Financial Performance - Total revenue for Q3 fiscal 2025 was $821.1 million, a 0.5% increase compared to Q3 fiscal 2024[4] - GAAP net income for Q3 was $12.6 million, or 1.5% of total revenue, compared to a net loss of $9.2 million in the prior year[7] - Adjusted EBITDA for Q3 was $48.1 million, a 0.4% increase from $47.9 million in the prior year, representing 5.9% of total revenue[6] - GAAP earnings per diluted share were $0.56, compared to a loss of $0.41 per diluted share in the prior year[8] - Net income for the third quarter was $12.6 million, a significant increase of 237% from a net loss of $9.2 million in the prior year[16] - Earnings per share (diluted) for the third quarter was $0.56, compared to a loss of $0.41 per share in the same quarter last year, representing a 237% improvement[16] - Operating income for the third quarter was $14.9 million, a turnaround from an operating loss of $19.3 million in the prior year, reflecting a 177% increase[16] - Adjusted net income for the third quarter was $13,123,000, representing an adjusted net income margin of 1.6%[23] Revenue and Sales - Comparable store restaurant sales increased by 1.0%, with total menu pricing increases of 4.9%, while comparable store retail sales decreased by 3.8%[5] - Revenue for the third quarter ended May 2, 2025, was $821,147,000, a slight increase from $817,135,000 in the same period last year, representing a growth of 0.25%[23] Costs and Expenses - Total cost of goods sold for the third quarter was $242.8 million, up 1% from $240.8 million in the same quarter last year[21] - The company incurred $30,991,000 in depreciation and amortization expenses for the third quarter, up from $28,337,000 in the previous year[25] - Total impairment charges for the third quarter were $718,000, a decrease from $17,448,000 in the same quarter last year[25] Future Outlook - The company expects adjusted EBITDA for fiscal 2025 to be between $215 million and $225 million, an increase from the previous outlook of $210 million to $220 million[13] - The company expects continued revenue growth and improvement in profitability metrics in the upcoming quarters[23] - Commodity inflation is expected to be in the mid 2% range, while hourly wage inflation is also projected to be in the mid 2% range[13] - Capital expenditures are projected to be between $160 million and $170 million, unchanged from the previous outlook[13] Strategic Initiatives - The company plans to open 1 new Cracker Barrel store and 4 new Maple Street Biscuit Company units, both of which have already opened[13] - The company plans to continue its strategic transformation initiatives, which may include new product development and market expansion efforts[22] - The company has initiated a strategic transformation initiative, with expenses amounting to $7,263,000 for the nine months ended May 2, 2025[25] Assets and Cash Flow - Cash and cash equivalents at the end of the period were $9.8 million, down from $11.9 million at the end of the previous year[18] - Total assets decreased to $2.14 billion from $2.16 billion year-over-year[18] - The company reported a net cash provided by operating activities of $116.7 million for the nine months ended May 2, 2025, compared to $99.5 million in the prior year[20] Company Structure - The company-owned units for Cracker Barrel remained stable at 658, while Maple Street Biscuit Company increased to 70 from 63 units[21] - The weighted average shares outstanding for the third quarter were 22,459,281, compared to 22,201,964 in the prior year[25]

Financial Results - Winnebago Industries, Inc. reported preliminary financial results for Q3 Fiscal 2025, ending May 31, 2025[3] - The press release detailing the financial results was issued on June 5, 2025[3] Company Information - The company is listed on the New York Stock Exchange under the trading symbol WGO[2]

Initial Public Offering and Trust Account - The company completed its Initial Public Offering on November 8, 2021, selling 15,000,000 Units at $10.00 per Unit, generating gross proceeds of $172,500,000[24]. - An additional 2,250,000 Units were sold due to the underwriters' full over-allotment exercise, bringing total gross proceeds to $175,950,000, which was placed in a Trust Account[26]. - Following the IPO, the company placed $175,950,000 in the Trust Account, which was initially invested in U.S. government securities[164]. - The Trust Account holds approximately $10,208,877, equating to about $11.80 per share as of December 31, 2024, available for the initial Business Combination[94]. - The Trust Account must maintain a minimum value of $10.20 per Public Share; if reduced below this amount, the actual redemption price may be significantly less[108]. - As of December 31, 2024, the Trust Account held approximately $10.21 million of the Initial Public Offering proceeds and interest earned[194]. Business Combination and Extensions - The company entered into a Business Combination Agreement with Scage Future on August 21, 2023, with an Aggregate Merger Consideration Amount of $800,000,000 to be paid in newly issued ordinary shares[40][41]. - The company extended the deadline for its initial Business Combination from May 8, 2023, to May 8, 2024, and subsequently to November 8, 2024, and then to May 8, 2025[33][34][35]. - The Business Combination Agreement may be terminated if the Closing does not occur by July 31, 2025[60]. - The Outside Date for the Business Combination has been extended from February 29, 2024, to October 31, 2024[65]. - Shareholders approved an extension of the business combination deadline to November 8, 2025, allowing more time to complete the initial business combination[204]. Shareholder Redemptions - On May 8, 2023, shareholders redeemed 12,626,668 Class A Ordinary Shares for approximately $132.6 million at a redemption price of about $10.50 per share[31]. - Shareholders holding 856,543 Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account[81]. - On May 2, 2024, shareholders redeemed 2,374,826 Class A ordinary shares for approximately $11.33 per share, totaling about $26,907,976[173]. - On November 6, 2024, shareholders redeemed 1,383,214 Class A ordinary shares for approximately $11.68 per share, totaling about $16.16 million[174]. - On May 6, 2025, shareholders redeemed 742,834 Class A ordinary shares for approximately $12.18 per share, totaling about $9.0 million[175]. Financial Performance and Reporting - As of December 31, 2024, the company reported a net loss of $215,486, primarily due to $1,622,093 in formation, general, and administrative expenses, offset by $1,406,607 in interest earned[189]. - The company had cash outside the Trust Account of only $769 available for working capital needs as of December 31, 2024[191]. - For the year ended December 31, 2024, the company used $877,915 in operating activities, driven by interest earned and a net loss[192]. - The company had $42,397,606 provided from investing activities, mainly from cash withdrawn due to redemptions payments[193]. - The company has not paid any cash dividends on its Ordinary Shares to date and does not intend to do so prior to the completion of an initial Business Combination[150]. Regulatory and Compliance Matters - The company is required to file annual, quarterly, and current reports with the SEC, including audited financial statements[122]. - Nasdaq notified the Company of non-compliance with listing rules, leading to a delisting notice on November 8, 2024, with securities quoted on OTC Markets since November 12, 2024[180]. - The company has identified a material weakness in its internal control over financial reporting as of December 31, 2024, which could adversely affect investor confidence and operational results[133]. Management and Operational Structure - The company has two classes of shares: redeemable Ordinary Shares and non-redeemable Ordinary Shares, with earnings and losses shared pro rata between the two classes[215]. - The company has entered into an Administrative Services Agreement for office space and support services at a cost of $3,000 per month, which will terminate on October 1, 2024[120]. - As of the report date, the company has two officers, who are not obligated to devote specific hours but will allocate time as necessary until the initial Business Combination is completed[121]. Risks and Challenges - The company faces intense competition from established entities and other blank check companies, which may limit its ability to acquire sizable target businesses[117]. - Certain executive officers and directors may have fiduciary duties to other entities, potentially limiting the company's acquisition opportunities[118]. - The company may experience increased costs and risks in finding a suitable target for its initial Business Combination due to competition and market conditions[130]. - Recent fluctuations in inflation and interest rates could complicate the company's ability to consummate its initial Business Combination[131]. - Changes in international trade policies and tariffs may adversely affect the company's search for an initial Business Combination target and the performance of a post-Business Combination company[135]. Accounting and Financial Standards - The company recognizes the accretion from initial book value to redemption amount immediately upon the closing of the Initial Public Offering[214]. - Management reviews accounting policies and estimates to ensure financial statements are presented fairly in accordance with GAAP[212]. - The calculation of diluted income per Ordinary Share does not consider the effect of Warrants issued in connection with the Initial Public Offering, as their exercise is contingent upon future events[216]. - The company is classified as an "emerging growth company" and will remain so until it meets certain revenue or market value thresholds, including total annual gross revenue of at least $1.235 billion or a market value exceeding $700 million[127].

IPO and Fundraising - The company completed its Initial Public Offering on November 8, 2021, selling 15,000,000 Units at $10.00 per Unit, generating gross proceeds of $172,500,000[23]. - An additional 2,250,000 Units were sold due to the underwriters' full over-allotment exercise, bringing total gross proceeds to $175,950,000, which was placed in a Trust Account[23][25]. - The company has placed $175,950,000 in its Trust Account from the Initial Public Offering, with a pro rata redemption price expected to be approximately $11.79 per Public Share as of December 31, 2024[131]. - The company has access to $769,000 from funds outside the Trust Account to cover potential claims, with estimated liquidation costs around $100,000[108]. - The company has not paid any cash dividends on its Ordinary Shares to date and does not intend to do so prior to the completion of its initial Business Combination[149]. Business Combination and Extensions - On May 8, 2023, shareholders approved the 2023 Extension, allowing the company to extend the deadline for its initial Business Combination to May 8, 2024, with 12,626,668 Class A Ordinary Shares redeemed for approximately $132.6 million[30]. - The company entered into a Business Combination Agreement with Scage Future on August 21, 2023, with an Aggregate Merger Consideration Amount of $800,000,000 to be paid entirely in newly issued ordinary shares of Pubco[39][40]. - The deadline for the Reorganization has been extended from September 30, 2023, to July 20, 2024[63]. - The Outside Date for the Business Combination has been extended from March 31, 2025, to July 31, 2025[65]. - The company has until November 8, 2025, to complete a Business Combination, following the approval of the Fourth Extension Amendment[203]. Shareholder Actions and Redemptions - The company held an extraordinary general meeting on May 2, 2024, where shareholders redeemed 2,374,826 Class A ordinary shares for approximately $26.9 million[32]. - On November 6, 2024, shareholders redeemed 1,383,214 Class A ordinary shares for approximately $16.16 million during the November 2024 EGM[33]. - Shareholders holding 856,543 Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account[80]. - The May 2024 EGM resulted in the redemption of 2,374,826 Class A ordinary shares at approximately $11.33 per share, totaling about $26,907,976[172]. - The May 2025 EGM resulted in the redemption of 742,834 Class A ordinary shares at approximately $12.18 per share, totaling about $9.0 million[174]. Financial Performance and Reporting - As of December 31, 2024, the company reported a net loss of $215,486, primarily due to $1,622,093 in formation, general, and administrative expenses, offset by $1,406,607 in interest earned[188]. - The company had cash outside the Trust Account of $769 available for working capital needs as of December 31, 2024, with all remaining cash held in the Trust Account[190]. - For the year ended December 31, 2024, the company utilized $41,518,959 in financing activities, primarily due to $43,065,870 in redemption payments[192]. - The company is required to file annual, quarterly, and current reports with the SEC, including audited financial statements[121]. - The company has identified a material weakness in its internal control over financial reporting as of December 31, 2024, which could adversely affect investor confidence and operational results[132]. Regulatory and Compliance Matters - The Business Combination requires approval from both the shareholders of the Company and Scage[54]. - The Company must have consolidated net tangible assets of at least $5,000,001 at the time of Closing[55]. - The Business Combination is subject to various closing conditions, including applicable exchange listing approvals[80]. - Nasdaq notified the Company of non-compliance with listing rules, leading to a delisting notice on November 8, 2024, with trading suspended on November 12, 2024[179]. - The company is classified as an "emerging growth company" and will remain so until it meets certain revenue or market value thresholds, including total annual gross revenue of at least $1.235 billion or a market value exceeding $700 million[126]. Operational Status and Future Plans - The company is not currently engaged in any substantive commercial business following its Initial Public Offering[84]. - The company has not commenced any operations and will not generate operating revenues until after the completion of an initial Business Combination[187]. - The company plans to conduct extensive due diligence on prospective target businesses, including meetings with management and facility inspections[89]. - The company has not encountered any material cybersecurity incidents since its Initial Public Offering, although it remains vulnerable to such risks[141]. - The company has the flexibility to use cash, debt, or equity securities for the initial Business Combination[93]. Risks and Challenges - The company faces intense competition from established entities and other blank check companies for acquisition opportunities, which may limit its financial resources[116]. - Certain executive officers and directors may have fiduciary duties to other entities, potentially limiting the company's acquisition opportunities[117]. - The company may face challenges in completing its initial Business Combination due to potential conflicts of interest and the need for additional financing[129]. - Recent fluctuations in inflation and interest rates could complicate the company's ability to consummate an initial Business Combination[130]. - Changes in international trade policies and tariffs could adversely affect the company's search for an initial Business Combination target[134].

Financial Performance - Fourth quarter net sales decreased 7% to $894 million, with a 3% decline on an organic basis[3] - Full year reported net sales decreased 5% to $4.0 billion, but increased 1% on an organic basis[3] - Operating income for the fourth quarter decreased 45% to $205 million, and diluted earnings per share decreased 45% to $0.31[3] - Gross profit declined 7% (-2% organic), with gross margin contracting 150 basis points to 58.9% due to higher input costs and unfavorable fixed cost absorption[8] - Net sales for the Tequila portfolio declined 14% (-12% organic), impacted by macroeconomic conditions in Mexico and competition in the U.S.[8] - Net sales decreased by 5% from $4,178 million in 2024 to $3,975 million in 2025[24] - Gross profit declined by 7% from $2,526 million in 2024 to $2,343 million in 2025[24] - Operating income fell by 22% from $1,414 million in 2024 to $1,107 million in 2025[24] - Net income decreased by 15% from $1,024 million in 2024 to $869 million in 2025[24] - Basic earnings per share dropped by 14% from $2.15 in 2024 to $1.84 in 2025[24] - Cash provided by operating activities decreased from $647 million in 2024 to $598 million in 2025[28] - Total assets slightly decreased from $8,166 million in 2024 to $8,086 million in 2025[26] - Total liabilities decreased from $4,649 million in 2024 to $4,093 million in 2025[26] - The effective tax rate increased from 21.2% in 2024 to 19.6% in 2025[24] - Cash dividends paid per common share increased from $0.8466 in 2024 to $0.8886 in 2025[24] - Total portfolio net sales decreased by 5% compared to the prior year, with organic growth at 1%[33] Restructuring and Cost Management - A restructuring initiative resulted in $63 million in charges, with expected annualized savings of $70 to $80 million[11] - The operating margin decreased by 600 basis points to 27.9% for the full year, primarily due to the absence of gains from divested brands[14] - The company approved a restructuring initiative to reduce its structural cost base, including a 12% workforce reduction and the closure of the Louisville-based Brown-Forman Cooperage, resulting in a $63 million impact on cost of sales and operating income for Q3 and Q4 of fiscal 2025[48] - The restructuring and other charges included $60 million in costs and $3 million in inventory charges related to restructuring, impacting overall financial performance[50] Market Trends and Sales Performance - Whiskey category depletions declined by 3%, while shipments increased by 1%[31] - Jack Daniel's Family reported a 4% decrease in depletions and no change in shipments[31] - Ready-to-Drink segment saw a 3% increase in depletions and a 4% increase in shipments[31] - Tequila category experienced an 11% decline in both depletions and shipments[31] - United States net sales decreased by 7%, with organic growth at -2%[33] - Emerging markets showed a 2% decline in net sales but a 9% organic growth[33] - Operating income increased by 7% year-over-year[36] - Non-branded and bulk sales increased by 18% compared to the prior year[34] Revenue Recognition and Inventory Management - The company recognizes revenue upon shipment, with "depletions" measuring consumer demand more accurately than shipments to distributors[56] - A positive estimated net change in distributor inventories suggests potential decreases in organic trends as distributors reduce inventories, while a negative change indicates potential increases as they rebuild inventories[56] - Estimated fluctuations in distributor inventories are provided to understand performance trends, particularly in the U.S. market, which operates under a regulated three-tier system[49] Strategic Decisions and Market Relationships - The company divested Sonoma-Cutrer and Finlandia Vodka, leading to adjustments in product category aggregations starting in fiscal 2025[53] - The company announced the end of its sales, marketing, and distribution relationship with Korbel California Cellars effective June 30, 2025, impacting future market strategies[56] - The company aggregates markets by economic development stages and brands by beverage alcohol categories to explain operational results and highlight trends[51] - Top developed international markets include Germany, Australia, the UK, France, and Canada, while top emerging markets are Mexico, Poland, Brazil, and Türkiye, reflecting net sales of branded products[54] Miscellaneous - The company recognized a $13 million franchise tax refund, impacting overall financial performance positively[47] - The company uses non-GAAP measures like "organic change" to assess performance, excluding foreign exchange impacts, which can distort trends; this approach aids in consistent period comparisons and management incentive calculations[48] - Capital expenditures are planned to be in the range of $125 to $135 million for fiscal 2026[15] - The company anticipates organic net sales and operating income to decline in the low-single digit range for fiscal 2026[15]

Financial Performance - Fourth quarter net sales decreased 7% to $894 million, with a 3% decline on an organic basis[3] - Full year reported net sales decreased 5% to $4.0 billion, but increased 1% on an organic basis[3] - Operating income for the fourth quarter decreased 45% to $205 million, while diluted earnings per share fell 45% to $0.31[3] - Gross profit declined 7% (-2% organic), with gross margin contracting 150 basis points to 58.9% due to higher input costs and unfavorable fixed cost absorption[8] - Net sales for the Tequila portfolio declined 14% (-12% organic), impacted by macroeconomic conditions in Mexico and competition in the U.S.[8] - Net sales decreased by 7% from $964 million in 2024 to $894 million in 2025[22] - Gross profit declined by 10% from $569 million in 2024 to $513 million in 2025[22] - Operating income fell by 45% from $375 million in 2024 to $205 million in 2025[22] - Net income decreased by 45% from $266 million in 2024 to $146 million in 2025[22] - Basic earnings per share dropped by 45% from $0.56 in 2024 to $0.31 in 2025[22] - Total portfolio net sales decreased by 5% compared to the prior year, with organic growth at 1%[33] - United States net sales decreased by 7%, with organic growth at -2%[33] - Emerging markets reported a 2% decline in net sales but a 9% organic growth[33] Restructuring and Cost Management - A restructuring initiative resulted in $63 million in charges, expected to deliver $70 to $80 million in annualized savings[11] - The company approved a restructuring initiative to reduce its structural cost base, including a 12% workforce reduction and the closure of the Louisville-based Brown-Forman Cooperage, resulting in a $63 million impact on cost of sales and operating income for Q3 and Q4 of fiscal 2025[48] - The restructuring and other charges included $60 million in costs and $3 million in inventory charges related to restructuring[50] Future Outlook - The company anticipates organic net sales and operating income to decline in the low-single digit range for fiscal 2026[15] - The company expects continued headwinds in fiscal 2026 due to macroeconomic and geopolitical volatility[4] - Capital expenditures are planned to be in the range of $125 to $135 million for fiscal 2026[15] Market Trends and Performance Metrics - Whiskey category depletions declined by 3%, while shipments increased by 1%[31] - Jack Daniel's Family reported a 4% decrease in depletions and no change in shipments[31] - Ready-to-Drink segment saw a 3% increase in depletions and a 4% increase in shipments[31] - Tequila category experienced an 11% decline in both depletions and shipments[31] - Non-branded and bulk sales increased by 18% compared to the prior year[34] - The company recognized a $13 million franchise tax refund, impacting overall financial performance positively[47] Revenue Recognition and Inventory Management - The company recognizes revenue upon shipment, with "depletions" reflecting consumer demand more accurately than shipments to distributors[56] - Changes in distributor inventories are calculated to provide insights into organic trends, with positive differences indicating potential decreases in organic trends as distributors reduce inventories[56] - Estimated fluctuations in distributor inventories are provided to understand performance trends, particularly in the U.S. market, which operates under a regulated three-tier system[49] Brand and Market Strategy - The company aggregates markets and brands according to economic development stages and beverage alcohol categories to explain operational results and highlight trends[51] - Top developed international markets include Germany, Australia, the UK, France, and Canada, while top emerging markets include Mexico, Poland, Brazil, and Türkiye[54] - The company has divested brands such as Sonoma-Cutrer and Finlandia Vodka, impacting the aggregation of product categories[53] - The company announced the end of its sales, marketing, and distribution relationship with Korbel California Cellars effective June 30, 2025[56]

Revenue Performance - Revenue for the first quarter of fiscal 2026 grew 14.4% year-over-year to $37.7 million, with Aerospace segment growth at 16.8% and Product Identification segment growth at 13.4%[4] - AstroNova reported a revenue of $37,708,000 for the three months ended April 30, 2025, representing a 14.4% increase from $32,961,000 in the same period last year[30] - Total revenue for FY2025 was $151,283,000, with Q1 FY26 revenue at $37,708,000, representing a 14.3% increase from Q1 FY25[41] Segment Performance - Product Identification segment revenue was $26.3 million, a 13.4% increase driven by the acquisition contribution and increased demand for legacy printers[10] - Aerospace segment revenue increased 16.8% to $11.4 million, driven by higher shipments of ToughWriter® products[13] - The Product Identification segment generated revenue of $26,289,000, while the Aerospace segment contributed $11,419,000, showing growth in both segments[37] Profitability Metrics - Operating income was $0.6 million, down 57.6% from $1.3 million in the prior year, while Non-GAAP operating income increased 13.5% to $1.5 million[4] - Adjusted EBITDA for the first quarter was $3.1 million, reflecting a 27.6% increase compared to the prior year[9] - The gross profit for the same period was $12,652,000, with a gross profit margin of 33.6%, down from 36.3% year-over-year[30] - The company reported a total operating margin of 1.5%, down from 4.1% year-over-year[30] Financial Position - Cash at the end of the first quarter was $5.4 million, with a $3.7 million debt paydown during the quarter[15] - Total current assets increased to $81,181,000 from $78,017,000, with cash and cash equivalents rising to $5,353,000[32] - Total liabilities rose to $73,773,000, up from $69,845,000, indicating an increase in financial obligations[32] Future Outlook - The company expects fiscal 2026 revenue to be in the range of $160 million to $165 million, representing a 7% increase at the midpoint compared to fiscal 2025[18] - The adjusted EBITDA margin is projected to expand to 8.5% to 9.5% for fiscal 2026, an 80-basis point increase from the prior year[18] - Future outlook includes potential risks related to organizational improvements and market expansion, as highlighted in the forward-looking statements[27] Operational Changes - The company executed $1.9 million of its $3 million annualized cost reduction plan in the first quarter and expects to complete the plan in the second quarter[4] - The company plans to launch seven significant new products in fiscal 2026, with three already completed[22] Loss and Expenses - Net loss for the quarter was $376,000, compared to a net income of $1,181,000 in the previous year, marking a 131.9% decrease[30] - Operating expenses for Q1 FY26 were $12,081,000, an increase from $10,626,000 in Q1 FY25[47] Bookings and Backlog - Bookings for Q1 FY26 were $34,893,000, down from $38,576,000 in Q4 FY25, indicating a book-to-bill ratio of 93%[45] - The backlog at the end of Q1 FY26 was $25,491,000, down from $28,307,000 at the end of FY2025[45]

Revenue Performance - Ciena reported revenue of $1.13 billion for fiscal Q2 2025, a 23.6% increase from $910.8 million in fiscal Q2 2024[2][6]. - Total revenue for the quarter ended May 3, 2025, was $1,125,878,000, representing a 23.5% increase from $910,826,000 in the same quarter of 2024[15]. - Americas region generated $833.8 million in revenue, representing 74.1% of total revenue, up from $662.9 million in the prior year[7]. - Two customers accounted for 23.9% of total revenue in fiscal Q2 2025[10]. Profitability - GAAP net income for fiscal Q2 2025 was $9.0 million, or $0.06 per diluted share, compared to a net loss of $(16.8) million, or $(0.12) per diluted share, in the same quarter last year[3][4]. - Adjusted (non-GAAP) net income for fiscal Q2 2025 was $60.7 million, or $0.42 per diluted share, up from $39.4 million, or $0.27 per diluted share, in fiscal Q2 2024[3][4]. - Net income for the quarter was $8,969,000, compared to a net loss of $16,849,000 in the same quarter of the previous year, marking a significant turnaround[15]. - GAAP diluted net income per potential common share for Q2 2025 was $0.06, compared to a loss of $0.12 in Q2 2024[21]. Expenses and Margins - The gross margin decreased to 40.2% in fiscal Q2 2025 from 42.7% in fiscal Q2 2024[6]. - Operating expenses increased by 7.0% to $420.0 million in fiscal Q2 2025, compared to $392.6 million in the prior year[6]. - Research and development expenses for the quarter were $214,868,000, an increase of 10% from $195,380,000 in the prior year[15]. - Share-based compensation expense increased to $48,024 in Q2 2025 from $40,211 in Q2 2024[23]. Cash Flow and Investments - Cash and investments totaled $1.35 billion, with cash flow from operations amounting to $156.9 million[10]. - Cash and cash equivalents at the end of the period were $949,771,000, slightly up from $934,863,000 at the end of the previous reporting period[17]. - The company reported a net cash provided by operating activities of $260,669,000 for the six months ended May 3, 2025, down from $324,549,000 in the same period of 2024[19]. Balance Sheet - Total assets increased to $5,659,366,000 from $5,641,337,000, reflecting a growth of 0.3%[17]. - Total liabilities increased to $2,882,987,000 from $2,825,199,000, representing a rise of 2%[17]. - Average days' sales outstanding (DSOs) were 87, with accounts receivable net balance at $929.8 million[10]. Stock Repurchase - Ciena repurchased approximately 1.2 million shares of common stock for an aggregate price of $84.3 million during the quarter[4]. - The company repurchased $168,197,000 of common stock under its repurchase program during the six months ended May 3, 2025[19]. Adjusted Metrics - Adjusted EBITDA for Q2 2025 reached $116,683, compared to $85,819 in Q2 2024, reflecting a 36.0% growth[23]. - Adjusted (non-GAAP) gross profit for Q2 2025 was $461,083, with a gross profit percentage of 41.0%, down from 43.5% in Q2 2024[21]. - Adjusted (non-GAAP) income from operations was $91,591 for Q2 2025, up from $62,611 in Q2 2024, indicating a 46.3% increase[21].

Financial Performance - Net sales for the first quarter of 2025 decreased by $247 million, or 5.1%, compared to the first quarter of 2024, primarily due to the closure of 64 non-go-forward locations[85]. - Macy's, Inc. comparable sales declined 2.0% on an owned basis and 1.2% on an owned-plus-licensed-plus-marketplace basis in the first quarter of 2025[82]. - Bloomingdale's comparable sales increased 3.0% on an owned basis and 3.8% on an owned-plus-licensed-plus-marketplace basis in the first quarter of 2025[84]. - The Company reported net sales of $171 million and an operating loss of $361 million for the 13 weeks ended May 3, 2025[110]. - Comparable sales decreased by 2.0% on an owned basis and 1.2% on an owned-plus-licensed-plus-marketplace basis for the 13 weeks ended May 3, 2025[115]. - Adjusted EBITDA for the 13 weeks ended May 3, 2025, was $324 million, compared to $364 million for the same period in 2024[117]. - The Company reported a net loss of $48 million for the 13 weeks ended May 3, 2025[110]. Expenses and Margins - Gross margin for the first quarter of 2025 was $1,804 million, maintaining a gross margin rate of 39.2%[87]. - Selling, general and administrative expenses increased by $2 million, or 0.1%, in the first quarter of 2025 compared to the first quarter of 2024[87]. - The company incurred impairment, restructuring, and other costs amounting to $7 million, which impacted earnings by $0.03 per share[120]. - Losses on early retirement of debt were recorded at $3 million, with no impact on earnings per share for the previous year[120]. - The income tax impact of certain items was a reduction of $2 million, affecting earnings by $0.01 per share[120]. Cash and Investments - The Company ended the first quarter of 2025 with a cash and cash equivalents balance of $932 million, an increase of $56 million from $876 million at the end of the first quarter of 2024[95]. - The Company’s investments in subsidiaries amounted to $9,914 million as of May 3, 2025[108]. Shareholder Returns and Debt Management - The Company paid dividends totaling $51 million in 2025, compared to $48 million in 2024[99]. - The Board of Directors authorized a new $2,000 million share repurchase program, with $1,274 million remaining available as of May 3, 2025[100]. - Macy's amended its asset-based credit facility, reducing it from $3,000 million to $2,100 million and extending the maturity date to April 2030, providing access to committed liquidity for the next five years[101]. - The total aggregate principal amount of senior unsecured notes outstanding was $2,785 million as of May 3, 2025[107]. - The Company had no outstanding borrowings under the ABL Credit Facility as of May 3, 2025[105]. Tax and Effective Rate - The effective tax rate for the first quarter of 2025 was 44.1%, compared to 36.7% for the first quarter of 2024[91]. - For the 13 weeks ended May 3, 2025, the net income per share was $0.13, down from $0.22 for the same period in 2024, representing a decrease of 40.91%[120]. - The adjusted net income per share, excluding certain items, was $0.16 for the current period, compared to $0.27 in the prior year, reflecting a decline of 40.74%[120]. Market Risk - There have been no material changes to the company's market risk as described in the 2024 10-K filing[121].

Financial Performance - Net revenue for the first quarter was $261.2 million, a decrease of $24.3 million or 8.5% year-over-year[3] - U.S. Digital Segment Net revenue was $227.7 million, a decrease of $1.0 million or 0.4% from the previous year[3] - Europe eCommerce Net revenue decreased by $7.1 million or 28.4% to $17.9 million, with a focus on relaunching as a premium brand[6] - Licensing revenue decreased by $16.2 million or 50.9% to $15.6 million, but licensing revenue from existing partners grew over 60%[6] - Net revenue for the 13 weeks ended May 2, 2025, was $261.2 million, a decrease of 8.5% compared to $285.5 million for the same period in 2024[20] Profitability Metrics - Gross profit decreased by $6.3 million or 4.5% to $132.7 million, while gross margin improved by approximately 210 basis points to 50.8%[6] - Gross profit for the same period was $132.7 million, down from $139.0 million, resulting in a gross margin of 50.7%[20] - Adjusted EBITDA for the first quarter was $9.5 million, down from $11.6 million in the same quarter last year[6] - Adjusted EBITDA for the 13 weeks ended May 2, 2025, was $9.5 million, representing 3.6% of net revenue, compared to $11.6 million or 4.1% in the prior year[30] Net Loss and Adjusted Loss - Net loss was $8.3 million, or $0.27 loss per diluted share, compared to a net loss of $6.4 million or $0.20 loss per diluted share in the prior year[6] - The company reported a net loss of $8.3 million for the 13 weeks ended May 2, 2025, compared to a net loss of $6.4 million in the prior year[20] - Adjusted net loss for the same period was $5.4 million, with an adjusted diluted loss per share of $0.18[27] - Net loss for the 13 weeks ended May 2, 2025, was $8,262,000, compared to a net loss of $6,442,000 for the same period in 2024, representing an increase in loss of approximately 28.3%[34] Cash Flow and Assets - Net cash used in operating activities was $22,463,000, a decrease from $25,815,000 in the prior year, indicating improved cash flow management[34] - Cash provided by financing activities totaled $32,420,000, slightly down from $34,959,000 in the previous year, reflecting ongoing financing efforts[34] - The company reported a net increase in cash, cash equivalents, and restricted cash of $1,505,000, compared to an increase of $2,549,000 in the prior year[34] - Total current assets decreased to $365.1 million from $405.0 million year-over-year[18] - Total liabilities decreased to $530.4 million from $565.5 million year-over-year[18] Strategic Initiatives - A strategic alternatives process is ongoing to explore options including a sale or merger to maximize shareholder value[8] - The company plans to focus on corporate restructuring, which incurred costs of $3.3 million in the latest quarter[28] - The company expects full-year net revenue to be between $1.33 billion and $1.45 billion, with adjusted EBITDA projected in the range of $95.0 million to $107.0 million[11] - The company provided fiscal 2025 guidance for adjusted EBITDA of $95 million, down from $107 million in the previous guidance[32] Inventory and Receivables - Accounts receivable increased significantly to $12,283,000 from $553,000, indicating a potential rise in sales or credit terms[34] - Inventories decreased to $4,114,000 from $12,762,000, suggesting improved inventory turnover or reduced production[34] Financing and Liabilities - Proceeds from borrowings under the ABL Facility were $60,000,000, up from $49,000,000, indicating increased reliance on financing[34] - Interest paid decreased to $8,670,000 from $10,983,000, reflecting lower borrowing costs or reduced debt levels[34] - The company had an unpaid liability to acquire property and equipment of $1,691,000, up from $1,480,000, indicating ongoing capital expenditure commitments[34] - Operating lease right-of-use assets obtained in exchange for lease liabilities amounted to $95,000, showing continued investment in operational infrastructure[34]