Warrior Met Coal(HCC) - 2025 Q2 - Quarterly Report

Forward-Looking Statements This section outlines the inherent risks and uncertainties associated with forward-looking statements in the report - The report contains forward-looking statements, identified by specific terms, which are inherently subject to risks and uncertainties[8] - Key risks encompass global pandemics, inflation, tariffs, customer relations, rising costs, labor issues, competition, litigation, cybersecurity threats, and various operational and regulatory challenges[8][11] Part I. Financial Information This part presents the company's unaudited condensed financial statements and management's discussion and analysis of financial performance Item 1. Financial Statements This section provides the unaudited condensed financial statements and detailed notes for Warrior Met Coal, Inc Condensed Statements of Operations This section presents the company's unaudited condensed statements of operations for the specified periods Condensed Statements of Operations (in thousands, except per-share amounts) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Total Revenues | $297,523 | $396,524 | $597,466 | $900,036 | | Total Costs and Expenses | $289,800 | $325,620 | $607,127 | $680,055 | | Operating Income (Loss) | $7,723 | $70,904 | $(9,661) | $219,982 | | Net Income (Loss) | $5,606 | $70,711 | $(2,562) | $207,700 | | Basic Net Income (Loss) per Share | $0.11 | $1.35 | $(0.05) | $3.98 | | Diluted Net Income (Loss) per Share | $0.11 | $1.35 | $(0.05) | $3.97 | | Dividends per Share | $0.08 | $0.08 | $0.16 | $0.66 | Condensed Balance Sheets This section presents the company's unaudited condensed balance sheets as of June 30, 2025, and December 31, 2024 Condensed Balance Sheets (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :-------------------------- | :-------------------------- | :---------------- | | Total Current Assets | $852,745 | $887,062 | | Total Assets | $2,645,402 | $2,591,516 | | Total Current Liabilities | $185,627 | $170,430 | | Total Liabilities | $565,117 | $500,699 | | Total Stockholders' Equity | $2,080,285 | $2,090,817 | Condensed Statements of Cash Flows This section presents the company's unaudited condensed statements of cash flows for the specified periods Condensed Statements of Cash Flows (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net Cash Provided by Operating Activities | $48,463 | $251,033 | | Net Cash Used in Investing Activities | $(172,097) | $(223,309) | | Net Cash Provided by (Used in) Financing Activities | $15,490 | $(56,898) | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | $(108,144) | $(29,174) | | Cash, Cash Equivalents and Restricted Cash at End of Period | $390,988 | $709,023 | Condensed Statements of Changes in Stockholders' Equity This section presents the company's unaudited condensed statements of changes in stockholders' equity Condensed Statements of Changes in Stockholders' Equity (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Common Stock, End of Period | $548 | $545 | $548 | $545 | | Additional Paid in Capital, End of Period | $290,677 | $281,801 | $290,677 | $281,801 | | Retained Earnings, End of Period | $1,839,636 | $1,816,617 | $1,839,636 | $1,816,617 | | Total Stockholders' Equity, End of Period | $2,080,285 | $2,048,387 | $2,080,285 | $2,048,387 | Notes to Condensed Financial Statements This section provides detailed explanations of the company's accounting policies and specific financial line items Note 1. Business and Basis of Presentation This note describes Warrior Met Coal's business as a steelmaking coal supplier and the basis of financial statement presentation - Warrior Met Coal is a U.S.-based, low-cost producer and exporter of premium quality steelmaking coal (HCC) from Alabama, primarily serving Europe, South America, and Asia[23][80] - Ancillary revenues are generated from natural gas extracted as a byproduct and royalty revenues from leased properties[23][71] - The Collective Bargaining Agreement with the labor union expired on April 1, 2021, with negotiations for a new contract ongoing[25][89] Note 2. Summary of Significant Accounting Policies This note outlines the company's significant accounting policies, including revenue recognition and estimates - Significant accounting policies remain consistent with the 2024 Annual Report[26] - Financial statements rely on management estimates and assumptions, which may differ from actual results[27] - Revenue is recognized upon transfer of control of goods to customers, with pricing for average pricing contracts based on estimated consideration[33] - The company maintains trade credit insurance on most customers, historically recognizing no material credit losses[35][36] Note 3. Inventories, net This note provides a breakdown of the company's net inventories, including coal and raw materials Inventories, net (in thousands) | Inventory Type | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Coal | $105,972 | $118,504 | | Raw materials, parts, supplies and other, net | $108,943 | $89,086 | | Total inventories, net | $214,915 | $207,590 | Note 4. Income Taxes This note details income tax expenses and benefits, including the impact of the new One, Big, Beautiful Bill Act (OBBBA) Income Tax Expense (Benefit) (in thousands) | Period | 2025 | 2024 | | :--------------------- | :--------------- | :--------------- | | 3 Months Ended June 30 | $4,310 (expense) | $8,519 (expense) | | 6 Months Ended June 30 | $(1,720) (benefit) | $27,641 (expense) | - The One, Big, Beautiful Bill Act (OBBBA), enacted July 4, 2025, updates the IRC Section 250 Deduction to FDDEI, reducing the statutory tax rate to 14% for such income, effective after December 31, 2025[40][121][134] - OBBBA also classifies metallurgical coal as a critical mineral eligible for a 2.5% advanced manufacturing production tax credit (45X Credit) through 2029 and temporarily decreases the royalty rate for coal leases on federal lands to not more than 7% through 2034[40][88] Note 5. Debt This note outlines the company's debt structure, primarily Senior Secured Notes and the ABL Facility Debt Summary (in thousands) | Debt Type | June 30, 2025 | December 31, 2024 | Interest Rate | Final Maturity | | :------------------- | :------------ | :---------------- | :------------ | :------------- | | Senior Secured Notes | $156,517 | $156,517 | 7.875% | December 2028 | | ABL Borrowings | $— | $— | Varies | December 2026 | | Debt discount | $(2,592) | $(2,905) | | | | Total debt | $153,925 | $153,612 | | | - The company has paid down $193.5 million in principal on the Senior Secured Notes since inception[42][164] - As of June 30, 2025, there were no outstanding loans under the ABL Facility, with $2.5 million in letters of credit issued and $113.5 million of availability[46][159] Note 6. Leases This note details the company's lease arrangements, including finance lease assets and liabilities Lease Information (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :------------ | :---------------- | | Finance lease right-of-use assets, net | $128,787 | $56,702 | | Total finance lease liabilities | $81,780 | $19,425 | | Weighted average remaining lease term (months) | 76.9 | 17.9 | | Weighted average discount rate | 7.24% | 7.25% | Lease Expense (in thousands) | Lease Cost Type | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $6,233 | $8,206 | $12,679 | $20,812 | | Amortization of leased assets | $5,733 | $5,775 | $11,457 | $11,533 | | Interest on lease liabilities | $1,858 | $2,322 | $3,167 | $2,673 | | Net lease cost | $13,824 | $16,303 | $27,303 | $35,018 | Note 7. Net Income (Loss) per Share This note details the calculation of basic and diluted net income (loss) per share for the specified periods Net Income (Loss) per Share (in thousands, except per share data) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $5,606 | $70,711 | $(2,562) | $207,700 | | Basic EPS | $0.11 | $1.35 | $(0.05) | $3.98 | | Diluted EPS | $0.11 | $1.35 | $(0.05) | $3.97 | Note 8. Commitments and Contingencies This note covers environmental accruals, litigation, transportation agreements, and coal royalty expenses - The company accrues for environmental expenses related to mine reclamation but had no other environmental or litigation accruals as of June 30, 2025[53][54] - Transportation and throughput agreements include annual minimum tonnage guarantees, but no liability was recorded as of June 30, 2025[55] Coal Royalty Expenses (in millions) | Period | 2025 | 2024 | | :--------------------- | :---- | :---- | | 3 Months Ended June 30 | $18.9 | $33.2 | | 6 Months Ended June 30 | $41.2 | $76.1 | Note 9. Stockholders' Equity This note details authorized shares, stock repurchase programs, and dividend declarations - The company has $59.4 million remaining authorized for share repurchases under the New Stock Repurchase Program[61] - The regular quarterly cash dividend was increased to $0.08 per share in February 2024[62][156] - A special cash dividend of $0.50 per share was declared and paid in February/March 2024[62][158] Note 10. Derivative Instruments This note describes the company's use of natural gas swap contracts to hedge price exposure - The company uses natural gas swap contracts to hedge price exposure, with 2,750,000 MMBtu contracts outstanding as of June 30, 2025, a decrease from 5,500,000 MMBtu at December 31, 2024[64][175] Natural Gas Swap Contract Gains/Losses (in millions) | Period | Realized Loss (2025) | Unrealized Gain (2025) | Unrealized Loss (2025) | | :--------------------- | :------------------- | :--------------------- | :--------------------- | | 3 Months Ended June 30 | $(0.4) | $1.8 | N/A | | 6 Months Ended June 30 | $(0.9) | N/A | $(0.4) | Note 11. Fair Value of Financial Instruments This note presents the fair value measurements of financial liabilities, including natural gas swap contracts and Senior Secured Notes Fair Value Measurements of Natural Gas Swap Contracts (in thousands) | Date | Level 2 | Total | | :-------------- | :------ | :---- | | June 30, 2025 | $1,356 | $1,356 | | December 31, 2024 | $1,835 | $1,835 | - The estimated fair value of the Senior Secured Notes was approximately $158.9 million as of June 30, 2025, based on Level 2 observable market data[70] Note 12. Segment Information This note details the company's operating segments, now including Blue Creek, aggregated into a single Mining segment - The company now has three operating segments: Mine No. 4, Mine No. 7, and the Blue Creek mine, aggregated into one reportable segment called "Mining"[72][90][91] - Natural gas and royalty businesses are reported under an "All Other" category, as they do not meet the criteria for reportable segments[73][92] - The Chief Executive Officer (CODM) measures financial performance and allocates resources based on Segment Adjusted EBITDA[72][95] Segment Revenues (in thousands) | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Mining | $288,491 | $390,424 | $583,424 | $888,423 | | All other | $9,032 | $6,099 | $14,042 | $11,613 | | Total revenues | $297,523 | $396,524 | $597,466 | $900,036 | Segment Profit (in thousands) | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Segment profit | $62,079 | $129,120 | $111,277 | $341,531 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides a detailed narrative of the company's financial condition and operational results for the specified periods Overview This overview describes Warrior Met Coal's business as a premium steelmaking coal producer and market dynamics - As of December 31, 2024, Mine No. 4 and Mine No. 7 had approximately 82.4 million metric tons of recoverable reserves, with the undeveloped Blue Creek mine containing 69.0 million metric tons[81] - The company's high-quality coal is ideally suited as coking coal for steel manufacturing due to its low sulfur and low-to-medium ash content[81] - Demand for the company's coal is highly correlated to the global steelmaking industry, influenced by cyclicality, technology, and substitutes[82] Update on the Development of Blue Creek This section provides an update on the Blue Creek mine development, including increased capacity and production milestones - Blue Creek mine's nameplate capacity increased by 25% to 5.4 million metric tons, boosting overall company capacity by 75% to 12.7 million metric tons per year[83] - The Blue Creek project is ahead of schedule, with longwall startup anticipated in early Q1 2026[84] - First commercial sales of 217 thousand metric tons from Blue Creek occurred in Q2 2025, ahead of schedule[85] Blue Creek Production and Investment | Metric | 2025 (Expected) | 2026 (Expected) | 2027 (Expected) | To Date (Investment) | Total Project Cost (Estimate) | | :------------------------- | :-------------- | :-------------- | :-------------- | :------------------- | :---------------------------- | | Production (k metric tons) | 900 | 3,600 | 4,400 | N/A | N/A | | Investment (millions) | $225-$250 | N/A | N/A | $823.5 | $995-$1,075 | Recent Developments This section covers recent market conditions, including coal prices, and the impact of the One, Big, Beautiful Bill Act (OBBBA) - Premium low-vol index prices declined 24% YoY in Q2 2025, averaging $184.22 per metric ton, due to weak steel demand and economic slowdown[86] - The Platts Index price for premium LV coal was $182.00 per metric ton as of July 14, 2025, expected to remain between $182.00 and $195.00 for the rest of the year[86] - The OBBBA introduces a permanent 33.34% deduction for FDDEI (reducing tax rate to 14%), a 2.5% 45X Credit for metallurgical coal, and temporarily decreases federal coal lease royalty rates to not more than 7% through 2034[88] Collective Bargaining Agreement This section notes the expiration of the Collective Bargaining Agreement and ongoing negotiations - The Collective Bargaining Agreement expired on April 1, 2021, with negotiations for a new contract ongoing[89] How We Evaluate Our Operations This section describes the company's operating segments and key metrics used for performance evaluation - The company's operating segments now include Mine No. 4, Mine No. 7, and the Blue Creek mine, aggregated into a single "Mining" reportable segment[90][91] - Key performance metrics include Segment Adjusted EBITDA, sales volumes, average net selling price, cash cost of sales, and Adjusted EBITDA[93] Key Operating Metrics | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Segment Adjusted EBITDA | $62,079 | $129,120 | $111,277 | $341,531 | | Metric tons sold (thousands) | 2,013 | 1,904 | 3,983 | 3,835 | | Metric tons produced (thousands) | 2,094 | 1,970 | 4,139 | 3,831 | | Average net selling price per metric ton | $143.31 | $205.05 | $146.48 | $231.66 | | Cash cost of sales per metric ton | $111.53 | $136.39 | $117.63 | $141.82 | | Adjusted EBITDA | $53,568 | $115,943 | $93,056 | $316,140 | Results of Operations This section provides a detailed breakdown of the company's financial performance for the specified periods Three Months Ended June 30, 2025 and 2024 This section analyzes the company's financial performance for the three months ended June 30, 2025, compared to 2024 Key Financials (3 Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :------------------------ | :------- | :------- | :--------- | :--------- | | Total Revenues | $297,523 | $396,524 | $(99,001) | (25.0)% | | Net Income | $5,606 | $70,711 | $(65,105) | (92.1)% | | Sales | $288,491 | $390,424 | $(101,933) | (26.1)% | | Other revenues | $9,032 | $6,099 | $2,933 | 48.1% | | Cost of sales | $226,412 | $261,305 | $(34,893) | (13.4)% | | Depreciation & depletion | $43,255 | $38,150 | $5,105 | 13.4% | | SG&A | $11,923 | $15,492 | $(3,569) | (23.0)% | | Interest expense | $2,890 | $915 | $1,975 | 215.8% | | Interest income | $5,083 | $9,241 | $(4,158) | (45.0)% | Per Unit Metrics (3 Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------ | :------ | :--------- | :--------- | | Metric tons sold (thousands) | 2,013 | 1,904 | 109 | 5.7% | | Metric tons produced (thousands) | 2,094 | 1,970 | 124 | 6.3% | | Average net selling price per metric ton | $143.31 | $205.05 | $(61.74) | (30.1)% | | Cash cost of sales per metric ton | $111.53 | $136.39 | $(24.86) | (18.2)% | - The geographic customer sales volume mix for Q2 2025 was 52% Asia, 37% Europe, and 11% South America, shifting from 41% Asia, 38% Europe, and 21% South America in Q2 2024[112] Six Months Ended June 30, 2025 and 2024 This section analyzes the company's financial performance for the six months ended June 30, 2025, compared to 2024 Key Financials (6 Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :------------------------ | :------- | :------- | :--------- | :--------- | | Total Revenues | $597,466 | $900,036 | $(302,570) | (33.6)% | | Net (Loss) Income | $(2,562) | $207,700 | $(210,262) | (101.2)% | | Sales | $583,424 | $888,423 | $(304,999) | (34.3)% | | Other revenues | $14,042 | $11,613 | $2,429 | 20.9% | | Cost of sales | $472,147 | $546,892 | $(74,745) | (13.7)% | | Depreciation & depletion | $88,532 | $78,173 | $10,359 | 13.2% | | SG&A | $30,365 | $34,352 | $(3,987) | (11.6)% | | Interest expense | $4,997 | $2,036 | $2,961 | 145.4% | | Interest income | $10,376 | $17,395 | $(7,019) | (40.3)% | Per Unit Metrics (6 Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------ | :------ | :--------- | :--------- | | Metric tons sold (thousands) | 3,983 | 3,835 | 148 | 3.9% | | Metric tons produced (thousands) | 4,139 | 3,831 | 308 | 8.0% | | Average net selling price per metric ton | $146.48 | $231.66 | $(85.18) | (36.8)% | | Cash cost of sales per metric ton | $117.63 | $141.82 | $(24.19) | (17.1)% | - The geographic customer sales volume mix for the six months ended June 30, 2025, was 47% Asia, 37% Europe, and 16% South America, compared to 44% Asia, 37% Europe, 18% South America, and 1% United States in the prior year[125] Liquidity and Capital Resources This section discusses the company's liquidity position, cash flows, capital expenditures, and capital allocation policy Total Liquidity (in millions) | Metric | June 30, 2025 | | :-------------------------------------- | :------------ | | Cash and cash equivalents | $383.3 | | Short-term investments (net of collateral) | $38.1 | | Long-term investments | $10.1 | | ABL Facility availability | $113.5 | | Total Liquidity | $545.0 | - Net cash provided by operating activities decreased significantly to $48.5 million for the six months ended June 30, 2025, from $251.0 million in the prior year, primarily due to a net loss and changes in working capital[149][150] - Capital expenditures for Blue Creek development were $107.0 million for the six months ended June 30, 2025, with $823.6 million spent on the project to date[151][168] - The company's Capital Allocation Policy includes a regular quarterly cash dividend of $0.08 per share and allows for special dividends or stock repurchases based on excess cash generation and market conditions[153][154] - The company is responsible for black lung liabilities, appealing a DOL requirement to increase collateral to $28 million (from $39.8 million initially requested), with new rules requiring 100% security for self-insured operators[140][141] - Total capital spending for full year 2025 is expected to range from $315.0 million to $350.0 million, including $225.0 million to $250.0 million for Blue Creek development[169] Critical Accounting Policies This section confirms no material changes to critical accounting estimates as of June 30, 2025 - No material changes to critical accounting estimates as of June 30, 2025, as described in the 2024 Annual Report[172] Off-Balance Sheet Arrangements This section details the company's use of surety bonds and letters of credit for various obligations Off-Balance Sheet Arrangements (as of June 30, 2025, in millions) | Purpose | Amount | | :--------------------------- | :----- | | Post-mining reclamation | $47.0 | | Self-insured black lung related claims | $18.6 | | Miscellaneous purposes | $12.6 | Item 3. Quantitative and Qualitative Disclosures About Market Risk This section discusses the company's exposure to commodity price, credit, interest rate, inflation, and tariff risks Commodity Price Risk This section addresses the company's exposure to price fluctuations in steelmaking coal and natural gas - Steelmaking coal sales are subject to market price fluctuations due to indexed pricing terms in supply contracts[174] - Natural gas swap contracts are used to hedge price exposure, with 2,750,000 MMBtu contracts outstanding as of June 30, 2025[175] - Price risk for production supplies like diesel fuel and steel is managed through strategic sourcing contracts[176] Credit Risk This section outlines the company's credit risk from trade receivables and mitigation strategies - Credit risk is concentrated in trade receivables, mitigated by trade credit insurance, letters of credit, cash collateral, or prepayments[177] - Historically, the company has recognized no material credit losses[177] Interest Rate Risk This section details the company's exposure to interest rate fluctuations on its variable-rate ABL Facility - Senior Secured Notes have a fixed interest rate of 7.875%[178] - The ABL Facility has a variable interest rate based on SOFR or an alternate base rate[179] - A 100-basis point change in interest rates would impact annual interest expense under the ABL Facility by approximately $1.1 million, assuming full utilization[179] Impact of Inflation This section discusses the impact of inflation on production costs and mitigation strategies - Inflationary pressures on production supplies and labor have led to rising costs[180] - Mitigation strategies include earlier purchase orders, short-term contracts, and leveraging supplier relationships[180] Tariff Risks This section addresses potential impacts of new or retaliatory tariffs on the company's operations and demand - Tariffs could result in reduced economic activity, increased operating costs, decreased demand for steelmaking coal, supply chain disruptions, and material pricing changes[181][182] - The company is currently assessing the impact of tariffs on its financial statements and business[182] Item 4. Controls and Procedures Management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2025 - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[183] - No material changes in internal control over financial reporting occurred during the most recently completed fiscal quarter[184] - Management acknowledges that controls provide only reasonable assurance due to inherent limitations and resource constraints[185] Part II. Other Information This part covers legal proceedings, risk factors, equity sales, defaults, mine safety, and other disclosures Item 1. Legal Proceedings This section addresses the company's involvement in ordinary course lawsuits and their potential financial impact - The company is party to lawsuits in the ordinary course of business, accruing costs when a loss is probable and estimable[188] - The company believes the final outcome of current litigation will not have a material adverse effect on its financial statements[188] Item 1A. Risk Factors This section reiterates that no material changes occurred to the risk factors disclosed in the 2024 Annual Report - No material changes to the risk factors disclosed in the 2024 Annual Report[189] - The company's performance can be impacted by numerous factors, and new or currently immaterial risks may become material[189] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports no share repurchases under the New Stock Repurchase Program during Q2 2025 - No shares were repurchased under the New Stock Repurchase Program during the three months ended June 30, 2025[190] - Approximately $59.0 million remains authorized for share repurchases under the New Stock Repurchase Program[190] Item 3. Defaults on Senior Securities This section confirms that the company reported no defaults on senior securities - No defaults on senior securities were reported[192] Item 4. Mine Safety Disclosures This section indicates that mine safety disclosures are provided as Exhibit 95 to the Form 10-Q - Mine safety disclosures are provided in Exhibit 95 of this Form 10-Q[193] Item 5. Other Information This section notes that no directors or officers adopted or terminated Rule 10b5-1 trading plans during Q2 2025 - No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[194] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and certifications - The report includes a list of exhibits, such as corporate governance documents, certifications, and XBRL data[195] Signatures This section confirms the report was signed by Dale W. Boyles, CFO, on August 6, 2025 - The report was signed by Dale W. Boyles, Chief Financial Officer, on August 6, 2025[201]