BRUNSWICK CORP

Previous wording

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, Supplier bankruptcy expenses and other applicable charges, and of diluted earnings per common share, As Adjusted. Supplier bankruptcy expenses include additional expenses incurred, in excess of normal inventory costs, to purchase inventory from a key supplier that filed for bankruptcy. Non-GAAP financial measures do not include operating and statistical measures.

Current wording

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; and the discussion of our earnings includes a presentation of operating earnings, operating margin, and adjusted net earnings from continuing operations excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, supplier bankruptcy expenses and other applicable charges, and Adjusted diluted earnings per common share. Supplier bankruptcy expenses include additional expenses incurred, in excess of normal inventory costs, to purchase inventory from a key supplier that filed for bankruptcy. Adjusted income tax expense represents the recalculated income tax provision (benefit) on Adjusted net earnings (loss) from continuing operations. Non-GAAP financial measures do not include operating and statistical measures.

Previous wording

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

Current wording

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, acquisition-related costs, and certain other unusual adjustments.

Previous wording

Operating earnings in the second quarter of 2026 were $129.4 million and $150.1 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the second quarter of 2025 of $103.3 million and $126.0 million on a GAAP and As Adjusted basis, respectively. Adjusted operating earnings increased due to increased sales, favorable mix, pricing, improved absorption, disciplined cost management and IEEPA refunds more than offsetting the impact of incremental tariffs implemented after the first quarter of 2025, variable compensation, and accelerated product development investment.

Current wording

Operating earnings in the third quarter of 2026 were $104.0 million and $146.7 million on a GAAP and As Adjusted basis, respectively. This compares to operating (loss) earnings during the third quarter of 2025 of $(242.2) million and $106.4 million on a GAAP and As Adjusted basis, respectively. Operating earnings increased due to stronger sales, lower goodwill and intangible asset impairment charges, operational strength and efficiency across the enterprise, improved absorption on higher production, favorable mix, and disciplined cost management, together with the lapping of last year's tariff impacts, more than offset material and labor inflation and planned spending on product and technology initiatives.

Previous wording

Operating earnings in the first half of 2026 were $179.7 million and $232.7 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the first half of 2025 of $159.6 million and $198.1 million on a GAAP and As Adjusted basis, respectively. Operating earnings were up versus the first half of 2025 due to increased sales and the same factors described above.

Current wording

Operating earnings during the nine months ended October 3, 2026 were $283.7 million and $379.4 million on a GAAP and As Adjusted basis, respectively. This compares to operating (loss) earnings during the nine months ended September 27, 2025 of $(82.6) million and $304.5 million on a GAAP and As Adjusted basis, respectively. Operating earnings were up versus prior year due to the same factors described above.

Previous wording

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 25 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars, and Brazilian real.

Current wording

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 26 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars, and Brazilian real.

Previous wording

The following table sets forth certain amounts, ratios, and relationships calculated from the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended:

Current wording

The following table sets forth certain amounts, ratios, and relationships calculated from the Condensed Consolidated Statements of Operations for the three and nine months ended:

Previous wording

(A)Gross margin is defined as Net sales less Cost of sales as presented in the Condensed Consolidated Statements of Comprehensive Income.

Current wording

(A)Gross margin is defined as Net sales less Cost of sales as presented in the Condensed Consolidated Statements of Operations.

Previous wording

The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for the three and six months ended July 4, 2026 when compared with the same prior year comparative period:

Current wording

The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted net earnings from continuing operations for the three and nine months ended October 3, 2026 when compared with the same prior year comparative period:

Previous wording

Net sales increased 7.7% during the second quarter of 2026 compared with the same prior year period. The components of the consolidated net sales change were as follows:

Current wording

Net sales increased 6.9% during the third quarter of 2026 compared with the same prior year period. The components of the consolidated net sales change were as follows:

Previous wording

Gross margin increased 260 bps in the second quarter of 2026 when compared to the same prior year period, driven by increased sales (380 bps), IEEPA refunds (200 bps), lower absorption (40 bps), and favorable foreign currency exchange rate fluctuations (30 bps) offset by material inflation (195 bps), labor costs (130 bps), impact of incremental tariffs (65 bps).

Current wording

Gross margin increased 250 bps in the third quarter of 2026 when compared to the same prior year period, driven by increased sales (260 bps), impact of incremental tariffs (140 bps), higher absorption (125 bps), and favorable foreign currency exchange rate fluctuations (25 bps) offset by material inflation (200 bps) and labor inflation (100 bps).

Previous wording

Gross margin increased 140 bps in the first half of 2026 when compared to the same prior year period, driven by increased sales (370 bps), IEEPA refunds (105 bps), and foreign currency exchange rate fluctuations (50 bps), partially offset by material inflation (150 bps), incremental tariffs (145 bps), and labor costs (90 bps).

Current wording

Gross margin increased 180 bps during the nine months ended October 3, 2026 when compared to the same prior year period, driven by increased sales (350 bps), higher absorption (95 bps), decreased incremental tariffs (30 bps), partially offset by material inflation (160 bps) and labor inflation (100 bps), and currency exchange rate fluctuations (35 bps).

Previous wording

Selling, general and administrative expense as a percentage of net sales increased 110 basis points during the second quarter of 2026 compared with the same prior year period due to increased spending in support of growth and operational initiatives. Research and development expense increased in the second quarter of 2026 versus the same period in 2025 due to accelerated, strategic investments in new products.

Current wording

Selling, general and administrative expense as a percentage of net sales increased 40 basis points during the third quarter of 2026 compared with the same prior year period due to increased spending in support of growth and operational initiatives. Research and development expense increased in the third quarter of 2026 versus the same period in 2025 due to accelerated, strategic investments in new products.

Previous wording

Selling, general and administrative expense as a percentage of net sales increased 90 basis points during the first half of 2026 when compared with the same prior year period due to increased spending in support of growth and operational initiatives and increased variable compensation. Research and development expense increased in the first half of 2026 versus the same period in 2025.

Current wording

Selling, general and administrative expense as a percentage of net sales increased 70 basis points during the nine months ended October 3, 2026 when compared with the same prior year period due to increased spending in support of growth and operational initiatives and increased variable compensation. Research and development expense increased during the nine months ended October 3, 2026 versus the same period in 2025.

Previous wording

We recorded Restructuring, exit and impairment charges of $7.0 million and $11.8 million during the three and six months ended July 4, 2026, respectively. We recorded Restructuring, exit and impairment charges of $8.0 million and $9.1 million during the three and six months ended June 28, 2025, respectively. First quarter 2026 actions are not expected to result in material annualized cost savings. Refer to Note 3 – Restructuring, Exit, and Impairment Activities in the Notes to Condensed Consolidated Financial Statements for further information.

Current wording

We recorded Restructuring, exit and impairment charges of $21.1 million and $32.9 million during the three and nine months ended October 3, 2026, respectively. We recorded Restructuring, exit and impairment charges of $333.8 million and $342.9 million during the three and nine months ended September 27, 2025, respectively. Third quarter 2026 actions are not expected to result in material annualized cost savings. Refer to Note 3 – Restructuring, Exit, and Impairment Activities in the Notes to Condensed Consolidated Financial Statements for further information.

Previous wording

We recorded Equity earnings of $1.7 million and $3.3 million in the three and six months ended July 4, 2026, respectively, which were primarily related to our marine and technology-related joint ventures. This compares with Equity earnings of $1.7 million and $3.9 million in the three and six months ended June 28, 2025, respectively.

Current wording

We recorded Equity earnings of $1.3 million and $4.6 million in the three and nine months ended October 3, 2026, respectively, which were primarily related to our marine and technology-related joint ventures. This compares with Equity earnings of $1.5 million and $5.4 million in the three and nine months ended September 27, 2025, respectively.

Previous wording

We recognized $(1.1) million and $(2.7) million of Other expense, net in the three and six months ended July 4, 2026, respectively. This compares with $(1.4) million and $(0.1) million of Other expense, net in the three and six months ended June 28, 2025, respectively. Other expense, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other post-retirement benefit costs.

Current wording

We recognized $1.0 million and $3.7 million of Other expense, net in the three and nine months ended October 3, 2026, respectively. This compares with $0.4 million and $0.5 million of Other expense, net in the three and nine months ended September 27, 2025, respectively. Other expense, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other post-retirement benefit costs.

Previous wording

Net interest expense decreased for the three and six months ended July 4, 2026 when compared with the same prior year period due to lower average debt outstanding resulting from debt repayments. Refer to Note 11 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 – Debt in the Notes to Consolidated Financial Statements in the 2025 Form 10-K.

Current wording

Net interest expense decreased for the three and nine months ended October 3, 2026 when compared with the same prior year period due to lower average debt outstanding resulting from debt repayments. Refer to Note 11 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 – Debt in the Notes to Consolidated Financial Statements in the 2025 Form 10-K.

Previous wording

We recognized an Income tax (benefit) provision for the three and six months ended July 4, 2026 of $(1.8) million and $4.1 million compared to $15.7 million and $23.6 million for the three and six months ended June 28, 2025, respectively. The effective tax rate, which is calculated as the Income tax provision as a percentage of Earnings before income taxes, was (1.7)% and 3.1% compared to 20.8% and 22.8% for the three and six months ended July 4, 2026 and June 28, 2025, respectively. The three and six months ended July 4, 2026 includes the discrete impact of a state tax law change that extends the carryforward period for R&D tax credits, which resulted in the reversal of a previously recognized valuation allowance position. This resulted in a $24.6 million benefit recorded in Income tax (benefit) provision.

Current wording

We recognized an Income tax provision (benefit) for the three and nine months ended October 3, 2026 of $17.3 million and $21.4 million compared to $(32.0) million and $(8.4) million for the three and nine months ended September 27, 2025, respectively. The effective tax rate, which is calculated as the Income tax provision (benefit) as a percentage of Earnings (loss) before income taxes, was 20.9% and 9.9% compared to 12.0% and 5.2% for the three and nine months ended October 3, 2026 and September 27, 2025, respectively.

Previous wording

Due to the factors described in the preceding paragraphs, Net earnings from continuing operations and Diluted earnings per common share from continuing operations increased during the three and six months ended July 4, 2026 compared with the same prior year period.

Current wording

Due to the factors described in the preceding paragraphs, Net earnings from continuing operations and Diluted earnings per common share from continuing operations increased during the three and nine months ended October 3, 2026 compared with the same prior year period.

Previous wording

The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Current wording

The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and nine months ended:

Previous wording

International sales were 40 percent of the Propulsion segment's net sales in the second quarter of 2026 and increased 14 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased 9 percent.

Current wording

International sales were 37 percent of the Propulsion segment's net sales in the third quarter of 2026 and increased 9 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased 7 percent.

Previous wording

International sales were 39 percent of Propulsion segment's net sales in the first half of 2026 and increased 17 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 10 percent.

Current wording

International sales were 39 percent of Propulsion segment's net sales during the nine months ended October 3, 2026 and increased 14 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 9 percent.

Previous wording

The following table sets forth Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Current wording

The following table sets forth Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and nine months ended:

Previous wording

Engine P&A increased in the first half of 2026 compared to 2025 due to the same factors described above.

Current wording

Engine P&A segment's net sales increased during the nine months ended October 3, 2026 compared to 2025 due to the same factors described above.

Previous wording

International sales were 28 percent of Engine P&A segment's net sales in the first half of 2026 and increased 13 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 7 percent.

Current wording

International sales were 29 percent of Engine P&A segment's net sales during the nine months ended October 3, 2026 and increased 9 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 5 percent.

Previous wording

Engine P&A segment's operating earnings in the second quarter of 2026 increased compared to the second quarter of 2025, due to higher sales and IEEPA refunds, offset by variable compensation.

Current wording

Engine P&A segment's operating earnings in the third quarter of 2026 increased compared to the third quarter of 2025, due to strong leverage on the higher sales and cost discipline partially offset by higher commodity and other material input costs.

Previous wording

The following table sets forth Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Current wording

The following table sets forth Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and nine months ended:

Previous wording

International sales were 41 percent of the Navico Group segment's net sales in the second quarter of 2026 and increased 1 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased 2 percent.

Current wording

International sales were 41 percent of the Navico Group segment's net sales in the third quarter of 2026 and increased 5 percent from the prior year on both a GAAP basis and constant currency basis.

Previous wording

International sales were 43 percent of Navico Group segment's net sales in the first half of 2026 and increased 9 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 3 percent.

Current wording

International sales were 42 percent of Navico Group segment's net sales during the nine months ended October 3, 2026 and increased 8 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 3 percent.

Previous wording

The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended:

Current wording

The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and nine months ended:

Previous wording

International sales were 21 percent of the Boat segment's net sales in the second quarter of 2026 and increased 16 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased by 14 percent.

Current wording

International sales were 18 percent of the Boat segment's net sales in the third quarter of 2026 and increased 5 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased by 6 percent.

Previous wording

International sales were 22 percent of Boat segment's net sales in the first half of 2026 and increased 18 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 14 percent.

Current wording

International sales were 21 percent of Boat segment's net sales during the nine months ended October 3, 2026 and increased 14 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 12 percent.

Previous wording

Boat segment's operating earnings in the second quarter of 2026 increased when compared to the second quarter of 2025, reflecting higher sales, the flow-through of pricing and lower discounts, and operational efficiencies focused on cost removal.

Current wording

Boat segment's operating earnings in the third quarter of 2026 increased when compared to the third quarter of 2025, reflecting higher sales, favorable mix, and ongoing manufacturing and sourcing cost-reduction initiatives.

Previous wording

The following table sets forth Corporate/Other results for the three and six months ended:

Current wording

The following table sets forth Corporate/other results for the three and nine months ended:

Previous wording

Corporate operating loss in the second quarter of 2026 increased compared to the second quarter of 2025 driven by increased spending in support of growth and operational initiatives and increased variable compensation.

Current wording

Corporate operating loss in the third quarter of 2026 increased compared to the third quarter of 2025 driven by increased spending in support of growth and operational initiatives and increased variable compensation.

Previous wording

Our off-balance sheet arrangements and contractual obligations as of December 31, 2025 are detailed in the 2025 Form 10-K. There have been no material changes in these arrangements and obligations outside the ordinary course of business since December 31, 2025.

Current wording

Our off-balance sheet arrangements and contractual obligations as of December 31, 2025 are discussed in the 2025 Form 10-K. There have been no material changes in these arrangements and obligations outside the ordinary course of business since December 31, 2025.

Previous wording

Recent accounting pronouncements that have been adopted during the six months ended July 4, 2026, or will be adopted in future periods, are included in Note 1 – Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements.

Current wording

Recent accounting pronouncements that have been adopted during the nine months ended October 3, 2026, or will be adopted in future periods, are included in Note 1 – Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements.

Previous wording

Certain statements in this Quarterly Report on Form 10-Q are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” "will," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this report. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; fiscal and monetary policy changes; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; adverse capital market conditions; changes in currency exchange rates; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated rem…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Certain statements in this Quarterly Report on Form 10-Q are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” "will," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this report. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; changes in currency exchange rates; fiscal and monetary policy changes; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; adverse capital market conditions; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated re…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

The following table sets forth data from our Condensed Consolidated Statements of Cash Flows for the six months ended:

Current wording

The following table sets forth data from our Condensed Consolidated Statements of Cash Flows for the nine months ended:

Previous wording

The following table sets forth an analysis of free cash flow for the six months ended:

Current wording

The following table sets forth an analysis of free cash flow for the nine months ended: