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 0-27512 CSG SYSTEMS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 47-0783182 (State or ...

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: 001-42002 ________________________________________ LKQ CORPORATION (Exact name ...

Operational Performance - The LEAP phase 4 expansion was placed into service in September 2025, increasing system capacity to approximately 2.1 Bcf/d[48] - For the year ended December 31, 2025, average throughput from the Gathering segment was 3.1 Bcf/d, up from 2.9 Bcf/d in 2024[52] - Revenue from the Gathering segment accounted for approximately 45% of consolidated revenue for the year ended December 31, 2025[52] - Approximately 57% of Gathering segment revenue was generated under firm revenue contracts, while 36% came from flowing gas for the year ended December 31, 2025[51] - The company gathered record high volumes on the Haynesville System during the year ended December 31, 2025, and completed expansions on Blue Union Gathering and Tioga Gathering[55] Capital Expenditures and Investments - Capital expenditure investments for ongoing expansion projects are included in the forecasted capital expenditures discussed in the Form 10-K[56] Regulatory Compliance and Environmental Impact - The company operates natural gas storage facilities in Michigan, regulated by PHMSA, and must comply with federal safety standards[92] - PHMSA's new regulations may expand requirements for underground natural gas storage facilities, with a final rule expected in January 2025[92] - The company incurs significant costs for compliance with U.S. federal and state pipeline safety laws, but does not expect these costs to materially affect its financial condition[88] - Civil penalties for pipeline safety violations can reach up to approximately $272,926 per day, with a maximum of $2.73 million for a series of violations[89] - The company is subject to various environmental laws and regulations, which require compliance and can lead to significant costs for pollution control and remediation[94][97] - Future expenditures related to environmental compliance are difficult to estimate due to changing regulations and potential new contamination sites[99] - The company has implemented programs to ensure compliance with environmental laws, incurring significant costs in the process[97] - New PHMSA rules could lead to increased operational costs, but some initiatives may be deregulatory in nature[86] - The company is in substantial compliance with existing environmental laws, but future regulations may impose additional costs[100] - The company may face civil and criminal fines for leaks or ruptures in its pipeline system, which could also lead to operational shutdowns[91] - The company generates materials classified as "hazardous substances" under CERCLA, potentially leading to joint and several liability for cleanup costs[102] - The company is subject to strict requirements under RCRA for the generation, storage, and disposal of hazardous wastes, which may increase future capital expenditures and operating expenses[103] - The company may incur significant costs for air pollution control equipment to comply with the Clean Air Act and state regulations, impacting operational costs[105] - Legislative measures addressing climate change and GHG emissions could increase environmental compliance costs, potentially affecting the company's financial condition[107] - The EPA's final rule regulating GHG emissions from oil and gas production includes performance standards and emission guidelines, with compliance deadlines extended to December 3, 2025[107] - The company is not currently aware of any facts that could materially adversely affect its business related to hazardous waste cleanup requirements[104] - Compliance with the Clean Water Act and state laws may result in delays and increased costs for obtaining necessary permits for discharges into regulated waters[113] - The company believes that compliance with existing and foreseeable new permit requirements will not materially adversely affect its financial condition[114] - The Endangered Species Act may impose additional costs and operational restrictions if new species are designated as endangered, but current compliance has not posed material costs[119] - The company is subject to OSHA regulations aimed at protecting worker health and safety, with new requirements potentially increasing compliance costs[120] - The company is in substantial compliance with all applicable laws and regulations relating to worker health and safety, but future compliance costs may materially affect financial condition and results of operations[121] Financial Performance and Asset Management - The company monitors estimates and assumptions regarding future cash flows and may need to write down goodwill if projected results are revised downward due to market factors[287] - No indicators of impairment were identified for long-lived assets during 2025, indicating stable asset performance[289] - Depreciation and amortization are based on estimated useful lives, which may change due to economic conditions and supply and demand[290] - The company assesses equity method investments for impairment and did not identify any indicators of impairment during 2025[291] Regulatory Operations - Regulatory operations are subject to rate regulation by FERC, with rates set to recover costs based on demand and competition[292] - Regulatory accounting is followed for certain transactions, and the company believes all regulatory assets and liabilities are recoverable in the current environment[292]

Risks and Compliance - The company is subject to various risks including geopolitical tensions, economic sanctions, and weather conditions that could materially affect its operations and financial performance [18]. - The company is exposed to regulatory risks related to greenhouse gas emissions and sustainability disclosures, which could impact its operations and financial results [53]. - The company is required to comply with the Corporate Sustainability Reporting Directive (CSRD) starting from January 1, 2027, which may increase compliance costs [55]. Sustainability Initiatives - The company is actively engaged in sustainability initiatives, including producing renewable feedstocks and developing plant-based protein ingredients [61]. - The company has a non-deforestation commitment established in 2015, implementing programs to prevent deforestation in its supply chains [62]. - Bunge aims for a 25% absolute reduction in Scope 1 and 2 GHG emissions and a 12.3% reduction in Scope 3 emissions by 2030 from a 2020 baseline [75]. - The company has set additional intensity reduction targets by 2026, including a 10% reduction in water usage, waste disposal to landfill, energy consumption, and Scope 1 and 2 emissions, all from a 2016 baseline [73]. - Bunge established Science Based Targets (SBTs) in 2021, verified by the SBTi, focusing on GHG emissions reductions across all three scopes [72]. - Bunge's sustainability strategy includes connecting farmers with end customers to address shared sustainability challenges in food, feed, and fuel supply chains [68]. - Bunge's annual global sustainability report tracks progress towards its sustainability targets and metrics [74]. - The company integrates material sustainability risks into its Enterprise Risk Management (ERM) framework to enhance business resilience against climate-related risks [69]. - Bunge's leadership engages with stakeholders to align on public commitments and quantifiable targets related to sustainability [71]. Workforce and Culture - As of December 31, 2025, Bunge employed approximately 34,000 people, with 43% in South America, 24% in EMEA, 20% in North America, and 13% in Asia-Pacific [76][78]. - The company emphasizes a culture of belonging and inclusion, aiming to attract and retain top talent to meet the evolving needs of a growing world [80]. - The company is committed to enhancing its workplace environment through career development and total rewards programs [77]. Business Operations - The company has minimal research and development activities, focusing instead on product development and process improvements to drive growth [45]. - The company is involved in strategic acquisitions and partnerships to enhance its market position and operational capabilities [18]. - The company’s operations are influenced by seasonal demand fluctuations, particularly in its refined oils and milling businesses [47]. - The company has a diversified global asset network that helps mitigate risks associated with climate change and operational disruptions [59]. - The company’s sustainability function is led by the Executive Vice President, Global Markets and Chief Sustainability Officer, ensuring alignment with sustainability objectives [67].

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 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 No. 001-42140 Lakeside Holding Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Revenue and Customer Base - Gentherm's revenues from its two largest customers, Lear Corporation and Adient plc, were $234 million and $164 million, representing 16% and 11% of total product revenues, respectively[46]. - In 2025, the top two customers, Lear and Adient, accounted for 16% and 11% of product revenues, respectively, while General Motors and Volkswagen each represented 12% of product revenues[63]. - Product revenues by OEM for 2025 show Volkswagen and General Motors at 12%, BMW at 9%, and Ford at 8%, reflecting a competitive landscape[47]. - In 2025, 66% of product revenue was generated from sales to customers outside the United States, including Europe and Asia[85]. - Over 15% of 2025 product revenue was generated from sales to customers in China, amid ongoing U.S.-China trade tensions[86]. Business Segments and Strategy - The company is organized into two reportable segments: Automotive and Medical, focusing on climate and comfort solutions in automotive and patient temperature management in the medical sector[18][19]. - Gentherm's automotive products include Climate Control Seats, Climate Control Interiors, and Lumbar and Massage Comfort Solutions, which are designed to enhance passenger comfort[14][27]. - Gentherm's strategy emphasizes profitable growth, operational excellence, and financial performance, leveraging core technologies to expand into new markets such as home and office, power-sports, and commercial vehicles[36][39]. - The automotive segment represents 97% of product revenues for the years ended December 31, 2025, 2024, and 2023, indicating a strong reliance on the automotive industry[73]. Financial Performance - For the year ended December 31, 2025, product revenues increased by 2.9% to $1,498,602 thousand compared to $1,456,124 thousand in 2024[191]. - Operating income for the year ended December 31, 2025, was $82,700 thousand, a decrease of $24,315 thousand from $107,015 thousand in 2024[191]. - The company reported a net income of $18,285 thousand for 2025, down from $64,947 thousand in 2024, reflecting a decline of $46,662 thousand[191]. - The cost of sales increased to $1,136,426 thousand in 2025 from $1,089,693 thousand in 2024, resulting in a gross margin decrease to $362,176 thousand[191]. - The company’s net research and development expenses rose to $94,759 thousand in 2025, compared to $88,697 thousand in 2024[191]. Operational Challenges - The company is subject to intense competition, particularly from Chinese-based component suppliers, which could impact pricing and margins[62]. - Seasonal fluctuations in automotive vehicle production are expected, particularly during summer and December, affecting operational performance[52]. - The global automotive supply chain has been adversely impacted by raw material shortages and manufacturing disruptions, which are expected to continue affecting profitability[77]. - The company’s ability to manage new product launches effectively is critical, as delays or quality issues could lead to significant financial penalties[70]. Research and Development - The company is committed to research and development, focusing on innovative products and partnerships to enhance energy utilization and production efficiencies[20][21]. - Gentherm's core technologies include thermal management, air moving devices, pneumatic solutions, and advanced valve systems, which are applicable across various end markets[22][23][25][26]. Mergers and Acquisitions - The company is pursuing a Reverse Morris Trust transaction with Modine Manufacturing Company, which involves the transfer of Modine's Performance Technologies business and the merger of SpinCo into Gentherm[16][17]. - The Modine Transaction is subject to conditions including shareholder approval and regulatory approvals, and failure to complete it could adversely impact the market price of the company's Common Stock[131]. - The integration of Performance Technologies following the Modine Transaction may present significant challenges, potentially affecting the combined company's business and financial condition[134]. Risks and Compliance - The company faces risks related to data privacy and security laws, which could lead to significant penalties and operational costs if not complied with[106]. - Regulatory changes, including tariffs and trade policies, could materially affect the company's operations and financial results, particularly in relation to supply chain costs and demand[104]. - The company is subject to extensive regulation in its patient temperature management business, with potential costs associated with compliance and inspections[116]. Capital Structure and Liquidity - As of December 31, 2025, the company's total consolidated indebtedness was $189.1 million, with $307.9 million available for additional borrowings under the Second Amended and Restated Credit Agreement[122]. - The company expects to incur significant one-time costs related to the Modine Transaction, which may include transaction-related fees and expenses, potentially impacting liquidity and cash flows[137]. - The company utilizes strategies to manage global liquidity needs, with $103.1 million in cash and cash equivalents held by non-U.S. subsidiaries as of December 31, 2025[126]. Shareholder Information - Current shareholders will experience substantial dilution in the Merger, with pre-Merger shareholders owning approximately 60% of the issued and outstanding shares of Common Stock on a fully diluted basis post-Merger[141]. - The company has not paid any cash dividends since formation and does not expect to pay any in the foreseeable future[161]. - The company authorized a stock repurchase program of up to $150.0 million over a three-year period, expiring June 30, 2027, with $10.0 million repurchased in 2025[162].

FNF Reports Fourth Quarter and Full Year 2025 Financial Results Jacksonville, Fla. – (February 19, 2026) - Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported fina ...

Financial Performance - Total revenue for 2025 was $2.515 billion, representing a 5% increase from $2.400 billion in 2024[10] - Total revenues for the year ended December 31, 2025, were $2,515,142, an increase from $2,400,395 in 2024, representing a growth of approximately 4.8%[34] - Total revenues for Q4 2025 reached $644.033 million, a 4.3% increase from $614.512 million in Q4 2024[38] - Subscription revenues increased to $622.218 million in Q4 2025, up 5.5% from $589.677 million in Q4 2024[38] - Net income for the year ended December 31, 2025, was $43,391, compared to a net loss of $58,288 in 2024[36] - GAAP net income for Q4 2025 was $22.967 million, a significant recovery from a net loss of $7.188 million in Q4 2024[41] Cash Flow and Margins - Free cash flow for 2025 reached $530 million, up 32% year-over-year, with a free cash flow margin of 21.1%[10] - Cash provided by operating activities for the year ended December 31, 2025, was $617,427, up from $483,276 in 2024[36] - Non-GAAP free cash flow for Q4 2025 was $126.130 million, up from $111.829 million in Q4 2024, representing a 12.0% increase[43] - Non-GAAP free cash flow margin of 19.6% for Q4 2025, compared to 18.2% in Q4 2024[43] Operating Performance - GAAP operating margin improved to 4.8% for the full year 2025, compared to 0.1% in 2024[5] - Non-GAAP operating income for 2025 was $566 million, or 22.5% of total revenue, up from $504 million, or 21.0% in 2024[10] - Non-GAAP income from operations for Q4 2025 was $146.678 million, compared to $131.171 million in Q4 2024, reflecting a 11.5% increase[39] - Non-GAAP operating margin for Q4 2025 was 22.8%, compared to 21.3% in Q4 2024, indicating improved operational efficiency[39] Future Guidance and Investments - Guidance for Q1 2026 includes total revenue of $640 to $645 million, with subscriptions revenue growth of approximately 4.5% to 5.5% year-over-year[11] - The company expects GAAP income from operations for Q1 2026 to be between $46 million and $53 million, with a projected operating margin of 7.1% to 8.2%[44] - For FY 2026, the company forecasts GAAP income from operations to range from $224 million to $254 million, with an operating margin of 8.6% to 9.6%[44] - The company plans to invest over $250 million annually in innovation to drive future growth[3] Shareholder Returns - The company initiated a quarterly cash dividend of $0.075 per share, marking its first-ever dividend[4] Research and Development - Research and development expenses for the year ended December 31, 2025, were $316,993, a decrease from $329,323 in 2024[34] AI and Innovation - New AI-led products achieved $100 million in annual recurring revenue (ARR), with AI Receptionist serving over 8,000 customers[12] - The annualized exit monthly recurring subscriptions (ARR) is calculated as monthly recurring subscriptions (MRR) multiplied by 12, indicating a leading indicator of anticipated subscriptions revenue[29] Tax and Liabilities - For fiscal 2026, the projected non-GAAP tax rate is determined to be 22.5%[27] - Total current liabilities increased to $1,218,648 as of December 31, 2025, from $748,799 in 2024[32] - The weighted-average number of diluted shares used in computing net income per share was 87,959 for the year ended December 31, 2025[34]

Hospital Operations - As of December 31, 2025, the company operated 104 critical illness recovery hospitals across 28 states, with approximately 37%, 33%, and 32% of revenue from Medicare reimbursement for the years ended December 31, 2023, 2024, and 2025, respectively [22]. - The company operated 1,917 outpatient rehabilitation clinics across 39 states and the District of Columbia as of December 31, 2025 [51]. - The company has a significant presence in the rehabilitation hospital segment, operating 38 rehabilitation hospitals in 15 states as of December 31, 2025 [63]. - As of December 31, 2025, the company operated 104 critical illness recovery hospitals and 38 rehabilitation hospitals, all certified by Medicare [100]. - The company operated 18 critical illness recovery hospitals and 11 rehabilitation hospitals that are treated as provider-based satellites, with 294 outpatient rehabilitation clinics also classified as provider-based [163]. Patient Care and Quality - The average length of stay for patients in critical illness recovery hospitals was 31 days for the year ended December 31, 2025 [24]. - The average length of stay for patients in rehabilitation hospitals was 14 days for the year ended December 31, 2025 [38]. - All rehabilitation hospitals were accredited by TJC and certified by Medicare as inpatient rehabilitation facilities as of December 31, 2025 [39]. - The company focuses on high-quality care and service, utilizing patient satisfaction surveys to continuously improve service levels [55]. - The company maintains quality assurance programs to support and monitor care standards, ensuring compliance with regulatory requirements and Medicare certifications [31]. Financial Performance - Medicare accounted for 28.6% of the company's revenue in 2025, while commercial insurance represented 51.6% [71]. - Revenue from workers' compensation programs accounted for approximately 15% of outpatient rehabilitation segment revenue, 2% of rehabilitation hospital segment revenue, and 1% of critical illness recovery hospital segment revenue for the year ended December 31, 2025 [102]. - The company's revenue sources include Medicare and Medicaid, which generally pay less than customary charges for services provided [73]. - The company employed approximately 45,300 employees, including 30,800 full-time and 14,500 part-time employees [75]. - The company has approximately 17,500 credentialed practitioners providing services in its hospitals [78]. Strategic Growth - The company is pursuing opportunistic acquisitions to grow its network of critical illness recovery hospitals, focusing on improving financial performance through clinical program additions and centralized administrative functions [36]. - The company aims to increase commercial volume by expanding relationships with commercial insurers, offering high-quality, cost-effective care [35]. - The company aims to increase market share by opening new clinics in existing markets and entering joint ventures with hospital systems [56]. - The company is pursuing opportunistic acquisitions to grow its network of rehabilitation facilities and improve financial performance [60]. Regulatory Compliance - The company is required to comply with the Health Insurance Portability and Accountability Act (HIPAA) and has a Privacy and Security Committee to monitor compliance, which has not materially affected its financial condition [169]. - The company must provide clear pricing information online for at least 300 "shoppable services" as mandated by new regulations effective January 1, 2021 [174]. - The Stark Law imposes penalties for prohibited referrals, including civil monetary penalties of up to $15,000 per service and exclusion from federal healthcare programs [162]. - The company is required to monitor government publications to enhance compliance efforts related to fraud and abuse enforcement [159]. - The Compliance and Audit Committee meets quarterly to review compliance program activities and ensure adherence to regulatory requirements [182]. Operational Challenges - The company faces significant operating issues due to shortages of clinical personnel, which may lead to increased use of costly temporary labor [76]. - The company has implemented a communications tool called the "10-Foot Circle of Employee Safety," resulting in significant reductions in workplace injuries [87]. - The company maintains strong community and employee relations, emphasizing quality care and customer service to drive patient volume [59]. Financial Obligations - As of December 31, 2025, Select had outstanding borrowings of $1,039.5 million under a term loan and $100.0 million under a revolving facility, with variable interest rates [444]. - An interest rate cap was entered into on March 31, 2025, limiting the Term SOFR rate to 4.5% on $1.0 billion of principal outstanding under the term loan, applicable through March 31, 2028 [445]. - A 0.25% increase in market interest rates will impact the annual interest expense on variable rate debt by $2.8 million per year [446].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K ____________________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-36257 TRAVERE THERAPEUTICS, INC. (Exact Name of Registrant as specified in its Charter) Delaware 27-484269 ...