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April 28, 2025 6:48 am

Rithm Property Trust Inc. Announces First Quarter 2025 Results

Rithm Property Trust Inc. Announces First Quarter 2025 Results

NEW YORK–(BUSINESS WIRE)–
Rithm Property Trust Inc. (NYSE: RPT, “Rithm Property Trust” or the “Company”) today announced the following information for the quarter ended March 31, 2025.

FirstQuarter 2025 Financial Highlights:

GAAP comprehensive income of $1.1 million, or $0.02 per diluted common share^1,2
Earnings available for distribution of $0.7 million or $0.02 per diluted common share^1,3
Paid a common dividend of $2.7 million or $0.06 per common share
Book value per common share of $5.40¹

	Q1 2025		Q4 2024
Summary of Operating Results:
Comprehensive Income per Diluted Common Share^1,2	$	0.02	$	0.05
Comprehensive Income (in millions)	$	1.1	$	2.2

Non-GAAP Results:
Earnings Available for Distribution per Diluted Common Share^1,3	$	0.02	$	0.01
Earnings Available for Distribution²(in millions)	$	0.7	$	0.3

Book Value:
Book Value per Common Share	$	5.40	$	5.44
Book Value (in millions)	$	245.3	$	246.9
Common Shares Outstanding		45,420,752		45,420,752
Total Equity (in millions)	$	295.9	$	246.9

Common Dividend Paid:
Common Dividend per Share	$	0.06	$	0.06
Aggregate Common Dividend (in millions)	$	2.7	$	2.8

__________________________________________

1.		Per common share calculations for both GAAP comprehensive income and earnings available for distribution are based on weighted average diluted shares of 45,422,030 and 45,298,505 for the quarters ended March 31, 2025 and December 31, 2024, respectively. Book value per share is based on 45,420,752 common shares outstanding for each of the quarters ended March 31, 2025 and December 31, 2024.
2.		Comprehensive income is a GAAP financial measure that adjusts GAAP net income by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive income and the related income tax effect, if any.
3.		Earnings available for distribution is a non-GAAP financial measure. For a reconciliation of earnings available for distribution to GAAP comprehensive income, as well as an explanation of this measure, please refer to the section entitled “Non-GAAP Financial Measures and Reconciliation to GAAP Comprehensive Income.”

“Rithm Property Trust continued its track record of earnings growth under Rithm in the first quarter of 2025, despite a challenging macro-economic environment,” said Michael Nierenberg, Chief Executive Officer of Rithm Capital. “This demonstrates the strength of our platform and deep real estate expertise in consistently creating value for our shareholders. We remain opportunistic with our capital and are focused on the continued transformation of the RPT platform.”

First Quarter Company Highlights:

Deployed $64 million of Capital into CRE Investments: Acquired $46.7 million in unpaid principal balance (“UPB”) of commercial mortgage-backed securities (“CMBS”) bringing our total investment in CMBS to $274.6 million in UPB. Invested $17.5 million in a floating rate senior subordinate mortgage loan collateralized by a commercial real estate property located in New York City.
Preferred Stock Issuance: Issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Preferred Stock”) for net proceeds of $50.8 million, including the partial exercise by the underwriters of 84,232 shares of Preferred Stock pursuant to their over-allotment option. The Preferred Stock has a liquidation preference of $25.00 per share and is listed on the NYSE under the symbol “RPT.PRC.”
Legacy RMBS Sale: Sold legacy RMBS available-for-sale with a total UPB of $20.7 million, resulting in a remaining RMBS portfolio with a total UPB of $101.1 million.

Dividend Declaration:

On April 25, 2025, the Company’s Board of Directors declared a cash dividend of $0.06 per share to be paid on May 30, 2025, to stockholders of record as of May 15, 2025.

Financial results for the quarter ended March 31, 2025, are included in the tables at the end of this press release.

Additional Information

For additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & Events – Presentations section of the Company’s website, www.rithmpropertytrust.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.

Earnings Conference Call

Rithm Property Trust will host a conference call at 8:00 AM ET on Monday, April 28, 2025, to review its financial results for the quarter ended March 31, 2025. A webcast of the conference call will be available to the public on a listen-only basis at the Company’s website, www.rithmpropertytrust.com. Participants are encouraged to pre-register for the webcast at https://events.q4inc.com/attendee/544479904. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events – Press Releases section of the Company’s website.

A replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Monday, May 12, 2025 in the News & Events – Events section of the Company’s website.

RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)
(Unaudited)

	Three months ended
	March 31, 2025			December 31, 2024
Revenues:
Interest income	$	13,200		$	12,873
Interest expense		(9,386	)		(9,239	)
Net interest income		3,814			3,634
Fair value adjustment on mortgage loans held-for-sale, net		970			970
Other (loss)/income		(4,535	)		1,029
Total income, net		249			5,633
Expenses:
Related party loan servicing fee		510			524
Related party management fee		1,445			1,410
Professional fees		895			769
Other expense		927			1,147
Total expense		3,777			3,850
(Loss)/income before income tax		(3,528	)		1,783
Income tax expense (benefit)		(136	)		26
Net (loss)/income		(3,392	)		1,757
Less: net income/(loss) attributable to the non-controlling interests		2			(1,157	)
Net (loss)/income attributable to the Company		(3,394	)		2,914
Less: dividends on preferred stock		350			—
Net (loss)/income attributable to common stockholders	$	(3,744	)	$	2,914
Plus: Unrealized (loss)/gain on available-for-sale securities		4,424			(1,432	)
Plus: Amortization of unrealized loss on held-to-maturity securities		434			720
Comprehensive Income	$	1,114		$	2,202

Net (loss)/income per share of common stock:
Basic	$	(0.08	)	$	0.06
Diluted	$	(0.08	)	$	0.06
Weighted average number of shares of common stock outstanding:
Basic		45,422,030			45,298,505
Diluted		45,422,030			45,298,505

RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands except per share amounts)
(Unaudited)

	March 31, 2025			December 31, 2024
Assets:
Cash and cash equivalents	$	97,439		$	64,252
Mortgage loans held-for-sale, net		27,469			27,788
Mortgage loans held-for-investment, net		386,997			396,052
CMBS at fair value (amortized cost of $275,602 and $245,539, respectively)		275,541			246,614
RMBS available-for-sale, at fair value (amortized cost of $50,653 and $68,298, respectively)		48,948			62,169
Investments in securities, held-to-maturity		44,912			46,043
Other investments, at fair value		25,941			29,916
Investments in beneficial interests, net		90,565			89,704
Equity investments in affiliates		17,618			537
Other assets		12,901			14,264
Total Assets	$	1,028,331		$	977,339
Liabilities and Equity
Liabilities:
Secured borrowings, net	$	250,903		$	258,353
Borrowings under repurchase transactions		367,010			356,565
Notes payable, net		107,862			107,647
Accrued expenses and other liabilities		6,636			8,006
Total Liabilities		732,411			730,571
Commitments and Contingencies
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, 2,084,232 and 0 shares issued and outstanding, respectively at March 31, 2025 and December 31, 2024, $52,105,800 aggregate liquidation preference		50,785			—
Common stock $0.01 par value, 125,000,000 shares authorized, 47,085,117 shares issued and 45,420,752 shares outstanding, respectively at March 31, 2025 and December 31, 2024		471			471
Additional paid-in capital		425,052			425,039
Treasury stock		(11,594	)		(11,594	)
Accumulated deficit		(164,510	)		(158,003	)
Accumulated other comprehensive loss		(4,133	)		(8,991	)
Equity attributable to stockholders		296,071			246,922
Non-controlling interests		(151	)		(154	)
Total Equity		295,920			246,768
Total Liabilities and Equity	$	1,028,331		$	977,339

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME

“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses not related to the performance of the investment portfolio; and (iii) non-capitalized transaction related expenses.

The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company’s operating expenses and taxes.

The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses.

With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments.

Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP comprehensive income which is inclusive of all of the Company’s activities.

The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.

Reconciliation of GAAP Comprehensive Income to Earnings Available for Distribution

(Dollars in thousands except per share amounts)

(Unaudited)

The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure:

	Three months ended
	March 31, 2025			December 31, 2024
Comprehensive income — GAAP	$	1,114		$	2,202
Adjustments:
Net income/(loss) attributable to non-controlling interest		2			(1,157	)
Realized and unrealized gains		(317	)		(804	)
Other adjustments¹		(82	)		82
Earnings Available for Distribution — Non-GAAP	$	717		$	323

Weighted average shares – basic		45,422,030			45,298,505
Weighted average shares – diluted		45,422,030			45,298,505

Basic Earnings Available for Distribution per common share	$	0.02		$	0.01
Diluted Earnings Available for Distribution per common share	$	0.02		$	0.01

___________________________________

Other adjustments include amortization, income taxes and stock-based compensation.

About Rithm Property Trust

Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. (“Rithm Capital”) (NYSE: RITM). Rithm Property Trust has historically focused on acquiring, investing in and managing re-performing loans and non-performing loans secured by single-family residences and commercial properties. In connection with the 2024 strategic transaction with Rithm Capital, the Company transitioned to a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes.

Forward-Looking Statements

This press release contains certain information which constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “seek,” “believes,” “intends,” “expects,” “projects,” “anticipates,” “plans” and “future” or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management’s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled “Cautionary Statement Regarding Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings, including the Company’s recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250428226807/en/

Investor Relations

646-868-5483

[email protected]

KEYWORDS: United States North America New York Maryland

INDUSTRY KEYWORDS: Software Construction & Property Finance Data Management Professional Services Technology REIT Fintech

MEDIA:

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April 28, 2025 6:48 am

Lindsay Corporation to Present at the Gabelli Funds 16th Annual Value Investor Conference

Lindsay Corporation to Present at the Gabelli Funds 16^th Annual Value Investor Conference

OMAHA, Neb.–(BUSINESS WIRE)–
Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced that Randy Wood, President and Chief Executive Officer, and Brian Ketcham, Senior Vice President and Chief Financial Officer, will present on an investment panel at the Gabelli Funds 16^th Annual Value Investor Conference, being held May 2^nd at The Hilton Omaha in Omaha, NE.

Management’s presentation is scheduled to begin on Friday, May 2^nd at 9:30 AM CDT. Investors interested in accessing the Company’s presentation may register to access the live event here. All registrants will receive a link to the event upon registration.

About Lindsay Corporation

Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.Lindsay.com.

FieldNET, FieldNET Advisor, Zimmatic, FieldWise, Barrier Systems, Road Zipper and Snoline are trademarks or registered trademarks of Lindsay Corporation and/or its affiliates.

Concerning Forward-Looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance, and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that Lindsay Corporation files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” “expect,” “outlook,” “could,” “may,” “should,” “will,” or similar expressions. For these statements, Lindsay Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Lindsay Corporation undertakes no obligation to update any forward-looking information contained in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250428229341/en/

Lindsay Corporation:

Alicia Pfeifer

Vice President, Investor Relations & Treasury

402-933-6429

[email protected]

Alpha IR:

Joe Caminiti or Stephen Poe

312-445-2870

[email protected]

KEYWORDS: United States North America Nebraska

INDUSTRY KEYWORDS: Other Transport Other Manufacturing Environment Technology Transport Manufacturing Agriculture IOT (Internet of Things) Natural Resources

MEDIA:

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April 28, 2025 6:48 am

BankUnited, Inc. Reports First Quarter 2025 Results

BankUnited, Inc. Reports First Quarter 2025 Results

MIAMI LAKES, Fla.–(BUSINESS WIRE)–
BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2025.

“We’re happy to start the year on a strong note, and remain fairly optimistic about our prospects for the year in spite of the uncertainty in the macro-environment,” said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended March 31, 2025, the Company reported net income of $58.5 million, or $0.78 per diluted share, compared to $69.3 million, or $0.91 per diluted share, for the immediately preceding quarter ended December 31, 2024 and $48.0 million, or $0.64 per diluted share, for the quarter ended March 31, 2024.

Quarterly Highlights

The Company’s funding profile continued to improve this quarter. Non-interest bearing demand deposits (“NIDDA”) grew by $453 million, or 5.9%, for the quarter ended March 31, 2025, to 29% of total deposits, up from 27% at December 31, 2024. NIDDA grew by $830 million compared to March 31, 2024, one year ago.
Non-brokered deposits grew by $719 million, or 3.2%, for the quarter ended March 31, 2025 while total deposits grew by $192 million.
Wholesale funding, including FHLB advances and brokered deposits, declined by $1.1 billion for the quarter ended March 31, 2025.
Total loans declined by $308 million for the quarter ended March 31, 2025. The core CRE and C&I segments declined by $106 million. Commercial loan growth is typically seasonally lower in the first quarter, and continued to be impacted by a high level of payoffs. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $196 million.
The loan to deposit ratio declined to 85.5% at March 31, 2025, from 87.2% at December 31, 2024.
The net interest margin, calculated on a tax-equivalent basis, was 2.81% for the quarter ended March 31, 2025 compared to 2.84% for the immediately preceding quarter, reflecting the impact of declining rates on a modestly asset sensitive balance sheet and the expiration of certain cash flow hedges. Net interest income declined by $6.1 million compared to the prior quarter.
The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025 from 2.72% for the immediately preceding quarter ended December 31, 2024. The spot APY of total deposits declined to 2.52% at March 31, 2025 from 2.63% at December 31, 2024.
The annualized net charge-off ratio for the quarter ended March 31, 2025 was 0.33%. The net charge-off ratio for the trailing twelve months was 0.24%. The NPA ratio was 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans at March 31, 2025 compared to 0.73% including 0.10% related to the guaranteed portion of non-accrual SBA loans at December 31, 2024.
The ratio of the ACL to total loans was 0.92% at March 31, 2025, consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 84.58%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.34% at March 31, 2025 and the ACL to loans ratio for CRE office loans was 1.99%. The provision for credit losses was $15.1 million for the quarter ended March 31, 2025 compared to $11.0 million for the preceding quarter.
Our commercial real estate exposure totaled 26% of loans and 173% of the Bank’s total risk based capital at March 31, 2025. By comparison, based on call report data as of December 31, 2024 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 34% and the median level of CRE to total risk based capital was 218%.
At March 31, 2025, the weighted average LTV of the CRE portfolio was 54.9%, the weighted average DSCR was 1.78, 53% of the portfolio was collateralized by properties located in Florida and 25% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 64.5%, the weighted average DSCR was 1.58, 57% was collateralized by properties in Florida, substantially all of which was suburban, and 23% was collateralized by properties located in the New York tri-state area.
Our capital position is robust. At March 31, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 11.2% at March 31, 2025. The ratio of tangible common equity to tangible assets increased to 8.11% at March 31, 2025.
Book value and tangible book value per common share continued to accrete, to $38.51 and $37.48, respectively, at March 31, 2025, compared to $37.65 and $36.61, respectively, at December 31, 2024, and $35.31 and $34.27, respectively, at March 31, 2024.
The Company announced an increase of $0.02 per share in its common stock dividend for the quarter ended March 31, 2025, to $0.31 per common share, a 7% increase from the previous level of $0.29 per share.

Loans

Loan portfolio composition at the dates indicated follows (dollars in thousands):

	March 31, 2025				December 31, 2024
Core C&I and CRE sub-segments:
Non-owner occupied commercial real estate	$	5,602,711	23.4	%	$	5,652,203	23.3	%
Construction and land		603,385	2.5	%		561,989	2.3	%
Owner occupied commercial real estate		1,967,984	8.2	%		1,941,004	8.0	%
Commercial and industrial		6,916,996	28.8	%		7,042,222	28.9	%
		15,091,076	62.9	%		15,197,418	62.5	%
Franchise and equipment finance		165,095	0.7	%		213,477	0.9	%
Pinnacle – municipal finance		688,986	2.9	%		720,661	3.0	%
Mortgage warehouse lending (“MWL”)		580,248	2.4	%		585,610	2.4	%
Residential		7,464,494	31.1	%		7,580,814	31.2	%
	$	23,989,899	100.0	%	$	24,297,980	100.0	%

For the quarter ended March 31, 2025, total loans declined by $308 million. The core C&I and CRE sub-segments declined by $106 million; while production was in line with expectations, seasonality and a continued high level of unscheduled payoffs and strategic exits contributed to the decline. Consistent with our balance sheet strategy, residential loans declined by $116 million, and the franchise, equipment, and municipal finance portfolios declined by an aggregate $80 million.

Asset Quality and the ACL

The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended March 31, 2025 and December 31, 2024 (dollars in thousands):

	ACL		ACL to Total Loans		Commercial ACL to Commercial Loans⁽²⁾		ACL to Non-Performing Loans		Net Charge-offs to Average Loans⁽¹⁾
December 31, 2024	$	223,153	0.92	%	1.37	%	89.01	%	0.16	%
March 31, 2025	$	219,747	0.92	%	1.34	%	84.58	%	0.33	%

___________________________
(1)	Annualized for the three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(2)	For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.

The ACL at March 31, 2025 represents management’s estimate of lifetime expected credit losses given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended March 31, 2025, the provision for credit losses, including both funded and unfunded loan commitments, was $15.1 million, compared to $11.0 million for the immediately preceding quarter ended December 31, 2024 and $15.3 million for the quarter ended March 31, 2024. The most significant factor leading to the decrease in ACL for the quarter was net charge offs, the impact of which was partially offset by increases in specific reserves, risk rating migration and an increase in qualitative overlays, particularly related to economic uncertainty.

The following table summarizes the activity in the ACL for the periods indicated (in thousands):

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Beginning balance	$	223,153		$	228,249		$	202,689
Provision		15,963			12,267			15,805
Net charge-offs		(19,369	)		(17,363	)		(938	)
Ending balance	$	219,747		$	223,153		$	217,556

Total criticized and classified commercial loans were essentially flat quarter-over-quarter, as shown in the following table (in thousands):

	March 31, 2025				December 31, 2024
	CRE		Total Commercial		CRE		Total Commercial
Special mention	$	70,579	$	193,206	$	58,771	$	262,387
Substandard – accruing		649,867		962,342		633,614		894,754
Substandard – non-accruing		92,648		227,567		95,378		219,758
Doubtful		—		2,026		—		6,856
Total	$	813,094	$	1,385,141	$	787,763	$	1,383,755

Non-performing loans totaled $259.8 million or 1.08% of total loans at March 31, 2025, compared to $250.7 million or 1.03% of total loans at December 31, 2024. Non-performing loans included $33.0 million and $34.3 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.14% of total loans at both March 31, 2025 and December 31, 2024.

Net Interest Income

Net interest income for the quarter ended March 31, 2025 was $233.1 million, compared to $239.3 million for the immediately preceding quarter ended December 31, 2024, and $214.9 million for the quarter ended March 31, 2024. Interest income decreased by $24.3 million for the quarter ended March 31, 2025 compared to the immediately preceding quarter, while interest expense decreased by $18.2 million. The quarter-over-quarter decline in interest income related to lower yields on interest earning assets as coupon rates on floating rate instruments reset down and to a lesser extent, the lower average balance of interest earning assets. The decline in interest expense related to both a lower average cost of funds and lower average balance of interest bearing liabilities.

The Company’s net interest margin, calculated on a tax-equivalent basis, decreased by 0.03% to 2.81% for the quarter ended March 31, 2025, from 2.84% for the immediately preceding quarter ended December 31, 2024. The decline in margin reflects the impact of a declining rate environment on a modestly asset sensitive balance sheet and expiration of certain cash flow hedges. Factors impacting the net interest margin for the quarter ended March 31, 2025 were:

The average rate paid on interest bearing deposits declined to 3.54% for the quarter ended March 31, 2025, from 3.75% for the quarter ended December 31, 2024. This decline reflected continued initiatives taken to lower rates paid on deposits as short-term market rates declined, including the re-pricing of time deposits.

The average rate paid on FHLB advances declined to 3.69% for the quarter ended March 31, 2025 from 3.82% for the quarter ended December 31, 2024, primarily due to repayment of higher rate short-term advances partially offset by expiration of cash flow hedges.

The tax-equivalent yield on loans declined to 5.48% for the quarter ended March 31, 2025, from 5.60% for the quarter ended December 31, 2024. The primary driver of this decrease was coupon rate resets on variable rate loans.

The tax-equivalent yield on investments declined to 5.07% for the quarter ended March 31, 2025, from 5.31% for the quarter ended December 31, 2024. This decrease resulted primarily from coupon rate resets on variable rate securities.

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Monday, April 28, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak and Chief Operating Officer Thomas M. Cornish.

The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. To participate by telephone, participants will receive dial-in information and a unique PIN number upon completion of registration at https://register-conf.media-server.com/register/BI6d362bb51b864c1bae498c18ea9aa2f9. For those unable to join the live event, an archived webcast will be available on the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.

About BankUnited, Inc.

BankUnited, Inc., with total assets of $34.8 billion at March 31, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “forecasts” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company’s direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov).

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – UNAUDITED
(In thousands, except share and per share data)

	March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks:
Non-interest bearing	$	12,727		$	12,078
Interest bearing		431,018			479,038
Cash and cash equivalents		443,745			491,116
Investment securities		9,099,809			9,130,244
Non-marketable equity securities		181,359			206,297
Loans		23,989,899			24,297,980
Allowance for credit losses		(219,747	)		(223,153	)
Loans, net		23,770,152			24,074,827
Bank owned life insurance		293,886			284,570
Operating lease equipment, net		218,621			223,844
Goodwill		77,637			77,637
Other assets		746,788			753,207
Total assets	$	34,831,997		$	35,241,742

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Demand deposits:
Non-interest bearing	$	8,069,275		$	7,616,182
Interest bearing		4,776,223			4,892,814
Savings and money market		10,788,919			11,055,418
Time		4,423,408			4,301,289
Total deposits		28,057,825			27,865,703
FHLB advances		2,405,000			2,930,000
Notes and other borrowings		709,091			708,553
Other liabilities		762,499			923,168
Total liabilities		31,934,415			32,427,424

Commitments and contingencies

Stockholders’ equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,242,048 and 74,748,370 shares issued and outstanding		752			747
Paid-in capital		301,321			301,672
Retained earnings		2,831,743			2,796,440
Accumulated other comprehensive loss		(236,234	)		(284,541	)
Total stockholders’ equity		2,897,582			2,814,318
Total liabilities and stockholders’ equity	$	34,831,997		$	35,241,742

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
(In thousands, except per share data)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest income:
Loans	$	321,384	$	336,816	$	347,257
Investment securities		113,869		121,872		124,179
Other		8,436		9,300		10,038
Total interest income		443,689		467,988		481,474
Interest expense:
Deposits		174,210		188,853		209,998
Borrowings		36,340		39,876		56,619
Total interest expense		210,550		228,729		266,617
Net interest income before provision for credit losses		233,139		239,259		214,857
Provision for credit losses		15,111		11,001		15,285
Net interest income after provision for credit losses		218,028		228,258		199,572
Non-interest income:
Deposit service charges and fees		5,235		4,988		5,313
Gain on investment securities, net		944		804		775
Lease financing		4,313		7,162		11,440
Other non-interest income		11,778		12,251		9,349
Total non-interest income		22,270		25,205		26,877
Non-interest expense:
Employee compensation and benefits		82,746		82,315		75,920
Occupancy and equipment		11,343		11,776		10,569
Deposit insurance expense		7,227		6,662		13,530
Technology		22,780		21,002		20,315
Depreciation of operating lease equipment		4,009		4,352		9,213
Other non-interest expense		32,121		34,365		29,693
Total non-interest expense		160,226		160,472		159,240
Income before income taxes		80,072		92,991		67,209
Provision for income taxes		21,596		23,689		19,229
Net income	$	58,476	$	69,302	$	47,980
Earnings per common share, basic	$	0.78	$	0.92	$	0.64
Earnings per common share, diluted	$	0.78	$	0.91	$	0.64

BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)

	Three Months Ended March 31,							Three Months Ended December 31,							Three Months Ended March 31,
	2025							2024							2024
	Average Balance			Interest ⁽¹⁾		Yield/ Rate ⁽¹⁾⁽²⁾		Average Balance			Interest⁽¹⁾		Yield/ Rate ⁽¹⁾⁽²⁾		Average Balance			Interest ⁽¹⁾		Yield/ Rate ⁽¹⁾⁽²⁾
Assets:
Interest earning assets:
Loans	$	23,933,938		$	324,113	5.48	%	$	24,152,602		$	339,725	5.60	%	$	24,337,440		$	350,441	5.78	%
Investment securities ⁽³⁾		9,104,228			114,590	5.07	%		9,236,863			122,648	5.31	%		8,952,453			125,025	5.59	%
Other interest earning assets		788,547			8,436	4.33	%		785,947			9,300	4.71	%		763,460			10,038	5.29	%
Total interest earning assets		33,826,713			447,139	5.34	%		34,175,412			471,673	5.50	%		34,053,353			485,504	5.72	%
Allowance for credit losses		(228,158	)						(235,211	)						(206,747	)
Non-interest earning assets		1,376,904							1,405,129							1,589,333
Total assets	$	34,975,459						$	35,345,330						$	35,435,939
Liabilities and Stockholders’ Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	4,811,826		$	39,893	3.36	%	$	5,045,860		$	46,759	3.69	%	$	3,584,363		$	33,507	3.76	%
Savings and money market deposits		10,833,734			91,779	3.44	%		10,462,295			93,912	3.57	%		11,234,259			118,639	4.25	%
Time deposits		4,326,750			42,538	3.99	%		4,529,737			48,182	4.23	%		5,231,178			57,852	4.45	%
Total interest bearing deposits		19,972,310			174,210	3.54	%		20,037,892			188,853	3.75	%		20,049,800			209,998	4.21	%
FHLB advances		2,991,389			27,206	3.69	%		3,200,652			30,750	3.82	%		4,570,220			47,496	4.18	%
Notes and other borrowings		709,037			9,134	5.15	%		708,689			9,126	5.15	%		709,017			9,123	5.15	%
Total interest bearing liabilities		23,672,736			210,550	3.61	%		23,947,233			228,729	3.80	%		25,329,037			266,617	4.23	%
Non-interest bearing demand deposits		7,413,117							7,557,267							6,560,926
Other non-interest bearing liabilities		1,004,917							995,789							906,266
Total liabilities		32,090,770							32,500,289							32,796,229
Stockholders’ equity		2,884,689							2,845,041							2,639,710
Total liabilities and stockholders’ equity	$	34,975,459						$	35,345,330						$	35,435,939
Net interest income				$	236,589						$	242,944						$	218,887
Interest rate spread						1.73	%						1.70	%						1.49	%
Net interest margin						2.81	%						2.84	%						2.57	%

___________________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Basic earnings per common share:
Numerator:
Net income	$	58,476		$	69,302		$	47,980
Distributed and undistributed earnings allocated to participating securities		(821	)		(1,598	)		(680	)
Income allocated to common stockholders for basic earnings per common share	$	57,655		$	67,704		$	47,300
Denominator:
Weighted average common shares outstanding		74,918,750			74,750,961			74,509,107
Less average unvested stock awards		(1,101,408	)		(1,075,384	)		(1,127,838	)
Weighted average shares for basic earnings per common share		73,817,342			73,675,577			73,381,269
Basic earnings per common share	$	0.78		$	0.92		$	0.64
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	57,655		$	67,704		$	47,300
Adjustment for earnings reallocated from participating securities		4			(198	)		1
Income used in calculating diluted earnings per common share	$	57,659		$	67,506		$	47,301
Denominator:
Weighted average shares for basic earnings per common share		73,817,342			73,675,577			73,381,269
Dilutive effect of certain share-based awards		562,488			616,913			255,824
Weighted average shares for diluted earnings per common share		74,379,830			74,292,490			73,637,093
Diluted earnings per common share	$	0.78		$	0.91		$	0.64

BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS

	At or for the Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Financial ratios⁽⁴⁾
Return on average assets		0.68	%		0.78	%		0.54	%
Return on average stockholders’ equity		8.2	%		9.7	%		7.3	%
Net interest margin⁽³⁾		2.81	%		2.84	%		2.57	%
Loans to deposits		85.5	%		87.2	%		89.6	%
Tangible book value per common share	$	37.48		$	36.61		$	34.27

	March 31, 2025		December 31, 2024
Asset quality ratios
Non-performing loans to total loans⁽¹⁾⁽⁵⁾	1.08	%	1.03	%
Non-performing assets to total assets ⁽²⁾⁽⁵⁾	0.76	%	0.73	%
Allowance for credit losses to total loans	0.92	%	0.92	%
Allowance for credit losses to commercial loans ⁽⁶⁾	1.34	%	1.37	%
Allowance for credit losses to non-performing loans⁽¹⁾⁽⁵⁾	84.58	%	89.01	%
Net charge-offs to average loans⁽⁷⁾	0.33	%	0.16	%

___________________________
(1)	We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans.
(2)	Non-performing assets include non-performing loans, OREO and other repossessed assets.
(3)	On a tax-equivalent basis.
(4)	Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.
(5)	Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 2025, and $34.3 million or 0.14% of total loans and 0.10% of total assets at December 31, 2024.
(6)	For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
(7)	Annualized for the three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

	March 31, 2025				December 31, 2024				Required to be Considered Well Capitalized
	BankUnited, Inc.		BankUnited, N.A.		BankUnited, Inc.		BankUnited, N.A.		Required to be Considered Well Capitalized
Capital ratios
Tier 1 leverage	8.7	%	9.5	%	8.5	%	9.7	%	5.0	%
Common Equity Tier 1 (“CET1”) risk-based capital	12.2	%	13.4	%	12.0	%	13.7	%	6.5	%
Total risk-based capital	14.3	%	14.3	%	14.1	%	14.6	%	10.0	%
Tangible Common Equity/Tangible Assets	8.1	%	N/A		7.8	%	N/A		N/A

Non-GAAP Financial Measures

Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands except share and per share data):

	March 31, 2025		December 31, 2024		March 31, 2024
Total stockholders’ equity	$	2,897,582	$	2,814,318	$	2,640,392
Less: goodwill and other intangible assets		77,637		77,637		77,637
Tangible stockholders’ equity	$	2,819,945	$	2,736,681	$	2,562,755

Common shares issued and outstanding		75,242,048		74,748,370		74,772,706

Book value per common share	$	38.51	$	37.65	$	35.31

Tangible book value per common share	$	37.48	$	36.61	$	34.27

View source version on businesswire.com: https://www.businesswire.com/news/home/20250428279570/en/

BankUnited, Inc.

Investor Relations:

Leslie N. Lunak, 786-313-1698

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property Banking

MEDIA:

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April 28, 2025 6:33 am

AZZ Inc. Announces Recommencement of Stock Repurchase Program

PR Newswire

FORT WORTH, Texas
, April 28, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), AZZ Inc. the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced that it has resumed stock repurchases pursuant to the Company’s existing $100 million Share Repurchase Program (“Program”) and has entered into a 10b5-1 plan with a third-party broker. To date the Company has purchased approximately $ 46.8 million and has a remaining balance of $53.2 million available for repurchases under the Program.

The Rule 10b5-1 plan allows AZZ to repurchase shares of its common stock during periods when it might otherwise be precluded from doing so under insider trading laws. Shares will be purchased under the 10b5-1 plan as part of AZZ’s previously authorized Program and is intended to facilitate the continued execution of the Company’s disciplined capital allocation strategy.

“Adopting a 10b5-1 plan underscores our commitment to returning value to shareholders while maintaining flexibility and compliance with regulatory requirements,” said Tom Ferguson, President and Chief Executive Officer of AZZ Inc. “We remain confident in the strength of our long-term strategy, and resuming common stock purchases under this Program will allow the Company to opportunistically repurchase shares, while maintaining our ability to fund growth initiatives and deploy other strategic capital to further enhance shareholder value.”

Under the terms of the 10b5-1 plan, a third-party broker will execute repurchases on behalf of AZZ, subject to predetermined parameters regarding timing, price, and volume. The number of shares of common stock to be repurchased under the plan will be consistent with the Company’s previously announced share repurchase authorization.

AZZ may modify, suspend, or terminate the 10b5-1 plan at any time, subject to applicable law. All repurchases will be disclosed in the Company’s periodic reports filed with the Securities and Exchange Commission.

About AZZ Inc.

AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life. For more information, please refer to www.azz.com.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:

David Nark, Senior Vice President of Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:

Sandy Martin or Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
www.threepa.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/azz-inc-announces-recommencement-of-stock-repurchase-program-302438879.html

SOURCE AZZ, Inc.

April 28, 2025 6:33 am

Hyatt Extends Tender Offer For All Outstanding Ordinary Shares of Playa Hotels & Resorts N.V.

Hyatt Extends Tender Offer For All Outstanding Ordinary Shares of Playa Hotels & Resorts N.V.

CHICAGO–(BUSINESS WIRE)–
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H), a leading global hospitalitycompany, announced today that HI Holdings Playa B.V., an indirect wholly owned subsidiary of Hyatt (“Buyer”), has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding ordinary shares of Playa Hotels & Resorts N.V. (“Playa”) (NASDAQ: PLYA) for $13.50 per share in cash, less any applicable withholding taxes and without interest. The offer is being made pursuant to the previously announced purchase agreement, dated February 9, 2025 (the “Purchase Agreement”), among Hyatt, Buyer and Playa.

The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on May 23, 2025, unless the tender offer is further extended or earlier terminated in accordance with the Purchase Agreement. The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the Purchase Agreement and as described in the Schedule TO filed by Hyatt and Buyer with the U.S. Securities and Exchange Commission on February 24, 2025, as amended and supplemented. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO.

For purposes of the minimum tender condition, the 83,491,904 Playa ordinary shares (excluding 2,425,261 Playa ordinary shares tendered pursuant to guaranteed delivery procedures) reported to us by Computershare Trust Company, N.A., the depositary for the tender offer, as validly tendered and not properly withdrawn as of 5:00 p.m., New York City time, on April 25, 2025, the last business day prior to the announcement of the extension of the offer, together with the 12,143,621 Shares owned by Buyer as of April 25, 2025, represents approximately 75% of the outstanding Shares (or approximately 77% including the guaranteed delivery shares). Shareholders who have already tendered their Playa ordinary shares do not have to re-tender their shares or take any other action as a result of the extension of the expiration date of the tender offer.

Georgeson LLC is acting as information agent for the tender offer. Requests for documents and questions regarding the tender offer may be directed to Georgeson LLC by telephone, toll free at (866) 828-4304 for shareholders or collect at (210) 664-3693 for banks and brokers or by email at [email protected].

About Hyatt Hotels Corporation

Hyatt Hotels Corporation (NYSE: H), headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2024, the Company’s portfolio included more than 1,400 hotels and all-inclusive properties in 79 countries across six continents. The Company’s offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, and Alua Hotels & Resorts®; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

About Playa Hotels & Resorts N.V.

Playa Hotels & Resorts N.V., through its subsidiaries (NASDAQ: PLYA, “Playa”), is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 22 resorts (8,342 rooms) under the following brands: Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business. For more information, please visit www.playaresorts.com.

Additional Information and Where to Find It

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell ordinary shares of Playa or any other securities, nor is it a substitute for the tender offer materials that Buyer filed with the SEC upon the commencement of the tender offer. Buyer has filed with the SEC a tender offer statement on Schedule TO (the “Tender Offer Statement”) and Playa has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9 (the “Solicitation/Recommendation Statement”) with respect to the tender offer. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 CONTAIN IMPORTANT INFORMATION. PLAYA’S SHAREHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF PLAYA’S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents), as well as the Solicitation/Recommendation Statement, are available to all holders of Playa’s ordinary shares at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement are available for free at the SEC’s website at www.sec.gov. Copies of the documents filed by the Buyer with the SEC will also be available free of charge on Hyatt’s Investor Relations site at investors.hyatt.com. Copies of the documents filed by Playa with the SEC will also be available free of charge on Playa’s website at investors.playaresorts.com or by contacting Playa’s investor relations department at [email protected]. In addition, Playa shareholders may obtain free copies of the tender offer materials by contacting the information agent for the tender offer by telephone at (866) 828-4304 (toll free) or (210) 664-3693 (non-toll free), or by email at [email protected].

Forward-Looking Statements

This press release contains certain “forward-looking statements,” which statements are not historical facts, relating to Hyatt, Playa and the proposed acquisition. These statements include, but are not limited to: statements about the proposed acquisition and the expected timeline for completing the acquisition; approvals of the acquisition; ability to consummate and finance the acquisition; method of financing the acquisition; integration of the acquisition; future operations or benefits; future business and financial performance; and outcomes of the proposed acquisition involve known and unknown risks that are difficult to predict. Words such as “anticipate,” “believe,” “estimate,” “expect,” “seek,” “likely,” “forecast,” “estimate,” “continue,” “intend,” “may,” “could,” “plan,” “project,” “predict,” “should,” “would,” “will” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify such forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions available to us as of the date the statements are made, which are inherently uncertain. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements due to various known and unknown risks and uncertainties. Factors that may cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: the effects that the announcement or pendency of the proposed acquisition may have on us, Playa and our respective business and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we or they do business; inability to obtain required regulatory or government approvals or to obtain such approvals on satisfactory conditions; inability to obtain sufficient shareholder tender of Playa ordinary shares, shareholder approval or to satisfy other closing conditions; inability to obtain financing; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement; the effects that any termination of the definitive agreement may have on us or our business; failure to successfully complete the proposed acquisition; legal proceedings that may be instituted related to the proposed acquisition; significant and unexpected costs, charges or expenses related to the proposed acquisition; risks associated with potential divestitures, including of Playa real estate or business; ability or failure to successfully integrate the acquisition with existing operations; ability to realize anticipated synergies or obtain the results anticipated; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the financial condition of, and our and Playa’s relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; our ability to successfully execute our strategy to expand our management and hotels services and franchising business while at the same time reducing Playa’s real estate asset base within targeted timeframes and at expected values; our and Playa’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of real estate assets; unforeseen terminations of management and hotels services or franchise agreements; risks associated with changing, or the introduction of new, brand concepts, including lack of acceptance of different or new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we and Playa operate; violations of regulations or laws related to our or Playa’s franchising businesses, licensing businesses or international operations; and other risks discussed in our filings with the SEC, including our most recently filed annual report on Form 10-K and subsequent quarterly reports filed on Form 10-Q, which filings are incorporated herein by reference and available from the SEC’s website at www.sec.gov, and in other documents that we may file with or furnish to the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements or otherwise, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

HHC-FIN

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For further information:

Hyatt Media Contact:

Franziska Weber

[email protected]

Hyatt Investor Contacts:

Adam Rohman

[email protected]

Ryan Nuckols

[email protected]

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INDUSTRY KEYWORDS: Vacation Other Travel Lodging Destinations Travel

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Posted on April 28, 2025 6:33 am
Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended March 31, 2025

Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended March 31, 2025

NEW YORK–(BUSINESS WIRE)–
Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a leading artificial intelligence (“AI”) company offering AI and augmented reality (“AR”) powered solutions to beauty and fashion industries, today announced its unaudited financial results for the three months ended March 31, 2025.

Highlights for the Three Months Ended March 31, 2025

Total revenue was $16.0 million for the three months ended March 31, 2025, compared to $14.3 million in the same period of 2024, an increase of 12.1%. The increase was primarily due to growth momentum in the revenue of AI- and AR- cloud solutions and mobile app and web services subscriptions.

Gross profit was $12.5 million for the three months ended March 31, 2025, compared to $11.2 million in the same period of 2024, an increase of 11.4%.

Net income was $2.3 million for the three months ended March 31, 2025, compared to a net income of $0.6 million during the same period of 2024, an increase of 264.0%.

Adjusted net income (non-IFRS)¹ was $2.0 million for the three months ended March 31, 2025, compared to adjusted net income (non-IFRS) of $1.5 million in the same period of 2024, an increase of 33.3%.

Operating cash flow was $4.3 million in the first quarter of 2025, compared to $3.5 million in the same period of 2024, an increase of 22.8%.

The number of active subscriber for the Company’s YouCam mobile beauty app and web services was 973,000 as of March 31, 2025, compared to over 902,000 as of March 31, 2024, an increase of 7.9%.

As of March 31, 2025, the Company’s cumulative customer base included 801 brand clients, with over 891,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, watches and jewelry products, compared to 732 brand clients and over 822,000 digital SKUs as of December 31, 2024. The number of Key Customers² of the Company as of March 31, 2025 was 148 compared to 151 as of December 31, 2024. This slight decrease was primarily driven by an increase in churn among North American client as a result of rising financial challenges in the macroeconomic environment.

Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect commented, “Despite recent macroeconomic uncertainties, we continue to achieve revenue growth, maintain positive net income, generate healthy cash flow, with a robust balance sheet and positive operating cash flow. The consistent performance reflects the resilience of our team and the leadership of our management. By seizing market opportunities and expanding our total addressable market, we are not only attracting new clients but also building a solid foundation for sustained, long-term growth.”

Financial Results for the Three Months Ended March 31, 2025

Revenue

Total revenue was $16.0 million for the three months ended March 31, 2025, compared to $14.3 million in the same period of 2024, an increase of 12.1%.

AI- and AR- cloud solutions and subscription revenue was $14.1 million for the three months ended March 31, 2025, compared to $12.4 million in the same period of 2024, an increase of 13.3%. The increase was driven by the growth of YouCam mobile app and web services subscription, stable demand for the Company’s online virtual product try-on solutions from brand customers, and the growing popularity among consumers of Generative AI technologies and AI editing features for photos and videos. The growth in the mobile app and web services subscription revenue was also contributed by the continuous pricing optimization as well as the introduction of higher margin premium subscription plan, featuring enhanced functionality for more advanced Generative AI functionalities.

Licensing revenue remains stable at $1.6 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The Company expects the licensing revenue will become increasingly immaterial as it continues to focus on strengthening its market leadership in the consumer beauty and AI mobile apps as well as in the beauty and fashion AI- and AR- industry.

Gross Profit

Gross profit was $12.5 million for the three months ended March 31, 2025, compared with $11.2 million in the same period of 2024, an increase of 11.4%. Gross margin was 77.9% for the three months ended March 31, 2025, from 78.3% in the same period of 2024. The slight decrease in gross margin was primarily due to the increase in third-party payment processing fees paid to digital distribution partners, such as Google and Apple, due to the steady growth in our YouCam mobile app and web services subscription revenue.

Total Operating Expenses

Total operating expenses were $12.6 million for the three months ended March 31, 2025, compared with $12.4 million in the same period of 2024, an increase of 2.0%. The increase was primarily due to increases in research and development (“R&D”) and sales and marketing expenses, which was mostly offset by a decrease in general and administrative expenses in the first quarter of 2025.

Sales and marketing expenses were $7.4 million for the three months ended March 31, 2025, compared to $7.2 million during the same period of 2024, an increase of 2.6%. This increase was primarily due to an increase in marketing events and advertising expenses related to our mobile apps and cloud computing.

Research and development expenses were $3.6 million for the three months ended March 31, 2025, compared to $3.0 million during the same period of 2024, an increase of 17.5%. The increase resulted from increases in R&D headcount and related personnel costs.

General and administrative expenses were $1.7 million for the three months ended March 31, 2025, compared to $2.2 million during the same period of 2024, a significant decrease of 21.6%. The decrease was primarily due to reduced corporate insurance premium and external professional service fees.

Net Income

Net income was $2.3 million for the three months ended March 31, 2025, compared to a $0.6 million during the same period of 2024, an increase of 264.0%. The increase in net income was primarily due to (i) our steady revenue growth and effective cost control , and (ii) an increase in gains from financial liabilities in connection with our outstanding warrants.

Adjusted Net Income (Non-IFRS)

Adjusted net income was $2.0 million for the three months ended March 31, 2025, compared to $1.5 million in the same period of 2024, an increase of 33.3%.

Liquidity and Capital Resource

As of March 31, 2025, the Company’s cash and cash equivalents remained stable at $128.3 million (or $164.6 million when including 6-month time deposits of $36.3 million, which are classified as current financial assets at amortized cost under IFRS), compared to $127.1 million as of December 31, 2024 (or $165.9 million when including time deposits and money market funds).

The Company had a positive operating cash flow of $4.3 million in the first quarter of 2025, compared to $3.5 million in the same period of 2024. The Company continues to invest in growth while maintaining a healthy cash reserve to support business operations underscoring the Company’s operational health and sustainability.

Business Outlook for 2025

Based on the growth momentum in both YouCam mobile apps and web subscriptions and enterprise SaaS solution demands, the Company reiterates its expectation of a 13.0% to 14.5% year-over-year total revenue growth for 2025, compared to 2024.

Note that this forecast is based on the Company’s current assessment of the market and operational conditions, and that these factors are subject to change.

Conference Call Information

The Company’s management will hold an earnings conference call at 8:00 p.m. Eastern Time on April 28, 2025 (8:00 a.m. Taipei Time on April 29, 2025) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number and a unique access PIN, which can be used to join the conference call.

Registration Link: https://registrations.events/direct/Q4I51630494

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.perfectcorp.com.

About Perfect Corp.

Founded in 2015, Perfect Corp. is a leading AI company offering self-developed AI- and AR- powered solutions dedicated to transforming the world with digital tech innovations that make your virtual world beautiful. On its direct to consumer business, Perfect operates a family of YouCam consumer apps and web-editing services for photo, video and camera users, centered on unleashing creativity with AI-driven features for creation, beautification and enhancement. On Perfect’s enterprise business side, Perfect empowers major beauty, skincare, fashion, jewelry, and watch brands and retailers by supplying them with omnichannel shopping experiences through AR product try-ons and AI-powered skin diagnostics. With cutting-edge technologies such as Generative AI, real-time facial and hand 3D AR rendering and cloud solutions, Perfect enables personalized, enjoyable, and engaging shopping journey and helps brands elevate customer engagement, increase conversion rates, and propel sales growth. Throughout this journey, Perfect maintains its unwavering commitment to environmental sustainability and fulfilling social responsibilities. For more information, visit https://ir.perfectcorp.com/.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on beliefs and assumptions and on information currently available to Perfect. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These statements are based on Perfect’s reasonable expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Perfect’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Perfect to predict these events or how they may affect Perfect. In addition, risks and uncertainties are described in Perfect’s filings with the Securities and Exchange Commission. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Perfect cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that Perfect presently does not know or that Perfect currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Perfect, its directors, officers or employees or any other person that Perfect will achieve its objectives and plans in any specified time frame, or at all. Except as required by applicable law, Perfect does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of Perfect as of any date subsequent to the date of this communication.

Use of Non-IFRS Financial Measures

This press release and accompanying tables contain certain non-IFRS financial measures, including adjusted net income, as supplemental metrics in reviewing and assessing Perfect’s operating performance and formulating its business plan. Perfect defined these non-IFRS financial measures as follows:

Adjusted net income (loss) is defined as net income (loss) excluding one-off transaction costs³, non-cash equity-based compensation, and non-cash valuation (gain)/loss of financial liabilities. For a reconciliation of adjusted net income (loss) to net income (loss), see the reconciliation table included elsewhere in this press release.

Non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. Non-IFRS financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-IFRS financial measures. In addition, the non-IFRS financial measures Perfect uses may differ from the non-IFRS measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-IFRS financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with IFRS. The items excluded from our adjusted net income are not driven by core results of operations and render comparison of IFRS financial measures with prior periods less meaningful. We believe adjusted net income provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, such non-IFRS measures are used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

_______________________________

¹

Adjusted net income (loss) is a non-IFRS financial measure. See the “Use of Non-IFRS Financial Measures” section of this communication for the definition of such non-IFRS measure.

²

“Key Customers” refers to the Company’s brand customers who contributed revenue of more than $50,000 in the trailing 12 months ended on the measurement date.

³

The one-off transaction cost in the first quarter of 2025 included professional service expenditures that the Company incurred in connection with the acquisition of Wannaby Inc., which we closed on January 7, 2025.

PERFECT CORP. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2024 AND MARCH 31, 2025

(Expressed in thousands of United States dollars)

December 31,

2024

March 31,

2025

Assets

Amount

Amount

Current assets

Cash and cash equivalents

$

127,121

$

128,303

Current financial assets at fair value through profit or loss

2,746

—

Current financial assets at amortized cost

36,000

36,300

Current contract assets

977

765

Accounts receivable

7,902

8,947

Other receivables

352

563

Current income tax assets

271

271

Inventories

18

18

Other current assets

2,522

2,361

Total current assets

177,909

177,528

Non-current assets

Property, plant and equipment

554

557

Right-of-use assets

485

338

Intangible assets

32

6,398

Deferred income tax assets

2,047

2,245

Guarantee deposits paid

146

204

Total non-current assets

3,264

9,742

Total assets

$

181,173

$

187,270

PERFECT CORP. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS (continued)

DECEMBER 31, 2024 AND MARCH 31, 2025

(Expressed in thousands of United States dollars)

December 31,

2024

March 31,

2025

Liabilities and Equity

Amount

Amount

Current liabilities

Current financial liabilities at fair value through profit or loss

$

—

$

198

Current contract liabilities

17,218

21,363

Other payables

11,656

11,539

Other payables – related parties

46

53

Current tax liabilities

649

791

Current provisions

1,899

1,323

Current lease liabilities

402

307

Other current liabilities

341

337

Total current liabilities

32,211

35,911

Non-current liabilities

Non-current financial liabilities at fair value through profit or loss

1,793

842

Deferred income tax liabilities

—

374

Non-current lease liabilities

108

61

Net defined benefit liability, non-current

46

46

Total non-current liabilities

1,947

1,323

Total liabilities

34,158

37,234

Equity

Capital stock

Perfect Class A Ordinary Shares, $0.1 (in dollars) par value

8,506

8,506

Perfect Class B Ordinary Shares, $0.1 (in dollars) par value

1,679

1,679

Capital surplus

Capital surplus

512,990

513,610

Retained earnings

Accumulated deficit

(375,420

)

(373,127

)

Other equity interest

Other equity interest

(740

)

(632

)

Total equity

147,015

150,036

Total liabilities and equity

$

181,173

$

187,270

PERFECT CORP. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2025

(Expressed in thousands of United States dollars)

Three months ended March 31

2024

2025

Items

Amount

Amount

Revenue

$

14,289

$

16,014

Cost of sales and services

(3,095

)

(3,540

)

Gross profit

11,194

12,474

Operating expenses

Sales and marketing expenses

(7,170

)

(7,360

)

General and administrative expenses

(2,175

)

(1,706

)

Research and development expenses

(3,035

)

(3,565

)

Total operating expenses

(12,380

)

(12,631

)

Operating loss

(1,186

)

(157

)

Non-operating income and expenses

Interest income

1,969

1,577

Other income

2

2

Other gains and losses

(316

)

1,066

Finance costs

(5

)

(3

)

Total non-operating income and expenses

1,650

2,642

Income before income tax

464

2,485

Income tax benefit (expense)

166

(192

)

Net income

$

630

$

2,293

Other comprehensive income (loss)

Components of other comprehensive income (loss) that will be reclassified to profit or loss

Exchange differences arising on translation of foreign operations

$

(140

)

$

108

Other comprehensive income (loss), net

$

(140

)

$

108

Total comprehensive income

$

490

$

2,401

Net income, attributable to:

Shareholders of the parent

$

630

$

2,293

Total comprehensive income attributable to:

Shareholders of the parent

$

490

$

2,401

Earnings per share (in dollars)

Basic earnings per share of Class A and Class B Ordinary Shares

$

0.006

$

0.023

Diluted earnings per share of Class A and Class B Ordinary Shares

$

0.006

$

0.023

PERFECT CORP. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2025

(Expressed in thousands of United States dollars)

Three months ended March 31

2024

2025

Items

Amount

Amount

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

$

464

$

2,485

Adjustments to reconcile profit (loss)

Depreciation expense

166

210

Amortization expense

13

31

Interest income

(1,969

)

(1,577

)

Interest expense

5

3

Net (gains) losses on financial liabilities at fair value through profit or loss

104

(951

)

Share-based payment transactions

784

620

Changes in operating assets and liabilities

Accounts receivable

(723

)

(815

)

Current contract assets

515

214

Inventories

5

—

Other current assets

549

214

Current contract liabilities

2,936

3,976

Other payables

(587

)

(644

)

Other payables – related parties

1

6

Current provisions

(184

)

(600

)

Other current liabilities

(44

)

(13

)

Net defined benefit liability, non-current

1

—

Cash inflow generated from operations

2,036

3,159

Interest received

1,605

1,416

Interest paid

(5

)

(3

)

Income tax paid

(114

)

(246

)

Net cash flows from operating activities

3,522

4,326

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from disposal of financial assets at fair value through profit or loss

—

2,746

Acquisition of financial assets at amortized cost

(11,000

)

(6,300

)

Proceeds from disposal of financial assets at amortized cost

6,000

6,000

Acquisition of subsidiaries, net of cash acquired

—

(5,553

)

Acquisition of property, plant and equipment

(85

)

(46

)

Increase in guarantee deposits paid

—

(52

)

Net cash flows used in investing activities

(5,085

)

(3,205

)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of principal portion of lease liabilities

(116

)

(134

)

Net cash flows used in financing activities

(116

)

(134

)

Effects of exchange rates changes on cash and cash equivalents

(232

)

195

Net increase (decrease) in cash and cash equivalents

(1,911

)

1,182

Cash and cash equivalents at beginning of period

123,871

127,121

Cash and cash equivalents at end of period

$

121,960

$

128,303

PERFECT CORP. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL MEASURES – ADJUSTED NET INCOME CALCULATION

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2025

(Expressed in thousands of United States dollars)

Three months ended March 31

2024

2025

Items

Amount

Amount

Net Income

$

630

$

2,293

One-off Transaction Costs

—

62

Non-Cash Equity-Based Compensation

784

620

Non-Cash Valuation (Gain) Loss of financial liabilities

104

(951

)

Adjusted Net Income¹

$

1,518

$

2,024

Category: Investor Relations

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Investor Relations, Perfect Corp.

Email: [email protected]

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Posted on April 28, 2025 6:33 am
Compass Pathways to Announce First Quarter Financial Results on May 8, 2025

Compass Pathways to Announce First Quarter Financial Results on May 8, 2025

Compass management will host a conference call at 8:00 am ET (1:00 pm UK)

LONDON & NEW YORK–(BUSINESS WIRE)–
Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the first quarter ended March 31, 2025, and provide an update on recent developments, on May 8, 2025.

Compass management will host a conference call at 8:00 am ET (1:00 pm UK) on May 8, 2025.

A live webcast of the call will be available on the Compass Pathways website at: First Quarter 2025 Financial Results.The webcast will be archived for 30 days.

About Compass Pathways

Compass Pathways plc (Nasdaq: CMPS) is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. We are motivated by the need to find better ways to help and empower people with serious mental health conditions who are not helped by existing treatments. We are pioneering a new paradigm for treating mental health conditions focused on rapid and durable responses through the development of our investigational COMP360 synthesized psilocybin treatment, potentially a first in class treatment. COMP360 has Breakthrough Therapy designation from the US Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression (TRD).

Compass is headquartered in London, UK, with offices in New York and San Francisco in the US. We envision a world where mental health means not just the absence of illness but the ability to thrive.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250428993513/en/

Enquiries

Media: Dana Sultan-Rothman, [email protected], +1 484 432 0041

Investors: Stephen Schultz, [email protected], +1 401 290 7324

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INDUSTRY KEYWORDS: Research Mental Health Finance Clinical Trials Professional Services Biotechnology Managed Care General Health Health Science

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Posted on April 28, 2025 6:08 am
Domino’s Pizza® Announces First Quarter 2025 Financial Results

PR Newswire

Global retail sales growth (excluding foreign currency impact) of 4.7%

U.S. same store sales decline of 0.5%

International same store sales growth (excluding foreign currency impact) of 3.7%

Global net store decline of 8, including 17 net store openings in the U.S. and 25 net store closures internationally

Income from operations decreased 0.2%; excluding the $3.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 1.4%

ANN ARBOR, Mich.
, April 28, 2025 /PRNewswire/ — Domino’s Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the first quarter of 2025.

“Domino’s Q1 results demonstrate that our Hungry for MORE strategy continues to drive market share growth in QSR Pizza across both our US and international businesses,” said Russell Weiner, Domino’s Chief Executive Officer. “Sustained market share growth reflects a company’s ability to control what is under its control, a key to long term success. In the face of a challenging global macroeconomic environment, our Hungry for MORE strategic pillars are working together to drive MORE sales, MORE stores and MORE profits, annually. This is how we will deliver long term value for our franchisees and shareholders.”

First Quarter 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

First Quarter

2025

2024

Global retail sales: (in millions of U.S. dollars)

U.S. stores

$

2,240.8

$

2,212.0

International stores

2,223.5

2,152.1

Total

$

4,464.3

$

4,364.1

First Quarter

2025

2024

Global retail sales growth:

   (versus prior year period, excluding foreign currency impact)

U.S. stores

+ 1.3 %

+ 7.8 %

International stores

+ 8.2 %

+ 6.8 %

Total

+ 4.7 %

+ 7.3 %

Same store sales growth:

   (versus prior year period)

U.S. Company-owned stores

(2.9) %

+ 8.5 %

U.S. franchise stores

(0.4) %

+ 5.5 %

U.S. stores

(0.5) %

+ 5.6 %

International stores (excluding foreign currency impact)

+ 3.7 %

+ 0.9 %

U.S. Company-
owned Stores

U.S. Franchise
Stores

Total
U.S. Stores

International
Stores

Total

First quarter of 2025 store counts:

Store count at December 29, 2024

292

6,722

7,014

14,352

21,366

Openings

—

20

20

203

223

Closings

—

(3)

(3)

(228)

(231)

Transfers

2

(2)

—

—

—

Store count at March 23, 2025

294

6,737

7,031

14,327

21,358

First quarter 2025 net store growth

—

17

17

(25)

(8)

Trailing four quarters net store growth

4

153

157

446

603

First Quarter

(In millions, except percentages, percentage points, per share data and leverage ratio)

2025

2024

Increase/
(Decrease)

Total revenues

$1,112.1

$1,084.6

+ 2.5 %

U.S. Company-owned store gross margin

16.0 %

17.5 %

(1.5) pp

Supply chain gross margin

11.6 %

11.1 %

+ 0.5 pp

Income from operations

$210.1

$210.4

(0.2) %

Net income

$149.7

$125.8

+ 18.9 %

Diluted earnings per share

$4.33

$3.58

+ 20.9 %

Leverage ratio

4.9x

5.0x

(0.1)x

Net cash provided by operating activities

$179.1

$123.5

+ 45.0 %

Capital expenditures

(14.7)

(20.2)

(26.9) %

Free cash flow

$164.4

$103.3

+ 59.1 %

Revenues increased $27.4 million, or 2.5%, in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to higher U.S. franchise advertising revenues, higher supply chain revenues and higher international franchise royalties and fees. U.S. franchise advertising revenues increased primarily as a result of a decrease in advertising incentives related to certain brand promotions and the return to the standard 6.0% advertising contribution rate at the beginning of the second quarter of 2024 following the end of the temporary reduction to 5.75%. The increase in supply chain revenues was primarily attributable to an increase in the Company’s food basket pricing to stores, which increased 4.8% during the first quarter of 2025 as compared to the first quarter of 2024. This increase was partially offset by the transition of the Company’s equipment and supplies business to a third-party supplier and a shift in the relative mix of products sold by the Company. The increase in international franchise royalties and fees was driven primarily by same store sales growth (excluding foreign currency impact) and net store growth during the trailing four quarters, but these increases were partially offset by the negative impact of foreign currency exchange rates on international franchise royalty revenues of $3.2 million.

U.S. Company-owned store gross margin decreased 1.5 percentage points in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to the increase in the Company’s food basket pricing to stores as described above, as well as lower sales leverage.

Supply chain gross margin increased 0.5 percentage points in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to procurement productivity.

Income from operations decreased $0.3 million, or 0.2%, in the first quarter of 2025 as compared to the first quarter of 2024. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $3.2 million, income from operations increased $2.9 million, or 1.4%, in the first quarter of 2025 as compared to the first quarter of 2024. The increase in income from operations, excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues, was primarily due to gross margin dollar growth within supply chain, as well as higher international franchise royalties and fees. These increases were partially offset by higher general and administrative expenses, primarily related to approximately $5 million in severance expenses associated with an organizational realignment that took place in the first quarter of 2025.

Net income increased $23.8 million, or 18.9%, in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to a favorable change of $42.7 million in the pre-tax unrealized gains and losses associated with the remeasurement of the Company’s investment in DPC Dash Ltd (“DPC Dash”). These increases were partially offset by higher provision for income taxes. The Company’s provision for income taxes increased $19.0 million in the first quarter of 2025 due to a higher effective tax rate, as well as higher income before provision for income taxes. The effective tax rate increased to 22.3% in the first quarter of 2025 as compared to 15.9% in the first quarter of 2024, driven primarily by a 4.6 percentage point unfavorable change in the impact of excess tax benefits from equity-based compensation, as well as other rate and discrete items.

Diluted EPS was $4.33 in the first quarter of 2025 as compared to $3.58 in the first quarter of 2024, representing a $0.75, or 21.0%, increase. The increase in diluted EPS in the first quarter of 2025 as compared to the first quarter of 2024 was driven by higher net income and a lower weighted average diluted share count, resulting from the Company’s share repurchases during the trailing four quarters.

Net cash provided by operating activities was $179.1 million in the first quarter of 2025 as compared to $123.5 million in the first quarter of 2024. The Company spent $14.7 million on capital expenditures in the first quarter of 2025 as compared to $20.2 million in the first quarter of 2024, resulting in free cash flow of $164.4 million in the first quarter of 2025 as compared to $103.3 million in the first quarter of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, the timing and amount of receipts for advertising contributions and the timing and amount of payments for advertising activities and lower investments in capital expenditures. These increases were partially offset by lower net income, excluding the changes in the unrealized gains and losses associated with the remeasurement of the Company’s investment in DPC Dash.

Quarterly Dividend

Subsequent to the end of the first quarter of 2025, on April 23, 2025, the Company’s Board of Directors declared a $1.74 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 13, 2025, to be paid on June 30, 2025.

Share Repurchases

During the first quarter of 2025, the Company repurchased and retired 115,280 shares of common stock for a total of $50.0 million. As of March 23, 2025, the Company had a total remaining authorized amount for share repurchases of $764.3 million.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses “global retail sales,” a statistical measure, to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza brand and believes they are indicative of the financial health of the Company’s franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino’s franchisees have a direct effect on the Company’s profitability. Retail sales for franchise stores are reported to the Company by its franchisees and are not included in Company revenues. “Global retail sales growth” is calculated as the change of U.S. Dollar global retail sales against the comparable period of the prior year. “Global retail sales growth, excluding foreign currency impact” is calculated as the change of international local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact, are primarily driven by same store sales growth and net store growth.

The Company uses “same store sales growth,” a statistical measure, which is calculated by including only retail sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported excluding foreign currency impacts, which reflect changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.

The Company uses “net store growth,” a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.

The Company uses “food basket pricing change,” a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from U.S. supply chain centers against the comparable period of the prior year. The Company believes that the food basket pricing change is important to investors and other interested persons to understand the Company’s performance. As food basket prices fluctuate, revenues, cost of sales and gross margin percentages in the Company’s supply chain segment also fluctuate. Additionally, cost of sales, gross margins and gross margin percentages for the Company’s U.S. Company-owned stores also fluctuate.

The Company uses “free cash flow,” which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.

The Company uses “income from operations, excluding foreign currency impact,” which is calculated as income from operations as reported under GAAP, less the “impact of changes in foreign currency exchange rates on international franchise royalty revenues,” a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates. The Company believes that the impact of changes in foreign currency exchange rates on international franchise royalty revenues is important to investors and other interested persons to understand the Company’s international royalty revenues given the significant variability in those revenues and that can be driven by changes in foreign currency exchanges rates. International franchise royalty revenues do not have a cost of sales component, so changes in these revenues have a direct impact on income from operations.

The Company uses “Consolidated Adjusted EBITDA,” which is calculated as Segment Income as defined by the Company under Accounting Standards Codification 280, Segment Reporting, less corporate administrative costs that have not been allocated to a reportable segment including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company’s securitized debt. The Company uses Consolidated Adjusted EBITDA to determine future business objectives and targets and for long-range planning, as well as to evaluate total Company operating performance for the purposes of determining certain variable performance-based compensation. The Company believes Consolidated Adjusted EBITDA is a reliable barometer for the overall success of the Company. It is also used to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company’s securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.

The Company uses the “leverage ratio¹,” which is calculated as the Company’s securitized debt related to its fixed-rate notes from the recapitalizations completed in 2021, 2019, 2018, 2017 and 2015 and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations.

The reconciliation of the leverage ratio for the first quarters of 2025 and 2024 is as follows below.

March 23,
2025

March 24,
2024

2015 Ten-Year Notes

$

742,000

$

742,000

2017 Ten-Year Notes

940,000

940,000

2018 7.5-Year Notes

402,688

402,688

2018 9.25-Year Notes

379,000

379,000

2019 Ten-Year Notes

648,000

648,000

2021 7.5-Year Notes

826,625

826,625

2021 Ten-Year Notes

972,500

972,500

Total fixed-rate notes

$

4,910,813

$

4,910,813

Segment Income – first quarter of 2025 and 2024

$

268,417

$

260,016

Segment Income – fourth quarter of 2024 and 2023

340,968

327,098

Segment Income – third quarter of 2024 and 2023

252,117

237,096

Segment Income – second quarter of 2024 and 2023

253,566

242,483

Segment Income – trailing four quarters

$

1,115,068

$

1,066,693

General and administrative – other – first quarter of 2025 and 2024

$

(27,313)

$

(18,173)

General and administrative – other – fourth quarter of 2024 and 2023

(27,818)

(32,498)

General and administrative – other – third quarter of 2024 and 2023

(22,839)

(19,809)

General and administrative – other – second quarter of 2024 and 2023

(26,165)

(18,865)

General and administrative – other – trailing four quarters

$

(104,135)

$

(89,345)

Consolidated Adjusted EBITDA – trailing four quarters

$

1,010,933

$

977,348

Leverage ratio

4.9

x

5.0

x

(1)

The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company’s securitized debt.

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino’s Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its first quarter 2025 financial results. The webcast is available at ir.dominos.com and will be archived for one year.

About Domino’s Pizza^®

Founded in 1960, Domino’s Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world’s top public restaurant brands with a global enterprise of more than 21,300 stores in over 90 markets. Domino’s had global retail sales of over $19.2 billion in the trailing four quarters ended March 23, 2025. Its system is comprised of independent franchise owners who accounted for 99% of Domino’s stores as of the end of the first quarter of 2025. In the U.S., Domino’s generated more than 85% of U.S. retail sales in 2024 via digital channels and has developed many innovative ordering platforms.

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Company Info – biz.dominos.com
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Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act. You can identify forward-looking statements by the use of words such as “anticipates,” “believes,” “could,” “should,” “estimates,” “expects,” “intends,” “may,” “will,” “plans,” “predicts,” “projects,” “seeks,” “approximately,” “potential,” “outlook” and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company’s expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness as a result of our recapitalization transactions and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media or a boycott on our business, brand and reputation; the impact of new or improved technologies and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees’ ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand’s reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation and regulations, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, other geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Fiscal Quarter Ended

March 23,
2025

% of
Total
Revenues

March 24,
2024

% of
Total
Revenues

(In thousands, except share and per share data)

Revenues:

U.S. Company-owned stores

$

91,598

$

92,649

U.S. franchise royalties and fees

151,000

150,518

Supply chain

669,924

659,214

International franchise royalties and fees

75,559

71,966

U.S. franchise advertising

123,975

110,300

Total revenues

1,112,056

100.0

%

1,084,647

100.0

%

Cost of sales:

U.S. Company-owned stores

76,911

76,458

Supply chain

591,998

586,319

Total cost of sales

668,909

60.2

%

662,777

61.1

%

Gross margin

443,147

39.8

%

421,870

38.9

%

General and administrative

109,077

9.8

%

101,024

9.3

%

U.S. franchise advertising

123,975

11.1

%

110,300

10.2

%

Refranchising loss

—

—

133

0.0

%

Income from operations

210,095

18.9

%

210,413

19.4

%

Other income (expense)

24,027

2.2

%

(18,699)

(1.7)

%

Interest expense, net

(41,640)

(3.8)

%

(42,107)

(3.9)

%

Income before provision for income taxes

192,482

17.3

%

149,607

13.8

%

Provision for income taxes

42,831

3.8

%

23,783

2.2

%

Net income

$

149,651

13.5

%

$

125,824

11.6

%

Earnings per share:

Common stock – diluted

$

4.33

$

3.58

Weighted average diluted shares

34,553,820

35,154,232

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

March 23,
2025

December 29,
2024

(In thousands)

Assets

Current assets:

Cash and cash equivalents

$

304,320

$

186,126

Restricted cash and cash equivalents

197,412

195,370

Accounts receivable, net

302,837

309,104

Inventories

73,236

70,919

Prepaid expenses and other

38,528

40,363

Advertising fund assets, restricted

99,601

103,396

Total current assets

1,015,934

905,278

Property, plant and equipment, net

294,926

301,179

Operating lease right-of-use assets

217,097

210,302

Investment in DPC Dash

106,726

82,699

Other assets

242,936

237,555

Total assets

$

1,877,619

$

1,737,013

Liabilities and stockholders’ deficit

Current liabilities:

Current portion of long-term debt

$

1,149,764

$

1,149,679

Accounts payable

123,086

85,898

Operating lease liabilities

42,194

39,920

Advertising fund liabilities

97,403

101,567

Other accrued liabilities

284,313

235,398

Total current liabilities

1,696,760

1,612,462

Long-term liabilities:

Long-term debt, less current portion

3,825,995

3,825,659

Operating lease liabilities

188,547

181,983

Other accrued liabilities

79,005

79,200

Total long-term liabilities

4,093,547

4,086,842

Total stockholders’ deficit

(3,912,688)

(3,962,291)

Total liabilities and stockholders’ deficit

$

1,877,619

$

1,737,013

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Fiscal Quarter Ended

March 23,
2025

March 24,
2024

(In thousands)

Cash flows from operating activities:

Net income

$

149,651

$

125,824

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

20,362

19,869

Refranchising loss

—

133

Loss on sale/disposal of assets

266

90

Amortization of debt issuance costs

1,210

1,266

Benefit for deferred income taxes

(2,290)

(3,757)

Non-cash equity-based compensation expense

10,381

11,338

Excess tax benefits from equity-based compensation

(1,569)

(8,104)

Benefit for losses on accounts and notes receivable

(57)

(8)

Unrealized (gain) loss on investments, net

(24,027)

18,699

Changes in operating assets and liabilities

34,244

(9,961)

Changes in advertising fund assets and liabilities, restricted

(9,095)

(31,925)

Net cash provided by operating activities

179,076

123,464

Cash flows from investing activities:

Capital expenditures

(14,745)

(20,181)

Other

(1,225)

(1,305)

Net cash used in investing activities

(15,970)

(21,486)

Cash flows from financing activities:

Repayments of long-term debt and finance lease obligations

(646)

(13,525)

Proceeds from exercise of stock options

7,528

10,774

Purchases of common stock

(50,000)

(25,000)

Tax payments for restricted stock upon vesting

(8,157)

(6,700)

Payments of common stock dividends and equivalents

(617)

(343)

Net cash used in financing activities

(51,892)

(34,794)

Effect of exchange rate changes on cash

296

(672)

Change in cash and cash equivalents, restricted cash and cash equivalents

111,510

66,512

Cash and cash equivalents, beginning of period

186,126

114,098

Restricted cash and cash equivalents, beginning of period

195,370

200,870

Cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

80,928

88,165

Cash and cash equivalents, restricted cash and cash equivalents and
   cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

462,424

403,133

Cash and cash equivalents, end of period

304,320

203,894

Restricted cash and cash equivalents, end of period

197,412

209,752

Cash and cash equivalents included in advertising fund assets, restricted,
   end of period

72,202

55,999

Cash and cash equivalents, restricted cash and cash equivalents and cash and
   cash equivalents included in advertising fund assets, restricted,
   end of period

$

573,934

$

469,645

View original content to download multimedia:https://www.prnewswire.com/news-releases/dominos-pizza-announces-first-quarter-2025-financial-results-302438715.html

SOURCE Domino’s Pizza, Inc.

Posted on April 28, 2025 6:05 am
T1 Energy Welcomes Key Additions to Leadership Team

Andy Munro and Russell Gold bring deep solar energy legal and communications expertise to the T1 team

AUSTIN, Texas and NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications, effective May 1^st. The appointments add to T1’s already deep energy expertise as it builds a vertically integrated, solar and storage manufacturing and technology leader in the United States.

“We are excited to welcome Andy and Russell to the T1 senior leadership team,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Andy and Russell are respected leaders and prominent voices in the solar energy industry. Their additions underscore T1’s aspiration to build a leader in the U.S. solar-plus-storage market and highlight our ability to attract key talent.”

Andy Munro brings more than 30 years of legal and management experience to T1 Energy, having spent the last decade working in the solar energy, manufacturing, and technology industry. Mr. Munro joins T1 from SOLARCYCLE, a pioneer in solar panel recycling, technology, and manufacturing. Previously, he served as Chief Legal and Policy Officer at Calypso Energy, a U.S. solar cell and module manufacturing and technology company, and General Counsel at Qcells North America, a leader in U.S. solar manufacturing, technology, and development. Prior to that, Mr. Munro worked at the law firm of Latham & Watkins, where he focused on complex commercial, corporate and financing transactions for technology companies. Mr. Munro holds a J.D. from Harvard Law School and a B.A. in Economics/Business from UCLA.

“I believe the future of energy depends on a strong and innovative American solar manufacturing and technology industry and I am passionate about building a U.S.-based solar supply chain. I look forward to expanding T1’s operations and building a preeminent American solar energy manufacturing and technology company,” said Mr. Munro.

Russell Gold joins T1 Energy after a distinguished career as both an author and journalist, most recently for Texas Monthly, which followed a 21-year tenure as an investigative reporter focused on the energy industry for the Wall Street Journal. He is a two-time Pulitzer Prize finalist and a two-time winner of the Gerlad Loeb Award for Distinguished Business and Financial Journalism. Mr. Gold is the author of Superpower: One Man’s Quest to Transform American Energy, and The Boom, which was nominated for the FT Goldman Sachs Business Book of the Year prize. He graduated from Columbia University with a B.A. in History.

“I am enthusiastic about joining the T1 Energy team and getting a chance to help shape the future of American energy,” said Mr. Gold. “The challenge of our time is to build a domestic, affordable, and renewable energy system and T1 is at the forefront of that effort.”

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel

EVP, Investor Relations and Corporate Development
[email protected]
Tel: +1 409 599-5706

Media contact:

Amy Jaick

SVP, Communications
[email protected]
Tel: +1 973 713-5585

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to the Company’s aspiration to build a vertically integrated solar and storage manufacturing leader in the United States, ability to attract key talent, and plans to expand its operations; the growth of a U.S.-based solar energy industry; and the Company’s effort to build a domestic, affordable, and renewable energy system. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6c4e0233-5fcd-43e1-9607-ff0d94a58a75

Posted on April 28, 2025 6:05 am
VNET Publishes 2024 Environmental, Social and Governance Report

PR Newswire

BEIJING
, April 28, 2025 /PRNewswire/ — VNET Group, Inc. (NASDAQ: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced it has published its 2024 Environmental, Social and Governance Report (the “2024 ESG Report”). This is VNET’s fifth ESG report, highlighting the Company’s 2024 efforts and achievements in environmental practices, digital empowerment, ethical governance, and social responsibility.

“As an integral element of VNET’s long-term strategy for sustainable growth, our 2024 ESG initiatives drove measurable advancements in our pursuit of a greener future,” Josh Sheng Chen, Founder, Executive Chairperson, and interim Chief Executive Officer of VNET. “Upgrades to our ‘SHIELD’ (Society, Human, Innovation, Environment, Leadership, Development) sustainability system broadened stakeholder coverage and amplified our impact, reinforcing our position as an industry leader in sustainability. Heading into 2025, we will remain committed to integrating ESG best practices across our business, facilitating the development of China’s green, digital economy while creating sustainable value for all stakeholders.”

2024 ESG Report Highlights:

Total energy from renewable sources reached 360,880 MWh, marking a fivefold increase year over year and accounting for 18% of total resources utilized by VNET.

Greenhouse gas emissions (scope 1 and 2) decreased by 2%, and emission intensity decreased by 9% year over year.

The average annual power usage effectiveness (PUE) was 1.27 at VNET’s data centers with stabilized operations in 2024.

The integrated source-grid-load-storage project in Ulanqab IDC Campus gained approval in October 2024, featuring 200MW wind power generation, 100MW solar power generation, and 45MW energy storage facility.

Obtained Information Technology Service Management System (ISO/IEC 20000) and Information Security Management System (ISO/IEC 27001) certifications, covering all business lines.

Achieved 100% coverage of anti-corruption training for directors and employees.

Nationwide customer satisfaction rate reached 99.63%.

Increased the percentage of female employees in management positions to 33%.

Ongoing recognition from global leading ESG rating institutions: (i) Received an “A” rating from MSCI for the third consecutive year, the highest ranking awarded to date in China’s Internet Service & Infrastructure industry; (ii) Scored record high of 70 in the 2024 S&P Global Corporate Sustainability Assessment, ranking among the top 7% of the IT Services industry globally and earning inclusion in the S&P Global Sustainability Yearbook; (iii) Awarded a “B” rating on the 2024 CDP Climate Change Questionnaire, with eight out of 16 categories achieving A-grade recognition; (iv) Rated as low risk by Sustainalytics in ESG Risk Rating.

To view the full 2024 ESG Report, please visit the Company’s Investor Relations website at https://ir.vnet.com/ or access the report directly at https://www.vnet.com/en/esg.html.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans, contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/vnet-publishes-2024-environmental-social-and-governance-report-302439410.html

SOURCE VNET Group, Inc.

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