Market Newsdesk

April 22, 2025 6:48 am

Eaton Earns First A Rating From CDP for Climate Disclosure

Eaton Earns First A Rating From CDP for Climate Disclosure

DUBLIN–(BUSINESS WIRE)–
Intelligent power management company Eaton today announced it has earned a Leadership Level designation from CDP, the world’s leading environmental disclosure platform, for the sixth consecutive year. Despite strengthened criteria each year, Eaton was rated an A in the climate category, making the company a top performer among industry peers.

“We are incredibly proud to have received our first A rating from CDP in over a decade,” said Harold Jones, chief sustainability officer and executive vice president, Eaton Business System, Eaton. “This is a testament to our greenhouse gas reduction efforts and continued openness and transparency about our progress on climate actions.”

Of the 22,400 companies that received a climate score from CDP, only 2% earned an A rating. As part of Eaton’s dedication to transparency, the company has been reporting to CDP since 2006.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250418828072/en/

Margaret Hagan

+1 (440) 523-4343

[email protected]

KEYWORDS: Europe Ireland United States North America Ohio

INDUSTRY KEYWORDS: Professional Services Other Energy Other Professional Services Utilities Environment Energy Climate Change

MEDIA:

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April 22, 2025 6:48 am

Stantec releases its 18th annual Sustainability Report and reports $4.63 billion in 2024 revenues aligned with core sustainable development goals

EDMONTON, Alberta and NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — TSX, NYSE:STN

Stantec, a global leader in sustainable design and engineering, released its 18 ^th annual Sustainability Report, providing a comprehensive record of the Company’s sustainability practices, contributions, awards, and worldwide impact for the fiscal year ending December 31, 2024. The report features Stantec’s contributions to and focus on sustainability for its interested parties, including employees, clients, investors, and communities.

The firm’s key milestones and corporate achievements in the report include:

Achieving operational carbon neutrality for the third straight year and progressing towards net zero under Canada’s Net Zero Challenge
Ranking in the top 10 of Corporate Knights’ Global 100, a list of the most sustainable corporations in the world—eighth overall and first among industry peers; recognition by CDP for climate-related progress, with an A- rating for the seventh consecutive year
Generating C$4.63 billion from work supporting its core United Nations Sustainable Development Goals (62 percent of 2024 gross revenue)

“Stantec’s integrated approach to sustainability delivers long-term value and underpins our continued strong financial performance. In 2024, we celebrated our 70^th anniversary and have delivered tremendous growth since our founding,” said Gord Johnston, president and chief executive officer of Stantec. “Our current Strategic Plan, which is focused on purpose-driven growth, identifies key imperatives the world and our communities face. At Stantec, through doing what is right, we continue to help communities meet their challenges while driving our own success.”

The report also highlights key sustainability projects the Company is leading around the world, including:

Australia: To support the world’s first submerged and floating artificial reef dive attraction, the City of Gold Coast is focusing on ocean conservation and responsible stewardship. Stantec’s environmental and marine scientists facilitated preopening monitoring, preparation of project requirements, fabrication task reviews, a seabed stability assessment, and a coastal process assessment. Now in use, this award-winning reef fosters a natural and safe environment for divers to learn and explore local marine life.
Canada: Climate change is transforming Canada’s Arctic and is top of mind at Nunavut’s Brevoort Island Long Range Radar site. To address historical site contamination, Stantec’s climate scientists needed to look ahead and consider the impacts of future climate risks. Looking at the site’s unique physical characteristics—permafrost, flooding, erosion, extreme heat, precipitation, snow, and ice cover—the team recommended targeted excavation and on-site treatment of the contaminants to minimize the potential of climate impacts.
United Kingdom: Stantec worked with local authorities, agencies, and utilities in Greater Manchester to develop a collaborative and sustainable integrated water management plan. The plan incorporates strategies like blue-green infrastructure, water landscape restoration, and biodiversity as future components of watershed improvements.
United States: The lack of reliable internet access in rural communities can lead to educational disparities, economic barriers, and social isolation. Stantec helped neighboring communities in Nevada, Oregon, and California by leading federal and state permitting for 434 miles (698 kilometers) of a new underground fiber optic network. The team conducted tribal consultations; addressed regulations with botanical, wetlands, wildlife, and archaeological surveys; and assessed over 200 cultural resource sites to determine eligibility for the National Register of Historic Places.
Uruguay: Over 50 percent of Uruguay’s energy is supplied by the aging Salto Grande Hydroelectric Plant, leaving the country vulnerable to disruption in its energy supply. Additionally, a growing population and changing climate mean ever-increasing energy needs. Stantec developed a comprehensive plan that assessed the infrastructure and created a new environmental baseline, with suggested improvements increasing potential output by 200 gigawatt hours per year.

Stantec’s Sustainability Report is compliant with the requirements of the Global Reporting Initiative and the Sustainability Accounting Standards Board. Read the full report and learn more about Stantec’s Corporate Sustainability program.

About Stantec

Stantec empowers clients, people, and communities to rise to the world’s greatest challenges at a time when the world faces more unprecedented concerns than ever before. 

We are a global leader in sustainable architecture, engineering, and environmental consulting. Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more.

Today’s communities transcend geographic borders. At Stantec, community means everyone with an interest in the work that we do—from our project teams and industry colleagues to our clients and the people our work impacts. The diverse perspectives of our partners and interested parties drive us to think beyond what’s previously been done on critical issues like climate change, digital transformation, and future-proofing our cities and infrastructure.

We are designers, engineers, scientists, project managers, and strategic advisors. We innovate at the intersection of community, creativity, and client relationships to advance communities everywhere, so that together we can redefine what’s possible.

Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at stantec.com or find us on social media.

Media Contact Trevor Eckart Stantec Media Relations Ph: (215) 665-7187 [email protected]	Investor Contact Jess Nieukerk Stantec Investor Relations Ph: (403) 569-5389 [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82b08528-05fb-4283-95c8-95ba71de6394

April 22, 2025 6:46 am

Quest Diagnostics Reports First Quarter 2025 Financial Results; Reaffirms Revenue and Adjusted Diluted EPS Guidance for Full Year 2025

PR Newswire

First quarter revenues of $2.65 billion, up 12.1% from 2024
First quarter reported diluted earnings per share (“EPS”) of $1.94, up 12.8% from 2024; and adjusted diluted EPS of $2.21, up 8.3% from 2024
Full year 2025 reported diluted EPS now expected to be between $8.62 and $8.87; and adjusted diluted EPS is expected to remain between $9.55 and $9.80

SECAUCUS, N.J.
, April 22, 2025 /PRNewswire/ — Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the first quarter ended March 31, 2025.

“In the first quarter, we delivered strong revenue growth of approximately 12%, including nearly 2.5% in organic growth, as demand rebounded in March following weather impacts early in the quarter. Our growth was due to contributions from acquisitions and large enterprise accounts, demand for our advanced diagnostics portfolio, and expanded health plan access,” said Jim Davis, Chairman, CEO and President. “We are reaffirming our revenue and adjusted EPS guidance for the full year 2025.”

	Three Months Ended March 31,
	2025	2024	Change
	(dollars in millions, except per share data)
Reported:
Net revenues	$ 2,652	$ 2,366	12.1 %
Diagnostic Information Services revenues	$ 2,589	$ 2,298	12.7 %
Revenue per requisition			0.3 %
Requisition volume			12.4 %
Organic requisition volume			(0.9) %
Operating income (a)	$ 346	$ 300	15.4 %
Operating income as a percentage of net revenues (a)	13.0 %	12.7 %	0.3 %
Net income attributable to Quest Diagnostics (a)	$ 220	$ 194	13.2 %
Diluted EPS (a)	$ 1.94	$ 1.72	12.8 %
Cash provided by operations	$ 314	$ 154	103.4 %
Capital expenditures	$ 117	$ 104	11.9 %

Adjusted (a):
Operating income	$ 406	$ 349	16.3 %
Operating income as a percentage of net revenues	15.3 %	14.8 %	0.5 %
Net income attributable to Quest Diagnostics	$ 251	$ 230	9.0 %
Diluted EPS	$ 2.21	$ 2.04	8.3 %

(a)	For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.

Updated Guidance for Full Year 2025

The company updates its full year 2025 guidance as follows:

	Updated Guidance		Prior Guidance
	Low	High	Low	High
Net revenues	$10.70 billion	$10.85 billion	$10.70 billion	$10.85 billion
Net revenues increase	8.4 %	9.9 %	8.4 %	9.9 %
Reported diluted EPS	$8.62	$8.87	$8.34	$8.59
Adjusted diluted EPS	$9.55	$9.80	$9.55	$9.80
Cash provided by operations	Approximately $1.5 billion		Approximately $1.45 billion
Capital expenditures	Approximately $500 million		Approximately $500 million

Note on Non-GAAP Financial Measures

As used in this press release the term “reported” refers to measures under accounting principles generally accepted in the United States (“GAAP”). The term “adjusted” refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits (“ETB”) associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on April 22, 2025 until midnight Eastern Time on May 6, 2025, by phone at 866-361-4757 for domestic callers or 203-369-0183 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

About Quest Diagnostics

Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world’s largest databases of de-identifiable clinical lab results, Quest’s diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. www.QuestDiagnostics.com.

Forward Looking Statements

The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management’s current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company’s most recently filed Annual Report on Form 10-K and in any of the company’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the “Business,” “Risk Factors,” “Cautionary Factors that May Affect Future Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those reports.

This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.

ADDITIONAL TABLES FOLLOW

Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three Months Ended March 31, 2025 and 2024 (in millions, except per share data) (unaudited)

	Three Months Ended March 31,
	2025	2024
Net revenues	$ 2,652	$ 2,366

Operating costs and expenses and other operating income:
Cost of services	1,789	1,595
Selling, general and administrative	476	440
Amortization of intangible assets	39	29
Other operating expense, net	2	2
Total operating costs and expenses, net	2,306	2,066

Operating income	346	300

Other income (expense):
Interest expense, net	(67)	(43)
Other (expense) income, net	(3)	9
Total non-operating expense, net	(70)	(34)

Income before income taxes and equity in earnings of equity method investees	276	266
Income tax expense	(59)	(66)
Equity in earnings of equity method investees, net of taxes	18	8
Net income	235	208
Less: Net income attributable to noncontrolling interests	15	14
Net income attributable to Quest Diagnostics	$ 220	$ 194

Earnings per share attributable to Quest Diagnostics’ common stockholders:
Basic	$ 1.97	$ 1.74

Diluted	$ 1.94	$ 1.72

Weighted average common shares outstanding:
Basic	111	111

Diluted	113	112

Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets March 31, 2025 and December 31, 2024 (in millions, except per share data) (unaudited)

	March 31, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$ 188	$ 549
Accounts receivable, net	1,404	1,304
Inventories	189	188
Prepaid expenses and other current assets	294	351
Total current assets	2,075	2,392
Property, plant and equipment, net	2,098	2,113
Operating lease right-of-use assets	656	651
Goodwill	8,849	8,856
Intangible assets, net	1,725	1,763
Investments in equity method investees	134	123
Other assets	260	255
Total assets	$ 15,797	$ 16,153

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$ 1,267	$ 1,394
Current portion of long-term debt	1	602
Current portion of long-term operating lease liabilities	173	173
Total current liabilities	1,441	2,169
Long-term debt	5,858	5,615
Long-term operating lease liabilities	538	535
Other liabilities	917	938
Redeemable noncontrolling interest	81	83
Stockholders’ equity:
Quest Diagnostics stockholders’ equity:
Common stock, par value $0.01 per share; 600 shares authorized as of both March 31, 2025 and December 31, 2024; 162 shares issued as of both March 31, 2025 and December 31, 2024	2	2
Additional paid-in capital	2,310	2,361
Retained earnings	9,490	9,360
Accumulated other comprehensive loss	(83)	(88)
Treasury stock, at cost; 50 and 51 shares as of March 31, 2025 and December 31, 2024, respectively	(4,790)	(4,857)
Total Quest Diagnostics stockholders’ equity	6,929	6,778
Noncontrolling interests	33	35
Total stockholders’ equity	6,962	6,813
Total liabilities and stockholders’ equity	$ 15,797	$ 16,153

Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and 2024 (in millions) (unaudited)

	Three Months Ended March 31,
	2025	2024
Cash flows from operating activities:
Net income	$ 235	$ 208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140	116
Provision for credit losses	1	1
Deferred income tax expense (benefit)	7	(18)
Stock-based compensation expense	22	22
Other, net	(1)	11
Changes in operating assets and liabilities:
Accounts receivable	(101)	(114)
Accounts payable and accrued expenses	(53)	(152)
Income taxes payable	15	42
Other assets and liabilities, net	49	38
Net cash provided by operating activities	314	154

Cash flows from investing activities:
Business acquisitions, net of cash acquired	—	(142)
Capital expenditures	(117)	(104)
Other investing activities, net	2	33
Net cash used in investing activities	(115)	(213)

Cash flows from financing activities:
Proceeds from borrowings	215	—
Repayments of debt	(600)	—
Exercise of stock options	29	12
Employee payroll tax withholdings on stock issued under stock-based compensation plans	(42)	(23)
Dividends paid	(84)	(79)
Distributions to noncontrolling interest partners	(18)	(11)
Other financing activities, net	(61)	(52)
Net cash used in financing activities	(561)	(153)

Effect of exchange rate changes on cash and cash equivalents and restricted cash	1	—

Net change in cash and cash equivalents and restricted cash	(361)	(212)
Cash and cash equivalents and restricted cash, beginning of period	549	686
Cash and cash equivalents and restricted cash, end of period	$ 188	$ 474

Cash paid during the period for:
Interest	$ 32	$ 44
Income taxes	$ 4	$ 3

Notes to Financial Tables

1) The computation of basic and diluted earnings per common share is as follows:

	Three Months Ended March 31,
	2025	2024
	(in millions, except per share data)
Amounts attributable to Quest Diagnostics’ common stockholders:
Net income attributable to Quest Diagnostics	$ 220	$ 194
Less: earnings allocated to participating securities	1	1
Earnings available to Quest Diagnostics’ common stockholders – basic and diluted	$ 219	$ 193

Weighted average common shares outstanding – basic	111	111
Effect of dilutive securities:
Stock options and performance share units	2	1
Weighted average common shares outstanding – diluted	113	112

Earnings per share attributable to Quest Diagnostics’ common stockholders:
Basic	$ 1.97	$ 1.74
Diluted	$ 1.94	$ 1.72

2) The following tables reconcile reported GAAP results to non-GAAP adjusted results:

	Three Months Ended March 31, 2025
	(dollars in millions, except per share data)
	Operating income	Operating income as a percentage of net revenues	Income tax expense (d)	Equity in earnings of equity method investees, net of taxes	Net income attributable to Quest Diagnostics	Diluted EPS
As reported	$ 346	13.0 %	$ (59)	$ 18	$ 220	$ 1.94
Restructuring and integration charges (a)	19	0.7	(5)	—	14	0.13
Other charges (b)	2	0.1	—	—	2	0.02
Other gains (c)	—	—	2	(8)	(6)	(0.06)
Amortization expense	39	1.5	(9)	—	30	0.26
ETB	—	—	(9)	—	(9)	(0.08)
As adjusted	$ 406	15.3 %	$ (80)	$ 10	$ 251	$ 2.21

	Three Months Ended March 31, 2024
	(dollars in millions, except per share data)
	Operating income	Operating income as a percentage of net revenues	Income tax expense (d)	Equity in earnings of equity method investees, net of taxes	Net income attributable to Quest Diagnostics	Diluted EPS
As reported	$ 300	12.7 %	$ (66)	$ 8	$ 194	$ 1.72
Restructuring and integration charges (a)	17	0.7	(4)	—	13	0.12
Other charges (b)	3	0.2	—	—	3	0.03
Amortization expense	29	1.2	(7)	—	22	0.19
ETB	—	—	(2)	—	(2)	(0.02)
As adjusted	$ 349	14.8 %	$ (79)	$ 8	$ 230	$ 2.04

(a)	For both the three months ended March 31, 2025 and 2024, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:

	Three Months Ended March 31,
	2025	2024
	(dollars in millions)
Cost of services	$ 6	$ 13
Selling, general and administrative	13	4
Operating income	$ 19	$ 17

(b)	For both the three months ended March 31, 2025 and 2024, the pre-tax impact primarily represents a loss associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions, recorded in other operating expense, net.

(c)	The three months ended March 31, 2025 includes pre-tax gains of $8 million, recorded in equity in earnings of equity method investees, net of taxes, principally consisting of a non-recurring gain related to a lease.

(d)	For restructuring and integration charges, other gains/charges, and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2025 and 2024.

The outlook for adjusted diluted EPS represents management’s estimates for the full year 2025 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2025. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2025 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS:

	Low	High
Diluted EPS	$ 8.62	$ 8.87
Restructuring and integration charges (a)	0.27	0.27
Amortization expense (b)	1.04	1.04
Other charges (c)	0.12	0.12
Other gains (d)	(0.36)	(0.36)
ETB	(0.14)	(0.14)
Adjusted diluted EPS	$ 9.55	$ 9.80

(a)	Represents estimated pre-tax charges of $41 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.

(b)	Represents estimated pre-tax amortization expenses of $160 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.

(c)	Principally represents estimated pre-tax net losses of $12 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. No income tax benefits are recorded on the changes associated with the contingent consideration accrual.

(d)	Includes a pre-tax gain of $46 million related to a payroll tax credit under the Coronavirus Aid, Relief, and Economic Security Act associated with the retention of employees. Also, includes a pre-tax non-recurring gain of $8 million related to a lease. Income tax impacts on the gains were calculated using a combined statutory income tax rate of 25.5%.

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SOURCE Quest Diagnostics

April 22, 2025 6:43 am

Invesco Reports Results for the Three Months Ended March 31, 2025

PR Newswire

Invesco Announces First Quarter Diluted EPS of $0.38; Adjusted Diluted EPS⁽¹⁾of $0.44

ATLANTA
, April 22, 2025 /PRNewswire/ — Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months ended March 31, 2025.

$17.6 billion of net long-term inflows for the quarter, primarily driven by ETFs and Index, Fundamental Fixed Income, and China JV & India
$1.8 trillion in ending AUM
18.1% operating margin in Q1 2025; 31.5% adjusted operating margin⁽¹⁾
Announced an increase in the quarterly common stock dividend to $0.21 per share reflective of strong cash position and stable cash flows
Repurchased 1.5 million common shares for $25 million during the quarter
Announced today a $1 billion repurchase of Invesco’s Series A Preferred Stock held by MassMutual. The repurchase is expected to occur in May
In addition, Invesco and Barings (MassMutual’s global asset management subsidiary) announced today a new strategic product and distribution partnership for U.S. Wealth channels, bringing together their unique private markets capabilities; MassMutual intends to support this initiative with a $650 million initial investment

Update from Andrew Schlossberg, President and CEO

“Our strategic clarity has helped us drive organic growth through various operating environments and continued to prove effective in the first quarter in which we delivered over 5% long-term organic growth. We drove an 18% increase in operating income and positive operating leverage of over 500 basis points compared to the first quarter of last year, while improving our operating margin by over 330 basis points to nearly 32%. Balance sheet strength and enhanced return of capital to shareholders remains a priority, and we executed share buybacks during the quarter and announced an increase in the quarterly common stock dividend, reflective of our strong cash position and stable cash flows. Further, today we announced the $1 billion repurchase of our preferred stock held by MassMutual and an expanded strategic partnership wherein MassMutual will also provide seed capital investment to scale both firms’ private wealth offerings. The hallmarks of the Invesco platform, including the breadth and scale of our products delivered through a diverse and global footprint, place us in a position of strength as we help our clients navigate this volatile and complex operating environment.”

_____________________________________________________________________
(1)	Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Net Flows:
Net long-term inflows were $17.6 billion for the first quarter of 2025 as compared to $25.6 billion in the fourth quarter of 2024.

Retail and Institutional net long-term inflows were $11.9 billion and $5.7 billion, respectively. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $16.3 billion, Fundamental Fixed Income of $8.0 billion, and China JV & India of $2.2 billion, partially offset by net long-term outflows from Fundamental Equities of $7.0 billion, Multi-Asset/Other of $1.1 billion and Private Markets of $0.8 billion. On a geographic basis, the EMEA and Americas regions achieved net long-term inflows of $15.0 billion and $3.0 billion, respectively, and the Asia Pacific region experienced net long-term outflows of $0.4 billion.

Net market losses decreased AUM in the first quarter by $42.2 billion and foreign exchange rate movements increased AUM by $7.4 billion. We had inflows of $5.0 billion from non-management fee earning products during quarter and $10.0 billion from money market funds. Ending AUM was flat and average AUM increased 3.1% during the first quarter.

Summary of net flows (in billions)	Q1-25	Q4-24	Q1-24
Active	$ 1.5	$ (10.0)	$ (7.1)
Passive	16.1	35.6	13.4
Net long-term flows	17.6	25.6	6.3
Non-management fee earning AUM	5.0	10.2	9.5
Money market	10.0	25.1	0.7
Total net flows	$ 32.6	$ 60.9	$ 16.5

Annualized long-term organic growth rate ⁽¹⁾	5.3 %	7.8 %	2.2 %


(1)	Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.

First Quarter Highlights:

Financial Results	Q1-25	Q4-24	Q1-25 vs. Q4-24	Q1-24	Q1-25 vs. Q1-24
U.S. GAAP Financial Measures
Operating revenues	$1,529.2m	$1,593.0m	(4.0) %	$1,475.3m	3.7 %
Operating income	$277.3m	$311.7m	(11.0) %	$213.1m	30.1 %
Operating margin	18.1 %	19.6 %		14.4 %
Net income attributable to Invesco Ltd.	$171.1m	$209.3m	(18.3) %	$141.5m	20.9 %
Diluted EPS	$0.38	$0.46	(17.4) %	$0.31	22.6 %

Adjusted Financial Measures ⁽¹⁾
Net revenues	$1,108.7m	$1,157.2m	(4.2) %	$1,053.2m	5.3 %
Adjusted operating income	$349.5m	$390.1m	(10.4) %	$296.5m	17.9 %
Adjusted operating margin	31.5 %	33.7 %		28.2 %
Adjusted net income attributable to Invesco Ltd.	$200.5m	$237.3m	(15.5) %	$148.4m	35.1 %
Adjusted diluted EPS	$0.44	$0.52	(15.4) %	$0.33	33.3 %

Assets Under Management
Ending AUM	$1,844.8bn	$1,846.0bn	(0.1) %	$1,662.7bn	11.0 %
Average AUM	$1,880.8bn	$1,824.4bn	3.1 %	$1,613.0bn	16.6 %

Headcount	8,495	8,508	(0.2) %	8,527	(0.4) %


(1)	Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

U.S. GAAP Operating Results:

First Quarter 2025 compared to Fourth Quarter 2024

Operating revenues and expenses
: Operating revenues decreased $63.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. Investment management fees decreased $27.0 million primarily as a result of two fewer days in the quarter. Service and distribution fees decreased $9.9 million primarily due to two fewer days in the quarter and lower average AUM to which the fees apply. Performance fees decreased $30.6 million due to seasonality. Other revenues increased $3.7 million. Foreign exchange rate changes decreased operating revenues by $6.4 million.

Operating expenses decreased $29.4 million in the first quarter of 2025 compared to the fourth quarter of 2024. Third-party distribution, service and advisory costs decreased $17.6 million primarily due to a decrease in pass-through service and distribution costs. Employee compensation expense was flat compared to the fourth quarter of 2024 primarily due to seasonally higher payroll taxes offset by lower variable compensation costs. Marketing expenses decreased $6.7 million. Property, office and technology costs decreased $7.4 million. General and administrative expenses increased $2.3 million. Foreign exchange rate changes decreased operating expenses by $6.1 million.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $19.6 million, earned primarily from our China joint venture. Interest and dividend income was $11.3 million earned primarily from cash and cash equivalents and seed capital investments. Other gains/(losses) were a net loss of $24.3 million, primarily driven by market value changes on deferred compensation and seed capital investments. Other income/(expense) of consolidated investment products (CIP) was a gain of $74.1 million, primarily driven by net interest income and market gains on the underlying investments held by the funds.

The effective tax rate was 22.5% in the first quarter of 2025 as compared to 24.8% in the fourth quarter of 2024. The decrease in the effective tax rate in the first quarter of 2025 was primarily due to the favorable impact of the increase in net income attributable to non-controlling interests in consolidated entities and the favorable resolution of a state income tax matter which was partially offset by the unfavorable impact of the change in the mix of income across tax jurisdictions.

Diluted earnings per common share: Diluted earnings per common share was $0.38 for the first quarter of 2025.

First Quarter 2025 compared to First Quarter 2024

Operating revenues and expenses
: Operating revenues increased $53.9 million in the first quarter of 2025 compared to the first quarter of 2024. Investment management fees increased $51.6 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. Service and distribution fees decreased $6.1 million due to lower fund-related service fees partially offset by higher average AUM. Other revenues increased $5.7 million as a result of higher transaction fees. Foreign exchange rate changes decreased operating revenues by $9.7 million.

Operating expenses decreased $10.3 million in the first quarter of 2025 compared to the first quarter of 2024. Third-party distribution, service and advisory costs increased $5.0 million due to higher average AUM partially offset by a decrease in pass-through fund costs. Employee compensation expenses decreased $8.1 million primarily due to a decrease in expense related to common share-based awards and other long-term awards. Property, office and technology costs decreased $3.7 million. Foreign exchange rate changes decreased operating expenses by $8.9 million.

The effective tax rate was 22.5% in the first quarter of 2025 as compared to 24.3% in the first quarter of 2024. The decrease in the effective tax rate in the first quarter of 2025 was primarily due to the favorable impact of the increase in net income attributable to non-controlling interests in consolidated entities and the favorable resolution of certain tax matters which was partially offset by the unfavorable impact of the change in the mix of income across tax jurisdictions.

Adjusted⁽¹⁾ Operating Results:

First Quarter 2025 compared to Fourth Quarter 2024

Net revenues and adjusted operating expenses: Net revenues in the first quarter of 2025 decreased $48.5 million compared to the fourth quarter of 2024 primarily due to lower seasonal performance fees and two fewer days in the quarter. Foreign exchange rate changes decreased net revenues by $5.4 million.

After allowing for foreign exchange rate changes, Adjusted operating expenses decreased $2.2 million compared to the fourth quarter of 2024.

Adjusted operating income decreased $40.6 million compared to the fourth quarter of 2024. Adjusted operating margin decreased to 31.5% from 33.7%.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a gain of $16.5 million. Interest and dividend income was $13.5 million.

The effective tax rate on adjusted net income was 24.4% in the first quarter of 2025 as compared to 22.2% in the fourth quarter of 2024. The increase in the effective tax rate was primarily due to the unfavorable impact of the change in the mix of income across tax jurisdictions which was partially offset by the favorable resolution of a state income tax matter.

Adjusted diluted earnings per common share was $0.44 for the first quarter.

First Quarter 2025 compared to First Quarter 2024

Net revenues and adjusted operating expenses: Net revenues in the first quarter of 2025 increased $55.5 million compared to the first quarter of 2024, primarily driven by higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. Foreign exchange rate changes decreased net revenues by $6.9 million.

After allowing for foreign exchange rate changes, Adjusted operating expenses in the first quarter of 2025 increased $8.5 million compared to the first quarter of 2024. Employee compensation expenses increased primarily due to higher variable compensation costs partially offset by lower General and administrative and Property, office and technology costs.

Adjusted operating income increased $53.0 million compared to the first quarter of 2024. Adjusted operating margin increased to 31.5% from 28.2%.

The effective tax rate on adjusted net income decreased slightly to 24.4% in the first quarter of 2025 from 24.6% in the first quarter of 2024.

___________________________________________________________________________________
(1)	Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.

Capital Management:

Cash and cash equivalents:
$821.7 million at March 31, 2025 ($986.5 million as of December 31, 2024).

Debt
:
$964.8 million at March 31, 2025 ($890.6 million at December 31, 2024).

Common share repurchases: During the first quarter of 2025, the company repurchased 1.5 million common shares for $25 million in the open market.

Common shares outstanding (end of period): 447.6 million

Diluted common shares outstanding (end of period): 456.4 million

Dividends paid:
$92.5 million (common); $59.2 million (preferred)

Common dividends declared: The company is announcing a first quarter cash dividend of $0.21 per share to holders of common shares. The dividend is payable on June 3, 2025, to common shareholders of record at the close of business on May 14, 2025, with an ex-dividend date of May 14, 2025.

Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from March 1, 2025 through May 31, 2025. The preferred dividend is payable on June 2, 2025. The preferred dividend will be prorated for the period the $1 billion of repurchased preferred stock is outstanding.

About Invesco Ltd.

Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.8 trillion in assets on behalf of clients worldwide as of March 31, 2025. For more information, visit invesco.com/corporate.

Members of the investment community and general public are invited to listen to the conference call today, April 22, 2025, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for U.S. and Canadian callers or 1-210-795-1098 for international callers, using the Passcode: Invesco. An audio replay of the conference call will be available until Thursday, May 8, 2025 by calling 1-866-360-7726 for U.S. and Canadian callers or 1-203-369-0178 for international callers. A presentation highlighting the company’s performance will be available during a live Webcast and on Invesco’s Website at invesco.com/corporate.

This release, and comments made in the associated conference call today, may include “forward-looking statements.” Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and assets under management and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

Investor Relations Contacts:

Media Relations Contact:

Greg Ketron

Jennifer Church

Andrea Raphael

404-724-4299

404-439-3428

212-323-4202

Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)

	Q1-25	Q4-24	% Change	Q1-24	% Change
Operating revenues:
Investment management fees	$ 1,100.3	$ 1,127.3	(2.4) %	$ 1,048.7	4.9 %
Service and distribution fees	370.9	380.8	(2.6) %	377.0	(1.6) %
Performance fees	3.5	34.1	(89.7) %	0.8	337.5 %
Other	54.5	50.8	7.3 %	48.8	11.7 %
Total operating revenues	1,529.2	1,593.0	(4.0) %	1,475.3	3.7 %
Operating expenses:
Third-party distribution, service and advisory	509.0	526.6	(3.3) %	504.0	1.0 %
Employee compensation	464.6	463.8	0.2 %	472.7	(1.7) %
Marketing	17.0	23.7	(28.3) %	18.1	(6.1) %
Property, office and technology	113.9	121.3	(6.1) %	117.6	(3.1) %
General and administrative	137.3	135.0	1.7 %	138.5	(0.9) %
Amortization of intangible assets	10.1	10.9	(7.3) %	11.3	(10.6) %
Total operating expenses	1,251.9	1,281.3	(2.3) %	1,262.2	(0.8) %
Operating income	277.3	311.7	(11.0) %	213.1	30.1 %
Other income/(expense):
Equity in earnings of unconsolidated affiliates	19.6	20.1	(2.5) %	6.9	184.1 %
Interest and dividend income	11.3	24.6	(54.1) %	12.4	(8.9) %
Interest expense	(13.1)	(12.4)	5.6 %	(15.9)	(17.6) %
Other gains/(losses), net	(24.3)	(20.1)	20.9 %	35.9	N/A
Other income/(expense) of CIP, net	74.1	(6.5)	N/A	30.5	143.0 %
Income before income taxes	344.9	317.4	8.7 %	282.9	21.9 %
Income tax provision	(77.6)	(78.7)	(1.4) %	(68.7)	13.0 %
Net income	267.3	238.7	12.0 %	214.2	24.8 %
Net (income)/loss attributable to noncontrolling interests in consolidated entities	(37.0)	29.8	N/A	(13.5)	174.1 %
Less: Dividends declared on preferred shares	(59.2)	(59.2)	— %	(59.2)	— %
Net income attributable to Invesco Ltd.	$ 171.1	$ 209.3	(18.3) %	$ 141.5	20.9 %

Earnings per common share:
—basic	$0.38	$0.46	(17.4) %	$0.31	22.6 %
—diluted	$0.38	$0.46	(17.4) %	$0.31	22.6 %

Average common shares outstanding:
—basic	452.9	453.3	(0.1) %	453.2	(0.1) %
—diluted	454.0	454.1	— %	453.5	0.1 %

Invesco Ltd.

Non-GAAP Information and Reconciliations

We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted diluted EPS. We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco Ltd., and Diluted EPS.

The following are reconciliations of Operating revenues, Operating income (and by calculation, operating margin), and Net income attributable to Invesco Ltd. (and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted operating expenses is provided below, together with reconciliations of the U.S. GAAP Operating expense lines to provide further analysis of the non-GAAP adjustments. These non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. The tax effect of the reconciling items is based on the tax jurisdiction attributable to the transactions. These measures are described more fully in the company’s Forms 10-K and 10-Q. Refer to these public filings for additional information about the company’s non-GAAP performance measures.

Reconciliation of Operating revenues to Net revenues:

(in millions)	Q1-25	Q4-24	Q1-24
Operating revenues, U.S. GAAP basis	$ 1,529.2	$ 1,593.0	$ 1,475.3
Revenue adjustments ⁽¹⁾
Investment management fees	(209.0)	(213.5)	(192.3)
Service and distribution fees	(259.6)	(271.5)	(271.8)
Other	(40.4)	(41.6)	(39.9)
Total revenue adjustments	(509.0)	(526.6)	(504.0)
Invesco Great Wall ⁽²⁾	78.2	80.4	74.7
CIP ⁽³⁾	10.3	10.4	7.2
Net revenues	$ 1,108.7	$ 1,157.2	$ 1,053.2

Reconciliation of Operating income to Adjusted operating income:

(in millions)	Q1-25	Q4-24	Q1-24
Operating income, U.S. GAAP basis	$ 277.3	$ 311.7	$ 213.1
Invesco Great Wall ⁽²⁾	40.3	43.1	38.3
CIP ⁽³⁾	21.5	17.0	12.2
Amortization of intangible assets ⁽⁴⁾	10.1	10.9	11.3
Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾	0.3	4.9	21.6
General and administrative ⁽⁶⁾	—	2.5	—
Adjusted operating income	$ 349.5	$ 390.1	$ 296.5

Operating margin ⁽⁷⁾	18.1 %	19.6 %	14.4 %
Adjusted operating margin ⁽⁸⁾	31.5 %	33.7 %	28.2 %

Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.

(in millions)	Q1-25	Q4-24	Q1-24
Net income attributable to Invesco Ltd., U.S. GAAP basis	$ 171.1	$ 209.3	$ 141.5
Adjustments (excluding tax):
Amortization of intangible assets ⁽⁴⁾	10.1	10.9	11.3
Deferred compensation net market valuation changes ⁽⁵⁾	20.1	13.6	(11.5)
General and administrative ⁽⁶⁾	—	2.5	—
Total adjustments excluding tax	$ 30.2	$ 27.0	$ (0.2)
Tax adjustment for amortization of intangible assets and goodwill ⁽⁹⁾	4.1	4.3	4.4
Other tax effects of adjustments above	(4.9)	(3.3)	2.7
Adjusted net income attributable to Invesco Ltd.	$ 200.5	$ 237.3	$ 148.4

Average common shares outstanding – diluted	454.0	454.1	453.5
Diluted EPS	$0.38	$0.46	$0.31
Adjusted diluted EPS ⁽¹⁰⁾	$0.44	$0.52	$0.33

Reconciliation of Operating expenses to Adjusted operating expenses:

(in millions)	Q1-25	Q4-24	Q1-24
Operating expenses, U.S. GAAP basis	$ 1,251.9	$ 1,281.3	$ 1,262.2
Invesco Great Wall ⁽²⁾	37.9	37.3	36.4
Third-party distribution, service and advisory expenses	(509.0)	(526.6)	(504.0)
CIP ⁽³⁾	(11.2)	(6.6)	(5.0)
Amortization of intangible assets ⁽⁴⁾	(10.1)	(10.9)	(11.3)
Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾	(0.3)	(4.9)	(21.6)
General and administrative ⁽⁶⁾	—	(2.5)	—
Adjusted operating expenses	$ 759.2	$ 767.1	$ 756.7

Employee compensation, U.S. GAAP basis	$ 464.6	$ 463.8	$ 472.7
Invesco Great Wall ⁽²⁾	26.0	26.2	25.7
Compensation expense related to market valuation changes in deferred compensation liabilities ⁽⁵⁾	(0.3)	(4.9)	(21.6)
Adjusted employee compensation	$ 490.3	$ 485.1	$ 476.8

Marketing, U.S. GAAP basis	$ 17.0	$ 23.7	$ 18.1
Invesco Great Wall ⁽²⁾	3.0	2.3	2.1
Adjusted marketing	$ 20.0	$ 26.0	$ 20.2

Property, office and technology, U.S. GAAP basis	$ 113.9	$ 121.3	$ 117.6
Invesco Great Wall ⁽²⁾	4.2	4.3	4.5
Adjusted property, office and technology	$ 118.1	$ 125.6	$ 122.1

General and administrative, U.S. GAAP basis	$ 137.3	$ 135.0	$ 138.5
Invesco Great Wall ⁽²⁾	4.7	4.5	4.1
CIP ⁽³⁾	(11.2)	(6.6)	(5.0)
Regulatory matters ⁽⁶⁾	—	(2.5)	—
Adjusted general and administrative	$ 130.8	$ 130.4	$ 137.6

Amortization of intangible assets, U.S. GAAP basis	$ 10.1	$ 10.9	$ 11.3
Amortization of intangible assets⁽⁴⁾	(10.1)	(10.9)	(11.3)
Adjusted amortization of intangible assets	$ —	$ —	$ —


(1)	Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco’s own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.

	Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.

(2)	Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.

(3)	CIP: The company believes that the CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).

(4)	Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.

(5)	Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.

(6)	General and administrative: In 2024, the company removed the expense related to the settlement of regulatory matters. Due to the non-recurring nature of this item, the company removed the expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.

(7)	Operating margin is equal to Operating income divided by Operating revenues.

(8)	Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.

(9)	Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.

(10)	Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.

Invesco Ltd.
Assets Under Management

	Three Months Ended
(in billions)	March 31, 2025	December 31, 2024	% Change	March 31, 2024
Beginning Assets	$1,846.0	$1,795.6	2.8 %	$1,585.3
Long-term inflows	122.0	133.7	(8.8) %	80.3
Long-term outflows	(104.4)	(108.1)	(3.4) %	(74.0)
Net long-term flows	17.6	25.6	(31.3) %	6.3
Net flows in non-management fee earning AUM ^(a)	5.0	10.2	(51.0) %	9.5
Net flows in money market funds	10.0	25.1	(60.2) %	0.7
Total net flows	32.6	60.9	(46.5) %	16.5
Reinvested distributions	1.0	12.5	(92.0) %	1.1
Market gains and losses	(42.2)	(2.5)	1,588.0 %	68.0
Foreign currency translation	7.4	(20.5)	N/A	(8.2)
Ending Assets	$1,844.8	$1,846.0	(0.1) %	$1,662.7

Ending long-term AUM	$1,311.2	$1,301.1	0.8 %	$1,200.8
Average long-term AUM	$1,326.8	$1,310.1	1.3 %	$1,164.1
Average AUM	$1,880.8	$1,824.4	3.1 %	$1,613.0
Average QQQ AUM	$320.0	$305.1	4.9 %	$246.2

	Three Months Ended March 31, 2025
By investment approach: (in billions)	Active^(k)	Passive^(k)
Beginning Assets	$1,026.5	$819.5
Long-term inflows	60.6	61.4
Long-term outflows	(59.1)	(45.3)
Net long-term flows	1.5	16.1
Net flows in non-management fee earning AUM ^(a)	—	5.0
Net flows in money market funds	10.0	—
Total net flows	11.5	21.1
Reinvested distributions	1.0	—
Market gains and losses	(4.1)	(38.1)
Foreign currency translation	6.4	1.0
Ending Assets	$1,041.3	$803.5

Average AUM	$1,043.1	$837.7

	Three Months Ended March 31, 2025
By channel: (in billions)	Retail	Institutional
Beginning Assets	$1,265.6	$580.4
Long-term inflows	86.4	35.6
Long-term outflows	(74.5)	(29.9)
Net long-term flows	11.9	5.7
Net flows in non-management fee earning AUM ^(a)	5.4	(0.4)
Net flows in money market funds	3.8	6.2
Total net flows	21.1	11.5
Reinvested distributions	1.0	—
Market gains and losses	(43.6)	1.4
Transfer	(9.5)	9.5
Foreign currency translation	2.6	4.8
Ending Assets	$1,237.2	$607.6

See the footnotes immediately following these tables.

Invesco Ltd.
Assets Under Management (continued)

	Three Months Ended March 31, 2025
By client domicile: (in billions)	Americas	Asia Pacific	EMEA
Beginning Assets	$1,315.5	$270.2	$260.3
Long-term inflows	59.0	33.8	29.2
Long-term outflows	(56.0)	(34.2)	(14.2)
Net long-term flows	3.0	(0.4)	15.0
Net flows in non-management fee earning AUM ^(a)	8.9	1.0	(4.9)
Net flows in money market funds	8.4	1.6	—
Total net flows	20.3	2.2	10.1
Reinvested distributions	1.0	—	—
Market gains and losses	(43.4)	(0.9)	2.1
Foreign currency translation	0.2	4.0	3.2
Ending Assets	$1,293.6	$275.5	$275.7

	Three Months Ended March 31, 2025
By investment capability^(b): (in billions)	ETFs and Index ^(c)	Fundamental Fixed Income ^(d)	Fundamental Equities ^(e)	Private Markets ^(f)	China JV & India ^(g)	Multi- Asset/Other ^(h)	Global Liquidity ⁽ⁱ⁾	QQQ ^(j)
Beginning Assets	$484.9	$279.1	$276.7	$129.6	$106.3	$59.1	$191.4	$318.9
Long-term inflows	52.1	23.7	11.5	7.9	24.2	2.6	—	—
Long-term outflows	(35.8)	(15.7)	(18.5)	(8.7)	(22.0)	(3.7)	—	—
Net long-term flows	16.3	8.0	(7.0)	(0.8)	2.2	(1.1)	—	—
Net flows in non-management fee earning AUM ^(a)	—	—	—	—	—	(0.1)	—	5.1
Net flows in money market funds	—	—	—	—	1.5	—	8.5	—
Total net flows	16.3	8.0	(7.0)	(0.8)	3.7	(1.2)	8.5	5.1
Reinvested distributions	—	0.5	0.2	0.2	—	—	0.1	—
Market gains and losses	(10.9)	1.7	(8.8)	1.3	0.5	0.7	0.1	(26.8)
Foreign currency translation	0.7	2.6	1.7	1.0	0.5	0.8	0.1	—
Ending Assets	$491.0	$291.9	$262.8	$131.3	$111.0	$59.4	$200.2	$297.2

Average AUM	$501.5	$284.0	$276.6	$132.5	$108.0	$59.9	$198.3	$320.0

See the footnotes immediately following these tables.

Invesco Ltd.
Assets Under Management – Active ^(k)

	Three Months Ended
(in billions)	March 31, 2025	December 31, 2024	% Change	March 31, 2024
Beginning Assets	$ 1,026.5	$ 1,032.3	(0.6) %	$ 985.3
Long-term inflows	60.6	52.6	15.2 %	42.4
Long-term outflows	(59.1)	(62.6)	(5.6) %	(49.5)
Net long-term flows	1.5	(10.0)	N/A	(7.1)
Net flows in money market funds	10.0	25.1	(60.2) %	0.7
Total net flows	11.5	15.1	(23.8) %	(6.4)
Reinvested distributions	1.0	12.5	(92.0) %	1.1
Market gains and losses	(4.1)	(17.0)	(75.9) %	22.5
Foreign currency translation	6.4	(16.4)	N/A	(6.8)
Ending Assets	$ 1,041.3	$ 1,026.5	1.4 %	$ 995.7

Average long-term AUM	$ 818.8	$ 825.2	(0.8) %	$ 787.8
Average AUM	$ 1,043.1	$ 1,024.4	1.8 %	$ 980.9

	Three Months Ended March 31, 2025
By channel: (in billions)	Retail	Institutional
Beginning Assets	$517.5	$509.0
Long-term inflows	31.6	29.0
Long-term outflows	(33.9)	(25.2)
Net long-term flows	(2.3)	3.8
Net flows in money market funds	3.8	6.2
Total net flows	1.5	10.0
Reinvested distributions	1.0	—
Market gains and losses	(7.5)	3.4
Transfer	(0.8)	0.8
Foreign currency translation	1.9	4.5
Ending Assets	$513.6	$527.7

	Three Months Ended March 31, 2025
By client domicile: (in billions)	Americas	Asia Pacific	EMEA
Beginning Assets	$698.2	$207.4	$120.9
Long-term inflows	23.0	22.3	15.3
Long-term outflows	(29.5)	(22.1)	(7.5)
Net long-term flows	(6.5)	0.2	7.8
Net flows in money market funds	8.4	1.6	—
Total net flows	1.9	1.8	7.8
Reinvested distributions	1.0	—	—
Market gains and losses	(6.3)	(0.2)	2.4
Foreign currency translation	0.2	3.5	2.7
Ending Assets	$695.0	$212.5	$133.8

See the footnotes immediately following these tables.

Invesco Ltd.
Assets Under Management – Passive ^(k)

	Three Months Ended
(in billions)	March 31, 2025	December 31, 2024	% Change	March 31, 2024
Beginning Assets	$819.5	$763.3	7.4 %	$600.0
Long-term inflows	61.4	81.1	(24.3) %	37.9
Long-term outflows	(45.3)	(45.5)	(0.4) %	(24.5)
Net long-term flows	16.1	35.6	(54.8) %	13.4
Net flows in non-management fee earning AUM ^(a)	5.0	10.2	(51.0) %	9.5
Total net flows	21.1	45.8	(53.9) %	22.9
Market gains and losses	(38.1)	14.5	N/A	45.5
Foreign currency translation	1.0	(4.1)	N/A	(1.4)
Ending Assets	$803.5	$819.5	(2.0) %	$667.0

Average long-term AUM	$508.0	$484.9	4.8 %	$376.3
Average AUM	$837.7	$800.0	4.7 %	$632.1
Average QQQ AUM	$320.0	$305.1	4.9 %	$246.2

	Three Months Ended March 31, 2025
By channel: (in billions)	Retail	Institutional
Beginning Assets	$748.1	$71.4
Long-term inflows	54.8	6.6
Long-term outflows	(40.6)	(4.7)
Net long-term flows	14.2	1.9
Net flows in non-management fee earning AUM ^(a)	5.4	(0.4)
Total net flows	19.6	1.5
Market gains and losses	(36.1)	(2.0)
Transfer	(8.7)	8.7
Foreign currency translation	0.7	0.3
Ending Assets	$723.6	$79.9

	Three Months Ended March 31, 2025
By client domicile: (in billions)	Americas	Asia Pacific	EMEA
Beginning Assets	$617.3	$62.8	$139.4
Long-term inflows	36.0	11.5	13.9
Long-term outflows	(26.5)	(12.1)	(6.7)
Net long-term flows	9.5	(0.6)	7.2
Net flows in non-management fee earning AUM ^(a)	8.9	1.0	(4.9)
Total net flows	18.4	0.4	2.3
Market gains and losses	(37.1)	(0.7)	(0.3)
Foreign currency translation	—	0.5	0.5
Ending Assets	$598.6	$63.0	$141.9

See the footnotes immediately following these tables.

Invesco Ltd.

Footnotes to the Assets Under Management Tables

(a)	Non-management fee earning AUM includes non-management fee earning ETFs, UIT and product leverage.

(b)	Investment capabilities are descriptive groupings of AUM by investment strategy.

(c)	ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ Trust.

(d)	Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.

(e)	Fundamental Equities includes Equity products.

(f)	Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability.

(g)	Beginning in the first quarter of 2025, products managed by Invesco Great Wall and Invesco Asset Management (India) Private Limited are included in the newly defined China JV & India investment capability. Other products previously categorized under the APAC Managed investment capability are included in the other investment capabilities based on their investment strategies. Beginning assets as of January 1, 2025 reflect the current period presentation.

(h)	Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, Intelliflo, and UITs, including certain ETFs managed within this capability.

(i)	Global Liquidity is comprised mainly of Money Market funds.

(j)	QQQ represents assets held within Invesco QQQ Trust.

(k)	Passive AUM includes index-based ETFs, unit investment trusts (UITs), non-fee earning leverage and other passive mandates. Active AUM is total AUM less Passive AUM.

Invesco Ltd.
Supplemental Information ⁽¹⁾

	For the three months ended March 31, 2025			For the three months ended March 31, 2024
Cash flow information (in millions)	U.S. GAAP	Impact of CIP	Excluding CIP	U.S. GAAP	Impact of CIP	Excluding CIP
Invesco and CIP cash and cash equivalents, beginning of period	$ 1,496.0	$ (509.5)	$ 986.5	$ 1,931.6	$ (462.4)	$ 1,469.2
Cash flows from operating activities	(84.6)	(17.6)	(102.2)	(54.4)	(52.3)	(106.7)
Cash flows from investing activities	(92.0)	129.8	37.8	(287.3)	236.8	(50.5)
Cash flows from financing activities	529.3	(650.1)	(120.8)	(148.3)	(253.9)	(402.2)
Increase/(decrease) in cash and cash equivalents	352.7	(537.9)	(185.2)	(490.0)	(69.4)	(559.4)
Foreign exchange movement on cash and cash equivalents	24.7	(4.3)	20.4	(16.1)	2.0	(14.1)
Cash and cash equivalents, end of the period	$ 1,873.4	$ (1,051.7)	$ 821.7	$ 1,425.5	$ (529.8)	$ 895.7


(1)	These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s significant liquidity evaluations and decisions.

Invesco Ltd.
Supplemental Information⁽¹⁾

	March 31, 2025			December 31, 2024
Balance Sheet information (in millions)	U.S. GAAP	Impact of CIP	Excluding CIP	U.S. GAAP	Impact of CIP	Excluding CIP
ASSETS
Cash and cash equivalents	$ 821.7	$ —	$ 821.7	$ 986.5	$ —	$ 986.5
Investments	1,076.4	417.3	1,493.7	1,240.0	401.4	1,641.4
Goodwill and intangible assets, net	14,119.6	—	14,119.6	14,067.4	—	14,067.4
Other assets ⁽²⁾	2,505.0	10.6	2,515.6	2,340.5	11.1	2,351.6
Investments and other assets of CIP ⁽³⁾	9,620.9	(9,620.9)	—	8,374.5	(8,374.5)	—
Total assets	$ 28,143.6	$ (9,193.0)	$ 18,950.6	$ 27,008.9	$ (7,962.0)	$ 19,046.9
LIABILITIES
Debt	$ 964.8	$ —	$ 964.8	$ 890.6	$ —	$ 890.6
Other Liabilities ⁽⁴⁾	3,287.0	—	3,287.0	3,596.4	—	3,596.4
Debt and other liabilities of CIP	8,104.4	(8,104.4)	—	6,853.1	(6,853.1)	—
Total liabilities	$ 12,356.2	$ (8,104.4)	$ 4,251.8	$ 11,340.1	$ (6,853.1)	$ 4,487.0
EQUITY
Total equity attributable to Invesco Ltd.	$ 14,698.7	$ 0.1	$ 14,698.8	$ 14,559.9	$ —	$ 14,559.9
Noncontrolling interests ⁽⁵⁾	1,088.7	(1,088.7)	—	1,108.9	(1,108.9)	—
Total equity	15,787.4	(1,088.6)	14,698.8	15,668.8	(1,108.9)	14,559.9
Total liabilities and equity	$ 28,143.6	$ (9,193.0)	$ 18,950.6	$ 27,008.9	$ (7,962.0)	$ 19,046.9


(1)	This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt.

(2)	Amounts include Accounts receivable, Property, equipment and software, and Other assets.

(3)	Amounts include Cash and cash equivalents of CIP.

(4)	Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities.

(5)	Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities.

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SOURCE Invesco Ltd.

April 22, 2025 6:38 am

Gaotu Techedu Files Its Annual Report on Form 20-F

PR Newswire

BEIJING
, April 22, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission. The annual report on Form 20-F can be accessed on the Company’s investor relations website at https://ir.gaotu.cn/.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations Department, Gaotu Techedu Inc., 5F, Gientech Building, 17 East Zone, 10 Xibeiwang East Road, Haidian District, Beijing 100193, People’s Republic of China.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected]

Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-files-its-annual-report-on-form-20-f-302434355.html

SOURCE Gaotu Techedu Inc.

April 22, 2025 6:36 am

Akamai Research: Web Attacks Up 33%, APIs Emerge as Primary Targets

PR Newswire

Surge correlates with accelerated adoption of AI-powered applications

CAMBRIDGE, Mass.
, April 22, 2025 /PRNewswire/ — Akamai Technologies, Inc. (NASDAQ: AKAM), the cybersecurity and cloud computing company that powers and protects business online, today released a new State of the Internet (SOTI) report that finds there were 311 billion web attacks in 2024, representing a 33% year-over-year increase. State of Apps and API Security 2025: How AI Is Shifting the Digital Terrain notes the surge in these attacks correlates to the rapid adoption of artificial intelligence (AI) applications, which expand attack surfaces and introduce new security challenges.

The report also finds that APIs have emerged as primary targets, with Akamai documenting 150 billion API attacks from January 2023 through December 2024. The AI API market is growing rapidly and the integration of AI-driven tools with core platforms via APIs has substantially expanded this attack surface. The majority of AI-powered APIs are externally accessible and many rely on inadequate authentication mechanisms, a vulnerability compounded by the growing array of AI-driven attacks targeting them. Akamai notes that AI-powered APIs are even more vulnerable than their counterparts as AI fuels technical advancements for threat actors.

In addition, Akamai documents a dramatic rise in Layer 7 (application-layer) distributed denial-of-service (DDoS) attacks against web applications and APIs. Quarterly attack volumes increased 94% year-over-year between Q1 2023 and Q4 2024. In early 2023, Akamai observed monthly numbers of 500 billion, which rose to 1.1 trillion in one month by December 2024. This growth is due to the growing sophistication of bot-driven attacks, the persistence of HTTPS flooding as a primary attack vector, and the prevalence of Layer 7 DDoS attacks targeting the high technology industry.

Other key findings of the report include:

There were more than 230 billion web attacks targeting commerce organizations, making it the most impacted industry. This is nearly triple the number of attacks experienced by high technology (the second most attacked sector).
There were 7 trillion Layer 7 DDoS attacks targeting the high technology sector from January 2023 through December 2024, making it the most affected industry.
OWASP API Security Top 10–related incidents increased 32%, revealing authentication and authorization flaws that expose sensitive data and functionality.
Growth in security alerts related to the MITRE security framework are up 30% as attackers are using advanced techniques such as automation and AI to exploit APIs.
Shadow and zombie APIs present particularly vulnerable attack vectors within increasingly complex API ecosystems.

State of Apps and API Security 2025: How AI Is Shifting the Digital Terrain also contains a security spotlight on an API attack against an ecommerce company, an explanation of the differences between web and API attacks, regional and industry attack data, and recommended mitigation strategies. The report provides unique insights on risk scoring and technical methods that are designed to assist frontline defenders.

“AI is transforming web and API security, enhancing threat detection but also creating new challenges,” said Rupesh Chokshi, Senior Vice President and General Manager of Akamai’s Application Security Portfolio. “This report is a must read to understand what’s driving the shift and how defenders can stay ahead with the right mitigation strategies.”

This is the 11th year of Akamai’s SOTI reports. The SOTI series provides expert insights on cybersecurity and web performance and is based on data gathered from our network infrastructure, which processes more than one-third of global web traffic.

About Akamai

Akamai is the cybersecurity and cloud computing company that powers and protects business online. Our market-leading security solutions, superior threat intelligence, and global operations team provide defense in depth to safeguard enterprise data and applications everywhere. Akamai’s full-stack cloud computing solutions deliver performance and affordability on the world’s most distributed platform. Global enterprises trust Akamai to provide the industry-leading reliability, scale, and expertise they need to grow their business with confidence. Learn more at akamai.com and akamai.com/blog, or follow Akamai Technologies on X and LinkedIn.

Contact:

Akamai PR
[email protected]

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SOURCE Akamai Technologies, Inc.

April 22, 2025 6:36 am

MRC Global Announces First Quarter 2025 Earnings Release, Conference Call and Webcast Schedule

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — MRC Global Inc. (NYSE: MRC) will release its first quarter 2025 results on May 6, 2025, after the market closes.

In conjunction with the release, the company will host a conference call and webcast:

	What:	MRC Global First Quarter 2025 Earnings Conference Call and Webcast

	When:	Wednesday, May 7, 2025, at 10:00 a.m. Eastern / 9:00 a.m. Central

	How:	Via phone – Dial 201-689-8261 and ask for the MRC Global call prior to the start time, or
		Via webcast – Visit our website http://www.mrcglobal.com in the investor relations section.

A replay of the call will be available through May 21, 2025, by dialing 201-612-7415 using passcode 13751572#. An archive of the webcast will be available shortly after the call at www.mrcglobal.com for 90 days.

About MRC Global Inc.

Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of approximately 200 locations including valve and engineering centers. The company’s unmatched quality assurance program offers approximately 200,000 SKUs from over 7,100 suppliers, simplifying the supply chain for over 8,300 customers. Find out more at www.mrcglobal.com.

Contact:

Monica Broughton
VP, Investor Relations & Treasury
MRC Global Inc.
[email protected]
832-308-2847

April 22, 2025 6:36 am

3M Reports First-Quarter 2025 Results

PR Newswire

GAAP sales of $6.0 billion
, down 1.0% YoY; operating margin 20.9%, up 180 bps YoY; EPS of $2.04, up 61% YoY
- Adjusted sales of $5.8 billion with organic growth of 1.5% YoY
- Adjusted operating margin of 23.5%, up 220 bps YoY
- Adjusted EPS of $1.88, up 10% YoY
Operating cash flow of $(0.1) billion with adjusted free cash flow of $0.5 billion
Updated 2025 guidance and providing tariff sensitivity

ST. PAUL, Minn.
, April 22, 2025 /PRNewswire/ — 3M (NYSE: MMM) today reported first-quarter 2025 results.

“We had strong results in the first quarter with positive organic sales growth, margins ahead of expectations and double-digit EPS growth,” said William Brown, 3M Chairman and Chief Executive Officer. “In this dynamic environment we remain focused on improving the fundamentals in the business, building a new performance culture and advancing our strategic priorities while leveraging our extensive global network and significant U.S. footprint. I want to thank the 3M team for their hard work, dedication, and relentless focus on improving every day.”

First
-quarter highlights:

	Q1 2025	Q1 2024
GAAP EPS from continuing operations (GAAP EPS)	$ 2.04	$ 1.27
Special items:
Net costs for significant litigation	0.41	0.44
(Increase) decrease in value of Solventum ownership	(0.63)	—
Manufactured PFAS products	0.06	—
Adjusted EPS from continuing operations (adjusted EPS)	$ 1.88	$ 1.71

Memo:
GAAP operating income margin	20.9 %	19.1 %
Adjusted operating income margin	23.5 %	21.3 %

GAAP EPS of $2.04 and operating margin of 20.9%.
Adjusted EPS of $1.88, up 10% year-on-year.
Adjusted operating income margin of 23.5%, an increase of 2.2 percentage points year-on-year.

	GAAP	Adjusted (non-GAAP)
Net sales (billions)	$6.0	$5.8
Sales change
Total sales	(1.0) %	0.8 %
Components of sales change:
Organic sales	(0.3)	1.5
Acquisitions/divestitures	1.0	1.0
Translation	(1.7)	(1.7)
Adjusted sales excludes manufactured PFAS products.

Sales of $6.0 billion, down 1.0% year-on-year with organic sales down 0.3% year-on-year.
Adjusted sales of $5.8 billion, up 0.8% year-on-year with adjusted organic sales up 1.5% year-on-year.
3M returned $1.7 billion to shareholders via dividends and share repurchases.
Cash from operations of $(0.1) billion.
Adjusted free cash flow of $0.5 billion.

This document includes reference to certain non-GAAP measures. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.

Update on 2025 guidance

Adjusted EPS¹ in the range of $7.60 to $7.90, and additional tariff sensitivity of $(0.20) to $(0.40) per share.

¹As further discussed at ⁵ within the “Supplemental Financial Information Non-GAAP Measures” sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.

Conference call

3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following:

Live webcast at https://investors.3M.com
Webcast replay at https://investors.3m.com/financials/quarterly-earnings

Consolidated financial statements and supplemental financial information non-GAAP measures

View the Financial Statement Information on 3M’s website: https://investors.3m.com/financials/quarterly-earnings

Forward-looking statements

This news release contains forward-looking statements. You can identify these statements by the use of words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” “would,” “forecast,” “future,” “outlook,” “guidance” and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company’s control, including inflation; recession; military conflicts; trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures; regulatory requirements, legal actions, or enforcement; and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as “PFAS,” including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company’s plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement to resolve claims by public water suppliers in the United States regarding PFAS; (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company’s reports on Form 10-K, 10-Q, and 8-K (the “Reports”), as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way; (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product and service offerings; (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning system, or security breaches and other disruptions to the Company’s information or operational technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (11) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (12) financial market risks that may affect the Company’s funding obligations under defined benefit pension and postretirement plans; (13) the Company’s credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the spin-off of the Company’s Health Care business, including the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; potential impacts on the Company’s relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment; the risk that any consents or approvals required will not be obtained; risks under the agreements and obligations entered into in connection with the spin-off; and (16) matters relating to Combat Arms Earplugs (“CAE”) and related products, including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company’s subsidiary Aearo Technologies and certain of its affiliates and/or the Company. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

About 3M

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what’s possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we’re working to improve lives and make what’s next at 3M.com/news-center.

Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M’s news center and the social media channels such as @3M or @3MNews.

Contacts

3M

Investor Contacts:

Diane Farrow, 612-202-2449
or
Eric Herron, 651-233-0043
Media Contact:
Sean Lynch, [email protected]

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SOURCE 3M Company

April 22, 2025 6:35 am

INTEGRA ANNOUNCES STRONG FIRST QUARTER 2025 GOLD PRODUCTION RESULTS FROM FLORIDA CANYON MINE AND INCREASED CASH BALANCE TO US$61 MILLION

PR Newswire

VANCOUVER, BC
, April 22, 2025 /PRNewswire/ – Integra Resources Corp. (“Integra” or the “Company”) (TSXV: ITR) (NYSE American: ITRG) is pleased to provide an interim operational update for the first quarter ended March 31, 2025 (the “first quarter 2025” or “Q1 2025”). The Company plans to release its first quarter 2025 financial results after market close on Wednesday, May 14, 2025, followed by a conference call hosted by senior management on Thursday, May 15, 2025 at 11:00 AM Eastern Time / 8:00 AM Pacific Time.

(All amounts in U.S. dollars as at March 31, 2025, unless otherwise stated)

First Quarter 2025 Florida Canyon Mine Operational Update

The Florida Canyon Mine produced 19,323 ounces of gold and sold 19,540 ounces of gold during the first quarter 2025. Gold production exceeded expectations, partly due to the recovery and processing of approximately 2,000 ounces of previously unrecovered gold confined within an electrowinning tank as part of a one-time efficiency improvement project. Strong gold production was further supported by the continued ramp-up of solution flow rates through the heap leach pads and new carbon-in-column circuit commissioned in late 2024.

Unit abbreviations: kt = 1,000 metric tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce

Florida Canyon Mine Operating Highlights		Q1 2025
Ore mined	kt	3,021
Waste mined	kt	1,799
Total mined	kt	4,820
Strip ratio	waste:ore	0.60
Crushed ore to pad	kt	1,764
Run-of-mine (“ROM”) ore to pad	kt	1,199
Total placed	kt	2,963
Crushed grade	g/t Au	0.26
ROM grade	g/t Au	0.19
Processed grade	g/t Au	0.23
Gold recovery rate	%	60.4 %
Gold produced	oz	19,323
Gold sold	oz	19,540

First Quarter 2025 Financial Position

Unit abbreviations: $m = millions of U.S. dollars

Financial Position as of March 31, 2025
Cash and cash equivalents	$m	61.1
Working capital¹	$m	68.3

1. Non-IFRS measure. Refer to the “Non-IFRS Measures” section of this news release.

Full financial results for the first quarter 2025 will be reported and filed on Integra’s profile on SEDAR+ at www.sedarplus.ca and EDGAR profile at www.sec.gov on Wednesday, May 14, 2025.

First Quarter 2025 Conference Call

Integra will host a conference call and webcast on Thursday, May 15, 2025 at 11:00 AM Eastern Time / 8:00 AM Pacific Time, to discuss first quarter 2025 results. Details for the conference call and webcast are included below.

Dial-In Numbers / Webcast:

Conference ID: 2435675
Toll Free: (888) 672-2415
Toll: +1 (646) 307-1963

Webcast: https://events.q4inc.com/attendee/434938829

About Integra Resources

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.

ON BEHALF OF THE BOARD OF DIRECTORS

George Salamis
President, CEO and Director

Company website: www.integraresources.com

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut (Ph.D., P.Geo, OGQ Membership 1301), Integra’s Vice President, Geology and Mining. Mr. Dutaut is a “qualified person” as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Non-IFRS Measures

The Company has included certain performance measures in this news release which are not specified, defined, or determined under generally accepted accounting principles (in the Company’s case, International Financial Reporting Standards (“IFRS”)). These are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, the Company uses such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts.

Working Capital

Working capital for the period calculated by subtracting current assets from current liabilities.

(in $m)	Three Months Ended March 31, 2025	Year Ended December 31, 2024
Current assets	$ 117.0	$ 114.5
Less: Current liabilities	48.7	50.1
Working capital (deficit)	$ 68.3	$ 64.4

Forward Looking Statements

Certain information set forth in this news release contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation and in applicable United States securities law (referred to herein as forward‐looking statements). Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company and the Wildcat and Mountain View deposits (the “Nevada North Project”), the Florida Mountain and DeLamar deposits (the “DeLamar Project”) and the Florida Canyon mine (the “Florida Canyon Mine” and together with the Nevada North Project and the DeLamar Project, the “Projects”). Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, ‘believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: expected synergies from acquisition of Florida Canyon; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the Projects; satisfying ongoing covenants under the Company’s loan facilities; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Projects economic, as applicable; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company’s control and as well as those factors included herein and elsewhere in the Company’s public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra’s Annual Information Form dated March 26, 2025 for the fiscal year ended December 31, 2024, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and available as Exhibit 99.1 to Integra’s Form 40-F, which is available on the EDGAR profile for the Company at www.sec.gov.

Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Company’s filings with Canadian securities regulatory agencies, which can be viewed online under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves

NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Integra Resources Corp.

April 22, 2025 6:35 am

Evolent names Shawn Guertin as new independent nominee for election to its Board of Directors

PR Newswire

Former CFO of CVS Health, Aetna and Coventry Health Care brings deep experience driving growth and profitability.
Mr. Guertin’s nomination represents continuation of Evolent’s board refreshment efforts.

WASHINGTON
, April 22, 2025 /PRNewswire/ — Evolent Health, Inc. (NYSE: EVH) (“Evolent”), a company focused on achieving better health outcomes for people with complex conditions, today announced that a new director nominee will stand for election to the Board of Directors at the annual meeting of stockholders scheduled to be held on June 5, 2025.

The Board has recommended Mr. Shawn Guertin for election. Mr. Guertin is an insurance and health care executive with nearly 40 years of actuarial, financial and management experience. Most recently, he served as Executive Vice President and Chief Financial Officer for CVS Health Corporation from May 2021 to October 2023.

Mr. Guertin’s nomination follows a search process by the Board’s Nominating and Governance Committee to refresh an independent director position.

“It is an honor to be nominated to the Board,” said Mr. Guertin. “I believe that Evolent offers a differentiated product for payers seeking to deliver top-quality clinical outcomes and health care value to members living with complex health conditions. I’m excited for the opportunity to help drive shareholder value.”

If elected, Mr. Guertin will be the sixth new independent director added to the Board in the past four years, reflecting the Board’s emphasis on ensuring its corporate governance aligns with best-in-class practices.

“Shawn brings an impressive track record of driving growth and profitability in the health care industry, and we are excited about the opportunity to have him join the Board,” said Evolent Board Chair Cheryl Scott.

Evolent Co-Founder and Chief Executive Officer Seth Blackley stated, “Shawn is a highly respected leader from some of America’s best-known health care brands. We look forward to benefiting from his guidance and his passion for our mission.”

Mr. Guertin would take the seat currently held by Diane Holder, who is not seeking re-election.

“I am incredibly grateful to Diane for her contributions to Evolent and the Board over the last 14 years. Diane has helped establish the company as a leader in value-based specialty care, and her legacy will always be linked to Evolent,” said Mr. Blackley.

About Shawn Guertin

Shawn Guertin served as the Executive Vice President and Chief Financial Officer at CVS Health Corporation from May 2021 to October 2023 and remained with CVS Health through May 2024. From January 2014 to May 2019, Mr. Guertin served as the Executive Vice President, CFO and Chief Enterprise Risk Officer at Aetna, Inc. and as the Senior Vice President, CFO and Chief Enterprise Risk Officer from February 2013 to January 2014. Prior to that role, Mr. Guertin served as the Head of Business Segment Finance at Aetna from April 2011 to February 2013. Previously, Mr. Guertin held several leadership roles at Coventry Health Care, Inc. from January 1998 to December 2009, including CFO and Treasurer from January 2005 to December 2009. Mr. Guertin previously served on the boards of directors of DaVita, Inc. and TriNet Group, Inc. He received a B.A. in Mathematics from Boston University.

About Evolent Health

Evolent (NYSE: EVH) specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable. Evolent serves a national base of leading payers and providers and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting https://ir.evolent.com.

Important Additional Information and Where to Find it

Evolent Health, Inc. (the “Company”) intends to file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Company’s 2025 Annual Meeting of Stockholders (the “Proxy Statement” and such meeting the “Annual Meeting”). The Company, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise are set forth in the Company’s proxy statement for the 2024 Annual Meeting of Stockholders, filed with the SEC on April 26, 2024 (the “2024 Proxy Statement”) and the Company’s Current Report on Form 8-K, filed with the SEC on February 4, 2025. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the 2024 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Details concerning the nominees of the Company’s Board of Directors for election at the Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other documents filed by the Company free of charge from the SEC’s website, www.sec.gov. The Company’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to Evolent Health, Inc., Attention: Investor Relations, 1812 N. Moore Street, Suite 1705, Arlington, VA 22209, or from the Company’s website, www.evolent.com.

Evolent Contact

[email protected]

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SOURCE Evolent Health, Inc.