What changed in this filing

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Item 1. Financial Statements

2025-07-22 compared with 2025-04-22 · 100 added, 61 removed, 552 unchanged (23% of the section changed)

29 unchanged sentences

(000’s omitted, except per share data)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Home sale revenues $ 4,267,975 $ 4,448,168 $ 8,017,244 $ 8,267,754

10 unchanged sentences

Equity income from unconsolidated entities, net 409 2,167 911 40,069

Other income, net 6,362 16,683

Other income (expense), net ( 1,006 ) 13,324 5,355 30,008

Income before income taxes 807,156 1,048,312 1,488,294 1,916,955

14 unchanged sentences

Earnings Total

Shareholder's equity, March 31, 2025 200,565 $ 2,005 $ 3,452,228 $ 8,846,739 $ 12,300,972

Share issuances 18 1 — — 1

Dividends declared — — — ( 44,039 ) ( 44,039 )

Share repurchases ( 2,984 ) ( 30 ) — ( 299,970 ) ( 300,000 )

Excise tax on share repurchases — — — ( 2,982 ) ( 2,982 )

Cash paid for shares withheld for taxes — — — ( 339 ) ( 339 )

Share-based compensation — — 12,846 — 12,846

Net income — — — 608,483 608,483

Shareholders' equity, June 30, 2025 197,599 $ 1,976 $ 3,465,074 $ 9,107,892 $ 12,574,942

Shareholders' equity, December 31, 2024 202,913 $ 2,029 $ 3,425,384 $ 8,694,551 $ 12,121,964

6 unchanged sentences

Net income — — — 1,131,282 1,131,282

Shareholder's equity, March 31, 2025 200,565 $ 2,005 $ 3,452,228 $ 8,846,739 $ 12,300,972

Shareholders' equity, June 30, 2025 197,599 $ 1,976 $ 3,465,074 $ 9,107,892 $ 12,574,942

Capital Retained

Earnings Total

Shareholder's equity, March 31, 2024 210,658 $ 2,107 $ 3,392,199 $ 7,367,647 $ 10,761,953

Share issuances 8 — — — —

Dividends declared — — — ( 42,073 ) ( 42,073 )

Share repurchases ( 2,761 ) ( 28 ) — ( 314,127 ) ( 314,155 )

Excise tax on share repurchases — — — ( 3,132 ) ( 3,132 )

Cash paid for shares withheld for taxes — — — ( 31 ) ( 31 )

Share-based compensation — — 11,128 — 11,128

Net income — — — 809,133 809,133

Shareholders' equity, June 30, 2024 207,905 $ 2,079 $ 3,403,327 $ 7,817,417 $ 11,222,823

Shareholders' equity, December 31, 2023 212,558 $ 2,126 $ 3,368,407 $ 7,012,724 $ 10,383,257

6 unchanged sentences

Net income — — — 1,472,109 1,472,109

Shareholder's equity, March 31, 2024 210,658 $ 2,107 $ 3,392,199 $ 7,367,647 $ 10,761,953

Shareholders' equity, June 30, 2024 207,905 $ 2,079 $ 3,403,327 $ 7,817,417 $ 11,222,823

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

($000’s omitted)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

26 unchanged sentences

Share repurchases ( 600,000 ) ( 559,999 )

Excise tax on share repurchases ( 11,550 ) —

Cash paid for shares withheld for taxes ( 23,761 ) ( 17,623 )

29 unchanged sentences

We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").

Other income, net

Other income, net consists of the following ($000’s omitted):

Three Months Ended

Other income (expense), net

Other income (expense), net consists of the following ($000’s omitted):

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Write-offs of deposits and pre-acquisition costs $ ( 11,344 ) $ ( 3,685 ) $ ( 15,679 ) $ ( 7,675 )

3 unchanged sentences

Miscellaneous, net 3,199 2,483 6,126 8,433

Other income, net $ 6,362 $ 16,683

Other income (expense), net $ ( 1,006 ) $ 13,324 $ 5,355 $ 30,008

PULTEGROUP, INC.

3 unchanged sentences

Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash.

Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $ 541.5 million and $ 512.6 million at March 31, 2025 and December 31, 2024, respectively.

Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $ 520.5 million and $ 512.6 million at June 30, 2025 and December 31, 2024, respectively.

Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit.

12 unchanged sentences

Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy.

The related contract assets for estimated future renewal commissions are included in other assets and totaled $ 93.5 million and $ 91.1 million at March 31, 2025 and December 31, 2024, respectively.

The related contract assets for estimated future renewal commissions are included in other assets and totaled $ 90.9 million and $ 91.1 million at June 30, 2025 and December 31, 2024, respectively.

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days.

At March 31, 2025 and December 31, 2024, residential mortgage loans available-for-sale had an aggregate fair value of $ 642.8 million and $ 629.6 million, respectively, and an aggregate outstanding principal balance of $ 648.0 million and $ 645.7 million, respectively.

At June 30, 2025 and December 31, 2024, residential mortgage loans available-for-sale had an aggregate fair value of $ 581.6 million and $ 629.6 million, respectively, and an aggregate outstanding principal balance of $ 587.1 million and $ 645.7 million, respectively.

These changes in fair value were substantially offset by changes in fair value of the corresponding derivative instruments.

Net gains from the sale of mortgages were $ 49.8 million and $ 50.6 million for the three months ended March 31, 2025 and 2024, respectively, and have been included in Financial Services revenues.

Net gains from the sale of mortgages were $ 59.7 million and $ 60.7 million for the three months ended June 30, 2025 and 2024, respectively, and $ 109.5 million and $ 111.3 million for the six months ended June 30, 2025 and 2024, respectively, and have been included in Financial Services revenues.

Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations.

At March 31, 2025 and December 31, 2024, we had aggregate IRLCs of $ 780.2 million and $ 469.4 million, respectively.

At June 30, 2025 and December 31, 2024, we had aggregate IRLCs of $ 739.0 million and $ 469.4 million, respectively.

Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements.

1 unchanged sentence

Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor.

At March 31, 2025 and December 31, 2024, we had unexpired forward contracts of $ 1.3 billion and $ 977.0 million, respectively, and whole loan investor commitments of

At June 30, 2025 and December 31, 2024, we had unexpired forward contracts of $ 1.1 billion and $ 977.0 million, respectively, and whole loan investor commitments of

PULTEGROUP, INC.

6 unchanged sentences

The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities

4 unchanged sentences

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period.

Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.

4 unchanged sentences

Counterparties associated with these assets are generally highly rated.

Allowances on the aforementioned assets were not material as of March 31, 2025.

Allowances on the aforementioned assets were not material as of June 30, 2025.

New accounting pronouncements

23 unchanged sentences

Information related to interest capitalized into inventory is as follows ($000’s omitted):

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Interest in inventory, beginning of period $ 139,541 $ 148,101 $ 139,960 $ 139,078

14 unchanged sentences

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity.

No VIEs required consolidation at either March 31, 2025 or December 31, 2024 because we determined that we were not any VIE's primary beneficiary.

No VIEs required consolidation at either June 30, 2025 or December 31, 2024 because we determined that we were not any VIE's primary beneficiary.

Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements.

The following provides a summary of our interests in land option agreements as of March 31, 2025 and December 31, 2024 ($000’s omitted):

March 31, 2025 December 31, 2024

The following provides a summary of our interests in land option agreements as of June 30, 2025 and December 31, 2024 ($000’s omitted):

June 30, 2025 December 31, 2024

Pre-acquisition

29 unchanged sentences

($000’s omitted)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Northeast $ 347,437 $ 257,153 $ 597,171 $ 457,557

33 unchanged sentences

($000’s omitted)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Other segment items (d) :

7 unchanged sentences

28,868 39,045 58,000 111,489

( 1,847 ) 14,441 $ 5,016 $ 69,027

Financial Services ( 58,361 ) ( 48,284 ) ( 113,331 ) ( 99,662 )

13 unchanged sentences

(b) Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest.

(c) Other homebuilding includes insurance reserve reversals of $ 26.8 million for the three months ended March 31, 2024 (see Note 8 ).

(c) Other homebuilding includes insurance reserve reversals of $ 51.9 million and $ 78.7 million for the three and six months ended June 30, 2024, respectively (see Note 8 ).

Other homebuilding also includes eliminations of corporate overhead allocated to the operating segments.

1 unchanged sentence

(e) Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments.

Other homebuilding also includes a gain of $ 37.7 million for the three months ended March 31, 2024 related to the sale of our minority interest in a joint venture.

Other homebuilding also includes a gain of $ 37.7 million for the six months ended June 30, 2024 related to the sale of our minority interest in a joint venture.

(f) Includes certain land-related charges (see the following table and Note 2 ).

3 unchanged sentences

($000’s omitted)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Land-related charges (a) :

11 unchanged sentences

($000’s omitted)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Depreciation and amortization

13 unchanged sentences

($000's omitted)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Inventory Total

12 unchanged sentences

(a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments.

Other homebuilding also includes goodwill of $ 68.9 million, net of cumulative impairment charges of $ 20.2 million at March 31, 2025 and December 31, 2024.

Other homebuilding also includes goodwill of $ 68.9 million, net of cumulative impairment charges of $ 20.2 million, at both June 30, 2025 and December 31, 2024.

PULTEGROUP, INC.

23 unchanged sentences

Other notes payable

Other notes payable include non-recourse and limited recourse notes with third parties that totaled $ 42.6 million and $ 35.8 million at March 31, 2025 and December 31, 2024, respectively.

Other notes payable include non-recourse and limited recourse notes with third parties that totaled $ 39.7 million and $ 35.8 million at June 30, 2025 and December 31, 2024, respectively.

These notes have maturities ranging up to five years , are secured by the applicable land positions to which they relate, and generally have no recourse to other assets.

The stated interest rates on these notes range up to 9 %.

We recorded $ 9.5 million and $ 5.4 million of inventory through seller financing in the three months ended March 31, 2025 and 2024, respectively.

We recorded $ 13.1 million and $ 5.4 million of inventory through seller financing in the six months ended June 30, 2025 and 2024, respectively.

Revolving credit facility

3 unchanged sentences

The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility).

We were in compliance with all covenants and requirements as of March 31, 2025.

We were in compliance with all covenants and requirements as of June 30, 2025.

Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At March 31, 2025, we had no borrowings outstanding, $ 307.7 million of letters of credit issued, and $ 942.3 million of remaining capacity under the Revolving Credit Facility.

At June 30, 2025, we had no borrowings outstanding, $ 341.2 million of letters of credit issued, and $ 908.8 million of remaining capacity under the Revolving Credit Facility.

At December 31, 2024, we had no borrowings outstanding, $ 321.1 million of letters of credit issued, and $ 928.9 million of remaining capacity under the Revolving Credit Facility.

2 unchanged sentences

Joint venture debt

At March 31, 2025, aggregate outstanding debt of unconsolidated joint ventures was $ 34.9 million.

At June 30, 2025, aggregate outstanding debt of unconsolidated joint ventures was $ 36.5 million.

Financial Services debt

Pulte Mortgage maintains a master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement") that matures on August 13, 2025.

The maximum aggregate commitment under the Repurchase Agreement was $ 650.0 million at March 31, 2025, which continues until maturity.

The maximum aggregate commitment under the Repurchase Agreement was $ 650.0 million at June 30, 2025, which continues until maturity.

The Repurchase Agreement also contains an accordion feature that could increase the commitment by $ 50.0 million above its active commitment level.

1 unchanged sentence

The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity.

At March 31, 2025, Pulte Mortgage had $ 426.9 million outstanding at a weighted-average interest rate of 6.12 % and $ 223.1 million of remaining capacity under the Repurchase Agreement.

At June 30, 2025, Pulte Mortgage had $ 498.4 million outstanding at a weighted-average interest rate of 6.12 % and $ 151.6 million of remaining capacity under the Repurchase Agreement.

At December 31, 2024, Pulte Mortgage had $ 526.9 million outstanding at a weighted-average interest rate of 6.13 % and $ 148.1 million of remaining capacity under the Repurchase Agreement.

1 unchanged sentence

Shareholders’ equity

In the three months ended March 31, 2025, we declared cash dividends totaling $ 44.7 million and repurchased 2.8 million shares under our share repurchase authorization for $ 300.0 million.

In the three months ended March 31, 2024, we declared cash dividends totaling $ 42.6 million and repurchased 2.3 million shares under our share repurchase authorization for $ 245.8 million.

In the six months ended June 30, 2025, we declared cash dividends totaling $ 88.7 million and repurchased 5.8 million shares under our share repurchase authorization for $ 600.0 million.

In the six months ended June 30, 2024, we declared cash dividends totaling $ 84.7 million and repurchased 5.1 million shares under our share repurchase authorization for $ 560.0 million.

On January 29, 2025, the Board of Directors increased our share repurchase authorization by $ 1.5 billion.

At March 31, 2025, we had remaining authorization to repurchase $ 1.9 billion of common shares.

At June 30, 2025, we had remaining authorization to repurchase $ 1.6 billion of common shares.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations.

In the three months ended March 31, 2025 and 2024, participants surrendered shares valued at $ 23.4 million and $ 17.6 million, respectively, under these plans.

In the six months ended June 30, 2025 and 2024, participants surrendered shares valued at $ 23.8 million and $ 17.6 million, respectively, under these plans.

Such share transactions are excluded from the above noted share repurchase authorization.

Our effective tax rate was 23.2 % for the three months ended March 31, 2025, compared with 23.7 % for the three months ended March 31, 2024.

Our effective tax rate was 24.6 % and 24.0 % for the three and six months ended June 30, 2025, respectively, compared with 22.8 % and 23.2 % for the comparable prior year periods in 2024.

Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense and federal tax credits.

At March 31, 2025 and December 31, 2024, we had net deferred tax liabilities of $ 408.9 million and $ 388.5 million, respectively.

Our income tax expense for the three and six months ended June 30, 2024 also reflected a reduction in income tax liabilities totaling $ 13.2 million related to the favorable resolution of uncertain state tax positions.

At June 30, 2025 and December 31, 2024, we had net deferred tax liabilities of $ 408.3 million and $ 388.5 million, respectively.

The accounting for deferred taxes is based upon estimates of future results.

2 unchanged sentences

Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes.

We had $ 38.5 million and $ 38.7 million of gross unrecognized tax benefits at March 31, 2025 and December 31, 2024, respectively.

Additionally, we had accrued interest and penalties of $ 2.0 million and $ 1.9 million at March 31, 2025 and December 31, 2024, respectively.

We had $ 35.1 million and $ 38.7 million of gross unrecognized tax benefits at June 30, 2025 and December 31, 2024, respectively.

Additionally, we had accrued interest and penalties of $ 2.1 million and $ 1.9 million at June 30, 2025 and December 31, 2024, respectively.

PULTEGROUP, INC.

17 unchanged sentences

House and land inventory Level 3 $ 17,892 $ 20,016

Land held for sale Level 2 1,006 —

Disclosed at fair value:

10 unchanged sentences

If quoted market prices are not available, fair values are based on quoted market prices of similar issues.

The carrying value of senior notes was $ 1.6 billion at both March 31, 2025 and December 31, 2024.

The carrying value of senior notes was $ 1.6 billion at both June 30, 2025 and December 31, 2024.

PULTEGROUP, INC.

4 unchanged sentences

The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure.

We had outstanding letters of credit and surety bonds totaling $ 307.7 million and $ 3.0 billion, respectively, at March 31, 2025, and $ 321.1 million and $ 2.9 billion, respectively, at December 31, 2024.

We had outstanding letters of credit and surety bonds totaling $ 341.2 million and $ 3.1 billion, respectively, at June 30, 2025, and $ 321.1 million and $ 2.9 billion, respectively, at December 31, 2024.

In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond.

20 unchanged sentences

Changes to warranty liabilities were as follows ($000’s omitted):

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Warranty liabilities, beginning of period $ 132,287 $ 122,742 $ 130,538 $ 120,393

24 unchanged sentences

IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.

Our recorded reserves for all such claims totaled $ 276.3 million and $ 267.5 million at March 31, 2025 and December 31, 2024, respectively.

Our recorded reserves for all such claims totaled $ 273.4 million and $ 267.5 million at June 30, 2025 and December 31, 2024, respectively.

The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses.

Liabilities related to IBNR and related claim expenses represented approximately 71 % and 68 % of the total general liability reserves at March 31, 2025 and December 31, 2024, respectively.

Liabilities related to IBNR and related claim expenses represented approximately 68 % of the total general liability reserves at both June 30, 2025 and December 31, 2024.

The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data.

8 unchanged sentences

Adjustments to reserves are recorded in the period in which the change in estimate occurs.

Our lower ending reserve balance at March 31, 2025 compared with March 31, 2024 results primarily from adjustments made during 2024 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections.

Our lower ending reserve balance at June 30, 2025 compared with June 30, 2024 results primarily from adjustments made during 2024 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections.

The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims.

3 unchanged sentences

Changes in these liabilities were as follows ($000's omitted):

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Balance, beginning of period $ 276,294 $ 547,621 $ 267,474 $ 563,103

13 unchanged sentences

Leases with an initial term of 12 months or less are not recorded on the balance sheet.

ROU assets and lease liabilities were $ 105.8 million and $ 121.1 million at March 31, 2025, respectively, and $ 93.9 million and $ 109.0 million at December 31, 2024, respectively.

In the three months ended March 31, 2025 and 2024 we recorded an additional $ 19.6 million and $ 3.7 million of lease liabilities under operating leases, respectively.

Payments on lease liabilities in the three months ended March 31, 2025 and 2024 totaled $ 5.8 million and $ 5.9 million, respectively.

ROU assets and lease liabilities were $ 115.5 million and $ 131.6 million at June 30, 2025, respectively, and $ 93.9 million and $ 109.0 million at December 31, 2024, respectively.

In the three and six months ended June 30, 2025 we recorded an additional $ 14.5 million and $ 34.1 million, respectively, of lease liabilities under operating leases, and $ 1.9 million and $ 5.5 million, respectively, in the comparable prior year periods.

Payments on lease liabilities in the three and six months ended June 30, 2025 totaled $ 5.7 million and $ 11.5 million, respectively, and $ 5.8 million and $ 11.7 million in the comparable prior year periods.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year.

In the three months ended March 31, 2025 and 2024 our total lease expense was $ 15.7 million and $ 15.0 million, respectively, inclusive of variable lease costs of $ 5.3 million and $ 3.6 million, respectively, as well as short-term lease costs of $ 3.8 million and $ 4.8 million, respectively.

In the three and six months ended June 30, 2025 our total lease expense was $ 15.2 million and $ 30.9 million, respectively, and $ 15.2 million and $ 30.2 million in the comparable prior year periods.

Our total lease expense is inclusive of variable lease costs of $ 2.3 million and $ 5.3 million in the three and six months ended June 30, 2025, respectively, and $ 2.5 million and $ 6.1 million in the comparable prior year periods, as well as short-term lease costs of $ 5.4 million and $ 11.5 million in the three and six months ended June 30, 2025, respectively, and $ 6.0 million and $ 10.8 million in the comparable prior year periods.

Sublease income was de minimis.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The future minimum lease payments required under our leases as of March 31, 2025 were as follows ($000's omitted):

The future minimum lease payments required under our leases as of June 30, 2025 were as follows ($000's omitted):

Years Ending December 31,

2 unchanged sentences

Present value of lease liabilities (d)

(a) Remaining payments are for the nine months ending December 31, 2025.

(b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $ 19.2 million of legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2025.

(a) Remaining payments are for the six months ending December 31, 2025.

(b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $ 11.3 million of legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2025.

As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d) The weighted-average remaining lease term and weighted-average discount rate used in calculating our lease liabilities were 5.8 years and 4.5 %, respectively, at March 31, 2025.

(d) The weighted-average remaining lease term and weighted-average discount rate used in calculating our lease liabilities were 6.0 years and 4.6 %, respectively, at June 30, 2025.

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