November 2025 Form 10-K | 16 |
In January 2026, our Board of Directors declared a quarterly cash
dividend of $0.40 per common share to be paid on February 27,
2026 to common shareholders of record at February 17, 2026.
The payment of dividends in the future is subject to the discretion
of our Board of Directors and will depend upon general business
conditions, legal and contractual restrictions on the payment of
dividends and other factors that our Board of Directors may
deem to be relevant.
During the year ended November 30, 2025, we purchased a total
of 0.7 million of our common shares for $58.5 million, or an
average price of $79.57 per share, in connection with net-share
settlements under our equity compensation plan. Our equity
compensation plan allows participants to surrender shares to
satisfy certain tax liabilities arising from the vesting of restricted
shares and the distribution of restricted share units.
There were no unregistered sales of equity securities during the
period covered by this report.
The Board of Directors has authorized the repurchase of
common stock up to $250.0 million under a share repurchase
program. We did not purchase any shares under our share
repurchase program during 2025.
Stockholder Return Performance Graph
Set forth below is a graph comparing the cumulative total
stockholder return on our common shares against the cumulative
total return of the Standard & Poor’s 500 Stock Index and the
Standard & Poor’s 500 Financials Index for the period
commencing November 30, 2020 to November 30, 2025. Index
data was furnished by S&P Global Market Intelligence. The graph
assumes that $100 was invested on November 30, 2020 in each
of our common stock, the S&P 500 Index and the S&P
500 Financials Index and that all dividends, including quarterly
and special dividends, were reinvested.
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Forward-Looking Statements
This report may contain or incorporate by reference certain
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and/or the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include
statements about our future and statements that are not
historical or current facts. These forward-looking statements are
often preceded by the words “should,” “expect,” “believe,”
“intend,” “may,” “will,” “would,” “could” or similar expressions.
Forward-looking statements may contain expectations regarding
revenues, earnings, operations and other results, and may include
statements of future performance, plans and objectives. Forward-
looking statements also include statements pertaining to our
strategies for future development of our business and products.
Forward-looking statements represent only our belief regarding
future events, many of which by their nature are inherently
uncertain. It is possible that the actual results may differ, possibly
materially, from the anticipated results indicated in these
forward-looking statements. Information regarding important
factors that could cause actual results to differ, perhaps
materially, from those in our forward-looking statements is
contained in this report and other documents we file. You should
read and interpret any forward-looking statement together with
these documents, including the following:
•the description of our business contained in this report under
the caption “Business”;
•the risk factors contained in this report under the caption “Risk
Factors”;
•the discussion of our analysis of financial condition and results
of operations contained in this report under the caption
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations” herein;
•the discussion of our risk management policies, procedures
and methodologies contained in this report under the caption
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Risk Management” herein;
•the consolidated financial statements and notes to the
consolidated financial statements contained in this report; and
•cautionary statements we make in our public documents,
reports and announcements.
Any forward-looking statement speaks only as of the date on
which that statement is made. We undertake no obligation to
update any forward-looking statement to reflect events or
circumstances that occur after the date on which the statement
is made, except as required by applicable law.
Our business, by its nature, does not produce predictable or
necessarily recurring earnings. Our results in any given period
can be materially affected by conditions in global financial
markets, economic conditions generally and our own activities
and positions. For a further discussion of the factors that may
affect our future operating results, refer to the risk factors
contained in this report under the caption “Risk Factors”.
Our results of operations for the years ended November 30, 2025
(“2025”) and November 30, 2024 (“2024”) are discussed below.
For a discussion of our results of operations for the year ended
November 30, 2023 (“2023”) and our 2024 results of operations
as compared to our 2023 results of operations, refer to
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in Part II, Item 7 of our Annual Report
Form 10-K for the year ended November 30, 2024, which was
filed with the SEC on January 28, 2025.
