Guild Holdings Company Announces Second Quarter 2025 Earnings Details
Due to the pending transaction to be acquired by a fund managed by Bayview Asset Management, LLC, the Company will not host a conference call in conjunction with this quarterly press release. For more information on the transaction visit https://ir.guildmortgage.com/.
About Guild Holdings Company
Guild Mortgage Company, a wholly owned subsidiary of Guild Holdings Company (NYSE: GHLD), was founded in 1960 and is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild employs a relationship-based loan sourcing strategy to execute on its mission of delivering the promise of homeownership in neighborhoods and communities across 49 states and the District of Columbia. Guild's highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. For more information visit https://www.guildmortgage.com/.
Forward-Looking Statements
This press release of Guild Holdings Company (the 'Company') contains forward-looking statements that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as 'may,' 'should,' 'could,' 'predict,' 'potential,' 'believe,' 'will likely result,' 'expect,' 'continue,' 'will,' 'anticipate,' 'seek,' 'estimate,' 'intend,' 'plan,' 'projection,' 'would' and 'outlook,' or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.
Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Important factors that could cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements include, but are not limited to, the following: the expected timing and likelihood of completion of the pending merger transaction; the timing, receipt and terms and conditions of any required governmental approvals of the pending transaction that may impose materially burdensome or adverse regulatory conditions, delay the transaction or cause the parties to abandon the transaction; potential legal proceedings that may be instituted against the Company following announcement of the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the risk that the parties may not be able to satisfy the conditions to the pending transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the pending transaction could have adverse effects on the market price of the Company's common stock; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, agents or business counterparties, and on its operating results and businesses generally; significant changes to the size, structure, powers, and operations of the federal government and uncertainties regarding the potential for future changes, could cause disruptions to the regulatory environment in which we operate and could adversely impact our business and results of operations; changes in economic conditions, including as a result of macroeconomic policy changes by the U.S. government, may adversely impact our business, financial condition and results of operations; any disruptions in the secondary home loan market and their effects on our ability to sell the loans that we originate at attractive pricing; any changes in macroeconomic and U.S. residential real estate market conditions; any changes in certain U.S. government-sponsored entities and government agencies, and any organizational or pricing changes in these entities, their guidelines or their current roles; any changes in prevailing interest rates or U.S. monetary policies; the effects of any termination of our servicing rights; we depend on our loan funding facilities to fund mortgage loans and otherwise operate our business; the effects of our existing and future indebtedness on our liquidity and our ability to operate our business; any disruption in the technology that supports our origination and servicing platform; our failure to identify, develop and integrate acquisitions of other companies or technologies; pressure from existing and new competitors; any failure to maintain or grow our historical referral relationships with our referral partners; any delays in recovering service advances; any failure to adapt to and implement technological changes; any cybersecurity breaches or other vulnerability involving our computer systems or those of certain of our third-party service providers; our inability to secure additional capital, if needed, to operate and grow our business; the impact of operational risks, including employee or consumer fraud, the obligation to repurchase sold loans in the event of a documentation error, and data processing system failures and errors; any repurchase or indemnification obligations caused by the failure of the loans that we originate to meet certain criteria or characteristics; the seasonality of the mortgage origination industry; any non-compliance with or substantial changes to the complex laws and regulations governing our mortgage loan origination and servicing activities; material changes to the laws, regulations or practices applicable to reverse mortgage programs; our control by, and any conflicts of interest with, McCarthy Capital Mortgage Investors, LLC; our dependence, as a holding company, upon distributions from Guild Mortgage Company LLC to meet our obligations; ability to attract, retain and hire key personnel and maintain relationships with others with whom Guild does business; and the other risks set forth under Item IA. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as other filings the Company may make from time to time with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements. Unless indicated otherwise, the terms 'Guild,' and 'Company' each refer collectively to the Company and its subsidiaries.
Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, the Company undertakes no obligation to update any forward-looking statement made in this press release.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release is being made in respect of the pending merger transaction involving Guild. Guild will prepare an information statement for its stockholders containing the information with respect to the transaction specified in Schedule 14C promulgated under the Exchange Act and describing the pending transaction. When completed, a definitive information statement will be mailed to Guild's stockholders. INVESTORS ARE URGED TO CAREFULLY READ THE INFORMATION STATEMENT REGARDING THE PENDING TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING TRANSACTION. These documents will be available at no charge on the SEC's website at www.sec.gov. In addition, documents will also be available for free on Guild's website at https://ir.guildmortgage.com/.
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RBC Bearings Incorporated Announces Fiscal First Quarter 2026 Results
OXFORD, Conn., August 01, 2025--(BUSINESS WIRE)--RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter fiscal 2026. First Quarter Financial Highlights First quarter net sales of $436.0 million increased 7.3% over last year, Aerospace/Defense up 10.4% and Industrial up 5.5%. Gross margin of 44.8% for the first quarter of fiscal 2026 compared to 45.3% last year; Adjusted gross margin of 45.4% compared to 45.3% last year. First quarter net income attributable to common stockholders as a percentage of net sales of 15.7% vs 13.7% last year; Adjusted EBITDA as a percentage of net sales of 32.5% vs 33.0% last year. Free cash flow of $104.3 million vs $88.4 million last year; Free cash flow conversion of 152.3% vs 144.0% last year. Three Month Financial Highlights ($ in millions) Fiscal 2026 Fiscal 2025 Change GAAP Adjusted (1) GAAP Adjusted (1) GAAP Adjusted (1) Net sales $436.0 $406.3 7.3% Gross margin $195.2 $198.1 $184.0 $184.0 6.1% 7.7% Gross margin % 44.8% 45.4% 45.3% 45.3% Operating income $101.1 $105.3 $97.5 $97.5 3.7% 8.0% Operating income % 23.2% 24.2% 24.0% 24.0% Net income $68.5 $89.6 $61.4 $80.2 11.6% 11.7% Net income attributable to common stockholders $68.5 $89.6 $55.7 $74.5 23.0% 20.3% Diluted EPS $2.17 $2.84 $1.90 $2.54 14.2% 11.8% (1) Results exclude items in reconciliation below. "Our first quarter performance was solid with A&D and Industrial segment sales up 10.4% and 5.5%, respectively. Additionally, gross margin performance remained strong during the quarter due to our Industrial segment, highlighting the team's hard work in driving synergies between Dodge and our broader Industrial business, combined with expansion in Aerospace," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. First Quarter Results Net sales for the first quarter of fiscal 2026 were $436.0 million, an increase of 7.3% from $406.3 million in the first quarter of fiscal 2025. Net sales for the Industrial segment increased 5.5%, while net sales for the Aerospace/Defense segment increased 10.4%. Gross margin for the first quarter of fiscal 2026 was $195.2 million compared to $184.0 million for the same period last year. SG&A for the first quarter of fiscal 2026 was $73.9 million, an increase of $6.3 million from $67.6 million for the same period last year. As a percentage of net sales, SG&A was 16.9% for the first quarter of fiscal 2026 compared to 16.6% for the same period last year. Other operating expenses for the first quarter of fiscal 2026 totaled $20.2 million compared to $18.9 million for the same period last year. For the first quarter of fiscal 2026, other operating expenses included $17.9 million of amortization of intangible assets, $1.2 million of restructuring costs, $0.1 million of acquisition costs and $1.0 million of other expense items. For the first quarter of fiscal 2025, other operating expenses included $17.8 million of amortization of intangible assets and $1.1 million of other items. Operating income for the first quarter of fiscal 2026 was $101.1 million compared to $97.5 million for the same period last year. On an adjusted basis, operating income was $105.3 million for the first quarter of fiscal 2026 compared to $97.5 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income. Interest expense, net, was $12.2 million for the first quarter of fiscal 2026 compared to $17.2 million for the same period last year. The decrease is primarily due to debt reduction efforts and comparatively lower interest rates. Other non-operating expense was $1.2 million for the first quarter of fiscal 2026 compared to $0.4 million for the same period last year. Income tax expense for the first quarter of fiscal 2026 was $19.2 million compared to $18.5 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2026 was 21.9% compared to 23.1% for the same period last year. Net income for the first quarter of fiscal 2026 was $68.5 million compared to $61.4 million for the same period last year. On an adjusted basis, net income was $89.6 million for the first quarter of fiscal 2026 compared to $80.2 million for the same period last year. Refer to the tables below for details on the adjustments made to net income to arrive at adjusted net income. Net income attributable to common stockholders for the first quarter of fiscal 2026 was $68.5 million compared to $55.7 million for the same period last year. On an adjusted basis, net income attributable to common stockholders for the first quarter of fiscal 2026 was $89.6 million compared to $74.5 million for the same period last year. Diluted EPS attributable to common stockholders for the first quarter of fiscal 2026 was $2.17 compared to $1.90 for the same period last year. On an adjusted basis, diluted EPS attributable to common stockholders was $2.84 for the first quarter of fiscal 2026 compared to $2.54 for the same period last year. Refer to the tables below for details on the adjustments made to EPS attributable to common stockholders to arrive at the adjusted numbers above. Backlog as of June 28, 2025, was $1,017.3 million compared to $940.7 million as of March 29, 2025 and $825.8 million as of June 29, 2024. Outlook for the Second Quarter Fiscal 2026 The Company expects net sales to be approximately $445.0 million to $455.0 million in the second quarter of fiscal 2026, compared to $397.9 million in the prior year, for a growth rate of 11.8% to 14.4%. Gross margin is expected to be in the range of 44.0% to 44.25% and SG&A as a percentage of net sales is expected to be in the range of 17.0% to 17.25%. Live Webcast RBC Bearings Incorporated will host a webcast on Friday, August 1st, 2025, at 11:00 a.m. ET to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company's website, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 877-407-4019 (international callers dial +1 201-689-8337) and provide conference ID # 13754909. Investors are advised to dial into the call at least ten minutes prior to the call to register. An audio replay of the call will be available from 2:00 p.m. ET on the day of the call and will remain available for two weeks following the call. The replay can be accessed by dialing 877-660-6853 (international callers dial +1 201-612-7415) and providing conference ID # 13754909. Non-GAAP Financial Measures In addition to disclosing results of operations that are determined in accordance with U.S. generally accepted accounting principles (GAAP), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that management believes are unusual, as well as other non-cash items including but not limited to depreciation, amortization, and equity-based incentive compensation. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's results of operations as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial table attached to this press release. Free Cash Flow ConversionFree cash flow conversion measures our ability to convert operating profits into free cash flow and is calculated as free cash flow (cash provided by operating activities less capital expenditures) divided by net income. Adjusted Gross Margin and Adjusted Operating IncomeAdjusted gross margin excludes the impact of restructuring costs associated with the closing of a plant or significant adjustments to existing manufacturing processes or product lines. Adjusted operating income excludes acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, and other non-operational, non-cash or non-recurring losses. We believe that adjusted operating income is useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations. Adjusted Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share Attributable to Common StockholdersAdjusted net income attributable to common stockholders and adjusted earnings per share attributable to common stockholders (calculated on a diluted basis) exclude non-cash expenses for amortization related to acquired intangible assets, stock-based compensation, amortization of deferred finance fees, acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, significant adjustments to existing manufacturing processes or product lines, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations. Adjusted EBITDAWe use the term "Adjusted EBITDA" to describe net income adjusted for the items summarized in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, Adjusted EBITDA aids our investors in understanding our compliance with our debt covenants. Management and various investors use the ratio of total debt less cash to Adjusted EBITDA, or "net debt leverage," as a measure of our financial strength and ability to incur incremental indebtedness when making investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as "incremental margin" in the case of an increase in net sales or "decremental margin" in the case of a decrease in net sales) as an additional measure of our financial performance and some investors utilize it when making investment decisions and evaluating us against peers. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our definition of Adjusted EBITDA may vary from the definition used by others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA adds back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur or vary greatly, are difficult to predict, and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times (i) include estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or (ii) exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred. About RBC Bearings RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut. Safe Harbor for Forward Looking Statements Certain statements in this press release contain "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including the following: the section of this press release entitled "Outlook"; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company's ability to control contingent liabilities; anticipated trends in the Company's businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "would," "estimate," "intend," "continue," "believe," "expect," "anticipate," and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, geopolitical factors, future levels of aerospace/defense and industrial market activity, future financial performance, our use of information technology systems, our disclosure controls and procedures and internal control over financial reporting, our debt level, our level of goodwill, market acceptance of new or enhanced versions of the Company's products, the pricing of raw materials, changes in the competitive environments in which the Company's businesses operate, increases in interest rates, the Company's ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading "Risk Factors" set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements. RBC Bearings Incorporated Consolidated Statements of Operations (dollars in millions, except per share data) Three Months Ended (Unaudited) June 28, June 29, 2025 2024 Net sales $ 436.0 $ 406.3 Cost of sales 240.8 222.3 Gross margin 195.2 184.0 Operating expenses: Selling, general and administrative 73.9 67.6 Other, net 20.2 18.9 Total operating expenses 94.1 86.5 Operating income 101.1 97.5 Interest expense, net 12.2 17.2 Other non-operating expense 1.2 0.4 Income before income taxes 87.7 79.9 Provision for income taxes 19.2 18.5 Net income 68.5 61.4 Preferred stock dividends - 5.7 Net income attributable to common stockholders $ 68.5 $ 55.7 Net income per common share attributable to common stockholders: Basic $ 2.18 $ 1.92 Diluted $ 2.17 $ 1.90 Weighted average common shares: Basic 31,374,859 29,054,820 Diluted 31,553,214 29,294,998 Segment Data: Three Months Ended June 28, June 29, Net External Sales: 2025 2024 Aerospace and defense segment $ 164.6 $ 149.1 Industrial segment 271.4 257.2 Total net external sales $ 436.0 $ 406.3 Three Months Ended Reconciliation of Reported Gross Margin to June 28, June 29, Adjusted Gross Margin: 2025 2024 Reported gross margin $ 195.2 $ 184.0 Restructuring and consolidation 2.9 - Adjusted gross margin $ 198.1 $ 184.0 Three Months Ended Reconciliation of Reported Operating Income to June 28, June 29, Adjusted Operating Income: 2025 2024 Reported operating income $ 101.1 $ 97.5 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - Adjusted operating income $ 105.3 $ 97.5 Three Months Ended Reconciliation of Reported Net Income to Adjusted Net June 28, June 29, Income Attributable to Common Stockholders: 2025 2024 Reported net income $ 68.5 $ 61.4 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - M&A related amortization 16.2 16.4 Stock compensation expense 6.6 6.5 Amortization of deferred finance fees 0.8 0.6 Tax impact of adjustments and other tax matters* (6.7 ) (4.7 ) Adjusted net income $ 89.6 $ 80.2 Preferred stock dividends - 5.7 Adjusted net income attributable to common stockholders $ 89.6 $ 74.5 Adjusted net income per common share attributable to common stockholders: Basic $ 2.86 $ 2.56 Diluted $ 2.84 $ 2.54 Weighted average common shares: Basic 31,374,859 29,054,820 Diluted 31,553,214 29,294,998 *Overall tax rate applied to adjusted pre-tax earnings was 22.5% for the three months ended June 28, 2025. Three Months Ended Reconciliation of Reported Net Income to June 28, June 29, Adjusted EBITDA: 2025 2024 Reported net income $ 68.5 $ 61.4 Interest expense, net 12.2 17.2 Provision for income taxes 19.2 18.5 Stock compensation expense 6.6 6.5 Depreciation and amortization 29.6 30.0 Other non-operating expense 1.2 0.4 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - Adjusted EBITDA $ 141.5 $ 134.0 Consolidated Balance Sheets (dollars in millions, except per share data) June 28, March 29, 2025 2025 (Unaudited) Assets Cash $ 132.9 $ 36.8 Accounts receivable, net of allowance for credit losses 292.5 307.6 Inventory 679.7 654.5 Prepaid expenses and other current assets 30.1 28.4 Total current assets 1,135.2 1,027.3 Property, plant and equipment, net 363.9 359.0 Operating lease assets, net 59.0 58.6 Goodwill 1,876.2 1,872.2 Intangible assets, net 1,311.0 1,325.1 Other noncurrent assets 44.4 43.0 Total assets $ 4,789.7 $ 4,685.2 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 140.7 $ 138.4 Accrued expenses and other current liabilities 189.4 166.0 Current operating lease liabilities 9.4 9.2 Current portion of long-term debt 1.8 1.7 Total current liabilities 341.3 315.3 Long-term debt, less current portion 913.8 918.4 Noncurrent operating lease liabilities 50.3 50.3 Deferred income taxes 252.6 257.8 Other noncurrent liabilities 115.3 112.0 Total liabilities 1,673.3 1,653.8 Stockholders' equity Common stock, $.01 par value 0.3 0.3 Additional paid‑in capital 1,703.4 1,682.5 Accumulated other comprehensive income/(loss) 6.3 (1.4 ) Retained earnings 1,519.1 1,450.6 Treasury stock, at cost (112.7 ) (100.6 ) Total stockholders' equity 3,116.4 3,031.4 Total liabilities and stockholders' equity $ 4,789.7 $ 4,685.2 Consolidated Statements of Cash Flows (dollars in millions) Three Months Ended (Unaudited) June 28, June 29, 2025 2024 Cash flows from operating activities: Net income $ 68.5 $ 61.4 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29.6 30.0 Deferred income taxes (4.6 ) (4.1 ) Amortization of deferred financing costs 0.8 0.6 Stock-based compensation 6.6 6.5 Noncash operating lease expense 1.7 1.7 (Gain)/loss on disposition of assets (0.6 ) - Restructuring, and other noncash charges 3.8 - Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 17.7 0.5 Inventory (22.8 ) (12.1 ) Prepaid expenses and other current assets (1.7 ) (3.8 ) Other noncurrent assets (2.2 ) (0.6 ) Accounts payable 1.9 11.3 Accrued expenses and other current liabilities 25.5 23.9 Other noncurrent liabilities (4.2 ) (17.9 ) Net cash provided by operating activities 120.0 97.4 Cash flows from investing activities: Capital expenditures (15.7 ) (9.0 ) Net cash used in investing activities (15.7 ) (9.0 ) Cash flows from financing activities: Repayments of revolving credit facilities (5.0 ) - Repayments of term loans - (60.0 ) Repayments of notes payable (1.1 ) (1.1 ) Principal payments on finance lease obligations (1.2 ) (1.1 ) Preferred stock dividends paid - (5.7 ) Exercise of equity awards 11.5 1.2 Tax withholding for common stock issued under equity incentive plans (12.1 ) (8.0 ) Net cash used in financing activities (7.9 ) (74.7 ) Effect of exchange rate changes on cash (0.3 ) (0.4 ) Cash: Increase / (decrease) during the period 96.1 13.3 Cash, at beginning of period 36.8 63.5 Cash, at end of period $ 132.9 $ 76.8 Supplemental disclosures of cash flow information: Cash paid for: Income taxes $ 1.4 $ 12.5 Interest 17.0 22.0 FY2026 Q2 Outlook - Modeling Items: Net sales $445.0 - $455.0 Gross margin (as a percentage of net sales) 44.0% - 44.25% SG&A (as a percentage of net sales) 17.0% - 17.25% View source version on Contacts Mike Cummings or Josh Carrollinvestors@
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Joby Collaborates With L3Harris to Pursue Defense Applications for Autonomous Hybrid VTOL Aircraft
SANTA CRUZ, Calif. & MELBOURNE, Fla.--(BUSINESS WIRE)--Joby Aviation, Inc. (NYSE: JOBY) and L3Harris Technologies (NYSE: LHX) today announced they are exploring opportunities to develop a new aircraft class for defense applications. The gas turbine hybrid vertical take-off and landing (VTOL) aircraft is designed for low-altitude missions and offers the versatility of being optionally piloted, enabling both crewed and fully autonomous operations. The collaboration leverages Joby's existing commercial aircraft development program and leading manufacturing capabilities, combined with L3Harris' proven expertise on platform missionization including sensors, effectors, communication and collaborative autonomy. Flight testing is expected to start this fall with the companies planning to perform operational demonstrations during government exercises in 2026. 'The next-generation of vertical lift technology enables long-range, crewed-uncrewed teaming for a range of missions,' said Jon Rambeau, President, Integrated Mission Systems, L3Harris. 'We share a vision with Joby to deliver urgently-required innovation by missionizing VTOL aircraft for defense needs.' JoeBen Bevirt, founder and CEO, Joby Aviation, added: 'We have worked closely with the Department of Defense over the past decade to give them a front row seat to the development of our dual-purpose technologies, and we're now ready to demonstrate and deploy it. Our country depends on companies like ours moving at pace, and we have the team, the technology and the platform to do just that.' Joby is actively developing a gas turbine hybrid powertrain for its current S4 aircraft platform and has demonstrated aircraft-level autonomy following its acquisition of the autonomy division of Xwing in June 2024. It has previously demonstrated under government contract that its platform can be hybridized to deliver longer-ranges, showcasing an industry-first 561 mile hydrogen-electric hybrid flight in June 2024. About Joby Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi. Joby intends to both operate its fast, quiet, and convenient air taxi service in cities around the world and sell its aircraft to other operators and partners. To learn more, visit About L3Harris Technologies L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit for more information. Forward Looking Statements This release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of Joby's aircraft and L3Harris' missionization capabilities, including the potential applications for a gas turbine hybrid VTOL aircraft and related autonomous capabilities; each of Joby's and L3Harris' business plan, objectives, goals and market opportunity; plans for, and potential benefits of, our respective strategic partnerships; and our current expectations relating to our respective businesses, financial condition, results of operations, and prospects. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'will', 'should', 'can have', 'likely' and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: the ability to produce aircraft that meet performance expectations in the volumes and on the timelines that Joby projects; L3Harris' ability to missionize aircraft as required government customers and to accurately project the cost and timelines for such missionization; the ability to secure additional contracts with the Department of Defense or other U.S. governmental agencies cannot be guaranteed; the competitive environment in which Joby and L3Harris operate; Joby's future capital needs; our ability to adequately protect and enforce our respective intellectual property rights; Joby's ability to effectively respond to evolving regulations and standards relating to aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; our customers' ability to modify or terminate contracts; and other important factors discussed in the sections titled 'Risk Factors' in Joby's and L3Harris' Annual Reports on Form 10-K, filed with the Securities and Exchange Commission (the 'SEC') on February 27, 2025 and February 14, 2025, respectively, Joby's and L3Harris' Quarterly Reports on Form 10-Q filed with the SEC on May 8, 2025 and April 24, 2025, respectively, and in future filings and other reports either Joby or L3Harris file with or furnish to the SEC. Any such forward-looking statements represent Joby's or L3Harris' management's estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
