SkyWater Technology Expands Leadership in U.S. Semiconductor Manufacturing With Infineon IP License Agreement
This new IP enables customers to design and build high-reliability mixed-signal SoCs entirely within a secure U.S. supply chain – a strategic milestone for U.S. semiconductor independence that extends SkyWater's leadership in domestic innovation.
The licensed IP, originally developed by Cypress Semiconductor and validated in high-volume, automotive-grade applications, will be released through SkyWater's S130 platform. SkyWater is uniquely positioned to support both commercial and defense markets at scale.
'This is about reshaping the future of semiconductor innovation in the U.S.,' said Ross Miller, SVP of SkyWater's Commercial and A&D Business. 'Today, over 90% of global mixed-signal ASIC chip production happens offshore, despite these mature nodes being critical for automotive, industrial, and defense systems. We're changing that. By combining proven, silicon-validated IP with trusted U.S. manufacturing, we're empowering customers to design and manufacture reliable mixed-signal ASICs at scale within a secure domestic supply chain.'
The S130 platform builds on decades of success, offering a comprehensive suite of mixed-signal building blocks, including embedded Non-Volatile Memory (NVM) options and SRAM compilers. These capabilities have powered billions of devices across automotive, industrial, medical, and consumer sectors. Now, SkyWater is extending this proven foundation to new ASIC developers, system companies, and government customers seeking long-term support and scalable U.S. manufacturing solutions.
'The S130 platform has earned its reputation for reliability in demanding real-world environments,' said Percy Gilbert, SVP of Engineering at SkyWater. 'By making this IP accessible, we're enabling customers to reduce design risk, accelerate time to market, and lower development costs when building complex analog and mixed-signal ASICs – all while leveraging a mature, silicon-proven platform.'
SkyWater plans to integrate this IP portfolio into its Technology as a Service (TaaS℠) model, enabling customers to design sophisticated, high-reliability mixed-signal SoCs with components that have been validated in automotive and mission-critical real-world applications. The portfolio includes key components such as analog-to-digital converters (ADCs), digital-to-analog converters (DACs), power management, timing, and communications modules – validated in mission-critical applications.
Phased Release Based on Market Demand
SkyWater will prioritize the conversion of these IP blocks for general foundry use based on customer demand across various markets. It will provide full design enablement support including PDKs, documentation, and integration assistance for qualified engagements.
With this agreement, SkyWater continues to redefine what it means to be a trusted U.S. foundry partner, delivering advanced technology solutions that drive innovation and strengthen domestic semiconductor independence.
To express interest or initiate engagement, visit: www.skywatertechnology.com/contact-us or contact sales@skywatertechnology.com.
About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater's Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, embedded computing, rad-hard ICs, memory and logic devices, power management ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.
SkyWater Technology Forward-Looking Statements
This press release contains 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on SkyWater's current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause SkyWater's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause SkyWater's actual results to be different than expected or anticipated include, but are not limited to, ability to realize the expected benefits of the Fab 25 acquisition; ability to promptly and effectively integrate Fab 25's operations; negative effects relating to the consummation of the proposed Fab 25 transaction on the market price of SkyWater's common stock; significant transaction costs and/or unknown or inestimable liabilities; general economic and business conditions that may affect the combined company following the consummation of the proposed Fab 25 transaction; and other factors discussed in the 'Risk Factors' section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that SkyWater files with the SEC, which are available at http://www.sec.gov. SkyWater assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
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In some cases, you can identify forward-looking statements by the words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foreseeable," "future," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "will," or "would" and/or the negative of these terms, or other comparable terminology intended to identify statements about the future. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations for the fiscal year ended December 31, 2025, the net impact from tariffs, financial condition, liquidity, prospects, growth, strategies, the industry in which we operate and other information that is not historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. Factors that could cause actual results to differ materially from those forward-looking statements included in this press release include, among others: risks related to conditions that affect the commercial and business aviation industries; decreases in budget, spending or outsourcing by our military end-users; risks from any supply chain disruptions or loss of key suppliers; increased costs of labor, equipment, raw materials, freight and utilities due to inflation; future outbreaks and infectious diseases; risks related to competition in the market in which we participate; loss of an OEM authorization or license; risks related to a significant portion of our revenue being derived from a small number of customers; our ability to remediate effectively the material weaknesses identified in our internal control over financial reporting; our ability to respond to changes in GAAP; our or our third-party partners' failure to protect confidential information; data security incidents or disruptions to our IT systems and capabilities; our ability to comply with laws relating to the handling of information about individuals; changes to United States tariff and import/export regulations; failure to maintain our regulatory approvals; risks relating to our operations outside of North America; failure to comply with government procurement laws and regulations; any work stoppage, hiring, retention or succession issues with our senior management team and employees; any strains on our resources due to the requirements of being a public company; risks related to our indebtedness; our success at managing the risks of the foregoing, and the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other filings with the SEC. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. You should understand that it is not possible to predict or identify all such factors. We operate in a competitive and rapidly changing environment. New factors emerge from time to time, and it is not possible to predict the impact of all of these factors on our business, financial condition or results of operations. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives, plans or cost savings in any specified time frame or at all. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. We caution you not to place undue reliance on these forward-looking statements. All forward looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Forward-looking statements speak only as of the date of this press release. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. Non-GAAP Financial Measures This press release includes "non-GAAP financial measures," which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), including Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt to Adjusted EBITDA, and Free Cash Flow. We use these non-GAAP financial measures to evaluate our business operations. Certain of the non-GAAP financial measures presented in this press release are supplemental measures of our performance, in the case of Adjusted EBITDA and Adjusted EBITDA Margin, that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see our results "through the eyes of management." We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. We also present Net Debt to Adjusted EBITDA and Free Cash Flow, which are liquidity measures, that we believe are useful to investors because it is also used by our management for measuring our operating cash flow, liquidity and allocating resources. We believe it is important to measure the free cash flows we have generated from operations, after accounting for routine capital expenditures required to generate those cash flows. When read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, further adjusted for certain non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, refinance fees, business transformation costs and other discrete expenses, when applicable. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important metrics for management and investors as they remove the impact of items that we do not believe are indicative of our core operating results or the overall health of our company and allows for consistent comparison of our operating results over time and relative to our peers. We define Net Debt to Adjusted EBITDA as long-term debt, less cash and cash equivalents divided by Adjusted EBITDA. We define free cash flow as cash from operating activities less capital expenditures. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations of our non-GAAP financial measures to the corresponding GAAP measures included in this press release and should not rely on any single financial measure to evaluate our business. We have presented forward-looking statements regarding Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measure determined in accordance with GAAP. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. We are unable to present a quantitative reconciliation of each forward-looking Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to its most directly comparable forward looking GAAP financial measure because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measure without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the company's future financial results. These non-GAAP financial measures are preliminary estimates and subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's actual results and preliminary financial data set forth above may be material. STANDARDAERO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share figures) June 30, December 31. 2025 2024 ASSETS Current assets: Cash $ 91,513 $ 102,581 Accounts receivable (less allowance for expected credit losses of $15,020 and $15,455, respectively) 677,257 580,668 Contract assets, net 1,070,834 915,200 Inventories 851,597 847,018 Prepaid expenses and other current assets 56,759 29,707 Income tax receivable 21,054 9,960 Total current assets 2,769,014 2,485,134 Property, plant and equipment, net 575,560 568,607 Operating lease right of use asset, net 217,660 172,206 Customer relationships, net 962,913 1,004,701 Other intangible assets, net 268,275 291,487 Goodwill 1,684,287 1,685,970 Other assets 3,923 4,417 Deferred income tax assets 1,079 1,079 Total assets $ 6,482,711 $ 6,213,601 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 643,728 $ 645,701 Accrued expenses and other current liabilities 102,201 99,572 Accrued employee costs 72,876 79,134 Operating lease liabilities, current 19,777 17,663 Due to related parties 696 1,345 Contract liabilities 420,229 400,025 Income taxes payable, current 2,259 6,655 Long-term debt, current portion 23,461 23,449 Total current liabilities 1,285,227 1,273,544 Long-term debt 2,295,131 2,207,977 Operating lease liabilities, non-current 208,395 164,224 Deferred income tax liabilities 159,791 169,824 Other non-current liabilities 20,884 24,628 Total liabilities 3,969,428 3,840,197 Commitments and contingencies (Note 11) Stockholders' equity Common stock ($0.01 par value, 3,500,000,000 shares authorized; 334,470,264 and 334,461,630 shares issued and outstanding as of June 30, 2025 and December 31, 2024) 3,345 3,345 Preferred stock ($0.01 par value, 100,000,000 shares authorized; no shares were issued) — — Additional paid-in capital 3,950,677 3,944,802 Accumulated deficit (1,432,665 ) (1,563,321 ) Accumulated other comprehensive loss (8,074 ) (11,422 ) Total stockholders' equity 2,513,283 2,373,404 Total liabilities and stockholders' equity $ 6,482,711 $ 6,213,601 STANDARDAERO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share figures) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 1,528,943 $ 1,347,198 $ 2,964,531 $ 2,582,921 Cost of revenue 1,292,768 1,162,592 2,510,626 2,216,904 Selling, general and administrative expense 76,002 56,236 140,477 108,848 Amortization of intangible assets 24,603 23,293 48,935 46,585 Operating income 135,570 105,077 264,493 210,584 Interest expense 43,835 78,051 87,626 155,599 Refinancing costs — 655 — 4,938 Loss on debt extinguishment — — — 3,577 Income before income taxes 91,735 26,371 176,867 46,470 Income tax expense 24,022 20,967 46,211 37,879 Net income $ 67,713 $ 5,404 $ 130,656 $ 8,591 Earnings per share: Basic $ 0.21 $ 0.02 $ 0.40 $ 0.03 Diluted $ 0.20 $ 0.02 $ 0.39 $ 0.03 Weighted-average common shares outstanding Basic 328,445 275,175 328,442 275,175 Diluted 334,300 275,175 334,227 275,175 STANDARDAERO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Six Months Ended June 30, 2025 2024 Operating activities Net income $ 130,656 $ 8,591 Adjustments to reconcile net loss from operations to net cash provided by operating activities: Depreciation and amortization 97,223 92,876 Amortization of deferred finance charges and discounts 3,288 6,745 Amortization of loss on derivative instruments — (303 ) Amortization of interest cap premiums 5,467 4,652 Payment of interest rate cap premiums (5,524 ) (4,534 ) Stock compensation expense 5,875 — Loss on debt extinguishment — 3,577 Loss (gain) from disposals, net 3,449 (132 ) Non-cash lease expense 866 468 Deferred income taxes (11,560 ) (6,858 ) Foreign exchange loss (gain) 431 (170 ) Changes in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net (96,589 ) (16,955 ) Contract assets, net (155,634 ) (6,296 ) Inventories, net (4,579 ) (9,445 ) Prepaid expenses and other current assets (24,422 ) (7,096 ) Accounts payable, accrued expenses and other current liabilities 25,885 9,886 Contract liabilities 20,204 (78,919 ) Due to/from related parties (649 ) 1,225 Income taxes payable and receivable (15,490 ) (15,466 ) Net cash used in operating activities (21,103 ) (18,154 ) Investing activities Acquisitions, net of cash and other 1,254 — Purchase of property, plant and equipment (47,262 ) (45,101 ) Payments for purchase of intangible assets (30,000 ) (214 ) Proceeds from disposal of property, plant and equipment 3,637 539 Net cash used in investing activities (72,371 ) (44,776 ) Financing activities Proceeds from long-term debt 345,000 435,969 Repayment of long-term debt (261,785 ) (368,380 ) Payment of deferred financing charges — (392 ) Repayments of long-term agreements (1,501 ) (1,285 ) Net cash provided by financing activities 81,714 65,912 Effect of exchange rate changes on cash 692 (690 ) Net (decrease) increase in cash (11,068 ) 2,292 Cash at beginning of the period 102,581 57,982 Cash at end of the period $ 91,513 $ 60,274 Supplemental cash flow information: Supplemental disclosure of non-cash investing activities: Acquisition of property, plant and equipment, liability incurred, but not paid $ 839 $ 993 Acquisition of intangible assets, liability incurred but not paid — 261 Selected financial information for each segment is as follows: Three months ended June 30, 2025 EngineServices ComponentRepair Services TotalSegments (in thousands) Revenue from external customers $ 1,373,701 $ 155,242 $ 1,528,943 Intersegment revenue (23,024 ) 23,024 - Total segment revenue 1,350,677 178,266 1,528,943 Other segment items (1) 1,172,168 126,626 1,298,794 Segment Adjusted EBITDA $ 178,509 $ 51,640 $ 230,149 Corporate (2) 25,512 Depreciation and amortization 48,547 Interest expense 43,835 Business transformation costs (LEAP and CFM) (3) 5,264 Non-cash stock compensation expense 3,830 Integration costs and severance (4) 1,360 Other (5) 10,066 Profit before tax $ 91,735 _________________ (1) Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses. (2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. (3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of our CFM56 capabilities into Dallas, Texas. (4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. (5) Represents professional fees related to business transformation, secondary offering costs and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. Six months ended June 30, 2025 EngineServices ComponentRepair Services TotalSegments (in thousands) Revenue from external customers $ 2,659,977 $ 304,554 $ 2,964,531 Intersegment revenue (40,987 ) 40,987 — Total segment revenue 2,618,990 345,541 2,964,531 Other segment items (1) 2,266,472 246,540 2,513,012 Segment Adjusted EBITDA $ 352,518 $ 99,001 $ 451,519 Corporate (2) 48,655 Depreciation and amortization 97,223 Interest expense 87,626 Business transformation costs (LEAP and CFM) (3) 18,181 Non-cash stock compensation expense 5,875 Integration costs and severance (4) 2,740 Other (5) 14,352 Profit before tax 176,867 _________________ (1) Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses. (2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. (3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. (4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. (5) Represents professional fees related to business transformation, secondary offering costs and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. Three months ended June 30, 2024 EngineServices ComponentRepair Services TotalSegments (in thousands) Revenue from external customers $ 1,226,658 $ 120,540 $ 1,347,198 Intersegment revenue (15,197 ) 15,197 — Total segment revenue 1,211,461 135,737 1,347,198 Other segment items (1) 1,057,774 101,209 1,158,983 Segment Adjusted EBITDA $ 153,687 $ 34,528 $ 188,215 Corporate (2) 17,833 Depreciation and amortization 45,499 Interest expense 78,051 Business transformation costs (LEAP and CFM) (3) 12,847 Refinancing costs 655 Integration costs and severance (4) 327 Other (5) 6,632 Profit before tax $ 26,371 _________________ (1) Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses. (2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. (3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. (4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. (5) Represents professional fees related to business transformation, secondary offering costs and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. Six months ended June 30, 2024 EngineServices ComponentRepair Services TotalSegments (in thousands) Revenue from external customers $ 2,338,377 $ 244,544 $ 2,582,921 Intersegment revenue (29,524 ) 29,524 — Total segment revenue 2,308,853 274,068 2,582,921 Other segment items (1) 2,005,172 203,758 2,208,930 Segment Adjusted EBITDA $ 303,681 $ 70,310 $ 373,991 Corporate (2) 38,041 Depreciation and amortization 92,876 Interest expense 155,599 Business transformation costs (LEAP and CFM) (3) 23,091 Refinancing costs 4,938 Loss on debt extinguishment 3,577 Integration costs and severance (4) 617 Other (5) 8,782 Profit before tax $ 46,470 _________________ (1) Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses. (2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. (3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. (4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. (5) Represents quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. The following table presents a reconciliation of net income and net income margin to Adjusted EBITDA and Adjusted EBITDA Margin, respectively: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands, except percentages) Net income $ 67,713 $ 5,404 $ 130,656 $ 8,591 Income tax expense 24,022 20,967 46,211 37,879 Depreciation and amortization 48,547 45,499 97,223 92,876 Interest expense 43,835 78,051 87,626 155,599 Business transformation costs (LEAP and CFM) (1) 5,264 12,847 18,181 23,091 Refinancing costs — 655 — 4,938 Loss on debt extinguishment — — — 3,577 Non-cash stock compensation expense 3,830 — 5,875 — Integration costs and severance (2) 1,360 327 2,740 617 Secondary offering costs 3,860 — 3,860 — Other (3) 6,206 6,632 10,492 8,782 Adjusted EBITDA $ 204,637 $ 170,382 $ 402,864 $ 335,950 Revenue $ 1,528,943 $ 1,347,198 $ 2,964,531 $ 2,582,921 Net income margin 4.4 % 0.4 % 4.4 % 0.3 % Adjusted EBITDA Margin 13.4 % 12.6 % 13.6 % 13.0 % _________________ (1) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. (2) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. (3) Represents other non-recurring costs including professional fees related to business transformation and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, and other non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. The following table presents a reconciliation of Debt to Net Debt and Net Debt to Adjusted EBITDA: June 30, June 30, 2025 2024 (in millions, except percentages) New 2024 Term Loan Facilities $ 2,238.8 $ — New 2024 Revolving Credit Facility 95.0 — Prior 2024 Term Loan Facilities — 2,755.2 Prior ABL Credit Facility — 75.0 Prior Senior Notes — 475.5 Finance leases 19.1 19.3 Other 1.1 1.3 Debt 2,354.0 3,326.3 Less Cash 91.5 60.3 Net Debt $ 2,262.5 $ 3,266.0 LTM Adjusted EBITDA $ 757.4 $ 605.4 Net Debt to Adjusted EBITDA 3.0x 5.4x The following table presents revenue by segment, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands, except percentages) Engine Services Segment Revenue $ 1,350,677 $ 1,211,461 $ 2,618,990 $ 2,308,853 Segment Adjusted EBITDA $ 178,509 $ 153,687 $ 352,518 $ 303,681 Segment Adjusted EBITDA Margin 13.2 % 12.7 % 13.5 % 13.2 % Component Repair Services Segment Revenue $ 178,266 $ 135,737 $ 345,541 $ 274,068 Segment Adjusted EBITDA $ 51,640 $ 34,528 $ 99,001 $ 70,310 Segment Adjusted EBITDA Margin 29.0 % 25.4 % 28.7 % 25.7 % The following table presents a reconciliation of Cash Flow from Operations to Free Cash Flow: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Cash Flow from Operations $ 2.9 $ 65.4 $ (21.1 ) $ (18.2 ) Purchase of Property, Plant and Equipment (22.0 ) (26.6 ) (47.3 ) $ (45.1 ) Purchase of Intangible Assets (15.0 ) (0.2 ) (30.0 ) $ (0.2 ) Proceeds from Disposal of Property, Plant and Equipment 3.3 — 3.6 $ 0.5 (-) Total Capital Expenditures (33.7 ) (26.8 ) (73.7 ) $ (44.8 ) Free Cash Flow $ (30.8 ) $ 38.6 $ (94.8 ) $ (63.0 ) View source version on Contacts Investor Relations Contact Investors@ Rama Bondada Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
