Wolters Kluwer survey reveals key drivers of job satisfaction among Dutch accounting professionals
'The future of the accounting profession calls for greater focus on employee well-being and educational innovation,' said Jeffrey Smit, Vice President & General Manager, Wolters Kluwer Tax & Accounting, Europe Region West. 'True gains come from sustainable employability, future-focused expertise, and job satisfaction. Today's accountant is no longer just a number-cruncher, but a savvy advisor who brings together data, technology, and sustainability.'
Key Findings:
The average job satisfaction score was 6.6 out of 10.
Top sources of satisfaction include a positive company atmosphere (54%), interesting work (52%), and appreciation from colleagues or clients (41%).
However, 79% of respondents reported excessive workloads, and 88% felt the daily impact of staff shortages—with more than half saying it significantly affects their work.
Automation is seen as a major contributor to job satisfaction, with 98% saying it helps to some extent, giving it an average satisfaction rating of 7.1.
Energy drains and frustrations were also explored. Tight deadlines and work pressure (29%), endless small tasks (20%), and technical issues (13%) were cited as the biggest sources of daily fatigue. Many respondents expressed a desire for less workload, better leadership, and clearer development paths.
Generational differences emerged as another theme, with 66% noting friction around ambition and work-life balance expectations. Meanwhile, 88% of respondents reported feeling the effects of staff shortages, and 54% said it strongly impacts their daily workload.
Automation and AI are seen as essential tools for the future. While invoice processing and reporting are already widely automated, participants expressed a strong desire to further automate customer input and file management.
The survey was conducted by Wolters Kluwer and complements recent findings from its broader Future Ready Accountant report, which includes responses from over 2,300 global participants. That report shows the Netherlands leading in digital adoption, with 55% of firms fully using cloud technology—well above the European average of 31%—but lagging in educational investment.
Download the full report and explore actionable insights for building a more resilient and satisfied workforce: 'Work Pressure or Job Satisfaction?'
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,600 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com and follow us on LinkedIn, Facebook, YouTube and Instagram.
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N-able Announces Second Quarter 2025 Results
BURLINGTON, Mass.--(BUSINESS WIRE)--N-able, Inc. (NYSE:NABL), a global software company delivering a unified cyber-resiliency platform, today reported results for its second quarter ended June 30, 2025. 'We delivered solid results this quarter as we executed against our mission to protect businesses from evolving cyberthreats,' said N-able president and CEO John Pagliuca. 'AI is turbocharging complexity and risk, and our cyber-resiliency platform is designed to provide the comprehensive protection needed in today's landscape. We believe this quarter's progress - highlighted by the continued development of our security suite and further expansion into the channel - strengthens our standing as a cybersecurity vendor of choice.' 'Q2 was another strong quarter for N-able, as we surpassed the $500M ARR milestone, beat the high end of our top-and-bottom-line guidance, and began executing on our share repurchase program,' added N-able CFO Tim O'Brien. 'As we advance our strategy to deliver cyber resiliency at scale, we remain focused on growth-oriented investment and disciplined execution.' Second quarter 2025 financial highlights: Total revenue of $131.2 million, representing 9.9% year-over-year growth, or 7.9% year-over-year growth on a constant currency basis. Subscription revenue of $129.9 million, representing 10.6% year-over-year growth, or 8.6% year-over-year growth on a constant currency basis. Total ARR of $513.7 million, representing 14.5% year-over-year growth, or 12.0% year-over-year growth on a constant currency basis. GAAP gross margin of 78.1% and non-GAAP gross margin of 81.8%. GAAP net loss of $4.0 million, or $0.02 per diluted share, and non-GAAP net income of $20.4 million, or $0.11 per diluted share. Adjusted EBITDA of $41.6 million, representing an adjusted EBITDA margin of 31.7%. For a reconciliation of our GAAP to non-GAAP results, please see the tables below. Additional recent business highlights: N-able accelerates security transformation with appointment of cybersecurity leader Vikram Ramesh as Chief Marketing Officer. With more than two decades of cybersecurity marketing and business leadership experience, including leadership roles at Mandiant, Google, and Adlumin, Ramesh will be instrumental in accelerating the company's growth and evolution into a globally recognized leader of cybersecurity solutions. N‑able U launches product certifications to boost UEM operational efficiency and simplify IT and security management. These certifications are free to customers and designed to help fully leverage the power of the award-winning N‑able UEMs for more efficient and secure IT management outcomes, while helping IT professionals work smarter. N‑able expands its Ecoverse with key Technology Alliance Program integrations, enhancing cyber resilience and operational efficiency. New integrations in N-able's TAP include: Xurrent, SeedPod Cyber, ScalePad Lifecycle Manager, Rewst, Derdack SIGNL4, and Webroot by OpenText DNS Protection. N-able hosts customer event Empower 2025 in Berlin. Bringing together global IT leaders to advance cyber resilience and partner collaboration, Empower welcomed hundreds of attendees, and featured extensive thought leadership, technical deep dives, product announcements and community building, all focused on the future of cybersecurity and IT service delivery. Balance Sheet As of June 30, 2025, total cash and cash equivalents were $93.9 million and total debt, net of debt issuance costs, was $332.1 million. The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until N-able files its quarterly report on Form 10-Q for the period. Information about N-able's use of non-GAAP financial measures is provided below under 'Non-GAAP Financial Measures.' Financial Outlook As of August 7, 2025, N-able is providing its financial outlook for the third quarter of 2025 and full-year 2025. The financial information below includes forward-looking non-GAAP financial information, including adjusted EBITDA. These non-GAAP financial measures exclude, among other items mentioned below, amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We have not reconciled our estimates of these non-GAAP financial measures to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, these excluded items in future periods. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents. The financial outlook provided below reflects N-able's expectations, as of the date of this release, regarding the impact on its business of changing foreign exchange rates and current macroeconomic dynamics. Financial Outlook for the Third Quarter of 2025 N-able management currently expects to achieve the following results for the third quarter of 2025: Total revenue in the range of $127 to $128 million, representing approximately 9% to 10% year-over-year growth on a reported and constant currency basis. Adjusted EBITDA in the range of $36 to $37 million, representing approximately 28% to 29% of total revenue. Financial Outlook for Full-Year 2025 N-able management currently expects to achieve the following results for the full-year 2025: Total ARR in the range of $525 to $530 million, representing 9% to 10% year-over-year growth, or approximately 7% to 9% on a constant currency basis. Total revenue in the range of $500 to $503 million, representing approximately 7% to 8% year-over-year growth on a reported and constant currency basis. Adjusted EBITDA in the range of $141 to $144 million, representing approximately 28% to 29% of total revenue. Additional details on the company's outlook will be provided on the conference call. Conference Call and Webcast In conjunction with this announcement, N-able will host a conference call to discuss its financial results, business and business outlook at 8:30 a.m. ET on August 7, 2025. A live webcast of the call will be available on the N-able Investor Relations website at A replay of the webcast will be available on a temporary basis shortly after the event on the N-able Investor Relations website. Forward-Looking Statements This press release contains 'forward-looking' statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full-year 2025 and the impact of macroeconomic conditions on our business. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be signified by terms such as 'aim,' 'anticipate,' 'believe,' 'continue,' 'expect,' 'feel,' 'intend,' 'estimate,' 'seek,' 'plan,' 'may,' 'can,' 'could,' 'should,' 'will,' 'would' or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially and adversely different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the impact of adverse economic conditions; (b) our ability to sell subscriptions to new customers, to sell additional solutions to our existing customers and to increase the usage of our solutions by our existing customers, as well as our ability to generate and maintain customer loyalty; (c) any decline in our renewal or net retention rates; (d) the possibility that general economic, political, legal and regulatory conditions and uncertainty may cause information technology spending to be reduced or purchasing decisions to be delayed, including as a result of inflation, actions taken by central banks to counter inflation, rising interest rates, war and political unrest, military conflict (including between Russia and Ukraine and in the Middle East), terrorism, sanctions, trade or other issues in the U.S. and internationally, or that such factors may otherwise harm our business, financial condition or results of operations; (e) recent significant changes to U.S. trade policies and reciprocal trade measures enacted or threatened, which have led and may continue to lead to volatility and uncertainty, including increased market volatility and currency exchange rate fluctuations, which may also cause information technology spending to be reduced or purchasing decisions to be delayed; (f) any inability to generate significant volumes of high-quality sales leads from our digital marketing initiatives and convert such leads into new business at acceptable conversion rates; (g) any inability to successfully identify, complete and integrate acquisitions and manage our growth effectively; (h) any inability to resell third-party software or integrate third-party software into our solutions, or find suitable replacements for such third-party software; (i) risks associated with our international operations; (j) foreign exchange gains and losses related to expenses and sales denominated in currencies other than the functional currency of an associated entity; (k) risks that cyberattacks and other security incidents may result in compromises or breaches of our, our customers', or their SMB and mid-market customers' systems, the insertion of malicious code, malware, ransomware or other vulnerabilities into our, our customers', or their SMB and mid-market customers' environments, the exploitation of vulnerabilities in our, our customers', or their SMB and mid-market customers' security, the theft or misappropriation of our, our customers', or their SMB and mid-market customers' proprietary and confidential information, and interference with our, our customers', or their SMB and mid-market customers' operations, exposure to legal and other liabilities, higher customer and employee attrition and the loss of key personnel, negative impacts to our sales, renewals and upgrades and reputational harm and other serious negative consequences, any or all of which could materially harm our business; (l) our status as a controlled company; (m) our ability to attract and retain qualified employees and key personnel; (n) the timing and success of new product introductions and product upgrades by us or our competitors; (o) our ability to maintain or grow our brands, including the Adlumin brand; (p) our ability to protect and defend our intellectual property and not infringe upon others' intellectual property; (q) the possibility that our operating income could fluctuate and may decline as a percentage of revenue as we make further expenditures to expand our operations in order to support growth in our business; (r) our indebtedness, including increased borrowing costs resulting from rising interest rates, potential restrictions on our operations and the impact of events of default; (s) our ability to operate our business internationally and increase sales of our solutions to our customers located outside of the United States; (t) risks related to our spin-off from SolarWinds into a newly created and separately-traded public company, including that the distribution, together with certain related transactions, may not qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, which could result in N-able incurring significant tax liabilities, and, in certain circumstances, requiring us to indemnify SolarWinds for material taxes and other related amounts pursuant to indemnification obligations under the tax matters agreement; and that the spin-off may not achieve some or all of any anticipated benefits with respect to our business; and (u) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission, including the risk factors described in N-able's Annual Report on Form 10-K for the year ended December 31, 2024, that N-able filed with the SEC on March 7, 2025. All information provided in this release is as of the date hereof and N-able undertakes no duty to update this information except as required by law. Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. We believe that these non-GAAP financial measures provide supplemental information that is meaningful when assessing our operating performance because they exclude the impact of certain amounts that our management and board of directors do not consider part of core operating results when assessing our operational performance, allocating resources, preparing annual budgets and determining compensation. Accordingly, these non-GAAP financial measures may provide insight to investors into the motivation and decision-making of management in operating the business. N-able also believes that these non-GAAP financial measures are used by investors and securities analysts to (a) compare and evaluate its performance from period to period and (b) compare its performance to those of its competitors. These non-GAAP measures exclude certain items that can vary substantially from company to company depending upon their financing and accounting methods, the book value of their assets, their capital structures and the method by which their assets were acquired. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income. N-able's management and board of directors compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Set forth in the tables below are the corresponding GAAP financial measures for each non-GAAP financial measure presented. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are set forth in the tables below. Definitions of Non-GAAP and Other Metrics Annual Recurring Revenue (ARR). We calculate ARR by annualizing the recurring revenue and related usage revenue inclusive of discounts, excluding the impacts of credits and reserves, recognized during the last day of the reporting period from both long-term and month-to-month subscriptions. We believe ARR enhances the understanding of our business performance and the growth of our relationships with our customers. Non-GAAP Gross Margin, Non-GAAP Operating Income and Non-GAAP Operating Margin. We provide non-GAAP total cost of revenue, non-GAAP gross margin, non-GAAP operating expense and non-GAAP operating income and related non-GAAP gross and operating margins excluding such items as stock-based compensation expense and related employer-paid payroll taxes, amortization of acquired intangible assets, transaction related costs, spin-off costs and restructuring costs and other. We define non-GAAP gross and operating margins as non-GAAP gross profit and operating income, respectively, divided by total revenue. Management believes these measures are useful for the following reasons: Stock-Based Compensation Expense and Related Employer-Paid Payroll Taxes. We provide non-GAAP information that excludes expenses related to stock-based compensation and related employer-paid payroll taxes associated with our employees' participation in N-able's stock-based incentive compensation plans. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. Employer-paid payroll taxes on stock-based compensation is dependent on our stock price and the timing of the taxable events related to the equity awards, over which our management has little control, and does not necessarily correlate to the core operation of our business. Because of these unique characteristics of stock-based compensation and related employer-paid payroll taxes, management excludes these expenses when analyzing the organization's business performance. Amortization of Acquired Technologies and Intangible Assets. We provide non-GAAP information that excludes expenses related to purchased technologies and intangible assets associated with our acquisitions. We believe that eliminating this expense from our non-GAAP measures is useful to investors because the amortization of acquired technologies and intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of our acquisition transactions, which also vary in frequency from period to period. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. Transaction Related Costs. We exclude certain expense items resulting from proposed and completed acquisitions, dispositions and similar transactions, such as legal, accounting and advisory fees, changes in fair value of contingent consideration, costs related to integrating the acquired businesses, deferred compensation, severance and retention expense. We consider these adjustments, to some extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, such proposed and completed transactions result in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude transaction related costs allows investors to better review and understand the historical and current results of our continuing operations and also facilitates comparisons to our historical results and results of peer companies with different transaction related activities, both with and without such adjustments. Spin-off Costs. We exclude certain expense items resulting from the spin-off into a newly created and separately traded public company. These costs include legal, accounting and advisory fees, system implementation costs and other incremental costs incurred by us related to the separation from SolarWinds. The spin-off transaction results in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance. Restructuring Costs and Other. We provide non-GAAP information that excludes restructuring costs such as severance, certain employee relocation costs, and the estimated costs of exiting and terminating facility lease commitments, as they relate to our corporate restructuring and exit activities. These costs are inconsistent in amount and are significantly impacted by the timing and nature of these events. Therefore, although we may incur these types of expenses in the future, we believe that eliminating these costs for purposes of calculating the non-GAAP financial measures facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance. Non-GAAP Net Income and Non-GAAP Net Income Per Diluted Share. We believe that the use of non-GAAP net income and non-GAAP net income per diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income is calculated as net income excluding the adjustments to non-GAAP gross profit and non-GAAP operating income, interest on deferred consideration, and the income tax effect of the non-GAAP exclusions. We define non-GAAP net income per diluted share as non-GAAP net income divided by the weighted average diluted outstanding common shares. Adjusted EBITDA and Adjusted EBITDA Margin. We regularly monitor adjusted EBITDA and adjusted EBITDA margin, as they are measures we use to assess our operating performance. We define adjusted EBITDA as net income or loss, excluding amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenue. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our related party debt; adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Non-GAAP Revenue on a Constant Currency Basis. We provide non-GAAP revenue on a constant currency basis to provide a framework for assessing our performance excluding the effect of foreign currency rate fluctuations. To present this information, current period results for revenue contracts denominated in currencies other than U.S. Dollars are converted into U.S. Dollars at the average exchange rates in effect during the corresponding prior period presented. We believe that providing non-GAAP revenue on a constant currency basis facilitates the comparison of non-GAAP revenue to prior periods. Unlevered Free Cash Flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate cash flow from operations, after the deduction of capital expenditures and prior to the impact of our capital structure, transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and certain one-time items, that can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses. About N-able N‑able's mission is to protect businesses against evolving cyberthreats with a unified cyber-resiliency platform to manage, secure, and recover. Our scalable technology infrastructure includes AI-powered capabilities, market-leading third-party integrations, and the flexibility to employ technologies of choice—to transform workflows and deliver critical security outcomes. Our partner-first approach combines our products with experts, training, and peer-led events that empower our customers to be secure, resilient, and successful. © 2025 N-able, Inc. All rights reserved. Category: Financial N-able, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) June 30, 2025 2024 Assets Current assets: Cash and cash equivalents $ 93,874 $ 85,196 Accounts receivable, net of allowances of $1,123 and $886 as of June 30, 2025 and December 31, 2024, respectively 47,521 44,909 Income tax receivable 3,883 3,563 Recoverable taxes 7,679 24,157 Current contract assets 15,979 12,786 Prepaid and other current assets 17,720 13,312 Total current assets 186,656 183,923 Property and equipment, net 36,774 36,162 Operating lease right-of-use assets 31,276 27,998 Deferred taxes 2,234 2,026 Goodwill 1,023,226 977,013 Intangible assets, net 74,256 83,150 Other assets, net 31,580 28,575 Total assets $ 1,386,002 $ 1,338,847 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 7,563 $ 6,290 Accrued liabilities and other 44,911 51,057 Current contingent consideration 10,310 5,500 Current deferred consideration 48,288 44,023 Current operating lease liabilities 6,914 6,018 Income taxes payable 9,022 9,733 Current portion of deferred revenue 20,584 23,977 Current debt obligation 3,500 3,500 Total current liabilities 151,092 150,098 Long-term liabilities: Deferred revenue, net of current portion 2,747 2,996 Non-current deferred taxes 3,605 3,448 Non-current operating lease liabilities 32,308 30,069 Long-term debt, net of current portion 328,639 329,606 Non-current deferred consideration 57,353 54,089 Other long-term liabilities 841 9,253 Total liabilities 576,585 579,559 Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value: 550,000,000 shares authorized, 189,557,878 and 187,528,505 shares issued, and 188,307,700 and 187,528,505 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 190 187 Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Treasury stock, at cost: 1,250,178 and no shares as of June 30, 2025 and December 31, 2024, respectively (10,000 ) — Additional paid-in capital 726,570 708,992 Accumulated other comprehensive income (loss) 32,637 (21,095 ) Retained earnings 60,020 71,204 Total stockholders' equity 809,417 759,288 Total liabilities and stockholders' equity $ 1,386,002 $ 1,338,847 Expand N-able, Inc. Consolidated Statements of Operations (In thousands, except per share information) (Unaudited) 2025 2024 2025 2024 Revenue: Subscription and other revenue $ 131,249 $ 119,447 $ 249,446 $ 233,196 Cost of revenue: Cost of revenue 24,468 18,706 47,979 36,542 Amortization of acquired technologies 4,229 458 8,396 919 Total cost of revenue 28,697 19,164 56,375 37,461 Gross profit 102,552 100,283 193,071 195,735 Operating expenses: Sales and marketing 42,362 32,850 82,766 68,666 Research and development 26,336 22,391 50,220 44,473 General and administrative 23,229 23,048 47,137 40,097 Amortization of acquired intangibles 503 15 1,002 29 Total operating expenses 92,430 78,304 181,125 153,265 Operating income 10,122 21,979 11,946 42,470 Other expense, net: Interest expense, net (8,090 ) (7,606 ) (15,161 ) (15,227 ) Other (expense) income, net (854 ) 1,142 531 1,427 Total other expense, net (8,944 ) (6,464 ) (14,630 ) (13,800 ) Income (loss) before income taxes 1,178 15,515 (2,684 ) 28,670 Income tax expense 5,200 6,060 8,500 11,759 Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Net (loss) income per share: Basic (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Diluted (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Weighted-average shares used to compute net (loss) income per share: Expand N-able, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 10,864 5,904 21,281 11,723 Provision for doubtful accounts 177 41 237 94 Stock-based compensation expense 12,884 11,808 24,553 23,355 Deferred taxes 59 6 79 — Amortization of debt issuance costs 394 398 784 797 Loss on foreign currency exchange rates 2,377 445 1,594 1,241 Loss (gain) on contingent consideration 918 60 1,618 (1,347 ) Deferred consideration expense 3,842 — 7,530 — Gain on lease modification (28 ) — (441 ) — Other non-cash expenses 380 — 521 84 Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Accounts receivable (3,106 ) 2,013 (2,838 ) 1,892 Income tax receivable (142 ) (1,921 ) (231 ) (4,383 ) Recoverable taxes 4,293 (3,214 ) 16,713 (6,678 ) Current contract assets (6,052 ) (7,749 ) (3,193 ) (11,457 ) Operating lease right-of-use assets, net 202 151 (163 ) 105 Prepaid expenses and other assets 2,252 (1,367 ) (4,446 ) (3,176 ) Accounts payable 3,363 2,208 653 819 Accrued liabilities and other (1,778 ) 8,212 (5,679 ) (3,493 ) Income taxes payable (790 ) 3,160 (441 ) 9,165 Deferred revenue (3,083 ) (2,371 ) (3,641 ) (2,082 ) Other long-term assets 1,085 289 424 (1,631 ) Other long-term liabilities 98 (250 ) 134 (477 ) Net cash provided by operating activities 24,187 27,278 43,864 31,462 Cash flows from investing activities Purchases of property and equipment (3,788 ) (3,242 ) (7,076 ) (6,680 ) Purchases of intangible assets (3,009 ) (1,903 ) (5,797 ) (3,592 ) Return of deposits in escrow 299 — 299 — Net cash used in investing activities (6,498 ) (5,145 ) (12,574 ) (10,272 ) Cash flows from financing activities Payments of tax withholding obligations related to restricted stock units (2,058 ) (3,098 ) (9,770 ) (15,339 ) Exercise of stock options — 8 2 8 Proceeds from issuance of common stock under employee stock purchase plan — — 1,296 1,200 Repurchase of common stock (10,000 ) — (10,000 ) — Deferred acquisition payments (5,358 ) (1,000 ) (5,358 ) (1,000 ) Repayments of borrowings from Credit Agreement (875 ) (875 ) (1,750 ) (1,750 ) Net cash used in financing activities (18,291 ) (4,965 ) (25,580 ) (16,881 ) Effect of exchange rate changes on cash and cash equivalents 386 1,114 2,968 152 Net (decrease) increase in cash and cash equivalents (216 ) 18,282 8,678 4,461 Cash and cash equivalents Beginning of period 94,090 139,227 85,196 153,048 End of period $ 93,874 $ 157,509 $ 93,874 $ 157,509 Supplemental disclosure of cash flow information: Cash paid for interest $ 6,259 $ 7,292 $ 12,706 $ 14,562 Cash paid for income taxes $ 3,740 $ 4,236 $ 5,897 $ 6,015 Supplemental disclosure of non-cash activities: Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses $ 462 $ (25 ) $ 491 $ 154 Right-of-use assets obtained in exchange for operating lease liabilities $ 2,242 $ — $ 5,580 $ — Expand N-able, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share information) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP cost of revenue $ 28,697 $ 19,164 $ 56,375 $ 37,461 Stock-based compensation expense and related employer-paid payroll taxes (473 ) (441 ) (941 ) (888 ) Amortization of acquired technologies (4,229 ) (458 ) (8,396 ) (919 ) Transaction related costs (107 ) — (254 ) — Non-GAAP cost of revenue $ 23,888 $ 18,265 $ 46,784 $ 35,654 GAAP gross profit $ 102,552 $ 100,283 $ 193,071 $ 195,735 Stock-based compensation expense and related employer-paid payroll taxes 473 441 941 888 Amortization of acquired technologies 4,229 458 8,396 919 Transaction related costs 107 — 254 — Non-GAAP gross profit $ 107,361 $ 101,182 $ 202,662 $ 197,542 GAAP sales and marketing expense $ 42,362 $ 32,850 $ 82,766 $ 68,666 Stock-based compensation expense and related employer-paid payroll taxes (4,715 ) (3,856 ) (9,180 ) (8,229 ) Transaction related costs (1,369 ) (4 ) (2,320 ) (4 ) Restructuring costs and other (69 ) (247 ) (229 ) (418 ) Non-GAAP sales and marketing expense $ 36,209 $ 28,743 $ 71,037 $ 60,015 GAAP research and development expense $ 26,336 $ 22,391 $ 50,220 $ 44,473 Stock-based compensation expense and related employer-paid payroll taxes (3,084 ) (2,748 ) (6,059 ) (5,533 ) Transaction related costs (206 ) (25 ) (286 ) (25 ) Restructuring costs and other — (33 ) (122 ) (57 ) Non-GAAP research and development expense $ 23,046 $ 19,585 $ 43,753 $ 38,858 GAAP general and administrative expense $ 23,229 $ 23,048 $ 47,137 $ 40,097 Stock-based compensation expense and related employer-paid payroll taxes (4,878 ) (5,118 ) (9,654 ) (10,480 ) Transaction related costs (3,895 ) (4,890 ) (8,971 ) (3,494 ) Restructuring costs and other (322 ) 21 98 (410 ) Spin-off costs — — — (51 ) Non-GAAP general and administrative expense $ 14,134 $ 13,061 $ 28,610 $ 25,662 GAAP operating income $ 10,122 $ 21,979 $ 11,946 $ 42,470 Amortization of acquired technologies 4,229 458 8,396 919 Amortization of acquired intangibles 503 15 1,002 29 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Transaction related costs 5,577 4,919 11,831 3,523 Restructuring costs and other 391 259 253 885 Spin-off costs — — — 51 Non-GAAP operating income $ 33,972 $ 39,794 $ 59,262 $ 73,008 GAAP operating margin 7.7 % 18.4 % 4.8 % 18.2 % Non-GAAP operating margin 25.9 % 33.3 % 23.8 % 31.3 % GAAP net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Amortization of acquired technologies 4,229 458 8,396 919 Amortization of acquired intangibles 503 15 1,002 29 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Transaction related costs 5,577 4,919 11,831 3,523 Restructuring costs and other 391 259 253 885 Interest on deferred consideration 1,424 — 2,833 — Spin-off costs — — — 51 Tax benefits associated with above adjustments (1) (857 ) (624 ) (1,540 ) (968 ) Non-GAAP net income $ 20,395 $ 26,646 $ 37,425 $ 46,481 GAAP diluted (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Non-GAAP diluted income per share $ 0.11 $ 0.14 $ 0.20 $ 0.25 Shares used in computation of GAAP diluted (loss) income per share: 188,823 187,274 188,527 187,560 Shares used in computation of non-GAAP diluted income per share: 189,302 187,274 189,244 187,560 Expand ____________________ (1) The tax benefits associated with non-GAAP adjustments for the three and six months ended June 30, 2025, and 2024, respectively, is calculated utilizing the Company's individual statutory tax rates for each impacted subsidiary. Expand N-able, Inc. Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Amortization 6,262 1,879 12,440 3,741 Depreciation 4,602 4,025 8,841 7,982 Income tax expense 5,200 6,060 8,500 11,759 Interest expense, net 8,090 7,606 15,161 15,227 Unrealized foreign currency losses 2,377 445 1,594 1,241 Transaction related costs 5,577 4,919 11,831 3,523 Spin-off costs — — — 51 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Restructuring costs and other 391 259 253 885 Adjusted EBITDA $ 41,627 $ 46,812 $ 73,270 $ 86,451 Adjusted EBITDA margin 31.7 % 39.2 % 29.4 % 37.1 % Expand N-able, Inc. Reconciliation of GAAP Revenue to Non-GAAP Revenue on a Constant Currency Basis (In thousands, except percentages) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Growth Rate 2025 2024 Growth Rate GAAP subscription revenue $ 129,874 $ 117,413 10.6 % $ 246,723 $ 228,930 7.8 % Estimated foreign currency impact (1) (2,395 ) — (2.0 ) (369 ) — (0.2 ) Non-GAAP subscription revenue on a constant currency basis $ 127,479 $ 117,413 8.6 % $ 246,354 $ 228,930 7.6 % GAAP other revenue $ 1,375 $ 2,034 (32.4 )% $ 2,723 $ 4,266 (36.2 )% Estimated foreign currency impact (1) (4 ) — (0.2 ) 14 — 0.3 Non-GAAP other revenue on a constant currency basis $ 1,371 $ 2,034 (32.6 )% $ 2,737 $ 4,266 (35.8 )% GAAP subscription and other revenue $ 131,249 $ 119,447 9.9 % $ 249,446 $ 233,196 7.0 % Estimated foreign currency impact (1) (2,399 ) — (2.0 ) (355 ) — (0.2 ) Non-GAAP subscription and other revenue on a constant currency basis $ 128,850 $ 119,447 7.9 % $ 249,091 $ 233,196 6.8 % Expand ____________________ (1) The estimated foreign currency impact is calculated using the average foreign currency exchange rates in the comparable prior year monthly periods and applying those rates to foreign-denominated revenue in the corresponding monthly periods for the three and six months ended June 30, 2025. Expand N-able, Inc. Reconciliation of Unlevered Free Cash Flow (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 24,187 $ 27,278 $ 43,864 $ 31,462 Purchases of property and equipment (3,788 ) (3,242 ) (7,076 ) (6,680 ) Purchases of intangible assets (3,009 ) (1,903 ) (5,797 ) (3,592 ) Free cash flow 17,390 22,133 30,991 21,190 Cash paid for interest, net of cash interest received 6,259 7,292 12,706 14,562 Cash paid for transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items 9,628 6,029 17,715 6,981 Unlevered free cash flow $ 33,277 $ 35,454 $ 61,412 $ 42,733 Expand
Business Wire
21 minutes ago
- Business Wire
Amylyx Pharmaceuticals Reports Second Quarter 2025 Financial Results
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Amylyx Pharmaceuticals, Inc. (Nasdaq: AMLX) ('Amylyx' or the 'Company') today reported financial and business results for the second quarter ended June 30, 2025. 'As we look ahead to the second half of the year and into 2026, we remain encouraged by the strength of our pipeline and the continued momentum towards our clinical milestones,' said Joshua Cohen and Justin Klee, Co-CEOs of Amylyx. 'We expect to complete recruitment in the pivotal Phase 3 LUCIDITY trial of avexitide in 2025, with topline data anticipated in the first half of 2026. In the third quarter, we expect to share an unblinded analysis from the Phase 2b portion of our ORION trial of AMX0035 in progressive supranuclear palsy, for which we have set a high bar and will inform our decision regarding advancing to the Phase 3 portion of the trial. We also look forward to providing an update on our Wolfram syndrome program later this year, building on previous long-term Week 48 data from our Phase 2 HELIOS trial. In ALS, we were pleased to receive FDA Fast Track designation for AMX0114, and we anticipate early cohort data from the ongoing Phase 1 LUMINA trial later this year. We remain focused on disciplined execution across our programs.' Second Quarter and Recent Updates: Amylyx presented new exploratory analyses from the Phase 2 PREVENT and Phase 2b clinical trials of avexitide, a glucagon-like peptide-1 (GLP-1) receptor antagonist with U.S. Food and Drug Administration (FDA) Breakthrough Designation, for the treatment of post-bariatric hypoglycemia (PBH) at the Endocrine Society's annual meeting (ENDO 2025) in July 2025. The Phase 2 PREVENT trial evaluated avexitide in PBH following Roux-en-Y gastric bypass (RYGB) surgery, and the Phase 2b trial evaluated avexitide in PBH following a variety of upper GI surgeries, including RYGB, sleeve gastrectomy, esophagectomy, Nissen fundoplication, and gastrectomy. In the Phase 2b trial, avexitide 90 mg once daily, the dose being evaluated in the pivotal Phase 3 LUCIDITY trial, led to a 64% least-squares mean reduction (p=0.0031) vs. baseline in the composite rate of Level 2 and Level 3 hypoglycemic events in PBH, with more than half of the participants experiencing no events during the treatment period. The 45 mg twice daily, 30 mg twice daily, and 60 mg once daily dose regimens all likewise demonstrated consistent reductions in composite rate of Level 2 and Level 3 hypoglycemic events. New pharmacokinetic and pharmacodynamic data were also presented, demonstrating continuous pharmacologic activity of the 90 mg once daily dose regimen for a 24-hour period. Avexitide was generally well tolerated, with a favorable safety profile replicated across clinical trials. Amylyx presented new long-term Week 48 data from the Phase 2 open-label HELIOS clinical trial of AMX0035 (sodium phenylbutyrate [PB] and taurursodiol [TURSO, also known as ursodoxicoltaurine]) in adults living with Wolfram syndrome at the Joint Congress of the European Society for Pediatric Endocrinology and the European Society of Endocrinology in May 2025. Consistent with previously presented data on the primary efficacy outcome of improvement in pancreatic beta cell function, as measured by C-peptide response to a mixed-meal tolerance test at Week 24, treatment with AMX0035 through Week 48 of the HELIOS trial demonstrated continued and sustained improvement in pancreatic beta cell function. Long-term Week 48 results also showed sustained improvements or stabilization in multiple outcomes related to disease progression, including in glycemic control, as measured by hemoglobin A1c and time in target glucose range assessed by continuous glucose monitoring, as well as visual acuity. All participants with available measurements met the responder criteria, defined as either improvement or no change, on both the Patient Global Impression of Change and Clinician Global Impression of Change at Weeks 24 and 48, indicating stability or improvement in their Wolfram syndrome-related symptoms. Results from qualitative on-study interviews further supported the potential positive impact of AMX0035 on symptom burden. Safety data were consistent with prior studies of AMX0035. Amylyx received FDA Fast Track designation for AMX0114, an investigational antisense oligonucleotide targeting knockdown of calpain-2, for people living with amyotrophic lateral sclerosis (ALS) in June 2025. Under the FDA's Fast Track Designation, AMX0114 is eligible for more frequent meetings and communications with the FDA, as well as Priority Review if relevant criteria continue to be met. Upcoming Expected Milestones: Completion of recruitment for the pivotal Phase 3 LUCIDITY clinical trial of avexitide in PBH following RYGB surgery expected in 2025, with a data readout anticipated in the first half of 2026 and, if approved, commercial launch anticipated in 2027. LUCIDITY is a multicenter, randomized, double-blind, placebo-controlled Phase 3 clinical trial evaluating the efficacy and safety of avexitide in approximately 75 participants at approximately 20 sites in the U.S. LUCIDITY is evaluating the FDA-agreed-upon primary outcome of reduction in the composite of Level 2 and Level 3 hypoglycemic events through Week 16. Unblinded analysis of the Phase 2b portion of the Phase 2b/3 ORION trial evaluating AMX0035 for progressive supranuclear palsy (PSP) expected in the third quarter of 2025. ORION is an operationally seamless Phase 2b/3 clinical trial in people living with PSP. The Phase 2b portion was fully enrolled in January 2025 with a total of 139 participants randomized. Phase 2b efficacy and safety data from an unblinded analysis with Week 24 data from all participants will be used to inform a go/no-go decision on the Phase 3 portion of the trial. Update on the AMX0035 Wolfram syndrome program expected in 2025. In 2024, Amylyx reported positive topline results from the Company's Phase 2 HELIOS trial, an open-label study of 12 adult participants. At Week 24, stabilization or improvement was demonstrated across all key clinical measures, including pancreatic function, glycemic control, and vision, including the trial's primary efficacy outcome of improvement in pancreatic function, as measured by C-peptide response to a mixed-meal tolerance test at Week 24. In May, long-term Week 48 data from HELIOS were presented at the Joint Congress of the European Society for Pediatric Endocrinology and the European Society of Endocrinology. These data demonstrated that treatment with AMX0035 led to continued sustained stabilization or improvement. These results and discussions with FDA are informing the design of a Phase 3 trial of AMX0035 in Wolfram syndrome. Early cohort data from the Phase 1 LUMINA clinical trial of AMX0114 in ALS expected in 2025. LUMINA is a multinational, randomized, double-blind, placebo-controlled, multiple ascending dose clinical trial designed to evaluate the safety and biological activity of AMX0114. The trial will also assess ALS biomarkers, including changes from baseline in neurofilament light (NfL) levels. Approximately 48 participants will be randomized 3:1 to receive AMX0114 or placebo by intrathecal administration once every four weeks, for up to four doses. Financial Results for the Second Quarter Ended June 30, 2025 R&D Expenses: Research and development expenses for the second quarter of 2025 were $27.2 million, compared to $23.3 million for the same period in 2024. The increase was primarily due to the clinical development of avexitide in PBH and AMX0035 in PSP, offset by a decrease in spending on AMX0035 in ALS. Research and development expenses include $2.0 million of stock-based compensation expense for the quarter, compared to $2.4 million of stock-based compensation expense for the same period in 2024. SG&A Expenses: Selling, general, and administrative expenses for the second quarter of 2025 were $15.6 million, compared to $21.6 million for the same period in 2024. The decrease was primarily due to a decrease in payroll and personnel-related costs and a decrease in consulting, professional services, and other expenses. Selling, general, and administrative expenses include $5.4 million of stock-based compensation expense for the quarter, compared to $7.1 million for the same period in 2024. Net Loss: Net loss for the three months ended June 30, 2025 was $41.4 million, or $0.46 per share, compared to net loss of $72.7 million, or $1.07 per share for the same period in 2024. Cash Position: Cash, cash equivalents, and marketable securities were $180.8 million at June 30, 2025, compared to $204.1 million at March 31, 2025. Based on its current operating plans, Amylyx expects its cash runway to be through the end of 2026. Investor Conference Call Information Amylyx' management team will host a conference call today, August 7, 2025, at 8:00 a.m. ET to discuss financial results and provide an update on the business. To access the conference call, please dial +1 (800)-836-8184 (U.S. & Canada) or +1 (646)-357-8785 (international) at least 10 minutes prior to the start time and ask to be joined into the Amylyx Pharmaceuticals call. A live audio webcast of the call will be available under 'Events and Presentations' in the Investor section of the Company's website, The webcast will be archived and available for replay for 90 days following the event. Available Information We periodically provide other information for investors on our corporate website, and our investor relations website, This includes press releases and other information about financial performance, information on corporate governance, and details related to our annual meeting of stockholders. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings, and public conference calls and webcasts. About Avexitide Avexitide is an investigational, first-in-class glucagon-like peptide-1 (GLP-1) receptor antagonist that has been evaluated in five Phase 1 and Phase 2 clinical trials for post-bariatric hypoglycemia (PBH) and has also been studied in congenital hyperinsulinism (HI). The U.S. Food and Drug Administration (FDA) has granted avexitide Breakthrough Therapy Designation for both indications, Rare Pediatric Disease Designation in congenital HI, and Orphan Drug Designation for the treatment of hyperinsulinemic hypoglycemia (which includes PBH and congenital HI). Avexitide is designed to bind to the GLP-1 receptor on pancreatic islet beta cells and inhibit the effect of GLP-1 to mitigate hypoglycemia by decreasing insulin secretion and stabilizing blood glucose levels. In PBH, excessive GLP-1 can lead to the hypersecretion of insulin and subsequent debilitating hypoglycemic events. In two Phase 2 PBH clinical trials, avexitide demonstrated highly statistically significant reductions in hypoglycemic events. These events can lead to autonomic and neuroglycopenic symptoms that can have a devastating impact on daily living. About Post-Bariatric Hypoglycemia (PBH) Post-bariatric hypoglycemia (PBH) is a condition that is estimated to affect approximately 8% of people in the U.S. who have undergone the two most common types of bariatric surgery, sleeve gastrectomy and Roux-en-Y gastric bypass (approximately 160,000 people in the U.S.). PBH is thought to be caused by an excessive glucagon-like peptide-1 (GLP-1) response leading to hypoglycemia and impaired quality of life. PBH can cause debilitating hypoglycemic events associated with inadequate supply of glucose to the brain, known as neuroglycopenia. Clinical manifestations can include impaired cognition, loss of consciousness, and seizures. PBH is also associated with a high degree of disability that can result in major disruptions to independent living. There are no approved therapies for PBH. About the LUCIDITY Trial LUCIDITY (NCT06747468) is an approximately 75-participant, multicenter, randomized, double-blind, placebo-controlled Phase 3 clinical trial evaluating the efficacy and safety of avexitide in participants with PBH following Roux-en-Y gastric bypass (RYGB) surgery. The Phase 3 trial is being conducted at approximately 20 sites in the U.S. Participants will be randomized 3:2 to receive either 90 mg of avexitide subcutaneously once daily or placebo. The trial includes an up to six-week screening period, including a three-week run-in period, and a 16-week double-blind treatment period. Participants who complete the double-blind period will be eligible to enter an open-label extension (OLE) period with a duration of 32 weeks. The primary efficacy objective of LUCIDITY will evaluate the FDA-agreed upon primary outcome of reduction in the composite of Level 2 and Level 3 hypoglycemic events through Week 16. Safety and tolerability will also be evaluated. About Amylyx Pharmaceuticals At Amylyx, our mission is to usher in a new era of treating diseases with high unmet needs. Where others see challenges, we see opportunities that we pursue with urgency, rigorous science, and unwavering commitment to the communities we serve. We are currently focused on three investigational therapies across several neurodegenerative and endocrine diseases in which we believe they can make the greatest impact. For more information, visit and follow us on LinkedIn and X. For investors, please visit Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, Amylyx' expectations regarding: the potential of avexitide as a treatment for PBH; expectations regarding the timing for recruitment completion and topline data readout of the Phase 3 LUCIDITY trial of avexitide; expectations regarding timing for potential commercialization of avexitide; expectations regarding the potential of AMX0035 (sodium phenylbutyrate and taurursodiol) as a treatment for Wolfram syndrome and PSP or other neurodegenerative diseases and planned updates to those programs; planned discussions with the FDA related to AMX0035 for the treatment of Wolfram syndrome; expectations regarding the timing of the announcement of interim results from the Company's Phase 2b/3 ORION trial of AMX0035 for the treatment of PSP; the potential for AMX0114 as a treatment for ALS, the expected timeline for data readout of the Phase 1 LUMINA clinical trial, and expectation for regulatory action; and Amylyx' expectations regarding its financial performance, cash runway and longer-term strategy. Any forward-looking statements in this press release and related comments in the Company's earnings conference call are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of Amylyx' program development activities; Amylyx' ability to execute on its regulatory development plans and expectations regarding the timing of results from its planned data announcements and initiation of clinical studies; Amylyx' ability to fund operations, and the impact that global macroeconomic uncertainty, geopolitical instability, and public health events will have on Amylyx' operations, as well as the risks and uncertainties set forth in Amylyx' United States Securities and Exchange Commission (SEC) filings, including Amylyx' Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the SEC. All forward-looking statements contained in this press release and related comments in our earnings conference call speak only as of the date on which they were made. Amylyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. AMYLYX PHARMACEUTICALS, INC. UNAUDITED (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Product revenue, net $ — $ (1,023 ) $ — $ 87,620 Operating expenses: Cost of sales — 8 — 5,953 Cost of sales - inventory impairment and loss on firm purchase commitments — 7,410 — 117,871 Research and development 27,217 23,347 49,336 59,955 Selling, general and administrative 15,640 21,647 31,324 79,406 Restructuring expenses — 22,851 — 22,851 Total operating expenses 42,857 75,263 80,660 286,036 Loss from operations (42,857 ) (76,286 ) (80,660 ) (198,416 ) Other income, net 1,414 3,586 3,310 7,165 Loss before income taxes (41,443 ) (72,700 ) (77,350 ) (191,251 ) Provision for income taxes — — — 242 Net loss $ (41,443 ) $ (72,700 ) $ (77,350 ) $ (191,493 ) Net loss per share — basic and diluted $ (0.46 ) $ (1.07 ) $ (0.88 ) $ (2.82 ) Weighted-average shares used in computing net loss per share — basic and diluted 89,138,568 68,024,929 87,427,345 67,939,642 Expand
Business Wire
21 minutes ago
- Business Wire
Janus International Group Reports Second Quarter 2025 Financial Results
TEMPLE, Ga.--(BUSINESS WIRE)--Janus International Group, Inc. (NYSE: JBI) ('Janus' or the 'Company'), a leading provider of building product solutions and cutting-edge access control technologies for the self-storage and other commercial and industrial sectors, today announced financial results for its fiscal second quarter ended June 28, 2025. Second Quarter 2025 Highlights Revenues of $228.1 million, an 8.2% decrease compared to $248.4 million for the second quarter of 2024, as a 14.8% decline in total Self-Storage revenues offset a 6.7% increase in Commercial and Other revenues. Inorganic revenue in the Commercial and Other sales channel totaled $3.8 million, reflecting a partial quarter of contribution from TMC which was acquired in May 2024. Net income of $20.7 million, or $0.15 per diluted share, a 25.0% decrease compared to $27.6 million, or $0.19 per diluted share in the second quarter of 2024. Adjusted Net Income* (defined as net income plus the corresponding tax-adjusted add-backs shown in the Reconciliation of Net Income to Adjusted Net Income tables below) of $28.2 million, down 21.9% compared to $36.1 million in the second quarter of 2024. Adjusted Net Income per diluted share of $0.20, a 20.0% decrease compared to $0.25 per diluted share in the second quarter of 2024. Adjusted EBITDA* of $49.0 million, a 24.0% decrease compared to $64.5 million for the second quarter of 2024. Adjusted EBITDA Margin (defined as Adjusted EBITDA divided by Total Revenues) was 21.5%, a decrease of approximately 450 basis points from the prior year period. Repurchased approximately 1.2 million shares of common stock for $10.1 million (including commissions and excise taxes). At quarter end, the Company had $81.3 million of remaining capacity on its recently expanded share repurchase authorization. 'Janus delivered strong results in the second quarter, and I am pleased with our performance in the first half of 2025 as our team continued to execute well in a dynamic operating environment,' said Ramey Jackson, Chief Executive Officer. 'While we continue to see softness in the domestic self-storage business due to elevated interest rates and macroeconomic uncertainty, we are encouraged by positive trends in the commercial business and in our international markets.' Mr. Jackson continued, 'Given our solid year-to-date results and current visibility into our end markets, we are reaffirming our full-year 2025 revenue and Adjusted EBITDA outlook. Despite near-term challenges and market fluctuations, our strong balance sheet and robust cash flow profile provide us ample flexibility to expand our suite of offerings and capabilities to drive growth and further improve profitability. As we look ahead, we are confident in our ability to deliver long-term value for our shareholders.' 2025 Financial Outlook Based on the Company's current business outlook, Janus is reaffirming its full year 2025 guidance as follows: The estimates set forth above were prepared by the Company's management and are based upon a number of assumptions. See 'Forward-Looking Statements.' The Company has excluded a quantitative reconciliation with respect to the Company's 2025 guidance under the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of Regulation S-K. See 'Non-GAAP Financial Measures' below for additional information. About Janus International Group Janus International Group, Inc. ( is a leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions, including: roll-up and swing doors, hallway systems, relocatable storage units and facility and door automation technologies. The Janus team operates out of several U.S. and international locations. Conference Call and Webcast The Company will host a conference call and webcast to review second quarter results and conduct a question-and-answer session on Thursday, August 7, 2025 at 10:00 a.m. Eastern Time. The live webcast and archived replay of the conference call can be accessed on the Investors section of the Company's website at For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-800-225-9448 or 1-203-518-9708, respectively. Upon dialing in, please request to join the Janus International Group Second Quarter 2025 Earnings Conference Call. To access the replay of the call, dial 1-844-512-2921 (Domestic) and 1-412-317-6671 (International) with pass code 11159362. Forward-Looking Statements Certain statements in this communication, including the estimated guidance provided under '2025 Financial Outlook' herein, may be considered 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this communication are forward-looking statements, including, but not limited to statements regarding Janus's belief regarding the demand outlook for Janus's products and the strength of the industrials markets. When used in this communication, words such as 'plan,' 'believe,' 'expect,' 'anticipate,' 'intend,' 'outlook,' 'estimate,' 'forecast,' 'project,' 'continue,' 'could,' 'may,' 'might,' 'possible,' 'potential,' 'predict,' 'should,' 'would,' and other similar words and expressions or the negative of such terms or other similar expressions, as they relate to the management team, identify forward-looking statements. The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. We cannot assure you that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some factors that could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks of the self-storage industry; (ii) the highly competitive nature of the self-storage industry and Janus's ability to compete therein; (iii) litigation, complaints, and/or adverse publicity; (iv) risks from tariffs; (v) cyber incidents or directed attacks that could result in information theft, data corruption, operational disruption, and/or financial loss; (vi) the risk that our share repurchase program will be fully consummated or that it will enhance shareholder value; and (vii) the risk that the demand outlook for Janus's products may not be as strong as anticipated. There can be no assurance that the events, results, trends or guidance regarding financial outlook identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Janus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Janus and is not intended to form the basis of an investment decision in Janus. All subsequent written and oral forward-looking statements concerning Janus or other matters and attributable to Janus or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above and under the heading 'Risk Factors' in Janus's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as updated from time to time in amendments and its subsequent filings with the SEC. Non-GAAP Financial Measures Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share (EPS), Free Cash Flow Conversion, Net Leverage Ratio, and Net Debt are non-GAAP financial measures used by Janus to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, Janus believes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow Conversion, Net Leverage Ratio, and Net Debt provide useful information to investors and others in understanding and evaluating Janus's operating results in the same manner as its management and board of directors and in comparison with Janus's peer group companies. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow Conversion, Net Leverage Ratio, and Net Debt provide useful measures for period-to-period comparisons of Janus's business, as they remove the effect of certain non-recurring events and other non-recurring charges, such as acquisitions, and certain variable or non-recurring charges. Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation expense, amortization, and other non-operational, non-recurring items. Adjusted Net Income is defined as net income plus the corresponding tax-adjusted add-backs shown in the Adjusted EBITDA reconciliation. Please note that the Company has not provided the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for the Adjusted EBITDA forward-looking guidance for 2025 and long-term outlook included in this communication in reliance on the 'unreasonable efforts' exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. Due to the forward-looking nature of projected Adjusted EBITDA, providing the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, cannot be done without unreasonable effort due to the inherent uncertainty and difficulty in predicting certain non-cash, material and/or non-recurring expenses or benefits, legal settlements or other matters, and certain tax positions. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control, the Company is also unable to predict their probable significance. The variability of these items could have an unpredictable, and potentially significant, impact on our future GAAP financial results and amounts excluded from these non-GAAP measures in future periods could be significant. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow Conversion, Net Leverage Ratio, and Net Debt should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow Conversion, Net Leverage Ratio, and Net Debt rather than net income (loss), which is the nearest GAAP equivalent of Adjusted EBITDA and Adjusted Net Income. These limitations include that the non-GAAP financial measures: exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future; do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available; do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available; exclude non-recurring items (i.e., the extinguishment of debt); and may not be comparable to similar non-GAAP financial measures used by other companies, because the expenses and other items that Janus excludes in the calculation of these non-GAAP financial measures may differ from the expenses and other items, if any, that other companies may exclude from these non-GAAP financial measures when they report their operating results. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP. Janus International Group, Inc. Consolidated Balance Sheets (In millions, except share and per share data - Unaudited) June 28, 2025 December 28, 2024 ASSETS Current assets Cash and cash equivalents $ 173.6 $ 149.3 Accounts receivable, less allowance for credit losses of $14.6 and $18.1, as of June 28, 2025 and December 28, 2024, respectively 114.4 136.5 Contract assets 28.9 23.2 Inventories 53.9 53.3 Prepaid expenses 8.8 7.2 Other current assets 18.2 16.0 Total current assets $ 397.8 $ 385.5 Property, plant, and equipment, net 65.1 56.8 Right-of-use assets, net 58.5 59.7 Intangible assets, net 358.2 373.5 Goodwill 384.0 383.1 Deferred tax assets, net 33.9 36.9 Other assets 5.0 5.8 Total assets $ 1,302.5 $ 1,301.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 67.1 $ 53.9 Contract liabilities 16.4 17.9 Current maturities of long-term debt 7.5 8.8 Accrued expenses and other current liabilities 61.4 56.2 Total current liabilities $ 152.4 $ 136.8 Long-term debt, net 543.2 583.2 Deferred tax liabilities, net 3.8 1.7 Other long-term liabilities 59.3 60.8 Total liabilities $ 758.7 $ 782.5 STOCKHOLDERS' EQUITY Common stock, 825,000,000 shares authorized, $0.0001 par value, 148,329,835 and 147,280,524 shares issued as of June 28, 2025 and December 28, 2024, respectively $ — $ — Treasury stock, at cost, 9,466,039 and 7,276,549 shares as of June 28, 2025 and December 28, 2024, respectively (99.3 ) (81.4 ) Additional paid-in capital 308.1 299.7 Accumulated other comprehensive loss (0.8 ) (3.8 ) Retained earnings 335.8 304.3 Total stockholders' equity $ 543.8 $ 518.8 Total liabilities and stockholders' equity $ 1,302.5 $ 1,301.3 Expand Janus International Group, Inc. Consolidated Statements of Cash Flows (In millions - Unaudited) Six Months Ended June 28, 2025 June 29, 2024 Cash flows provided by operating activities Net income $ 31.5 $ 58.3 Adjustments to reconcile net income to net cash provided by operating activities Depreciation of property, plant, and equipment 5.9 5.9 Noncash lease expense 3.9 3.6 Provision for inventory obsolescence 1.1 — Amortization of intangibles 16.5 15.5 Deferred income taxes, net 5.1 5.7 Deferred finance fee amortization 1.6 1.4 Provision for expected losses on accounts receivable 0.3 0.5 Share-based compensation 8.4 5.3 Loss on equity method investment 0.3 — Changes in operating assets and liabilities, excluding effects of acquisition Accounts receivable 22.3 (2.7 ) Contract assets (5.1 ) 16.9 Prepaid expenses and other current assets (3.2 ) (13.7 ) Inventories (1.1 ) (2.2 ) Other assets 0.4 0.1 Accounts payable 12.2 (2.8 ) Contract liabilities (2.2 ) (1.6 ) Accrued expenses and other current liabilities 5.0 (27.4 ) Other long-term liabilities (3.2 ) (3.2 ) Net cash provided by operating activities $ 99.7 $ 59.6 Cash flows used in investing activities Purchases of property, plant, and equipment $ (13.2 ) $ (10.3 ) Cash paid for acquisition, net of cash acquired — (60.1 ) Net cash used in investing activities $ (13.2 ) $ (70.4 ) Cash flows used in financing activities Principal payments on long-term debt $ (43.0 ) $ (23.4 ) Principal payments under finance lease obligations (1.2 ) (1.0 ) Cash paid for common stock withheld for taxes (2.8 ) (0.9 ) Excise taxes paid for repurchase of common stock (0.8 ) — Payments for deferred financing fees — (0.2 ) Repurchase of common stock $ (15.0 ) $ (25.2 ) Net cash used in financing activities $ (62.8 ) $ (50.7 ) Effect of exchange rate changes on cash and cash equivalents $ 0.6 $ (0.1 ) Net increase (decrease) in cash $ 24.3 $ (61.6 ) Cash, beginning of period $ 149.3 $ 171.7 Cash, end of period $ 173.6 $ 110.1 Supplemental cash flows information Interest paid $ 17.2 $ 39.0 Income taxes paid $ 3.3 $ 24.3 Cash paid for operating leases included in operating activities $ 4.6 $ 4.3 Non-cash investing and financing activities: Right-of-use assets obtained in exchange for operating lease obligations $ 0.8 $ 4.2 Right-of-use assets obtained in exchange for finance lease obligations $ 1.4 $ 1.4 RSU shares withheld included in accrued employee taxes $ 0.1 $ 0.2 Excise taxes from common share repurchase included in accrued expenses $ 0.2 $ 0.3 Purchases of property, plant, and equipment in accounts payable $ 0.2 $ 0.6 Expand Janus International Group, Inc. Revenue by Sales Channel (In millions, except percentages) Six Months Ended Variance June 28, 2025 % of Total Sales June 29, 2024 % of Total Sales $ % Self-storage - new construction $ 177.6 40.5 % $ 227.3 45.2 % $ (49.7 ) (21.9 )% Self-storage - R3 112.7 25.7 % 132.1 26.3 % (19.4 ) (14.7 )% Total self-storage $ 290.3 66.2 % $ 359.4 71.5 % $ (69.1 ) (19.2 )% Commercial and other 148.3 33.8 % 143.5 28.5 % 4.8 3.3 % Total revenues $ 438.6 100.0 % $ 502.9 100.0 % $ (64.3 ) (12.8 )% Expand Reconciliation of GAAP to Non-GAAP Financial Measures Janus International Group, Inc. Reconciliation of Net Income to EBITDA* and Adjusted EBITDA* (In millions, except percentages) Three Months Ended Variance June 28, 2025 June 29, 2024 $ % Net income $ 20.7 $ 27.6 $ (6.9 ) (25.0 )% Interest, net 9.1 13.0 (3.9 ) (30.0 )% Income taxes 6.4 9.5 (3.1 ) (32.6 )% Depreciation 3.0 3.0 — — % Amortization 8.2 8.0 0.2 2.5 % EBITDA* $ 47.4 $ 61.1 $ (13.7 ) (22.4 )% Restructuring charges (1) 0.8 0.3 0.5 166.7 % Acquisition expense (2) 0.8 1.4 (0.6 ) (42.9 )% Loss on extinguishment and modification of debt (3) — 1.7 (1.7 ) (100.0 )% Adjusted EBITDA* $ 49.0 $ 64.5 $ (15.5 ) (24.0 )% Expand Six Months Ended Variance June 28, 2025 June 29, 2024 $ % Net income $ 31.5 $ 58.3 $ (26.8 ) (46.0 )% Interest, net 19.3 27.3 (8.0 ) (29.3 )% Income taxes 11.0 20.0 (9.0 ) (45.0 )% Depreciation 5.9 5.9 — — % Amortization 16.5 15.5 1.0 6.5 % EBITDA* $ 84.2 $ 127.0 $ (42.8 ) (33.7 )% Restructuring charges (1) 1.2 0.7 0.5 71.4 % Acquisition expense (2) 1.7 1.4 0.3 21.4 % Loss on extinguishment and modification of debt (3) — 1.7 (1.7 ) (100.0 )% Other 0.3 — 0.3 — % Adjusted EBITDA* $ 87.4 $ 130.8 $ (43.4 ) (33.2 )% Expand (1) Restructuring charges consist of the following: 1) facility relocations, 2) severance and hiring costs associated with our strategic transformation, including executive leadership team changes, and 3) strategic business assessment and transformation projects. (2) Expenses or income related to various professional fees, acquisition related compensation, net working capital finalization, legal settlements and various acquisition related activities. (3) Adjustment for loss on extinguishment and modification of debt regarding the write off of unamortized fees and third-party fees as a result of the debt modification completed in April 2024. Expand *Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. The Company has excluded a quantitative reconciliation of Adjusted EBITDA with respect to the Company's 2025 guidance in the '2025 Financial Outlook' section under the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of Regulation S-K. Providing the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, cannot be done without unreasonable effort due to the inherent uncertainty and difficulty in predicting certain non-cash, material and/or non-recurring expenses or benefits, legal settlements or other matters, and certain tax positions. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control, the Company is also unable to predict their probable significance. The variability of these items could have an unpredictable, and potentially significant, impact on our future GAAP financial results. Janus International Group, Inc. Reconciliation of Net Income to Adjusted Net Income* (In millions) (1) Net Income Adjustments for the three months ended June 28, 2025 include $0.8 of restructuring charges and $0.8 of acquisition expenses. Net Income Adjustments for the six months ended June 28, 2025 include $1.7 of acquisition expenses, $1.2 of restructuring charges and $0.3 of other. Refer to the Adjusted EBITDA table above for further details. (2) The effective tax rates of 23.6% and 25.6% were used for the three months ended June 28, 2025 and June 29, 2024, respectively. The effective tax rates of 25.9% and 25.5% were used for the six months ended June 28, 2025 and June 29, 2024, respectively. Expand *Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Expand Janus International Group, Inc. Adjusted EPS* (In millions, except share and per share data) *Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Expand Janus International Group, Inc. Free Cash Flow Conversion* (In millions, except percentages) Six Months Ended June 28, 2025 June 29, 2024 Cash Flow from Operating Activities $ 99.7 $ 59.6 Less: Purchases of property, plant and equipment (13.2 ) $ (10.3 ) Free Cash Flow* $ 86.5 $ 49.3 Non-GAAP Adjusted Net Income* $ 46.1 $ 72.7 Free Cash Flow Conversion of Non-GAAP Adjusted Net Income* 188 % 68 % Expand Trailing Twelve Months Ended June 28, 2025 June 29, 2024 Cash Flow from Operating Activities $ 194.1 $ 178.2 Less: Purchases of property, plant and equipment (23.0 ) (19.7 ) Free Cash Flow* $ 171.1 $ 158.5 Non-GAAP Adjusted Net Income* (1) $ 81.2 $ 158.8 Free Cash Flow Conversion of Non-GAAP Adjusted Net Income* 211 % 100 % Expand (1) Trailing Twelve-month Adjusted Net Income for the period ended June 28, 2025 consists of the sum of Adjusted Net Income, of $21.8, $13.5, $17.7 and $28.2 for the periods ended September 28, 2024, December 28, 2024, March 29, 2025 and June 28, 2025, respectively. Trailing Twelve-month Adjusted Net Income for the period ended June 29, 2024 consists of the sum of Adjusted Net Income of $44.6, $41.5, $36.6 and $36.1 for the periods ended September 30, 2023, December 30, 2023, March 30, 2024 and June 29, 2024, respectively. Adjusted Net Income for the prior year has been adjusted to conform to the presentation and classifications used in the current year. These adjustments have no effect on our previously reported results. *Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Expand Janus International Group, Inc. Non-GAAP Net Leverage Ratio* (In millions, except ratios) (1) Trailing Twelve months Net Income for the period ended June 28, 2025 consists of the sum of Net Income as reported in the Company's Quarterly and Annual Reports, as applicable of $11.8, $0.3, $10.8 and $20.7 for the periods ended September 28, 2024, December 28, 2024, March 29, 2025 and June 28, 2025, respectively. Trailing Twelve months Net Income for the period ended December 28, 2024 is Net Income as reported in the Company's Annual Report on Form 10-K for the year ended December 28, 2024. (2) Trailing Twelve months Adjusted EBITDA for the period ended June 28, 2025 consists of the sum of Adjusted EBITDA as reported in the Company's Quarterly or Annual Reports, as applicable of $43.1, $34.6, $38.4 and $49.0 for the three month periods ended September 28, 2024, December 28, 2024, March 29, 2025 and June 28, 2025, respectively. Trailing Twelve month Adjusted EBITDA for the period ended December 28, 2024 is Adjusted EBITDA as reported in the Company's Annual Report on Form 10-K for the year ended December 28, 2024. *Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Expand
