Core Insights - Cognizant Technology Solutions Corporation reported strong financial results for Q3 2025, with earnings per share (EPS) of $1.39, exceeding estimates of $1.29, and a year-over-year increase of 11% in adjusted EPS [2][6] - The company's revenue reached $5.42 billion, marking a 7.4% increase from the previous year and surpassing expectations [2][6] - Cognizant's operating margin improved to 16.0%, reflecting a 140 basis point increase from the previous year, with adjusted operating margin also rising [3][6] Financial Performance - The decline in GAAP EPS to $0.56 was attributed to a one-time, non-cash income tax expense of $0.80 [2] - Trailing 12-month bookings reached $27.5 billion, indicating a 5% increase from the previous year, showcasing strong demand for services [3] - The company returned $1.5 billion to shareholders through share repurchases and dividends in 2025, with plans to return $2 billion by year-end [4] Guidance and Strategic Focus - Cognizant raised its 2025 constant currency revenue growth guidance to 6.0%-6.3%, surpassing prior guidance [4] - The adjusted operating margin guidance for 2025 is now approximately 15.7%, reflecting a 40 basis point expansion year-over-year [4] - CEO Ravi Kumar S emphasized a strategic focus on AI-led platforms and intellectual property as key drivers for future growth [5] Financial Metrics - The company has a P/E ratio of 13.70 and a low debt-to-equity ratio of 0.077, indicating a strong financial position [5] - A current ratio of 2.41 suggests robust liquidity, ensuring the company can meet its short-term obligations [5]

Core Insights - Runway Growth Finance Corp. completed 11 investments totaling $128.3 million in the third quarter of 2025, focusing on both new and existing portfolio companies [1][3] - The company emphasizes a disciplined underwriting approach and aims to optimize a diversified portfolio across technology, healthcare, and select consumer sectors [2][4] Investment Activities - The investments included two new portfolio companies, eight existing portfolio companies, and one investment in Runway-Cadma I LLC [3] - Notable liquidity events in the third quarter totaled $201.2 million, including significant investments in companies like Kin Insurance, Madison Reed, and Skillshare [3] Portfolio Overview - As of September 30, 2025, the portfolio comprised 47 debt investments across 30 companies and 89 equity investments in 47 companies, with 23 companies receiving both debt and equity support [5] - The focus remains on late and growth-stage businesses in high-growth sectors such as technology and healthcare [4][5] Company Structure and Management - Runway Growth operates as a credit-first organization, prioritizing high-quality late-stage companies in the venture debt market [4] - The company is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veteran David Spreng [6]