Third Quarter 2025 Earnings Presentation November 13, 2025 1 Disclaimer This presentation contains forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depen ...

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]

Revenue increased 36.7% year-over-year to $49.3 million in Q3 2025 and grew 29.0% excluding the impact of the Keystone acquisition Net loss increased to $(9.7) million in Q3 2025 versus $(5.6) million in the prior year periodMedical Segment Adjusted EBITDA increased 93.5% in Q3 2025 to $7.6 million versus the prior year period and increased 80.2% excluding the impact of the Keystone acquisition(1)Medical Segment Adjusted EBITDA margin excluding Keystone increased to 15.1% in Q3 2025(1)Raised 2025 revenue gu ...

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]

Reports Q3 2025 Revenues of $20.6M, Gross Margin of 58.4%, and Positive Cash Provided by OperationsCompany Expects to Refinance or Repay the Debt in the Fourth QuarterFourth Quarter 2025 Guidance Reflects Increased Demand and Backlog, Improved Operations and Strong Financial Discipline HOLLISTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the third quarter and nine months ended September 30, 2025. “Our third-quarter ...

Third Quarter 2025 Preliminary and Unaudited Results Nov 05, 2025 Certain information contained in this presentation concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity and market size, is based on reports from various sources. Because this information involves a number of assumptions and limitations, you are cautioned not to give undue weight to such information. We have not independently verified market data and industry f ...

Core Viewpoint - Adient reported its fourth quarter 2025 financial results, highlighting a mixed performance with a net income of $18 million and an adjusted EBITDA of $226 million, while also indicating challenges ahead due to lower customer production volumes and increased growth investments [6]. Financial Performance - Q4 GAAP net income was $18 million, with diluted EPS of $0.22; adjusted EPS for Q4 was $0.52 [6]. - Adjusted EBITDA for Q4 was $226 million, resulting in an adjusted EBITDA margin of 6.1% [6]. - For the full fiscal year 2025, Adient generated $204 million in free cash flow and returned $125 million to shareholders through share repurchases, representing approximately 7% of shares outstanding at the beginning of the fiscal year [6]. Debt and Cash Position - As of September 30, 2025, Adient's gross debt and net debt were approximately $2.4 billion and $1.4 billion, respectively, with cash and cash equivalents totaling $958 million [6]. Future Outlook - Looking ahead to fiscal year 2026, Adient expects improved business performance to be offset by lower customer production volumes and increased growth investments [6].

Benchmark Electronics Third Quarter 2025 Financial Results November 4th, 2025 Forward-Looking 2025 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "intend," "plan," "project, ...