Custom Truck One Source(CTOS) - 2025 Q2 - Quarterly Report

PART I FINANCIAL INFORMATION This section presents the company's financial statements, notes, management's discussion, market risks, and controls Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements and related notes for the periods ended June 30, 2025, and December 31, 2024 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) This section details the company's financial performance, including revenue, gross profit, operating income, and net income Three Months Ended June 30, 2025 vs. 2024 (in thousands of dollars): | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----- | :----- | :--------- | :--------- | | Total Revenue | 511,483 | 423,013 | 88,470 | 20.9% | | Gross Profit | 102,542 | 89,267 | 13,275 | 14.9% | | Operating Income | 27,931 | 17,674 | 10,257 | 58.0% | | Net Income (Loss) | (28,380) | (24,478) | (3,902) | 15.9% | | Basic EPS | (0.13) | (0.10) | (0.03) | 30.0% | | Diluted EPS | (0.13) | (0.10) | (0.03) | 30.0% | Six Months Ended June 30, 2025 vs. 2024 (in thousands of dollars): | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----- | :----- | :--------- | :--------- | | Total Revenue | 933,715 | 834,320 | 99,395 | 11.9% | | Gross Profit | 188,078 | 179,976 | 8,102 | 4.5% | | Operating Income | 40,336 | 36,044 | 4,292 | 11.9% | | Net Income (Loss) | (46,171) | (38,813) | (7,358) | 19.0% | | Basic EPS | (0.20) | (0.16) | (0.04) | 25.0% | | Diluted EPS | (0.20) | (0.16) | (0.04) | 25.0% | Unaudited Condensed Consolidated Balance Sheets This section details the company's financial position, including assets, liabilities, and equity As of June 30, 2025 vs. December 31, 2024 (in thousands of dollars): | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total Assets | 3,576,924 | 3,501,967 | 74,957 | 2.1% | | Total Current Assets | 1,330,915 | 1,301,452 | 29,463 | 2.3% | | Inventory | 1,089,245 | 1,049,304 | 39,941 | 3.8% | | Rental Equipment, net | 1,055,115 | 1,001,651 | 53,464 | 5.3% | | Total Liabilities | 2,786,797 | 2,640,658 | 146,139 | 5.5% | | Total Current Liabilities | 1,059,640 | 1,000,701 | 58,939 | 5.9% | | Long-term debt, net | 1,589,883 | 1,519,882 | 70,001 | 4.6% | | Total Stockholders' Equity | 790,127 | 861,309 | (71,182) | (8.3)% | Unaudited Condensed Consolidated Statements of Cash Flows This section outlines the company's cash flows from operating, investing, and financing activities Six Months Ended June 30, 2025 vs. 2024 (in thousands of dollars): | Cash Flow Activity | 2025 | 2024 | Change ($) | | :-------------------------------- | :----- | :----- | :--------- | | Net cash flow from operating activities | 181,353 | 23,408 | 157,945 | | Net cash flow for investing activities | (139,807) | (98,688) | (41,119) | | Net cash flow from financing activities | (39,889) | 72,973 | (112,862) | | Net Change in Cash and Cash Equivalents | 1,454 | (2,250) | 3,704 | | Cash and Cash Equivalents at End of Period | 5,259 | 8,059 | (2,800) | Unaudited Condensed Consolidated Statements of Stockholders' Equity This section details changes in stockholders' equity, including net income, repurchases, and share-based payments Changes in Stockholders' Equity (in thousands of dollars): | Metric | Dec 31, 2024 | Mar 31, 2025 | Jun 30, 2025 | | :-------------------------------- | :----------- | :----------- | :----------- | | Total Stockholders' Equity | 861,309 | 813,419 | 790,127 | | Net income (loss) | (586,528) | (17,791) | (28,380) | | Common stock repurchases | (88,229) | (32,575) | (1,798) | | Share-based payments | 1,550,785 | 2,404 | 2,120 | Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures for the financial statements Note 1: Business and Organization Custom Truck One Source, Inc. provides specialty equipment rentals, sales, parts, and services across three segments in North America - The Company is a specialty equipment provider to electric utility, telecommunications, rail, forestry, and waste management industries in North America[20] - The business is managed in three reporting segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS)[20] Note 2: Revenue Total revenue increased, driven by equipment sales and rental revenue, with most revenue from the United States Total Revenue by Geographic Area (in thousands of dollars): | Geographic Area | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | United States | 499,582 | 414,066 | 913,134 | 811,763 | | Canada | 11,901 | 8,947 | 20,581 | 22,557 | | Total Revenue | 511,483 | 423,013 | 933,715 | 834,320 | Total Revenue by Major Product and Service Line (in thousands of dollars): | Product/Service Line | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total rental revenue | 120,814 | 102,997 | 237,075 | 209,168 | | Equipment sales | 356,112 | 285,633 | 629,975 | 558,235 | | Parts and services | 34,557 | 34,383 | 66,665 | 66,917 | | Total revenue | 511,483 | 423,013 | 933,715 | 834,320 | Accounts Receivable, Net (in thousands of dollars): | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Accounts receivable | 206,499 | 233,688 | | Less: allowance for doubtful accounts | (17,505) | (17,815) | | Accounts receivable, net | 188,994 | 215,873 | Note 3: Sales-Type Leases Sales-type lease revenue and gross margin decreased for both the three and six months ended June 30, 2025 Sales-Type Lease Revenue and Gross Margin (in thousands of dollars): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Equipment sales | 984 | 1,554 | 3,145 | 4,572 | | Cost of equipment sales | 949 | 1,229 | 2,788 | 4,051 | | Gross margin | 35 | 325 | 357 | 521 | Note 4: Inventory Total inventory increased to $1,089.2 million as of June 30, 2025, driven by whole goods inventory Inventory Composition (in thousands of dollars): | Inventory Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Whole goods | 958,697 | 913,571 | | Aftermarket parts and services inventory | 130,548 | 135,733 | | Total Inventory | 1,089,245 | 1,049,304 | Note 5: Floor Plan Financing Floor plan payables saw mixed changes, and interest expense decreased for both periods ended June 30, 2025 Floor Plan Payables (in thousands of dollars): | Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Trade floor plan payables | 408,274 | 330,498 | | Non-trade floor plan payables | 381,917 | 470,830 | | Total Floor Plan Payables | 790,191 | 801,328 | Floor Plan Interest Expense (in thousands of dollars): | Period | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Three Months Ended June 30, | 13,800 | 15,400 | | Six Months Ended June 30, | 27,100 | 28,300 | - The Company was in compliance with floor plan financing covenants as of June 30, 2025[37] Note 6: Rental Equipment Net rental equipment increased to $1,055.1 million as of June 30, 2025 Rental Equipment, Net (in thousands of dollars): | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Rental equipment | 1,591,114 | 1,522,710 | | Less: accumulated depreciation | (535,999) | (521,059) | | Rental equipment, net | 1,055,115 | 1,001,651 | Note 7: Long-Term Debt Total debt outstanding increased to $1,630.7 million due to ABL borrowings, with $275.7 million availability Debt Obligations and Interest Rates (in thousands of dollars): | Debt Type | June 30, 2025 | December 31, 2024 | Interest Rate (June 30, 2025) | Interest Rate (Dec 31, 2024) | | :-------------------------- | :------------ | :---------------- | :---------------------------- | :--------------------------- | | ABL Facility | 670,475 | 582,900 | 6.4% | 7.1% | | 2029 Secured Notes | 920,000 | 920,000 | 5.5% | 5.5% | | 2023 Credit Facility | 17,474 | 17,648 | 5.8% | 5.8% | | Other notes payable | 22,753 | 27,102 | 3.1%-7.0% | 3.1%-7.0% | | Total debt outstanding | 1,630,702 | 1,547,650 | | | | Long-term debt, net | 1,589,883 | 1,519,882 | | | - Borrowing availability under the ABL Facility was $275.7 million as of June 30, 2025[47] Note 8: Earnings (Loss) Per Share Basic and diluted net loss per share increased for both the three and six months ended June 30, 2025 Net Income (Loss) Per Share: | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | (0.13) | (0.10) | (0.20) | (0.16) | | Diluted EPS | (0.13) | (0.10) | (0.20) | (0.16) | Note 9: Equity The company has a stock repurchase program with $1.9 million remaining, and repurchased shares in January 2025 - As of June 30, 2025, $1.9 million was available under the stock repurchase program[54] - On January 30, 2025, the Company purchased 8,143,635 shares of common stock from affiliates of ECP for $32.6 million, representing an approximately 23% discount from the market price[56][57] - Approximately 2.8 million 'Minimum and Second Target Earnout Shares' were forfeited on July 31, 2024, as price targets were not met[55] Note 10: Fair Value Measurements Fair values of most financial liabilities approximated carrying values, while 2029 Secured Notes used Level 2 inputs Carrying Value vs. Fair Value of Financial Liabilities (in thousands of dollars): | Liability | June 30, 2025 Carrying Value | June 30, 2025 Fair Value (Level 2) | December 31, 2024 Carrying Value | December 31, 2024 Fair Value (Level 2) | | :-------------------------- | :----------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | ABL Facility | 670,475 | 670,475 | 582,900 | 582,900 | | 2029 Secured Notes | 920,000 | 887,800 | 920,000 | 859,050 | | 2023 Credit Facility | 17,474 | 17,474 | 17,648 | 17,733 | | Other notes payable | 22,753 | 22,753 | 27,102 | 27,102 | Note 11: Income Taxes Income tax expense for the six months ended June 30, 2025, was $9.8 million, with an effective tax rate of (26.9)% - For the six months ended June 30, 2025, income tax expense was $9.8 million, with an effective tax rate of (26.9)%[61] - An adjustment of $17.5 million was recorded to income tax expense in Q2 2025 due to changes in expected taxable income across jurisdictions[61] - The recently signed One Big Beautiful Bill Act (OBBBA) is being evaluated for its potential impact on future financial position, results of operations, and cash flows[62][63] Note 12: Commitments and Contingencies The company is involved in various legal matters and an IRS audit, but management expects no material adverse financial impact - Management believes that no pending litigation, disputes, or claims against the Company would have a material adverse effect on its consolidated financial condition, cash flows, or results of operations[68] - The Company is under IRS audit for federal excise taxes for 2015, with an assessment of $2.4 million, but management does not believe a loss is probable[67] Note 13: Related Parties Related party revenues decreased, while expenses in cost of revenue decreased and operating expenses showed mixed changes Related Party Transactions (in thousands of dollars): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues from related parties | 1,325 | 7,945 | 5,997 | 11,604 | | Expenses in cost of revenue | 5 | 286 | 115 | 752 | | Expenses in operating expenses | 819 | 127 | 1,378 | 1,400 | | Accounts receivable from related parties (June 30, 2025 / Dec 31, 2024) | 343 | N/A | 3,688 | N/A | | Accounts payable to related parties (June 30, 2025 / Dec 31, 2024) | 204 | N/A | 211 | N/A | Note 14: Segments The company manages three segments: ERS, TES, and APS, with performance primarily evaluated based on gross profit Segment Gross Profit (in thousands of dollars): | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | ERS Gross Profit | 46,445 | 39,757 | 90,074 | 79,190 | | TES Gross Profit | 47,092 | 42,395 | 82,102 | 85,555 | | APS Gross Profit | 9,005 | 7,115 | 15,902 | 15,231 | | Total Gross Profit | 102,542 | 89,267 | 188,078 | 179,976 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on financial performance, key metrics, segment results, and liquidity - Total revenue increased by 20.9% for the three months and 11.9% for the six months ended June 30, 2025, driven by strong new equipment sales and higher rental revenue[107] - Net loss increased for both periods primarily due to higher income tax expense[112] Forward-Looking Statements This section outlines the cautionary nature of forward-looking statements and lists various risk factors affecting performance - Forward-looking statements are subject to risks, uncertainties, and assumptions, and readers should not place undue reliance on them[80] - Key risk factors include increases in labor costs, supply chain disruptions, competition, inability to attract and retain key personnel, material disruptions to operations, increases in new equipment costs, macroeconomic conditions, significant indebtedness, and changes in interest rates[82] Financial and Performance Measures This section defines the key financial measures and operating metrics used to evaluate the company's performance - The company generates revenue through renting, selling, assembling, upfitting, and servicing heavy-duty trucks and cranes, as well as selling related parts[86] - Key operating metrics include Ending OEC, Average OEC on rent, Fleet utilization, OEC on rent yield, and Sales order backlog, which are consistent with American Rental Association definitions[96][97][98][99][100] Operating Metrics Operating metrics show increases in OEC and fleet utilization, but a significant decrease in sales order backlog Key Operating Metrics (in thousands of dollars, except percentages): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($/%) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($/%) | | :------------------- | :------------------------------- | :------------------------------- | :------------ | :----------------------------- | :----------------------------- | :------------ | | Ending OEC | 1,560,704 | 1,457,955 | 7.0% | 1,560,704 | 1,457,955 | 7.0% | | Average OEC on rent | 1,207,231 | 1,044,683 | 15.6% | 1,192,333 | 1,055,189 | 13.0% | | Fleet utilization | 77.6% | 71.7% | 5.9% pts | 77.3% | 72.4% | 4.9% pts | | OEC on rent yield | 38.6% | 40.0% | (1.4)% pts | 38.3% | 40.3% | (2.0)% pts | | Sales order backlog | 334,805 | 478,244 | (30.0)% | 334,805 | 478,244 | (30.0)% | Operating Segments The company's ERS and TES segments saw revenue and gross profit increases, while APS had flat revenue but higher gross profit Equipment Rental Solutions (ERS) Segment The ERS segment saw significant revenue increases for both periods, driven by higher rental revenue and equipment sales ERS Segment Performance (in thousands of dollars): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Total Revenue | 170,472 | 138,411 | 32,061 | 23.2% | | Rental revenue | 117,728 | 100,699 | 17,029 | 16.9% | | Equipment sales | 52,744 | 37,712 | 15,032 | 39.9% | | Gross Profit | 46,445 | 39,757 | 6,688 | 16.8% | ERS Segment Performance (in thousands of dollars): | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total Revenue | 324,820 | 274,439 | 50,381 | 18.4% | | Rental revenue | 230,693 | 203,987 | 26,706 | 13.1% | | Equipment sales | 94,127 | 70,452 | 23,675 | 33.6% | | Gross Profit | 90,074 | 79,190 | 10,884 | 13.7% | - Rental revenue increased due to higher fleet utilization (5.9% for Q2, 4.9% for YTD) and higher average OEC on rent[115] Truck and Equipment Sales (TES) Segment The TES segment's equipment sales increased, but gross profit showed mixed results due to pricing pressures and equipment mix TES Segment Performance (in thousands of dollars): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Equipment sales | 303,368 | 247,921 | 55,447 | 22.4% | | Gross Profit | 47,092 | 42,395 | 4,697 | 11.1% | TES Segment Performance (in thousands of dollars): | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Equipment sales | 535,848 | 487,783 | 48,065 | 9.9% | | Gross Profit | 82,102 | 85,555 | (3,453) | (4.0)% | - The decrease in gross profit for the six months was due to pricing pressures on truck sales and the mix of equipment sold[121] Aftermarket Parts and Services (APS) Segment The APS segment's revenue remained flat, but gross profit increased due to higher rental revenue with lower associated costs APS Segment Performance (in thousands of dollars): | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Total Revenue | 37,643 | 36,681 | 962 | 2.6% | | Gross Profit | 9,005 | 7,115 | 1,890 | 26.6% | APS Segment Performance (in thousands of dollars): | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total Revenue | 73,047 | 72,098 | 949 | 1.3% | | Gross Profit | 15,902 | 15,231 | 671 | 4.4% | - The increase in gross profit was primarily driven by the increase in rental revenue, which has lower associated costs[123] Liquidity and Capital Resources Liquidity is supported by operations and credit facilities, with cash increasing and the company in compliance with loan covenants - Principal sources of liquidity include cash generated by operating activities and borrowings under revolving credit facilities[125] - As of June 30, 2025, cash and cash equivalents were $5.3 million, an increase of $1.5 million from December 31, 2024[125][139] - Borrowing availability under the ABL Facility was $275.7 million as of June 30, 2025[125] Loan Covenants and Compliance The company was in compliance with all loan covenants, with the Consolidated Total Debt Ratio allowing for unlimited dividends - As of June 30, 2025, the Company's distribution conditions were satisfied under the ABL Credit Agreement, and the Consolidated Total Debt Ratio was not greater than 5.00 to 1.00 under the Indenture, indicating no restrictions on distributions[126][127] Net Debt and Net Leverage Ratio (in thousands of dollars): | Metric | June 30, 2025 | March 31, 2025 | | :-------------------------- | :------------ | :------------- | | Net Debt | 1,625,443 | 1,612,624 | | LTM Adjusted EBITDA | 349,079 | 335,707 | | Net Leverage Ratio | 4.66 | 4.80 | Historical Cash Flows Operating cash flow significantly increased due to lower inventory production, while investing cash use increased and financing shifted to outflow Summary of Cash Flows (in thousands of dollars): | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash flow from operating activities | 181,353 | 23,408 | | Net cash flow for investing activities | (139,807) | (98,688) | | Net cash flow from financing activities | (39,889) | 72,973 | | Net change in cash and cash equivalents | 1,454 | (2,250) | - The increase in operating cash flow was driven by lower levels of inventory production in 2025 compared to 2024[140] - The increase in cash used in investing activities was primarily due to a $60.1 million increase in purchases of rental equipment[141] - The shift to net cash used in financing activities was due to increased repayments on floorplan liabilities and long-term debt, and lower proceeds from these sources[142] Item 3. Quantitative and Qualitative Disclosures About Market Risk The company faces interest rate risk on variable-rate debt and foreign currency risk from Canadian revenues, with no hedging - The company has $1,460.7 million in variable rate debt, primarily from floor plan financing and the ABL Facility[143] - A one-eighth percentage point change in interest rates would impact annual interest expense by approximately $1.8 million[143] - Canadian dollar revenues of $20.6 million for the six months ended June 30, 2025, expose the company to foreign currency risk, with a 100-basis point change impacting annual revenues by approximately $0.4 million[145] - The company does not currently hedge its interest rate or exchange rate exposures[144][145] Item 4. Controls and Procedures Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Disclosure controls and procedures were effective as of June 30, 2025[146] - No material changes occurred in internal control over financial reporting during the fiscal quarter ended June 30, 2025[147] PART II OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits Item 1. Legal Proceedings The company is involved in various legal matters, but management expects no material adverse impact on its financial condition or operations - Management believes that no pending litigation, disputes, or claims against the Company would have a material adverse effect on its consolidated financial condition, cash flows, or results of operations[149] Item 1A. Risk Factors No material changes occurred to the risk factors previously disclosed in the Annual Report on Form 10-K - No material changes occurred to the risk factors as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[150] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company has a stock repurchase program with $1.9 million remaining, and no shares were repurchased in Q2 2025 - As of June 30, 2025, $1.9 million was available under the stock repurchase program[153] - No shares were purchased under the program during the three months ended June 30, 2025[153] Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during the reporting period - No defaults upon senior securities occurred[154] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable to the registrant[155] Item 5. Other Information No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q2 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[156] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including agreements, certifications, and XBRL documents - Exhibits include various retention bonus letter agreements, restricted stock unit agreements, and certifications from the CEO and CFO[157] - XBRL Instance Document, Taxonomy Extension Schema, Calculation Linkbase, Definition Linkbase, and Label Linkbase Documents are also filed[157] SIGNATURES This section contains the official signatures of the CEO and CFO, certifying the accuracy of the report SIGNATURES The report was signed by Ryan McMonagle (CEO) and Christopher J. Eperjesy (CFO) on July 30, 2025 - The report was signed by Ryan McMonagle, Chief Executive Officer, and Christopher J. Eperjesy, Chief Financial Officer, on July 30, 2025[162]