Non-GAAP Financial Measures February 12, 2026 Definitions: Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. This information should not be considered in isolation or as a substitute for related GAAP measures. Additionally, these measures as calculated by the Company may not be comparable to similarly titled measures used by other companies. ADJUSTED EPS OR DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS We use diluted earnings per share excluding special items (adjusted ...

Aaron Simons: Thanks, Matt. Good morning, everyone. As a reminder, the prepared remarks for earnings calls moving forward, will focus predominantly on our financial results, allowing us to get to Q&A more quickly. Last call, we spoke about our plans to grow our trading by investing in our infrastructure, acquiring talent and expanding our capital base. We also emphasize that this growth would be a broad effort across the firm not limited to a handful of initiatives. The fourth quarter was a preview of the i ...

Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]