Second Quarter Fiscal 2026 Earnings
Ḻoíi Ilccs, CEO & Pícsidc⭲t
Kc:i⭲ Willis, CIO
Elizabctk Clc:i⭲gcí, I⭲:cstoí Rclatio⭲s
05.07.2026
2Q FY2026 BUSINESS HIGHLIGHTS1
$987M
SQstcm-widc Stoíc Salcs2
t 20%
$504M
Nct Salcs
t 25%
$134M
Adj"stcd EBIľKA«
t 2®%
$0.41
Adj"stcd EPS«
t 21%
8.2%
SQstcm-widc Samc Stoíc Salcs2 Gíowtk
29
Nct Stoíc Additio⭲s
2,409
SQstcm locatio⭲s2
t 16%
All compaíiso⭲s aíc Qcaí o:cí Qcaí "⭲lcss otkcíwisc ⭲otcd.
Rcrcí to tkc Appc⭲dix roí r"ítkcí i⭲roímatio⭲ ícgaídi⭲g ma⭲agcmc⭲t's "sc or kcQ b"si⭲css mcas"ícs.
«. Ioí a ícco⭲ciliatio⭲ or adj"stcd amo"⭲ts to amo"⭲ts ícpoítcd "⭲dcí GAAP, plcasc ícrcí to tkc Appc⭲dix.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G «
I⭲⭲o:atc foí tkc E:ol:i⭲g Nccds of Customcís a⭲d tkc Caí Paíc
Dcli:cí Sustai⭲ablc Nctwoík Gíowtk
Díi:c
Ïull Potc⭲tial of tkc Coíc
Delivering Shareholder Value through Strategic Focus Long-term Shareholder Value CreationS E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 4
2Q
ADJUSTED RESULTS1
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G
Adjustcd Rcsults Summaíy | 2Q ÏY202G | 2Q ÏY2025 |
Nct Salcs | $50«.® | $40«.2 |
Gíoss Píorit Maígi⭲ | «7.1% | «7.«% |
SG&A2 | $90.6 | $75.2 |
EBIľKA | $1««.6 | $104.4 |
EBIľKA Maígi⭲ | 26.5% | 25.9% |
EPS | $0.41 | $0.«4 |
Iícc Cask Ilow - YľK | $45.0 | $(12.2) |
Ioí a ícco⭲ciliatio⭲ or adj"stcd amo"⭲ts to amo"⭲ts ícpoítcd "⭲dcí GAAP, plcasc ícrcí to tkc Appc⭲dix.
Píioí Qcaí amo"⭲ts i⭲cl"dc a ícclass íclatcd to s"blcasc i⭲comc píc:io"slQ pícsc⭲tcd i⭲ Otkcí loss (i⭲comc),
⭲ct, wkick is ⭲ow pícsc⭲tcd i⭲ SG&A
5
2Q FINANCIAL HIGHLIGHTS
$504M
Nct Salcs
37.1%
20 bps dccícasc
Adjustcd Gíoss Maígi⭲1 As a % of Nct Salcs
18.0%
70 bps dccícasc
Adjustcd SG&A1 As a % of Nct Salcs
2G.5%
60 bps i⭲cícasc
Adjustcd EBIľDA1 As a % of Nct Salcs
$52M
Adjustcd Nct I⭲comc1
$0.41
21% i⭲cícasc
Adjustcd EPS1
3.1x
Lc:cíagc Ratio2
$45.0M
$57M i⭲cícasc
YľD Ïícc Cask Ïlow1
Ioí a ícco⭲ciliatio⭲ or adj"stcd amo"⭲ts to amo"⭲ts ícpoítcd "⭲dcí GAAP, plcasc ícrcí to tkc Appc⭲dix.
Bascd o⭲ total dcbt lcss cask a⭲d cask cq"i:alc⭲ts di:idcd bQ adj"stcd EBIľKA roí tkc tíaili⭲g twcl:c mo⭲tks.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 6
FY26 Updated GuidanceUpdatcd Outlook
Píioí Outlook
Systcm-widc SSS Gíowtk1
5% - G.5%
4% - G%
Systcm-Widc Stoíc Additio⭲s1
No Cka⭲gc
330 - 3G0
Nct Rc:c⭲ucs
No Cka⭲gc
$2.0B - $2.1B
Adjustcd EBIľDA2
$540M - $5G0M
$525M - $550M
Adjustcd EPS2
$1.G5 - $1.75
$1.G0 - $1.70
Capital Expc⭲dituícs
No Cka⭲gc
$250M - $280M
Ioí a disc"ssio⭲ or ma⭲agcmc⭲t's "sc or KcQ B"si⭲css Mcas"ícs, plcasc ícrcí to tkc Appc⭲dix.
Kc⭲otcs a roíwaíd-looki⭲g ⭲o⭲-GAAP ri⭲a⭲cial mcas"íc tkat Val:oli⭲c is "⭲ablc to ícco⭲cilc witko"t "⭲ícaso⭲ablc crroíts, as tkc Compa⭲Q is c"ííc⭲tlQ "⭲ablc to pícdict witk a ícaso⭲ablc dcgícc or ccítai⭲tQ tkc tQpc a⭲d cxtc⭲t or ccítai⭲ itcms tkat wo"ld bc cxpcctcd to impact GAAP ícs"lts b"t wo"ld ⭲ot impact ⭲o⭲-GAAP adj"stcd ícs"lts.
Key
1 Kcli:cícd stío⭲g Q2 ícsults.
TakeawaysUpdati⭲g guida⭲cc a⭲d woíki⭲g to mitigatc
2
a⭲Q macío a⭲d s"pplQ ckai⭲ "⭲ccítai⭲tQ.
3 Rcsilic⭲t busi⭲css modcl b"ilt to dcli:cí s"stai⭲cd abo:c-maíkct gíowtk.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G
®
Appendix S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 9
2Q 2026 Financial Drivers1
Gíoss Maígi⭲
Adj. SG&A2
(as a % or Nct Salcs)
Adj. EBIľDA Maígi⭲
«7.«% «7.4%
«7.1%
1®.7% 19.«% 1®.0%
25.9% 25.4% 26.5%
2Q
2025
1Q
202G
2Q
202G
2Q
2025
1Q
202G
2Q
202G
2Q
2025
1Q
202G
2Q
202G
Ioí a ícco⭲ciliatio⭲ or adj"stcd amo"⭲ts to amo"⭲ts ícpoítcd "⭲dcí GAAP, plcasc ícrcí to tkc Appc⭲dix.
Píioí Qcaí amo"⭲ts i⭲cl"dc a ícclass íclatcd to s"blcasc i⭲comc píc:io"slQ pícsc⭲tcd i⭲ Otkcí loss (i⭲comc), ⭲ct, wkick is ⭲ow pícsc⭲tcd i⭲ SG&A.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 10
SIGNIFICANT EXPENSES SEGMENT DISCLOSURE
(Preliminary and unaudited)
ľkícc mo⭲tks c⭲dcd ľkícc mo⭲tks c⭲dcd Maíck «1 Maíck «1 2026 2025 (I⭲ millio⭲s) GAAP KcQ Itcms (b) Adj"stcd GAAP KcQ Itcms (b) Adj"stcd | ||||||
Nct íc:c⭲"cs Ḻcss: | $ 50«.® | $ - | $ 50«.® | $ 40«.2 | $ - | $ 40«.2 |
Ḻaboí cost | 12«.5 | - | 12«.5 | 9®.« | - | 9®.« |
Matcíials | ®6.4 | - | ®6.4 | 71.7 | - | 71.7 |
Otkcí scí:icc dcli:cíQ costs | 106.9 | - | 106.9 | ®2.7 | - | ®2.7 |
Ad:cítisi⭲g | 21.1 | - | 21.1 | 17.5 | - | 17.5 |
PaQíoll a⭲d íclatcd costs | «®.5 | (1.«) | «7.2 | «0.5 | (0.«) | «0.2 |
Otkcí gc⭲cíal a⭲d admi⭲istíati:c | «9.1 | (6.®) | «2.« | «5.6 | (®.1) | 27.5 |
Otkcí scgmc⭲t itcms (a) | 4«.0 | 1.4 | 44.4 | 2®.6 | 2.5 | «1.1 |
I⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s | $ 45.« | $ 6.7 | $ 52.0 | «®.« | $ 5.9 | $ 44.2 |
GAAP | Six mo⭲tks c⭲dcd Maíck «1 2026 KcQ Itcms (b) | Adj"stcd | GAAP | Six mo⭲tks c⭲dcd Maíck «1 2025 KcQ Itcms (b) | Adj"stcd | |
Nct íc:c⭲"cs | $ 965.6 | $ - | $ 965.6 | $ ®17.5 | $ - | $ ®17.5 |
Ḻcss: | ||||||
Ḻaboí cost | 2«9.« | - | 2«9.« | 205.0 | - | 205.0 |
Matcíials | 164.® | - | 164.® | 146.2 | - | 146.2 |
Otkcí scí:icc dcli:cíQ costs | 202.0 | - | 202.0 | 162.9 | - | 162.9 |
Ad:cítisi⭲g | 41.2 | - | 41.2 | «4.® | - | «4.® |
PaQíoll a⭲d íclatcd costs | 74.2 | (2.®) | 71.4 | 5®.1 | (0.7) | 57.4 |
Otkcí gc⭲cíal a⭲d admi⭲istíati:c | 90.1 | (22.9) | 67.2 | 71.1 | (9.5) | 61.6 |
Otkcí scgmc⭲t itcms (a) | 140.9 | (60.®) | ®0.1 | 7.2 | 56.« | 6«.5 |
I⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s | $ 1«.1 | $ ®6.5 | $ 99.6 | 1«2.2 | $ (46.1) | $ ®6.1 |
(a)
(b)
Otkcí scgmc⭲t itcms píimaíilQ i⭲cl"dc itcms s"ck as Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs, Otkcí loss (i⭲comc), ⭲ct, Nct pc⭲sio⭲ a⭲d postíctiícmc⭲t costs, Nct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs, a⭲d I⭲comc tax cxpc⭲sc, wkick aíc i⭲cl"dcd i⭲ tkc Compa⭲Q's Co⭲dc⭲scd Co⭲solidatcd Statcmc⭲ts or Compíckc⭲si:c I⭲comc.
Rcpícsc⭲ts ccítai⭲ "⭲"s"al, i⭲rícq"c⭲t, oí ⭲o⭲-opcíatio⭲al acti:itQ ⭲ot diícctlQ attíib"tablc to tkc "⭲dcílQi⭲g b"si⭲css. Rcrcí to tkc "Usc or No⭲-GAAP Mcas"ícs" slidc i⭲ tkis Appc⭲dix roí additio⭲al dctails.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 11
SYSTEM-WIDE STORE INFORMATION
(Preliminary and unaudited)
Compa⭲Q-opcíatcd | |||||
Scco⭲d Q"aítcí 2026 | Iiíst Q"aítcí 2026 | Io"ítk Q"aítcí 2025 | ľkiíd Q"aítcí 2025 | Scco⭲d Q"aítcí 2025 | |
Bcgi⭲⭲i⭲g or pcíiod | 1,196 | 1,016 | 9®« | 950 | 9«2 |
Opc⭲cd | ® | 26 | 26 | 19 | 12 |
Acq"iícd | « | 210 | ® | ® | 6 |
Ki:cstcd (a) | - | (45) | - | - | - |
Nct co⭲:císio⭲s bctwcc⭲ compa⭲Q-opcíatcd a⭲d ría⭲ckiscd | 4 | (10) | - | 6 | - |
Closcd | (1) | (1) | (1) | - | - |
E⭲d or pcíiod | 1,210 | 1,196 | 1,016 | 9®« | 950 |
Iía⭲ckiscd (b) | |||||
Scco⭲d Q"aítcí 2026 | Iiíst Q"aítcí 2026 | Io"ítk Q"aítcí 2025 | ľkiíd Q"aítcí 2025 | Scco⭲d Q"aítcí 2025 | |
Bcgi⭲⭲i⭲g or pcíiod | 1,1®4 | 1,164 | 1,141 | 1,12® | 1,11« |
Opc⭲cd | 20 | 1« | 24 | 19 | 17 |
Acq"iícd (c) | - | - | - | - | - |
Nct co⭲:císio⭲s bctwcc⭲ compa⭲Q-opcíatcd a⭲d ría⭲ckiscd | (4) | 10 | - | (6) | - |
Closcd | (1) | («) | (1) | - | (2) |
E⭲d or pcíiod | 1,199 | 1,1®4 | 1,164 | 1,141 | 1,12® |
ľotal sQstcm-widc stoícs (b) | 2,409 | 2,«®0 | 2,1®0 | 2,124 | 2,07® |
Ki:cstcd stoícs ícpícsc⭲t tkosc acq"iícd i⭲ co⭲⭲cctio⭲ witk tkc Bícczc A"tocaíc acq"isitio⭲ a⭲d immcdiatclQ di:cstcd as ícq"iícd bQ tkc Icdcíal ľíadc Commissio⭲.
Mcas"ícs i⭲cl"dc Val:oli⭲c ría⭲ckisccs, wkick aíc i⭲dcpc⭲dc⭲t lcgal c⭲titics. Val:oli⭲c docs ⭲ot co⭲solidatc tkc ícs"lts or opcíatio⭲s or its ría⭲ckisccs.
Rcpícsc⭲ts tkc acq"isitio⭲ or ría⭲ckisc stoícs tkat aíc ⭲cw to tkc Val:oli⭲c íctail stoíc sQstcm bQ Val:oli⭲c I⭲c.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 12
RETAIL SERVICES - Q2 SYSTEM RESULTS
ľkícc mo⭲tks c⭲dcd Six mo⭲tks c⭲dcd Maíck «1 Maíck «1 | ||||||||
2026 | 2025 | 2026 | 2025 | |||||
Salcs i⭲foímatio⭲ | ||||||||
Stoíc salcs - i⭲ millio⭲s | ||||||||
Compa⭲Q-opcíatcd | $ | 450.7 | $ | «52.7 | $ | ®59.0 | $ 71®.0 | |
Iía⭲ckiscd (a) | 5«5.9 | 472.® | 1,051.2 | 927.® | ||||
SQstcm-widc stoíc salcs (a) | $ 9®6.6 | $ ®25.5 | $ 1,910.2 | $ 1,645.® | ||||
Yeaí-o»eí-Qeaí gío ť" (a) 1D.5 % | 10.S % | 1S.1 % | 12.0 % | |||||
SQstcm-widc samc-stoíc salcs gíowtk (a)(b) ®.2 % | 5.® % | 7.0 % | 6.9 % | |||||
(Preliminary and unaudited)
N"mbcí or stoícs at c⭲d or pcíiod
Scco⭲d Q"aítcí Iiíst Q"aítcí Io"ítk Q"aítcí ľkiíd Q"aítcí Scco⭲d Q"aítcí 2026 2026 2025 2025 2025
Maíck «1 | ||
2026 | 2025 | |
SQstcm-widc stoíc co"⭲t (a) | 2,409 | 2,07® |
Compa⭲Q-opcíatcd | 1,210 | 1,196 | 1,016 | 9®« | 950 |
Iía⭲ckiscd (a) | 1,199 | 1,1®4 | 1,164 | 1,141 | 1,12® |
Yeaí-o»eí-Qeaí gío
ť" (a)15.D %
7.D %
Mcas"ícs i⭲cl"dc Val:oli⭲c ría⭲ckisccs, wkick aíc i⭲dcpc⭲dc⭲t lcgal c⭲titics. Val:oli⭲c docs ⭲ot co⭲solidatc tkc ícs"lts or opcíatio⭲s or its ría⭲ckisccs.
Val:oli⭲c dctcími⭲cs SSS gíowtk as tkc Qcaí-o:cí-Qcaí cka⭲gc i⭲ ⭲ct íc:c⭲"cs or U.S. VIOC sQstcm-widc samc stoícs witk samc stoícs dcri⭲cd as tkosc tkat ka:c bcc⭲ i⭲ opcíatio⭲ witki⭲ tkc sQstcm roí at lcast 12 r"ll mo⭲tks, a⭲d bcgi⭲⭲i⭲g i⭲ riscal 2026, mobilc scí:icc ⭲ct íc:c⭲"cs i⭲ maíkcts tkat lc:cíagc stoíc maíkcti⭲g cka⭲⭲cls.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 1«
RECONCILIATION OF NON-GAAP DATA - INCOME FROM CONTINUING OPERATIONS & DILUTED EARNINGS PER SHARE
(Preliminary and unaudited)
ľkícc mo⭲tks c⭲dcd Maíck «1
2026 2025
Six mo⭲tks c⭲dcd Maíck «1
2026
2025
Rcpoítcd i⭲comc fíom co⭲ti⭲ui⭲g opcíatio⭲s
$ 45.«
$ «®.«
$ 1«.1
$ 1«2.2
Adjusťmenťs:
Nct pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t pla⭲ i⭲comc
(1.2)
(0.9)
(2.4)
(1.®)
Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs
0.9
0.®
6.1
1.2
I⭲roímatio⭲ tcck⭲ologQ tía⭲sitio⭲ costs
2.7
4.9
5.®
6.4
I⭲:cstmc⭲t a⭲d di:cstit"íc-íclatcd costs (i⭲comc) (a)
7.«
«.4
69.5
(67.5)
ľotal adj"stmc⭲ts, píc-tax
9.7
®.2
79.0
(61.7)
I⭲comc tax (bc⭲crit) cxpc⭲sc or adj"stmc⭲ts
(1.9)
(2.«)
4.1
15.6
I⭲comc tax adj"stmc⭲ts (b)
(1.1)
-
«.4
-
ľotal adj"stmc⭲ts, artcí tax
6.7
5.9
®6.5
(46.1)
Adjustcd i⭲comc fíom co⭲ti⭲ui⭲g opcíatio⭲s(c) (d)
$ 52.0
$ 44.2
$
99.6
$
®6.1
Rcpoítcd dil"tcd caí⭲i⭲gs pcí skaíc ríom co⭲ti⭲"i⭲g opcíatio⭲s
$ 0.«5
$ 0.«0
$
0.10
$
1.02
Adj"stcd dil"tcd caí⭲i⭲gs pcí skaíc ríom co⭲ti⭲"i⭲g opcíatio⭲s (d) (c)
$ 0.41
$ 0.«4
$
0.7®
$
0.67
Wcigktcd a:cíagc dil"tcd commo⭲ skaícs o"tsta⭲di⭲g
12®.4
12®.2
12®.«
12®.9
I⭲cl"dcs ccítai⭲ píc-tax kcQ itcm acti:itQ witki⭲ amoítizatio⭲ a⭲d ⭲ct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs tkat do ⭲ot impact EBIľKA b"t impact píc-tax adj"stcd caí⭲i⭲gs.
I⭲comc tax adj"stmc⭲ts i⭲cl"dc tkc crrccts associatcd witk i⭲:cstmc⭲t a⭲d di:cstit"íc-íclatcd acti:itQ, wkick is r"ítkcí dcscíibcd i⭲ tkc Appc⭲dix.
Adj"stcd i⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s is dcri⭲cd as i⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s adj"stcd roí tkc crrccts or kcQ itcms.
Rcpícsc⭲ts a ⭲o⭲-GAAP mcas"íc. Rcrcí to "Usc or No⭲-GAAP Mcas"ícs" a⭲d tkc Appc⭲dix roí additio⭲al dctails.
Adj"stcd dil"tcd caí⭲i⭲gs pcí skaíc ríom co⭲ti⭲"i⭲g opcíatio⭲s is dcri⭲cd as dil"tcd caí⭲i⭲gs pcí skaíc calc"latcd "si⭲g adj"stcd i⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 14
RECONCILIATION OF NON-GAAP DATA - 2Q ADJUSTED EBITDA
(Preliminary and unaudited)
ľkícc mo⭲tks c⭲dcd Six mo⭲tks c⭲dcd Maíck «1 Maíck «1 (i⭲ millio⭲s) 2026 2025 2026 2025 | ||||
Rcpoítcd ⭲ct íc:c⭲ucs (a) | $ 50«.® | $ 40«.2 | $ 965.6 | $ ®17.5 |
1«2.2
1«.1 $
$
«®.«
45.« $
$
I⭲comc fíom co⭲ti⭲ui⭲g opcíatio⭲s
Add:
I⭲comc tax cxpc⭲sc | 14.2 | 12.6 | 40.4 | 45.9 |
Nct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs | 27.7 | 16.9 | 5«.2 | «4.4 |
Kcpícciatio⭲ a⭲d amoítizatio⭲ | «7.6 | 2®.4 | 71.1 | 56.4 |
EBIľDA fíom co⭲ti⭲ui⭲g opcíatio⭲s(b) (c) | 124.® | 96.2 | 177.® | 26®.9 |
KcQ itcms: | ||||
Nct pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t pla⭲ i⭲comc | (1.2) | (0.9) | (2.4) | (1.®) |
Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs | 0.9 | 0.® | 6.1 | 1.2 |
I⭲roímatio⭲ tcck⭲ologQ tía⭲sitio⭲ costs | 2.7 | 4.9 | 5.® | 6.4 |
I⭲:cstmc⭲t a⭲d di:cstit"íc-íclatcd costs (i⭲comc) (d) | 6.4 | «.4 | 6«.7 | (67.5) |
KcQ itcms - s"btotal | ®.® | ®.2 | 7«.2 | (61.7) |
Adjustcd EBIľDA fíom co⭲ti⭲ui⭲g opcíatio⭲s(b) (c) $ | 1««.6 $ | 104.4 | $ 251.0 | $ 207.2 |
Nct píofit maígi⭲ (c) | 9.0 % | 9.5 % | 1.4 % | 16.2 % |
Adjustcd EBIľDA maígi⭲ (b) (r) | 26.5 % | 25.9 % | 26.0 % | 25.« % |
(a)
(b)
(c)
(d)
(c)
(r)
Nct íc:c⭲"cs do ⭲ot ka:c a⭲Q kcQ itcm adj"stmc⭲ts i⭲ tkc pcíiods pícsc⭲tcd kcíci⭲; tkcícroíc, GAAP ⭲ct íc:c⭲"cs a⭲d Adj"stcd ⭲ct íc:c⭲"cs aíc tkc samc. Rcpícsc⭲ts a ⭲o⭲-GAAP mcas"íc. Rcrcí to "Usc or No⭲-GAAP Mcas"ícs" a⭲d tkc Appc⭲dix roí additio⭲al dctails.
EBIľKA ríom co⭲ti⭲"i⭲g opcíatio⭲s is dcri⭲cd as I⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s, pl"s I⭲comc tax cxpc⭲sc, Nct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs, a⭲d Kcpícciatio⭲ a⭲d amoítizatio⭲ attíib"tablc to co⭲ti⭲"i⭲g opcíatio⭲s. Adj"stcd EBIľKA ríom co⭲ti⭲"i⭲g opcíatio⭲s is EBIľKA adj"stcd roí kcQ itcms attíib"tablc to co⭲ti⭲"i⭲g opcíatio⭲s.
I⭲cl"dcs ccítai⭲ píc-tax kcQ itcm acti:itQ witki⭲ amoítizatio⭲ a⭲d ⭲ct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs tkat do ⭲ot impact Adj"stcd EBIľKA b"t impact píc-tax adj"stcd caí⭲i⭲gs. Nct píorit maígi⭲ is dcri⭲cd as ícpoítcd i⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s di:idcd bQ ícpoítcd ⭲ct íc:c⭲"cs.
Adj"stcd EBIľKA maígi⭲ is dcri⭲cd as Adj"stcd EBIľKA ríom co⭲ti⭲"i⭲g opcíatio⭲s di:idcd bQ adj"stcd ⭲ct íc:c⭲"cs.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 15
RECONCILIATION OF NON-GAAP DATA - FREE CASH FLOWS
(Preliminary and unaudited)
Six mo⭲tks c⭲dcd (I⭲ millio⭲s) Maíck «1 | ||
Iícc cask rlow (a) | 2026 | 2025 |
Opcíati⭲g cask flows fíom co⭲ti⭲ui⭲g opcíatio⭲s | $ 160.2 | $ 9«.2 |
Adjusťmenťs: | ||
Additio⭲s to píopcítQ, pla⭲t a⭲d cq"ipmc⭲t ríom co⭲ti⭲"i⭲g opcíatio⭲s | (115.2) | (105.4) |
Ïícc cask flow fíom co⭲ti⭲ui⭲g opcíatio⭲s (b) $ 45.0 $ (12.2)
Iícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs(c) | Six mo⭲tks c⭲dcd Maíck «1 | |
2026 | 2025 | |
Opcíati⭲g cask flows fíom co⭲ti⭲ui⭲g opcíatio⭲s | $ 160.2 | $ 9«.2 |
Adjusťmenťs:
Mai⭲tc⭲a⭲cc additio⭲s to píopcítQ, pla⭲t a⭲d cq"ipmc⭲t (27.4) (15.6)
Ïícc cask flow cxcludi⭲g gíowtk capital cxpc⭲dituícs (b) $ 1«2.® $ 77.6
Free cash flow is defined as operating cash flows less additions to property, plant and equipment.
Represents a non-GAAP measure. Refer to "Use of Non-GAAP Measures" and the Appendix for additional details.
Free cash flow excluding growth capital expenditures is defined as operating cash flows less maintenance additions to property, plant and equipment.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 16
CONSOLIDATED GAAP INCOME STATEMENT
(Preliminary and unaudited)
(I⭲ millio⭲s, cxccpt pcí skaíc amo"⭲ts) | ľkícc mo⭲tks c⭲dcd Maíck «1 2026 2025 | Six mo⭲tks c⭲dcd Maíck «1 | ||
2026 | 2025 | |||
Nct íc:c⭲"cs | $ 50«.® | $ 40«.2 | $ 965.6 | $ ®17.5 |
Cost or salcs | «16.® | 252.7 | 606.1 | 514.1 | |||||
Gíoss píofit | 1®7.0 | 150.5 | «59.5 | «0«.4 | |||||
Sclli⭲g, gc⭲cíal a⭲d admi⭲istíati:c cxpc⭲scs | 9®.7 | ®«.6 | 205.5 | 164.0 | |||||
Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs | 0.9 | 0.® | 6.1 | 1.2 | |||||
Otkcí loss (i⭲comc), ⭲ct | 1.4 | (0.®) | 4«.6 | (72.5) | |||||
Opcíati⭲g i⭲comc | ®6.0 | 66.9 | 104.« | 210.7 | |||||
Nct pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t pla⭲ i⭲comc | (1.2) | (0.9) | (2.4) | (1.®) | |||||
Nct i⭲tcícst a⭲d otkcí ri⭲a⭲ci⭲g cxpc⭲scs | 27.7 | 16.9 | 5«.2 | «4.4 | |||||
I⭲comc bcfoíc i⭲comc taxcs | 59.5 | 50.9 | 5«.5 | 17®.1 | |||||
I⭲comc tax cxpc⭲sc | 14.2 | 12.6 | 40.4 | 45.9 | |||||
I⭲comc ríom co⭲ti⭲"i⭲g opcíatio⭲s | 45.« | «®.« | 1«.1 | 1«2.2 | |||||
Ḻoss ríom disco⭲ti⭲"cd opcíatio⭲s, ⭲ct or tax | (0.5) | (0.7) | (1.1) | («.0) | |||||
Nct i⭲comc | 44.® | $ | «7.6 | 12.0 | $ | 129.2 | |||
Nct caí⭲i⭲gs pcí skaíc | |||||||||
Basic caí⭲i⭲gs (loss) pcí skaíc | |||||||||
Co⭲ti⭲"i⭲g opcíatio⭲s | $ | 0.«5 | $ | 0.«0 | $ | 0.10 | $ | 1.0« | |
Kisco⭲ti⭲"cd opcíatio⭲s | - | (0.01) | (0.01) | (0.02) | |||||
Basic caí⭲i⭲gs pcí skaíc | $ | 0.«5 | $ | 0.29 | $ | 0.09 | $ | 1.01 | |
Dilutcd caí⭲i⭲gs (loss) pcí skaíc | |||||||||
Co⭲ti⭲"i⭲g opcíatio⭲s | $ | 0.«5 | $ | 0.«0 | $ | 0.10 | $ | 1.02 | |
Kisco⭲ti⭲"cd opcíatio⭲s | - | (0.01) | (0.01) | (0.02) | |||||
Kil"tcd caí⭲i⭲gs pcí skaíc | $ | 0.«5 | $ | 0.29 | $ | 0.09 | $ | 1.00 | |
Wcigktcd a:cíagc commo⭲ skaícs outsta⭲di⭲g | |||||||||
Basic | 127.® | 127.6 | 127.7 | 12®.2 | |||||
Kil"tcd | 12®.4 | 12®.2 | 12®.« | 12®.9 | |||||
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 17
RECONCILIATION OF NON-GAAP DATA - ADJUSTED SG&A & OPERATING INCOME
I⭲ millio⭲s - píclimi⭲aíQ a⭲d "⭲a"ditcd | ľkícc mo⭲tks c⭲dcd Maíck «1 | |||
Selling, general and administrative expenses (d) | Opcíati⭲g i⭲comc | |||
2026 | 2025 | 2026 | 2025 | |
As ícpoítcd | $ 9®.7 | $ ®«.6 | $ ®6.0 | $ 66.9 |
KeQ iťems:
Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs | - | - | 0.9 | 0.® | |||
I⭲roímatio⭲ tcck⭲ologQ tía⭲sitio⭲ costs | 2.7 | 4.5 | 2.7 | 4.9 | |||
I⭲:cstmc⭲t a⭲d di:cstit"íc-íclatcd costs (i⭲comc) | 5.4 | «.9 | 7.« | «.4 | |||
As adj"stcd (a) | $ | 90.6 | $ | 75.2 | $ | 96.9 | $ 76.0 |
% of neť íe»enues as íepoíťed (b) | 1D.S % | 20.7 % | 17.1 % | 1S.S % | |||
% of neť íe»enues as adjusťed (c) | 1D.0 % | 1D.7 % | 1D.2 % | 1D.D % |
I⭲ millio⭲s - píclimi⭲aíQ a⭲d "⭲a"ditcd | Six mo⭲tks c⭲dcd Maíck «1 | |||
Sclli⭲g, gc⭲cíal a⭲d admi⭲istíati:c cxpc⭲scs (d) | Opcíati⭲g i⭲comc | |||
2026 | 2025 | 2026 | 2025 | |
As ícpoítcd | $ 205.5 | $ 164.0 | $ 104.« | $ 210.7 |
KeQ iťems:
Nct lcgacQ a⭲d scpaíatio⭲-íclatcd cxpc⭲scs | - | - | 6.1 | 1.2 | |||
I⭲roímatio⭲ tcck⭲ologQ tía⭲sitio⭲ costs | 5.® | 6.0 | 5.® | 6.4 | |||
I⭲:cstmc⭲t a⭲d di:cstit"íc-íclatcd costs (i⭲comc) | 19.9 | 4.2 | 64.® | (67.5) | |||
As adj"stcd (a) | $ | 179.® | $ | 15«.® | $ | 1®1.0 | $ 150.® |
% of neť íe»enues as íepoíťed (b) | 21.3 % | 20.1 % | 10.D % | 25.D % | |||
% of neť íe»enues as adjusťed (c) | 1D.S % | 1D.D % | 1D.7 % | 1D.4 % |
Rcpícsc⭲ts ⭲o⭲-GAAP mcas"íc. Rcrcí to "Usc or No⭲-GAAP Mcas"ícs" a⭲d tkis Appc⭲dix roí additio⭲al dctails.
Ii⭲a⭲cial mcas"ícs pícsc⭲tcd as tkc acti:itQ roí tkc íclc:a⭲t pcíiod ícpoítcd i⭲ accoída⭲cc witk US GAAP di:idcd bQ ⭲ct íc:c⭲"cs roí tkc íclc:a⭲t pcíiod as ícpoítcd i⭲ accoída⭲cc witk US GAAP.
Ii⭲a⭲cial mcas"ícs pícsc⭲tcd as tkc acti:itQ roí tkc íclc:a⭲t pcíiod wkcíc tkc ícs"lts ícpoítcd i⭲ accoída⭲cc witk US GAAP aíc adj"stcd roí kcQ itcms di:idcd bQ ⭲ct íc:c⭲"cs roí tkc íclc:a⭲t pcíiod as ícpoítcd i⭲ accoída⭲cc witk US GAAP adj"stcd roí kcQ itcms.
Píioí Qcaí amo"⭲ts i⭲cl"dc a ícclass íclatcd to s"blcasc i⭲comc píc:io"slQ pícsc⭲tcd i⭲ otkcí loss (i⭲comc), ⭲ct wkick is ⭲ow pícsc⭲tcd i⭲ SG&A.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 1®
USE OF NON-GAAP MEASURES
ľkis pícsc⭲tatio⭲ i⭲cl"dcs tkc rollowi⭲g ⭲o⭲-GAAP mcas"ícs: Adj"stcd opcíati⭲g i⭲comc; adj"stcd opcíati⭲g maígi⭲; adj"stcd sclli⭲g, gc⭲cíal a⭲d admi⭲istíati:c cxpc⭲scs; adj"stcd sclli⭲g, gc⭲cíal a⭲d admi⭲istíati:c maígi⭲; EBIľKA, adj"stcd EBIľKA, a⭲d adj"stcd EBIľKA maígi⭲; adj"stcd ⭲ct i⭲comc a⭲d adj"stcd dil"tcd caí⭲i⭲gs pcí skaíc; a⭲d rícc cask rlow a⭲d rícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs. Rcrcí to tkis Appc⭲dix roí ma⭲agcmc⭲t's dcri⭲itio⭲ or cack ⭲o⭲-GAAP mcas"íc a⭲d ícco⭲ciliatio⭲ to tkc most compaíablc U.S. GAAP mcas"íc.
No⭲-GAAP mcas"ícs i⭲cl"dc adj"stmc⭲ts ríom ícs"lts bascd o⭲ U.S. GAAP tkat ma⭲agcmc⭲t bclic:cs c⭲ablcs compaíiso⭲ or ccítai⭲ ri⭲a⭲cial tíc⭲ds a⭲d ícs"lts bctwcc⭲ pcíiods a⭲d pío:idcs a "scr"l s"pplcmc⭲tal pícsc⭲tatio⭲ or Val:oli⭲c's opcíati⭲g pcíroíma⭲cc tkat allows roí tía⭲spaíc⭲cQ witk ícspcct to kcQ mctíics "scd bQ ma⭲agcmc⭲t i⭲ opcíati⭲g tkc b"si⭲css a⭲d mcas"íi⭲g pcíroíma⭲cc. ľkcsc ⭲o⭲-GAAP mcas"ícs ka:c limitatio⭲s as a⭲alQtical tools a⭲d sko"ld ⭲ot bc co⭲sidcícd i⭲ isolatio⭲ ríom, a⭲ altcí⭲ati:c to, oí moíc mca⭲i⭲gr"l tka⭲, tkc ri⭲a⭲cial ícs"lts pícsc⭲tcd i⭲ accoída⭲cc witk U.S. GAAP. ľkc ri⭲a⭲cial ícs"lts pícsc⭲tcd i⭲ accoída⭲cc witk U.S. GAAP a⭲d tkc ícco⭲ciliatio⭲s or
⭲o⭲-GAAP mcas"ícs sko"ld bc caícr"llQ c:al"atcd. ľkc ma⭲⭲cí "scd to comp"tc tkc ⭲o⭲-GAAP i⭲roímatio⭲ "scd bQ ma⭲agcmc⭲t maQ dirrcí ríom tkc mctkods "scd bQ otkcí compa⭲ics a⭲d maQ ⭲ot bc compaíablc.
Ma⭲agcmc⭲t bclic:cs EBIľKA mcas"ícs pío:idc a mca⭲i⭲gr"l s"pplcmc⭲tal pícsc⭲tatio⭲ or Val:oli⭲c's opcíati⭲g pcíroíma⭲cc bctwcc⭲ pcíiods o⭲ a compaíablc basis d"c to tkc dcpícciablc asscts associatcd witk tkc ⭲at"íc or tkc Compa⭲Q's opcíatio⭲s, as wcll as i⭲comc tax a⭲d i⭲tcícst costs íclatcd to Val:oli⭲c's tax a⭲d capital stí"ct"ícs, ícspccti:clQ. Ma⭲agcmc⭲t "scs rícc cask rlow a⭲d rícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs as additio⭲al ⭲o⭲-GAAP mctíics or cask rlow gc⭲cíatio⭲. BQ i⭲cl"di⭲g capital cxpc⭲dit"ícs, ma⭲agcmc⭲t is ablc to pío:idc a⭲ i⭲dicatio⭲ or tkc o⭲goi⭲g cask bci⭲g gc⭲cíatcd tkat is "ltimatclQ a:ailablc roí botk dcbt a⭲d cq"itQ koldcís as wcll as otkcí i⭲:cstmc⭲t oppoít"⭲itics. Iícc cask rlow i⭲cl"dcs tkc impact or capital cxpc⭲dit"ícs, pío:idi⭲g a s"pplcmc⭲tal :icw or cask gc⭲cíatio⭲. Iícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs i⭲cl"dcs mai⭲tc⭲a⭲cc capital cxpc⭲dit"ícs, wkick aíc "scs or cask tkat aíc ⭲cccssaíQ to mai⭲tai⭲ tkc Compa⭲Q's cxisti⭲g b"si⭲css opcíatio⭲s, i⭲cl"di⭲g its íctail scí:icc cc⭲tcí stoíc ⭲ctwoík, scí:icc poítrolio, a⭲d s"ppoít r"⭲ctio⭲s. Iícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs pío:idcs a s"pplcmc⭲tal :icw or cask rlow gc⭲cíatio⭲ bcroíc i⭲:cstmc⭲ts i⭲ gíowtk capital, wkick cxpa⭲d r"t"íc b"si⭲css opcíatio⭲s, i⭲cl"di⭲g tkc opc⭲i⭲g oí cxpa⭲sio⭲ or íctail scí:icc cc⭲tcí stoícs a⭲d scí:icc capabilitics. Iícc cask rlow a⭲d rícc cask rlow cxcl"di⭲g gíowtk capital cxpc⭲dit"ícs ka:c ccítai⭲ limitatio⭲s, i⭲cl"di⭲g tkat tkcQ do ⭲ot ícrlcct adj"stmc⭲ts roí ccítai⭲ ⭲o⭲-discíctio⭲aíQ cask cxpc⭲dit"ícs, s"ck as ma⭲datoíQ dcbt ícpaQmc⭲ts.
Adj"stcd píoritabilitQ mcas"ícs (i.c., adj"stcd ⭲ct i⭲comc, dil"tcd caí⭲i⭲gs pcí skaíc a⭲d EBIľKA) c⭲ablc tkc compaíiso⭲ or ri⭲a⭲cial tíc⭲ds a⭲d ícs"lts bctwcc⭲ pcíiods wkcíc ccítai⭲ itcms maQ ⭲ot bc ícrlccti:c or tkc Compa⭲Q's "⭲dcílQi⭲g a⭲d o⭲goi⭲g opcíatio⭲al pcíroíma⭲cc oí :aíQ i⭲dcpc⭲dc⭲t or b"si⭲css pcíroíma⭲cc.ľkc ⭲o⭲-GAAP mcas"ícs "scd bQ ma⭲agcmc⭲t cxcl"dc tkc impact or ccítai⭲ "⭲"s"al, i⭲rícq"c⭲t oí ⭲o⭲-opcíatio⭲al acti:itQ ⭲ot diícctlQ attíib"tablc to tkc "⭲dcílQi⭲g b"si⭲css, wkick ma⭲agcmc⭲t bclic:cs impacts tkc compaíabilitQ or opcíatio⭲al ícs"lts bctwcc⭲ pcíiods ("kcQ itcms"). KcQ itcms aíc ortc⭲ íclatcd to lcgacQ mattcís oí maíkct-díi:c⭲ c:c⭲ts co⭲sidcícd bQ ma⭲agcmc⭲t to ⭲ot bc ícrlccti:c or tkc o⭲goi⭲g opcíati⭲g pcíroíma⭲cc. KcQ itcms maQ co⭲sist or adj"stmc⭲ts íclatcd to: lcgacQ b"si⭲csscs, i⭲cl"di⭲g tkc scpaíatio⭲ ríom Val:oli⭲c's roímcí paíc⭲t compa⭲Q, tkc salc or tkc roímcí Global Píod"cts ícpoítablc scgmc⭲t, a⭲d tkc associatcd impacts or íclatcd acti:itQ a⭲d i⭲dcm⭲itics; ⭲o⭲-scí:icc pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t pla⭲ acti:itQ; ícstí"ct"íi⭲g-íclatcd mattcís, i⭲cl"di⭲g oíga⭲izatio⭲al ícstí"ct"íi⭲g pla⭲s, sig⭲irica⭲t acq"isitio⭲s oí di:cstit"ícs, dcbt cxti⭲g"iskmc⭲t a⭲d modiricatio⭲, a⭲d tax ícroím lcgislatio⭲; i⭲ additio⭲ to otkcí mattcís tkat ma⭲agcmc⭲t co⭲sidcís ⭲o⭲-opcíatio⭲al, i⭲rícq"c⭲t oí "⭲"s"al i⭲ ⭲at"íc.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 19
USE OF NON-GAAP MEASURES, CONTINUED
Rcrcí to tkc rollowi⭲g roí dcscíiptio⭲s or tkc kcQ itcms tkat compíisc tkc adj"stmc⭲ts wkick dcpaít ríom tkc comp"tatio⭲s i⭲ accoída⭲cc witk U.S. GAAP:
Nct pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t pla⭲ i⭲comc: I⭲cl"dcs sc:cíal clcmc⭲ts impactcd bQ cka⭲gcs i⭲ pla⭲ asscts a⭲d obligatio⭲s tkat aíc píimaíilQ díi:c⭲ bQ tkc dcbt a⭲d cq"itQ maíkcts, i⭲cl"di⭲g ícmcas"ícmc⭲t gai⭲s a⭲d losscs, wkc⭲ applicablc; a⭲d ícc"ííi⭲g ⭲o⭲-scí:icc pc⭲sio⭲ a⭲d otkcí postíctiícmc⭲t ⭲ct pcíiodic acti:itQ, wkick co⭲sists or i⭲tcícst cost, cxpcctcd íct"í⭲ o⭲ pla⭲ asscts a⭲d amoítizatio⭲ or píioí scí:icc cícdits. Ma⭲agcmc⭲t co⭲sidcís tkcsc clcmc⭲ts aíc moíc ícrlccti:c or cka⭲gcs i⭲ c"ííc⭲t co⭲ditio⭲s i⭲ global maíkcts (i⭲ paític"laí, i⭲tcícst íatcs), o"tsidc tkc opcíatio⭲al pcíroíma⭲cc or tkc b"si⭲css, a⭲d aíc also lcgacQ amo"⭲ts tkat aíc
⭲ot diícctlQ íclatcd to tkc "⭲dcílQi⭲g b"si⭲css a⭲d do ⭲ot ka:c a⭲ impact o⭲ tkc compc⭲satio⭲ a⭲d bc⭲crits pío:idcd to cligiblc cmploQccs roí c"ííc⭲t scí:icc.
Nct lcgacy a⭲d scpaíatio⭲-íclatcd cxpc⭲scs: Acti:itQ associatcd witk lcgacQ b"si⭲csscs, i⭲cl"di⭲g tkc scpaíatio⭲ ríom Val:oli⭲c's roímcí paíc⭲t compa⭲Q a⭲d its roímcí Global Píod"cts ícpoítablc scgmc⭲t. ľkis acti:itQ i⭲cl"dcs tkc íccog⭲itio⭲ or a⭲d adj"stmc⭲ts to i⭲dcm⭲itQ obligatio⭲s to its roímcí paíc⭲t compa⭲Q; ccítai⭲ lcgal, ri⭲a⭲cial, píorcssio⭲al ad:isoíQ a⭲d co⭲s"lti⭲g rccs; a⭲d otkcí cxpc⭲scs i⭲c"íícd bQ tkc co⭲ti⭲"i⭲g opcíatio⭲s i⭲ co⭲⭲cctio⭲ witk a⭲d diícctlQ íclatcd to tkcsc scpaíatio⭲ tía⭲sactio⭲s a⭲d lcgacQ mattcís. ľkis i⭲cícmc⭲tal acti:itQ diícctlQ attíib"tablc to lcgacQ mattcís a⭲d scpaíatio⭲ tía⭲sactio⭲s is ⭲ot co⭲sidcícd ícrlccti:c or tkc "⭲dcílQi⭲g opcíati⭲g pcíroíma⭲cc or tkc Compa⭲Q's co⭲ti⭲"i⭲g opcíatio⭲s.
I⭲foímatio⭲ tcck⭲ology tía⭲sitio⭲ costs: Co⭲sists or cxpc⭲scs i⭲c"íícd diícctlQ íclatcd to tkc Compa⭲Q's i⭲roímatio⭲ tcck⭲ologQ tía⭲sitio⭲s, píimaíilQ crroíts íclatcd to implcmc⭲ti⭲g sta⭲d-alo⭲c c⭲tcípíisc ícso"ícc pla⭲⭲i⭲g a⭲d k"ma⭲ ícso"ícc i⭲roímatio⭲ sQstcms tkat gc⭲cíallQ bcga⭲ i⭲ riscal 202« rollowi⭲g tkc salc or tkc roímcí Global Píod"cts ícpoítablc scgmc⭲t. ľkcsc cxpc⭲scs i⭲cl"dc data co⭲:císio⭲, tíai⭲i⭲g, ícd"⭲da⭲t cxpc⭲scs i⭲c"íícd ríom d"plicati:c tcck⭲ologQ platroíms, a⭲d tcmpoíaíQ s"ppoít, wkick i⭲cl"dcs co⭲s"lti⭲g rccs a⭲d píorcssio⭲al scí:iccs to s"ppoít ccítai⭲ c⭲ka⭲ccd ma⭲"al píoccd"ícs a⭲d matcíial wcak⭲css ícmcdiatio⭲ crroíts. ľkcsc i⭲cícmc⭲tal costs aíc diícctlQ associatcd witk tcck⭲ologQ tía⭲sitio⭲s a⭲d aíc ⭲ot co⭲sidcícd to bc ícrlccti:c or tkc o⭲goi⭲g cxpc⭲scs or opcíati⭲g tkc Compa⭲Q's tcck⭲ologQ platroíms.
I⭲:cstmc⭲t a⭲d di:cstituíc-íclatcd costs (i⭲comc): Co⭲sists or acti:itQ diícctlQ associatcd witk spcciric sig⭲irica⭲t acq"isitio⭲s, i⭲:cstmc⭲ts a⭲d di:cstit"ícs, i⭲cl"di⭲g píorcssio⭲al a⭲d co⭲s"lti⭲g rccs roí lcgal a⭲d ad:isoíQ scí:iccs, i⭲ additio⭲ to gai⭲s oí losscs íccog⭲izcd "po⭲ dispositio⭲, tcmpoíaíQ ri⭲a⭲ci⭲g costs diícctlQ associatcd witk tía⭲sactio⭲s, ccítai⭲ acq"isitio⭲-íclatcd i⭲cc⭲ti:c compc⭲satio⭲ costs, amoítizatio⭲ or Bícczc acq"iícd i⭲ta⭲giblc asscts, a⭲d cxpc⭲sc íccog⭲izcd to ícd"cc tkc caííQi⭲g :al"cs or íclatcd asscts dctcími⭲cd to bc impaiícd. ľkis acti:itQ is ⭲ot co⭲sidcícd to bc ícrlccti:c or tkc "⭲dcílQi⭲g opcíati⭲g pcíroíma⭲cc or tkc Compa⭲Q's o⭲goi⭲g co⭲ti⭲"i⭲g opcíatio⭲s.
S E C O N D Q U A R ľ E R ÏI S C A L 2 0 2 G E A R N I N G S / 0 5 . 0 7 . 2 0 2 G 20
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