Aveanna Healthcare Holdings, Inc.

Previous wording

Our fiscal year ends on the Saturday that is closest to December 31 of a given year, resulting in either a 52-week or 53-week fiscal year. “Fiscal year 2025” refers to the 53-week fiscal year ending on January 3, 2026. “Fiscal year 2024” refers to the 52-week fiscal year ended on December 28, 2024. The “three-month period ended June 28, 2025”, or “second quarter of 2025” refers to the 13-week fiscal quarter ended on June 28, 2025. The “three-month period ended June 29, 2024” or “second quarter of 2024” refers to the 13-week fiscal quarter ended on June 29, 2024. The "six-month period ended June 28, 2025", or "first six months of 2025", refers to the period from December 29, 2024 through June 28, 2025. The "six-month period ended June 29, 2024", or "first six months of 2024", refers to the period from December 31, 2023 through June 29, 2024.

Current wording

Our fiscal year ends on the Saturday that is closest to December 31 of a given year, resulting in either a 52-week or 53-week fiscal year. “Fiscal year 2025” refers to the 53-week fiscal year ending on January 3, 2026. “Fiscal year 2024” refers to the 52-week fiscal year ended on December 28, 2024. The “three-month period ended September 27, 2025”, or “third quarter of 2025” refers to the 13-week fiscal quarter ended on September 27, 2025. The “three-month period ended September 28, 2024” or “third quarter of 2024” refers to the 13-week fiscal quarter ended on September 28, 2024. The "nine-month period ended September 27, 2025", or "first nine months of 2025", refers to the period from December 29, 2024 through September 27, 2025. The "nine-month period ended September 28, 2024", or "first nine months of 2024", refers to the period from December 31, 2023 through September 28, 2024.

Previous wording

The following table summarizes the revenues generated by each of our segments for the six-month periods ended June 28, 2025 and June 29, 2024, respectively:

Current wording

The following table summarizes the revenues generated by each of our segments for the nine-month periods ended September 27, 2025 and September 28, 2024, respectively:

Previous wording

On June 30, 2025, the Centers for Medicare & Medicaid Services (“CMS”) issued its calendar year 2026 proposed rule for the home health prospective payment system. CMS estimates the proposed rule would reduce home health payments by 6.4% in CY 2026 relative to 2025. This update includes a 3.2% market basket update, reduced by a 0.8% cut for productivity. The rule also includes several reductions that CMS proposes as necessary to achieve budget neutral implementation of the Patient-driven Groupings Model (“PDGM”), which are a 4.1% permanent reduction to the standard payment rate to prevent future overpayments, as well as a temporary but indefinite 5.0% reduction to recoup past overpayments. CMS also proposes a 0.5% reduction related to high-cost outlier payments. The proposed rule is subject to comment through August 29, 2025. The ultimate impact of any final rule would likely negatively affect reimbursement rates in our HHH segment.

Current wording

On June 30, 2025, the Centers for Medicare & Medicaid Services (“CMS”) issued its calendar year 2026 ("CY 2026") proposed rule for the home health prospective payment system. CMS estimates the proposed rule would reduce home health payments by 6.4% in CY 2026 relative to 2025. This update includes a 3.2% market basket update, reduced by a 0.8% cut for productivity. The proposed rule also includes several reductions that CMS proposes as necessary to achieve budget neutral implementation of the Patient-driven Groupings Model (“PDGM”), which are a 4.1% permanent reduction to the standard payment rate to prevent future overpayments, as well as a temporary but indefinite 5.0% reduction to recoup past overpayments. CMS also proposes a 0.5% reduction related to high-cost outlier payments. The comment period on the proposed rule ended August 29, 2025. We have partnered with our industry advocates and others to share comments with CMS on the proposed rule. The ultimate impact of the final rule, if adopted as proposed, would negatively affect reimbursement rates in our HHH segment in line with the proposed 6.4% reduction.

Previous wording

On July 4, 2025, H.R. 1, also known as the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The Congressional Budget Office projects OBBBA will result in a reduction to federal Medicaid spending by an estimated $1.15 trillion over the next 10 years. The OBBBA changes to Medicaid include provisions expected to reduce the population of Medicaid recipients through more stringent eligibility requirements, reductions in provider taxes, work (community engagement) requirements, limits on state-directed payments, and other changes. Most of the provisions have implementation dates of December 31, 2026, or later. While there were no specific changes to the Medicaid waiver programs that a majority of our patient population qualifies for services under, and no provisions that we believe directly impact the reimbursement rates of the services we provide, the resulting reductions to state Medicaid budgets may indirectly impact future rate expansion for certain Medicaid-funded services.

Current wording

On July 4, 2025, H.R. 1, also known as the One Big Beautiful Bill Act ("OBBBA"), was enacted into law. The Congressional Budget Office projects OBBBA will result in a reduction to federal Medicaid spending by an estimated $1.15 trillion over the next ten years. The changes to Medicaid made by OBBBA include provisions expected to reduce the population of Medicaid recipients through more stringent eligibility requirements, reductions in provider taxes, work (community engagement) requirements, limits on state-directed payments, and other changes. Most of the applicable provisions have implementation dates of December 31, 2026, or later. While there were no specific changes to the Medicaid waiver programs that a majority of our patient population qualifies for services under, and no provisions that we believe directly impact the reimbursement rates of the services we provide, the resulting reductions to state Medicaid budgets may indirectly impact future rate expansion for certain Medicaid-funded services.

Previous wording

Operating income was $80.0 million, or 13.6% of revenue, for the three-month period ended June 28, 2025, as compared to operating income of $37.1 million, or 7.4% of revenue, for the three-month period ended June 29, 2024, an increase of $42.9 million.

Current wording

Operating income was $53.6 million, or 8.6% of revenue, for the three-month period ended September 27, 2025, as compared to operating income of $34.0 million, or 6.7% of revenue, for the three-month period ended September 28, 2024, an increase of $19.6 million.

Previous wording

Operating income for the second quarter of 2025 was positively impacted by an increase of $50.4 million, or 71.7%, in Field contribution, as compared to the second quarter of 2024. The $50.4 million increase in Field contribution resulted from a $84.6 million, or 16.8%, increase in consolidated revenue and a 6.6% increase in our Field contribution margin to 20.5% for the second quarter of 2025 from 13.9% for the second quarter of 2024. The primary driver of our higher Field contribution margin over the comparable quarter was an increase in gross margin percentage of 4.5%, along with a 2.1% decrease in branch and regional administrative expenses as a percentage of revenue to 15.3% for the second quarter of 2025 from 17.4% for the second quarter of 2024.

Current wording

Operating income for the third quarter of 2025 was positively impacted by an increase of $35.9 million, or 50.2%, in Field contribution, as compared to the third quarter of 2024. The $35.9 million increase in Field contribution resulted from a $112.9 million, or 22.2%, increase in consolidated revenue and a 3.3% increase in our Field contribution margin to 17.3% for the third quarter of 2025 from 14.0% for the third quarter of 2024. The primary driver of our higher Field contribution margin over the comparable quarter was an increase in gross margin percentage of 1.2%, along with a 2.0% decrease in branch and regional administrative expenses as a percentage of revenue to 15.3% for the third quarter of 2025 from 17.3% for the third quarter of 2024.

Previous wording

The following items primarily contributed to the $42.9 million increase in operating income over the comparable second quarter period:

Current wording

The following items primarily contributed to the $19.6 million increase in operating income over the comparable third quarter period:

Previous wording

Net income for the three-month period ended June 28, 2025 was $27.0 million, as compared to net income of $13.9 million for the three-month period ended June 29, 2024. The $13.1 million increase in net income was primarily driven by the following:

Current wording

Net income for the three-month period ended September 27, 2025 was $14.1 million, as compared to net loss of $42.8 million for the three-month period ended September 28, 2024. The $56.9 million increase in net income was primarily driven by the following:

Previous wording

an aggregate $6.4 million decrease in valuation gains on interest rate derivatives and net settlements received from interest rate derivative counterparties compared to the second quarter of 2024.

Current wording

an aggregate $22.2 million decrease in valuation losses on interest rate derivatives and net settlements received from interest rate derivative counterparties included in other expense compared to the third quarter of 2024; offset by

Previous wording

Our PDS segment revenue growth of $78.2 million, or 19.2%, for thethree-month period ended June 28, 2025 was attributable to a 6.9% increase in volume and a 12.3% increase in revenue rate. The 6.9% increase in volume was primarily attributable to growth in demand for non-clinical services. Additionally, the PDS segment revenue benefited from volume attributed to the Thrive acquisition which was completed on June 2, 2025.

Current wording

Our PDS segment revenue growth of $104.9 million, or 25.6%, for thethree-month period ended September 27, 2025 was attributable to a 12.9% increase in volume and a 12.7% increase in revenue rate. The 12.9% increase in volume was primarily attributable to volume from the Thrive acquisition which was completed on June 2, 2025, and growth in demand for non-clinical services.

Previous wording

The 12.3% increase in PDS revenue rate for thethree-month period ended June 28, 2025, as compared to thethree-month period ended June 29, 2024, resulted primarily from the following: (i) reimbursement rate increases issued by various state Medicaid programs and Managed Medicaid payers, including payments received in the current period related to certain rate increases applied retroactively for services provided since January 1, 2025, for which there is currently no associated wage pass-through reflected in segment cost of revenue, excluding depreciation and amortization; (ii) increases in value-based payments from certain payors; and (iii) improved collections on fully reserved aged receivables.

Current wording

The 12.7% increase in PDS revenue rate for thethree-month period ended September 27, 2025, as compared to thethree-month period ended September 28, 2024, resulted primarily from the following: (i) reimbursement rate increases issued by various state Medicaid programs and Managed Medicaid payers; (ii) higher reimbursement rates associated with volumes attributed to the Thrive acquisition; (iii) increases in value-based payments; and (iv) improved collections on fully reserved aged receivables.

Previous wording

Our HHH segment revenue increase of $5.5 million, or 10.0%, for thethree-month period ended June 28, 2025, as compared to thethree-month period ended June 29, 2024, resulted primarily from a 6.9% increase in total episodes and an increase in home health revenue per completed episode due to improvements in patient mixcompared to the second quarter of 2024.

Current wording

Our HHH segment revenue increase of $8.3 million, or 15.3%, for thethree-month period ended September 27, 2025, as compared to thethree-month period ended September 28, 2024, resulted primarily from a 14.2% increase in total episodes and an increase in home health revenue per completed episode due to improvements in patient mixcompared to the third quarter of 2024.

Previous wording

The$1.0 million, or 2.2%, increase in MS segment revenue for thethree-month period ended June 28, 2025, as compared to thethree-month period ended June 29, 2024, was attributable to a 5.4% increase in revenue rate, partially offset by a decline in volume of 3.2%compared to the second quarter of 2024.

Current wording

The$0.2 million, or 0.5%, decrease in MS segment revenue for thethree-month period ended September 27, 2025, as compared to thethree-month period ended September 28, 2024, was attributable to a 1.1% decline in volume, partially offset by a 0.6% increase in revenue rate compared to the third quarter of 2024.

Previous wording

The 10.5% increase in PDS cost of revenue for thethree-month period ended June 28, 2025 resulted from the previously described 6.9% increase in PDS volume combined with a 3.6% increase in PDS cost of revenue rate. The 3.6% increase in cost of revenue rate primarily resulted from higher caregiver labor costs, including the pass-through of reimbursement rate increases net of $6.2 million lower general and professional liability reserve associated with the release of certain accrued legal settlements.

Current wording

The 21.8% increase in PDS cost of revenue for thethree-month period ended September 27, 2025 resulted from the previously described 12.9% increase in PDS volume combined with a 8.9% increase in PDS cost of revenue rate. The 8.9% increase in cost of revenue rate primarily resulted from higher caregiver labor costs, including the pass-through of reimbursement rate increases and higher labor rates associated with volumes attributed to the Thrive acquisition.

Previous wording

The 7.2% increase in HHH cost of revenue for thethree-month period ended June 28, 2025 was driven primarily by higher home health total episodes.

Current wording

The 16.8% increase in HHH cost of revenue for thethree-month period ended September 27, 2025 was driven primarily by higher home health total episodes.

Previous wording

Gross margin was $210.8 million, or 35.8% of revenue, for the three-month period ended June 28, 2025, as compared to $158.3 million, or 31.3% of revenue, for the three-month period ended June 29, 2024. Gross margin increased $52.5 million, or 33.2%, from the comparable prior year quarter. The 4.5% increase in gross margin percentage for the three-month period ended June 28, 2025 resulted from the combined changes in our revenue rates and cost of revenue rates in each of our segments, which we refer to as the change in our spread rate, as follows:

Current wording

Gross margin was $202.8 million, or 32.6% of revenue, for the three-month period ended September 27, 2025, as compared to $159.7 million, or 31.4% of revenue, for the three-month period ended September 28, 2024. Gross margin increased $43.1 million, or 27.0%, from the comparable prior year quarter. The 1.2% increase in gross margin percentage for the three-month period ended September 27, 2025 resulted from the combined changes in our revenue rates and cost of revenue rates in each of our segments, which we refer to as the change in our spread rate, as follows:

Previous wording

a 35.6% increase in PDS spread rate from $10.73 to $14.29 driven by the 12.3% increase in PDS revenue rate, net of the 3.6% increase in PDS cost of revenue rate;

Current wording

a 23.0% increase in PDS spread rate from $10.48 to $12.62 driven by the 12.7% increase in PDS revenue rate, net of the 8.9% increase in PDS cost of revenue rate;

Previous wording

a 13.2% increase in MS spread rate from $191.45 to $217.60 driven by the 5.4% increase in MS revenue rate, and the 0.3% decrease in MS cost of revenue rate; and

Current wording

a 0.9% decrease in MS spread rate from $224.79 to $222.76 driven by the 0.6% increase in MS revenue rate, and the 1.8% increase in MS cost of revenue rate; and

Previous wording

a 1.2% increase in gross margin percentage in our HHH segment.

Current wording

a 0.6% decrease in gross margin percentage in our HHH segment.

Previous wording

Branch and regional administrative expenses were $90.1 million, or 15.3% of revenue, for thethree-month period ended June 28, 2025, as compared to $88.0 million, or 17.4% of revenue, for thethree-month period ended June 29, 2024, an increase of $2.1 million, or 2.4%.

Current wording

Branch and regional administrative expenses were $95.4 million, or 15.3% of revenue, for thethree-month period ended September 27, 2025, as compared to $88.2 million, or 17.3% of revenue, for thethree-month period ended September 28, 2024, an increase of $7.2 million, or 8.2%.

Previous wording

The 2.4% increase in branch and regional administrative expenses for thethree-month period ended June 28, 2025, as compared to thethree-month period ended June 29, 2024, was primarily due to an increase in incentive compensation expense during the current three-month period due to improved forecasted performance compared to annual targets and the additional branch operations associated with the Thrive acquisition. The overall 2.1% decrease in branch and regional administrative expenses as a percentage of revenue for the three-month period ended June 28, 2025, as compared to the three-month period ended June 29, 2024, resulted from leveraging our branch and administrative expense structure as a result of our restructuring efforts.

Current wording

The 8.2% increase in branch and regional administrative expenses for thethree-month period ended September 27, 2025, as compared to thethree-month period ended September 28, 2024, was primarily due to the additional branch operations associated with the Thrive acquisition and costs associated with integrating the acquired operations into our operating structure. The overall 2.0% decrease in branch and regional administrative expenses as a percentage of revenue for the three-month period ended September 27, 2025, as compared to the three-month period ended September 28, 2024, resulted from leveraging our branch and regional administrative structure as we grew volumes across our segments.

Previous wording

Corporate expenses were $34.5 million, or 5.9% of revenue, forthe three-month period ended June 28, 2025, as compared to $30.2 million, or 6.0% of revenue, forthe three-month period ended June 29, 2024. The $4.3 million, or 14.2%, increase in corporate expenses resulted primarily from severance and additional compensation and benefits costs necessary to support the integration of the Thrive acquisition and increased professional services expenses related to legal matters.

Current wording

Corporate expenses were $52.0 million, or 8.4% of revenue, forthe three-month period ended September 27, 2025, as compared to $31.9 million, or 6.3% of revenue, forthe three-month period ended September 28, 2024. The $20.1 million, or 63.0%, increase in corporate expenses resulted primarily from $16.0 million of professional services associated with refinancing our credit facilities and increased compensation and benefits costs related primarily to additional compensation and benefits costs necessary to support the integration of the Thrive acquisition.

Previous wording

Acquisition related costs were $3.4 million for the three-month period ended June 28, 2025, associated with the acquisition of Thrive.

Current wording

Acquisition-related costs were $(1.2) million for the three-month period ended September 27, 2025, associated with the release of previously accrued costs related to the acquisition of Thrive as compared to $0.2 million for the three-month period ended September 28, 2024.

Previous wording

Other operating expense was $0.2 million for thethree-month period ended June 28, 2025, as compared to other operating expense of $0.1 million for thethree-month period ended June 29, 2024, a decrease in other operating expense of $0.1 million. The $0.1 million decrease primarily resulted from the value associated with certain licenses impaired in the comparative periods.

Current wording

Other operating expense was $0.4 million for thethree-month period ended September 27, 2025, as compared to other operating expense of $2.9 million for thethree-month period ended September 28, 2024, a decrease of $2.4 million. The $2.4 million decrease primarily resulted from the value associated with certain licenses impaired in the comparative periods.

Previous wording

Interest expense, net of interest income was $35.9 million for the three-month period ended June 28, 2025, as compared to $39.5 million for the three-month period ended June 29, 2024, a decrease of $3.6 million, or 9.2%. The decrease was primarily driven by a lower principal balance on the 2021 Extended Term Loan (as described in Note 5 to our Quarterly Financial Statements)and decreases in the U.S. federal funds rate. See further analysis under Liquidity and Capital Resources below.

Current wording

Interest expense, net of interest income was $34.3 million for the three-month period ended September 27, 2025, as compared to $39.1 million for the three-month period ended September 28, 2024, a decrease of $4.8 million, or 12.4%. The decrease was primarily driven by decreases in the U.S. federal funds rate over the comparable periods. During September 2025 we restructured our Existing Credit Agreement, as well as terminated our Second Lien Term Loan Credit Agreement as part of an overall debt refinancing (as described in Note 5 to our Quarterly Financial Statements) which led to a lower weighted average interest rate. See further analysis under Liquidity and Capital Resources below.

Previous wording

Other expense was $0.0 million forthe three-month period ended June 28, 2025, as compared to other income of $6.4 million forthe three-month period ended June 29, 2024, a decrease to other income of $6.4 million. We realized a $2.8 million increase in non-cash valuation losses associated with interest rate derivatives resulting from changes in market expectations of future interest rates as of the comparable quarter-end valuation date, as well as a $3.5 million decrease in net settlements with interest rate derivative counterparties as interest rates decreased compared to the prior year fiscal quarter due to lower market interest rates. Details of other (expense) income included the following:

Current wording

Other expense was less than $0.1 million forthe three-month period ended September 27, 2025, as compared to other expense of $22.2 million forthe three-month period ended September 28, 2024, a decrease of $22.2 million. We realized a $25.8 million decrease in non-cash valuation losses associated with interest rate derivatives resulting from changes in market expectations of future interest rates as of the comparable quarter-end valuation date, partially offset by a $3.8 million decrease in net settlements with interest rate derivative counterparties as interest rates decreased compared to the prior year fiscal quarter due to lower market interest rates. Details of other expense included the following:

Previous wording

We record income tax expense during interim periods based on our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. We analyze various factors to determine the estimated annual effective income tax rate, including projections of our annual earnings, the impact of state and local income taxes, our ability to use tax credits and net operating loss carryforwards, and available tax planning alternatives. We incurred income tax expense of $17.1 million for thethree-month period ended June 28, 2025, as compared to income tax benefit of $9.9 million for thethree-month period ended June 29, 2024. This increase in tax expense was primarily driven by differences in our projections of annual earnings at the end of each comparable three-month period, as well as changes in federal and state valuation allowances, and changes to federal and state current tax expense due to certain non-deductible expenses, most notably interest expense.

Current wording

We record income tax expense during interim periods based on our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. We analyze various factors to determine the estimated annual effective income tax rate, including projections of our annual earnings, the impact of state and local income taxes, our ability to use tax credits and net operating loss carryforwards, and available tax planning alternatives. We incurred income tax benefit of $0.6 million for thethree-month period ended September 27, 2025, as compared to income tax expense of $15.5 million for thethree-month period ended September 28, 2024. This decrease in tax expense was primarily driven by including the full estimated effect of the OBBBA which was enacted on July 4, 2025, partially offset by differences in our projections of annual earnings at the end of each comparable three-month period, as well as changes in federal and state valuation allowances, and changes to federal and state current tax expense due to certain non-deductible expenses, most notably interest expense.

Previous wording

The following table summarizes our consolidated results of operations, including Field contribution, which is a non-GAAP measure (see “Non-GAAP Financial Measures” below), for the six-month periods indicated:

Current wording

The following table summarizes our consolidated results of operations, including Field contribution, which is a non-GAAP measure (see “Non-GAAP Financial Measures” below), for the nine-month periods indicated:

Previous wording

The following table summarizes our consolidated key performance measures, including Field contribution and Field contribution margin, which are non-GAAP measures (see “Non-GAAP Financial Measures” below), for the six-month periods indicated:

Current wording

The following table summarizes our consolidated key performance measures, including Field contribution and Field contribution margin, which are non-GAAP measures (see “Non-GAAP Financial Measures” below), for the nine-month periods indicated:

Previous wording

The following tables summarize our key performance measures by segment for the six-month periods indicated:

Current wording

The following tables summarize our key performance measures by segment for the nine-month periods indicated:

Previous wording

Operating income was $131.8 million for the six-month period ended June 28, 2025, as compared to operating income of $60.0 million for the six-month period ended June 29, 2024, an increase of $71.8 million, or 119.8%.

Current wording

Operating income was $185.4 million for the nine-month period ended September 27, 2025, as compared to operating income of $94.0 million for the nine-month period ended September 28, 2024, an increase of $91.4 million, or 97.2%.

Previous wording

Operating income for the six-month period of 2025 was positively impacted by an increase of $84.7 million, or 66.0%, in Field contribution as compared to the six-month period of 2024. The $84.7 million increase in Field contribution resulted from a $153.2 million, or 15.4%, increase in consolidated revenue and a 5.6% increase in our Field contribution margin to 18.5% for the six-month period of 2025 from 12.9% for the six-month period of 2024. The primary driver of our higher Field contribution margin year over year was an increase in gross margin percentage of 3.8% compared to the first six months of 2024 and a 1.9% decrease in branch and regional administrative expenses as a percentage of revenue to 15.8% for the six-month period of 2025 from 17.7% for the six-month period of 2024.

Current wording

Operating income for the nine-month period of 2025 was positively impacted by an increase of $120.6 million, or 60.4%, in Field contribution as compared to the nine-month period of 2024. The $120.6 million increase in Field contribution resulted from a $266.1 million, or 17.7%, increase in consolidated revenue and a 4.8% increase in our Field contribution margin to 18.1% for the nine-month period of 2025 from 13.3% for the nine-month period of 2024. The primary driver of our higher Field contribution margin year over year was an increase in gross margin percentage of 2.9% compared to the first nine months of 2024 and a 2.0% decrease in branch and regional administrative expenses as a percentage of revenue to 15.6% for the nine-month period of 2025 from 17.6% for the nine-month period of 2024.

Previous wording

The overall $71.8 million increase in operating income compared to the first six months of 2024 primarily consists of:

Current wording

The overall $91.4 million increase in operating income compared to the first nine months of 2024 primarily consists of:

Previous wording

$3.4 million of acquisition-related costs associated with the Thrive acquisition completed during the second quarter of 2025.

Current wording

$2.2 million of acquisition-related costs associated with the Thrive acquisition.

Previous wording

Net income for the six-month period ended June 28, 2025 was $32.2 million, as compared to net income of $2.7 million for the six-month period ended June 29, 2024. The $29.5 million increase in net income was primarily driven by the following:

Current wording

Net income for the nine-month period ended September 27, 2025 was $46.3 million, as compared to net loss of $40.1 million for the nine-month period ended September 28, 2024. The $86.4 million increase in net income was primarily driven by the following:

Previous wording

a $7.0 million increase in interest expense, net of interest income; offset by

Current wording

an $11.8 million decrease in interest expense, net of interest income; offset by

Previous wording

an aggregate $30.0 million decrease in valuation gains on interest rate derivatives, and increases in net settlements received from interest rate derivative counterparties compared to the first six months of 2024; and

Current wording

an aggregate $7.8 million decrease in valuation losses on interest rate derivatives and net settlements received from interest rate derivative counterparties included in other expense (income)compared to the first nine months of 2024;

Previous wording

a $19.4 million increase in income tax expense.

Current wording

a $3.2 million increase in income tax expense.

Previous wording

a $5.5 million, or 10.0%, increase in HHH revenue; and

Current wording

a $15.9 million, or 9.7%, increase in HHH revenue; and

Previous wording

a $2.2 million, or 4.3%, increase in HHH cost of revenue; and

Current wording

a $2.2 million, or 1.7%, increase in MS revenue.