Simpson(SSD) - 2025 Q1 - Quarterly Report

FORM 10-Q Filing Information Details the quarterly report filing specifics for Simpson Manufacturing Co., Inc. - Filing Type: Quarterly Report (Form 10-Q) for the period ended March 31, 2025[2] - Registrant: Simpson Manufacturing Co., Inc. (Commission file number: 1-13429)[2] Company Filer Status and Shares Outstanding | Metric | Value | | :--- | :--- | | Filer Status | Large accelerated filer | | Common Stock Outstanding (as of May 5, 2025) | 41,827,893 shares | Part I - Financial Information Presents the company's unaudited condensed consolidated financial statements and related disclosures Item 1. Financial Statements Presents unaudited condensed consolidated financial statements, including balance sheets, income, equity, and cash flow statements Condensed Consolidated Balance Sheets Summarizes the company's financial position, detailing assets, liabilities, and stockholders' equity at period-end Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Total Assets | $2,822,956 | $2,736,168 | $2,721,946 | | Total Liabilities | $952,438 | $923,034 | $996,283 | | Total Stockholders' Equity | $1,861,714 | $1,805,348 | $1,725,663 | | Cash and cash equivalents | $150,290 | $239,371 | $369,122 | | Inventories | $618,784 | $593,175 | $555,745 | Condensed Consolidated Statements of Earnings and Comprehensive Income Details the company's financial performance, including net sales, gross profit, operating income, and net income Condensed Consolidated Statements of Earnings and Comprehensive Income (in thousands, except per-share amounts) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net sales | $538,895 | $530,579 | | Gross profit | $252,040 | $244,556 | | Income from operations | $102,319 | $96,098 | | Net income | $77,884 | $75,430 | | Diluted EPS | $1.85 | $1.77 | | Cash dividends declared per common share | $0.28 | $0.27 | Condensed Consolidated Statements of Stockholders' Equity Outlines changes in stockholders' equity, including net income, translation adjustments, dividends, and share repurchases Key Changes in Stockholders' Equity (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income | $77,884 | $75,430 | | Translation adjustment and other, net of tax | $17,836 | $(19,642) | | Cash dividends declared on common stock | $(11,759) | $(11,459) | | Repurchase of common stock | $(25,105) | — | Condensed Consolidated Statements of Cash Flows Presents cash flows from operating, investing, and financing activities, showing changes in cash and equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,563 | $7,938 | | Net cash used in investing activities | $(50,102) | $(39,371) | | Net cash used in financing activities | $(42,832) | $(24,800) | | Net decrease in cash and cash equivalents | $(89,081) | $(60,700) | | Cash and cash equivalents at end of period | $150,290 | $369,122 | - Operating cash flow was impacted by increases in trade accounts receivable ($85.4 million) and inventory ($18.5 million) in Q1 2025[146] - Investing activities primarily funded facility expansion projects and machinery/equipment purchases[147] - Financing activities included $25.0 million in share repurchases and $11.7 million in dividends paid[148] Notes to Condensed Consolidated Financial Statements Provides detailed explanations of accounting policies and specific financial line items within the consolidated statements 1. Basis of Presentation Explains the basis of financial statement preparation, including accounting changes and reclassifications - The Company changed its depreciation method for Machinery and Equipment from accelerated to straight-line, effective January 1, 2025[22] Impact of Depreciation Method Change (Q1 2025) | Metric | Impact | | :--- | :--- | | Reduction in depreciation expense | $1.9 million | | Estimated increase in net income | $1.4 million | | Estimated increase in basic/diluted EPS | $0.03 | - Certain costs were reallocated from 'Research and development and engineering expense' and 'Selling expense' to 'General and administrative expense' in Q1 2025, impacting comparability but not total operating expenses[20] - The Company adopted ASU 2023-07 (interim segment disclosure) retrospectively for Q1 2025, with no impact on consolidated financial statements[47] 2. Revenue from Contracts with Customers Details revenue recognition policies, including transfer of control and contract liabilities by product group - Revenue is recognized when control of a product is transferred to a customer, typically at the shipping point (Incoterm C.P.T.)[39] Net Sales by Product Group (Q1 2025 vs Q1 2024) | Product Group | Q1 2025 (% of total net sales) | Q1 2024 (% of total net sales) | | :--- | :--- | :--- | | Wood Construction Products | 85.3% | 85.1% | | Concrete Construction Products | 14.4% | 14.8% | Contract Liabilities (in millions) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Contract liability | $7.2 | Immaterial | | Revenue recognized from contract liability (Q1 2025) | $3.0 | N/A | 3. Net Income per Share Presents the calculation of basic and diluted net income per share, including weighted-average shares outstanding Net Income Per Share (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income available to common stockholders | $77,884 | $75,430 | | Basic weighted-average shares outstanding | 41,846 | 42,386 | | Diluted weighted-average shares outstanding | 42,010 | 42,630 | | Basic EPS | $1.86 | $1.78 | | Diluted EPS | $1.85 | $1.77 | 4. Stock-Based Compensation Details stock-based compensation expense, RSU/PSU grants, and unamortized compensation expense Stock-Based Compensation Expense (in millions) | Period | Stock-Based Compensation Expense | | :--- | :--- | | Three Months Ended March 31, 2025 | $6.5 | | Three Months Ended March 31, 2024 | $5.3 | - The Company granted 110 thousand RSUs and PSUs in Q1 2025 at an estimated weighted average fair value of $166.60 per share[62] - Unamortized stock compensation expense as of March 31, 2025, was $37.5 million, with a weighted-average recognition period of 2.5 years[63] 5. Trade Accounts Receivable, net Provides a breakdown of trade accounts receivable, net of allowances for credit losses and sales discounts Trade Accounts Receivable, net (in thousands) | Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Trade accounts receivable | $381,725 | $291,480 | $350,622 | | Allowance for credit losses | $(3,179) | $(2,998) | $(2,927) | | Allowance for sales discounts and returns | $(5,348) | $(4,090) | $(4,281) | | Trade accounts receivable, net | $373,198 | $284,392 | $343,414 | 6. Inventories Details the composition of inventories, including raw materials, in-process, and finished products Inventories (in thousands) | Component | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Raw materials | $206,466 | $207,818 | $165,152 | | In-process products | $60,059 | $57,627 | $57,058 | | Finished products | $352,259 | $327,730 | $333,535 | | Total Inventories | $618,784 | $593,175 | $555,745 | 7. Derivative Instruments Explains the use of derivative instruments to manage foreign currency and interest rate market risks - The Company uses derivatives (forward foreign currency, interest rate swaps, cross-currency swaps) to mitigate market risks, primarily foreign currency and interest rate risk[31][66] Aggregate Notional Amounts of Derivative Instruments (as of March 31, 2025, in millions) | Derivative Type | Notional Amount | | :--- | :--- | | Interest rate contracts | $382.5 | | Cross currency swap contracts | $401.0 | | EUR forward contract | $321.7 | - The fair value of derivative instruments on the balance sheet as of March 31, 2025, included an asset of $22.9 million and a non-current liability of $20.9 million[69] 8. Property, Plant and Equipment, net Details the composition of property, plant, and equipment, including land, buildings, and capital projects Property, Plant and Equipment, net (in thousands) | Component | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Land | $59,512 | $61,054 | $62,036 | | Buildings and site improvements | $249,000 | $246,138 | $245,240 | | Machinery and equipment | $581,423 | $567,322 | $530,283 | | Capital projects in progress | $196,474 | $162,148 | $76,349 | | Total Property, Plant and Equipment, net | $568,503 | $531,655 | $437,429 | - The Company decided to sell unimproved land in Stockton, California, with a carrying value of approximately $2.4 million, classifying it as held for sale[71] 9. Goodwill and Intangible Assets, net Presents goodwill by segment and the net carrying amount of intangible assets, including amortization Goodwill by Segment (in thousands) | Segment | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | North America | $134,155 | $134,148 | $101,496 | | Europe | $392,273 | $377,049 | $390,026 | | Asia/Pacific | $1,193 | $1,186 | $1,245 | | Total Goodwill | $527,621 | $512,383 | $492,767 | Net Intangible Assets (in thousands) | Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Net Carrying Amount | $381,079 | $375,051 | $352,527 | - Amortization of definite-lived intangible assets was $6.4 million for Q1 2025, with a weighted-average amortization period of 9.4 years[75] 10. Leases Details operating lease balances, related cash flows, weighted-average lease term, and discount rate Operating Lease Balances (in thousands) | Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Operating lease right-of-use assets | $101,701 | $93,933 | $65,933 | | Total operating lease liabilities | $103,704 | $95,599 | $67,429 | Lease-Related Cash Flows (Q1 2025 vs Q1 2024, in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Operating cash flows for operating leases | $6,131 | $4,587 | | Operating ROU assets obtained for new lease liabilities | $24,502 | $2,213 | - The weighted-average remaining lease term is 6.7 years, with a weighted-average discount rate of 5.3% as of March 31, 2025[81] 11. Debt Outlines outstanding debt, including term loan and revolving credit facilities, and compliance with covenants Outstanding Debt (in millions) | Debt Type | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | 5-Year Term Loan Facility | $382.5 | $388.1 | $480.0 | | Revolving Credit Facility (available) | $450.0 | N/A | N/A | - The Company was in compliance with its financial covenants under the Amended and Restated Credit Facility as of March 31, 2025[83] 12. Commitments and Contingencies Discusses environmental liabilities and legal proceedings, assessing their potential financial impact - The Company accrues for environmental liabilities when probable and estimable, and does not expect current matters to have a material adverse effect[85] - The Company is involved in various legal proceedings related to product failures (e.g., corrosion, manufacturing defects) and product information inaccuracies[86] - No current legal proceedings are expected to have a material adverse effect, but resolution of claims is inherently uncertain[161] 13. Segment Information Provides financial data by geographic segment, including net sales, gross margins, and product group contributions - The Company operates in three geographic segments: North America, Europe, and Asia/Pacific, with performance assessed by revenue, gross margins, and operating margins[88][89] Net Sales by Segment (Q1 2025 vs Q1 2024, in thousands) | Segment | Q1 2025 Net Sales | Q1 2024 Net Sales | % of Total 2025 Sales | % of Total 2024 Sales | | :--- | :--- | :--- | :--- | :--- | | North America | $420,699 | $406,749 | 78.1% | 76.7% | | Europe | $113,860 | $119,938 | 21.1% | 22.6% | | Asia/Pacific | $4,336 | $3,892 | 0.8% | 0.7% | | Total | $538,895 | $530,579 | 100.0% | 100.0% | - Wood construction products accounted for 85.3% of total net sales in Q1 2025, and concrete construction products for 14.4%[93] 14. Subsequent Events Reports significant events occurring after the balance sheet date, such as dividend declarations - On May 6, 2025, the Board declared a quarterly cash dividend of $0.29 per share, estimated at $12.1 million, payable July 24, 2025[94] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's discussion of financial condition, operations, outlook, key performance factors, and non-GAAP reconciliations Overview Provides a general description of the company's business, strategic ambitions, and recent growth initiatives - The Company designs, manufactures, and sells building construction products across three segments: North America, Europe, and Asia/Pacific[102] - Key ambitions include strengthening values-based culture, being a partner of choice, innovative leadership, above-market growth relative to U.S. housing starts, and an operating income margin at or above 20%[107] - Significant progress has been made on growth initiatives, including adding $1.0 billion in revenue and $200.0 million in operating profit, realigning sales teams, investing in production/warehouses (e.g., Gallatin, TN facility), and digital solutions[104][107] Non-GAAP Financial Measures Explains the use and definition of non-GAAP financial measures, such as Adjusted EBITDA, for performance evaluation - Adjusted EBITDA is used as a non-GAAP measure to evaluate operating performance, providing insight into operating performance given growth investments and approximating cash flows[109] - Adjusted EBITDA is defined as net income (loss) before income taxes, adjusted for depreciation, amortization, integration/acquisition/restructuring costs, non-qualified deferred compensation adjustments, goodwill impairment, asset disposal gains/losses, interest, and foreign exchange[109] Factors Affecting Our Results of Operations Discusses key external and internal factors influencing financial results, including housing starts, tariffs, and commodity prices - Results are largely dependent on U.S. housing starts, which slightly decreased in the trailing twelve months ending March 31, 2025[110] - New U.S. tariffs announced on April 2, 2025, are expected to primarily impact the North America segment, affecting fastener and anchor sales[112] - The company is exposed to commodity price risk, particularly steel, and while price increases have historically mitigated costs, future success is not guaranteed[156] - Diversification of geographic footprint, product offerings, and market approach is reducing historical sales seasonality[113] Business Segment Information Provides an overview of performance across North America, Europe, and Asia/Pacific segments, highlighting key drivers - North America net sales increased due to 2024 acquisitions and timing of volume discount estimates, partially offset by $1.5 million negative foreign currency translation[115] - Europe net sales decreased 5.1% primarily due to a $4.0 million negative foreign currency translation effect[118] - Europe's long-term potential is supported by ongoing housing shortages and new environmental regulations[118] - The Asia/Pacific segment is not considered significant to the Company's overall performance[119] Business Outlook Presents the fiscal year 2025 business outlook, including consolidated operating margin, tax rate, and capital expenditures Fiscal Year 2025 Business Outlook | Metric | Estimate | | :--- | :--- | | Consolidated Operating Margin | 18.5% to 20.5% | | Effective Tax Rate | 25.5% to 26.5% | | Capital Expenditures | $150.0 million to $170.0 million | - The operating margin range includes a projected benefit of $10.0 million to $12.0 million from the sale of the existing Gallatin, Tennessee facility[121] - Capital expenditures include $75.0 million for the Columbus, Ohio facility expansion and the new Gallatin, Tennessee facility[121] Results of Operations (Q1 2025 vs Q1 2024) Compares the company's financial performance for Q1 2025 against Q1 2024, detailing key consolidated and segment metrics Consolidated Financial Highlights Summarizes key consolidated financial metrics for Q1 2025 versus Q1 2024, including sales, profit, and EPS Consolidated Financial Highlights (Q1 2025 vs Q1 2024, in thousands) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net sales | $538,895 | $530,579 | 1.6% | | Gross profit | $252,040 | $244,556 | 3.1% | | Gross margin | 46.8% | 46.1% | +0.7 pp | | Income from operations | $102,319 | $96,098 | 6.5% | | Net income | $77,884 | $75,430 | 3.3% | | Diluted EPS | $1.85 | $1.77 | 4.5% | | Adjusted EBITDA | $121,769 | $117,282 | 3.8% | - Reorganization of digital solution efforts led to reclassification of $4.0 million in engineering costs from R&D ($2.5M) and selling ($1.5M) to G&A in 2024, impacting comparability of expense categories[125][126][127] - Effective income tax rate increased to 25.5% from 23.4%[128] Net Sales by Segment Details net sales performance for North America, Europe, and Asia/Pacific segments for Q1 2025 versus Q1 2024 Net Sales by Segment (Q1 2025 vs Q1 2024, in thousands) | Segment | Q1 2025 Net Sales | Q1 2024 Net Sales | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | North America | $420,699 | $406,749 | $13,950 | 3.4% | | Europe | $113,860 | $119,938 | $(6,078) | (5.1)% | | Asia/Pacific | $4,336 | $3,892 | $444 | 11.4% | | Total | $538,895 | $530,579 | $8,316 | 1.6% | Gross Profit by Segment Presents gross profit and gross margin performance for each segment for Q1 2025 versus Q1 2024 Gross Profit by Segment (Q1 2025 vs Q1 2024, in thousands) | Segment | Q1 2025 Gross Profit | Q1 2024 Gross Profit | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | North America | $210,292 | $200,537 | $9,755 | 4.9% | | Europe | $40,022 | $43,812 | $(3,790) | (8.7)% | | Asia/Pacific | $1,725 | $676 | $1,049 | * | | Total | $252,040 | $244,556 | $7,484 | 3.1% | Gross Margin by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 Gross Margin | Q1 2024 Gross Margin | | :--- | :--- | :--- | | North America | 50.0% | 49.3% | | Europe | 35.2% | 36.5% | | Asia/Pacific | 39.8% | 17.4% | | Total | 46.8% | 46.1% | - Europe's gross margin decrease was primarily due to higher factory, overhead, labor, and warehouse costs, partly offset by lower material costs[135] North America Segment Performance Analyzes North America segment's net sales, gross margin, operating expenses, and income from operations - North America net sales increased 3.4% due to 2024 acquisitions and timing of volume discount estimates, partially offset by $1.5 million negative foreign currency translation[135] - Gross margin for North America increased to 50.0% from 49.3%[135] - R&D expense decreased 11.5% and G&A expense increased 15.4% due to reclassification of digital solution efforts' engineering costs (totaling $4.0 million in 2024) to G&A[135] - Income from operations for North America increased by $5.3 million[135] Europe Segment Performance Analyzes Europe segment's net sales, gross margin, operating expenses, and income from operations - Europe net sales decreased 5.1% primarily due to a $4.0 million negative foreign currency translation[135] - Gross margin decreased to 35.2% from 36.5% due to higher factory, overhead, labor, and warehouse costs, partly offset by lower material costs[135] - Income from operations increased by $1.0 million, driven by an 8.6% decrease in operating expenses, including variable compensation costs[135] Asia/Pacific Segment Performance Analyzes Asia/Pacific segment's net sales, gross profit, and gross margin performance - Asia/Pacific net sales increased 11.4% to $4.3 million in Q1 2025[129] - Asia/Pacific gross profit significantly increased to $1.7 million in Q1 2025 from $0.7 million in Q1 2024, with gross margin rising to 39.8% from 17.4%[130][131] Reconciliation of Non-GAAP Financial Measures Provides a reconciliation of net income to Adjusted EBITDA, detailing adjustments for non-GAAP reporting Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Income | $77,884 | $75,430 | | Provision for income taxes | $26,596 | $22,988 | | Interest (income) expense, net and other financing costs | $(1,103) | $(351) | | Depreciation and amortization | $19,522 | $19,189 | | Other (includes acquisition/integration, DCP adjustments, FX, asset disposal) | $(1,130) | $26 | | Adjusted EBITDA | $121,769 | $117,282 | - Adjusted EBITDA increased 3.8% primarily due to higher gross profits[129] Effect of New Accounting Standards Discusses the adoption and expected impact of new accounting standards on the company's financial statements - ASU 2023-07 (interim segment disclosure) was adopted retrospectively for Q1 2025, with no impact on consolidated financial statements[47] - ASU 2023-09 (enhanced income tax disclosures) is effective for annual periods after December 15, 2024, with immaterial impact expected[48] - ASU 2024-03 (additional expense disclosures) is effective for annual periods after December 15, 2026, and interim periods after December 15, 2027; potential impacts are being assessed[49] Liquidity and Capital Resources Assesses the company's liquidity, capital needs, and capital allocation strategies, including share repurchases - The Company's capital needs are met through operating cash flows and credit facilities[140] Cash and Credit Facility Status (as of March 31, 2025, in millions) | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $150.3 | | International cash and cash equivalents | $89.5 | | Revolving credit facility (available) | $450.0 | | Term loan facility (outstanding) | $382.5 | - The Company believes its liquidity is sufficient for the next 12 months and beyond[143] - Since early 2022 through May 7, 2025, the Company returned $401.0 million to stockholders via share repurchases (over 1.9 million shares) and dividends[149] Item 3. Quantitative and Qualitative Disclosures about Market Risk Discusses exposure to foreign exchange, interest rate, and commodity price risks, and strategies for mitigation Foreign Exchange Risk Details exposure to foreign exchange risk from international operations and hedging strategies using forward contracts - Foreign exchange risk stems from international operations and purchases from foreign vendors[152] - The Company uses foreign currency forward contracts to hedge transactional risk, specifically for the Euro and Chinese Yuan[153] - A 10% change in exchange rates in any operating country is not expected to materially impact net income[152] Interest Rate Risk Explains interest rate risk from variable-rate debt and the use of interest rate swaps for hedging - Primary interest rate risk is from $382.5 million in variable-rate borrowings under the Credit Agreement as of March 31, 2025[154] - Interest rate swap agreements are used to convert variable interest rates to fixed rates, designated as cash flow hedges, to eliminate payment cash flow variability[155] Commodity Price Risk Discusses commodity price risk, primarily steel, and the company's approach to managing this exposure - The Company is exposed to commodity price risk, primarily related to steel, a significant raw material[156] - Steel prices stabilized in late 2024 but started to rise again in Q1 2025[156] - No derivative or hedging instruments are used to manage steel price risk; mitigation relies on price increases, which may not always be successful[156] Item 4. Controls and Procedures CEO and CFO concluded disclosure controls were effective; no material changes in internal control over financial reporting Disclosure Controls and Procedures Details the effectiveness of disclosure controls and procedures as concluded by the CEO and CFO - CEO and CFO concluded disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2025[157] - Disclosure controls are designed to ensure information required for SEC reports is recorded, processed, summarized, and reported timely[157] - Internal controls provide reasonable, not absolute, assurance and are subject to inherent limitations like faulty judgments, errors, circumvention, or management override[158] Changes in Internal Control over Financial Reporting Reports no material changes in internal control over financial reporting during the quarter - No material changes in internal control over financial reporting were identified during the three months ended March 31, 2025[159] Part II - Other Information Contains additional disclosures not included in the financial statements, such as legal and risk factors Item 1. Legal Proceedings Details routine legal proceedings related to product failures and information inaccuracies, with no material adverse effect anticipated - The Company is involved in various legal proceedings arising in the normal course of business, often related to product failures (e.g., corrosion, manufacturing defects) and product information inaccuracies[160] - No current legal proceedings are expected to have a material adverse effect on the Company's financial condition, cash flows, or results of operations[161] Item 1A. Risk Factors Reports no material changes or new risk factors since the 2024 Annual Report on Form 10-K filing - No material changes or new risk factors have been identified since the 2024 Annual Report on Form 10-K[162] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Details Q1 2025 common stock repurchases and the remaining authorization under the share repurchase program Common Stock Repurchases (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased under Programs | Remaining Value under Programs | | :--- | :--- | :--- | :--- | :--- | | January 1 - January 31, 2025 | — | $— | — | $100,000,000 | | February 1 - February 28, 2025 | 172,897 | $171.06 | 146,640 | $75,000,000 | | March 1 - March 31, 2025 | 56 | $158.43 | — | $75,000,000 | | Total | 172,953 | | | | - On October 23, 2024, the Board authorized a $100.0 million share repurchase program for 2025. As of May 7, 2025, $75.0 million remained available[164] Item 3. Defaults Upon Senior Securities None - No defaults upon senior securities were reported[165] Item 4. Mine Safety Disclosures Not applicable - Mine Safety Disclosures are not applicable to the Company[166] Item 5. Other Information Reports no Rule 10b5-1 or non-Rule 10b5-1 trading arrangement changes by directors or officers in Q1 2025 - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during Q1 2025[167] Item 6. Exhibits Lists exhibits filed with the Form 10-Q, including corporate governance documents and certifications - Exhibits include corporate governance documents (Certificate of Incorporation, Bylaws), CEO/CFO certifications, and XBRL financial data files[169] Signatures Certifies the report's submission, signed by Matt Dunn, Chief Financial Officer, on May 8, 2025 - The report was signed by Matt Dunn, Chief Financial Officer, on May 8, 2025[171]