Pearl and MiPACS by Apryse Announce Global Partnership to Bring AI-Powered Radiologic Analysis to MiPACS Dental Imaging Software
MiPACS is trusted by dental schools, public health clinics, government programs, and community health centers worldwide to deliver reliable, flexible, and scalable imaging software. Through this integration, dental institutions and public health organizations can now access Pearl's Second Opinion ® AI directly within MiPACS, helping providers more efficiently detect disease and better serve patients.
For dental schools, MiPACS and Pearl will help serve as an AI-assisted clinical training tool for students and faculty, enhancing diagnostic education and ensuring that future dentists are trained with the most advanced dental technology available.
'For academic institutions training the next generation of dentists, this partnership brings a valuable layer of clinical support that elevates education and clinical confidence,' said Ophir Tanz, founder and CEO of Pearl. 'At the same time, by delivering seamless access to our AI technology across FQHCs and government programs, we're helping overburdened providers work more efficiently, catch more disease earlier, and ultimately serve more patients.'
Federally Qualified Health Centers (FQHCs) and public health organizations often face the dual challenges of high patient volumes, limited staffing, and lower reimbursement rates. By integrating Pearl's AI-powered detection capabilities directly into MiPACS, these facilities can increase diagnostic precision, streamline clinical workflows, and improve care delivery for underserved populations.
'MiPACS has always been focused on empowering dental professionals with flexible and scalable imaging solutions tailored to the unique needs of our customers,' said C.J. Hedinger, Head of Strategic Partnerships at MiPACS by Apryse. 'By partnering with Pearl, we're able to give our users access to best-in-class AI technology that not only enhances diagnostic quality but also helps providers better manage time and resources while delivering excellent care to the communities they serve.'
With this global partnership, Pearl and MiPACS are advancing their shared mission to bring AI-powered dentistry to more providers, educators, and patients around the world.
About Pearl
Pearl is an AI-driven company committed to enhancing patient care in dentistry. Founded in 2019 by a team with decades of experience developing successful, enterprise-grade computer vision solutions, Pearl introduced the first-ever FDA-cleared AI capable of reading and instantly identifying diseases in dental x-rays. With regulatory clearance in 120 countries, Pearl's AI assists dentists in making precise clinical decisions and effectively communicating with patients, thereby transforming the dental care experience worldwide. As dentistry's global AI leader, Pearl is committed to the ongoing innovation of robust, accessible AI tools that improve patient health outcomes and build greater trust in dental medicine. To request a demo, please visit hellopearl.com/getdemo
About Apryse
Apryse, previously known as PDFTron, is a global leader in document processing technology that makes work better and life simpler. Apryse gives developers, enterprise customers, and small businesses the tools to reach their document goals faster and more easily. Apryse technology works with all major platforms and a wide variety of unique file types. For more information, visit Apryse.com.
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Stellar Bancorp, Inc. Reports Second Quarter 2025 Results
HOUSTON, July 25, 2025--(BUSINESS WIRE)--Stellar Bancorp, Inc. (the "Company" or "Stellar") (NYSE: STEL) today reported net income of $26.4 million, or diluted earnings per share of $0.51, for the second quarter of 2025, compared to net income of $24.7 million, or diluted earnings per share of $0.46, for the first quarter of 2025. "We are pleased to report our second quarter results that reflect the efforts of our team beginning to add growth to the foundation we've built at Stellar Bank," said Robert R. Franklin, Jr., Stellar's Chief Executive Officer. "Our bankers made meaningful progress on originations during the second quarter after experiencing elevated payoff activity. We believe that the momentum we saw at the end of the second quarter will continue, which sets us up for loan and deposit growth over the remainder of the year," Mr. Franklin continued. "We also anticipate that the President's spending bill will provide some tail wind for the Houston economy. The Stellar message is resonating with our customer base, and we are seeing great progress with our prospects. Our pipelines are building and Stellar Bank is well-positioned to gain market share in the vibrant Texas markets we serve," Mr. Franklin concluded. Financial Highlights Solid Profitability: Net income for the second quarter of 2025 was $26.4 million, or diluted earnings per share of $0.51, which translated into an annualized return on average assets of 1.01%, an annualized return on average equity of 6.62% and an annualized return on average tangible equity of 12.16%(1). Strong Net Interest Margin: Tax equivalent net interest margin for the second quarter of 2025 was 4.18% compared to 4.20% for the first quarter of 2025. The tax equivalent net interest margin, excluding purchase accounting accretion ("PAA"), was 3.95%(1) for the second quarter of 2025 compared to 3.97%(1) for the first quarter of 2025. Strong Capital Position and Book Value Build: Total risk-based capital ratio increased to 15.98% at June 30, 2025, while book value per share increased to $31.20 at June 30, 2025 from $30.89 at March 31, 2025 and tangible book value per share increased to $19.94(1) at June 30, 2025 from $19.69(1) at March 31, 2025. Low Net Charge-offs: Net charge-offs of $370 thousand, or 0.01% of average loans, for the six months ended June 30, 2025 along with manageable asset quality, compared to $713 thousand, or 0.02% of average loans, for the six months ended June 30, 2024. Repurchase of Shares: Repurchased 791 thousand shares at a weighted average price per share of $26.08 during the second quarter of 2025. Second Quarter 2025 Results Net interest income in the second quarter of 2025 decreased $923 thousand, or 0.9%, to $98.3 million from $99.3 million for the first quarter of 2025. The net interest margin on a tax equivalent basis decreased to 4.18% for the second quarter of 2025 from 4.20% for the first quarter of 2025. The decrease in the net interest margin from the prior quarter was primarily due to the impact of increased rates on interest-bearing liabilities along with the decrease in average interest-earning assets partially offset by higher rates on loans. Net interest income for the second quarter of 2025 benefited from $5.3 million of income from PAA compared to $5.4 million in the first quarter of 2025. Excluding PAA, net interest income (tax equivalent) for the second quarter of 2025 would have been $93.1 million(1) and the tax equivalent net interest margin would have been 3.95%(1). Noninterest income for the second quarter of 2025 was $5.8 million, an increase of $286 thousand, or 5.2%, compared to $5.5 million for the first quarter of 2025. Noninterest income increased in the second quarter of 2025 compared to the first quarter of 2025 primarily due to the increase in other noninterest income partially offset by the loss on sale of assets during the second quarter. A significant driver of the increase in other noninterest income was $490 thousand in Federal Reserve Bank dividends as a result of Stellar Bank becoming a member of the Federal Reserve System effective in April 2025. Noninterest expense for the second quarter of 2025 decreased $162 thousand, or 0.2%, to $70.0 million compared to $70.2 million for the first quarter of 2025. The decrease in noninterest expense in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to a decrease in salaries and employee benefits of $865 thousand along with a decrease in professional fees of $499 thousand partially offset by a $473 thousand increase in net occupancy and equipment, a $385 thousand increase in advertising expense and a $567 thousand increase in other noninterest expense. The efficiency ratio was 61.87% for the second quarter of 2025 compared to 61.93%(1) for the first quarter of 2025. Annualized returns on average assets, average equity and average tangible equity were 1.01%, 6.62% and 12.16%(1) for the second quarter of 2025, respectively, compared to 0.94%, 6.21% and 11.48%(1) for the first quarter of 2025, respectively. Financial Condition Total assets at June 30, 2025 were $10.49 billion, an increase of $58.1 million compared to $10.43 billion at March 31, 2025. The increase in total assets was largely due to an increase in Federal Reserve Bank stock along with increases in cash and securities, all of which were funded largely by core deposit growth. Total loans at June 30, 2025 increased $4.2 million to $7.29 billion compared to $7.28 billion at March 31, 2025. At June 30, 2025, the remaining balance of the purchase accounting accretion ("PAA") on loans was $62.9 million. Total deposits at June 30, 2025 increased $110.9 million to $8.67 billion compared to $8.56 billion at March 31, 2025 primarily due to increases in demand and money market and savings deposits partially offset by decreases in certificates and other time and noninterest-bearing deposits. Certificates and other time deposits decreased primarily due to the reduction in brokered deposits. Asset Quality Nonperforming assets totaled $58.2 million, or 0.55% of total assets, at June 30, 2025, compared to $59.7 million, or 0.57% of total assets, at March 31, 2025. The allowance for credit losses on loans as a percentage of total loans was 1.14% at June 30, 2025 compared to 1.15% at March 31, 2025. The provision for credit losses was $1.1 million for the second quarter of 2025 compared to $3.6 million for the first quarter of 2025. Net charge-offs for the second quarter of 2025 were $206 thousand, or 0.01% (annualized) of average loans, compared to net charge-offs of $163 thousand, or 0.01% (annualized) of average loans, for the first quarter of 2025. GAAP Reconciliation of Non-GAAP Financial Measures Stellar's management uses certain non-GAAP financial measures to evaluate its performance. Please refer to the GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures on page 10 of this earnings release for a reconciliation of these non-GAAP financial measures. Conference Call Stellar's management team will host a conference call and webcast on Friday, July 25, 2025 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss its results for the second quarter of 2025. Participants may register for the conference call at conference ID 63586 to receive the dial-in numbers and unique PIN to access the call. If you need assistance in obtaining a dial-in number, please contact ir@ A simultaneous webcast is available at and requires pre-registration. If you are unable to participate during the live webcast, the webcast will be accessible via the Investor Relations section of the Company's website at _____________________ (1) Refer to the calculation of this non-GAAP financial measure on page 10 of this earnings release. The calculation of returns on average tangible equity and the efficiency ratio have been adjusted from prior period disclosures. About Stellar Bancorp, Inc. Stellar Bancorp, Inc. is a bank holding company headquartered in Houston, Texas. Stellar's principal banking subsidiary, Stellar Bank, provides a diversified range of commercial banking services primarily to small- to medium-sized businesses and individual customers across Houston, Dallas, Beaumont and surrounding communities in Texas. Forward-Looking Statements Certain statements in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, future financial performance and operating results, the Company's plans, business and growth strategies, objectives, expectations and intentions, and other statements that are not historical facts, including projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "scheduled," "plans," "intends," "projects," "anticipates," "expects," "believes," "estimates," "potential," "would," or "continue" or negatives of such terms or other comparable terminology. All forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Stellar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others: changes in the interest rate environment, the value of Stellar's assets and obligations and the availability of capital and liquidity; general competitive, economic, political and market conditions; and other factors that may affect future results of Stellar including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; disruptions to the economy and the U.S. banking system; risks associated with uninsured deposits and responsive measures by federal or state governments or banking regulators; legislative changes, executive orders, regulatory actions and reforms of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Texas Department of Banking. Additional factors which could affect the Company's future results can be found in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC's website at We disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Stellar Bancorp, Inc. Financial Highlights (Unaudited) 2025 2024 June 30 March 31 December 31 September 30 June 30 (Dollars in thousands) ASSETS: Cash and due from banks $ 136,060 $ 130,932 $ 419,967 $ 103,735 $ 110,341 Interest-bearing deposits at other financial institutions 442,044 429,643 491,249 412,482 379,909 Total cash and cash equivalents 578,104 560,575 911,216 516,217 490,250 Available for sale securities, at fair value 1,729,684 1,719,371 1,673,016 1,691,752 1,630,971 Loans held for investment 7,287,347 7,283,133 7,439,854 7,551,124 7,713,897 Less: allowance for credit losses on loans (83,165 ) (83,746 ) (81,058 ) (84,501 ) (94,772 ) Loans, net 7,204,182 7,199,387 7,358,796 7,466,623 7,619,125 Accrued interest receivable 35,537 37,669 37,884 39,473 43,348 Premises and equipment, net 108,615 109,750 111,856 113,742 113,984 Federal Reserve Bank and Federal Home Loan Bank stock 47,099 20,902 8,209 20,123 15,089 Bank-owned life insurance 108,726 108,108 107,498 106,876 106,262 Goodwill 497,318 497,318 497,318 497,318 497,318 Core deposit intangibles, net 81,468 87,007 92,546 98,116 104,315 Other assets 102,277 94,800 107,451 79,537 103,001 Total assets $ 10,493,010 $ 10,434,887 $ 10,905,790 $ 10,629,777 $ 10,723,663 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 3,183,693 $ 3,205,619 $ 3,576,206 $ 3,303,048 $ 3,308,441 Interest-bearing Demand 1,941,156 1,863,752 1,845,749 1,571,504 1,564,405 Money market and savings 2,393,767 2,248,616 2,253,193 2,280,651 2,213,031 Certificates and other time 1,154,998 1,244,726 1,453,236 1,587,398 1,639,426 Total interest-bearing deposits 5,489,921 5,357,094 5,552,178 5,439,553 5,416,862 Total deposits 8,673,614 8,562,713 9,128,384 8,742,601 8,725,303 Accrued interest payable 7,607 9,856 17,052 16,915 12,327 Borrowed funds 69,925 119,923 — 60,000 240,000 Subordinated debt 70,165 70,135 70,105 110,064 109,964 Other liabilities 67,865 61,428 82,389 74,074 70,274 Total liabilities 8,889,176 8,824,055 9,297,930 9,003,654 9,157,868 SHAREHOLDERS' EQUITY: Common stock 514 521 534 535 536 Capital surplus 1,185,048 1,202,628 1,240,050 1,238,619 1,238,477 Retained earnings 529,216 510,072 492,640 474,905 447,948 Accumulated other comprehensive loss (110,944 ) (102,389 ) (125,364 ) (87,936 ) (121,166 ) Total shareholders' equity 1,603,834 1,610,832 1,607,860 1,626,123 1,565,795 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,493,010 $ 10,434,887 $ 10,905,790 $ 10,629,777 $ 10,723,663 Stellar Bancorp, Inc. Financial Highlights (Unaudited) Three Months Ended Six Months Ended 2025 2024 2025 2024 June 30 March 31 December 31 September 30 June 30 June 30 June 30 (Dollars in thousands, except per share data) INTEREST INCOME: Loans, including fees $ 121,814 $ 120,640 $ 128,738 $ 132,372 $ 135,885 $ 242,454 $ 270,570 Securities: Taxable 15,293 16,148 14,789 13,898 11,923 31,441 21,216 Tax-exempt 810 812 814 814 816 1,622 1,634 Deposits in other financial institutions 4,782 4,720 5,681 4,692 3,555 9,502 7,182 Total interest income 142,699 142,320 150,022 151,776 152,179 285,019 300,602 INTEREST EXPENSE: Demand, money market and savings deposits 31,097 27,574 27,877 29,440 28,399 58,671 55,929 Certificates and other time deposits 11,459 13,527 16,830 18,073 18,758 24,986 33,842 Borrowed funds 407 517 235 840 1,700 924 3,474 Subordinated debt 1,401 1,444 2,123 1,916 1,912 2,845 3,829 Total interest expense 44,364 43,062 47,065 50,269 50,769 87,426 97,074 NET INTEREST INCOME 98,335 99,258 102,957 101,507 101,410 197,593 203,528 Provision for (reversal of) credit losses 1,090 3,632 942 (5,985 ) (1,935 ) 4,722 2,163 Net interest income after provision for credit losses 97,245 95,626 102,015 107,492 103,345 192,871 201,365 NONINTEREST INCOME: Service charges on deposit accounts 1,561 1,584 1,590 1,594 1,648 3,145 3,246 (Loss) gain on sale of assets (57 ) 417 (112 ) 432 (64 ) 360 449 Bank-owned life insurance 618 610 622 614 591 1,228 1,178 Debit card and interchange income 566 520 570 551 543 1,086 1,070 Other 3,103 2,374 2,362 3,111 2,698 5,477 5,769 Total noninterest income 5,791 5,505 5,032 6,302 5,416 11,296 11,712 NONINTEREST EXPENSE: Salaries and employee benefits 40,927 41,792 43,797 41,123 39,061 82,719 80,437 Net occupancy and equipment 4,399 3,926 4,401 4,570 4,503 8,325 8,893 Depreciation 1,992 1,995 1,984 1,911 1,948 3,987 3,912 Data processing and software amortization 5,620 5,682 5,551 5,706 5,501 11,302 10,395 Professional fees 1,287 1,786 3,428 1,714 1,620 3,073 4,282 Regulatory assessments and FDIC insurance 1,561 1,733 1,636 1,779 2,299 3,294 4,153 Amortization of intangibles 5,548 5,548 5,581 6,212 6,215 11,096 12,427 Communications 861 847 807 827 847 1,708 1,784 Advertising 1,167 782 1,593 878 891 1,949 1,656 Other 6,642 6,075 6,488 6,346 8,331 12,717 14,687 Total noninterest expense 70,004 70,166 75,266 71,066 71,216 140,170 142,626 INCOME BEFORE INCOME TAXES 33,032 30,965 31,781 42,728 37,545 63,997 70,451 Provision for income taxes 6,680 6,263 6,569 8,837 7,792 12,943 14,551 NET INCOME $ 26,352 $ 24,702 $ 25,212 $ 33,891 $ 29,753 $ 51,054 $ 55,900 EARNINGS PER SHARE Basic $ 0.51 $ 0.46 $ 0.47 $ 0.63 $ 0.56 $ 0.98 $ 1.05 Diluted $ 0.51 $ 0.46 $ 0.47 $ 0.63 $ 0.56 $ 0.97 $ 1.04 Stellar Bancorp, Inc. Financial Highlights (Unaudited) Three Months Ended Six Months Ended 2025 2024 2025 2024 June 30 March 31 December 31 September 30 June 30 June 30 June 30 (Dollars and share amounts in thousands, except per share data) Net income $ 26,352 $ 24,702 $ 25,212 $ 33,891 $ 29,753 $ 51,054 $ 55,900 Earnings per share, basic $ 0.51 $ 0.46 $ 0.47 $ 0.63 $ 0.56 $ 0.98 $ 1.05 Earnings per share, diluted $ 0.51 $ 0.46 $ 0.47 $ 0.63 $ 0.56 $ 0.97 $ 1.04 Dividends per share $ 0.14 $ 0.14 $ 0.14 $ 0.13 $ 0.13 $ 0.28 $ 0.26 Return on average assets(A) 1.01 % 0.94 % 0.94 % 1.27 % 1.13 % 0.98 % 1.06 % Return on average equity(A) 6.62 % 6.21 % 6.21 % 8.49 % 7.78 % 6.42 % 7.33 % Return on average tangible equity(A)(B)(D) 12.16 % 11.48 % 11.53 % 15.61 % 14.94 % 11.82 % 14.28 % Net interest margin (tax equivalent)(A)(C) 4.18 % 4.20 % 4.25 % 4.19 % 4.24 % 4.19 % 4.25 % Net interest margin (tax equivalent) excluding PAA(A)(B)(C) 3.95 % 3.97 % 3.94 % 3.91 % 3.82 % 3.96 % 3.86 % Efficiency ratio(B)(E) 61.87 % 61.93 % 64.46 % 60.40 % 60.81 % 61.90 % 60.62 % Capital Ratios Stellar Bancorp, Inc. (Consolidated) Equity to assets 15.28 % 15.44 % 14.74 % 15.30 % 14.60 % 15.28 % 14.60 % Tangible equity to tangible assets(B)(E) 10.34 % 10.42 % 9.87 % 10.27 % 9.53 % 10.34 % 9.53 % Estimated Total capital ratio (to risk-weighted assets) 15.98 % 15.97 % 16.00 % 15.85 % 15.30 % 15.98 % 15.30 % Estimated Common equity Tier 1 capital (to risk weighted assets) 14.06 % 14.05 % 14.14 % 13.57 % 12.95 % 14.06 % 12.95 % Estimated Tier 1 capital (to risk-weighted assets) 14.18 % 14.17 % 14.26 % 13.69 % 13.06 % 14.18 % 13.06 % Estimated Tier 1 leverage (to average tangible assets) 11.44 % 11.20 % 11.31 % 11.10 % 10.77 % 11.44 % 10.77 % Stellar Bank Estimated Total capital ratio (to risk-weighted assets) 15.39 % 15.40 % 15.28 % 15.02 % 14.61 % 15.39 % 14.61 % Estimated Common equity Tier 1 capital (to risk-weighted assets) 14.18 % 14.20 % 14.13 % 13.58 % 13.08 % 14.18 % 13.08 % Estimated Tier 1 capital (to risk-weighted assets) 14.18 % 14.20 % 14.13 % 13.58 % 13.08 % 14.18 % 13.08 % Estimated Tier 1 leverage (to average tangible assets) 11.44 % 11.22 % 11.21 % 11.01 % 10.78 % 11.44 % 10.78 % Other Data Weighted average shares: Basic 51,529 53,146 53,422 53,541 53,572 52,333 53,457 Diluted 51,569 53,197 53,471 53,580 53,608 52,376 53,506 Period end shares outstanding 51,398 52,141 53,429 53,446 53,564 51,398 53,564 Book value per share $ 31.20 $ 30.89 $ 30.09 $ 30.43 $ 29.23 $ 31.20 $ 29.23 Tangible book value per share(B) $ 19.94 $ 19.69 $ 19.05 $ 19.28 $ 18.00 $ 19.94 $ 18.00 Employees - full-time equivalents 1,062 1,054 1,037 1,040 1,045 1,062 1,045 (A) Interim periods annualized. (B) Refer to the calculation of these non-GAAP financial measures on page 10 of this Earnings Release. (C) Net interest margin represents net interest income divided by average interest-earning assets. (D) The calculation of return on average tangible equity has been adjusted from prior period disclosures. All periods presented above have been recalculated and disclosed under the same calculation. (E) The calculation of the efficiency ratio has been adjusted from prior period disclosures. All periods presented above have been recalculated and disclosed under the same calculation. Stellar Bancorp, Inc. Financial Highlights (Unaudited) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 AverageBalance InterestEarned/InterestPaid AverageYield/Rate AverageBalance InterestEarned/InterestPaid AverageYield/Rate AverageBalance InterestEarned/InterestPaid AverageYield/Rate (Dollars in thousands) Assets Interest-Earning Assets: Loans $ 7,282,609 $ 121,814 6.71 % $ 7,344,298 $ 120,640 6.66 % $ 7,808,320 $ 135,885 7.00 % Securities 1,729,384 16,103 3.73 % 1,817,286 16,960 3.78 % 1,549,638 12,739 3.31 % Deposits in other financial institutions 436,596 4,782 4.39 % 430,621 4,720 4.45 % 258,916 3,555 5.52 % Total interest-earning assets 9,448,589 $ 142,699 6.06 % 9,592,205 $ 142,320 6.02 % 9,616,874 $ 152,179 6.36 % Allowance for credit losses on loans (83,700 ) (81,166 ) (96,306 ) Noninterest-earning assets 1,099,268 1,100,652 1,103,297 Total assets $ 10,464,157 $ 10,611,691 $ 10,623,865 Liabilities and Shareholders' Equity Interest-Bearing Liabilities: Interest-bearing demand deposits $ 1,952,004 $ 14,399 2.96 % $ 1,911,625 $ 12,392 2.63 % $ 1,545,096 $ 12,213 3.18 % Money market and savings deposits 2,371,221 16,698 2.82 % 2,234,571 15,182 2.76 % 2,227,393 16,186 2.92 % Certificates and other time deposits 1,201,903 11,459 3.82 % 1,296,972 13,527 4.23 % 1,694,536 18,758 4.45 % Borrowed funds 34,427 407 4.74 % 45,795 517 4.58 % 112,187 1,700 6.09 % Subordinated debt 70,151 1,401 8.01 % 70,121 1,444 8.35 % 109,910 1,912 7.00 % Total interest-bearing liabilities 5,629,706 $ 44,364 3.16 % 5,559,084 $ 43,062 3.14 % 5,689,122 $ 50,769 3.59 % Noninterest-Bearing Liabilities: Noninterest-bearing demand deposits 3,160,791 3,346,066 3,308,633 Other liabilities 78,120 92,299 87,986 Total liabilities 8,868,617 8,997,449 9,085,741 Shareholders' equity 1,595,540 1,614,242 1,538,124 Total liabilities and shareholders' equity $ 10,464,157 $ 10,611,691 $ 10,623,865 Net interest rate spread 2.90 % 2.88 % 2.77 % Net interest income and margin $ 98,335 4.17 % $ 99,258 4.20 % $ 101,410 4.24 % Net interest income and margin (tax equivalent) $ 98,427 4.18 % $ 99,353 4.20 % $ 101,482 4.24 % Cost of funds 2.02 % 1.96 % 2.27 % Cost of deposits 1.97 % 1.90 % 2.16 % Stellar Bancorp, Inc. Financial Highlights (Unaudited) Six Months Ended June 30, 2025 2024 AverageBalance InterestEarned/Interest Paid AverageYield/Rate AverageBalance InterestEarned/ Interest Paid AverageYield/Rate (Dollars in thousands) Assets Interest-Earning Assets: Loans $ 7,313,283 $ 242,454 6.69 % $ 7,873,572 $ 270,570 6.91 % Securities 1,773,092 33,063 3.76 % 1,495,726 22,850 3.07 % Deposits in other financial institutions 433,625 9,502 4.42 % 261,911 7,182 5.51 % Total interest-earning assets 9,520,000 $ 285,019 6.04 % 9,631,209 $ 300,602 6.28 % Allowance for credit losses on loans (82,440 ) (93,959 ) Noninterest-earning assets 1,099,956 1,118,077 Total assets $ 10,537,516 $ 10,655,327 Liabilities and Shareholders' Equity Interest-Bearing Liabilities: Interest-bearing demand deposits $ 1,931,926 $ 26,791 2.80 % $ 1,621,154 $ 24,491 3.04 % Money market and savings deposits 2,303,273 31,880 2.79 % 2,189,099 31,438 2.89 % Certificates and other time deposits 1,249,175 24,986 4.03 % 1,569,292 33,842 4.34 % Borrowed funds 40,079 924 4.65 % 123,293 3,474 5.67 % Subordinated debt 70,136 2,845 8.18 % 109,859 3,829 7.01 % Total interest-bearing liabilities 5,594,589 $ 87,426 3.15 % 5,612,697 $ 97,074 3.48 % Noninterest-Bearing Liabilities: Noninterest-bearing demand deposits 3,252,917 3,417,196 Other liabilities 85,171 92,223 Total liabilities 8,932,677 9,122,116 Shareholders' equity 1,604,839 1,533,211 Total liabilities and shareholders' equity $ 10,537,516 $ 10,655,327 Net interest rate spread 2.89 % 2.80 % Net interest income and margin $ 197,593 4.19 % $ 203,528 4.25 % Net interest income and margin (tax equivalent) $ 197,780 4.19 % $ 203,688 4.25 % Cost of funds 1.99 % 2.16 % Cost of deposits 1.93 % 2.05 % Stellar Bancorp, Inc. Financial Highlights (Unaudited) Three Months Ended 2025 2024 June 30 March 31 December 31 September 30 June 30 (Dollars in thousands) Period-end Loan Portfolio: Commercial and industrial $ 1,346,744 $ 1,362,266 $ 1,362,260 $ 1,350,753 $ 1,396,064 Real estate: Commercial real estate (including multi-family residential) 3,840,981 3,854,607 3,868,218 3,976,296 4,029,671 Commercial real estate construction and land development 762,911 721,488 845,494 890,316 922,805 1-4 family residential (including home equity) 1,126,523 1,125,837 1,115,484 1,112,235 1,098,681 Residential construction 137,855 141,283 157,977 161,494 200,134 Consumer and other 72,333 77,652 90,421 60,030 66,542 Total loans held for investment $ 7,287,347 $ 7,283,133 $ 7,439,854 $ 7,551,124 $ 7,713,897 Deposits: Noninterest-bearing $ 3,183,693 $ 3,205,619 $ 3,576,206 $ 3,303,048 $ 3,308,441 Interest-bearing Demand 1,941,156 1,863,752 1,845,749 1,571,504 1,564,405 Money market and savings 2,393,767 2,248,616 2,253,193 2,280,651 2,213,031 Certificates and other time 1,154,998 1,244,726 1,453,236 1,587,398 1,639,426 Total interest-bearing deposits 5,489,921 5,357,094 5,552,178 5,439,553 5,416,862 Total deposits $ 8,673,614 $ 8,562,713 $ 9,128,384 $ 8,742,601 $ 8,725,303 Asset Quality: Nonaccrual loans $ 50,505 $ 54,518 $ 37,212 $ 32,140 $ 50,906 Accruing loans 90 or more days past due — — — — — Total nonperforming loans 50,505 54,518 37,212 32,140 50,906 Foreclosed assets 7,652 5,154 1,734 2,984 2,548 Total nonperforming assets $ 58,157 $ 59,672 $ 38,946 $ 35,124 $ 53,454 Net charge-offs (recoveries) $ 206 $ 163 $ 2,016 $ 3,933 $ (1 ) Nonaccrual loans: Commercial and industrial $ 13,395 $ 11,471 $ 8,500 $ 9,718 $ 18,451 Real estate: Commercial real estate (including multi-family residential) 23,359 26,383 16,459 10,695 18,094 Commercial real estate construction and land development 3,412 2,027 3,061 4,183 1,641 1-4 family residential (including home equity) 9,965 14,550 9,056 7,259 12,454 Residential construction 176 — — 121 155 Consumer and other 198 87 136 164 111 Total nonaccrual loans $ 50,505 $ 54,518 $ 37,212 $ 32,140 $ 50,906 Asset Quality Ratios: Nonperforming assets to total assets 0.55 % 0.57 % 0.36 % 0.33 % 0.50 % Nonperforming loans to total loans 0.69 % 0.75 % 0.50 % 0.43 % 0.66 % Allowance for credit losses on loans to nonperforming loans 164.67 % 153.61 % 217.83 % 262.92 % 186.17 % Allowance for credit losses on loans to total loans 1.14 % 1.15 % 1.09 % 1.12 % 1.23 % Net charge-offs to average loans (annualized) 0.01 % 0.01 % 0.11 % 0.21 % 0.00 % Stellar Bancorp, Inc. GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures (Unaudited) Stellar's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Stellar believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and that management and investors benefit from referring to these non-GAAP financial measures in assessing Stellar's performance and when planning, forecasting, analyzing and comparing past, present and future periods. Specifically, Stellar reviews pre-tax, pre-provision income, pre-tax pre-provision ROAA, tangible book value per share, return on average tangible equity, tangible equity to tangible assets and net interest margin (tax equivalent) excluding PAA for internal planning and forecasting purposes. Stellar has included in this earnings release information relating to these non-GAAP financial measures for the applicable periods presented. These non-GAAP measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which Stellar calculates the non-GAAP financial measures may differ from that of other companies reporting measures with similar names. Three Months Ended Six Months Ended 2025 2024 2025 2024 June 30 March 31 December 31 September 30 June 30 June 30 June 30 (Dollars and share amounts in thousands, except per share data) Net income $ 26,352 $ 24,702 $ 25,212 $ 33,891 $ 29,753 $ 51,054 $ 55,900 Add: Provision for (reversal of) credit losses 1,090 3,632 942 (5,985 ) (1,935 ) 4,722 2,163 Add: Provision for income taxes 6,680 6,263 6,569 8,837 7,792 12,943 14,551 Pre-tax, pre-provision income $ 34,122 $ 34,597 $ 32,723 $ 36,743 $ 35,610 $ 68,719 $ 72,614 Total average assets $ 10,464,157 $ 10,611,691 $ 10,649,175 $ 10,626,266 $ 10,623,865 $ 10,537,516 $ 10,655,327 Pre-tax, pre-provision return on average assets(A) 1.31 % 1.32 % 1.22 % 1.38 % 1.35 % 1.32 % 1.37 % Total shareholders' equity $ 1,603,834 $ 1,610,832 $ 1,607,860 $ 1,626,123 $ 1,565,795 $ 1,603,834 $ 1,565,795 Less: Goodwill and core deposit intangibles, net 578,786 584,325 589,864 595,434 601,633 578,786 601,633 Tangible shareholders' equity $ 1,025,048 $ 1,026,507 $ 1,017,996 $ 1,030,689 $ 964,162 $ 1,025,048 $ 964,162 Shares outstanding at end of period 51,398 52,141 53,429 53,446 53,564 51,398 53,564 Tangible book value per share $ 19.94 $ 19.69 $ 19.05 $ 19.28 $ 18.00 $ 19.94 $ 18.00 Average shareholders' equity $ 1,595,540 $ 1,614,242 $ 1,614,762 $ 1,587,918 $ 1,538,124 $ 1,604,839 $ 1,533,211 Less: Average goodwill and core deposit intangibles, net 581,438 586,895 592,471 598,866 604,722 584,152 607,935 Average tangible shareholders' equity $ 1,014,102 $ 1,027,347 $ 1,022,291 $ 989,052 $ 933,402 $ 1,020,687 $ 925,276 Net income $ 26,352 $ 24,702 $ 25,212 $ 33,891 $ 29,753 $ 51,054 $ 55,900 Add: Core deposit intangibles amortization, net of tax 4,383 4,383 4,409 4,907 4,910 8,766 9,817 Adjusted net income $ 30,735 $ 29,085 $ 29,621 $ 38,798 $ 34,663 $ 59,820 $ 65,717 Return on average tangible equity(A)(B) 12.16 % 11.48 % 11.53 % 15.61 % 14.94 % 11.82 % 14.28 % Total assets $ 10,493,010 $ 10,434,887 $ 10,905,790 $ 10,629,777 $ 10,723,663 $ 10,493,010 $ 10,723,663 Less: Goodwill and core deposit intangibles, net 578,786 584,325 589,864 595,434 601,633 578,786 601,633 Tangible assets $ 9,914,224 $ 9,850,562 $ 10,315,926 $ 10,034,343 $ 10,122,030 $ 9,914,224 $ 10,122,030 Tangible equity to tangible assets 10.34 % 10.42 % 9.87 % 10.27 % 9.53 % 10.34 % 9.53 % Net interest income (tax equivalent) $ 98,427 $ 99,353 $ 103,039 $ 101,578 $ 101,482 $ 197,780 $ 203,688 Less: Purchase accounting accretion 5,344 5,397 7,555 6,795 10,098 10,741 18,649 Adjusted net interest income (tax equivalent) $ 93,083 $ 93,956 $ 95,484 $ 94,783 $ 91,384 $ 187,039 $ 185,039 Average earning assets $ 9,448,589 $ 9,592,205 $ 9,653,162 $ 9,643,629 $ 9,616,874 $ 9,520,000 $ 9,631,209 Net interest margin (tax equivalent) excluding PAA(A) 3.95 % 3.97 % 3.94 % 3.91 % 3.82 % 3.96 % 3.86 % Noninterest expense $ 70,004 $ 70,166 $ 75,266 $ 71,066 $ 71,216 $ 140,170 $ 142,626 Less: Core deposit intangibles amortization 5,548 5,548 5,581 6,212 6,215 11,096 12,427 Adjusted noninterest expense $ 64,456 $ 64,618 $ 69,685 $ 64,854 $ 65,001 $ 129,074 $ 130,199 Net interest income $ 98,335 $ 99,258 $ 102,957 $ 101,507 $ 101,410 $ 197,593 $ 203,528 Noninterest income 5,791 5,505 5,032 6,302 5,416 11,296 11,712 Less: (Loss) gain on sale of assets (57 ) 417 (112 ) 432 (64 ) 360 449 Adjusted noninterest income 5,848 5,088 5,144 5,870 5,480 10,936 11,263 Net interest income plus adjusted noninterest income $ 104,183 $ 104,346 $ 108,101 $ 107,377 $ 106,890 $ 208,529 $ 214,791 Efficiency ratio(C) 61.87 % 61.93 % 64.46 % 60.40 % 60.81 % 61.90 % 60.62 % (A) Interim periods annualized. (B) The calculation of return on average tangible equity has been adjusted from prior period disclosures. All periods presented above have been recalculated and disclosed under the same calculation. (C) The calculation of the efficiency ratio has been adjusted from prior period disclosures. All periods presented above have been recalculated and disclosed under the same calculation. View source version on Contacts Investor Relations ir@
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EAST AURORA, N.Y., July 25, 2025--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2025 net sales of $971 million, diluted earnings per share of $1.87 and adjusted diluted earnings per share of $2.37, all records, reflecting business growth and simplified operations. (in millions, except per share results) Three Months Ended Q3 2025 Q3 2024 Deltas Net sales $ 971 $ 905 7 % Operating margin 11.5 % 11.6 % (10) bps Adjusted operating margin 13.6 % 12.3 % 130 bps Diluted net earnings per share $ 1.87 $ 1.74 7 % Adjusted diluted net earnings per share $ 2.37 $ 1.91 24 % Net cash provided (used) by operating activities $ 125 $ 30 $ 95 Free cash flow $ 93 $ (2 ) $ 95 See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the periods ended June 28, 2025 and June 29, 2024. Quarter Highlights Net sales increased to a record level, led by strength in Commercial Aircraft, Space and Defense, and Military Aircraft. Industrial declined due to divestitures completed at the beginning of this fiscal year. Operating margin was relatively unchanged as charges for a program termination and charges for simplification initiatives offset stronger operational performance. Adjusted operating margin increased due to the benefit from the sale of intellectual property and inventory associated with a non-core product line and a favorable sales mix, partially offset by tariff pressure. Diluted net earnings per share increased as strong operational performance was partially offset by higher charges for a program termination and charges for simplification initiatives. Adjusted diluted net earnings per share increased reflecting margin expansion and incremental profit from higher sales. Free cash flow improved with a conversion greater than 120%. Twelve-month backlog was at a record level of $2.7 billion with growth primarily driven by Military Aircraft and Space and Defense. Acquired COTSWORKS after quarter-end, strengthening the Space and Defense product portfolio. "We have just delivered another quarter of record financial results, reflective of our unrelenting focus on driving improved business performance," said Pat Roche, CEO. "Our teams across the company continue advancing our simplification strategies, and our value proposition to our customers has resulted in strong order intake and a record 12-month backlog. Our employees are driving change and our business is strong, giving us confidence as we look to 2026." Segment Results Sales in the third quarter increased 7% to a record $971 million. Sales growth was led by Commercial Aircraft, which increased 16% on strong aftermarket demand. Space and Defense sales increased 11%, reflecting broad-based demand including satellite components and missile control programs. Military Aircraft sales increased 8%, driven by continued ramp-up on the FLRAA program. Industrial sales declined 4% due to previously completed divestitures. Operating margin in the third quarter was 11.5%, down 10 basis points from the prior year. Military Aircraft operating margin declined 360 basis points to 8.0%, primarily due to charges tied to the termination of a product development effort, along with a less favorable sales mix and increased research and development investment in future programs. Industrial operating margin declined 20 basis points to 9.6%, reflecting charges related to portfolio shaping, facility rationalization and an investment impairment, as well as pressures from tariffs, and were partially offset by the benefit from simplification initiatives. Partially offsetting these declines was an increase in Commercial Aircraft operating margin of 200 basis points to 14.9%, supported by the benefit from the sale of a non-core product line and by record aftermarket sales, partially offset by pressures from tariffs and OEM customers' production delays. In addition, Space and Defense operating margin increased 70 basis points to 13.3%, driven by profitable sales growth. Adjusted operating margin excludes charges of $20 million and $6 million in the third quarters of 2025 and 2024, respectively, which primarily relate to simplification initiatives and a program termination. Excluding these charges, total company adjusted operating margin increased 130 basis points from 12.3% to 13.6%. Commercial Aircraft adjusted operating margin increased 180 basis points to 14.9%, supported by the benefit from the sale of a non-core product line and by record aftermarket sales, partially offset by pressures from tariffs and OEM customers' production delays. Industrial adjusted operating margin improved 180 basis points to 13.5%, supported by the benefit of the simplification initiatives, including divestitures completed at the start of the year, partially offset by tariff pressure. Space and Defense adjusted operating margin increased 140 basis points to 14.1%, driven by profitable sales growth. Partially offsetting the increases was a decrease in Military Aircraft adjusted operating margin of 30 basis points to 11.6%, due to a less favorable program sales mix and increased research and development investment. Free Cash Flow Results Free cash flow for the quarter was $93 million, driven by strong earnings and cash provided by changes in working capital. Capital expenditures were $33 million. 2025 Financial Guidance "We are increasing our sales guidance from 90 days ago based on the strength of the business. We are updating our adjusted operating margin guidance to reflect the expected pressures associated with tariffs and the underlying strength in our business. We are also moderating our free cash flow guidance based on working capital needs to support our elevated growth," said Jennifer Walter, CFO. "We're on track to close out a record year for sales in 2025. Our business is strong, and we're continuing to expand our operating margin and generate an increasing level of free cash flow." FY 2025 Guidance (1) Current Previous Net sales (in billions) $ 3.8 $ 3.7 Operating margin 11.9 % 12.7 % Adjusted operating margin 12.8 % 13.0 % Diluted net earnings per share(2) $ 7.44 $ 7.89 Adjusted diluted net earnings per share(2) $ 8.25 $ 8.20 Free cash flow conversion 30 - 50 % 50 % (1) Current guidance now includes the net tariff pressures, while the previous guidance excluded it.(2) Diluted net earnings per share and Adjusted diluted net earnings per share figures are forecasted to be within range of +/- $0.10. Conference call information In conjunction with today's release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at Cautionary Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: "may," "will," "should," "believes," "expects," "expected," "intends," "plans," "projects," "approximate," "estimates," "predicts," "potential," "outlook," "forecast," "anticipates," "presume," "assume" and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A "Risk Factors" of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission ("SEC") and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law. Moog STATEMENTS OF EARNINGS (UNAUDITED)(dollars in thousands, except per share data) Three Months Ended Nine Months Ended June 28, 2025 June 29,2024 June 28, 2025 June 29,2024 Net sales $ 971,363 $ 904,735 $ 2,816,518 $ 2,691,888 Cost of sales 699,685 651,672 2,044,373 1,938,673 Inventory write-down 5,839 1,600 7,988 1,775 Gross profit 265,839 251,463 764,157 751,440 Research and development 21,906 27,791 69,992 86,752 Selling, general and administrative 138,801 126,361 399,684 370,047 Interest 17,790 18,153 54,340 52,850 Asset impairment 3,000 112 3,000 6,862 Restructuring 2,850 3,984 9,059 12,623 Other 3,510 4,157 7,942 10,041 Earnings before income taxes 77,982 70,905 220,140 212,265 Income taxes 18,275 14,545 51,566 48,090 Net earnings $ 59,707 $ 56,360 $ 168,574 $ 164,175 Net earnings per share Basic $ 1.89 $ 1.76 $ 5.32 $ 5.14 Diluted $ 1.87 $ 1.74 $ 5.25 $ 5.08 Weighted average common shares outstanding Basic 31,524,999 31,960,165 31,684,945 31,943,365 Diluted 31,896,949 32,409,370 32,082,186 32,342,700 Moog TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED)(dollars in thousands) Three Months Ended Nine Months Ended June 28, 2025 June 29,2024 June 28, 2025 June 29,2024 As Reported: Earnings before income taxes $ 77,982 $ 70,905 $ 220,140 $ 212,265 Income taxes 18,275 14,545 51,566 48,090 Effective income tax rate 23.4 % 20.5 % 23.4 % 22.7 % Net earnings 59,707 56,360 168,574 164,175 Diluted net earnings per share $ 1.87 $ 1.74 $ 5.25 $ 5.08 Program Terminations1 Earnings before income taxes $ 8,065 $ — $ 8,065 $ 1,992 Income taxes 1,903 — 1,903 470 Net earnings 6,162 — 6,162 1,522 Diluted net earnings per share $ 0.19 $ — $ 0.19 $ 0.05 Simplification Initiatives2 Earnings before income taxes $ 6,805 $ 5,818 $ 18,204 $ 14,457 Income taxes 1,647 1,502 4,487 3,654 Net earnings 5,158 4,316 13,717 10,803 Diluted net earnings per share $ 0.16 $ 0.13 $ 0.43 $ 0.33 Investment Losses3 Earnings before income taxes $ 3,000 $ — $ 3,000 $ 5,294 Income taxes — (1,249 ) — — Net earnings 3,000 1,249 3,000 5,294 Diluted net earnings per share $ 0.09 $ 0.04 $ 0.09 $ 0.16 Acquisition and Integration4 Earnings before income taxes $ 481 $ — $ 481 $ — Income taxes 113 — 113 — Net earnings 368 — 368 — Diluted net earnings per share $ 0.01 $ — $ 0.01 $ — Other Charges5 Earnings before income taxes $ 1,462 $ 111 $ 3,462 $ 415 Income taxes 344 26 817 98 Net earnings 1,118 85 2,645 317 Diluted net earnings per share $ 0.04 $ — $ 0.08 $ 0.01 As Adjusted: Earnings before income taxes $ 97,795 $ 76,834 $ 253,352 $ 234,423 Income taxes 22,282 14,824 58,886 52,312 Effective income tax rate 22.8 % 19.3 % 23.2 % 22.3 % Net earnings 75,513 62,010 194,466 182,111 Diluted net earnings per share $ 2.37 $ 1.91 $ 6.06 $ 5.63 The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.1 Charges include costs related to the termination of significant development, production, or support programs, such as write-off and impairments or inventory and long-lived assets, contract termination costs, and other charges.2 Charges include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets, and other charges.3 Charges include impairment losses on minority investments.4 Charges include costs related to acquisition such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges.5 Other charges include business interruptions from natural causes, litigation matters, and other items that are not part of normal operations. While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Moog SALES AND OPERATING PROFIT (UNAUDITED)(dollars in thousands) Three Months Ended Nine Months Ended June 28, 2025 June 29,2024 June 28, 2025 June 29,2024 Net sales: Space and Defense $ 287,705 $ 258,409 $ 805,673 $ 755,324 Military Aircraft 224,662 207,177 651,931 595,921 Commercial Aircraft 219,436 189,365 656,740 591,181 Industrial 239,560 249,784 702,174 749,462 Net sales $ 971,363 $ 904,735 $ 2,816,518 $ 2,691,888 Operating profit: Space and Defense $ 38,261 $ 32,635 $ 99,581 $ 100,175 13.3 % 12.6 % 12.4 % 13.3 % Military Aircraft 17,994 23,965 64,632 60,323 8.0 % 11.6 % 9.9 % 10.1 % Commercial Aircraft 32,623 24,367 82,418 69,838 14.9 % 12.9 % 12.5 % 11.8 % Industrial 22,989 24,413 75,700 81,592 9.6 % 9.8 % 10.8 % 10.9 % Total operating profit 111,867 105,380 322,331 311,928 11.5 % 11.6 % 11.4 % 11.6 % Deductions from operating profit: Interest expense 17,790 18,153 54,340 52,850 Equity-based compensation expense 4,649 4,089 12,669 11,301 Non-service pension expense 1,970 3,188 5,855 9,566 Corporate and other expenses, net 9,476 9,045 29,327 25,946 Earnings before income taxes $ 77,982 $ 70,905 $ 220,140 $ 212,265 Moog TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)(dollars in thousands) Three Months Ended Nine Months Ended June 28, 2025 June 29,2024 June 28, 2025 June 29,2024 Space and Defense operating profit - as reported $ 38,261 $ 32,635 $ 99,581 $ 100,175 Simplification Initiatives 406 — 2,474 — Acquisition Integration 481 — 481 — Other charges 1,462 112 1,462 416 Space and Defense operating profit - as adjusted $ 40,610 $ 32,747 $ 103,998 $ 100,591 14.1 % 12.7 % 12.9 % 13.3 % Military Aircraft operating profit - as reported $ 17,994 $ 23,965 $ 64,632 $ 60,323 Program terminations 8,065 — 8,065 1,992 Simplification Initiatives — 609 591 3,732 Investment losses — — — 5,294 Other charges — — 2,000 — Military Aircraft operating profit - as adjusted $ 26,059 $ 24,574 $ 75,288 $ 71,341 11.6 % 11.9 % 11.5 % 12.0 % Commercial Aircraft operating profit - as reported $ 32,623 $ 24,367 $ 82,418 $ 69,838 Simplification Initiatives — 408 — 408 Commercial Aircraft operating profit - as adjusted $ 32,623 $ 24,775 $ 82,418 $ 70,246 14.9 % 13.1 % 12.5 % 11.9 % Industrial operating profit - as reported $ 22,989 $ 24,413 $ 75,700 $ 81,592 Simplification Initiatives 6,399 4,800 15,139 10,316 Investment losses 3,000 — 3,000 — Industrial operating profit - as adjusted $ 32,388 $ 29,213 $ 93,839 $ 91,908 13.5 % 11.7 % 13.4 % 12.3 % Total operating profit - as adjusted $ 131,680 $ 111,309 $ 355,543 $ 334,086 13.6 % 12.3 % 12.6 % 12.4 % While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP Moog BALANCE SHEETS (UNAUDITED)(dollars in thousands) June 28, 2025 September 28,2024 ASSETS Current assets Cash and cash equivalents $ 58,191 $ 61,694 Restricted cash 823 123 Receivables, net 529,753 419,971 Unbilled receivables 734,976 709,014 Inventories, net 924,682 863,702 Prepaid expenses and other current assets 153,479 86,245 Total current assets 2,401,904 2,140,749 Property, plant and equipment, net 988,125 929,357 Operating lease right-of-use assets 52,877 52,591 Goodwill 802,089 833,764 Intangible assets, net 57,182 63,479 Deferred income taxes 37,701 20,991 Other assets 56,696 52,695 Total assets $ 4,396,574 $ 4,093,626 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 289,160 $ 292,988 Accrued compensation 98,292 101,127 Contract advances and progress billings 298,648 299,732 Accrued liabilities and other 302,514 305,180 Total current liabilities 988,614 999,027 Long-term debt, excluding current installments 1,081,674 874,139 Long-term pension and retirement obligations 177,688 167,161 Deferred income taxes 27,664 27,738 Other long-term liabilities 177,233 164,928 Total liabilities 2,452,873 2,232,993 Shareholders' equity Common stock - Class A 43,864 43,835 Common stock - Class B 7,416 7,445 Additional paid-in capital 769,935 784,509 Retained earnings 2,810,050 2,668,723 Treasury shares (1,205,305 ) (1,082,240 ) Stock Employee Compensation Trust (173,214 ) (194,049 ) Supplemental Retirement Plan Trust (147,042 ) (163,821 ) Accumulated other comprehensive loss (162,003 ) (203,769 ) Total shareholders' equity 1,943,701 1,860,633 Total liabilities and shareholders' equity $ 4,396,574 $ 4,093,626 Moog STATEMENTS OF CASH FLOWS (UNAUDITED)(dollars in thousands) Nine Months Ended June 28, 2025 June 29,2024 CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 168,574 $ 164,175 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation 69,292 64,302 Amortization 6,996 7,677 Deferred income taxes (18,645 ) (26,483 ) Equity-based compensation expense 12,669 11,301 Asset impairment and inventory write-down 10,988 8,637 Other 4,399 5,374 Changes in assets and liabilities providing (using) cash: Receivables (105,346 ) (18,677 ) Unbilled receivables (35,174 ) (57,723 ) Inventories (64,095 ) (105,629 ) Accounts payable (3,301 ) 918 Contract advances and progress billings 8,798 (26,882 ) Accrued expenses (6,645 ) 36,928 Accrued income taxes (22,669 ) 9,832 Net pension and post retirement liabilities 15,563 8,783 Other assets and liabilities (8,941 ) (35,978 ) Net cash provided (used) by operating activities 32,463 46,555 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired — (5,911 ) Purchase of property, plant and equipment (103,041 ) (109,616 ) Net proceeds from businesses sold 13,487 1,627 Other investing transactions (2,844 ) (646 ) Net cash provided (used) by investing activities (92,398 ) (114,546 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from revolving lines of credit 957,500 784,500 Payments on revolving lines of credit (1,001,500 ) (691,000 ) Proceeds from long-term debt 250,000 — Payments on finance lease obligations (7,194 ) (4,468 ) Payment of dividends (27,247 ) (26,521 ) Proceeds from sale of treasury stock 10,970 7,579 Purchase of outstanding shares for treasury (127,808 ) (21,832 ) Proceeds from sale of stock held by SECT 20,287 16,670 Purchase of stock held by SECT (18,505 ) (14,296 ) Other financing transactions (1,600 ) — Net cash provided (used) by financing activities 54,903 50,632 Effect of exchange rate changes on cash (491 ) (267 ) Increase (decrease) in cash, cash equivalents and restricted cash (5,523 ) (17,626 ) Cash, cash equivalents and restricted cash at beginning of year (1) 64,537 69,144 Cash, cash equivalents and restricted cash at end of period $ 59,014 $ 51,518 (1) Beginning of year cash balance at September 29, 2024 includes cash related to assets held for sale of $2,720. Moog OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)(dollars in thousands) Three Months Ended Nine Months Ended June 28, 2025 June 29,2024 June 28, 2025 June 29,2024 Net cash provided (used) by operating activities $ 125,325 $ 30,166 $ 32,463 $ 46,555 Purchase of property, plant and equipment (32,659 ) (32,086 ) (103,041 ) (109,616 ) Receivables Purchase Agreement — — — (25,000 ) Free cash flow $ 92,666 $ (1,920 ) $ (70,578 ) $ (88,061 ) Adjusted net earnings $ 75,513 $ 62,010 $ 194,466 $ 182,111 Free cash flow conversion 123 % (3 )% (36 )% (48 )% Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. View source version on Contacts Aaron Astrachan716.687.4225 Sign in to access your portfolio
