Sumitomo Dainippon Pharma Co (DNPUF) Gets a Buy from Jefferies
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Barker covers the Healthcare sector, focusing on stocks such as Sumitomo Dainippon Pharma Co, Otsuka Holdings Co, and Eisai Co. According to TipRanks, Barker has an average return of 8.8% and a 51.35% success rate on recommended stocks.
In addition to Jefferies, Sumitomo Dainippon Pharma Co also received a Buy from J.P. Morgan's Seiji Wakao in a report issued on July 30. However, on July 31, TR | OpenAI – 4o reiterated a Hold rating on Sumitomo Dainippon Pharma Co (Other OTC: DNPUF).
Based on Sumitomo Dainippon Pharma Co's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $105.65 billion and a net profit of $2.42 billion. In comparison, last year the company earned a revenue of $79.53 billion and had a GAAP net loss of $197.26 billion
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36 minutes ago
- Business Wire
Cirrus Logic Reports Fiscal First Quarter Revenue of $407.3 Million
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Reported Financial Results – First Quarter FY26 Revenue of $407.3 million; GAAP and non-GAAP gross margin of 52.6 percent; GAAP operating expenses of $141.6 million and non-GAAP operating expenses of $119.5 million; and GAAP earnings per share of $1.14 and non-GAAP earnings per share of $1.51. A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release. Business Outlook – Second Quarter FY26 Revenue is expected to range between $510 million and $570 million; GAAP gross margin is forecasted to be between 51 percent and 53 percent; and Combined GAAP R&D and SG&A expenses are anticipated to range between $153 million and $159 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $131 million and $137 million. Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424). About Cirrus Logic, Inc. Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture. Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders. Use of non-GAAP Financial Information To supplement Cirrus Logic's financial statements presented on a GAAP basis, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. Safe Harbor Statement Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statement about our ability to grow long-term shareholder value; and our estimates for the second quarter fiscal year 2026 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as 'expect,' 'anticipate,' 'target,' 'project,' 'believe,' 'goals,' 'opportunity,' 'estimates,' 'intend,' and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the second quarter of fiscal year 2026; customer cancellations of orders; the failure to place orders consistent with forecasts; changes in government trade policies, including the imposition of tariffs or export restrictions; and global economic conditions and uncertainty, along with the risk factors listed in our Form 10-K for the year ended March 29, 2025 and in our other filings with the Securities and Exchange Commission, which are available at The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, unless required by law. Summary Financial Data Follows: (in thousands, except per share data; unaudited) (not prepared in accordance with GAAP) Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. Three Months Ended Jun. 28, Mar. 29, Jun. 29, 2025 2025 2024 Net Income Reconciliation Q1'26 Q4'25 Q1'25 GAAP Net Income $ 60,697 $ 71,267 $ 42,095 Amortization of acquisition intangibles 1,647 1,647 1,972 Stock-based compensation expense 20,809 19,491 21,385 Lease impairment — — 1,019 Adjustment to income taxes (2,839 ) (1,772 ) (4,105 ) Non-GAAP Net Income $ 80,314 $ 90,633 $ 62,366 Earnings Per Share Reconciliation GAAP Diluted earnings per share $ 1.14 $ 1.31 $ 0.76 Effect of Amortization of acquisition intangibles 0.03 0.03 0.03 Effect of Stock-based compensation expense 0.39 0.36 0.38 Effect of Lease impairment — — 0.02 Effect of Adjustment to income taxes (0.05 ) (0.03 ) (0.07 ) Non-GAAP Diluted earnings per share $ 1.51 $ 1.67 $ 1.12 Operating Income Reconciliation GAAP Operating Income $ 72,394 $ 85,946 $ 46,792 GAAP Operating Profit 17.8 % 20.2 % 12.5 % Amortization of acquisition intangibles 1,647 1,647 1,972 Stock-based compensation expense - COGS 300 360 266 Stock-based compensation expense - R&D 13,072 13,079 15,763 Stock-based compensation expense - SG&A 7,437 6,052 5,356 Lease impairment — — 1,019 Non-GAAP Operating Income $ 94,850 $ 107,084 $ 71,168 Non-GAAP Operating Profit 23.3 % 25.2 % 19.0 % Operating Expense Reconciliation GAAP Operating Expenses $ 141,636 $ 140,790 $ 142,133 Amortization of acquisition intangibles (1,647 ) (1,647 ) (1,972 ) Stock-based compensation expense - R&D (13,072 ) (13,079 ) (15,763 ) Stock-based compensation expense - SG&A (7,437 ) (6,052 ) (5,356 ) Lease impairment — — 1,019 Non-GAAP Operating Expenses $ 119,480 $ 120,012 $ 118,023 Gross Margin/Profit Reconciliation GAAP Gross Profit $ 214,030 $ 226,736 $ 188,925 GAAP Gross Margin 52.6 % 53.4 % 50.5 % Stock-based compensation expense - COGS 300 360 266 Non-GAAP Gross Profit $ 214,330 $ 227,096 $ 189,191 Non-GAAP Gross Margin 52.6 % 53.5 % 50.6 % Effective Tax Rate Reconciliation GAAP Tax Expense $ 19,931 $ 23,338 $ 14,508 GAAP Effective Tax Rate 24.7 % 24.7 % 25.6 % Adjustments to income taxes 2,839 1,772 4,105 Non-GAAP Tax Expense $ 22,770 $ 25,110 $ 18,613 Non-GAAP Effective Tax Rate 22.1 % 21.7 % 23.0 % Tax Impact to EPS Reconciliation GAAP Tax Expense $ 0.37 $ 0.43 $ 0.26 Adjustments to income taxes 0.05 0.03 0.07 Non-GAAP Tax Expense $ 0.42 $ 0.46 $ 0.33 Expand CONSOLIDATED CONDENSED BALANCE SHEET (in thousands; unaudited) Jun. 28, Mar. 29, Jun. 29, 2025 2025 2024 ASSETS Current assets Cash and cash equivalents $ 548,870 $ 539,620 $ 491,351 Marketable securities 65,925 56,160 25,680 Accounts receivable, net 214,085 216,009 190,079 Inventories 278,984 299,092 232,566 Prepaid wafers 61,934 52,560 84,700 Other current assets 71,324 76,293 77,365 Total current Assets 1,241,122 1,239,734 1,101,741 Long-term marketable securities 232,959 239,036 227,527 Right-of-use lease assets 123,718 126,688 136,295 Property and equipment, net 154,340 159,900 170,953 Intangibles, net 25,718 27,461 27,624 Goodwill 435,936 435,936 435,936 Deferred tax asset 54,037 48,150 54,622 Long-term prepaid wafers — 15,512 50,375 Other assets 26,887 34,656 60,552 Total assets $ 2,294,717 $ 2,327,073 $ 2,265,625 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 66,321 $ 63,162 $ 77,562 Accrued salaries and benefits 43,146 52,075 41,101 Lease liability 21,075 21,811 22,058 Other accrued liabilities 58,136 58,140 61,021 Total current liabilities 188,678 195,188 201,742 Non-current lease liability 120,272 121,908 132,016 Non-current income taxes 44,693 44,040 52,704 Other long-term liabilities 10,790 16,488 31,533 Total long-term liabilities 175,755 182,436 216,253 Stockholders' equity: Capital stock 1,881,472 1,860,281 1,792,283 Accumulated earnings 49,035 90,351 58,591 Accumulated other comprehensive loss (223 ) (1,183 ) (3,244 ) Total stockholders' equity 1,930,284 1,949,449 1,847,630 Total liabilities and stockholders' equity $ 2,294,717 $ 2,327,073 $ 2,265,625 Prepared in accordance with Generally Accepted Accounting Principles Expand (in thousands; unaudited) Three Months Ended Jun. 28, Jun. 29, 2025 2024 Q1'26 Q1'25 Cash flows from operating activities: Net income $ 60,697 $ 42,095 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,173 12,359 Stock-based compensation expense 20,809 21,385 Deferred income taxes (5,938 ) (5,897 ) Other non-cash charges (16 ) 1,104 Net change in operating assets and liabilities: Accounts receivable, net 1,924 (27,601 ) Inventories 20,108 (5,318 ) Prepaid wafers 6,138 12,354 Other assets 2,014 (5,459 ) Accounts payable and other accrued liabilities (8,806 ) 12,037 Income taxes payable 6,028 30,102 Net cash provided by operating activities 116,131 87,161 Cash flows from investing activities: Maturities and sales of available-for-sale marketable securities 22,990 12,646 Purchases of available-for-sale marketable securities (26,435 ) (69,060 ) Purchases of property, equipment and software (2,638 ) (9,990 ) Investments in technology (132 ) (155 ) Net cash used in investing activities (6,215 ) (66,559 ) Cash flows from financing activities: Net proceeds from the issuance of common stock 382 10,196 Repurchase of stock to satisfy employee tax withholding obligations (1,049 ) (1,219 ) Repurchase and retirement of common stock (99,999 ) (40,992 ) Net cash used in financing activities (100,666 ) (32,015 ) Net increase (decrease) in cash and cash equivalents 9,250 (11,413 ) Cash and cash equivalents at beginning of period 539,620 502,764 Cash and cash equivalents at end of period $ 548,870 $ 491,351 Prepared in accordance with Generally Accepted Accounting Principles Expand RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (in thousands; unaudited) Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue. Jun. 28, Jun. 28, Mar. 29, Dec. 28, Sep. 28, 2025 2025 2025 2024 2024 Q1'26 Q1'26 Q4'25 Q3'25 Q2'25 Net cash provided by operating activities (GAAP) $ 473,336 $ 116,131 $ 130,386 $ 218,588 $ 8,231 Capital expenditures (21,378 ) (2,770 ) (9,181 ) (6,687 ) (2,740 ) Free Cash Flow (Non-GAAP) $ 451,958 $ 113,361 $ 121,205 $ 211,901 $ 5,491 Cash Flow from Operations as a Percentage of Revenue (GAAP) 25 % 29 % 31 % 39 % 2 % Capital Expenditures as a Percentage of Revenue (GAAP) 1 % 1 % 2 % 1 % 1 % Free Cash Flow Margin (Non-GAAP) 23 % 28 % 29 % 38 % 1 % Expand RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (in millions; unaudited) (not prepared in accordance with GAAP) Q2 FY26 Guidance Operating Expense Reconciliation GAAP Operating Expenses $153 - 159 Stock-based compensation expense (20) Amortization of acquisition intangibles (2) Non-GAAP Operating Expenses $131 - 137 Expand
Business Wire
2 hours ago
- Business Wire
Granite Point Mortgage Trust Inc. Reports Second Quarter 2025 Financial Results and Post Quarter-End Update
NEW YORK--(BUSINESS WIRE)-- Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ended June 30, 2025, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing second quarter 2025 financial results can be viewed at "We continued our progress in resolving nonperforming loans and reducing higher-cost debt,' said Jack Taylor, President and Chief Executive Office of GPMT. 'Year-to-date, five risk-rated 5 loans have been resolved, inclusive of another resolution after quarter end, leaving two remaining. We also sold an REO office property during the second quarter. Additionally, we repurchased 1.25 million of our common shares during the quarter, given our belief that the stock is significantly undervalued. We are pleased with this progress and look forward to returning to our core business of originating loans over the coming quarters." Activity Recognized GAAP net (loss) attributable to common stockholders of $(17.0) million, or $(0.35) per basic common share, inclusive of provision for credit losses of $(11.0) million, or $(0.23) per basic common share. Distributable Earnings (Loss) (1) of $(45.3) million or $(0.94) per basic common share. Distributable Earnings (Loss) Before Realized Gains and Losses (1) of $(2.0) million, or $(0.04) per basic common share. Book value per common share was $7.99, inclusive of $(3.27) per common share of total CECL reserve. Declared common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock. Net loan portfolio activity of $(115.1) million in unpaid principal balance. $(32.1) million full loan repayments and partial repayments of $(2.4) million. Two resolutions of $(94.1) million, inclusive of write-offs $(36.1) million. Fundings of $13.5 million. Sold an REO (2) property located in Phoenix, AZ, for a net sales price of $16.7 million, which resulted in a gain on sale of $0.3 million, or $0.01 per basic share. Carried at quarter-end a 98% floating rate loan portfolio with $1.9 billion in total loan commitments comprised of over 99% senior loans, with a portfolio weighted average stabilized LTV at origination (3) 64.7% and a realized loan portfolio yield (4) of 7.1%. Total CECL reserve of $155.1 million, or 8.1% of total loan portfolio commitments. Weighted average loan portfolio risk-rating was 2.8. Held two REO (2) properties with an aggregate carrying value of $107.0 million (5). Q2 2025 common stock repurchases. 1.25 million shares at average price of $2.48 per share for total of $3.1 million. Book value accretion of $0.15 per share. Ended the quarter with $85.1 million in unrestricted cash and Total Leverage Ratio (6) of 2.1x. No corporate debt maturities remaining. Post Quarter-End Update In July, resolved a loan secured by a student housing property located in Louisville, KY. As of June 30, 2025, the loan was on nonaccrual status with an unpaid principal balance of $50.0 million and risk rating of '5'. As a result of the property sale, the Company expects to recognize a write-off of approximately $(19.3) million, which had been reserved for through a previously recorded $(22.6) million allowance for credit losses, and expects to recognize a GAAP benefit from provision for credit losses of approximately $3.3 million. So far in Q3'25, funded about $5.4 million on existing loan commitments. Extended the maturity of the secured credit facility to December 2026. Reduced the financing spread by 75 basis points and reduced borrowings by $7.5 million. As of August 4, 2025, carried approximately $73.3 million in unrestricted cash. (1) Please see page 6 for Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses definitions and a reconciliation of GAAP to non-GAAP financial information. (2) REO represents "Real Estate Owned." (3) The fully funded loan amount (plus any financing that is pari passu with or senior to such loan), including all contractually provided for future fundings, divided by the as stabilized value (as determined in conformance with USPAP) set forth in the original appraisal. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancies. (4) Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Portfolio yield includes nonaccrual loans. (5) Includes $10.9 million in other assets and liabilities related to leases. (6) Borrowings outstanding on repurchase facilities, secured credit facility and CLO's, less cash, divided by total stockholders' equity. Expand Conference Call Granite Point Mortgage Trust Inc. will host a conference call on August 6, 2025, at 11:00 a.m. ET to discuss second quarter 2025 financial results and related information. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning August 6, 2025, at 12:00 p.m. ET through August 20, 2025, at 12:00 a.m. ET. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13754470. The call will also be archived on the Company's website in the Investor section under the News & Events link. About Granite Point Mortgage Trust Inc. Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at Forward-Looking Statements This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as 'anticipate,' 'estimate,' 'will,' 'should,' 'expect,' 'target,' 'believe,' 'outlook,' 'potential,' 'continue,' 'intend,' 'seek,' 'plan,' 'goals,' 'future,' 'likely,' 'may' and similar expressions or their negative forms, or by references to strategy, plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2024, under the caption 'Risk Factors,' and any subsequent Form 10-Q or other filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings (Loss), Distributable Earnings (Loss) Before Realized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company's core business operations, and uses these measures to gain a comparative understanding of the Company's operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company's GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release. Additional Information Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission's Internet site at or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24 th Floor, New York, NY 10036, telephone (212) 364-5500. GRANITE POINT MORTGAGE TRUST INC. CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (in thousands, except share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Interest Income: (unaudited) (unaudited) Loans held-for-investment $ 33,024 $ 46,882 $ 67,351 $ 98,847 Cash and cash equivalents 779 1,597 1,596 3,687 Total interest income 33,803 48,479 68,947 102,534 Interest expense: Repurchase facilities 10,590 19,331 22,475 40,059 Securitized debt obligations 12,604 18,303 25,284 36,418 Secured credit facility 2,564 2,714 5,103 5,403 Total interest expense 25,758 40,348 52,862 81,880 Net interest income 8,045 8,131 16,085 20,654 Other income (loss): Revenue from real estate owned operations 3,753 1,111 6,847 2,253 Provision for credit losses (10,984 ) (60,756 ) (14,754 ) (136,308 ) Gain/(loss) on real estate owned 301 — 301 — Gain/(loss) on extinguishment of debt — (786 ) — (786 ) Total other (loss) (6,930 ) (60,431 ) (7,606 ) (134,841 ) Expenses: Compensation and benefits 5,718 4,721 11,489 10,708 Servicing expenses 817 1,398 1,848 2,774 Expenses from real estate owned operations 5,227 1,950 9,731 3,995 Other operating expenses 2,717 2,700 5,720 5,529 Total expenses 14,479 10,769 28,788 23,006 (Loss) income before income taxes (13,364 ) (63,069 ) (20,309 ) (137,193 ) (Benefit from) provision for income taxes (1 ) (1 ) 69 (2 ) Net (loss) income (13,363 ) (63,068 ) (20,378 ) (137,191 ) Dividends on preferred stock 3,601 3,600 7,201 7,200 Net (loss) income attributable to common stockholders. $ (16,964 ) $ (66,668 ) $ (27,579 ) $ (144,391 ) Basic (loss) earnings per weighted average common share $ (0.35 ) $ (1.31 ) $ (0.57 ) $ (2.84 ) Diluted (loss) earnings per weighted average common share $ (0.35 ) $ (1.31 ) $ (0.57 ) $ (2.84 ) Dividends declared per common share $ 0.05 $ 0.05 $ 0.10 $ 0.20 Weighted average number of shares of common stock outstanding: Basic 48,030,130 50,939,476 48,347,634 50,842,004 Net (loss) income attributable to common stockholders $ (16,964 ) $ (66,668 ) $ (27,579 ) $ (144,391 ) Comprehensive (loss) income $ (16,964 ) $ (66,668 ) $ (27,579 ) $ (144,391 ) Expand GRANITE POINT MORTGAGE TRUST INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (dollars in thousands, except share data) (unaudited) Three Months Ended June 30, 2025 Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss) (1): GAAP net (loss) income attributable to common stockholders $ (16,964 ) Adjustments: Provision for credit losses 10,984 Non-cash equity compensation 2,228 Depreciation and amortization expense on real estate owned 2,089 Gain/(Loss) on Real Estate Owned $ (301 ) Distributable Earnings (Loss) Before Realized Gains and Losses $ (1,964 ) Write-offs (36,074 ) Gain/(Loss) on Real Estate Owned $ 301 Accumulated depreciation and amortization on REO sale $ (7,569 ) Distributable Earnings (Loss) $ (45,306 ) Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share $ (0.04 ) Distributable Earnings (Loss) Before Realized Gains and Losses per diluted common share $ (0.04 ) Distributable Earnings (Loss) per basic common share $ (0.94 ) Distributable Earnings (Loss) per diluted common share $ (0.94 ) Basic weighted average common shares 48,030,130 Diluted weighted average common shares 48,030,130 (1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2024, and for all subsequent reporting periods ending on or after December 31, 2024, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall operating performance of our business. For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments. While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but nonrecoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the three months ended June 30, 2025, we recorded provision for credit losses of $11.0 million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable earnings (Loss) referenced above. During the three months ended June 30, 2025, we recorded $(2.1) million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable to the Distributable Earnings (loss) reported by other companies. We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one of the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers.
Business Wire
2 hours ago
- Business Wire
Arista Networks, Inc. Reports Second Quarter 2025 Financial Results
SANTA CLARA, Calif.--(BUSINESS WIRE)--Arista Networks, Inc. (NYSE: ANET), an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus, and routing environments, today announced financial results for its second quarter ended June 30, 2025. Second Quarter Financial Highlights 'Arista is well-positioned in data-driven AI networking, from client to cloud," said Jayshree Ullal, Chairperson and CEO of Arista Networks. 'Our customers are decisively standardizing on our best of breed platform to bring transformational innovation and impact to their technology endeavors.' Revenue of $2.205 billion, an increase of 10.0% compared to the first quarter of 2025, and an increase of 30.4% from the second quarter of 2024. GAAP gross margin of 65.2%, compared to GAAP gross margin of 63.7% in the first quarter of 2025 and 64.9% in the second quarter of 2024. Non-GAAP gross margin of 65.6%, compared to non-GAAP gross margin of 64.1% in the first quarter of 2025 and 65.4% in the second quarter of 2024. GAAP net income of $888.8 million, or $0.70 per diluted share, compared to GAAP net income of $665.4 million, or $0.52 per diluted share in the second quarter of 2024. Non-GAAP net income of $923.5 million, or $0.73 per diluted share, compared to non-GAAP net income of $672.6 million, or $0.53 per diluted share in the second quarter of 2024. Commenting on the company's financial results, Chantelle Breithaupt, Arista's CFO, said, "Non-GAAP operating income crossed $1 billion for the first time at Arista, highlighting the strength of our business model and the momentum of customer demand across our portfolio. Our ability to scale efficiently while maintaining financial discipline continues to deliver value for our shareholders." Upcoming Analyst Day Arista Networks will host its Analyst Day on Thursday, September 11, 2025, beginning at 3:00 PM PT (6:00 PM ET). Interested participants can register through the Investor Relations section of the Arista website at Company Highlights Arista Networks Expands AI-Driven Campus and Branch Networking Offerings – Arista introduced several AI-driven enterprise products that deliver an expanded set of switching, Wi-Fi 7 access point, and WAN capabilities. Arista Networks Acquired the VeloCloud® SD-WAN Portfolio from Broadcom – VeloCloud expands choice and performance for Arista customers, enabling global WAN services to interconnect data centers and distributed campus/branch offices, while complementing Arista's existing CloudEOS® routing stack and high-end 7000-series WAN routers. Arista Networks Recognized in the Visionaries Quadrant of the 2025 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure published on 25 June 2025 - Gartner positioned Arista Networks as the vendor with the highest Ability to Execute in the Visionaries Quadrant in the report. Arista Expands Commitment to India for Enterprise Networking and AI Innovation – The 'Make in India' initiative drives domestic manufacturing of key campus and data center switches as well as Wi-Fi 7 access points. Arista Networks appointed Todd Nightingale as President and Chief Operating Officer - Mr. Nightingale previously served as the Chief Executive Officer and member of the Board of Directors of Fastly, Inc., and before that as the Executive Vice President and General Manager of Enterprise Networking and Cloud at Cisco Systems, Inc. Financial Outlook For the third quarter of 2025, we expect: Revenue of approximately $2.25 billion Non-GAAP gross margin of approximately 64%; and Non-GAAP operating margin of approximately 47%. Guidance for non-GAAP financial measures excludes certain items, including stock-based compensation expense, intangible asset amortization, and potential non-recurring charges or benefits. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort because these exclusions can be uncertain or difficult to predict, including stock-based compensation expense, which is impacted by the timing of employee stock transactions, the company's future hiring and retention needs and the future fair market value of the company's common stock. The actual amount of these exclusions will have a significant impact on the company's GAAP gross margin and GAAP operating margin. Prepared Materials and Conference Call Information Arista's executives will discuss the second quarter 2025 financial results on a conference call today at 1:30 PM Pacific Time. To listen to the call via telephone, dial (888) 330-2502 in the United States or +1 (240) 789-2713 from international locations. The Conference ID is 5655862. The financial results conference call will also be available via live webcast on Arista's investor relations website at Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on Arista's investor relations website. Forward-Looking Statements This press release contains 'forward-looking statements' regarding our future performance, including but not limited to quotations from management, statements in the section entitled 'Financial Outlook,' such as estimates regarding revenue, non-GAAP gross margin, and non-GAAP operating margin for the third quarter of 2025, statements regarding Arista's products, innovation and ability to succeed in data-driven AI networking. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from those anticipated in or implied by the forward-looking statements including but not limited to risks associated with: escalated or escalating U.S. tariffs and countermeasures and retaliatory actions taken by affected countries; enhanced import/export restrictions, such as enhanced export controls the U.S. has adopted targeting trade with China, as well as countermeasures taken by affected countries; large purchases by a limited number of customers who represent a substantial portion of our revenue; adverse economic and geopolitical conditions and conflicts, continuing uncertain economic conditions or reduced information technology and network infrastructure spending; the impact of sole or limited sources of supply, supply shortages and extended lead times or supply changes; volatility in our revenue and revenue growth rates; variations in our results of operations; the rapid evolution of the networking market; failure to successfully carry out new products and service offerings and expand into adjacent markets; variability in our gross margins; intense competition and industry consolidation; expansion of our international sales and operations; investments in or acquisitions of other businesses, products or technologies; seasonality and industry cyclicality; fluctuations in currency exchange rates; failure to raise additional capital on favorable terms; our inability to attract new large customers or sell additional products and services to our existing customers; inability to grow sales of switches which generate most of our product revenue; large customers requiring more favorable terms; inability to increase market awareness or acceptance of our new products and services; decreases in the sales prices of our products and services; long and unpredictable sales cycles; inability to offer high quality support and services; declines in maintenance renewals by customers; product quality problems, defects, errors or vulnerabilities in our products; failure to anticipate technological shifts; the complexity of managing the supply of our products and product components; our reliance upon a predominant merchant silicon vendor; our dependence on third-party manufacturers to build our products; assertions by third parties of intellectual property rights infringement, misappropriation or other violations; failure or inability to protect or assert our intellectual property rights; cybersecurity incidents and breaches of our cybersecurity systems, or other security or privacy breaches or incidents; failure to comply with government law and regulations; issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment; future decisions to reduce or discontinue repurchasing our common stock pursuant to our stock repurchase programs; and other future events. Additional risks and uncertainties that could affect us can be found in our most recent filings with the Securities and Exchange Commission, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. You can locate these reports through our website at and on the SEC's website at All forward-looking statements in this press release are based on information available to the company as of the date hereof, and we disclaim any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures This press release and accompanying table contain certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP financial measures exclude stock-based compensation expense, intangible asset amortization, (gains)/losses on strategic investments, and the income tax effect of these non-GAAP exclusions. In addition, non-GAAP financial measures exclude net tax benefits associated with stock-based awards, which include excess tax benefits and other discrete indirect effects of such awards. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are, therefore, unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-GAAP financial measures and a reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Gartner®, Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure, Mike Leibovitz et al., 25 June 2025 GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the 'Gartner Content') represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Earnings Press Release), and the opinions expressed in the Gartner Content are subject to change without notice. About Arista Networks Arista Networks is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus, and routing environments. Its award-winning platforms deliver availability, agility, automation, analytics, and security through an advanced network operating stack. For more information, visit ARISTA, CloudVision, and Etherlink are among the registered and unregistered trademarks of Arista Networks, Inc. in jurisdictions around the world. Other company names or product names may be trademarks of their respective owners. Additional information and resources can be found at ARISTA NETWORKS, INC. Reconciliation of Selected GAAP to Non-GAAP Financial Measures (Unaudited, in millions, except percentages and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP gross profit $ 1,438.6 $ 1,097.2 $ 2,714.7 $ 2,098.6 GAAP gross margin 65.2 % 64.9 % 64.5 % 64.3 % Stock-based compensation expense 5.8 4.0 11.3 7.4 Intangible asset amortization 2.6 4.2 5.8 8.4 Non-GAAP gross profit $ 1,447.0 $ 1,105.4 $ 2,731.8 $ 2,114.4 Non-GAAP gross margin 65.6 % 65.4 % 64.9 % 64.8 % GAAP income from operations $ 986.2 $ 699.6 $ 1,845.0 $ 1,359.7 GAAP operating margin 44.7 % 41.4 % 43.8 % 41.7 % Stock-based compensation expense 85.2 79.3 178.2 156.5 Intangible asset amortization 5.0 6.7 10.6 13.4 Non-GAAP income from operations $ 1,076.4 $ 785.6 $ 2,033.8 $ 1,529.6 Non-GAAP operating margin 48.8 % 46.5 % 48.3 % 46.9 % GAAP net income $ 888.8 $ 665.4 $ 1,702.6 $ 1,303.1 Stock-based compensation expense 85.2 79.3 178.2 156.5 Intangible asset amortization 5.0 6.7 10.6 13.4 (Gains)/losses on strategic investments (5.4 ) — (10.9 ) — Tax benefits on stock-based awards (41.6 ) (64.6 ) (107.7 ) (135.3 ) Income tax effect on non-GAAP exclusions (8.5 ) (14.2 ) (23.1 ) (27.3 ) Non-GAAP net income $ 923.5 $ 672.6 $ 1,749.7 $ 1,310.4 GAAP diluted net income per share (1) $ 0.70 $ 0.52 $ 1.34 $ 1.02 Non-GAAP adjustments to net income (1) 0.03 0.01 0.03 — Non-GAAP diluted net income per share (1) $ 0.73 $ 0.53 $ 1.37 $ 1.02 Weighted-average shares used in computing diluted net income per share (1) 1,271.2 1,279.7 1,275.2 1,279.6 Summary of Stock-Based Compensation Expense: Cost of revenue $ 5.8 $ 4.0 $ 11.3 $ 7.4 Research and development 53.2 50.7 110.2 94.5 Sales and marketing 18.8 16.8 38.7 35.7 General and administrative 7.4 7.8 18.0 18.9 Total $ 85.2 $ 79.3 $ 178.2 $ 156.5 (1) Prior period results have been adjusted to reflect the four-for-one stock split effected in December 2024. Expand ARISTA NETWORKS, INC. Condensed Consolidated Balance Sheets (Unaudited, in millions) December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,225.5 $ 2,762.4 Marketable securities 6,618.9 5,541.1 Accounts receivable 1,623.6 1,140.5 Inventories 2,059.1 1,834.6 Prepaid expenses and other current assets 976.4 632.3 Total current assets 13,503.5 11,910.9 Property and equipment, net 152.3 98.8 Goodwill 416.5 268.5 Deferred tax assets 1,802.5 1,440.4 Other assets 659.4 325.3 TOTAL ASSETS $ 16,534.2 $ 14,043.9 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 543.9 $ 381.1 Accrued liabilities 380.7 435.3 Deferred revenue 2,787.6 1,727.3 Other current liabilities 339.2 188.5 Total current liabilities 4,051.4 2,732.2 Deferred revenue, non-current 1,274.1 1,064.1 Other long-term liabilities 307.1 252.8 TOTAL LIABILITIES 5,632.6 4,049.1 STOCKHOLDERS' EQUITY: Common stock 0.1 0.1 Additional paid-in capital 2,635.6 2,465.4 Retained earnings 8,262.1 7,542.5 Accumulated other comprehensive income (loss) 3.8 (13.2 ) TOTAL STOCKHOLDERS' EQUITY 10,901.6 9,994.8 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 16,534.2 $ 14,043.9 Expand ARISTA NETWORKS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited, in millions) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,702.6 $ 1,303.1 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other 26.6 31.1 Stock-based compensation 178.2 156.5 Deferred income taxes (337.9 ) (228.5 ) Other (21.0 ) (18.5 ) Changes in operating assets and liabilities: Accounts receivable, net (483.1 ) (202.2 ) Inventories (224.5 ) 91.4 Other assets (403.2 ) (92.6 ) Accounts payable 160.0 (136.2 ) Deferred revenue 1,141.4 612.6 Income taxes, net 152.4 74.1 Other liabilities (49.7 ) (88.0 ) Net cash provided by operating activities 1,841.8 1,502.8 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities of marketable securities 1,651.2 952.6 Proceeds from sale of marketable securities 15.9 36.8 Purchases of marketable securities (2,705.7 ) (1,749.3 ) Purchases of property and equipment (52.4 ) (12.6 ) Cash paid for business combinations, net of cash acquired (300.0 ) — Other — (1.0 ) Net cash used in investing activities (1,391.0 ) (773.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under equity plans 31.3 34.5 Tax withholding paid on behalf of employees for net share settlement (39.3 ) (36.0 ) Repurchases of common stock (983.0 ) (234.7 ) Net cash used in financing activities (991.0 ) (236.2 ) Effect of exchange rate changes 3.3 (2.7 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (536.9 ) 490.4 CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period 2,763.8 1,939.5 CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period $ 2,226.9 $ 2,429.9 Expand
