What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-06 compared with 2026-02-04 · 242 added, 61 removed, 203 unchanged (60% of the section changed)

15 unchanged sentences

On January 2, 2026, we acquired a controlling interest in Founders One, LLC ("Founders"), which through its subsidiary, Simple Management Group, Inc.

(“SMG”), operates 105 pawn stores in the U.S.

and 11 additional countries.

This transaction expands our geographic footprint in attractive markets, including Florida and Puerto Rico, strengthens our partnership with a proven management team, and provides a platform for domestic and international growth.

The total consideration transferred is estimated to be approximately $64.4 million, consisting of the conversion of our existing $45.0 million preferred equity investment, $10.0 million of Demand Promissory Notes, and an additional $9.4 million in cash.

The acquisition was funded through a combination of the conversion of existing investments and cash on hand.

Following the transaction, we own approximately 87.7% of Founders, which controls SMG with an 85.1% ownership interest, and we expect to consolidate Founder’s financial results going forward.

We expect this acquisition to be immediately accretive to earnings and to meaningfully contribute to our financial results.

In connection with the acquisition, we entered into a three-year, senior secured debt facility to provide SMG $156.4 million in funding at 13% per annum, replacing SMG’s third-party debt.

This intercompany debt will be eliminated upon consolidation.

("SMG"), operated 105 pawn stores in the U.S.

and 11 additional countries at the time of acquisition.

This transaction expands our geographic footprint in attractive markets, including Florida and Puerto Rico and provides a platform for domestic and international growth.

Following the transaction, we own 87.7% of Founders, which controls SMG with an 85.1% ownership interest.

SMG's results are consolidated in our financial statements from January 2, 2026 and are reported within our SMG segment.

Business Overview

30 unchanged sentences

We remain focused on optimizing our balance of pawn loans outstanding (“PLO”) and the resulting higher PSC.

The following chart presents sources of gross profit, including PSC, merchandise sales gross profit (“Merchandise sales GP”) and jewelry scrap gross profit (“Jewelry Scrap GP”) for the three months ended December 31, 2025 and 2024:

The following chart presents sources of gross profit by geographic disbursement for the three months ended December 31, 2025 and 2024:

The following chart presents sources of gross profit by geographic disbursement for the three and six months ended March 31, 2026 and 2025:

Results of Operations

15 unchanged sentences

The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S.

dollars as of and for the three months ended December 31, 2025 and 2024 were as follows:

December 31, Three Months Ended

dollars as of and for the three and six months ended March 31, 2026 and 2025 were as follows:

March 31, Three Months Ended

March 31, Six Months Ended

2026 2025 2026 2025 2026 2025

4 unchanged sentences

Operating Results

We manage our business and report our financial results in three reportable segments:

Pawn — Represents all pawn activities in the United States;

• Latin America Pawn — Represents all pawn activities in Mexico and other parts of Latin America;

• Other Investments — Represents our equity interest in Cash Converters and our investment in and notes receivable from Founders.

As a result of the acquisition of Founders and SMG effective January 2, 2026, the composition of our reportable segments changed beginning in the second quarter of fiscal 2026.

Refer to Note 2:

Acquisitions of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.” for further details.

SMG is now reported as a standalone reportable segment.

Our equity interest in CCV is now included within Corporate.

Prior period segment information has been recast to reclassify CCV equity income and interest income from notes receivable from Founders from the "Other Investments" segment to Corporate.

Because SMG was not a consolidated subsidiary in any prior period presented, no prior period SMG segment results exist in our consolidated financial statements.

We currently report our segments as follows:

Pawn — all pawn activities in the United States, except for SMG;

• Latin America Pawn — all pawn activities in Mexico and other parts of Latin America, except for SMG;

• SMG — all pawn activities of Simple Management Group, Inc.

Store Count by Segment

Three Months Ended December 31, 2025

Pawn Latin America Pawn Consolidated

Six Months Ended March 31, 2026

Pawn Latin America Pawn SMG Consolidated

As of September 30, 2025 545 815 — 1,360

3 unchanged sentences

As of December 31, 2025 547 836 — 1,383

Three Months Ended December 31, 2024

New locations opened — 4 2 6

Locations acquired 12 — 105 117

As of March 31, 2026 559 840 107 1,506

Six Months Ended March 31, 2025

Pawn Latin America Pawn Consolidated

2 unchanged sentences

As of December 31, 2024 542 741 1,283

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

The tables below and discussion that follows should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.

The following table presents selected summary financial data for the U.S.

New locations opened — 9 9

Locations acquired — 1 1

Locations combined or closed — (9) (9)

As of March 31, 2025 542 742 1,284

Three Months Ended March 31, 2026 vs.

Three Months Ended March 31, 2025

These tables, as well as the discussion that follows, should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related notes.

The following table presents selected summary financial data for our U.S.

Pawn segment:

Three Months Ended

December 31, Change

March 31, Change

(in thousands) 2026 2025

14 unchanged sentences

Segment operating contribution 78,080 48,961 59%

Other segment income — (11) (100)%

Other expense (income) — 4 (100)%

Segment contribution $ 78,080 $ 48,957 59%

10 unchanged sentences

The change was not material.

During the three months ended December 31, 2025, segment store count increased to 547.

PLO ended the quarter at $230.5 million, an increase of 16% (13% on a same-store basis) due to increase in average loan size, strong loan demand and improved operational performance.

Net inventory increased 20% due to the increase in PLO, layaways and purchases.

Inventory turnover remained consistent at 2.3x.

Aged general merchandise decreased by 95 bps to 2.3%, or $0.9 million of total general merchandise inventory.

Total revenues and gross profit increased 27%, driven by increased jewelry scrap sales, PSC, and merchandise sales.

Pawn service charges increased 13% as a result of higher average PLO.

Merchandise sales increased 8%, and merchandise sale gross profit increased 170 bps.

Merchandise sales increased 9% (7% on a same-store basis), and sales gross margin increased by 170bps to 38%.

Jewelry scrap sales increased 228%, and jewelry scrap sales gross margin increased from 22% to 41% due to increase in gold price and jewelry purchases.

Store expenses increased 9% (6% on a same-store basis) primarily due to increased labor, in line with store activity.

Segment contribution increased 59% to $78.1 million.

Segment store count increased by 12 to 559 due to the El Bufalo acquisition in the second quarter of fiscal 2026.

Latin America Pawn

The following table presents selected summary financial data for the Latin America Pawn segment, including constant currency results, after translation to U.S.

dollars from its functional currencies noted above under “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information.”

Three Months Ended March 31,

(in thousands) 2026 (GAAP) 2025 (GAAP) Change (GAAP) 2026 (Constant Currency) Change (Constant Currency)

Gross profit:

Pawn service charges $ 37,976 $ 28,323 34% $ 34,186 21%

Merchandise sales 68,762 52,552 31% 61,448 17%

Merchandise sales gross profit 23,535 15,769 49% 20,982 33%

Gross margin on merchandise sales 34.2 % 30.0 % 420bps 34.1 % 410bps

Jewelry scrap sales 6,640 4,040 64% 5,801 44%

Jewelry scrap sales gross profit 2,503 966 159% 2,184 126%

Gross margin on jewelry scrap sales 37.7 % 23.9 % 1,379bps 37.6 % 1,374bps

Other revenues, net 16 16 —% 14 (13)%

Gross profit 64,030 45,074 42% 57,366 27%

Segment operating expenses:

Store expenses 42,523 29,349 45% 37,817 29%

Depreciation and amortization 2,733 1,989 37% 2,453 23%

Segment operating contribution 18,774 13,736 37% 17,096 24%

Other segment income (343) (137) 150% (51) (63)%

Segment contribution $ 19,117 $ 13,873 38% $ 17,147 24%

Average monthly ending pawn loan balance per store (a)

$ 99 $ 81 22% $ 89 10%

Monthly average yield on pawn loans outstanding 16 % 16 % 21bps 16 % —bps

Pawn collateral - general merchandise 52 % 61 % (860)bps 51 % (960)bps

Pawn collateral - jewelry 48 % 39 % 860bps 49 % 960bps

* Represents a percentage computation that is not mathematically meaningful.

(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.

2026 Change (GAAP) 2026 Change (Constant Currency)

Same-store data:

Merchandise Sales 21% 8%

Merchandise Sales Gross Profit 39% 24%

Store Expenses 33% 19%

PLO improved to $86.3 million, an increase of 38% (27% on constant currency basis).

On a same-store basis, PLO increased 25% (15% increase on a constant currency basis) due to strong loan demand and improved operational performance.

Net inventory increased 21% (10% on a constant currency basis) due to an increase in PLO.

Inventory turnover remained consistent at 3.2x.

On a same-store basis, net inventory increased by 11% (consistent on a constant currency basis).

Aged general merchandise decreased below 1% of total general merchandise inventory.

Total revenues increased 34% (19% on constant currency basis), and gross profit increased 42% (27% on a constant currency basis), primarily due to increased jewelry scrap sales, PSC, and merchandise sales.

PSC increased to $38.0 million, an increase of 34% (21% on a constant currency basis) as a result of higher average PLO.

Merchandise sales increased 31% (17% on constant currency basis) and increased 21% on a same-store basis (8% increase on a constant currency basis).

Merchandise sales gross margin increased to 34% from 30%.

Jewelry scrap sales increased 64%, and jewelry scrap sales gross margin increased to 38% from 24% due to increase in gold price.

Store expenses increased 45% (29% increase on a constant currency basis) and increased 33% on a same-store basis (19% increase on a constant currency basis) due to increased labor, in line with store activity and minimum wage increases.

Segment contribution increased 38% to $19.1 million (24% on a constant currency basis).

Segment store count increased by 4 to 840 during the quarter due to the addition of 4 de novo stores.

The following table presents selected financial data for our SMG segment.

As described above, SMG is consolidated in our financial statements beginning January 2, 2026;

accordingly, prior period results do not include SMG operating results and period-over-period comparisons for this segment are not meaningful.

Three Months Ended

(in thousands) 2026

Gross profit:

Pawn service charges $ 14,382

Merchandise sales 17,819

Merchandise sales gross profit 5,905

Gross margin on merchandise sales 33.1 %

Jewelry scrap sales 19,110

Jewelry scrap sales gross profit 5,850

Gross margin on jewelry scrap sales 30.6 %

Gross profit 26,137

Segment operating expenses:

Store expenses 16,614

Depreciation and amortization 674

Segment operating contribution 8,849

Other expense (income) 38

Segment contribution $ 8,811

Average monthly ending pawn loan balance per store (a)

Monthly average yield on pawn loans outstanding 14 %

Pawn collateral - general merchandise 50 %

Pawn collateral - jewelry 50 %

(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.

PLO of $32.6 million and net inventory of $26.1 million, with aged general merchandise below 1% of total general merchandise inventory.

Total revenues were $51.3 million, comprised of jewelry scrap sales of $19.1 million, merchandise sales of $17.8 million and PSC of $14.4 million.

Gross profit was $26.1 million.

Merchandise sales gross margin was 33.1%.

Jewelry scrap sales gross margin was 30.6%, benefiting from the elevated gold price environment.

Store expenses totaled $16.6 million.

Segment contribution was $8.8 million, reflecting the first quarter of SMG operating results following the January 2, 2026 consolidation.

Segment store count increased during the quarter by 2 to 107 due to the addition of de novo stores.

Corporate Items

The following table reconciles our consolidated segment contribution discussed above to consolidated net income including items that affect our consolidated financial results but are not allocated among segments.

Prior period amounts have been recast to conform to the current period presentation.

Segment Information of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”

Three Months Ended

March 31, Change

(in thousands) 2026 2025

Segment contribution $ 106,008 $ 62,830 69%

Corporate expenses (income):

General and administrative 34,488 25,100 37%

Depreciation and amortization 3,372 3,349 1%

Interest expense 8,354 3,281 155%

Interest income (2,587) (1,875) 38%

Equity in net income of unconsolidated affiliates (1,166) (1,505) (23)%

Other (income) expense (1,939) 68 *

Income before income taxes 65,486 34,412 90%

Income tax expense 15,902 9,022 76%

Consolidated net income $ 49,584 $ 25,390 95%

* Represents a percentage computation that is not mathematically meaningful.

Segment contribution increased $43.2 million or 69% over the prior year quarter, primarily due to improved operating results from the U.S.

Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.

General and administrative expense increased $9.4 million or 37%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.

Interest expense increased $5.1 million or 155%, primarily driven by the issuance of 2032 Senior Notes in the second quarter fiscal 2025.

Other (income) expense improved $2.0 million primarily due to the non-cash gain on remeasurement of our previously held equity interest in Founders, in connection with the January 2, 2026 acquisition.

Income tax expense increased $6.9 million primarily due to an increase in income before taxes of $31.1 million.

Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate.

These items include the net effect of state taxes, non-deductible items and the foreign rate differential.

See Annual Report on Form 10-K for the year ended September 30, 2025, Note 10:

Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for quantification of these items.

Six Months Ended March 31, 2026 vs.

Six Months Ended March 31, 2025

The tables below and discussion that follows should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.

The following table presents selected summary financial data for the U.S.

Pawn segment:

Six Months Ended

March 31, Change

(in thousands) 2026 2025

Gross profit:

Pawn service charges $ 193,944 $ 175,424 11%

Merchandise sales 266,926 245,715 9%

Merchandise sales gross profit 101,592 89,387 14%

Gross margin on merchandise sales 38.1 % 36.4 % 170bps

Jewelry scrap sales 91,005 32,396 181%

Jewelry scrap sales gross profit 34,983 7,193 *

Gross margin on jewelry scrap sales 38.4 % 22.2 % 1,620bps

Other revenues 61 51 20%

Gross profit 330,580 272,055 22%

Segment operating expenses:

Store expenses 176,148 163,199 8%

Depreciation and amortization 5,532 5,399 2%

Loss on sale or disposal of assets and other 87 17 *

Segment operating contribution 148,813 103,440 44%

Other segment income — (7) (100)%

Segment contribution $ 148,813 $ 103,447 44%

Average monthly ending pawn loan balance per store (a)

$ 426 $ 396 8%

Monthly average yield on pawn loans outstanding 14 % 14 % (20)bps

* Represents a percentage computation that is not mathematically meaningful.

(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.

Pawn service charges increased 11% as a result of higher average PLO.

Merchandise sales increased 9%, and merchandise sale gross margin increased 170 bps.

Jewelry scrap sales increased 181%, and jewelry scrap sales gross margin increased from 22% to 38% due to increase in gold price and jewelry purchases.

Store expenses increased 8% (6% on a same-store basis), primarily due to increased labor, in line with store activity.

Segment contribution increased $45.4 million, or 44%, primarily due to the changes described above.

3 unchanged sentences

See “Results of Operations — Non-GAAP Constant Currency and Same-Store Financial Information” above.

Three Months Ended December 31,

Six Months Ended March 31,

(in thousands) 2026 (GAAP) 2025 (GAAP) Change (GAAP) 2026 (Constant Currency) Change (Constant Currency)

19 unchanged sentences

Monthly average yield on pawn loans outstanding 16 % 16 % (22)bps 16 % —bps

Pawn collateral - general merchandise 53 % 60 % (650)bps 53 % (737)bps

Pawn collateral - jewelry 47 % 40 % 650bps 47 % 737bps

* Represents a percentage computation that is not mathematically meaningful.

5 unchanged sentences

Store Expenses 29% 17%

During the three months ended December 31, 2025, net store count increased by 21 due to the acquisition of 14 stores and the opening of 7 de novo stores.

During the six months ended March 31, 2026, net store count increased by 25 due to the acquisition of 14 stores and the opening of 11 de novo stores.

PSC increased 30% to $74.7 million (19% to $68.6 million on a constant currency basis) as a result of higher average PLO and new stores.

1 unchanged sentence

Merchandise sales gross margin increased 400 bps to 34% from 30%.

Jewelry scrap sales increased 109% (87% constant currency basis), and jewelry scrap sales gross margin increased from 23% to 36% due to increase in gold price.

Store expenses increased 40% (27% increase on a constant currency basis) and increased by 29% on a same-store basis (17% increase on a constant currency basis).

1 unchanged sentence

Segment contribution increased $10.1 million, or 35% ($7.0 million, or 24%, on a constant currency basis), due to the changes noted above.

Other Investments

The following table presents selected financial data for our Other Investments segment after translation to U.S.

dollars from its functional currency of primarily Australian dollars:

Three Months Ended

December 31, Change

The following table presents selected financial data for our SMG segment.

As described above, SMG is consolidated in our financial statements beginning January 2, 2026;

accordingly, prior period results do not include SMG operating results and period-over-period comparisons for this segment are not meaningful.

Six Months Ended

(in thousands) 2026

Segment operating (income) expenses:

Interest (income) $ (963) $ (594) 62%

Equity in net (income) of unconsolidated affiliates (1,823) (1,623) 12%

Gross profit:

Pawn service charges $ 14,382

Merchandise sales 17,819

Merchandise sales gross profit 5,905

Gross margin on merchandise sales 33.1 %

Jewelry scrap sales 19,110

Jewelry scrap sales gross profit 5,850

Gross margin on jewelry scrap sales 30.6 %

Gross profit 26,137

Segment operating expenses:

Store expenses 16,614

Depreciation and amortization 674

Segment operating contribution 8,849

Other expense (income) 38

Segment contribution $ 8,811

Segment income was $2.8 million, an increase of $0.6 million from the prior year period, primarily due to an increase in interest income from our notes receivable due from Founders.

The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:

Three Months Ended

December 31, Change

Average monthly ending pawn loan balance per store (a)

Monthly average yield on pawn loans outstanding 14 %

(a) Balance is calculated based upon the average of the monthly ending balances during the applicable period.

Pawn service charges were $14.4 million, and merchandise sales gross profit was $5.9 million.

Jewelry scrap sales gross profit was $5.9 million, reflecting a gross margin of 31%.

Store expenses were $16.6 million.

Segment contribution was $8.8 million, reflecting SMG operating results from the January 2, 2026 consolidation date through March 31, 2026.

Corporate Items

Prior period amounts have been recast to conform to the current period presentation.

Segment Information of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”

Six Months Ended

March 31, Change

(in thousands) 2026 2025

5 unchanged sentences

Interest income (7,401) (3,968) 87%

Equity in net loss of unconsolidated affiliates — 148 (100)%

Other loss (income) (69) 1,060 (107)%

Equity in net income of unconsolidated affiliates (2,989) (2,980) —%

Other (income) expense (2,008) 1,128 (278)%

Income before income taxes 124,657 75,796 64%

Income tax expense 30,769 19,390 59%

Net income $ 44,304 $ 31,016 43%

Consolidated net income $ 93,888 $ 56,406 66%

* Represents a percentage computation that is not mathematically meaningful.

Segment contribution increased $64.3 million or 48% over the prior year period, primarily due to improved operating results of the U.S.

Pawn and Latin America Pawn segments above.

General and administrative expenses increased $2.6 million or 11%, primarily due to labor costs (including higher incentive compensation) and professional fees related to acquisitions.

Pawn and Latin America Pawn segments, and the acquisition of SMG in the second quarter of fiscal 2026.

General and administrative expenses increased $11.9 million or 24%, primarily due to labor costs (including higher incentive compensation) and expenses associated with SMG.

Interest expense increased $10.1 million or 157%, primarily driven by the issuance of 2032 Senior Notes in the second quarter fiscal 2025.

Interest income increased $2.4 million or 157%, primarily due to the increase in Cash and cash equivalents held as compared to the prior period.

Income tax expense increased $4.5 million, primarily due to an increase in income before income taxes of $17.8 million for the three months ended December 31, 2025 compared to the same period in the prior year.

Interest income increased $3.4 million or 87%, primarily due to an increase in the average Cash and cash equivalents held during the period as compared to the prior period.

Other (income) expense improved $3.1 million primarily due to the non-cash gain on remeasurement of our previously held equity interest in Founders, in connection with the January 2, 2026 acquisition.

Income tax expense increased $11.4 million, primarily due to an increase in income before income taxes of $48.9 million for the six months ended March 31, 2026 compared to the same period in the prior year.

Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate.

4 unchanged sentences

Cash and Cash Equivalents

Our cash and cash equivalents balance was $465.9 million at December 31, 2025 compared to $469.5 million at September 30, 2025.

Our cash and cash equivalents balance was $354.2 million at March 31, 2026 compared to $469.5 million at September 30, 2025.

Our cash and equivalents are primarily held in cash depository accounts with banks in geographies we operate or invested in high quality, short-term liquid investments.

The decrease in cash and cash equivalents is primarily driven by the retirement of SMG’s existing third-party indebtedness and cash used for acquisitions.

The table and discussion below presents a summary of the selected sources and uses of our cash:

Three Months Ended

December 31, Percentage

Six Months Ended

March 31, Percentage

(in thousands) 2026 2025

1 unchanged sentence

Net cash used in investing activities (57,590) (14,781) 290%

Net cash used in financing activities (6,520) (7,102) (8)%

Net cash (used in) provided by financing activities (145,049) 286,456 (151)%

Effect of exchange rate changes on cash and cash equivalents and restricted cash 379 328 16%

Net increase in cash, cash equivalents and restricted cash $ 1,408 $ 4,085 (66)%

Net (decrease) increase in cash, cash equivalents and restricted cash $ (114,651) $ 334,931 (134)%

* Represents a percentage computation that is not mathematically meaningful.

The $13.2 million increase in cash flows provided by operating activities year-over-year was primarily due to an increase in net income as well as changes in working capital primarily related to the timing of payments of accounts payable, prepaid expenses, customer layaway deposits and income taxes.

The $16.9 million increase in cash flows used in investing activities year-over-year was primarily due to a $8.5 million increase in net pawn lending outflows and a $22.1 million increase in net cash flows used related to investments, acquisitions and capital expenditures, partially offset by a $13.7 million increase in cash inflows from the sale of forfeited collateral.

Th e $0.6 million decrease i n cash flows used in financing activities was primarily related to the purchase and retirement of treasury shares in the first quarter of fiscal 2025, partially offset by increased tax withholding for the settlement of equity awards in the first quarter of fiscal 2026.

The net effect of these changes w as a $1.4 million increase in cash on hand during the current year to date period, resulting in a $486.1 million ending cash, cash equivalents and restricted cash balance.

The $24.7 million increase in cash flows provided by operating activities year-over-year was primarily due to an increase in net income and non-cash adjustments, partially offset by changes in working capital.

The $42.8 million increase in cash flows used in investing activities year-over-year was primarily due to a $39.1 million increase in net pawn lending outflows and a $45.3 million increase in net cash flows used related to acquisitions, investments and capital expenditures, partially offset by a $41.6 million increase in cash inflows from the sale of forfeited collateral.

In the six months ended March 31, 2026, cash used in financing activities was driven primarily by the retirement of SMG’s existing third-party indebtedness.

In the comparable prior year-period, cash provided by financing activities consisted primarily of proceeds from the issuance of the 2032 Senior Notes, partially offset by debt issuance costs paid in connection with that offering.

The net effect of these changes was a $114.7 million decrease during the current year to date period, resulting in a $370.1 million ending cash, cash equivalents and restricted cash balance.

Sources and Uses of Cash

1 unchanged sentence

Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years (the “2026 Common Stock Repurchase Program”).

During the three months ended December 31, 2025, we did not repurchase and retire any shares under the 2026 Common Stock Repurchase Program.

During the six months ended March 31, 2026, the Company repurchased and retired 155,838 of our Class A Common Stock for $4.0 million under the 2026 Common Stock Repurchase Program.

See Note 9 of Notes to Condensed Consolidated Financial Statements included in “Part I, Item 1 — Financial Statements.”

19 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