10 unchanged sentences
(in thousands, except share and per share data)
+Added: September 27,
Current assets:
24 unchanged sentences
Preferred stock, $ 0.0001 par value;
−Removed: 100,000,000 shares authorized as of both June 28, 2025 and December 31, 2024;
−Removed: no shares issued and outstanding as of both June 28, 2025 and December 31, 2024
+Added: 100,000,000 shares authorized as of both September 27, 2025 and December 31, 2024;
+Added: no shares issued and outstanding as of both September 27, 2025 and December 31, 2024
Common stock, $ 0.0001 par value;
−Removed: 900,000,000 shares authorized as of June 28, 2025 and December 31, 2024;
−Removed: 116,536,129 and 115,764,839 shares issued and outstanding , as of June 28, 2025 and December 31, 2024, respectively
+Added: 900,000,000 shares authorized as of September 27, 2025 and December 31, 2024;
+Added: 116,655,775 and 115,764,839 shares issued and outstanding , as of September 27, 2025 and December 31, 2024, respectively
Additional paid-in capital
8 unchanged sentences
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Cost of sales
3 unchanged sentences
Interest expense, net
−Removed: Other (income) expense, net
+Added: Other expense (income), net
Total other expense, net
1 unchanged sentence
Income before income taxes
−Removed: Income tax expense
+Added: Income tax expense (benefit)
Net income per share attributable to common stockholders:
5 unchanged sentences
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: Other comprehensive (loss) income, net of tax:
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
+Added: Other comprehensive income, net of tax:
Foreign currency translation adjustments
−Removed: Total other comprehensive (loss) income, net of tax
+Added: Total other comprehensive income, net of tax
Comprehensive income
14 unchanged sentences
Balances at June 29, 2024
+Added: Foreign currency translation adjustments
+Added: Issuance of common stock upon release of restricted stock units
+Added: Stock-based compensation expense
+Added: Balances at September 28, 2024
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
15 unchanged sentences
Balances at June 28, 2025
+Added: Foreign currency translation adjustments
+Added: Issuance of common stock upon release of restricted stock units
+Added: Common stock withheld for taxes on restricted stock units
+Added: Stock-based compensation expense
+Added: Balances at September 27, 2025
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2 unchanged sentences
(in thousands)
−Removed: Two Fiscal Quarters Ended
+Added: Three Fiscal Quarters Ended
+Added: September 27,
+Added: September 28,
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash (used in) provided by operating activities:
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
15 unchanged sentences
Other long-term liabilities
−Removed: Net cash (used in) provided by operating activities
+Added: Net cash provided by operating activities
Cash flows from investing activities :
10 unchanged sentences
Effect of exchange rate changes on cash
−Removed: Net decrease in cash
+Added: Net increase (decrease) in cash
Cash at beginning of period
20 unchanged sentences
The unaudited condensed consolidated balance sheet at December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP.
−Removed: The accompanying unaudited condensed consolidated financial statements as of June 28, 2025 and for the fiscal quarter and two fiscal quarters ended June 28, 2025 and June 29, 2024, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements.
+Added: The accompanying unaudited condensed consolidated financial statements as of September 27, 2025 and for the fiscal quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements.
Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
1 unchanged sentence
In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included.
−Removed: The Company’s results of operations for the fiscal quarter and two fiscal quarters ended June 28, 2025 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2025 or other interim periods thereof.
+Added: The Company’s results of operations for the fiscal quarter and three fiscal quarters ended September 27, 2025 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2025 or other interim periods thereof.
Use of Estimates
8 unchanged sentences
Significant Accounting Policies
−Removed: Refer to the Annual Report for a discussion of the Company’s significant accounting policies, as updated below.
+Added: Refer to the Annual Report for a discussion of the Company’s significant accounting policies.
Recently Issued Accounting Pronouncements
11 unchanged sentences
The Company is currently evaluating ASU 2024-03 and its potential impact on the condensed consolidated financial statements.
+Added: In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326):
+Added: Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which offers a practical expedient for public companies valuing their current expected credit losses.
+Added: ASU 2025-05 is effective for public business entities for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods.
+Added: The amendments should be applied prospectively.
+Added: The Company is currently evaluating ASU 2025-05 and its potential impact on the condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements
4 unchanged sentences
See Note 14 for further detail.
−Removed: In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718):
−Removed: Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which improves financial reporting by providing clarity on when an entity should apply the scope guidance in paragraph 718-10-15-3.
−Removed: ASU 2024-01 is effective for public business entities for fiscal years beginning after December 15, 2024.
−Removed: For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025.
−Removed: The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted.
−Removed: Adoption of this standard did not have an impact on the Company’s condensed consolidated financial statements.
Coverstar Central, LLC
13 unchanged sentences
The Company recorded the assets acquired and liabilities assumed at their respective fair values as of the Acquisition Date.
−Removed: The fair value of assets acquired and liabilities assumed recorded in the condensed consolidated financial statements may be subject to adjustment pending completion of final evaluation.
−Removed: These fair value estimates will be reevaluated and adjusted, if needed, during the measurement period of up to one year from the Acquisition Date, and recorded as adjustments to goodwill.
+Added: These fair value estimates were evaluated during the measurement period of up to one year from the Acquisition Date, and are no longer subject to change.
The following summarizes the purchase price allocation for the Company’s acquisition of Coverstar Central:
25 unchanged sentences
The pro forma financial information is not necessarily indicative of what the financial results would have been had the acquisition been completed on January 1, 2024 and is not necessarily indicative of the Company’s future financial results.
−Removed: Fiscal Quarter Ended
+Added: Three Fiscal Quarters Ended
+Added: September 27,
+Added: September 28,
(in thousands)
The pro forma financial information presented above reflects the effects as a result of the acquisition, including the amortization expense from acquired intangible assets, the additional cost of sales from acquired inventory, the elimination of intercompany transactions and the removal of certain costs (primarily payroll costs) that would not have occurred and any related tax effects.
−Removed: Transaction costs for Coverstar Central are reflected within pro forma net income for the two fiscal quarters ended June 29, 2024.
+Added: Transaction costs for Coverstar Central are reflected within pro forma net income for the three fiscal quarters ended September 28, 2024.
Other Business Combinations
−Removed: During the two fiscal quarters ended June 28, 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee that qualified as a business combination.
+Added: During the fiscal quarter ended March 29, 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee that qualified as a business combination.
This transaction resulted in an increase to goodwill and intangibles, but was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.
13 unchanged sentences
market approach, income approach or cost approach.
−Removed: There were no transfers between fair value measurement levels during the two fiscal quarters ended June 28, 2025 or June 29, 2024.
+Added: There were no transfers between fair value measurement levels during the three fiscal quarters ended September 27, 2025 or September 28, 2024.
Assets and liabilities measured at fair value on a nonrecurring basis
7 unchanged sentences
The following table sets forth the carrying amount and fair value of the term loans (in thousands):
−Removed: June 28, 2025
+Added: September 27, 2025
December 31, 2024
2 unchanged sentences
The fair value is estimated by comparing (i) the present value of all future monthly fixed rate payments versus (ii) the variable payments based on the forward SOFR curve.
−Removed: As of June 28, 2025 and December 31, 2024, the Company’s interest rate swap was a liability of $ 1.0 million and $ 0.4 million, respectively, which were recorded within other long-term liabilities on the condensed consolidated balance sheets.
+Added: As of September 27, 2025 and December 31, 2024, the Company’s interest rate swap was a liability of $ 1.0 million and $ 0.4 million, respectively, which were recorded within other long-term liabilities on the condensed consolidated balance sheets.
See Note 7 for further detail.
GOODWILL AND INTANGIBLE ASSETS, NET
−Removed: The carrying amount of goodwill as of June 28, 2025 and as of December 31, 2024 was $ 155.0 million and $ 152.6 million, respectively.
−Removed: The change in the carrying value during the two fiscal quarters ended June 28, 2025 was primarily driven by acquisitions made in the first fiscal quarter of 2025.
+Added: The carrying amount of goodwill as of September 27, 2025 and as of December 31, 2024 was $ 155.0 million and $ 152.6 million, respectively.
+Added: The change in the carrying value during the three fiscal quarters ended September 27, 2025 was primarily driven by acquisitions made in the first fiscal quarter of 2025.
Intangible Assets
−Removed: Intangible assets, net as of June 28, 2025 consisted of the following (in thousands):
−Removed: June 28, 2025
+Added: Intangible assets, net as of September 27, 2025 consisted of the following (in thousands):
+Added: September 27, 2025
Trade names and trademarks
4 unchanged sentences
Non-competition agreements
−Removed: The Company recognized $ 7.3 million and $ 14.5 million of amortization expense related to intangible assets during the fiscal quarter and two fiscal quarters ended June 28, 2025, respectively.
−Removed: The Company recognized $ 6.4 million and $ 12.8 million of amortization expense related to intangible assets during the fiscal quarter and two fiscal quarters ended June 29, 2024, respectively.
−Removed: The change in the carrying value of dealer relationships is driven by the acquisitions made in the two fiscal quarters of 2025.
+Added: The Company recognized $ 7.2 million and $ 21.7 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 27, 2025, respectively.
+Added: The Company recognized $ 7.0 million and $ 19.8 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 28, 2024, respectively.
+Added: The change in the carrying value of dealer relationships is driven by the acquisitions made in the three fiscal quarters ended September 27, 2025.
Intangible assets, net as of December 31, 2024 consisted of the following (in thousands):
12 unchanged sentences
Inventories, net consisted of the following (in thousands):
−Removed: June 28, 2025
+Added: September 27, 2025
December 31, 2024
3 unchanged sentences
The components of the Company’s outstanding long-term debt obligations consisted of the following (in thousands):
−Removed: June 28, 2025
+Added: September 27, 2025
December 31, 2024
19 unchanged sentences
The debt issuance costs were recorded within other assets on the condensed consolidated balance sheet and are being amortized over the life of the Revolving Credit Facility.
−Removed: On June 12, 2025, the Company repaid the $ 25.0 million of outstanding borrowings on the Revolving Credit Facility.
−Removed: As of June 28, 2025, there were no outstanding borrowings on the Revolving Credit Facility and $ 75.0 million was available for future borrowing.
+Added: During the three fiscal quarters ended September 27, 2025, the Company repaid the $ 25.0 million of outstanding borrowings on the Revolving Credit Facility.
+Added: As of September 27, 2025, there were no outstanding borrowings on the Revolving Credit Facility and $ 75.0 million was available for future borrowing.
Pursuant to the Credit Agreement, Latham Pool Products borrowed $ 325.0 million in term loans.
4 unchanged sentences
the net cash proceeds from the incurrence of indebtedness not otherwise permitted to be incurred by the covenants, asset sales, and casualty and condemnation events, in each case, subject to customary exceptions.
−Removed: During the two fiscal quarters ended June 29, 2024, the Company made a pre-payment of $ 18.0 million in addition to the required annual payments of $ 3.3 million.
−Removed: No additional pre-payments are expected to be made during the year ending December 31, 2025.
−Removed: Outstanding borrowings as of June 28, 2025 were $ 281.5 million, net of unamortized discount and debt issuance costs of $ 5.8 million.
+Added: During the three fiscal quarters ended September 28, 2024, the Company made a pre-payment of $ 18.0 million in addition to the required annual payments of $ 3.3 million.
+Added: No additional pre-payments are required to be made during the year ending December 31, 2025.
+Added: Outstanding borrowings as of September 27, 2025 were $ 281.1 million, net of unamortized discount and debt issuance costs of $ 5.4 million.
In connection with the Term Loan, the Company is subject to various negative, reporting, financial, and other covenants, including maintaining specific liquidity measurements.
−Removed: As of June 28, 2025, the unamortized debt issuance costs and discount on the Term Loan were $ 3.2 million and $ 2.6 million, respectively.
−Removed: The effective interest rate was 9.24 % at June 28, 2025, including the impact of the Company’s interest rate swap.
+Added: As of September 27, 2025, the unamortized debt issuance costs and discount on the Term Loan were $ 3.0 million and $ 2.4 million, respectively.
+Added: The effective interest rate was 9.22 % at September 27, 2025, including the impact of the Company’s interest rate swap.
Interest Rate Risk
19 unchanged sentences
The warranty reserve activity consisted of the following (in thousands):
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
Balance at the beginning of the fiscal year
11 unchanged sentences
A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
−Removed: The components of lease expense for the fiscal quarter and two fiscal quarters ended June 28, 2025 and June 29, 2024 were as follows (in thousands):
+Added: The components of lease expense for the fiscal quarter and three fiscal quarters ended September 27, 2025 and September 28, 2024 were as follows (in thousands):
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Operating lease expense
4 unchanged sentences
Total lease expense
−Removed: Operating and finance lease right-of-use assets and lease-related liabilities as of June 28, 2025 and December 31, 2024 were as follows (in thousands):
−Removed: June 28, 2025
+Added: Operating and finance lease right-of-use assets and lease-related liabilities as of September 27, 2025 and December 31, 2024 were as follows (in thousands):
+Added: September 27, 2025
December 31, 2024
15 unchanged sentences
Total lease liabilities
−Removed: The table below presents supplemental information related to leases as of June 28, 2025 and December 31, 2024:
−Removed: June 28, 2025
+Added: The table below presents supplemental information related to leases as of September 27, 2025 and December 31, 2024:
+Added: September 27, 2025
December 31, 2024
6 unchanged sentences
The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
−Removed: The following table summarizes fiscal year maturities of operating lease liabilities as of June 28, 2025 (in thousands):
+Added: The following table summarizes fiscal year maturities of operating lease liabilities as of September 27, 2025 (in thousands):
Operating Leases
5 unchanged sentences
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
In-ground Swimming Pools
−Removed: The effective income tax rate for the fiscal quarter and two fiscal quarters ended June 28, 2025 was 24.3 % and 9.5 %, respectively, compared to 3.2 % and 15.2 %, respectively, for the fiscal quarter and two fiscal quarters ended June 29, 2024.
+Added: The effective income tax rate for the fiscal quarter and the three fiscal quarters ended September 27, 2025 was 47.9 % and 32.0 %, respectively, compared to ( 0.7 )% and 7.6 % for the fiscal quarter and the three fiscal quarters ended September 28, 2024.
The differences between the U.S.
−Removed: federal statutory income tax rate and the Company’s effective income tax rates for the fiscal quarter ended June 28, 2025 and the fiscal quarter ended June 29, 2024 were primarily attributable to the discrete impact of stock-based compensation expense for which there is no associated tax benefit and the effects of branch accounting for Latham Canada.
−Removed: On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S.
−Removed: The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
+Added: federal statutory income tax rate and the Company's effective income tax rates for the fiscal quarter ended September 27, 2025 and the fiscal quarter ended September 28, 2024 were primarily attributable to the discrete impact of stock-based compensation expense for which there is no associated tax benefit and the effects of branch accounting for Latham Canada.
+Added: On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S.
+Added: The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
−Removed: The Company is currently assessing OBBBA’s impact on its consolidated financial statements.
+Added: The new provisions did not have a material impact on the Company’s 2025 effective tax rate.
STOCK-BASED COMPENSATION
10 unchanged sentences
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Selling, general, and administrative
−Removed: As of June 28, 2025, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $ 12.6 million, which is expected to be recognized over a weighted-average period of 2.0 years.
+Added: As of September 27, 2025, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $ 10.3 million, which is expected to be recognized over a weighted-average period of 1.9 years.
Restricted Stock Units
−Removed: The following table represents the Company’s restricted stock units activity during the two fiscal quarters ended June 28, 2025:
+Added: The following table represents the Company’s restricted stock units activity during the three fiscal quarters ended September 27, 2025:
Average Grant-
2 unchanged sentences
( 1,231,008 )
−Removed: Outstanding at June 28, 2025
+Added: Outstanding at September 27, 2025
Stock Options
−Removed: The following table represents the Company’s stock options activity during the two fiscal quarters ended June 28, 2025:
+Added: The following table represents the Company’s stock options activity during the three fiscal quarters ended September 27, 2025:
Exercise Price
3 unchanged sentences
Outstanding at January 1, 2025
−Removed: Outstanding at June 28, 2025
−Removed: Vested and expected to vest at June 28, 2025
−Removed: Options exercisable at June 28, 2025
+Added: Outstanding at September 27, 2025
+Added: Vested and expected to vest at September 27, 2025
+Added: Options exercisable at September 27, 2025
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.
Stock Appreciation Rights
−Removed: The following table represents the Company’s stock appreciation rights activity during the two fiscal quarters ended June 28, 2025:
+Added: The following table represents the Company’s stock appreciation rights activity during the three fiscal quarters ended September 27, 2025:
Exercise Price
3 unchanged sentences
Outstanding at January 1, 2025
−Removed: Outstanding at June 28, 2025
−Removed: Vested and expected to vest at June 28, 2025
−Removed: Stock appreciation rights exercisable at June 28, 2025
+Added: Outstanding at September 27, 2025
+Added: Vested and expected to vest at September 27, 2025
+Added: Stock appreciation rights exercisable at September 27, 2025
The aggregate intrinsic value of stock appreciation rights is calculated as the difference between the strike price of the stock appreciation rights and the fair value of the Company’s common stock for those stock appreciation rights that had strike prices lower than the fair value of the Company’s common stock.
Performance Stock Units
−Removed: During the two fiscal quarters ended June 28, 2025, the Compensation Committee of the Board approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s executive officers.
+Added: During the three fiscal quarters ended September 27, 2025, the Compensation Committee of the Board approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s executive officers.
Thirty-three percent of the target number of PSUs awarded on the grant date will be earned annually at 0 % to 200 % of the target number of PSUs based on the Company’s achievement of Adjusted EBITDA (with 100 % of PSUs being earned at target performance, and linear interpolation between threshold and target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning January 1, 2025 and ending December 31, 2027.
4 unchanged sentences
Compensation expense related to unvested PSUs is recognized ratably over the performance period.
−Removed: The following table represents the Company’s PSU activity during the two fiscal quarters ended June 28, 2025:
+Added: The following table represents the Company’s PSU activity during the three fiscal quarters ended September 27, 2025:
Outstanding at January 1, 2025
Adjustment for performance achievement (1)
−Removed: Outstanding at June 28, 2025 (2)
+Added: Outstanding at September 27, 2025 (2)
(1) Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of the end of each respective fiscal year.
−Removed: (2) An additional 292,870 PSUs could potentially be included if the maximum performance level of 200 % is earned for all PSUs granted on or after January 1, 2025 and outstanding as of June 28, 2025.
+Added: (2) An additional 292,870 PSUs could potentially be included if the maximum performance level of 200 % is earned for all PSUs granted on or after January 1, 2025 and outstanding as of September 27, 2025.
NET INCOME PER SHARE
1 unchanged sentence
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Net income attributable to common stockholders
1 unchanged sentence
Net income per share attributable to common stockholders:
−Removed: As of June 28, 2025 and December 31, 2024, 116,536,129 and 115,764,839 shares of common stock were issued and outstanding, respectively.
+Added: As of September 27, 2025 and December 31, 2024, 116,655,775 and 115,764,839 shares of common stock were issued and outstanding, respectively.
The following table includes the number of shares that may be dilutive common shares in the future that were not included in the computation of diluted net income per share because the effect was anti-dilutive:
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Restricted stock awards
10 unchanged sentences
Fiscal Quarter Ended
−Removed: Two Fiscal Quarters Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Three Fiscal Quarters Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Other cost of sales (1)
6 unchanged sentences
Interest expense, net
−Removed: Other (income) expense, net
+Added: Other expense (income), net
Earnings from equity method investment
−Removed: Income tax expense
+Added: Income tax expense (benefit)
(1) Other cost of sales includes total cost of sales (as presented in the condensed consolidated statements of operations) excluding depreciation, stock-based compensation, restructuring charges, and strategic initiative costs.
5 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.