SMITH & WESSON BRANDS, INC.

Previous wording

This section generally discusses year-to-year comparisons between the three and six months ended October 31, 2025 and 2024. A discussion of our results of operations, liquidity, and capital resources for the three and six months ended October 31, 2024 compared to October 31, 2023 is not included in this Quarterly Report on Form 10-Q and can be found in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024, filed with the SEC on December 5, 2024. See also the discussion below related to an immaterial correction of an error.

Current wording

This section generally discusses year-to-year comparisons between the three and nine months ended January 31, 2026 and 2025. A discussion of our results of operations, liquidity, and capital resources for the three and nine months ended January 31, 2025 compared to January 31, 2024 is not included in this Quarterly Report on Form 10-Q and can be found in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on March 6, 2025. See also the discussion below related to an immaterial correction of an error.

Previous wording

Gross margin was 24.3% compared with gross margin of 26.6% for the comparable quarter last year.

Current wording

Gross margin was 26.2% compared with gross margin of 24.1% for the comparable quarter last year.

Previous wording

Net income was $1.9 million, or $0.04 per diluted share, compared with $4.5 million, or $0.10 per diluted share, for the comparable quarter last year.

Current wording

Net income was $3.8 million, or $0.08 per diluted share, compared with $2.1 million, or $0.05 per diluted share, for the comparable quarter last year.

Previous wording

Our operating results for the six months ended October 31, 2025 included the following:

Current wording

Our operating results for the nine months ended January 31, 2026 included the following:

Previous wording

Gross margin was 25.0% compared with gross margin of 26.9% for the comparable period last year.

Current wording

Gross margin was 25.5% compared with gross margin of 25.9% for the comparable period last year.

Previous wording

Net loss was $1.5 million, or $0.03 per diluted share, compared with net income of $2.7 million, or $0.06 per diluted share, for the comparable period last year.

Current wording

Net income was $2.3 million, or $0.05 per diluted share, compared with net income of $4.8 million, or $0.11 per diluted share, for the comparable period last year.

Previous wording

During the fourth quarter of fiscal 2025, we identified an immaterial error related to our accrual for certain legal expenses, resulting in an overstatement of general and administrative expenses in the interim and annual periods for the fiscal year ended April 30, 2024 and during the interim periods for the fiscal year ended April 30, 2025. In accordance with SAB No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the quantitative and qualitative considerations of the error and determined that the related impact was not material to the results of operations, financial position, or cash flows for any historical annual or interim period. Prior year amounts have been adjusted to correct the immaterial error, which overstated general and administrative expenses by $565,000 and $901,000 and understated income tax expense by $153,000 and $238,000 for the three and six months ended October 31, 2024, respectively. Related changes to net income, corresponding line items within cash provided by operating activities, and related disclosures within the notes accompanying these financial statements reflect the immaterial correction.

Current wording

During the fourth quarter of fiscal 2025, we identified an immaterial error related to our accrual for certain legal expenses, resulting in an overstatement of general and administrative expenses in the interim and annual periods for the fiscal year ended April 30, 2024 and during the interim periods for the fiscal year ended April 30, 2025. In accordance with SAB No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the quantitative and qualitative considerations of the error and determined that the related impact was not material to the results of operations, financial position, or cash flows for any historical annual or interim period. Prior year amounts have been adjusted to correct the immaterial error, which overstated general and administrative expenses by $620,000 and $1.5 million and understated income tax expense by $181,000 and $419,000 for the three and nine months ended January 31, 2025, respectively. Related changes to net income, corresponding line items within cash provided by operating activities, and related disclosures within the notes accompanying these financial statements reflect the immaterial correction.

Previous wording

Sales of our handguns decreased $3.0 million, or 3.2%, from the comparable quarter last year, primarily as a result of lower consumer demand, partially offset by increased shipments of newly introduced products (defined as any new SKU not shipped in the comparable period last year). Shipments of new products represented 42.8% of handgun sales in the quarter. Handgun unit shipments into the sporting goods channel decreased by 1.9% from the comparable quarter last year while overall demand for handguns increased by 2.9% (as indicated by adjusted background checks reported in the National Instant Criminal Background Check System, or NICS) due to a reduction in inventory in the channel.

Current wording

Sales of our handguns increased $27.6 million, or 34.6%, over the comparable quarter last year, primarily as a result of increased shipments of newly introduced products (defined as any new SKU not shipped in the comparable period last year), a shift in product mix to higher priced models, higher consumer demand, and a 2% to 3% price increase on select products that became effective on January 1, 2026. Shipments of new products represented 44.0% of handgun sales in the quarter. Handgun unit shipments into the sporting goods channel increased by 28.0% over the comparable quarter last year while overall demand for handguns decreased by 2.2% (as indicated by adjusted background checks reported in the National Instant Criminal Background Check System, or NICS) partially due to an increase in inventory at our distributors.

Previous wording

Sales of our long guns decreased $453,000, or 1.8%, from the comparable quarter last year, primarily as a result of lower consumer demand, partially offset by increased shipments of newly introduced products. Shipments of new products represented 38.1% of long gun sales in the period. Long gun unit shipments into the sporting goods channel decreased by 5.1% from the comparable quarter last year while overall demand for long guns decreased by 8.3% (as indicated by NICS).

Current wording

Sales of our long guns decreased $8.4 million, or 30.4%, from the comparable quarter last year, primarily as a result of the timing of new product launches in the comparable period last year and lower consumer demand during the period. Shipments of new products represented 27.5% of long gun sales in the period. Long gun unit shipments into the sporting goods channel decreased by 25.0% from the comparable quarter last year while overall demand for long guns decreased by 5.6% (as indicated by NICS). We believe the difference in our unit demand compared to NICS results was driven by stronger relative performance in categories in which we do not participate fully, specifically hunting, and a decrease in inventory at our distributors.

Previous wording

Gross margin for the three months ended October 31, 2025 was 24.3% compared with 26.6% for the comparable quarter last year, primarily driven by unfavorable fixed-cost absorption from lower production volumes, higher tariffs on imported materials and components, and unfavorable inventory adjustments (including standard cost revaluations, shrink, and excess inventory write downs), partially offset by lower promotional costs and lower federal firearms excise taxes as a result of the favorable completion of a recent audit. We estimate higher tariffs negatively impacted gross margin by approximately 80 basis points when compared to the comparable quarter last year.

Current wording

Gross margin for the three months ended January 31, 2026 was 26.2% compared with 24.1% for the comparable quarter last year, primarily driven by favorable fixed-cost absorption from higher production volumes, lower promotional costs, and lower federal firearms excise taxes as a result of the favorable completion of a recent audit, partially offset by higher tariffs on imported materials and components and higher labor costs. We estimate higher tariffs negatively impacted gross margin by approximately 160 basis points when compared to the comparable quarter last year.

Previous wording

The following table sets forth certain information regarding firearm units shipped by trade channel for the six months ended October 31, 2025 and 2024 (units in thousands):

Current wording

The following table sets forth certain information regarding firearm units shipped by trade channel for the nine months ended January 31, 2026 and 2025 (units in thousands):

Previous wording

Sales of our handguns increased $8.6 million, or 5.9%, over the comparable period last year, primarily as a result of increased shipments of newly introduced products, partially offset by lower consumer demand for certain product categories, and a shift in product mix to lower priced models. Shipments of new products represented 40.7% of handgun sales in the period. Handgun unit shipments into the sporting goods channel increased by 10.8% over the comparable period last year while overall consumer handgun demand was largely flat (as indicated by NICS).

Current wording

Sales of our handguns increased $36.3 million, or 16%, over the comparable period last year, primarily as a result of increased shipments of newly introduced products, higher consumer demand, and a 2% to 3% price increase on select products that became effective on January 1, 2026. Shipments of new products represented 42.0% of handgun sales in the period. Handgun unit shipments into the sporting goods channel increased by 17.2% over the comparable period last year while overall consumer handgun demand was largely flat (as indicated by NICS).

Previous wording

Sales of our long guns decreased $11.6 million, or 23.2%, from the comparable period last year, primarily as a result of lower consumer demand during the period and the timing of new product launches in the comparable period last year. Shipments of new products represented 43.4% of long gun sales in the period. Long gun unit shipments into the sporting goods channel decreased by 15.5% from the comparable period last year while overall consumer demand for long guns decreased by 8.1% (as indicated by NICS). We believe the difference in our unit demand compared to NICS results was driven by stronger relative performance in categories in which we do not participate fully, specifically hunting.

Current wording

Sales of our long guns decreased $20.0 million, or 25.8%, from the comparable period last year, primarily as a result of the timing of new product launches in the comparable period last year and lower consumer demand during the period. Shipments of new products represented 38.1% of long gun sales in the period. Long gun unit shipments into the sporting goods channel decreased by 19.1% from the comparable period last year while overall consumer demand for long guns decreased by 7.1% (as indicated by NICS). We believe the difference in our unit demand compared to NICS results was driven by stronger relative performance in categories in which we do not participate fully, specifically hunting.

Previous wording

Other products and services revenue decreased $5.3 million, or 25.2%, from the comparable period last year, primarily because of lower business-to-business, parts, and suppressor sales; partially offset by e-commerce sales, which began in the third quarter of fiscal 2025.

Current wording

Other products and services revenue decreased $4.7 million, or 15.9%, from the comparable period last year, primarily because of lower business-to-business, parts, and suppressor sales; partially offset by higher e-commerce sales, which began in the third quarter of fiscal 2025.

Previous wording

Newly introduced products represented 38.1% of net sales for the six months ended October 31, 2025.

Current wording

Newly introduced products represented 38.3% of net sales for the nine months ended January 31, 2026.

Previous wording

Gross margin for the six months ended October 31, 2025 was 25.0% compared with 26.9% for the comparable period last year, primarily driven by unfavorable fixed-cost absorption from lower production volumes, higher materials cost, higher tariffs on imported materials and components, and unfavorable inventory adjustments (including standard cost revaluations, shrink, and excess inventory write downs), partially offset by lower promotional costs and lower federal firearms excise taxes as a result of the favorable completion of a recent audit. We estimate higher tariffs negatively impacted gross margin by approximately 100 basis points when compared to the comparable period last year.

Current wording

Gross margin for the nine months ended January 31, 2026 was 25.5% compared with 25.9% for the comparable period last year, primarily driven by unfavorable fixed-cost absorption from lower production volumes, higher materials costs, and higher tariffs on imported materials and components, partially offset by favorable inventory adjustments (including standard cost revaluations, shrink, and excess inventory write downs), lower labor costs, lower promotional costs, and lower federal firearms excise taxes as a result of the favorable completion of a recent audit. We estimate higher tariffs negatively impacted gross margin by approximately 120 basis points when compared to the comparable period last year.

Previous wording

Inventory balances decreased $6.7 million between April 30, 2025 and October 31, 2025 as a result of our proactive inventory management and production planning efforts intended to optimize inventory levels and cash flows. While inventory levels, both internally and in the distribution channel, in excess of demand may negatively impact future operating results, it is difficult to forecast the potential impact of distributor inventories on future revenue and income as demand is impacted by many factors, including seasonality, new product introductions, news events, political events, and consumer tastes. We expect our inventory levels to decline during the remainder of the fiscal year.

Current wording

Inventory balances decreased $14.6 million between April 30, 2025 and January 31, 2026 as a result of our proactive inventory management and production planning efforts intended to optimize inventory levels and cash flows. While inventory levels, both internally and in the distribution channel, in excess of demand may negatively impact future operating results, it is difficult to forecast the potential impact of distributor inventories on future revenue and income as demand is impacted by many factors, including seasonality, new product introductions, news events, political events, and consumer tastes. We expect our inventory levels to decline during the remainder of the fiscal year.

Previous wording

The following table sets forth certain information regarding operating expenses for the six months ended October 31, 2025 and 2024 (dollars in thousands):

Current wording

The following table sets forth certain information regarding operating expenses for the nine months ended January 31, 2026 and 2025 (dollars in thousands):

Previous wording

Research and development expenses increased $704,000 over the prior year comparable period because of higher tooling-related costs. Selling, marketing, and distribution expenses decreased $415,000, primarily as a result of lower promotional costs and the timing of certain industry events, partially offset by one-time costs related to the grand opening event for the Smith & Wesson Academy. General and administrative expenses decreased $1.8 million from the prior year comparable quarter, primarily as a result of lower legal expenses and compensation-related expenses, partially offset by higher insurance costs.

Current wording

Research and development expenses increased $247,000 over the prior year comparable period because of higher tooling-related costs, partially offset by materials and testing costs, which were elevated in the prior year period. Selling, marketing, and distribution expenses increased $420,000, primarily as a result of higher profit-related compensation expenses and one-time costs related to the grand opening event for the Smith & Wesson Academy, partially offset by lower promotional costs. General and administrative expenses increased $1.3 million over the prior year comparable period, primarily as a result of higher profit-related and higher stock-based compensation expenses, higher insurance costs, and higher legal expenses, partially offset by lower labor costs.

Previous wording

Operating income for the six months ended October 31, 2025 decreased $4.9 million from the comparable quarter last year, primarilyfor the reasons outlined above.

Current wording

Operating income for the three months ended January 31, 2026 increased $2.0 million over the comparable quarter last year, primarilyfor the reasons outlined above.

Previous wording

Operating income for the three months ended October 31, 2025 decreased $3.4 million from the comparable quarter last year, primarilyfor the reasons outlined above.

Current wording

Operating income for the nine months ended January 31, 2026 decreased $2.9 million from the comparable quarter last year, primarilyfor the reasons outlined above.

Previous wording

Interest expense, net decreased by $34,000 from the comparable quarter last year, primarily as a result of a lower average interest rate on debt and a higher average yield on cash balances, partially offset by the impact of higher average debt balances and lower average cash balances during the three months ended October 31, 2025 compared with the comparable quarter last year.

Current wording

Interest expense, net decreased by $196,000 from the comparable quarter last year, primarily as a result of lower average debt balances and lower average interest rates on debt during the three months ended January 31, 2026 compared with the comparable quarter last year.

Previous wording

The following table sets forth certain information regarding interest expense, net for the six months ended October 31, 2025 and 2024 (dollars in thousands):

Current wording

The following table sets forth certain information regarding interest expense, net for the nine months ended January 31, 2026 and 2025 (dollars in thousands):

Previous wording

Interest expense, net increased by $438,000 over the comparable period last year, primarily as a result of higher average debt balances and lower average cash balances, partially offset by lower average interest rates on debt during the six months ended October 31, 2025 compared with the comparable period last year.

Current wording

Interest expense, net increased by $242,000 over the comparable period last year, primarily as a result of lower average cash balances and higher average debt balances, partially offset by lower average interest rates on debt during the nine months ended January 31, 2026 compared with the comparable period last year.

Previous wording

Income tax expense decreased $477,000 from the comparable quarter last year, primarily as a result of higher operating loss. Before adjusting for discrete items related to stock-based compensation, the effective tax rate was 35.6% in the current quarter and 26.0% in the prior year comparable quarter. The increase in the effective tax rate before adjusting for discrete items was due to decreased forecasted pretax income and changes in state apportionment.

Current wording

Income tax expense increased $698,000 from the comparable quarter last year, primarily as a result of higher discrete items associated with stock-based compensation and higher operating income. Before adjusting for discrete items related to stock-based compensation, the effective tax rate was 28.9% in the current quarter and 30.5% in the prior year comparable quarter. The decrease in the effective tax rate before adjusting for discrete items was due to an increase in pre-tax profitability and changes in state apportionment.

Previous wording

The following table sets forth certain information regarding income tax expense for the six months ended October 31, 2025 and 2024 (dollars in thousands):

Current wording

The following table sets forth certain information regarding income tax expense for the nine months ended January 31, 2026 and 2025 (dollars in thousands):

Previous wording

Income tax expense decreased $758,000 from the comparable quarter last year, primarily as a result of higher operating loss. Before adjusting for discrete items related to stock-based compensation, the effective tax rate was 28.3% in the current quarter and 26.4% in the prior year comparable quarter. The increase in the effective tax rate before adjusting for discrete items was due to decreased forecasted pretax income and changes in state apportionment.

Current wording

Income tax expense decreased $61,000 from the comparable period last year, primarily as a result of lower operating income, partially offset by higher discrete items associated with stock-based compensation. Before adjusting for discrete items related to stock-based compensation, the effective tax rate was 29.0% in the current quarter and 28.2% in the prior year comparable quarter. The increase in the effective tax rate before adjusting for discrete items was due to a decrease in pre-tax profitability and changes in state apportionment.

Previous wording

The following table sets forth certain information regarding net loss and the related per share data for the three months ended October 31, 2025 and 2024 (dollars in thousands, except per share data):

Current wording

The following table sets forth certain information regarding net income and the related per share data for the three months ended January 31, 2026 and 2025 (dollars in thousands, except per share data):

Previous wording

Net income for the three months ended October 31, 2025 was $1.9 million compared with$4.5 million for the comparable quarter last year for the reasons outlined above.

Current wording

Net income for the three months ended January 31, 2026 was $3.8 million compared with$2.1 million for the comparable quarter last year for the reasons outlined above.

Previous wording

The following table sets forth certain information regarding net loss and the related per share data for the six months ended October 31, 2025 and 2024 (dollars in thousands, except per share data):

Current wording

The following table sets forth certain information regarding net income and the related per share data for the nine months ended January 31, 2026 and 2025 (dollars in thousands, except per share data):

Previous wording

Net loss for the six months ended October 31, 2025 was $1.5 million compared with net income of$2.7 million for the comparable period last year for the reasons outlined above.

Current wording

Net income for the nine months ended January 31, 2026 was $2.3 million compared with net income of$4.8 million for the comparable period last year for the reasons outlined above.

Previous wording

The following table sets forth certain cash flow information for the six months ended October 31, 2025 and 2024 (dollars in thousands):

Current wording

The following table sets forth certain cash flow information for the nine months ended January 31, 2026 and 2025 (dollars in thousands):

Previous wording

Cash provided by operating activities was $19.2 million for the six months ended October 31, 2025 compared with cash used in operating activities of $38.2 million for the six months ended October 31, 2024. The improvement was primarily driven by a $61.6 million reduction in working capital usage.

Current wording

Cash provided by operating activities was $39.6 million for the nine months ended January 31, 2026 compared with cash used in operating activities of $48.1 million for the nine months ended January 31, 2025. The improvement was primarily driven by a $87.9 million reduction in working capital usage.

Previous wording

Working capital usage for the six months ended October 31, 2025 was favorably impacted by a $42.2 million reduction associated with inventory, a $7.1 million reduction associated with accounts payable, a $5.2 million reduction associated with accrued payroll and incentives, and a $3.7 million reduction associated with accounts receivable, partially offset by a $5.3 million increase in working capital usage associated with accrued expenses and deferred revenue.

Current wording

Working capital usage for the nine months ended January 31, 2026 was favorably impacted by a $53.0 million reduction associated with inventory, a $15.9 million reduction associated with accounts payable, a $10.3 million reduction associated with accrued payroll and incentives, a $4.0 million reduction associated with accrued profit sharing, and a $3.4 million reduction associated with accounts receivable.

Previous wording

Cash used in investing activities increased $12.0 million for the six months ended October 31, 2025 compared with the prior year period, primarily as a result of a $7.3 million increase in capital expenditures, largely related to the Smith & Wesson Academy, and $4.6 million of purchases of marketable securities during the six months ended October 31, 2025. There were no purchases of marketable securities in the prior year period.

Current wording

Cash used in investing activities increased $11.7 million for the nine months ended January 31, 2026 compared with the prior year period, primarily as a result of a $4.6 million increase in capital expenditures, largely related to the Smith & Wesson Academy, $4.6 million of purchases of marketable securities during the nine months ended January 31, 2026, and $2.3 million of proceeds included in the prior year period related to the sale of certain real estate located adjacent to our former distribution center located in Columbia, Missouri during the nine months ended January 31, 2025.

Previous wording

Cash used by financing activities was $2.1 million for the six months ended October 31, 2025 compared with $24.3 million of cash provided by financing activities for the six months ended October 31, 2024. Cash used by financing activities during the six months ended October 31, 2025 was primarily the result of $11.7 million in dividend distributions, partially offset by $10.0 million in net borrowings under our revolving line of credit. Cash provided by financing activities for the six months ended October 31, 2024 was primarily the result of $60.0 million of net borrowings, partially offset by stock repurchases totaling $22.6 million and $11.7 million in dividend distributions. We had no stock repurchases during the six months ended October 31, 2025.

Current wording

Cash used by financing activities was $23.0 million for the nine months ended January 31, 2026 compared with $25.7 million of cash provided by financing activities for the nine months ended January 31, 2025. Cash used by financing activities during the nine months ended January 31, 2026 was primarily the result of $17.4 million in dividend distributions, and $5.0 million in net repayments under our revolving line of credit. Cash provided by financing activities for the nine months ended January 31, 2025 was primarily the result of $70.0 million of net borrowings, partially offset by $25.5 million of stock repurchases and $17.4 million in dividend distributions. We had no stock repurchases during the nine months ended January 31, 2026.

Previous wording

Credit Facilities — We entered into the Second Amended and Restated Credit Agreement on October 3, 2024. The Second Amended and Restated Credit Agreement provides for a revolving line of credit of $175.0 million at any one time, or the Revolving Line. The Revolving Line bears interest at either the Base Rate (as defined in the Second Amended and Restated Credit Agreement) or the Adjusted Term SOFR rate, plus an applicable margin based on our consolidated leverage ratio. The Second Amended and Restated Credit Agreement also provides a swingline facility in the maximum amount of $5.0 million at any one time (subject to availability under the Revolving Line). Each Swingline Loan (as defined in the Second Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our Adjusted Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement). Subject to the satisfaction of certain terms and conditions described in the Second Amended and Restated Credit Agreement, we have an option to increase the Revolving Line by an aggregate amount not exceeding $50.0 million. The Revolving Line matures on the earlier of October 3, 2029 or the date that is six months in advance of the earliest maturity of any

Current wording

Credit Facilities — We entered into the Second Amended and Restated Credit Agreement on October 3, 2024. The Second Amended and Restated Credit Agreement provides for a revolving line of credit of $175.0 million at any one time, or the Revolving Line. The Revolving Line bears interest at either the Base Rate (as defined in the Second Amended and Restated Credit Agreement) or the Adjusted Term SOFR rate, plus an applicable margin based on our consolidated leverage ratio. The Second Amended and Restated Credit Agreement also provides a swingline facility in the maximum amount of $5.0 million at any one time (subject to availability under the Revolving Line). Each Swingline Loan (as defined in the Second Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our Adjusted Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement). Subject to the satisfaction of certain terms and conditions described in the Second Amended and Restated Credit Agreement, we have an option to increase the Revolving Line by an aggregate amount not exceeding $50.0 million. The Revolving Line matures on the earlier of October 3, 2029 or the date that is six months in advance of the earliest maturity of any Permitted Notes (as defined in the Second Amended and Restated Credit Agreement) under the Second Amended and Restated Credit Agreement.

Previous wording

As of October 31, 2025, we had $90.0 million of borrowings outstanding on the Revolving Line, bearing interest at an average rate of 6.28%, which is equal to the Adjusted Term SOFR rate plus an applicable margin.

Current wording

As of January 31, 2026, we had $75.0 million of borrowings outstanding on the Revolving Line, bearing interest at an average rate of 5.75%, which is equal to the Adjusted Term SOFR rate plus an applicable margin.

Previous wording

The credit agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. We were in compliance with all debt covenants as of October 31, 2025.

Current wording

The Second Amended and Restated Credit Agreement contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. We were in compliance with all debt covenants as of January 31, 2026.

Previous wording

During the three and six months ended October 31, 2025, there were no common stock repurchases. During the three months ended October 31, 2024, we repurchased a total of 753,631 shares of our common stock for $9.8 million. During the six months ended October 31, 2024, we repurchased a total of 1,624,300 shares of our common stock for $22.6 million.

Current wording

During the three and nine months ended January 31, 2026, there were no common stock repurchases. During the three months ended January 31, 2025, we repurchased a total of 219,773 shares of our common stock for $2.8 million. During the nine months ended January 31, 2025, we repurchased a total of 1,844,073 shares of our common stock for $25.5 million.