What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-05 · 112 added, 62 removed, 131 unchanged (57% of the section changed)

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides a comparison of the Company's results of operations, as well as liquidity and capital resources for the quarters ended March 31, 2026 and 2025.

The MD&A should be read in conjunction with the Company's consolidated financial statements and notes included in Item 1 of this Quarterly Report.

8 unchanged sentences

Macroeconomic Events

As a global company, we are exposed to risks and uncertainties arising from macroeconomic, geopolitical, and regulatory conditions, including inflationary pressures, interest rate volatility, foreign currency fluctuations, changes in global capital markets, and evolving international trade and tariff policies.

As a global company, we are exposed to risks and uncertainties arising from macroeconomic, geopolitical, and regulatory conditions, including inflationary pressures, interest rate volatility, foreign currency fluctuations, changes in global capital markets, supply chain conditions, and evolving international trade and tariff policies.

These factors continue to influence our operating environment and may impact revenue growth, margins, liquidity, and the execution of our strategic initiatives.

During the first quarter of 2026, macroeconomic conditions were affected by escalating geopolitical conflict involving Iran and heightened tensions in the Middle East, which disrupted global energy markets and transportation routes.

As a result, global energy, fuel, and logistics costs increased, contributing to renewed inflationary pressures following periods of moderation in fiscal year 2025.

These dynamics led to higher costs in certain areas of our cost structure, including freight and select raw materials, and could adversely affect customer demand if sustained.

We continue to implement cost management initiatives to mitigate these impacts and are actively monitoring supply chain, sourcing, and input cost trends, while continuing to evaluate the evolving macroeconomic environment and its potential impact on our business, financial condition, and results of operations.

As described in Part I, Item 1A - Risk Factors in the annual report on Form 10-K for the fiscal year ended December 31, 2025, we may encounter financial difficulties if the United States or other global economies experience an additional or continued long-term economic downturn as our product sales are sensitive to declines in capital spending by our customers.

During the second quarter of 2026, geopolitical conflict involving Iran and heightened tensions in the Middle East remained volatile but did not materially escalate from levels experienced earlier in the year.

These developments continued to create uncertainty in global energy markets, transportation routes, and supply chains, and contributed to freight and material cost pressure during the quarter.

Inflationary pressures remained elevated in many markets, varying by region and cost category.

In EMEA, particularly Europe, economic conditions remained mixed, with lower equipment volumes in certain markets, export softness impacted by geopolitical developments in the Middle East, and competitive price concessions contributing to margin pressure.

We also continued to experience input cost pressure, including tariff-related material cost pressure in the Americas.

We continue to implement cost management and productivity initiatives to mitigate these impacts and are actively monitoring customer demand, supply chain conditions, sourcing strategies, input costs, foreign currency movements, and the broader macroeconomic environment.

While certain macroeconomic pressures, including energy costs and broader inflation indicators, moderated late in the quarter, ongoing geopolitical, regulatory, and trade-related uncertainty may continue to impact our business, financial condition, and results of operations.

Backlog remained elevated, reflecting increased demand and future-ship orders that outpaced material availability and supplier responsiveness.

The ongoing stabilization of the North America ERP implementation also affected planning, production flow, and order fulfillment.

The timing and pace of backlog reduction remain subject to supplier performance, long lead-time components, changes in customer demand, and continued execution of our optimization efforts.

experience an additional or continued long-term economic downturn as our product sales are sensitive to declines in capital spending by our customers.

Any sustained adverse impacts to our business, the industries in which we operate, market demand for our products, and/or certain suppliers or customers may also affect our future results of operations, financial position, or cash flows.

Changes in foreign currency may also adversely impact our new sales, earnings, and financial condition.

We are actively monitoring the global macroeconomic environment, including geopolitical conflict, the potential impact of global supply chain constraints on material inflation, and change in demand for our products.

Changes in foreign currency may also adversely impact our net sales, earnings, and financial condition.

On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA).

The availability, timing, and amount

of any related refunds remain uncertain and subject to further legal and administrative processes.

Following the decision, the U.S.

presidential administration announced new temporary tariffs based on different statutory authority for a 150-day period beginning February 24, 2026.

These actions have created continued uncertainty regarding tariff levels, duration, and the potential for additional actions or retaliatory measures, and we are monitoring developments to assess potential impacts on our business and results of operations.

The Company entered fiscal year 2026 facing continued uncertainty in global economic conditions, elevated energy and logistics costs, and changes in international trade policy, including evolving U.S.

tariff programs.

Despite this environment, customer demand and order activity early in the year have remained favorable, supported by strength across core end markets and continued momentum in autonomous mobile robotics.

Operationally, fiscal year 2026 represents a transition period as the Company progresses beyond the initial implementation of its North America ERP system.

ERP recovery advanced steadily during the first quarter, with operational performance improving meaningfully as the quarter progressed following a planned two‑week shutdown of North American manufacturing facilities in January to complete a physical inventory count.

Management remains focused on restoring execution discipline and improving production flow, while continuing to actively manage inflationary pressures, including labor, freight, and tariffs.

The Company continues to invest selectively in growth initiatives, including robotic and autonomous cleaning solutions, while maintaining a disciplined approach to spending, liquidity, and capital allocation.

The following table compares the results of operations for the three months ended March 31, 2026 and 2025, respectively (in millions, except per share data and percentages):

These actions, together with ongoing legal and administrative developments related to the refund process for previously paid IEEPA tariffs, have continued to create uncertainty regarding tariff levels, duration, refund eligibility, and the potential for additional actions or retaliatory measures.

During the second quarter of 2026, we submitted claims seeking refunds of certain previously paid IEEPA tariffs.

As of June 30, 2026, these claims had not been approved, and we had not recognized any benefit related to potential tariff refunds in our consolidated financial statements.

The availability, timing, and amount of any refunds remain uncertain and subject to further legal, administrative, and governmental processes.

We continue to monitor developments in U.S.

and international trade policy, including the status of temporary tariffs, tariff refund procedures, potential replacement measures, and retaliatory actions.

We are also continuing to evaluate mitigation strategies, including sourcing, supply chain, pricing, and other commercial actions, to reduce the potential impact of tariffs on our business, financial condition, and results of operations.

The Company continues to operate in a dynamic macroeconomic environment characterized by elevated input costs, uncertainty in global trade and tariff policy, foreign currency volatility, and geopolitical developments that may affect energy, freight, and logistics costs.

During the second quarter, these pressures remained mixed across regions and cost categories, with continued freight and material cost pressure associated with geopolitical developments in the Middle East.

The operating environment remains uncertain and continues to require disciplined execution and active cost management, though the Company may not be able to fully offset all cost increases through pricing actions, productivity initiatives, and other mitigation efforts.

Customer demand and order activity remained generally constructive, primarily driven by activity in the Americas, supported by our broad portfolio of products and solutions, core end-market demand, and continued interest in robotic and autonomous cleaning solutions.

However, second quarter results reflected continued margin pressure and lower profitability compared to the prior-year period, driven by inflationary pressures, volume and mix, operational inefficiencies, and pricing and volume deleverage in EMEA.

The North America ERP platform continued to affect operational efficiency during the second quarter, as targeted productivity gains and cost efficiencies have taken longer to realize than expected.

The Company incurred incremental support and technology-related costs to address process and system gaps.

Management remains focused on optimizing the platform, improving execution and fulfillment, and accelerating realization of the expected productivity and operating leverage benefits.

While fiscal year 2026 remains a transition period, we believe the fundamentals of the business remain sound.

The Company continues to invest selectively in strategic growth initiatives, including robotic and autonomous cleaning solutions, while maintaining a disciplined approach to spending, liquidity, working capital, and capital allocation.

We believe these actions support the Company’s ability to improve operating performance over time, although the timing and pace of improvement will depend on execution, customer demand, and the broader macroeconomic environment.

The following table compares the results of operations for the three and six months ended June 30, 2026 and 2025, respectively (in millions, except per share data and percentages):

Three Months Ended

June 30, Six Months Ended

2026 % 2025 % 2026 % 2025 %

7 unchanged sentences

Net foreign currency transaction loss (0.3) (0.1) (0.8) (0.3) (0.7) (0.1) (1.0) (0.2)

Other (expense) income, net (0.2) (0.1) 0.1 —

Other expense, net (1.0) (0.3) (0.3) (0.1) (1.2) (0.2) (0.2) —

Income before income taxes 10.3 3.2 27.3 8.6 11.2 1.8 44.5 7.3

2 unchanged sentences

Net income per share - diluted $ 0.44 $ 1.08 $ 0.45 $ 1.77

Consolidated net sales for the first quarter of 2026 totaled $297.9 million, a 2.7% increase as compared to consolidated net sales of $290.0 million in the first quarter of 2025.

Consolidated net sales for the second quarter of 2026 totaled $324.0 million, a 1.7% increase as compared to consolidated net sales of $318.6 million in the second quarter of 2025.

The components of the consolidated net sales change were as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Price 3.0% 3.6%

Volume (3.5)% (4.8)%

2 unchanged sentences

Foreign currency 1.6% 2.8%

The 2.7% increase in consolidated net sales in the first quarter of 2026 as compared to the same period in 2025 was driven by:

• A net favorable impact from foreign currency exchange of approximately 4.1% primarily due to the strengthening of the Euro, Brazilian real, and Mexican peso relative to the U.S.

Total 1.7% 2.2%

The 1.7% increase in consolidated net sales in the second quarter of 2026 as compared to the same period in 2025 was driven by:

• A net favorable impact from foreign currency exchange of approximately 1.6% primarily due to stronger average exchange rates for the Euro, Brazilian real, and Mexican peso relative to the U.S.

• Acquisition related growth of 0.6% driven by the acquisitions of distributors in EMEA;

partly offset by

• Organic sales decline of 1.9% primarily due to volume declines in North America related to ERP impacts earlier in the quarter, partly offset by pricing r ealization in North America and EMEA.

The following table sets forth the net sales by geographic area for the three months ended March 31, 2026 and 2025 (in millions, except percentages):

• Organic sales decline of 0.5%, as price realization was more than offset by lower volume, reflecting production and fulfillment constraints in North America and softer demand in certain EMEA and APAC markets.

The 2.2% increase in consolidated net sales in the first six months of 2026 as compared to the same period in 2025 was driven by:

• A net favorable impact from foreign currency exchange of approximately 2.8% primarily due to stronger average exchange rates for the Euro, Brazilian real, and Mexican peso relative to the U.S.

dollar compared to the prior-year period;

• Acquisition related growth of 0.6% driven by the acquisitions of distributors in EMEA;

partly offset by

• Organic sales decline of 1.2%, as price realization was more than offset by lower volume, reflecting ERP-related and production fulfillment constraints in North America, together with softer demand in certain EMEA and APAC markets.

The following table sets forth the net sales by geographic area for the three and six months ended June 30, 2026 and 2025 (in millions, except percentages):

Three Months Ended

2026 2025 % Change

June 30, Six Months Ended

2026 2025 % Change 2026 2025 % Change

Americas $ 218.7 $ 213.5 2.4 % $ 412.7 $ 410.8 0.5 %

2 unchanged sentences

Total $ 324.0 $ 318.6 1.7 % $ 621.9 $ 608.6 2.2 %

Americas net sales were $194.0 million for the first quarter of 2026, a decrease of 1.7% from the first quarter of 2025 driven by:

• Organic sales decline of 3.0% primarily driven by lower volumes in North America related to ERP impacts earlier in the quarter, partially offset by pricing realization in North America and increased rental and equipment volumes in Latin America;

Americas net sales were $218.7 million for the second quarter of 2026, an increase of 2.4% from the second quarter of 2025 driven by:

• Organic sales growth of 1.4%, primarily driven by price realization and continued strength in Latin America, partially offset by lower volumes in North America due to production and fulfillment constraints;

• A net favorable impact from foreign currency exchange of approximately 1.0%.

Americas net sales were $412.7 million for the first six months of 2026, an increase of 0.5% from the first six months of 2025 driven by:

• A net favorable impact from foreign currency exchange of approximately 1.2%;

partly offset by

• Organic sales decline of 0.7%, as price realization and growth in Latin America were more than offset by North America ERP-related and fulfillment constraints.

Europe, Middle East and Africa ("EMEA")

EMEA net sales were $86.9 million for the first quarter of 2026, an increase of 14.3% from the first quarter of 2025 driven by:

EMEA net sales were $86.5 million for the second quarter of 2026, an increase of 2.1% from the second quarter of 2025 driven by:

• A net favorable impact from foreign currency exchange of approximately 2.6%;

• Acquisition related growth of 2.3% driven by acquisitions of distributors;

• Organic sales growth of 1.0% primarily due to price realization and equipment volume increases in France and Germany.

partly offset by

• Organic sales decline of 2.8%, primarily due to lower equipment volumes in certain European markets, including parts of Southern Europe and the Benelux region, as well as softer demand in export markets impacted by geopolitical developments in the Middle East.

EMEA net sales were $173.4 million for the first six months of 2026, an increase of 7.9% from the first six months of 2025 driven by:

• A net favorable impact from foreign currency exchange of approximately 6.7%;

• Acquisition related growth of 2.2% driven by acquisitions of distributors;

partly offset by

• Organic sales decline of 1.0%, primarily due to lower equipment volumes in certain markets, including the UK and Export.

Asia Pacific ("APAC")

APAC net sales were $17.0 million for the first quarter of 2026, an increase of 1.8% from the first quarter of 2025 driven by:

APAC net sales were $18.8 million for the second quarter of 2026, a decrease of 7.8% from the second quarter of 2025 driven by:

• Organic sales decline of 10.6%, primarily driven by lower equipment volumes across most countries, reflecting softer market demand and distributor overstock in certain markets, partially offset by price realization and volume growth in India;

• A net favorable impact from foreign currency exchange of approximately 2.8%.

APAC net sales were $35.8 million for the first six months of 2026, a decrease of 3.5% from the first six months of 2025 driven by:

• Organic sales decline of 6.8%, primarily driven by lower equipment volumes and continued softness in China, Australia, and Southeast Asia, partially offset by price realization and growth in certain markets;

partly offset by

• Organic sales decline of 2.0%, primarily driven by lower pricing in China equipment sales and softer underlying demand, particularly in China, Australia, and Southeast Asia, partially offset by volume growth in India and Korea.

Gross profit margin of 38.1% was 330 basis points lower in the first quarter of 2026 compared to the first quarter of 2025.

The margin rate decline was driven primarily by incremental labor, freight, and expediting costs associated with ERP recovery efforts earlier in the quarter, as well as a shift in customer mix toward strategic accounts, which carry a different margin profile.

Tariff and other inflationary pressures were fully offset by price realization and cost-out initiatives.

• A net favorable impact from foreign currency exchange of approximately 3.3%.

Gross profit margin of 39.5% was 260 basis points lower in the second quarter of 2026 compared to the second quarter of 2025.

Gross profit margin of 38.8% was 300 basis points lower in the first six months of 2026 compared to the first six months of 2025.

The margin rate decline in both periods was driven primarily by ERP-related recovery costs, supply constraints, and elevated freight and tariff-related material costs in North America.

In EMEA, margin was pressured by competitive price concessions, volume deleverage, and unfavorable mix.

These impacts were partially offset by price realization and cost management actions.

Operating Expense

Selling and Administrative Expense

Selling and administrative expense ("S&A expense") was $98.1 million for the first quarter of 2026, an increase of $7.4 million compared to the first quarter of 2025.

As a percentage of net sales, S&A expense for the first quarter of 2026 increased 160 basis points to 32.9% from 31.3% in the first quarter of 2025.

The increase in S&A expense was primarily driven by unfavorable foreign currency, legal and financial advisory costs, higher compensation and benefits, and software subscription fees.

Selling and administrative expense ("S&A expense") was $99.5 million for the second quarter of 2026, an increase of $5.8 million compared to the second quarter of 2025.

As a percentage of net sales, S&A expense for the second quarter of 2026 increased 130 basis points to 30.7% from 29.4% in the second quarter of 2025.

The increase in S&A expense was primarily driven by unfavorable foreign currency, higher people-related costs and technology spend, partially offset by lower bad debt expense and other administrative expenses.

S&A expense was $197.6 million for the first six months of 2026, an increase of $13.2 million compared to the first six months of 2025.

As a percentage of net sales, S&A expense for the first six months of 2026 increased 150 basis points to 31.8% from 30.3% in the first six months of 2025.

The increase in S&A expense was primarily driven by unfavorable foreign currency, higher people-related costs, technology spend, vehicle-related expense, and travel, partially offset by lower bad debt expense, professional fees, and other administrative expenses.

Research and Development Expense

Research and development expense ("R&D expense") was $10.6 million, or 3.6% of net sales, for the first quarter of 2026, with R&D expense as a percentage of net sales increasing 30 basis points compared to the first quarter of 2025.

Research and development expense ("R&D expense") was $12.5 million, or 3.9% of net sales, for the second quarter of 2026, with R&D expense as a percentage of net sales increasing 80 basis points compared to the second quarter of 2025.

Research and development expense ("R&D expense") was $23.1 million, or 3.7% of net sales, for the first six months of 2026, with R&D expense as a percentage of net sales increasing 50 basis points compared to the first six months of 2025.

The increase was primarily driven by continued investment in innovation, including robotics and autonomous solutions.

We continue to invest in developing innovative products and technologies at levels necessary to propel our technology and innovative leadership position and drive growth.

1 unchanged sentence

Interest Expense, Net

Interest expense, net was $3.4 million in the first quarter of 2026 compared to $2.3 million in the first quarter of 2025.

Interest expense, net was $4.3 million in the second quarter of 2026 compared to $2.2 million in the second quarter of 2025.

The increase was the result of higher weighted average outstanding borrowings, including incremental borrowings to fund share repurchases, partly offset by a lower average interest rate.

The following table compares the debt levels, average interest rate, interest income and interest expense for the three months ended March 31, 2026 and 2025, respectively (in millions, except percentages):

Three Months Ended March 31,

The following table compares the debt levels, average interest rate, interest income and interest expense for the three months ended June 30, 2026 and 2025, respectively (in millions, except percentages):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Weighted Average Outstanding Borrowings $ 365.5 $ 213.8 $ 336.5 $ 209.3

3 unchanged sentences

Interest expense, net $ 4.3 $ 2.2 $ 7.7 $ 4.5

Our debt portfolio as of March 31, 2026 was comprised of debt predominately in U.S.

Our debt portfolio as of June 30, 2026 was comprised of debt predominantly in U.S.

The Company manages its floating rate debt exposure using fixed rate interest rate swaps to reduce the Company's risk of the possibility of increased interest costs.

1 unchanged sentence

Net Foreign Currency Transaction Loss

Net foreign currency transaction loss was $0.4 million, a $0.2 million increase compared to the first quarter of 2025.

The unfavorable impact was primarily due to volatile currency markets driving larger than normal exchange rate fluctuations on small unhedged exposures.

The effective tax rate for the first quarter of 2026 was 80.5% compared to 23.8% for the first quarter of 2025.

The increase was primarily due to an increase of discrete tax costs associated with share-based compensation as a percentage of pre-tax book income.

Net foreign currency transaction loss was $0.3 million for the second quarter of 2026 compared to $0.8 million for the second quarter of 2025.

Net foreign currency transaction loss was $0.7 million for the first six months of 2026 compared to $1.0 million for the first six months of 2025.

The favorable impact was primarily due to volatile currency markets driving larger than normal exchange rate fluctuations on small unhedged exposures in the prior year.

The effective tax rate for the second quarter of 2026 was 26.3% compared to 26.0% for the second quarter of 2025.

The increase was primarily due to unfavorable changes in the mix of forecasted earnings by country, partially offset by an increase in discrete tax benefits recognized in the second quarter of 2026.

The effective tax rate for the first six months of 2026 was 30.5% compared to 25.2% for the first six months of 2025.

The increase was primarily due to higher discrete tax costs associated with share-based compensation recognized in the first six months of 2026, as well as unfavorable changes in the mix of forecasted earnings by country.

In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or immaterial.

1 unchanged sentence

Liquidity and Capital Resources

Cash and cash equivalents totaled $82.6 million at March 31, 2026 compared to $106.4 million as of December 31, 2025.

Cash and cash equivalents totaled $76.9 million at June 30, 2026 compared to $106.4 million as of December 31, 2025.

Wherever possible, cash management is centralized and intercompany financing is used to provide working capital to subsidiaries as needed.

Our current ratio was 2.1 as of March 31, 2026 and 2.0 as of December 31, 2025.

Our primary working capital, which is comprised of accounts receivable, inventories and accounts payables, was $362.1 million as of March 31, 2026 and $327.8 million as of December 31, 2025.

Our debt-to-capital ratio was 40.2% as of March 31, 2026 compared to 31.2% as of December 31, 2025.

As of March 31, 2026, we had letters of credit and bank guarantees outstanding in the amount of $3.2 million, leaving approximately $289.3 million of unused borrowing capacity on our revolving facility.

Our current ratio was 2.0 as of June 30, 2026 and 2.0 as of December 31, 2025.

Our primary working capital, which is comprised of accounts receivable, inventories and

accounts payable, was $375.3 million as of June 30, 2026 and $327.8 million as of December 31, 2025.

Our debt-to-capital ratio was 40.1% as of June 30, 2026 compared to 31.2% as of December 31, 2025.

As of June 30, 2026, we had letters of credit and bank guarantees outstanding in the amount of $3.1 million, leaving approximately $289.4 million of unused borrowing capacity on our revolving facility.

Cash Flow from Operating Activities

Net cash used in operating activities during the three months ended March 31, 2026 was $31.2 million compared to net cash used in operating activities of $0.4 million during the three months ended March 31, 2025.

The increase was the result of investments in working capital investments, reflecting increases in accounts receivable and inventory, lower accounts payable, and changes in other assets and liabilities, as well as lower operating performance.

Net cash used in operating activities during the six months ended June 30, 2026 was $26.2 million compared to net cash provided by operating activities of $22.1 million during the six months ended June 30, 2025.

The change was primarily driven by lower operating performance and increased working capital requirements, including higher accounts receivable and inventory balances and lower accounts payable.

Working capital levels and cash conversion were adversely affected by operational and process inefficiencies associated with the North America ERP implementation, and management remains focused on improving working capital efficiency as stabilization and fulfillment efforts progress.

Cash Flow from Investing Activities

Net cash used in investing activities during the three months ended March 31, 2026 was $10.3 million compared to net cash used in investing activities of $6.9 million during the three months ended March 31, 2025.

Net cash used in investing activities during the six months ended June 30, 2026 was $15.4 million compared to net cash used in investing activities of $10.6 million during the six months ended June 30, 2025.

The increase was primarily due to the acquisition of Clean Machine in the first quarter of 2026, partly offset by lower capital expenditures.

Cash Flow from Financing Activities

Net cash provided by financing activities during the three months ended March 31, 2026 was $17.2 million compared to net cash used in financing activities of $13.7 million during the three months ended March 31, 2025.

Net cash provided by financing activities during the six months ended June 30, 2026 was $11.4 million compared to net cash used in financing activities of $32.8 million during the six months ended June 30, 2025.

The increase was driven by increased net proceeds from borrowing, partly offset by higher repurchases of common stock.

3 unchanged sentences

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which aims to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard with the Securities and Exchange Commission regulations.

This guidance is effective for

the Company no later than June 30, 2027.

This guidance is effective for the Company no later than June 30, 2027.

We do not expect the amendments in this update to have a material impact on our consolidated financial statements.

16 unchanged sentences

We are evaluating the impact of the ASU to determine its impact on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12 Codification Improvements, which aims to update the FASB Accounting Standards Codification for a broad range of topics arising from technical corrections, unintended application or the Codification, clarifications, and other minor improvements.

In December 2025, the FASB issued ASU 2025-12 Codification Improvements, which aims to update the FASB Accounting Standards Codification for a broad range of topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements.

The ASU is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years.

24 unchanged sentences

our ability to integrate acquisitions;

ability to develop and commercialize new innovative products and services;

our ability to develop and commercialize new innovative products and services;

and risks related to our business transformation and strategic initiatives.

9 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