Alliance Laundry Holdings Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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.
Jun 30, 2026 · Filed Aug 13, 2026
ALH$22.60-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001317685-26-000015
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001628280-26-056784
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 52 previous paragraphs and 76 current paragraphs.
32 unchanged; 18 reworded; 20 added; 2 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 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 (20)
Current report
Gross profit for the three months ended June 30, 2026 increased $15.7 million, or 9.0%, to $189.9 million from $174.2 million for the three months ended June 30, 2025. Gross profit as a percentage of net revenues was 39.8% for the three months ended June 30, 2026, as compared to 39.0% for the three months ended June 30, 2025. The increase in gross profit as a percentage of revenue was primarily driven by favorable production volume cost absorption, cost reduction initiatives and $3.8 million of insurance proceeds and tariff refunds, which favorably impacted gross margin in the current period.
Current report
Other expenses, net
Current report
Other expenses, net for the three months ended June 30, 2026 was less than $0.1 million, compared to $13.8 million for the three months ended June 30, 2025. The expense in the prior year period was driven by $13.8 million of foreign exchange losses on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. In contrast, the current period included a de minimis foreign exchange loss on intercompany loans.
Current report
Adjusted EBITDA increased $16.8 million or 17.4% to $113.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and Adjusted EBITDA Margin increased to 31.6% for the three months ended June 30, 2026 compared to 29.4% for the three months ended June 30, 2025. The increase in adjusted EBITDA margin is driven by broad-based growth across all end markets, supported by demand mix shift toward larger-capacity machines in the Vended market. Additionally, the adjusted EBITDA margin was impacted by $3.8 million of insurance proceeds and tariff refunds, which favorably impacted EBITDA margin in the current period.
Current report
Revenue decreased $0.6 million or 0.5% to $117.5 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Equipment revenue increased $0.7 million, or 0.7%, primarily due to strong performance in Asia (an increase of 9%), partially offset by a decrease in Middle East and Africa (a decrease of 35%), which was adversely impacted by heightened geopolitical tensions. Service parts revenue decreased $0.9 million, or 7.0%.
Current report
Adjusted EBITDA decreased $2.9 million or 8.0% to $33.9 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 and Adjusted EBITDA Margin decreased to 28.9% for the three months ended June 30, 2026 from 31.2% for the three months ended June 30, 2025. This decrease was primarily driven by regional customer and product mix.
Current report
Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025
Current report
Consolidated Results of Operations
Current report
Net revenues
Current report
Net revenues for the six months ended June 30, 2026 increased $66.9 million, or 8.0%, to $903.6 million from $836.8 million for the six months ended June 30, 2025. Equipment revenue increased $64.3 million, or 9.1%, versus the prior year, due to volume and modest price increases in North America and modest price increases in International. Service parts revenue increased $2.2 million, or 2.6%, year over year primarily driven by volume growth and modest price increases. Other revenues decreased $0.1 million, or 0.5%. Equipment financing revenue increased $0.4 million, or 1.8% year over year driven by an increase in interest income due to growth of the loan base, partially offset by a decrease in variable loan rates tied to the prime rate.
Current report
Gross profit
Current report
Gross profit for the six months ended June 30, 2026 increased $27.9 million, or 8.7%, to $347.1 million from $319.2 million for the six months ended June 30, 2025. Gross profit as a percentage of net revenues was 38.4% for the six months ended June 30, 2026 as compared to 38.1% for the six months ended June 30, 2025. The increase in gross profit as a percentage of revenue was primarily driven by favorable production volume cost absorption, cost reduction initiatives and modest price increases.
Current report
Selling, general, and administrative expenses
Current report
Interest expense, net
Current report
Provision for income taxes
Current report
Segment Results
Current report
North America
Current report
Revenue in North America increased $57.7 million or 9.3% to $679.1 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Equipment revenue increased $55.2 million, or 10.7%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 21%). Service parts revenue increased $1.3 million, or 2.1%, primarily driven by volume growth and modest price increases. Other revenues and Equipment financing revenue remained relatively flat, having increased $0.6 million, or 3.1%, and $0.5 million, or 2.2%, respectively.
Current report
International
Current report
Adjusted EBITDA increased $0.8 million or 1.2% to $66.5 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 and Adjusted EBITDA Margin decreased to 29.6% for the six months ended June 30, 2026 from 30.5% for the six months ended June 30, 2025. This decrease in margin was primarily driven by regional customer and product mix.
Removed paragraphs (2)
Previous report
Gross profit for the three months ended March 31, 2026 increased $12.2 million, or 8.4%, to $157.2 million from $145.0 million for the three months ended March 31, 2025. Gross profit, as a percentage of net revenues, remained relatively flat at 36.8% for the three months ended March 31, 2026 as compared to 37.2% for the three months ended March 31, 2025. A year over year increase in tariffs of approximately $3.4 million negatively impacted gross margin for three months ended March 31, 2026. Tariffs were partially offset by price increases and cost reduction initiatives.
Previous report
Adjusted EBITDA increased $6.2 million or 7.6% to $86.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin decreased slightly to 27.2% for the three months ended March 31, 2026 compared to 27.6% for the three months ended March 31, 2025. As noted above, a year-over-year increase in tariffs of approximately $3.4 million negatively impacted adjusted EBITDA margin for three months ended March 31, 2026. These costs were offset by modest price increases and cost reduction initiatives.
Reworded paragraphs (18)
Previous wording
Net revenues for the three months ended March 31, 2026 increased $37.3 million, or 9.6%, to $426.9 million from $389.6 million for the three months ended March 31, 2025. The increase in net revenues reflects a combination of volume growth, which contributed approximately one-third of the increase, price increases, and an approximately 1% favorable impact from foreign exchange. Equipment revenue increased $35.6 million, or 11.0%, year over year, primarily driven by volume growth and price increases. Service parts revenue increased $1.9 million, or 4.5%, year over year primarily driven by price increases. Equipment financing revenue increased $0.3 million, or 2.7% year over year driven by growth in loan base, partially offset by a decrease in variable loan rates tied to the prime rate.
Current wording
Net revenues for the three months ended June 30, 2026 increased $29.6 million, or 6.6%, to $476.8 million from $447.2 million for the three months ended June 30, 2025. The increase in net revenues reflects a combination of price increases and volume growth, with price contributing approximately half of the increase. Equipment revenue increased $28.8 million, or 7.6%, year over year, primarily driven by volume growth and price increases. Service parts revenue increased $0.3 million, or 0.7%, year over year primarily driven by price increases. Equipment financing revenue increased $0.1 million, or 1.0% year over year driven by an increase in interest income due to growth in the loan base, partially offset by a decrease in variable loan rates tied to the prime rate.
Previous wording
Interest expense, net for the three months ended March 31, 2026 decreased $27.0 million to $17.9 million from $44.9 million for the three months ended March 31, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in February 2025 and August 2025.
Current wording
Interest expense, net for the three months ended June 30, 2026 decreased $21.6 million to $17.8 million from $39.4 million for the three months ended June 30, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in August 2025. Additionally, the decrease reflects a favorable change in the fair value of our interest rate swaps.
Previous wording
The effective income tax rate was a 21.4% provision for the three months ended March 31, 2026 as compared to a 23.3% provision for the three months ended March 31, 2025. The decrease is primarily due to the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation subsequent to the IPO.
Current wording
The effective income tax rate was a 21.8% provision for the three months ended June 30, 2026 as compared to a 23.7% provision for the three months ended June 30, 2025. The decrease is primarily due to the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation subsequent to the IPO in the prior year period.
Previous wording
Segment Adjusted EBITDA is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources on a segment basis. We define Segment Adjusted EBITDA as, on a segment basis, net income excluding interest income/expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, such as refinancing and debt related costs, share-based compensation, strategic transaction costs, foreign exchange on intercompany loans and other non-recurring items which management believes are not indicative of the Company’s ongoing operating performance. Segment Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. See Note 15 - Segment Information to our interim condensed consolidated financial statements included in this Quarterly Report.
Current wording
EBITDA as, on a segment basis, net income excluding interest income/expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, such as refinancing and debt related costs, share-based compensation, strategic transaction costs, foreign exchange on intercompany loans and other non-recurring items which management believes are not indicative of the Company’s ongoing operating performance. Segment Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. See Note 15 - Segment Information to our interim condensed consolidated financial statements included in this Quarterly Report.
Previous wording
Revenue in North America increased $27.5 million or 9.4% to $319.8 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $27.2 million, or 11.3%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 23%). Service parts revenue increased $0.2 million, or 0.5%, primarily driven by price increases. Other revenues and Equipment financing revenue remained relatively flat year over year.
Current wording
Revenue in North America increased $30.2 million or 9.2% to $359.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Equipment revenue increased $28.0 million, or 10.2%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 19%). Service parts revenue increased $1.2 million, or 3.7%, primarily driven by price increases offsetting inflationary increases. Other revenues and Equipment financing revenue remained relatively flat year over year.
Previous wording
Selling, general, and administrative expenses for the three months ended March 31, 2026 increased $2.8 million to $73.4 million from $70.5 million for the three months ended March 31, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.2% for the three months ended March 31, 2026 as compared to 18.1% for the three months ended March 31, 2025. Included within Selling, general, and administrative expenses is $9.7 million and $11.1 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the three months ended March 31, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to higher selling and promotional expenses driven by higher sales volume and increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements.
Current wording
Selling, general, and administrative expenses for the six months ended June 30, 2026 increased $6.8 million to $157.6 million from $150.9 million for the six months ended June 30, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.4% for the six months ended June 30, 2026 as compared to 18.0% for the six months ended June 30, 2025. Included within Selling, general, and administrative expenses is $19.5 million and $22.3 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the six months ended June 30, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to higher selling and promotional expenses driven by higher sales volume and increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements.
Previous wording
Other (income)/expenses, net for the three months ended March 31, 2026 was $6.5 million of income compared to $7.1 million of expenses for the three months ended March 31, 2025. Other income for the three months ended March 31, 2026 included $6.5 million of foreign exchange gains on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. Other expenses for the three months ended March 31, 2025 included $1.1 million of debt issuance costs and $6.1 million foreign exchange losses on intercompany loans, net.
Current wording
Other (income)/expenses, net for the six months ended June 30, 2026 was income of $6.5 million compared to expenses of $20.9 million for the six months ended June 30, 2025. Other expenses, net for the six months ended June 30, 2026 included $6.5 million of foreign exchange gains on intercompany loans, net where the lender or borrower’s functional currency differs from the loan denomination currency. Other expenses, net for the six months ended June 30, 2025 included $19.9 million foreign exchange losses on intercompany loans, net and $1.1 million of debt issuance costs.
Previous wording
Adjusted EBITDA increased $3.8 million or 13.0% to $32.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin increased to 30.4% for the three months ended March 31, 2026 from 29.6% for the three months ended March 31, 2025. This increase was primarily driven by customer and product mix and favorable foreign exchange.
Current wording
Adjusted EBITDA increased $23.0 million or 12.9% to $200.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 and Adjusted EBITDA Margin increased to 29.5% for the six months ended June 30, 2026 from 28.6% for the six months ended June 30, 2025. This increase was primarily driven by modest price increases and cost reduction initiatives.
Previous wording
Revenue increased $9.8 million or 10.1% to $107.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $8.4 million, or 9.9%, primarily due to strong performance in Europe (an increase of 21%) and in Middle East and Africa (an increase of 10%) where the expanding Vended end markets are driving growth. Service parts revenue increased $1.8 million, or 16.1%, primarily driven by volume growth.
Current wording
Revenue increased $9.2 million or 4.3% to $224.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Equipment revenue increased $9.1 million, or 4.8%, primarily due to strong performance in Europe (an increase of 9%). Service parts revenue increased $0.9 million, or 3.9%, primarily driven by volume growth.
Previous wording
Our principal sources of liquidity are cash on hand, cash flows generated from operations, and potential borrowings under our revolving credit facilities. We believe that our sources of liquidity will be adequate to meet our anticipated requirements for ongoing operations, capital expenditures, working capital, interest payments, scheduled principal payments, and other debt repayments over the next twelve months while remaining in compliance with the covenants of our debt agreements. We expect that capital expenditures in 2026 will be approximately $60.0 million. We have invested $5.2 million of cash into capital expenditures during the three months ended March 31, 2026.
Current wording
Our principal sources of liquidity are cash on hand, cash flows generated from operations, and potential borrowings under our revolving credit facilities. We believe that our sources of liquidity will be adequate to meet our anticipated requirements for ongoing operations, capital expenditures, working capital, interest payments, scheduled principal payments, and other debt repayments over the next twelve months while remaining in compliance with the covenants of our debt agreements. We expect that capital expenditures in 2026 will be approximately$60.0 million. We have invested $13.9 million of cash into capital expenditures during the six months ended June 30, 2026.
Previous wording
Cash provided by operating activities for the three months ended March 31, 2025 of$45.4 millionwas primarily derived from net income adjusted for non-cash provisions, partially offset by a$5.1 million increase in working capital. The primary contributors to the change in working capital were a$26.9 million increase in accounts andequipment financing receivables held for securitization investors and a $12.3 million increase in inventories, partially offset by a $21.3 million increase in accounts payable, a $6.8 million increase in other liabilities and a $5.3 million decrease in accounts and equipment financing receivables.
Current wording
Cash provided by operating activities for the six months ended June 30, 2026 of$146.1 million was primarily derived from net income adjusted for non-cash provisions, partially offset by a$19.8 million increase in working capital. The primary contributors to the change in working capital were a$57.6 million increase in accounts andequipment financing receivables heldfor securitization investors and an increase of$9.9 million in accounts and equipment financing receivables, partially offset by a$40.8 million increase in accounts payable and a decrease of$7.7 million in other assets.
Previous wording
Cash provided by operating activities for the three months ended March 31, 2026 of$79.9 million was primarily derived from net income adjusted for non-cash provisions and a$7.6 million decrease in working capital. The primary contributors to the change in working capital were a$27.4 million increase in accounts payable, a$7.7 million decrease in other assetsand a $4.0 million increase in other liabilities, partially offset by an$18.8 million increase in accounts andequipment financing receivables heldfor securitization investors anda $14.0 million increase in inventories.
Current wording
Cash provided by operating activities for the six months ended June 30, 2025 of$50.7 millionwas primarily derived from net income adjusted for non-cash provisions, partially offset by a$67.4 million increase in working capital. The primary contributors to the change inworking capital were a$45.7 million increasein accounts and equipment financing receivables held for securitization investors, adecrease in other liabilities of$15.8 million, a$13.9 million increase in inventory, an increase in accounts receivable and equipment financing receivables of $11.4 million, and an increase of $4.2 million in other assets, partially offset by anincrease of $23.5 million in accounts payable.
Previous wording
Cash used in investing activities of$6.4 million for the three months ended March 31, 2026 wasprimarily the result of $5.2 million of capital expenditures, $3.2 million related to the acquisitions of distributors in the United States, partially offset by a $1.9 millionnet inflow related tocollections of new equipment financing receivables exceeding originations.
Current wording
Cash used in investing activities of$13.6 million for the six months ended June 30, 2026 wasprimarily the result of $13.9 million of capital expenditures, $3.2 million related to the acquisitions of distributors in the United States, partially offset by a $3.2 millionnet inflow related tocollections of new equipment financing receivables exceeding originations.
Previous wording
Cash used in investing activities of$11.3 millionfor the three months ended March 31, 2025 was primarily the result of $8.5 million related to capital expenditures, $2.0 million related to acquisitions of distributors in the United States and a$1.0 millionnet outflow related tooriginations of new equipment financing receivables exceeding collections.
Current wording
Cash used in investing activities of$24.1 millionfor the six months ended June 30, 2025 was primarily the result of $16.6 million related to capital expenditures, $3.1 million related to acquisitions of distributors in the United States and a$4.6 millionnet outflow related tooriginations of new equipment financing receivables exceeding collections.
Previous wording
Cash used in financing activities of$70.8 million for the three months ended March 31, 2026 was primarily comprised of$65.0 million in voluntary prepayments on the Term Loan, $7.6 million for taxes paid related to net share settlement of stock options, partially offset by a$1.7 million net increase in asset backed borrowings owed to securitization investors.
Current wording
Cash used in financing activities of$98.2 million for the six months ended June 30, 2026 was primarily comprised of$115.0 million in voluntary prepayments on the Term Loan,$8.7 million for taxes paid related to net share settlement of stock options, partially offset by a$22.5 million net increase in asset backed borrowings owed to securitization investors.
Previous wording
Cash provided by financing activities of $8.1 million for the three months ended March 31, 2025, was primarily comprised of $10.0 million net increase in asset backed borrowings owed to securitization investors, partially offset by $1.9 million for taxes paid related to net share settlement of stock options.
Current wording
Cash provided by financing activities of $25.2 million for the six months ended June 30, 2025, was primarily comprised of $29.5 million net increase in asset backed borrowings owed to securitization investors, partially offset by $2.3 million related to the repurchase of common stock.
Previous wording
As of March 31, 2026, there was $1,300.0 million outstanding under the Term Loan and $250.0 million of unused capacity on the revolving facility. The Term Loan bears interest of SOFR plus a margin of 2.25%. As of March 31, 2026, the interest rate for the Term Loan is 5.92%.
Current wording
As of June 30, 2026, there was $1,250.0 million outstanding under the Term Loan and$245.1 million of unused capacity on the revolving facility. The Term Loan bears interest of SOFR plus a margin of 2.00%. As of June 30, 2026, the interest rate for the Term Loan is 5.66%.
Previous wording
During the three months ended March 31, 2026, the Company made $65.0 million of voluntary prepayments on the Term Loan. Previously, during 2025, the Company made total voluntary prepayments on the Term Loan of $710.0 million, consisting of a $525.0 million prepayment on October 17, 2025, funded with net proceeds from the Company's initial public offering and cash on hand, and $185.0 million of other voluntary prepayments made during the year. The repayments were first applied to and eliminated the future required quarterly installment principal repayments. As such, the remaining balance of the Term Loan is due at maturity on August 19, 2031, with exception for any Excess Cash Flow payment required under the Credit Agreement.
Current wording
During the six months ended June 30, 2026, the Company made$115.0 million of voluntary prepayments on the Term Loan. Previously, during 2025, the Company made total voluntary prepayments on the Term Loan of $710.0 million, consisting of a $525.0 million prepayment on October 17, 2025, funded with net proceeds from the Company's initial public offering and cash on hand, and $185.0 million of other voluntary prepayments made during the year. The repayments were first applied to and eliminated the future required quarterly installment principal repayments. As such, the remaining balance of the Term Loan is due at maturity on August 19, 2031, with the exception of any Excess Cash Flow payment required under the Credit Agreement.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Selling, general, and administrative expenses for the three months ended June 30, 2026 increased $3.9 million to $84.2 million from $80.3 million for the three months ended June 30, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.7% for the three months ended June 30, 2026 as compared to 18.0% for the three months ended June 30, 2025. Included within Selling, general, and administrative expenses is $9.8 million and $11.2 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the three months ended June 30, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements.
Current report — wording carried from elsewhere
Segment Adjusted EBITDA is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources on a segment basis. We define Segment Adjusted
Current report — wording carried from elsewhere
The following table sets forth our consolidated results of operations for the six months ended June 30, 2026 (in thousands):
Current report — wording carried from elsewhere
Interest expense, net for the six months ended June 30, 2026 decreased $48.6 million to $35.7 million from $84.3 million for the six months ended June 30, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in August 2025. Additionally, the decrease reflects a favorable change in the fair value of our interest rate swaps.
Current report — wording carried from elsewhere
The effective income tax rate was 21.6% for the six months ended June 30, 2026 as compared to 23.6% for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 was impacted by the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation.
Current report — wording carried from elsewhere
The following table presents the Company’s segment results for the six months ended June 30, 2026: