What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-05 compared with 2025-05-06 · 84 added, 89 removed, 196 unchanged (47% of the section changed)

9 unchanged sentences

RESULTS OF OPERATIONS

The consolidated results of operations for the three months ended March 28, 2025 and March 29, 2024 were as follows:

The consolidated results of operations for the three months ended June 27, 2025 and June 28, 2024 were as follows:

Three months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 735,045 $ 822,364 $ (87,319) (10.6) %

3 unchanged sentences

Intangible asset amortization 10,108 13,216 (3,108) (23.5) %

Asset impairment charges 127,733 — 127,733 100.0 %

Operating (loss) income (51,822) 178,810 (230,632) (129.0) %

Operating income 63,813 168,452 (104,639) (62.1) %

Interest expense, net 8,873 9,944 (1,071) (10.8) %

Other expense, net 6,426 730 5,696 780.3 %

(Loss) income before income taxes (66,509) 169,759 (236,268) (139.2) %

Income tax (benefit) expense (16,452) 31,804 (48,256) (151.7) %

Net (loss) income $ (50,057) $ 137,955 $ (188,012) (136.3) %

Other (income) expense, net (150) 560 (710) (126.8) %

Income before income taxes 55,090 157,948 (102,858) (65.1) %

Income tax expense 12,128 34,531 (22,403) (64.9) %

Net income $ 42,962 $ 123,417 $ (80,455) (65.2) %

Average selling prices (12.2) %

Other (0.3) %

Net sales (10.6) %

Net sales decreased by $91.2 million, or 11.5%, to $701.7 million for the three months ended March 28, 2025, compared to $792.9 million for the three months ended March 29, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices across the Company’s products of $131.4 million and partially offset by increased sales volume of $38.9 million.

Net sales decreased by $87.3 million, or 10.6%, to $735.0 million for the three months ended June 27, 2025, compared to $822.4 million for the three months ended June 28, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices across the Company’s products of $100.5 million and the impact of divestitures in fiscal 2025 of $4.2 million, partially offset by increased sales volume of $15.4 million.

Cost of sales

1 unchanged sentence

Freight 0.8 %

Other (0.5) %

Cost of sales 3.7 %

Cost of sales increased by $15.3 million, or 3.0%, to $516.6 million for the three months ended March 28, 2025 compared to $501.3 million for the three months ended March 29, 2024.

The increase was primarily due to increased sales volume of $22.5 million, increased freight costs of $8.8 million, and a decrease in solar tax credits of $8.2 million partially offset by decreased input costs of $26.8 million.

Cost of sales increased by $20.3 million, or 3.7%, to $563.0 million for the three months ended June 27, 2025 compared to $542.7 million for the three months ended June 28, 2024.

The increase was primarily due to increased sales volume of $15.3 million, increased freight costs of $4.2 million, and increased inputs costs of $3.4 million partially offset by the impact of divestitures in fiscal 2025 of $4.2 million.

Selling, general and administrative

Selling, general and administrative expenses increased by $0.5 million, or 0.5%, to $99.0 million for the three months ended March 28, 2025 compared to $98.5 million for the three months ended March 29, 2024.

The increase was primarily due to increased investments in people and software of $4.4 million partially offset by decreases in productivity of $3.2 million and other expense categories of $0.7 million.

Selling, general and administrative expenses increased by $0.2 million, or 0.2%, to $98.1 million for the three months ended June 27, 2025 compared to $98.0 million for the three months ended June 28, 2024.

The increase was primarily due to increased investments in people and software of $3.8 million and other expense categories of $2.0 million partially offset by increased productivity of $5.6 million.

Intangible asset amortization

Intangible asset amortization expense decreased to $10.2 million for the three months ended March 28, 2025 compared to $14.2 million for the three months ended March 29, 2024.

Intangible asset amortization expense decreased to $10.1 million for the three months ended June 27, 2025 compared to $13.2 million for the three months ended June 28, 2024.

The decrease in amortization expense resulted from certain intangibles becoming fully amortized.

Asset impairment charges

Asset impairment charges increased to $127.7 million for the three months ended March 28, 2025 compared to no asset impairment charges for the three months ended March 29, 2024.

The asset impairment charge were related to the impairment of HDPE assets as described in Note 14, “Fair Value Measurements”.

Interest expense, net

Interest expense, net decreased by $0.1 million, or 0.7% to $8.3 million for the three months ended March 28, 2025 compared to $8.3 million for the three months ended March 29, 2024.

Interest expense, net decreased by $1.1 million, or 10.8% to $8.9 million for the three months ended June 27, 2025 compared to $9.9 million for the three months ended June 28, 2024.

The decrease is primarily due to decreased interest rates on the Company’s Senior Secured Term Loan Facility.

Other expense, net

Other expense, net increased to $6.4 million for the three months ended March 28, 2025 compared to $0.7 million other expense for the three months ended March 29, 2024.

This increase is primarily due to the loss on the sale of Northwest Polymers of $6.1 million.

Income tax (benefit) expense

The Company ’ s income tax rate increased to 24.7% for the three months ended March 28, 2025 compared to 18.7% for the three months ended March 29, 2024.

The increase in the current period effective tax rate was driven by the discrete tax impact of the deductible impairment of the HDPE long-lived assets.

Other (income) expense, net

The Company recognized $0.2 million of other income for the three months ended June 27, 2025 compared to $0.6 million other expense for the three months ended June 28, 2024.

This change is due to a $0.2 million gain on assets held for sale.

Income tax expense

The Company ’ s income tax rate increased to 22.0% for the three months ended June 27, 2025 compared to 21.9% for the three months ended June 28, 2024.

The current period effective tax rate is consistent with the prior year period.

SEGMENT RESULTS

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Three months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 521,308 $ 605,962 $ (84,654) (14.0) %

4 unchanged sentences

Net sales (14.0) %

Net sales decreased by $98.1 million, or 16.6%, to $492.7 million for the three months ended March 28, 2025 compared to $590.8 million for the three months ended March 29, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $115.5 million and partially offset by increased sales volume of $21.5 million.

Net sales decreased by $84.7 million, or 14.0%, to $521.3 million for the three months ended June 27, 2025 compared to $606.0 million for the three months ended June 28, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $92.2 million and the impact of divestitures in fiscal 2025 of $4.2 million, partially offset by increased sales volume of $9.5 million.

Adjusted EBITDA

Adjusted EBITDA for the three months ended March 28, 2025 decreased by $104.8 million, or 53.5%, to $90.9 million from $195.8 million for the three months ended March 29, 2024.

Adjusted EBITDA margin decreased to 18.5% for the three months ended March 28, 2025 compared to 33.1% for the three months ended March 29, 2024.

The decrease in Adjusted EBITDA and Adjusted EBITDA margin were largely due to lower average selling prices.

Adjusted EBITDA for the three months ended June 27, 2025 decreased by $101.3 million, or 55.5%, to $81.2 million from $182.6 million for the three months ended June 28, 2024.

Adjusted EBITDA margin decreased to 15.6% for the three months ended June 27, 2025 compared to 30.1% for the three months ended June 28, 2024 .

The decrease in Adjusted EBITDA and Adjusted EBITDA margin was largely due to lower average selling prices.

Safety & Infrastructure

Three months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 213,963 $ 217,024 $ (3,061) (1.4) %

2 unchanged sentences

Average selling prices (3.8) %

Solar energy tax credits 2.9 %

Other (0.3) %

Net sales (1.4) %

Net sales increased by $6.9 million, or 3.4%, for the three months ended March 28, 2025 to $209.3 million compared to $202.4 million for the three months ended March 29, 2024.

The increase is primarily attributed to higher sales volume of $17.4 million and lower solar credit rebates of $5.8 million partially offset by lower selling prices of $15.9 million.

Net sales decreased by $3.1 million, or 1.4%, for the three months ended June 27, 2025 to $214.0 million compared to $217.0 million for the three months ended June 28, 2024.

The decrease is primarily attributed to lower selling prices of $8.3 million partially offset by higher sales volume of $5.9 million.

Adjusted EBITDA

Adjusted EBITDA increased by $10.5 million, or 41.3%, to $36.1 million for the three months ended March 28, 2025 compared to $25.5 million for the three months ended March 29, 2024.

Adjusted EBITDA margin increased to 17.2% for the three months ended March 28, 2025 compared to 12.6% for the three months ended March 29, 2024.

The increase in Adjusted EBITDA and Adjusted EBITDA margin was largely due to higher than expected margins in the construction business.

The consolidated results of operations for the six months ended March 28, 2025 and March 29, 2024 were as follows:

Six months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

Adjusted EBITDA increased by $0.7 million, or 2.3%, to $30.7 million for the three months ended June 27, 2025 compared to $30.0 million for the three months ended June 28, 2024.

Adjusted EBITDA margin increased to 14.4% for the three months ended June 27, 2025 compared to 13.8% for the three months ended June 28, 2024.

The increase in Adjusted EBITDA and Adjusted EBITDA margin was largely related to increases associated with our construction business and our cable management and metal framing products in North America.

The consolidated results of operations for the nine months ended June 27, 2025 and June 28, 2024 were as follows:

Nine months ended

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 2,098,367 $ 2,413,756 $ (315,389) (13.1) %

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Asset impairment charges 127,733 — 127,733 100.0 %

Operating (loss) income 16,116 354,267 (338,151) (95.5) %

Operating income 79,930 522,719 (442,789) (84.7) %

Interest expense, net 25,343 26,058 (715) (2.7) %

Other expense, net 7,409 1,302 6,107 469.0 %

(Loss) income before income taxes (7,913) 337,411 (345,324) (102.3) %

Income tax (benefit) expense (4,193) 61,076 (65,269) (106.9) %

Income before income taxes 47,178 495,359 (448,181) (90.5) %

Income tax expense 7,935 95,606 (87,671) (91.7) %

Net income $ 39,243 $ 399,753 $ (360,510) (90.2) %

Volume (0.3) %

Average selling prices (13.6) %

Solar energy tax credits to be transferred 0.5 %

Other (0.2) %

Net sales (13.1) %

Net sales decreased by $228.1 million, or 14.3%, to $1,363.3 million for the six months ended March 28, 2025, compared to $1,591.4 million for the six months ended March 29, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $227.7 million and lower sales volume of $4.9 million, partially offset by fewer solar energy tax credits to be transferred to certain customers of $8.3 million.

Net sales decreased by $315.4 million, or 13.1%, to $2,098.4 million for the nine months ended June 27, 2025, compared to $2,413.8 million for the nine months ended June 28, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $328.1 million partially offset by higher sales volume of $10.9 million.

Cost of sales

Volume (0.3) %

Average input costs (1.1) %

3 unchanged sentences

Cost of sales 1.2 %

Cost of sale s decreased by $2.2 million, or 0.2% to $1,007.1 million for the six months ended March 28, 2025 compared to $1,009.3 million for the six months ended March 29, 2024.

The decrease in cost of sales was primarily due to lower input costs of $22.7 million and lower sales volume of $3.4 million, partially offset by decreased benefit of solar energy tax credits of $13.2 million and higher freight costs of $13.7 million.

Cost of sale s increased by $18.1 million, or 1.2% to $1,570.1 million for the nine months ended June 27, 2025 compared to $1,552.0 million for the nine months ended June 28, 2024.

The increase in cost of sales was primarily due to higher freight costs of $17.9 million, higher sales volume of $9.2 million, and decreased benefit of solar energy tax credits of $16.1 million, partially offset by lower input costs of $17.3 million and the impact of divestitures in fiscal 2025 of $6.5 million.

Selling, general and administrative

Selling, general and administrative expenses decreased by $8.7 million, or 4.4%, to $190.5 million for the six months ended March 28, 2025, compared to $199.2 million for the six months ended March 29, 2024.

Selling, general and administrative expenses decreased by $8.5 million, or 2.9%, to $288.6 million for the nine months ended June 27, 2025, compared to $297.1 million for the nine months ended June 28, 2024.

The decrease was primarily due to increased productivity of $13.6 million, decrease in administrative costs due to a divested business of $5.0 million and decreased costs of other general and administrative expenses of $10.7 million, partially offset by increased spending on business improvement initiatives of $11.5 million, higher stock compensation of $6.7 million and higher costs of $9.3 million spread across a variety of other spend categories.

Intangible asset amortization

Intangible asset amortization expense decreased to $21.9 million for the six months ended March 28, 2025, compared to $28.7 million for the six months ended March 29, 2024.

Intangible asset amortization expense decreased to $32.0 million for the nine months ended June 27, 2025, compared to $41.9 million for the nine months ended June 28, 2024.

The decrease in amortization expense resulted from certain intangibles becoming fully amortized.

Asset impairment charges

Asset impairment charges increased to $127.7 million for the six months ended March 28, 2025 compared to no asset impairment charges for the six months ended March 29, 2024.

Asset impairment charges increased to $127.7 million for the nine months ended June 27, 2025 compared to no asset impairment charges for the nine months ended June 28, 2024.

The asset impairment charge were related to the impairment of HDPE assets as described in Note 14, “Fair Value Measurements”.

Interest expense, net

Interest expense, net, increased by $0.4 million, or 2.2%, to $16.5 million for the six months ended March 28, 2025, compared to $16.1 million for the six months ended March 29, 2024.

The increase is primarily due to increased interest rates on the Company’s Senior Secured Term Loan Facility.

Interest expense, net, decreased by $0.7 million, or 2.7%, to $25.3 million for the nine months ended June 27, 2025, compared to $26.1 million for the nine months ended June 28, 2024.

The decrease is primarily due to decreased interest rates on the Company’s Senior Secured Term Loan Facility.

Other expense, net

Other expense, net increased to $7.6 million for the six months ended March 28, 2025, compared to $0.7 million for the six months ended March 29, 2024.

This increase is primarily due to the loss on the sale of Northwest Polymers of $6.1 million.

Income tax (benefit) expense

The Company ’ s income tax rate increased to 53.0% for the six months ended March 28, 2025, compared to 18.1% for the six months ended March 29, 2024.

The increase in the current period effective tax rate was driven by the discrete tax impact of the deductible impairment of the HDPE long-lived assets.

Other expense, net increased to $7.4 million for the nine months ended June 27, 2025, compared to $1.3 million for the nine months ended June 28, 2024.

This increase is primarily due to the loss on the sale of Northwest Polymers of $6.1 million in the second quarter of fiscal 2025.

Income tax expense

The Company ’ s income tax rate decreased to 16.8% for the nine months ended June 27, 2025, compared to 19.3% for the nine months ended June 28, 2024.

The decrease in the current period effective tax rate was driven by the benefit related to solar energy tax credits.

SEGMENT RESULTS

Six months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

Nine months ended

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 1,479,340 $ 1,790,443 $ (311,103) (17.4) %

5 unchanged sentences

Net sales (17.4) %

Net sales decreased by $226.4 million, or 19.1%, to $958.0 million for the six months ended March 28, 2025, compared to $1,184.5 million for the six months ended March 29, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $211.2 million and decreased sales volume of $11.8 million.

Net sales decreased by $311.1 million, or 17.4%, to $1,479.3 million for the nine months ended June 27, 2025, compared to $1,790.4 million for the nine months ended June 28, 2024.

The decrease in net sales is primarily attributed to decreased average selling prices of $303.3 million, the impact of divestitures in fiscal 2025 of $6.2 million and decreased sales volume of $2.0 million.

Adjusted EBITDA

Adjusted EBITDA for the six months ended March 28, 2025 decreased by $216.8 million, or 54.2%, to $183.3 million from $400.1 million for the six months ended March 29, 2024.

Adjusted EBITDA margin decreased to 19.1% for the six months ended March 28, 2025, compared to 33.8% for the six months ended March 29, 2024 .

Adjusted EBITDA for the nine months ended June 27, 2025 decreased by $318.1 million, or 54.6%, to $264.6 million from $582.7 million for the nine months ended June 28, 2024.

Adjusted EBITDA margin decreased to 17.9% for the nine months ended June 27, 2025, compared to 32.5% for the nine months ended June 28, 2024 .

The decrease in Adjusted EBITDA and Adjusted EBITDA margin was largely due to the decrease in average selling prices.

Safety & Infrastructure

Six months ended

(in thousands) March 28, 2025 March 29, 2024 Change % Change

Nine months ended

(in thousands) June 27, 2025 June 28, 2024 Change % Change

Net sales $ 619,960 $ 624,569 $ (4,609) (0.7) %

5 unchanged sentences

Net sales (0.7) %

Net sales decreased by $1.5 million, or 0.4%, to $406.0 million for the six months ended March 28, 2025, compared to $407.5 million for the six months ended March 29, 2024.

The decrease is primarily due to decreased average selling prices of $16.5 million, partially offset by higher volumes of $6.9 million, and decreased economic value of solar energy tax credits to be transferred to certain customers of $8.3 million.

Net sales decreased by $4.6 million, or 0.7%, to $620.0 million for the nine months ended June 27, 2025, compared to $624.6 million for the nine months ended June 28, 2024.

The decrease is primarily due to decreased average selling prices of $24.8 million, partially offset by higher volumes of $12.9 million, and

decreased economic value of solar energy tax credits to be transferred to certain customers of $8.1 million.

Adjusted EBITDA

Adjusted EBITDA increased $6.6 million, or 14.7%, to $51.6 million for the six months ended March 28, 2025, compared to $45.0 million for the six months ended March 29, 2024.

Adjusted EBITDA margin increased to 12.7% for the six months ended March 28, 2025, compared to 11.1% for the six months ended March 29, 2024.

Adjusted EBITDA increased $7.3 million, or 9.7%, to $82.4 million for the nine months ended June 27, 2025, compared to $75.1 million for the nine months ended June 28, 2024.

Adjusted EBITDA margin increased to 13.3% for the nine months ended June 27, 2025, compared to 12.0% for the nine months ended June 28, 2024.

The increase in Adjusted EBITDA and Adjusted EBITDA margin was largely due to decreases in costs outpacing decreases in average selling price and higher volume.

1 unchanged sentence

We believe we have sufficient liquidity to support our ongoing operations and to invest in future growth and create value for stockholders.

Our cash and cash equivalents were $330.4 million as of March 28, 2025, of which $82.1 million was held at non-U.S.

Our cash and cash equivalents were $331.0 million as of June 27, 2025, of which $93.7 million was held at non-U.S.

subsidiaries.

2 unchanged sentences

We have access to the ABL Credit Facility to fund operational needs.

As of March 28, 2025, there were no outstanding borrowings under the ABL Credit Facility and no letters of credit issued under the ABL Credit Facility.

The borrowing base was estimated to be $325.0 million and approximately $325.0 million was available under the ABL Credit Facility as of March 28, 2025.

As of June 27, 2025, there were no outstanding borrowings under the ABL Credit Facility and no letters of credit issued under the ABL Credit Facility.

The borrowing base was estimated to be $325.0 million and approximately $325.0 million was available under the ABL Credit Facility as of June 27, 2025.

Outstanding letters of credit count as utilization of the commitments under the ABL Credit Facility and reduce the amount available for borrowings.

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AI and AII are each holding companies, and as such have no independent operations or material assets other than ownership of equity interests in their respective subsidiaries.

Each company depends on its respective subsidiaries to distribute funds to it so that it may pay obligations and expenses, including satisfying obligations with respect to indebtedness.

Each company depends on its respective subsidiaries to distribute funds to it so that it may pay obligations and expenses, including

satisfying obligations with respect to indebtedness.

The ability of our subsidiaries to make distributions and dividends to us depends on their operating results, cash requirements and financial and general business conditions, as well as restrictions under the laws of our subsidiaries' jurisdictions.

5 unchanged sentences

The table below summarizes cash flow information derived from our statements of cash flows for the periods indicated:

Six months ended

(in thousands) March 28, 2025 March 29, 2024

Nine months ended

(in thousands) June 27, 2025 June 28, 2024

Cash flows provided by (used in):

3 unchanged sentences

Operating activities

During the six months ended March 28, 2025, the Company was provided $160.9 million cash flow by operating activities compared to $245.3 million during the six months ended March 29, 2024 .

During the nine months ended June 27, 2025, the Company was provided $192.4 million cash flow by operating activities compared to $350.0 million during the nine months ended June 28, 2024 .

The $157.6 million decrease in cash provided was primarily due to decreased operating income of $442.8 million, partially offset by less working capital used of $72.4 million, the non-cash asset impairment charge of $127.7 million in operating income and the impact of taxes of $69.5 million.

Investing activities

During the six months ended March 28, 2025, the Company used $48.0 million in investing activities compared to $79.0 million during the six months ended March 29, 2024.

During the nine months ended June 27, 2025, the Company used $69.3 million in investing activities compared to $110.7 million during the nine months ended June 28, 2024.

The $41.4 million decrease in cash used in investing activities was primarily due to a decrease of $20.2 million in capital expenditures, proceeds from the sale of properties and equipment of $7.1 million, and proceeds from the sale of Northwest Polymers of $6.7 million.

Additionally, in fiscal 2024, the Company paid $6.0 million of purchase price payable related to the fiscal 2022 acquisition of Cascade Poly Pipe & Conduit and Northwest Polymers.

No additional activity related to acquisitions occurred during the six months ended March 28, 2025.

No additional activity related to acquisitions occurred during the nine months ended June 27, 2025.

Financing Activities

During the six months ended March 28, 2025, the Company used $129.2 million in financing activities compared to $187.5 million used during the six months ended March 29, 2024.

The decrease in cash used in financing activities is primarily due to $56.0 million less cash used to repurchase common stock during the six months ended March 28, 2025 and $13.1 million less in issuance of common stock, net of shares withheld for tax, partially offset by an increase in dividends paid of $10.3 million.

During the nine months ended June 27, 2025, the Company used $143.1 million in financing activities compared to $324.6 million used during the nine months ended June 28, 2024.

The decrease in cash used in financing activities is primarily due to $181.0 million less cash used to repurchase common stock during the nine months ended June 27, 2025 and $13.0 million less in issuance of common stock, net of shares withheld for tax, partially offset by an increase in dividends paid of $9.8 million.

CHANGES IN CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control.

market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report.

We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report.

In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods.

A number of important factors, including, without limitation, the risks and uncertainties disclosed in the Company’s filings with the SEC, including but not limited to the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.

A number of important factors, including, without limitation, the risks and uncertainties disclosed in the Company’s filings with the SEC, including but not limited to the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.

Additional factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

36 unchanged sentences

You should read this Quarterly Report completely and with the understanding that actual future results may be materially different from expectations.

All forward-looking statements attributable to us or persons acting on our behalf that are made in this Quarterly Report are qualified in their entirety by these cautionary statements.

All forward-looking statements attributable to us or persons acting on our behalf that are made in this Quarterly Report are qualified in their entirety by

these cautionary statements.

These forward-looking statements are made only as of the date of this Quarterly Report, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise.

3 unchanged sentences

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 2. Management’s Discussion and Analysis