Financial Performance - Operating revenues for the three months ended February 28, 2025, increased to $187,064, representing a 23.4% growth compared to $151,519 for the same period in 2024[7] - Gross profit for the six months ended February 28, 2025, rose to $112,454, up 13.7% from $98,859 in the prior year[7] - Net earnings for the three months ended February 28, 2025, were $26,576, a 46.6% increase from $18,123 in the same quarter of 2024[8] - Earnings per share (EPS) for the six months ended February 28, 2025, increased to $4.03, compared to $3.01 for the same period in 2024, reflecting a 33.9% growth[7] - Operating income for the six months ended February 28, 2025, was $53,006, a 22.7% increase from $43,172 in the prior year[7] - Net earnings for the six months ended February 28, 2025, were $43,739 thousand, an increase from $33,142 thousand for the same period in the previous year, representing a growth of approximately 32.5%[16] - Total comprehensive income for the six months ended February 28, 2025, was $41,246 thousand, compared to $32,527 thousand for the same period in the prior year, indicating an increase of about 27.5%[16] Assets and Liabilities - Total assets as of February 28, 2025, amounted to $814,185, an increase from $765,280 as of February 29, 2024[10] - Total liabilities as of February 28, 2025, were $297,766, up from $282,246 as of February 29, 2024[10] - Cash and cash equivalents increased to $172,044 as of February 28, 2025, compared to $133,415 a year earlier, marking a 29% increase[10] - The total shareholders' equity as of February 28, 2025, was $516,419 thousand, an increase from $483,034 thousand as of February 29, 2024[14] - The company reported contract liabilities of $24.4 million as of February 28, 2025, up from $18.3 million as of February 29, 2024, representing a 33.3% increase[28] Cash Flow and Dividends - The company reported a net cash provided by operating activities of $33,880 thousand for the six months ended February 28, 2025, significantly higher than $12,136 thousand for the same period in the previous year[16] - Cash dividends paid were $7,824 thousand for the six months ended February 28, 2025, reflecting an increase from $7,724 thousand in the same period last year[16] - The Company declared cash dividends of $0.36 per share for the three months ended February 28, 2025, compared to $0.35 for the same period in 2024[7] Segment Performance - Irrigation segment revenues increased 11% to $148.1 million, while infrastructure segment revenues surged 110% to $38.9 million[68] - The irrigation segment accounted for 79% of the Company's revenue for the three months ended February 28, 2025, down from 88% in the prior year[77] - Segment operating income for the infrastructure segment increased 278% to $13.3 million, compared to $3.5 million in the prior year[76] Market and Economic Conditions - The U.S. Department of Agriculture forecasts 2025 U.S. net farm income to be $180.1 billion, a 29% increase from 2024[70] - The infrastructure business is expected to benefit from the $110 billion federal funding introduced by the Infrastructure Investment and Jobs Act, which runs through September 2026[73] Shareholder Actions - The company repurchased common stock worth $1,427 thousand during the six months ended February 28, 2025, compared to no repurchases in the same period last year[16] - The Company repurchased approximately 12,000 shares of its common stock for $1.4 million during the three and six months ended February 28, 2025, with $40.0 million remaining available for future repurchases[57] Tax and Compliance - The estimated annual effective income tax rate decreased to 20.9% for the six months ended February 28, 2025, down from 26.4% for the same period in 2024[35] - The Company was in compliance with all financial loan covenants as of February 28, 2025, and February 29, 2024[108] Environmental and Legal Matters - The Company has accrued an estimated environmental remediation liability of $10.6 million for its Lindsay, Nebraska facility, with $8.0 million calculated on a discounted basis[50] - The Company does not expect the ongoing product liability lawsuits related to its X-Lite® end terminal to have a material adverse effect on its business[49]

Financial Performance - Revenues for Q3 Fiscal 2025 were $35.2 million, a decrease of 2% compared to $35.7 million in the same period last year[9]. - The company recorded a net loss of $14.8 million, or $0.47 loss per diluted share, compared to a net income of $15.6 million, or $0.42 income per diluted share, in the prior year[13]. - Adjusted EBITDA for Q3 Fiscal 2025 was $5.7 million, a decrease of $0.7 million from $6.4 million in the prior year[13]. - Gross profit for Q3 Fiscal 2025 was $9.8 million, down from $11.9 million in the same period last year, primarily due to a $3.0 million decrease in CDMO gross profit[10]. - Operating loss for the three months ended February 23, 2025, was $(9,029,000), compared to a loss of $(895,000) for the same period in 2024[31]. - Net loss for the three months ended February 23, 2025, was $(14,769,000), compared to net income of $15,632,000 in the same period last year[32]. - Adjusted EBITDA for the three months ended February 23, 2025, was $5,704,000, a decrease from $6,377,000 in the prior year[35]. - The net loss (GAAP) is estimated to be $(38.6) million for 2025, compared to $(36.6) million in 2024, reflecting an increase due to asset disposal losses and elevated legal expenses[37]. Expenses - Selling, general and administrative expenses for Q3 Fiscal 2025 were $10.1 million, an increase from $9.8 million in the prior year, mainly due to a $1.1 million increase in stock-based compensation[11]. - Research and development expenses for the three months ended February 23, 2025, were $2,045,000, slightly down from $2,170,000 in the same period in 2024[31]. - Selling, general, and administrative expenses increased to $10,093,000 for the three months ended February 23, 2025, compared to $9,848,000 in the prior year[31]. - Stock-based compensation is expected to increase to $10.5 million in 2025, compared to $6.2 million in 2024[37]. - Reorganization costs are estimated at $11.4 million for 2025, up from $9.8 million in 2024[37]. Revenue Projections - The company expects full fiscal year 2025 revenue to be approximately $126.5 to $130 million and Adjusted EBITDA to be in the range of $19 to $21 million[20]. - Estimated revenues for the year ending May 25, 2025, are projected at $126.5 million, a decrease from $130 million in 2024[37]. Balance Sheet and Cash Flow - Total current assets as of February 23, 2025, were $84,211,000, an increase from $81,033,000 as of February 25, 2024[29]. - Total liabilities as of February 23, 2025, were $190,267,000, a decrease from $200,058,000 as of February 25, 2024[29]. - Cash and cash equivalents as of February 23, 2025, were $5,417,000, down from $8,462,000 as of February 25, 2024[29]. - The company strengthened its balance sheet by raising approximately $17.0 million through the sale of excess capital equipment[1]. - Lifecore's cash balance was enhanced through the sale of an unused high-speed, multi-purpose isolator filler, with an aggregate purchase price of $17 million[6]. Interest and Other Expenses - Interest expense for Q3 Fiscal 2025 was $5.5 million, up from $4.3 million in the same period last year[12]. - Interest expense is projected to rise to $22 million in 2025, up from $18.1 million in 2024[37]. - The company anticipates a change in fair value of debt derivatives resulting in a loss of $(3) million in 2025, compared to a loss of $(39.5) million in 2024[37]. - The loss on sale or disposal of assets is projected at $7.6 million for 2025, with no such loss reported in 2024[37]. - The company has revised its estimate for restructuring, reorganization, and stockholder activist settlement costs to approximately $11.5 million for 2025[37]. - The increase in net loss is partially offset by lower restructuring expenses related to the resolution of a historical lease obligation[37]. Business Development - Lifecore signed multiple new agreements with both new and existing customers, including a project expansion with a large multi-national pharmaceutical customer[4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 February 28, 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 0-11399 Cintas Corporation (Exact name of registrant as specified in its charter) Washington 31-1188630 (State or Other Jurisdiction of Incorp ...

Revenue Growth - Total revenue increased by 23% year-over-year to $22.4 million, with software revenue growing by 16% to $13.5 million and services revenue increasing by 34% to $8.9 million[6] - The Quantitative Systems Pharmacology (QSP) business unit experienced significant growth of 89%, primarily due to a new model license in atopic dermatitis[4] - The company maintains its full-year revenue guidance of $90 million to $93 million, representing a growth of 28% to 33%[7] - Revenue for FY25 is projected to reach $70,013,000, up from $41,356,000 in FY24, indicating a growth of approximately 69.3%[24] - Software revenue for Q1 FY25 was $9,913,000, a significant increase from $7,589,000 in Q1 FY24, reflecting a growth of about 30.6%[24] Profitability Metrics - Adjusted EBITDA for the second quarter was $6.6 million, representing 29% of total revenue, compared to $7.1 million or 39% of total revenue in the previous year[6] - Adjusted EBITDA for FY25 is expected to be $20,257,000, compared to $11,071,000 in FY24, which is an increase of approximately 83.0%[26] - Net income for the second quarter was $3.1 million, with diluted EPS of $0.15, down from net income of $4.0 million and diluted EPS of $0.20 in the same quarter last year[6] - Net income for FY25 is projected at $9,954,000, up from $3,280,000 in FY24, representing a growth of about 203.5%[26] - Total adjusted net income for FY 2024 is projected to be $19.353 million, with a diluted EPS of $0.95[28] Backlog and Bookings - Services bookings contributed to a 13% year-over-year increase in backlog, which ended the quarter at $20.4 million[5] - The backlog for services as of Q1 FY25 was $20,379,000, compared to $17,254,000 in Q1 FY24, indicating an increase of about 12.3%[24] Asset and Liability Management - Total assets increased to $201,427,000 as of February 28, 2025, up from $196,639,000 on August 31, 2024, representing a growth of approximately 1.4%[22] - Total current assets rose to $46,717,000, compared to $39,341,000 in the previous period, marking an increase of about 18.5%[22] - Total liabilities decreased to $11,879,000 from $14,208,000, a reduction of about 16.5%[22] Operating Performance - The company reported a gross profit of $13.1 million, resulting in a gross margin of 59% for the second quarter[6] - Operating margin for Q2 FY25 is projected at 12.1%, up from 8.8% in FY24, reflecting an improvement of approximately 2.3 percentage points[24] Expenses and Adjustments - The company incurred $2.641 million in mergers & acquisitions expenses for FY 2024, with a significant portion occurring in Q3[28] - Amortization expenses totaled $5.163 million for FY 2024, with $2.059 million recorded in Q4[28] - Stock-based compensation for FY 2024 reached $5.940 million, with Q2 showing the highest expense at $1.665 million[28] - The company reported a total of $0.386 million in currency exchange losses for FY 2024[28] - The tax effect on adjustments for FY 2024 was a reduction of $2.320 million[28] Future Outlook - The company is well-positioned to maintain momentum in the second half of 2025 despite a constrained funding environment for biopharma customers[7] - The software revenue mix is expected to be between 55% and 60% for fiscal 2025[7] - The company expects continued growth in adjusted net income and EPS for FY 2025, with Q1 guidance indicating $3.280 million in net income[28]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | Page | | --- | --- | | PART I | 1 | | Item 1. BUSINESS | 1 | | Item 1A. RISK FACTORS | 19 | | Item 1B. UNRESOLVED STAFF COMMENTS | 40 | | Item 1C. CYBERSECURITY | 40 | | Item ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ 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: 001-41699 ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Exact name of registrant as specified in its charter) | Cayman Island ...

Business Operations and Strategy - The company divested its Greater China assets and business operations in April 2024, transitioning to primarily operate through its U.S. subsidiary[31] - The company may face significant risks related to the transition of its business focus to the U.S. market[47] - The company has not received or been denied permissions from the PRC authorities regarding the listing and issuance of securities to foreign investors[32] - The company has divested its Greater China assets, significantly reducing the number of drug candidates in its pipeline[209] - Recent management changes include the appointment of Xi-Yong (Sean) Fu as interim CEO in July 2024 and permanent CEO in November 2024, which may impact business operations[211] Financial Performance and Funding - The company recorded net cash outflow from operating activities in the past and may need additional financing to fund operations[45] - The company has incurred net losses historically and may not achieve or maintain profitability in the future[45] - The company incurred net losses of $22.2 million, $207.7 million, and $371.1 million in 2024, 2023, and 2022, respectively, primarily due to research and development and administrative costs[50] - The company raised over $400 million in pre-IPO financing and received total net proceeds of approximately $105.3 million, $397.2 million, and $105.6 million from various funding activities[53] - The company used $52.7 million, $72.7 million, and $49.6 million in net cash for operations in the years ended December 31, 2024, 2023, and 2022, respectively[53] - The company has $173.4 million in cash, cash equivalents, and short-term investments, which is expected to meet working capital requirements into 2027[57] - The company may need to obtain additional financing to fund operations and may face dilution of interests for existing shareholders if additional capital is raised[58] - The company anticipates incurring significant commercialization expenses if regulatory approvals for drug candidates are obtained[56] Drug Development and Clinical Trials - The company is focused on developing precision immuno-oncology agents for cancer treatment, with all drug candidates currently in preclinical or clinical development[47] - The company plans to rely on third parties for the manufacturing process of its drug candidates, which poses risks if those parties fail to meet quality or quantity requirements[47] - The company has open INDs with the FDA for three drug candidates: givastomig, uliledlimab, and ragistomig[72] - None of the drug candidates have been approved for marketing in any jurisdiction, requiring additional preclinical and clinical development[72] - The company faces significant risks in clinical development, including potential failure at any stage of the process[72] - Delays in patient enrollment for clinical trials could significantly impact the development timeline and increase costs[78] - The regulatory approval process is time-consuming and may evolve, potentially delaying commercialization plans[90] - The company may incur additional costs or experience delays if clinical trials do not demonstrate safety and efficacy[83] - The company may not be able to identify or develop new drug candidates due to limited resources, impacting future growth[75] - Regulatory authorities may require more information or additional trials, which could delay or prevent approval[93] - Adverse events from drug candidates could lead to interruptions in clinical trials or changes in development plans[97] - Adverse events such as liver toxicities and cytokine release syndrome could lead to trial suspensions or terminations, impacting the company's reputation and financial condition[100] Regulatory and Compliance Risks - The company has identified a material weakness in internal control related to ineffective information technology general controls[46] - The company may face uncertainties regarding regulatory approvals for offshore offerings, which could materially affect its business and financial condition[61] - The company may be subject to ongoing regulatory obligations and penalties if it fails to comply with requirements post-approval[103] - Legislative changes, such as the Inflation Reduction Act, could increase difficulties and costs associated with obtaining marketing approvals and affect pricing strategies[124] - Legislative changes may impact marketing approvals and increase scrutiny on the FDA's approval process, potentially delaying or preventing marketing approval for drug candidates[126] - The company faces challenges in obtaining patent term extensions, increasing the risk of generic competition[94] - The company may face significant delays in obtaining reimbursement for approved drug candidates, impacting revenue generation[121] Intellectual Property and Competition - The company holds a patent portfolio consisting of 63 issued patents and 60 patent applications, primarily related to its drug candidates[153] - The patent examination process may require the company to narrow the scope of claims, potentially limiting patent protection[156] - The company may encounter difficulties in protecting its intellectual property rights in jurisdictions with less favorable legal systems, impacting its competitive position[161] - The company faces risks of patent abandonment due to non-compliance events, which could harm its competitive position and ability to commercialize drug candidates[166] - The company may need to obtain licenses from third parties if it fails in priority disputes, which could adversely impact its business if such licenses are not available on commercially reasonable terms[167] - Litigation regarding patent infringement is common in the biotechnology and pharmaceutical industries, and the company may face costly legal challenges from third parties[168] - The company cannot guarantee that its drug candidates do not infringe on third-party patents, which could lead to significant litigation costs and potential damages[172] - Changes in U.S. patent law could increase uncertainties and costs related to patent applications and enforcement, potentially diminishing the value of the company's patents[174] - The company’s patent rights could be challenged or invalidated, which may result in loss of patent protection for its drug candidates[178] - Enforcing intellectual property rights may lead to counterclaims that could be costly to defend and may require the company to pay substantial damages[179] - Intellectual property litigation could harm the company's reputation and negatively impact the market price of its American Depositary Shares (ADSs)[180] - The company may face difficulties in protecting trade secrets, which could harm its competitive position if proprietary information is disclosed[184] - The company may face claims regarding the use or disclosure of intellectual property from former employers of its employees, which could lead to litigation and substantial costs[185] - The growth of the company may depend on its ability to acquire and maintain licenses for third-party intellectual property rights, which is a competitive area with established companies having advantages[186] - The company relies on licenses from third parties for the development and commercialization of drug candidates, and may need additional licenses to advance its research[187] - If the company fails to comply with its licensing obligations, it could lose important rights and face monetary damages, adversely affecting its business[195] - The company may not be able to obtain additional licenses at reasonable costs, which could hinder its ability to develop and commercialize drug candidates[198] Operational Challenges - The company reduced its workforce by approximately 27% as part of a strategic reprioritization plan to focus on advancing its lead program, givastomig[67] - The company faces challenges in recruiting and retaining qualified personnel due to intense competition in the biopharmaceutical industry[211] - There is a risk of inaccurate or incomplete data affecting the development of drug candidates, which could harm the company's reputation and financial condition[214] - The company relies on third parties for data management in clinical programs, and any failure by these parties could compromise trial data and regulatory compliance[217] - Liability claims from clinical trials could result in significant costs and impact the company's financial condition[218] - The company maintains limited insurance coverage, which may not be sufficient to cover all potential claims, leading to substantial costs[220] - Disruptions in financial markets could affect the company's ability to raise capital on acceptable terms[221] - The company may engage in future acquisitions or partnerships, which could increase capital requirements and dilute investor value[229] - Compliance with anti-bribery laws is critical, as violations could lead to severe penalties and disrupt business operations[231]

Financial Performance - Net sales for the thirteen weeks ended March 1, 2025, were $891.7 million, a decrease of 4.7% compared to $935.3 million for the same period in 2024[15]. - Gross profit for the thirteen weeks ended March 1, 2025, was $365.2 million, down 6.0% from $388.6 million in the prior year[15]. - Net income attributable to MSC Industrial for the thirteen weeks ended March 1, 2025, was $39.3 million, a decline of 36.5% from $61.8 million in the same period last year[15]. - Basic net income per share for the thirteen weeks ended March 1, 2025, was $0.70, compared to $1.10 for the same period in 2024, representing a decrease of 36.4%[15]. - For the twenty-six weeks ended March 1, 2025, net income was $84.841 million, a decrease of 34.9% compared to $130.693 million for the same period in 2024[22]. - Comprehensive income attributable to MSC Industrial for the thirteen weeks ended March 1, 2025, was $36.8 million, down from $61.8 million in the prior year[17]. Assets and Liabilities - Total current assets increased slightly to $1,194.4 million as of March 1, 2025, from $1,188.1 million as of August 31, 2024[13]. - Total liabilities rose to $1,097.6 million as of March 1, 2025, compared to $1,061.0 million as of August 31, 2024[13]. - The company’s total assets remained stable at $2,462.2 million as of March 1, 2025, compared to $2,462.3 million as of August 31, 2024[13]. - Total shareholders' equity attributable to MSC Industrial was $1.356 billion as of March 1, 2025, down from $1.390 billion as of March 2, 2024[20]. Cash Flow and Dividends - Cash and cash equivalents at the end of the period increased to $41.276 million from $22.227 million year-over-year[22]. - Regular cash dividends declared on Class A Common Stock were $94.933 million for the twenty-six weeks ended March 1, 2025, slightly up from $93.964 million in 2024[22]. - Total cash dividends paid were $1.70 per share, totaling $94,933 for the twenty-six-week period ended March 1, 2025, compared to $1.66 per share totaling $93,964 for the same period in 2024[79]. Operating Expenses - Operating expenses for the thirteen weeks ended March 1, 2025, were $301.6 million, an increase of 3.4% from $291.2 million in the prior year[15]. - Depreciation and amortization expenses increased to $44.671 million for the twenty-six weeks ended March 1, 2025, compared to $40.372 million in 2024[22]. - Total restructuring and other costs amounted to $1,406 for the thirteen-week period and $3,750 for the twenty-six-week period ended March 1, 2025, compared to $6,181 and $7,097 for the same periods in 2024, respectively[87]. Stock and Share Repurchase - The company repurchased $30.541 million of Class A Common Stock during the twenty-six weeks ended March 1, 2025, compared to $148.677 million in the same period of 2024[22]. - The Company repurchased 158 shares of Class A Common Stock for $12,469 during the thirteen-week period ended March 1, 2025, and 377 shares for $30,541 during the twenty-six-week period[76]. - The Company had $213,750 outstanding under its Uncommitted Credit Facilities as of March 1, 2025, compared to $209,500 as of August 31, 2024[70]. Market Conditions and Future Outlook - The company anticipates continued challenges in the market, including supply chain disruptions and competition, which may impact future performance[8]. - The company is currently evaluating the impact of new accounting standards on its disclosures, with no expected material impact on financial statements[28]. Customer Base and Revenue Sources - The Company serves a diverse customer base with 59% of revenue from heavy manufacturing for the thirteen weeks ended March 1, 2025[40]. - Revenue from the United States accounted for 95% of total revenue for both the thirteen and twenty-six weeks ended March 1, 2025[43]. - National account customers represented 37% of total revenue for both the thirteen weeks ended March 1, 2025, and March 2, 2024[41]. Tax and Legal Matters - The effective tax rate increased to 24.5% for the twenty-six-week period ended March 1, 2025, up from 23.7% for the same period in 2024, primarily due to a lower tax benefit from stock-based compensation[89]. - A class action complaint was filed against the company on March 14, 2025, alleging breaches of fiduciary duties, but the company believes it has substantial defenses[92].

Credit Ratings - Fitch Ratings has affirmed Petrobras' Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) and outstanding debt ratings at 'BB', with a stable outlook[3] - Petrobras' Standalone Credit Profile (SCP) is rated 'bbb', reflecting the company's operational scale and proved reserves comparable to investment-grade international oil companies[4] Financial Performance - Fitch expects Petrobras to continue reporting positive free cash flow while investing sufficiently to replenish reserves[4]

Financial Performance - Net sales for the third quarter of fiscal 2025 increased by $62.2 million, or 4%, to $1,520.5 million, with volume increasing by 9% compared to the prior year quarter [89]. - North America segment net sales rose by $38.8 million, or 4%, to $986.3 million, with volume increasing by 8% due to recent customer contract wins [91]. - International segment net sales increased by $23.4 million, or 5%, to $534.2 million, with volume up by 12% driven by chain customer contract wins [92]. - Net income decreased by $0.1 million to $146.0 million, impacted by a total net loss of $10.6 million from various unrealized gains and losses [97]. - Net sales for the first three quarters of fiscal 2025 declined by $80.2 million, or 2%, to $4,775.5 million [105]. - North America segment net sales decreased by $87.9 million, or 3%, to $3,162.1 million, primarily due to customer volume losses [107]. - Net income for the thirty-nine weeks ended February 23, 2025, was $237.3 million, compared to $595.8 million for the same period in the prior year [137]. Profitability - Adjusted Gross Profit declined by $6.6 million to $420.4 million, primarily due to unfavorable price/mix and higher transportation costs [94]. - Adjusted Gross Profit declined by $278.7 million to $1,117.0 million, influenced by higher manufacturing and transportation costs [110]. - Adjusted EBITDA increased by $20.2 million to $363.8 million, driven by higher net sales and lower Adjusted SG&A, despite lower Adjusted Gross Profit [98]. - Adjusted EBITDA for the thirty-nine weeks ended February 23, 2025, was $935.6 million, down from $1,133.4 million in the prior year [137]. - Adjusted gross profit for the thirty-nine weeks ended February 23, 2025, was $1,117.0 million, down from $1,395.7 million in the prior year, indicating a decrease of 20% [140]. Expenses and Cost Management - SG&A expenses decreased by $15.6 million to $164.2 million, including various unrealized gains and losses related to currency hedging [95]. - Adjusted SG&A declined by $7.2 million year-over-year to $157.2 million, primarily due to cost savings from the Restructuring Plan and management initiatives [96]. - Interest expense increased by $11.6 million to $47.3 million, reflecting higher total debt and lower capitalized interest [101]. - The company incurred restructuring plan expenses of $76.2 million for the thirty-nine weeks ended February 23, 2025, compared to $84.2 million in the same period of 2024 [140]. Restructuring and Future Outlook - The Restructuring Plan is expected to generate approximately $55 million in pre-tax cost savings and reduce working capital in fiscal 2025 [86]. - Total pre-tax charges related to the Restructuring Plan are estimated to be between $190 million and $210 million [86]. - The company expects sales volumes in the fourth quarter to be slightly higher than in the third quarter, primarily due to growth in the International segment [82]. - The company anticipates an increase in costs per pound in the fourth quarter, reflecting seasonal trends and high input costs [82]. - The company recorded an estimated $135 million impact on net sales due to the ERP transition, with a net income impact of approximately $95 million [137]. Cash Flow and Capital Management - Cash provided by operating activities increased by $3.8 million to $485.3 million for the first three quarters of fiscal 2025, primarily due to $274.0 million in favorable changes in working capital [126]. - Investing activities used $559.0 million in cash during the first three quarters of fiscal 2025, a decrease from $824.8 million in the same period of the prior year, mainly for expanding french fry capacity and facility modernization [127]. - The company decreased its estimated capital expenditures for fiscal 2025 by $100 million to $750 million, excluding acquisitions, due to a pause in the next phase of its ERP build [129]. - During the first three quarters of fiscal 2025, the company borrowed $162.2 million under its revolving credit facility and $525.3 million under new long-term debt facilities [130]. - The company repurchased 2,972,221 shares of common stock at an average price of $61.23 per share, totaling $193.8 million, and paid $154.7 million in cash dividends to common stockholders [130]. Market Risks and Compliance - The company is evaluating the impact of new tariffs but does not expect them to significantly affect fiscal 2025 financial results [83]. - The company remains in compliance with financial covenant ratios and other covenants contained in its debt agreements as of February 23, 2025 [132]. - The company continues to monitor and manage market risks related to currency exchange rates, commodity prices, and interest rates as part of its risk management program [145]. - No material changes to market risk were reported during the thirty-nine weeks ended February 23, 2025 [146].