# EDGAR Filing Document

**Accession Number:** 0001023459
**File Stem:** 0001023459-25-000043
**Filing Date:** 2025-7
**Character Count:** 46626
**Document Hash:** 4a061fbcb2623e6a07ab29eae0d7e65b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001023459-25-000043.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001023459-25-000043

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250714

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Simulations Plus, Inc.
- **CENTRAL INDEX KEY:** 0001023459
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 954595609
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32046
- **FILM NUMBER:** 251122218

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PARK OFFICES DRIVE, SUITE 401
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709
- **BUSINESS PHONE:** 661-723-7723

**MAIL ADDRESS:**
- **STREET 1:** 800 PARK OFFICES DRIVE, SUITE 401
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIMULATIONS PLUS INC
- **DATE OF NAME CHANGE:** 19960923

?xml version='1.0' encoding='ASCII'? slp-20250714

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**July 14, 2025**

(Date of the earliest event reported)

![SLP_TopLogo.gif](slp-20250714_g1.gif)

**Simulations Plus, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **California** | **001-32046** | **95-4595609** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**800 Park Offices Drive, Suite 401, Research Triangle Park, NC 27709**

(Address of principal executive offices) (Zip Code)

**661-723-7723**

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14z-12 under Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $0.001 per share | SLP | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On July 14, 2025, Simulations Plus, Inc., a California corporation (the "Company"), issued a press release announcing financial results for its third quarter ended May 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report").

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On July 14, 2025, the Company held an investor conference call reporting its financial results for its third quarter ended May 31, 2025. The PowerPoint presentation, which was used for this investor conference call, is attached as Exhibit 99.2 to this Report.

In accordance with General Instructions B.2 of Form 8-K, the information in this Report, including Exhibits 99.1 and 99.2 (together, the "Exhibits"), is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Report.

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

This Report, including the disclosures set forth herein and in the Exhibits attached hereto, contains certain forward-looking statements that involve substantial risks and uncertainties. When used herein, the terms "anticipates," "expects," "estimates," "believes" and similar expressions, as they relate to us or our management, are intended to identify such forward-looking statements.

Forward-looking statements in this Report or reports hereafter furnished, including in other publicly available documents filed with the Securities and Exchange Commission (the "Commission"), to the Company's stockholders and other publicly available statements issued or released by us involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. Such future results are based upon management's best estimates based upon current conditions and the most recent results of operations. These risks include, but are not limited to, the risks set forth herein and in such other documents filed with the Commission, each of which could adversely affect our business and the accuracy of the forward-looking statements contained herein. Our actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| 99.1 | <u>[Press release issued on](slp-2025531xexx991x253.htm)[July 14](slp-2025531xexx991x253.htm)[, 2025.](slp-2025531xexx991x253.htm)</u> |
| 99.2 | <u>[PowerPoint presentation used at the Investor Conference Call on](slpearningscalldeck253_7.htm)[July 14](slpearningscalldeck253_7.htm)[, 2025.](slpearningscalldeck253_7.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **SIMULATIONS PLUS, INC.** |
| Dated: July 14, 2025 | <u>By: /s/</u> *<u>Will Frederick</u>* |
|  | Will Frederick |
|  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![slp_toplogo.gif](slp_toplogo.gif)

**Simulations Plus Reports Third Quarter Fiscal 2025 Financial Results**

*Updated full-year revenue guidance of between $76 to $80 million and adjusted diluted EPS of $0.93 to $1.06*

**RESEARCH TRIANGLE PARK, NC, July 14, 2025** – Simulations Plus, Inc. (Nasdaq: SLP) ("Simulations Plus" or the "Company"), a leading provider of cheminformatics, biosimulation, simulation-enabled performance and intelligence solutions, and medical communications to the biopharma industry, today reported financial results for its third quarter fiscal 2025, ended May 31, 2025.

**Third Quarter 2025 Financial Highlights (as compared to third quarter 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 10% to $20.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Software revenue increased 6% to $12.6 million, representing 62% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services revenue increased 17% to $7.7 million, representing 38% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit was $13.0 million; gross margin was 64%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $67.3 million and diluted loss per share of $3.35, reflecting a non-cash impairment charge of $77.2 million, compared to net income of $3.1 million and diluted EPS of $0.15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $7.4 million, representing 37% of total revenue, compared to $5.6 million, representing 30% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $9.0 million and adjusted diluted EPS of $0.45 compared to adjusted net income of $5.6 million and adjusted diluted EPS of $0.27

**Nine Months 2025 Financial Highlights (as compared to nine months 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 20% to $61.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Software revenue increased 18% to $36.8 million, representing 60% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services revenue increased 23% to $24.9 million, representing 40% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit was $36.4 million; gross margin was 59%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $64.0 million and diluted loss per share of $3.19, reflecting a non-cash impairment charge of $77.2 million versus net income of $9.1 million and diluted EPS of $0.45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $18.5 million, representing 30% of total revenue, compared to $16.1 million, representing 31% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $18.7 million and adjusted diluted EPS of $0.93, compared to adjusted net income of $15.7 million and adjusted diluted EPS of $0.77

**Management Commentary**

"In the third quarter, our revenue grew by 10% in line with our preliminary revenue," said Shawn O'Connor, Chief Executive Officer of Simulations Plus. "Our software revenue continued to perform well, increasing 6%, mainly driven by our ADMET Predictor® software and modest growth in our GastroPlus® and MonolixSuite<sup>TM</sup> software, partially offset by a decline in our QSP/QST biosimulations software.

"Services revenue for the third fiscal quarter grew by 17%, primarily driven by solid performance in our Medical Communications services. However, we experienced a decline in other service areas, largely due to cautious spending behavior, project delays and a cancellation from our BioPharma clients. While the sales

pipeline remains robust with healthy client interest, the pace of contractual commitments slowed, impacting third quarter 2025 bookings.

"We also recognized a one-time non-cash impairment charge of $77.2 million this quarter. This charge was based on a valuation assessment we made and aligns the book value of our assets to their current market value. It also reflects our commitment to transparency as we streamline our operating structure for greater efficiency and impact.

"During the quarter, we also implemented a strategic reorganization, transitioning from a business unit structure to a functionally-driven operating model. This marked the final phase of a multi-year transformation to streamline operations, unlock synergies across teams, and concentrate our resources on the most promising growth opportunities. Additionally, we identified efficiencies in our cost structure that resulted in right-sizing our staffing levels and better aligning our services capacity to match current client needs.

"Despite the current macroeconomic environment, our team remains focused on innovation, and we are rolling out a series of new AI-driven initiatives across our product lines. By applying advanced technologies like AI to drive innovation and growth, we believe these new and eagerly anticipated solutions will expand our value proposition and give us a distinct competitive advantage in the biosimulation market. This strategy not only enriches our product ecosystem but also positions Simulations Plus for sustained growth and further solidifies our leadership in model-informed drug development solutions," concluded O'Connor.

**Fiscal 2025 Guidance** 

Simulations Plus is updating its full fiscal year 2025 guidance as follows:

**Fiscal 2025 Guidance**

---

| | |
|:---|:---|
| | **Fiscal 2025 Guidance** |
| Revenue | $76M - $80M |
| Revenue growth | 9 - 14% |
| Software mix | 55 - 60% |
| Adjusted EBITDA margin | 23 - 27% |
| Adjusted diluted EPS | $0.93 - $1.06 |

---

**Webcast and Conference Call Details**

Shawn O'Connor, Chief Executive Officer, and Will Frederick, Chief Financial Officer, will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss the details of Simulations Plus' performance for the quarter and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 (domestic) or 1-201-389-0879 (international) or by clicking on this Call me™ link to request a return call. The webcast can be accessed on the investor relations page of the Simulations Plus website https://www.simulations-plus.com/investorscorporate-profile/corporate-profile/ where it will also be available for replay approximately one hour following the call.

**Non-GAAP Financial Measures**

This press release contains "non-GAAP financial measures," which are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").

A further explanation and reconciliation of these non-GAAP financial measures is included below and in the financial tables in this release.

The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company's management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA and Adjusted Diluted EPS represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, Adjusted EBITDA and Adjusted Diluted EPS are not measures of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income, operating income, or diluted EPS as indicators of our operating performance or to net cash provided by operating activities as a measure of our liquidity. We believe the Company's Adjusted EBITDA and Adjusted Diluted EPS measures provide information that is directly comparable to that provided by other peer companies in our industry, but other companies may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.

Please note that the Company has not reconciled the adjusted EBITDA or adjusted diluted earnings per share forward-looking guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, financings, and employee stock compensation programs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

<u>Adjusted EBITDA</u> 

Adjusted EBITDA represents net income excluding the effect of interest expense (income), provision (benefit) for income taxes, amortization expense, intangible asset amortization, equity-based compensation expense, loss (gain) on currency exchange, goodwill impairment, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance.

<u>Adjusted Net Income and Adjusted Diluted EPS</u>

Adjusted net income and adjusted diluted earnings per share exclude the effect of amortization expense, equity-based compensation expense, loss (gain) on currency exchange, goodwill impairment, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance as well as the income tax provision adjustment for such charges.

The Company excludes the above items because they are outside of the Company's normal operations and/or, in certain cases, are difficult to forecast accurately for future.

With more than 25 years of experience serving clients globally, Simulations Plus stands as a premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery, development, research, clinical trial operations, regulatory submissions, and commercialization. Our comprehensive biosimulation solutions integrate artificial intelligence/machine learning (AI/ML), physiologically based pharmacokinetics, physiologically based biopharmaceutics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. We also deliver simulation-enabled performance and intelligence solutions alongside medical communications support for clinical and commercial drug development. Our cutting-edge technology is licensed and utilized by leading pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn \| X \| YouTube.

**Environmental, Social, and Governance**

We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our website to read our 2024 ESG update.

**Forward-Looking Statements**

Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like "believe," "will", "can", "believe", "expect," "anticipate" and similar expressions (or the negative of such terms, as well as other words or expressions referencing future events, conditions or circumstances) mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: effectiveness of our new internal operational structure, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly, annual and current reports and filed with the U.S. Securities and Exchange Commission.

**Investor Relations Contact**:

Lisa Fortuna

Financial Profiles

310-622-8251

slp@finprofiles.com

------

**SIMULATIONS PLUS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|<br>(in thousands, except per common share amounts) | **May 31, 2025** | **May 31, 2024** | **May 31, 2025** | **May 31, 2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software | $12615 | $11908 | $36814 | $31111 |
| &nbsp;&nbsp;&nbsp;Services | 7748 | 6636 | 24905 | 20238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 20363 | 18544 | 61719 | 51349 |
| **Cost of revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software | 2540 | 1400 | 7765 | 3739 |
| &nbsp;&nbsp;&nbsp;Services | 4791 | 3887 | 17577 | 11284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 7331 | 5287 | 25342 | 15023 |
| **Gross profit** | 13032 | 13257 | 36377 | 36326 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 1216 | 1300 | 5207 | 3829 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 2680 | 2399 | 9248 | 6337 |
| &nbsp;&nbsp;&nbsp;General and administrative | 6141 | 7678 | 16089 | 18878 |
| &nbsp;&nbsp;&nbsp;Impairments | 77221 |  | 77221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 87258 | 11377 | 107765 | 29044 |
| **(Loss) income from operations** | (74226) | 1880 | (71388) | 7282 |
| &nbsp;&nbsp;&nbsp;Other income, net | 182 | 2010 | 1122 | 4266 |
| **(Loss) income before income taxes** | (74044) | 3890 | (70266) | 11548 |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 6727 | (753) | 6229 | (2437) |
| **Net (loss) income** | $**(67317)** | $**3137** | $**(64037)** | $**9111** |
| **(Loss) Earnings per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(3.35) | $0.16 | $(3.19) | $0.46 |
| &nbsp;&nbsp;&nbsp;Diluted | $(3.35) | $0.15 | $(3.19) | $0.45 |
| **Weighted-average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 20113 | 19995 | 20092 | 19972 |
| &nbsp;&nbsp;&nbsp;Diluted | 20113 | 20433 | 20092 | 20324 |
| **Other comprehensive (loss) income, net of tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 41 | (56) | (27) | (125) |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on available-for-sale securities |  | (39) | 4 | (39) |
| **Comprehensive (loss) income** | $(67276) | $3042 | $(64060) | $8947 |

---

------

**SIMULATIONS PLUS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | (Unaudited) | |
|<br>(in thousands, except share and per share amounts) | **May 31, 2025** | **August 31, 2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $26950 | $10311 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $255 and $149 | 14780 | 9136 |
| &nbsp;&nbsp;Prepaid income taxes | 954 | 2197 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 7591 | 7753 |
| &nbsp;&nbsp;Short-term investments | 1500 | 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 51775 | 39341 |
| **Long-term assets** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalized computer software development costs, net of accumulated amortization of $21,096 and $18,727 | 11301 | 12499 |
| &nbsp;&nbsp;Property and equipment, net | 681 | 812 |
| &nbsp;&nbsp;Operating lease right-of-use assets | 425 | 1027 |
| &nbsp;&nbsp;&nbsp;Intellectual property, net of accumulated amortization of $8,754 and $5,490 | 6464 | 23130 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net of accumulated amortization of $4,146 and $3,177 | 12368 | 23210 |
| &nbsp;&nbsp;Goodwill | 43487 | 96078 |
| &nbsp;&nbsp;Deferred tax assets, net | 7429 |  |
| &nbsp;&nbsp;Other assets | 430 | 542 |
| **Total assets** | $**134360** | $**196639** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1663 | $602 |
| &nbsp;&nbsp;Accrued compensation | 1656 | 4513 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2199 | 2043 |
| &nbsp;&nbsp;&nbsp;Contracts payable - current portion |  | 2440 |
| &nbsp;&nbsp;Operating lease liability - current portion | 269 | 475 |
| &nbsp;&nbsp;Deferred revenue | 4344 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 10131 | 12069 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;Deferred tax liabilities, net |  | 1608 |
| &nbsp;&nbsp;&nbsp;Operating lease liability - net of current portion | 450 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10581 | 14208 |
| Commitments and contingencies - Note 4 |  |  |
| Shareholders' equity |  |  |
| Preferred stock, $0.001 par value — 10,000,000 shares authorized; no shares issued and outstanding | $— | $— |
| &nbsp;&nbsp;Common stock, $0.001 par value; 50,000,000 shares authorized, 20,116,181 and 20,051,134 shares issued and outstanding as of May 31, 2025 and August 31, 2024 | 20116 | 20051 |
| &nbsp;&nbsp;Additional paid-in capital | 137620 | 132277 |
| &nbsp;&nbsp;(Accumulated deficit) retained earnings | (33683) | 30354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (274) | (251) |
| **Total shareholders' equity** | 123779 | 182431 |
| Total liabilities and shareholders' equity | $**134360** | **196639** |

---

------

**SIMULATIONS PLUS, INC.**

**Trended Financial Information** <sup>(1)</sup>

(Unaudited)

 *(in millions except earnings per share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FY24** | **FY24** | **FY24** | **FY24** | **FY25** | **FY25** | **FY25** | **FY24** | **FY25** |
| | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Full Year** | **YTD** |
| **<u>Revenue</u>** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | $7.589 | $11.614 | $11.908 | $9.913 | $10.715 | $13.484 | $12.615 | $41.024 | $36.814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services | $6.911 | $6.691 | $6.636 | $8.751 | $8.209 | $8.948 | $7.748 | $28.989 | $24.905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $14.500 | $18.305 | $18.544 | $18.664 | $18.924 | $22.432 | $20.363 | $70.013 | $61.719 |
| **<u>Gross Margin</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software | 86.9% | 88.4% | 88.2% | 72.4% | 75.4% | 80.8% | 79.9% | 84.2% | 78.9% |
| &nbsp;&nbsp;&nbsp;Services | 47.0% | 44.2% | 41.4% | -4.0% | 26.1% | 24.9% | 38.2% | 29.7% | 29.4% |
| &nbsp;&nbsp;&nbsp;Total | 67.9% | 72.2% | 71.5% | 36.6% | 54.0% | 58.5% | 64.0% | 61.6% | 58.9% |
| Income from operations | $0.960 | $4.442 | $1.880 | $(1.151) | $0.126 | $2.712 | $(74.226) | $6.131 | $(71.388) |
| Operating Margin | 6.6% | 24.3% | 10.1% | -6.2% | 0.7% | 12.1% | -364.5% | 8.8% | -115.7% |
| Net Income | $1.945 | $4.029 | $3.137 | $0.843 | $0.206 | $3.074 | $(67.317) | $9.954 | $(64.037) |
| Diluted Earnings Per Share | $0.10 | $0.20 | $0.15 | $0.04 | $0.01 | $0.15 | $(3.35) | $0.49 | $(3.19) |
| Adjusted EBITDA | $3.388 | $7.135 | $5.586 | $4.148 | $4.493 | $6.578 | $7.437 | $20.257 | $18.508 |
| Adjusted Diluted EPS | $0.18 | $0.32 | $0.27 | $0.18 | $0.17 | $0.31 | $0.45 | $0.95 | $0.93 |
| Cash Flow from Operations | $0.162 | $5.810 | $5.700 | $1.600 | $(1.274) | $5.669 | $8.144 | $13.320 | $12.539 |
| **<u>Revenue Breakdown by Region</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Americas | $10.891 | $12.461 | $12.428 | $14.693 | $14.469 | $16.112 | $14.544 | $50.473 | $45.125 |
| &nbsp;&nbsp;&nbsp;EMEA | 2.302 | 4.665 | 4.513 | 2.592 | 2.720 | 4.806 | 3.698 | 14.072 | 11.224 |
| &nbsp;&nbsp;&nbsp;Asia Pacific | 1.307 | 1.179 | 1.603 | 1.379 | 1.735 | 1.514 | 2.121 | 5.468 | 5.370 |
| &nbsp;&nbsp;&nbsp;Total | $14.500 | $18.305 | $18.544 | $18.664 | $18.924 | $22.432 | $20.363 | $70.013 | $61.719 |
| **<u>Software Performance Metrics</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Avg. Revenue per Customer (in thousands) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | $79.0 | $113.0 | $97.0 | $89.0 | $94.0 | $124.0 | $96.0 |  |  |
| **<u>Services Performance Metrics</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Backlog (in millions) | $18.910 | $18.041 | $19.602 | $14.091 | $17.254 | $20.379 | $20.700 |  |  |

---

<sup>(1)</sup> *Numbers may not foot due to rounding*

------

**SIMULATIONS PLUS, INC.**

**Reconciliation of Adjusted EBITDA to Net Income** <sup>(1)</sup>

(Unaudited)

*(in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FY 2024** | **FY 2024** | **FY 2024** | **FY 2024** | **FY25** | **FY25** | **FY25** | **FY24** | **FY25** |
| | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Full Year** | **YTD** |
| Net Income | $1.945 | $4.029 | $3.137 | $0.843 | $0.206 | $3.074 | $(67.317) | $9.954 | $(64.037) |
| Excluding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income and expense, net | (1.292) | (1.348) | (1.522) | (0.213) | (0.159) | (0.154) | (0.170) | (4.375) | (0.483) |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 0.461 | 1.223 | 0.753 | 0.020 | 0.064 | 0.434 | (6.727) | 2.457 | (6.229) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1.091 | 1.105 | 1.263 | 2.206 | 2.265 | 2.274 | 2.318 | 5.665 | 6.857 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1.303 | 1.585 | 1.665 | 1.387 | 1.589 | 1.557 | 1.279 | 5.940 | 4.425 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on currency exchange | (0.044) | 0.098 | (0.009) | (0.431) | 0.015 | (0.002) | (0.035) | (0.386) | (0.022) |
| &nbsp;&nbsp;&nbsp;Impairments |  |  |  |  |  |  | 77.221 |  | 77.221 |
| &nbsp;&nbsp;&nbsp;(Loss) income from disposal of fixed assets |  |  |  |  |  |  | 0.023 |  | 0.023 |
| &nbsp;&nbsp;&nbsp;Change in value of contingent consideration | (0.110) | 0.440 | (0.599) | (1.370) |  | (0.640) |  | (1.639) | (0.640) |
| &nbsp;&nbsp;&nbsp;Reorganization expense |  |  |  |  | 0.258 | 0.157 | 0.845 |  | 1.260 |
| &nbsp;&nbsp;&nbsp;Mergers & Acquisitions expense | 0.034 | 0.003 | 0.898 | 1.706 | 0.255 | (0.122) |  | 2.641 | 0.133 |
| Adjusted EBITDA | $3.388 | $7.135 | $5.586 | $4.148 | $4.493 | $6.578 | $7.437 | $20.257 | $18.508 |

---

<sup>(1)</sup> *Numbers may not foot due to rounding*

------

**SIMULATIONS PLUS, INC.**

**Reconciliation of Adjusted Diluted EPS to Diluted EPS** <sup>(1)</sup>

(Unaudited)

*(in millions, except Diluted EPS and Adjusted Diluted EPS)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FY 2024** | **FY 2024** | **FY 2024** | **FY 2024** | **FY25** | **FY25** | **FY25** | **FY24** | **FY25** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Full Year** | **YTD** |
| Net (loss) Income (GAAP) | $1.945 | $4.029 | $3.137 | $0.843 | $0.206 | $3.074 | $(67.317) | $9.954 | $(64.037) |
| Excluding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization | 0.991 | 0.991 | 1.122 | 2.059 | 2.130 | 2.130 | 2.165 | 5.163 | 6.425 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1.303 | 1.585 | 1.665 | 1.387 | 1.589 | 1.557 | 1.279 | 5.940 | 4.425 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on currency exchange | (0.044) | 0.098 | (0.009) | (0.431) | 0.015 | (0.002) | (0.035) | (0.386) | (0.022) |
| &nbsp;&nbsp;&nbsp;Mergers & Acquisitions expense | 0.034 | 0.003 | 0.898 | 1.706 | 0.255 | (0.122) |  | 2.641 | 0.133 |
| &nbsp;&nbsp;&nbsp;Change in value of contingent consideration | (0.110) | 0.440 | (0.599) | (1.370) |  | (0.640) |  | (1.639) | (0.640) |
| &nbsp;&nbsp;&nbsp;Reorganization expense |  |  |  |  | 0.258 | 0.157 | 0.845 |  | 1.260 |
| &nbsp;&nbsp;&nbsp;Impairments |  |  |  |  |  |  | 77.221 |  | 77.221 |
| &nbsp;&nbsp;&nbsp;(Loss) income from disposal of fixed assets |  |  |  |  |  |  | 0.023 |  | 0.023 |
| Tax effect on above adjustments | (0.417) | (0.746) | (0.603) | (0.554) | (1.007) | 0.041 | (5.153) | (2.320) | (6.119) |
| Adjusted Net income (Non-GAAP) | $3.702 | $6.400 | $5.611 | $3.640 | $3.446 | $6.195 | $9.028 | $19.353 | $18.669 |
| Weighted-avg. common shares outstanding: |  |  |  |  |  |  |  |  |  |
| Diluted | 20279 | 20315 | 20433 | 20338 | 20266 | 20277 | 20113 | 20301 | 20092 |
| Diluted EPS (GAAP) | $0.10 | $0.20 | $0.15 | $0.04 | $0.01 | $0.15 | $(3.35) | $0.49 | $(3.19) |
| Adjusted Diluted EPS (Non-GAAP) | $0.18 | $0.32 | $0.27 | $0.18 | $0.17 | $0.31 | $0.45 | $0.95 | $0.93 |

---

<sup>(1)</sup> *Numbers may not foot due to rounding*

## Exhibit 99.2

![](slpearningscalldeck253_7001.jpg)

1 Earnings Call – Q3 - FY25 July 14, 2025

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![](slpearningscalldeck253_7002.jpg)

Except for historical information, the matters discussed in this presentation are forward-looking statements that involve risks and uncertainties. Words like "believe," "will", "can", "believe", "expect," "anticipate" and similar expressions (or the negative of such terms, as well as other words or expressions referencing future events, conditions or circumstances) mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: effectiveness of our new operational structure, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly, annual and current reports and filed with the U.S. Securities and Exchange Commission. Non-GAAP Financial Measures This press release includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") such as Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS and certain ratios and other metrics derived there from. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. We believe (i) these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends; and (ii) that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing financial measures with other similar companies, many of which present similar non- GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are set forth in the appendix to this presentation. Safe Harbor Statement 2

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![](slpearningscalldeck253_7003.jpg)

Third Quarter Highlights $(3.35) Diluted EPS $20.4M Revenue 37% Adj. EBITDA Margin +10% Revenue Growth 3 CURRENT PERIOD Prior Year Comparison (3Q24) $18.5M Revenue $0.15 Diluted EPS 30% Adj. EBITDA Margin +14% Revenue Growth $0.45 Adj. Diluted EPS $0.27 Adj. Diluted EPS

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![](slpearningscalldeck253_7004.jpg)

Trailing Twelve Months (TTM) 3Q25 Highlights $(3.14) Diluted EPS $80.4M Revenue 28% Adj. EBITDA Margin +20% Revenue Growth 4 CURRENT PERIOD Prior Year Comparison (3Q24) $67.0M Revenue $0.52 Diluted EPS 31% Adj. EBITDA Margin +20% Revenue Growth $1.10 Adj. Diluted EPS $1.09 Adj. Diluted EPS

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![](slpearningscalldeck253_7005.jpg)

– Overall software revenue growth of 6% for 3Q25 and 16% for TTM – Renewal rates impacted by client consolidations and site closures – Revenue contribution from Pro-ficiencyTM software below expectations Software Highlights +8% Q3 Revenue Growth General +4% Q3 Revenue Growth +3% Q3 Revenue Growth -39% Q3 Revenue Decline $0.4M Q3 Revenue +4% TTM Revenue Growth +0% TTM Revenue Flat +18% TTM Revenue Growth +7% TTM Revenue Growth $4.4M TTM Revenue (1) 5 ADMET Predictor® DISCOVERY (Cheminformatics) GastroPlus® BIOSIMULATION (PBPK) MonolixSuiteTM BIOSIMULATION (PKPD) QSP/QST Software BIOSIMULATION (QSP/QST) Pro-ficiencyTM CLINICAL OPS (Study Optimization) (1) The TTM revenue for the ALI and MC business units only includes revenue since the acquisition of Pro-ficiency in June 2024.

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![](slpearningscalldeck253_7006.jpg)

– Overall services revenue growth of 17% for 3Q25 and 27% for TTM – Total backlog $20.7M, over 91% expected to be converted to revenue within 12 months – Revenue contribution from Med Comm services below expectations Services Highlights General -10% Q3 Revenue Decline -9% Q3 Revenue Decline -22% Q3 Revenue Decline $2.0M Q3 Revenue TTM Revenue Decline TTM Revenue Growth TTM Revenue Decline TTM Revenue (1) 6 -13% +6% -1% $7.3M Physiologically Based Pharmacokinetics (PBPK) Clinical Pharmacology & Pharmacometrics (CPP) Quantitative Systems Pharmacology (QSP) Clinical Pharm cology & Pharmacometrics PBPK Services BIOSIMULATION PKPD Services BIOSIMULATION QSP/QST Services BIOSIMULATION Med Comm Services COMMERCIALIZATION (1) The TTM revenue for the MC business unit only includes revenue since the acquisition of Pro-ficiency in June 2024.

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![](slpearningscalldeck253_7007.jpg)

Financial Results

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![](slpearningscalldeck253_7008.jpg)

62% 38% Software Services 64% 36% Software Services Revenue - Q3 (in millions) Software Revenue Growth Total Revenue Growth Services Revenue Growth +10% +6% +17% 3Q25 Mix 3Q24 Mix 8 $10.6 $11.9 $12.6 $5.6 $6.6 $7.7 $16.2 $18.5 $20.4 Software Services 3Q23 3Q24 3Q25

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![](slpearningscalldeck253_7009.jpg)

60% 40% Software Services 61% 39% Software Services Revenue - YTD (in millions) Software Revenue Growth Total Revenue Growth Services Revenue Growth +20% +18% +23% FY25 Mix FY24 Mix 9 $27.2 $31.1 $36.8 $16.8 $20.2 $24.9$43.9 $51.3 $61.7Software Services FY23 FY24 FY25

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![](slpearningscalldeck253_7010.jpg)

58% 42% Software Services 60% 40% Software Services Revenue - Trailing Twelve Months (TTM) (in millions) Software Revenue Growth Total Revenue Growth Services Revenue Growth +20% +16% +27% 3Q25 Mix 3Q24 Mix 10 $33.1 $40.4 $46.7 $22.6 $26.5 $33.7$55.7 $67.0 $80.4Software Services 3Q23 3Q24 3Q25

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![](slpearningscalldeck253_7011.jpg)

56% 17% 20% 3% 4% GastroPlus® MonolixSuite™ ADMET Predictor® Pro-ficiency™ QSP/QST Software Software Solutions as % of Software Revenue 11 3Q25 48% 20% 17% 9% 6% GastroPlus® MonolixSuite™ ADMET Predictor® Pro-ficiency™ QSP/QST Software TTM GastroPlus® ▪ 12 new customers ▪ 4 upsells to existing customers ADMET Predictor® ▪ 16 new customers ▪ 3 upsells to existing customers MonolixSuite™ ▪ 18 new customers ▪ 8 upsells to existing customers Third Quarter Highlights

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![](slpearningscalldeck253_7012.jpg)

$97 $97 $96 3Q23 3Q24 3Q25 Avg. Revenue per Customer (in thousands) Software Performance Metrics - Q3 Commercial Customers Renewal Rates 12 87% 86% 71% 96% 93% 84% Accounts Fees 3Q23 3Q24 3Q25

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![](slpearningscalldeck253_7013.jpg)

Avg. Revenue per Customer (in thousands) Software Performance Metrics - TTM Commercial Customers Renewal Rates 13 $86 $95 $101 FY23 FY24 FY25 83% 84% 78% 94% 92% 89% Accounts Fees FY23 FY24 FY25

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![](slpearningscalldeck253_7014.jpg)

18% 19% 38% 26% PBPK Services QSP/QST Services PKPD Services Med Comm Services Services Solutions as % of Services Revenue 14 3Q25 17% 24% 37% 22% PBPK Services QSP/QST Services PKPD Services Med Comm Services TTM

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![](slpearningscalldeck253_7015.jpg)

$15.7 $19.6 $20.7 3Q23 3Q24 3Q25 113 87 65 23 22 22 76 72 59 0 0 56 212 181 202 PBPK Services QSP/QST Services PKPD Services Med Comm Services 3Q23 3Q24 3Q25 Services Performance Metrics Total Projects Backlog (in millions) 15

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![](slpearningscalldeck253_7016.jpg)

Income Statement Summary - Q3 FY25 (1) 16 (in millions, except Diluted EPS and Adjusted Diluted EPS) 3Q25 % of Rev 3Q24 % of Rev Revenue $20.4 100% $18.5 100% Cost of revenue 7.3 36% 5.3 29% Gross profit 13.0 64% 13.3 71% R&D 1.2 6% 1.3 7% S&M 2.7 13% 2.4 13% G&A 6.1 30% 7.7 41% Impairments 77.2 379% — NM Total operating exp 87.3 429% 11.4 61% (Loss) Income from operations (74.2) (365)% 1.9 10% (Loss) Income before income taxes (74.0) (364)% 3.9 21% Income tax benefit (expense) 6.7 33% (0.8) (4)% Effective tax rate 9% 19% Net (loss) income $(67.3) (331)% $3.1 17% Diluted EPS $(3.35) $0.15 Adjusted EBITDA $7.4 37% $5.6 30% Excluded items $76.3 $2.5 Adjusted Diluted EPS $0.45 $0.27 (1) Numbers may not add due to rounding

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![](slpearningscalldeck253_7017.jpg)

Income Statement Summary - YTD 17 FY25 % of Rev FY24 % of Rev Revenue $61.7 100% $51.3 100% Revenue growth 20% 17% Gross profit 36.4 59% 36.3 71% R&D 5.2 8% 3.8 7% S&M 9.2 15% 6.3 12% G&A 16.1 26% 18.9 37% Impairments 77.2 125% — NM Total operating exp 107.8 175% 29.0 57% (Loss) Income from operations (71.4) (116)% 7.3 14% (Loss) Income before income taxes (70.3) (114)% 11.5 22% Income tax benefit (expense) 6.2 10% (2.4) (5)% Effective tax rate 9% 21% Net (loss) income $(64.0) (104)% $9.1 18% Diluted EPS $(3.19) $0.45 Adjusted EBITDA $18.5 30% $16.1 31% Excluded items $82.7 $6.6 Adjusted Diluted EPS $0.93 $0.77 (in millions, except Diluted EPS and Adjusted Diluted EPS) (1) Numbers may not add due to rounding

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![](slpearningscalldeck253_7018.jpg)

Balance Sheet Summary 18 May 31, 2025 August 31, 2024 Cash and short-term investments $28.5 $20.3 Total current assets 51.8 39.3 Total assets $134.4 $196.6 Current liabilities 10.1 12.1 Long-term liabilities 0.5 2.1 Total liabilities 10.6 14.2 Shareholders' equity 123.8 182.4 Total liabilities and shareholders' equity $134.4 $196.6 (in millions)

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![](slpearningscalldeck253_7019.jpg)

Fiscal 2025 Guidance 19 Guidance Total Revenue $76M - $80M Total Revenue Growth 9% - 14% Software Revenue Mix 55% - 60% Adjusted EBITDA(1) Margin 23% - 27% Adjusted Diluted EPS(2) $0.93 - $1.06 (1) Adjusted EBITDA represents net income excluding the effect of interest expense (income), provision (benefit) for income taxes, amortization expense, intangible asset amortization, equity-based compensation expense, loss (gain) on currency exchange, goodwill impairment, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance. (2) Adjusted net income and adjusted diluted earnings per share exclude the effect of amortization expense, equity-based compensation expense, loss (gain) on currency exchange, goodwill impairment, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance as well as the income tax provision adjustment for such charges.

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![](slpearningscalldeck253_7020.jpg)

Adjusted EBITDA Non-GAAP Reconciliation (1) 20 FY24 FY25 FY24 FY25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Full Year YTD Net Income $1.945 $4.029 $3.137 $0.843 $0.206 $3.074 $(67.317) $9.954 $(64.037) Excluding: Interest income and expense, net (1.292) (1.348) (1.522) (0.213) (0.159) (0.154) (0.170) (4.375) (0.483) Provision for income taxes 0.461 1.223 0.753 0.020 0.064 0.434 (6.727) 2.457 (6.229) Depreciation and amortization 1.091 1.105 1.263 2.206 2.265 2.274 2.318 5.665 6.857 Stock-based compensation 1.303 1.585 1.665 1.387 1.589 1.557 1.279 5.940 4.425 (Gain) loss on currency exchange (0.044) 0.098 (0.009) (0.431) 0.015 (0.002) (0.035) (0.386) (0.022) Impairments — — — — — — 77.221 — 77.221 (Loss) income from disposal of fixed assets — — — — — — 0.023 — 0.023 Change in value of contingent consideration (0.110) 0.440 (0.599) (1.370) — (0.640) — (1.639) (0.640) Reorganization expense — — — — 0.258 0.157 0.845 — 1.260 Mergers & Acquisitions expense 0.034 0.003 0.898 1.706 0.255 (0.122) — 2.641 0.133 Adjusted EBITDA $3.388 $7.135 $5.586 $4.148 $4.493 $6.578 $7.437 $20.257 $18.508 (in millions) (1) Numbers may not add due to rounding

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![](slpearningscalldeck253_7021.jpg)

Adjusted Diluted EPS Non-GAAP Reconciliation (1) 21 FY24 FY25 FY24 FY25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Full Year YTD Net (loss) Income (GAAP) $1.945 $4.029 $3.137 $0.843 $0.206 $3.074 $(67.317) $9.954 $(64.037) Excluding: Amortization 0.991 0.991 1.122 2.059 2.130 2.130 2.165 5.163 6.425 Stock-based compensation 1.303 1.585 1.665 1.387 1.589 1.557 1.279 5.940 4.425 (Gain) loss on currency exchange (0.044) 0.098 (0.009) (0.431) 0.015 (0.002) (0.035) (0.386) (0.022) Mergers & Acquisitions expense 0.034 0.003 0.898 1.706 0.255 (0.122) — 2.641 0.133 Change in value of contingent consideration (0.110) 0.440 (0.599) (1.370) — (0.640) — (1.639) (0.640) Reorganization expense — — — — 0.258 0.157 0.845 — 1.260 Impairments — — — — — — 77.221 — 77.221 (Loss) income from disposal of fixed assets — — — — — — 0.023 — 0.023 Tax effect on above adjustments (0.417) (0.746) (0.603) (0.554) (1.007) 0.041 (5.153) (2.320) (6.119) Adjusted Net income (Non-GAAP) 3.702 6.400 5.611 3.640 3.446 6.195 9.028 19.353 18.669 Weighted-avg. common shares outstanding: Diluted 20.279 20.315 20.433 20.338 20.266 20.277 20.113 20.301 20.092 Diluted EPS (GAAP) $0.10 $0.20 $0.15 $0.04 $0.01 $0.15 $(3.35) $0.49 $(3.19) Adjusted Diluted EPS (Non-GAAP) $0.18 $0.32 $0.27 $0.18 $0.17 $0.31 $0.45 $0.95 $0.93 (in millions, except Diluted EPS and Adjusted Diluted EPS) (1) Numbers may not add due to rounding

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![](slpearningscalldeck253_7022.jpg)

Investor Relations Contact: Lisa Fortuna Financial Profiles 310-622-8251 slp@finprofiles.com

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