USA TODAY Co., Inc.

Previous wording

We are exposed to potential increases in interest rates associated with our 2029 Term Loan Facility, which as of March 31, 2026, accounted for approximately 75% of our outstanding debt, as well as fluctuations in foreign currency exchange rates, primarily related to our operations in the U.K. We expect continued uncertainty and volatility in the U.S. and global economies which will continue to impact our business.

Current wording

We are exposed to potential increases in interest rates associated with our 2029 Term Loan Facility, which as of June 30, 2026, accounted for approximately 74% of our outstanding debt, as well as fluctuations in foreign currency exchange rates, primarily related to our operations in the U.K. We expect continued uncertainty and volatility in the U.S. and global economies which will continue to impact our business.

Previous wording

Our U.K. media operations are conducted through our Newsquest subsidiary. In addition, we have foreign operations in regions such as Canada, Australia and New Zealand. Earnings from operations in foreign regions are translated into U.S. dollars at average exchange rates prevailing during the period, and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Currency translation fluctuations have and are expected to continue to impact revenues, expenses, and Segment Adjusted EBITDA for our international operations. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. During the three months ended March 31, 2026, foreign currency exchange rate fluctuations had a positive impact on our revenues and Segment Adjusted EBITDA and a negative impact on costs.

Current wording

Our U.K. media operations are conducted through our Newsquest subsidiary. In addition, we have foreign operations in regions such as Canada, Australia and New Zealand. Earnings from operations in foreign regions are translated into U.S. dollars at average exchange rates prevailing during the period, and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Currency translation fluctuations have and are expected to continue to impact revenues, costs and Segment Adjusted EBITDA for our international operations. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. During the three and six months ended June 30, 2026, foreign currency exchange rate fluctuations had a positive impact on our revenues and Segment Adjusted EBITDA and a negative impact on costs.

Previous wording

(a) Amounts are net of intersegment eliminations of $28.4 million and $34.5 million for the three months ended March 31, 2026 and 2025, respectively. Intersegment eliminations represent digital marketing services revenues and expenses associated with products sold by sales teams in our USA TODAY Media and Newsquest segments but fulfilled by our LocaliQ segment. When discussing segment results, these revenues and expenses are presented gross but are eliminated in consolidation.

Current wording

(a)Amounts are net of intersegment eliminations of $28.4 million and $34.8 million for the three months ended June 30, 2026 and 2025, respectively, and $56.8 million and $69.3 million for the six months ended June 30, 2026 and 2025, respectively. Intersegment eliminations represent digital marketing services revenues and expenses associated with products sold by sales teams in our USA TODAY Media and Newsquest segments but fulfilled by our LocaliQ segment. When discussing segment results, these revenues and expenses are presented gross but are eliminated in consolidation.

Previous wording

(c)Other (income) expense, net primarily reflects Google litigation costs and other legal settlements, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost.

Current wording

(c)Other (income) expense, net primarily reflected Google litigation costs (including related reimbursements) and other legal settlements, (gains) losses from the sale of investments, third-party debt costs, the components of net periodic pension and postretirement benefits other than service cost, and consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.

Previous wording

For the three months ended March 31, 2026, we incurred Integration and reorganization costs of $2.2 million. Of the total costs incurred, $2.1 million were related to severance activities and were $0.1 million related to other reorganization-related costs.

Current wording

For the three and six months ended June 30, 2026, we incurred Integration and reorganization costs of $2.3 million and $4.5 million, respectively. Of the total costs incurred, $0.7 million and $2.9 million, respectively, were related to severance activities, and $1.6 million in each period was related to other reorganization-related costs.

Previous wording

For the three months ended March 31, 2025, we incurred Integration and reorganization costs of $9.5 million. Of the total costs incurred, $6.2 million were related to severance activities and $3.3 million were related to other reorganization-related costs. Other reorganization-related costs included $5.1 million, primarily due to costs related to the departure of the Company's former Chief Financial Officer of $2.1 million, as well as costs associated with improving operations and consolidating facilities, partially offset by the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability.

Current wording

For the three and six months ended June 30, 2025, we incurred Integration and reorganization costs of $12.3 million and $21.8 million, respectively. Of the total costs incurred, $8.2 million and $14.4 million, respectively, were related to severance activities and $4.1 million and $7.5 million, respectively, were related to other reorganization-related costs, mainly due to costs associated with improving operations and consolidating facilities. In addition, for the six months ended June 30, 2025, Other reorganization-related costs included $2.1 million, due to costs related to the departure of the Company's former Chief Financial Officer, partially offset by the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability.

Previous wording

Gain on sale or disposal of assets, net

Current wording

Loss (gain) on sale or disposal of assets, net

Previous wording

For the three months ended March 31, 2026, we recognized a net gain on the sale of assets of $7.8 million, primarily at the USA TODAY Media segment as part of our plan to monetize assets.

Current wording

For the three months ended June 30, 2026, we recognized a net loss on the sale of assets of $0.3 million. For the six months ended June 30, 2026, we recognized a net gain on the sale of assets of $7.6 million, primarily at the USA TODAY Media segment as part of our plan to monetize assets.

Previous wording

For the three months ended March 31, 2025, we recognized a net gain on the sale of assets of $20.7 million, primarily related to a gain of $20.8 million recognized on the sale of the Austin American-Statesman (the "Statesman") at the USA TODAY Media segment as part of our plan to monetize assets.

Current wording

For the three and six months ended June 30, 2025, we recognized net gains on the sale of assets of $1.6 million and $22.3 million, respectively. For the six months ended June 30, 2025, the gain was primarily related to a gain of $20.8 million recognized on the sale of the Austin American-Statesman (the "Statesman") at the USA TODAY Media segment as part of our plan to monetize assets.

Previous wording

For the three months ended March 31, 2026, Interest expense was $21.2 million compared to $26.1 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, interest expense decreased compared to the three months ended March 31, 2025, mainly due to a lower debt balance.

Current wording

For the three and six months ended June 30, 2026, Interest expense was $20.9 million and $42.2 million, respectively, compared to $24.4 million and $50.5 million, respectively, for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2026, interest expense decreased compared to the three and six months ended June 30, 2025, mainly due to a lower debt balance and a lower rate on our 2029 Term Loan Facility.

Previous wording

The provision for income taxes for the three months ended March 31, 2026, was primarily driven by pre-tax book income and the global intangible low-taxed income inclusion, partially offset by the generation of research and development credits and excess tax benefits related to share-based compensation. The provision was calculated using an estimated annual effective tax rate of 36.2%. The estimated annual effective tax rate before discrete items is principally impacted by the projected full year pre-tax book income, the global intangible low-taxed income inclusion and state tax expense, partially offset by the generation of the research and development credit. The estimated annual effective tax rate is based on the projected tax expense for the full year.

Current wording

The provision for income taxes for the three and six months ended June 30, 2026, was primarily driven by pre-tax book income and the global intangible low-taxed income inclusion, partially offset by the generation of research and development credits and excess tax benefits related to share-based compensation. The provision was calculated using an estimated annual effective tax rate of 35.2%. The estimated annual effective tax rate before discrete items is principally impacted by the projected full year pre-tax book income, the global intangible low-taxed income inclusion and state tax expense, partially offset by the generation of the research and development credit and the partial release of valuation allowances on deferred tax assets related to previously disallowed U.S. interest expense carryforwards. The estimated annual effective tax rate is based on the projected tax expense for the full year.

Previous wording

The benefit for income taxes for the three months ended March 31, 2025, was primarily driven by the pre-tax book loss and the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman. These benefits were partially offset by the global intangible low-taxed income inclusion and an increase in valuation allowances on non-deductible U.S. interest expense carryforwards. The benefit was calculated using an estimated annual effective tax rate of 53.0%.

Current wording

The benefit for income taxes for the six months ended June 30, 2025, was mainly driven by the pre-tax book loss and the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman. These benefits were partially offset by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards and the global intangible low-taxed income inclusion.

Previous wording

Net income (loss) attributable to USA TODAY Co. and diluted income (loss) per share attributable to USA TODAY Co.

Current wording

Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co.

Previous wording

For the three months ended March 31, 2026, Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co. were $19.9 million and $0.12, respectively, compared to Net loss attributable to USA TODAY Co. and diluted loss per share attributable to USA TODAY Co. of $7.3 million and $0.05, respectively, for the three months ended March 31, 2025. The change for the three months ended March 31, 2026, compared to the same periods in the prior year reflects the various items discussed above.

Current wording

For the three months ended June 30, 2026, Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co. were $9.1 million and $0.06, respectively, compared to Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co. of $78.4 million and $0.42, respectively, for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co. were $29.0 million and $0.18, respectively, compared to Net income attributable to USA TODAY Co. and diluted income per share attributable to USA TODAY Co. of $71.1 million and $0.40, respectively, for the six months ended June 30, 2025. The change for the three and six months ended June 30, 2026, compared to the same periods in the prior year reflected the various items discussed above.

Previous wording

(b)Other (income) expense, net primarily reflects Google litigation costs and other legal settlements, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost.

Current wording

(b)Other (income) expense, net primarily reflected Google litigation costs (including related reimbursements) and other legal settlements, (gains) losses from the sale of investments, third-party debt costs, the components of net periodic pension and postretirement benefits other than service cost, and consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.

Previous wording

For the three months ended March 31, 2026, Digital advertising revenues decreased compared to the three months ended March 31, 2025, primarily due to a decrease in national programmatic and sponsored link revenues and the absence of revenues in 2026 associated with businesses divested of $0.6 million, partially offset by higher classified advertising spend.

Current wording

For the three and six months ended June 30, 2026, Digital advertising revenues decreased compared to the three and six months ended June 30, 2025, primarily due to a decrease in national programmatic and sponsored link revenues, partially offset by higher classified advertising spend.

Previous wording

For the three months ended March 31, 2026, Digital marketing services revenues decreased compared to the three months ended March 31, 2025, primarily due to a decrease in client count and the absence of revenues in 2026 associated with a business divested of $1.5 million.

Current wording

For the three and six months ended June 30, 2026, Digital marketing services revenues decreased compared to the three and six months ended June 30, 2025, primarily due to a decrease in customer count. In addition, the decrease for the six months ended June 30, 2026 reflected the absence of revenues in 2026 associated with a business divested of $1.5 million.

Previous wording

For the three months ended March 31, 2026, Digital-only subscription revenues increased compared to the three months ended March 31, 2025, primarily due to an increase in digital-only subscription average revenue per user ("Digital-only ARPU") of 48%, partially offset by the absence of revenues in 2026 associated with businesses divested of $0.7 million. Refer to "Key Performance Indicators" below for further discussion of Digital-only ARPU.

Current wording

For the three and six months ended June 30, 2026, Digital-only subscription revenues increased compared to the three and six months ended June 30, 2025, primarily driven by an increase in digital-only subscription average revenue per user ("Digital-only ARPU") of 39% and 41%, respectively. Refer to "Key Performance Indicators" below for further discussion of Digital-only ARPU.

Previous wording

For the three months ended March 31, 2026, Digital other revenues increased compared to the three months ended March 31, 2025, primarily due to an increase in revenues from AI partnerships.

Current wording

For the three and six months ended June 30, 2026, Digital other revenues increased compared to the three and six months ended June 30, 2025, primarily due to revenues from AI partnerships, and to a lesser extent an increase in affiliate and syndication revenues.

Previous wording

For the three months ended March 31, 2026, Print advertising revenues decreased compared to the three months ended March 31, 2025, primarily due to a decrease in local advertiser inserts and print display advertisements, lower classified advertisement spend and the absence of revenues in 2026 associated with businesses divested of $8.4 million.

Current wording

For the three and six months ended June 30, 2026, Print advertising revenues decreased compared to the three and six months ended June 30, 2025, primarily due the absence of revenues in 2026 associated with businesses divested of $6.0 million and $14.4 million, respectively, as well as lower classified advertisement spend and a decrease in local advertiser inserts.

Previous wording

For the three months ended March 31, 2026, Print circulation revenues decreased compared to the three months ended March 31, 2025, primarily due to a decline in home delivery revenues as a result of a reduction in the volume of subscribers, and to a lesser extent a decline in single copy revenues, partially offset by an increase in rates. The decrease for the three months ended March 31, 2026 was also due to the absence of revenues in 2026 associated with businesses divested of $1.4 million.

Current wording

For the three and six months ended June 30, 2026, Print circulation revenues decreased compared to the three and six months ended June 30, 2025, primarily due to a decline in home delivery revenues as a result of a reduction in the volume of subscribers, and to a lesser extent a decline in single copy revenues, partially offset by an increase in rates. In addition, the decrease for the six months ended June 30, 2026 reflected the absence of revenues in 2026 associated with businesses divested of $1.4 million.

Previous wording

For the three months ended March 31, 2026, Commercial and other revenues decreased compared to the three months ended March 31, 2025, mainly driven by the decline in production volume related to the absence of revenues in 2026 associated with businesses divested of $4.3 million, partially offset by an increase in commercial print volume.

Current wording

For the three and six months ended June 30, 2026, Commercial and other revenues decreased compared to the three and six months ended June 30, 2025, mainly driven by the absence of revenues in 2026 associated with businesses divested of $5.9 million and $10.2 million, respectively, partially offset by an increase in production volume.

Previous wording

For the three months ended March 31, 2026, Newsprint and other production materials decreased compared to the three months ended March 31, 2025, primarily due to the impact of businesses divested of $1.5 million, including lower volume driven by the decline in revenues.

Current wording

For the three and six months ended June 30, 2026, Newsprint and other production materials costs decreased compared to the three and six months ended June 30, 2025, primarily due to the impact of businesses divested of $1.5 million and $3.0 million, respectively, including lower volume driven by the decline in revenues, partially offset by an increase in the cost of newsprint.

Previous wording

For the three months ended March 31, 2026, Distribution costs decreased compared to the three months ended March 31, 2025, primarily due to the impact of businesses sunset of $6.1 million.

Current wording

For the three and six months ended June 30, 2026, Distribution costs decreased compared to the three and six months ended June 30, 2025, primarily due to the impact of businesses sunset of $4.5 million and $10.6 million, respectively, and volume declines, partially offset by an increase in costs associated with higher print advertising revenues.

Previous wording

For the three months ended March 31, 2026, Compensation and benefits costs decreased compared to the three months ended March 31, 2025, primarily due to a decrease in headcount tied to ongoing cost control initiatives and the conversion to mail delivery in multiple markets.

Current wording

For the three and six months ended June 30, 2026, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2025, primarily due to a decrease in headcount tied to ongoing cost control initiatives, including downsizing our facilities footprint, and the conversion to mail delivery in multiple markets.

Previous wording

For the three months ended March 31, 2026, Outside services costs, which includes professional services fulfilled by third parties, media fees and other digital costs, and paid search and ad serving services, decreased compared to the three months ended March 31, 2025, primarily due to a decrease in third-party media fees of $4.7 million, including the impact of businesses divested of $1.3 million.

Current wording

For the three and six months ended June 30, 2026, Outside services costs, which includes professional services fulfilled by third parties, media fees and other digital costs, and paid search and ad serving services, decreased compared to the three and six months ended June 30, 2025, primarily due to a decrease in third-party media fees of $8.4 million and $13.1 million, respectively, including the impact of businesses divested of $1.3 million for the six months ended June 30, 2026. The decrease for both the three and six months ended June 30, 2026 was partially offset by higher costs of $1.1 million and $0.9 million, respectively, mainly due to third-party print costs as a result of downsizing our facilities footprint. Included in the higher costs for the three and six months ended June 30, 2026, was the impact of businesses divested of $2.1 million and $4.1 million, respectively.

Previous wording

For the three months ended March 31, 2026, Other costs decreased compared to the three months ended March 31, 2025, primarily due to lower facility related expenses of $4.4 million, mainly associated with downsizing our facilities footprint.

Current wording

For the three and six months ended June 30, 2026, Other costs decreased compared to the three and six months ended June 30, 2025, primarily due to lower facility related expenses of $5.2 million and $9.6 million, respectively, mainly associated with downsizing our facilities footprint.

Previous wording

For the three months ended March 31, 2026, Compensation and benefits costs decreased compared to the three months ended March 31, 2025, primarily due to a decrease in headcount tied to ongoing cost control initiatives.

Current wording

For the three and six months ended June 30, 2026, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2025, primarily due to a decrease in headcount tied to ongoing cost control initiatives.

Previous wording

For the three months ended March 31, 2026, Outside services and other costs, which include services fulfilled by third parties, decreased compared to the three months ended March 31, 2025, primarily due to lower costs associated with professional services, promotion, and technology, as well as the impact of businesses divested of $1.6 million.

Current wording

For the three and six months ended June 30, 2026, Outside services and other costs, which include services fulfilled by third parties, decreased compared to the three and six months ended June 30, 2025, primarily due to lower costs associated with professional services, promotion, and technology. In addition, the decrease for the six months ended June 30, 2026 reflected the absence of revenues in 2026 associated with businesses divested of $1.6 million.

Previous wording

Our U.K. media operations are conducted through our Newsquest subsidiary, which are translated into U.S. dollars at average exchange rates prevailing during the period. Currency translation fluctuations have and are expected to continue to impact revenues, expenses and Segment Adjusted EBITDA. During the three months ended March 31, 2026, foreign currency exchange rate fluctuations had a positive impact on our revenues and Segment Adjusted EBITDA and a negative impact on costs.

Current wording

Our U.K. media operations are conducted through our Newsquest subsidiary, which are translated into U.S. dollars at average exchange rates prevailing during the period. Currency translation fluctuations have and are expected to continue to impact revenues, costs and Segment Adjusted EBITDA. During the three and six months ended June 30, 2026, foreign currency exchange rate fluctuations had a positive impact on our revenues and Segment Adjusted EBITDA and a negative impact on costs.

Previous wording

For the three months ended March 31, 2026, Digital advertising revenues increased compared to the three months ended March 31, 2025, primarily due to the positive impact of foreign currency exchange rate fluctuations of $0.8 million.

Current wording

For the six months ended June 30, 2026, Digital advertising revenues increased compared to the six months ended June 30, 2025, primarily due to the positive impact of foreign currency exchange rate fluctuations of $0.9 million.

Previous wording

For the three months ended March 31, 2026, Digital-only subscription revenues increased compared to the three months ended March 31, 2025, primarily driven by an increase in digital-only paid subscriptions. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Current wording

For the three and six months ended June 30, 2026, Digital-only subscription revenues increased compared to the three and six months ended June 30, 2025, primarily driven by an increase in digital-only paid subscriptions. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Previous wording

For the three months ended March 31, 2026, Digital other revenues increased compared to the three months ended March 31, 2025, primarily due to an increase in digital content syndication.

Current wording

For the three and six months ended June 30, 2026, Digital other revenues increased compared to the three and six months ended June 30, 2025, primarily due to an increase in digital content syndication.

Previous wording

For the three months ended March 31, 2026, Print advertising revenues increased compared to the three months ended March 31, 2025, primarily due to the positive impact of foreign currency exchange rate fluctuations of $1.2 million, partially offset by a decline in print display revenues and classified advertisement spend.

Current wording

For the three and six months ended June 30, 2026, Print advertising revenues decreased compared to the three and six months ended June 30, 2025, primarily driven by a decline in sponsorship revenues due to the absence of a conference in 2026. In addition, the decrease for the six months ended June 30, 2026, was partially offset by the positive impact of foreign currency exchange rate fluctuations of $1.2 million.

Previous wording

For the three months ended March 31, 2026, Compensation and benefits costs increased compared to the three months ended March 31, 2025, primarily due to higher employer taxes and higher wages, including minimum wages.

Current wording

For the three and six months ended June 30, 2026, Compensation and benefits costs increased compared to the three and six months ended June 30, 2025, primarily due to higher employer taxes and higher wages, including minimum wages.

Previous wording

For the three months ended March 31, 2026, Digital revenues decreased compared to the three months ended March 31, 2025, primarily due to a decline in the core direct business, mainly driven by a decline in customer count. Core platform average monthly revenues divided by average monthly customer count within the period ("Core platform ARPU") increased 4% for the three months ended March 31, 2026. Refer to "Key Performance Indicators" below for further discussion of Core platform ARPU.

Current wording

For the three and six months ended June 30, 2026, Digital revenues decreased compared to the three and six months ended June 30, 2025, primarily due to a decline in the core direct business, mainly driven by a decline in customer count, partially offset by an increase in core platform average monthly revenues divided by average monthly customer count within the period ("Core platform ARPU") of 3% for each of the three- and six-month periods ended June 30, 2026. Refer to "Key Performance Indicators" below for further discussion of Core platform ARPU.

Previous wording

For the three months ended March 31, 2026, Outside services costs decreased compared to the three months ended March 31, 2025, due to a decrease of $5.5 million associated with third-party media fees driven by a corresponding decrease in revenues, partially offset by an increase of $2.0 million, mainly due to costs associated with outsourcing initiatives.

Current wording

For the three and six months ended June 30, 2026, Outside services costs decreased compared to the three and six months ended June 30, 2025, due to a decrease of $10.6 million and $16.2 million, respectively, associated with third-party media fees driven by a corresponding decrease in revenues, partially offset by an increase of $0.2 million and $2.3 million, respectively, mainly due to costs associated with outsourcing initiatives.

Previous wording

For the three months ended March 31, 2026, Other costs decreased compared to the three months ended March 31, 2025, primarily due to a reduction in lease expense associated with downsizing our facilities footprint.

Current wording

For the three and six months ended June 30, 2026, Other costs decreased compared to the three and six months ended June 30, 2025, primarily due to a reduction in lease expense associated with downsizing our facilities footprint.

Previous wording

Cash flows provided by operating activities were $19.3 million for the three months ended March 31, 2026, compared to $23.3 million for the three months ended March 31, 2025. The decrease in cash flows provided by operating activities was primarily due to an increase in cash paid for interest, an increase in severance payments and an increase in cash paid for taxes, partially offset by higher cash receipts related to deferred revenues and a decrease in contributions to our pension and other postretirement benefit plans.

Current wording

Cash flows provided by operating activities were $54.6 million for the six months ended June 30, 2026, compared to $55.9 million for the six months ended June 30, 2025. The decrease in cash flows provided by operating activities was primarily due to lower cash receipts related to deferred revenues, an increase in cash paid for taxes and an increase in severance payments, partially offset by a decrease in cash paid for interest and a decrease in contributions to our pension and other postretirement benefit plans.

Previous wording

Cash flows (used for) provided by investing activities: Cash flows used for investing activities were $3.6 million for the three months ended March 31, 2026, compared to $34.8 million in cash flows provided by investing activities for the three months ended March 31, 2025. The change in cash flows (used for) provided by investing activities was primarily due to the decrease in proceeds from the sale of real estate and other non-strategic assets of $39.1 million.

Current wording

Cash flows (used for) provided by investing activities: Cash flows used for investing activities were $19.4 million for the six months ended June 30, 2026, compared to cash flows provided by investing activities of $27.8 million for the six months ended June 30, 2025. The change in cash flows (used for) provided by investing activities was primarily due to the decrease in proceeds from the sale of real estate and other non-strategic assets of $47.1 million.