What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-31 compared with 2026-04-30 · 129 added, 57 removed, 152 unchanged (55% of the section changed)

43 unchanged sentences

We are very proud of our significant progress relating to the Company's corporate social responsibilities and will continue to foster these fundamental principles broadly along our entire value chain, develop new ideas and technologies that help us work smarter, and help build a world that is a better place to live.

As of March 31, 2026, we employed approximately 1,368 full time employees worldwide.

We continue to see improvement in the labor markets and we feel that our team has been successful in attracting and retaining skilled and experienced employees in a competitive landscape.

Additionally, we continue to enhance and leverage our existing technology capabilities to further optimize productivity and performance, and explore new solutions to drive efficiencies.

As of June 30, 2026, we employed approximately 1,379 full time employees worldwide.

Labor market conditions remained generally stable during the quarter, supporting our ability to attract and retain skilled and experienced employees in a competitive talent market.

Additionally, we continued to invest in and leverage technology solutions to enhance productivity, improve performance, and drive operational efficiencies across the organization.

Recent Developments

Geopolitical Conflicts

We are monitoring the heightened geopolitical tensions in the Middle East, including conflicts involving Iran, which may have certain effects on our business and broader consequences, including increased energy prices, certain raw material costs, increased freight costs, and volatility in shipping patterns.

We continue to monitor the heightened geopolitical tensions in the Middle East, including conflicts involving Iran, which have, or may have, certain effects on our business and broader consequences, including increased energy prices, certain raw material costs, increased freight costs, and volatility in shipping patterns.

All above impacts may adversely affect the global economy and may have the effect of heightening the operational risks disclosed in the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

Supreme Court Tariff Ruling

In February 2026, the U.S.

Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”).

While the online portal and process to submit IEEPA tariff refund requests became available on April 20, 2026, the availability, timing, and amount of any potential refunds related to these tariffs remain highly uncertain and are subject to ongoing legal, regulatory, and administrative developments.

We continue to monitor developments with respect to tariffs and other trade policy matters closely, including impacts from the U.S.

Supreme Court decision in February 2026 that invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”).

Following the ruling, the U.S.

presidential administration imposed additional tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment.

The online portal and process to submit IEEPA tariff refund requests became available on April 20, 2026, and as of June 2026, we have participated in the process for refunds to the extent we were the importer of record and directly paid tariffs under IEEPA.

At this time, we cannot reasonably estimate the total financial impact of these developments;

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We sell products for all three segments through our own sales force, independent distributors, and sales agents.

The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three months ended March 31, 2026 and 2025:

The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three and six months ended June 30, 2026 and 2025:

Business Segment Net Sales

Three Months Ended

June 30, Six Months Ended

(in thousands) 2026 2025 2026 2025

3 unchanged sentences

Other and Unallocated (1)

2,138 1,481 4,303 2,991

Total $ 283,997 $ 255,467 $ 554,706 $ 505,986

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

(in thousands) 2026 2025 2026 2025

6 unchanged sentences

(1) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment.

Unallocated corporate expenses consist of transaction and integration costs of $895 and $489 for the three months ended March 31, 2026 and 2025, respectively.

Results of Operations - Three Months Ended March 31, 2026 and 2025

Three Months Ended March 31, Increase

Unallocated corporate expenses consist of transaction and integration costs of $22 and $917 for the three and six months ended June 30, 2026, respectively, and $405 and $894 for the three and six months ended June 30, 2025, respectively.

Results of Operations - Three Months Ended June 30, 2026 and 2025

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

6 unchanged sentences

Net earnings $ 44,615 $ 38,278 $ 6,337 16.6 %

Three Months Ended March 31, Increase

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

4 unchanged sentences

Total $ 283,997 $ 255,467 $ 28,530 11.2 %

• The increase in net sales within the Human Nutrition & Health segment for the first quarter of 2026 as compared to the first quarter of 2025 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 8.3%, with volume and mix contributing 7.1%, the change in foreign currency exchange rates contributing 1.6%, and average selling prices contributing -0.5%.

• The increase in net sales within the Animal Nutrition & Health segment for the first quarter of 2026 compared to the first quarter of 2025 was driven by higher sales in both the monogastric and ruminant species markets.

Total sales for this segment increased by 8.6%, with average selling prices contributing 6.5%, the change in foreign currency exchange rates contributing 2.2%, and volume and mix contributing -0.2%.

• The increase in net sales within the Specialty Products segment for the first quarter of 2026 compared to the first quarter of 2025 was due to higher sales in the performance gases business.

Total sales for this segment increased by 4.4%, with average selling prices contributing 4.0%, the change in foreign currency exchange rates contributing 3.3%, and volume and mix contributing -2.9%.

• The increase in net sales within the Human Nutrition & Health segment for the second quarter of 2026 as compared to the second quarter of 2025 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 10.0%, with volume and mix contributing 7.0%, average selling prices contributing 2.7%, and the change in foreign currency exchange rates contributing 0.4%.

• The increase in net sales within the Animal Nutrition & Health segment for the second quarter of 2026 compared to the second quarter of 2025 was driven by higher sales in both the monogastric and ruminant species markets.

Total sales for this segment increased by 15.0%, with volume and mix contributing 7.9%, average selling prices contributing 6.6%, and the change in foreign currency exchange rates contributing 0.5%.

• The increase in net sales within the Specialty Products segment for the second quarter of 2026 compared to the second quarter of 2025 was due to higher sales in both the performance gases and plant nutrition businesses.

Total sales for this segment increased by 8.9%, with average selling prices contributing 4.3%, volume and mix contributing 3.7%, and the change in foreign currency exchange rates contributing 1.0%.

• Sales may fluctuate in future periods based on macroeconomic conditions, competitive dynamics, changes in customer preferences, and our ability to successfully introduce new products to the market.

Three Months Ended March 31, Increase

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

% of net sales 36.5 % 36.4 %

Gross margin dollars increased in the first quarter of 2026 compared to the first quarter of 2025 due to the sales growth and manufacturing efficiencies, partially offset by raw material inflation.

Gross margin dollars increased in the second quarter of 2026 compared to the second quarter of 2025 due to sales growth and manufacturing efficiencies, partially offset by certain higher manufacturing input costs.

Operating Expenses

Three Months Ended March 31, Increase

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

% of net sales 15.7 % 16.3 %

The increase in operating expenses in the first quarter of 2026 compared to the first quarter of 2025 was primarily due to higher compensation-related costs of $4,901 and higher professional services of $1,403.

The increase in operating expenses in the second quarter of 2026 compared to the second quarter of 2025 was primarily due to higher compensation-related costs of $2,942.

Earnings from Operations

Three Months Ended March 31, Increase

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

6 unchanged sentences

• Human Nutrition & Health segment earnings from operations increased $4,039 primarily due to a gross margin contribution of $5,714.

The increase in gross margin was primarily due to the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $4,736, primarily due to higher compensation-related costs of $2,281, higher professional services of $561, and higher amortization of $412.

The increase in gross margin was primarily due to the aforementioned higher sales and favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $1,679, primarily due to higher compensation-related costs of $915 and higher amortization of $244.

• Animal Nutrition & Health segment earnings from operations increased $1,713.

Gross margin contribution was $2,827, which was driven by the aforementioned higher sales, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $2,173, primarily due to higher compensation-related costs of $1,582 and higher professional services of $324.

The increase in gross margin was partially offset by an increase in operating expenses of $1,112, primarily due to higher compensation-related costs of $1,131.

• Specialty Products segment earnings from operations increased $1,624 primarily due to a gross margin contribution of $1,958.

The increase in gross margin was mainly due to the aforementioned higher sales.

The increase in gross margin was mainly due to the aforementioned higher sales and favorable mix, partially offset by certain higher manufacturing input costs.

Other Expenses

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Interest expense, net $ 1,938 $ 2,766 $ (828) (29.9) %

Other expense (income), net (498) (335) (163) (48.7) %

$ 1,440 $ 2,431 $ (991) (40.8) %

Interest expense for the three months ended June 30, 2026 and 2025 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

The decrease in net interest expense is primarily due to lower outstanding borrowings and lower interest rates.

Income Tax Expense

Three Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Income tax expense $ 13,166 $ 10,733 $ 2,433 22.7 %

Effective tax rate 22.8 % 21.9 %

The higher effective tax rate was primarily due to lower tax benefits from stock-based compensation .

Results of Operations - Six Months Ended June 30, 2026 and 2025

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Net sales $ 554,706 $ 505,986 $ 48,720 9.6 %

Gross margin 204,767 181,281 23,486 13.0 %

Operating expenses 89,920 78,824 11,096 14.1 %

Earnings from operations 114,847 102,457 12,390 12.1 %

Interest and other expenses 4,544 5,506 (962) (17.5) %

Income tax expense 25,403 21,620 3,783 17.5 %

Net earnings $ 84,900 $ 75,331 $ 9,569 12.7 %

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Human Nutrition & Health $ 348,522 $ 319,230 $ 29,292 9.2 %

Animal Nutrition & Health 126,643 113,305 13,338 11.8 %

Specialty Products 75,238 70,460 4,778 6.8 %

Other 4,303 2,991 1,312 43.9 %

Total $ 554,706 $ 505,986 $ 48,720 9.6 %

• The increase in net sales within the Human Nutrition & Health segment for the six months ended June 30, 2026 as compared to 2025 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 9.2%, with volume and mix contributing 7.1%, average selling prices contributing 1.1%, and the change in foreign currency exchange rates contributing 1.0%.

• The increase in net sales within the Animal Nutrition & Health segment for the six months ended June 30, 2026 as compared to 2025 was driven by higher sales in both the monogastric and ruminant species markets.

Total sales for this segment increased by 11.8%, with average selling prices contributing 6.6%, volume and mix contributing 3.8%, and the change in foreign currency exchange rates contributing 1.4%.

• The increase in net sales within the Specialty Products segment for the six months ended June 30, 2026 as compared to 2025 was due to higher sales in the performance gases business.

Total sales for this segment increased by 6.8%, with average selling prices contributing 4.1%, the change in foreign currency exchange rates contributing 2.1%, and volume and mix contributing 0.6%.

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Gross margin $ 204,767 $ 181,281 $ 23,486 13.0 %

% of net sales 36.9 % 35.8 %

Gross margin dollars increased in the six months ended June 30, 2026 as compared to 2025 due to the sales growth, manufacturing efficiencies and favorable mix, partially offset by certain higher manufacturing input costs.

Operating Expenses

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Operating expenses $ 89,920 $ 78,824 $ 11,096 14.1 %

% of net sales 16.2 % 15.6 %

The increase in operating expenses in the six months ended June 30, 2026 as compared to 2025 was primarily due to an increase in compensation-related costs of $8,069.

Earnings from Operations

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Human Nutrition & Health $ 82,401 $ 76,316 $ 6,085 8.0 %

Animal Nutrition & Health 10,919 8,750 2,169 24.8 %

Specialty Products 24,828 20,854 3,974 19.1 %

Other and unallocated (3,301) (3,463) 162 4.7 %

Earnings from operations $ 114,847 $ 102,457 $ 12,390 12.1 %

% of net sales (operating margin) 20.7 % 20.2 %

• Human Nutrition & Health segment earnings from operations increased $6,085 primarily due to a gross margin contribution of $12,498.

The increase in gross margin was primarily due to the aforementioned higher sales and favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $6,414, primarily due to higher compensation-related costs of $3,404 and higher amortization of $657.

• Animal Nutrition & Health segment earnings from operations increased $2,169 primarily due to a gross margin contribution of $5,452, which was driven by the aforementioned higher sales, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $3,284, primarily due to higher compensation-related costs of $2,717.

• Specialty Products segment earnings from operations increased $3,974 primarily due to a gross margin contribution of $5,132.

The increase in gross margin was mainly due to the aforementioned higher sales and favorable mix.

The increase in gross margin was partially offset by an increase in operating expenses of $1,158, primarily due to higher compensation-related costs of $1,748.

Other Expenses

Three Months Ended March 31, Increase

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

Interest expense, net $ 4,151 $ 5,690 $ (1,539) (27.0) %

Other expense, net 891 151 740 490.1 %

Other expense (income), net 393 (184) 577 313.6 %

$ 4,544 $ 5,506 $ (962) (17.5) %

Interest expense for the three months ended March 31, 2026 and 2025 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

Interest expense for the six months ended June 30, 2026 and 2025 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

The decrease in net interest expense is primarily due to lower outstanding borrowings and lower interest rates.

The increase in net other expense for the three months ended March 31, 2026 and 2025 was primarily related to foreign currency losses.

The increase in net other expense for the six months ended June 30, 2026 and 2025 was primarily related to foreign currency losses.

Income Tax Expense

Three Months Ended March 31, Increase

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

Effective tax rate 23.0 % 22.3 %

The higher effective tax rate was primarily due to an increase in certain state taxes.

The higher effective tax rate was primarily due to an increase in certain state taxes and lower tax benefits from stock-based compensation.

Liquidity and Capital Resources

During the three months ended March 31, 2026, there were no material changes outside the ordinary course of business in the specified contractual obligations set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.

During the six months ended June 30, 2026, there were no material changes outside the ordinary course of business in the specified contractual obligations set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.

We expect our operations to continue generating sufficient cash flow to fund working capital requirements and necessary capital investments.

1 unchanged sentence

We could seek additional bank loans or access to financial markets to fund such acquisitions, our operations, working capital, necessary capital investments or other cash requirements should we deem it necessary to do so.

Cash and cash equivalents decreased to $72,873 at March 31, 2026 from $74,570 at December 31, 2025.

At March 31, 2026, the Company had $66,825 of cash and cash equivalents held by foreign subsidiaries.

Cash and cash equivalents decreased to $63,174 at June 30, 2026 from $74,570 at December 31, 2025.

At June 30, 2026, the Company had $53,925 of cash and cash equivalents held by foreign subsidiaries.

We intend to permanently reinvest a significant portion of these foreign-held funds in foreign operations by continuing to make additional plant related investments, and potentially invest in partnerships or acquisitions;

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To the extent amounts are repatriated, we could be required to pay applicable withholding taxes on such repatriations.

Subsequent to March 31, 2026, we repatriated $23,460 from our Belgium subsidiary to pay down U.S.

Working capital was $236,401 at March 31, 2026 as compared to $189,230 at December 31, 2025, an increase of $47,171.

Significant cash payments during the three months ended March 31, 2026 included the payment of dividends declared in 2025 of $30,769, repurchases of common stock of $15,690, and capital expenditures and intangible assets acquired of $6,252.

Three Months Ended March 31, Increase

During the second quarter of 2026, we repatriated $23,460 from our Belgium subsidiary to pay down U.S.

Working capital was $242,669 at June 30, 2026 as compared to $189,230 at December 31, 2025, an increase of $53,439.

Significant cash payments during the six months ended June 30, 2026 included repurchases of common stock of $44,484, the payment of dividends declared in 2025 of $30,772, income taxes paid of $29,184, capital expenditures and intangible assets acquired of $17,138, and net debt payments of $12,000.

Six Months Ended June 30, Increase

(in thousands) 2026 2025 % Change

6 unchanged sentences

We continue to invest in corporate projects, improvements across all production facilities, and intangible assets.

Total investments in property, plant and equipment and intangible assets were $6,252 and $5,559 for the three months ended March 31, 2026 and 2025, respectively.

Total investments in property, plant and equipment and intangible assets were $17,138 and $12,372 for the six months ended June 30, 2026 and 2025, respectively.

Financing Activities

During the three months ended March 31, 2026, we borrowed $52,000 to fund the 2025 dividend, bonus payments, and share repurchases.

We made total loan payments of $47,000, resulting in $381,000 available under the 2022 Credit Agreement (see Note 7, Revolving Loan ) as of March 31, 2026.

On December 9, 2025, the Company's Board of Directors approved a new stock repurchase program (the "December 2025 program"), which replaced the previously approved June 1999 program.

During the six months ended June 30, 2026, we borrowed $80,000 to fund the 2025 dividend, bonus payments, and share repurchases.

We made total loan payments of $92,000, resulting in $398,000 available under the 2022 Credit Agreement (see Note 7, Revolving Loan ) as of June 30, 2026.

On July 24, 2026, the Company entered into Amendment No.

1 to the 2022 Credit Agreement (the "Credit Agreement Amendment").

The Credit Agreement Amendment increased the aggregate revolving commitment amount from $550,000 to $650,000, extended the maturity date of the credit facility from July 27, 2027 to July 24, 2031, and made certain other amendments to the facility terms.

The Company used initial proceeds from the Credit Agreement Amendment to repay the outstanding balance of $152,000 due in July 2027 under the 2022 Credit Agreement.

The Credit Agreement Amendment expands our ability to fund growth, innovation, and acquisitions.

On December 9, 2025, the Company's Board of Directors approved a stock repurchase program (the "December 2025 program"), which replaced the previously approved June 1999 program.

The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares.

This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time.

The stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time.

Since the inception of the December 2025 program, a total of 342,788 shares have been repurchased.

3 unchanged sentences

Such repurchases of shares from employees are funded with existing cash on hand.

Repurchases of common stock were $15,690 and $5,325 for the three months ended March 31, 2026 and 2025, respectively.

Proceeds from stock options exercised were $6,727 and $1,668 for the three months ended March 31, 2026 and 2025, respectively.

Dividend payments were $30,769 and $28,263 for the three months ended March 31, 2026 and 2025, respectively.

Repurchases of common stock were $44,484 and $38,589 for the three months ended June 30, 2026 and 2025, respectively.

Proceeds from stock options exercised were $7,742 and $6,222 for the six months ended June 30, 2026 and 2025, respectively.

Dividend payments were $30,772 and $28,265 for the six months ended June 30, 2026 and 2025, respectively.

Other Matters Impacting Liquidity

As of March 31, 2026 and December 31, 2025, w e have a liability of $6,838 and $6,731, respectively, for uncertain tax positions, including the related interest and penalties, recorded in accordance with ASC 740-10, for which we are unable to reasonably estimate the timing of settlement, if any.

As of June 30, 2026 and December 31, 2025, w e have a liability of $6,945 and $6,731, respectively, for uncertain tax positions, including the related interest and penalties, recorded in accordance with ASC 740-10, for which we are unable to reasonably estimate the timing of settlement, if any.

We currently provide postretirement benefits in the form of two retirement medical plans, as discussed in Note 14, Employee Benefit Plans .

The liabilities recorded in "Other long-term obligations" on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were $1,112 and $1,122, respectively, and the plans are not funded.

The liabilities recorded in "Other long-term obligations" on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 were $1,128 and $1,122, respectively, and the plans are not funded.

Historical cash payments made under these plans have typically been less than $200 per year.

2 unchanged sentences

The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees.

The amounts recorded for this obligation on our balance sheets as of March 31, 2026 and December 31, 2025 was $887 and $869, respectively, and was included in "Other long-term obligations" on the condensed consolidated balance sheets.

The amounts recorded for this obligation on our balance sheets as of June 30, 2026 and December 31, 2025 was $911 and $869, respectively, and was included in "Other long-term obligations" on the condensed consolidated balance sheets.

We provide an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees.

Assets of the plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company.

The deferred compensation liability was $13,271 as of March 31, 2026, of which $13,248 was included in "Other long-term obligations" and $23 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The deferred compensation liability was $14,095 as of June 30, 2026, of which $14,070 was included in "Other long-term obligations" and $25 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The deferred compensation liability was $12,806 as of December 31, 2025, of which $12,781 was included in "Other long-term obligations" and $25 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The related rabbi trust assets were $13,265 as of March 31, 2026, of which $13,242 was included in "Other non-current assets" and $23 was included in "Other current assets" on the condensed consolidated balance sheets.

The rabbi trust assets were $12,798 as of December 31, 2025, of which $12,773 was included in "Other non-current assets" and $25 was included in "Other current assets" on the Company's condensed consolidated balance sheets.

The related rabbi trust assets were $14,084 as of June 30, 2026, of which $14,059 was included in "Other non-current assets" and $25 was included in "Other current assets" on the condensed consolidated balance sheets.

rabbi trust assets were $12,798 as of December 31, 2025, of which $12,773 was included in "Other non-current assets" and $25 was included in "Other current assets" on the Company's condensed consolidated balance sheets.

Significant Accounting Policies

There were no changes to our Significant Accounting Policies, as described in our December 31, 2025 Annual Report on Form 10 - K, during the three months ended March 31, 2026.

There were no changes to our Significant Accounting Policies, as described in our December 31, 2025 Annual Report on Form 10 - K, during the six months ended June 30, 2026.

Related Party Transactions

We were engaged in related party transactions with St.

Gabriel CC Company, LLC during the three months ended March 31, 2026.

Gabriel CC Company, LLC during the three and six months ended June 30, 2026.

Refer to Note 17, Related Party Transactions .

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