricane Milton[36]. Workforce and Employment - Alico's workforce reduction involved up to 172 employees as part of cost-reduction initiatives[18]. - As of September 30, 2025, the company had 20 full-time employees, with no part-time employees, and no employees under collective bargaining agreements[49][50]. - The company relies on independent contractors for harvesting and hauling services, ensuring sufficient human capital for operations[45]. Sustainability and Community Engagement - The company emphasizes sustainable practices and ESG programs to maximize long-term value for customers and stockholders[39]. - The company provided cash grants and donations to support community health, safety, and education initiatives in the past year[53]. - The company is in material compliance with environmental regulations, which historically have not materially impacted financial position or operations[40]. Market Conditions - The company operates in highly competitive markets for oranges and specialty citrus, with no single producer holding significant market power[37]. - The company is shifting focus towards land development, facing increased competition from regional and national developers, private equity, and agricultural operators[38]. Agricultural Operations - The average pound solids per box for citrus was 4.82 for the year ended September 30, 2025[24]. - Raw materials for cultivation, including fertilizers and herbicides, are readily available from local suppliers without long-term commitments[52]. - The company entered into a Mutual Contract Termination Agreement with Tropicana in May 2025, terminating their agreement after fulfilling obligations for the 2024/2025 Crop Year[19].

Investment Strategy and Portfolio Composition - The company targets an investment size of $10 million to $50 million in middle-market companies, primarily focusing on first lien secured debt, second lien secured debt, and subordinated debt [44]. - The portfolio is expected to consist of up to 30% non-qualifying assets, including public companies with market capitalizations over $250 million [45]. - The principal investment focus is on providing secured debt to U.S. middle-market companies across various industries, with Business Services (19%) and Healthcare, Education and Childcare (18%) being the largest sectors [73]. - The company primarily invests in first lien secured debt, second lien secured debt, subordinated debt, and selected equity investments in middle-market companies [220]. - The company focuses on industries such as Aerospace and Defense, Financial Services, and Environmental Services, among others [75]. Debt and Financing Structure - The asset coverage requirement for senior securities was reduced from 200% to 150%, allowing $2 of debt for each $1 of equity [43]. - The company is authorized to borrow funds up to a maximum of $175 million, which is up to twice its regulatory capital [143]. - The company had outstanding borrowings of $426.5 million under the Truist Credit Facility, $150.0 million of 2026 Notes, and $165.0 million of 2026 Notes-2 [182]. - The company’s leverage, as of September 30, 2025, was 55% of total assets, which can magnify returns or losses depending on portfolio performance [183]. - The company may issue preferred stock in the future, which would rank senior to common stock and could magnify investment risks [186]. Fees and Incentives - For the years ended September 30, 2025, 2024, and 2023, the Investment Adviser earned base management fees of $16.2 million, $16.7 million, and $16.5 million, respectively [77]. - The base management fee is calculated at an annual rate of 1.50% of average adjusted gross assets, reduced to 1.00% for gross assets exceeding 200% of total net assets [77]. - The incentive fee for the years ended September 30, 2025, 2024, and 2023 amounted to $9.8 million, $12.7 million, and $13.9 million, respectively [80]. - The hurdle rate for the incentive fee is set at 1.75% per quarter (7.00% annualized), with no incentive fee payable if Pre-Incentive Fee Net Investment Income does not exceed this rate [80]. - The incentive fee payable to PennantPark Investment Advisers is based on a percentage of the company's NAV, which may encourage riskier investments [232]. Risk Factors - The company is exposed to risks associated with changes in interest rates that may affect its cost of capital and net investment income [157]. - A rise in general interest rates could lead to higher interest rates applicable to the company's debt investments, potentially increasing incentive fees payable to the Investment Adviser [158]. - The company may face adverse effects on its business if it fails to maintain its status as a RIC, leading to corporate-level federal income tax on all taxable income [136]. - The company’s net investment income may be adversely affected by rising interest rates, which could lead to increased defaults among portfolio companies [160]. - The company is classified as a non-diversified investment company, allowing it to invest a significant proportion of its assets in a single issuer, increasing risk exposure [224]. Compliance and Regulatory Matters - The company must maintain at least 70% of its assets in qualifying assets to comply with the 1940 Act [106]. - The company has received exemptive relief from the SEC to modify asset coverage requirements, allowing it to exclude SBA debentures from calculations [108]. - The company must distribute at least 90% of its ordinary income and realized net short-term capital gains to maintain its RIC tax election [124]. - The company is subject to SBA regulations, including limitations on financing terms and investment in certain industries [141]. - The company is in the process of remediating identified material weaknesses but cannot estimate when these efforts will be completed, increasing the risk of undetected errors in future financial statements [165]. Operational and Management Aspects - The company conducts extensive due diligence on prospective portfolio companies, including financial analysis and management interviews [58]. - The investment structure is tailored to protect rights and manage risks while incentivizing portfolio companies to achieve their business plans [65]. - Ongoing monitoring of portfolio companies includes assessing financial trends and credit risk to identify potential issues early [67]. - The Investment Adviser manages day-to-day operations and provides investment advisory services under the Investment Management Agreement, which is not exclusive [76]. - The company has adopted a joint code of ethics and a code of conduct to ensure compliance with federal securities laws [109]. Financial Performance and Condition - As of September 30, 2025, PSLF had total assets of $1,315.4 million, an increase from $1,073.4 million in 2024, with investments in 109 portfolio companies [98]. - The company recorded administrative service expenses of $1.4 million, $1.2 million, and $1.3 million for the years ended September 30, 2025, 2024, and 2023, respectively [94]. - The company may experience fluctuations in quarterly results due to factors such as interest rates on debt securities, default rates, and general economic conditions, with future decreases in fair value of debt expected to increase NAV [195]. - The company may have difficulty meeting its Annual Distribution Requirement due to recognizing income before receiving cash, which could impact its ability to distribute income to stockholders [169]. - The company is exposed to significant loss if forced to discount the value of investments to provide liquidity for debt maturities [218].

Revenue Performance - Revenue for fiscal year 2025 was $2.3 billion, a decrease from $2.7 billion in fiscal year 2024, with fourth quarter revenue at $1.0 billion compared to $1.2 billion in the same period last year[5] - Total revenue for the fiscal year ended September 30, 2025, was $2,262,830,000, a decrease of 16.2% from $2,698,562,000 in 2024[29] - For the three months ended September 30, 2025, total revenue was $1,041,891,000, a decrease of 15.2% from $1,228,148,000 in the same period of 2024[32] - Total revenue for the three months ended September 30, 2025, was $1,041,891, a decrease from $1,228,148 in the same period of 2024[53] Profitability - The company reported a net loss of $68.0 million for fiscal year 2025, contrasting with a net income of approximately $30.4 million in fiscal year 2024[5] - Gross profit for the fiscal year 2025 was $295,785,000, down from $341,080,000 in 2024, reflecting a gross margin of approximately 13.1%[29] - The company reported a comprehensive loss of $49,213,000 for the fiscal year 2025, compared to a comprehensive income of $23,282,000 in 2024[35] - The gross profit for the three months ended September 30, 2025, was $142,903, compared to $157,469 in the same period of 2024[53] - Adjusted Gross Profit for the three months ended September 30, 2025, was $148,508, representing an adjusted gross profit margin of 14.3%, compared to 13.0% in 2024[53] Cash Flow and Liquidity - Total cash and liquidity reached approximately $1.3 billion as of September 30, 2025, the highest level in the company's history[5] - Cash and cash equivalents increased to $690,768,000 as of September 30, 2025, up from $448,685,000 in 2024[26] - The company reported a total cash and cash equivalents balance of $714.630 million at the end of the period, up from $518.706 million at the beginning[37] - The total cash used in operating activities was $145.538 million in 2025, a decrease from cash provided of $79.685 million in 2024[37] - Net cash used in operating activities for the fiscal year ended September 30, 2025, was $(145,538), a significant decline from $79,685 in 2024[55] - Free Cash Flow for the fiscal year ended September 30, 2025, was $(160,422), compared to $71,570 in 2024[55] Backlog and Future Projections - The backlog increased to approximately $5.3 billion as of September 30, 2025, compared to $4.5 billion a year earlier, marking the highest level in the company's history[5] - The company expects revenue for fiscal year 2026 to be between $3.2 billion and $3.6 billion, with a midpoint of $3.4 billion, of which approximately 85% is covered by the current backlog[6] - Adjusted EBITDA for fiscal year 2026 is projected to be approximately $40.0 million to $60.0 million, with a midpoint of $50.0 million[6] - The company aims for an ARR of approximately $180.0 million by the end of fiscal year 2026[7] - New orders totaled $1.4 billion in the fourth quarter of 2025, representing the largest quarterly order intake in the company's history[5] Expenses and Costs - Research and development expenses for the fiscal year 2025 were $86,217,000, an increase of 30.3% from $66,195,000 in 2024[29] - Depreciation and amortization increased to $29.343 million in 2025 from $14.482 million in 2024, reflecting a 103.5% increase[37] - Interest paid increased to $9.296 million in 2025 from $3.022 million in 2024, indicating a rise in financing costs[38] - The company incurred $11.8 million in severance costs related to restructuring for the fiscal year ended September 30, 2025[52] - The company faced $1.5 million in expenses related to the Tax Receivable Agreement for the fiscal year ended September 30, 2024[52] Energy Storage Products - Energy storage products deployed increased to 6.8 GW in 2025, up 36.0% from 5.0 GW in 2024[41] - The contracted backlog for energy storage products grew to 9.1 GW in 2025, representing a 21.3% increase from 7.5 GW in 2024[41] - The pipeline for energy storage products expanded to 35.7 GW in 2025, a 38.4% increase from 25.8 GW in 2024[41] Shareholder Information - The weighted average number of Class A common shares outstanding for the fiscal year 2025 was 130,307,162, compared to 126,180,011 in 2024[29]

Financial Performance - Revenue for Q4 FY2025 was $1.86 billion, exceeding guidance and representing a growth of 9.4% reported and 7.2% on a core basis compared to Q4 FY2024 [4]. - GAAP net income for Q4 FY2025 was $434 million, with EPS of $1.53, up 25% from Q4 FY2024 [5]. - Non-GAAP net income for Q4 FY2025 was $452 million, with EPS of $1.59, up 9% from Q4 FY2024 [5]. - Total revenue for FY2025 was $6.95 billion, exceeding guidance and representing a growth of 6.7% reported and 4.9% on a core basis compared to FY2024 [4]. - GAAP net income for FY2025 was $1.303 billion, with EPS of $4.57, up 3% from FY2024 [4]. - Non-GAAP net income for FY2025 was $1.592 billion, with EPS of $5.59, up 6% from FY2024 [4]. - FY2026 revenue is expected to be in the range of $7.3 billion to $7.4 billion, representing growth of 5% to 7% reported and 4% to 6% core [4]. - Q1 FY2026 revenue guidance is expected to be in the range of $1.79 billion to $1.82 billion, an increase of 6% to 8% reported and 4% to 6% core [8]. Segment Performance - Life Sciences and Diagnostics Markets Group reported Q4 revenue of $755 million, an increase of 15% reported and 11% core year-over-year [7]. - Agilent CrossLab Group reported Q4 revenue of $755 million, an increase of 7% reported and 6% core year-over-year [7]. - Revenue for the Life Sciences and Diagnostics segment in Q4 2025 was $755 million, a 15% increase from $657 million in Q4 2024 [37]. - Revenue for the Agilent CrossLab segment in Q4 2025 was $755 million, up from $706 million in Q4 2024, representing a growth of 6.9% [38]. - Applied Markets Segment revenue for Q4'25 was $351 million, a 4% increase from $338 million in Q4'24 [39]. - Life Sciences and Diagnostics Markets Segment revenue for FY25 reached $2,726 million, up 11% from $2,466 million in FY24 [47]. - Agilent CrossLab Segment revenue for FY25 was $2,908 million, reflecting a 6% increase from $2,747 million in FY24 [47]. - Non-GAAP revenue for Agilent in Q4'25 was $1,839 million, an 8% increase year-over-year [45]. - Non-GAAP revenue for the Applied Markets Segment in FY25 was $1,314 million, reflecting a 1% increase from FY24 [47]. Margins and Assets - Operating margin for the Life Sciences and Diagnostics segment improved to 22.7% in Q4 2025 from 21.5% in Q4 2024 [37]. - Operating margin for the Agilent CrossLab segment decreased to 32.5% in Q4 2025 from 33.8% in Q4 2024 [38]. - Gross margin for the Life Sciences and Diagnostics Markets Segment decreased to 52.3% in FY25 from 54.5% in FY24 [40]. - Operating margin for the Applied Markets Segment in FY25 was 22.9%, down from 24.0% in FY24 [42]. - The Agilent CrossLab Segment's operating margin decreased to 32.5% in FY25 from 33.7% in FY24 [41]. Balance Sheet Highlights - Total assets increased to $12,727 million in 2025 from $11,846 million in 2024, representing a growth of 7.4% [20]. - Cash and cash equivalents rose to $1,789 million in 2025, up from $1,329 million in 2024, marking a 34.6% increase [20]. - Total current liabilities increased to $2,347 million in 2025 from $1,895 million in 2024, a rise of 23.9% [20]. - Total stockholders' equity grew to $6,741 million in 2025, compared to $5,898 million in 2024, reflecting an increase of 14.3% [20]. - Net income for the fiscal year ended October 31, 2025, was $1,303 million, compared to $1,289 million in 2024, reflecting a growth of 1.1% [24]. - Non-GAAP net income for 2025 was $1,592 million, up from $1,539 million in 2024, indicating a 3.4% increase [24]. Year-over-Year Growth - Year-over-year revenue growth for the Life Sciences and Diagnostics Markets Segment was 12% at constant currency in Q4'25 [45]. - Agilent's total revenue for FY25 was $6,948 million, representing a 7% increase from $6,510 million in FY24 [47].

Financial Performance - For the fiscal year ended September 30, 2025, Alico, Inc. reported a net loss of $147.3 million, a significant decline from a net income of $7.0 million in the previous year, primarily due to accelerated depreciation and impairments [6][7]. - Adjusted EBITDA for the fiscal year was $22.5 million, exceeding the guidance of $20 million, while total revenue decreased by 5.5% to $44.1 million [1][4]. - Total operating revenues decreased to $44,066 thousand in 2025 from $46,643 thousand in 2024, a decline of approximately 6% [37]. - Alico Citrus operating revenues fell to $41,337 thousand in 2025, down from $45,059 thousand in 2024, representing a decrease of about 8% [37]. - Total operating expenses increased significantly to $236,260 thousand in 2025 from $103,026 thousand in 2024, marking an increase of approximately 129% [37]. - Net loss attributable to Alico, Inc. common stockholders was $147,334 thousand in 2025, compared to a net income of $6,973 thousand in 2024 [37]. - Adjusted EBITDA for the year ended September 30, 2025, was $22,541 thousand, while it was $29,733 thousand in 2024, indicating a decrease of about 24% [43]. Cash Flow and Debt Management - The company achieved land sales of $23.8 million, surpassing the $20 million guidance, contributing to strong cash generation with cash and cash equivalents of $38.1 million [1][2]. - Net cash provided by operating activities was $20,126 thousand in 2025, a recovery from a cash used of $30,497 thousand in 2024 [39]. - Alico's net debt was reduced to $47.4 million, outperforming balance sheet targets, and the company ended the fiscal year with sufficient cash to cover expected operating expenses through fiscal year 2027 [2][4]. - Net debt decreased to $47,419 thousand in 2025 from $88,967 thousand in 2024, a reduction of approximately 47% [44]. - Cash and cash equivalents at the end of the period increased to $38,890 thousand in 2025 from $3,398 thousand in 2024 [39]. Asset and Liability Management - Alico's total assets decreased from $398.7 million in 2024 to $201.5 million in 2025, reflecting a significant reduction in property and equipment [35]. - Current assets increased from $40.6 million in 2024 to $54.9 million in 2025, primarily due to a rise in cash and cash equivalents from $3.2 million to $38.1 million [35]. - Total liabilities decreased from $142.4 million in 2024 to $93.5 million in 2025, indicating improved financial health [35]. - Stockholders' equity fell from $256.3 million in 2024 to $108.0 million in 2025, largely due to a decline in retained earnings from $249.3 million to $100.4 million [35]. Operational Challenges - Citrus production decreased by 25.9% year-over-year, with a total of 2.3 million boxes harvested, attributed to Hurricane Milton's impact [10][11]. - Other income decreased significantly from $78.4 million to $18.0 million, primarily due to lower gains from land sales compared to the previous fiscal year [15]. - General and administrative expenses increased by $0.6 million due to strategic transformation costs, despite a reduction in workforce-related expenses [14]. - Interest expense rose to $4,848 thousand in 2025 from $3,538 thousand in 2024, an increase of approximately 36% [37]. Strategic Initiatives - Alico's strategic transformation in 2025 focuses on diversified land usage and real estate development, aiming to create long-term shareholder value [28]. - The company is advancing its Corkscrew Grove Villages project, with a final decision on regulatory approvals expected in 2026, which is anticipated to enhance public infrastructure and provide economic benefits [5][17]. - Alico plans to develop Corkscrew Grove Villages, which will include approximately 375 income-restricted units per village and a total of 560,000 square feet of commercial space [19]. - The first village's approval process is expected to take about one year, with a final decision anticipated in 2026, and construction could begin in 2028 or 2029 if all approvals are granted [20]. - Alico has committed approximately $5 million towards the design and construction of a wildlife underpass as part of the State Road 82 expansion, with completion expected in 2027 [22]. - The Corkscrew Grove Stewardship District was established to assist in financing infrastructure and managing natural areas, promoting sustainable growth [21]. Liquidity Position - Working capital was reported at $49.2 million, with a current ratio of 9.56 to 1.00, indicating strong liquidity [18].

Financial Performance - Keysight reported fourth quarter revenue of $1.42 billion, a 10.2% increase from $1.29 billion in the same quarter last year[5] - GAAP net income for the fourth quarter was $229 million, or $1.33 per share, compared to a net loss of $73 million, or $0.42 per share, in Q4 2024[5] - Non-GAAP net income for the fourth quarter was $331 million, or $1.91 per share, up from $288 million, or $1.65 per share, in Q4 2024[5] - For fiscal year 2025, total revenue reached $5.37 billion, a 7.8% increase from $4.98 billion in fiscal year 2024[5] - Net income for the year ended October 31, 2025, was $846 million, a 38% increase from $614 million in 2024[20] - Total revenue for the fiscal year 2025 was $5,375 million, an 8% increase compared to $4,979 million in 2024[32] - Non-GAAP net income for the year ended October 31, 2025, was $1,240 million, up from $1,096 million in 2024, reflecting a 13% increase[23] - The company reported a diluted EPS of $4.89 for the year ended October 31, 2025, compared to $3.51 in 2024, representing a 39% increase[23] Cash Flow and Liquidity - Cash flow from operations for the fourth quarter was $225 million, down from $359 million in the previous year[5] - As of October 31, 2025, cash and cash equivalents totaled $1.87 billion, an increase from $1.80 billion a year earlier[18] - Operating cash flow increased to $1,409 million in 2025, up from $1,052 million in 2024, representing a 34% growth[20] - Free cash flow for the year ended October 31, 2025, was $1,282 million, compared to $905 million in 2024, marking a 42% increase[29] - Cash, cash equivalents, and restricted cash at the end of the year were $1,890 million, up from $1,814 million at the beginning of the year[20] Segment Performance - The Communications Solutions Group (CSG) reported revenue of $990 million in Q4, an 11% increase year-over-year[4] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million in Q4, a 9% increase year-over-year[4] - The Communications Solutions Group reported revenue of $990 million in Q4 2025, an 11% increase from $894 million in Q4 2024[26] - The Electronic Industrial Solutions Group achieved revenue of $429 million in Q4 2025, a 9% increase from $393 million in Q4 2024[27] Shareholder Returns - The company announced a new $1.5 billion share repurchase program, effective immediately[6] Tax and Non-GAAP Measures - The company utilized a non-GAAP effective tax rate of 14% for both the three months and year ended October 31, 2025[23] - The company excludes acquisition-related items from non-GAAP financial measures to provide a clearer evaluation of current operating performance[38] - Share-based compensation expense is excluded from non-GAAP financial measures due to its variability based on share price and equity awards granted[38] - Incremental expenses related to restructuring initiatives are excluded as they are not considered normal, recurring operating expenses[38] Future Guidance - Keysight's first fiscal quarter 2026 revenue is expected to be between $1.53 billion and $1.55 billion[7]

Business Operations and Strategy - The company has a backlog of approximately $22.5 billion as of September 27, 2025, primarily from agreements with Walmart and GreenBox[20] - The company acquired the Advanced Systems and Robotics (ASR) business from Walmart in January 2025, adding a new product category for automated fulfillment at local and store levels[23] - The company plans to develop and install automated systems for online pickup and delivery at Walmart retail stores, with prototypes of the next-generation micro-fulfillment solution expected in calendar year 2026[39] - The company’s next-generation storage technology, announced in August 2025, can reduce storage footprint by up to 40%[37] - The company’s systems are operational in several of the world’s largest retailers, including Walmart and C&S Wholesale Grocers[20] - The company estimates its initial addressable market for its case-based system to be $144 billion over the next 15 to 25 years, based on the number of warehouses and expected average pricing[65] - The company’s BreakPack system allows for efficient handling of goods, reducing in-store storage needs and improving supply chain efficiency[62] - The company’s systems are designed to create benefits throughout the supply chain, optimizing both upstream and downstream operations[66] - The company is expanding into the warehouse-as-a-service (WaaS) market through the GreenBox joint venture, addressing the growing demand for flexible warehousing solutions[71] - The company aims to enhance operational efficiency through continuous innovation in its A.I.-powered robots and proprietary software[96] Financial Performance and Market Position - As of September 27, 2025, the company has an accumulated deficit of $1.3 billion and has incurred recurring net losses of $91.0 million and $84.7 million for the years ended September 27, 2025, and September 28, 2024, respectively[122] - Walmart accounted for approximately 85% of total revenue in the fiscal year ended September 27, 2025, and a significant majority of the $22.5 billion backlog[126] - The 2022 Walmart Master Automation Agreement added approximately $6.1 billion to the backlog, covering all 42 regional distribution centers[128] - Net sales to larger customers, including UNFI and Albertsons, accounted for approximately 13% of total revenue in the fiscal year ended September 27, 2025[131] - Future revenue growth is uncertain due to reliance on larger customers and potential fluctuations in their demand[131] - The company may incur significant liabilities under warranty claims, which could adversely affect its financial condition[140] - Increased operational expenses and customer acquisition costs may arise from new product launches, impacting financial performance[146] Technology and Innovation - The company’s systems utilize A.I.-powered software to enhance planning, sequencing, and decision-making, aiming to reduce the need for manual human intervention[40] - Autonomous A.I.-powered mobile robots in the company’s systems can travel at speeds exceeding 20 miles per hour, improving inventory handling capabilities[42] - The company’s systems are designed to operate with minimal human intervention, approaching true "lights-out" operation with 100% uptime[42] - The company has developed over 1,100 issued and/or pending patents, reflecting its substantial intellectual property portfolio[57] - The company utilizes A.I.-powered software to optimize storage, retrieval, and palletizing based on individual case characteristics, enhancing operational efficiency[54] - The company’s autonomous mobile robots can travel at speeds exceeding 20 mph, contributing to high operational efficiency[53] Market Opportunities and Risks - The company estimates an additional $52 billion market opportunity in healthcare and electronics verticals over the next 15 years[68] - The total addressable market is estimated at $433 billion, combining the U.S. market of $322 billion and an additional $111 billion from Canada, Germany, Italy, the United Kingdom, and France over the next 15 years[69] - The company identified a $305 billion addressable market in the U.S. for its micro-fulfillment solution, based on projected e-commerce sales of $2.6 trillion by 2030[70] - The GreenBox joint venture aims to invest at least $7.5 billion in purchasing systems over a six-year period, starting in fiscal year 2024[90][91] - The company faces competition from large retail and e-commerce firms, as well as companies offering point solutions and automated technologies, which could adversely affect sales and profitability[147] - Supply chain disruptions, including reliance on single-source suppliers, could lead to delays in manufacturing and delivery of systems[159] - Inflation and increased operating costs due to tariffs and commodity price fluctuations may adversely impact cash flow and financial condition[155] Human Resources and Talent Management - The company employed approximately 2,000 full-time employees as of September 27, 2025, with about 1,950 based in the United States[99] - Nearly half of the company's employees are engaged in engineering, research and development, and related technical functions[100] - The company continues to invest in initiatives to recruit top professionals in robotics, A.I., and industrial automation[103] - The company has a strategic approach to talent management, focusing on understanding capabilities required for current and future growth[104] - The ability to attract and retain highly qualified personnel is critical, as competition for skilled employees is intense in the industry[169] Compliance and Security - The company is subject to various governmental regulations that impact its capital expenditures, earnings, and competitive position[107] - The company has experienced cybersecurity incidents in the past and may face further incidents in the future, which could disrupt operations and lead to loss of proprietary information[119] - The company implemented a new enterprise resource planning system, which may impact its business and operations[120] - Any significant security incident could adversely impact sales, disrupt operations, and harm the company's reputation, potentially leading to legal liabilities[207] - The company has implemented security measures, but vulnerabilities remain, particularly with third-party software and hardware[201] - The company may need to undertake substantial compliance efforts in response to evolving privacy regulations, which could increase operating costs[217] Financial and Operational Challenges - The company has identified a material weakness in internal control over financial reporting as of September 27, 2025, affecting revenue recognition timing[142] - The company faces risks related to the successful development and integration of complex technology with customer systems[137] - The company may face challenges in raising additional capital on favorable terms, which could materially impact its financial condition and operations[178] - Customer agreements may allocate significant liabilities to the company, potentially disrupting business operations and adversely affecting financial condition[177] - The company’s systems may be affected by design and manufacturing defects, which could harm reputation and financial results[161] - The company’s ability to protect its proprietary technologies is uncertain, as there may be undisclosed patents held by third parties that could be infringed[199]

Debt and Financing - In July 2024, the Company refinanced the 2031 Asset-Backed Debt through a $351.0 million debt securitization, resulting in the issuance of various classes of notes with a weighted average interest rate of 6.2% as of September 30, 2025[47]. - As of September 30, 2025, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1%[48]. - The Company completed the 2037 Debt Securitization in February 2025, issuing $220.5 million of Class A-1 Notes and having $361.0 million of Asset-Backed Debt outstanding with a weighted average interest rate of 5.9% as of September 30, 2025[49]. - The company had outstanding borrowings totaling $1,782.9 million, with a weighted average annual interest rate of 6.1%[192]. - The company is exposed to risks associated with changes in interest rates, which may affect its cost of capital and net investment income[165]. - An increase in interest rates could lead to higher incentive fees payable to the Investment Adviser with respect to Pre-Incentive Fee Net Investment Income[166]. - Rising interest rates may increase the risk of defaults from portfolio companies holding floating rate securities[168]. - The company is partially dependent on its subsidiary Funding I for cash distributions to meet distribution requirements necessary to maintain RIC status[184]. - If the company incurs additional debt, it could further increase the risk of loss for investors, as lenders have superior claims on assets[189]. Investment Strategy and Portfolio - The Company targets an investment size of $5 million to $30 million in securities of middle-market companies, expecting first lien secured debt to represent at least 65% of its overall portfolio[54]. - The Company may invest up to 30% of its portfolio in non-qualifying assets, including investments in public companies with market capitalizations greater than $250 million[55]. - The Company focuses on investing in stable borrowers with positive cash flow, emphasizing fundamental analysis and a value-oriented approach[63]. - The Investment Adviser seeks to invest in portfolio companies with proven management teams and trusted financial sponsors to ensure quality and stability[64][65]. - The company focuses on investing broadly among portfolio companies across various industries and geographical regions to mitigate risks associated with downturns in specific sectors[66]. - The investment strategy includes targeting companies that generate steady cash flow, with expectations for cash flow to facilitate loan repayments and potential exits through strategic acquisitions or IPOs[67]. - A rigorous due diligence process is employed to evaluate new investment targets, utilizing information from various sources including management teams and financial sponsors[68]. - The company primarily invests in floating rate loans to U.S. middle-market companies, with a focus on industries where the Investment Adviser has expertise[83]. - As of September 30, the top ten portfolio companies represent a diverse range of industries, with Professional Services at 10% and Aerospace and Defense at 10% of consolidated portfolio assets[83]. Management and Fees - The base management fee for the Investment Adviser is set at an annual rate of 1.00% of average adjusted gross assets, with recorded expenses of $23.3 million, $14.9 million, and $11.4 million for the years ended September 30, 2025, 2024, and 2023 respectively[87]. - For the years ended September 30, 2025, 2024, and 2023, the Investment Adviser earned incentive fees of $26.0 million, $18.1 million, and $16.9 million, respectively, based on net investment income[89]. - The hurdle rate for Pre-Incentive Fee Net Investment Income is set at 1.75% per quarter, which annualizes to 7.00%[89]. - The incentive fee structure includes a "catch-up" provision that allows for 50% of the Pre-Incentive Fee Net Investment Income exceeding the hurdle but less than 2.9167%[89]. - The Investment Adviser is not exclusive and may provide similar services to other entities, with oversight from the company's board of directors to manage potential conflicts of interest[86]. - The Investment Adviser is responsible for determining the composition of the portfolio and managing investment changes[90]. - The Investment Adviser provides various investment advisory, research, and related services as needed[90]. Regulatory and Compliance - The company is a Business Development Company (BDC) under the 1940 Act and intends to maintain its election to be treated as a Regulated Investment Company (RIC)[113]. - The company must distribute dividends annually to maintain its RIC tax election, generally at least equal to 90% of the sum of ordinary income and realized net short-term capital gains[138]. - To avoid a 4% nondeductible federal excise tax, the company must distribute at least 98% of its net ordinary income and 98.2% of capital gains exceeding capital losses[139]. - The company is required to provide significant managerial assistance to portfolio companies that constitute qualifying assets under the 1940 Act[118]. - The company has adopted a joint code of ethics and a code of conduct to establish procedures for personal investments and restrict certain personal securities transactions[121]. - The company must maintain its status as a RIC to avoid corporate-level income taxation, which would significantly reduce net assets and income available for debt service and distributions[176]. - The company may face difficulties in meeting its Annual Distribution Requirement if it recognizes income before receiving cash, potentially impacting its ability to qualify as a RIC[177]. - The company has adopted updated policies to comply with SEC Rule 18f-4, which may affect how leverage is calculated under the 1940 Act[253]. Risks and Challenges - The company has identified material weaknesses in its internal controls over financial reporting, which could adversely affect its ability to report financial results accurately and timely[172]. - As of September 30, 2025, the company does not maintain effective internal control over financial reporting, raising concerns about potential misstatements in financial statements[172]. - The company is in the process of remediating identified material weaknesses but cannot estimate when the remediation will be completed, increasing the risk of undetected errors in future financial statements[173]. - The company is exposed to increased risk of loss due to leverage, with a leverage ratio of 166% of net assets as of September 30, 2025, requiring an annual return of at least 3.8% to cover interest payments[191]. - The company may face significant potential conflicts of interest due to overlapping investment objectives with affiliated funds managed by the Investment Adviser[200]. - The company may experience fluctuations in quarterly results due to factors such as interest rates, default rates, and general economic conditions[204]. - The company may face liquidity issues as substantially all investments are subject to legal restrictions on resale, making them less liquid than publicly traded securities[224]. - Economic downturns could impair portfolio companies, leading to increased non-performing assets and decreased portfolio value[235]. - The company primarily invests in floating rate loans, which are often rated below investment grade and carry significant credit risk[230]. - The incentive fee structure may encourage the Investment Adviser to make riskier investments, potentially leading to higher investment losses[243]. Shareholder Considerations - The company may issue additional common stock or senior securities, which could dilute existing shareholders' ownership and voting rights[185]. - The company may seek stockholder approval to issue shares below the current NAV per share, which could materially dilute stockholder interests[254]. - Any issuance of shares below NAV will result in immediate dilution of stockholder interests and a reduction in NAV per share[255]. - The actual dilutive effect of future share issuances below NAV is currently unknown, and the company cannot predict the resulting reduction in NAV per share[255]. - The determination of NAV for share offerings will be made by the board of directors, ensuring compliance with the 1940 Act unless stockholder consent is obtained[257]. - The company intends to make monthly distributions to stockholders but cannot assure specified levels or year-to-year increases due to asset coverage ratio requirements[258]. - There is a risk that stockholders may not receive distributions or that distributions may not grow over time[258]. - Distributions may include a return of capital, which could increase tax liabilities for stockholders upon future sale of common stock[258].