IPO and Fundraising - The company completed its initial public offering on February 23, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[127]. - A private placement with DT Cloud Capital Corp. generated an additional $2,345,000 from the sale of 234,500 units at the same price[127]. - As of February 23, 2024, a total of $69,345,000 from the IPO and private placement was deposited in a trust account for public shareholders[127]. - The company raised a total of $69,345,000 from its initial public offering and private placement, which is intended for completing its initial business combination and financing operations of target businesses[142]. - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the initial public offering, amounting to $1,725,000[150]. Business Combination - The company has a 21-month period from the IPO closing to complete its initial business combination, extendable under certain conditions[130]. - A definitive business combination agreement was entered into on October 22, 2024, with Maius Pharmaceutical Co., Ltd.[132]. - The company plans to extend the combination period by depositing additional funds into the trust account, with a total of $679,091 deposited from February to July 2025[130]. - The company entered into a Business Combination Agreement on October 22, 2024, which is subject to shareholder approvals and regulatory clearances[153]. Financial Performance - For the nine months ended September 30, 2025, cash used in operating activities was $647,743, with net income reported at $444,595, and dividend income from the trust account amounting to $1,333,491[143]. - As of September 30, 2025, the company had cash in bank of $0, indicating a reliance on trust account funds for operations[144]. - The company has not generated any operating revenues since inception and will only do so after completing its initial business combination[148]. Liabilities and Obligations - The company issued unsecured promissory notes totaling $715,325 from the sponsor, with no interest and maturing upon the closing of a business combination[145]. - The company has contractual obligations to pay $10,000 per month for administrative services, with unpaid service fees of $190,000 as of September 30, 2025[151]. - As of September 30, 2025, there were no outstanding balances under the Working Capital Loan, which may be convertible into private units upon business combination[147]. Risks and Compliance - The company is subject to risks from geopolitical instability and economic uncertainties, which may impact its business combination search[139]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[157]. Trading Information - The company’s units began trading on Nasdaq under the ticker symbol "DYCQU" on February 21, 2024[128]. - The anticipated per-share amount for public shareholders redeeming shares is initially $10.05, subject to potential increases[129].

IPO and Fundraising - The company completed its initial public offering on February 23, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[127] - A private placement with DT Cloud Capital Corp. raised an additional $2,345,000 from the sale of 234,500 units at $10.00 per unit[127] - As of February 23, 2024, a total of $69,345,000 from the IPO and private placement was deposited in a trust account for public shareholders[127] - The company raised a total of $69,345,000 from its initial public offering and private placement, which is intended for completing its initial business combination and financing operations of target businesses[142] - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the initial public offering, amounting to $1,725,000[150] Business Combination - The company has a 21-month period from the IPO closing to complete its initial business combination, extendable under certain conditions[130] - A definitive business combination agreement was entered into on October 22, 2024, with Maius Pharmaceutical Co., Ltd.[132] - The company has the option to extend the business combination period up to 33 months from the IPO closing[137] - The company entered into a Business Combination Agreement on October 22, 2024, which is subject to shareholder approvals and regulatory clearances[153] Financial Performance - For the nine months ended September 30, 2025, cash used in operating activities was $647,743, with net income reported at $444,595, and dividend income from the trust account amounting to $1,333,491[143] - As of September 30, 2025, the company had cash in bank of $0, indicating a reliance on trust account funds for operations[144] - The company has not generated any operating revenues since inception and will only do so after completing its initial business combination[148] Liabilities and Obligations - The company issued unsecured promissory notes totaling $715,325 from the sponsor, with no interest and maturing upon the closing of a business combination[145] - The company has contractual obligations to pay $10,000 per month for administrative services, with unpaid service fees of $190,000 as of September 30, 2025[151] - As of September 30, 2025, there were no outstanding balances under the Working Capital Loan, which may be convertible into private units upon business combination[147] Risks and Uncertainties - The company is subject to risks from geopolitical instability, including the Russia-Ukraine conflict and tensions in the Middle East, which may impact its business combination efforts[139] - The company plans to address uncertainties regarding its business combination through strategic efforts, although success is not guaranteed[138] Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[157] Trading Information - The company’s securities began trading on Nasdaq under the ticker symbol "DYCQU" on February 21, 2024[128]

Financial Performance - Total revenues decreased by 5.3% to RMB 959.3 million (US$ 134.7 million) for the nine months ended September 30, 2025, compared to RMB 1,012.5 million in the same period of 2024[7]. - Income from operations increased by 30.9% to RMB 46.2 million (US$ 6.5 million) for the nine months ended September 30, 2025, up from RMB 35.3 million in the same period of 2024[7]. - Net income decreased to RMB 14.9 million (US$ 2.1 million) for the nine months ended September 30, 2025, down from RMB 34.2 million in the same period of 2024[18]. - Adjusted net income attributable to the Company's shareholders decreased to RMB 26.7 million (US$ 3.8 million) for the nine months ended September 30, 2025, from RMB 50.8 million in the same period of 2024[19]. - Total revenues for the nine months ended September 30, 2025, were RMB 959,252, a decrease of 5.5% compared to RMB 1,012,518 for the same period in 2024[33]. - Net income attributable to the Company's shareholders for the nine months ended September 30, 2025, was RMB 20,242, a significant decline of 52.7% from RMB 42,691 in 2024[35]. - Adjusted net income attributable to the Company's shareholders for the nine months ended September 30, 2025, was RMB 26,706, down from RMB 50,840 in 2024[35]. - The Company reported a basic earnings per share of RMB 0.49 for the nine months ended September 30, 2025, compared to RMB 1.03 for the same period in 2024[33]. User Metrics - Total paying users decreased to 332,408 for the nine months ended September 30, 2025, down from 386,455 in the same period of 2024[8]. Profitability and Margins - Gross profit decreased to RMB 177.9 million (US$ 25.0 million) for the nine months ended September 30, 2025, from RMB 179.6 million in the same period of 2024, while gross margin increased to 18.5% from 17.7%[10]. - Gross profit for the nine months ended September 30, 2025, was RMB 177,918, slightly down from RMB 179,576 in 2024, resulting in a gross margin of approximately 18.6%[33]. Cash and Assets - Cash and cash equivalents increased to RMB 254.1 million (US$ 35.7 million) as of September 30, 2025, up from RMB 252.5 million as of December 31, 2024[20]. - Total current assets increased to RMB 544,644 as of December 31, 2024, from RMB 479,398 as of September 30, 2025, reflecting a growth of 13.6%[28]. - The Company’s cash and cash equivalents were RMB 252,540 as of December 31, 2024, showing a slight decrease from RMB 254,081 as of September 30, 2025[28]. - The Company’s total assets reached RMB 1,405,185 as of December 31, 2024, compared to RMB 1,380,741 as of September 30, 2025, marking an increase of 1.8%[28]. Liabilities and Equity - Total liabilities increased to RMB 219,869 as of December 31, 2024, compared to RMB 172,599 as of September 30, 2025, indicating a rise of 27.4%[28]. - The Company’s total equity was RMB 1,185,316 as of December 31, 2024, compared to RMB 1,208,142 as of September 30, 2025, reflecting a decrease of 1.9%[31]. Strategic Initiatives - The Company is expanding its AI Vista platform into AI Vista Live, enhancing user interaction and content generation capabilities[5]. - The Company aims to deepen AI innovation and enhance operational efficiency while pursuing global expansion[6]. Research and Development - Research and development expenses increased by 5.1% to RMB 60.7 million (US$ 8.5 million) for the nine months ended September 30, 2025, from RMB 57.8 million in the same period of 2024[14].

Financial Performance - Record third quarter net sales of $1.3 billion, up 7% from last year, marking the 12th consecutive quarter of growth [6] - Net sales growth led by the Americas and EMEA segments, both up 7%, while APAC experienced a 6% decline [6] - Hollister brands achieved a 16% growth, while Abercrombie brands saw a 2% decline in net sales [6] - Operating margin of 12.0%, with earnings per diluted share of $2.36, exceeding the outlook range [6] - Full-year outlook narrowed to net sales growth of 6% to 7% and net income per diluted share of $10.20 to $10.50 [12] - Net sales for the thirteen weeks ended November 1, 2025, increased by 6.8% to $1,290,619, compared to $1,208,966 for the same period in 2024 [21] - Operating income for the thirteen weeks ended November 1, 2025, was $155,021, representing 12.0% of net sales, down from 14.8% in the prior year [21] - Net income attributable to Abercrombie & Fitch for the thirteen weeks ended November 1, 2025, was $112,995, a decrease of 14.4% from $131,979 in the same period last year [21] - For the thirty-nine weeks ended November 1, 2025, net sales rose to $3,596,490, up 6.9% from $3,363,670 in the prior year [23] - Adjusted EBITDA for the thirty-nine weeks ended November 1, 2025, was $539,204, accounting for 15.0% of net sales, compared to 17.9% in the previous year [36] - Basic net income per share attributable to Abercrombie & Fitch for the thirteen weeks ended November 1, 2025, was $2.41, down from $2.59 in the prior year [21] - The company experienced a 7% increase in net sales on a GAAP basis for the thirteen weeks ended November 1, 2025, compared to the previous year [31] Cash Flow and Investments - Cash and equivalents decreased to $606 million compared to $773 million as of February 1, 2025 [11] - Net cash provided by operating activities was $313 million, while net cash used for investing activities was $95 million [11] - Net cash provided by operating activities decreased to $313,000 thousand for the thirty-nine weeks ended November 1, 2025, down from $402,756 thousand in the same period last year, a decline of 22.2% [40] - Cash and equivalents at the end of the period were $612,559 thousand, down from $690,997 thousand a year ago, indicating a decrease of 11.3% [40] - Net cash used for investing activities improved to $(95,212) thousand from $(187,040) thousand, showing a reduction of 49.1% [40] Inventory and Assets - Inventories increased to $730 million from $575 million as of February 1, 2025 [11] - Total assets increased to $3,479,918 thousand as of November 1, 2025, up from $3,299,887 thousand a year earlier, representing a growth of 5.4% [38] - Total current liabilities rose to $1,163,007 thousand, compared to $1,126,944 thousand in the previous year, reflecting an increase of 3.2% [38] - Total stockholders' equity decreased slightly to $1,331,410 thousand from $1,351,323 thousand, a decline of 1.5% [38] Shareholder Actions - Year-to-date share repurchases totaled $350 million, representing a 9% reduction in shares outstanding from the beginning of the year [6] - The weighted-average diluted shares outstanding decreased to 47,881 for the thirteen weeks ended November 1, 2025, from 52,869 in the same period last year [21] - The company repurchased common stock totaling $351,224 thousand, significantly higher than $129,807 thousand in the previous year, an increase of 171.5% [40] Other Financial Metrics - The company reported a litigation settlement expense of $38,574, which impacted both operating income and net income [30] - The long-term portion of operating lease liabilities increased to $905,041 thousand from $740,013 thousand, an increase of 22.3% [38] - The effect of foreign currency exchange rates on cash resulted in a positive impact of $8,930 thousand, contrasting with a negative impact of $(1,834) thousand last year [40] - The impact from foreign currency exchange rates on net sales was negligible for the thirteen weeks ended November 1, 2025, with constant currency sales showing a 6% increase [31]

Financial Performance - Safe Bulkers, Inc. reported net revenues of $73.1 million for Q3 2025, an increase from $65.7 million in Q2 2025[12]. - The company achieved a net income of $17.8 million in Q3 2025, compared to $1.7 million in Q2 2025, reflecting a significant recovery in profitability[12]. - Adjusted EBITDA for Q3 2025 was $36.1 million, up from $25.5 million in Q2 2025, indicating improved operational efficiency[12]. - Net revenues for the third quarter of 2025 decreased by 4% to $73.1 million compared to $75.9 million in the same period of 2024[61]. - Net income for the nine-month period ended September 30, 2025, was $26,726 thousand, down 65.7% from $78,015 thousand in the same period of 2024[73]. - Adjusted net income for the three-month period ended September 30, 2025, was $13,874 thousand, a decline of 26.5% from $18,983 thousand in the same period of 2024[75]. - EBITDA for the nine-month period ended September 30, 2025, was $93,107 thousand, a decrease of 35.6% compared to $144,523 thousand in the same period of 2024[75]. - The net cash provided by operating activities for the nine-month period ended September 30, 2025, was $69.1 million, down from $101.0 million in the same period of 2024[73]. Fleet and Vessels - As of November 21, 2025, the fleet consisted of 45 vessels with an average age of 10.3 years, including 12 vessels compliant with IMO GHG Phase 3 regulations[28]. - The company has an orderbook of six newbuilds, including two methanol dual-fueled vessels, scheduled for delivery in 2026 and 2027[29]. - The company operated 46.51 vessels on average during the third quarter of 2025, compared to 45.27 vessels in the same period of 2024[61]. - The number of vessels remained stable at 45 as of both September 30, 2024, and September 30, 2025[80]. - The company has a total fleet capacity of 4,559,000 Dwt, with various charter rates ranging from $11,750 to $29,543 per day[87]. - The fleet scrap value was $274.0 million as of September 30, 2025, and increased to $280.0 million by November 21, 2025[44][47]. Cash and Debt Management - Total cash as of Q3 2025 was $123.9 million, with undrawn revolving credit facilities amounting to $266.5 million, providing financial flexibility[19]. - As of September 30, 2025, the consolidated debt was $525.0 million, with a consolidated leverage of approximately 35%[37]. - The company had $123.9 million in cash and cash equivalents as of September 30, 2025, and $266.5 million in undrawn borrowing capacity[42]. - Cash and cash equivalents decreased to $115,246 thousand as of September 30, 2025, from $128,422 thousand as of December 31, 2024[74]. Operational Efficiency - The average daily Time Charter Equivalent (TCE) rate was $15,507 in Q3 2025, down from $17,108 in Q3 2024, showing market fluctuations[33]. - Daily vessel operating expenses decreased by 4% to $5,104 for the third quarter of 2025 compared to $5,311 for the same period in 2024[70]. - Interest expense decreased to $7.6 million in the third quarter of 2025 from $7.7 million in the same period of 2024, despite an increase in the weighted average loan outstanding[69]. - The average TCE for the third quarter of 2025 was $15,507, down from $17,108 in the same period of 2024, reflecting a weaker charter market[61]. Dividends and Shareholder Returns - A cash dividend of $0.05 per share was declared, reflecting the company's commitment to returning value to shareholders[11]. - The company declared a cash dividend of $0.05 per share on November 25, 2025, payable on December 19, 2025[49]. Market and Strategic Outlook - The company has experienced risks related to market volatility, fuel prices, and operational disruptions due to external factors[111]. - The company emphasizes the importance of monitoring changes in demand for dry-bulk vessels and competitive market factors[111]. - The company is actively expanding its fleet with new builds and acquisitions, focusing on long-term charters to secure revenue[87]. - The company has plans for future vessel acquisitions and further time charters as part of its growth strategy[111]. Charter Agreements - The average duration of time charters is approximately 3 to 10 years, providing stable revenue streams[90]. - The company has secured new charters with rates such as $17,250 for the Ammoxostos and $16,900 for the Rizokarpaso, both with charter periods extending into 2026[87]. - The charter agreement for MV Kanaris agreed to reimburse $634 per day for scrubber and BWTS costs, increasing the recognized daily charter rate[91]. - The company has a time charter agreement for 22 to 26 months at a gross daily rate of $20,000, with an option to extend to 34 to 36 months[108]. - A time charter for 8 to 11 months was set at a daily gross rate of $10,400 for the first 45 days, increasing to $14,700 thereafter[106]. - The company entered into a time charter for MV Ammoxostos for a duration of ten years with purchase options starting three years after the charter commencement[105]. - The charter agreement for MV Efrossini includes multiple extensions with varying daily rates, reflecting strategic flexibility in operations[107].

Revenue Breakdown - Soft pretzel sales accounted for 18% of the Company's revenue in fiscal year 2025, 18% in fiscal year 2024, and 19% in fiscal year 2023[24]. - Frozen novelties sales represented 16% of the Company's revenue in fiscal year 2025, 17% in fiscal year 2024, and 17% in fiscal year 2023[28]. - Churro sales were 6% of the Company's sales in fiscal year 2025, 7% in fiscal year 2024, and 7% in fiscal year 2023[32]. - Bakery products sales amounted to 27% of the Company's sales in fiscal year 2025, 26% in fiscal year 2024, and 26% in fiscal year 2023[34]. - Frozen beverage sales constituted 14% of the Company's revenue in fiscal year 2025, 15% in fiscal year 2024, and 14% in fiscal year 2023[35]. - The top ten customers accounted for 46% of the Company's sales in fiscal year 2025, 45% in fiscal year 2024, and 43% in fiscal year 2023[40]. - Revenue from equipment sales and repair and maintenance services totaled 9% of the Company's sales in each of the fiscal years 2025, 2024, and 2023[36]. Business Segments and Operations - The Company operates in three business segments: Food Service, Retail Supermarkets, and Frozen Beverages[19]. - The Company has a significant trademark portfolio, including brands such as SUPERPRETZEL, DIPPIN' DOTS, and ICEE[48]. - The Company develops and introduces new products on a routine basis, evaluating success based on sales and profit levels[45]. - Sales from foreign operations were $69.6 million, $73.4 million, and $70.2 million in fiscal years 2025, 2024, and 2023, respectively, with total assets in foreign operations at $79.1 million or 5.7% of total assets as of September 27, 2025[56]. - The top ten customers accounted for 46% of sales in fiscal year 2025, 45% in 2024, and 43% in 2023, with the largest customer representing 10% of sales in 2025[77]. Workforce and Employment - Approximately 4,600 full and part-time employees and 600 staffing agency workers were employed as of September 27, 2025, with about 1,400 production and distribution employees covered by collective bargaining agreements[59]. Safety and Compliance - The Company’s Total Recordable Incident Rate (TRIR) and Days Away, Restricted or Transferred (DART) incident rates were lower than food manufacturing averages, indicating a strong safety performance[60]. - Compliance with government regulations did not materially affect capital expenditures or earnings in fiscal 2025 and is not expected to impact fiscal 2026 significantly[57]. - The Company’s facilities are Global Food Safety Initiative (GFSI) certified, ensuring adherence to stringent safety and quality standards[58]. Economic and Market Risks - The Company competes with larger manufacturers and distributors, which could lead to downward pressure on prices and a decline in market share[79]. - The Company faces risks from economic conditions that could negatively impact consumer demand and affect sales of higher-margin products[66]. - The company faces risks related to manufacturing capacity constraints, which could negatively affect customer service levels and demand for products[82]. - Increased health care costs due to rising health care expenses and legislative changes could adversely impact the company's financial position and results of operations[89]. Operational Changes and Initiatives - The company is pursuing cost productivity initiatives in procurement, manufacturing, and logistics to enhance operating efficiencies and manage costs effectively[99]. - The Company reported a significant increase in operational efficiency through Project Apollo, expected to generate at least $20 million in run-rate operating income by fiscal 2026[125]. - The Company closed three manufacturing facilities, incurring approximately $24 million in plant closure costs, primarily related to non-cash write-downs and severance[125]. - The Company has opened three regional distribution centers, projected to drive cost reductions in warehousing and distribution[126]. - The Company added six new production lines, significantly expanding capacity for core products such as pretzels, churros, and frozen novelties[126]. - The Company launched the Hola! Churro brand in fiscal year 2023 and expanded the SuperPretzel brand with Bavarian Sticks[126]. Financial Performance - Net sales increased by $8.5 million, or 1%, to $1,583.2 million in fiscal 2025, driven by growth in the foodservice segment[132]. - Gross profit decreased by $16.3 million, or 3%, to $469.8 million, with gross profit as a percentage of sales declining to 29.7% from 30.9%[133]. - Total operating expenses rose by $17.0 million, or 5%, to $385.6 million, increasing as a percentage of sales to 24.4%[135]. - Operating income fell by $33.2 million, or 28.3%, to $84.3 million, impacted by rising raw material costs and inflationary pressures[145]. - Net earnings decreased by $21.0 million, or 24%, to $65.6 million, translating to $3.36 per diluted share[139]. - Food service segment sales increased by $16.2 million, or 1.6%, to $1,001.4 million, with soft pretzel sales up 3.5%[147]. - Retail supermarket segment sales declined by $7.5 million, or 3.4%, to $213.8 million, with operating income down 30.6%[150]. - Investment income increased by $0.4 million, or 11%, to $3.6 million due to higher average cash balances[137]. - The effective tax rate decreased to 24.1% from 27.2% primarily due to a change in estimate on blended state tax rate[138]. - New product sales reached approximately $3.9 million in the first twelve months since introduction, mainly from churros added to a major fast-food customer's menu[148]. - Sales of products to retail supermarkets decreased by $7.5 million, or 3%, to $213.8 million in fiscal year 2025[152]. - Operating income in the Retail Supermarkets segment decreased by $5.9 million, or 31%, to $13.3 million in fiscal 2025[154]. - Total frozen beverage segment sales decreased slightly by $0.2 million, to $368.0 million in fiscal 2025[155]. - Beverage-related sales decreased by 5%, or $10.7 million, in fiscal 2025, primarily due to weakness in certain channels[155]. Acquisitions and Investments - The Company completed the acquisition of the Thinsters cookie business for approximately $7.0 million in cash on April 8, 2024[158]. Cash Flow and Financial Position - Cash flows from operating activities provided $165.1 million in fiscal 2025, compared to $173.1 million in fiscal 2024[160]. - As of September 27, 2025, the Company had $105.9 million in cash and cash equivalents[165]. - The Company had approximately $133 million in purchase commitments for raw materials as of September 27, 2025[171]. - As of September 27, 2025, the company had no debt outstanding, indicating a strong balance sheet[198]. Risk Management and Controls - The company minimizes purchasing risk through forward purchasing of raw materials for periods from 1 to 12 months[199]. - The company has not entered into any forward exchange contracts to hedge foreign currency risk, as it does not consider the exposure significant[200]. - Management identified a material weakness in internal controls related to information technology general controls as of September 28, 2024, but concluded that controls were effective as of September 27, 2025[208][211]. - The independent registered public accounting firm expressed an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of September 27, 2025[213].

Financial Performance - For the three months ended October 31, 2025, net earnings were $1,616 million, representing 7.77% of sales, compared to $1,695 million (8.41% of sales) for the same period in 2024[12] - Comprehensive income for the nine months ended October 31, 2025, was $5,641 million, or 8.59% of sales, down from $5,825 million (8.94% of sales) in the prior year[12] - The company reported a net earnings of $5,654 million for the nine months ended October 31, 2025, down from $5,833 million in the same period of the previous year[15] - Net earnings for the nine months ended October 31, 2025, were $5,654 million, a decrease from $5,833 million for the same period in 2024, representing a decline of approximately 3.1%[17] - Basic earnings per common share for the three months ended October 31, 2025, was $2.88, a decrease of 3.69% from $2.99 in the same period of 2024[62] Sales and Revenue - Net sales for the nine months ended October 31, 2025, were $65,701 million, an increase from $65,120 million for the same period in 2024, reflecting a growth of approximately 0.9%[32] - For the three months ended October 31, 2025, total net sales reached $20,813 million, a 3.2% increase from $20,170 million for the same period last year[37] - Net sales for the three months ended October 31, 2025, were $20.813 billion, an increase of 3.19% from $20.170 billion in the same period of 2024[66] Assets and Liabilities - Total assets increased to $53,453 million as of October 31, 2025, compared to $44,743 million on November 1, 2024[14] - Current liabilities were reported at $19,451 million as of October 31, 2025, slightly up from $19,447 million on November 1, 2024[14] - Long-term debt, excluding current maturities, rose to $37,498 million as of October 31, 2025, compared to $32,906 million a year earlier[14] - The accumulated deficit as of October 31, 2025, was $(11,165) million, an improvement from $(13,993) million on November 1, 2024[14] Cash Flow - Net cash provided by operating activities was $8,297 million for the nine months ended October 31, 2025, compared to $8,714 million for the same period in 2024, indicating a decrease of about 4.8%[17] - Cash and cash equivalents decreased to $621 million as of October 31, 2025, from $3,271 million on November 1, 2024[14] - Cash and cash equivalents at the end of the period were $621 million, down from $3,271 million at the end of the same period in 2024, representing a decrease of about 81%[17] - The company reported a net cash used in investing activities of $11,687 million for the nine months ended October 31, 2025, compared to $1,320 million for the same period in 2024[17] Dividends and Share Repurchase - The company declared cash dividends of $1.20 per share for the three months ended October 31, 2025, totaling $673 million[15] - As of October 31, 2025, the company has $10.8 billion remaining in its share repurchase program, which was paused in fiscal 2025[59] - For the three months ended October 31, 2025, total shares repurchased were 0.374 million, with a total cost of $10.3 million, compared to 2.515 million shares at a cost of $2.5 billion for the same period in 2024[61] Acquisitions - The company completed the acquisition of Artisan Design Group (ADG) for $1.3 billion on June 2, 2025, which is expected to enhance its Pro customer offerings[25] - The acquisition of Foundation Building Materials (FBM) was completed for $8.8 billion on October 9, 2025, aimed at accelerating the company's Total Home strategy[28] - Intangible assets acquired from FBM totaled $5,041 million, including customer relationships valued at $3,920 million with a useful life of 20 years[29] Segment Performance - Home Décor segment generated $7,802 million in net sales, accounting for 37.5% of total sales, consistent with the previous year[37] - Building Products segment reported $6,875 million in net sales, representing 33.0% of total sales, up from 33.3% in the prior year[37] - Hardlines segment net sales decreased to $5,116 million, down from $5,306 million, with its share of total sales dropping from 26.3% to 24.6%[37] Debt and Financing - The company entered into a $2.0 billion unsecured term loan credit agreement on September 16, 2025, with an interest rate of 4.935%[55] - The company issued $5.0 billion of unsecured fixed-rate notes on September 30, 2025, with maturities ranging from October 2027 to October 2035[55] - The fair value of the company's long-term debt, excluding finance lease obligations, was estimated at $34,968 million as of October 31, 2025[47] - The company has a supplier finance program that facilitated $1,705 million in financed payment obligations as of October 31, 2025[48] - As of October 31, 2025, the company had no outstanding borrowings under its commercial paper program or long-term credit agreements[51] Market Risks - The company is exposed to market risks, including changes in interest rates and commodity prices, which have not changed materially from previous disclosures[119]

Education Institutions and Programs - Universal Technical Institute operates 15 campuses in nine states, while Concorde Career Colleges operates 17 campuses in eight states and online, focusing on transportation, skilled trades, and healthcare programs[16][17]. - Since acquiring Concorde in December 2022, the company has expanded partnerships in the healthcare market and completed 13 program expansions within Concorde's existing campuses[31]. - The company plans to launch a minimum of six new programs annually at existing campuses and open at least two new campuses each year between fiscal years 2026 and 2029[33]. - UTI has launched 23 new programs over the last three years and is constructing two new campuses expected to open in 2026[29]. - The blended learning model used by UTI combines online teaching with hands-on labs, increasing access and preparing students for modern technician roles[40]. - The blended learning model at Concorde combines online teaching with hands-on labs, increasing access and preparing students for lifelong learning[58]. - Concorde offers programs that culminate in diplomas or degrees, with tuition rates varying by program type and length[54]. - Concorde's programs are designed to prepare graduates for various healthcare-related employment opportunities across multiple campuses[59]. Job Market and Employment Opportunities - The U.S. Department of Labor estimates approximately 111,100 new job openings annually for technicians in automotive, diesel, and collision fields through 2034, with additional openings in skilled trades[21]. - The healthcare sector is projected to see an average of 1,286,700 new job openings annually through 2034, with significant demand for registered nurses and medical assistants[22][23]. - UTI has established relationships with multiple OEMs and industry partners to refine and expand its programs, enhancing employment opportunities for graduates[25][26]. - The company emphasizes maintaining effective career services to enhance graduate employment opportunities[66]. Financial Performance and Revenue - The average annual revenue per UTI student was approximately $35,100, net of scholarships or grants funded by the institution[52]. - The average annual revenue per Concorde student was approximately $30,000, net of scholarships or grants funded by the institution[62]. - Total new student starts for Concorde increased by 14.5% from 11,747 in 2024 to 13,454 in 2025[64]. - Average full-time active students at Concorde rose by 14.5% from 8,475 in 2024 to 9,705 in 2025[64]. - End of period full-time active students for Concorde grew by 11.2% from 9,747 in 2024 to 10,838 in 2025[64]. - In fiscal 2025, approximately 78% of the company's revenues were derived from Title IV Programs and various veterans' programs[100]. - The company received approximately 11% of its revenues from veterans' benefits programs in fiscal 2025[129]. Tuition and Financial Aid - UTI programs range in tuition from approximately $18,000 for the Wind Power Technician program to $69,000 for the Automotive and Diesel program[52]. - Tuition for Concorde programs ranged from approximately $1,000 for the Phlebotomy program to approximately $99,000 for the Dental Hygiene program[62]. - Approximately 58% of active UTI students received a UTI-funded scholarship or grant during the year ended September 30, 2025[52]. - Approximately 16% of Concorde's active students received a Concorde-funded scholarship or grant during the year ended September 30, 2025[62]. - Approximately 68% of Concorde's active students received funding through Concorde-sponsored retail installment contracts[62]. Regulatory Environment - The company is subject to extensive regulatory requirements imposed by federal and state agencies, affecting operations, educational programs, and financial conditions[80]. - The company holds state or SARA authorizations required to operate and offer post-secondary education programs in various states[85]. - The One Big Beautiful Bill Act, signed into law on July 4, 2025, includes provisions affecting eligibility for Title IV Programs based on compliance with earnings benchmarks[94]. - Institutions must maintain federal student loan cohort default rates below specified levels, with a threshold of 30% for consecutive fiscal years[110]. - The company must periodically renew its institutional and programmatic accreditations to maintain eligibility for Title IV Programs[87][93]. - The federal government provides substantial support for post-secondary education through Title IV Programs, including grants and loans[96]. - All institutions participating in Title IV Programs must comply with the 90/10 rule, with annual percentages of Federal education assistance funds ranging from approximately 67% to 82% as of September 30, 2025[106]. Challenges and Risks - The for-profit post-secondary education industry is highly competitive, with no single provider controlling significant market share[68]. - The company faces challenges in developing and integrating new programs to meet technological advancements, which could impair student retention and employment rates[182]. - The company is subject to competitive pressures from public and private institutions, which may offer lower tuition rates, affecting market share and enrollment[187]. - Changes to Title IV Programs by Congress could reduce student population, revenues, and profit margins due to potential funding restrictions[148]. - Loss of eligibility for veterans' benefits programs could materially affect operations and cash flows, with risks from legislative changes and compliance failures[149]. - Increased regulatory scrutiny of for-profit education institutions may lead to stricter legislation and negatively impact enrollment and financial condition[151]. - Compliance reviews and potential litigation from regulatory agencies could result in significant legal costs and affect financial condition and student enrollment[153]. Operational Strategies - The company’s "North Star strategy" focuses on growing the business by penetrating existing markets, diversifying offerings, and optimizing operational efficiency[28]. - The company relies on maintaining and expanding industry relationships to attract students and diversify funding sources; failure to do so could adversely affect financial performance[180]. - The company anticipates seeking new program and campus approvals for MIAT during fiscal 2026 after completing two years of audited financials under UTI ownership[137]. - The company must comply with restrictive covenants in debt arrangements; failure to do so could lead to an event of default and immediate repayment obligations[185]. - Future acquisitions may pose integration challenges, including regulatory approvals and capital expenditures, which could affect operating performance[175]. Student Management and Enrollment - The company is dependent on a reliable internal student management system; any issues with this system could disrupt services and negatively impact profitability[192]. - Seasonal fluctuations in student population can lead to revenue volatility, particularly with lower enrollments during the summer months[214]. - The effectiveness of marketing and advertising programs is crucial for recruiting new students, and failure in these efforts could materially impact financial performance[196]. Financial Liabilities and Compliance - The company has recorded total goodwill of $28.5 million as of September 30, 2025, resulting from acquisitions including the Motorcycle Mechanics Institute and Marine Mechanics Institute[208]. - The proprietary loan program allows students to borrow a portion of their tuition if they meet specific criteria, which could impact the company's results of operations if collection performance degrades[200]. - An increase in interest rates could raise the cost of servicing the company's debt, potentially reducing profitability and cash flows[199]. - The company may face significant repayment liability to the Department of Education (ED) if a large number of "borrower defense to repayment" claims are granted, potentially impacting financial condition and growth[169].

Revenue Performance - Total revenues for the three months ended October 31, 2025, were $2.4 billion, a 13% increase from $2.2 billion in the prior year period [136]. - Subscription services revenues for the three months ended October 31, 2025, were $2.2 billion, reflecting a 15% increase from $2.0 billion in the prior year period [136]. - Subscription services revenues accounted for approximately 92% of total revenues for the three and nine months ended October 31, 2025 [125]. - Professional services revenues for the three months ended October 31, 2025, were $188 million, a decrease of 7% from $201 million in the prior year period [136]. Operating Income - GAAP operating income for the three months ended October 31, 2025, was $259 million, a 57% increase from $165 million in the prior year period [123]. - Non-GAAP operating income for the three months ended October 31, 2025, was $692 million, a 22% increase from $569 million in the prior year period [123]. - GAAP operating income for the three months ended October 31, 2025, was $259 million, or 10.7% of revenues, compared to $165 million, or 7.6% of revenues in the prior year [161]. - Non-GAAP operating income for the nine months ended October 31, 2025, was $2.1 billion, or 29.2% of revenues, compared to $1.6 billion, or 25.7% of revenues in the prior year [164]. Costs and Expenses - Total costs and expenses for the three months ended October 31, 2025, were $2.2 billion, an increase of $178 million, or 9%, compared to the prior year period [141]. - For the nine months ended October 31, 2025, total costs and expenses were $6.5 billion, an increase of $578 million, or 10%, compared to the prior year [142]. - Costs of subscription services for the three months ended October 31, 2025, were $395 million, an increase of $65 million, or 20%, compared to the prior year [143]. - Costs of subscription services for the nine months ended October 31, 2025, were $1.1 billion, an increase of $191 million, or 21%, compared to the prior year [144]. Cash and Investments - Cash, cash equivalents, and marketable securities as of October 31, 2025, totaled $6.8 billion, a 4% decrease from $7.2 billion in the prior year [123]. - As of October 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $6.8 billion, primarily for working capital and general corporate purposes [174]. - Cash provided by operating activities increased to $1.7 billion for the nine months ended October 31, 2025, compared to $1.3 billion in the same period of 2024, driven by higher cash collections of $767 million [178]. - Free cash flows for the nine months ended October 31, 2025, were $1.6 billion, up from $1.2 billion in the prior year, reflecting improved cash collections and decreased capital expenditures [184]. Restructuring and Workforce - The company reduced approximately 7.5% of its workforce as part of the Fiscal 2026 Restructuring Plan announced in February 2025 [120]. - Restructuring expenses for the nine months ended October 31, 2025, were $172 million, primarily related to the Fiscal 2026 Restructuring Plan [158]. - Share-based compensation expense increased by $105 million for the nine months ended October 31, 2025, compared to the prior year, primarily due to the Fiscal 2026 Restructuring Plan [160]. Tax and Regulatory Considerations - The provision for income taxes for the nine months ended October 31, 2025, was $197 million, compared to $86 million in the prior year [169]. - The company is assessing the impact of the 2025 Tax Act, which is expected to reduce domestic cash tax outflows for the remainder of fiscal 2026 [171]. - The company is monitoring the OECD's Pillar Two rules, which may affect its effective tax rate and current tax obligations [172]. Acquisition and Financing Activities - The company completed the acquisition of Sana Labs AB for approximately $1.0 billion in cash in November 2025 [191]. - Cash used in financing activities was $1.8 billion for the nine months ended October 31, 2025, primarily due to share repurchases of $1.4 billion [181]. - The company has a remaining authorization of $4.4 billion for share repurchases as of October 31, 2025 [187]. - The company expects capital expenditures to be approximately $200 million in fiscal 2026, mainly for office facilities [180]. Market and Interest Rate Risks - A hypothetical increase or decrease of 100 basis points in interest rates would have resulted in an approximately $68 million market value reduction or increase in the investment portfolio as of October 31, 2025 [209]. - The company is exposed to foreign currency exchange risk due to global transactions, with significant exposures to the euro, British pound, Canadian dollar, and Australian dollar [205]. - The company enters into foreign currency derivative hedging transactions to mitigate foreign currency exchange risks [206]. - The Senior Notes have fixed annual interest rates, eliminating economic interest rate exposure on these debt obligations [210]. - Borrowings under the 2022 Credit Agreement are subject to variable interest rates, exposing the company to market risk from changes in underlying index rates [211]. - The investment portfolio is managed to preserve capital and meet liquidity needs, with no investments made for trading or speculative purposes [207]. - Fixed rate securities may have their market value adversely affected by rising interest rates, while floating rate securities may produce less income if rates fall [208]. - The company’s future investment income may fluctuate due to changes in interest rates, potentially leading to losses in principal if securities decline in market value [208]. - The fair values of the Senior Notes will increase as interest rates fall and decrease as interest rates rise, indicating exposure to interest rate risk [210].

Revenue Performance - Total net revenue for the three months ended October 31, 2025, was $1.853 billion, a 18% increase from $1.570 billion in the same period of 2024[25]. - For the nine months ended October 31, 2025, total net revenue reached $5.249 billion, up 17% from $4.492 billion in the prior year[25]. - Revenue recognized during the three months ended October 31, 2025, from deferred revenue was $843 million, compared to $790 million in the same period of 2024[29]. - The Americas contributed $2.331 billion to total net revenue for the nine months ended October 31, 2025, representing a 17% increase from $1.986 billion in 2024[25]. - Consolidated net income for the nine months ended October 31, 2025, was $808 million, slightly down from $809 million in the same period of 2024[114]. Performance Obligations - Remaining performance obligations as of October 31, 2025, amounted to $7.36 billion, with an expected revenue recognition of $4.83 billion (66%) in the next 12 months[26]. - The company expects to recognize the remaining $2.53 billion (34%) of performance obligations as revenue after the next 12 months[26]. - Remaining Performance Obligations (RPO) represent the sum of total short-term, long-term, and unbilled deferred revenue, indicating expected revenue recognition in the next twelve months[235]. Cash and Investments - Cash and cash equivalents, including marketable securities, totaled $1.966 billion as of October 31, 2025[32]. - As of January 31, 2025, Autodesk reported total cash equivalents and marketable securities of $1,436 million, with cash equivalents at $1,424 million and marketable securities at $13 million[35]. - The fair value of Autodesk's marketable debt securities as of October 31, 2025, was $602 million, with $267 million due within one year and $314 million due after one year through five years[37]. - Autodesk had no material unrealized losses for marketable debt securities as of both October 31, 2025, and January 31, 2025, and total unrealized gains were not material for the nine months ended October 31, 2025[37]. - The company had $156 million in direct investments in privately held companies as of October 31, 2025, down from $168 million as of January 31, 2025[41]. Stock-Based Compensation - Autodesk's stock-based compensation expense related to restricted stock units was $449 million for the nine months ended October 31, 2025, compared to $432 million for the same period in 2024[53]. - The fair value of shares vested during the nine months ended October 31, 2025, was $730 million, an increase from $634 million in the same period of 2024[52]. - Stock-based compensation expense related to performance stock units was $19 million for the three months ended October 31, 2025, compared to $22 million for the same period in 2024, and $58 million for the nine months ended October 31, 2025, compared to $36 million in 2024[58]. - Autodesk's stock-based compensation expense for the nine months ended October 31, 2025, totaled $607 million, compared to $500 million in 2024[61]. Debt and Financing - Autodesk entered into a new unsecured revolving loan facility under the 2025 Credit Agreement, providing for an aggregate principal amount of $1.5 billion, with an option to increase to $2 billion[78]. - The total principal outstanding for Autodesk's borrowings as of October 31, 2025, was $2.5 billion, with a fair value of $2.482 billion after accounting for unamortized debt discount and issuance costs[80]. - The expected future principal payments for all borrowings include $500 million due in 2028, $500 million in 2030, and $1.5 billion thereafter[83]. Tax and Income - Autodesk recorded an income tax expense of $125 million on pre-tax income of $468 million for the three months ended October 31, 2025, resulting in an effective tax rate differing from the U.S. federal statutory rate of 21%[67]. - Basic net income per share for the three months ended October 31, 2025, was $1.61, compared to $1.28 for the same period in 2024, reflecting a 25.8% increase[20]. - Autodesk's net income for the nine months ended October 31, 2025, was $152 million for the first quarter, $313 million for the second quarter, and $343 million for the third quarter[106]. Share Repurchase and Equity - During the three and nine months ended October 31, 2025, Autodesk repurchased 1 million and 3 million shares at average prices of $306.35 and $290.04 per share, respectively[106]. - As of October 31, 2024, Autodesk had $4.3 billion remaining for repurchase under the November 2022 repurchase program[108]. - The company has $2.81 billion and $5 billion remaining available for repurchase under its November 2022 and November 2024 stock repurchase programs, respectively[220]. Operational Changes and Investigations - Autodesk's restructuring plan initiated in fiscal 2026 aims to optimize its go-to-market organization and reallocate resources towards investments in cloud, platform, and artificial intelligence[95]. - The company faced a federal securities class action complaint filed in April 2024, alleging false and misleading statements, with the court granting a motion to dismiss in July 2025[104][105]. - Autodesk's internal investigation regarding free cash flow and non-GAAP operating margin practices was initiated in March 2024, with the SEC closing its matter in August 2025[103]. Other Financial Metrics - The company recorded total operating lease right-of-use assets impairment charges of $1 million and $12 million for the three and nine months ended October 31, 2025, respectively[85]. - Autodesk's total intangible assets amounted to $493 million as of October 31, 2025, down from $574 million as of January 31, 2025[70]. - Long-lived assets totaled $270 million as of October 31, 2025, down from $286 million as of January 31, 2025[117]. - The balance of assets recognized from costs to obtain a contract with a customer was $755 million as of October 31, 2025, up from $467 million as of January 31, 2025[76].