SECOND QUARTER 2025 FINANCIAL RESULTS AND SHAREHOLDER LETTER Exhibit 99.2 A LETTER FROM OUR CHAIRMAN AND CEO RH REPORTS SECOND QUARTER 2025 REVENUES INCREASED 8.4%, NET INCOME INCREASED 79% AND FREE CASH FLOW OF $81M SECOND QUARTER 2025 HIGHLIGHTS GAAP Net Revenues Increased 8.4% to $899.2M Free Cash Flow of $80.7M Please see the tables below for reconciliations of all GAAP to non-GAAP measures referenced in this press release. There are no adjustments to GAAP net revenues presented in this press release. T ...

Exhibit 99.1 Farmer Brothers Coffee Reports Fourth Quarter and Full Year Fiscal 2025 Financial Results Fiscal year 2025 gross margin increase of 420 basis points year-over-year to 43.5% Reported full year net loss of $14.5 million, increase in year-over-year adjusted EBITDA of more than $14 million 1 Fiscal 2025 net sales of $342.3 million Fort Worth, Texas, Sept. 11, 2025 – Farmer Brothers Coffee Co. (NASDAQ: FARM), a leading roaster, wholesaler and distributor of coffee, tea and allied products, announced ...

Exhibit 99.1 Kestra Medical Technologies Reports First Quarter Fiscal 2026 Financial Results KIRKLAND, Wash., September 11, 2025 (GLOBE NEWSWIRE) — Kestra Medical Technologies, Ltd. (Nasdaq: KMTS), a wearable medical device and digital healthcare company, today reported financial results for the first quarter fiscal 2026, which ended July 31, 2025. Financial Highlights First Quarter Fiscal 2026 Financial Results *Adjusted EBITDA is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures" below ...

PART I [Business Overview](index=6&type=section&id=Item%201.%20Business) Guidewire Software, Inc. is a leading platform provider for property and casualty (P&C) insurers, offering core systems, digital engagement, analytics, and AI capabilities primarily through cloud-based subscription services. The company's growth strategy focuses on continuous product enhancement, efficient cloud operations, and expanding local content, serving a diverse customer base globally. The P&C insurance industry is undergoing rapid transformation, driven by increased catastrophes, rising customer expectations for digital interactions, and demand for data-driven decision-making, which Guidewire addresses with its modern, cloud-based solutions - **Guidewire** is the platform P&C insurers rely on to engage with customers, innovate, and operate more efficiently, serving insurers of all sizes globally[20](index=20&type=chunk) - The platform combines core systems of record (InsuranceSuite, InsuranceNow) with digital, analytics, and AI capabilities, delivered primarily as a cloud-based subscription service leveraging **Guidewire Cloud Platform (GWCP)**[21](index=21&type=chunk) - Key industry trends driving demand for **Guidewire's** solutions include the need for agility and efficiency from core systems, increased catastrophes, rising customer expectations for digital engagement, and advances in data and AI-based analytics[27](index=27&type=chunk)[28](index=28&type=chunk) - Subscription agreements are generally five years in duration, with annual renewals, and pricing for core products is typically based on Direct Written Premium (DWP) managed on the platform[24](index=24&type=chunk) - As of July 31, **2025**, **Guidewire** had approximately **500** customers, representing about **570** insurance brands across **43** countries[71](index=71&type=chunk) - The company experiences seasonal variations, with increased license and subscription orders in the fourth fiscal quarter due to sales team incentives, though ratable subscription revenue recognition dampens this impact over time[87](index=87&type=chunk) [Overview and Purpose](index=6&type=section&id=Overview%20and%20Purpose) This section provides an overview of the company's business and its strategic objectives [Industry Background](index=6&type=section&id=Industry%20Background) The industry context and key trends influencing the company's market are discussed [Products](index=9&type=section&id=Products) Details on the company's product offerings and their functionalities are presented [Technology](index=14&type=section&id=Technology) The underlying technology and infrastructure supporting the company's solutions are described [Services](index=14&type=section&id=Services) Information on the professional services and support provided by the company is outlined [Customer Support](index=14&type=section&id=Customer%20Support) The company's approach to customer assistance and support services is detailed [Employees and Human Capital Resources](index=14&type=section&id=Employees%20and%20Human%20Capital%20Resources) Information regarding the company's workforce, talent management, and human capital strategies is provided [Customers](index=16&type=section&id=Customers) The company's customer base, segments, and engagement strategies are highlighted [Strategic Relationships](index=16&type=section&id=Strategic%20Relationships) Key partnerships and alliances that support the company's business objectives are discussed [Sales and Marketing](index=17&type=section&id=Sales%20and%20Marketing) The company's strategies for sales, marketing, and market penetration are presented [Research and Development](index=17&type=section&id=Research%20and%20Development) Details on the company's innovation efforts, R&D investments, and future product pipeline are provided [Competition](index=17&type=section&id=Competition) An analysis of the competitive landscape and the company's market positioning is offered [Intellectual Property](index=19&type=section&id=Intellectual%20Property) Information on the company's intellectual property, patents, and protective measures is outlined [Information about Segment and Geographic Revenue](index=19&type=section&id=Information%20about%20Segment%20and%20Geographic%20Revenue) Revenue breakdown by business segment and geographical regions is presented [Seasonality](index=19&type=section&id=Seasonality) The impact of seasonal trends on the company's financial performance is discussed [Where You Can Find More Information](index=20&type=section&id=WHERE%20YOU%20CAN%20FIND%20MORE%20INFORMATION) Guidance on where to access additional public information about the company is provided [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) Guidewire faces a range of material risks, including significant fluctuations in quarterly and annual results due to economic conditions, customer behavior, and contract terms. The company's reliance on a relatively small number of large P&C insurance customers, coupled with lengthy sales and implementation cycles, poses substantial business risks. Intense competition, challenges in managing expanding global and hybrid operations, and the evolving regulatory landscape around AI and data privacy are also critical concerns. Furthermore, potential cybersecurity incidents, intellectual property disputes, and financial risks related to indebtedness and market volatility could adversely impact the company's operations and financial performance - Quarterly and annual results may fluctuate **significantly** due to economic conditions, customer behavior, contract provisions, operational costs, and seasonality, impacting stock price[94](index=94&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Reliance on a relatively small number of P&C insurance customers (top **10** accounted for **20%** of revenue and **ARR** in FY2025) gives them substantial negotiating leverage, affecting pricing and contract terms[94](index=94&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Lengthy and variable sales and implementation cycles require significant resource expenditure before revenue generation, with factors beyond control potentially causing delays and increased costs[94](index=94&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - **Intense competition** from internal solutions, P&C software vendors, horizontal software vendors, and emerging insurtech companies, including those leveraging AI technologies, could lead to market share decline and increased pricing pressure[94](index=94&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[108](index=108&type=chunk) - Issues in the development and use of AI, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to business operations[94](index=94&type=chunk)[113](index=113&type=chunk)[116](index=116&type=chunk) - Exposure to risks in relation to **data security incidents** or breaches of cloud-based products, unauthorized access to data, and the related impact on operating the cloud environment could harm reputation and lead to liabilities[94](index=94&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - Compliance with current and evolving local **data privacy** and cybersecurity laws and regulations (e.g., GDPR, CCPA, EU AI Act) in all jurisdictions where customers are located may increase costs and liabilities[94](index=94&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) - Servicing **$690.0 million** in **2029 Convertible Senior Notes** requires significant cash, and the company may not have sufficient cash flow or ability to raise funds for conversions or repurchases, potentially impacting business and results of operations[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Summary of Material Risks Associated with Our Business](index=21&type=section&id=SUMMARY%20OF%20MATERIAL%20RISKS%20ASSOCIATED%20WITH%20OUR%20BUSINESS) A concise overview of the primary risks impacting the company's business operations and financial health is presented [Risks Related to Our Business and Industry](index=23&type=section&id=Risks%20Related%20to%20our%20Business%20and%20Industry) Specific risks pertaining to the company's business model and the broader industry environment are detailed [Risks Related to Data Security and Privacy, Intellectual Property, and Information Technology](index=39&type=section&id=Risks%20Related%20to%20Data%20Security%20and%20Privacy%2C%20Intellectual%20Property%2C%20and%20Information%20Technology) Risks associated with data protection, intellectual property, and IT infrastructure are outlined [Risks Related to Legal, Regulatory, Accounting, and Tax Matters](index=45&type=section&id=Risks%20Related%20to%20Legal%2C%20Regulatory%2C%20Accounting%2C%20and%20Tax%20Matters) Potential legal, regulatory, accounting, and tax-related risks are discussed [Risks Related to Ownership of Our Common Stock](index=46&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) Risks pertinent to holding the company's common stock are presented [General Risk Factors](index=48&type=section&id=General%20Risk%20Factors) Broad risk factors that could generally affect the company's operations are outlined [Unresolved Staff Comments](index=54&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved staff comments from the SEC - No unresolved staff comments are applicable to the company[243](index=243&type=chunk) [Cybersecurity](index=55&type=section&id=Item%201C.%20Cybersecurity) Guidewire maintains a comprehensive cybersecurity risk management program, integrated into its enterprise risk management, to protect critical systems and customer data. The program adheres to industry-leading frameworks and is overseen by the Board's Risk Committee, with management, including the CISO, responsible for its implementation and ongoing assessment - **Guidewire** has a cybersecurity risk management program to safeguard products and protect confidentiality, integrity, and availability of customer data and confidential information[244](index=244&type=chunk)[245](index=245&type=chunk) - The program adopts best practices from industry-leading frameworks like ISO 27001, SOC 2, U.S. NIST Cybersecurity Framework (CSF), and CIS Critical Security Controls[246](index=246&type=chunk) - The Board's Risk Committee oversees cybersecurity risk management, receiving periodic reports from management, including the Chief Information Security Officer (CISO)[249](index=249&type=chunk)[250](index=250&type=chunk)[252](index=252&type=chunk) - No risks from known cybersecurity threats have **materially affected** or are reasonably likely to **materially affect** the company's operations, business strategy, results of operations, or financial condition to date[248](index=248&type=chunk) [Risk Management and Strategy](index=55&type=section&id=Risk%20Management%20and%20Strategy) The company's approach to identifying, assessing, and mitigating cybersecurity risks is described [Governance](index=55&type=section&id=Governance) Details on the oversight structure for cybersecurity risk management are provided [Properties](index=56&type=section&id=Item%202.%20Properties) Guidewire's corporate headquarters are in San Mateo, California, and its European headquarters are in Dublin, Ireland. The company leases additional facilities globally for various operations and believes its current facilities are adequate, with plans for future expansion as needed - Corporate headquarters in San Mateo, California (**79,000** sq ft, leased through June **2027**)[254](index=254&type=chunk) - European headquarters in Dublin, Ireland (**85,000** sq ft, leased through March **2032**)[254](index=254&type=chunk) - The company leases additional facilities globally for sales, services, development, operations, and administrative activities[254](index=254&type=chunk) [Legal Proceedings](index=56&type=section&id=Item%203.%20Legal%20Proceedings) Guidewire is involved in routine legal proceedings but does not anticipate any outcomes that would have a material adverse effect on its business or financial position. No accruals for claims were recorded as of July 31, 2025 and 2024 - The company is involved in legal proceedings arising in the ordinary course of business[256](index=256&type=chunk) - No current legal proceeding is judged likely to have a **material adverse effect** on the business or financial position[257](index=257&type=chunk) - No accrual for claims has been recorded as of July 31, **2025** and **2024**[547](index=547&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Guidewire Software, Inc - Mine Safety Disclosures are not applicable to the registrant[259](index=259&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=58&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Guidewire's common stock is listed on the NYSE under the symbol 'GWRE'. As of July 31, 2025, the closing price was $226.22 per share, with 31 holders of record. The company has not declared or paid cash dividends and does not anticipate doing so. A performance graph illustrates the cumulative total return of Guidewire's stock against market indices - **Guidewire's** common stock is listed on the New York Stock Exchange under the symbol '**GWRE**'[260](index=260&type=chunk) Common Stock Information (July 31, 2025) | Metric | Value | | :----------------------- | :------ | | **Closing Price per Share** | **$226.22** | | **Holders of Record** | **31** | - The company has never declared or paid cash dividends on its common stock and does not anticipate doing so in the foreseeable future[261](index=261&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) Cumulative Total Return (July 31, 2020 - July 31, 2025) | Index | 7/31/2020 | 7/31/2021 | 7/31/2022 | 7/31/2023 | 7/31/2024 | 7/31/2025 | | :----------------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Guidewire Software, Inc.** | $100.00 | $97.91 | $66.05 | $72.09 | $127.55 | $192.27 | | **NASDAQ Composite-Total Return Index** | $100.00 | $137.53 | $116.96 | $136.63 | $168.91 | $204.14 | | **S&P Software & Services Select Industry Index** | $100.00 | $147.80 | $104.47 | $123.74 | $135.95 | $162.85 | [Performance Graph](index=58&type=section&id=Performance%20Graph) A visual representation of the company's stock performance compared to market indices is included [Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities](index=59&type=section&id=Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) Information on equity security sales not registered under the Securities Act and use of proceeds is provided [Reserved](index=60&type=section&id=Item%206.%20%5BReserved%5D) This item is intentionally reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Guidewire's financial performance in fiscal year 2025 showed significant growth, with total revenue increasing by 23% to $1,202.5 million and a shift towards cloud-based subscription services. Subscription revenue grew 40%, driving an improvement in overall gross margin to 63%. Operating expenses increased due to investments in R&D, sales, and marketing, but decreased as a percentage of revenue. The company achieved net income of $69.8 million, a substantial improvement from a net loss in the prior year. Liquidity remains strong, supported by cash, cash equivalents, and investments, and operating cash flow increased significantly. The company also managed its debt, including the issuance of 2029 Convertible Senior Notes and the settlement of 2025 notes - **Guidewire's** platform combines core systems with digital, analytics, and AI capabilities, primarily delivered as cloud-based subscription services (InsuranceSuite and InsuranceNow on **GWCP**)[269](index=269&type=chunk)[270](index=270&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - The company's growth strategy involves continuous product enhancement, new capabilities, efficient cloud operations, expanding local content, and leveraging the **Guidewire Marketplace**[274](index=274&type=chunk) - Seasonality impacts revenue, with increased orders in the fourth fiscal quarter, but the ratable recognition of subscription revenue is dampening this effect over time[281](index=281&type=chunk) - Global events, including conflicts, inflation, and interest rate fluctuations, continue to create economic uncertainty and may impact **ARR**, revenue growth, sales cycles, and margins[283](index=283&type=chunk)[284](index=284&type=chunk) Key Business Metrics (FY2025 vs. FY2024) | Metric | FY2025 | FY2024 | Change (%) | | :----------------------- | :------- | :------- | :--------- | | **ARR** ($ millions) | **$1,041** | N/A | **20%** (**19%** constant currency) | | **Net cash from operations** ($ thousands) | **$300,867K** | **$195,748K** | **53.7%** | | **Free Cash Flow** ($ thousands) | **$280,412K** | **$177,221K** | **58.2%** | - Revenue recognition requires significant judgment, especially in identifying performance obligations and allocating transaction prices for contracts with non-standard terms or multiple components[293](index=293&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk) Revenue Breakdown (FY2025 vs. FY2024) | Revenue Type | FY2025 (in millions) | % of Total | FY2024 (in millions) | % of Total | Change ($ millions) | Change (%) | | :----------------------- | :-------------------- | :--------- | :-------------------- | :--------- | :--------- | :--------- | | **Subscription and support** | 731.3 | **61%** | 549.1 | **56%** | 182.2 | **33%** | | **License** | 251.9 | **21%** | 250.2 | **26%** | 1.8 | **1%** | | **Services** | 219.2 | **18%** | 181.2 | **18%** | 38.0 | **21%** | | **Total Revenue** | **1,202.5** | **100%** | **980.5** | **100%** | **222.0** | **23%** | Gross Profit and Margin (FY2025 vs. FY2024) | Metric | FY2025 (in millions) | Margin % | FY2024 (in millions) | Margin % | Change ($ millions) | Change (%) | | :----------------------- | :-------------------- | :------- | :-------------------- | :------- | :--------- | :--------- | | **Subscription and support** | 496.2 | **68%** | 344.3 | **63%** | 151.9 | **44%** | | **License** | 248.3 | **99%** | 245.6 | **98%** | 2.7 | **1%** | | **Services** | 7.6 | **3%** | (6.6) | (**4%**) | 14.1 | (**215%**) | | **Total Gross Profit** | **752.1** | **63%** | **583.4** | **59%** | **168.7** | **29%** | Operating Expenses (FY2025 vs. FY2024) | Expense Type | FY2025 (in millions) | % of Total Revenue | FY2024 (in millions) | % of Total Revenue | Change ($ millions) | Change (%) | | :----------------------- | :-------------------- | :----------------- | :-------------------- | :----------------- | :--------- | :--------- | | Research and development | 296.2 | **25%** | 269.4 | **27%** | 26.8 | **10%** | | Sales and marketing | 230.3 | **19%** | 199.0 | **20%** | 31.3 | **16%** | | General and administrative | 184.5 | **15%** | 167.5 | **17%** | 17.0 | **10%** | | **Total Operating Expenses** | **711.0** | **59%** | **635.9** | **64%** | **75.1** | **12%** | Other Income (Expense) (FY2025 vs. FY2024) | Item | FY2025 (in millions) | FY2024 (in millions) | Change ($ millions) | Change (%) | | :----------------------- | :-------------------- | :-------------------- | :--------- | :--------- | | **Interest income** | 56.6 | 43.5 | 13.1 | **30%** | | **Interest expense** | (13.2) | (6.7) | (6.5) | **96%** | | **Other income (expense), net** | (35.1) | (11.0) | (24.1) | **219%** | - **Net income** for fiscal year **2025** was **$69.8 million**, a significant improvement from a net loss of **$6.1 million** in fiscal year **2024**[303](index=303&type=chunk) Liquidity and Capital Resources (July 31, 2025 vs. July 31, 2024) | Metric | July 31, 2025 (in millions) | July 31, 2024 (in millions) | | :-------------------------------- | :--------------------------- | :--------------------------- | | **Cash, cash equivalents, and investments** | 1,483.2 | 1,129.5 | | **Working capital** | 962.6 | 457.9 | - The increase in **working capital** was primarily due to proceeds from the issuance of **2029 Convertible Senior Notes** and positive operating cash flow, partially offset by the settlement of **2025 Convertible Senior Notes** and capped call purchases[364](index=364&type=chunk) - A **$300.0 million** senior revolving credit facility was entered into in December **2024**, with no outstanding borrowings as of July 31, **2025**[365](index=365&type=chunk) - The share repurchase program had **$138.2 million** remaining available as of July 31, **2025**, with no repurchases made in fiscal years **2024** or **2025**[366](index=366&type=chunk) [Overview](index=60&type=section&id=Overview) An executive summary of the company's financial condition and operational highlights is presented [Seasonality](index=61&type=section&id=Seasonality) The impact of seasonal trends on the company's financial performance is discussed [Global Events](index=62&type=section&id=Global%20Events) The impact of significant global events on the company's business and financial performance is discussed [Key Business Metrics](index=62&type=section&id=Key%20Business%20Metrics) Important financial and operational metrics used to evaluate the company's performance are detailed [Critical Accounting Policies and Estimates](index=63&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies and significant estimates that impact the financial statements are explained [Results of Operations](index=65&type=section&id=Results%20of%20Operations) A detailed analysis of the company's revenues, expenses, and profitability is provided [Non-GAAP Financial Measures](index=74&type=section&id=Non-GAAP%20Financial%20Measures) Reconciliation and explanation of financial measures not prepared in accordance with GAAP are presented [Liquidity and Capital Resources](index=75&type=section&id=Liquidity%20and%20Capital%20Resources) An assessment of the company's cash position, funding sources, and capital management strategies is provided [Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Guidewire is exposed to market risks primarily from fluctuations in interest rates and foreign currency exchange rates. The company's cash, cash equivalents, and investments are sensitive to interest rate changes, with a hypothetical 1% increase estimated to decrease market value by $5.3 million in FY2025. Foreign currency fluctuations, particularly across several major currencies, can impact results, with a 10% change potentially leading to a $60.7 million transaction gain or loss. Strategic investments in privately held securities also carry inherent risks - Market risk exposure primarily results from fluctuations in interest rates and foreign currency exchange rates[376](index=376&type=chunk) - A hypothetical **one percent** increase in interest rates is estimated to decrease the market value of available-for-sale securities by **$5.3 million** as of July 31, **2025**[377](index=377&type=chunk) - Foreign currency exchange rate fluctuations, particularly in AUD, GBP, CAD, EUR, INR, JPY, NZD, PLN, and CHF, can impact results, with a hypothetical **ten percent** change estimated to result in a **$60.7 million** transaction gain or loss[378](index=378&type=chunk)[379](index=379&type=chunk) - Strategic investments in privately held securities are classified as Level **3** fair value measurements and are subject to the risk of partial or total loss of invested capital[381](index=381&type=chunk) [Interest Rate Sensitivity](index=77&type=section&id=Interest%20Rate%20Sensitivity) The company's exposure to interest rate fluctuations and their potential financial impact is analyzed [Foreign Currency Exchange Risk](index=77&type=section&id=Foreign%20Currency%20Exchange%20Risk) The risks associated with changes in foreign currency exchange rates are discussed [Fair Value of Financial Instruments](index=79&type=section&id=Fair%20Value%20of%20Financial%20Instruments) Information on the fair value measurements of the company's financial instruments is presented [Financial Statements and Supplementary Data](index=80&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Guidewire's audited consolidated financial statements for the fiscal years ended July 31, 2025, 2024, and 2023, including balance sheets, statements of operations, comprehensive income (loss), stockholders' equity, and cash flows. KPMG LLP provided an unqualified audit opinion. The accompanying notes detail significant accounting policies, revenue recognition, fair value measurements, acquisitions, balance sheet components, debt, leases, commitments, stock-based compensation, and income taxes, providing comprehensive financial disclosure - **KPMG LLP** issued an **unqualified opinion** on **Guidewire's** consolidated financial statements and **internal control over financial reporting** for the fiscal year ended July 31, **2025**[386](index=386&type=chunk)[387](index=387&type=chunk) - The consolidated financial statements include balance sheets, statements of operations, comprehensive income (loss), stockholders' equity, and cash flows for the three-year period ended July 31, **2025**[386](index=386&type=chunk) - Revenue recognition policies are critical, involving judgment in identifying performance obligations, allocating transaction prices, and accounting for contract modifications[293](index=293&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[432](index=432&type=chunk) - The company completed the acquisition of **Quantee Sp. z o.o.** in April **2025** for approximately **$27.9 million**, resulting in **$21.4 million** in **goodwill**[494](index=494&type=chunk)[497](index=497&type=chunk) - As of July 31, **2025**, the company had **$690.0 million** aggregate principal amount of **1.25% Convertible Senior Notes** due October **2029** outstanding, and fully settled the **2025 Convertible Senior Notes** at maturity in March **2025**[517](index=517&type=chunk)[521](index=521&type=chunk)[523](index=523&type=chunk) - Total **unrecognized stock-based compensation expense** was **$278.5 million** as of July 31, **2025**, to be recognized over a weighted average period of **2.0** years[552](index=552&type=chunk) - The company recognized an **income tax benefit** of **$20.4 million** for fiscal year **2025**, similar to the prior year, due to deductions from stock-based compensation, foreign derived intangible income, and R&D tax credits, partially offset by non-deductible debt retirement expense[352](index=352&type=chunk)[567](index=567&type=chunk) [Report of Independent Registered Public Accounting Firm](index=81&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor's opinion on the company's financial statements and internal controls is provided [Consolidated Balance Sheets](index=83&type=section&id=Consolidated%20Balance%20Sheets) A snapshot of the company's assets, liabilities, and equity at specific points in time is presented [Consolidated Statements of Operations](index=84&type=section&id=Consolidated%20Statements%20of%20Operations) A summary of the company's revenues, expenses, and net income or loss over a period is provided [Consolidated Statements of Comprehensive Income (Loss)](index=85&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Details on all changes in equity during a period, except those from transactions with owners, are presented [Consolidated Statements of Stockholders' Equity](index=86&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) Changes in the company's equity accounts over a period are detailed [Consolidated Statements of Cash Flows](index=87&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Information on the cash inflows and outflows from operating, investing, and financing activities is provided [Notes to Consolidated Financial Statements](index=88&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed explanations and supplementary information for the financial statements are included [Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](index=123&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) Guidewire reports no changes in or disagreements with its independent registered public accounting firm, KPMG LLP, regarding accounting or financial disclosures - There are no changes in or disagreements with accountants on accounting and financial disclosures[583](index=583&type=chunk) [Controls and Procedures](index=123&type=section&id=Item%209A.%20Controls%20and%20Procedures) Guidewire's management, including its principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective as of July 31, 2025. Management also assessed and concluded that internal control over financial reporting was effective, acknowledging the inherent limitations of all control systems - Management concluded that **disclosure controls and procedures** were effective as of July 31, **2025**[584](index=584&type=chunk) - Management assessed and concluded that **internal control over financial reporting** was effective as of July 31, **2025**, based on the **COSO** framework[587](index=587&type=chunk) - No changes in **internal control over financial reporting** **materially affected** or are reasonably likely to **materially affect** controls during the quarter ended July 31, **2025**[590](index=590&type=chunk) - The report acknowledges the inherent limitations of internal control systems, which provide reasonable, not absolute, assurance[589](index=589&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=123&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Management's assessment of the effectiveness of the company's disclosure controls is presented [Management's Annual Report on Internal Control Over Financial Reporting](index=123&type=section&id=Management%27s%20Annual%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Management's report on the effectiveness of the company's internal control over financial reporting is provided [Inherent Limitations of Internal Controls](index=123&type=section&id=Inherent%20Limitations%20of%20Internal%20Controls) A discussion of the inherent limitations that affect the effectiveness of any internal control system is included [Changes in Internal Control over Financial Reporting](index=123&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) Information on any material changes in the company's internal control over financial reporting is disclosed [Other Information](index=124&type=section&id=Item%209B.%20Other%20Information) This item reports that there is no other information required to be disclosed - No other information is required to be disclosed under this item[591](index=591&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=124&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) Guidewire reports that there are no foreign jurisdictions that prevent inspections relevant to its operations - No foreign jurisdictions prevent inspections relevant to the company[592](index=592&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=126&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding Guidewire's directors, executive officers, and corporate governance, including its Code of Business Conduct and Ethics, is incorporated by reference from the definitive Proxy Statement for the 2025 Annual Meeting of Stockholders - Information is incorporated by reference from the definitive Proxy Statement for the **2025** Annual Meeting of Stockholders[596](index=596&type=chunk) - A Code of Business Conduct and Ethics applies to all directors, officers, and employees and is posted on the investor relations website[594](index=594&type=chunk) [Executive Compensation](index=126&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from Guidewire's definitive Proxy Statement - Information on executive compensation is incorporated by reference from the Proxy Statement[597](index=597&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=126&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Details regarding security ownership of certain beneficial owners and management, along with related stockholder matters, are incorporated by reference from Guidewire's definitive Proxy Statement - Information on security ownership and related stockholder matters is incorporated by reference from the Proxy Statement[598](index=598&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=126&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from Guidewire's definitive Proxy Statement - Information on certain relationships, related transactions, and director independence is incorporated by reference from the Proxy Statement[599](index=599&type=chunk) [Principal Accountant Fees and Services](index=126&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from Guidewire's definitive Proxy Statement - Information on principal accountant fees and services is incorporated by reference from the Proxy Statement[600](index=600&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=128&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the 10-K report, including consolidated financial statements, omitted financial statement schedules, and a comprehensive exhibit index. The exhibits include corporate governance documents, debt instruments, stock plans, and certifications - The report includes consolidated financial statements and an exhibit index[603](index=603&type=chunk) - Financial statement schedules have been omitted as the information is either not applicable or presented in the financial statements or notes[603](index=603&type=chunk) - Exhibits include the Amended and Restated Certificate of Incorporation, Bylaws, Indenture for **2029 Convertible Senior Notes**, Credit Agreement, various stock plans, and certifications[606](index=606&type=chunk)[607](index=607&type=chunk) [FORM 10-K Summary](index=131&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section indicates that no summary is provided for the Form 10-K - No summary is provided for the Form **10-K**[610](index=610&type=chunk)

Exhibit 99.1 PRESS RELEASE Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2026 Financial Results ● Announces $20 million share repurchase authorization Mitchel Field, NY, September 11, 2025 – Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM) is pleased to announce its financial results for the first quarter of fiscal year 2026. "Building on the enthusiastic response and strong encouragement from last year, our Company will host its second annual Quantum Sensing Summit in Ne ...

(Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-13301 RF INDUSTRIES, LTD. Nevada 88-0168936 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Management Commentary "Our team continued to execute very well in our fiscal third quarter. Net sales increased 17.5% to $19.8 million year-over-year, and our gross profit was 34%, well above our target goal of 30%. For four consecutive quarters, we have delivered an operating profit, which was $720,000 in the third quarter versus a loss of $419,000 in the third quarter of 2024, and adjusted EBITDA was $1.6 million which is 8% of net sales. While adjusted EBITDA as a percentage of net sales may vary from qu ...

Exhibit 99.1 Rent the Runway, Inc. Announces Second Quarter 2025 Results Announced Transformative Recapitalization Plan to Strengthen the Balance Sheet and Inject Capital into the Business Continued Growth of the Business with July Ending Active Subscribers + 13.4% YoY Achieved Q2 Subscription Net Promoter Score +77% YoY NEW YORK, September 11, 2025 - Rent the Runway, Inc. ("Rent the Runway" or "RTR") (NASDAQ: RENT), the company transforming the way women get dressed, today reported financial results for th ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Key Announcements and Strategic Highlights](index=1&type=section&id=Key%20Announcements%20and%20Strategic%20Highlights) Adobe announced record Q3 FY25 revenue and raised its FY25 Digital Media ARR growth, total revenue, and EPS targets, driven by strong AI product innovation and execution - Adobe raised its FY25 Digital Media ARR Growth, Total Revenue, and EPS Targets[1](index=1&type=chunk) - AI-influenced ARR surpassed **$5 billion**, and AI-first ARR already exceeded the **$250 million** year-end target[2](index=2&type=chunk) - The company reported record Q3 revenue and Remaining Performance Obligations (RPO) surpassed **$20 billion**, accelerating to **13%** year-over-year growth[1](index=1&type=chunk)[2](index=2&type=chunk) [Third Quarter Fiscal Year 2025 Financial Performance](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Financial%20Performance) [Consolidated Financial Highlights (Q3 FY25)](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Financial%20Highlights) Adobe achieved record revenue of $5.99 billion in Q3 FY25, representing 11% year-over-year growth, alongside strong GAAP and non-GAAP earnings, operating income, net income, and cash flows Q3 FY25 Consolidated Financial Highlights | Metric | Value | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :--------------------------------- | :---------------- | :-------------------- | :----------------------------- | | **Revenue** | | | | | Total Revenue | $5.99 billion | 11% | 10% | | **Profitability** | | | | | GAAP Diluted EPS | $4.18 | - | - | | Non-GAAP Diluted EPS | $5.31 | - | - | | GAAP Operating Income | $2.17 billion | - | - | | Non-GAAP Operating Income | $2.77 billion | - | - | | GAAP Net Income | $1.77 billion | - | - | | Non-GAAP Net Income | $2.25 billion | - | - | | **Cash Flow & Obligations** | | | | | Cash Flows from Operations | $2.20 billion | - | - | | Remaining Performance Obligations (RPO) | $20.44 billion | 13% | - | | Current Remaining Performance Obligations (cRPO) | 67% | - | - | | **Shareholder Returns** | | | | | Shares Repurchased | ~8.0 million | - | - | [Business Segment Performance (Q3 FY25)](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Business%20Segment%20Highlights) Both Digital Media and Digital Experience segments demonstrated solid growth in Q3 FY25, with Digital Media revenue up 12% and ARR reaching $18.59 billion, and Digital Experience revenue increasing 9% Q3 FY25 Business Segment Performance | Segment | Revenue | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :-------------------------------- | :---------------- | :-------------------- | :----------------------------- | | Digital Media Segment Revenue | $4.46 billion | 12% | 11% | | Digital Media ARR (exiting quarter) | $18.59 billion | 11.7% | - | | Digital Experience Segment Revenue | $1.48 billion | 9% | 9% | | Digital Experience Subscription Revenue | $1.37 billion | 11% | 11% | [Customer Group Performance (Q3 FY25)](index=2&type=section&id=Customer%20Group%20Supplemental%20Disclosure) In Q3 FY25, both customer groups reported strong subscription revenue growth, with Business Professionals and Consumers up 15% and Creative and Marketing Professionals up 11% Q3 FY25 Customer Group Subscription Revenue | Customer Group | Subscription Revenue | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :-------------------------------------- | :------------------- | :-------------------- | :----------------------------- | | Business Professionals and Consumers Group | $1.65 billion | 15% | 14% | | Creative and Marketing Professionals Group | $4.12 billion | 11% | 10% | [Financial Outlook and Targets](index=2&type=section&id=Financial%20Targets) [Fourth Quarter Fiscal Year 2025 Targets](index=2&type=section&id=Fourth%20Quarter%20Fiscal%20Year%202025%20Targets) Adobe provided its financial targets for Q4 FY25, projecting total revenue between $6.075 billion and $6.125 billion, with GAAP EPS from $4.27 to $4.32 and non-GAAP EPS from $5.35 to $5.40 Q4 FY25 Financial Targets | Metric | Target Range | | :-------------------------------- | :----------------------------- | | Total Revenue | $6.075 billion to $6.125 billion | | Digital Media Segment Revenue | $4.53 billion to $4.56 billion | | Digital Experience Segment Revenue | $1.495 billion to $1.515 billion | | Digital Experience Subscription Revenue | $1.395 billion to $1.410 billion | | GAAP Earnings Per Share | $4.27 to $4.32 | | Non-GAAP Earnings Per Share | $5.35 to $5.40 | | Non-GAAP Operating Margin | ~45.5% | | Non-GAAP Tax Rate | ~18.5% | | Diluted Share Count | ~418 million | [Full Fiscal Year 2025 Targets](index=2&type=section&id=Full%20Fiscal%20Year%202025%20Targets) The company updated its full FY25 targets, forecasting total revenue between $23.65 billion and $23.70 billion, with Digital Media ending ARR growth at 11.3% and non-GAAP EPS between $20.80 and $20.85 Full FY25 Financial Targets | Metric | Target Range | | :-------------------------------- | :----------------------------- | | Total Revenue | $23.65 billion to $23.70 billion | | Digital Media Segment Revenue | $17.56 billion to $17.59 billion | | Digital Media Ending ARR Growth | 11.3% year over year | | Digital Experience Segment Revenue | $5.84 billion to $5.86 billion | | Digital Experience Subscription Revenue | $5.39 billion to $5.41 billion | | GAAP Earnings Per Share | $16.53 to $16.58 | | Non-GAAP Earnings Per Share | $20.80 to $20.85 | | Non-GAAP Operating Margin | ~46% | | Non-GAAP Tax Rate | ~18.5% | | Diluted Share Count | ~427 million | [GAAP Financial Statements](index=5&type=section&id=GAAP%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents Adobe's unaudited condensed consolidated statements of income for the three and nine months ended August 29, 2025, compared to the same periods in the prior fiscal year Condensed Consolidated Statements of Income (GAAP) | (In millions, except per share data; unaudited) | Three Months Ended Aug 29, 2025 | Three Months Ended Aug 30, 2024 | Nine Months Ended Aug 29, 2025 | Nine Months Ended Aug 30, 2024 | | :-------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | **Revenue:** | | | | | | Subscription | $5,791 | $5,180 | $16,915 | $15,156 | | Product | 68 | 82 | 251 | 305 | | Services and other | 129 | 146 | 409 | 438 | | **Total revenue** | **5,988** | **5,408** | **17,575** | **15,899** | | **Cost of revenue:** | | | | | | Subscription | 510 | 413 | 1,505 | 1,324 | | Product | 5 | 6 | 17 | 19 | | Services and other | 127 | 135 | 380 | 399 | | **Total cost of revenue** | **642** | **554** | **1,902** | **1,742** | | **Gross profit** | **5,346** | **4,854** | **15,673** | **14,157** | | **Operating expenses:** | | | | | | Research and development | 1,088 | 1,022 | 3,196 | 2,945 | | Sales and marketing | 1,639 | 1,431 | 4,760 | 4,228 | | General and administrative | 408 | 366 | 1,152 | 1,073 | | Acquisition termination fee | — | — | — | 1,000 | | Amortization of intangibles | 38 | 43 | 120 | 127 | | **Total operating expenses** | **3,173** | **2,862** | **9,228** | **9,373** | | **Operating income** | **2,173** | **1,992** | **6,445** | **4,784** | | **Non-operating income (expense), net** | **14** | **50** | **25** | **156** | | **Income before income taxes** | **2,187** | **2,042** | **6,470** | **4,940** | | **Provision for income taxes** | **415** | **358** | **1,196** | **1,063** | | **Net income** | **$1,772** | **$1,684** | **$5,274** | **$3,877** | | Basic net income per share | $4.18 | $3.78 | $12.28 | $8.63 | | Diluted net income per share | $4.18 | $3.76 | $12.26 | $8.58 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides Adobe's unaudited condensed consolidated balance sheets as of August 29, 2025, compared to November 29, 2024, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (GAAP) | (In millions; unaudited) | August 29, 2025 | November 29, 2024 | | :-------------------------------------- | :---------------- | :---------------- | | **ASSETS** | | | | Current assets: | | | | Cash and cash equivalents | $4,982 | $7,613 | | Short-term investments | 958 | 273 | | Trade receivables, net | 2,093 | 2,072 | | Prepaid expenses and other current assets | 1,379 | 1,274 | | **Total current assets** | **9,412** | **11,232** | | Property and equipment, net | 1,908 | 1,936 | | Operating lease right-of-use assets, net | 307 | 281 | | Goodwill | 12,862 | 12,788 | | Other intangibles, net | 555 | 782 | | Deferred income taxes | 2,092 | 1,657 | | Other assets | 1,618 | 1,554 | | **Total assets** | **$28,754** | **$30,230** | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Current liabilities: | | | | Trade payables | $337 | $361 | | Accrued expenses and other current liabilities | 2,289 | 2,336 | | Debt | — | 1,499 | | Deferred revenue | 6,385 | 6,131 | | Income taxes payable | 154 | 119 | | Operating lease liabilities | 74 | 75 | | **Total current liabilities** | **9,239** | **10,521** | | Long-term liabilities: | | | | Debt | 6,200 | 4,129 | | Deferred revenue | 149 | 128 | | Income taxes payable | 502 | 548 | | Operating lease liabilities | 362 | 353 | | Other liabilities | 532 | 446 | | **Total liabilities** | **16,984** | **16,125** | | **Stockholders' equity:** | | | | Additional paid-in capital | 14,968 | 13,419 | | Retained earnings | 43,516 | 38,470 | | Accumulated other comprehensive income (loss) | (341) | (201) | | Treasury stock, at cost | (46,373) | (37,583) | | **Total stockholders' equity** | **11,770** | **14,105** | | **Total liabilities and stockholders' equity** | **$28,754** | **$30,230** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents Adobe's unaudited condensed consolidated statements of cash flows for the three months ended August 29, 2025, compared to August 30, 2024, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (GAAP) | (In millions; unaudited) | Three Months Ended Aug 29, 2025 | Three Months Ended Aug 30, 2024 | | :-------------------------------------------------------------------------------- | :------------------------------ | :------------------------------ | | **Cash flows from operating activities:** | | | | Net income | $1,772 | $1,684 | | Adjustments to reconcile net income to net cash provided by operating activities | | | | Depreciation, amortization and accretion | 208 | 213 | | Stock-based compensation | 497 | 474 | | Other non-cash adjustments | (101) | (91) | | Changes in deferred revenue | 200 | 220 | | Changes in other operating assets and liabilities | (378) | (479) | | **Net cash provided by operating activities** | **2,198** | **2,021** | | **Cash flows from investing activities:** | | | | Purchases, sales and maturities of short-term investments, net | (169) | 86 | | Purchases of property and equipment | (72) | (57) | | Purchases and sales of long-term investments, intangibles and other assets, net | (21) | (76) | | Acquisitions, net of cash acquired | (17) | — | | **Net cash used for investing activities** | **(279)** | **(47)** | | **Cash flows from financing activities:** | | | | Repurchases of common stock | (2,057) | (2,500) | | Proceeds from treasury stock re-issuances, net of taxes paid related to net share settlement of equity awards | 142 | 96 | | Other financing activities, net | 39 | (49) | | **Net cash used for financing activities** | **(1,876)** | **(2,453)** | | Effect of exchange rate changes on cash and cash equivalents | 8 | 12 | | **Net change in cash and cash equivalents** | **51** | **(467)** | | Cash and cash equivalents at beginning of period | 4,931 | 7,660 | | **Cash and cash equivalents at end of period** | **$4,982** | **$7,193** | [Non-GAAP Financial Information and Reconciliation](index=8&type=section&id=Non-GAAP%20Financial%20Information%20and%20Reconciliation) [Third Quarter Fiscal Year 2025 Non-GAAP Results](index=8&type=section&id=Non-GAAP%20Results) This section provides a reconciliation of Adobe's GAAP results to non-GAAP results for Q3 FY25, covering operating income, net income, diluted EPS, and effective income tax rate Q3 FY25 GAAP to Non-GAAP Reconciliation | (In millions, except per share data) | Aug 29, 2025 | Aug 30, 2024 | May 30, 2025 | | :---------------------------------- | :----------- | :----------- | :----------- | | **Operating income:** | | | | | GAAP operating income | $2,173 | $1,992 | $2,109 | | Stock-based and deferred compensation expense | 521 | 485 | 482 | | Amortization of intangibles | 79 | 83 | 83 | | Loss contingency (reversal) | — | (45) | — | | **Non-GAAP operating income** | **$2,773** | **$2,515** | **$2,674** | | **Net income:** | | | | | GAAP net income | $1,772 | $1,684 | $1,691 | | Stock-based and deferred compensation expense | 521 | 485 | 482 | | Amortization of intangibles | 79 | 83 | 83 | | Loss contingency (reversal) | — | (45) | — | | Investment (gains) losses, net | (23) | (12) | (2) | | Income tax adjustments | (97) | (115) | (83) | | **Non-GAAP net income** | **$2,252** | **$2,080** | **$2,171** | | **Diluted net income per share:** | | | | | GAAP diluted net income per share | $4.18 | $3.76 | $3.94 | | Stock-based and deferred compensation expense | 1.23 | 1.08 | 1.12 | | Amortization of intangibles | 0.19 | 0.19 | 0.19 | | Loss contingency (reversal) | — | (0.10) | — | | Investment (gains) losses, net | (0.05) | (0.03) | — | | Income tax adjustments | (0.24) | (0.25) | (0.19) | | **Non-GAAP diluted net income per share** | **$5.31** | **$4.65** | **$5.06** | | Shares used to compute diluted net income per share | 424 | 448 | 429 | Q3 FY25 GAAP to Non-GAAP Effective Income Tax Rate | Metric | Third Quarter Fiscal 2025 | | :-------------------------------------- | :------------------------ | | GAAP effective income tax rate | 19.0 % | | Income tax adjustments | 1.5 | | Stock-based and deferred compensation expense | (1.8) | | Amortization of intangibles | (0.3) | | Investment gains (losses), net | 0.1 | | **Non-GAAP effective income tax rate** | **18.5 %** | [Reconciliation of Fourth Quarter Fiscal Year 2025 Financial Targets](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Targets%20and%20Assumptions%20(Q4%20FY25)) This section reconciles Adobe's GAAP financial targets to non-GAAP financial targets for Q4 FY25, including diluted net income per share, operating margin, and effective income tax rate Q4 FY25 GAAP to Non-GAAP Financial Targets Reconciliation | (Shares in millions) | Low (GAAP) | High (GAAP) | Non-GAAP (Low) | Non-GAAP (High) | | :---------------------------------- | :--------- | :---------- | :------------- | :-------------- | | **Diluted net income per share:** | | | | | | GAAP diluted net income per share | $4.27 | $4.32 | - | - | | Stock-based and deferred compensation expense | 1.22 | 1.22 | - | - | | Amortization of intangibles | 0.14 | 0.14 | - | - | | Income tax adjustments | (0.28) | (0.28) | - | - | | **Non-GAAP diluted net income per share** | - | - | **$5.35** | **$5.40** | | Shares used to compute diluted net income per share | 418 | 418 | 418 | 418 | | Metric | GAAP Operating Margin | Non-GAAP Operating Margin | | :---------------------------------- | :-------------------- | :------------------------ | | Operating margin: | 36.0 % | - | | Stock-based and deferred compensation expense | 8.5 | - | | Amortization of intangibles | 1.0 | - | | **Non-GAAP operating margin** | - | **45.5 %** | | Metric | GAAP Effective Income Tax Rate | Non-GAAP Effective Income Tax Rate | | :---------------------------------- | :----------------------------- | :--------------------------------- | | Effective income tax rate: | 18.0 % | - | | Stock-based and deferred compensation expense | (2.2) | - | | Amortization of intangibles | (0.3) | - | | Income tax adjustments | 3.0 | - | | **Non-GAAP effective income tax rate** | - | **18.5 %** | [Reconciliation of Full Fiscal Year 2025 Financial Targets](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Targets%20and%20Assumptions%20(FY25)) This section provides the reconciliation of Adobe's updated annual GAAP financial targets to non-GAAP financial targets for FY25, including diluted net income per share, operating margin, and effective income tax rate Full FY25 GAAP to Non-GAAP Financial Targets Reconciliation | (Shares in millions) | Low (GAAP) | High (GAAP) | Non-GAAP (Low) | Non-GAAP (High) | | :---------------------------------- | :--------- | :---------- | :------------- | :-------------- | | **Diluted net income per share:** | | | | | | GAAP diluted net income per share | $16.53 | $16.58 | - | - | | Stock-based and deferred compensation expense | 4.55 | 4.55 | - | - | | Amortization of intangibles | 0.72 | 0.72 | - | - | | Income tax adjustments | (1.00) | (1.00) | - | - | | **Non-GAAP diluted net income per share** | - | - | **$20.80** | **$20.85** | | Shares used to compute diluted net income per share | 427 | 427 | 427 | 427 | | Metric | GAAP Operating Margin | Non-GAAP Operating Margin | | :---------------------------------- | :-------------------- | :------------------------ | | Operating margin: | 36.0 % | - | | Stock-based and deferred compensation expense | 8.7 | - | | Amortization of intangibles | 1.3 | - | | **Non-GAAP operating margin** | - | **46.0 %** | | Metric | GAAP Effective Income Tax Rate | Non-GAAP Effective Income Tax Rate | | :---------------------------------- | :----------------------------- | :--------------------------------- | | Effective income tax rate: | 18.4 % | - | | Stock-based and deferred compensation expense | (2.1) | - | | Amortization of intangibles | (0.3) | - | | Income tax adjustments | 2.5 | - | | **Non-GAAP effective income tax rate** | - | **18.5 %** | [Use of Non-GAAP Financial Information](index=10&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) Adobe provides non-GAAP financial measures to offer greater transparency into its ongoing operations and for internal planning, believing these metrics are useful for investors to evaluate performance - Adobe uses non-GAAP financial information to evaluate ongoing operations and for internal planning and forecasting, believing it provides greater transparency for investors[29](index=29&type=chunk) - Non-GAAP measures exclude items such as stock-based and deferred compensation expenses, amortization of intangibles, investment gains and losses, and income tax adjustments, which are not considered part of Adobe's ongoing operations[30](index=30&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) [Conference Call Details](index=2&type=section&id=Adobe%20to%20Host%20Conference%20Call) Adobe will host a webcast of its Q3 FY25 earnings conference call on September 11, 2025, at 2:00 p.m. Pacific Time, accessible via its investor relations website - Adobe will webcast its Q3 FY25 earnings conference call on Sept. 11, 2025, at **2:00 p.m. Pacific Time** from its investor relations website[7](index=7&type=chunk) - Earnings documents, including prepared remarks and an investor datasheet, are posted to Adobe's Investor Relations Website in advance of the call[7](index=7&type=chunk) [Forward-Looking Statements and Risk Factors](index=2&type=section&id=Forward-Looking%20Statements,%20Non-GAAP%20and%20Other%20Disclosures) This section contains standard disclosures regarding forward-looking statements, emphasizing that actual results may differ materially due to various risks and uncertainties, including those related to innovation, AI, competition, and macroeconomic conditions - This press release contains forward-looking statements subject to risks, uncertainties, and assumptions that could cause actual results to differ materially[8](index=8&type=chunk) - Factors that might cause differences include failure to innovate effectively, issues relating to AI development and use, competition, damage to reputation, service interruptions, security incidents, and adverse macroeconomic conditions[8](index=8&type=chunk) - Undue reliance should not be placed on forward-looking financial information, which reflects estimates and may differ from actual reported amounts in Adobe's upcoming Quarterly Report on Form 10-Q[11](index=11&type=chunk) [About Adobe](index=4&type=section&id=About%20Adobe) Adobe is a company dedicated to transforming the world through personalized digital experiences - Adobe is changing the world through personalized digital experiences[13](index=13&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 July 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-41422 HEARTSCIENCES INC. (Exact Name of Registrant as Specified in its Charter) | TEXAS | 26-1344466 | | --- | --- | | ( State or other jurisdiction of | (I.R.S. Em ...