Marquette National Corporation Reports Second Quarter 2025 Results
At June 30, 2025, total assets were $2.23 billion, an increase of $22 million, or 1%, compared to $2.21 billion at December 31, 2024. Total loans increased by $32 million to $1.44 billion compared to $1.41 billion at the end of 2024. Total deposits increased by $20 million, or 1%, to $1.76 billion compared to $1.74 billion at the end of 2024.
Paul M. McCarthy, Chairman & CEO, said, 'the primary reason for the decrease in consolidated earnings was a lower level of unrealized gains on the Company's equity portfolio in 2025. The decrease in unrealized gains on the Company's equity portfolio was partially offset by an increase in realized gains on the Company's equity portfolio and an increase in net interest income. Other comprehensive income was positive for the first six months of 2025 and helped deliver an increase to tangible book value per share in 2025. Tangible book value per share increased by $2.69 during the first six months of 2025.'
Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.
For further information on financial results, visit: https://www.otcmarkets.com/stock/MNAT/disclosure.
Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as 'believe,' 'expect,' 'anticipate,' 'bode', 'predict,' 'suggest,' 'project', 'appear,' 'plan,' 'intend,' 'estimate,' 'annualize,' 'may,' 'will,' 'would,' 'could,' 'should,' 'likely,' 'might,' 'potential,' 'continue,' 'annualized,' 'target,' 'outlook,' as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company's general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors' information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company's assets; (xxiv) the effectiveness of the Company's risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
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RB Global Reports Second Quarter 2025 Results
Article content WESTCHESTER, Ill. — RB Global, Inc. (NYSE & TSX: RBA, the 'Company', 'RB Global', 'we', 'us', 'their', or 'our') reported the following results for the three months ended June 30, 2025. Article content 'I am pleased to report that we continued to gain automotive market share in the second quarter, with total automotive unit volume increasing 9% year-over-year,' said Jim Kessler, CEO of RB Global. 'Our teammates delivered another strong quarter, consistently over delivering against all our partner and customer expectations.' Article content 'We drove strong operating leverage in the quarter resulting in solid financial performance,' said Eric J. Guerin, Chief Financial Officer. 'Our ability to execute in a shifting macro environment highlights our teammates' dedication to our customers and partners.' Article content Second Quarter Financial Highlights 1,2,3: Article content Total gross transaction value ('GTV') increased 2% year over year to $4.2 billion. Total revenue increased 8% year over year to $1.2 billion. Service revenue increased 3% year over year at $887.2 million. Inventory sales revenue increased 26% year over year to $298.8 million. Net income decreased 1% year-over-year to $109.7 million. Net income available to common stockholders decreased 1% year over year to $99.5 million. Diluted earnings per share available to common stockholders decreased 2% to $0.53 per share. Diluted adjusted earnings per share available to common stockholders increased 14% year over year to $1.07 per share. Adjusted earnings before interest, taxes, depreciation and amortization ('EBITDA') increased 7% year over year to $364.5 million. Article content 2025 Financial Outlook Article content The Company has updated its full-year 2025 outlook for select financial data, as shown below: Article content __________________________ 1 For information regarding RB Global's use and definition of certain measures, see 'Key Operating Metrics' and 'Non-GAAP Measures' sections in this press release. 2 All figures are presented in U.S. dollars. 3 For the second quarter of 2025 as compared to the second quarter of 2024. 4 Capital expenditures is defined as property, plant and equipment, net of proceeds on disposals, plus intangible asset additions. Article content Additional Financial and Operational Highlights Article content Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except EPS and percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 GTV $ 4,198.1 $ 4,104.1 2 % $ 8,027.0 $ 8,181.5 (2 )% Service revenue 887.2 859.1 3 % 1,739.7 1,708.2 2 % Service revenue take rate 21.1 % 20.9 % 20bps 21.7 % 20.9 % 80bps Inventory sales revenue $ 298.8 $ 237.0 26 % $ 554.9 $ 452.6 23 % Inventory return 12.4 14.3 (13 )% 33.5 33.3 1 % Inventory rate 4.1 % 6.0 % (190)bps 6.0 % 7.4 % (140)bps Net income $ 109.7 $ 111.0 (1 )% $ 223.0 $ 218.4 2 % Net income available to common stockholders 99.5 100.7 (1 )% 202.4 197.8 2 % Adjusted EBITDA 364.5 342.0 7 % 692.4 673.1 3 % Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 (2 )% $ 1.09 $ 1.07 2 % Diluted adjusted earnings per share available to common stockholders $ 1.07 $ 0.94 14 % $ 1.96 $ 1.84 7 % Revenue Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Transactional seller revenue $ 241.0 $ 250.7 (4 )% $ 457.8 $ 489.3 (6 )% Transactional buyer revenue 560.6 510.0 10 % 1,117.3 1,035.4 8 % Marketplace services revenue 85.6 98.4 (13 )% 164.6 183.5 (10 )% Total service revenue 887.2 859.1 3 % 1,739.7 1,708.2 2 % Inventory sales revenue 298.8 237.0 26 % 554.9 452.6 23 % Total revenue $ 1,186.0 $ 1,096.1 8 % $ 2,294.6 $ 2,160.8 6 % For the Second Quarter: GTV increased 2% year over year to $4.2 billion, primarily due to an increase in the automotive sector, partially offset by a decline in the commercial construction and transportation ('CC&T') sector. Automotive GTV increased due to growth in lot volume from existing partners, as well as year-over-year market share gains, partially offset by a lower average price per lot sold. The decrease in CC&T GTV was primarily driven by the lower lot volumes as customer take a wait-and-see approach given the current macro-economic environment, combined with lower volumes from our enterprise customers, as we benefited from certain significant large customer dispositions in the prior period. Partially offsetting lower volumes, the average price per lot sold increased due to an improved mix. Service revenue increased 3% year-over-year to $887.2 million, driven by higher GTV and an increase in service revenue take rate. Service revenue take rate expanded 20 basis points year over year to 21.1% driven by a higher buyer fee rate structure, partially offset by lower marketplace services revenue and a lower average commission rate. The decline in marketplace services revenue was driven by lower fees earned from transportation services compared to the prior period. Inventory sales revenue increased 26% year over year to $298.8 million, primarily due to higher inventory revenue from the CC&T sector. The inventory rate declined 190 basis points year over year to 4.1%, primarily due to weaker performance across all sectors. Inventory rate and returns include an inventory write-down of $1.7 million related to the LKQ SYNETIQ transaction. Net income available to common stockholders decreased to $99.5 million, primarily driven by the decrease in operating income, partially offset by lower interest expense due to lower long-term debt levels driven by repayments of principal and lower interest rates, partly as a result of the recent refinancing of our Credit Agreement. Adjusted EBITDA 1 Article content Total Lots Sold by Sector Three months ended June 30, Six months ended June 30, % Change % Change (in '000's of lots sold, except percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Automotive 595.9 547.7 9 % 1,221.5 1,132.3 8 % Commercial construction and transportation 97.5 118.2 (18) % 185.1 227.0 (18) % Other 2 153.8 173.6 (11) % 295.7 319.2 (7) % Total lots sold 847.2 839.5 1 % 1,702.3 1,678.5 1 % Article content __________________________ 1 For information regarding RB Global's use and definition of this measure, see 'Key Operating Metrics' and 'Non-GAAP Measures' sections in this press release. 2 Total GTV and total lots sold in the other sector exclude the results from LKQ SYNETIQ from June 21 2025, the date of its deconsolidation from the Company. Article content The below table reconciles as reported operating expenses by line item to adjusted operating expenses to exclude the impact of adjustments as defined in our Non-GAAP Measures. Article content For the three months ended June 30, 2025 (in U.S. dollars in millions) Cost of services Cost of inventory sold Selling, general and administrative expenses Acquisition- related and integration costs Depreciation and amortization Total operating expenses As reported $ 353.9 $ 286.4 $ 222.2 $ 2.7 $ 116.7 $ 981.9 Share-based payments expense — — (25.2 ) — — (25.2 ) Acquisition- related and integration costs — — — (2.7 ) — (2.7 ) Amortization of acquired intangible assets — — — — (68.3 ) (68.3 ) Prepaid consigned vehicle charges 0.2 — — — — 0.2 Executive transition costs — — (3.1 ) — — (3.1 ) Loss on deconsolidation and related costs — (1.7 ) (2.5 ) — — (4.2 ) Debt refinancing costs — — (3.9 ) — — (3.9 ) Remeasurements in connection with business combinations — — (0.1 ) — — (0.1 ) Other legal, advisory, restructuring and non-income tax expenses — — (4.3 ) — — (4.3 ) Adjusted $ 354.1 $ 284.7 $ 183.1 $ — $ 48.4 $ 870.3 Article content For the six months ended June 30, 2025 (in U.S. dollars in millions) Cost of services Cost of inventory sold Selling, general and administrative expenses Acquisition- related and integration costs Depreciation and amortization Total operating expenses As reported $ 715.8 $ 521.4 $ 427.2 $ 5.8 $ 231.2 $ 1,901.4 Share-based payments expense — — (39.6 ) — — (39.6 ) Acquisition- related and integration costs — — — (5.8 ) — (5.8 ) Amortization of acquired intangible assets — — — — (136.6 ) (136.6 ) Loss on disposition of property, plant and equipment and related costs — — (0.2 ) — — (0.2 ) Prepaid consigned vehicle charges 0.5 — — — — 0.5 Executive transition costs — — (5.8 ) — — (5.8 ) Loss on deconsolidation and related costs — (1.7 ) (2.5 ) — — (4.2 ) Debt refinancing costs — — (3.9 ) — — (3.9 ) Remeasurements in connection with business combinations — — (0.1 ) — — (0.1 ) Other legal, advisory, restructuring and non-income tax expenses (1.0 ) — (7.3 ) — — (8.3 ) Adjusted $ 715.3 $ 519.7 $ 367.8 $ — $ 94.6 $ 1,697.4 Article content Dividend Information Article content Quarterly Dividend Article content On August 5, 2025, the Company declared a quarterly cash dividend of $0.31 per common share, payable on September 18, 2025, to shareholders of record on August 28, 2025. Article content Other Company Developments Article content On July 14, 2025, we completed the acquisition of J.M. Wood Auction Co., Inc., an auction business based in Alabama, United States, for consideration of approximately $235 million, plus approximately $8 million for inventory held for auction at the time of closing. On June 21, 2025, through our wholly-owned subsidiary SYNETIQ Ltd., we entered into an agreement with LKQ Europe to jointly provide vehicle parts dismantling and distribution services through the newly created venture, LKQ SYNETIQ. The Company retained a 40% equity interest and LKQ Europe acquired a 60% equity interest in LKQ SYNETIQ in exchange for proceeds of £8.0 million (approximately $11.0 million) to be paid in equal installments on the third, fourth, and fifth anniversaries of the closing date. Article content Second Quarter 2025 Earnings Conference Call Article content RB Global is hosting a conference call to discuss its financial results for the quarter ended June 30, 2025, at 4:30 PM ET on August 6, 2025. The replay of the webcast will be available through August 6, 2026. Article content Conference call and webcast details are available at the following link: About RB Global RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through our auction sites and digital platform, we have a wide global presence and serve customers across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture. Our marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, Inc. ('IAA'), a leading global digital marketplace connecting vehicle buyers and sellers. Our portfolio of brands also includes Rouse Services ('Rouse'), which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip Inc. ('SmartEquip'), an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; and VeriTread LLC ('VeriTread'), an online marketplace for heavy haul transport. Article content Forward-looking Statements Article content This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, 'forward-looking statements'), including, in particular, statements regarding future financial and operational results, opportunities, and any other statements regarding events or developments that RB Global believes or anticipates will or may occur in the future. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'confident', 'estimate', 'intend' or 'believe' and similar expressions or their negative connotations, or statements that events or conditions 'will', 'would', 'may', 'remain', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond RB Global's control, including risks and uncertainties related to: our ability to integrate acquisitions, including the recently acquired J.M. Wood; the fact that operating costs and business disruption may be greater than expected; the effect of the consummation of the merger on the trading price of RB Global's common shares; the ability of RB Global to retain and hire key personnel and employees; the significant costs associated with the merger; the outcome of any legal proceedings that have been or could be instituted against RB Global; the ability of the Company to realize anticipated synergies in the amount, manner or timeframe expected or at all; the failure of the Company to achieve expected operating results in the amount, manner or timeframe expected or at all; changes in capital markets and the ability of the Company to generate cash flow and/or finance operations in the manner expected or to de- lever in the timeframe expected; the failure of RB Global or the Company to meet financial forecasts and/or key performance targets including the Company's key operating metrics; the Company's ability to commercialize new platform solutions and offerings; legislative, regulatory and economic developments affecting the combined business; general economic and market developments and conditions, including as a result of global trade tensions and as a result of current, proposed or future tariffs; the evolving legal, regulatory and tax regimes under which RB Global operates; unpredictability and severity of catastrophic events, including, but not limited to, pandemics, acts of terrorism or outbreak of war or hostilities, as well as RB Global's response to any of the aforementioned factors. Other risks that could cause actual results to differ materially from those described in the forward-looking statements are included in RB Global's periodic reports and other filings with the Securities and Exchange Commission ('SEC') and/or applicable Canadian securities regulatory authorities, including the risk factors identified under Item 1A 'Risk Factors' and the section titled 'Summary of Risk Factors' in RB Global's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and RB Global's periodic reports and other filings with the SEC, which are available on the SEC, SEDAR and RB Global' websites. The foregoing list is not exhaustive of the factors that may affect RB Global's forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements are made as of the date of this news release and RB Global does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. For the reasons set forth above, you should not place undue reliance on forward-looking statements. Article content Key Operating Metrics Article content We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends affecting our business, and make operating decisions. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our operational strategies. Article content We define our key operating metrics as follows: Article content : Represents total proceeds from all items sold on our auctions and online marketplaces, third-party online marketplaces, private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in the Company's consolidated financial statements. Article content Total service revenue take rate: Article content Total service revenue divided by total GTV. Article content Inventory return: Article content Inventory sales revenue less cost of inventory sold. Article content Inventory rate: Article content Inventory return divided by inventory sales revenue. Article content GTV and Selected Condensed Consolidated Financial Information (Expressed in millions of U.S. dollars, except share and per share data) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 GTV $ 4,198.1 $ 4,104.1 $ 8,027.0 $ 8,181.5 Revenue: Service revenue $ 887.2 $ 859.1 $ 1,739.7 $ 1,708.2 Inventory sales revenue 298.8 237.0 554.9 452.6 Total revenue 1,186.0 1,096.1 2,294.6 2,160.8 Operating expenses: Costs of services 353.9 348.8 715.8 701.8 Cost of inventory sold 286.4 222.7 521.4 419.3 Selling, general and administrative 222.2 208.6 427.2 406.7 Acquisition-related and integration costs 2.7 4.1 5.8 16.9 Depreciation and amortization 116.7 110.3 231.2 218.0 Total operating expenses 981.9 894.5 1,901.4 1,762.7 Gain on disposition of property, plant and equipment — 0.3 0.4 2.7 Loss on deconsolidation (15.5 ) — (15.5 ) — Operating income 188.6 201.9 378.1 400.8 Interest expense (47.5 ) (59.9 ) (97.4 ) (123.8 ) Interest income 4.0 6.8 7.0 13.4 Other income (loss), net 0.2 (0.2 ) 0.9 (1.0 ) Foreign exchange gain (loss) 0.2 (1.0 ) (0.2 ) (1.9 ) Income before income taxes 145.5 147.6 288.4 287.5 Income tax expense 35.8 36.6 65.4 69.1 Net income $ 109.7 $ 111.0 $ 223.0 $ 218.4 Net income (loss) attributable to: Controlling interests $ 109.8 $ 111.1 $ 223.2 $ 218.5 Redeemable non-controlling interests (0.1 ) (0.1 ) (0.2 ) (0.1 ) Net income $ 109.7 $ 111.0 $ 223.0 $ 218.4 Net income attributable to controlling interests $ 109.8 $ 111.1 $ 223.2 $ 218.5 Cumulative dividends on Series A Senior Preferred Shares (6.7 ) (6.7 ) (13.4 ) (13.4 ) Allocated earnings to Series A Senior Preferred Shares (3.6 ) (3.7 ) (7.4 ) (7.3 ) Net income available to common stockholders $ 99.5 $ 100.7 $ 202.4 $ 197.8 Basic earnings per share available to common stockholders $ 0.54 $ 0.55 $ 1.09 $ 1.08 Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 $ 1.09 $ 1.07 Basic weighted average number of shares outstanding 185,365,576 183,887,145 185,096,464 183,473,233 Article content Condensed Consolidated Statements of Cash Flows (Expressed in millions of U.S. dollars) (Unaudited) Six months ended June 30, 2025 2024 Cash provided by (used in): Operating activities: Net income $ 223.0 $ 218.4 Adjustments for items not affecting cash: Depreciation and amortization 231.2 218.0 Share-based payments expense 41.6 35.1 Deferred income tax benefit — (31.0 ) Unrealized foreign exchange loss 0.2 0.4 Gain on disposition of property, plant and equipment (0.4 ) (2.7 ) Loss on deconsolidation 15.5 — Allowance for expected credit losses 1.5 4.9 Amortization of debt issuance costs 4.8 6.7 Amortization of right-of-use assets 78.2 75.8 Other, net 5.5 9.6 Net changes in operating assets and liabilities (117.8 ) (73.1 ) Net cash provided by operating activities 483.3 462.1 Investing activities: Property, plant and equipment additions (139.1 ) (73.9 ) Proceeds on disposition of property, plant and equipment 2.1 1.0 Intangible asset additions (61.2 ) (56.2 ) Proceeds from repayment of loans receivable 5.1 4.0 Issuance of loans receivable (33.0 ) (5.5 ) Other, net (1.8 ) (1.1 ) Net cash used in investing activities (227.9 ) (131.7 ) Financing activities: Dividends paid to common stockholders (107.3 ) (98.9 ) Dividends paid to Series A Senior Preferred shareholders (17.1 ) (17.0 ) Proceeds from exercise of options and share option plans 27.2 51.9 Payment of withholding taxes on issuance of shares (20.2 ) (11.2 ) Net increase in short-term debt 56.0 16.2 Proceeds from long-term debt 275.0 — Repayment of long-term debt (326.0 ) (252.2 ) Payment of debt issuance costs (4.4 ) — Repayment of finance lease and equipment financing obligations (16.0 ) (12.9 ) Proceeds from equipment financing obligations 1.9 1.7 Net cash used in financing activities (130.9 ) (322.4 ) Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash 22.7 (10.3 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 147.2 (2.3 ) Cash, cash equivalents, and restricted cash, beginning of period 708.8 747.9 Cash, cash equivalents, and restricted cash, end of period $ 856.0 $ 745.6 Article content Non-GAAP Measures Article content This news release references non-GAAP measures. These measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Article content The Company has not provided a reconciliation of Adjusted EBITDA outlook for fiscal 2025 to GAAP net income, the most directly comparable GAAP financial measure, because without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate Adjusted EBITDA, including but not limited to: (a) the net loss or gain on the sale of property plant & equipment, or other assets (b) loss on deconsolidation and related costs (c) acquisition-related or integration costs relating to our mergers and acquisition activity, including severance costs, (d) other legal, advisory, restructuring and non-income tax expenses, (e) share-based payments compensation expense which value is directly impacted by the fluctuations in our share price and other variables, and (f) other expenses that we do not believe are indicative of our ongoing operations. These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on net income for fiscal 2025. Article content Please refer to the quarterly report on Form 10-Q for the quarter ended June 30, 2025 for a summary of adjusting items during the trailing twelve months ended June 30, 2025 and June 30, 2024. Article content Adjusted Net Income Available to Common Stockholders and Diluted Adjusted EPS Available to Common Stockholders Reconciliation Article content The Company believes that adjusted net income available to common stockholders provides useful information about the growth or decline of the net income available to common stockholders for the relevant financial period and eliminates the financial impact of adjusting items the Company does not consider to be part of the normal operating results. Diluted adjusted EPS available to common stockholders eliminates the financial impact of adjusting items from net income available to common stockholders that the Company does not consider to be part of the normal operating results. Article content Adjusted net income available to common stockholders is calculated as net income available to common stockholders, excluding the effects of adjusting items that we do not consider to be part of our normal operating results, such as share- based payments expense, acquisition-related and integration costs, amortization of acquired intangible assets, executive transition costs and certain other items. Article content Net income available to common stockholders is calculated as net income attributable to controlling interests, less cumulative dividends on Series A Senior Preferred Shares and allocated earnings to participating securities. Article content Diluted adjusted EPS available to common stockholders is calculated by dividing adjusted net income available to common stockholders by the weighted average number of dilutive shares outstanding, except that it is computed based upon the lower of the two-class method or the if-converted method, which includes the effects of the assumed conversion of the Series A Senior Preferred Shares and the effect of shares issuable under the Company's stock-based incentive plans, if such effect is dilutive. Article content Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except share, per share data, and percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Net income available to common stockholders $ 99.5 $ 100.7 (1 )% $ 202.4 $ 197.8 2 % Share-based payments expense 25.2 18.1 39 % 39.6 31.4 26 % Acquisition-related and integration costs 2.7 4.1 (34 )% 5.8 16.9 (66 )% Amortization of acquired intangible assets 68.3 69.0 (1 )% 136.6 138.6 (1 )% (Gain) loss on disposition of property, plant and equipment and related costs — 0.4 NM (0.2 ) (1.4 ) (86 )% Prepaid consigned vehicles charges (0.2 ) (1.3 ) (85 )% (0.5 ) (3.4 ) (85 )% Executive transition costs 3.1 2.0 55 % 5.8 3.7 57 % Loss on deconsolidation and related costs 19.7 — NM 19.7 — NM Debt refinancing costs 3.9 — NM 3.9 — NM Remeasurements in connection with business combinations 0.1 — NM 0.1 — NM Other legal, advisory, restructuring and non-income tax expenses 4.3 7.7 (44 )% 8.2 10.0 (18 )% Related tax effects of the above (22.4 ) (24.0 ) (7 )% (49.7 ) (48.8 ) 2 % Related allocation of the above to participating securities (3.7 ) (2.6 ) 42 % (6.0 ) (5.2 ) 15 % Adjusted net income available to common stockholders $ 200.5 $ 174.1 15 % $ 365.7 $ 339.6 8 % Weighted average number of dilutive shares outstanding 186,649,132 184,912,584 1 % 186,502,548 184,746,818 1 % Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 (2 )% $ 1.09 $ 1.07 2 % Diluted adjusted earnings per share available to common stockholders $ 1.07 $ 0.94 14 % $ 1.96 $ 1.84 7 % NM = Not meaningful Article content Adjusted EBITDA Article content The Company believes adjusted EBITDA provides useful information about the growth or decline of its net income when compared between different financial periods. The Company uses adjusted EBITDA as a key performance measure because the Company believes it facilitates operating performance comparisons from period to period and provides management with the ability to monitor its controllable incremental revenues and costs. Article content Adjusted EBITDA is calculated by adding back depreciation and amortization, interest expense, income tax expense, and subtracting interest income from net income, as well as adding back the adjusting items. Article content Adjusted Net Debt and Adjusted Net Debt/Adjusted EBITDA Reconciliation Article content The Company believes that comparing adjusted net debt/adjusted EBITDA on a trailing twelve-month basis for different financial periods provides useful information about the performance of its operations as an indicator of the amount of time it would take to settle both the Company's short and long-term debt. The Company does not consider this to be a measure of its liquidity, which is its ability to settle only short-term obligations, but rather a measure of how well it funds liquidity. Measures of liquidity are noted under 'Liquidity and Capital Resources' in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Article content Adjusted net debt is calculated by subtracting cash and cash equivalents from short and long-term debt and long-term debt in escrow. Adjusted net debt/Adjusted EBITDA is calculated by dividing adjusted net debt by adjusted EBITDA. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
National Post
15 minutes ago
- National Post
Backblaze Talks Drive Stats at DefCon 33
Article content SAN MATEO, Calif. — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced that Pat Patterson, Chief Technical Evangelist, and Stephanie Doyle, Writer and Content Strategist, will be speaking at DefCon 33, presenting a talk called, 'Tracking 300k+ Drives: What We've Learned After 13 Years.' Article content Backblaze manages over four exabytes of data stored on over 300,000 hard drives in data centers across the world. This session, the Backblaze Drive Stats Team will cover how we collect and share the Drive Stats dataset and reports, including how we recently improved data processing and failure validations with Iceberg, Snowflake, and Trino, and a live demo of the same. The session will also touch on updated AFR trends by drive model and size, SSD tracking challenges, and share how drive insights have contributed to performance improvements in data centers. Article content 'Drive Stats is a content franchise that has built an incredible community of technical leaders who are passionate about data storage and use,' said Patrick Thomas, Backblaze Vice President of Marketing. 'Sharing our primary source data and our process with the DefCon community is an incredible opportunity to spark new ideas and experiments, while supporting the hard drive manufacturers who quietly power the protection and use of data across the planet.' Article content DefCon 2025 is being held August 7–10 at the Las Vegas Convention Center West Hall. The session is being presented twice at the Data Duplication Village located in LVCC-L2-W225 on August 8, at 1:00 p.m., and August 9, at 1:00 p.m. For more information, please visit: Article content Backblaze is the cloud storage innovator delivering a modern alternative to traditional cloud providers. We offer high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to Article content Article content Article content Article content Contacts Article content Press Contact: Article content Article content Article content Article content
Globe and Mail
15 minutes ago
- Globe and Mail
American Express to Participate in Barclays Global Financial Services Conference
American Express Company (NYSE: AXP) today announced management participation in the Barclays Global Financial Services Conference on Tuesday, September 9, 2025, beginning at 9:00 a.m. (ET). A live audio webcast of the discussion about the company's business strategy and financial performance will be accessible to the general public through the American Express Investor Relations website at An audio replay of the discussion will be available after the event at the same website address. ABOUT AMERICAN EXPRESS American Express (NYSE: AXP) is a global payments and premium lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services and experiences that enrich lives and build business success. Founded in 1850 and headquartered in New York, American Express' brand is built on trust, security, and service, and a rich history of delivering innovation and Membership value for our customers. With over a hundred million merchant locations across our global network, we seek to provide the world's best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations. For more information about American Express, visit and The above-referenced discussion may include forward-looking statements that are subject to risks and uncertainties and speak only as of the date on which they are made. Important factors that could cause actual results to differ materially are set forth in the company's filings with the U.S. Securities and Exchange Commission.
