Oil Dri of America : Quarterly Report for Quarter Ending 04/30/2026 (Form 10-Q)

About this update from Oil-dri Corporation Of America

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with the financial statements and the related notes included herein and our Consolidated Financial Statements, accompanying notes and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause a difference include, but are not limited to, those discussed herein under "Forward-Looking Statements" and "Risk Factors," and those discussed under Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended July 31, 2025. OVERVIEW We develop, mine, manufacture and market sorbent products principally produced from clay minerals, primarily consisting of calcium bentonite, attapulgite and diatomaceous shale. Our principal products include agricultural and horticultural chemical carriers, animal health and nutrition products, cat litter, fluids purification and filtration bleaching clays, industrial and automotive floor absorbents and sports field products. Our products are sold to two primary customer groups, including customers who resell our products as originally produced to the end consumer and other customers who use our products as part of their production process or use them as an ingredient in their final finished product. We have two reportable operating segments based on the different characteristics of our two primary customer groups: the Retail and Wholesale Products Group ("Retail and Wholesale") and the Business to Business Products Group ("Business to Business"), as described in Note 10 of the Notes to the unaudited Condensed Consolidated Financial Statements. Each operating segment is discussed individually below. RECENT EVENTS AFFECTING THE COMPANY Over a period of several days in January 2026, the southern and eastern United States was impacted by a significant weather event known as "Winter Storm Fern" that resulted in snow, freezing rain, and ice causing widespread damage and power outages ("Weather Event"). During this time, due to safety concerns and interruptions that we experienced to power, natural gas, and water, we temporarily shut down operations of our facilities in the affected regions, which resulted in reduced production. Our supply chain was also impacted, causing significant delays in delivery of materials and services necessary to resume production. These shutdowns and delays resulted in decreased fixed cost absorption and an increase of backlog in the second quarter of fiscal year 2026. All operations have since resumed normal activity and the backlog has decreased by $2.2 million at the end of the third quarter when compared to the prior quarter. We define backlog as purchase orders that we have received from customers and that we have accepted, but that have not shipped by the customers' requested ship dates. While ongoing geopolitical tensions and conflict in the Middle East have contributed to broader market volatility, these conditions did not have a direct, material impact on our results for the current quarter. However, continued uncertainty in the region may lead to increased input and transportation costs in future periods. The Company continues to closely monitor developments and assess potential impacts on operations and costs. NINE MONTHS ENDED APRIL 30, 2026 COMPARED TO NINE MONTHS ENDED APRIL 30, 2025 CONSOLIDATED RESULTS For the Nine Months Ended April 30, (in thousands) 2026 2025 $ Change % Change Consolidated Results Net Sales $ 364,552 $ 360,360 $ 4,192 1% Gross Profit $ 101,525 $ 108,250 $ (6,725) (6)% SG&A $ (51,785) $ (55,674) $ 3,889 (7)% Income from Operations $ 49,740 $ 52,576 $ (2,836) (5)% Net income $ 42,551 $ 40,941 $ 1,610 4% Business to Business Net Sales $ 130,104 $ 134,509 $ (4,405) (3)% Operating Income $ 38,392 $ 44,814 $ (6,422) (14)% Retail & Wholesale Net Sales $ 234,448 $ 225,851 $ 8,597 4% Operating Income $ 34,470 $ 34,414 $ 56 -% Consolidated net sales for the nine months ended April 30, 2026 were $364.6 million, representing a 1% increase compared to net sales of $360.4 million for the nine months ended April 30, 2025. The increase was driven primarily by higher volumes of cat litter and agricultural and horticultural products, when compared to the same period in fiscal year 2025. Further details of the drivers are discussed below in the segment analysis. Consolidated gross profit in the nine months ended April 30, 2026 was $101.5 million, a decrease of $6.7 million, or 6%, from gross profit of $108.3 million in the nine months ended April 30, 2025. Gross margin (defined as gross profit as a percentage of net sales) in the nine months ended April 30, 2026 decreased to 27.8% from 30.0% in the nine months ended April 30, 2025, driven primarily by higher per ton costs. For the nine months ended April 30, 2026, the overall domestic per ton cost of goods sold increased 4% compared to the same period of fiscal year 2025. The increase was primarily driven by higher per ton manufacturing costs which increased 8% when compared to nine months ended April 30, 2025. Labor was the largest contributor to this increase, along with higher costs for repairs, depreciation, purchased materials, and natural gas. These increases were slightly offset by a 3% decrease in per ton transportation costs, and 1% decrease in per ton packaging costs for the nine months ended April 30, 2026, when compared to the nine months ended April 30, 2025. Total SG&A expenses of $51.8 million for the nine months ended April 30, 2026 were $3.9 million, or 7%, lower compared to $55.7 million for the nine months ended April 30, 2025. The decrease was driven by a $3.5 million reduction in corporate unallocated expenses, primarily as a result of a lower incentive bonus accrual and lower corporate human resource costs. The additional $0.4 million decrease in SG&A expenses at the operating segments level is discussed below. Total other income, net was $1.7 million for the nine months ended April 30, 2026, roughly a $3.5 million gain compared to total other expenses, net of $1.9 million in the same period of fiscal year 2025. This gain was driven by a number of items including, $0.9 million due to a reduction in the estimated landfill modification costs recognized in fiscal year 2026 compared to an increase in the estimated cost recognized during the nine months ended April 30, 2025 and $0.8 million due to foreign exchange gains. The gain was also in part driven by the positive outcome of a confidential legal settlement in the matter of Oil-Dri Corporation of America vs. Entera Animal Health, et al. Tax expense was $8.8 million for the nine months ended April 30, 2026 compared to $9.8 million for the nine months ended April 30, 2025, mainly due to the impact of discrete items. We used an effective tax rate of 17% for the nine months ended April 30, 2026 compared to a 19% effective tax rate in the same period of fiscal year 2025. We adjust our effective tax rate based on expected annual taxable income and our assessment of various tax adjustments, including depletion and discrete items. Our unaudited Condensed Consolidated Balance Sheet as of April 30, 2026 and our unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended April 30, 2026 show a $12.5 million increase in total cash and cash equivalents from fiscal year-end 2025. The increase was driven primarily by positive cash flow from operations, partially offset by investing and financing activities. Refer to the "Liquidity and Capital Resources" section below for more details. BUSINESS TO BUSINESS PRODUCTS GROUP (in thousands) For the Nine Months Ended April 30, Business to Business Products Group 2026 2025 $ Change % Change Agricultural and Horticultural $ 36,615 $ 32,396 $ 4,219 13 % Fluids Purification 77,180 82,384 (5,204) (6) % Animal Health & Nutrition 16,309 19,729 (3,420) (17) % Net Sales $ 130,104 $ 134,509 $ (4,405) (3) % Cost of Goods Sold $ (79,334) $ (77,672) $ (1,662) 2 % Gross Profit $ 50,770 $ 56,837 $ (6,067) (11) % SG&A $ (12,378) $ (12,023) $ (355) 3 % Operating Income $ 38,392 $ 44,814 $ (6,422) (14) % Net sales of the Business to Business Products Group for the nine months ended April 30, 2026 decreased $4.4 million, or 3%, compared to the nine months ended April 30, 2025, driven primarily by a reduction in sales of our fluids purification and animal health products, partially offset by an increase in sales of our agricultural and horticultural products. Net sales of our fluids purification products for the nine months ended April 30, 2026 decreased $5.2 million, or 6%, compared to the nine months ended April 30, 2025. This decrease was due to lower volumes, primarily of our products used in renewable diesel filtration, which were significantly higher in fiscal year 2025 when several new customers began operations in new plants. Net sales of our animal health & nutrition products for the nine months ended April 30, 2026 decreased $3.4 million, or 17%, compared to the nine months ended April 30, 2025, due to lower volume primarily driven by a temporary loss of a key customer at one of our distributors. Net sales of our agricultural and horticultural products for the nine months ended April 30, 2026 increased $4.2 million, or 13%, compared to the nine months ended April 30, 2025, due to a combination of favorable mix and higher volume. Gross profit decreased 11% in the nine months ended April 30, 2026 compared to the nine months ended April 30, 2025. This decrease was mainly due to lower sales resulting in unfavorable fixed cost absorption and higher per ton manufacturing costs. For the nine months ended April 30, 2026, the overall Business to Business domestic per ton cost of goods sold increased 5% compared to the same period of fiscal year 2025. The increase was primarily driven by higher per ton manufacturing costs, including materials, which increased 9% when compared to nine months ended April 30, 2025. Per ton transportation and packaging costs remained flat for the nine months ended April 30, 2026, when compared to the nine months ended April 30, 2025. SG&A expenses increased by $0.4 million, or 3%, for the nine months ended April 30, 2026 compared to the nine months ended April 30, 2025, primarily driven by higher compensation costs. RETAIL AND WHOLESALE PRODUCTS GROUP (in thousands) For the Nine Months Ended April 30, Retail and Wholesale Products Group 2026 2025 $ Change % Change Cat Litter $ 198,895 $ 190,656 $ 8,239 4 % Industrial and Sports 35,553 35,195 358 1 % Net Sales $ 234,448 $ 225,851 $ 8,597 4 % Cost of Goods Sold $ (183,693) $ (174,438) $ (9,255) 5 % Gross Profit $ 50,755 $ 51,413 $ (658) (1) % SG&A $ (16,285) $ (16,999) $ 714 (4) % Operating Income $ 34,470 $ 34,414 $ 56 - % Net sales of the Retail and Wholesale Products Group for the nine months ended April 30, 2026 increased $8.6 million, or 4%, compared to the nine months ended April 30, 2025, mainly due to an increase in cat litter sales. Net sales of co-packaged cat litter products increased 43% in the nine months ended April 30, 2026, compared to the nine months ended April 30, 2025. This increase was driven primarily by higher volumes as we expanded our co-packaged offerings to include lightweight cat litter. Domestic cat litter net sales, excluding co-packaged cat litter, were $170.2 million for the nine months ended April 30, 2026, an increase of $1.9 million, or 1%, when compared to the nine months ended April 30, 2025, mainly driven by higher volumes of crystal cat litter products. Net sales of our domestic industrial and sports products were $33.8 million for the nine months ended April 30, 2026, an increase of $0.6 million, or 2%, when compared to the nine months ended April 30, 2025, mainly driven by higher prices to offset elevated costs including higher transportation costs. Net sales by our subsidiary in Canada, which include both our cat litter and industrial products, increased $0.2 million, or 2%, for the nine months ended April 30, 2026, when compared to the nine months ended April 30, 2025. Gross profit decreased 1% in the nine months ended April 30, 2026, compared to the nine months ended April 30, 2025. This decrease was mainly due to higher per ton manufacturing costs. For the nine months ended April 30, 2026, the overall Retail and Wholesale domestic per ton cost of goods sold increased 4% compared to the same period of fiscal year 2025. The increase was primarily driven by higher per ton manufacturing costs, including materials, which increased 8% when compared to nine months ended April 30, 2025. This increase was partially offset by a 5% reduction in per ton transportation and 2% reduction in per ton packaging costs. SG&A expenses decreased $0.7 million, or 4%, during the nine months ended April 30, 2026, compared to the nine months ended April 30, 2025, primarily due to timing of advertising spend. FOREIGN OPERATIONS Foreign operations include our subsidiaries in Canada and the Netherlands, which are reported in the Retail and Wholesale Products Group, and our subsidiaries in the United Kingdom ("UK"), Mexico, China and Indonesia, which are reported in the Business to Business Products Group. Net sales by our foreign subsidiaries for the nine months ended April 30, 2026 were $14.6 million, a decrease of $0.3 million compared to net sales of $14.9 million in the same period ended April 30, 2025, driven primarily by a decrease in sales volume in Mexico. Net sales by our foreign subsidiaries represented 4% of our consolidated net sales for both the nine months ended April 30, 2026, and April 30, 2025. Our foreign subsidiaries reported net income of $0.3 million for the nine months ended April 30, 2026, compared to net loss of $0.1 million in the nine months ended April 30, 2025. The increase in net income was primarily driven by the preliminary foreign VAT assessment recognized in fiscal year 2025. Identifiable assets of our foreign subsidiaries as of April 30, 2026 were $10.3 million, compared to $9.0 million as of July 31, 2025. THREE MONTHS ENDED APRIL 30, 2026 COMPARED TO THREE MONTHS ENDED APRIL 30, 2025 CONSOLIDATED RESULTS For the Three Months Ended April 30, (in thousands) 2026 2025 $ Change % Change Consolidated Results Net Sales $ 126,329 $ 115,501 $ 10,828 9% Gross Profit $ 33,728 $ 33,022 $ 706 2% SG&A $ (16,635) $ (19,118) $ 2,483 (13)% Income from Operations $ 17,093 $ 13,904 $ 3,189 23% Net income $ 14,526 $ 11,644 $ 2,882 25% Business to Business Net Sales $ 43,841 $ 42,678 $ 1,163 3% Operating Income $ 12,959 $ 13,382 $ (423) (3)% Retail & Wholesale Net Sales $ 82,488 $ 72,823 $ 9,665 13% Operating Income $ 11,299 $ 9,709 $ 1,590 16% Consolidated net sales for the third quarter of fiscal year 2026 were $126.3 million, a 9% increase compared to net sales of $115.5 million for the third quarter of fiscal year 2025, primarily driven by higher volume of cat litter within our Retail and Wholesale operating segment. Consolidated gross profit for the third quarter of fiscal year 2026 was $33.7 million, an increase of 2% when compared to $33.0 million for the third quarter of fiscal year 2025, mainly due to higher net sales. Our gross margin (defined as gross profit as a percentage of net sales) decreased to 26.7% from 28.6% in the third quarter of fiscal year 2026 compared to the third quarter of fiscal year 2025. This decrease was mainly driven by higher per ton costs of goods sold. Domestic per ton cost of goods sold increased 6%, due to a 9% increase in per ton manufacturing costs when compared to the same period in fiscal year 2025. The largest driver of this increase was purchased materials, along with higher repair, natural gas and labor costs. There was also a 3% increase in per ton packaging, and 1% higher transportation costs. These increases were also partially driven by additional costs incurred during recovery from the Weather Event. Total SG&A expenses of $16.6 million for the third quarter of fiscal year 2026 decreased by $2.5 million, or 13%, compared to $19.1 million for the same period of fiscal year 2025. This decrease was primarily due to unallocated corporate expenses which decreased $2.0 million, or 22%, compared to the same period in fiscal year 2025, primarily as a result of a lower corporate bonus accrual. SG&A expenses at the operating segments level also decreased and are discussed below in the discussion of our segments' operating income. Total net other income was $0.8 million for the third quarter of fiscal year 2026, compared to $0.3 million for the third quarter of fiscal year 2025. Tax expense was $3.4 million for the third quarter of fiscal year 2026 compared to $2.6 million for the third quarter of fiscal year 2025, mainly due to higher pre-tax income. We used an effective tax rate of 19% in the third quarter of fiscal year 2026, compared to an 18% effective tax rate in the third quarter of fiscal year 2025. We adjust our effective tax rate quarterly based on expected annual taxable income and our assessment of various tax adjustments, including depletion and discrete items. BUSINESS TO BUSINESS PRODUCTS GROUP (in thousands) For the Three Months Ended April 30, Business to Business Products Group 2026 2025 $ Change % Change Agricultural and Horticultural $ 12,442 $ 11,639 $ 803 7 % Fluids Purification 25,040 25,269 (229) (1) % Animal Health & Nutrition 6,359 5,770 589 10 % Net Sales $ 43,841 $ 42,678 $ 1,163 3 % Cost of Goods Sold $ (26,694) $ (25,141) $ (1,553) 6 % Gross Profit $ 17,147 $ 17,537 $ (390) (2) % SG&A $ (4,188) $ (4,155) $ (33) 1 % Operating Income $ 12,959 $ 13,382 $ (423) (3) % Net sales of the Business to Business Products Group increased $1.2 million, or 3%, in the third quarter of fiscal year 2026, compared to the same period in 2025, driven primarily by agricultural and horticultural and animal health sales, offset partially by a slight decrease in fluids purification sales. Net sales of our agricultural and horticultural products in the third quarter of fiscal year 2026 increased $0.8 million, or 7%, compared to the third quarter of fiscal year 2025, due to higher volume from increased demand by new and existing customers. Net sales of our animal health and nutrition products in the third quarter of fiscal year 2026 increased $0.6 million, or 10%, compared to the third quarter of fiscal year 2025, driven by higher volumes due to increased demand, including new end-users and partial recovery of sales from a previously lost customer at one of our distributors. Net sales of our fluids purification products in the third quarter decreased $0.2 million, or 1%, compared to the third quarter of fiscal year 2025. Gross profit for the Business to Business Products Group decreased 2% in the third quarter of fiscal year 2026, compared to the same period in 2025, mainly driven by higher manufacturing costs. Domestic per ton manufacturing costs for Business to Business products increased 8%. This was partially offset by lower per ton packaging cost, which decreased 4%. Per ton freight cost in the third quarter remained flat compared to the same period in fiscal 2025. Total SG&A expenses for the Business to Business Products Group in the third quarter of fiscal year 2026 remained flat compared to the same period of fiscal year 2025. RETAIL AND WHOLESALE PRODUCTS GROUP (in thousands) For the Three Months Ended April 30, Retail and Wholesale Products Group 2026 2025 $ Change % Change Cat Litter $ 69,219 $ 59,743 $ 9,476 16 % Industrial and Sports 13,269 13,080 189 1 % Net Sales $ 82,488 $ 72,823 $ 9,665 13 % Cost of Goods Sold $ (65,907) $ (57,338) $ (8,569) 15 % Gross Profit $ 16,581 $ 15,485 $ 1,096 7 % SG&A $ (5,282) $ (5,776) $ 494 (9) % Operating Income $ 11,299 $ 9,709 $ 1,590 16 % Net sales of the Retail and Wholesale Products Group increased $9.7 million, or 13%, in the third quarter of fiscal year 2026, compared to the same period in 2025, primarily due to cat litter sales. Domestic cat litter net sales, excluding sales of co-packaged cat litter, were $57.9 million for the third quarter of fiscal year 2026, an increase of $5.2 million when compared to the third quarter of fiscal year 2025. This was primarily driven by higher volume, including sales shifted into the third quarter due to delays caused by the Weather Event. Net sales of co-packaged cat litter products increased 94% compared to the third quarter of fiscal year 2025, due to higher volumes as we expanded our co-packaged offerings to include lightweight cat litter. Net sales of our domestic industrial and sports products in the third quarter of fiscal year 2026 were $12.7 million, an increase of $0.3 million, or 3%, when compared to the third quarter of fiscal year 2025, mainly driven by the higher pricing to offset elevated costs including higher transportation costs. Net sales by our subsidiary in Canada, which include both our cat litter and industrial products, in the third quarter of fiscal year 2026, increased $0.1 million, or 2%, compared to the same period in 2025. Gross profit increased 7% in the third quarter of fiscal year 2026, compared to the same period in 2025. This increase is primarily due to higher net sales which offset the impact of higher per ton cost of goods sold. Domestic per-ton manufacturing costs, including materials, increased by 9%. Per ton transportation and packaging costs increased 4% and 2%, respectively. SG&A expenses for the Retail and Wholesale Products Group decreased by $0.5 million, or 9%, during the third quarter of fiscal year 2026, compared to the same period in fiscal year 2025, primarily due to timing of advertising spend. FOREIGN OPERATIONS Foreign operations include our subsidiaries in Canada and the Netherlands, which are reported in the Retail and Wholesale Products Group, and our subsidiaries in the UK, Mexico, China and Indonesia, which are reported in the Business to Business Products Group. Net sales by our foreign subsidiaries during the third quarter of fiscal year 2026 were $4.7 million, a decrease of $0.1 million compared to net sales of $4.8 million during the same period of fiscal year 2025. This decrease was driven primarily by a $0.2 million decrease in net sales in Mexico, partially offset by a $0.1 million increase in net sales in Canada. Net sales by our foreign subsidiaries represented 4% of our consolidated net sales during the third quarter of both fiscal years 2026 and 2025. Our foreign subsidiaries reported net income of $0.1 million for the third quarter of fiscal year 2026 as compared to $0.2 million in the third quarter of fiscal year 2025. LIQUIDITY AND CAPITAL RESOURCES Our principal liquidity needs are to fund our capital requirements, including funding working capital needs; purchasing and upgrading equipment, facilities, information systems, and real estate; supporting new product development; investing in infrastructure; repurchasing stock; paying dividends; and, from time to time, business acquisitions, and funding our debt service requirements. During the nine months ended April 30, 2026, we principally funded these short and long-term capital requirements using cash from current operations as well as cash generated from previous borrowings under our Credit Agreement and Series B, C and D Senior Notes issued under the Note Agreement. See Note 8 of the Notes to the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further information relating to our existing borrowings. We believe that cash flow from operations, availability under our Note Agreement and revolving credit facility under our Credit Agreement, current cash balances and our ability to obtain other financing, if necessary, will provide sufficient liquidity for foreseeable working capital needs, capital expenditures at existing facilities, deferred compensation payouts, dividend payments and debt service obligations for the foreseeable future. We continually evaluate our liquidity position and anticipated cash needs, as well as the financing options available to obtain additional cash reserves. Our ability to fund operations, to make planned capital expenditures, to make scheduled debt payments and to remain in compliance with all financial covenants under debt agreements, including, but not limited to, the Credit Agreement, depends on our future operating performance, which, in turn, is subject to prevailing economic conditions and to financial, business and other factors. The timing and size of any new business ventures or acquisitions that we complete may also impact our cash requirements. Cash and cash equivalents totaled $62.9 million and $36.5 million as of April 30, 2026, and 2025, respectively. The following table sets forth certain elements of our unaudited Condensed Consolidated Statements of Cash Flows (in thousands): For the Nine Months Ended April 30, 2026 2025 Net cash provided by operating activities $ 53,208 $ 54,988 Net cash used in investing activities (20,606) (24,509) Net cash used in financing activities (20,163) (18,523) Effect of exchange rate changes on cash and cash equivalents 44 38 Net increase in cash and cash equivalents $ 12,483 $ 11,994 Net cash provided by operating activities In addition to net income, as adjusted for depreciation and amortization and other non-cash operating activities, the primary sources and uses of operating cash flows for the nine months ended April 30, 2026, were as follows: Accounts receivable, net of allowances increased by $6.2 million in the nine months ended April 30, 2026. The increase in accounts receivable was driven primarily by net sales and timing of collections. Inventory increased by $0.8 million in the nine months ended April 30, 2026, mainly due to the building of finished goods inventory and purchases of other additives to meet anticipated demand. Excluding the impact of payments related to capital expenditures, accounts payable decreased by $0.6 million in the nine months ended April 30, 2026. The decrease was mainly due to the timing of payments, cost of goods and services we purchase, production volume levels and vendor payment terms. In the nine months ended April 30, 2026, there was a $2.3 million decrease in accounts payable related to capital expenditures recognized as cash used in investing activities as compared to the nine months ended April 30, 2025. Excluding the impact of payments made related to capital expenditures, accrued expenses decreased $5.5 million in the nine months ended April 30, 2026. The decrease was mainly due to the payout of annual bonuses and other miscellaneous expenses which fluctuate due to timing of payments, changes in the cost of goods and services we purchase, production volume levels, and vendor payment terms, including freight. In the nine months ended April 30, 2026, there was a $1.0 million decrease in accrued expenses related to capital expenditures recognized as cash used in investing activities as compared to the nine months ended April 30, 2025. Net cash used in investing activities Cash used in investing activities totaled $20.6 million in the nine months ended April 30, 2026, primarily driven by capital expenditures. During this period, we continued to invest in expanding our plant equipment and enhance our facilities to improve manufacturing efficiency and support customer demand. Net cash used in financing activities Cash used in financing activities of $20.2 million in the nine months ended April 30, 2026 included $12.5 million for stock repurchases and $7.6 million for dividend payments. Other Total cash balances held by our foreign subsidiaries were $7.1 million as of April 30, 2026, compared to $4.7 million as of July 31, 2025. As of April 30, 2026, we had remaining authority to repurchase 172,261 shares of Common Stock and 208,197 shares of Class B Stock under a repurchase plan approved by our Board. Repurchases may be made on the open market (pursuant to Rule 10b5-1 plans or otherwise) or in negotiated transactions. The timing, number and manner of share repurchases will be determined by our management pursuant to the repurchase plan approved by our Board. CRITICAL ACCOUNTING POLICIES AND ESTIMATES This discussion and analysis of financial condition and results of operations is based on our unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. The preparation of these financial statements requires the use of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and related disclosures. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the financial statements. Estimates and assumptions are revised periodically. Actual results could differ from these estimates. See the information concerning our critical accounting policies included under "Management's Discussion of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025.

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