CSW INDUSTRIALS, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
CSW$271.74-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001624794-25-000080
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001624794-25-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 94 previous paragraphs and 105 current paragraphs.
61 unchanged; 26 reworded; 16 added; 7 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Net revenues for the three months ended September 30, 2025 increased $49.0 million, or 21.5%, as compared with the three months ended September 30, 2024. The increase was primarily due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($61.9 million or 27.2%). Organic revenue decreased $12.9 million, or 5.6%, due to lower unit volumes partially offset by pricing actions. Net revenue increased in the HVAC/R, electrical, plumbing, general industrial, and mining end markets and decreased in the energy, architecturally-specified building product and rail transportation end markets.
Current report
Net revenues for the six months ended September 30, 2025 increased $86.5 million, or 19.0%, as compared with the six months ended September 30, 2024. The increase was primarily due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($105.6 million or 23.3%). Organic revenue decreased $19.1 million, or 4.2%, due to lower unit volumes partially offset by pricing actions. Net revenue increased in the HVAC/R, electrical, plumbing, and mining end markets and decreased in the energy, rail transportation, and architecturally-specified building product end markets.
Current report
Gross profit for the three months ended September 30, 2025 increased $15.3 million, or 14.7%, as compared with the three months ended September 30, 2024. The increase was primarily a result of increased revenue and favorable ocean freight costs, partially offset by increases in tariffs and material costs directly and indirectly driven by tariffs. Gross profit margin of 43.0% for the three months ended September 30, 2025 decreased as compared to 45.6% for the three months ended September 30, 2024. The decrease was driven by the inclusion of recent acquisitions and increases in tariffs and material costs, partially offset by pricing actions and favorable ocean freight costs.
Current report
Gross profit for the six months ended September 30, 2025 increased $23.3 million, or 11.0%, as compared with the six months ended September 30, 2024. The increase was primarily a result of the increase in revenue and favorable ocean freight costs, partially offset by increases in tariffs and material costs directly and indirectly driven by tariffs. Gross profit margin of 43.4% for the six months ended September 30, 2025 decreased as compared to 46.5% for the three months ended September 30, 2024. The decrease was driven by the inclusion of recent acquisitions, increases in aforementioned tariffs and material costs and unfavorable revenue mix, partially offset by pricing actions and favorable ocean freight costs.
Current report
Net revenues for the six months ended September 30, 2025 increased $86.0 million, or 26.9%, as compared with the six months ended September 30, 2024. The increase was primarily due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($105.6 million or 33.1%). Organic revenue decreased $19.6 million, or 6.2%, due to lower unit volumes partially offset by pricing actions. Net revenue increased in the HVAC/R, electrical, and plumbing end markets.
Current report
Operating income for the three months ended September 30, 2025 increased $7.1 million, or 15.4%, as compared with the three months ended September 30, 2024. The increase was primarily due to the increased revenue and favorable ocean freight costs, partially offset by increased tariffs. Operating income margin of 25.6% for the three months ended September 30, 2025 decreased as compared to 29.1% for the three months ended September 30, 2024. This decrease was due to the inclusion of recent acquisitions and the increase in tariffs, partially offset by pricing actions and lower ocean freight costs.
Current report
Operating income for the six months ended September 30, 2025 increased $10.0 million, or 10.4%, as compared with the six months ended September 30, 2024. The increase was primarily due to the increased revenue and favorable ocean freight costs, partially offset by increased tariffs. Operating income margin of 26.2% for the six months ended September 30, 2025 decreased as compared to 30.1% for the six months ended September 30, 2024. This decrease was due to the inclusion of recent acquisitions, increased tariffs and unfavorable revenue mix, partially offset by pricing actions and lower ocean freight costs.
Current report
Net revenues for the six months ended September 30, 2025 was comparable to the six months ended September 30, 2024, with a slight increase of $0.3 million or 0.4%. Net revenue increased in the mining and general industrial energy end markets and decreased in the energy and rail transportation end markets.
Current report
Operating income for the three months ended September 30, 2025 decreased $0.7 million or 12.5% as compared to the three months ended September 30, 2024. The decrease was primarily due to the escalation in material costs, indirectly driven by tariffs, as well as increased freight costs to support incremental growth of international shipments. Operating income margin of 13.1% for the three months ended September 30, 2025 decreased as compared to 15.1% for the three months ended September 30, 2024 due to the aforementioned increase in expenses.
Current report
Net revenues for the three months ended September 30, 2025 decreased $0.8 million or 2.3% as compared to the three months ended September 30, 2024 due to a slight decrease in volume driven by softness in the market and strategic pricing in response to competitive pressures.
Current report
Net revenues for the six months ended September 30, 2025 was comparable to the six months ended September 30, 2024, with a slight increase of $0.2 million.
Current report
Operating income for the three months ended September 30, 2025 decreased $1.3 million, or 20.6%, as compared with the three months ended September 30, 2024. The decrease was driven by lower revenue, increased material costs and the aforementioned pricing strategies. Operating income margin of 15.1% for the three months ended September 30, 2025 decreased as compared to 18.6% for the three months ended September 30, 2024 due to the aforementioned material costs increases and pricing strategies.
Current report
Operating income for the six months ended September 30, 2025 decreased $3.0 million, or 25.2%, as compared with the six months ended September 30, 2024. The decrease was driven primarily by increased material costs, higher warranty expenses and pricing strategies. Operating income margin of 13.8% for the six months ended September 30, 2025 decreased as compared to 18.6% for the six months ended September 30, 2024 due to the aforementioned lower revenue, material costs and warranty expenses increases, and pricing strategies.
Current report
•During the six months ended September 30, 2024, we acquired PSP for an aggregate purchase price of $51.3 million, including $32.5 million in cash consideration at closing, as discussed in Note 2 to our consolidated financial statements in this Quarterly Report.
Current report
•During the six months ended September 30, 2024, we received proceeds of $347.4 million in connection with our September 2024 follow-on equity offering, net of underwriting fees and discounts and expenses incurred directly related to the offering, as discussed in Note 11 to our consolidated financial statements in this Quarterly Report.
Current report
•Dividend payments of $9.1 million and $6.5 million during the six months ended September 30, 2025 and 2024, respectively.
Removed paragraphs (7)
Previous report
Net revenues for the three months ended June 30, 2025 increased $37.5 million, or 16.6%, as compared with the three months ended June 30, 2024. The increase was due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($43.7 million or 19.3%), partially offset by lower organic revenue of $6.2 million, or 2.8%, related to unit volumes. Net revenue increased in the HVAC/R, electrical, plumbing, mining, architecturally-specified building product and energy end markets and decreased in the general industrial end market.
Previous report
Gross profit for the three months ended June 30, 2025 increased $8.0 million, or 7.5%, as compared with the three months ended June 30, 2024. The increase was primarily a result of the inclusion of the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks, and was partially offset by the impact from lower volume in the legacy business. Gross profit margin of 43.8% for the three months ended June 30, 2025 decreased as compared to 47.5% for the three months ended June 30, 2024. The decrease was driven primarily by the inclusion of recent acquisitions, unfavorable revenue mix and volume leverage, and an escalation in material and project costs.
Previous report
Operating income for the three months ended June 30, 2025 increased $2.9 million, or 5.8%, as compared with the three months ended June 30, 2024. The increase was primarily due to the inclusion of the Aspen Manufacturing, PSP Products, and PF WaterWorks acquisitions, partially offset by the impact of lower organic revenue. Operating income margin of 26.8% for the three months ended June 30, 2025 decreased as compared to 31.1% for the three months ended June 30, 2024. This decrease was due to the inclusion of recent acquisitions and unfavorable revenue mix and volume leverage in the legacy business.
Previous report
Net revenues for the three months ended June 30, 2025 increased $1.0 million or 3.2% as compared to the three months ended June 30, 2024 driven by the strong backlog converting to revenue.
Previous report
Operating income for the three months ended June 30, 2025 decreased $1.7 million, or 30.1%, as compared with the three months ended June 30, 2024. The decrease was driven by elevated project costs and growth investment in R&D and the sales workforce to pursue prospective revenue opportunities. Operating income margin of 12.5% for the three months ended June 30, 2025 decreased as compared to 18.5% for the three months ended June 30, 2024 due to the aforementioned expense increases.
Previous report
•During the three months ended June 30, 2024, $0.5 million was received as a final working capital true-up for the Dust Free acquisition
Previous report
•Dividend payments of $4.5 million and $3.3 million during the three months ended June 30, 2025 and 2024, respectively.
Reworded paragraphs (26)
Previous wording
As of the date of this report, there continues to be uncertainty regarding overall macroeconomic conditions, including increased geopolitical tensions, risk of recessions, and the effects of potential trade policies including tariffs. Since February 2025, the current United States presidential administration has imposed or threatened to impose tariffs in various jurisdictions. In April 2025, the President of the United States issued an executive order to regulate imports by imposing reciprocal country specific tariffs on multiple nations around the world, including Vietnam and China, which are relevant to our business due to our manufacturing presence in Vietnam and our use of third-party manufacturing in China. A further executive order issued in April 2025 paused the implementation of the country specific tariffs on Vietnam and many other countries for 90 days, maintaining a 10% global baseline tariff, while the United States works with its trade partners to negotiate new trade agreements. In July 2025, the implementation of reciprocal tariff increases was delayed until August 1, 2025. In addition, the President of the United States indicated potential increase in the baseline reciprocal tariff rate and additional potential increases on steel, aluminum and copper. Significant tariffs remain in effect between the U.S. and China as well as other foreign jurisdictions relevant to our business. The current situation is dynamic, and it is unknown if the United States and its trade partners will reach an agreement to further pause, reduce or eliminate the pending tariffs. Should these tariffs be enacted they could have a material impact on our future net revenue, cost of revenue, net income and cash flow. The ultimate effect will be dependent on the magnitude and duration of the tariffs and the countries implicated, as well as our ability to mitigate their impact, where we continue to actively assess and implement mitigation options.
Current wording
As of the date of this report, there continues to be uncertainty regarding overall macroeconomic conditions, including increased geopolitical tensions, risk of recessions, and the effects of potential trade policies including tariffs. In April 2025, the President of the United States issued an executive order to regulate imports by imposing country-specific tariffs on multiple nations around the world, including Vietnam and China, which are relevant to our business due to our manufacturing presence in Vietnam and our use of third-party manufacturing in China and other foreign countries. In addition, the United States imposed and/or reimposed certain commodity-specific tariffs, including tariffs on steel, aluminum and copper, which are used as inputs for some of our products. We have responded by negotiating cost reductions with certain suppliers, transitioning certain sources of supply, and by raising prices to our customers on certain products across our three segments to partially offset the impact. The current situation is dynamic, and the ultimate effect will be dependent on the magnitude and duration of the tariffs and the countries implicated, as well as our ability to mitigate their impact, where we continue to actively assess and implement mitigation options.
Previous wording
Operating expenses for the three months ended June 30, 2025 increased $8.2 million, or 15.7%, as compared with the three months ended June 30, 2024. The increase was primarily due to added expenses related to the inclusion of Aspen Manufacturing, PSP Products, and PF WaterWorks in the current period, including amortization of intangible assets. The decrease in operating expenses as a percentage of revenues was attributable to revenue increasing by a greater percentage than the increase in operating expenses.
Current wording
Operating expenses for the three months ended September 30, 2025 increased $10.1 million, or 19.2%, as compared with the three months ended September 30, 2024. The increase was primarily due to added expenses related to the inclusion of Aspen Manufacturing, PSP Products, and PF WaterWorks in the current period, including amortization of intangible assets, as well as the transaction expenses related to completed and contemplated acquisitions. The decrease in operating expenses as a percentage of revenues was attributable to revenue increasing by a greater percentage than the increase in operating expenses.
Previous wording
Operating income for the three months ended June 30, 2025 decreased $0.2 million, or 0.3%, as compared with the three months ended June 30, 2024, as a result of the increase in gross profit, partially offset by the increase in operating expenses, as discussed above.
Current wording
Operating income for the three months ended September 30, 2025 increased $5.2 million, or 10.1%, as compared with the three months ended September 30, 2024, as a result of the increase in gross profit, partially offset by the increase in operating expenses, as discussed above.
Previous wording
Net interest expense of $1.0 million for the three months ended June 30, 2025 decreased $1.5 million as compared to the net interest expense of $2.5 million for the three months ended June 30, 2024. The decrease in the three months ended June 30, 2025 was due to the reduced average borrowing under our Revolving Credit Facility and the interest income generated by the cash proceeds, invested in money market accounts, from the Equity Offering prior to the funding of Aspen Manufacturing acquisition on May 1, 2025.
Current wording
Net interest expense of $1.3 million for the three months ended September 30, 2025 was comparable to the three months ended September 30, 2024. Net interest expense of $2.3 million for the six months ended September 30, 2025 decreased $1.5 million as compared to the net interest expense of $3.9 million for the six months ended September 30, 2024. The decrease in the six months ended September 30, 2025 was due to the lower average borrowing under our Revolving Credit Facility.
Previous wording
Other income, net of $0.5 million for the three months ended June 30, 2025 increased $0.3 million, as compared to the net income of $0.3 million for the three months ended June 30, 2024. The increase is resulted from the foreign currency gains/losses related to transactions in currencies other than functional currencies.
Current wording
Other income, net of $0.0 million for the three months ended September 30, 2025 changed $0.7 million, as compared to the net income of $0.7 million for the three months ended September 30, 2024. Other income, net of $0.5 million for the six months ended September 30, 2025 changed $1.0 million, as compared to the net expense of $0.4 million for the six months ended September 30, 2024. The change in the three and six months ended September 30, 2025 was due to the foreign currency gains/losses related to transactions in currencies other than functional currencies.
Previous wording
For the three months ended June 30, 2025, we earned $54.4 million from operations before taxes and provided for income taxes of $13.2 million, resulting in an effective tax rate of 24.3%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2025 primarily due to state income tax (net of federal benefit), executive compensation limitations, and provision for global intangible low-taxed income (“GILTI”); offset by adjustment to tax payable, foreign tax credits, excess tax deductions related to equity compensation and foreign-derived intangible income (“FDII”).
Current wording
For the three months ended September 30, 2025, we earned $55.5 million from operations before taxes and provided for income taxes of $14.7 million, resulting in an effective tax rate of 26.4%. For the six months ended September 30, 2025, we earned $109.9 million from operations before taxes and provided for income taxes of $27.9 million, resulting in an effective tax rate of 25.4%. The provision for income taxes differed from the statutory rate for the three and six months ended September 30, 2025 primarily due to state income tax (net of federal benefit), executive compensation limitations, and provision for global intangible low-taxed income (“GILTI”); offset by adjustment to tax payable, foreign tax credits, excess tax deductions related to equity compensation and foreign-derived intangible income (“FDII”).
Previous wording
For the three months ended June 30, 2024, we earned $52.8 million from operations before taxes and provided for income taxes of $13.9 million, resulting in an effective tax rate of 26.4%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2024 primarily due to state income tax (net of federal benefit), provision for GILTI, executive compensation limitations, and increases to penalties and interest on uncertain tax positions ("UTP"); offset by foreign tax credits and excess tax deductions related to equity compensation and FDII.
Current wording
For the three months ended September 30, 2024, we earned $49.5 million from operations before taxes and provided for income taxes of $12.9 million, resulting in an effective tax rate of 26.1%. For the six months ended September 30, 2024, we earned $102.3 million from operations before taxes and provided for income taxes of $26.9 million, resulting in an effective tax rate of 26.2%. The provision for income taxes differed from the statutory rate for the three and six months ended September 30, 2024 primarily due to state income tax (net of federal benefit), provision for GILTI, executive compensation limitations, and increases to penalties and interest on uncertain tax positions (“UTP”); offset by foreign tax credits and excess tax deductions related to equity compensation and FDII.
Previous wording
The Company expects $6.2 million of reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire.
Current wording
The Company expects $6.7 million of reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire.
Previous wording
On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted into law. The act includes changes to the U.S. tax law that are applicable to the Company, including the reinstatement of 100% bonus depreciation and 100% expensing of research and development costs, a change in the calculation of deductible interest expense, and changes to the U.S. tax treatment of GILTI and FDII . We are currently evaluating the impact of the Act; however, we do not currently expect the Act to have a material impact on our consolidated financial position or results of operations. If applicable, any associated income tax effects will be reflected in the Company's results for the interim period in which the Act was enacted.
Current wording
On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted into law. The Act includes changes to the U.S. tax law that are applicable to the Company, including the reinstatement of 100% bonus depreciation and 100% expensing of research and development costs, a change in the calculation of deductible interest expense, and changes to the U.S. tax treatment of GILTI and FDII. We evaluated the Act during the three months ended September 30, 2025 and estimated the Act to have an immaterial impact on our income tax expenses. We expect the Act will change the timing of our cash tax payments in the current fiscal year and future periods. We will continue to evaluate the impact of the Act as additional guidance becomes available. We have not recognized any impact of the Act as of September 30, 2025.
Previous wording
Net revenues for the three months ended June 30, 2025 increased $36.3 million, or 22.6%, as compared with the three months ended June 30, 2024. The increase was due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($43.7 million or 27.2%), partially offset by lower organic revenue of $7.4 million, or 4.6%, related to unit volumes. Net revenue increased in the HVAC/R, electrical, and plumbing end markets.
Current wording
Net revenues for the three months ended September 30, 2025 increased $49.6 million, or 31.2%, as compared with the three months ended September 30, 2024. The increase was primarily due to the acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks ($61.9 million or 39.0%). Organic revenue decreased $12.3 million, or 7.7%, due to lower unit volumes partially offset by pricing actions. Net revenue increased in the HVAC/R, electrical, and plumbing end markets.
Previous wording
Net revenues for the three months ended June 30, 2025 was comparable to the three months ended June 30, 2024. Net revenue increased in the mining and energy end markets and decreased in the general industrial end market.
Current wording
Net revenues for the three months ended September 30, 2025 was comparable to the three months ended September 30, 2024, with a slight increase of $0.3 million or 0.7%. Net revenue increased in the general industrial and mining end markets and decreased in the energy and rail transportation end markets.
Previous wording
Operating income for the three months ended June 30, 2025 decreased $1.9 million or 26.7% as compared to the three months ended June 30, 2024. The decrease was primarily due to the escalation in material costs and the one-time expenses associated with consolidating a manufacturing plant. Operating income margin of 14.2% for the three months ended June 30, 2025 decreased as compared to 19.4% for the three months ended June 30, 2024 due to the aforementioned expense increases and unfavorable revenue mix.
Current wording
Operating income for the six months ended September 30, 2025 decreased $2.6 million or 20.3% as compared to the six months ended September 30, 2024. The decrease was primarily due to the escalation in material costs driven by tariffs and commodity pricing and the one-time expenses associated with consolidating a manufacturing plant. Operating income margin of 13.7% for the six months ended September 30, 2025 decreased as compared to 17.2% for the six months ended September 30, 2024 due to the aforementioned increase in cost of materials and manufacturing plant consolidation expenses.
Previous wording
Our cash balance (including cash and cash equivalents) at June 30, 2025 was $38.0 million, as compared with $225.8 million at March 31, 2025.
Current wording
Our cash balance (including cash and cash equivalents) at September 30, 2025 was $31.5 million, as compared with $225.8 million at March 31, 2025.
Previous wording
For the three months ended June 30, 2025, our cash provided by operating activities from operations was $60.6 million, as compared with $62.7 million for three months ended June 30, 2024.
Current wording
For the six months ended September 30, 2025, our cash provided by operating activities from operations was $122.5 million, as compared with $130.2 million for six months ended September 30, 2024.
Previous wording
•Working capital provided cash for the three months ended June 30, 2025 due to lower inventories ($7.6 million) and lower prepaid expenses and other current assets ($0.7 million), partially offset by higher accounts receivable ($7.8 million).
Current wording
•Working capital provided cash for the six months ended September 30, 2025 due to lower accounts receivable ($11.7 million) and higher accounts payable and other current liabilities ($7.3 million), partially offset by higher inventories ($10.1 million) and higher prepaid expenses and other current assets ($5.7 million).
Previous wording
•Working capital provided cash for the three months ended June 30, 2024 due to higher accounts payable and other current liabilities ($10.9 million) and lower prepaid and other current assets ($3.4 million), partially offset by higher inventories ($6.8 million) and higher accounts receivable ($1.0 million).
Current wording
•Working capital provided cash for the six months ended September 30, 2024 due to higher accounts payable and other current liabilities ($40.3 million) and lower accounts receivable ($11.3 million), partially offset by higher inventories ($25.3 million) and higher prepaid and other current assets ($2.1 million).
Previous wording
Cash flows used in investing activities from operations during the three months ended June 30, 2025 were $326.7 million, as compared with $3.2 million used in investing activities for the three months ended June 30, 2024.
Current wording
Cash flows used in investing activities from operations during the six months ended September 30, 2025 were $331.4 million, as compared with $41.3 million used in investing activities for the six months ended September 30, 2024.
Previous wording
•Capital expenditures during the three months ended June 30, 2025 and 2024 were $2.9 million and $3.1 million, respectively. Our capital expenditures have been focused on capacity expansion (including $0.3 million and $0.2 million during the current and prior year periods for the Whitmore JV), enterprise resource planning systems, new product introductions, continuous improvement and automation of manufacturing facilities.
Current wording
•Capital expenditures during the six months ended September 30, 2025 and 2024 were $6.0 million and $8.6 million, respectively. Our capital expenditures have been focused on capacity expansion (including $0.6 million and $0.4 million during the current and prior year periods for the Whitmore JV), enterprise resource planning systems, new product introductions, continuous improvement and automation of manufacturing facilities.
Previous wording
•During the three months ended June 30, 2025, we acquired Aspen Manufacturing for an initially estimated purchase price of $325.9 million, including $313.5 million in cash consideration and estimated working capital adjustment of $12.4 million, at closing, as discussed in Note 2 to our consolidated financial statements in this Quarterly Report.
Current wording
•During the six months ended September 30, 2025, we acquired Aspen Manufacturing for an aggregate purchase price, net of cash received, of $325.3 million, including $313.5 million in cash consideration and working capital adjustment of $11.8 million, as discussed in Note 2 to our consolidated financial statements in this Quarterly Report.
Previous wording
•During the three months ended June 30, 2024, $0.5 million was paid to acquire a long-term minority interest investment.
Current wording
•During the six months ended September 30, 2024, $0.5 million was paid to acquire a long-term investment.
Previous wording
Cash flows provided by (used in) financing activities during the three months ended June 30, 2025 and 2024 were $78.4 million and $(62.3) million, respectively.
Current wording
Cash flows provided by financing activities during the six months ended September 30, 2025 and 2024 were $15.1 million and $161.9 million, respectively.
Previous wording
•Net borrowings (repayments) on our Revolving Credit Facility (as discussed in Note 7 to our consolidated financial statements included in this Quarterly Report) of $95.0 million and $(51.0) million during the three months ended June 30, 2025 and 2024, respectively.
Current wording
•Net borrowings (repayments) on our Revolving Credit Facility (as discussed in Note 7 to our consolidated financial statements included in this Quarterly Report) of $60.0 million and $(166.0) million during the six months ended September 30, 2025 and 2024, respectively.
Previous wording
•As discussed in Note 11 to our consolidated financial statements included in this Quarterly Report, repurchases of shares under our share repurchase program of $4.7 million and $4.7 million during the three months ended June 30, 2025 and 2024, respectively.
Current wording
•As discussed in Note 11 to our consolidated financial statements included in this Quarterly Report, repurchases of shares under our share repurchase program of $23.0 million and $8.9 million during the six months ended September 30, 2025 and 2024, respectively.
Previous wording
•In connection with the vesting of equity awards under our Long Term Incentive Plan, $4.4 million and $3.3 million were tendered by employees to satisfy minimum tax withholding requirements during the three months ended June 30, 2025 and 2024, respectively.
Current wording
•In connection with the vesting of equity awards under our Long Term Incentive Plan, $4.4 million and $3.3 million were tendered by employees to satisfy minimum tax withholding requirements during the six months ended September 30, 2025 and 2024, respectively.
Previous wording
•Payments of $2.8 million of underwriting discounts and fees in connection with our Third Credit Agreement during the three months ended June 30, 2025, as discussed in Note 7 to our consolidated financial statements included in this Quarterly Report.
Current wording
•Payments of $2.8 million of underwriting discounts and fees in connection with our Third Credit Agreement during the six months ended September 30, 2025, as discussed in Note 7 to our consolidated financial statements included in this Quarterly Report.
Previous wording
Management’s discussion and analysis of financial condition and results of operations are based on our consolidated financial statements and related footnotes contained within this Quarterly Report. Our critical accounting policies used in the preparation of our consolidated financial statements were discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. No significant changes to these policies, as described in our Annual Report, have occurred in the three months ended June 30, 2025.
Current wording
Management’s discussion and analysis of financial condition and results of operations are based on our consolidated financial statements and related footnotes contained within this Quarterly Report. Our critical accounting policies used in the preparation of our consolidated financial statements were discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. No significant changes to these policies, as described in our Annual Report, have occurred in the six months ended September 30, 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Operating expenses for the six months ended September 30, 2025 increased $18.3 million, or 17.4%, as compared with the six months ended September 30, 2024. The increase was primarily due to added expenses related to the inclusion of Aspen Manufacturing, PSP Products, and PF WaterWorks in the current period, including amortization of intangible assets, as well as the transaction expenses related to completed and contemplated acquisitions. The decrease in operating expenses as a percentage of revenues was attributable to revenue increasing by a greater percentage than the increase in operating expenses.
Current report — wording carried from elsewhere
Operating income for the six months ended September 30, 2025 increased $5.0 million, or 4.7%, as compared with the six months ended September 30, 2024, as a result of the increase in gross profit, partially offset by the increase in operating expenses, as discussed above.