For immediate release October 29, 2025 2025 Financial Guidance Full year 2025 revenue is now projected to be approximately $532 million to $534 million, and management now expects full year 2025 Adjusted EBITDA of approximately $55 million to $57 million. Full year 2025 adjusted loss per share is expected to be in the range of $0.23 to $0.26. Additionally, management continues to expect cash flow generation for the full year 2025. Conference Call AtriCure will host a conference call at 4:30 p.m. Eastern Tim ...

Table of Contents FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________ Commission File Number 0-18277 VICOR CORPORATION (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Delaware 04-2742817 ( ...

Table of Contents 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 N61 W23044 Harry's Way, Sussex, Wisconsin 53089-3995 (Address of principal executive offices) (Zip Code) (414) 566-6000 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 ...

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: 1-10235 IDEX CORPORATION (Exact name of registrant as specified in its charter) (State or other j ...

Customer Base and Revenue - The company serves over 300,000 customer locations across the U.S., Canada, and Europe, with no individual customer accounting for more than 10% of total revenue in the last three years [24]. - The company has experienced fluctuations in revenues and operating results due to various factors, including economic conditions and seasonal patterns [22]. Manufacturing and Sourcing - Approximately 62% of garments placed in service during fiscal 2025 were manufactured in-house, primarily work pants and shirts, with the remainder sourced from various suppliers [29]. - The company manufactured approximately 99% of the mats placed in service at its plant in Cave City, Arkansas [29]. Employment and Talent Management - As of August 30, 2025, the company employed approximately 16,000 team partners, emphasizing recruitment, development, and retention of talent [30]. Financial Obligations and Borrowing Capacity - The company has total contractual cash obligations of $259.8 million as of August 30, 2025, with significant commitments in operating leases and purchase commitments [185]. - The company had total borrowing capacity of $300 million under its Credit Agreement, with no outstanding borrowings as of August 30, 2025, and $193.3 million available for borrowing [187]. Acquisitions - The company regularly evaluates acquisition opportunities and typically pays for acquisitions with cash, cash generated from operations, or borrowings [184]. Customer Service Commitment - The company maintains a commitment to service excellence, with a system in place to respond to customer inquiries within 24 hours [27]. Environmental Regulations - The company is subject to various environmental regulations and has taken measures to address environmental concerns related to its operations [32]. Financial Instruments and Energy Costs - As of August 30, 2025, the company had forward contracts with a notional value of approximately 1.8 million CAD, with a fair value recorded at $0.1 million in prepaid expenses and other current assets [188]. - During fiscal 2025, energy costs, including fuel, natural gas, and electricity, represented approximately 3.9% of total revenue [189]. - The company reclassified $0.1 million from accumulated other comprehensive loss to revenue related to derivative financial instruments during fiscal 2025 [188].

Financial Performance - Third quarter 2025 GAAP revenues totaled $749 million, with net income of $144 million ($0.60 per diluted share) and cash flow from operations of $248 million[6]. - Total revenues and other income for Q3 2025 were $748.528 million, representing a 22% increase compared to $615.102 million in Q3 2024[40]. - Net income for Q3 2025 was $144.307 million, a significant increase of 185% from $50.656 million in Q3 2024[40]. - The company reported a net income per common share of $0.61 for Q3 2025, up from $0.21 in Q3 2024[40]. - Net income for the three months ended September 30, 2025, was $144,307 thousand, a substantial increase of 185% compared to $50,656 thousand for the same period in 2024[46]. - Adjusted earnings per diluted share for Q3 2025 was $0.57, compared to $0.48 in Q3 2024, reflecting an increase of 18.75%[55]. - Income from operations before income taxes surged by 177% to $183,344,000 in Q3 2025 from $66,229,000 in Q3 2024[53]. - The company reported a 33% increase in income before income taxes, as adjusted, for the nine months ended September 30, 2025, totaling $681,877,000 compared to $512,798,000 in 2024[53]. Cash Flow and Capital Expenditures - Cash flow from operations before changes in working capital was $279 million, and adjusted net income was $135 million ($0.57 per diluted share) for the quarter[7]. - Capital spending for the quarter was $190 million, representing approximately 29% of the annual 2025 budget, with total capital spending through Q3 at $491 million (74% of the 2025 budget)[14]. - The company repurchased $56 million in shares and paid $21 million in dividends during the quarter[8]. - Net cash provided from operating activities for the nine months ended September 30, 2025, reached $913,818 thousand, up 25.7% from $726,624 thousand in 2024[46]. - The company reported a cash margin of $982,779,000 for the nine months ended September 30, 2025, up from $800,236,000 in 2024, representing a growth of 22.8%[58]. Production and Sales - Average production for the quarter was 2.23 Bcfe per day, with approximately 69% being natural gas[8]. - Natural gas, NGLs, and oil sales for Q3 2025 reached $611.491 million, a 14.7% increase from $533.277 million in Q3 2024[40]. - Natural gas sales increased by 54% to $361,124,000 in Q3 2025 from $234,139,000 in Q3 2024[50]. - Oil sales rose by 15% to $611,491,000 in Q3 2025 compared to $533,277,000 in Q3 2024[50]. - The company produced 204,961 MMCFE in Q3 2025, slightly higher than 202,810 MMCFE in Q3 2024, showing a marginal increase of 0.6%[57]. - Total natural gas, NGLs, and oil sales reported a 31% increase, reaching $1,249,456,000 for the nine months ended September 30, 2025, up from $715,266,000 in the same period of 2024[50]. Debt and Liabilities - As of September 30, 2025, net debt was approximately $1.23 billion, with $839 million available under the share repurchase program[12][13]. - Total debt decreased by 28% to $1,216,767 thousand as of September 30, 2025, compared to $1,697,883 thousand at the end of 2024[44]. - Net debt, a non-GAAP measure, declined by 12% to $1,228,825 thousand from $1,404,212 thousand year-over-year[44]. - Current liabilities significantly reduced to $591,453 thousand, down 53% from $1,263,247 thousand at the end of 2024[43]. Pricing and Market Conditions - Realized price for natural gas, including hedges, was $3.29 per mcfe, with a $0.22 premium over NYMEX natural gas[8]. - Range expects to improve its natural gas differential to average ($0.40) to ($0.43) relative to NYMEX in 2025[11]. - Average natural gas price per mcf rose by 51% to $2.56 in Q3 2025 from $1.69 in Q3 2024[50]. - Average oil price per bbl decreased by 15% to $54.25 in Q3 2025 from $64.03 in Q3 2024[50]. Expenses - Total costs and expenses for Q3 2025 were $565.184 million, a slight increase of 3% from $548.873 million in Q3 2024[40]. - The company’s transportation, gathering, processing, and compression expenses for Q3 2025 were $301.110 million, down from $306.154 million in Q3 2024[40]. - The company’s interest expense for Q3 2025 was $23.200 million, a decrease from $27.958 million in Q3 2024[40]. - The company’s exploration expenses for Q3 2025 were $7.820 million, an increase from $6.988 million in Q3 2024[40]. - Transportation, gathering, processing, and compression expense per mcfe decreased by 3% to $1.47 in Q3 2025 from $1.51 in Q3 2024[50].

Revenue Growth - Total Annualized Recurring Revenue (ARR) increased to $1,043.3 million, representing a 22% growth compared to $853.3 million in the previous year[130]. - Subscription ARR reached $893.7 million, showing a 30% increase from $687.1 million in the prior year[132]. - SaaS ARR grew to $335.7 million, reflecting a 56% increase from $214.8 million year-over-year[134]. - Total revenues for the three months ended September 30, 2025, were $276.2 million, an 18% increase from $233.3 million in the same period last year[145]. - Revenue from SaaS offerings increased by 61% to $80.0 million, up from $49.6 million year-over-year[145]. - Total revenues increased by $100.2 million, or 22% year over year, driven primarily by increases in term-based license revenue and SaaS revenue[157]. - SaaS revenue increased by $59.2 million, or 63% year over year, due to growth in SaaS ARR from new customer acquisitions and expansion of the existing customer base[157]. - Term-based license revenue increased by $37.1 million, or 23% year over year, primarily due to a 20% increase in transaction volume[157]. Revenue Sources - Revenue generated through indirect distribution channels accounted for approximately 90% of total revenues for the six months ended September 30, 2025[123]. - Partner A contributed approximately 32% of total revenues for the six months ended September 30, 2025[124]. - Sales outside the United States accounted for 45% of total revenues for the six months ended September 30, 2025[138]. - The Americas region represented 61% of total revenues, while the International region accounted for 39% for the three months ended September 30, 2025[146]. - The Americas region represented 61% of total revenues, while the International region represented 39% for the six months ended September 30, 2025[156]. Cost and Expenses - Total cost of revenues increased by $23.2 million, representing 19% of total revenues for the six months ended September 30, 2025, compared to 18% for the same period in 2024[161]. - Cost of SaaS revenue increased by $22.2 million, representing 36% of SaaS revenue for the six months ended September 30, 2025, compared to 35% for the same period in 2024[161]. - Research and development expenses increased by $6.0 million, or 18%, driven by additional headcount and related expenses[153]. - Sales and marketing expenses increased by $20.3 million, or 20%, primarily due to increased employee compensation and marketing initiatives[153]. - Perpetual license revenue decreased by $4.9 million, or 20% year over year, reflecting a shift from selling perpetual licenses to subscription arrangements[157]. - Sales and marketing expenses increased by $46.8 million, or 24%, driven by higher employee compensation and marketing initiatives[165]. - Research and development expenses rose by $13.0 million, or 19%, primarily due to increased employee compensation and headcount related to acquisitions[165]. - General and administrative expenses increased by $18.9 million, or 29%, with $14.4 million attributed to employee compensation and legal expenses related to a security matter[165]. Cash Flow and Capital - Net cash provided by operating activities was $108.5 million for the six months ended September 30, 2025, compared to $100.3 million for the same period in 2024[172]. - Working capital increased by $737.6 million, from $80.0 million as of March 31, 2025, to $817.6 million as of September 30, 2025[174]. - The company completed a private offering of senior, unsecured convertible notes with an aggregate principal amount of $900.0 million, netting approximately $878.6 million after costs[169]. - The company repurchased $146.1 million of its common stock in the six months ended September 30, 2025, with $117.7 million funded from the net proceeds of the convertible notes[171]. Foreign Currency and Risks - Approximately 45% of the company's sales were outside the United States for the six months ended September 30, 2025, exposing it to foreign currency risks[180]. - The company recognized net foreign currency transaction losses of approximately $2.1 million for the six months ended September 30, 2025[181]. Restructuring Plans - The company anticipates completing its restructuring plan by fiscal 2027, with restructuring expenses of $1.7 million recorded for the six months ended September 30, 2025[165].

Financial Performance - Revenue for the three months ended September 30, 2025, was $382.4 million, a 31% increase from $292.2 million in the same period of 2024[169] - Net income for the three months ended September 30, 2025, was $71.2 million, up 90% from $37.5 million in the same period of 2024[171] - Adjusted gross margin for the three months ended September 30, 2025, was $252.6 million, representing a 42% increase from $178.0 million in the same period of 2024[168] - Revenue in contract operations increased by 36% to $944.993 million for the nine months ended September 30, 2025, compared to $693.939 million in the same period of 2024[190] - Adjusted gross margin for contract operations rose by 47% to $672.332 million, with an adjusted gross margin percentage of 71%, up from 66%[190] Operational Metrics - Total available horsepower at the end of September 30, 2025, was 4,845 thousand, an increase from 4,418 thousand at the end of September 30, 2024[161] - Average operating horsepower for the three months ended September 30, 2025, was 4,647 thousand, compared to 3,757 thousand in the same period of 2024, reflecting a 24% increase[161] - Revenue from contract operations increased by approximately $80.8 million due to acquisitions and higher rates[174] - Aftermarket services revenue increased by 20% to $56.2 million for the three months ended September 30, 2025, compared to $46.7 million in 2024[177] Expenses and Impairments - Selling, general and administrative expenses rose to $37.7 million for the three months ended September 30, 2025, from $34.1 million in 2024[180] - Interest expense increased to $43.7 million for the three months ended September 30, 2025, compared to $30.2 million in 2024, primarily due to higher long-term debt[184] - The company recorded a long-lived asset impairment of $4.7 million for the three months ended September 30, 2025, compared to $2.5 million in 2024[182] Capital Expenditures - Growth capital expenditures were $299.0 million for the nine months ended September 30, 2025, compared to $181.6 million in 2024, reflecting increased investment in new compressors[211] - Maintenance capital expenditures increased to $84.8 million for the nine months ended September 30, 2025, from $66.1 million in 2024, driven by higher maintenance activities[212] Taxation - The provision for income taxes increased by 66% to $68.994 million for the nine months ended September 30, 2025, compared to $41.545 million in 2024[205] - The effective tax rate increased to 27% for the nine months ended September 30, 2025, compared to 25% in the same period of 2024[205] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.21 per share, payable on November 13, 2025, to stockholders of record on November 4, 2025[216] Debt and Financing - The Credit Facility was amended to increase borrowing capacity from $1.1 billion to $1.5 billion, with potential increases up to $2.3 billion[218] - The average debt balance under the Credit Facility was $653.6 million for the nine months ended September 30, 2025, compared to $268.7 million for the same period in 2024, with a weighted-average interest rate of 6.6%[219] - As of September 30, 2025, the company had $768.7 million of variable interest rate debt outstanding at a weighted average interest rate of 6.6%[227] - A 1% change in the effective interest rate on the Credit Facility's outstanding balance would result in an annual interest expense change of $7.7 million[228] - The company was in compliance with all covenants under its Credit Facility as of September 30, 2025, with all undrawn capacity available for borrowings[220] Cash Flow - Net cash provided by operating activities increased to $407.6 million for the nine months ended September 30, 2025, up from $305.3 million in 2024[223] - Net cash provided by financing activities decreased by $617.4 million, primarily due to a reduction in long-term debt borrowings and common stock issuance[226] - The company recorded a net decrease in cash and cash equivalents of $337,000 for the nine months ended September 30, 2025, compared to an increase of $2.4 million in 2024[223] Acquisitions - Transaction-related costs for the NGCS Acquisition totaled $8.7 million for the nine months ended September 30, 2025, while costs related to the TOPS Acquisition were $3.1 million[201] - The company spent $868.7 million on the TOPS acquisition, compared to $296.5 million for the NGCS Acquisition, reflecting a significant investment in growth[225] Asset Sales - The gain on sale of assets increased to $13.8 million for the nine months ended September 30, 2025, compared to $5.1 million in 2024[202] Debt Repurchase - The company initiated the repurchase of its 2027 Notes, expected to be redeemed on November 17, 2025, at 100% of their $300 million principal amount plus approximately $2.6 million in accrued interest[217]

Financial Performance - In Q3 2025, Phillips 66 reported net income attributable to the company of $133 million, down from $346 million in Q3 2024, and $1.5 billion for the nine months ended September 30, 2025, compared to $2.1 billion in the same period of 2024[165]. - The Midstream segment generated income before income taxes of $697 million in Q3 2025, an increase from $644 million in Q3 2024, while the Chemicals segment reported a decrease to $176 million from $342 million[165]. - Marketing and Specialties segment income before income taxes was $251 million for the three months ended September 30, 2025, compared to a loss of $22 million in 2024, and $2,104 million for the nine months ended September 30, 2025, compared to $759 million in 2024[200]. - For the nine months ended September 30, 2025, the company reported a loss before income taxes of $1,096 million, compared to a profit of $410 million for the same period in 2024[283]. - The company reported equity in losses of affiliates amounting to $76 million for the nine months ended September 30, 2025, compared to a loss of $129 million in 2024[283]. Cash Flow and Capital Expenditures - Cash provided by operating activities in Q3 2025 was $1.2 billion, with $838 million received from net debt borrowings and $541 million funded for capital expenditures and investments[153]. - Phillips 66 plans to return over 50% of net cash provided by operating activities to shareholders through dividends and share repurchases, with quarterly cash dividends declared at $1.20 per common share[155]. - The company completed a Midstream acquisition for $2.2 billion in 2025 and funded capital expenditures and investments totaling $1.6 billion[155]. - Capital expenditures for the first nine months of 2025 totaled $1.551 billion, up from $1.353 billion in the same period of 2024[256]. - Capital spending in the Midstream segment was $947 million for the first nine months of 2025, compared to $523 million in 2024[256]. Debt and Financing - The company is targeting a reduction of total debt to $17 billion and aims to lower its debt to capital ratio[157]. - Total debt increased to $21,755 million as of September 30, 2025, from $20,062 million at the end of 2024[211]. - The company declared a quarterly cash dividend of $1.20 per share on April 21, July 10, and October 8, 2025[253]. - The company repurchased 8 million shares at a cost of approximately $0.9 billion for the nine months ended September 30, 2025[254]. - On September 18, 2025, the company issued $2 billion of junior subordinated notes, with interest rates of 5.875% and 6.200% for Series A and Series B notes, respectively[217]. Market Conditions and Pricing - The composite 3:2:1 market crack spread increased to an average of $23.64 per barrel in Q3 2025, up from $16.50 per barrel in Q3 2024, driven by stronger petroleum diesel demand[160]. - The weighted-average NGL price was $0.60 per gallon in Q3 2025, down from $0.64 per gallon in Q3 2024, while the Henry Hub natural gas price increased to $3.03 per MMBtu from $2.09 per MMBtu[158]. - The benchmark high-density polyethylene chain margin decreased to 7.6 cents per pound in Q3 2025 from 23.7 cents per pound in Q3 2024, primarily due to higher ethane prices and industry oversupply[159]. - The company anticipates continued fluctuations in market conditions and demand impacting prices and margins, which may affect future performance[290]. Operational Efficiency and Sustainability - The company is actively working on energy efficiency initiatives to reduce GHG emissions and improve operational efficiency[274]. - The company is focused on sustainability-related plans and goals, including reducing GHG emissions intensity and developing new technologies[291]. Acquisitions and Investments - The company entered into a definitive agreement to acquire the remaining 50% ownership interest in WRB for total cash consideration of $1.3 billion, which closed on October 1, 2025[193]. - The company completed the Coastal Bend acquisition for $2.2 billion in Q2 2025, funded by cash and borrowings[251]. - On January 31, 2025, Phillips 66 sold its 49% ownership interest in Coop for cash proceeds of $1.2 billion[235]. - The company plans to divest 65% of its equity interest in Germany and Austria Marketing for expected pre-tax cash proceeds of approximately $1.6 billion[234]. Expenses and Liabilities - Operating expenses increased by $196 million for the nine months ended September 30, 2025, primarily due to environmental expenses and costs associated with the acquisition of Coastal Bend[174]. - Interest and debt expense increased by 13% and 8% for the three and nine months ended September 30, 2025, primarily due to higher average debt balances[179]. - The total liabilities of the company rose to $47 billion as of September 30, 2025, up from $43.876 billion at the end of 2024[278]. - The company incurred expenses of $23 million for RINs in the open market for the nine months ended September 30, 2024, and $280 million for jointly owned refineries in the same period for 2025[269]. Risks and Ratings - Moody's Ratings changed the company's long-term credit rating to Baa1 from A3, with a stable outlook, while S&P rates the long-term debt at BBB+[237]. - The company faces risks related to potential disruptions from geopolitical events, economic conditions, and regulatory changes that could impact operations and financial performance[292]. - As of September 30, 2025, the company's commodity price risk and interest rate risk remained consistent with the disclosures made in the 2024 Annual Report on Form 10-K[293].

Financial Performance - Net sales for the three months ended September 30, 2025, were approximately $4.1 billion, a 1% increase compared to the prior year, driven by higher selling prices and sales volumes [122]. - Income before income taxes was $556 million for the three months ended September 30, 2025, a decrease of $22 million from the prior year, primarily due to wage and cost inflation [123]. - Selling, general and administrative expenses decreased by $24 million to $824 million for the three months ended September 30, 2025, due to cost-control measures [128]. - Earnings per diluted share from continuing operations increased by 3.2% to $1.96 for the three months ended September 30, 2025, attributed to higher selling prices and cost-control actions [135]. - Segment income was $675 million, a decrease of 5% versus the prior year, primarily due to lower index-based selling prices and the unfavorable impact of the divestiture of the silicas products business [174]. Sales Performance by Segment - Global Architectural Coatings net sales for the nine months ended September 30, 2025, decreased by 5.0% to $2,887 million, with segment income down 17.5% to $462 million [145]. - Performance Coatings net sales increased by 5.4% year-over-year for the nine months ended September 30, 2025, reaching $4,191 million, while segment income rose 2.2% to $902 million [154]. - Industrial Coatings segment net sales for the nine months ended September 30, 2025, decreased by 4.3% to $4,883 million, with segment income down 4.7% to $675 million [165]. - Aerospace coatings organic sales increased by a double-digit percentage year-over-year, with customer order backlogs reaching approximately $310 million [161]. - Automotive OEM coatings organic sales increased by a mid-single-digit percentage due to higher sales volumes, particularly in Brazil and China [166]. - Packaging coatings organic sales increased by a double-digit percentage year-over-year, driven by higher sales volumes in the U.S., Canada, and Asia Pacific [170]. - Specialty products organic sales increased by a low single-digit percentage year over year, primarily due to higher sales volumes [174]. Cost and Expenses - Depreciation expense increased by 19.1% to $106 million for the three months ended September 30, 2025, primarily due to higher accelerated depreciation related to restructuring actions [129]. - Research and development expenses increased by 3.9% to $106 million for the three months ended September 30, 2025 [125]. - Other charges/(income), net increased by $24 million primarily due to net impairment and related charges in the Performance Coatings segment [130]. Cash Flow and Capital Expenditures - Cash from operating activities for the nine months ended September 30, 2025, was $1,047 million, a decrease of $9 million compared to $1,056 million in 2024 [180]. - Cash used for investing activities decreased to $417 million for the nine months ended September 30, 2025, from $501 million in 2024 [184]. - Total capital spending is expected to be approximately $725 million to $775 million in 2025 to support future organic growth opportunities [184]. Tax and Indebtedness - The effective tax rate for the three months ended September 30, 2025, was 21.2%, a decrease of 0.9% from the prior year [135]. - As of September 30, 2025, Total Indebtedness to Total Capitalization was 47%, below the 60% threshold required by credit agreements [189]. Currency and Market Risk - The U.S. dollar weakened against several currencies, resulting in an increase of consolidated net assets by $849 million compared to December 31, 2024 [193]. - A 10% weakening of the U.S. dollar against European currencies would result in unrealized translation losses of $535 million at September 30, 2025, compared to $369 million at December 31, 2024 [208]. - There were no material changes in the Company's exposure to market risk from December 31, 2024, to September 30, 2025 [210].