Happen, Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Tangible Book Value (TBV) Per Common Share and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
We believe TBV Per Common Share is an important measure used to evaluate the Company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.
We believe ROTCE is an important measure because it reflects the Company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.
The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure:
| As of | September 30,2026 | June 30,2026 | September 30,2025 |
|---|---|---|---|
| GAAP common equity | $1,593,073 | $1,567,465 | $1,462,213 |
| Less: Goodwill | (75,717) | (75,717) | (75,717) |
| Less: Customer relationship intangible assets | (3,963) | (4,492) | (8,206) |
| Tangible common equity | $1,513,393 | $1,487,256 | $1,378,290 |
| Book value per common share | |||
| GAAP common equity | $1,593,073 | $1,567,465 | $1,462,213 |
| Common shares issued and outstanding | 115,395,673 | 115,407,464 | 115,301,440 |
| Book value per common share | $13.81 | $13.58 | $12.68 |
| Tangible book value per common share | |||
| Tangible common equity | $1,513,393 | $1,487,256 | $1,378,290 |
| Common shares issued and outstanding | 115,395,673 | 115,407,464 | 115,301,440 |
| Tangible book value per common share | $13.11 | $12.89 | $11.95 |
The following table provides a reconciliation of ROTCE to the nearest GAAP measure:
| Three Months Ended · Nine Months Ended | |||||
|---|---|---|---|---|---|
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |
| Average GAAP common equity | $1,583,105 | $1,544,238 | $1,424,538 | $1,545,294 | $1,385,214 |
| Less: Average goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) |
| Less: Average customer relationship intangible assets | (4,228) | (4,766) | (6,722) | (4,795) | (7,452) |
| Average tangible common equity | $1,503,160 | $1,463,755 | $1,342,099 | $1,464,782 | $1,302,045 |
| Return on average equity | |||||
| Annualized GAAP net income | $237,104 | $232,592 | $177,096 | $225,369 | $125,497 |
| Average GAAP common equity | 1,583,105 | 1,544,238 | 1,424,538 | 1,545,294 | 1,385,214 |
| Return on average equity | 15.0% | 15.1% | 12.4% | 14.6% | 9.1% |
| Return on tangible common equity | |||||
| Annualized GAAP net income | $237,104 | $232,592 | $177,096 | $225,369 | $125,497 |
| Average tangible common equity | 1,503,160 | 1,463,755 | 1,342,099 | 1,464,782 | 1,302,045 |
| Return on tangible common equity | 15.8% | 15.9% | 13.2% | 15.4% | 9.6% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.