Q3 2025 Supplemental Materials February X, 2025 Disclosures and Definitions Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures in addition to financial measures presented in accordance with U.S. GAAP. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. See pages 20-37 for a reconciliation of the non-GAAP financial measures to their most comparable GAAP m ...

Q3 2025 Performance Highlights - Revenue reached $200.1 million[12] - Gross Margin was 62.3%[12] - Net Income was $29.6 million[12] - Total Payment Volume increased by 26.4% to $13.9 billion[14] - Revenue Less Ancillary Services (RLAS) grew by 28.2% to $194.1 million[14] - Adjusted EBITDA was $57.1 million, representing 29.4% of RLAS[14] Q3 2025 Performance vs Guidance - Total RLAS exceeded guidance by $13.0 million[15] - Year-over-year RLAS Spot Growth beat guidance by 860 bps[15] - Year-over-year RLAS FXN Growth beat guidance by 930 bps[15] - Sertifi Revenue was $12.9 million, exceeding guidance by $2.4 million[15] - Adjusted EBITDA exceeded guidance by $4.8 million[15] FY 2025 Outlook - The company raised FY 2025 FX-Neutral Revenue Less Ancillary Services growth guidance to 23-25%[76] - The company expects Sertifi to contribute $42-44 million in revenue[76] - The company raised Adjusted EBITDA Margin Expansion guidance to 330-370 bps[76]

Financial Performance & Guidance - Aviat Networks' LTM (Last Twelve Months) revenue is $453 million[7] - Q1 Fiscal Year 2026 revenue reached $107.3 million, a 21.4% increase compared to the same period last year[59, 62] - The company's Q1 Fiscal Year 2026 adjusted EBITDA was $9.1 million[59] - Aviat Networks anticipates revenue between $440 million and $460 million, and adjusted EBITDA between $45 million and $55 million for Fiscal Year 2026[62] Market & Product Portfolio - Aviat Networks operates in a total addressable market (TAM) of $11 billion[16] - The company's private LTE/5G market is projected to reach $8 billion by 2027[38] - Aviat estimates the USA rural broadband segment to be a ~$420 million TAM[49] - The global 5G transport market is projected to be $2.1 billion in CY2024[42] Market Dynamics - Mobile network data traffic is expected to grow at a 26% CAGR through 2028[38, 46] - Aviat Networks holds approximately 35% of the wireless transport share of demand for North American ISPs[48]

FQ1 2026 Results November 4, 2025 Disclosures Cautionary Statement Regarding Forward Looking Statements Statements contained in this press release that are not historical fact may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward -looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "es timate," "expect," "may," "pla ...

Bill Ballhaus FIRST QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS Chairman and CEO David Farnsworth Executive Vice President and CFO November 4, 2025, 5:00 pm ET WEBCAST LOGIN AT WWW.MRCY.COM/INVESTOR WEBCAST REPLAY AVAILABLE BY 7:00 P.M. ET NOVEMBER 4, 2025 © Mercury Systems, Inc. 1 Forward-looking safe harbor statement This presentation contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's focus ...

Third Quarter 2025 Financial Results November 2025 Cautionary Notes Cautionary Note Regarding Forward-Looking Information and Statements This presentation includes certain non-GAAP financial measures to assist in understanding the Company's financial results. The non-GAAP financial measures are employed by us to measure our operating and economic performance and to assist in decision- making, as well as to provide key performance information to senior management. We believe that, in addition to conventional ...

Third Quarter 2025 Earnings Presentation November 4, 2025 © 2025 DMC. All rights reserved. ARCADIA PRODUCTS' EXTERIOR ALUMINUM FRAMING SYSTEMS USED IN PINAL COUNTY ATTORNEY OFFICE BUILDING - PINAL COUNTY, AZ USE OF NON-GAAP FINANCIAL MEASURES & SAFE HARBOR LANGUAGE *Use of Non-GAAP Financial Measures Adjusted net income (loss), adjusted diluted EPS, adjusted EBITDA, net debt, and free-cash flow are non-GAAP financial measures used by management to measure operating performance. For reconciliations of the mo ...

Financial Performance - 3Q25 Medicare Advantage membership increased by 35% year-over-year[8] - 3Q25 Insurance revenue increased by 49% year-over-year[8] - 3Q25 Adjusted EBITDA and Adjusted Net income were $2 million[8] - 3Q YTD Adjusted EBITDA was $45 million and Adjusted Net income was $44 million[8] - 3Q25 Adjusted SG&A as a % of Total revenues improved by 370 bps year-over-year[8] - Updated FY25 Guidance: Insurance Revenue is expected to be $1.85 billion - $1.88 billion[36], Adjusted SG&A is expected to be $325 million - $335 million[36], Adjusted EBITDA is expected to be $15 million - $30 million[36], and Average Medicare Advantage Membership is expected to be 106,000 - 108,000[36] Clinical Model and Technology - Clover Health's Medicare Advantage PPO plans received a score of 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026[33] - Clover Assistant enables better care for patients from socioeconomically disadvantaged neighborhoods, with higher diagnosis rates of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher)[29] Future Outlook - Clover Health expects to achieve FY26 GAAP Net income[8] - Clover Health is well-positioned for above-market growth & profitability expansion in 2026 & beyond[9]

Q1 FY26 Results - The company's Q1 FY26 revenue reached $533.8 million[12, 13, 15], compared to $480.7 million in Q4 FY25[12, 13] and $336.9 million in Q1 FY25[12, 13], demonstrating a significant year-over-year increase of 64%[11] - GAAP gross margin was 34.0%[12], while non-GAAP gross margin was 39.4%[13] - GAAP operating income was $6.7 million[12], a significant improvement from an $82.4 million loss in Q1 FY25[12], while non-GAAP operating income was $99.8 million[13], compared to $10.0 million in Q1 FY25[13] - GAAP diluted EPS was $0.05[12], compared to $(1.21) in Q1 FY25[12], while non-GAAP diluted EPS was $1.10[13], compared to $0.18 in Q1 FY25[13] Revenue Breakdown & Key Drivers - Systems revenue increased 47% year-over-year, driven by cloud transceivers[11] - Cloud and AI business is accelerating, driving Q1 revenue up 58% and expanding operating margin >1,500 bps (YoY basis)[11] - 3D sensing revenue is below 5% of total company revenue[11] Q2 FY26 Guidance - The company projects Q2 FY26 revenue between $630 million and $670 million[15] - The company anticipates a non-GAAP operating margin between 20.0% and 22.0% for Q2 FY26[15] - The company expects non-GAAP diluted EPS to be between $1.30 and $1.50 for Q2 FY26[15]

Business Overview - Lucky Strike operates 369 locations as of November 2025, well-positioned in attractive North American markets and expanding into Family Entertainment Centers (FECs) through the acquisition of Boomers[24] - The company's diversified portfolio includes bowling (46%), food & beverage (35%), and amusement & other (19%) revenue streams in FY25, mitigating seasonality and consumer discretionary spending risks[26] Financial Performance - Total Revenue increased by 4% from $1,154,614 thousand in FY24 to $1,201,333 thousand in FY25[55] - Same Store Revenue decreased by 3.7% from $1,029,251 thousand in FY24 to $990,678 thousand in FY25[55] - Adjusted EBITDA increased from $361,497 thousand in FY24 to $367,687 thousand in FY25, with margins of 31.3% and 30.6% respectively[59] - Adjusted Location EBITDA margin was 36% in Q1 FY25, 42% in Q2 FY25, 44% in Q3 FY25, and 40% in Q4 FY25[57] Strategic Initiatives - The company sold 260,000 summer passes in 2025, with members visiting 9 times per pass, driving loyalty and year-round revenue[18] - Lucky Strike plans to rebrand nearly 100 locations by the end of the year and complete the rebrand by the end of 2026[33] Acquisitions and Value Creation - Lucky Strike acquired AMF for $310 million in 2013, with Lucky Strike contributing $20 million of equity, resulting in an estimated value creation of $1.3-$1.5 billion[20] - The company acquired Brunswick locations in 2014 for $260 million and immediately entered into a Sale-Leaseback Transaction reducing purchase price to $60 million[20, 21] - The company deployed $700 million of capital into acquisitions in the past three years[21]