Vontier Corp

Previous wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of our financial statements with a narrative from the perspective of management and is intended to help the reader understand the results of operations and financial condition of the Company. Our MD&A should be read in conjunction with our MD&A and Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Annual Report on Form 10-K”) and our Consolidated Condensed Financial Statements as of and for the three and six months ended June 27, 2025 included in this Form 10-Q.

Current wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of our financial statements with a narrative from the perspective of management and is intended to help the reader understand the results of operations and financial condition of the Company. Our MD&A should be read in conjunction with our MD&A and Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Annual Report on Form 10-K”) and our Consolidated Condensed Financial Statements as of and for the three and nine months ended September 26, 2025 included in this Form 10-Q.

Previous wording

•If we cannot adjust our manufacturing capacity, supply chain management or the purchases required for our manufacturing activities to reflect changes in market conditions, customer demand and supply chain or transportation disruptions, our profitability may suffer. In addition, our reliance upon sole or limited sources of supply for certain materials, components and services has in the past could in the future cause production interruptions, delays and inefficiencies.

Current wording

•If we cannot adjust our manufacturing capacity, supply chain management or the purchases required for our manufacturing activities to reflect changes in market conditions, customer demand and supply chain or transportation disruptions, our profitability may suffer. In addition, our reliance upon sole or limited sources of supply for certain materials, components and services has in the past and could in the future cause production interruptions, delays and inefficiencies.

Previous wording

(a) Includes $19.1 million, $3.2 million, $31.3 million and $4.8 million of intersegment sales for three and six months ended June 27, 2025 and June 28, 2024, respectively, that are eliminated in consolidation.

Current wording

(a) Includes $17.5 million, $9.4 million, $48.8 million and $14.2 million of intersegment sales for three and nine months ended September 26, 2025 and September 27, 2024, respectively, that are eliminated in consolidation.

Previous wording

Total sales within our Mobility Technologies segment increased 17.9% during the three months ended June 27, 2025, as compared to the comparable period in 2024, driven by a 17.8% increase in core sales. The increase in core sales was due to solid demand for our convenience retail payment and enterprise productivity solutions, partially offset by lower demand for our car wash solutions.

Current wording

Total sales within our Mobility Technologies segment increased 5.1% during the three months ended September 26, 2025, as compared to the comparable period in 2024, driven by a 4.8% increase in core sales. The increase in core sales was due to solid demand for our convenience retail payment and enterprise productivity solutions.

Previous wording

Total sales within our Mobility Technologies segment increased 14.7% during the six months ended June 27, 2025, as compared to the comparable period in 2024, driven by a 15.2% increase in core sales, partially offset by a 0.5% decrease due to the impact of currency translation. The increase in core sales was due to solid demand for our convenience retail payment and enterprise productivity solutions, partially offset by lower demand for our car wash solutions.

Current wording

Total sales within our Mobility Technologies segment increased 11.3% during the nine months ended September 26, 2025, as compared to the comparable period in 2024, driven by a 11.6% increase in core sales, partially offset by a 0.4% decrease due to the impact of currency translation. The increase in core sales was due to solid demand for our convenience retail payment and enterprise productivity solutions, partially offset by lower demand for our car wash solutions.

Previous wording

Total sales and core sales within our Repair Solutions segment were flat during the three months ended June 27, 2025, as compared to the comparable period in 2024, due to an increase in volume from a shift in the timing of the annual Matco Expo event, which was held during the first fiscal quarter of 2024, but was held during the second fiscal quarter of 2025, offset by a decrease in volume from macroeconomic impacts on service technicians’ discretionary spending.

Current wording

Total sales and core sales within our Repair Solutions segment decreased 6.9% during the three months ended September 26, 2025, as compared to the comparable period in 2024, due to a decrease in volume in the tool storage, diagnostics and hardline product categories driven by macroeconomic impacts on service technicians’ discretionary spending.

Previous wording

Total sales and core sales within our Repair Solutions segment decreased 8.8% and 8.7%, respectively, during the six months ended June 27, 2025, as compared to the comparable period in 2024, due to a decrease in the hardline, tool storage and power tools product categories driven by macroeconomic impacts on service technicians’ discretionary spending.

Current wording

Total sales and core sales within our Repair Solutions segment decreased 8.2% and 8.1%, respectively, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, due to a decrease in volume in the tool storage, hardline and power tools product categories driven by macroeconomic impacts on service technicians’ discretionary spending.

Previous wording

Total sales within our Environmental & Fueling Solutions segment increased 16.2% during the three months ended June 27, 2025, as compared to the comparable period in 2024, driven by a 15.7% increase in core sales and a 0.5% increase due to the impact of currency translation. The increase in core sales was due to growth in dispenser systems and environmental solutions.

Current wording

Total sales within our Environmental & Fueling Solutions segment increased 2.3% during the three months ended September 26, 2025, as compared to the comparable period in 2024, driven by a 1.8% increase in core sales and a 0.5% increase due to the impact of currency translation. The increase in core sales was due to growth in aftermarket products.

Previous wording

Total sales within our Environmental & Fueling Solutions segment increased 7.7% during the six months ended June 27, 2025, as compared to the comparable period in 2024, driven by a 8.1% increase in core sales, partially offset by a 0.4% decrease due to the impact of currency translation. The increase in core sales was due to growth in environmental solutions and dispenser systems.

Current wording

Total sales and core sales within our Environmental & Fueling Solutions segment increased 5.8% during the nine months ended September 26, 2025, as compared to the comparable period in 2024. The increase in core sales was due to growth in environmental solutions and dispenser systems.

Previous wording

Cost of sales, excluding amortization of acquisition-related intangible assets, increased $49.3 million, or 6.6%, for the six months ended June 27, 2025, as compared to the comparable period in 2024, and as a percentage of sales, increased 110 basis points during the same period, due to core sales growth in the Environmental & Fueling Solutions and Mobility Technologies segments as discussed above.

Current wording

Cost of sales, excluding amortization of acquisition-related intangible assets, increased $0.6 million, or 0.2%, for the three months ended September 26, 2025, as compared to the comparable period in 2024, consistent with our consolidated sales growth. Cost of sales, excluding amortization of acquisition-related intangible assets, as a percentage of sales decreased 10 basis points during the same period.

Previous wording

Cost of sales, excluding amortization of acquisition-related intangible assets, increased $42.2 million, or 11.7%, for the three months ended June 27, 2025, as compared to the comparable period in 2024, and as a percentage of sales, increased 30 basis points during the same period, due to core sales growth in the Environmental & Fueling Solutions and Mobility Technologies segments as discussed above.

Current wording

Cost of sales, excluding amortization of acquisition-related intangible assets, increased $49.9 million, or 4.4%, for the nine months ended September 26, 2025, as compared to the comparable period in 2024, and as a percentage of sales, increased 70 basis points during the same period, due to core sales growth in the Environmental & Fueling Solutions and Mobility Technologies segments as discussed above.

Previous wording

SG&A expenses increased $11.0 million, or 7.0%, during the three months ended June 27, 2025, as compared to the comparable period in 2024, and as a percentage of sales, decreased 80 basis points during the same period, due to a $4.9 million increase in variable compensation expense, a $2.1 million increase in expense from asbestos reserve related adjustments and a $1.5 million increase in sales and marketing expenses related to core sales growth between periods.

Current wording

SG&A expenses decreased $6.0 million, or 3.8%, during the three months ended September 26, 2025, as compared to the comparable period in 2024, and as a percentage of sales, decreased 80 basis points during the same period, due to productivity initiatives.

Previous wording

SG&A expenses increased $5.9 million, or 1.8%, during the six months ended June 27, 2025, as compared to the comparable period in 2024, and as a percentage of sales, decreased 60 basis points during the same period, due to $6.6 million of asset impairments recognized during the six months ended June 27, 2025.

Current wording

SG&A expenses decreased $0.1 million during the nine months ended September 26, 2025, as compared to the comparable period in 2024, and as a percentage of sales, decreased 60 basis points during the same period, due to productivity initiatives, partially offset by $7.0 million of asset impairments recognized during the nine months ended September 26, 2025.

Previous wording

R&D expenses decreased $1.9 million, or 2.1%, during the six months ended June 27, 2025, as compared to the comparable period in 2024, due to savings from focus prioritization process initiatives. R&D expenses as a percentage of sales decreased 40 basis points during the six months ended June 27, 2025, as compared to the comparable period in 2024.

Current wording

R&D expenses decreased $1.3 million, or 2.8%, during the three months ended September 26, 2025, as compared to the comparable period in 2024, due to savings from focus and prioritization process initiatives. R&D expenses as a percentage of sales decreased 20 basis points during the three months ended September 26, 2025, as compared to the comparable period in 2024.

Previous wording

R&D expenses increased $2.4 million, or 5.3%, during the three months ended June 27, 2025, as compared to the comparable period in 2024, due to an increase in R&D in the Environmental & Fueling Solutions segment. R&D expenses as a percentage of sales decreased 40 basis points during the three months ended June 27, 2025, as compared to the comparable period in 2024.

Current wording

R&D expenses decreased $3.2 million, or 2.4%, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, due to savings from focus and prioritization process initiatives. R&D expenses as a percentage of sales decreased 30 basis points during the nine months ended September 26, 2025, as compared to the comparable period in 2024.

Previous wording

Amortization of acquisition-related intangible assets decreased $0.8 million, or 4.0%, during the three months ended June 27, 2025, as compared to the comparable period in 2024 and as a percentage of sales, decreased 40 basis points during the same periods.

Current wording

Amortization of acquisition-related intangible assets decreased $1.7 million, or 8.5%, during the three months ended September 26, 2025, as compared to the comparable period in 2024, due to certain intangible assets becoming fully amortized between periods. Amortization of acquisition-related intangible assets as a percentage of sales decreased 30 basis points during the same periods.

Previous wording

Amortization of acquisition-related intangible assets decreased $1.2 million, or 3.0%, during the six months ended June 27, 2025, as compared to the comparable period in 2024 and as a percentage of sales, decreased 20 basis points during the same periods.

Current wording

Amortization of acquisition-related intangible assets decreased $2.9 million, or 4.8%, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, due to certain intangible assets becoming fully amortized between periods. Amortization of acquisition-related intangible assets as a percentage of sales decreased 20 basis points during the same periods.

Previous wording

Operating profit increased $22.3 million, or 19.5%, during the three months ended June 27, 2025, as compared to the comparable period in 2024, and operating profit margins increased 120 basis points during the same period.

Current wording

Operating profit increased $10.9 million, or 8.3%, during the three months ended September 26, 2025, as compared to the comparable period in 2024, and operating profit margins increased 140 basis points during the same period.

Previous wording

Operating profit increased $10.3 million, or 4.0%, during the six months ended June 27, 2025, as compared to the comparable period in 2024, and operating profit margins were flat during the same period.

Current wording

Operating profit increased $21.2 million, or 5.5%, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, and operating profit margins increased 40 basis points during the same period.

Previous wording

Segment operating profit for our Environmental & Fueling Solutions segment increased $16.4 million, or 18.4%, during the three months ended June 27, 2025, as compared to the comparable period in 2024, and segment operating profit margin increased 50 basis points during the same period. The increase in segment operating profit margin was due to an increase in volume, as further discussed above, and productivity initiatives.

Current wording

Segment operating profit for our Mobility Technologies segment increased $20.1 million, or 14.8%, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, and segment operating profit margin increased 50 basis points during the same period. The increase in segment operating profit margin was due to an increase in volume, as further discussed above, and cost optimization.

Previous wording

Segment operating profit for our Repair Solutions segment decreased $0.7 million, or 2.2%, during the three months ended June 27, 2025, as compared to the comparable period in 2024, and segment operating profit margin decreased 50 basis points during the same period. The decrease in segment operating profit margin was due to unfavorable product mix.

Current wording

Segment operating profit for our Repair Solutions segment decreased $3.0 million, or 9.2%, during the three months ended September 26, 2025, as compared to the comparable period in 2024, and segment operating profit margin decreased 50 basis points during the same period. The decrease in segment operating profit margin was due to a decrease in volume, as further discussed above, partially offset by price-cost benefits.

Previous wording

Corporate & other unallocated costs increased $11.1 million, or 11.6%, during the six months ended June 27, 2025, as compared to the comparable period in 2024, due to a $9.3 million increase in other unallocated expense from $6.6 million of asset impairments recognized during the six months ended June 27, 2025. Corporate & other unallocated costs as a percentage of total sales increased 40 basis points during the six months ended June 27, 2025, as compared to the comparable period in 2024.

Current wording

Corporate & other unallocated costs increased $2.1 million, or 1.4%, during the nine months ended September 26, 2025, as compared to the comparable period in 2024, due to a $8.7 million increase in other unallocated expense from $7.0 million of asset impairments recognized during the nine months ended September 26, 2025, partially offset by a $2.9 million decrease in amortization of acquisition-related intangible assets from certain intangible assets becoming fully amortized between periods and a $2.7 million decrease in restructuring and other related charges. Corporate & other unallocated costs as a percentage of total sales decreased 10 basis points during the nine months ended September 26, 2025, as compared to the comparable period in 2024.

Previous wording

Interest expense, net was $15.6 million during the three months ended June 27, 2025, as compared to $18.4 million for the comparable period in 2024, a decrease of $2.8 million, driven by a decrease in our outstanding debt obligations, a decrease in variable interest rates on certain of our outstanding debt obligations and an increase in interest income between periods.

Current wording

Interest expense, net was $14.8 million during the three months ended September 26, 2025, as compared to $18.9 million for the comparable period in 2024, a decrease of $4.1 million, driven by a decrease in our outstanding debt obligations, a decrease in variable interest rates on certain of our outstanding debt obligations and an increase in interest income between periods.

Previous wording

Interest expense, net was $30.7 million during the six months ended June 27, 2025, as compared to $37.3 million for the comparable period in 2024, a decrease of $6.6 million, driven by a decrease in our outstanding debt obligations, a decrease in variable interest rates on certain of our outstanding debt obligations and an increase in interest income between periods.

Current wording

Interest expense, net was $45.5 million during the nine months ended September 26, 2025, as compared to $56.2 million for the comparable period in 2024, a decrease of $10.7 million, driven by a decrease in our outstanding debt obligations, a decrease in variable interest rates on certain of our outstanding debt obligations and an increase in interest income between periods.

Previous wording

Our effective tax rate for the three and six months ended June 27, 2025 was 23.9% and 22.4%, respectively, as compared to 23.8% and 18.8% for the three and six months ended June 28, 2024. The increase in the effective tax rate for the three months ended June 27, 2025 as compared to the comparable period in the prior year was primarily due to an increase in foreign earnings taxed at higher rates than the U.S. federal statutory rate. The increase in the effective tax rate for the six months ended June 27, 2025 as compared to the prior year was primarily due to the favorable impacts related to business reorganizations and divestitures during the six months ended June 28, 2024.

Current wording

Our effective tax rate for the three and nine months ended September 26, 2025 was 24.4% and 23.2%, respectively, as compared to 18.3% and 18.6% for the three and nine months ended September 27, 2024. The increase in the effective tax rate for the three months ended September 26, 2025 as compared to the comparable period in the prior year was primarily due to an increase in foreign earnings taxed at higher rates than the U.S. federal statutory rate and favorable changes in uncertain tax position reserves during the three months ended September 27, 2024. The increase in the effective tax rate for the nine months ended September 26, 2025 as compared to the prior year was primarily due to the favorable impacts related to uncertain tax position reserves and business reorganizations and divestitures during the nine months ended September 27, 2024.

Previous wording

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law. The OBBB includes several changes to corporate taxation, notably modifications to capitalization of research and development expenses and accelerated depreciation of fixed assets. While we are currently assessing the potential effects of the provisions within the OBBB, we currently expect a reduction in cash tax payments for the year ended December 31, 2025 due to the utilization of deferred tax assets related to previously capitalized research and development expenses that can now be deducted under the OBBB.

Current wording

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law. The OBBB includes several changes to corporate taxation, notably modifications to capitalization of research and development expenses and accelerated depreciation of fixed assets. The Company has reflected the impact of the enacted changes in its financial statements for the three and nine months ended September 26, 2025. The Company currently expects a $60.0 million reduction in cash tax payments due to the accelerated deduction of previously capitalized research and development expenses that can now be deducted under the OBBB. The other provisions within the OBBB are not expected to have a material impact.

Previous wording

Comprehensive income increased by $81.6 million during the three months ended June 27, 2025, as compared to the comparable period in 2024. Comprehensive income for the three months ended June 27, 2025 includes favorable foreign currency translation adjustments of $55.0 million while comprehensive income for the three months ended June 28, 2024 includes unfavorable foreign currency translation adjustments of $4.7 million and a loss on the sale of the Company’s Coats business of $2.6 million.

Current wording

Comprehensive income decreased by $28.2 million during the three months ended September 26, 2025, as compared to the comparable period in 2024. Comprehensive income for the three months ended September 26, 2025 includes unfavorable foreign currency translation adjustments of $10.1 million while comprehensive income for the three months ended September 27, 2024 includes favorable foreign currency translation adjustments of $29.1 million.

Previous wording

Comprehensive income increased by $69.9 million during the six months ended June 27, 2025, as compared to the comparable period in 2024. Comprehensive income for the six months ended June 27, 2025 includes favorable foreign currency translation adjustments of $70.0 million while comprehensive income for the six months ended June 28, 2024 includes a gain on the sale of the Company’s Coats business of $37.2 million and unfavorable foreign currency translation adjustments of $27.0 million.

Current wording

Comprehensive income increased by $41.7 million during the nine months ended September 26, 2025, as compared to the comparable period in 2024. Comprehensive income for the nine months ended September 26, 2025 includes favorable foreign currency translation adjustments of $59.9 million while comprehensive income for the nine months ended September 27, 2024 includes a gain on the sale of the Company’s Coats business of $37.2 million.

Previous wording

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. As of June 27, 2025, we held $364.2 million of cash and cash equivalents and had $750.0 million of borrowing capacity under our revolving credit facility. We generate substantial cash from operating activities and believe that our operating cash flow and other sources of liquidity will be sufficient to allow us to continue to support working capital needs, capital expenditures, pay interest and service debt, pay taxes and any related interest or penalties, fund our restructuring activities and pension plans as required, invest in existing businesses, consummate strategic acquisitions, manage our capital structure on a short and long-term basis and support other business needs or objectives. We also have purchase obligations which consist of agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. As of June 27, 2025, we believe that we have sufficient liquidity to satisfy our cash needs.

Current wording

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. As of September 26, 2025, we held $433.8 million of cash and cash equivalents and had $750.0 million of borrowing capacity under our revolving credit facility. We generate substantial cash from operating activities and believe that our operating cash flow and other sources of liquidity will be sufficient to allow us to continue to support working capital needs, capital expenditures, pay interest and service debt, pay taxes and any related interest or penalties, fund our restructuring activities and pension plans as required, invest in existing businesses, consummate strategic acquisitions, manage our capital structure on a short and long-term basis and support other business needs or objectives. We also have purchase obligations which consist of agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. As of September 26, 2025, we believe that we have sufficient liquidity to satisfy our cash needs.

Previous wording

During the six months ended June 27, 2025, we completed the following financing and capital transactions:

Current wording

During the nine months ended September 26, 2025, we completed the following financing and capital transactions:

Previous wording

•Repurchased 2.9 million shares for $105.1 million in the open market.

Current wording

•Repurchased 4.6 million shares for $175.1 million in the open market.

Previous wording

Cash flows from operating activities were $210.4 million during the six months ended June 27, 2025, an increase of $72.8 million, as compared to the comparable period in 2024. The year-over-year change in operating cash flows was primarily attributable to the following factors:

Current wording

Cash flows from operating activities were $320.9 million during the nine months ended September 26, 2025, an increase of $61.5 million, as compared to the comparable period in 2024. The year-over-year change in operating cash flows was primarily attributable to the following factors:

Previous wording

•The aggregate of accounts receivable and long-term financing receivables generated $17.5 million of operating cash flows during the six months ended June 27, 2025 compared to using $15.5 million in the comparable period of 2024. The amount of cash flow generated from or used by accounts receivable depends upon how effectively we manage the cash conversion cycle and can be significantly impacted by the timing of collections in a period. Additionally, when we originate certain financing receivables, we assume the financing receivable by decreasing the franchisee’s trade accounts receivable. As a result, originations of certain financing receivables are non-cash transactions.

Current wording

•The aggregate of accounts receivable and long-term financing receivables used $27.2 million of operating cash flows during the nine months ended September 26, 2025 compared to using $46.2 million in the comparable period of 2024. The amount of cash flow generated from or used by accounts receivable depends upon how effectively we manage the cash conversion cycle and can be significantly impacted by the timing of collections in a period. Additionally, when we originate certain financing receivables, we assume the financing receivable by decreasing the franchisee’s trade accounts receivable. As a result, originations of certain financing receivables are non-cash transactions.

Previous wording

•The aggregate of other operating assets and liabilities used $69.4 million during the six months ended June 27, 2025 compared to using $91.4 million in the comparable period of 2024. This change is due primarily to working capital needs and the timing of accruals and payments and tax-related amounts.

Current wording

•The aggregate of other operating assets and liabilities used $87.8 million during the nine months ended September 26, 2025 compared to using $69.3 million in the comparable period of 2024. This change is due primarily to working capital needs and the timing of accruals and payments and tax-related amounts.

Previous wording

Net cash used in investing activities was $44.7 million during the six months ended June 27, 2025, driven by payments for additions to property, plant and equipment and cash paid for the acquisition of Sergeant Sudz. Net cash provided by investing activities was $23.9 million during the six months ended June 28, 2024, driven by proceeds from the sale of our Coats business, partially offset by payments for additions to property, plant and equipment.

Current wording

Net cash used in investing activities was $14.4 million during the nine months ended September 26, 2025, driven by payments for additions to property, plant and equipment and cash paid for the acquisition of Sergeant Sudz, partially offset by proceeds from the sale of businesses. Net cash provided by investing activities was $5.0 million during the nine months ended September 27, 2024, driven by proceeds from the sale of our Coats business, partially offset by payments for additions to property, plant and equipment.

Previous wording

We made capital expenditures of $34.4 million and $44.0 million during the six months ended June 27, 2025 and June 28, 2024, respectively.

Current wording

We made capital expenditures of $54.6 million and $62.6 million during the nine months ended September 26, 2025 and September 27, 2024, respectively.

Previous wording

Refer to Note 2. Acquisitions to the Consolidated Condensed Financial Statements for additional information on our acquisition of Sergeant Sudz.

Current wording

Refer to Note 2. Acquisitions to the Consolidated Condensed Financial Statements for additional information on our acquisition of Sergeant Sudz and Note 12. Divestitures to the Consolidated Condensed Financial Statements for additional information on our dispositions.

Previous wording

Net cash used in financing activities was $174.6 million during the six months ended June 27, 2025, driven by repurchases of the Company’s common stock of $105.1 million and the voluntary repayment of $50.0 million of the Three-Year Term Loans due 2025. Net cash used in financing activities was $167.5 million during the six months ended June 28, 2024, driven by the voluntary repayment of $100.0 million of the Three-Year Term Loans due 2024 and repurchases of the Company’s common stock of $59.7 million.

Current wording

Net cash used in financing activities was $243.1 million during the nine months ended September 26, 2025, driven by repurchases of the Company’s common stock of $175.1 million and the voluntary repayment of $50.0 million of the Three-Year Term Loans due 2025. Net cash used in financing activities was $276.8 million during the nine months ended September 27, 2024, driven by repurchases of the Company’s common stock of $164.6 million and the voluntary repayment of $100.0 million of the Three-Year Term Loans due 2024.

Previous wording

We paid regular quarterly cash dividends of $0.025 per share during the six months ended June 27, 2025. The declaration of future cash dividends is at the discretion of our Board of Directors and will depend upon, among other things, our future earnings, cash flows, capital requirements, financial condition and general business conditions.

Current wording

We paid regular quarterly cash dividends of $0.025 per share during the nine months ended September 26, 2025. The declaration of future cash dividends is at the discretion of our Board of Directors and will depend upon, among other things, our future earnings, cash flows, capital requirements, financial condition and general business conditions.