What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-05 compared with 2025-08-06 · 75 added, 73 removed, 198 unchanged (43% of the section changed)

41 unchanged sentences

Credit Facilities

On March 17, 2023, we became party to a senior secured credit agreement (the “Credit Agreement”) which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”) and we entered into a $350 million, 3-year term loan facility (the “Term Facility”).

Funding for both facilities became available in connection with the Separation.

On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Term Loan”) of £300 million.

On the same day, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.

In the six months ended June 30, 2025, we drew down $348.0 million and repaid $342.0 million on our Revolving Facility to fund working capital requirements.

In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to fund working capital requirements.

We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.

On May 3, 2024, we acquired OpSec Security for a base purchase price of $270 million.

We utilized $210.0 million from our Revolving Facility and cash on hand to fund the acquisition.

OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions.

On September 15, 2025, we entered into a commitment for a senior secured 364-day Bridge Facility of $602 million and a Backstop Facility of $831 million.

The Backstop Facility was in place until October 7, 2025 when the amendment to the Credit Agreement was ratified.

The Bridge Facility is available to fund the Antares Vision acquisition and related transactions until permanent financing is secured.

Antares Vision Acquisition

On September 12, 2025, Crane NXT entered into definitive agreements to acquire Antares Vision, a publicly traded Italian joint stock company listed on the Italian stock exchange, through a phased transaction.

The total enterprise value of Antares Vision, inclusive of equity and net debt, is approximately €445 million.

The first phase of the transaction is expected to close in the fourth quarter of 2025 with the final phase of the transaction anticipated in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Antares Vision is a global provider of inspection and detection systems that ensure product safety and quality control, as well as track and trace software solutions that help prevent counterfeiting and provides visibility of products throughout the supply chain.

The acquisition advances our strategy and expands the Company’s portfolio in growing end markets, including Life Sciences and Food and Beverage.

DLR Acquisition

On May 1, 2025, we acquired De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million .

3 unchanged sentences

Restructuring

In the second quarter of 2025 we initiated restructuring actions as follows:

In the second and third quarter of 2025 we initiated restructuring actions as follows:

• We recorded $8.5 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses.

4 unchanged sentences

We continue to monitor developments in global trade policies and tariff regulations.

As of August 6, 2025, we expect to mitigate the impact of tariffs on operating profit with pricing and productivity initiatives.

As of November 5, 2025, we expect to mitigate the majority of tariffs on operating profit with pricing and productivity initiatives.

The related macroeconomic uncertainty is also affecting demand, primarily in our CPI vending business, which is driving lower sales volumes.

See Item 1A, “Risk Factors” for more details.

2 unchanged sentences

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results from Operations – Three Month Periods Ended June 30,

Results from Operations – Three Month Periods Ended September 30,

The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes.

All comparisons below refer to the second quarter 2025 versus the second quarter 2024 , unless otherwise specified.

Three Months Ended June 30, Favorable/(Unfavorable) Change

All comparisons below refer to the third quarter 2025 versus the third quarter 2024 , unless otherwise specified.

Three Months Ended September 30, Favorable/(Unfavorable) Change

(in millions) 2025 2024 $ %

19 unchanged sentences

The change in sales included:

• sales benefit from the DLR and OpSec acquisitions of $26.7 million, or 7.2%,

• favorable foreign currency translation of $10.1 million, or 2.7% driven primarily by the strengthening of the euro, Swedish krona, British pound and Japanese yen against the U.S.

• core sales decline of $3.0 million, or 0.8%, driven primarily by lower volumes in CPI, partially offset by higher core sales in SAT.

• sales benefit from the DLR acquisition of $28.3 million, or 7.0%,

• favorable foreign currency translation of $7.6 million, or 1.9% driven primarily by the strengthening of the euro, British pound, Swedish krona and Japanese yen against the U.S.

• core sales increase of $5.7 million, or 1.4%, driven primarily by our SAT segment, partially offset by lower volumes in CPI.

Cost of sales increased by $20.3 million, or 8.7%, to $252.5 million in 2025.

1 unchanged sentence

Selling, general and administrative expenses increased by $10.9 million, or 11.3%, to $107.2 million in 2025.

The increase was driven primarily by the impact of acquisitions in SAT and higher transaction related expenses.

Operating profit decreased by $19.7 million, or 29.1%, to $47.9 million in 2025.

The decrease was driven primarily by the impact of lower volumes in CPI and the dilutive impact of acquisitions and restructuring charges, partially offset by higher volumes in SAT.

Productivity gains across both segments were largely offset by higher manufacturing and administrative costs, net of favorable pricing.

Included in operating profit is $12.4 million of transaction related expenses compared to $6.5 million in the prior-year comparable period.

Our effective tax rate for the three months ended June 30, 2025 was lower than the prior year’s comparable period primarily due to the mix of non-U.S.

The increase was driven primarily by the impact of acquisitions in SAT and unfavorable foreign currency translation.

Operating profit increased by $6.9 million, or 9.2%, to $81.9 million in 2025.

The increase was driven primarily by favorable pricing and productivity gains across both segments, partially offset by the impact of lower volumes in CPI and the dilutive impact of acquisitions.

Restructuring charges were largely offset by cost-saving actions.

Our effective tax rate for the three months ended September 30, 2025 was lower than the prior year’s comparable period primarily due to the mix of non-U.S.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment Results of Operations - Three Month Periods Ended June 30,

Crane Payment Innovations (“CPI”)

Three Months Ended June 30, Favorable/(Unfavorable) Change

Segment Results of Operations - Three Month Periods Ended September 30,

Crane Payment Innovations

Three Months Ended September 30, Favorable/(Unfavorable) Change

(in millions) 2025 2024 $ %

12 unchanged sentences

• Sales of Payment Acceptance and Dispensing Products decreased by $9.6 million, or 5.0%, to $181.3 million in 2025.

The decrease was driven by core sales decline of $16.8 million, or 8.8%, as favorable pricing was more than offset by anticipated lower volumes primarily in retail and gaming, partially offset by favorable foreign currency translation of $3.3 million, or 1.7%, primarily reflecting the strengthening of the British pound and Japanese yen against the U.S.

• Service revenue increased by $0.5 million, or 1.5%, to $34.3 million in 2025, primarily driven by favorable pricing.

Cost of sales decreased by $2.9 million, or 2.5%, to $111.7 million in 2025, primarily driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, unfavorable foreign currency translation and higher material and other manufacturing costs.

Selling, general and administrative expense increased by $1.1 million, or 2.3%, to $49.5 million in 2025, driven primarily by unfavorable foreign currency translation.

Higher administrative and selling costs were largely offset by cost saving actions.

The decrease was driven by a core sales decline of $11.1 million, or 5.8%, as favorable pricing was more than offset by anticipated lower volumes primarily in vending, partially offset by favorable foreign currency translation of $1.5 million, or 0.8%, reflecting the strengthening of the British pound and Japanese yen against the U.S.

• Service revenue increased by $1.0 million, or 2.9%, to $35.0 million in 2025, driven by favorable pricing.

Cost of sales decreased by $4.4 million, or 3.9%, to $109.2 million in 2025, driven by the impact of lower sales volumes.

Selling, general and administrative expense decreased by $1.4 million, or 3.0%, to $45.3 million in 2025, driven by cost saving actions.

Operating profit decreased by $3.9 million, or 6.0%, to $60.7 million in 2025.

The decrease primarily reflected the impact of lower volumes of $12.1 million, or 19.7%, and unfavorable mix of $3.7 million, or 6.0%, partially offset by productivity gains and the net impact of cost saving actions of $3.6 million, or 5.9%.

The decrease reflected the impact of lower volumes of $9.5 million, or 14.7%, and unfavorable mix of $2.6 million, or 4.0%, partially offset by favorable pricing, net of inflation of $4.1 million, or 6.4%, and productivity gains and net cost saving actions of $4.0 million, or 6.2%.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Security and Authentication Technologies (“SAT”)

Three Months Ended June 30, Favorable/(Unfavorable) Change

Security and Authentication Technologies

Three Months Ended September 30, Favorable/(Unfavorable) Change

(in millions) 2025 2024 $ %

10 unchanged sentences

Operating margin 17.2 % 16.4 %

Sales increased by $46.8 million, or 32.0%, to $193.0 million in 2025, primarily driven by the sales benefit from the DLR and OpSec acquisitions of $26.7 million, or 18.3%, core sales growth of $13.4 million, or 9.1%, and favorable foreign currency translation of $6.7 million or 4.6%.

Sales increased by $50.2 million, or 28.1%, to $228.8 million in 2025, driven by the sales benefit from the DLR acquisition of $28.3 million, or 15.8%, core sales growth of $15.8 million, or 8.8%, and favorable foreign currency translation of $6.1 million or 3.4%.

• Banknote and security product sales increased by $22.8 million, or 15.7%, to $168.2 million in 2025.

The increase was driven by core sales growth of $13.9 million, or 11.2%, primarily due to higher sales in international markets.

Included in the sales increase was favorable foreign currency translation of $5.5 million, or 4.4%, primarily reflecting the strengthening of the euro and Swedish krona against the U.S.

• Authentication products and solutions sales increased by $27.4 million to $49.5 million in 2025, primarily driven by the sales benefit from acquisitions.

Cost of sales increased by $28.8 million, or 30.3%, to $123.9 million in 2025, primarily due to the impact of the DLR and OpSec acquisitions of $18.2 million, or 19.1%, acquisition related amortization and fair value step-up of $7.3 million, or 7.7%, and unfavorable foreign currency translation.

Selling, general and administrative expense increased by $17.9 million, or 66.1%, to $45.0 million in 2025, primarily due to the impact from acquisitions and higher transaction related expenses.

Operating profit decreased by $6.0 million, or 25.0%, to $18.0 million in 2025, reflecting the dilutive impact of the DLR and OpSec acquisition related amortization, fair value step-up and transaction costs of $10.4 million, or 43.3%, higher material and other manufacturing costs net of favorable pricing of $6.8 million, or 28.3%, and higher restructuring charges of $6.1 million, or 25.4%, partially offset by the impact of higher volumes of $7.3 million, or 30.4%, productivity gains of $5.0 million, or 20.8%, and favorable mix of $2.0 million, or 8.3%.

The increase was driven by core sales growth of $16.9 million, or 11.6%, primarily due to higher volumes in U.S.

and international markets.

Included in the sales increase was favorable foreign currency translation of $5.9 million, or 4.1%, reflecting the strengthening of the euro and Swedish krona against the U.S.

• Authentication products and solutions sales increased by $27.4 million to $60.6 million in 2025, driven by the sales benefit from the DLR acquisition.

Cost of sales increased by $24.7 million, or 20.8%, to $143.3 million in 2025, due to the impact of the DLR acquisition of $16.2 million, or 13.7%, acquisition related amortization and fair value step-up of $7.1 million, or 6.0%, and unfavorable foreign currency translation of $4.8 million, or 4.0%.

Selling, general and administrative expense increased by $13.1 million, or 42.7%, to $43.8 million in 2025, due to the impact of the DLR acquisition and higher administrative expenses.

Operating profit increased by $10.0 million, or 34.1%, to $39.3 million in 2025, reflecting the impact of higher volumes of $5.8 million, or 19.9%, favorable mix of $4.6 million, or 15.7%, and productivity gains of $4.3 million, or 14.8%, partially offset by dilutive impact of the DLR acquisition of $3.1 million, or 10.5%, predominantly due to acquisition related amortization and fair value step-up.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results from Operations – Six Month Periods Ended June 30,

Results from Operations – Nine Month Periods Ended September 30,

The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes.

All comparisons below refer to the first six months of 2025 versus the first six months of 2024, unless otherwise specified.

Six Months Ended June 30, Favorable/(Unfavorable) Change

All comparisons below refer to the first nine months of 2025 versus the first nine months of 2024, unless otherwise specified.

Nine Months Ended September 30, Favorable/(Unfavorable) Change

(in millions) 2025 2024 $ %

20 unchanged sentences

The change in sales included:

• sales benefit from the OpSec and DLR acquisitions of $59.8 million, or 8.7%,

• sales benefit from the DLR and OpSec acquisitions of $89.4 million, or 8.2%,

• core sales decline of $10.2 million, or 0.9%, driven by lower volumes in CPI, and

• favorable foreign currency translation of $6.6 million, or 1.0%, driven primarily by the strengthening of the euro and British pound against the U.S.

• favorable foreign currency translation of $12.9 million, or 1.2%, driven by the strengthening of the euro and British pound against the U.S.

Cost of sales increased by $75.1 million, or 12.5%, to $678.2 million in 2025.

The increase was driven primarily by the impact of acquisitions in SAT, under absorption of manufacturing overhead in the Currency business, unfavorable mix in CPI and unfavorable foreign currency translation, partially offset by the impact of lower volumes in CPI and productivity gains across both segments.

The increase was driven by the impact of the DLR acquisition in SAT, under absorption of manufacturing overhead in the Currency business, unfavorable mix in CPI and unfavorable foreign currency translation, partially offset by the impact of lower volumes in CPI and productivity gains across both segments.

Selling, general and administrative expenses increased by $39.8 million, or 14.0%, to $323.7 million in 2025.

The increase was driven primarily by the impact of acquisitions in SAT.

The increase was driven by the impact of the DLR acquisition in SAT.

Operating profit decreased by $30.9 million, or 15.6%, to $167.1 million in 2025.

The decrease was primarily driven by the impact of lower volumes in the CPI segment, the dilutive impact of acquisitions, under absorption of manufacturing overhead net of favorable pricing in SAT and unfavorable mix in CPI, partially offset by productivity gains across both segments.

Our effective tax rate for the six months ended June 30, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S earnings.

The decrease was driven by the impact of lower volumes in CPI, the dilutive impact of the DLR acquisition in SAT, under absorption of manufacturing overhead, higher transaction related expenses and unfavorable mix in CPI, partially offset by productivity gains across both segments.

Our effective tax rate for the nine months ended September 30, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S earnings.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment Results of Operations - Six Month Periods Ended June 30,

Segment Results of Operations - Nine Month Periods Ended September 30,

Crane Payment Innovations

Six Months Ended June 30,

Nine Months Ended September 30,

Favorable/(Unfavorable) Change

13 unchanged sentences

• Sales of Payment Acceptance and Dispensing Products decreased $29.6 million, or 5.3%, to $528.3 million in 2025.

The decrease reflected lower core sales of $21.9 million, or 6.0%, as favorable pricing was more than offset by anticipated lower volumes primarily in gaming, partially offset by favorable foreign currency translation of $1.9 million, or 0.5%, primarily reflecting the strengthening of the British pound against the U.S.

• Service revenue increased by $0.9 million, or 1.4%, to $67.3 million in 2025, primarily driven by favorable pricing.

Cost of sales decreased by $3.9 million, or 1.8%, to $215.5 million in 2025, primarily driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, higher material and other manufacturing costs and unfavorable foreign currency translation.

Selling, general and administrative expense increased by $1.7 million, or 1.7%, to $98.9 million in 2025, as the impact of cost saving actions was more than offset by increased administrative costs.

The decrease reflected lower core sales of $33.0 million, or 5.9%, as favorable pricing was more than offset by anticipated lower volumes primarily in gaming and vending, partially offset by favorable foreign currency translation of $3.4 million, or 0.6%, reflecting the strengthening of the British pound and Japanese yen against the U.S.

• Service revenue increased by $1.9 million, or 1.9%, to $102.3 million in 2025, driven by favorable pricing.

Cost of sales decreased by $8.3 million, or 2.5%, to $324.7 million in 2025, driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, higher material and other manufacturing costs and unfavorable foreign currency translation.

Selling, general and administrative expense increased by $0.3 million, or 0.2%, to $144.2 million in 2025, driven by higher administrative costs largely offset by cost-saving actions.

Operating profit decreased by $19.3 million, or 10.8%, to $159.4 million in 2025.

The decrease primarily reflected the impact of lower volumes of $15.9 million, or 13.9%.

Unfavorable mix of $10.3 million, or 9.0%, was largely offset by productivity gains of $6.3 million, or 5.5% and the net impact of cost saving actions of $6.2 million, or 5.4%.

The decrease reflected the impact of lower volumes of $25.4 million, or 14.2%, unfavorable mix of $12.9 million, or 7.2%, partially offset by productivity gains of $8.5 million, or 4.7%, and the impact of cost saving actions of $7.7 million, or 4.3%.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Security and Authentication Technologies

Six Months Ended June 30, Favorable/(Unfavorable) Change

Nine Months Ended September 30, Favorable/(Unfavorable) Change

(in millions) 2025 2024 $ %

10 unchanged sentences

Operating margin 10.9 % 17.1 %

Sales increased by $69.6 million, or 27.8%, to $320.4 million in 2025, primarily reflecting the sales benefit from the OpSec and DLR acquisitions of $59.8 million, or 23.8%, and higher core sales of $5.1 million, or 2.0%, and favorable foreign currency translation of $4.7 million, or 1.9%.

• Banknote and security product sales increased by $9.4 million, or 4.1%, to $236.9 million in 2025, reflecting higher core sales primarily due to higher sales in international markets, and favorable foreign currency translation, primarily reflecting the strengthening of the euro against the U.S.

• Authentication products and solutions sales increased by $60.2 million to $83.5 million in 2025, primarily driven by the sales benefit from acquisitions.

Cost of sales increased by $58.7 million, or 38.7%, to $210.2 million in 2025, primarily due to the impact of the OpSec and DLR acquisitions of $38.5 million, or 25.4%, the acquisition related amortization and fair value step-up of $11.1 million, or 7.3%, and under absorption of manufacturing overhead related to the planned equipment shutdown in the first quarter of 2025, partially offset by productivity gains.

Selling, general and administrative expense increased by $28.6 million, or 51.9%, to $83.7 million in 2025, primarily due to the impact of acquisitions and higher transaction related expenses.

Operating profit decreased by $23.8 million, or 53.8%, to $20.4 million in 2025, reflecting the dilutive impact of the OpSec and DLR acquisition related amortization, fair value step-up and transaction costs of $14.2 million, or 32.1%, and higher manufacturing costs primarily due to the under absorption of manufacturing overhead, net of favorable pricing of $13.2 million, or 29.9%.

Higher restructuring charges of $6.1 million, or 13.8%, were more than offset by productivity gains of $8.2 million, or 18.6%.

Sales increased by $119.8 million, or 27.9%, to $549.2 million in 2025, reflecting the sales benefit from the OpSec and DLR acquisitions of $89.4 million, or 20.8%, higher core sales of $20.9 million, or 4.9%, and favorable foreign currency translation of $9.5 million, or 2.2%.

• Banknote and security product sales increased by $32.2 million, or 8.6%, to $405.1 million in 2025, reflecting higher core sales in both U.S.

and international markets, and favorable foreign currency translation, reflecting the strengthening of the euro and Swedish krona against the U.S.

• Authentication products and solutions sales increased by $87.6 million to $144.1 million in 2025, driven by the sales benefit from acquisitions.

Cost of sales increased by $83.4 million, or 30.9%, to $353.5 million in 2025, due to the impact of the OpSec and DLR acquisitions of $55.8 million, or 20.6%, acquisition related amortization and fair value step-up, under absorption of manufacturing overhead related to the planned equipment shutdown in the first quarter of 2025, unfavorable foreign currency translation, partially offset by productivity gains and the impact of higher volumes.

Selling, general and administrative expense increased by $41.7 million, or 48.6%, to $127.5 million in 2025, due to the impact of acquisitions.

Operating profit decreased by $13.8 million, or 18.8%, to $59.7 million in 2025, reflecting the dilutive impact of the OpSec and DLR acquisitions due to acquisition related amortization and fair value step-up of $16.4 million, or 22.4%, higher manufacturing costs primarily due to the under absorption of manufacturing overhead, net of favorable pricing of $12.2 million, or 16.6%, restructuring charges of $8.5 million, or 11.6%, partially offset by productivity gains of $12.5 million, or 17.0%, the impact of higher volumes of $5.0 million, or 6.8% and favorable mix of $4.5 million, or 6.1%.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

4 unchanged sentences

Effect of exchange rates on cash, cash equivalents and restricted cash 15.1 2.4

Decrease in cash, cash equivalents and restricted cash $ (8.9) $ (44.1)

Increase (decrease) in cash, cash equivalents and restricted cash $ 21.4 $ (53.2)

Our operating philosophy is to deploy cash provided from operating activities, when appropriate, to provide value to stockholders by reinvesting in existing businesses, by making acquisitions that will strengthen and complement our portfolio;

3 unchanged sentences

Our current cash balance, together with cash we expect to generate from future operations along with borrowings available under the Credit Agreement, is expected to be sufficient to finance our short- and long-term capital requirements.

In the six months ended June 30, 2025, we drew down $348.0 million and repaid $342.0 million on our Revolving Facility to fund working capital requirements.

In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to support working capital needs.

We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.

Operating Activities

Cash provided by operating activities was $43.7 million in the first six months of 2025, compared with $66.3 million in the comparable period last year.

The decrease in cash provided by operating activities was primarily driven by lower net income, partially offset by lower working capital requirements.

Cash provided by operating activities was $135.7 million in the first nine months of 2025, compared with $133.0 million in the comparable period last year.

The increase in cash provided by operating activities was primarily driven by lower working capital requirements.

Investing Activities

1 unchanged sentence

Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.

Cash used for investing activities was $412.6 million in the first six months of 2025, compared with $291.1 million in the comparable period last year.

Cash used for investing activities was $422.7 million in the first nine months of 2025, compared with $304.4 million in the comparable period last year.

The increase in cash used for investing activities was primarily driven by the payment for the acquisition of DLR.

1 unchanged sentence

Cash provided by financing activities consists primarily of dividend payments to shareholders, repayments of indebtedness, and proceeds from our credit facilities.

Cash provided by financing activities was $344.8 million during the first six months of 2025, compared with $190.2 million in the comparable period last year.

The increase in cash provided by financing activities was primarily driven by higher net proceeds from the Term Loan used to fund the acquisition of DLR, partially offset by lower net proceeds from the Revolving Facility.

Cash provided by financing activities was $293.3 million during the first nine months of 2025, compared with $115.8 million in the comparable period last year.

The increase was primarily driven by higher net proceeds from the Term Loan used to fund the acquisition of DLR, partially offset by net payments on the Revolving Facility in the first nine month of 2025 compared to net proceeds from Revolving Facility during the same period in 2024.

Recent Accounting Pronouncements

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