MGM Resorts International(MGM) - 2025 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Presents MGM Resorts International's unaudited consolidated financial statements, including balance sheets, operations, cash flows, and condensed notes Consolidated Balance Sheets | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $2,270,563 | $2,415,532 | | Total current assets | $4,139,074 | $4,363,599 | | Total assets | $41,903,113 | $42,231,627 | | Total current liabilities | $3,169,455 | $3,351,683 | | Long-term debt, net | $6,414,628 | $6,362,098 | | Total liabilities | $38,281,691 | $38,511,671 | | Total stockholders' equity | $3,586,336 | $3,685,151 | Consolidated Statements of Operations | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Revenues | $4,277,082 | $4,383,470 | | Operating income | $385,057 | $458,378 | | Income before income taxes | $266,784 | $343,399 | | Net income | $226,731 | $299,726 | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Basic earnings per share | $0.52 | $0.68 | | Diluted earnings per share | $0.51 | $0.67 | Consolidated Statements of Comprehensive Income | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net income | $226,731 | $299,726 | | Foreign currency translation | $148,308 | $(85,190) | | Comprehensive income | $375,039 | $214,536 | | Comprehensive income attributable to MGM Resorts International | $297,795 | $133,390 | Consolidated Statements of Cash Flows | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $547,079 | $549,271 | | Net cash used in investing activities | $(227,040) | $(108,410) | | Net cash used in financing activities | $(470,219) | $(628,970) | | Net change in cash, cash equivalents, and restricted cash | $(145,091) | $(205,709) | | Balance, end of period | $2,357,973 | $2,809,187 | | Capital expenditures | $(228,041) | $(172,080) | | Repurchases of common stock | $(489,280) | $(506,571) | Consolidated Statements of Stockholders' Equity | Metric | Balances, January 1, 2025 (in thousands) | Balances, March 31, 2025 (in thousands) | | :--- | :--- | :--- | | Total MGM Resorts International Stockholders' Equity | $3,023,481 | $2,853,544 | | Total Stockholders' Equity | $3,685,151 | $3,586,336 | | Net income attributable to MGM Resorts International | $148,554 | N/A | | Currency translation adjustment | $149,241 | N/A | | Repurchases of common stock | $(494,205) | N/A | Condensed Notes to Consolidated Financial Statements NOTE 1 — ORGANIZATION - MGM Resorts International is a global gaming and entertainment company with domestic and international locations, including integrated casino, hotel, and entertainment resorts in Las Vegas, Detroit, Maryland, Massachusetts, New Jersey, New York, Ohio, and Mississippi[23][24] - The Company holds an approximate 56% controlling interest in MGM China, which operates MGM Macau and MGM Cotai[25] - The Company owns LeoVegas for global online gaming operations and has a 50% ownership interest in BetMGM, LLC for online sports betting and gaming in North America, as well as a 50% interest in Osaka IR KK for an integrated resort development in Japan[26] - The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital[27] NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - The unaudited consolidated financial statements include normal recurring adjustments and should be read in conjunction with the Company's 2024 annual consolidated financial statements[29] - The Company consolidates entities where it is the primary beneficiary of a variable interest entity (VIE) or has a controlling financial interest, and accounts for entities with significant influence (e.g., BetMGM North America Venture) under the equity method[30][31] | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Equity investments fair value | $420 | $388 | | Net gain/(loss) on equity investments (3 months) | $32 gain | $24 loss | | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Net gain/(loss) on derivatives | $40 gain | $38 loss | | Liability Type | Balance at January 1 (in thousands) | Balance at March 31 (in thousands) | Increase / (decrease) (in thousands) | | :--- | :--- | :--- | :--- | | Outstanding Chip Liability | $215,710 | $177,017 | $(38,693) | | Loyalty Program | $215,005 | $205,276 | $(9,729) | | Customer Advances and Other | $825,236 | $813,917 | $(11,319) | NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Investments in and advances to unconsolidated affiliates | $394 | $381 | | Affiliate | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | BetMGM North America Venture | $(15,201) | $(32,601) | | Other | $2,305 | $7,477 | | Total Loss from unconsolidated affiliates | $(12,896) | $(25,124) | - The Company's share of losses of BetMGM North America Venture in excess of its equity method investment balance was $103 million as of March 31, 2025, compared to $89 million as of December 31, 2024[46] NOTE 4 — LONG-TERM DEBT | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Long-term debt, net | $6,414,628 | $6,362,098 | | MGM China first revolving credit facility | $527,033 | $477,567 | - In February 2024, the Company amended its revolving facility to increase it to $2.3 billion and extend the maturity date to February 2029, with no amounts drawn at March 31, 2025[49] - On April 15, 2025, MGM China entered into a new HK$23.4 billion (approximately $3 billion) senior unsecured revolving credit facility, maturing in April 2030, which replaced its previous first and second revolving credit facilities[54][55] | Metric | March 31, 2025 (in billions) | December 31, 2024 (in billions) | | :--- | :--- | :--- | | Estimated fair value of long-term debt | $6.4 | $6.3 | NOTE 5 — INCOME TAXES | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Effective income tax rate | 15.0% | 12.7% | - The effective income tax rate was favorably impacted by Macau gaming profits, which are exempt from complementary tax[56] NOTE 6 — LEASES | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Operating lease cost | $574,157 | $574,943 | | Finance lease interest expense | $4,318 | $8,884 | | Finance lease amortization expense | $18,171 | $12,896 | | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Operating lease ROU assets, net | $23,407,115 | $23,532,287 | | Total operating lease liabilities | $25,157,119 | $25,174,160 | | Total finance lease liabilities | $300,431 | $317,447 | | Weighted average remaining operating lease term | 24 years | 24 years | | Weighted average operating lease discount rate | 7% | 7% | NOTE 7 — COMMITMENTS AND CONTINGENCIES - The Company settled U.S. civil class action litigation related to the 2019 and 2023 cybersecurity issues for $45 million, which was paid by insurance carriers in February 2025[66] - MGM China has bank guarantees of MOP 1 billion (approximately $125 million) to the Macau government, with MOP 700 million (approximately $87 million) secured by pledged cash[68] - The Company has an estimated remaining funding commitment of approximately 392 billion yen (approximately $2.6 billion) to Osaka IR KK for the development of an integrated resort in Osaka, Japan, as of March 31, 2025[71] - The Company provides guarantees for Osaka IR KK's obligations to Osaka totaling 12.65 billion yen (approximately $84 million) and an uncapped amount for construction completion[70] NOTE 8 — EARNINGS PER SHARE | Metric | Three Months Ended March 31, 2025 (in thousands, except per share data) | Three Months Ended March 31, 2024 (in thousands, except per share data) | | :--- | :--- | :--- | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Basic EPS | $0.52 | $0.68 | | Diluted EPS | $0.51 | $0.67 | | Weighted-average common shares outstanding – basic | 287,125 | 320,488 | | Weighted-average common and common equivalent shares – diluted | 289,096 | 323,757 | NOTE 9 — STOCKHOLDERS' EQUITY - The Board of Directors authorized a new $2.0 billion stock repurchase plan in April 2025[75] - During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of common stock for an aggregate amount of $494 million[77] - The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $337 million as of March 31, 2025[77] - Subsequent to March 31, 2025, the Company repurchased approximately 8 million shares for an aggregate amount of $215 million[78] NOTE 10 — SEGMENT INFORMATION - The Company's four reportable segments are Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital[79] - MGM Digital was added as a reportable segment in the fourth quarter of 2024 to reflect the Company's strategic focus on interactive gaming[79] - Segment Adjusted EBITDAR is the Company's reportable segment GAAP measure, used as the primary profit measure for its segments[84] | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts Net Revenue | $2,176,120 | $2,255,029 | | Regional Operations Net Revenue | $900,419 | $909,479 | | MGM China Net Revenue | $1,027,472 | $1,056,017 | | MGM Digital Net Revenue | $128,058 | $127,608 | | Total Reportable Segment Net Revenues | $4,232,069 | $4,348,133 | | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts Adjusted EBITDAR | $811,160 | $827,788 | | Regional Operations Adjusted EBITDAR | $279,042 | $274,102 | | MGM China Adjusted EBITDAR | $285,565 | $301,186 | | MGM Digital Adjusted EBITDAR | $(34,393) | $(18,790) | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Analyzes financial performance, detailing revenue and operating income changes, segment trends, liquidity, capital, and future commitments Summary Operating Results | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net revenues | $4,277,082 | $4,383,470 | | Operating income | $385,057 | $458,378 | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | - Consolidated net revenues decreased 2% for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to decreases in Las Vegas Strip Resorts (3%), MGM China (3%), and Regional Operations (1%)[90] - Consolidated operating income decreased 16% for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to the decrease in revenue[91] Net Revenues by Segment | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts | $2,176,120 | $2,255,029 | | Regional Operations | $900,419 | $909,479 | | MGM China | $1,027,472 | $1,056,017 | | MGM Digital | $128,058 | $127,608 | | Corporate and other | $45,013 | $35,337 | | Total Net Revenues | $4,277,082 | $4,383,470 | Las Vegas Strip Resorts - Las Vegas Strip Resorts net revenues decreased 3% for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to decreases in rooms and entertainment, retail and other revenue, partially offset by an increase in casino revenue[94] - Casino revenue increased 8% due to an increase in slot handle and table games win percentage[95] - Rooms revenue decreased 9% primarily due to a decrease in Average Daily Rate (ADR) as a result of the Super Bowl being hosted in Las Vegas in the prior year quarter[96] | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Table games drop (in millions) | $1,511 | $1,537 | | Table games win % | 26.7% | 25.2% | | Slot handle (in millions) | $5,682 | $5,417 | | Slot win % | 9.6% | 9.4% | | Occupancy | 94% | 93% | | Average daily rate (ADR) | $257 | $277 | | Revenue per available room (RevPAR) | $242 | $258 | Regional Operations - Regional Operations net revenues decreased 1% for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to a 2% decrease in casino revenue[98] - The decrease in casino revenue was primarily due to a decrease in slot handle and table games drop[98] | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Table games drop (in millions) | $947 | $962 | | Table games win % | 20.7% | 21.0% | | Slot handle (in millions) | $6,567 | $6,612 | | Slot win % | 9.9% | 9.7% | MGM China - MGM China net revenues decreased 3% for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to a decrease in casino revenue[100] - Casino revenues decreased 3% primarily due to a decrease in main floor table games drop[101] | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Main floor table games drop | $3,627 | $3,822 | | Main floor table games win % | 25.2% | 24.9% | MGM Digital - MGM Digital's revenue was flat compared to the prior year quarter[102] Corporate and other - Corporate and other revenue includes other corporate operations and management services[103] Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Consolidated Adjusted EBITDA | $637,054 | $673,189 | Las Vegas Strip Resorts - Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 2% for the three months ended March 31, 2025, compared to the prior year quarter[106] - Segment Adjusted EBITDAR margin was 37.3% for the three months ended March 31, 2025, compared to 36.7% in the prior year quarter, primarily due to the receipt of $37 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue[106] Regional Operations - Regional Operations Segment Adjusted EBITDAR increased 2% for the three months ended March 31, 2025, compared to the prior year quarter[107] - Segment Adjusted EBITDAR margin was 31.0% for the three months ended March 31, 2025, compared to 30.1% in the prior year quarter, primarily due to the receipt of $12 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue[107] MGM China - MGM China Segment Adjusted EBITDAR decreased 5% for the three months ended March 31, 2025, compared to the prior year quarter[108] - Segment Adjusted EBITDAR margin was 27.8% for the three months ended March 31, 2025, compared to 28.5% in the prior year quarter, primarily due to the decrease in casino revenue and an increase in payroll related expenses[108] MGM Digital - MGM Digital Segment Adjusted EBITDAR loss was $34 million for the three months ended March 31, 2025, compared to $19 million in the prior year quarter, primarily due to an increase in payroll related expenses and costs from expansion into new markets[109] Loss from Unconsolidated Affiliates | Affiliate | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | BetMGM North America Venture | $(15,201) | $(32,601) | | Other | $2,305 | $7,477 | | Total Loss from Unconsolidated Affiliates | $(12,896) | $(25,124) | Non-operating Results Interest expense | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Gross interest expense | $108 | $111 | Other, net | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Other, net expense | $11 | $5 | - Other, net expense for Q1 2025 was primarily comprised of a foreign currency transaction loss of $101 million, partially offset by a net gain related to derivatives of $40 million and a gain related to debt and equity investments of $35 million[112] - Other, net expense for Q1 2024 was primarily comprised of a net loss related to derivatives of $38 million and a loss related to debt and equity investments of $21 million, partially offset by a foreign currency transaction gain of $33 million[112] Income taxes | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Effective income tax rate | 15.0% | 12.7% | - The effective rate was favorably impacted primarily by Macau gaming profits which are exempt from complementary tax[113] Reportable Segment GAAP measure - Segment Adjusted EBITDAR is defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense[114] - Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for domestic properties, ground subleases, and land concessions at MGM China[114] Non-GAAP measures - Consolidated Adjusted EBITDA is a non-GAAP measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net[116] - This measure is used by management and is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry[117] - Consolidated Adjusted EBITDA has limitations as an analytical tool and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles[117] | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Operating income | $385,057 | $458,378 | | Depreciation and amortization | $236,444 | $196,562 | | Consolidated Adjusted EBITDA | $637,054 | $673,189 | Guarantor Financial Information - All registered principal debt arrangements are guaranteed by wholly owned material domestic subsidiaries, excluding MGM Grand Detroit, MGM National Harbor, MGM Springfield, BetMGM, LeoVegas, and foreign subsidiaries like MGM China[120] | Balance Sheet Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Current assets | $2,718,779 | $3,045,925 | | Intercompany debt due from non-guarantor subsidiaries | $2,788,979 | $2,733,770 | | Other long-term assets | $28,560,922 | $28,683,234 | | Other current liabilities | $2,073,049 | $2,247,371 | | Intercompany debt due to non-guarantor subsidiaries | $2,199,282 | $2,199,408 | | Other long-term liabilities | $28,579,840 | $28,651,188 | | Income Statement Metric | Three Months Ended March 31, 2025 (in thousands) | | :--- | :--- | | Net revenues | $2,665,170 | | Operating income | $187,983 | | Net income attributable to MGM Resorts International | $229,568 | Liquidity and Capital Resources - As of March 31, 2025, the Company had cash and cash equivalents of $2.3 billion, with $815 million held by MGM China, and $6.5 billion in principal amount of indebtedness, including $3.0 billion related to MGM China[136] Cash Flows | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash provided by operating activities | $547 | $549 | | Cash used in investing activities | $227 | $108 | | Cash used in financing activities | $470 | $629 | Capital Expenditures | Period | Total Capital Expenditures (in millions) | MGM China Portion (in millions) | | :--- | :--- | :--- | | Three Months Ended March 31, 2025 | $228 | $60 | | Three Months Ended March 31, 2024 | $172 | $15 | - Capital expenditures primarily related to room remodels and information technology[128][129] Borrowings and Repayments of Long-term Debt | Period | Net Borrowings (Repayments) of Debt (in millions) | | :--- | :--- | | Three Months Ended March 31, 2025 | $50 (net borrowings) | | Three Months Ended March 31, 2024 | $77 (net repayments) | - Net borrowings in Q1 2025 were on MGM China's first revolving credit facility, while net repayments in Q1 2024 were also on MGM China's first revolving credit facility, funded with cash on hand[132] Share Repurchases | Period | Amount Paid for Repurchases (in millions) | | :--- | :--- | | Three Months Ended March 31, 2025 | $489 | | Three Months Ended March 31, 2024 | $507 | - The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $337 million as of March 31, 2025[133] - In April 2025, the Board of Directors authorized a new $2.0 billion stock repurchase plan[133] Other Factors Affecting Liquidity and Anticipated Uses of Cash - MGM China entered into a new HK$23.4 billion senior unsecured revolving credit facility in April 2025, maturing in April 2030, replacing previous facilities[137] - Expected cash interest payments over the next twelve months are approximately $360 million to $380 million on a consolidated basis[138] - Annual cash rent payments of $1.8 billion are required over the next twelve months under triple net lease agreements, subject to annual escalators and other costs[139] - Planned capital expenditures for the remainder of 2025 are approximately $870 million to $970 million consolidated, including $175 million to $225 million for MGM China[140] - The Company is exploring potential development opportunities, including expanding global online gaming and pursuing a commercial gaming facility in New York (estimated project cost of approximately $2 billion)[141] - An estimated 392 billion yen (approximately $2.6 billion) remains to be funded for the Osaka IR KK integrated resort development over the next four years[141] - MGM China recommended a final dividend for 2024, with the Company expecting to receive approximately $69 million in June 2025 if approved[142] Critical Accounting Policies and Estimates - There have been no significant changes in critical accounting policies and estimates since the fiscal year ended December 31, 2024[143] Market Risk - The Company is subject to interest rate risk associated with its variable rate long-term debt, which represented approximately 8% of total borrowings as of March 31, 2025[145][146] | Debt Type | Total (in millions) | Fair Value March 31, 2025 (in millions) | Average Interest Rate | | :--- | :--- | :--- | :--- | | Fixed-rate | $5,926 | $5,850 | 5.6% | | Variable rate | $527 | $527 | 5.5% | Cautionary Statement Concerning Forward-Looking Statements - The report contains forward-looking statements that are subject to inherent uncertainties, risks, and changes in circumstances that could cause actual results to differ materially from those contemplated[147][148] - Important factors that could cause actual results to differ include substantial indebtedness, economic and market conditions, significant competition, cybersecurity incidents, and risks associated with future construction, development, or expansion projects[148][149][155] - The Company undertakes no obligation to publicly update any forward-looking statement, except as may be required by law[150] Item 3. Quantitative and Qualitative Disclosures About Market Risk Incorporates market risk disclosures from MD&A, specifically addressing interest rate risk - The information regarding market risk is incorporated by reference from the 'Market Risk' section within Part I, Item 2 of this Form 10-Q[152] Item 4. Controls and Procedures CEO and CFO concluded disclosure controls were effective as of March 31, 2025, with no material changes in internal control - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[153] - There were no changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting during the quarter ended March 31, 2025[154] PART II. OTHER INFORMATION Item 1. Legal Proceedings Refers to Note 7 for detailed discussion of legal proceedings, including cybersecurity litigation - Legal proceedings are discussed in Note 7 – Commitments and Contingencies in the accompanying consolidated financial statements[156] Item 1A. Risk Factors States no material changes to risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K[157] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Details Q1 2025 common stock repurchases and a new $2.0 billion repurchase plan authorized in April 2025 | Period | Total Number of Shares Purchased | Average Price Paid per Share | Dollar Value of Shares that May Yet be Purchased Under the Program (in thousands) | | :--- | :--- | :--- | :--- | | January 1, 2025 — January 31, 2025 | 5,998,189 | $33.40 | $615,524 | | February 1, 2025 — February 28, 2025 | 2,750,644 | $35.07 | $519,058 | | March 1, 2025 — March 31, 2025 | 6,204,770 | $31.71 | $322,304 | - All shares repurchased during the quarter ended March 31, 2025, were purchased pursuant to publicly announced stock repurchase plans and have been retired[159] - In April 2025, the Board of Directors authorized a new $2.0 billion stock repurchase plan[159] Item 5. Other Information Confirms no directors or officers adopted, terminated, or modified trading arrangements in Q1 2025 - None of the Company's directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[160] Item 6. Exhibits Lists all exhibits filed with the Form 10-Q, including subsidiary guarantors, CEO/CFO certifications, and Inline XBRL documents - Exhibits include Subsidiary Guarantors, Certifications of Chief Executive Officer and Chief Financial Officer, and various Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents)[162] SIGNATURES - The report was signed on April 30, 2025, by William J. Hornbuckle, Chief Executive Officer and President, and Jonathan S. Halkyard, Chief Financial Officer and Treasurer[165]