Atlanta Public Schools approves new $1.3 billion budget, will cut 135 positions
According to APS, the new budget is going 'back to basics,' while addressing 'the district's current financial deficit.'
As part of the new budget plan, APS will eliminate what it calls redundancies in an effort to address financial needs of the district, while also prioritizing its commitments to teachers, literacy and safety needs.
Atlanta Board of Education members approved the budget on Monday evening, according to officials.
'As we embark on this budget cycle, our unwavering commitment is to ensure our children are poised to thrive in the years ahead,' Dr. Bryan Johnson, Superintendent of Atlanta Public Schools, said in a statement. 'This budget reflects a focused and deliberate approach, leaning into what's working and strategically abandoning what's not. We are maximizing resources in ways that directly propel our students forward, while simultaneously being diligent stewards of taxpayer dollars.'
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'The ABOE's priority is to ensure that every dollar is used effectively to support student success,' Katie Howard, ABOE's Budget Commission Chair, said. 'We are committed to transparency, fiscal responsibility, and the long-term stability of our schools. This budget, which reduced central office spend and put more money towards schools, reflects our educational goals and priorities as well as positions us to further improve as we focus on student outcomes.'
Here are some of the highlights for the new budget:
$45 million additional funding to school budgets
More funding to elementary schools for foundational learning support
$11 million more to core classrooms
Expedited textbook adoption
135 positions cut from central office, saving $25 million
Elimination of School Nutrition Program Transfer, saving $15 million
Employee Step increase for all employees for retention and recruitment, $8.8 million increase
5% increase in retirement rate and 7% increase (certified), 20% increase (classified) to State Health benefits for overall $26 million spending increase
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Business Wire
06-08-2025
- Business Wire
Pinnacle West Reports Lower 2025 Second-Quarter Financial Results Compared to a Year Ago
PHOENIX--(BUSINESS WIRE)-- Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $192.6 million, or $1.58 per diluted share of common stock, for the quarter ended June 30, 2025. This result compares with consolidated net income of $203.8 million, or $1.76 per diluted share, for the same period in 2024. Additionally, through the first two quarters of the current year, the company's net income was 14.8% lower than its net income in the first half of 2024. The 2025 second-quarter results reflect a decrease of about $11 million, primarily as a result of the effects of weather; higher operations and maintenance expense; lower pension and other postretirement non-service credits; higher depreciation and amortization expense mostly due to increased plant additions and intangible assets; higher interest charges; and higher income taxes due to lower tax credits, partially offset by lower pre-tax income. These negative factors were partially offset by the favorable impacts of higher transmission revenues; increased customer usage and growth; higher AFUDC; and higher other income due to investment gains at subsidiary El Dorado. 'While our second-quarter financial results were within our expectations, they were lower than the same period in 2024 due in large part to cooler weather compared to last year's record-high temperatures, including the hottest June on record,' said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler, citing 15.4% fewer cooling degree-days (a utility's measure of the effects of weather) in 2025's second quarter versus last year's second quarter. 'Given how big an impact air conditioning has on energy use here in Arizona, it's no surprise that the cooler weather resulted in lower earnings this quarter.' Operationally, Geisler said company employees continue to execute well, ensuring reliable customer service amid the extreme summer temperatures and increased customer demand during the 2025 second quarter, when Arizona Public Service Co. (APS), the company's principal subsidiary, experienced robust customer and sales growth of 2.4% and 5.2%, respectively. That growth contributed to APS customers setting an all-time record peak demand of 8,527 megawatts on July 9, eclipsing the previous record of 8,210 MW set in August 2024. The company was able to meet this record demand by ensuring its diverse generation fleet comprised of nuclear, coal, gas and renewables operated efficiently and reliably. Setting a new peak for the third straight year was not unexpected given that Arizona continues to benefit from increasing customer demand, population growth and economic diversity. Celebrating 40 years of Reliable, Low-Cost Energy Production In June 2025, the Palo Verde Generating Station celebrated 40 years of delivering reliable, affordable and clean energy to Arizona – supplying about 27% of the state's electricity and delivering power to more than 4 million homes and businesses across four states. Palo Verde, one of the nation's largest energy producers, serves as a foundational part of APS's resource portfolio, generating around-the-clock, carbon-free, low-cost electricity all year long, while also supporting a strong, reliable grid. With its operating licenses extended into the mid-2040s, Palo Verde remains a cornerstone of APS's commitment to provide customers with reliable and affordable energy. Prioritizing Reliability and Affordability As Arizona's population and economy continue to grow at unprecedented levels, so does the state's need for reliable electricity. 'Our mission is to reliably serve customers at the lowest cost possible. To do that, we need to integrate the most reliable and cost-effective resources available to us to meet Arizona's fast-growing energy needs,' said Geisler. As a result, the company is updating its clean energy goals from an aspirational 'zero-carbon' approach to an aspirational 'carbon-neutral' approach by 2050. The company also is removing its interim targets to better reflect APS's near-term need to ensure reliability and affordability, while relying on the Integrated Resource Planning (IRP) process to help determine the most responsible path forward. 'Clean energy remains an important consideration for us,' Geisler stated, 'but always with a focus on a balanced energy mix that best serves reliability and affordability.' He noted that clean resources currently supply 54% of APS's entire energy mix. While still striving to lower emissions over time and continue building on the company's strong foundation of clean energy, APS will also look for opportunities to support reliability through dispatchable resources – like natural gas – that can provide energy when intermittent resources like solar and wind are insufficient to meet customer demand. APS plans years in advance to ensure reliable energy and secure a diverse energy mix to meet demand, including solar and wind power, battery energy storage and nuclear resources. When extreme temperatures cause demand to increase over long stretches, APS utilizes flexible resources like natural gas to keep homes and businesses cool. As part of the company's vigorous planning, APS recently executed agreements on multiple projects that are scheduled to come online between 2026 and 2028, including more than 800 megawatts of APS-owned resources. Providing Assistance Programs for Customers in Need As summer temperatures soar, APS provides relevant and valuable options for customers to manage their bill, including through rate plan options, programs that help them save energy and money, and alerts and notifications that help keep them aware of outages, payments and energy consumption. APS further offers options to help customers manage their bill like Budget Billing, Preferred Due Date and flexible payment arrangements. Programs like Safety Net and Guest Roles also allow trusted individuals to help manage a loved one's APS account. Additionally, APS offers financial assistance programs, including discounts of up to 25% or 60% for eligible vulnerable customers; emergency utility bill assistance offering up to $1,000 annually; and Project SHARE, a Salvation Army-administered service providing up to $500 annually in emergency energy bill assistance. To ensure customers in need are connected to these programs, the company partners with more than one hundred community action agencies across its service territory to train representatives who serve our shared customers. Customers are encouraged to visit for a full list of assistance programs or call (602) 371-7171 or (800) 253-9405 for support, available 24/7 in English and Spanish. APS's call center answers 75% of customer calls within 30 seconds, and the company's mobile app enables customers to quickly and easily find the information they need when they need it. APS also partners with organizations across Arizona to provide critical heat relief services. Through a partnership with Solari and Lyft, eligible residents can call 2-1-1 Arizona for transportation to a heat relief shelter. APS also supports Arizona Faith Network respite centers in Maricopa County and The Salvation Army's cooling and hydration stations in nine counties. In collaboration with St. Vincent de Paul, APS helps individuals and families stay safe at home through eviction prevention assistance and supports emergency housing. For AC repairs and replacements, APS partners with AllThrive365 in select counties and Wildfire statewide to assist low-income homeowners. Financial Outlook For 2025, the company continues to estimate its consolidated earnings will be within a range of $4.40 to $4.60 per diluted share on a weather-normalized basis. Key factors and assumptions underlying this outlook can be found in the second-quarter 2025 earnings presentation slides at Conference Call and Webcast Pinnacle West invites interested parties to listen to the live webcast of management's conference call to discuss the company's financial results and recent developments, and to provide an update on the company's longer-term financial outlook, at noon ET (9 a.m. Arizona time) today, Wednesday, August 6. The webcast can be accessed at and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 544261. A replay of the call also will be available at or by telephone until 11:59 p.m. ET, Wednesday, Aug. 13, 2025, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 52697. General Information Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of more than $29 billion, about 6,500 megawatts of generating capacity and approximately 6,400 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to about 1.4 million Arizona homes and businesses. For more information about Pinnacle West, visit the company's website at Dollar amounts in this news release are after income taxes. Earnings per share amounts are based on average diluted common shares outstanding. For more information on Pinnacle West's operating statistics and earnings, please visit FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements based on current expectations. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "likely," "should," "will," "could," and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include, but are not limited to: uncertainties associated with the current and future economic environment, including economic growth rates, labor market conditions, tariffs, inflation, supply chain delays, increased expenses, volatile capital markets, or other unpredictable effects; current and future economic conditions in Arizona, such as the housing market and overall business and regulatory environment; our ability to manage capital expenditures and operations and maintenance costs while maintaining reliability and customer service levels; the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, or other catastrophic events, such as fires, explosions, pandemic health events or similar occurrences; variations in demand for electricity, including those due to weather, seasonality (including large increases in ambient temperatures), the general economy or social conditions, customer, and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements; the potential effects of climate change on our electric system, including as a result of weather extremes such as prolonged drought and high temperature variations in the area where APS conducts its business; power plant and transmission system performance and outages; competition in retail and wholesale power markets; regulatory and judicial decisions, developments, and proceedings; new legislation, ballot initiatives and regulation or interpretations of existing legislation or regulations, including those relating to tax, environmental requirements, regulatory and energy policy, nuclear plant operations and potential deregulation of retail electric markets; fuel and water supply availability; our ability to achieve timely and adequate rate recovery of our costs through our rates and adjustor recovery mechanisms, including returns on and of debt and equity capital investment; the ability of APS to meet renewable energy and energy efficiency mandates and recover related costs; the ability of APS to achieve its clean energy goal to be carbon-neutral by 2050 and, if this goal is achieved, the impact of such achievement on APS, its customers, and its business, financial condition, and results of operations; risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty; the development of new technologies which may affect electric sales or delivery, including as a result of delays in the development and application of new technologies; the cost of debt, including increased cost as a result of rising interest rates, and equity capital and our ability to access capital markets when required; environmental, economic, and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions; volatile fuel and purchased power costs; the investment performance of the assets of our nuclear decommissioning trust, captive insurance cell, coal mine reclamation escrow, pension, and other postretirement benefit plans and the resulting impact on future funding requirements; the liquidity of wholesale power markets and the use of derivative contracts in our business; potential shortfalls in insurance coverage; new accounting requirements or new interpretations of existing requirements; generation, transmission and distribution facilities and system conditions and operating costs; our ability to meet the anticipated future need for additional generation and associated transmission facilities in our region; the willingness or ability of counterparties, power plant participants and power plant landowners to meet contractual or other obligations or extend the rights for continued power plant operations; and restrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission orders. These and other factors are discussed in the most recent Pinnacle West/APS Form 10-K and 10-Q along with other public filings with the Securities and Exchange Commission, which readers should review carefully before placing any reliance on our financial statements or disclosures. Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.
Business Wire
30-07-2025
- Business Wire
Entegris Reports Results for Second Quarter of 2025
BILLERICA, Mass.--(BUSINESS WIRE)--Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company's second quarter ended June 28, 2025. Bertrand Loy, Entegris' President and Chief Executive Officer, said: 'Our second quarter revenue grew 2 percent sequentially and was above our guidance range. Growth was driven by demand for our unit-driven solutions, particularly CMP consumables, selective etch and deposition materials. Gross margin, EBITDA margin and non-GAAP EPS were all within guidance.' Mr. Loy added: 'Semiconductor industry trends are largely unchanged. AI-enabled applications are driving significant growth in advanced logic and HBM. However, elsewhere, fab activity remains subdued. And in the short term, the uncertainty around trade policies and the macroeconomic environment will continue to have an impact on semiconductor demand. That said, we do expect stronger performance from our business in the second half of this year.' Mr. Loy concluded: 'Looking further ahead, nothing has changed in our long-term view of the industry. We remain very optimistic and continue to have high confidence in the strong long-term growth outlook for the market and Entegris,' he said. 'Our expertise in materials science and materials purity is increasingly valuable for our customers to help them improve device performance and achieve optimal yields. Because of the uniqueness of our value proposition and the quality of our execution, we expect to outperform the market in the years to come.' Quarterly Financial Results Summary (in millions, except percentages and per share data) Third Quarter Outlook For the Company's guidance for the third quarter ending September 27, 2025, the Company expects sales of $780 million to $820 million. We expect GAAP net income to be between $65 million and $76 million and diluted earnings per common share is expected to be between $0.43 and $0.50. On a non-GAAP basis, the Company expects diluted earnings per common share to range from $0.68 to $0.75, reflecting net income on a non-GAAP basis in the range of $104 million to $115 million. The Company also expects Adjusted EBITDA of approximately 27.5% of sales. Segment Results The Company currently operates in two segments: Materials Solutions (MS): MS provides materials-based solutions, such as chemical vapor and atomic layer deposition materials, chemical mechanical planarization slurries and pads, ion implantation specialty gases, formulated etch and clean materials, and other specialty materials that enable our customers to achieve better device performance and faster time to yield, while providing for lower total cost of ownership. Advanced Purity Solutions (APS): APS offers filtration, purification and contamination-control solutions that improve customers' yield, device reliability and cost by ensuring the purity of critical liquid chemistries and gases and the cleanliness of wafers and other substrates used throughout semiconductor manufacturing processes, the semiconductor ecosystem and other high-technology industries. Second-Quarter Results Conference Call Entegris will hold a conference call to discuss its results for the second quarter on Wednesday, July 30, 2025, at 9:00 a.m. Eastern Time. Participants should dial 800-579-2543 or +1 785-424-1789, referencing confirmation ID: ENTGQ225. Participants are asked to dial in 10 minutes prior to the start of the call. For the live webcast and replay of the call, please Click Here. Management's slide presentation concerning the results for the second quarter will be posted on the Investor Relations section of About Entegris Entegris is a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries. Entegris has approximately 8,000 employees throughout its global operations and is ISO 9001 certified. It has manufacturing, customer service and/or research facilities in the United States, Canada, China, Germany, Israel, Japan, Malaysia, Singapore, South Korea, and Taiwan. Additional information can be found at Non-GAAP Information The Company's condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted Net Sales, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Segment Profit, Adjusted Operating Income, non-GAAP Net Income, non-GAAP Adjusted Operating Margin and diluted non-GAAP Earnings Per Common Share, together with related measures thereof, are considered 'non-GAAP financial measures' under the rules and regulations of the Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company provides supplemental non-GAAP financial measures to better understand and manage its business and believes these measures provide investors and analysts additional and meaningful information for the assessment of the Company's ongoing results. Management also uses these non-GAAP measures to assist in the evaluation of the performance of its business segments and to make operating decisions. Management believes that the Company's non-GAAP measures help indicate the Company's baseline performance before certain gains, losses or other charges that may not be indicative of the Company's business or future outlook, and that non-GAAP measures offer a more consistent view of business performance. The Company believes the non-GAAP measures aid investors' overall understanding of the Company's results by providing a higher degree of transparency for such items and providing a level of disclosure that will help investors generally understand how management plans, measures and evaluates the Company's business performance. Management believes that the inclusion of non-GAAP measures provides greater consistency in its financial reporting and facilitates investors' understanding of the Company's historical operating trends by providing an additional basis for comparisons to prior periods. The reconciliations of GAAP net sales to Adjusted Net Sales (excluding divestiture), GAAP gross profit to Adjusted Gross Profit, GAAP segment profit to Adjusted Operating Income, GAAP net income to Adjusted Operating Income and Adjusted EBITDA, GAAP net income and diluted earnings per common share to non-GAAP Net Income and diluted non-GAAP Earnings Per Common Share and GAAP outlook to non-GAAP outlook are included elsewhere in this release. Cautionary Note on Forward-Looking Statements This news release contains 'forward-looking statements.' The words 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'should,' 'may,' 'will,' 'would' or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on current management expectations and assumptions only as of the date of this news release. They are not guarantees of future performance and they involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, fluctuations in the demand for semiconductors and the overall volume of semiconductor manufacturing; the impact of global economic uncertainty, including financial market volatility, which may cause or exacerbate negative trends in consumer spending, inflationary pressures and interest rate fluctuations, economic recessions, national debt and bank failures, which may limit our ability to access cash; raw material shortages, supply and labor constraints, and price increases; fluctuations in the Company's revenues and operating results and their impact on the Company's stock price; supply chain interruptions and the Company's dependence on sole, single and limited source suppliers; risks related to the Company's international operations, including challenges in hiring and integrating workers in different countries, maintaining appropriate business practices across the varied jurisdictions in which we operate, and engaging and managing global, regional and local third-party service providers; the impact of regional and global instabilities, hostilities and geopolitical uncertainty, including, but not limited to, the ongoing conflicts between Ukraine and Russia, between Israel and Hamas and other conflicts in the Middle East, as well as the global responses thereto; export controls, economic sanctions, and similar restrictions; tariffs, additional taxes, and other protectionist measures resulting from international trade disputes, strained international relations, and changes in foreign and national security policy; the concentration and consolidation of the Company's customer base; the Company's ability to meet rapid demand shifts; the Company's ability to continue technological innovation and to introduce new products to meet customers' rapidly changing requirements; manufacturing and other operational disruptions or delays; IT system failures, network disruptions, and cybersecurity risks; the risks associated with the use and manufacture of hazardous materials; goodwill impairment; challenges in attracting and retaining qualified personnel; the Company's ability to protect and enforce intellectual property rights; the Company's environmental, social, and governance commitments; legal and regulatory risks, including changes in laws and regulations related to the environment, health and safety, accounting standards, and corporate governance, across the jurisdictions in which the Company operates; changes in taxation or adverse tax rulings; the ability to obtain government incentives and the possibility that competitors will benefit from government incentives for which the Company does not qualify; the amount and consequences of the Company's indebtedness, its ability to repay its debt and to obtain future financing, and the Company's obligations under its current outstanding credit facilities; volatility in the Company's stock price; the payment of cash dividends and the adoption of future share repurchase programs; the Company's ability to effectively implement any organizational changes; substantial competition; the Company's ability to identify, complete and integrate acquisitions, joint ventures, divestitures or other similar transactions; the impacts of climate change; and other matters. These risks and uncertainties also include, but are not limited to, the risk factors and additional information described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the 'SEC') on February 12, 2025, including under the heading 'Risk Factors' in Item 1A, and in the Company's other periodic filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates. Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Six months ended Jun 28, 2025 Jun 29, 2024 Net sales $1,565.6 $1,583.7 Cost of sales 857.6 856.1 Gross profit 708.0 727.6 Selling, general and administrative expenses 218.4 228.5 Engineering, research and development expenses 169.1 153.7 Amortization of intangible assets 92.1 97.7 Operating income 228.4 247.7 Interest expense, net 100.1 106.9 Other expense, net 1.1 17.3 Income before income tax expense 127.2 123.5 Income tax expense 11.0 10.1 Equity in net loss of affiliates 0.5 0.4 Net income $115.7 $113.0 Basic earnings per common share: $0.76 $0.75 Diluted earnings per common share: $0.76 $0.74 Weighted average shares outstanding: Basic 151.5 150.7 Diluted 152.0 151.8 Expand Entegris, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited) Jun 28, 2025 Dec 31, 2024 ASSETS Current assets: Cash and cash equivalents $376.8 $329.2 Trade accounts and notes receivable, net 494.1 495.3 Inventories, net 694.6 638.1 Deferred tax charges and refundable income taxes 42.2 39.6 Assets held-for-sale 4.8 5.5 Other current assets 93.0 108.6 Total current assets 1,705.5 1,616.3 Property, plant and equipment, net 1,662.3 1,622.9 Right-of-use assets 79.3 83.4 Goodwill 3,944.9 3,943.6 Intangible assets, net 999.0 1,091.7 Deferred tax assets and other noncurrent tax assets 33.9 12.5 Other noncurrent assets 24.6 24.2 Total assets $8,449.5 $8,394.6 LIABILITIES AND EQUITY Current liabilities Current portion of long-term debt $50.0 $— Accounts payable 156.8 193.3 Accrued liabilities 232.9 250.2 Liabilities held-for-sale 0.9 1.2 Income taxes payable 76.6 80.5 Total current liabilities 517.2 525.2 Long-term debt 3,937.8 3,981.1 Long-term lease liabilities 68.4 72.1 Other liabilities 117.0 124.7 Shareholders' equity 3,809.1 3,691.5 Total liabilities and equity $8,449.5 $8,394.6 Expand Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Jun 28, 2025 Jun 29, 2024 Operating activities: Net income $52.8 $67.7 $115.7 $113.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 51.3 47.4 101.2 92.7 Amortization 46.0 47.5 92.1 97.7 Share-based compensation expense 18.6 26.9 32.0 34.8 Provision for deferred income taxes (19.3) (12.8) (35.5) (24.1) Other 22.8 15.1 42.0 55.3 Changes in operating assets and liabilities: Trade accounts and notes receivable 10.3 (35.1) 8.8 (11.9) Inventories (31.0) (15.8) (76.2) (50.7) Accounts payable and accrued liabilities (35.3) (33.7) (25.7) (42.6) Income taxes payable and refundable income taxes (18.1) (15.0) (12.5) (16.9) Other 15.4 19.0 12.0 11.1 Net cash provided by operating activities 113.5 111.2 253.9 258.4 Investing activities: Acquisition of property, plant and equipment (66.5) (59.3) (174.5) (125.9) Proceeds from sale of business, net — — — 249.6 Other (0.1) 0.1 (0.4) (1.9) Net cash (used in) provided by investing activities (66.6) (59.2) (174.9) 121.8 Financing activities: Proceeds from debt 327.0 30.0 507.0 254.5 Payments of debt (327.0) (85.0) (507.0) (728.3) Payments for dividends (15.2) (15.1) (30.6) (30.4) Issuance of common stock 0.1 1.5 1.5 10.5 Taxes paid related to net share settlement of equity awards (2.1) (0.9) (10.1) (15.3) Other (0.6) (0.5) (1.0) (0.9) Net cash used in financing activities (17.8) (70.0) (40.2) (509.9) Effect of exchange rate changes on cash and cash equivalents 6.8 (2.7) 8.8 (7.2) Increase (decrease) in cash and cash equivalents 35.9 (20.7) 47.6 (136.9) Cash and cash equivalents at beginning of period 340.9 340.7 329.2 456.9 Cash and cash equivalents at end of period $376.8 $320.0 $376.8 $320.0 Expand Entegris, Inc. and Subsidiaries Segment Information 1 (In millions) (Unaudited) Three months ended Six months ended Net sales Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Materials Solutions $354.9 $342.3 $341.4 $696.3 $692.3 Advanced Purity Solutions 439.9 472.6 433.9 873.8 895.9 Inter-segment elimination (2.4) (2.2) (2.1) (4.5) (4.5) Total net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Expand Three months ended Six months ended Segment profit Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Materials Solutions $72.5 $70.3 $75.0 $147.5 $137.4 Advanced Purity Solutions 95.9 122.6 108.1 204.0 233.8 Total segment profit 168.4 192.9 183.1 351.5 371.2 Amortization of intangibles (46.0) (47.5) (46.1) (92.1) (97.7) Unallocated expenses (16.3) (15.3) (14.7) (31.0) (25.8) Total operating income $106.1 $130.1 $122.3 $228.4 $247.7 1 The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Segment Profit to Adjusted Operating Income 1 (In millions) (Unaudited) Three months ended Six months ended Adjusted segment profit Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 MS segment profit $72.5 $70.3 $75.0 $147.5 $137.4 Restructuring costs 2 3.0 — 0.1 3.1 — Loss (gain) on sale of business 3 — 0.5 — — (4.3) Impairment of long-lived assets 4 — — — — 13.0 MS adjusted segment profit $75.5 $70.8 $75.1 $150.6 $146.1 APS segment profit $95.9 $122.6 $108.1 $204.0 $233.8 Restructuring costs 2 9.9 — 2.3 12.2 — APS adjusted segment profit $105.8 $122.6 $110.4 $216.2 $233.8 Unallocated general and administrative expenses $16.3 $15.3 $14.7 $31.0 $25.8 Less: unallocated deal and integration costs — (0.8) — — (2.9) Less: unallocated restructuring costs 2 (0.4) — — (0.4) — Adjusted unallocated general and administrative expenses $15.9 $14.5 $14.7 $30.6 $22.9 Total adjusted segment profit $181.3 $193.4 $185.5 $366.8 $379.9 Less: adjusted unallocated general and administrative expenses (15.9) (14.5) (14.7) (30.6) (22.9) Total adjusted operating income $165.4 $178.9 $170.8 $336.2 $357.0 1 The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). 2 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 3 Loss (gain) from the sale of the Company's Pipeline and Industrial Materials ('PIM') business. 4 Impairment of long-lived assets related to a small, industrial specialty chemicals business. Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA (In millions) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Net income $52.8 $67.7 $62.9 $115.7 $113.0 Net income - as a % of net sales 6.7% 8.3% 8.1% 7.4% 7.1% Adjustments to net income: Equity in net loss of affiliates 0.2 0.2 0.3 0.5 0.4 Income tax expense 2.8 6.7 8.2 11.0 10.1 Interest expense, net 50.5 52.5 49.6 100.1 106.9 Other (income) expense, net (0.2) 3.0 1.3 1.1 17.3 GAAP - Operating income 106.1 130.1 122.3 228.4 247.7 Operating margin - as a % of net sales 13.4% 16.0% 15.8% 14.6% 15.6% Integration costs: Professional fees 1 — 0.3 — — 2.3 Severance costs 2 — 0.5 — — 0.6 Restructuring costs 3 13.3 — 2.4 15.7 — Loss (gain) on sale of business 4 — 0.5 — — (4.3) Impairment of long-lived assets 5 — — — — 13.0 Amortization of intangible assets 6 46.0 47.5 46.1 92.1 97.7 Adjusted operating income 165.4 178.9 170.8 336.2 357.0 Adjusted operating margin - as a % of net sales 20.9% 22.0% 22.1% 21.5% 22.5% Depreciation 51.3 47.4 49.9 101.2 92.7 Adjusted EBITDA $216.7 $226.3 $220.7 $437.4 $449.7 Adjusted EBITDA - as a % of net sales 27.3% 27.8% 28.5% 27.9% 28.4% 1 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2 Represents severance charges related to the integration of CMC Materials. 3 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 4 Loss (gain) from the sale of the Company's PIM business. 5 Impairment of long-lived assets related to a small, industrial specialty chemicals business. 6 Non-cash amortization expense associated with intangibles acquired in acquisitions. Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share (In millions, except per share data) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 GAAP net income $52.8 $67.7 $62.9 $115.7 $113.0 Adjustments to net income: Integration costs: Professional fees 1 — 0.3 — — 2.3 Severance costs 2 — 0.5 — — 0.6 Restructuring costs 3 13.3 — 2.4 15.7 — Loss on extinguishment of debt and modification 4 — 0.7 — — 12.3 Loss (gain) on sale of business 5 — 0.5 — — (4.3) Impairment of long-lived assets 6 — — — — 13.0 Amortization of intangible assets 7 46.0 47.5 46.1 92.1 97.7 Tax effect of adjustments to net income and discrete tax items 8 (11.5) (10.1) (9.9) (21.4) (23.7) Non-GAAP net income $100.6 $107.1 $101.5 $202.1 $210.9 Diluted earnings per common share $0.35 $0.45 $0.41 $0.76 $0.74 Effect of adjustments to net income $0.31 $0.26 $0.25 $0.57 $0.65 Diluted non-GAAP earnings per common share $0.66 $0.71 $0.67 $1.33 $1.39 Diluted weighted averages shares outstanding 151.9 151.8 152.0 152.0 151.8 1 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2 Represents severance charges related to the integration of CMC Materials. 3 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 4 Non-recurring loss on extinguishment of debt and modification of our Existing Credit Agreement in 2024. 5 Loss (gain) from the sale of the Company's PIM business. 6 Impairment of long-lived assets related to a small, industrial specialty chemicals business. 7 Non-cash amortization expense associated with intangibles acquired in acquisitions. 8 The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate for each respective year. Expand Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Less: divestiture 1 — — — — (33.9) Adjusted net sales (excluding divestiture) Non-GAAP $792.4 $812.7 $773.2 $1,565.6 $1,549.8 1 Adjusted to exclude net sales from the PIM business, which was divested in Q1 2024. Expand Third Quarter Outlook Reconciliation GAAP net income to non-GAAP net income September 27, 2025 GAAP net income $65 - $76 Adjustments to net income: Amortization of intangible assets 46 Income tax effect (7) Non-GAAP net income $104 - $115 Expand Third Quarter Outlook Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share Diluted earnings per common share $0.43 - $0.50 Adjustments to earnings per share: Amortization of intangible assets 0.30 Income tax effect (0.05) Diluted non-GAAP earnings per common share $0.68 - $0.75 *As a result of displaying amounts in millions, rounding differences may exist in the tables. Expand
Business Insider
23-07-2025
- Business Insider
Longevity enthusiast Bryan Johnson says he doesn't want to run his antiaging company anymore
For Bryan Johnson, balancing profit and prophet isn't easy. The biotech entrepreneur told Wired's Katie Drummond in an interview published Monday that he was considering winding up or selling his antiaging startup, Blueprint. "Honestly, I am so close to either shutting it down or selling it," he told Drummond, adding that he'd "been talking to people about this." "I don't need the money, and it's a pain-in-the-ass company," he said. Johnson didn't respond to a request for comment from Business Insider. The 47-year-old is best known for his aggressive quest for eternal youth. In 2021, Johnson embarked on his antiaging program, Project Blueprint, which he says costs him $2 million a year. At one point, Johnson infused himself with blood from his son to slow down his aging. He stopped the transfusions after six months, saying there were "no benefits detected." Johnson's company sells a variety of wellness products. These include a $55 "longevity mix" drink and a $42 mushroom coffee alternative called "Super Shrooms." In March, Johnson announced on X that he was starting his own religion, "Don't Die." The name is derived from the slogan Johnson used to brand his Netflix documentary, products, and events. "Years ago, I did a thought experiment imagining myself in the presence of people from the 25th century. It seemed obvious that they'd say Don't Die is how humanity saved itself and merged with AI," Johnson wrote in an X post at the time. Now, Johnson says he's beginning to see how running a longevity-focused business may not mesh with preaching a religion on the same subject. Johnson said he started the longevity business because his friends were asking him for the health supplements he was taking. "It just evolved in a way where I was trying to do people a solid. The problem is now people see the business and give me less credibility on the philosophy side," Johnson said. "I will not make that trade-off. It is not worth it to me. So yeah, I don't want it," he added. Earlier this year, The New York Times reported that Blueprint was facing problems with its finances. The story was published in March and was based on interviews with current and former employees as well as court records and internal documents. The Times reported that Blueprint was missing its break-even point by at least $1 million a month. Johnson responded to the Times on several matters concerning Blueprint and its staff and products but did not address the company's financial situation. Johnson told Wired that Blueprint wasn't in "some kind of emergency financial situation." "We are break-even, and I've said that publicly many times," he added. "We've had profitable months; we've had loss months."
