What changed in this filing

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Item 1. Financial Statements

2025-10-30 compared with 2025-07-31 · 102 added, 87 removed, 497 unchanged (28% of the section changed)

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the three months ended June 30, 2025 2024

For the three months ended September 30, 2025 2024

(Unaudited) (Unaudited)

9 unchanged sentences

Income from continuing operations before income taxes 68,823 84,863

Income tax expense ( 69,359 ) ( 63,072 )

Income tax (expense) benefit ( 34,450 ) 468

Income from continuing operations 34,373 85,331

(Loss) income from discontinued operations, net of tax of $ 0 for both periods

Income (loss) from discontinued operations, net of tax of $ 0 for both periods

Net income 34,379 85,327

Net income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Net loss attributable to noncontrolling interests 108 136

Net income attributable to Laureate Education, Inc.

2 unchanged sentences

Income from continuing operations $ 0.23 $ 0.56

(Loss) income from discontinued operations — —

Income (loss) from discontinued operations — —

Basic and diluted earnings per share $ 0.23 $ 0.56

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the six months ended June 30, 2025 2024

For the nine months ended September 30, 2025 2024

(Unaudited) (Unaudited)

6 unchanged sentences

Interest expense ( 8,116 ) ( 14,769 )

Other income (expense), net 789 ( 440 )

Other income, net 960 483

Foreign currency exchange (loss) gain, net ( 31,122 ) 36,367

6 unchanged sentences

Net income 112,252 202,830

Net income attributable to noncontrolling interests ( 2,286 ) ( 124 )

Net (income) loss attributable to noncontrolling interests ( 2,178 ) 12

Net income attributable to Laureate Education, Inc.

$ 110,074 $ 202,842

Basic earnings per share:

Income from continuing operations $ 0.51 $ 0.75

Income from discontinued operations — —

Basic earnings per share

$ 0.51 $ 0.75

Diluted earnings per share:

Basic and diluted earnings (loss) per share:

Income from continuing operations $ 0.74 $ 1.31

Income from discontinued operations — —

Diluted earnings per share $ 0.50 $ 0.75

Basic and diluted earnings per share $ 0.74 $ 1.31

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Comprehensive Income

For the three months ended June 30, 2025 2024

For the three months ended September 30, 2025 2024

(Unaudited) (Unaudited)

5 unchanged sentences

Comprehensive income 62,998 5,236

Net comprehensive income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Net comprehensive loss attributable to noncontrolling interests 109 136

Comprehensive income attributable to Laureate Education, Inc.

4 unchanged sentences

Consolidated Statements of Comprehensive Income

For the six months ended June 30, 2025 2024

For the nine months ended September 30, 2025 2024

(Unaudited) (Unaudited)

5 unchanged sentences

Comprehensive income 223,568 42,076

Net comprehensive income attributable to noncontrolling interests ( 2,283 ) ( 124 )

Net comprehensive (income) loss attributable to noncontrolling interests ( 2,174 ) 12

Comprehensive income attributable to Laureate Education, Inc.

5 unchanged sentences

IN THOUSANDS, except per share amounts

September 30,

2025 December 31,

32 unchanged sentences

IN THOUSANDS, except per share amounts

September 30,

2025 December 31,

21 unchanged sentences

Stockholders' equity:

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 147,363 shares issued and outstanding as of June 30, 2025 and 150,794 shares issued and outstanding as of December 31, 2024

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of September 30, 2025 and December 31, 2024

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 147,369 shares issued and outstanding as of September 30, 2025 and 150,794 shares issued and outstanding as of December 31, 2024

Additional paid-in capital 1,111,013 1,129,511

10 unchanged sentences

Consolidated Statements of Cash Flows

For the six months ended June 30, 2025 2024

For the nine months ended September 30, 2025 2024

Cash flows from operating activities (Unaudited) (Unaudited)

69 unchanged sentences

We record refunds as a reduction of deferred revenue, as applicable.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended June 30, 2025 and 2024:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended September 30, 2025 and 2024:

Mexico Peru Corporate (1)

10 unchanged sentences

(1) Includes the elimination of inter-segment revenues.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2025 and 2024:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the nine months ended September 30, 2025 and 2024:

Mexico Peru Corporate (1)

17 unchanged sentences

All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets.

Total accounts receivable from our contracts with students were $ 245,268 and $ 189,124 as of June 30, 2025 and December 31, 2024, respectively.

The increase in the contract assets balance at June 30, 2025 compared to December 31, 2024 was primarily driven by enrollment cycles.

Total accounts receivable from our contracts with students were $ 189,652 and $ 189,124 as of September 30, 2025 and December 31, 2024, respectively.

Contract assets balances are primarily driven by enrollment cycles.

The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions.

All contract asset amounts are classified as current.

Contract liabilities in the amount of $ 84,290 and $ 64,340 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

The increase in the contract liability balance during the period ended June 30, 2025 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the six months ended June 30, 2025 that was included in the contract liability balance at the beginning of the year was approximately $ 55,108 .

Contract liabilities in the amount of $ 90,835 and $ 64,340 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.

The increase in the contract liability balance during the period ended September 30, 2025 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the nine months ended September 30, 2025 that was included in the contract liability balance at the beginning of the year was approximately $ 60,967 .

Assets Held for Sale

Two of the Company’s subsidiaries that operate K-12 educational programs in Mexico are classified as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” The sale of the K-12 campuses is intended to allow the Mexico segment to focus on its core business.

The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the Consolidated Financial Statements.

In addition, several parcels of land at campuses in Mexico are classified as held for sale under ASC 360-10-45-9.

As of September 30, 2025 and December 31, 2024, several parcels of land at campuses in Mexico were classified as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” I n addition, as of December 31, 2024, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico were classified as held for sale under ASC 360-10-45-9.

As of September 30, 2025, these K-12 campuses no longer met the criteria to be classified as held for sale and were reclassified to held and used.

The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell.

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Assets Held for Sale

3 unchanged sentences

Operating lease right-of-use assets, net — 7,512

Other assets 41 —

Total assets held for sale $ 1,630 $ 10,974

5 unchanged sentences

Total liabilities held for sale $ — $ 9,669

The long-term debt balance represents a finance lease for property.

Business and Geographic Segment Information

11 unchanged sentences

There are a number of private and public institutions in both of the countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future.

We expect competition to increase as the Mexican and Peruvian markets

We expect competition to increase as the Mexican and Peruvian markets mature.

Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru.

7 unchanged sentences

The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process.

Adjusted EBITDA is defined as Income from continuing operations before income taxes and equity in net income (loss) of affiliates, adding back the following items:

Loss on disposal of subsidiaries, net, Foreign currency exchange (loss) gain, net, Other income (expense), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

Adjusted EBITDA is defined as Income from continuing operations before income taxes and equity in net income of affiliates, adding back the following items:

Loss on disposal of subsidiaries, net, Foreign currency exchange (loss) gain, net, Other income, net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

4 unchanged sentences

We use total assets as the measure of assets for reportable segments.

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Income from continuing operations before income taxes and equity in net income (loss) of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended For the six months ended

June 30, June 30,

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Income from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended For the nine months ended

September 30, September 30,

2025 2024 2025 2024

10 unchanged sentences

Interest expense ( 2,605 ) ( 4,979 ) ( 8,116 ) ( 14,769 )

Other income (expense), net

Other income, net

171 923 960 483

3 unchanged sentences

— — — ( 3,086 )

Income from continuing operations before income taxes and equity in net income (loss) of affiliates

Income from continuing operations before income taxes and equity in net income of affiliates

$ 68,823 $ 84,863 $ 218,360 $ 275,030

The following table presents significant segment expenses of our reportable segments:

For the three months ended For the six months ended

June 30, June 30,

For the three months ended For the nine months ended

September 30, September 30,

2025 2024 2025 2024

16 unchanged sentences

The following table presents other financial information of our reportable segments:

For the three months ended For the six months ended

June 30, June 30,

For the three months ended For the nine months ended

September 30, September 30,

2025 2024 2025 2024

4 unchanged sentences

The following table presents the total assets of our reportable segments:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Mexico $ 1,269,422 $ 1,143,053

2 unchanged sentences

Total assets $ 2,116,550 $ 1,862,060

The change in the net carrying amount of Goodwill from December 31, 2024 through June 30, 2025 was composed of the following items:

The change in the net carrying amount of Goodwill from December 31, 2024 through September 30, 2025 was composed of the following items:

Mexico Peru Total

1 unchanged sentence

Currency translation adjustments 48,558 4,476 53,034

Balance at June 30, 2025 $ 526,823 $ 75,340 $ 602,163

Balance at September 30, 2025 $ 539,624 $ 76,814 $ 616,438

Outstanding long-term debt was as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Senior long-term debt:

11 unchanged sentences

The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

As of June 30, 2025 and December 31, 2024, the Senior Secured Credit Facility had a total outstanding balance of $ 12,500 and $ 0 , respectively.

As of each of September 30, 2025 and December 31, 2024, the Senior Secured Credit Facility had no outstanding balance.

Estimated Fair Value of Debt

As of June 30, 2025 and December 31, 2024, the estimated fair value of our debt approximated its carrying value.

As of each of September 30, 2025 and December 31, 2024, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of June 30, 2025, our Amended Credit Agreement contained certain negative covenants including, among others:

As of September 30, 2025, our Amended Credit Agreement contained certain negative covenants including, among others:

(1) limitations on additional indebtedness;

4 unchanged sentences

The Amended Credit Agreement also provides that if less than 25 % of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply.

As of June 30, 2025, this condition was satisfied and, therefore, we were not subject to the leverage ratio.

As of September 30, 2025, this condition was satisfied and, therefore, we were not subject to the leverage ratio.

In addition, indebtedness at some of our locations contain financial maintenance covenants.

We were in compliance with these covenants as of June 30, 2025.

We were in compliance with these covenants as of September 30, 2025.

Commitments and Contingencies

4 unchanged sentences

Income Tax Contingencies

As of June 30, 2025 and December 31, 2024, Laureate had recorded cumulative liabilities for income tax contingencies of $ 130,807 and $ 136,473 , respectively.

As of September 30, 2025 and December 31, 2024, Laureate had recorded cumulative liabilities for income tax contingencies of $ 133,162 and $ 136,473 , respectively.

Non-Income Tax Loss Contingencies

1 unchanged sentence

Laureate intends to vigorously defend against these matters.

As of June 30, 2025 and December 31, 2024, approximately $ 12,400 and $ 13,500 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

As of September 30, 2025 and December 31, 2024, approximately $ 12,800 and $ 13,500 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable.

1 unchanged sentence

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a tax assessment received related to tax audits of 2014 and 2015.

As of June 30, 2025 and December 31, 2024, the total amount of the guarantee was approximately $ 7,600 and $ 7,300 , respectively.

As of September 30, 2025 and December 31, 2024, the total amount of the guarantee was approximately $ 7,700 and $ 7,300 , respectively.

During the third quarter of 2025, one of our Mexican institutions issued a bank guarantee in order to appeal an assessment received related to a tax audit of 2017.

As of September 30, 2025, the total amount of the guarantee was approximately $ 12,100 .

Stockholders’ Equity

The components of net changes in stockholders’ equity for the six months ended June 30, 2025 are as follows:

The components of net changes in stockholders’ equity for the nine months ended September 30, 2025 are as follows:

Laureate Education, Inc.

18 unchanged sentences

Balance at June 30, 2025 147,363 $ 590 $ 1,106,926 $ 323,466 $ ( 379,510 ) $ ( 121 ) $ 1,051,351

Non-cash share-based compensation — — 3,765 — — — 3,765

Vesting of restricted stock units, net of shares withheld to satisfy tax withholding 6 — — — — — —

Change in noncontrolling interests — — 321 — — ( 321 ) —

Equitable adjustments to stock-based awards — — 1 — — — 1

Net income (loss) — — — 34,487 — ( 108 ) 34,379

Foreign currency translation adjustment, net of tax of $ 0

— — — — 28,620 ( 1 ) 28,619

Balance at September 30, 2025 147,369 $ 590 $ 1,111,013 $ 357,953 $ ( 350,890 ) $ ( 551 ) $ 1,118,115

Stock Repurchases

2 unchanged sentences

(together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 521 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 17.47 per share for an aggregate purchase price of $ 9,101 .

Additionally, during the six months ended June 30, 2025, the Company repurchased 3,149 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $ 61,485 .

Additionally, during the nine months ended September 30, 2025, the Company repurchased 3,149 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $ 61,485 .

The above repurchases were pursuant to the Company’s existing $ 100,000 stock purchase program that was announced on September 13, 2024 .

As of September 30, 2025, there was approximately $ 27,391 of remaining authorization.

On October 30, 2025, the Company announced that its Board of Directors had approved a $ 150,000 increase to the existing authorization for the Company’s stock repurchase program, increasing the dollar value of shares yet to be repurchased under this stock repurchase program, which has no expiration date, to approximately $ 177,391 .

The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act.

Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.

Repurchases may be effected pursuant

to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.

The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

2 unchanged sentences

Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.

The components of net changes in stockholders’ equity for the six months ended June 30, 2024 are as follows:

The components of net changes in stockholders’ equity for the nine months ended September 30, 2024 are as follows:

Laureate Education, Inc.

19 unchanged sentences

Balance at June 30, 2024 152,546 $ 610 $ 1,142,081 $ 128,130 $ ( 352,807 ) $ ( 2,205 ) $ 915,809

Non-cash share-based compensation — — 2,781 — — — 2,781

Purchase and retirement of common stock ( 1,895 ) ( 7 ) ( 14,190 ) ( 14,381 ) — — ( 28,578 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 34 — 80 — — — 80

Equitable adjustments to stock-based awards — — ( 3 ) — — — ( 3 )

Net income (loss) — — — 85,463 — ( 136 ) 85,327

Foreign currency translation adjustment, net of tax of $ 0

— — — — ( 80,091 ) — ( 80,091 )

Balance at September 30, 2024 150,685 $ 603 $ 1,130,749 $ 199,212 $ ( 432,898 ) $ ( 2,341 ) $ 895,325

Share-based Compensation Expense

During the three and six months ended June 30, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $ 3,481 and $ 2,887 , respectively, and $ 5,944 and $ 4,296 , respectively.

During the three and nine months ended September 30, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $ 3,765 and $ 2,781 , respectively, and $ 9,709 and $ 7,077 , respectively.

Accumulated Other Comprehen sive Income (Loss)

3 unchanged sentences

The components of these balances were as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Laureate Education, Inc.

6 unchanged sentences

Laureate’s income tax provisions for all periods consist of federal, state and foreign income taxes.

The tax provisions for the six months ended June 30, 2025 and 2024 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

The tax provisions for the nine months ended September 30, 2025 and 2024 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not ‘ more likely than not ’ that a tax benefit will be realized on the loss.

For the six months ended June 30, 2025, the Company recognized income tax expense of $ 71,876 , as compared to $ 72,994 in the prior-year period.

For the nine months ended September 30, 2025, the Company recognized income tax expense of $ 106,326 , as compared to $ 72,526 in the prior-year period.

The Company recognized a net deferred tax benefit of approximately $ 37,900 during the three months ended September 30, 2024 related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring following regulatory approval.

The One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company does not expect it to have a material impact on its consolidated financial statements.

Earnings Per Share

3 unchanged sentences

The following tables summarize the computations of basic and diluted earnings per share:

For the three months ended June 30, 2025 2024

For the three months ended September 30, 2025 2024

Numerator used in basic and diluted earnings per common share for continuing operations:

Income from continuing operations $ 34,373 $ 85,331

Income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Loss attributable to noncontrolling interests 108 136

Net income from continuing operations for basic and diluted earnings per share $ 34,481 $ 85,467

Numerator used in basic and diluted earnings per common share for discontinued operations:

Net (loss) income from discontinued operations for basic and diluted earnings per share $ ( 4 ) $ 394

Net income (loss) from discontinued operations for basic and diluted earnings per share $ 6 $ ( 4 )

Denominator used in basic and diluted earnings per common share:

5 unchanged sentences

Income from continuing operations $ 0.23 $ 0.56

(Loss) income from discontinued operations — —

Income (loss) from discontinued operations — —

Basic and diluted earnings per share $ 0.23 $ 0.56

For the six months ended June 30, 2025 2024

For the nine months ended September 30, 2025 2024

Numerator used in basic and diluted earnings per common share for continuing operations:

Income from continuing operations $ 112,037 $ 202,497

Income attributable to noncontrolling interests ( 2,286 ) ( 124 )

(Income) loss attributable to noncontrolling interests ( 2,178 ) 12

Net income from continuing operations for basic and diluted earnings per share $ 109,859 $ 202,509

6 unchanged sentences

Diluted weighted average shares outstanding 149,230 154,696

Basic earnings per share:

Income from continuing operations $ 0.51 $ 0.75

Income from discontinued operations — —

Basic earnings per share $ 0.51 $ 0.75

Diluted earnings per share:

Basic and diluted earnings (loss) per share:

Income from continuing operations $ 0.74 $ 1.31

Income from discontinued operations — —

Diluted earnings per share $ 0.50 $ 0.75

Basic and diluted earnings per share $ 0.74 $ 1.31

The following table summarizes the number of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

For the three months ended June 30, For the six months ended June 30,

For the three months ended September 30, For the nine months ended September 30,

2025 2024 2025 2024

12 unchanged sentences

Reconciliation of Cash and cash equivalents and Restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the June 30, 2024 balance.

The June 30, 2025 and June 30, 2024 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024:

June 30, 2025 June 30, 2024 December 31, 2024

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the September 30, 2024 balance.

The September 30, 2025 and September 30, 2024 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024:

September 30, 2025 September 30, 2024 December 31, 2024

Cash and cash equivalents $ 240,994 $ 134,409 $ 91,350

3 unchanged sentences

Subsequent Events

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company is still assessing the OBBBA but at this time does not expect it to have a material impact on its consolidated financial statements.

Increase to Authorized Stock Repurchase Program

As discussed in Note 8, Stockholders’ Equity, on October 30, 2025, the Company announced that its Board of Directors had approved a $ 150,000 increase to the existing authorization for the Company’s stock repurchase program .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements