CERT Certara, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/2 quarters. Q3 2025: $0M, Q3 2021: $1M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $1M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $1M / FCF $21M = 5% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 4,816,956 shares = 6.0% of 161,009,112 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

5 open-market purchases by 4 insiders

• Feehery William F (CHIEF EXECUTIVE OFFICER) bought 24,096 shares at $8.30 on 2025-11-11
• BROSHY ERAN () bought 4,807 shares at $15.80 on 2023-08-22
• BROSHY ERAN () bought 193 shares at $16.10 on 2023-08-21
• McLean Stephen M. () bought 20,000 shares at $16.32 on 2022-08-19
• Schemick Michael Andrew (CHIEF FINANCIAL OFFICER) bought 25,000 shares at $16.64 on 2022-08-17

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 2 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $1M, sold $1.5B (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected