NATURES SUNSHINE PRODUCTS INC

Previous wording

In the second quarter of 2025, we experienced an increase in our consolidated net sales of 3.8 percent (or 2.2 percent in local currencies) compared to the same period in 2024. Asia net sales increased approximately 5.4 percent (or 2.3 percent in local currencies) compared to the same period in 2024. Europe net sales increased approximately 0.6 percent (or decreased 1.6 percent in local currencies) compared to the same period in 2024. North America net sales increased approximately 4.2 percent (or 4.3 percent in local currencies) compared to the same period in 2024. Latin America and Other net sales decreased approximately 0.6 percent (or increased 2.8 percent in local currencies) compared to the same period in 2024. The strengthening of the local currencies versus the U.S. dollar, primarily in our Asian and European markets, resulted in an approximate 1.6 percent, or $1.8 million, increase of our net sales during the quarter.

Current wording

In the third quarter of 2025, we experienced an increase in our consolidated net sales of 12.0 percent (or 10.5 percent in local currencies) compared to the same period in 2024. Asia net sales increased approximately 17.1 percent (or 14.9 percent in local currencies) compared to the same period in 2024. Europe net sales increased approximately 12.7 percent (or 10.0 percent in local currencies) compared to the same period in 2024. North America net sales increased approximately 7.7 percent (or 7.8 percent in local currencies) compared to the same period in 2024. Latin America and Other net sales decreased approximately 13.1 percent (or 13.3 percent in local currencies) compared to the same period in 2024. The strengthening of the local currencies versus the U.S. dollar, primarily in our Asian and European markets, resulted in an approximate 1.5 percent, or $1.7 million, increase of our net sales during the quarter.

Previous wording

Cost of sales increased $0.8 million during the three months ended June 30, 2025, compared to the same period in 2024, and as a percentage of net sales were 28.3 percent and 28.6 percent for the three months ended June 30, 2025 and 2024, respectively. The decrease in cost of sales percentage is primarily due to cost savings initiatives, partially offset by unfavorable foreign exchange and market mix.

Current wording

Cost of sales increased $1.4 million during the three months ended September 30, 2025, compared to the same period in 2024, and as a percentage of net sales were 26.7 percent and 28.7 percent for the three months ended September 30, 2025 and 2024, respectively. The decrease in cost of sales percentage is primarily due to cost savings initiatives, market mix and favorable foreign exchange.

Previous wording

In absolute terms, selling, general and administrative expenses increased $5.1 million during the three months ended June 30, 2025, compared to the same period in 2024, and as a percentage of net sales were 38.1 percent and 34.9 percent for the three months ended June 30, 2025 and 2024, respectively. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and other non-recurring expenses.

Current wording

In absolute terms, selling, general and administrative expenses increased $4.8 million during the three months ended September 30, 2025, compared to the same period in 2024, and as a percentage of net sales were 35.6 percent and 35.7 percent for the three months ended September 30, 2025 and 2024, respectively. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and consultant events as well as other non-recurring expenses.

Previous wording

On February 24, 2022, Russian forces launched significant military action against Ukraine. There continues to be sustained conflict and disruption in the region, which is expected to endure for the foreseeable future. Our consultants in our Russia and Other market, a market within our Europe business segment that includes Russia, Ukraine, Belarus and other Common Independent States in the region, continue to operate their independent businesses, albeit at a reduced level than prior to the start of the conflict. We expect that this will continue to impact our business for the foreseeable future. We will continue monitoring the social, political, regulatory and economic environment in Ukraine and Russia and will consider further actions as appropriate.

Current wording

On February 24, 2022, Russian forces launched significant military action against Ukraine. There continues to be sustained conflict and disruption in the region, which is expected to endure for the foreseeable future. Our consultants in the impacted regions, continue to operate their independent businesses, albeit at a reduced level than prior to the start of the conflict. We expect that this will continue to impact our business for the foreseeable future. We will continue monitoring the social, political, regulatory and economic environment in Ukraine and Russia and will consider further actions as appropriate.

Previous wording

Net sales related to Eastern Europe for the three and six months ended June 30, 2025 were $13.5 million and $29.3 million, respectively, compared to $14.2 million and $28.9 million for the same periods in 2024. Operating income related to Eastern Europe for the three and six months ended June 30, 2025 was $1.0 million and $2.4 million, respectively, compared to $0.8 million and $2.3 million for the same periods in 2024. As of June 30, 2025, Eastern Europe had assets of $6.0 million net of working capital reserves related to inventories.

Current wording

Net sales related to Eastern Europe for the three and nine months ended September 30, 2025 were $13.9 million and $43.2 million, respectively, compared to $12.2 million and $41.1 million for the same periods in 2024. Operating income related to Eastern Europe for the three and nine months ended September 30, 2025 was $1.3 million and $3.7 million, respectively, compared to $0.5 million and $2.8 million for the same periods in 2024. As of September 30, 2025, Eastern Europe had assets of $6.2 million net of working capital reserves related to inventories.

Previous wording

In addition, in November 2024 we began an internal investigation regarding our past compliance with relevant U.S. trade controls and made voluntary disclosures of apparent trade controls violations to the U.S. Department of Commerce's Bureau of Industry and Security (“BIS”). We estimate that such potential violations being investigated represented less than one percent of our net revenue in each of our last three fiscal years. An unfavorable outcome of this investigation may include fines or penalties imposed in response to our voluntary disclosures. While we believe the amount of any fines or penalties would not be material to our financial condition and results of operation, we are unable to predict the outcome or to reasonably estimate the time it may take to resolve these matters.

Current wording

In addition, in November 2024 we began an internal investigation regarding our past compliance with relevant U.S. trade controls and made an initial voluntary self-disclosure of apparent trade controls violations to the U.S. Department of Commerce's Bureau of Industry and Security (“BIS”). In addition, in April 2025 we filed an initial voluntary self-disclosure with the Office of Foreign Asset Control (“OFAC”) relating to the same internal investigation. Following our internal investigation, we filed final voluntary self-disclosures with BIS and OFAC on September 5, 2025. We estimate that such potential violations represented less than one percent of our net revenue in each of our last three fiscal years. An unfavorable outcome of this investigation may include fines or penalties imposed in response to our voluntary disclosures. While we believe the amount of any fines or penalties would not be material to our financial condition and results of operation, we are unable to predict the outcome or to reasonably estimate the time it may take to resolve these matters.

Previous wording

While we have not seen a material price increase as a result of tariffs and tariff speculation, we continue to monitor the additional pressure that tariff-related price increases may have. In addition, we are monitoring other effects of tariffs on our business, including the price, availability and quality of raw materials and other ingredients. While we expect higher tariffs to impact our costs in 2025, we do not expect the impact to be material.

Current wording

While we have not seen a material price increase as a result of tariffs and tariff speculation, we continue to monitor the additional pressure that tariff-related price increases may have. In addition, we are monitoring other effects of tariffs on our business, including the price, availability and quality of raw materials and other ingredients. While higher tariffs have begun affecting our costs in 2025, the full-year impact is not expected to be material.

Previous wording

The following table summarizes our unaudited consolidated operating results from continuing operations in U.S. dollars and as a percentage of net sales for the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):

Current wording

The following table summarizes our unaudited consolidated operating results from continuing operations in U.S. dollars and as a percentage of net sales for the nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):

Previous wording

The following table summarizes the changes in net sales by operating segment with a reconciliation to net sales excluding the impact of currency fluctuations for the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):

Current wording

The following table summarizes the changes in net sales by operating segment with a reconciliation to net sales excluding the impact of currency fluctuations for the nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):

Previous wording

Consolidated net sales for the three and six months ended June 30, 2025, were $114.8 million and $228.0 million, respectively, compared to $110.6 million and $221.5 million for the same period in 2024, which represents an increase of 3.8 percent and 2.9 percent, respectively. The increase for the three months ended June 30, 2025 was primarily related to product sales increases in our Asia and North America operating segments. Excluding the impact of foreign currency exchange rate fluctuations, consolidated net sales for the three and six months ended June 30, 2025 increased 2.2 percent and 3.3 percent, respectively, from the same periods in 2024.

Current wording

Consolidated net sales for the three and nine months ended September 30, 2025, were $128.3 million and $356.3 million, respectively, compared to $114.6 million and $336.2 million for the same period in 2024, which represents an increase of 12.0 percent and 6.0 percent, respectively. The increase was primarily related to product sales increases in our Asia, Europe and North America operating segments. Excluding the impact of foreign currency exchange rate fluctuations, consolidated net sales for the three and nine months ended September 30, 2025 increased 10.5 percent and 5.8 percent, respectively, from the same periods in 2024.

Previous wording

In our Taiwan market, net sales increased $0.4 million and $2.5 million, or 2.6 percent and 7.8 percent, for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. In local currencies, net sales for the three and six months ended June 30, 2025 decreased 2.9 percent and increased 7.6 percent, respectively, compared to the same periods in 2024. Net sales in local currency decreased for the three months ended June 30, 2025 due to slowing enrollments and consultant engagement. The increase in net sales for the six months ended June 30, 2025 was primarily the result of an increase in active consultants and total orders in the first quarter.

Current wording

In our Taiwan market, net sales increased $0.5 million and $3.0 million, or 2.5 percent and 5.9 percent, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. In local currencies, net sales for the three and nine months ended September 30, 2025 decreased 4.8 percent and increased 3.0 percent, respectively, compared to the same periods in 2024. Net sales in local currency decreased for the three months ended September 30, 2025 primarily due to a reduction in total orders and average order value. The increase in net sales for the nine months ended September 30, 2025 was primarily the result of an increase in active consultants and total orders in the first quarter.

Previous wording

In our Japan market, net sales increased $3.5 million and $5.4 million, or 36.0 percent and 28.4 percent, for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. In local currencies, net sales for the three and six months ended June 30, 2025 increased 26.9 percent and 25.4 percent, respectively, compared to the same periods in 2024. The increase in net sales was primarily the result of strong customer acquisition driving an increase in total orders and average order size.

Current wording

In our Japan market, net sales increased $4.4 million and $9.8 million, or 33.2 percent and 30.4 percent, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. In local currencies, net sales for the three and nine months ended September 30, 2025 increased 31.5 percent and 27.9 percent, respectively, compared to the same periods in 2024. The increase in net sales was primarily the result of strong field fundamentals and timing of event qualifications that drove greater customer acquisition and an increase in total orders and average order value.

Previous wording

Net sales related to Europe for the three and six months ended June 30, 2025 were $21.7 million and $45.9 million, respectively, compared to $21.6 million and $43.9 million for the same periods in 2024, or increases of 0.6 percent and 4.5 percent, respectively. In local currency, net sales for the three and six months ended June 30, 2025 decreased 1.6 percent and increased 3.6 percent, respectively, compared to the same periods in 2024. The functional currency for many of these markets is the U.S. Dollar which reduces the effect from foreign currency fluctuations. Fluctuations in foreign currency exchange rates had favorable impacts on net sales of $0.5 million and $0.4 million for the three and six months ended June 30, 2025, respectively. Net sales in local currency decreased for the three months ended June 30, 2025 due to the timing of price increases. The increase in net sales for the six months ended June 30, 2025 was primarily the result of improved customer acquisition.

Current wording

Net sales related to Europe for the three and nine months ended September 30, 2025 were $22.1 million and $68.0 million, respectively, compared to $19.6 million and $63.5 million for the same periods in 2024, or increases of 12.7 percent and 7.0 percent, respectively. In local currency, net sales for the three and nine months ended September 30, 2025 increased 10.0 percent and 5.6 percent, respectively, compared to the same periods in 2024. The functional currency for many of these markets is the U.S. Dollar which reduces the effect from foreign currency fluctuations. Fluctuations in foreign currency exchange rates had favorable impacts on net sales of $0.5 million and $0.9 million for the three and nine months ended September 30, 2025, respectively. Net sales in local currency increased for the three and nine months ended September 30, 2025 primarily as a result of improved customer acquisition and existing customer engagement.

Previous wording

Net sales related to North America for the three and six months ended June 30, 2025 were $35.0 million and $70.0 million, respectively, compared to $33.6 million and $70.1 million for the same periods in 2024, or increased 4.2 percent and decreased 0.1 percent, respectively. In local currency, net sales for the three and six months ended June 30, 2025 increased 4.3 percent and 0.1 percent, respectively, compared to the same periods in 2024.

Current wording

Net sales related to North America for the three and nine months ended September 30, 2025 were $36.2 million and $106.2 million, respectively, compared to $33.6 million and $103.7 million for the same periods in 2024, or increased 7.7 percent and 2.4 percent, respectively. In local currency, net sales for the three and nine months ended September 30, 2025 increased 7.8 percent and 2.6 percent, respectively, compared to the same periods in 2024.

Previous wording

In the United States, net sales for the three and six months ended June 30, 2025 increased $1.7 million and $0.5 million, or 5.6 percent and 0.8 percent, respectively, compared to the same periods in 2024. The increase was primarily due to improved customer acquisition through our digital channels as well as stabilization of our core business.

Current wording

In the United States, net sales for the three and nine months ended September 30, 2025 increased $2.6 million and $3.1 million, or 8.3 percent and 3.2 percent, respectively, compared to the same periods in 2024. The increase was primarily due to improved customer acquisition through our digital channels as well as stabilization of our core business.

Previous wording

Net sales related to Latin America and Other markets for the three months ended June 30, 2025 remained flat compared to the same period in 2024, at $5.4 million. For the six months ended June 30, 2025 and 2024, net sales were $10.8 million and $11.4 million, respectively, or a decrease of 4.6 percent. In local currency, net sales for the three and six months ended June 30, 2025 increased 2.8 percent and decreased 0.6 percent, respectively, compared to the same periods in 2024. Fluctuations in foreign currency had unfavorable impacts on net sales of $0.2 million and $0.5 million for the three and six months ended June 30, 2025, respectively.

Current wording

Net sales related to Latin America and Other markets for the three and nine months ended September 30, 2025 were $5.3 million and $16.1 million, respectively, compared to $6.1 million and $17.4 million for the same periods in 2024, or decreased 13.1 percent and 7.6 percent. In local currency, net sales for the three and nine months ended September 30, 2025 decreased 13.3 percent and 5.0 percent, respectively, compared to the same periods in 2024. Fluctuations in foreign currency had favorable impacts on net sales of $14,000 and unfavorable impacts of $0.4 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

Cost of sales as a percent of net sales was 28.3 percent and 28.1 percent for the three and six months ended June 30, 2025, compared to 28.6 percent and 28.7 percent for the same periods in 2024. The decrease in cost of sales percentage is primarily due to cost savings initiatives, partially offset by unfavorable foreign exchange and market mix.

Current wording

Cost of sales as a percent of net sales was 26.7 percent and 27.6 percent for the three and nine months ended September 30, 2025, compared to 28.7 percent and 28.7 percent for the same periods in 2024. The decrease in cost of sales percentage is primarily due to cost savings initiatives, market mix and favorable foreign exchange.

Previous wording

Volume incentives expense as a percent of net sales was 29.9 percent and 30.4 percent for the three and six months ended June 30, 2025, respectively, compared to 31.4 percent and 30.8 percent for the same periods in 2024. The decrease was primarily due to timing of promotional incentives and changes in product pricing and market mix. These payments are designed to provide incentives for reaching certain sales levels. Volume incentives vary slightly, on a percentage basis, by product due to pricing policies and commission plans in place in our various geographies. We do not pay volume incentives in China, instead we pay independent service fees which are included in selling, general and administrative expenses.

Current wording

Volume incentives expense as a percent of net sales was 30.7 percent and 30.5 percent for the three and nine months ended September 30, 2025, respectively, compared to 31.0 percent and 30.9 percent for the same periods in 2024. The decrease was primarily due to timing of promotional incentives and changes in product pricing and market mix. These payments are designed to provide incentives for reaching certain sales levels. Volume incentives vary slightly, on a percentage basis, by product due to pricing policies and commission plans in place in our various geographies. We do not pay volume incentives in China, instead we pay independent service fees which are included in selling, general and administrative expenses.

Previous wording

Selling, general and administrative expenses increased $5.1 million and $4.9 million, respectively, to $43.7 million and $84.2 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. Selling, general and administrative expenses were 38.1 percent and 37.0 percent of net sales for the three and six months ended June 30, 2025, compared to 34.9 percent and 35.8 percent for the same periods in 2024. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and other non-recurring expenses.

Current wording

Selling, general and administrative expenses increased $4.8 million and $9.7 million, respectively, to $45.7 million and $130.0 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. Selling, general and administrative expenses were 35.6 percent and 36.5 percent of net sales for the three and nine months ended September 30, 2025, compared to 35.7 percent and 35.8 percent for the same periods in 2024. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and consultant events as well as other non-recurring expenses.

Previous wording

Other income (loss), net, for the three and six months ended June 30, 2025, was income of $3.3 million and $4.2 million, respectively, compared to losses of $1.2 million and $1.2 million during the same periods in 2024, respectively. Other income (loss), net for the three and six months ended June 30, 2025 primarily consisted of foreign exchange gains in Asia and Europe, partially offset by foreign exchange losses in Latin America, that resulted from net changes in foreign currencies.

Current wording

Other income, net, for the three and nine months ended September 30, 2025, was $0.7 million and $4.9 million, respectively, compared to $2.6 million and $1.4 million during the same periods in 2024, respectively. Other income, net for the three and nine months ended September 30, 2025 primarily consisted of foreign exchange gains in Asia and Europe, partially offset by foreign exchange losses in Latin America, that resulted from net changes in foreign currencies.

Previous wording

For the three months ended June 30, 2025 and 2024, our provision for income taxes, as a percentage of income before income taxes was 26.8 percent and 66.4 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent. For the six months ended June 30, 2025 and 2024, our provision for income taxes, as a percentage of income before income taxes was 29.0 percent and 56.2 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent.

Current wording

For the three months ended September 30, 2025 and 2024, our provision for income taxes, as a percentage of income before income taxes was 42.8 percent and 41.2 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent. For the nine months ended September 30, 2025 and 2024, our provision for income taxes, as a percentage of income before income taxes was 34.5 percent and 49.2 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent.

Previous wording

The difference between the effective tax rate and the U.S. federal statutory tax rate for the three and six months ended June 30, 2025, was primarily attributed to operations in certain foreign countries which are treated as a branch for U.S. tax purposes, partially offset by favorable adjustments to deferred tax assets, foreign derived intangible income deduction and foreign tax credits.

Current wording

The difference between the effective tax rate and the U.S. federal statutory tax rate for the three and nine months ended September 30, 2025, was primarily attributed to operations in foreign countries which are treated as a branch for U.S. tax purposes, partially offset by foreign derived intangible income deduction.

Previous wording

The difference between the effective tax rate and the U.S. federal statutory tax rate for the three and six months ended June 30, 2024, was primarily attributed to operations in foreign countries which are treated as a branch for U.S. tax purposes and foreign losses which do not provide future tax benefit, partially offset by foreign tax credits.

Current wording

The difference between the effective tax rate and the U.S. federal statutory tax rate for the three and nine months ended September 30, 2024, was primarily attributed to operations in foreign countries which are treated as a branch for U.S. tax purposes and foreign losses which do not provide future tax benefit, partially offset by foreign tax credits.

Previous wording

The difference between the effective tax rate for the three and six months ended June 30, 2025, compared to June 30, 2024, is primarily caused by a decrease in foreign losses year over year that presently do not provide future tax benefit, adjustments to deferred tax assets and reserves for uncertain tax positions which were recorded in the prior period but do not repeat in the current period.

Current wording

The difference between the effective tax rate for the nine months ended September 30, 2025, compared to September 30, 2024, was primarily caused by a decrease in foreign losses year over year that presently do not provide future tax benefit, favorable adjustments to valuation allowances recorded during 2025, and a year over year increase to income resulting in tax adjustments having a smaller rate impact in the current period compared to the prior period.

Previous wording

As of June 30, 2025 and December 31, 2024, we had accrued $0.6 million and $0.6 million, respectively, related to unrecognized tax positions.

Current wording

As of September 30, 2025 and December 31, 2024, we had accrued $0.5 million and $0.6 million, respectively, related to unrecognized tax positions.

Previous wording

On July 4, 2025, the President of the United States signed into law the One Big Beautiful Bill Act. The legislation, among other things, makes permanent, extends, or modifies certain provisions under the 2017 Tax Cuts and Jobs Act, including modifications to the international tax framework. Pursuant to ASC Topic 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment. As such, the impacts of this legislation are not reflected in our results for the three and six months ended June 30, 2025. We are currently evaluating the full impact of this new legislation on our consolidated financial statements.

Current wording

On July 4, 2025, the President of the United States signed into law the One Big Beautiful Bill Act. Pursuant to ASC Topic 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment and are reflected in our results for the three and nine months ended September 30, 2025. There was no material impact to our income tax expense or effective tax rate.

Previous wording

See Note 7, Segment Information, for a summary of the U.S. dollar amounts from the sale of general health, immune, cardiovascular, digestive, personal care and weight management products for the three and six months ended June 30, 2025 and 2024, by business segment.

Current wording

See Note 7, Segment Information, for a summary of the U.S. dollar amounts from the sale of general health, immune, cardiovascular, digestive, personal care and weight management products for the three and nine months ended September 30, 2025 and 2024, by business segment.

Previous wording

Our principal use of cash is to pay for operating expenses, including volume incentives, inventory and raw material purchases, capital assets, digital investments and funding of international expansion. As of June 30, 2025, working capital was $96.0 million, compared to $94.9 million as of December 31, 2024. At June 30, 2025, we had $81.3 million in cash, of which $8.8 million was held in the U.S. and $72.5 million was held in foreign markets and may be subject to various withholding taxes and other restrictions related to repatriation before becoming available to be used along with the normal cash flows from operations to fund any unanticipated shortfalls in future cash flows.

Current wording

Our principal use of cash is to pay for operating expenses, including volume incentives, inventory and raw material purchases, capital assets, digital investments and funding of international expansion. As of September 30, 2025, working capital was $102.4 million, compared to $94.9 million as of December 31, 2024. At September 30, 2025, we had $95.6 million in cash, of which $5.8 million was held in the U.S. and $89.8 million was held in foreign markets and may be subject to various withholding taxes and other restrictions related to repatriation before becoming available to be used along with the normal cash flows from operations to fund any unanticipated shortfalls in future cash flows.

Previous wording

For the six months ended June 30, 2025, operating activities provided cash of $6.9 million, compared to $3.5 million in the same period in 2024. Operating cash flows increased primarily due to improved net income and the timing of payments for accrued liabilities, lease liabilities and prepaid expenses, partially offset by an increase in inventories.

Current wording

For the nine months ended September 30, 2025, operating activities provided cash of $25.4 million, compared to $13.1 million in the same period in 2024. Operating cash flows increased primarily due to improved net income and the timing of payments for accrued liabilities, accrued volume incentives and service fees and deferred revenue, partially offset by an increase in inventories and reduction in account payables.

Previous wording

For the six months ended June 30, 2025, investing activities used $2.5 million, compared to $7.0 million for the same period in 2024, which consisted of capital expenditures related to the purchase of equipment, computer systems and software.

Current wording

For the nine months ended September 30, 2025, investing activities used $4.1 million, compared to $8.8 million for the same period in 2024, which consisted of capital expenditures related to the purchase of equipment, computer systems and software.

Previous wording

For the six months ended June 30, 2025, financing activities used $12.9 million, compared to $8.3 million for the same period in 2024.

Current wording

For the nine months ended September 30, 2025, financing activities used $15.2 million, compared to $9.3 million for the same period in 2024.

Previous wording

During the six months ended June 30, 2025, we used cash to repurchase 1,011,000 shares of our common stock under the share repurchase program for $12.4 million. On May 6, 2025 we announced an amendment to the share repurchase program allowing the repurchase of an additional $25.0 million in common shares. At June 30, 2025, the remaining balance available for repurchases under the program was $21.4 million.

Current wording

During the nine months ended September 30, 2025, we used cash to repurchase 1,129,000 shares of our common stock under the share repurchase program for $14.4 million. On May 6, 2025, we announced an amendment to the share repurchase program allowing the repurchase of an additional $25.0 million in common shares. At September 30, 2025, the remaining balance available for repurchases under the program was $19.3 million.