Andersons, Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
ANDE$55.12-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000821026-25-000204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0000821026-26-000070
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 55 current paragraphs.
23 unchanged; 16 reworded; 16 added; 28 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Agribusiness
Current report
The Agribusiness segment’s first quarter operating results improved from the prior year. The diversified portfolio showed the resilience of its earnings as the segment experienced more volatility return to the market this quarter. As prices rallied during the quarter, more old crop bushels came to market, which provided opportunities for the merchandising businesses. The grain asset footprint saw less basis appreciation than expected as the price rally put pressure on basis values. Fertilizer results improved on higher margins.
Current report
Market conditions remain dynamic, and there is the potential of continued volatility that could provide opportunities through 2026 as the group will remain nimble as conditions change. If the volatility continues, more opportunities should shift to the merchandising businesses. We expect the asset footprint, especially in the west, to capture some of the delayed basis appreciation over the next few quarters. Anticipated corn plantings are above the five-year average with expanded margin opportunities in this higher priced environment. The fertilizer business is well positioned heading into the second quarter and the application season for planting.
Current report
Renewables
Current report
The Renewables segment's first quarter operating results improved from the prior year as a result of efficient plant operations and record production. Ethanol demand drove board crush higher year over year but was offset by firmer corn basis and higher natural gas expense. First quarter results include $26.2 million of Section 45Z clean fuel production credits. As expected, each of the ethanol plants qualified for the next tier of credits following rule changes effective in 2026. The merchandising businesses had improved performance, largely driven by volatility surrounding the Renewable Volume Obligations (RVO) announcement, resulting in higher distillers corn oil and RIN values.
Current report
Ethanol fundamentals continue to be supportive as we anticipate elevated demand, including increasing global blend rates, high gasoline prices, and planned industry maintenance. Renewable feedstocks should also continue to benefit from the robust RVO.
Current report
Agribusiness
Current report
Operating results for the Agribusiness segment increased by $16.4 million from the prior year. Sales and merchandising revenues decreased by $73.3 million, and cost of sales and merchandising revenues decreased by $88.6 million for an increased gross profit impact of $15.3 million. The modest decrease in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to lower sales volumes in the merchandising businesses. The $15.3 million improvement in gross profit from the prior year reflects a $9.8 million improvement in the Company’s merchandising businesses from recent capital investments and favorable market conditions, along with a $5.0 million increase the Nutrient business driven by stronger margins.
Current report
Operating, administrative, and general expenses decreased by $3.1 million compared to the prior year, reflecting $5.0 million of higher bad debt expense in the prior period.
Current report
Interest expense increased by $0.9 million, due to increased borrowings on the Company's revolving credit facility.
Current report
Renewables
Current report
The Renewables segment had a strong first quarter as operating results increased by $24.3 million from prior year as the Company now has full ownership of the ethanol plants and is recording a significant amount of clean fuel production credits. Sales and merchandising revenues and cost of sales and merchandising revenues were slightly higher than the prior year due to both increased volumes and values in renewable feedstocks that were partially offset by lower ethanol sales volumes as ethanol values remained consistent with the prior year. Gross profit decreased by $7.6 million, primarily due to a $12.8 million decline at the ethanol plants. Although the plants operated efficiently with solid yields and higher production, this was offset by firmer corn basis and higher natural gas expenses in the quarter. Partially offsetting the decline at the ethanol plants was the improvement in Company's trading businesses on the final RVO policy and higher RIN values in the quarter.
Current report
Interest expense, net increased $2.4 million from the prior year due to increased borrowings on the Company's revolving credit facility.
Current report
As of March 31, 2026, current assets increased by $28.4 million compared to the prior year, primarily driven by higher inventory values resulting from increased commodity prices and an additional $62.0 million of clean fuel production credits in Other current assets. These increases were partially offset by a $146.8 million decrease in cash related to the acquisition of the remaining interest in TAMH later in 2025.
Current report
Current liabilities increased $436.3 million year over year, primarily driven by $493.8 million of additional borrowings under the Company's revolving credit facilities, reflecting lower cash balances than the prior year following the TAMH transaction and increased market volatility in 2026. The increase in short‑term debt was partially offset by lower current maturities of long‑term debt due to the timing of scheduled debt maturities.
Current report
Cash provided by financing activities totaled $417.8 million for the three months ended March 31, 2026, compared to $50.4 million for the same period in 2025. The $367.3 million year-over-year increase was primarily driven by $411.5 million of additional borrowings on the Company's short-term lines of credit. This was partially offset by additional net payments of long-term debt of $36.8 million from the prior year.
Removed paragraphs (28)
Previous report
Effective January 1, 2025, the Company realigned its organizational structure to better reflect updates in management reporting resulting in a change in reportable segments. As a result, the former Trade segment was combined with the former Nutrient & Industrial segment in the newly formed Agribusiness segment along with several smaller business lines being moved between the Agribusiness and Renewables segments. All prior period segment information has been recast to conform to the current year presentation.
Previous report
The Company has considered the potential impact of the book value of the Company’s total shareholders’ equity exceeding the Company’s market capitalization during the quarter for impairment indicators. Management ultimately concluded that an impairment triggering event had not occurred. The Company believes that the share price is not an accurate reflection of its current value as conditions in both agriculture and renewables spaces remain stable with a positive long-term outlook. Management believes that the market’s impact on the Company’s equity value does not actually reflect the impact of these external factors on the Company. As a result of prior period tests, reviews of current operating results and other relevant market factors, the Company concluded that no impairment trigger existed as of September 30, 2025.
Previous report
The Agribusiness segment’s third quarter operating results fell behind the prior year. Trade policy uncertainty, along with ongoing low prices and volatility, led to reduced gross profit in our grain assets and merchandising businesses (excluding Skyland). Lower margins across our assets and merchandising footprint and lower put through volumes at our assets contributed to this decline compared to the third quarter of 2024. Wheat harvest was completed during the quarter with higher-than-expected volumes, allowing our elevators in both the eastern and western grain belts to accumulate bushels at favorable basis values.
Previous report
Fall harvest kicked off in the third quarter and is continuing to progress with yields varying across the country. With a large harvest and low market prices, feed and end-use customers continue to limit their purchasing to immediate needs. We expect elevation margins and merchandising opportunities to increase in the fourth quarter. Our balanced asset and merchandising portfolio enable opportunities in various market conditions, including this current period of higher supply with limited volatility.
Previous report
The third quarter nutrient business saw increased margins and higher year-over-year volumes in this seasonally slow quarter. Fourth quarter farmer fertilizer sales and applications, weather permitting, should realize higher margins but may see reduced demand due to low grain prices.
Previous report
The Renewables segment's third quarter operating results improved from the prior year as results include two months of full ownership of the ethanol plants and the recording of year-to-date 2025 45Z tax credits of $20.2 million. The ethanol plants continue to run efficiently, resulting in slightly higher year-over-year yields and gallons produced. Lower board crush, higher corn basis, and increased natural gas costs contributed to lower overall margins. Plant co-product contribution improved with higher distillers corn oil prices, partially offset by declines in values of dried distillers grain. The impact of full ownership of the plants added pretax earnings of approximately $12 million, or $0.28 per share, to the quarter's results.
Previous report
Strong ethanol demand, including exports, and an expected reduction in corn costs post-harvest should provide support for ethanol values. Under current law, 45Z tax credits remain in effect through 2029, providing continued policy support for renewable fuels and future growth opportunities at our plants. One such opportunity is at our Clymers, Indiana, facility, where a Class VI well permit for our completed test well is currently progressing through the EPA’s approval process. Once approved, this facility will be eligible to sequester carbon on-site, decreasing our carbon intensity score even further.
Previous report
Operating results for the Agribusiness segment declined from the same period of the prior year. Sales and merchandising revenues increased by $112.9 million and cost of sales and merchandising revenues increased by $105.3 million resulting in increased gross profit of $7.6 million. The majority of the increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $101.9 million of sales and merchandising revenues and $82.6 million of cost of sales and merchandising revenues. The $7.6 million increase in gross profit can be attributed to $19.3 million of additional gross profit from the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Previous report
Operating, administrative and general expenses increased by $35.5 million, primarily driven by $30.8 million of costs associated with the newly acquired Skyland business.
Previous report
Other income, net increased by $7.5 million as a result of an additional $7.2 million of property insurance recoveries in the current year.
Previous report
Operating results for the Renewables segment increased by $11.1 million compared to the same period last year after purchasing the remaining noncontrolling interest in TAMH. Sales and merchandising revenues declined by $56.1 million, while related cost of sales and merchandising revenues decreased by $42.3 million, resulting in a $13.8 million reduction in gross profit year-over-year. The decreases in both sales and merchandising revenues and cost of sales and merchandising revenues were primarily driven by lower volumes of third-party ethanol gallons and renewable feedstocks, while prices remained consistent with the prior year. The $13.8 million decline to gross profit in the current period was largely attributable to a $21.4 million decrease at the ethanol plants which was partially offset by increased third party trading results of $7.4 million. Despite operating efficiently with improved yields and higher production, the plants were unable to offset market pressures stemming from elevated input costs and depressed feed product values in the current year.
Previous report
Operating, administrative and general expenses increased by $7.6 million, primarily due to $5.9 million in costs associated with the acquisition of the remaining equity interests in TAMH.
Previous report
For the three months ended September 30, 2024, the Company recorded income tax expense of $10.7 million. The Company's effective tax rate was 17.3% on income of $62.2 million. The difference between the 17.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest and federal tax credits, offset by state and local income taxes, tax impacts of foreign operations, nondeductible compensation, and changes in other discrete tax adjustments.
Previous report
Operating Results
Previous report
Operating results for the Agribusiness segment decreased by $39.3 million from the prior year. Sales and merchandising revenues increased by $350.2 million, and cost of sales and merchandising revenues increased by $319.5 million for an increased gross profit impact of $30.7 million. The increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $478.6 million of sales and merchandising revenues and $424.1 million of cost of sales and merchandising revenues. The increase in sales and merchandising revenues and cost of sales and merchandising revenues from the Skyland acquisition was partially offset by reduced commodity prices. Gross profit increased by $30.7 million from the prior year with $54.4 million of the increase as a result of the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Previous report
Operating, administrative, and general expenses increased by $79.2 million compared to the prior year, with substantially all of the increase related to the acquired Skyland business.
Previous report
Interest expense increased by $12.3 million, substantially all of the increase was due to increased borrowings related to the acquired Skyland business.
Previous report
Other income, net increased by $17.6 million, primarily driven by $19.3 million of additional property insurance recoveries.
Previous report
Operating results for Renewables decreased by $4.1 million from the same period of the prior year. Sales and merchandising revenues and cost of sales and merchandising revenues were in line with the prior year. Gross profit decreased by $29.3 million, primarily due to a $33.1 million decline at the ethanol plants. Although the plants operated efficiently with improved yields and higher production, they were unable to overcome market pressures stemming from elevated input costs in the current year.
Previous report
Operating, administrative and general expenses increased by $9.5 million, primarily due to $5.9 million in costs associated with the acquisition of the remaining equity interests in TAMH, as well as a $3.3 million impairment charge related to equipment used in corn oil refinement.
Previous report
Other income, net increased by $11.8 million compared to the prior year, primarily driven by the recognition of $20.2 million of clean fuel production credits in the current year. This increase was partially offset by a $2.5 million decline in interest income and the absence of a $3.1 million gain recorded in the prior year related to the deconsolidation of the ELEMENT ethanol plant.
Previous report
Other
Previous report
Results declined by $8.5 million, primarily due to a $6.8 million increase in incentive costs driven by improved Renewables performance, along with a $1.4 million pension plan settlement charge.
Previous report
Income Taxes
Previous report
For the nine months ended September 30, 2025, the Company recorded income tax expense of $5.7 million. The Company's effective tax rate was 10.5% on income before taxes of $53.9 million. The difference between the 10.5% effective tax rate and the U.S. federal statutory rate is primarily attributable to the tax impact of noncontrolling interest, nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits, offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax jurisdictions.
Previous report
As of September 30, 2025, current assets decreased by $369.9 million compared to the prior year. The primary driver behind the decline was the cash used to acquire the remaining interest in TAMH. Although this transaction significantly reduced cash balances, the Skyland acquisition in the fourth quarter of prior year contributed $192.4 million in current assets, which was largely offset by the impact of lower commodity prices.
Previous report
Current liabilities increased year-over-year, primarily due to the Skyland acquisition, which added $139.7 million. Additional borrowings on the Company's revolving credit facility and the reclassification of certain long-term debt to current maturities also contributed to the increase. Similar to current assets, the effect of lower average commodity prices partially offset these increases.
Previous report
Cash used in financing activities totaled $538.0 million for the nine months ended September 30, 2025, compared to $162.6 million for the same period in 2024. The $375.4 million year-over-year increase was primarily driven by the $425.0 million cash outlay to purchase the remaining noncontrolling interest in TAMH. This was partially offset by a $53.7 million reduction in distributions to a noncontrolling interest during the current year.
Reworded paragraphs (16)
Previous wording
The critical accounting policies and critical accounting estimates, as described in the 2024 Form 10-K, have not materially changed through the third quarter of 2025.
Current wording
The critical accounting policies and critical accounting estimates, as described in the 2025 Form 10-K, have not materially changed through the first quarter of 2026.
Previous wording
Total Agribusiness grain storage capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 275 million and 170 million bushels at September 30, 2025 and 2024, respectively. The increase in grain storage capacity from the same period of the prior year was due to the Skyland acquisition in the fourth quarter of 2024. The storage capacity at our nutrient facilities was evenly split between dry and liquid storage with a total capacity of approximately one million tons at September 30, 2025 and 2024.
Current wording
Total Agribusiness grain storage capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 266 million and 280 million bushels at March 31, 2026 and 2025, respectively. The storage capacity at our nutrient facilities was evenly split between dry and liquid storage with a total capacity of approximately one million tons at March 31, 2026 and 2025.
Previous wording
(a) Includes corn oil, soybean oil, and other fats, oils, and greases.
Current wording
(a)Includes corn oil, soybean oil, and other fats, oils, and greases.
Previous wording
(b) Dried distillers grains ("DDG") tons shipped converts wet tons to a dry ton equivalent amount.
Current wording
(b)Dried distillers grains ("DDG") tons shipped converts wet tons to a dry ton equivalent amount.
Previous wording
Other income, net increased by $15.9 million compared to the prior year, primarily due to $20.2 million of clean fuel production credits recognized in 2025.
Current wording
Other income, net increased by $25.2 million compared to the prior year, primarily driven by the recognition of $26.2 million of clean fuel production credits in the current year.
Previous wording
Results declined by $8.6 million, primarily due to a $6.8 million increase in incentive costs driven by improved Renewables performance, along with a $1.4 million pension plan settlement charge.
Current wording
Results declined by $1.1 million, primarily due to increased incentive costs driven by improved results.
Previous wording
For the three months ended September 30, 2025, the Company recorded an income tax benefit of $0.2 million. The Company's effective tax rate was (0.9)% on income before taxes of $25.8 million. The difference between the (0.9)% effective tax rate and the U.S. federal statutory tax rate of 21% is primarily attributable to nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits, offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax jurisdictions.
Current wording
For the three months ended March 31, 2026, the Company recorded income tax expense of $4.6 million. The Company's effective tax rate was 13.5% on income before taxes of $33.9 million. The difference between the 13.5% effective tax rate and the U.S. federal statutory rate of 21.0% is primarily attributable to nontaxable clean fuel production credits offset by state and local income taxes and nondeductible compensation.
Previous wording
For the nine months ended September 30, 2024, the Company recorded income tax expense of $16.9 million. The Company’s effective tax rate was 12.7% on income before income taxes of $133.5 million. The difference between the 12.7% effective tax rate and the U.S. federal statutory rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest, federal tax credits, stock-based compensation, and the reversal of certain unrecognized tax benefits, offset by state and local income taxes, tax impacts of foreign operations, and nondeductible compensation.
Current wording
For the three months ended March 31, 2025, the Company recorded an income tax benefit of $2.1 million. The Company’s effective tax rate was (65.9)% on income before income taxes of $3.2 million. The difference between the (65.9)% effective tax rate and the U.S. federal statutory rate of 21.0% was primarily attributable to a discrete adjustment of unrecognized tax benefits related to prior period U.S. federal research and development tax credits.
Previous wording
The Company’s subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2022. The Company’s subsidiary is under federal tax examination by the Mexican tax authorities for tax year 2015. The U.S. federal, state, and Mexican tax authorities’ examinations could potentially be resolved within the next 12 months. The resolution of these examinations could change our unrecognized tax benefits and favorably impact income tax expense by a range of zero to $2.8 million.
Current wording
The Company and its subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2024. The Company’s subsidiary is under federal tax examination by the Mexican tax authorities for tax year 2015. The U.S. federal, state, and Mexican tax authorities’ examinations could potentially be resolved within the next 12 months. The resolution of these examinations could change our unrecognized tax benefits and favorably impact income tax expense by a range of zero to $8.7 million.
Previous wording
On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") issued Pillar Two model rules introducing a global minimum tax of 15% on large corporations. Although the U.S. has not adopted the Pillar Two model rules, several foreign countries have enacted legislation which closely follows OECD’s Pillar Two guidance. The impact of Pillar Two legislation in our relevant jurisdictions is immaterial to the Company's 2025 effective tax rate.
Current wording
On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") issued Pillar Two model rules introducing a global minimum tax of 15% on large corporations. Although the U.S. has not adopted the Pillar Two model rules, several foreign countries have enacted legislation which closely follows OECD’s Pillar Two guidance. Additional OECD guidance issued on January 5, 2026 introduced a "side-by-side" framework which provides relief from certain Pillar Two charging provisions for eligible U.S.-parented multinational groups while keeping foreign country minimum tax regimes in place. The impact of Pillar Two legislation in our relevant jurisdictions is not expected to materially affect the Company's effective tax rate for 2026.
Previous wording
On July 4, 2025, the United States passed the OBBBA, which modified the existing international tax framework and permanently extended select provisions of the Tax Cuts and Jobs Act. This legislation is not expected to materially affect the Company's effective tax rate for 2025 or 2026, with the exception of clean fuel production credits. Changes in the calculation of the carbon intensity score may significantly affect credits, recorded as Other income, resulting in a favorable impact on the effective tax rate through 2029.
Current wording
On July 4, 2025, the U.S. passed the OBBBA, which modified the existing international tax framework and permanently extended select provisions of the Tax Cuts and Jobs Act. This legislation is not expected to materially affect the Company's effective tax rate for 2026, with the exception of clean fuel production credits. Changes in the calculation of the carbon intensity score may significantly affect credits, recorded as Other income, resulting in a favorable impact on the effective tax rate through 2029.
Previous wording
At September 30, 2025, the Company had working capital of $630.7 million, a decrease of $522.5 million from the prior year. This decrease was attributable to changes in the following components of current assets and current liabilities:
Current wording
At March 31, 2026, the Company had working capital of $686.5 million, a decrease of $408.0 million from the prior year. This decrease was attributable to changes in the following components of current assets and current liabilities:
Previous wording
Operating activities generated $183.2 million of cash during the first nine months of 2025, compared to $62.7 million in the same period of 2024. The $120.5 million year-over-year increase was primarily attributable to a $175.5 million favorable shift in operating assets and liabilities through normal business operations, partially offset by a $68.4 million decline in earnings as the Company continues to face challenging market conditions.
Current wording
Operating activities used $393.7 million of cash during the first three months of 2026, compared to $350.0 million of cash used in the same period of 2025. The $43.7 million year-over-year increase in cash use was primarily attributable to a $54.8 million unfavorable shift in operating assets and liabilities through normal business operations, partially offset by stronger earnings in the current year. Excluding the changes in operating assets and liabilities, cash generation from operations has improved from prior year.
Previous wording
Investing activities used $127.3 million of cash during the first nine months of 2025, up from $90.6 million in the prior year. The $36.7 million increase was primarily driven by $69.0 million in higher capital expenditures to support previously announced growth initiatives. This was partially offset by an additional $17.0 million of insurance proceeds received in the current year and the impact of a business acquisition that occurred in the prior year. Management anticipates total investments in property, plant, and equipment for 2025 to be approximately $200 million.
Current wording
Investing activities used $49.5 million of cash during the first three months of 2026, up from $43.8 million in the prior year. The $5.6 million increase was primarily driven by $5.2 million in higher capital expenditures to support previously announced growth initiatives. Management expects to invest approximately $225 million in property, plant, and equipment in 2026; roughly split 50% between growth and maintenance capital.
Previous wording
The Company paid $19.9 million in dividends in the first nine months of 2025 compared to $19.5 million paid in the prior period. The Company paid dividends of $0.195 and $0.19 per common share in January, April, and July of 2025 and 2024, respectively. On August 21, 2025, the Company declared a cash dividend of $0.195 per common share payable on October 22, 2025, to shareholders of record on October 1, 2025.
Current wording
The Company paid $6.8 million in dividends in the first three months of 2026 compared to $6.7 million paid in the prior period. The Company paid dividends of $0.20 and $0.195 per common share in January of 2026 and 2025, respectively. On February 12, 2026, the Company declared a cash dividend of $0.20 per common share, payable on April 22, 2026, to shareholders of record on April 1, 2026.
Previous wording
The Company is party to borrowing arrangements with a syndicate of banks that provide a total of $2,052.4 million in borrowing capacity. As of September 30, 2025, the Company had $1,908.5 million available for borrowing.
Current wording
The Company is party to borrowing arrangements with a syndicate of banks that provide a total borrowing capacity of $1,802.5 million, reflecting the amendment that reduced the Company's revolving credit facility by $250.0 million, as discussed within Note 1 to the Condensed Financial Statements. As of March 31, 2026, the Company had $1,083.1 million available for borrowing.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The Company uses Income (loss) before income taxes attributable to the Company, a non-GAAP financial measure as defined by the Securities and Exchange Commission, to evaluate the Company’s financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Income (loss) before income taxes attributable to the Company is a useful measure of the Company’s performance as it provides investors additional information about the Company's operations, allowing evaluation of underlying business performance and period-to-period comparability. This measure is not intended to replace or be an alternative to Income (loss) before income taxes, the most directly comparable measure reported under GAAP.
Previous report — wording carried elsewhere
The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Operations and includes a separate discussion by segment. Additional segment information is included herein in Note 8, Segment Information.
Previous report — wording carried elsewhere
Comparison of the nine months ended September 30, 2025, with the nine months ended September 30, 2024, including a reconciliation of GAAP to non-GAAP measures: