Company Overview - FormFactor has a global presence with approximately 2,250 employees and manufactures over 115 million MEMS probes annually[6] - The company's trailing twelve months (TTM) revenue as of September 27, 2025, was $759 million[6,7] - FormFactor is recognized by industry leaders such as Intel, Samsung, Micron, SK hynix, and TSMC, with these customers accounting for over 10% of revenue in one or more quarters since Q3 FY20[6,7] Financial Performance & Targets - In 2024, FormFactor's revenue was $764 million, with a non-GAAP EPS of $1.15 and free cash flow of $83 million[17] - The company's target model aims for $850 million in revenue, a non-GAAP gross margin of 47%, a non-GAAP operating margin of 22%, and a non-GAAP diluted EPS of $2.00[84] - The target capital expenditure model is projected to be between 3.5% and 4.0% of revenue, equating to $30 million - $35 million[96] Market Position & Growth - FormFactor is the 1 global supplier in both Test Subsystems and Focused Chip Making Equipment categories[21] - The company estimates the advanced probe card market to be $2.6 billion in 2027[76] - FormFactor aims for a 5%+ CAGR in the Engineering Systems market, exceeding the market's 3% CAGR[79] Recent Financial Results - In Q3 2025, FormFactor's revenue was $202.7 million with a gross margin of 41% and a diluted EPS of $0.33[105] - The outlook for Q4 2025 projects revenue of $210 million (±$5 million) with a gross margin of 42% (±1.5%) and diluted EPS of $0.35 (±$0.04)[105]

Financial Performance - Starbucks' Q4 global net revenue increased by 6%[2] - North America comp remained flat at 0%[2] - International comp increased by 22%[2] - Channel Development comp increased by 1%[2] - Starbucks' Q4 global operating margin was 9.4%, a decrease of 500 basis points year-over-year[2] - Starbucks' Q4 diluted net EPS was $2.13, a decrease of 35% year-over-year[2] - Starbucks' FY25 global net revenue is projected to decrease by -2%[2] - North America comp is projected to remain flat at 0%[2] - International comp is projected to decrease by -1%[2] - Channel Development comp is projected to increase by 5%[2] - Starbucks' FY25 global operating margin is projected to be 9.9%, a decrease of 500 basis points year-over-year[2] Strategic Focus - Starbucks is refocusing on its core coffeehouse experience to drive growth[5] - The company aims to deliver durable, sustainable growth and long-term shareholder value[1]

Financial Statements and Remuneration - Resolution 1 regarding the Financial Statements and Reports for Fiscal Year 2025 was overwhelmingly approved, with 452,173,826 votes (99.02%) in favor[8] - Resolution 2 concerning the Remuneration Report for Fiscal Year 2025 was rejected, with 153,506,738 votes (33.62%) in favor and 302,591,574 votes (66.26%) against[10] Election/Re-election of Directors - Gary Hendrickson was elected as a director with 266,327,625 votes (58.33%) in favor[12] - Jesse Singh was elected as a director with significant support, receiving 448,380,025 votes (98.19%) in favor[13] - Howard Heckes was elected as a director with 252,324,804 votes (55.25%) in favor[14] - Peter John Davis's re-election as a director was rejected, with 215,759,305 votes (47.25%) in favor and 240,368,504 votes (52.64%) against[15] - Anne Lloyd's re-election as a director was rejected, with 148,741,391 votes (32.57%) in favor and 307,368,645 votes (67.31%) against[16] - Rada Rodriguez's re-election as a director was rejected, with 184,010,128 votes (40.30%) in favor and 272,089,005 votes (59.58%) against[17] Executive Compensation and Equity Plans - Resolution 5, regarding the Grant of Return on Capital Employed (ROCE) Restricted Stock Units (RSUs) to the CEO, was rejected, with 221,593,486 votes (48.53%) in favor and 233,716,129 votes (51.18%) against[21] - Resolution 6, concerning the Grant of Relative Total Shareholder Return (TSR) RSUs to the CEO, was approved with 435,370,157 votes (95.35%) in favor[23] - Resolution 7, regarding the Issue of Shares under the James Hardie 2020 Non-Executive Director Equity Plan (NED Equity Plan), was approved with 446,900,821 votes (98.36%) in favor[25] Other Resolutions - Resolution 4, authorizing the Board to fix the external auditor's remuneration, was approved with 451,466,419 votes (98.87%) in favor[19] - Resolution 8, concerning the increase to the non-executive director fee pool, was rejected, with 186,773,874 votes (41.10%) in favor and 264,503,544 votes (58.22%) against[27]

Company Overview - FinWise is a banking and payments solutions provider to fintechs, emphasizing compliance and risk management[11] - The company has a resilient and profitable business model with compelling growth opportunities[11] - A significant portion of FinWise's workforce, 36% or 69 out of 194 FTEs, is dedicated to IT, Compliance, Risk Management, and BSA functions as of 3Q25[13] Strategic Program Lending (SPL) - Strategic Program Lending (SPL) contributed 48.1% of 3Q25 gross revenue[15] - As of September 30, 2025, Strategic Platform Loans on the balance sheet totaled $219.7 million, with 71.3% held-for-sale (HFS) and 28.7% held-for-investment (HFI)[15] - Strategic Program Fees generated $6.4 million, representing 35.7% of non-interest income in 3Q25[15] Loan Portfolio - As of 3Q25, 40% of the loan portfolio is SBA Guaranteed and Strategic Program HFS[11] - SBA Loans on the balance sheet amounted to $240.1 million as of September 30, 2025, with 55.1% guaranteed and 44.9% unguaranteed[15] - Combined SBA Guaranteed and Strategic Program Loans Held-for-Sale (HFS) increased to 39.9% of the portfolio as of 3Q25[50] Financial Performance - Total deposits reached $682.3 million as of September 30, 2025[51] - The company's efficiency ratio was 47.6% in 3Q25, or 59.7% on a core basis when adjusted for credit enhancement related accounting[79] - Tangible book value per share was $13.84 as of September 30, 2025[87]

Financial Highlights - Core pre-tax pre-provision income was $62.9 million[8] - Core PTPP ROAA was 2.05%[8] - The TCE ratio was 9.6%[8] - Core EPS was $0.39, an increase of $0.01 from the previous quarter[10] Balance Sheet and Income Statement - Net interest income (FTE) increased $4.9 million from the last quarter (LQ) and $14.6 million year-over-year (YoY), reaching $111.5 million[14] - Net interest margin increased 9 basis points (bps) from LQ and 36 bps YoY, reaching 3.92%[14] - Total loans increased by $137.0 million, or 5.7% annualized, from the previous quarter[22] - Average deposits grew by $102.7 million, or 4.0% annualized, from the previous quarter[27] Credit Quality and Capital - Provision expense was $11.3 million, an increase of $2.4 million from the previous quarter (excluding Day-1 non-PCD provision)[10,42] - Nonperforming loans decreased $10.8 million from LQ, totaling $88.7 million[42] - The company repurchased 625,483 shares with an aggregate value of $10.5 million during the quarter[10] Liquidity and Investment Portfolio - Available liquidity totaled $5.4 billion[8] - The investment securities portfolio totaled $1.5 billion, with 31% held-to-maturity (HTM) and 69% available-for-sale (AFS)[60]

Financial Performance - Revenue increased by 1% to $7.7 billion for Q3 2025 compared to the same period last year[15] - For the nine months ended September 30, 2025, total revenue increased by 1% to $23 billion[28] - Q3 2025 net income attributable to common stockholders was $213 million, a decrease of 6% compared to $226 million in Q3 2024[28] - Income per share for Q3 2025 was $323, a decrease of 5% compared to $339 in Q3 2024[28] - For the nine months ended September 30, 2025, net income attributable to common stockholders was $707 million, a 4% increase compared to $683 million in the same period of 2024[28] - Income per share for the nine months ended September 30, 2025, was $1066, a 5% increase compared to $1020 in the same period of 2024[28] Retail Automotive - Retail automotive same-store revenue increased by 51%, with related gross profit up by 30%[15] - Same-store new units delivered increased by 39%[15] - Same-store service & parts revenue increased by 49%, with related gross profit up by 75%[15] Capital Allocation - Repaid $550 million of 35% senior subordinated notes due September 1, 2025, at scheduled maturity[15] - Through October 24, 2025, repurchased 1086560 shares of common stock for $167 million[15] - On October 15, 2025, the company announced a 45% increase in the quarterly dividend, representing $006 per share, to $138[15]

Financial Performance - 3Q 2025 - Net income for 3Q25 was $186 million, or $069 per diluted share[31] - Non-GAAP net income for 3Q25 was $197 million, or $073 per diluted share[31] - Return on assets (ROA) was 101%[31] - Return on equity (ROE) was 1289%[31] - Net interest margin (NIM) was 349%[31] - Efficiency ratio was 6284%, or 6081% non-GAAP[31] - Tangible common equity (TCE) ratio was 792%, or 794% non-GAAP[31] Strategic Focus & Growth Drivers - Central Pacific Bank (CPB) is the 4th largest financial institution in Hawaii with $74 billion in total assets[9, 11] - The company is focused on strengthening its brand and reputation to enhance customer trust and loyalty[13] - The company aims to maintain a quarterly cash dividend with approximately 40% payout[29] Balance Sheet & Loan Portfolio - Total deposits as of September 30, 2025, were $658 billion[39] - 29% of the deposit portfolio is noninterest-bearing demand deposits[40, 43] - The loan portfolio is diversified, with 80% secured by real estate[49] - 29% of the loan portfolio contractually reprices within 1 year[54]

Energy Vault & Asset Vault Overview - Energy Vault is positioning itself as an integrated storage IPP, building and operating critical energy infrastructure[15] - Asset Vault was created as a platform to finance GWs of critical energy infrastructure assets, enhancing the speed of capital deployment and reducing project CapEx and OpEx[20, 22] - OIC made an initial investment of $300 million into Fund 1, which is expected to support ~1.5 GW of assets and generate $100-150 million in annual EBITDA[26] Market & Growth - Energy storage is growing 3-4X faster than power demand from 2025-2030[33] - Global electricity demand is projected to increase by ~20% from 2025 to 2030, while global energy storage annual addition is expected to increase by ~80% during the same period[18] - The AI/Data Center segment is the fastest-growing energy storage segment, with a 28% CAGR[19] Financial Performance & Projections - The first 340 MW of projects are expected to deliver ~$40 million EBITDA run rate in the next 24 months (exiting 2027)[16] - Energy Vault is targeting a run rate of $100-150 million EBITDA from the $300 million Fund 1 in ~4 years[33] - Full year 2025 revenue is projected to be $200M - $250M, with a gross margin of 14-16% and an ending cash balance of $75M - $100M[136] Project Portfolio & Strategy - The initial +1.5GW energy storage asset build out is supported by $300M Asset Vault Equity and $75M DevEx, enabling $1100M - $1300M CapEx[80, 81] - The project portfolio includes the 150 MW / 300 MWh SOSA project in Texas and the 125 MW / 1,000 MWh Stoney Creek project in Australia[83, 92] - Energy Vault is employing a safe harbor strategy to secure ITC qualification for 750MW of assets, including the SOSA project and other near-term US projects[189, 193]

Business Overview - Artisan Partners' business is built upon a consistent philosophy and business model focused on high value-added, talent-driven, and thoughtful investment strategies[2] - The firm actively pursues platform expansion through industry intelligence, opportunity assessment, strategic planning, resourcing & execution, and business development[8, 9] Investment Performance - As of September 30, 2025, 77% of the firm's AUM outperformed its benchmark over a 3-year period[4] - Credit strategies demonstrated 100% outperformance across all measured periods (1-year, 3-year, 5-year, 10-year, and Inception)[4] - Equity strategies showed 91% of AUM outperforming the benchmark over a 10-year period and 99% since inception[4] Financial Highlights (Q3 2025) - Revenues increased by 7% to $3013 million compared to Q3 2024[12] - Adjusted operating income increased by 23% to $1092 million compared to Q3 2024[13] - Adjusted net income per adjusted share increased by 11% to $102 compared to Q3 2024[15] Financial Highlights (YTD 3Q25) - Revenues increased by 6% to $8612 million compared to YTD 3Q24[22] - Adjusted operating income increased by 8% to $2878 million compared to YTD 3Q24[22] - Adjusted net income increased by 7% to $2172 million compared to YTD 3Q24[22] Assets Under Management (AUM) - Ending AUM for September 2025 reached $1813 billion[7, 38] - Equity AUM totaled $1607 billion, Credit AUM totaled $166 billion, and Alternative AUM totaled $40 billion[38]

Financial Performance - Fortive's Q3 2025 revenue reached $1027 million, with a reported growth of +23% and core growth of +19%[14] - Adjusted Gross Profit was $651 million, with an Adjusted Gross Margin of 633%[14] - Adjusted EBITDA grew +104% year-over-year to $309 million, resulting in an Adjusted EBITDA Margin of 301%[14] - Adjusted EPS increased by +153% year-over-year to $068[14] - Free Cash Flow was $266 million, with a Trailing Twelve Month (TTM) Free Cash Flow of $922 million and TTM FCF Conversion on Adj Net Income of 103%[14] Segment Performance - Intelligent Operating Solutions (IOS) revenue was $699 million, with core growth of +22% and an Adjusted EBITDA Margin of 346%[17] - Advanced Healthcare Solutions (AHS) revenue was $328 million, with core growth of +11% and an Adjusted EBITDA Margin of 281%[20] Capital Allocation - The company executed $1 billion of share repurchases in Q3, retiring approximately 21 million shares at an average price of ~$48 per share[9, 13, 25] - Cash and equivalents stand at $04 billion, with gross debt at $33 billion and net debt at $29 billion[23] Guidance - The company raised its FY 2025 adjusted EPS guidance to a range of $263 to $267[9, 26] Strategic Initiatives - The company is diligently executing the Fortive Accelerated strategy, focusing on faster, profitable organic growth powered by FBS Amplified[9, 11]