Exhibit 99.1 VINCE HOLDING CORP. REPORTS SECOND QUARTER 2025 RESULTS Net Sales of $73.2 Million Net Income of $12.1 Million; Adjusted Net Income of $4.9 Million Adjusted EBITDA of $6.7 Million, an increase of $4.0 Million vs. Q2 FY2024 NEW YORK, New York – September 10, 2025 – Vince Holding Corp. (NYSE: VNCE) ("VNCE" or the "Company"), a global contemporary retailer, today reported its financial results for the second quarter ended August 2, 2025. Brendan Hoffman, Chief Executive Officer of VNCE said, "We a ...

[Fiscal 2025 Fourth Quarter and Twelve Months Financial Results Overview](index=1&type=section&id=Fiscal%202025%20Fourth%20Quarter%20and%20Twelve%20Months%20Financial%20Results%20Overview) This section provides an overview of Aviat Networks' financial performance for the fourth quarter and full fiscal year 2025, highlighting key revenue, income, and EBITDA figures [Fourth Quarter Highlights](index=1&type=section&id=Fourth%20Quarter%20Highlights) Aviat Networks reported a strong fiscal 2025 fourth quarter, achieving significant GAAP net income growth and a third consecutive record for quarterly Adjusted EBITDA, despite a slight decrease in total revenue - Grew quarterly GAAP Net Income to **$5.2 million**, an increase of **$3.6 million** or **236%** versus the same period a year ago[9](index=9&type=chunk) - Achieved the third consecutive record for quarterly Adjusted EBITDA with **$15.1 million** at **13.0%** margin[9](index=9&type=chunk) Fiscal 2025 Fourth Quarter Key Financials (in millions) | Metric | GAAP Result | Non-GAAP Result | | :-------------------------- | :---------- | :-------------- | | Total Revenues | $115.3 million | N/A | | Gross Margin | 34.2% | 34.7% | | Operating Expenses | $30.6 million | $27.1 million | | Operating Income | $8.9 million | $12.9 million | | Net Income | $5.2 million | $10.7 million | | Net Income per diluted share | $0.40 | $0.83 | | Adjusted EBITDA | N/A | $15.1 million | | Cash and Cash Equivalents | $59.7 million | N/A | | Net Debt | $27.9 million | N/A | [Full Year Financial Highlights](index=1&type=section&id=Full%20Year%20Financial%20Highlights) For the full fiscal year 2025, Aviat Networks completed its fifth consecutive year of revenue growth, reaching $434.6 million, although GAAP net income and Adjusted EBITDA saw declines compared to the prior year - Completed fifth consecutive fiscal year of revenue growth[9](index=9&type=chunk) Fiscal 2025 Full Year Key Financials (in millions) | Metric | GAAP Result | Non-GAAP Result | | :-------------------------- | :---------- | :-------------- | | Total Revenues | $434.6 million | N/A | | Gross Margin | 32.1% | 32.8% | | Operating Expenses | $128.9 million | $113.5 million | | Operating Income | $10.6 million | $29.0 million | | Net Income | $1.3 million | $21.4 million | | Net Income per diluted share | $0.10 | $1.67 | | Adjusted EBITDA | N/A | $37.1 million | [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) This section provides an in-depth analysis of Aviat Networks' revenues, gross margins, operating expenses, operating income, income taxes, net income, and Adjusted EBITDA for both the fourth quarter and full fiscal year 2025 [Revenues](index=1&type=section&id=Revenues) Total revenues for Q4 FY25 slightly decreased by 1.1% year-over-year, primarily due to a decline in international revenue, offset by growth in North America's private network business. For the full fiscal year 2025, total revenue increased by 6.5%, driven by strong international growth [Fourth Quarter Revenues](index=1&type=section&id=Fourth%20Quarter%20Revenues) Fourth quarter revenues saw a slight overall decrease, with North America showing growth in private networks while international revenues declined due to project timing Fourth Quarter Revenues (in millions) | Metric | FY25 Q4 | FY24 Q4 | Change (Millions) | Change (%) | | :---------------- | :------ | :------ | :---------------- | :--------- | | Total Revenues | $115.3 | $116.7 | $(1.3) | (1.1)% | | North America | $58.0 | $56.2 | $1.8 | 3.2% | | International | $57.3 | $60.5 | $(3.1) | (5.2)% | - North America revenue growth was due to growth in private network business[4](index=4&type=chunk) - International revenue decrease was due to timing of certain mobile network projects[4](index=4&type=chunk) [Twelve Months Revenues](index=1&type=section&id=Twelve%20Months%20Revenues) Full year revenues increased by 6.5%, primarily driven by strong international growth, with North America also contributing to the overall increase Twelve Months Revenues (in millions) | Metric | FY25 | FY24 | Change (Millions) | Change (%) | | :---------------- | :----- | :----- | :---------------- | :--------- | | Total Revenues | $434.6 | $408.1 | $26.5 | 6.5% | | North America | $207.6 | $206.1 | $1.5 | 0.7% | | International | $227.0 | $202.0 | $25.0 | 12.4% | [Gross Margins](index=1&type=section&id=Gross%20Margins) Both GAAP and non-GAAP gross margins decreased in Q4 FY25 and for the full fiscal year 2025 compared to the prior year, primarily due to fluctuations in project and regional customer mix [Fourth Quarter Gross Margins](index=1&type=section&id=Fourth%20Quarter%20Gross%20Margins) Fourth quarter GAAP and non-GAAP gross margins both declined, influenced by changes in project and regional customer mix Fourth Quarter Gross Margins | Metric | FY25 Q4 | FY24 Q4 | Change (bps) | | :---------------- | :------ | :------ | :----------- | | GAAP Gross Margin | 34.2% | 35.3% | (110) | | Non-GAAP Gross Margin | 34.7% | 35.9% | (120) | - Gross margin fluctuations were driven by project and regional customer mix[6](index=6&type=chunk) [Twelve Months Gross Margins](index=1&type=section&id=Twelve%20Months%20Gross%20Margins) Full year GAAP and non-GAAP gross margins both decreased compared to the prior fiscal year Twelve Months Gross Margins | Metric | FY25 | FY24 | | :---------------- | :----- | :----- | | GAAP Gross Margin | 32.1% | 35.5% | | Non-GAAP Gross Margin | 32.8% | 36.4% | [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total GAAP and non-GAAP operating expenses decreased significantly in Q4 FY25, reflecting a 14.3% and 13.2% reduction respectively. However, for the full fiscal year 2025, both GAAP and non-GAAP operating expenses increased by 2.8% and 7.7% respectively [Fourth Quarter Operating Expenses](index=2&type=section&id=Fourth%20Quarter%20Operating%20Expenses) Fourth quarter GAAP and non-GAAP operating expenses both saw significant year-over-year decreases Fourth Quarter Operating Expenses (in millions) | Metric | FY25 Q4 | FY24 Q4 | Change (Millions) | Change (%) | | :----------------------- | :------ | :------ | :---------------- | :--------- | | GAAP Operating Expenses | $30.6 | $35.7 | $(5.1) | (14.3)% | | Non-GAAP Operating Expenses | $27.1 | $31.3 | $(4.1) | (13.2)% | [Twelve Months Operating Expenses](index=2&type=section&id=Twelve%20Months%20Operating%20Expenses) Full year GAAP and non-GAAP operating expenses increased compared to the prior fiscal year Twelve Months Operating Expenses (in millions) | Metric | FY25 | FY24 | Change (Millions) | Change (%) | | :----------------------- | :----- | :----- | :---------------- | :--------- | | GAAP Operating Expenses | $128.9 | $125.3 | $3.5 | 2.8% | | Non-GAAP Operating Expenses | $113.5 | $105.4 | $8.1 | 7.7% | [Operating Income](index=2&type=section&id=Operating%20Income) Aviat Networks saw a substantial increase in operating income for Q4 FY25, with GAAP operating income up 62.8% and non-GAAP up 21.9%. Conversely, for the full fiscal year 2025, operating income decreased significantly, primarily due to merger and acquisition related expenses [Fourth Quarter Operating Income](index=2&type=section&id=Fourth%20Quarter%20Operating%20Income) Fourth quarter GAAP and non-GAAP operating income both increased significantly year-over-year Fourth Quarter Operating Income (in millions) | Metric | FY25 Q4 | FY24 Q4 | Change (Millions) | Change (%) | | :------------------- | :------ | :------ | :---------------- | :--------- | | GAAP Operating Income | $8.9 | $5.5 | $3.4 | 62.8% | | Non-GAAP Operating Income | $12.9 | $10.6 | $2.3 | 21.9% | [Twelve Months Operating Income](index=2&type=section&id=Twelve%20Months%20Operating%20Income) Full year GAAP and non-GAAP operating income decreased substantially, primarily due to merger and acquisition related expenses Twelve Months Operating Income (in millions) | Metric | FY25 | FY24 | Change (Millions) | Change (%) | | :------------------- | :----- | :----- | :---------------- | :--------- | | GAAP Operating Income | $10.6 | $19.4 | $(8.8) | (45.5)% | | Non-GAAP Operating Income | $29.0 | $43.1 | $(14.1) | (32.7)% | - Operating income decreased primarily due to merger and acquisition related expenses[13](index=13&type=chunk) [Income Taxes](index=2&type=section&id=Income%20Taxes) GAAP income tax expense increased in Q4 FY25 compared to the prior year, while for the full fiscal year 2025, it decreased significantly [Fourth Quarter Income Taxes](index=2&type=section&id=Fourth%20Quarter%20Income%20Taxes) Fourth quarter GAAP income tax expense increased year-over-year Fourth Quarter Income Tax Expense (in millions) | Metric | FY25 Q4 | FY24 Q4 | | :------------------- | :------ | :------ | | GAAP Income Tax Expense | $5.0 | $3.1 | [Twelve Months Income Taxes](index=2&type=section&id=Twelve%20Months%20Income%20Taxes) Full year GAAP income tax expense decreased significantly compared to the prior fiscal year Twelve Months Income Tax Expense (in millions) | Metric | FY25 | FY24 | | :------------------- | :----- | :----- | | GAAP Income Tax Expense | $2.2 | $6.1 | [Net Income / Net Income Per Share](index=2&type=section&id=Net%20Income%20%2F%20Net%20Income%20Per%20Share) Aviat Networks reported a substantial increase in GAAP net income and EPS for Q4 FY25, alongside growth in non-GAAP net income and EPS. However, for the full fiscal year 2025, both GAAP and non-GAAP net income and EPS saw significant declines compared to the prior year [Fourth Quarter Net Income / Net Income Per Share](index=2&type=section&id=Fourth%20Quarter%20Net%20Income%20%2F%20Net%20Income%20Per%20Share) Fourth quarter GAAP and non-GAAP net income and diluted EPS all increased significantly year-over-year Fourth Quarter Net Income / EPS | Metric | FY25 Q4 | FY24 Q4 | | :----------------------- | :------ | :------ | | GAAP Net Income (Millions) | $5.2 | $1.5 | | GAAP Diluted EPS | $0.40 | $0.12 | | Non-GAAP Net Income (Millions) | $10.7 | $9.2 | | Non-GAAP Diluted EPS | $0.83 | $0.72 | [Twelve Months Net Income / Net Income Per Share](index=2&type=section&id=Twelve%20Months%20Net%20Income%20%2F%20Net%20Income%20Per%20Share) Full year GAAP and non-GAAP net income and diluted EPS decreased substantially compared to the prior fiscal year Twelve Months Net Income / EPS | Metric | FY25 | FY24 | | :----------------------- | :----- | :----- | | GAAP Net Income (Millions) | $1.3 | $10.8 | | GAAP Diluted EPS | $0.10 | $0.86 | | Non-GAAP Net Income (Millions) | $21.4 | $39.2 | | Non-GAAP Diluted EPS | $1.67 | $3.15 | [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA increased significantly in Q4 FY25, reaching a record high, but decreased for the full fiscal year 2025 compared to the prior year [Fourth Quarter Adjusted EBITDA](index=2&type=section&id=Fourth%20Quarter%20Adjusted%20EBITDA) Fourth quarter Adjusted EBITDA increased significantly year-over-year, setting a new quarterly record Fourth Quarter Adjusted EBITDA (in millions) | Metric | FY25 Q4 | FY24 Q4 | | :-------------- | :------ | :------ | | Adjusted EBITDA | $15.1 | $11.9 | [Twelve Months Adjusted EBITDA](index=2&type=section&id=Twelve%20Months%20Adjusted%20EBITDA) Full year Adjusted EBITDA decreased compared to the prior fiscal year Twelve Months Adjusted EBITDA (in millions) | Metric | FY25 | FY24 | | :-------------- | :----- | :----- | | Adjusted EBITDA | $37.1 | $48.1 | [Balance Sheet Highlights](index=2&type=section&id=Balance%20Sheet%20Highlights) This section summarizes key balance sheet figures, including cash and cash equivalents and total debt, as of the end of fiscal year 2025 [Balance Sheet Summary](index=2&type=section&id=Balance%20Sheet%20Summary) As of June 27, 2025, Aviat Networks reported an increase in cash and cash equivalents compared to the previous quarter, with total debt standing at $87.6 million Balance Sheet Highlights (in millions) | Metric | As of June 27, 2025 | As of March 28, 2025 | | :---------------------- | :------------------ | :------------------- | | Cash and Cash Equivalents | $59.7 | $49.4 | | Total Debt | $87.6 | N/A | [Fiscal 2026 Full Year Guidance](index=2&type=section&id=Fiscal%202026%20Full%20Year%20Guidance) This section provides Aviat Networks' financial outlook and projections for the full fiscal year 2026 [FY26 Guidance Overview](index=2&type=section&id=FY26%20Guidance%20Overview) Aviat Networks provided its full-year guidance for fiscal 2026, projecting revenue between $440 million and $460 million, and Adjusted EBITDA between $45.0 million and $55.0 million Fiscal 2026 Full Year Guidance (in millions) | Metric | Guidance Range | | :---------------- | :------------- | | Full year Revenue | $440 - $460 | | Full year Adjusted EBITDA | $45.0 - $55.0 | [Corporate Information & Events](index=2&type=section&id=Corporate%20Information%20%26%20Events) This section details corporate communications, upcoming investor engagements, company background, and investor relations contact information [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) Aviat Networks hosted a conference call to discuss its financial results, with key executives participating and providing access details for investors - Aviat Networks hosted a conference call on September 10, 2025, at 4:15 p.m. ET to discuss its fiscal 2025 fourth quarter financial results[19](index=19&type=chunk) - Participating on the call were Peter Smith (President and CEO), Michael Connaway (Sr. Vice President and CFO), and Andrew Fredrickson (Vice President, Corporate Finance and Interim CFO)[19](index=19&type=chunk) - Interested parties could access the call live via webcast through Aviat Network's Investor Relations website or participate via telephone by registering online[20](index=20&type=chunk) [Upcoming Events](index=2&type=section&id=Upcoming%20Events) Aviat Networks announced its participation in an upcoming investor conference - Aviat will participate in the 9th Annual Lake Street Capital Markets Best Ideas Growth Conference on September 11, 2025, in New York, NY[21](index=21&type=chunk) [About Aviat Networks](index=3&type=section&id=About%20Aviat%20Networks) Aviat Networks is a leading global provider of wireless transport and access solutions, serving a diverse customer base with over 70 years of innovation and comprehensive support services - Aviat Networks, Inc. is the leading expert in wireless transport and access solutions[23](index=23&type=chunk) - The company has sold over **one million** systems into **170 countries** worldwide, serving communications service providers and private network operators (state/local government, utility, federal government, and defense organizations)[23](index=23&type=chunk) - Aviat provides a comprehensive suite of localized professional and support services and is headquartered in Austin, Texas[23](index=23&type=chunk) [Investor Relations Contact](index=3&type=section&id=Investor%20Relations%20Contact) Contact information for investor relations inquiries is provided - Investor Relations contact: Andrew Fredrickson, Email: investorinfo@aviatnet.com[27](index=27&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section provides a disclaimer regarding forward-looking statements and outlines key risk factors that could materially impact future financial results [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section outlines the nature of forward-looking statements within the report, emphasizing that actual results may differ materially due to various important factors and risks, including those detailed in the company's Form 10-K - The report includes forward-looking statements regarding Aviat's outlook, business conditions, new product solutions, future orders, profitability, acquisitions, and financial projections[24](index=24&type=chunk) - Forward-looking statements are based on current beliefs, expectations, and assumptions of senior management, but involve risks and uncertainties that could cause actual results to differ materially[24](index=24&type=chunk) - Important factors include disruptions from acquisitions (4RF and NEC), integration challenges, geopolitical conflicts, price and margin erosion, supply chain constraints, inflation, and global economic weakness. Investors should refer to the 'Risk Factors' section in Aviat's Form 10-K for more information[25](index=25&type=chunk)[26](index=26&type=chunk) [Condensed Consolidated Financial Statements (GAAP)](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20(GAAP)) This section presents the unaudited GAAP condensed consolidated statements of operations and balance sheets for the specified periods [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the unaudited GAAP condensed consolidated statements of operations for the three and twelve months ended June 27, 2025, and June 28, 2024 Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Product sales | $67,405 | $78,795 | $287,657 | $274,205 | | Services | $47,935 | $37,865 | $146,949 | $133,878 | | **Total revenues** | **$115,340** | **$116,660** | **$434,606** | **$408,083** | | Total cost of revenues | $75,874 | $75,521 | $295,170 | $263,351 | | **Gross margin** | **$39,466** | **$41,139** | **$139,436** | **$144,732** | | Total operating expenses | $30,587 | $35,684 | $128,861 | $125,331 | | **Operating income** | **$8,879** | **$5,455** | **$10,575** | **$19,401** | | Income before income taxes | $10,179 | $4,609 | $3,576 | $16,906 | | Provision for income taxes | $4,982 | $3,060 | $2,235 | $6,146 | | **Net income** | **$5,197** | **$1,549** | **$1,341** | **$10,760** | | Diluted Net income per share | $0.40 | $0.12 | $0.10 | $0.86 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited GAAP condensed consolidated balance sheets as of June 27, 2025, and June 28, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | As of June 27, 2025 | As of June 28, 2024 | | :-------------------------- | :------------------ | :------------------ | | Cash and cash equivalents | $59,690 | $64,622 | | Accounts receivable, net | $180,321 | $158,013 | | Inventories | $83,979 | $62,267 | | **Total current assets** | **$463,575** | **$405,223** | | Goodwill | $19,655 | $8,217 | | **Total assets** | **$633,296** | **$535,223** | | Accounts payable | $148,093 | $92,854 | | Current portion of long-term debt | $18,624 | $2,396 | | **Total current liabilities** | **$282,196** | **$218,857** | | Long-term debt | $68,966 | $45,954 | | **Total liabilities** | **$370,113** | **$279,338** | | **Total stockholders' equity** | **$263,183** | **$255,885** | | **Total liabilities and stockholders' equity** | **$633,296** | **$535,223** | [Reconciliation of Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations of non-GAAP financial measures to their most comparable GAAP equivalents, offering additional insights into operational performance [Non-GAAP Measures Overview](index=6&type=section&id=Non-GAAP%20Measures%20Overview) This section provides reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, including gross margin, operating expenses, operating income, net income, and Adjusted EBITDA. These non-GAAP measures are presented to offer investors additional insights into period-over-period operating results, excluding certain non-recurring or non-cash items - Non-GAAP financial measures are provided to supplement GAAP consolidated financial statements, offering information useful to investors in understanding period-over-period operating results separate from items with disproportionate impacts[33](index=33&type=chunk) - Adjustments typically exclude share-based compensation, merger and acquisition related expenses, and restructuring charges[33](index=33&type=chunk)[37](index=37&type=chunk) - Reconciliations of forward-looking Adjusted EBITDA guidance are not provided due to the high variability and difficulty in making accurate forecasts for items like merger and acquisition costs and share-based compensation[34](index=34&type=chunk) [Non-GAAP Gross Margin Reconciliation](index=6&type=section&id=Non-GAAP%20Gross%20Margin%20Reconciliation) Reconciliation of GAAP gross margin to non-GAAP gross margin, adjusting for share-based compensation and merger and acquisition related expenses Non-GAAP Gross Margin Reconciliation (in thousands) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP gross margin | $39,466 (34.2%) | $41,139 (35.3%) | $139,436 (32.1%) | $144,732 (35.5%) | | Share-based compensation | $19 | $96 | $233 | $406 | | Merger and acquisition related expense | $595 | $650 | $2,890 | $3,409 | | **Non-GAAP gross margin** | **$40,080 (34.7%)** | **$41,885 (35.9%)** | **$142,559 (32.8%)** | **$148,547 (36.4%)** | [Non-GAAP Operating Expenses Reconciliation](index=6&type=section&id=Non-GAAP%20Operating%20Expenses%20Reconciliation) Reconciliation of GAAP operating expenses to non-GAAP operating expenses, adjusting for share-based compensation, merger and acquisition related expenses, and restructuring charges Non-GAAP Operating Expenses Reconciliation (in thousands) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP operating expense | $30,587 (26.5%) | $35,684 (30.6%) | $128,861 (29.7%) | $125,331 (30.7%) | | Share-based compensation | $(1,422) | $(1,700) | $(6,834) | $(6,935) | | Merger and acquisition and other expenses | $(6) | $(1,070) | $(4,896) | $(9,121) | | Restructuring (charges) recovery | $(2,019) | $(1,640) | $(3,611) | $(3,867) | | **Non-GAAP operating expense** | **$27,140 (23.5%)** | **$31,274 (26.8%)** | **$113,520 (26.1%)** | **$105,408 (25.8%)** | [Non-GAAP Operating Income Reconciliation](index=7&type=section&id=Non-GAAP%20Operating%20Income%20Reconciliation) Reconciliation of GAAP operating income to non-GAAP operating income, adjusting for share-based compensation, merger and acquisition related expenses, and restructuring charges Non-GAAP Operating Income Reconciliation (in thousands) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP operating income | $8,879 (7.7%) | $5,455 (4.7%) | $10,575 (2.4%) | $19,401 (4.8%) | | Share-based compensation | $1,441 | $1,796 | $7,067 | $7,341 | | Merger and acquisition related expense | $601 | $1,720 | $7,786 | $12,530 | | Restructuring charges | $2,019 | $1,640 | $3,611 | $3,867 | | **Non-GAAP operating income** | **$12,940 (11.2%)** | **$10,611 (9.1%)** | **$29,039 (6.7%)** | **$43,139 (10.6%)** | [Non-GAAP Net Income Reconciliation](index=7&type=section&id=Non-GAAP%20Net%20Income%20Reconciliation) Reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS, adjusting for various non-recurring items and pro forma tax rates Non-GAAP Net Income Reconciliation (in thousands, except per share amounts) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP net income | $5,197 (4.5%) | $1,549 (1.3%) | $1,341 (0.3%) | $10,760 (2.6%) | | Share-based compensation | $1,441 | $1,796 | $7,067 | $7,341 | | Merger and acquisition related expense | $601 | $1,720 | $7,786 | $12,530 | | Restructuring charges | $2,019 | $1,640 | $3,611 | $3,867 | | Other (income) expense, net | $(3,106) | $(70) | $941 | $158 | | Adjustment to reflect pro forma tax rate | $4,582 | $2,560 | $635 | $4,546 | | **Non-GAAP net income** | **$10,734 (9.3%)** | **$9,195 (7.9%)** | **$21,381 (4.9%)** | **$39,202 (9.6%)** | | GAAP Diluted EPS | $0.40 | $0.12 | $0.10 | $0.86 | | **Non-GAAP Diluted EPS** | **$0.83** | **$0.72** | **$1.67** | **$3.15** | [Adjusted EBITDA Reconciliation](index=7&type=section&id=Adjusted%20EBITDA%20Reconciliation) Reconciliation of GAAP net income to Adjusted EBITDA, by adding back depreciation, amortization, interest, taxes, and non-GAAP pre-tax adjustments Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP net income | $5,197 (4.5%) | $1,549 (1.3%) | $1,341 (0.3%) | $10,760 (2.6%) | | Depreciation and amortization | $2,110 | $1,265 | $8,045 | $4,993 | | Interest expense, net | $1,806 | $916 | $6,058 | $2,337 | | Other (income) expense, net | $(3,106) | $(70) | $941 | $158 | | Share-based compensation | $1,441 | $1,796 | $7,067 | $7,341 | | Merger and acquisition related expense | $601 | $1,720 | $7,786 | $12,530 | | Restructuring charges | $2,019 | $1,640 | $3,611 | $3,867 | | Provision for income taxes | $4,982 | $3,060 | $2,235 | $6,146 | | **Adjusted EBITDA** | **$15,050 (13.0%)** | **$11,876 (10.2%)** | **$37,084 (8.5%)** | **$48,132 (11.8%)** | [Supplemental Schedule of Revenue by Geographical Area](index=8&type=section&id=Supplemental%20Schedule%20of%20Revenue%20by%20Geographical%20Area) This section provides a detailed breakdown of Aviat Networks' revenues segmented by geographical region for both quarterly and annual periods [Revenue by Geographical Area](index=8&type=section&id=Revenue%20by%20Geographical%20Area) This chapter provides a breakdown of Aviat Networks' revenues by geographical area for both the three and twelve months ended June 27, 2025, and June 28, 2024, showing contributions from North America and various international regions Supplemental Schedule of Revenue by Geographical Area (in thousands) | Region | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Twelve Months Ended June 27, 2025 | Twelve Months Ended June 28, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | North America | $58,017 | $56,194 | $207,606 | $206,073 | | Africa and the Middle East | $11,218 | $13,063 | $49,428 | $48,884 | | Europe | $8,337 | $7,231 | $31,713 | $24,608 | | Latin America and Asia Pacific | $37,768 | $40,172 | $145,859 | $128,518 | | **Total international** | **$57,323** | **$60,466** | **$227,000** | **$202,010** | | **Total revenue** | **$115,340** | **$116,660** | **$434,606** | **$408,083** |

PART I — FINANCIAL INFORMATION This section presents Broadcom's unaudited condensed consolidated financial statements and management's discussion and analysis for the reported periods [Item 1. Condensed Consolidated Financial Statements — Unaudited](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%E2%80%94%20Unaudited) This section presents Broadcom Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income (loss), cash flows, and stockholders' equity, along with detailed notes explaining accounting policies, revenue recognition, acquisitions, debt, equity, income taxes, segment information, commitments, and restructuring charges for the periods ended August 3, 2025, and August 4, 2024 [Condensed Consolidated Balance Sheets — Unaudited](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20%E2%80%94%20Unaudited) Provides a snapshot of Broadcom's financial position, detailing assets, liabilities, and equity at specific fiscal year-end dates | Metric | August 3, 2025 (In millions) | November 3, 2024 (In millions) | | :----------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $10,718 | $9,348 | | Total current assets | $24,998 | $19,595 | | Total assets | $165,621 | $165,645 | | Total current liabilities | $16,704 | $16,697 | | Total liabilities | $92,344 | $97,967 | | Total stockholders' equity | $73,277 | $67,678 | [Condensed Consolidated Statements of Operations — Unaudited](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%E2%80%94%20Unaudited) Presents Broadcom's financial performance over specific fiscal periods, including net revenue, gross margin, operating income, and net income | Metric (In millions, except per share data) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net revenue | $15,952 | $13,072 | $45,872 | $37,520 | | Gross margin | $10,703 | $8,356 | $31,045 | $23,507 | | Operating income | $5,887 | $3,788 | $17,976 | $8,836 | | Net income (loss) | $4,140 | $(1,875) | $14,608 | $1,571 | | Diluted net income (loss) per share | $0.85 | $(0.40) | $3.02 | $0.33 | [Condensed Consolidated Statements of Comprehensive Income (Loss) — Unaudited](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20%E2%80%94%20Unaudited) Details Broadcom's net income or loss and other comprehensive income components for the reported fiscal periods | Metric (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net income (loss) | $4,140 | $(1,875) | $14,608 | $1,571 | | Other comprehensive income, net of tax | $15 | $1 | $14 | $1 | | Comprehensive income (loss) | $4,155 | $(1,874) | $14,622 | $1,572 | [Condensed Consolidated Statements of Cash Flows — Unaudited](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%E2%80%94%20Unaudited) Summarizes Broadcom's cash inflows and outflows from operating, investing, and financing activities for the reported fiscal periods | Metric (In millions) | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Net cash provided by operating activities | $19,834 | $14,358 | | Net cash used in investing activities | $(213) | $(22,938) |\ | Net cash provided by (used in) financing activities | $(18,251) | $4,343 | | Net change in cash and cash equivalents | $1,370 | $(4,237) | [Condensed Consolidated Statements of Stockholders' Equity — Unaudited](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20%E2%80%94%20Unaudited) Outlines changes in Broadcom's stockholders' equity, including net income, dividends, and stock-based compensation, over specific fiscal periods | Metric (In millions) | Balance as of Nov 3, 2024 | Balance as of Aug 3, 2025 | | :------------------- | :------------------------ | :------------------------ | | Total Stockholders' Equity | $67,678 | $73,277 | | Net income | $14,608 | - | | Dividends to common stockholders | $(8,345) | - | | Stock-based compensation | $5,375 | - | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies, revenue, acquisitions, and other financial items [1. Overview, Basis of Presentation and Significant Accounting Policies](index=10&type=section&id=1.%20Overview,%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) Describes Broadcom's business, its operational segments, and the foundational accounting principles applied in the financial statements - Broadcom Inc. is a global technology leader in semiconductor and infrastructure software solutions, operating with two reportable segments: semiconductor solutions and infrastructure software[22](index=22&type=chunk) [2. Revenue from Contracts with Customers](index=10&type=section&id=2.%20Revenue%20from%20Contracts%20with%20Customers) Details Broadcom's revenue recognition policies, disaggregating revenue by type and presenting contract balances | Revenue Type (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Products | $9,257 | $7,439 | $25,934 | $22,043 | | Subscriptions and services | $6,695 | $5,633 | $19,938 | $15,477 | | Total | $15,952 | $13,072 | $45,872 | $37,520 | | Contract Balances (In millions) | August 3, 2025 | November 3, 2024 | | :------------------------------ | :------------- | :--------------- | | Contract Assets | $7,575 | $4,402 | | Contract Liabilities | $14,336 | $14,495 | - Remaining performance obligations under firmly committed multi-year contracts were approximately **$27.5 billion** as of August 3, 2025, with about **34%** expected to be recognized as revenue over the next 12 months[33](index=33&type=chunk) [3. Acquisitions](index=12&type=section&id=3.%20Acquisitions) Provides information on Broadcom's recent acquisition activities, including the financial impact and pro forma data - Broadcom completed the acquisition of VMware, Inc. on November 22, 2023, for approximately **$30,788 million** in cash and **544 million** shares of common stock (fair value **$53,398 million**) to enhance infrastructure software capabilities[34](index=34&type=chunk) | Pro Forma Information (In millions) | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 4, 2024 | | :---------------------------------- | :------------------------------- | :-------------------------------------- | | Pro forma net revenue | $13,088 | $38,118 | | Pro forma net income (loss) | $(1,819) | $2,057 | [4. Supplemental Financial Information](index=13&type=section&id=4.%20Supplemental%20Financial%20Information) Presents additional financial details, including inventory, other current assets and liabilities, and discontinued operations - Trade accounts receivable sold under factoring arrangements totaled **$1,700 million** for the fiscal quarter and **$5,651 million** for the three fiscal quarters ended August 3, 2025[38](index=38&type=chunk) | Inventory (In millions) | August 3, 2025 | November 3, 2024 | | :---------------------- | :------------- | :--------------- | | Finished goods | $477 | $504 | | Work-in-process | $1,349 | $970 | | Raw materials | $354 | $286 | | Total inventory | $2,180 | $1,760 | | Other Current Assets (In millions) | August 3, 2025 | November 3, 2024 | | :--------------------------------- | :------------- | :--------------- | | Current portion of contract assets | $4,157 | $1,916 | | Prepaid expenses | $793 | $1,391 | | Other | $656 | $764 | | Total other current assets | $5,606 | $4,071 | | Other Current Liabilities (In millions) | August 3, 2025 | November 3, 2024 | | :------------------------------------ | :------------- | :--------------- | | Contract liabilities | $10,305 | $9,395 | | Interest payable | $644 | $535 | | Tax liabilities | $410 | $720 | | Other | $795 | $1,143 | | Total other current liabilities | $12,154 | $11,793 | | Other Long-Term Liabilities (In millions) | August 3, 2025 | November 3, 2024 | | :---------------------------------------- | :------------- | :--------------- | | Contract liabilities | $4,031 | $5,100 | | Unrecognized tax benefits | $3,817 | $3,669 | | Deferred tax liabilities | $3,552 | $4,703 | | Other | $1,410 | $1,503 | | Total other long-term liabilities | $12,810 | $14,975 | | Discontinued Operations (In millions) | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------ | :------------------------------- | :-------------------------------------- | | Net revenue | $178 | $858 | | Loss from discontinued operations, net of income taxes | $(443) | $(392) | [5. Intangible Assets](index=14&type=section&id=5.%20Intangible%20Assets) Details Broadcom's intangible assets, their gross carrying amounts, accumulated amortization, and expected future amortization expenses | Intangible Assets (In millions) | Gross Carrying Amount (Aug 3, 2025) | Accumulated Amortization (Aug 3, 2025) | Net Book Value (Aug 3, 2025) | | :------------------------------ | :---------------------------------- | :------------------------------------- | :--------------------------- | | Purchased technology | $36,957 | $(17,034) | $19,923 | | Customer contracts and related relationships | $16,043 | $(3,757) | $12,286 | | Trade names | $1,685 | $(446) | $1,239 | | Other | $191 | $(115) | $76 | | Intangible assets subject to amortization | $54,876 | $(21,352) | $33,524 | | In-process research and development | $820 | — | $820 | | Total | $55,696 | $(21,352) | $34,344 | | Fiscal Year | Expected Amortization Expense (In millions) | | :---------- | :---------------------------------------- | | 2025 (remainder) | $2,072 | | 2026 | $7,880 | | 2027 | $6,805 | | 2028 | $5,673 | | 2029 | $4,547 | | Thereafter | $6,547 | | Total | $33,524 | [6. Net Income (Loss) Per Share](index=15&type=section&id=6.%20Net%20Income%20(Loss)%20Per%20Share) Presents the calculation of basic and diluted net income (loss) per share, including weighted-average shares outstanding | Metric (In millions, except per share data) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net income (loss) | $4,140 | $(1,875) | $14,608 | $1,571 | | Weighted-average shares outstanding - basic | 4,714 | 4,663 | 4,705 | 4,606 | | Weighted-average shares outstanding - diluted | 4,860 | 4,663 | 4,841 | 4,762 | | Basic net income (loss) per share | $0.88 | $(0.40) | $3.10 | $0.34 | | Diluted net income (loss) per share | $0.85 | $(0.40) | $3.02 | $0.33 | [7. Borrowings](index=17&type=section&id=7.%20Borrowings) Details Broadcom's debt structure, including principal outstanding, short-term and long-term debt, and future scheduled principal payments | Debt Type (In millions) | August 3, 2025 | November 3, 2024 | | :---------------------- | :------------- | :--------------- | | Total debt principal outstanding | $66,257 | $69,847 | | Short-term debt | $1,399 | $1,271 | | Long-term debt | $62,830 | $66,295 | - In July 2025, Broadcom issued **$6,000 million** in senior unsecured notes and used the proceeds to repay the remaining **$6,000 million** of its unsecured term facility due November 2028[59](index=59&type=chunk)[60](index=60&type=chunk) - In January 2025, **$3,000 million** in senior unsecured notes were issued, contributing to the repayment of **$5,595 million** of the unsecured term facility due November 2026 and **$2,000 million** of the unsecured term facility due November 2028[59](index=59&type=chunk)[60](index=60&type=chunk) - Broadcom entered into a new **$7.5 billion** unsecured revolving credit facility in January 2025, replacing a previous facility, with no outstanding borrowings as of August 3, 2025[64](index=64&type=chunk) | Fiscal Year | Future Scheduled Principal Payments (In millions) | | :---------- | :---------------------------------------------- | | 2025 (remainder) | $— | | 2026 | $3,152 | | 2027 | $6,137 | | 2028 | $7,120 | | 2029 | $4,655 | | Thereafter | $44,693 | | Total | $65,757 | [8. Stockholders' Equity](index=21&type=section&id=8.%20Stockholders'%20Equity) Provides details on dividends, stock repurchase programs, and stock-based compensation expense and unrecognized costs | Metric (In millions, except per share data) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Dividends per share to common stockholders | $0.590 | $0.525 | $1.770 | $1.575 | | Dividends to common stockholders | $2,786 | $2,452 | $8,345 | $7,330 | - In April 2025, the Board authorized a new **$10 billion** stock repurchase program through December 31, 2025[69](index=69&type=chunk) - During the fiscal quarter ended May 4, 2025, **16 million** shares were repurchased for **$2,450 million**, leaving **$7,550 million** available[69](index=69&type=chunk) | Stock-Based Compensation Expense (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :--------------------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Total stock-based compensation expense | $2,322 | $1,381 | $5,373 | $4,356 | - As of August 3, 2025, total unrecognized compensation cost related to unvested stock-based awards was **$25,057 million**, expected to be recognized over a weighted-average service period of **3.6 years**[73](index=73&type=chunk) [9. Income Taxes](index=22&type=section&id=9.%20Income%20Taxes) Discusses Broadcom's income tax provision, the impact of new tax legislation, and unrecognized tax benefits - The 'One Big Beautiful Bill Act' enacted on July 4, 2025, led to a **$1,058 million** valuation allowance against CAMT credits due to immediate expensing of R&D and capital expenditures[76](index=76&type=chunk) | Provision for Income Taxes (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Provision for income taxes | $1,145 | $4,238 | $1,252 | $4,190 | - Unrecognized tax benefits and accrued interest/penalties totaled **$6,930 million** as of August 3, 2025, with an estimated reduction of **$3.1 billion** in Q4 2025 and up to **$3.5 billion** within 12 months due to lapsed statutes of limitations, potentially leading to a **$2.1 billion** discrete tax benefit in Q4 2025[79](index=79&type=chunk) [10. Segment Information](index=22&type=section&id=10.%20Segment%20Information) Presents financial data disaggregated by Broadcom's two reportable segments: semiconductor solutions and infrastructure software - Broadcom operates two reportable segments: semiconductor solutions (AI and enterprise data centers, networking, connectivity, storage, etc., including IP licensing) and infrastructure software (IT environment simplification, private/hybrid cloud, application management, security, FC SAN products)[81](index=81&type=chunk)[82](index=82&type=chunk) | Net Revenue by Segment (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Semiconductor solutions | $9,166 | $7,274 | $25,786 | $21,866 | | Infrastructure software | $6,786 | $5,798 | $20,086 | $15,654 | | Total net revenue | $15,952 | $13,072 | $45,872 | $37,520 | | Operating Income by Segment (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Semiconductor solutions | $5,217 | $4,042 | $14,729 | $12,136 | | Infrastructure software | $5,238 | $3,906 | $15,347 | $9,789 | | Unallocated expenses | $(4,568) | $(4,160) | $(12,100) | $(13,089) | | Total operating income | $5,887 | $3,788 | $17,976 | $8,836 | [11. Commitments and Contingencies](index=24&type=section&id=11.%20Commitments%20and%20Contingencies) Details Broadcom's contractual commitments, legal proceedings, and potential contingent liabilities | Fiscal Year | Purchase Commitments (In millions) | Other Contractual Commitments (In millions) | | :---------- | :------------------------------- | :------------------------------------------ | | 2025 (remainder) | $106 | $264 | | 2026 | $103 | $634 | | 2027 | $12 | $604 | | 2028 | $10 | $530 | | 2029 | $4 | $718 | | Thereafter | $— | $1,027 | | Total | $235 | $3,777 | - Broadcom does not believe any pending legal proceedings, regulatory investigations, or tax disputes will have a material adverse effect on its condensed consolidated financial statements, though outcomes are inherently uncertain[93](index=93&type=chunk) - A securities class action lawsuit against VMware and former officers regarding backlog statements was settled and approved by the California Court in March 2025[91](index=91&type=chunk) [12. Restructuring and Other Charges](index=25&type=section&id=12.%20Restructuring%20and%20Other%20Charges) Provides information on restructuring activities, including employee termination costs and lease impairments, primarily related to acquisitions | Restructuring Liabilities (In millions) | Balance as of Nov 3, 2024 | Restructuring Charges | Utilization | Balance as of Aug 3, 2025 | | :------------------------------------ | :------------------------ | :-------------------- | :---------- | :------------------------ | | Employee Termination Costs | $119 | $302 | $(389) | $32 | | Lease and Impairment Costs | $— | $141 | $(141) | $— | | Total | $119 | $443 | $(530) | $32 | - Restructuring activities, primarily related to the VMware acquisition, are expected to be substantially completed by the end of fiscal year 2025[97](index=97&type=chunk) [13. Subsequent Events](index=26&type=section&id=13.%20Subsequent%20Events) Discloses significant events that occurred after the balance sheet date but before the financial statements were issued - On September 3, 2025, the Board of Directors declared a quarterly cash dividend of **$0.59 per share**, payable on September 30, 2025[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Broadcom's financial condition and results of operations for the fiscal quarter and three fiscal quarters ended August 3, 2025, compared to the prior year. It covers an overview of the business, quarterly highlights, critical accounting estimates, macroeconomic factors, and a detailed analysis of net revenue, gross margin, operating expenses, segment performance, non-operating items, liquidity, capital resources, and capital returns [Overview](index=27&type=section&id=Overview) Describes Broadcom's core business as a global technology leader in semiconductor and infrastructure software solutions - Broadcom is a global technology leader designing, developing, and supplying semiconductor and infrastructure software solutions, with two reportable segments: semiconductor solutions and infrastructure software[102](index=102&type=chunk)[103](index=103&type=chunk) [Quarterly Highlights](index=27&type=section&id=Quarterly%20Highlights) Summarizes key financial achievements and corporate actions during the most recent fiscal quarter - Generated **$7,166 million** of cash from operations during the fiscal quarter ended August 3, 2025[104](index=104&type=chunk) - Paid **$2,786 million** in cash dividends during the fiscal quarter ended August 3, 2025[104](index=104&type=chunk) - Issued **$6,000 million** of senior unsecured notes and used proceeds to repay outstanding floating rate unsecured term loan[104](index=104&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) Confirms the consistency of critical accounting estimates with prior disclosures, indicating no significant changes - No significant changes in critical accounting estimates during the three fiscal quarters ended August 3, 2025, compared to those previously disclosed in the 2024 Annual Report on Form 10-K[106](index=106&type=chunk) [Macroeconomic Factors](index=28&type=section&id=Macroeconomic%20Factors) Discusses the potential impact of global economic conditions, trade tensions, and market volatility on Broadcom's business - Broadcom is subject to risks from the evolving macroeconomic environment, including financial market uncertainty, trade tensions, and economic volatility, which can impact net revenue and supply chain operations[107](index=107&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Analyzes Broadcom's financial performance, covering net revenue, gross margin, operating expenses, and segment results [Net Revenue](index=30&type=section&id=Net%20Revenue) Details Broadcom's revenue breakdown by product and subscription/services, highlighting customer concentration | Metric (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Products | $9,257 | $7,439 | $25,934 | $22,043 | | Subscriptions and services | $6,695 | $5,633 | $19,938 | $15,477 | | Total net revenue | $15,952 | $13,072 | $45,872 | $37,520 | - Direct sales to one semiconductor solutions customer (a distributor) accounted for **32%** of net revenue for the fiscal quarter and **30%** for the three fiscal quarters ended August 3, 2025[111](index=111&type=chunk)[112](index=112&type=chunk) - Aggregate sales to the top five end customers accounted for approximately **40%** of net revenue for both periods[111](index=111&type=chunk)[112](index=112&type=chunk) [Net Revenue by Segment](index=31&type=section&id=Net%20Revenue%20by%20Segment) Analyzes revenue performance across Broadcom's semiconductor solutions and infrastructure software segments | Segment (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | $ Change | % Change | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | $ Change | % Change | | :-------------------- | :------------------------------- | :------------------------------- | :------- | :------- | :-------------------------------------- | :-------------------------------------- | :------- | :------- | | Semiconductor solutions | $9,166 | $7,274 | $1,892 | 26% | $25,786 | $21,866 | $3,920 | 18% | | Infrastructure software | $6,786 | $5,798 | $988 | 17% | $20,086 | $15,654 | $4,432 | 28% | | Total net revenue | $15,952 | $13,072 | $2,880 | 22% | $45,872 | $37,520 | $8,352 | 22% | - Semiconductor solutions revenue increased due to strong demand for networking products, primarily custom AI accelerators and AI networking solutions[115](index=115&type=chunk) - Infrastructure software revenue increased primarily due to strong demand for VMware Cloud Foundation (VCF) products and the transition to a subscription license model[116](index=116&type=chunk) [Gross Margin](index=31&type=section&id=Gross%20Margin) Explains the factors influencing Broadcom's gross margin, including revenue mix and amortization | Metric (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Gross margin | $10,703 | $8,356 | $31,045 | $23,507 | | Gross margin as % of net revenue | 67% | 64% | 68% | 63% | - Gross margin increases were primarily driven by higher software revenue and strong product demand for AI-related semiconductor solutions, along with a higher software revenue mix and lower amortization of acquisition-related intangible assets as a percentage of revenue[117](index=117&type=chunk)[118](index=118&type=chunk) [Research and Development Expense](index=31&type=section&id=Research%20and%20Development%20Expense) Discusses changes in research and development expenditures, primarily driven by compensation - Research and development expense increased by **$697 million (30%)** for the fiscal quarter and **$920 million (13%)** for the three fiscal quarters ended August 3, 2025, primarily due to higher stock-based compensation[119](index=119&type=chunk) [Selling, General and Administrative Expense](index=31&type=section&id=Selling,%20General%20and%20Administrative%20Expense) Analyzes fluctuations in selling, general, and administrative costs, including impacts from headcount and acquisition-related expenses - Selling, general and administrative expense decreased by **$28 million (3%)** for the fiscal quarter and **$845 million (21%)** for the three fiscal quarters ended August 3, 2025, primarily due to lower compensation from headcount reduction and reduced VMware acquisition-related costs, partially offset by higher stock-based compensation in the fiscal quarter[120](index=120&type=chunk) [Amortization of Acquisition-Related Intangible Assets](index=32&type=section&id=Amortization%20of%20Acquisition-Related%20Intangible%20Assets) Explains the decrease in amortization expense due to the full amortization of certain intangible assets - Amortization of acquisition-related intangible assets in operating expenses decreased by **$305 million (38%)** for the fiscal quarter and **$907 million (37%)** for the three fiscal quarters ended August 3, 2025, mainly due to the full amortization of customer-related intangible assets from prior software acquisitions (excluding VMware)[122](index=122&type=chunk) [Restructuring and Other Charges](index=32&type=section&id=Restructuring%20and%20Other%20Charges) Details the reduction in restructuring charges, mainly from lower employee termination costs related to integration - Restructuring and other charges in operating expenses decreased by **$116 million (38%)** for the fiscal quarter and **$770 million (63%)** for the three fiscal quarters ended August 3, 2025, primarily due to lower employee termination costs from VMware integration[123](index=123&type=chunk) [Stock-Based Compensation Expense](index=32&type=section&id=Stock-Based%20Compensation%20Expense) Discusses the drivers behind changes in stock-based compensation, including equity awards and vesting | Stock-Based Compensation Expense (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :--------------------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------------- | :-------------------------------------- | | Total stock-based compensation expense | $2,322 | $1,381 | $5,373 | $4,356 | - The increase in stock-based compensation was due to Two-Year Equity Awards granted at higher grant-date fair values, partially offset by the full vesting and forfeitures of certain equity awards assumed in the VMware acquisition[125](index=125&type=chunk) | Fiscal Year | Unrecognized Compensation Cost, Net of Expected Forfeitures (In millions) | | :---------- | :---------------------------------------------------------------------- | | 2025 (remainder) | $2,172 | | 2026 | $8,104 | | 2027 | $6,925 | | 2028 | $4,772 | | 2029 | $2,487 | | Thereafter | $597 | | Total | $25,057 | [Segment Operating Results](index=32&type=section&id=Segment%20Operating%20Results) Presents and analyzes the operating income performance of Broadcom's semiconductor solutions and infrastructure software segments | Operating Income by Segment (In millions) | Fiscal Quarter Ended Aug 3, 2025 | Fiscal Quarter Ended Aug 4, 2024 | $ Change | % Change | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | $ Change | % Change | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------- | :------- | :-------------------------------------- | :-------------------------------------- | :------- | :------- | | Semiconductor solutions | $5,217 | $4,042 | $1,175 | 29% | $14,729 | $12,136 | $2,593 | 21% | | Infrastructure software | $5,238 | $3,906 | $1,332 | 34% | $15,347 | $9,789 | $5,558 | 57% | | Unallocated expenses | $(4,568) | $(4,160) | $(408) | 10% | $(12,100) | $(13,089) | $989 | (8)% | | Total operating income | $5,887 | $3,788 | $2,099 | 55% | $17,976 | $8,836 | $9,140 | 103% | - Semiconductor solutions operating income increased due to strong demand for networking products, primarily custom AI accelerators and AI networking solutions[128](index=128&type=chunk) - Infrastructure software operating income increased primarily due to strong demand for VCF products and the transition to a subscription license model[129](index=129&type=chunk) [Non-Operating Income and Expenses](index=33&type=section&id=Non-Operating%20Income%20and%20Expenses) Reviews changes in interest expense, other income, and the provision for income taxes - Interest expense decreased due to an overall reduction in outstanding debt balances and debt refinancing activities[131](index=131&type=chunk) - Other income, net, increased in the fiscal quarter ended August 3, 2025, primarily due to a gain on the sale of a business, but decreased for the three fiscal quarters ended August 3, 2025, due to lower interest income[132](index=132&type=chunk) - The provision for income taxes for the fiscal quarter and three fiscal quarters ended August 3, 2025, was primarily due to a valuation allowance against CAMT credits, income before income taxes, and jurisdictional mix[134](index=134&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses Broadcom's ability to meet its financial obligations, detailing cash sources, working capital, and cash flow activities - Primary liquidity sources as of August 3, 2025, included **$10,718 million** in cash and cash equivalents, expected cash from operations, and available capacity under a **$7.5 billion** unsecured revolving credit facility[137](index=137&type=chunk) - Working capital increased to **$8,294 million** at August 3, 2025, from **$2,898 million** at November 3, 2024, primarily due to increased cash and cash equivalents, trade accounts receivable, and software contract assets[142](index=142&type=chunk)[146](index=146&type=chunk) | Cash Flows (In millions) | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Net cash provided by operating activities | $19,834 | $14,358 | | Net cash used in investing activities | $(213) | $(22,938) |\n| Net cash provided by (used in) financing activities | $(18,251) | $4,343 |\n| Net change in cash and cash equivalents | $1,370 | $(4,237) | - The **$5,476 million** increase in cash from operations was primarily due to **$13,037 million** higher net income, partially offset by lower non-cash adjustments for deferred taxes and changes in operating assets and liabilities[148](index=148&type=chunk) - Cash used in investing activities decreased by **$22,725 million**, primarily due to the VMware acquisition in the prior year fiscal period[149](index=149&type=chunk) - Cash flows from financing activities decreased by **$22,594 million**, mainly due to prior year VMware acquisition financing, debt repayments, and higher dividend payments, partially offset by decreased stock repurchases[150](index=150&type=chunk) [Capital Returns](index=34&type=section&id=Capital%20Returns) Outlines Broadcom's strategies for returning capital to shareholders, including dividends and stock repurchase programs | Metric (In millions, except per share data) | Three Fiscal Quarters Ended Aug 3, 2025 | Three Fiscal Quarters Ended Aug 4, 2024 | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Dividends per share to common stockholders | $1.770 | $1.575 |\n| Dividends to common stockholders | $8,345 | $7,330 | - A new **$10 billion** stock repurchase program was authorized in April 2025, with **$2,450 million** repurchased and **$7,550 million** remaining as of August 3, 2025[142](index=142&type=chunk) - Employee withholding taxes on equity awards, totaling **$3,860 million** for the three fiscal quarters ended August 3, 2025, are now settled by selling a portion of vested shares, eliminating cash outflow[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses Broadcom's exposure to market risks, specifically focusing on interest rate risk and its potential impact on the fair value of fixed-rate borrowings and interest expense on floating-rate debt - As of August 3, 2025, fixed-rate borrowings had a principal amount of **$65.8 billion** and an estimated fair value of **$62.5 billion**[152](index=152&type=chunk) - A hypothetical **50 basis point** change in market interest rates would alter the fair value by approximately **$1.8 billion**[152](index=152&type=chunk) - Broadcom had no floating-rate term loans outstanding as of August 3, 2025[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details management's evaluation of the effectiveness of Broadcom's disclosure controls and procedures and confirms no material changes in internal control over financial reporting during the reported period - Broadcom's CEO and CFO concluded that disclosure controls and procedures were effective at a reasonable assurance level as of August 3, 2025[154](index=154&type=chunk) - There were no material changes in internal control over financial reporting during the period covered by the report[156](index=156&type=chunk) PART II — OTHER INFORMATION Presents additional non-financial information, including legal proceedings, risk factors, and other required disclosures [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11, 'Commitments and Contingencies,' for detailed information on legal proceedings and associated risks - Information on legal proceedings is incorporated by reference from Note 11, 'Commitments and Contingencies,' in Part I, Item 1 of this Form 10-Q[158](index=158&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) This section outlines various material risks that could adversely affect Broadcom's business, operations, financial condition, and stock price, categorized into risks related to business, taxes, indebtedness, and common stock ownership - Broadcom's business, operations, and financial results are subject to risks related to its business, taxes, indebtedness, and owning its common stock[159](index=159&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) [Risks Related to Our Business](index=36&type=section&id=Risks%20Related%20to%20Our%20Business) Identifies various operational and external risks that could negatively impact Broadcom's business and financial performance - Adverse global economic conditions, governmental regulations, and geopolitical factors, particularly trade tensions with U.S. trading partners like China, could negatively impact Broadcom's business, supply chain, and financial results[166](index=166&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk) - Significant customer concentration, with sales to distributors accounting for **47%** of net revenue and top five end customers for approximately **40%** in the three fiscal quarters ended August 3, 2025, poses a risk of revenue fluctuation and adverse impact from customer demand reduction or loss[174](index=174&type=chunk) - Failure to successfully integrate the VMware acquisition, including customer acceptance of the transition to a subscription licensing model and simplified product portfolio, could adversely affect Broadcom's business and stock value[184](index=184&type=chunk)[185](index=185&type=chunk) - Dependence on contract manufacturing (e.g., TSMC for **95%** of wafers) and a limited number of materials suppliers creates supply chain risks, including capacity allocation, quality issues, and price increases, which could hinder product delivery and impact financial performance[201](index=201&type=chunk)[203](index=203&type=chunk)[206](index=206&type=chunk) - Cybersecurity threats, security breaches, and vulnerabilities in IT systems or products could lead to information loss, business disruption, reputational damage, and significant financial liabilities[194](index=194&type=chunk)[197](index=197&type=chunk)[214](index=214&type=chunk)[217](index=217&type=chunk) [Risks Related to Our Taxes](index=37&type=section&id=Risks%20Related%20to%20Our%20Taxes) Discusses potential tax liabilities and the impact of tax law changes on Broadcom's financial condition - Broadcom's income taxes are subject to volatility due to business reorganizations, tax structure changes, and new legislation like the 'One Big Beautiful Bill Act' and global minimum tax provisions, which may increase effective tax rates and cash tax costs[246](index=246&type=chunk)[247](index=247&type=chunk) - There are potential tax liabilities from VMware's former controlling ownership by Dell, including indemnification obligations if the spin-off is deemed not tax-free, which could materially affect financial condition[249](index=249&type=chunk)[253](index=253&type=chunk) - Changes or termination of tax incentives or tax holiday arrangements could significantly increase corporate income taxes and reduce profitability, as these incentives decreased the provision for income taxes by approximately **$2,261 million** in fiscal year 2024[250](index=250&type=chunk)[251](index=251&type=chunk) [Risks Related to Our Indebtedness](index=37&type=section&id=Risks%20Related%20to%20Our%20Indebtedness) Highlights the financial implications and constraints associated with Broadcom's substantial debt levels - Broadcom's substantial indebtedness of **$66,257 million** as of August 3, 2025, could adversely affect its financial health by increasing vulnerability to economic conditions, limiting flexibility, creating a competitive disadvantage, and dedicating a significant portion of cash flow to debt payments[254](index=254&type=chunk) [Risks Related to Owning Our Common Stock](index=37&type=section&id=Risks%20Related%20to%20Owning%20Our%20Common%20Stock) Addresses factors that could influence the volatility of Broadcom's stock price and shareholder returns - Broadcom's stock price may be volatile due to factors such as analyst reports, demand for AI-related products, market fluctuations, acquisition announcements, and significant sales by large investors[256](index=256&type=chunk)[257](index=257&type=chunk) - The amount and frequency of stock repurchases may fluctuate based on cash priorities, and there is no assurance that cash dividends will continue to be declared[259](index=259&type=chunk)[260](index=260&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities or use of proceeds to report[262](index=262&type=chunk) [Item 3. Defaults Upon Senior Securities](index=56&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section confirms that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities to report[263](index=263&type=chunk) [Item 4. Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that there are no mine safety disclosures to report - No mine safety disclosures to report[264](index=264&type=chunk) [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report - No other information to report[265](index=265&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive index of exhibits filed with the Form 10-Q, including merger agreements, certificates of incorporation, bylaws, various senior notes indentures, and certifications - The report includes an exhibit index listing various documents such as merger agreements, corporate governance documents, debt instruments, and certifications[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) SIGNATURES Confirms the official submission of the report through the signature of a principal officer [SIGNATURES](index=60&type=section&id=SIGNATURES) This section contains the signature of Broadcom Inc.'s Chief Financial Officer, Kirsten M. Spears, certifying the filing of the report - The report is signed by Kirsten M. Spears, Chief Financial Officer of Broadcom Inc., on September 10, 2025[272](index=272&type=chunk)

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial information for Citi Trends, Inc., including financial statements, management's discussion, market risk, and controls and procedures [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements of Citi Trends, Inc. for the period ended August 2, 2025, including balance sheets, statements of operations, cash flows, and stockholders' equity, along with accompanying notes detailing significant accounting policies, financial instruments, and operational aspects [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents the condensed consolidated balance sheets, detailing assets, liabilities, and stockholders' equity as of August 2, 2025, and February 1, 2025 | Metric | August 2, 2025 (in thousands) | February 1, 2025 (in thousands) | Change (in thousands) | | :-------------------------- | :----------------------------- | :------------------------------ | :-------------------- | | Cash and cash equivalents | $50,397 | $61,085 | $(10,688) | | Inventory | $117,566 | $122,640 | $(5,074) | | Total current assets | $189,204 | $197,060 | $(7,856) | | Total assets | $457,408 | $462,769 | $(5,361) | | Total current liabilities | $167,376 | $174,391 | $(7,015) | | Total liabilities | $344,168 | $349,593 | $(5,425) | | Total stockholders' equity | $113,240 | $113,176 | $64 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the condensed consolidated statements of operations, outlining net sales, income (loss) from operations, and net income (loss) for the thirteen and twenty-six weeks ended August 2, 2025, and August 3, 2024 Thirteen Weeks Ended August 2, 2025 vs. August 3, 2024 | Metric | August 2, 2025 (in thousands) | August 3, 2024 (in thousands) | Change ($ in thousands) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :---------------------- | :--------- | | Net sales | $190,750 | $176,552 | $14,198 | 8.0% | | Income (loss) from operations | $3,517 | $(24,895) | $28,412 | N/A | | Net income (loss) | $3,818 | $(18,413) | $22,231 | N/A | | Basic net earnings (loss) per common share | $0.48 | $(2.21) | $2.69 | N/A | | Diluted net earnings (loss) per common share | $0.46 | $(2.21) | $2.67 | N/A | Twenty-Six Weeks Ended August 2, 2025 vs. August 3, 2024 | Metric | August 2, 2025 (in thousands) | August 3, 2024 (in thousands) | Change ($ in thousands) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :---------------------- | :--------- | | Net sales | $392,478 | $362,841 | $29,637 | 8.2% | | Income (loss) from operations | $4,006 | $(31,865) | $35,871 | N/A | | Net income (loss) | $4,689 | $(21,839) | $26,528 | N/A | | Basic net earnings (loss) per common share | $0.58 | $(2.63) | $3.21 | N/A | | Diluted net earnings (loss) per common share | $0.57 | $(2.63) | $3.20 | N/A | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table summarizes the condensed consolidated statements of cash flows, detailing cash activities from operations, investing, and financing for the twenty-six weeks ended August 2, 2025, and August 3, 2024 Twenty-Six Weeks Ended Cash Flow Summary | Activity | August 2, 2025 (in thousands) | August 3, 2024 (in thousands) | Change (in thousands) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :-------------------- | | Net cash used in operating activities | $(7,114) | $(13,996) | $6,882 (less used) | | Net cash provided by (used in) investing activities | $3,501 | $(5,552) | $9,053 (swing to provided) | | Net cash used in financing activities | $(7,075) | $(856) | $(6,219) (more used) | | Net decrease in cash and cash equivalents | $(10,688) | $(20,404) | $9,716 (smaller decrease) | | Cash and cash equivalents, End of period | $50,397 | $59,302 | $(8,905) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in stockholders' equity, including retained earnings and treasury stock, for the periods presented - Total stockholders' equity increased slightly from **$113,176 thousand** at February 1, 2025, to **$113,240 thousand** at August 2, 2025[10](index=10&type=chunk)[18](index=18&type=chunk) - Retained earnings increased from **$275,901 thousand** to **$280,590 thousand** during the period[10](index=10&type=chunk)[18](index=18&type=chunk) - Treasury stock increased from **$(270,988) thousand** to **$(277,303) thousand**, reflecting share repurchases[10](index=10&type=chunk)[18](index=18&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes accompanying the financial statements, explaining significant accounting policies, financial instruments, and other relevant disclosures [1. Significant Accounting Policies](index=7&type=section&id=1.%20Significant%20Accounting%20Policies) This note describes the company's business, store count, and the basis of preparation for the unaudited interim financial statements - Citi Trends, Inc. is a leading off-price value retailer of apparel, accessories, and home trends, primarily for African American families in the United States[20](index=20&type=chunk) - As of August 2, 2025, the Company operated **590 stores** across 33 states[20](index=20&type=chunk) - The condensed consolidated financial statements are unaudited and prepared in accordance with U.S. GAAP for interim reporting[21](index=21&type=chunk) [2. Cash and Cash Equivalents/Concentration of Credit Risk](index=7&type=section&id=2.%20Cash%20and%20Cash%20Equivalents/Concentration%20of%20Credit%20Risk) This note defines cash equivalents and discusses the company's policies for managing cash and credit risk concentrations - Cash equivalents are defined as highly liquid investments with maturities of **three months or less** at the date of purchase[23](index=23&type=chunk) - The Company places its cash and cash equivalents in high credit quality banks and institutional money market funds, with some accounts exceeding federally insured limits[23](index=23&type=chunk) [3. Earnings per Share](index=7&type=section&id=3.%20Earnings%20per%20Share) This note details the calculation of basic and diluted earnings per common share, including the treatment of potentially dilutive securities - Basic earnings per common share are calculated using the weighted average number of common shares outstanding[24](index=24&type=chunk) - Diluted earnings per common share include the dilutive effect of potentially dilutive securities, such as nonvested restricted stock, unless antidilutive during loss periods[24](index=24&type=chunk) Weighted Average Shares Outstanding (Diluted) | Period | August 2, 2025 | August 3, 2024 | | :--------------------- | :------------- | :------------- | | Thirteen Weeks Ended | 8,313,841 | 8,336,629 | | Twenty-Six Weeks Ended | 8,242,148 | 8,294,593 | [4. Revolving Credit Facility](index=8&type=section&id=4.%20Revolving%20Credit%20Facility) This note provides information on the company's revolving credit facility, including its amendment, commitment, and current utilization - The revolving credit facility was amended on April 10, 2025, extending its maturity date to **April 10, 2030**[27](index=27&type=chunk) - The facility provides a **$75 million** credit commitment and a **$25 million** uncommitted 'accordion' feature[27](index=27&type=chunk) - As of August 2, 2025, the Company had **no borrowings** under the credit facility and **$2.2 million** of letters of credit outstanding[30](index=30&type=chunk) [5. Impairment of Assets](index=8&type=section&id=5.%20Impairment%20of%20Assets) This note details non-cash impairment expenses related to underperforming stores, specifying the affected asset categories - Non-cash impairment expense related to underperforming stores totaled **$0.3 million** in the first half of 2025, a decrease from **$1.3 million** in the first half of 2024[31](index=31&type=chunk) - The 2025 impairment consisted of **$0.2 million** for leasehold improvements and fixtures and equipment, and **$0.1 million** for operating lease right-of-use assets[31](index=31&type=chunk) [6. Income Taxes](index=8&type=section&id=6.%20Income%20Taxes) This note explains the company's income tax accounting, deferred tax assets, valuation allowance, and the impact of recent tax law changes - Income taxes are accounted for under the asset and liability method, recognizing deferred tax assets and liabilities for future tax consequences[32](index=32&type=chunk) - A valuation allowance is maintained due to sufficient negative evidence regarding the realizability of deferred tax assets[35](index=35&type=chunk) - The 'One Big Beautiful Bill Act,' signed July 4, 2025, includes changes to federal tax law allowing more favorable deductibility of certain business expenses starting in 2025, which the Company expects to utilize[36](index=36&type=chunk) [7. Commitments and Contingencies](index=10&type=section&id=7.%20Commitments%20and%20Contingencies) This note addresses the company's involvement in legal proceedings and management's assessment of their potential financial impact - The Company is from time to time involved in various legal proceedings incidental to the conduct of its business[37](index=37&type=chunk) - Management is not aware of any legal proceedings pending or threatened that are expected to have a material adverse effect on the Company's financial condition, results of operations, or liquidity[38](index=38&type=chunk) [8. Stock Repurchases](index=10&type=section&id=8.%20Stock%20Repurchases) This note provides details on stock repurchase activities and the remaining authorization under the company's repurchase program Stock Repurchases (Twenty-Six Weeks Ended) | Metric | August 2, 2025 | August 3, 2024 | | :-------------------------- | :------------- | :------------- | | Total number of shares purchased | 251 | — | | Total investment (in thousands) | $6,315 | — | - As of August 2, 2025, **$40.0 million** remained available under the Company's stock repurchase authorization[40](index=40&type=chunk) [9. Recent Accounting Pronouncements](index=10&type=section&id=9.%20Recent%20Accounting%20Pronouncements) This note discusses recently issued accounting standards and the company's ongoing evaluation of their potential impact on financial reporting - ASU 2023-09, 'Improvement to Income Tax Disclosures,' effective for annual periods beginning after December 15, 2024, requires additional income tax rate reconciliations and taxes paid disclosures[41](index=41&type=chunk) - ASU 2024-03, 'Expense Disaggregation Disclosures,' effective for fiscal years beginning after December 15, 2026, requires disaggregation of certain income statement expenses[42](index=42&type=chunk) - The Company is currently evaluating the impact of both new standards on its consolidated financial statements and related disclosures[41](index=41&type=chunk)[42](index=42&type=chunk) [10. Revenue](index=12&type=section&id=10.%20Revenue) This note describes the company's primary revenue sources, recognition policies, and disaggregation of net sales by product division - The Company's primary revenue source is from the sale of clothing and accessories, with performance obligations satisfied immediately upon customer payment and merchandise receipt[44](index=44&type=chunk) - Revenue from layaway sales is recognized when merchandise is paid for and control is transferred to the customer[44](index=44&type=chunk) Revenue Disaggregation by Division (Thirteen Weeks Ended August 2, 2025) | Division | Percentage of Net Sales | | :---------------- | :---------------------- | | Womens | 27 % | | Kids | 22 % | | Mens | 18 % | | Accessories & Beauty | 17 % | | Home & Lifestyle | 9 % | | Footwear | 7 % | [11. Leases](index=12&type=section&id=11.%20Leases) This note details the company's lease arrangements for retail stores, distribution centers, and equipment, including lease costs and liabilities - The Company leases its retail store locations, distribution centers, and certain office space and equipment, typically for **five-year terms** with extension options[49](index=49&type=chunk) Total Lease Cost (Thirteen Weeks Ended) | Lease Cost Type | August 2, 2025 (in thousands) | August 3, 2024 (in thousands) | | :---------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $15,219 | $14,400 | | Variable lease cost | $3,205 | $3,541 | | Short term lease cost | $422 | $381 | | **Total lease cost** | **$18,846** | **$18,322** | - Total present value of lease liabilities as of August 2, 2025, was **$217,489 thousand**, with **$36,175 thousand** due in the remainder of 2025[52](index=52&type=chunk) [12. Segment Reporting](index=13&type=section&id=12.%20Segment%20Reporting) This note clarifies that the company operates as a single reportable segment, with the CEO managing resources and assessing performance on a consolidated basis - The Company operates as a single reportable segment, an off-price value retailer of fashion apparel, accessories, and home trends primarily for African American families[54](index=54&type=chunk) - The Chief Executive Officer, as the chief operating decision maker (CODM), manages and allocates resources on a consolidated basis and assesses performance based on consolidated net income (loss)[54](index=54&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition and results of operations, highlighting key performance drivers, economic uncertainties, and strategic capital allocation. It details the financial performance for the thirteen and twenty-six weeks ended August 2, 2025, compared to the prior year, and discusses liquidity, capital resources, and critical accounting policies [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future performance, subject to various risks and uncertainties that may cause actual results to differ - This section contains forward-looking statements regarding future revenues, expenditures, plans, and economic performance, which are subject to risks, uncertainties, and other factors[57](index=57&type=chunk) - Factors that may cause actual results to differ include general economic conditions, inflation, energy and fuel costs, unemployment, tariffs, natural disasters, and supply chain disruptions[58](index=58&type=chunk) [Executive Overview](index=15&type=section&id=Executive%20Overview) This overview describes Citi Trends as an off-price value retailer serving African American families, detailing its product mix and store operations - Citi Trends is an off-price value retailer known for trendy fashions, great brands, and competitive prices, primarily serving African American families in the United States[61](index=61&type=chunk) - The Company curates a three-tiered product mix including well-known brands, core products, and opening price goods, often featuring 'extreme value' deals[61](index=61&type=chunk) - As of August 2, 2025, the Company operated **590 stores** in urban, suburban, and rural markets across 33 states[62](index=62&type=chunk) [Uncertainties and Challenges](index=15&type=section&id=Uncertainties%20and%20Challenges) This section discusses economic conditions, including inflation and tariffs, and the seasonal nature of the business that may impact operations - Operations are expected to continue being influenced by general economic conditions, including ongoing inflationary pressures, new tariff programs, and changes in consumer sentiment[63](index=63&type=chunk) - The business is seasonal, with historically higher sales in the first and fourth quarters, and store traffic is influenced by weather patterns[64](index=64&type=chunk) [Basis of Presentation](index=15&type=section&id=Basis%20of%20Presentation) This section defines key financial statement components, including net sales, cost of sales, and selling, general, and administrative expenses - Net sales consist of store sales and layaway fees, net of customer returns[65](index=65&type=chunk) - Cost of sales includes the cost of products sold and associated freight costs, excluding depreciation[65](index=65&type=chunk) - Selling, general and administrative expenses comprise store costs (payroll, occupancy), corporate and distribution center costs, and advertising[65](index=65&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, including net sales, cost of sales, and net income (loss), for the reported periods [Thirteen Weeks Ended August 2, 2025 and August 3, 2024](index=17&type=section&id=Thirteen%20Weeks%20Ended%20August%202,%202025%20and%20August%203,%202024) This subsection details the financial performance for the thirteen-week period, highlighting changes in net sales, cost of sales, and net income - Net sales increased by **$14.2 million**, or **8.0%**, to **$190.8 million**, driven by a **9.2% increase** in comparable store sales[72](index=72&type=chunk) - Cost of sales as a percentage of sales decreased by **890 basis points** to **60.0%**, primarily due to a **580 basis points decrease** in markdowns and a **190 basis points decrease** in shrink[73](index=73&type=chunk) - The Company reported a net income of **$3.8 million**, a significant improvement from a net loss of **$18.4 million** in the prior year, partly due to an **$11.0 million gain** on the sale of a corporate office building[77](index=77&type=chunk)[78](index=78&type=chunk) [Twenty-Six Weeks Ended August 2, 2025 and August 3, 2024](index=18&type=section&id=Twenty-Six%20Weeks%20Ended%20August%202,%202025%20and%20August%203,%202024) This subsection details the financial performance for the twenty-six-week period, highlighting changes in net sales, cost of sales, and net income - Net sales increased by **$29.6 million**, or **8.2%**, to **$392.5 million**, with comparable store sales increasing by **9.6%**[79](index=79&type=chunk) - Cost of sales as a percentage of sales decreased by **480 basis points** to **60.2%**, primarily driven by a **250 basis points decrease** in markdowns and a **130 basis points decrease** in shrink[80](index=80&type=chunk) - The Company achieved a net income of **$4.7 million**, a substantial improvement from a net loss of **$21.8 million** in the prior year, benefiting from an **$11.0 million gain** on the sale of a corporate office building[84](index=84&type=chunk)[85](index=85&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's capital allocation strategy, cash position, inventory, capital expenditures, and cash flow activities - The capital allocation strategy prioritizes investments in profitable business growth and current operations, followed by returning excess cash to stockholders through repurchase programs[86](index=86&type=chunk) - Quarter-end cash and cash equivalents were **$50.4 million**, down from **$59.3 million** at the end of the second quarter last year[86](index=86&type=chunk) - Inventory balance was **$117.6 million**, a **12.9% decrease** compared to **$135.0 million** at the end of the second quarter last year[88](index=88&type=chunk) - Capital expenditures in the first twenty-six weeks of 2025 were **$7.7 million**, an increase of **$2.1 million** year-over-year, with fiscal 2025 projected at **$22 million to $25 million** for new stores, remodels, and systems[89](index=89&type=chunk) - Net cash used in operating activities improved to **$7.1 million** in the first twenty-six weeks of 2025 from **$14.0 million** in the same period of 2024[92](index=92&type=chunk) - Cash provided by investing activities was **$3.5 million** in the first twenty-six weeks of 2025, a reversal from cash used of **$5.6 million** in the prior year, primarily due to the sale of a building[94](index=94&type=chunk) - Cash used in financing activities increased to **$7.1 million** in the first twenty-six weeks of 2025, mainly due to **$6.3 million** in share repurchases[95](index=95&type=chunk) [Critical Accounting Policies](index=19&type=section&id=Critical%20Accounting%20Policies) This section addresses the significant estimates and assumptions made in preparing the financial statements and confirms no material changes to prior policies - The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses[97](index=97&type=chunk) - There have been no material changes to the Critical Accounting Policies outlined in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025[98](index=98&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes in the Company's market risk during the twenty-six weeks ended August 2, 2025, compared to the disclosures in its previous Annual Report on Form 10-K - No material changes in market risk were reported for the twenty-six weeks ended August 2, 2025, compared to the disclosures in the Annual Report on Form 10-K for the fiscal year ended February 1, 2025[99](index=99&type=chunk) [Item 4. Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, evaluated the effectiveness of disclosure controls and procedures as of August 2, 2025, concluding they are effective. No material changes to internal control over financial reporting occurred during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of August 2, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[100](index=100&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter ended August 2, 2025, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[102](index=102&type=chunk) [PART II - OTHER INFORMATION](index=22&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides additional information not covered in Part I, including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The Company is periodically involved in legal proceedings incidental to its business but is not aware of any pending or threatened matters expected to have a material adverse effect on its financial condition, results of operations, or liquidity - The Company is from time to time involved in various legal proceedings incidental to the conduct of its business[103](index=103&type=chunk) - Management is not aware of any legal proceedings pending or threatened that are expected to have a material adverse effect on the Company's financial condition, results of operations, or liquidity[103](index=103&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the Risk Factors previously described in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025 - There have been no material changes to the Risk Factors described in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025[104](index=104&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Company did not repurchase any shares in the second quarter of 2025, but $40.0 million remained available under its stock repurchase authorization as of August 2, 2025 - The Company did not repurchase any shares in the second quarter of 2025[105](index=105&type=chunk) - As of August 2, 2025, **$40.0 million** remained available under the Company's stock repurchase authorization[105](index=105&type=chunk) [Item 3. Defaults Upon Senior Securities](index=22&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is marked as not applicable, indicating no defaults upon senior securities - This item is marked as 'Not applicable'[106](index=106&type=chunk) [Item 4. Mine Safety Disclosures](index=22&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is marked as not applicable, indicating no mine safety disclosures are required - This item is marked as 'Not applicable'[107](index=107&type=chunk) [Item 5. Other Information](index=22&type=section&id=Item%205.%20Other%20Information) This item is marked as not applicable, indicating no other information to report - This item is marked as 'Not applicable'[108](index=108&type=chunk) [Item 6. Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate organizational documents, incentive plans, award agreements, and certifications from executive officers - Exhibits include corporate organizational documents (Certificate of Incorporation, Bylaws), incentive plans (2021 Incentive Plan), and related award agreements[112](index=112&type=chunk) - Certifications of the Principal Executive Officer and Principal Financial Officer, pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, are included[112](index=112&type=chunk) - Inline XBRL Document Sets for the condensed consolidated financial statements and the cover page are also filed[112](index=112&type=chunk) [SIGNATURES](index=24&type=section&id=SIGNATURES) This section contains the official signature of the registrant, Citi Trends, Inc., by its Chief Financial Officer, Heather Plutino, certifying the filing of the report - The report was signed on September 10, 2025, by Heather Plutino, Chief Financial Officer of Citi Trends, Inc[116](index=116&type=chunk)

Exhibit 99.1 Daktronics, Inc. Announces 2026 Fiscal First Quarter Results Operating Profit of $23 million Operating Margin of 10.6% Orders +35% YoY Operating Cash Flow of $26 million, +34% YoY; Ending Cash Balance of $137 million Business and Digital Transformation on Track; Reiterating Three Year Forward Objectives of 7-10% Sales Growth, 10-12% operating margin, 17-20% ROIC BROOKINGS, S.D., September 10, 2025 – Daktronics, Inc. (NASDAQ-DAKT) (the "Company", "Daktronics", "we", or "us"), a recognized indust ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 3, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-38936 (786) 320-7111 (Registrant's telephone number, including area code) N/A CHEWY, INC. (Exact name of registrant a ...

Chewy Announces Second Quarter 2025 Financial Results PLANTATION, Fla., September 10, 2025 (BUSINESS WIRE) — Chewy, Inc. (NYSE: CHWY) ("Chewy"), a trusted destination for pet parents and partners everywhere, has released its financial results for the second quarter of fiscal year 2025 ended August 3, 2025. Fiscal Q2 2025 Highlights: "Q2 net sales exceeded the high end of our guidance range, growing nearly 9% year over year to $3.1 billion, with Autoship customer net sales increasing by 15% and representing ...

Exhibit 99.1 Lakeland Fire + Safety Reports Fiscal Second Quarter 2026 Financial Results Q2'26 Net Sales Increased 36% to a Record $52.5 Million Led by a 113% Increase in Fire Services Products, Representing 49% of Total Revenue U.S. Net Sales Increased 78% to $22.1 Million & Europe Net Sales Increased 113% to $15.1 Million Sequential Gross Margin Improves 240 Basis Points to 35.9% and Lower Operating Expenses Drive Positive Net Income of $0.8 Million and Adjusted EBITDA Excluding FX to $5.1 Million Updates ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 2, 2025 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 241 18 th Street South, Suite 650 Arlington, Virginia 22202 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 3, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37570 Pure ...