What changed in this filing

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Item 1. Financial Statements

2025-12-09 compared with 2025-09-05 · 103 added, 103 removed, 463 unchanged (31% of the section changed)

26 unchanged sentences

Total current liabilities

Notes payable, net of discount and unamortized issuance costs

Notes payable

Deferred income tax liabilities, net

19 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three Months Ended July 31,

Six Months Ended July 31,

Three Months Ended October 31,

Nine Months Ended October 31,

(In thousands, except per share amounts)

2 unchanged sentences

Depreciation and amortization

Asset impairments

Operating profit

14 unchanged sentences

Comprehensive income

Comprehensive income (loss) attributable to noncontrolling interests:

Comprehensive loss attributable to noncontrolling interests:

Foreign currency translation adjustments

Comprehensive income (loss) attributable to noncontrolling interests

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to G-III Apparel Group, Ltd.

6 unchanged sentences

(In thousands)

Balance as of April 30, 2025

Equity awards vested, net

Share-based compensation expense

Other comprehensive income, net

Repurchases of common stock

Excise tax on stock repurchases

Net income attributable to G-III Apparel Group, Ltd.

Balance as of July 31, 2025

Balance as of April 30, 2024

Equity awards vested, net

Share-based compensation expense

Taxes paid for net share settlements

Other comprehensive loss, net

1 unchanged sentence

Excise tax on stock repurchases

Reduction of noncontrolling interest

Net income attributable to G-III Apparel Group, Ltd.

Balance as of October 31, 2025

Balance as of July 31, 2024

Share-based compensation expense

Other comprehensive income, net

Net income attributable to G-III Apparel Group, Ltd.

Balance as of October 31, 2024

Balance as of January 31, 2025

6 unchanged sentences

Net income attributable to G-III Apparel Group, Ltd.

Balance as of July 31, 2025

Balance as of October 31, 2025

Balance as of January 31, 2024

2 unchanged sentences

Taxes paid for net share settlements

Other comprehensive loss, net

Other comprehensive income, net

Repurchases of common stock

2 unchanged sentences

Net income attributable to G-III Apparel Group, Ltd.

Balance as of July 31, 2024

Balance as of October 31, 2024

The accompanying notes are an integral part of these statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended July 31,

Nine Months Ended October 31,

(Unaudited, in thousands)

1 unchanged sentence

Net income attributable to G-III Apparel Group, Ltd.

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

1 unchanged sentence

Non-cash operating lease costs

Equity loss in unconsolidated affiliates

Asset impairments

Extinguishment of deferred financing costs

Equity gain in unconsolidated affiliates

Share-based compensation

9 unchanged sentences

Accounts payable, accrued expenses and other liabilities

Net cash provided by operating activities

Net cash provided by (used in) operating activities

Cash flows from investing activities

9 unchanged sentences

Proceeds from borrowings - foreign facilities

Repayment of borrowings - senior secured notes

Payment of financing costs

31 unchanged sentences

Accordingly, the results of KLH, Vilebrequin, Sonia Rykiel, AWWG and certain other subsidiaries of the Company are included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end.

For example, with respect to the Company’s results for the six-month period ended July 31, 2025, the results of KLH, Vilebrequin, Sonia Rykiel, AWWG and certain other subsidiaries of the Company are included for the six-month period ended June 30, 2025.

For example, with respect to the Company’s results for the nine-month period ended October 31, 2025, the results of KLH, Vilebrequin, Sonia Rykiel, AWWG and certain other subsidiaries of the Company are included for the nine-month period ended September 30, 2025.

The Company’s retail operations segment reports on a 52/53 week fiscal year.

For fiscal 2026 and 2025, the three and six-month periods for the retail operations segment were each 13-week and 26-week periods, respectively, and ended on August 2, 2025 and August 3, 2024, respectively.

The results for the three and six months ended July 31, 2025 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business.

For fiscal 2026 and 2025, the three and nine-month periods for the retail operations segment were each 13-week and 39-week periods, respectively, and ended on November 1, 2025 and November 2, 2024, respectively.

The results for the three and nine months ended October 31, 2025 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business.

The accompanying financial statements included herein are unaudited.

11 unchanged sentences

Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days.

The Company’s accounts receivable and allowance for doubtful accounts as of July 31, 2025, July 31, 2024 and January 31, 2025 were:

July 31, 2025

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2025, October 31, 2024 and January 31, 2025 were:

October 31, 2025

(In thousands)

2 unchanged sentences

Accounts receivable, net

July 31, 2024

October 31, 2024

(In thousands)

13 unchanged sentences

In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

During the six months ended July 31, 2025, accounts receivable balances of $ 8.4 million were deemed uncollectable and written off against the allowance primarily due to the bankruptcy of certain customers within the Company’s wholesale operations segment, including Hudson’s Bay Company.

During the nine months ended October 31, 2025, accounts receivable balances of $ 8.4 million were deemed uncollectable and written off against the allowance primarily due to the bankruptcy of certain customers within the Company’s wholesale operations segment, including Hudson’s Bay Company.

The Company had the following activity in its allowance for doubtful accounts:

3 unchanged sentences

Accounts written off as uncollectible

Balance as of July 31, 2025

Balance as of October 31, 2025

Balance as of January 31, 2024

1 unchanged sentence

Accounts written off as uncollectible

Balance as of July 31, 2024

Balance as of October 31, 2024

Balance as of January 31, 2024

6 unchanged sentences

Substantially all of the Company’s inventories consist of finished goods.

The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, was $ 7.2 million, $ 6.5 million and $ 13.2 million as of July 31, 2025, July 31, 2024 and January 31, 2025, respectively.

The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, was $ 9.1 million, $ 10.6 million and $ 13.2 million as of October 31, 2025, October 31, 2024 and January 31, 2025, respectively.

The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

Inventory held on consignment by the Company’s customers totaled $ 5.1 million, $ 4.7 million and $ 5.9 million at July 31, 2025, July 31, 2024 and January 31, 2025, respectively.

Inventory held on consignment by the Company’s customers totaled $ 4.8 million, $ 5.6 million and $ 5.9 million at October 31, 2025, October 31, 2024 and January 31, 2025, respectively.

The Company reflects this inventory on its condensed consolidated balance sheets.

13 unchanged sentences

(In thousands)

Secured Notes

Revolving credit facility

Unsecured loans

23 unchanged sentences

The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company’s operating lease assets and liabilities as of July 31, 2025, July 31, 2024 and January 31, 2025 consist of the following:

The Company’s operating lease assets and liabilities as of October 31, 2025, October 31, 2024 and January 31, 2025 consist of the following:

Classification

July 31, 2025

July 31, 2024

October 31, 2025

October 31, 2024

January 31, 2025

6 unchanged sentences

Total lease liabilities

The Company recorded lease costs of $ 17.8 million and $ 36.0 million during the three and six months ended July 31, 2025.

The Company recorded lease costs of $ 18.0 million and $ 36.2 million during the three and six months ended July 31, 2024.

The Company recorded lease costs of $ 18.3 million and $ 54.3 million during the three and nine months ended October 31, 2025.

The Company recorded lease costs of $ 19.0 million and $ 55.2 million during the three and nine months ended October 31, 2024.

Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income.

The Company recorded variable lease costs and short-term lease costs of $ 4.4 million and $ 7.9 million for the three and six months ended July 31, 2025.

The Company recorded variable lease costs and short-term lease costs of $ 5.8 million and $ 11.1 million for the three and six months ended July 31, 2024.

The Company recorded variable lease costs and short-term lease costs of $ 4.5 million and $ 12.4 million for the three and nine months ended October 31, 2025.

The Company recorded variable lease costs and short-term lease costs of $ 5.0 million and $ 16.1 million for the three and nine months ended October 31, 2024.

Short-term lease costs are immaterial.

As of July 31, 2025, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2030 and thereafter are as follows:

As of October 31, 2025, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2030 and thereafter are as follows:

Year Ending January 31,

2 unchanged sentences

Present value of lease liabilities

As of July 31, 2025, there are no material leases that are legally binding but have not yet commenced.

As of July 31, 2025, the weighted average remaining lease term related to operating leases is 6.5 years.

As of October 31, 2025, there are no material leases that are legally binding but have not yet commenced.

As of October 31, 2025, the weighted average remaining lease term related to operating leases is 6.4 years.

The weighted average discount rate related to operating leases is 6.3 %.

Cash paid for amounts included in the measurement of operating lease liabilities was $ 38.2 million and $ 38.0 million during the six months ended July 31, 2025 and 2024, respectively.

Right-of-use assets obtained in exchange for lease obligations were $ 26.8 million and $ 16.1 million during the six months ended July 31, 2025 and 2024, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $ 57.3 million and $ 58.9 million during the nine months ended October 31, 2025 and 2024, respectively.

Right-of-use assets obtained in exchange for lease obligations were $ 35.4 million and $ 108.7 million during the nine months ended October 31, 2025 and 2024, respectively.

NOTE 6 – NET INCOME PER COMMON SHARE

1 unchanged sentence

Diluted net income per share, when applicable, is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock unit awards outstanding during the period.

Approximately 43,000 and 34,500 shares of common stock have been excluded from the diluted net income per share calculation for the three and six months ended July 31, 2025.

A nominal amount of shares of common stock have been excluded from the diluted net income per share calculation for the three and six months ended July 31, 2024.

There were no shares of common stock excluded from the diluted net income per share calculation for the three months ended October 31, 2025.

Approximately 5,500 shares of common stock have been excluded from the diluted net income per share calculation for the nine months ended October 31, 2025.

There were no shares of common stock excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2024.

All share-based payments outstanding that vest based on the achievement of performance conditions, and for which the respective performance conditions have not been achieved, have been excluded from the diluted per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:

Three Months Ended July 31,

Six Months Ended July 31,

Three Months Ended October 31,

Nine Months Ended October 31,

(In thousands, except share and per share amounts)

10 unchanged sentences

Long-term debt consists of the following:

July 31, 2025

July 31, 2024

October 31, 2025

October 31, 2024

January 31, 2025

(In thousands)

Secured Notes

Revolving credit facility

Unsecured loans

1 unchanged sentence

Foreign credit facilities

Net debt issuance costs (1)

Current portion of long-term debt

(1) Does not include debt issuance costs, net of amortization, totaling $ 4.8 million, $ 5.4 million and $ 5.4 million as of July 31, 2025, July 31, 2024 and January 31, 2025, respectively, related to the revolving credit facility.

The debt issuance costs have been deferred and are classified in assets in the accompanying condensed consolidated balance sheets in accordance with ASC 835.

Senior Secured Notes

7 unchanged sentences

The Third ABL Credit Agreement is a five-year senior secured asset-based revolving credit facility providing for borrowings in an aggregate principal amount of up to $ 700.0 million.

The Company and certain of its wholly-

owned domestic subsidiaries, as well as G-III Apparel Canada ULC (collectively, the “Guarantors”), are guarantors under the Third ABL Credit Agreement.

The Company and certain of its wholly-owned domestic subsidiaries, as well as G-III Apparel Canada ULC (collectively, the “Guarantors”), are guarantors under the Third ABL Credit Agreement.

The Third ABL Credit Agreement amends and restates the Second Amended Credit Agreement, dated as of August 7, 2020 (as amended, supplemented or otherwise modified from time to time prior to June 4, 2024, the “Second Credit Agreement”), by and among the Borrowers and the Guarantors, the lenders from time-to-time party thereto, and JPMorgan Chase Bank, N.A., in its capacity as the administrative agent thereunder.

4 unchanged sentences

from time to time, (ii) the federal funds rate plus 0.5 % and (iii) SOFR for a borrowing with an interest period of one month plus 1.00 %), with the applicable margin determined based on the Borrowers’ average daily availability under the Third ABL Credit Agreement.

As of July 31, 2025, interest under the Third ABL Credit Agreement was being paid at an average rate of 8.0 % per annum.

As of October 31, 2025, interest under the Third ABL Credit Agreement was being paid at an average rate of 7.98 % per annum.

The Third ABL Credit Agreement is secured by specified assets of the Borrowers and the Guarantors.

9 unchanged sentences

In certain circumstances, the revolving credit facility also requires the Company to maintain a fixed charge coverage ratio, as defined in the agreement, not less than 1.00 to 1.00 for each period of twelve consecutive fiscal months of the Company.

As of July 31, 2025, the Company was in compliance with these covenants.

As of July 31, 2025, the Company had no borrowings outstanding under the Third ABL Credit Agreement.

As of October 31, 2025, the Company was in compliance with these covenants.

As of October 31, 2025, the Company had no borrowings outstanding under the Third ABL Credit Agreement.

The Third ABL Credit Agreement also includes amounts available for letters of credit.

As of July 31, 2025, there were $ 0.6 million outstanding trade letters of credit and $ 2.6 million of standby letters of credit.

At the date of the refinancing of the Second ABL Credit Agreement, the Company had $ 1.8 million of unamortized debt issuance costs remaining from the Second ABL Credit Agreement.

There was no extinguishment of any amount of the unamortized debt issuance costs remaining from the Second ABL Credit Agreement.

The Company incurred new debt issuance costs totaling $ 3.8 million related to the Third ABL Credit Agreement.

As of October 31, 2025, there were no outstanding trade letters of credit and $ 2.4 million of standby letters of credit.

The Company has a total of $ 5.6 million debt issuance costs related to its Third ABL Credit Agreement.

As permitted under ASC 835, the debt issuance costs have been deferred and are presented as an asset which is amortized ratably over the term of the Third ABL Credit Agreement.

As permitted under Accounting Standards Codification (“ASC”) 835, the debt issuance costs have been deferred and are presented as an asset which is amortized ratably over the term of the Third ABL Credit Agreement.

Total debt issuance costs, net of amortization, were $ 4.5 million, $ 5.2 million and $ 5.4 million as of October 31, 2025, October 31, 2024 and January 31, 2025.

Unsecured Loans

2 unchanged sentences

Interest on the outstanding principal amount of the loans accrues at a fixed rate equal to 0 % to 5.0 % per annum, payable on either a quarterly or monthly basis.

As of July 31, 2025, the Company had an aggregate outstanding balance of € 4.4 million ($ 5.2 million) under these unsecured loans.

As of October 31, 2025, the Company had an aggregate outstanding balance of € 3.9 million ($ 4.6 million) under these unsecured loans.

Overdraft Facilities

2 unchanged sentences

Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus a margin of 1.75 % per annum, payable quarterly.

The facility may be cancelled at any time by the Company or HSBC Bank.

The facility may be cancelled at any

time by the Company or HSBC Bank.

Additionally, certain of the Company’s foreign entities entered into overdraft facilities with UBS Bank in Switzerland for an aggregate of CHF 4.7 million at varying interest rates of 0 % to 0.5 %.

As of July 31, 2025, the Company had an aggregate of € 3.5 million ($ 4.1 million) drawn under these various facilities.

As of October 31, 2025, the Company had no borrowings outstanding under these various facilities.

Foreign Credit Facilities

4 unchanged sentences

Borrowings bear interest at the Euro Short-Term Rate plus a margin of 1.75 %.

As of July 31, 2025, the Company had an aggregate of € 5.3 million ($ 6.2 million) drawn under these credit facilities.

As of October 31, 2025, the Company had an aggregate of € 5.1 million ($ 6.0 million) drawn under these credit facilities.

NOTE 8 – SUPPLY CHAIN FINANCE PROGRAM

4 unchanged sentences

The Company’s payment obligations to its suppliers, including the amounts due and payment terms, which generally do not exceed 75 days, are not impacted by a suppliers’ participation in the SCF Program.

There are no assets pledged as security or other forms of guarantees provided specifically under the SCF Program, however the obligations under the SCF Program benefit from guarantees and collateral provided under our revolving credit facility to which the financial institutions involved in the SCF Program are a party to.

The Company’s outstanding payment obligations under its SCF Program are recorded within accounts payable in the Company’s condensed consolidated balance sheets and the corresponding payments are reflected in cash flows from operating activities within the Company’s condensed consolidated statements of cash flows.

As of July 31, 2025, the Company had $ 205.3 million of payment obligations outstanding under the SCF Program.

During the three and six months ended July 31, 2025, the Company settled obligations of $ 89.8 million and $ 131.6 million through the SCF Program, respectively.

The following supply chain finance program activity is presented for the six-month period indicated below:

July 31, 2025

As of October 31, 2025, the Company had $ 131.2 million of payment obligations outstanding under the SCF Program.

During the three and nine months ended October 31, 2025, the Company settled obligations of $ 307.2 million and $ 438.8 million through the SCF Program, respectively.

The following supply chain finance program activity is presented for the nine-month period indicated below:

October 31, 2025

(In thousands)

7 unchanged sentences

Each segment presents its own characteristics with respect to the timing of revenue recognition and the type of customer.

In addition, disaggregating revenues using a segment basis is consistent with how the Company’s Chief Operating Decision

Maker manages the Company.

In addition, disaggregating revenues using a segment basis is consistent with how the Company’s Chief Operating Decision Maker manages the Company.

The Company has identified the wholesale operations segment and the retail operations segment as distinct sources of revenue.

1 unchanged sentence

Wholesale revenues include sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Karl Lagerfeld and Vilebrequin businesses, including from retail stores operated by Karl Lagerfeld and Vilebrequin, other than sales of product under the Karl Lagerfeld Paris brand generated by the Company’s retail stores and digital platforms.

Wholesale revenues from sales of products are recognized when control transfers to the customer.

Wholesale revenues from sales of products are recognized when

control transfers to the customer.

The Company considers control to have been transferred when the Company has transferred physical possession of the product, the Company has a right to payment for the product, the customer has legal title to the product and the customer has the significant risks and rewards of the product.

1 unchanged sentence

Wholesale revenues also include revenues from license agreements related to trademarks associated with the Company’s owned brands.

As of July 31, 2025, revenues from license agreements related to trademarks associated with the Company’s owned brands represented an insignificant portion of wholesale revenues.

As of October 31, 2025, revenues from license agreements related to trademarks associated with the Company’s owned brands represented an insignificant portion of wholesale revenues.

Retail Operations Segment.

8 unchanged sentences

The Company’s contract liabilities, which are recorded within accrued expenses in the accompanying condensed consolidated balance sheets, primarily consist of gift card liabilities and advance payments from licensees.

Total contract liabilities were $ 5.8 million, $ 5.1 million and $ 5.9 million at July 31, 2025, July 31, 2024 and January 31, 2025, respectively.

The Company recognized $ 3.4 million in revenue for the three months ended July 31, 2025 related to contract liabilities that existed at April 30, 2025.

The Company recognized $ 4.5 million in revenue for the six months ended July 31, 2025 related to contract liabilities that existed at January 31, 2025.

There were no contract assets recorded as of July 31, 2025, July 31, 2024 and January 31, 2025.

Substantially all of the advance payments from licensees as of July 31, 2025 are expected to be recognized as revenue within the next twelve months.

Total contract liabilities were $ 4.6 million, $ 4.6 million and $ 5.9 million at October 31, 2025, October 31, 2024 and January 31, 2025, respectively.

The Company recognized $ 3.7 million in revenue for the three months ended October 31, 2025 related to contract liabilities that existed at July 31, 2025.

The Company recognized $ 4.6 million in revenue for the nine months ended October 31, 2025 related to contract liabilities that existed at January 31, 2025.

There were no contract assets recorded as of October 31, 2025, October 31, 2024 and January 31, 2025.

Substantially all of the advance payments from licensees as of October 31, 2025 are expected to be recognized as revenue within the next twelve months.

NOTE 10 – SEGMENTS

13 unchanged sentences

Improvements to Reportable Segment Disclosures.”

The following segment information is presented for the three month periods indicated below:

Three Months Ended July 31, 2025

The following segment information is presented for the three and nine month periods indicated below:

Three Months Ended October 31, 2025

Elimination (1)

6 unchanged sentences

Depreciation and amortization

Asset impairments

Operating profit (loss)

Three Months Ended July 31, 2024

Three Months Ended October 31, 2024

Elimination (1)

7 unchanged sentences

Operating profit (loss)

Six Months Ended July 31, 2025

Nine Months Ended October 31, 2025

Elimination (1)

6 unchanged sentences

Depreciation and amortization

Asset impairments

Operating profit (loss)

Six Months Ended July 31, 2024

Nine Months Ended October 31, 2024

Elimination (1)

11 unchanged sentences

Three Months Ended

Six Months Ended

July 31, 2025

July 31, 2024

July 31, 2025

July 31, 2024

Nine Months Ended

October 31, 2025

October 31, 2024

October 31, 2025

October 31, 2024

(In thousands)

2 unchanged sentences

Wholesale net sales

Licensed brands

Proprietary brands

3 unchanged sentences

The total assets for each of the Company’s reportable segments, as well as assets not allocated to a segment, are as follows:

July 31, 2025

July 31, 2024

October 31, 2025

October 31, 2024

January 31, 2025

(In thousands)

Capital expenditures during the six months ended July 31, 2025 for the wholesale operations segment and retail operations segment were $ 17.2 million and $ 1.2 million, respectively.

Capital expenditures during the nine months ended October 31, 2025 for the wholesale operations segment and retail operations segment were $ 26.1 million and $ 1.4 million, respectively.

NOTE 11 – STOCKHOLDERS’ EQUITY

For the three months ended July 31, 2025, the Company issued no shares of common stock and utilized 63,362 shares of treasury stock in connection with the vesting of equity awards.

For the three months ended July 31, 2024, the Company issued no shares of common stock and utilized 99,585 shares of treasury stock in connection with the vesting of equity awards.

For the six months ended July 31, 2025, the Company issued no shares of common stock and utilized 277,191 shares of treasury stock in connection with the vesting of equity awards.

For the six months ended July 31, 2024, the

Company issued no shares of common stock and utilized 366,714 shares of treasury stock in connection with the vesting of equity awards.

For the three months ended October 31, 2025, the Company issued no shares of common stock and utilized 183,665 shares of treasury stock in connection with the vesting of equity awards.

For the three months ended October 31, 2024, the Company issued no shares of common stock and utilized no shares of treasury stock in connection with the vesting of equity awards.

For the nine months ended October 31, 2025, the Company issued no shares of common stock and utilized 460,856 shares of treasury stock in connection with the vesting of equity awards.

For the nine months ended October 31, 2024, the Company issued no shares of common stock and utilized 366,714 shares of treasury stock in connection with the vesting of equity awards.

NOTE 12 – LITIGATION WITH PVH CORP.

8 unchanged sentences

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended July 31, 2025.

There was no accounting guidance adopted during the three months ended October 31, 2025.

Issued Accounting Guidance Being Evaluated for Adoption

14 unchanged sentences

The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

NOTE 14 – SUBSEQUENT EVENTS

On December 4, 2025 , the Company's Board of Directors declared a cash dividend of $ 0.10 per share.

The dividend will be paid on December 29, 2025 to all stockholders of record as of December 15, 2025 .

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

What changed 10-Q

Item 1. Financial Statements