What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-01 · 127 added, 73 removed, 352 unchanged (36% of the section changed)

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

Total costs, expenses and other 378,020 368,442 1,105,254 1,130,095

Income before taxes 31,650 52,072 60,579 28,655

Income tax expense 279 13,145 5,864 7,124

Net income $ 31,371 $ 38,927 $ 54,715 $ 21,531

Income (loss) before taxes ( 3,547 ) 29,745 57,032 58,400

Income tax expense (benefit) ( 909 ) 7,479 4,955 14,603

Net income (loss) $ ( 2,638 ) $ 22,266 $ 52,077 $ 43,797

Earnings per common share

6 unchanged sentences

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 31,371 $ 38,927 $ 54,715 $ 21,531

Net income (loss) $ ( 2,638 ) $ 22,266 $ 52,077 $ 43,797

Foreign exchange translation adjustment ( 189 ) ( 24 ) ( 154 ) ( 66 )

Cash-flow hedges — — 7 7

Other comprehensive income (loss), net of tax 24 ( 27 ) 42 ( 35 )

Comprehensive income $ 31,395 $ 38,900 $ 54,757 $ 21,496

Other comprehensive loss, net of tax ( 189 ) ( 24 ) ( 147 ) ( 59 )

Comprehensive income (loss) $ ( 2,827 ) $ 22,242 $ 51,930 $ 43,738

See accompanying notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Dollars in thousands, except share and per share amounts)

September 30,

2025 December 31,

22 unchanged sentences

Line of credit – long-term 250,000 195,000

Postretirement benefit obligations 257 —

Other liabilities 10,848 11,468

4 unchanged sentences

200,000,000 shares authorized;

33,152,286 shares issued and 26,844,187 outstanding at June 30, 2025;

33,177,824 shares issued and 26,864,035 outstanding at September 30, 2025;

32,989,165 shares issued and 26,737,036 outstanding at December 31, 2024

Preferred stock, par value $ 0.01 ;

50,000,000 shares authorized and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024

Treasury stock at par ( 6,308,099 shares at June 30, 2025;

50,000,000 shares authorized and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024

Treasury stock at par ( 6,313,789 shares at September 30, 2025;

6,252,129 shares at December 31, 2024)

9 unchanged sentences

(Dollars in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

65 unchanged sentences

Balance at June 30, 2025 33,152,286 332 140,097 677,354 ( 63 ) 6,012 823,732

Net income — — — ( 2,638 ) — — ( 2,638 )

Comprehensive income

Foreign exchange translation adjustments — — — — — ( 189 ) ( 189 )

Other comprehensive loss, net of tax — — — — — ( 189 ) ( 189 )

Issuance of common stock 25,538 — 112 — — — 112

Purchase of treasury stock ( 5,690 shares)

— — ( 121 ) — — — ( 121 )

Stock-based compensation — — 1,632 — — — 1,632

Dividends — — 156 ( 4,452 ) — — ( 4,296 )

Balance at September 30, 2025 33,177,824 $ 332 $ 141,876 $ 670,264 $ ( 63 ) $ 5,823 $ 818,232

ADVANSIX INC.

25 unchanged sentences

Balance at June 30, 2024 32,959,588 330 132,786 617,723 ( 63 ) ( 4,179 ) 746,597

Net income — — — 22,266 — — 22,266

Comprehensive income

Foreign exchange translation adjustments — — — — — ( 24 ) ( 24 )

Other comprehensive loss, net of tax — — — — — ( 24 ) ( 24 )

Issuance of common stock 23,280 — 328 — — — 328

Purchase of treasury stock ( 1,948 shares)

— — ( 42 ) — — — ( 42 )

Stock-based compensation — — 1,559 — — — 1,559

Dividends — — 104 ( 4,380 ) — — ( 4,276 )

Balance at September 30, 2024 32,982,868 $ 330 $ 134,735 $ 635,609 $ ( 63 ) $ ( 4,203 ) $ 766,408

See accompanying notes to Condensed Consolidated Financial Statements.

13 unchanged sentences

GAAP for complete financial statements.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial position as of June 30, 2025, and its results of operations for the three and six months ended June 30, 2025 and 2024 and cash flows for the six months ended June 30, 2025 and 2024.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial position as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024.

The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by U.S.

6 unchanged sentences

In the event that differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, we will provide the appropriate disclosures.

Our actual closing dates for the three and six months ended June 30, 2025 and 2024 were June 28, 2025 and June 29, 2024, respectively.

Liabilities to creditors to whom we have issued checks that remained outstanding at June 30, 2025 and December 31, 2024 aggregated to $ 6.0 million and $ 7.3 million, respectively.

Our actual closing dates for the three and nine months ended September 30, 2025 and 2024 were September 27, 2025 and September 28, 2024, respectively.

Liabilities to creditors to whom we have issued checks that remained outstanding at September 30, 2025 and December 31, 2024 aggregated to $ 6.4 million and $ 7.3 million, respectively.

These were included in Cash and cash equivalents and Accounts payable in the Condensed Consolidated Balance Sheets.

3 unchanged sentences

The proceeds have been recognized as a reduction to Costs of Goods Sold on the Condensed Consolidated Statements of Operations in the periods in which they were received.

On February 17, 2023, the Company's Board of Directors (the "Board") authorized a share repurchase program to repurchase shares of the Company's common stock.

As of June 30, 2025, the Company has repurchased a total of 6,308,099 shares of common stock, including 1,062,643 shares withheld to cover tax withholding obligations in connection with the vesting of awards, for an aggregate of $ 194.0 million at a weighted average market price of $ 30.75 per share.

As of June 30, 2025, approximately $ 62.0 million remained available for share repurchases under the current authorization.

During the period July 1, 2025 through July 25, 2025, no additional shares were repurchased for tax withholding obligations or under the currently authorized repurchase program.

Repurchases may be made from time to time on the open market in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including through the use of trading plans intended to qualify under Rule

As of September 30, 2025, the Company has repurchased a total of 6,313,789 shares of common stock, including 1,068,333 shares withheld to cover tax withholding obligations in connection with the vesting of awards, for an aggregate of $ 194.1 million at a weighted average market price of $ 30.74 per share.

As of September 30, 2025, approximately $ 62.0 million remained available for share repurchases under the current authorization approved by the Company's Board of Directors (the "Board") on February 17, 2023.

During the period October 1, 2025 through October 31, 2025, no additional shares were repurchased for tax withholding obligations or under the currently authorized repurchase program.

The size and timing of these repurchases will depend on pricing, market and economic conditions,

ADVANSIX INC.

1 unchanged sentence

(Dollars in thousands, except share and per share amounts and as otherwise noted)

10b5-1 of the Exchange Act.

The size and timing of these repurchases will depend on pricing, market and economic conditions, legal and contractual requirements and other factors.

legal and contractual requirements and other factors.

The share repurchase program has no expiration date and may be modified, suspended or discontinued at any time.

3 unchanged sentences

ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.

In August 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326):

Practical Expedient for Measuring Expected Credit Losses on Certain Financial Assets.

The amendments in this ASU provide a simplified approach for estimating credit losses on certain financial assets, including current accounts receivable, by permitting entities to elect a practical expedient when measuring expected credit losses.

Under current guidance, when estimating expected credit losses, an entity must (1) consider not only historical loss experience but also adjust that information to reflect current conditions and reasonable and supportable forecasts and (2) include a measure of expected credit loss even if that risk is remote.

The amendments in this ASU allow an entity, as a practical expedient, to:

(1) Assume that current conditions as of the balance sheet date will remain unchanged over the remaining life of the financial asset;

and (2) continue to adjust historical loss information to reflect current conditions to the extent that historical information does not already do so.

The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods.

Early adoption is permitted in any interim or annual period for which financial statements have not yet been issued or made available for issuance.

The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

18 unchanged sentences

This pronouncement is effective for annual periods beginning after December 31, 2024 and the required disclosures will be adopted in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

ADVANSIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts and as otherwise noted)

Revenue Recognition

AdvanSix serves around 390 customers annually, primarily in the United States, spanning a wide variety of industries worldwide.

For the six months ended June 30, 2025 and 2024, the Company's ten largest customers accounted for approximately 39 % and 38 % of total sales, respectively.

For the nine months ended September 30, 2025 and 2024, the Company's ten largest customers accounted for approximately 41 % and 38 % of total sales, respectively.

We typically sell to customers under master service agreements, with primarily one-year terms, or by purchase orders.

2 unchanged sentences

(“Shaw”), a significant consumer of caprolactam and Nylon 6 resin, to whom we sell under a long-term agreement.

For each of the three months ended June 30, 2025 and 2024, the Company's sales to Shaw were 9 % of our total sales.

ADVANSIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts and as otherwise noted)

The Company's revenue by product line, and related approximate percentage of total sales, for the three and six months ended June 30, 2025 and 2024 were as follows:

For the three months ended September 30, 2025 and 2024, the Company's sales to Shaw were 12 % and 10 % of our total sales, respectively.

For the nine months ended September 30, 2025 and 2024, the Company's sales to Shaw were 10 % and 9 % of our total sales, respectively.

The Company's revenue by product line, and related approximate percentage of total sales, for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024* 2025 2024*

7 unchanged sentences

Total revenue amounts were not impacted for either period.

The Company's revenues by geographic area, and related approximate percentage of total sales, for the three and six months ended June 30, 2025 and 2024 were as follows:

The Company's revenues by geographic area, and related approximate percentage of total sales, for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

The Company defers revenues when cash payments are received in advance of our performance.

Below is a roll-forward of Deferred income and customer advances for the six months ended June 30, 2025:

Below is a roll-forward of Deferred income and customer advances for the nine months ended September 30, 2025:

Opening balance January 1, 2025 $ 37,538

1 unchanged sentence

Less amounts recognized in revenues ( 36,958 )

Ending balance June 30, 2025 $ 1,858

The Company expects to recognize as revenue the June 30, 2025 ending balance of Deferred income and customer advances within one year or less.

Ending balance September 30, 2025 $ 681

The Company expects to recognize as revenue the September 30, 2025 ending balance of Deferred income and customer advances within one year or less.

Earnings Per Share

The computation of basic and diluted earnings per share ("EPS") is based on Net income (loss) divided by the basic weighted average number of common shares outstanding and diluted weighted average number of common shares outstanding, respectively.

The details of the basic and diluted EPS calculations for the three and six months ended June 30, 2025 and 2024 were as follows:

ADVANSIX INC.

1 unchanged sentence

(Dollars in thousands, except share and per share amounts and as otherwise noted)

The computation of basic and diluted earnings per share ("EPS") is based on Net income (loss) divided by the basic weighted average number of common shares outstanding an d, where appropriate, dilu ted weighted average number of common shares outstanding, respectively.

The details of the basic and diluted EPS calculations for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 31,371 $ 38,927 $ 54,715 $ 21,531

Net income (loss) $ ( 2,638 ) $ 22,266 $ 52,077 $ 43,797

Weighted average common shares outstanding 26,927,305 26,790,752 26,887,489 26,836,114

3 unchanged sentences

EPS – Diluted $ ( 0.10 ) $ 0.82 $ 1.91 $ 1.61

Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the period.

The diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period.

The anti-dilutive common stock equivalents outstanding at the three and six months ended June 30, 2025 and 2024 were as follows:

Where appropriate, diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the period.

Where appropriate, the diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period.

The anti-dilutive common stock equivalents outstanding at the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Options and stock equivalents 934,424 573,586 973,713 976,699

Dividend activity for the three and six months ended June 30, 2025 and 2024 was as follows:

Dividend activity for the three and nine months ended September 30, 2025 and 2024 was as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

2 unchanged sentences

Accounts and Other Receivables – Net

September 30,

2025 December 31,

7 unchanged sentences

(Dollars in thousands, except share and per share amounts and as otherwise noted)

September 30,

2025 December 31,

Raw materials $ 91,366 $ 99,320

Work in progress 92,241 71,175

Finished goods 73,938 73,994

Semi-finished and finished goods 164,373 145,169

Spares and other 33,509 31,948

2 unchanged sentences

Total inventories $ 209,120 $ 212,386

Substantially all of the Company’s inventories at June 30, 2025 and December 31, 2024 are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method.

However, approximately 6 % was valued at average cost using the first-in, first-out (“FIFO”) method at June 30, 2025.

The excess of replacement cost over the carrying value of total inventories subject to LIFO was $ 75.9 million and $ 57.5 million at June 30, 2025 and December 31, 2024, respectively.

We determine if an arrangement is a lease at inception.

Substantially all of the Company’s inventories at September 30, 2025 and December 31, 2024 are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method.

However, approximately 6 % was valued at average cost using the first-in, first-out (“FIFO”) method at September 30, 2025.

The excess of replacement cost over the carrying value of total inventories subject to LIFO was $ 78.2 million and $ 57.5 million at September 30, 2025 and December 31, 2024, respectively.

The Company determines if an arrangement is a lease at inception.

Operating leases are included in Operating lease right-of-use assets ("ROU"), Operating lease liabilities – short-term, and Operating lease liabilities – long-term in our Condensed Consolidated Balance Sheets.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

Total lease cost $ 15,353 $ 11,794 $ 44,161 $ 37,196

As of June 30, 2025, we have no additional operating or finance leases that have not yet commenced.

As of September 30, 2025, we have no additional operating or finance leases that have not yet commenced.

Goodwill and Intangible Assets

1 unchanged sentence

Customer relationships and trade-names are amortized on a straight-line basis over their expected useful lives of 15 to 20 years and 5 years, respectively.

There was no change in the carrying amount of goodwill for the six months ended June 30, 2025.

There was no change in the carrying amount of goodwill for the nine months ended September 30, 2025.

Finite-Lived Intangible Assets

3 unchanged sentences

(Dollars in thousands, except share and per share amounts and as otherwise noted)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value

3 unchanged sentences

Total $ 56,371 $ ( 15,514 ) $ 40,857 $ 56,371 $ ( 13,227 ) $ 43,144

For each of the three months ended June 30, 2025 and June 30, 2024, the Company recorded amortization expense on intangible assets of $ 0.8 million.

For each of the six months ended June 30, 2025 and June 30, 2024, the Company recorded amortization expense on intangible assets of $ 1.5 million.

For each of the three months ended September 30, 2025 and September 30, 2024, the Company recorded amortization expense on intangible assets of $ 0.8 million.

For each of the nine months ended September 30, 2025 and September 30, 2024, the Company recorded amortization expense on intangible assets of $ 2.3 million.

Commitments and Contingencies

6 unchanged sentences

We assumed from Honeywell International Inc.

("Honeywell") all health, safety and environmental (“HSE”) liabilities and compliance obligations related to the past and future operations of our current business, as well as all HSE liabilities associated with our three manufacturing locations and the other locations used in our current operations, including any cleanup or other liabilities related to any contamination that may have occurred at such locations in the past.

("Honeywell") all health, safety and environmental (“HSE”) liabilities and compliance obligations related to the past and future operations of our current business, as well as all HSE liabilities associated with the three manufacturing locations assumed from Honeywell that are used in our current operations, including any cleanup or other liabilities related to any contamination that may have occurred at such locations in the past.

Honeywell retained all HSE liabilities related to former business locations or the operation of our former businesses.

Although we have ongoing environmental remedial obligations at certain of our facilities, in the past three years, the associated remediation costs have not been material, and we do not expect our known remediation costs to have a material adverse effect on the Company's consolidated financial position or results of operations.

The provision for income taxes was $ 0.3 million and $ 13.1 million for the three months ended June 30, 2025 and 2024, respectively, resulting in an effective tax rate of 0.9 % and 25.2 %, respectively.

The provision for income taxes was $ 5.9 million and $ 7.1 million for the six months ended June 30, 2025 and 2024, respectively, resulting in an effective tax rate of 9.7 % and 24.9 %, respectively.

The Company’s provision for income taxes in interim periods is computed by applying an estimated annual effective tax rate against Income before taxes for the period in addition to recording any tax effects of discrete items for the quarter.

The Company’s effective tax rate for the three and six months ended June 30, 2025 differed from the U.S.

federal statutory rate due to state taxes and executive compensation deduction limitations which generally increase the rate, offset by research tax credits that generally decrease the rate.

Additionally, discrete tax adjustments recorded in the first and second quarter of 2025 related to Internal Revenue Code (IRC) Section 45Q tax credits of $ 1.8 million and $ 7.9 million, respectively, offset slightly by state tax legislation changes, resulted in a net 24.7 % and 15.7 % decrease in the rate for the three and six months ended June 30, 2025, respectively.

The Company’s effective tax rate for the three and six months ended June 30, 2024 was higher than the U.S.

The provision (benefit) for income taxes was ($ 0.9 million) and $ 7.5 million for the three months ended September 30, 2025 and 2024, respectively, resulting in an effective tax rate of 25.6 % and 25.1 %, respectively.

The provision for income taxes was $ 5.0 million and $ 14.6 million for the nine months ended September 30, 2025 and 2024, respectively, resulting in an effective tax rate of 8.7 % and 25 %, respectively.

The Company’s provision (benefit) for income taxes in interim periods is computed by applying an estimated annual effective tax rate against Income (loss) before taxes for the period in addition to recording any tax effects of discrete items for the quarter.

The Company’s effective tax rate for the three and nine months ended September 30, 2025 and 2024 differed from the U.S.

federal statutory rate due to state taxes and executive compensation deduction limitations which generally increase the rate, offset by research tax credits and the foreign-derived intangible income deduction that generally decrease the rate.

During the nine months ended September 30, 2025, discrete tax adjustments recorded relating to Internal Revenue Code (IRC) Section 45Q tax credits of $ 9.7 million and return to provision adjustments related to the filing of the Company's 2024 U.S.

federal income tax return of $ 0.2 million, offset slightly by state tax legislation changes and the vesting of equity compensation, resulted in a net 5 % increase and 17 % decrease to the estimated annual effective tax rate for the three and nine months ended

ADVANSIX INC.

1 unchanged sentence

(Dollars in thousands, except share and per share amounts and as otherwise noted)

federal statutory rate, due to the impacts of state taxes and executive compensation deduction limitations which generally increase the tax rate, partially offset by tax credits which generally decrease the tax rate.

September 30, 2025, respectively.

In 2024, the Company recorded discrete tax adjustments related to the vesting of equity compensation, changes to state tax legislation, and return to provision adjustments related to the filing of the Company's 2023 U.S.

federal income tax return which resulted in a net 3.3 % and 1.5 % increase to the estimated annual effective tax rate for the three and nine months ended September 30, 2024, respectively.

On July 4, 2025, President Trump signed into law legislation commonly referred to as the One Big Beautiful Bill Act (the "Act"), which includes numerous tax provisions affecting businesses, including the reinstatement of full expensing of domestic research and experimental expenditures, modification of the limitation on business interest and making permanent full expensing for certain business property.

These provisions resulted in an approximate $ 10 million reduction in cash taxes in our financial results for the three and nine months ended September 30, 2025, however due to the elective applicability of these provisions, we continue to evaluate the full impact and timing that these provisions will have on our financial results.

Supplier Finance Programs

3 unchanged sentences

All related agreements are terminable by either party upon at least 30 days’ notice.

The total amount due to the financial intermediary to settle supplier invoices under its supply chain finance program was approximately $ 19.8 million as of June 30, 2025 and approximately $ 19.2 million as of December 31, 2024.

The total amount due to the financial intermediary to settle supplier invoices under the Company's supply chain finance program was approximately $ 5.8 million as of September 30, 2025 and approximately $ 19.2 million as of December 31, 2024.

These amounts outstanding are included in Accounts payable .

13 unchanged sentences

Significant expense information reviewed by the CODM was as follows (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

ADVANSIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts and as otherwise noted)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Other segment items ** 3,157 13,047 16,504 32,710

Segment net income $ 31,371 $ 38,927 $ 54,715 $ 21,531

Segment net income (loss) $ ( 2,638 ) $ 22,266 $ 52,077 $ 43,797

*Variable costs of goods sold includes the raw material costs associated with volumes sold during the period as well as insurance settlement proceeds, when applicable.

1 unchanged sentence

Subsequent Events

ADVANSIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts and as otherwise noted)

As announced on August 1, 2025, the Board declared a quarterly cash dividend of $ 0.16 per share on the Company's common stock, payable on August 26, 2025 to stockholders of record as of the close of business on August 12, 2025.

As announced on November 7, 2025, the Board declared a quarterly cash dividend of $ 0.16 per share on the Company's common stock, payable on December 2, 2025 to stockholders of record as of the close of business on November 18, 2025.

Amendment to Credit Agreement

On October 23, 2025, the Company entered into Amendment No.

2 (the “Amendment”) to the Credit Agreement, dated as of October 27, 2021 (as amended by Amendment No.

1, dated June 27, 2023, the “Credit Agreement” and as further amended by the Amendment, the “Amended Credit Agreement”), among the Company, the guarantors, the lenders party thereto and Truist Bank, as administrative agent.

The Credit Agreement includes a senior secured revolving credit facility with aggregate commitments of $ 500 million (the “Revolving Credit Commitments”).

Pursuant to the Amendment, the Credit Agreement was amended to, among other things:

(i) extend the maturity date of revolving credit commitments of participating Revolving Credit Lenders in an aggregate principal amount of $ 452 million to the earlier of (x) October 27, 2027 and (y) the date of the termination in whole of the Revolving Credit Commitments, pursuant to the terms of the Amended Credit Agreement, and (ii) effect certain other conforming changes and modifications consistent with the foregoing.

The remaining $ 48 million of revolving credit commitments under the Credit Agreement that were not extended will continue to mature on the earlier of (x) October 27, 2026 and (y) the date of the termination in whole of the Revolving Credit Commitments, pursuant to the terms of the Amended Credit Agreement.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements