Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-27275 Akamai Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 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 001-37848 KINSALE CAPITAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 98-0664337 (State or ot ...

Business Segments - IDEXX operates through three reportable business segments: Companion Animal Group, Water Quality Products, and Livestock, Poultry, and Dairy[19]. - The company operates primarily through three business segments: Companion Animal Group, Water, and Livestock, Poultry and Dairy[203]. Companion Animal Group - The Companion Animal Group provides diagnostic solutions including point-of-care analyzers and veterinary software, enhancing veterinarians' ability to access patient data[20][21]. - The IDEXX VetLab suite includes analyzers like the Catalyst One and ProCyte One, which utilize AI for real-time diagnostic results[22]. - IDEXX launched the Cancer Dx Panel in North America in 2025, screening for lymphoma in dogs, with plans to expand to include mast cell tumor detection in 2026[32]. - The company anticipates launching the IDEXX Cancer Dx test for canine lymphoma internationally in the first half of 2026[32]. - The company aims to develop innovative point-of-care laboratory analyzers to drive sales and increase demand for consumable products, services, and accessories[102]. - The company plans to maintain premium pricing through effective communication and promotion of product value, despite competitors offering lower-priced alternatives[102]. - The companion animal healthcare industry is highly competitive, with increasing competition anticipated from both existing competitors and new entrants, impacting future growth and profitability[102]. Water Quality Products - Water quality products include tests like Colilert and Enterolert, which detect microbial contamination in water, used by government and private laboratories[44][45]. - The IDEXX Tecta system automates water testing workflows, allowing simultaneous testing of multiple samples with remote notification capabilities[49]. Livestock and Poultry Diagnostics - The company’s principal livestock and poultry diagnostic products include tests for Bovine Viral Diarrhea Virus, Porcine Reproductive and Respiratory Syndrome, and Transmittable Spongiform Encephalopathies, which impact production yields[51]. - The SNAP test platform is used by dairy producers and processors globally to detect antibiotic drug residue in milk, with primary products including SNAP Beta-Lactam ST and SNAPduo ST Plus[53]. Research and Development - Research and development expenses for the year ended December 31, 2025, were $251.2 million, representing 5.8% of consolidated revenue, compared to $219.8 million (5.6%) in 2024 and $191.0 million (5.2%) in 2023[58]. - The company invests significantly in research and development to enhance existing products and develop new offerings, but success is not guaranteed[123]. Manufacturing and Quality Standards - The company has a facility license from APHIS to manufacture USDA-licensed products at its Westbrook, Maine facility, which also covers its distribution center in Memphis, Tennessee[74]. - The company’s manufacturing and distribution facilities are certified to ISO 9001 quality standards, ensuring compliance with product safety and quality requirements[69]. - IDEXX's veterinary diagnostic instrument systems are required to meet CE certification, ensuring compliance with the RoHS Directive and other safety requirements[80]. Intellectual Property and Competition - The company actively seeks to protect its intellectual property through patents, copyrights, and trade secrets, although no single patent is deemed material to its overall business[59]. - The company competes with various companies in the veterinary diagnostic market, including Zoetis Inc. and Mars, Incorporated brands, focusing on product quality, diagnostic accuracy, and customer service[71]. - The company competes in the veterinary software and diagnostic imaging systems market primarily against Covetrus, Inc. in North America and the U.K.[76]. Supply Chain and Risks - The company relies on third-party suppliers for certain components and raw materials, with some being sole or single-source suppliers, which poses supply chain risks[64]. - The company relies on third-party suppliers for components and raw materials, which poses risks to supply chain stability and could negatively impact operating results[104]. - Manufacturing biologic products is complex, and the company faces challenges in maintaining adequate sources of biological materials and meeting regulatory requirements[111]. Regulatory Environment - Regulatory approvals from agencies like the USDA, FDA, and EPA are critical for the company's product sales, and delays could adversely affect growth and profitability[113]. - The company is subject to various chemical regulations, including California's Proposition 65 and EU regulations, which could impact product manufacturing and sales[115]. - Compliance with U.S. and foreign regulations may require redesigning products, potentially increasing costs and affecting margins[117]. - The company faces complex product registration requirements in multiple countries, which could hinder market access and negatively impact financial results[118]. - The introduction of AI-related regulations in the U.S. and Europe may impose additional compliance costs and operational challenges[120]. Financial Performance - For the year ended December 31, 2025, recurring diagnostic revenue accounted for approximately 79% of the company's consolidated revenue[211]. - Approximately 36% of the company's overall revenue for the year ended December 31, 2025, was attributable to sales of products and services to customers outside the U.S.[142]. - The company has no intention to declare or pay dividends at this time[197]. - Historical stock performance shows IDEXX's total stockholder return was $111.04 in 2023, compared to $100.00 in 2020[200]. Employee and Workplace Culture - The company employs approximately 11,000 regular full-time and part-time employees across 34 countries, with a gender distribution of 41% men and 59% women[87]. - The company promotes a culture of inclusion and equal opportunity, aiming to attract and retain talented employees aligned with its purpose[86]. - The company regularly conducts employee surveys to gather insights on culture and workplace conditions, maintaining a strong level of employee engagement[95]. Cybersecurity - The cybersecurity risk management program includes regular assessments, employee training, and incident response protocols to mitigate potential threats[178]. - The company has engaged third parties for penetration testing and program assessments to enhance its cybersecurity measures[180]. - The Audit Committee oversees the cybersecurity risk management program, reviewing processes and risks at least annually[185]. - The company has experienced cybersecurity attacks in the past, but none have resulted in material adverse impacts on business or financial condition[138]. Economic and Market Conditions - A weak worldwide economy could lead to reduced demand for the company's products and services, particularly in the companion animal veterinary industry[145]. - Economic weakness may cause veterinarians to defer purchasing capital items, which could adversely affect sales growth of diagnostic products and services[146]. - Changes in testing patterns, such as the introduction of vaccines, could decrease demand for diagnostic tests, adversely affecting revenue[131]. - Increased competition from new entrants and technological advancements could negatively impact sales and profitability[127]. - Economic conditions and public health directives may lead to reduced demand for veterinary services and products, impacting overall sales[131]. Currency and Geopolitical Risks - Changes in foreign currency exchange rates could impact the company's results of operations due to the mix of domestic and international sales[144]. - The company faces risks associated with geopolitical conditions that could negatively affect international sales and operations[142]. - A strengthening U.S. dollar negatively impacts the dollar value of international sales, with 23% of consolidated revenue from products sold in local currencies[167]. - The company's foreign currency hedging activities may not fully offset adverse financial effects from unfavorable currency movements[168]. Environmental and Compliance Issues - IDEXX's operations are subject to various environmental, health, and safety laws, with significant ongoing compliance costs expected to increase, particularly in the European Union[96]. - The company has developed a greenhouse gas emissions reduction strategy and tracks environmental impact metrics, including greenhouse gas emissions and energy consumption[97]. - Compliance with environmental, social, and governance regulations is critical, as failure to meet these standards could adversely affect the company's reputation and financial condition[155]. - Climate change poses physical risks that could disrupt operations and supply chains, leading to increased costs and potential revenue impacts[160]. Debt and Financial Obligations - The company faces risks related to its debt agreements, which may increase borrowing costs and limit operational activities if future cash flows are insufficient to meet obligations[170]. - The company has a variable-rate Credit Facility, exposing it to interest rate risk; an increase in interest rates could raise debt service obligations[173].

Financial Performance - Kforce's Technology business represents 93% of overall revenues, with total revenues decreasing 4.8% year-over-year to $1.2 billion in 2025[33]. - Revenue for the year ended December 31, 2025, decreased 5.4% to $1.33 billion from $1.41 billion in 2024, primarily due to decreases in consultants on assignment[133]. - Flex revenue decreased 5.3% to $1.30 billion in 2025 from $1.38 billion in 2024, with Technology Flex revenue decreasing 4.7% and FA Flex revenue decreasing 12.8%[133]. - Direct Hire revenue decreased 11.1% to $25.7 million in 2025 from $28.9 million in 2024[133]. - Net income for the year ended December 31, 2025, decreased 30.9% to $34.8 million, or $1.96 diluted earnings per share, from $50.4 million, or $2.68 diluted earnings per share, in 2024[133]. - Selling, General and Administrative expenses as a percentage of revenue increased to 23.0% from 22.0% in 2024, primarily due to declines in revenue and gross profit[133]. - The firm experienced a decline in gross profit margin, decreasing 20 basis points to 27.2% in 2025 from 27.4% in 2024[133]. - The company's net income for 2025 was $34,825,000, down 30.9% from $50,414,000 in 2024[192]. - The effective tax rate for 2025 was 25.8%, slightly up from 25.4% in 2024[152]. - Cash provided by operating activities was $61.645 million in 2025, down from $86.874 million in 2024, primarily due to lower profitability levels[161]. Market Position and Strategy - The technology temporary staffing industry is projected to generate revenues of $38 billion in 2026, with Kforce holding approximately 3% market share[43]. - Kforce's integrated strategy aims to enhance service delivery and accelerate revenue growth, targeting an operating margin of approximately 8% at $1.7 billion in annual revenues[49]. - Kforce focuses on technology staffing and solutions, with over 93% of its business concentrated in this area, enhancing its competitive advantage[53]. - Kforce's strategic partnerships with market leaders like Microsoft and Workday are expected to enhance operational efficiency through AI integration[51]. - The staffing industry is highly competitive, with significant pricing pressures and limited barriers to entry for new competitors, impacting Kforce's market share[74]. Operational Developments - The company established a development center in Pune, India, in January 2025 to enhance its offshore delivery capabilities[22]. - Kforce's commitment to employee well-being includes flexible work environments and comprehensive health and wellness programs[64]. - Kforce's strategic initiatives, including technological transformation and the establishment of an India development center, aim to enhance service offerings and profitability[75]. Economic and Regulatory Risks - The unemployment rate increased to 4.4% in December 2025, indicating broader economic uncertainty, yet demand for skilled professionals in technology remains strong[44]. - Kforce faces risks related to economic fluctuations, which can significantly affect demand for its services and overall financial performance[70]. - The company is subject to immigration regulations that could restrict the hiring of skilled foreign nationals, impacting its ability to meet client needs[92]. - Kforce's business model may be adversely affected by reclassification of independent contractors, leading to potential retroactive wages and tax liabilities[94]. - Increases in payroll-related costs could negatively impact financial results, as the company may struggle to raise client fees in response[95]. - The company is exposed to tax audits and changes in tax laws, which could affect its tax obligations and effective tax rate[96]. - Kforce's operations could be impacted by government regulations affecting the workplace, potentially increasing costs and compliance burdens[97]. Financial Management and Shareholder Returns - Kforce has returned $1.1 billion to shareholders since 2007, indicating a strong commitment to shareholder value[23]. - The firm returned $76.0 million of capital to shareholders, including $48.5 million in open market repurchases and $27.5 million in quarterly dividends[133]. - The Board declared dividends of $27.493 million in 2025, reflecting a per-share dividend of $1.56[163]. - In January 2026, the Board approved an increase in the dividend to $1.60 per share, marking the seventh consecutive annual increase[164]. - The company repurchased 1,205,000 shares for $48,552,000 in 2025, with $97.2 million remaining available for future repurchases under the stock repurchase program[167]. Challenges and Concerns - Kforce's dependence on key management and operating employees is critical; losing any key executive could adversely affect strategic priorities and financial objectives[85]. - Cybersecurity risks are a significant concern, with potential unauthorized access to sensitive information that could disrupt operations and harm financial results[86]. - Kforce relies on third-party suppliers for consultants, and any economic or regulatory changes could hinder their ability to provide necessary services, impacting client satisfaction and market expansion[81]. - The company faces risks from third-party software providers, including potential downtime and misalignment with business needs, which could lead to increased costs and operational inefficiencies[82]. - A hypothetical 10% increase in interest rates would increase annual interest expense by less than $500,000 based on the outstanding amount under the Credit Facility[180]. Financial Metrics and Ratios - Total assets increased to $365,638 thousand in 2025 from $357,834 thousand in 2024, representing a growth of 0.8%[195]. - Total liabilities increased to $241,035 thousand in 2025 from $203,216 thousand in 2024, reflecting an increase of 18.6%[195]. - Stockholders' equity decreased to $124,603 thousand in 2025 from $154,618 thousand in 2024, a decline of 19.4%[195]. - Cash and cash equivalents rose significantly to $2,142 thousand in 2025 from $349 thousand in 2024, marking a substantial increase of 512.6%[200]. - Capital expenditures for 2025 were $14,840 thousand, significantly higher than $7,573 thousand in 2024, an increase of 96.0%[200].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _____________ 001-13106 (Essex Property Trust, Inc.) 333-44467-01 (Essex Portfolio, L.P.) (Commission File Number) ESSEX PROPERTY TRUST, INC. ESSEX ...

Financial Performance - U.S. Consumer net sales for the first quarter were $328.5 million, reflecting a 4% decrease compared to the prior year[22] - GAAP gross margin rate improved by 90 basis points to 25.0%, while non-GAAP adjusted gross margin rate also improved by 90 basis points to 25.4%[8] - GAAP net loss from continuing operations was $0.83 per share, an improvement of $0.32 per share compared to the prior year[8] - Non-GAAP adjusted EBITDA for the quarter was $3.0 million, an increase of $2.1 million over the prior year[8] - The U.S. Consumer segment reported a segment profit of $9.0 million, down 8% from the previous year[22] - The net loss from continuing operations for the three months ended December 27, 2025, was $47.8 million, compared to a net loss of $66.1 million in the same period of 2024[26] - Adjusted EBITDA for the three months ended December 27, 2025, was $3.0 million, up from $0.9 million in the same period of 2024[26] - The company reported a diluted net loss per common share from continuing operations of $0.83 for the three months ended December 27, 2025, compared to $1.15 in the same period of 2024[26] Guidance and Future Expectations - The company reaffirmed its fiscal 2026 guidance, including non-GAAP adjusted net income per share from continuing operations projected between $4.15 and $4.35[15] - The company anticipates free cash flow of $275 million, which will drive the leverage ratio down to the high 3's[15] Asset and Liability Management - Total assets decreased to $3,034.0 million in December 2025 from $3,170.2 million in December 2024, a decline of approximately 4.3%[24] - Total current assets increased to $1,257.2 million in December 2025, compared to $940.3 million in September 2025, reflecting a growth of approximately 33.7%[24] - Long-term debt decreased to $2,250.2 million in December 2025 from $2,636.9 million in December 2024, a reduction of approximately 14.7%[24] - The current portion of debt increased significantly to $278.3 million in December 2025 from $54.6 million in December 2024[24] - The total liabilities decreased to $3,534.6 million in December 2025 from $3,649.7 million in December 2024, a decline of approximately 3.1%[24] Discontinued Operations - The planned divestiture of the Hawthorne subsidiary is expected to close in the fiscal second quarter, with the business classified as a discontinued operation[2] - The Company has classified the Hawthorne business as held for sale, impacting its financial statements for all periods presented[43] - Effective in the first quarter of fiscal 2026, the results of operations for the Hawthorne business will be reflected as a discontinued operation[43] - The Company incurred a loss from discontinued operations of $77.2 million for the three months ended December 27, 2025, compared to $3.4 million in the same period of 2024[42] - The decision to classify the Hawthorne business as held for sale was made during the three months ended December 27, 2025[43] Accounting and Reporting Practices - The Company does not provide a GAAP outlook due to the unpredictability of certain excluded items, which could significantly impact GAAP results[43] - Forward-looking non-GAAP measures are presented, but no reconciliation to GAAP measures is provided due to unreasonable efforts[43] - The reclassification of the Hawthorne business affects the Condensed Consolidated Balance Sheets for all periods presented[43] - Management does not forecast many of the excluded items for internal use, complicating the creation of a GAAP outlook[43] - The Company emphasizes that changes in excluded items are dependent on future events that are less predictable[43] - The classification of the Hawthorne business aligns with the criteria for being held for sale as per accounting standards[43] - The Company aims to ensure the accuracy of its financial reporting while navigating the complexities of non-GAAP measures[43] Shareholder Returns - A share repurchase program of up to $500 million has been approved, expected to commence in late 2026[3] Leverage and Financial Ratios - Net leverage improved to 4.03x, a reduction of 0.49x compared to the previous year[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-38434 Dropbox, Inc. (Exact name of registrant as specified in its charter) Nevada 26-0138832 (State or other jurisdict ...

| | | Page | | --- | --- | --- | | | Special Note Regarding Forward-Looking Statements | 3 | | PART I | | | | Item 1 | Business | 6 | | Item 1A | Risk Factors | 17 | | Item 1B | Unresolved Staff Comments | 47 | | Item 1C | Cybersecurity | 47 | | Item 2 | Properties | 49 | | Item 3 | Legal Proceedings | 50 | | Item 4 | Mine Safety Disclosures | 50 | | PART II | | | | Item 5 | Market for Registrant's Common Equity, Related Stockholder | | | | Matters and Issuer Purchases of Equity Securities | 50 | | Item 6 | ...

Business Segments and Operations - FormFactor, Inc. operates in two reportable segments: Probe Cards and Systems, with sales from probe cards and analytical probes included in the Probe Cards segment[17]. - The company is consolidating its manufacturing operations in California, with a new facility in Farmers Branch, Texas expected to support probe card production by late fiscal 2026[41]. - The company purchased a manufacturing site in Farmers Branch, Texas, with production expected to ramp up in late Q4 fiscal 2026[97]. - The company has 2,153 regular full-time employees as of December 27, 2025, with 1,298 in operations, 422 in research and development, 235 in sales and marketing, and 198 in general and administrative functions[73]. Revenue and Financial Performance - The company generated a record annual revenue of $785.0 million in fiscal 2025, driven by strong growth in the DRAM product segment, particularly for HBM chips used in AI applications[190]. - Fiscal 2025 revenues increased by 2.8% to $784.993 million compared to $763.599 million in fiscal 2024[207]. - Net income for fiscal 2025 was $54.4 million, a decrease from $69.6 million in fiscal 2024, primarily due to a non-recurring gain from the sale of the China operations in the previous year[185]. - Gross profit margin decreased to 39.3% in fiscal 2025 from 40.3% in fiscal 2024, while cost of revenues increased to 60.7% from 59.7%[206]. - Net income for fiscal 2025 was 6.9%, down from 9.1% in fiscal 2024[206]. - Revenue from the Foundry & Logic market decreased by 3.0% to $369.897 million in fiscal 2025, while DRAM revenue increased by 8.8% to $247.397 million[208][210]. - The company generated no revenue from metrology systems in fiscal 2025 and fiscal 2024, compared to $21.2 million in fiscal 2023 due to the sale of the FRT business[207]. Customer Concentration and Market Dynamics - The company reported that SK hynix Inc. represented 19.2% of quarterly revenues for the quarter ended December 27, 2025, while Intel Corporation contributed 12.4% for the quarter ended June 28, 2025[36]. - One customer accounted for 22.9% of total revenues in fiscal 2025, indicating a high revenue concentration risk[84]. - Approximately 7% of fiscal 2025 revenue and 14% of fiscal 2024 revenue was derived from sales to customers in China, which is subject to expanded export license requirements by the U.S. government[50]. - The company anticipates that sales to a small number of customers will continue to drive significant revenue fluctuations[84]. Research and Development - FormFactor allocates significant resources to research and development to maintain its competitive position and address next-generation electrical test challenges[43]. - The company has invested significantly in proprietary probe card design tools to enable rapid customization, enhancing competitiveness and time-to-market[22]. - The company offers over 50 different analytical probe models for diverse applications, including device characterization and failure analysis[25]. - The company has a substantial patent portfolio relevant to its products, which is intended to create a competitive advantage and support research and development investments[62]. Competitive Landscape - The company competes favorably in the advanced probe card market, particularly for high signal integrity testing of wireless radio frequency devices needed for 5G applications[53]. - The markets for the company's products are highly competitive, with increased competition leading to potential price reductions and reduced gross margins[77]. - The company faces strong competition for engineering talent, which is critical for developing custom designs for customers' new product designs[72]. - The semiconductor industry is experiencing consolidation, which may reduce the customer base and increase pricing pressures[88]. Risks and Challenges - The company faces risks from sole source suppliers, which could lead to production delays and increased costs[104]. - Manufacturing delays and inefficiencies could negatively impact the company's operating results and ability to compete[99]. - The complexity of product designs may lead to defects, impacting reputation and revenues[101]. - The company has observed increasing risks and challenges in international business activities, including expanded tariffs and trade barriers[124]. - The geopolitical tensions, particularly between the U.S. and China, could impact the company's operations and access to critical technologies[120]. - The company faces risks from currency fluctuations due to significant international operations, which could adversely affect revenues and earnings[125]. - Changes in customer test strategies may decrease demand for the company's products[90]. - The company must continuously improve manufacturing processes to enhance yields and reduce costs[96]. Cybersecurity and Compliance - The company has not experienced any material cybersecurity incidents, and related expenses have been immaterial[154]. - The Governance and Nominating Committee oversees cybersecurity risks, ensuring effective management and governance[157]. - The company has implemented various cybersecurity processes and controls to manage material risks effectively[150]. - Compliance with evolving data privacy and security laws requires significant investment, and failure to comply could result in substantial fines and reputational damage[114]. - The reliance on electronic data systems exposes the company to risks of disruptions and security breaches, which could materially affect operations[112]. Stock and Investor Relations - The stock price fluctuated between $23.18 and $59.25 during fiscal 2025, indicating high volatility in trading[141]. - The trading price of the company's stock may decline due to loss of investor confidence or external market factors[142]. - The company has no plans to pay cash dividends on its common stock in the foreseeable future[172]. - As of February 13, 2026, there were 95 registered holders of the company's common stock[171]. Restructuring and Future Plans - The company announced restructuring plans expected to result in charges between $30 million to $40 million due to the consolidation of manufacturing facilities[132]. - The company plans to restructure its operations to align cost structures and improve gross margins, consolidating manufacturing facilities in California[188]. - The company acquired Keystone Photonics in December 2025, enhancing its position in the silicon photonics market and AI infrastructure[189]. - The company acquired a 20% equity interest in FICT Limited in February 2025, expanding its capabilities in semiconductor testing and high-performance computing[192].

Financial Performance - Revenues for the year ended December 31, 2025, were $4,050.7 million, a decrease of 4% compared to $4,209.7 million in 2024[217] - Operating income increased by 4% to $757.3 million in 2025 from $725.8 million in 2024[217] - Net income for 2025 was $499.6 million, down 47% from $934.2 million in 2024[217] - Basic earnings per share decreased to $1.53 in 2025, a decline of 44% from $2.75 in 2024[228] - Total expenses for 2025 were $3,293.4 million, down 5% from $3,483.9 million in 2024[217] Segment Performance - Consumer Money Transfer segment revenues decreased by 8% to $3,507.4 million in 2025 from $3,798.0 million in 2024[234] - The Consumer Money Transfer segment accounted for 87% of total revenues in 2025, down from 90% in 2024[232] - Consumer Services segment revenues increased by 32% to $543.3 million in 2025, up from $411.7 million in 2024[244] - Operating income for Consumer Money Transfer decreased due to reduced revenue, partially offset by lower agent commissions and technology expenses[243] Cash Flow and Liquidity - Cash provided by operating activities increased to $543.7 million in 2025 from $406.3 million in 2024, primarily due to an income tax settlement[258] - As of December 31, 2025, cash and cash equivalents were $1,234.4 million, down from $1,474.0 million in 2024[254] - The company has $392.0 million in outstanding commercial paper borrowings as of December 31, 2025, with a weighted-average interest rate of approximately 3.9%[262] Debt and Financing - The Revolving Credit Facility was increased to $1.62 billion, maturing on November 30, 2029[263] - The company had $800.0 million outstanding under the Term Loan Facility, maturing on December 13, 2027[266] - The Delayed Draw Term Loan Facility was established with an aggregate amount of $800.0 million, with the option to increase to $1.0 billion[267] - The consolidated interest coverage ratio was 7:1 for the year ended December 31, 2025[271] - Projected interest payments on outstanding borrowings were $698.6 million as of December 31, 2025[280] Capital Expenditures and Shareholder Returns - Capital expenditures totaled $150.8 million in 2025, up from $130.6 million in 2024[276] - Share repurchases amounted to 23.7 million shares for $224.7 million in 2025, with an average cost of $9.49 per share[277] - Quarterly cash dividends of $0.235 per common share were declared in all four quarters of 2025, totaling $304.7 million[278] Assets and Goodwill - As of December 31, 2025, the carrying value of goodwill was $2,098.5 million, representing approximately 25% of consolidated assets[298] - Goodwill in the Consumer Money Transfer reporting unit was $1,986.4 million, with no impairments recorded for the years ended December 31, 2025 and 2024[298] - The net carrying value of other intangible assets as of December 31, 2025 was $356.3 million, with immaterial impairments recorded during the years ended December 31, 2025 and 2024[303] - The company has approximately $2.4 billion in interest-bearing assets, with $1.0 billion bearing floating interest rates[309] Risk Management - A hypothetical 100 basis point increase in interest rates would decrease annual pre-tax income by approximately $12 million based on sensitive borrowings[313] - The company manages foreign exchange risk through short-duration foreign currency forward contracts, with maturities ranging from a few days to one month[306] - A hypothetical 10% strengthening or weakening of the U.S. dollar would result in a pre-tax annual income change of approximately $40 million[308] - Credit and non-credit losses have been less than 2% of consolidated revenues in all periods presented[317] - The company evaluates the recoverability of goodwill and other intangible assets based on qualitative and quantitative assessments, including discounted cash flows[295] Regulatory and Compliance Risks - The company faces risks related to mergers, acquisitions, and the integration of acquired businesses, which may not yield anticipated financial benefits[323] - There are potential liabilities from litigation, including class-action lawsuits and regulatory enforcement actions, which could incur significant costs[326] - The company must comply with evolving regulations regarding consumer privacy and data security, which may impact operational costs and business practices[326] - Changes in tax laws and their interpretations could adversely affect the company's financial position and operations[323] - The company is exposed to foreign exchange rate fluctuations, which may impact financial results and require effective management[323] - There are risks associated with the ability to attract and retain qualified key employees, which is crucial for operational success[323] - The company must navigate increased regulatory costs and changes in laws affecting digital currencies and related technologies[323] - The company may face adverse rating actions from credit rating agencies, impacting its financial stability and borrowing costs[323] - The company is at risk of material changes in the market value or liquidity of securities it holds, which could affect its financial health[323] - The company must manage credit and fraud risks presented by agents and clients, which is essential for maintaining operational integrity[323]