0001628280-25-049860
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Operating cash flow for the nine months ended September 30, 2025 was $50.1 million, a decline of 22.4% from $64.6 million in the same period of 2024. Net income for the period was $39.9 million (not shown for 2025 but inferred from CFO being higher than net income in prior year), suggesting generally high cash conversion. However, the decrease in CFO may be due to working capital outflows or lower earnings. Capital expenditures were $3.4 million (2025) versus $5.0 million (2024), reflecting lower capex intensity. Free cash flow (CFO minus capex) was approximately $46.7 million, comfortably covering dividends of $29.7 million and share repurchases of $25.0 million. Financing cash flow was a negative $56.0 million, driven by those capital returns. No significant one-time items or tax payment anomalies were noted in the provided excerpt.