Financial Performance - Neogen's core revenue increased by 2.9% year-over-year[9] - Adjusted EBITDA margins improved sequentially by 470 bps to 21.7%[9] - Q2 FY26 revenue reached $224.7 million[19] compared to $209.2 million in Q1 FY26 and $231.3 million in Q2 FY25[19] - Adjusted EBITDA for Q2 FY26 was $48.7 million with a margin of 21.7%[20], compared to $35.5 million with a margin of 17.0% in Q1 FY26 and $51.4 million with a margin of 22.2% in Q2 FY25[20] - Adjusted Net Income for Q2 FY26 was $22.6 million[21], or $0.10 per share[21], compared to $9.4 million[21], or $0.04 per share in Q1 FY26[21], and $24.4 million[21], or $0.11 per share in Q2 FY25[21] Segment Performance - Food Safety core revenue grew by 4.1%[23] - Animal Safety core revenue grew by 0.1%[23] Balance Sheet and Capital Allocation - Net debt is $655 million[26] - Debt is 68% fixed[26] - Q2 Free Cash Flow improved by $21 million compared to Q1[28] FY2026 Outlook - Total revenue is projected to be between $845 million and $855 million[32] - Adjusted EBITDA is expected to be approximately $175 million[32] - Capital expenditures are estimated at around $50 million[32] - The effective tax rate is projected at 21%[32]

Core Insights - Enerpac Tool Group Corp. reported its fiscal first quarter results for 2026, showing a slight decline in net sales and earnings compared to the previous year, but expressed cautious optimism due to positive trends in order growth, particularly in the Americas [2][3]. Consolidated Results - Consolidated net sales for Q1 2026 were $144.2 million, a decrease of 1% from $145.2 million in Q1 2025. On an organic basis, sales declined by 2% year-over-year [4]. - Net earnings for Q1 2026 were $19.1 million, down from $21.7 million in the same period last year, resulting in diluted EPS of $0.36 compared to $0.40 [5][8]. - Adjusted EBITDA for the quarter was $32.4 million, a decline from $34.3 million in Q1 2025, with an adjusted EBITDA margin of 22.4%, down 120 basis points year-over-year [6][8]. Segment Performance - Within the Industrial Tools & Services (IT&S) segment, product sales increased by 4% organically, while service revenue declined by 26% year-over-year, primarily due to weakness in the UK market [5][4]. - Cortland Biomedical, another segment, experienced significant growth with a 27% increase in sales [4]. Balance Sheet and Cash Flow - As of November 30, 2025, the company had a cash balance of $139.0 million and a debt balance of $188.5 million, resulting in a net debt to adjusted EBITDA ratio of 0.3x [7]. - Net cash provided by operating activities was $16.0 million for Q1 2026, compared to $8.6 million in the prior-year period [6][8]. Outlook - The company maintains its fiscal 2026 outlook, projecting net sales between $635 million and $655 million, with organic sales growth of 1% to 4%. Adjusted EBITDA is forecasted to be between $158 million and $168 million, with adjusted EPS expected to be in the range of $1.85 to $2.00 [9].

To Acquire Grasshopper Bank Creating a Leading Digital Bank December 11, 2025 © Enova International, Inc. Notices and Disclaimers Non-GAAP Financial Information In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), Enova International, Inc. ("Enova") provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities ...

Financial Performance Highlights - Fee Related Earnings (FRE) reached R$7706 million in 3Q'25, a 43% increase year-over-year, resulting in R$122 per share[8] - Adjusted Distributable Earnings (Adj DE) increased by 28% year-over-year to R$7309 million in 3Q'25, with Adj DE per share at R$116[8] - The FRE margin was 323% in 3Q'25[8] - Capital formation & appreciation reached R$19 billion in 3Q'25[8] Assets Under Management (AuM) - Total AuM reached R$3163 billion, a 349% increase year-over-year, driven by the combination with Compass and the acquisition of Lacan[17] - Capital formation in 3Q'25 totaled R$84 billion, driven by net inflows and capital subscriptions across Global IP&S and Credit strategies[17] - Portfolio appreciation of R$105 billion in 3Q'25 was partially offset by R$60 billion in negative FX variation and R$06 billion in capital returned to investors[17] Segment Performance - Global IP&S AuM was R$2412 billion in 3Q'25, with R$76 billion in net inflows and R$88 billion of appreciation[51] - Credit AuM totaled R$33 billion, up 263% year-over-year[55] - Private Equity AuM was R$16 billion, down 2% year-over-year[59] - Real Assets AuM was R$12 billion, up 17% year-over-year[65] Investment Related Earnings (IRE) - Fair Value of Investments accounted for R$7264 million[42] - Total capital called of R$7812 million, representing 548% of the total capital committed to proprietary funds as of September 30, 2025[42]

Core Insights - EZCORP, Inc. reported record revenue and pawn loans outstanding (PLO) for fiscal year 2025, driven by strong demand for cash solutions and secondhand goods [5][6] - The company achieved a 26% increase in adjusted EBITDA to $191.2 million and a 27% rise in adjusted diluted EPS to $1.43 [5][9] - The growth strategy included disciplined acquisitions and de novo store openings, resulting in a total of 1,360 stores across five countries [6][7] Fourth Quarter Highlights - Total revenues for Q4 increased by 14% to $336.8 million, with gross profit rising by 13% to $198.6 million [9][10] - Net income surged by 76% to $26.7 million, while diluted EPS increased by 62% to $0.34 [9][10] - Pawn loans outstanding reached $307.5 million, a 12% increase, reflecting higher average loan sizes and strong demand [12] Full Year 2025 Highlights - Full year total revenues rose by 10% to $1,274.3 million, with gross profit increasing by 9% to $746.1 million [9][10] - Net income for the year was $109.6 million, a 32% increase, with diluted EPS up 29% to $1.42 [9][10] - The company expanded its footprint by 81 stores, including 52 acquisitions and 40 de novo openings [9][10] Segment Results - In the U.S. pawn segment, PLO increased by 9% to $233.8 million, driven by higher average loan sizes and improved operational performance [11] - Latin America pawn segment saw PLO improve by 23% to $73.7 million, with total revenues up 11% on a constant currency basis [13] - Jewelry scrap sales in Q4 increased by 91%, contributing to a gross margin increase of 1,010 basis points to 29% [12] Financial Position - Cash and cash equivalents rose significantly to $469.5 million from $170.5 million, primarily due to a $300 million issuance of Senior Notes [12] - The company maintained a flexible balance sheet, focusing on high-return growth and opportunistic share repurchases [7][12] - Total assets increased to $1,951.2 million, up from $1,493.2 million year-over-year [22][23]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $163.2 million, an increase of $10.1 million or 7% from the prior year period [19] - Net income available to common shareholders was $5.6 million, nearly seven times higher than the net income of $700,000 in the prior year [20] - EPS increased significantly to $0.30 per diluted share in Q3 2025 versus $0.04 in the prior year [20] - Adjusted EBITDA increased 60% to $20.7 million compared to the prior year period, with an adjusted EBITDA margin of 13% compared to 8% in the prior year [21] Business Line Data and Key Metrics Changes - At APUS, Q3 revenue increased to $83.1 million, an 8% increase compared to the prior year, driven by an 8% increase in net course registrations [22] - Rasmussen's Q3 revenue was $60.8 million, a 16% increase fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment [22] - Hondros College of Nursing's Q3 revenue increased 19% to $18.4 million, with total enrollment up 18% to approximately 3,700 students [23] Market Data and Key Metrics Changes - Registrations at APUS increased 8% year-over-year, while enrollments at Rasmussen increased 10% compared to Q3 2024 [8][12] - Enrollments at Hondros College of Nursing continued strong momentum, increasing 18% compared to Q3 2024 [12] Company Strategy and Development Direction - The company is focusing on growing core degree-granting businesses, particularly in military, veteran, nursing, and healthcare communities [9] - APEI is simplifying its operational structure and has submitted a new application for the combination of its institutions, expected to take effect in Q3 2026 [10][34] - The company aims to leverage existing capacity and improve financial results through enrollment growth and operational efficiencies [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the team despite government shutdown uncertainties and highlighted consistent performance over the last 18 months [16] - The company anticipates that the government shutdown will have a temporary impact on enrollments, with expectations of a return to normalcy once the situation stabilizes [32][50] - Management remains optimistic about long-term growth potential and plans to share more details at the upcoming Investor Day [30] Other Important Information - The company completed the sale of Graduate School USA, which was no longer a strategic fit, allowing a focus on core businesses [8][9] - The balance sheet improved with unrestricted cash and equivalents totaling $193.1 million as of September 30, 2025 [10][24] Q&A Session Summary Question: Plans for driving re-enrollments at APUS due to tuition assistance disruption - Management noted that several military branches are using tuition assistance funds to allow service members to register, and they have implemented marketing campaigns to re-engage dropped students [32] Question: Impact of the new process for integrating institutions on expense or revenue synergies - Management confirmed commitment to the integration and stated that the new process is procedural, with expectations for implementation in Q3 2026 [34] Question: Confirmation of a two-month slowdown for APUS registrations - Management acknowledged a slowdown in October but noted a recovery in November, with expectations for a return to normal trajectory in December [37] Question: Details on cost-saving initiatives - Management indicated that they have streamlined operations and reduced variable costs without affecting revenue-generating activities [39] Question: Trends in nursing program demand - Management reported strong growth in nursing enrollments, driven by attractive compensation and job availability in the sector [41] Question: Enrollment trends and demographic changes at Rasmussen - Management highlighted broad-based enrollment growth across campuses, with a particular focus on expanding the BSN student pool [58]

Core Insights - Strata Critical Medical, Inc. reported a revenue increase of 36.7% year-over-year to $49.3 million for Q3 2025, with organic growth of 29.0% excluding the Keystone acquisition [4][6] - The company experienced a net loss from continuing operations of $(9.7) million, an increase from $(5.6) million in the prior year [4][6] - Adjusted EBITDA for the Medical Segment rose by 93.5% to $7.6 million, reflecting strong operational performance [4][6] Financial Results - Total revenue for Q3 2025 was $49,298 thousand, compared to $36,062 thousand in Q3 2024, marking a 36.7% increase [2] - Cost of revenue increased by 32.0% to $37,684 thousand in Q3 2025 from $28,554 thousand in Q3 2024 [2] - Gross profit for Q3 2025 was $9,545 thousand, up from $5,427 thousand in the prior year, resulting in a gross margin of 19.4% [2][6] Operating Expenses - Total operating expenses increased by 27.3% to $54,920 thousand in Q3 2025 from $43,154 thousand in Q3 2024 [2] - General and administrative expenses rose by 17.5% to $16,301 thousand in Q3 2025 [2] - Selling and marketing expenses increased significantly by 53.5% to $482 thousand [2] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $4,214 thousand, a substantial increase from $67 thousand in Q3 2024 [3][4] - Medical Segment Adjusted EBITDA margin improved to 15.3% in Q3 2025 from 10.8% in Q3 2024 [5][6] - Flight Profit increased by 54.7% to $11,614 thousand, with a Flight Margin of 23.6% [3][6] Business Developments - The company raised its 2025 revenue guidance to $185-195 million, up from the previous range of $180-190 million [4][14] - Strata completed the divestiture of its Passenger business and the acquisition of Keystone Perfusion, positioning itself for long-term growth [4][14] - The integration of Keystone is reported to be progressing well, with a focus on operational efficiencies [4][6] Cash Flow and Capital Expenditures - Operating cash flow was $(37.3) million in Q3 2025, influenced by acquisition-related payments [6] - Capital expenditures for the quarter were $3.2 million, primarily for aircraft maintenance [6][13] - The company ended Q3 2025 with $75.9 million in cash and short-term investments [13]

Q3 2025 Performance - Total revenue increased by 170% year-over-year, reaching $5728 million, with a 106% increase excluding the impact of the Nova acquisition[12] - Adjusted EBITDA grew by 171% year-over-year to $1189 million, with a slight increase in Adjusted EBITDA margin to 208%[11, 12] - Workers' Compensation visits per day (VPD) increased by 44% year-over-year, excluding the impact of the Nova acquisition[11] - Employer Services VPD increased by 19% year-over-year[11] - Revenue per visit (RPV) increased by 42% year-over-year to $147[11] YTD 2025 Performance - Total revenue increased by 132% year-over-year, reaching $16243 billion[13] - Adjusted EBITDA increased by 125% year-over-year to $3366 million[13] - Capital expenditures increased by 305% year-over-year to $622 million, including approximately $11 million of one-time transition capex for Nova[13] Financial Position and Guidance - The company is focused on deleveraging, with net leverage lowered to 36x in Q3 2025 and on pace for ≤35x by year-end[11] - The revolving credit facility was completely paid down, with $50 million repaid in Q3 and $35 million repaid in October[11] - Full-year 2025 guidance for revenue was raised to $2145 billion - $2160 billion, and Adjusted EBITDA guidance was raised to $425 million - $430 million[11, 18]

Core Insights - Ubiquiti Inc. reported revenues of $733.8 million for the first quarter of fiscal 2026, marking a 3.3% decrease from the previous quarter but a 33.3% increase year-over-year [8][9][18] - The company declared a cash dividend of $0.80 per share, payable on November 24, 2025 [2] Financial Performance - Revenues breakdown: - Enterprise Technology: $657.1 million (up from $470.2 million year-over-year) - Service Provider Technology: $76.6 million (down from $80.2 million year-over-year) [3][4] - Gross profit was $337.4 million with a gross margin of 46.0%, an increase from 45.1% in the previous quarter and 42.1% year-over-year [10][11] - Operating expenses totaled $75.7 million, leading to income from operations of $261.7 million [3][25] Net Income and Earnings - GAAP net income was $207.9 million, reflecting a 62.4% increase year-over-year, with GAAP diluted EPS at $3.43 [18][25] - Non-GAAP net income was $209.3 million, with non-GAAP diluted EPS at $3.46, also showing significant year-over-year growth [18][26] Research and Development - R&D expenses were $48.5 million, up from $38.0 million year-over-year, driven by higher employee-related costs [12][13] Sales, General and Administrative Expenses - SG&A expenses were $27.1 million, a decrease from the previous quarter but an increase from the same period last year [14][15] Interest Expense - Interest expense and other net expenses were $3.2 million, consistent with the previous quarter and a decrease from $10.6 million year-over-year [16][17] Revenue by Geography - North America: $382.8 million (up from $271.2 million year-over-year) - Europe, the Middle East, and Africa: $263.1 million (up from $204.9 million year-over-year) - Asia Pacific: $53.1 million (up from $40.9 million year-over-year) - South America: $34.7 million (up from $33.3 million year-over-year) [7][8]

Core Insights - Harvard Bioscience, Inc. reported third-quarter 2025 revenues of $20.6 million, a decrease from $22.0 million in the same quarter of 2024, but with a gross margin improvement to 58.4% from 58.1% year-over-year [3][4] - The company experienced a net loss of $1.2 million in Q3 2025, significantly reduced from a net loss of $4.8 million in Q3 2024, which included a non-cash charge related to a pension settlement [4] - Adjusted EBITDA for Q3 2025 was $2.0 million, up from $1.3 million in Q3 2024, indicating improved operational performance [4][10] - The company anticipates fourth-quarter 2025 revenues between $22.5 million and $24.5 million, reflecting increased demand and a growing backlog [8][10] Financial Performance - For the nine months ended September 30, 2025, revenues totaled $62.8 million, down from $69.6 million in the same period of 2024, with a gross margin of 56.9%, down from 58.6% [6] - The net loss for the nine months was $53.8 million, compared to a net loss of $12.4 million in the prior year, primarily due to a goodwill impairment of $48.0 million in Q1 2025 [7] - Cash provided by operations for the nine months was $6.8 million, a significant improvement from a cash outflow of $0.3 million in the same period of 2024 [7] Operational Updates - The company is actively negotiating with lenders regarding its credit agreement, aiming for refinancing or repayment in Q4 2025 [5] - Customer engagement has led to the highest backlog level in nearly two years and four consecutive months of order growth, indicating a positive trend in demand [2][10] Guidance - The company expects Q4 2025 revenues to be in the range of $22.5 million to $24.5 million, with gross margins projected between 58% and 60% [8][10]