Q1 2025 Q1 2025 Financial Highlights Q1 2025 Q1 2024 Revenue $24.4 million $30.7 million Adj. EBITDA1 $5.7 million $12.5 million Total Certs 27,638 28,189 (1) See reconciliation of GAAP to non-GAAP financial measures on page 5 2 23, 159, 221 149, 201, 61 20, 83, 150 Earnings Supplement 3, 102, 170 146, 192, 219 166, 166, 166 Key Performance Indicators | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | Certs | | | | | | Credit Union & Bank | | 24,215 | | 21,078 | ...

Core Insights - MarketAxess Holdings Inc. reported first-quarter 2025 earnings per share of $1.87, exceeding the Zacks Consensus Estimate by 2.8%, but down 2.6% year over year from $1.92 [1] - Total revenues decreased by 0.8% year over year to $208.6 million, missing the consensus mark by 1% [1] Financial Performance - Commission revenues were $181.3 million, down 2% year over year, and fell short of the Zacks Consensus Estimate of $185.4 million [3] - Information services revenues increased by 9% year over year to $12.9 million, but missed the consensus mark of $13 million [4] - Post-trade services revenues rose 3% year over year to $11.1 million, also falling short of the consensus mark by 0.4% [4] - Total expenses increased by 2% year over year to $120.2 million, driven by higher employee compensation and benefits, technology, and marketing expenses, but were lower than the estimate of $128.1 million [5] - Operating income declined 4% year over year to $88.4 million, but exceeded the estimate of $87 million [5] - EBITDA fell 1.7% year over year to $107.4 million, with the EBITDA margin deteriorating by 40 basis points to 51.5% [5] Trading Volumes - High-grade trading volume was $461.3 billion, up 1% year over year, surpassing the Zacks Consensus Estimate of $460.7 billion [6] - High-yield trading volume increased by 5% year over year to $90 billion [6] - Other credit trading volume rose 39% year over year to $36.5 billion [7] - Total credit trading volume grew 6% year over year to $976 billion, with total credit average daily volume (ADV) rising 6% to $15.9 billion [8] Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents were $486.2 million, down from $544.5 million at the end of 2024 [10] - Total assets increased to $1.9 billion from $1.8 billion at the end of 2024 [10] - MarketAxess generated $29.6 million of net cash from operations, improving from a net cash used in operations of $5 million in the prior year [11] - Free cash flow advanced 52.2% year over year to $47.1 million [11] Capital Deployment - The company repurchased shares worth $38.1 million in the quarter, with a total of $51.7 million repurchased by April 2025 [12] - A remaining capacity of $173.4 million is available under the authorized repurchase program as of April 30, 2025 [12] - A quarterly cash dividend of 76 cents per share was declared, payable on June 4, 2025 [12] 2025 Outlook - Services revenues are expected to see mid-single-digit growth [13] - Total expenses are estimated to be between $505 million and $525 million for 2025 [13] - Capital expenditure is projected to be between $65 million and $70 million, with an effective tax rate expected between 26% and 27% [13]

Core Insights - Perrigo (PRGO) reported adjusted earnings of 60 cents per share for Q1 2025, exceeding the Zacks Consensus Estimate of 56 cents, marking a 107% year-over-year increase driven by improved margins and lower variable expenses [1] - Net sales for the quarter declined 3.5% year over year to $1.04 billion, falling short of the Zacks Consensus Estimate of $1.08 billion, primarily due to exited businesses, product lines, and unfavorable currency movements [1][2] Financial Performance - Sales dropped 2% year over year due to exited businesses and product lines, with an additional 1.2% decline attributed to unfavorable currency movements; at constant currency, sales fell 2.4% [2] - Organic net sales decreased by 0.4%, indicating a slight decline in core business performance [2] Segment Analysis - **Consumer Self Care Americas (CSCA)**: Reported net sales of $621 million, down 3.6% year over year; growth in Nutrition and Upper Respiratory categories was offset by lost distribution in U.S. Store Brand and lower sales in Digestive Health [4] - **Consumer Self Care International (CSCI)**: Reported net sales of $423 million, down 3.4% year over year; organic sales increased by 4.5%, but overall sales were impacted by divested businesses and currency translation [5] Guidance and Outlook - Perrigo widened its full-year sales outlook to a growth range of 0-3% year over year, compared to the previous guidance of 1-3%, due to macroeconomic uncertainties including potential new tariffs [6] - The company plans to manage cost increases from tariffs, particularly in the Oral Care segment, through price adjustments and shifting production to domestic facilities [7] Stock Performance - Year to date, Perrigo shares have declined by 4%, contrasting with the industry’s 4% growth [8]

Core Insights - Avanos Medical, Inc. reported first-quarter 2025 adjusted earnings per share (EPS) of 26 cents, an 18.2% increase year over year, surpassing the Zacks Consensus Estimate by 36.8% [1] - Revenues for the quarter reached $167.5 million, a 0.8% year-over-year increase, beating the Zacks Consensus Estimate by 2% [2] - The company has revised its 2025 outlook, estimating net sales between $665 million and $685 million and adjusted EPS between 75 and 95 cents, down from previous estimates [11] Revenue Performance - The Specialty Nutrition Systems (SNS) segment generated revenues of $101.1 million, up 6.9% year over year, driven by strong demand in enteral feeding and neonate solutions [5] - The Pain Management and Recovery (PM&R) segment reported revenues of $56.2 million, down 0.2% year over year, affected by unfavorable currency effects and strategic decisions to forgo certain revenue streams [3][4] - Organic sales increased by 2.8% year over year, indicating overall growth despite segment weaknesses [2] Margin and Expense Analysis - Gross profit declined by 5.3% year over year to $89.8 million, with a gross margin contraction of 346 basis points to 53.6% [7] - Selling and general expenses decreased by 9.4% year over year to $75.7 million, while research and development expenses fell by 22.9% to $5.4 million [7] - Adjusted operating profit increased by 107.1% year over year to $8.7 million, with an adjusted operating margin expansion of 267 basis points to 5.2% [8] Financial Position - At the end of the first quarter 2025, cash and cash equivalents totaled $97 million, down from $107.7 million at the end of 2024 [10] - Total debt decreased to $107.4 million from $134.7 million at the end of 2024 [10] - Net cash provided by operating activities was $25.7 million, compared to net cash used of $8 million in the prior-year period [10] Market Reaction and Guidance - Shares of Avanos gained nearly 5.4% following the earnings report [2] - The company expressed caution regarding potential impacts from tariffs on profitability and cash flow, alongside expectations of a softer second quarter for the SNS segment [13]

Core Insights - Jack Henry & Associates (JKHY) reported third-quarter fiscal 2025 GAAP earnings of $1.52 per share, exceeding the Zacks Consensus Estimate by 17.83% and reflecting a year-over-year increase of 27.7% [1] - The company's revenues for the quarter were $585.1 million, slightly missing the Zacks Consensus Estimate by 0.3%, but showing an 8.6% year-over-year growth [1] - After adjusting for deconversion revenues, non-GAAP revenues were $575.4 million, representing a 7% increase year over year [1] Revenue Breakdown - Revenues from Services and Support, which accounted for 56.5% of total revenues, were $330.8 million, up 8.5% year over year, but missed the consensus mark of $332 million [3] - Processing revenues, making up 43.5% of total revenues, reached $254.3 million, an 8.9% year-over-year increase, slightly surpassing the consensus estimate of $253 million [4] - Core segment revenues were $180.7 million, up 8.4% year over year, while Payments revenues increased by 7.7% to $217.4 million, and Complementary revenues rose 12.2% to $167.4 million [5] Profitability Metrics - Adjusted EBITDA for the third quarter was $182.9 million, reflecting a 12.8% year-over-year increase, with an adjusted EBITDA margin of 31.8%, up 160 basis points [6] - Adjusted operating income increased 17.6% year over year to $131.9 million, with an adjusted operating margin of 22.9%, up 210 basis points [6] Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents were $39.9 million, up from $25.7 million as of December 31, 2024 [7] - Current and long-term debt increased to $170 million as of March 31, 2025, compared to $150 million as of December 31, 2024 [7] Guidance Update - The company lowered its fiscal 2025 GAAP revenue guidance to $2.37-$2.35 billion, down from the previous estimate of $2.39-$2.37 billion [8] - Non-GAAP revenue guidance was revised down to $2.34-$2.33 billion from $2.38-$2.35 billion [8] - GAAP earnings guidance for fiscal 2025 was raised to $6.09-$6.00 per share, while non-GAAP earnings guidance was adjusted to $5.87-$5.83 per share [10]

Core Insights - Voya Financial, Inc. (VOYA) reported first-quarter 2025 adjusted operating earnings of $2.15 per share, exceeding the Zacks Consensus Estimate by 35.2% and reflecting a year-over-year increase of 14.4% [1] Financial Performance - Total revenues for the quarter were nearly $2 billion, a decrease of 4% year over year [2] - Net investment income rose by 5.9% year over year to $560 million, while fee income increased by 11.1% to $570 million [2] - Premiums totaled $737 million, down 7.9% from the previous year [2] - Total benefits and expenses were $1.8 billion, up 1.8% year over year [2] Client Assets and Growth - As of March 31, 2025, total client assets reached $694 billion, marking a 21% increase year over year, driven by assets from OneAmerica and positive capital markets [3] Segment Performance - Wealth Solutions reported adjusted operating earnings of $207 million, an increase of 11.3% year over year, attributed to the acquisition from OneAmerica and positive capital markets [4] - Health Solutions experienced a pre-tax adjusted operating income of $46 million, down 22% year over year, impacted by lower underwriting gains and strategic investments [5] - Investment Management posted pre-tax adjusted operating earnings of $41 million, a decline of 2.4% year over year, despite net inflows of $7.7 billion, representing organic growth of 2.5% for the quarter [6] Financial Position - Voya Financial ended the quarter with cash and cash equivalents of $1.4 billion, a 49.3% increase year over year [8] - Total investments were $35 billion, down 4.3% year over year, while long-term debt was $2.1 billion, up 0.2% from the end of 2024 [8] - Book value per share (excluding AOCI) was $61.31, reflecting a 5.4% year-over-year increase [9] Capital Management - In 2024, Voya Financial returned $43 million of excess capital to shareholders and retired $400 million of Senior Notes [10] - As of March 31, 2025, the company had a remaining share repurchase authorization of $150 million and excess capital of about $150 million [10]

Financial Performance - For the quarter ended March 2025, Forge Global Holdings, Inc. reported revenue of $25.3 million, which is an increase of 31.5% compared to the same period last year [1] - The earnings per share (EPS) for the quarter was -$1.29, an improvement from -$1.50 in the year-ago quarter [1] - The reported revenue exceeded the Zacks Consensus Estimate of $24.98 million by 1.27%, and the EPS also surpassed the consensus estimate of -$1.34 by 3.73% [1] Key Metrics - Shares of Forge Global have returned +29.3% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3] Trading Solutions - In Trading Solutions, the number of trades was 963, which is below the four-analyst average estimate of 1,097 [4] - Trading volume was reported at $692.39 million, slightly above the average estimate of $692 million [4] - In Custody Solutions, assets under custody were $17.64 billion, matching the three-analyst average estimate [4] - The total custodial accounts stood at 2,508, consistent with the average estimate based on two analysts [4] - Custodial administration fees generated revenues of $9.30 million, slightly below the average estimate of $9.50 million [4] - Marketplace revenues were reported at $16 million, exceeding the four-analyst average estimate of $15.83 million [4]

Core Viewpoint - Devon Energy Corp. reported mixed financial results for the first quarter of 2025, with earnings per share missing estimates but revenues exceeding expectations. The company showed significant year-over-year production growth, particularly in oil and natural gas liquids, while facing challenges in realized prices for oil. Financial Performance - Earnings per share (EPS) for Q1 2025 was $1.21, missing the Zacks Consensus Estimate of $1.27 by 4.72% [1] - GAAP EPS was 77 cents, down from 94 cents in the same quarter last year, influenced by fair value changes, asset impairments, and restructuring costs [2] - Total revenues for the quarter were $4.45 billion, surpassing the Zacks Consensus Estimate of $4.36 billion by 2.05% [3] Production Metrics - Net production totaled 815,000 barrels of oil equivalent per day (Boe/d), up 22.7% year over year, within the guided range of 805,000-825,000 Boe/d [4] - Natural gas liquids production increased 23% year over year to 203,000 barrels per day (Bbl/d), while oil production rose 21.6% to 398,000 Bbl/d [5] Price Realization - Realized oil prices were $69.15 per barrel, down 7.98% from $75.15 a year ago, while realized prices for natural gas liquids increased 5.8% to $21.93 per barrel [6] - Realized gas prices were $2.48 per thousand cubic feet, up 53.1% from $1.62 a year ago, contributing to an overall realized price of $42.45 per Boe, down 3.6% year over year [6][8] Operational Highlights - Total production expenses were $912 million, up 21.4% year over year, while production costs averaged $12.42 per Boe, a slight decline of 0.08% from the prior year [7] - The company repurchased shares worth $301 million and paid dividends of $163 million in the first quarter [7] Strategic Developments - On April 1, 2025, Devon finalized the dissolution of its Eagle Ford partnership, gaining approximately 46,000 net acres in the Blackhawk Field [10] - On May 5, 2025, the company agreed to sell its equity stake in the Matterhorn Pipeline for around $375 million, with proceeds aimed at enhancing its financial standing [11] Financial Position - As of March 31, 2025, cash and cash equivalents were $1.23 billion, up from $0.85 billion at the end of 2024, while long-term debt remained at $8.39 billion [12] - Net cash from operating activities was $1.94 billion, compared to $1.66 billion in Q1 2024, with capital expenditures totaling $0.93 billion, a 4.5% increase from the previous year [13] Future Guidance - Second-quarter production is expected to be in the range of 810,000-828,000 Boe/d, with capital spending estimated between $0.98-$1.04 billion [14] - Full-year production guidance for 2025 has been revised to 810,000-828,000 Boe/d, reflecting strong first-quarter volumes [14][15]

Core Insights - Owens Corning reported revenue of $2.53 billion for the quarter ended March 2025, reflecting a 10% increase year-over-year and a surprise of +0.54% over the Zacks Consensus Estimate of $2.52 billion [1] - The company's EPS was $2.97, down from $3.59 in the same quarter last year, with an EPS surprise of +5.32% compared to the consensus estimate of $2.82 [1] Financial Performance - Net Sales in Insulation were reported at $909 million, slightly below the average estimate of $927.69 million, representing a year-over-year change of +0.6% [4] - Net Sales in Doors reached $540 million, also below the average estimate of $548.07 million [4] - Net Sales in Roofing amounted to $1.12 billion, exceeding the estimated $1.09 billion, with a significant year-over-year increase of +17% [4] Market Performance - Owens Corning's shares have returned +12.9% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Palmer Square Capital BDC Inc. reported a revenue of $31.21 million for the quarter ended March 2025, reflecting a year-over-year decline of 10.3% and an EPS of $0.40, down from $0.52 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $32.5 million by 3.95%, while the EPS also missed the consensus estimate of $0.44 by 9.09% [1] Financial Performance - Investment income from non-controlled, non-affiliated investments showed varied results: Other income was $0.31 million against an estimate of $0.41 million, Dividend income was $0.57 million compared to an estimate of $0.58 million, and Interest income was $29.82 million versus an estimate of $30.83 million [4] - Over the past month, shares of Palmer Square Capital BDC Inc. returned +4%, while the Zacks S&P 500 composite increased by +10.6% [3]