JELD-WEN Holding, Inc.
For the period ended Mar 28, 2026. Filed May 5, 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.
Mar 28, 2026 · Filed May 5, 2026
JELD$1.02+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-27; filed 2025-11-06.
0001674335-25-000174
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-28; filed 2026-05-05.
0001674335-26-000069
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 112 previous paragraphs and 85 current paragraphs.
35 unchanged; 35 reworded; 14 added; 39 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 6 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 (14)
Current report
Tariff Refunds
Current report
Following recent legal and administrative developments invalidating certain tariffs imposed under the International Emergency Economic Powers Act, U.S. Customs and Border Protection has communicated an implementation process for potential tariff refunds. The Company may be entitled to a refund for tariffs previously paid. However, the timing and ultimate amount of any refund remains subject to legal proceedings, administrative action and other uncertainties, including evolving interpretations and the implementation of new processes. Furthermore, any potential refunds or recoveries may be offset by refunds due to customers for payments made in connection with these tariffs. Accordingly, no amounts related to tariff refunds have been recognized in the accompanying unaudited condensed consolidated financial statements. If received, refunds are expected to be made over multiple payments and could affect the Company’s results of operations and cash flows in future periods.
Current report
SG&A– SG&A increased $1.2 million, or 0.8%, to $146.0 million in the three months ended March 28, 2026, from $144.8 million in the three months ended March 29, 2025. SG&A as a percentage of net revenues was 20.2% in the three months ended March 28, 2026, compared to 18.7% in three months ended March 29, 2025. The increase in SG&A was primarily due to a legal settlement, as discussed in Note 20 -Commitments and Contingencies, partially offset by lower salaries and benefits driven by a reduction in headcount.
Current report
Interest Expense, Net– Interest expense, net, increased $2.3 million, or 15.3% to $17.2 million in the three months ended March 28, 2026, from $14.9 million in the three months ended March 29, 2025. The increase was primarily due to lower interest income resulting from lower invested cash balances.
Current report
Loss on Extinguishment and Refinancing of Debt– Loss on extinguishment and refinancing of debt was $0.2 million in the three months ended March 29, 2025. Refer to Note 10 -Long-Term Debt to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Current report
Other Expense (Income)– Other expense was $1.0 million in the three months ended March 28, 2026, compared to other income of $10.6 million in the three months ended March 29, 2025. Refer to Note 17 - Other Expense (Income) to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Current report
(1)Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed below.
Current report
(2)North America other special items include an impairment charge of $3.1 million as a result of reviews performed in connection with our North America equipment capacity optimization.
Current report
(1)Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed below.
Current report
(2)Goodwill impairment consists of prior year goodwill impairment charges associated with our North America reporting unit. Refer to Note 6 -Goodwill to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Current report
(9)Other special items not core to ongoing business activity include in the three months ended March 28, 2026, an impairment charge of $3.1 million in our North America reporting unit as a result of reviews performed in connection with our North America equipment capacity optimization. Refer to Note 5 -Property and Equipment, Net to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Current report
Adjusted EBITDA in Europe decreased $3.6 million, or 33.6%, to $7.1 million in the three months ended March 28, 2026, from $10.7 million in the three months ended March 29, 2025. The decrease was primarily due to unfavorable volume/mix, partially offset by favorable productivity.
Current report
Our total indebtedness as of March 28, 2026, was $1.22 billion of which $19.5 million in short-term debt obligations is due and payable within the next 12 months. We have $400 million of Senior Notes due in December 2027 for which it is unlikely that our cash flows from operations will be sufficient to fully repay. To service our indebtedness, we may be required to undertake various actions including, but not limited to, refinancing all or a portion of our existing long-term debt, pursuing strategic reviews of our assets and businesses, entering into sale-leaseback transactions for selected properties, adjusting our planned level of capital and other expenditures, or other strategies. In addition, in accordance with our credit agreements, dispositions of assets or businesses may require us to use all or a portion of the proceeds of such sales to pay down certain portions of our debt.
Current report
Net cash provided by financing activities was $32.1 million in the three months ended March 28, 2026, compared to cash used in financing activities of $6.6 million in the three months ended March 29, 2025. The change in cash flows from financing activities was primarily due to net borrowings under our Revolving Credit Facility of $40.0 million in the three months ended March 28, 2026.
Removed paragraphs (39)
Previous report
Macroeconomic Conditions and Tariffs
Previous report
Due to changing market conditions, we are experiencing, and may continue to experience, lower demand for our products, a continued demand shift to entry level products, persistent inflation and elevated interest rates. Additionally, the Company continues to actively monitor recent trade policy and tariff announcements, including various executive orders issued by the current U.S. presidential administration. Increased restrictions on global trade, including an increase in U.S. tariffs and any retaliatory responses thereto, could result in, among other things, increased input costs, supply chain disruptions, decreased consumer demand and volatility in foreign exchange rates and financial markets. We continue to analyze the impact of these actions and adjust our mitigation strategy, including pricing, productivity and repositioning our supply chain to offset the impact of the tariff exposure as trade policy evolves. The uncertain and evolving market dynamics and global trade environment could have a material adverse effect on the Company’s business, financial condition, and results of operations.
Previous report
OBBBA
Previous report
On July 4, 2025, President Trump signed into law the OBBBA, which makes permanent key elements of the Tax Cuts and Jobs Act, including accelerated tax deductions for qualified property and research expenditures, modification of the business interest expense limitation, and changes to the international tax framework. The legislation did not have a material impact on our consolidated financial statements or our business.
Previous report
SG&A– SG&A decreased $5.6 million, or 3.9%, to $137.7 million in the three months ended September 27, 2025, from $143.3 million in the three months ended September 28, 2024. SG&A as a percentage of net revenues increased to 17.0% in the three months ended September 27, 2025, from 15.3% in the three months ended September 28, 2024. The decrease in SG&A was primarily due to decreased professional fees, including non-recurring transformation journey expenses, and lower advertising and promotion expenses, partially offset by higher performance-based variable compensation expense and a net gain on the sale of our St. Kitts business recorded in the prior year.
Previous report
Interest Expense, Net– Interest expense, net, increased $1.1 million, or 6.8%, to $17.4 million in the three months ended September 27, 2025, from $16.3 million in the three months ended September 28, 2024. The increase in interest expense, net was primarily due to a decrease in interest income due to lower cash equivalents balances and higher principal balance and a higher interest rate on our Senior Notes issued during the third quarter of 2024 and maturing in 2032, partially offset by lower interest on the Term Loan Facility resulting from a partial repayment of principal during the third quarter of 2024 and a lower interest rate in the current period.
Previous report
Other Income, Net– Other income, net decreased $2.4 million, or 68.3%, to $1.1 million in the three months ended September 27, 2025, from $3.5 million in the three months ended September 28, 2024. Other income, net in the three months ended September 27, 2025, consisted primarily of cash received on real estate investments of $2.9 million, partially offset by foreign currency losses, net of $1.9 million. Other income, net in the three months ended September 28, 2024, consisted primarily of cash received on real estate investments of $3.2 million. Refer to Note 18 - Other Income, Net to our consolidated financial statements included in this Form 10-Q for more information.
Previous report
Income Tax Expense– Income tax expense was $148.7 million in the three months ended September 27, 2025, compared to $7.3 million in the three months ended September 28, 2024. The effective tax rate in the three months ended September 27, 2025, was (68.0)%. The effective tax rate for the three months ended September 27, 2025, was primarily driven by losses for jurisdictions for which there is a full valuation allowance in the quarter, $115.0 million of discrete tax expense attributable to the valuation allowance on domestic tax attributes, and $5.1 million of discrete tax expense related to withholding tax accrued on certain foreign undistributed earnings from prior years. The effective tax rate in the three months ended September 28, 2024, was (11.0)%. The effective tax rate for the three months ended September 28, 2024, was primarily driven by $2.6 million of valuation expense recorded against our U.S. state tax attributes, $2.4 million of tax expense on uncertain tax positions relating primarily to a historical income tax audit, and losses for jurisdictions for which there is a full valuation allowance in the quarter. Refer to Note 11 -Income Taxes to our consolidated financial statements included in this Form 10-Q for more information.
Previous report
Loss on Sale of Discontinued Operations, net of tax– The $1.4 million loss on sale of discontinued operations, net of tax in the three months ended September 28, 2024, is related to the July 2, 2023, sale of JW Australia and is due to settlement of an outstanding tax liability related to JW Australia.
Previous report
Comparison of the Nine Months Ended September 27, 2025 to the Nine Months Ended September 28, 2024
Previous report
Consolidated Results
Previous report
Net Revenues– Net revenues decreased $470.6 million, or 16.3%, to $2,409.2 million in the nine months ended September 27, 2025, from $2,879.9 million in the nine months ended September 28, 2024. The decrease in net revenues was primarily driven by a decrease in Core Revenues of 13% and a decrease in net revenues from the court-ordered divestiture of Towanda of 4%. The decline in Core Revenues was driven by a 14% decrease in volume/mix, partially offset by a 1% benefit from price realization.
Previous report
Gross Margin– Gross margin decreased $146.1 million, or 26.9%, to $396.4 million in the nine months ended September 27, 2025, from $542.5 million in the nine months ended September 28, 2024. Gross margin as a percentage of net revenues was 16.5% in the nine months ended September 27, 2025, compared to 18.8% in the nine months ended September 28, 2024. The decrease in gross margin percentage was primarily due to the decremental impact of volume/mix and negative price/cost, partially offset by favorable productivity.
Previous report
SG&A– SG&A decreased $63.6 million, or 12.9%, to $431.0 million in the nine months ended September 27, 2025, from $494.5 million in the nine months ended September 28, 2024. SG&A as a percentage of net revenues increased to 17.9% in the nine months ended September 27, 2025, from 17.2% in the nine months ended September 28, 2024. The decrease in SG&A was primarily due to a decrease in professional fees, including non-recurring transformation journey expenses, lower salaries and benefits driven by a reduction in headcount, lower amortization expense resulting from accelerated amortization in the prior year for an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024, as well as lower advertising and promotion expenses. These were partially offset by higher performance-based variable compensation expense and a net gain on the sale of our St. Kitts business recorded in the prior year.
Previous report
Goodwill Impairment– Goodwill impairment charges of $334.6 million in the nine months ended September 27, 2025, relate to goodwill impairment charges associated with our North America and Europe reporting units. Goodwill impairment charges of $63.4 million in the nine months ended September 28, 2024, relate to goodwill impairment charges associated with our Europe reporting unit. Refer to Note 6 –Goodwill to our consolidated financial statements included in this Form 10-Q for more information.
Previous report
Interest Expense, Net– Interest expense, net, increased $0.3 million, or 0.5%, to $48.8 million in the nine months ended September 27, 2025, from $48.6 million in the nine months ended September 28, 2024. The increase in interest expense, net was primarily due to a higher principal balance and a higher interest rate on our Senior Notes issued during the third quarter of 2024 and maturing in 2032 and a decrease in interest income due to lower cash equivalents balances, partially offset by lower interest on the Term Loan Facility resulting from a partial repayment of principal during the third quarter of 2024 and a lower interest rate in the current period.
Previous report
Other Income, Net– Other income, net decreased $3.9 million, or 19.5%, to $16.3 million in the nine months ended September 27, 2025, from $20.2 million in the nine months ended September 28, 2024. Other income, net in the nine months ended September 27, 2025, consisted primarily of cash received on real estate investments of $11.4 million, legal settlement income of $3.8 million, and income from the refund of deposits for China antidumping and countervailing duties of $2.9 million, partially offset by pension expense of $2.7 million and foreign currency losses, net of $1.6 million. Other income, net in the nine months ended September 28, 2024, consisted primarily of recovery of the JW Australia transition services costs incurred of $6.6 million, cash received on real estate investments of $5.7 million, income from the refund of deposits of China antidumping and countervailing duties of $3.2 million, insurance reimbursements of $1.7 million, cash received on impaired notes of $1.4 million, and foreign currency gains, net of $1.1 million, partially offset by pension expense of $1.5 million. Refer to Note 18 - Other Income, Net to our consolidated financial statements included in this Form 10-Q for more information.
Previous report
Gain (Loss) on Sale of Discontinued Operations, net of tax– The $0.8 million gain and $1.4 million loss on sale of discontinued operations, net of tax in the nine months ended September 27, 2025, and nine months ended September 28, 2024, respectively, is related to the July 2, 2023, sale of JW Australia. The $0.8 million incurred in the nine months ended September 27, 2025, is due to a release of reserve associated with purchases under a supply agreement in the second quarter of 2025. The $1.4 million incurred in the nine months ended September 28, 2024, is related to settlement of an outstanding tax liability related to JW Australia.
Previous report
(1)Corporate and unallocated depreciation and amortization expense in the nine months ended September 28, 2024, includes accelerated amortization of $14.1 million for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement.
Previous report
(2)Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed below.
Previous report
(1)Depreciation and amortization expense includes accelerated amortization of $14.1 million in the nine months ended September 28, 2024, in Corporate and unallocated costs for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024.
Previous report
(3)Goodwill impairment consists of goodwill impairment charges associated with our North America and Europe reporting units in 2025 and our Europe reporting unit in 2024.
Previous report
(10)Non-cash foreign exchange transaction/translation gain is primarily associated with fair value adjustments of foreign currency derivatives and revaluation of balances denominated in foreign currencies.
Previous report
(11)Other special items not core to ongoing business activity include: in the nine months ended September 28, 2024, a loss of $4.3 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary in Chile in our North America segment, a one-time realized foreign currency loss of $1.6 million in our Europe segment related to a cash repatriation event, and ($1.5) million of cash received on an impaired note in Corporate and unallocated costs.
Previous report
Adjusted EBITDA from continuing operations in Europe decreased $0.2 million, or 1.3%, to $16.0 million in the three months ended September 27, 2025, from $16.3 million in the three months ended September 28, 2024. The decrease was primarily due to unfavorable volume/mix, partially offset by improved productivity.
Previous report
Comparison of the Nine Months Ended September 27, 2025 to the Nine Months Ended September 28, 2024
Previous report
North America
Previous report
Net revenues in North America decreased $436.2 million, or 21.1%, to $1,632.4 million in the nine months ended September 27, 2025, from $2,068.5 million in the nine months ended September 28, 2024. The decrease was primarily due to a decrease in Core Revenues of 15% and a decrease in net revenues from the court-ordered divestiture of Towanda of 6%. The decrease in Core revenues was driven by a 15% decline in volume/mix driven by weaker market demand.
Previous report
Adjusted EBITDA from continuing operations in North America decreased $123.7 million, or 58.4%, to $87.9 million in the nine months ended September 27, 2025, from $211.6 million in the nine months ended September 28, 2024. The decrease was primarily due to unfavorable volume/mix, negative price/cost, and lower productivity, partially offset by lower SG&A. The decrease in SG&A was primarily driven by decreased salaries and benefits driven by a reduction in headcount, lower advertising and promotion expenses, as well as lower non-transformational professional fees.
Previous report
Europe
Previous report
Net revenues in Europe decreased $34.5 million, or 4.2%, to $776.8 million in the nine months ended September 27, 2025, from $811.3 million in the nine months ended September 28, 2024. The decrease was primarily due to a decrease in Core Revenues of 7%, partially offset by a favorable foreign exchange impact of 3%. Core Revenues decreased primarily due to unfavorable volume/mix of 8%, primarily due to market softness across the region, partially offset by a 1% benefit from price realization.
Previous report
Adjusted EBITDA from continuing operations in Europe decreased $7.5 million, or 14.6%, to $43.7 million in the nine months ended September 27, 2025, from $51.2 million in the nine months ended September 28, 2024. The decrease was primarily due to unfavorable volume/mix and negative price/cost, partially offset by favorable productivity and lower SG&A.
Previous report
Corporate and unallocated costs
Previous report
Corporate and unallocated costs decreased by $1.2 million, or 4.5%, to $26.4 million in the nine months ended September 27, 2025, from $27.6 million in the nine months ended September 28, 2024. The decrease in cost was primarily due to an increase in cash received on investments in real estate, reduction in non-transformational professional fees, and lower salaries and benefits driven by a reduction in headcount in the current year, partially offset by higher hedging losses and an insurance reimbursement received during the nine months ended September 28, 2024.
Previous report
As of September 27, 2025, we have $27.8 million in short-term debt obligations due in the next twelve months.
Previous report
In June 2023, we amended the Term Loan Facility to replace LIBOR with a Term SOFR based rate as the successor benchmark rate and made certain other technical amendments and related conforming changes. All other material terms and conditions were unchanged.
Previous report
In August 2023, we redeemed all $250.0 million of our 6.25% Senior Secured Notes and $200.0 million of our 4.63% Senior Notes. The Company recognized a pre-tax loss of $6.5 million on the redemption in the year ended December 31, 2023, consisting of $3.9 million in call premium and $2.6 million in accelerated amortization of debt issuance costs.
Previous report
In December 2007, we entered into thirty-year mortgage notes secured by land and buildings in Denmark with principal payments which began in 2018. In October 2024, we repaid the entire remaining principal balance of the mortgage notes of DKK142.5 million ($20.7 million).
Previous report
Net cash used in financing activities decreased $27.8 million to $22.5 million in the nine months ended September 27, 2025, compared to $50.3 million in the nine months ended September 28, 2024, primarily due to the repurchases of common stock of $24.3 million in the nine months ended September 28, 2024, and a reduction in net debt payments and debt extinguishment costs of $4.6 million.
Reworded paragraphs (35)
Previous wording
This MD&A contains forward-looking statements that involve risks and uncertainties. Please see the “Forward-Looking Statements” section above for a discussion of the uncertainties, risks and assumptions associated with these statements. This discussion should be read in conjunction with our unaudited financial statements and related notes thereto and the other disclosures contained elsewhere in this Form 10-Q, and our audited financial statements and related notes and MD&A included in our Form 10-K. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed under Item 1A –Risk Factors in our Form 10-K and Form 10-Q, and included elsewhere in this Form 10-Q.
Current wording
This MD&A contains forward-looking statements that involve risks and uncertainties. Refer to “Forward-Looking Statements” section above for a discussion of the uncertainties, risks and assumptions associated with these statements. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto and the other disclosures contained elsewhere in this Form 10-Q, and our audited financial statements and related notes and MD&A included in our Form 10-K. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed under Item 1A -Risk Factors in our Form 10-K and Form 10-Q, and included elsewhere in this Form 10-Q.
Previous wording
This MD&A is a supplement to our unaudited financial statements and notes thereto included elsewhere in this Form 10-Q and is provided to enhance your understanding of our results of operations and financial condition. Our discussion of the results of operations is presented in millions throughout MD&A and due to rounding may not sum or calculate precisely to the totals and percentages provided in the tables. Our MD&A is organized as follows:
Current wording
This MD&A is a supplement to our unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and is provided to enhance your understanding of our results of operations and financial condition. Our discussion of the results of operations is presented in millions throughout MD&A and due to rounding may not sum or calculate precisely to the totals and percentages provided in the tables. Our MD&A is organized as follows:
Previous wording
•Results of Operations. This section provides our analysis and outlook for the significant line items on our consolidated statements of operations, as well as highlights key events or changes since the reporting period that may affect our financial condition, results, or future outlook.
Current wording
•Results of Operations. This section provides our analysis and outlook for the significant line items on our unaudited condensed consolidated statements of operations, as well as highlights key events or changes since the reporting period that may affect our financial condition, results, or future outlook.
Previous wording
•Segment Results and Non-GAAP Reconciliations. This section provides other information that we deem meaningful to an understanding of our financial results on both a consolidated basis and a reportable segment basis. It also includes non-GAAP financial measures used by management to assess our performance and make decisions regarding the allocation of resources, along with reconciliations to the most directly comparable GAAP financial measures.
Current wording
•Segment Results and Non-GAAP Reconciliations. This section provides other information that we deem meaningful to an understanding of our results on both a consolidated basis and a reportable segment basis. It also includes non-GAAP financial measures used by management to assess performance and make decisions regarding the allocation of resources, along with reconciliations to the most directly comparable GAAP measures.
Previous wording
Our business is organized in geographic regions to ensure integration across operations serving common end markets and customers. We have two reportable segments: North America and Europe. Refer to Note 12 -Segment Informationto our consolidated financial statements included in this Form 10-Q for more information about our segments.
Current wording
Our business is organized in geographic regions to ensure integration across operations serving common end markets and customers. We have two reportable segments: North America and Europe. Refer to Note 12 -Segment Informationto our unaudited condensed consolidated financial statements included in this Form 10-Q for more information about our segments.
Previous wording
Net Revenues– Net revenues decreased $125.2 million, or 13.4%, to $809.5 million in the three months ended September 27, 2025, from $934.7 million in the three months ended September 28, 2024. The decrease in net revenues was primarily driven by a decrease in Core Revenues of 10% and a decrease in net revenues from the court-ordered divestiture of Towanda of 5%. These were partially offset by a favorable foreign exchange impact of 2%. The decline in Core Revenues was driven by an 11% decrease in volume/mix, partially offset by a 1% benefit from price realization.
Current wording
Net Revenues– Net revenues decreased $53.9 million, or 6.9%, to $722.1 million in the three months ended March 28, 2026, from $776.0 million in the three months ended March 29, 2025. The decrease in net revenues was primarily driven by a decrease in Core Revenues of 10% and a decrease in net revenues from the court-ordered divestiture of Towanda of 1%. These were partially offset by a favorable foreign exchange impact of 4%. The decline in Core Revenues was driven by a 10% decrease in volume/mix.
Previous wording
Gross Margin– Gross margin decreased $39.0 million, or 21.7%, to $140.9 million in the three months ended September 27, 2025, from $179.9 million in the three months ended September 28, 2024. Gross margin as a percentage of net revenues was 17.4% in the three months ended September 27, 2025, compared to 19.2% in the three months ended September 28, 2024. The decrease in gross margin percentage was primarily due to the decremental impact of volume/mix and negative price/cost, partially offset by favorable productivity.
Current wording
Gross Margin– Gross margin decreased $19.4 million, or 17.3%, to $92.7 million in the three months ended March 28, 2026, from $112.1 million in the three months ended March 29, 2025. Gross margin as a percentage of net revenues was 12.8% in the three months ended March 28, 2026, compared to 14.4% in the three months ended March 29, 2025. The decrease in gross margin percentage was primarily due to negative price/cost and the decremental impact of volume/mix, partially offset by favorable productivity.
Previous wording
Goodwill Impairment– Goodwill impairment charges of $196.9 million in the three months ended September 27, 2025, relate to goodwill impairment charges associated with our North America and Europe reporting units. Goodwill impairment charges of $63.4 million in the three months ended September 28, 2024, relate to goodwill impairment charges associated with our Europe reporting unit. For more information, refer to Note 6 –Goodwillof our consolidated financial statements included in this Form 10-Q.
Current wording
Goodwill Impairment– Goodwill impairment charges of $137.7 million in the three months ended March 29, 2025, related to goodwill impairment charges in our North America reporting unit. Refer to Note 6 –Goodwill to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
Restructuring and Asset-Related Charges, Net– Restructuring and asset-related charges, net decreased $16.7 million, or 65.4% to $8.8 million in the three months ended September 27, 2025, from $25.5 million in the three months ended September 28, 2024. The decrease in restructuring and asset-related charges, net was primarily due to a decrease in charges incurred to transform the operating structure of our Europe segment and to close certain manufacturing facilities in our North America and Europe segments. Refer to Note 16 - Restructuring and Asset-Related Charges, Net to our consolidated financial statements included in this Form 10-Q for more information.
Current wording
Restructuring and Asset-Related Charges, Net– Restructuring and asset-related charges, net decreased $12.6 million, or 86.4% to $2.0 million in the three months ended March 28, 2026, from $14.5 million in the three months ended March 29, 2025. The decrease in restructuring and asset-related charges, net was primarily due to a decrease in charges incurred to close certain manufacturing facilities in our North America and Europe segments and to transform the operating structure of our Europe segment. Refer to Note 16 - Restructuring and Asset-Related Charges, Net to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
Income Tax Expense– Income tax expense was $145.9 million in the nine months ended September 27, 2025, compared to $13.4 million in the nine months ended September 28, 2024. The effective tax rate in the nine months ended September 27, 2025, was (33.6)%. The effective tax rate for the nine months ended September 27, 2025, was driven primarily by the $129.2 million increase to valuation allowances on U.S. tax attributes. The effective tax rate in the nine months ended September 28, 2024, was (12.6)%. The effective tax rate for the nine months ended September 28, 2024, was primarily driven by $12.1 million of tax expense on uncertain tax positions from ongoing audits and $4.3 million of valuation expense recorded against our tax attributes, as well as losses for jurisdictions for which there is a full valuation allowance in the quarter. Refer to Note 11 -Income Taxesto our consolidated financial statements included in this Form 10-Q for more information.
Current wording
Income Tax Expense– Income tax expense was $3.4 million for the three months ended March 28, 2026, compared to $0.6 million for the three months ended March 29, 2025. The effective tax rate for the three months ended March 28, 2026, was (4.6)%. The effective tax rate for the three months ended March 28, 2026, was driven primarily by foreign earnings being taxed at higher rates and discrete tax expense of $0.5 million due to changes in UTPs from ongoing audits. The effective tax rate for the three months ended March 29, 2025, was (0.3)%. The effective tax rate for the three months ended March 29, 2025, was driven primarily by discrete items consisting of a $14.2 million increase to valuation allowances on foreign and state NOL and credit carryforwards, $9.8 million of tax benefit attributable to goodwill impairment, and $8.5 million of tax expense attributable to the court-ordered divestiture of Towanda.
Previous wording
We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding the allocation of resources in accordance with ASC 280-10 -Segment Reporting. We define Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs (income); net (gain) loss on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; non-cash foreign exchange transaction/translation (gain) loss; and other special items. We use Adjusted EBITDA from continuing operations because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. This non-GAAP financial measure should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Current wording
We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding the allocation of resources in accordance with ASC 280-10 -Segment Reporting. We define Adjusted EBITDA as income (loss), net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs, net; net gain on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; and other special items. We use Adjusted EBITDA because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. This non-GAAP financial measure should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Previous wording
Reconciliations of income (loss) from continuing operations, net of tax to Adjusted EBITDA from continuing operations by segment are as follows:
Current wording
Reconciliations of loss, net of tax to Adjusted EBITDA by segment are as follows:
Previous wording
Reconciliations of loss from continuing operations, net of tax to Adjusted EBITDA from continuing operations on a consolidated basis are as follows:
Current wording
Reconciliations of loss, net of tax to Adjusted EBITDA on a consolidated basis are as follows:
Previous wording
(2)Net legal and professional expenses and settlements include non-recurring transformation journey expenses of $5.3 million and $24.6 million in the three and nine months ended September 27, 2025, respectively, and $12.0 million and $46.6 million in the three and nine months ended September 28, 2024, respectively. For the three and nine months ended September 27, 2025, these expenses primarily relate to project-based consulting fees that directly support the transformation journey that are not expected to recur in the foreseeable future. These projects include the centralization of human resources processes, North America supply chain network optimization strategy, and other projects related to our transformation journey. For the three and nine months ended September 28, 2024, these expenses primarily relate to the engagement of a transformation consultant for a period spanning from the third quarter of 2023 through April 2025, for which we incurred $7.0 million and $35.4 million in the three and nine months ended September 28, 2024, respectively. Expenses for this transformation consultant’s engagement, which was extended into 2025, included $2.5 million in the nine months ended September 27, 2025, respectively. Additionally, net legal and professional expenses and settlements include $0.4 million in both the three and nine months ended September 27, 2025, and $0.2 million and $2.8 million in the three and nine months ended September 28, 2024, respectively, relating to litigation of historic legal matters.
Current wording
(1)Net legal and professional expenses and settlements include non-recurring transformation journey expenses of $2.6 million, and $11.2 million in the three months ended March 28, 2026 and March 29, 2025, respectively. These expenses primarily relate to project-based consulting fees that directly support the transformation journey that are not expected to recur in the foreseeable future. These projects include the centralization of human resources processes, North America supply chain network optimization strategy, and other projects related to our transformation journey. For the three months ended March 29, 2025, these expenses also include $2.1 million related to the engagement of a transformation consultant for a period spanning from the third quarter of 2023 through April 2025. Additionally, net legal and professional expenses and settlements include $9.4 million and $0.6 million in the three months ended March 28, 2026 and March 29, 2025, respectively, relating to litigation of historic legal matters.
Previous wording
(4)Restructuring and asset-related charges, net represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our North America and Europe segments.
Current wording
(3)Restructuring and asset-related charges, net represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our North America and Europe segments. Refer to Note 16 - Restructuring and Asset-Related Charges, Net to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
(5)Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA from continuing operations.
Current wording
(4)Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA. Refer to Note 16 - Restructuring and Asset-Related Charges, Net to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
(6)M&A related costs consist of legal and professional expenses related to the court-ordered divestiture of Towanda and other strategic initiatives.
Current wording
(5)M&A related costs, net consist of legal and professional expenses related to strategic initiatives and the court-ordered divestiture of Towanda.
Previous wording
(7)Net gain on sale of business, property and equipment in the nine months ended September 27, 2025, primarily relates to the court-ordered divestiture of Towanda and the sale of property and equipment in Marion, North Carolina. Net gain on sale of business, property and equipment in the three months ended September 28, 2024, primarily relates to the sale of our business in St. Kitts. Net gain on sale of business, property and equipment in the nine months ended September 28, 2024, primarily relates to the sale of our business in St. Kitts and property in Chile.
Current wording
(6)Net gain on sale of business, property, and equipment in the three months ended March 29, 2025, relates to the court-ordered divestiture of Towanda.
Previous wording
Loss on Extinguishment and Refinancing of Debt– The $0.2 million loss on extinguishment and refinancing of debt during the nine months ended September 27, 2025, is associated with an amendment of our ABL Facility. The loss on extinguishment and refinancing of debt of $1.9 million in the nine months ended September 28, 2024, is associated with an amendment of our Term Loan Facility as well as the redemption of the remaining $200.0 million of our 4.63% Senior Notes. Refer to Note 10 -Long-Term Debt to our consolidated financial statements included in this Form 10-Q for more information.
Current wording
(7)Loss on extinguishment and refinancing of debt consists of $0.2 million in the three months ended March 29, 2025, associated with an amendment of our ABL Facility. Refer to Note 10 -Long-Term Debt to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
(9)Share-based compensation expense represents non-cash equity-based compensation expense related to the issuance of share-based awards.
Current wording
(8)Share-based compensation expense represents equity-based compensation expense related to the issuance of share-based awards. Refer to Note 15 -Share-Based Compensation to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
(1)Adjusted EBITDA from continuing operations is a financial measure that is not calculated in accordance with GAAP. Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above.
Current wording
(1)Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above.
Previous wording
Net revenues in North America decreased $131.8 million, or 19.4%, to $546.1 million in the three months ended September 27, 2025, from $677.9 million in the three months ended September 28, 2024. The decrease was primarily due to a decrease in Core Revenues of 13% and a decrease in net revenues from the court-ordered divestiture of Towanda of 7%. The decrease in Core revenues was driven by a 13% decline in volume/mix due to weakened market demand.
Current wording
Net revenues in North America decreased $77.8 million, or 14.7%, to $452.7 million in the three months ended March 28, 2026, from $530.6 million in the three months ended March 29, 2025. The decrease was primarily due to a decrease in Core Revenues of 14% and a decrease in net revenues from the court-ordered divestiture of Towanda of 1%. The decrease in Core Revenues was driven by a 13% decline in volume/mix and by a 1% decline in pricing due to weaker market demand.
Previous wording
Adjusted EBITDA from continuing operations in North America decreased $37.1 million, or 49.6%, to $37.7 million in the three months ended September 27, 2025, from $74.8 million in the three months ended September 28, 2024. The decrease was primarily due to unfavorable volume/mix and negative price/cost, partially offset by improved productivity and lower SG&A. The decrease in SG&A was primarily due to decreased salaries and benefits driven by a reduction in headcount.
Current wording
Adjusted EBITDA in North America decreased $11.9 million, or 76.7%, to $3.6 million in the three months ended March 28, 2026, from $15.5 million in the three months ended March 29, 2025. The decrease was primarily due to negative price/cost and unfavorable volume/mix, partially offset by higher productivity and lower SG&A. The decrease in SG&A was primarily driven by decreased salaries and benefits driven by a reduction in headcount, lower advertising and promotion expenses and reduction in R&D expenses.
Previous wording
Net revenues in Europe increased $6.6 million, or 2.6%, to $263.3 million in the three months ended September 27, 2025, from $256.8 million in the three months ended September 28, 2024. The increase was primarily due to a favorable foreign exchange impact of 6%, partially offset by a decrease in Core Revenues of 4%. Core Revenues decreased primarily due to unfavorable volume/mix of 6% primarily due to market softness across the region, partially offset by a 2% benefit from price realization.
Current wording
Net revenues in Europe increased $24.0 million, or 9.8%, to $269.4 million in the three months ended March 28, 2026, from $245.4 million in the three months ended March 29, 2025. The increase was primarily due to a favorable foreign exchange impact of 12%, partially offset by a decrease in Core Revenues of 2%. The decrease in Core Revenues was primarily driven by unfavorable volume/mix of 4%, partially offset by a 2% benefit from price realization.
Previous wording
Corporate and unallocated costs decreased by $0.1 million, or 0.9%, to $9.3 million in the three months ended September 27, 2025, from $9.4 million in the three months ended September 28, 2024. The decrease in cost was primarily driven by lower insurance expense due to a favorable claims experience during the three months ended September 27, 2025.
Current wording
Corporate and unallocated costs increased by $0.2 million, or 5.6%, to $4.6 million in the three months ended March 28, 2026, from $4.3 million in the three months ended March 29, 2025. The increase in costs was primarily due to a decrease in cash received on a real estate investment, partially offset by lower insurance expense due to favorable claims experience and lower salaries and benefits driven by a reduction in headcount.
Previous wording
We have historically funded our operations through a combination of cash from operations, draws on our revolving credit facilities, and the issuance of non-revolving debt such as our Term Loan Facility and our Senior Notes. We place a strong emphasis on cash flow generation, which includes an operating discipline focused on working capital management. Working capital fluctuates throughout the year and is impacted by inflation, the seasonality of our sales, customer payment patterns, supply availability, and the translation of the balance sheets of our foreign operations into the U.S. dollar. Typically, working capital increases at the end of the first quarter and beginning of the second quarter in conjunction with, and in preparation for, the peak season for home construction and remodeling in our North America and Europe segments, and decreases starting in the fourth quarter as inventory levels and accounts receivable decline. Inventories fluctuate for raw materials that have long delivery lead times, as we work through prior shipments and take delivery of new orders.
Current wording
We have historically funded our operations through a combination of cash from operations, draws on our revolving credit facilities, and the issuance of non-revolving debt such as our Term Loan Facility and our Senior Notes. We place strong emphasis on cash flow generation, which includes an operating discipline focused on working capital management. Working capital fluctuates throughout the year and is impacted by inflation, the seasonality of our sales, customer payment patterns, supply availability, and the translation of the balance sheets of our foreign operations into the U.S. dollar. Typically, working capital increases at the end of the first quarter and beginning of the second quarter in conjunction with, and in preparation for, the peak season for home construction and remodeling in our North America and Europe segments, and decreases starting in the fourth quarter as inventory levels and accounts receivable decline. Inventories fluctuate for raw materials that have long delivery lead times, as we work through prior shipments and take delivery of new orders.
Previous wording
As of September 27, 2025, we had total liquidity (a non-GAAP measure) of $473.6 million, consisting of $106.7 million in unrestricted cash and $366.9 million available for borrowing under the ABL Facility, compared to total liquidity of $566.7 million as of December 31, 2024. The decrease in total liquidity was primarily due to lower ABL borrowing base availability as well as a lower cash balance at September 27, 2025, compared to December 31, 2024.
Current wording
As of March 28, 2026, we had total liquidity (a non-GAAP measure) of $309.9 million, consisting of $50.4 million in unrestricted cash and $259.5 million available for borrowing under the ABL Facility, compared to total liquidity of $484.7 million as of December 31, 2025. The decrease in total liquidity was primarily due to a lower cash balance, net borrowings of $40.0 million, and a seasonally lower ABL borrowing base availability at March 28, 2026, when compared to December 31, 2025.
Previous wording
As of September 27, 2025, our cash balances, including $1.7 million of restricted cash, consisted of $30.8 million in cash located in the U.S. and $77.6 million in cash located outside of the U.S. held by our non-U.S. subsidiaries.
Current wording
As of March 28, 2026, our cash balances, including $2.0 million of restricted cash, consisted of $13.7 million in cash located in the U.S. and $38.7 million in cash located outside of the U.S. held by our non-U.S. subsidiaries.
Previous wording
Based on our current and forecasted level of operations and seasonality of our business, we believe that cash provided by operations and other sources of liquidity, including cash, cash equivalents, and availability under our revolving credit facilities, will provide adequate liquidity for ongoing operations, planned capital expenditures and other investments, and debt service requirements for at least the next twelve months.
Current wording
Based on our current and forecasted level of operations and seasonality of our business, we believe that cash provided by operations and other sources of liquidity, including cash, cash equivalents, and availability under our revolving credit facilities, will provide adequate liquidity for ongoing operations, planned capital expenditures and other investments, and debt service requirements for at least the next twelve months from this issuance of financial statements and maintain compliance with covenants under our debt agreements.
Previous wording
Based on hypothetical variable rate debt that would have resulted from drawing each revolving credit facility up to the full commitment amount, a 100-basis point decrease in interest rates would have reduced our interest expense by $2.2 million in the three months ended September 27, 2025. A 100-basis point increase in interest rates would have increased our interest expense by $2.1 million in the same period. In certain instances, the impact of a hypothetical decrease would have been partially mitigated by interest rate floors that apply to certain of our debt agreements.
Current wording
Based on hypothetical variable rate debt that would have resulted from drawing each revolving credit facility up to the full commitment amount, a 100-basis point decrease in interest rates would have reduced our interest expense by $2.2 million in the quarter ended March 28, 2026. A 100-basis point increase in interest rates would have increased our interest expense by $2.2 million in the same period. In certain instances, the impact of a hypothetical decrease would have been partially mitigated by interest rate floors that apply to certain of our debt agreements.
Previous wording
In March 2025, we amended the ABL Facility to extend the maturity date from July 2026 to March 2028, replace the CDOR as the applicable rate with respect to loans denominated in Canadian Dollars with the CORRA, and make certain other technical amendments and related conforming changes. All other material terms and conditions of the ABL Facility credit agreement were unchanged including the aggregate commitment, which remained at $500.0 million. As a result of this amendment, the Company recognized a pre-tax loss of $0.2 million in the first quarter of 2025, consisting of unamortized issuance costs.
Current wording
In March 2025, we amended the ABL Facility to extend the maturity date from July 2026 to March 2028, replace the CDOR as the applicable rate with respect to loans denominated in Canadian Dollars with the CORRA, and make certain other technical amendments and related conforming changes. All other material terms and conditions of the ABL Facility credit agreement were unchanged including the aggregate commitment, which remained at $500.0 million. As a result of this amendment, the Company recognized a pre-tax loss of $0.2 million in the first quarter of 2025, consisting of unamortized issuance costs. As of March 28, 2026, we had $40.0 million outstanding net borrowings under the ABL Facility.
Previous wording
Our results have been and will continue to be impacted by substantial changes in our net interest expense throughout the periods presented and into the future. Refer to Note 10 -Long-Term Debt to our consolidated financial statements included in this Form 10-Q for more information.
Current wording
Our results have been and will continue to be impacted by substantial changes in our net interest expense throughout the periods presented and into the future. Refer to Note 10 -Long-Term Debt to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information.
Previous wording
Net cash used in operating activities was $37.7 million in the nine months ended September 27, 2025, compared to cash provided by operating activities of $78.0 million in the nine months ended September 28, 2024. The change in cash used in operating activities was primarily due to the decrease in earnings of $458.6 million, inclusive of $334.6 million in non-cash goodwill impairment charges related to our North America and Europe reporting units in the current year, $129.2 million attributable to a valuation expense recorded against our U.S. tax attributes during 2025, and a $70.7 million increase in net cash used in our working capital accounts. The impact of accounts receivable, net, was unfavorable by $57.8 million for the nine months ended September 27, 2025, compared to the same period in 2024, primarily driven by a slower pace of declining sales and accounts receivable relative to the prior year. Accounts payable had an unfavorable impact of $23.4 million, mainly due to reduced inventory purchases in North America and lower professional expense payables related to a transformation consultant. Inventory contributed a favorable impact of $10.5 million, primarily reflecting decreased material purchases in North America.
Current wording
Net cash used in operating activities was $91.2 million in the three months ended March 28, 2026, compared to $83.5 million in the three months ended March 29, 2025, an increase of $7.7 million. The change in cash flows from operating activities was primarily due to the increase in earnings of $113.3 million, inclusive of $137.7 million in non-cash goodwill impairment charges related to our North America reporting unit in the prior year and a $12.8 million increase in net cash used in our working capital accounts. The impact of accounts receivable, net, was unfavorable by $13.0 million for the three months ended March 28, 2026, compared to the same period in 2025, primarily driven by higher sales at the end of the current quarter. Accounts payable had a favorable impact of $26.2 million, mainly due to higher inventory purchases. Inventories had an unfavorable impact of $26.0 million, primarily reflecting increased material purchases.
Previous wording
Net cash provided by investing activities was $9.6 million in the nine months ended September 27, 2025, compared to cash used in investing activities of $106.4 million in the nine months ended September 28, 2024. The change in net cash provided by investing activities was primarily driven by $110.7 million proceeds related to the court-ordered divestiture of Towanda during the nine months ended September 27, 2025, and by a decrease in capital expenditures of $14.1 million.
Current wording
Net cash used in investing activities was $26.2 million in the three months ended March 28, 2026, compared to cash provided by investing activities of $70.0 million in the three months ended March 29, 2025. The change in cash flows from investing activities was primarily driven by $112.1 million proceeds related to the court-ordered divestiture of Towanda during the three months ended March 29, 2025, and a decrease in capital expenditures of $15.9 million.
Previous wording
Our MD&A is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which may differ from these estimates.
Current wording
Our MD&A is based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which may differ from these estimates.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Restructuring and Asset-Related Charges, Net– Restructuring and asset-related charges, net decreased $27.8 million, or 46.3% to $32.2 million in the nine months ended September 27, 2025, from $60.0 million in the nine months ended September 28, 2024. The decrease in restructuring and asset-related charges, net was primarily due to a decrease in charges incurred to close certain manufacturing facilities in our North America and Europe segments and to transform the operating structure of our Europe segment. Refer to Note 16 - Restructuring and Asset-Related Charges, Net to our consolidated financial statements included in this Form 10-Q for more information.
Previous report — wording carried elsewhere
(8)Loss on extinguishment and refinancing of debt consists of $0.2 million in the nine months ended September 27, 2025, associated with an amendment of our ABL Facility. Loss on extinguishment and refinancing of debt of $0.5 million in the three months ended September 28, 2024, associated with the redemption of the remaining $200.0 million of our 4.63% Senior Notes. Loss on extinguishment and refinancing of debt of $1.9 million in the nine months ended September 28, 2024, associated with an amendment of our Term Loan Facility and redemption of the remaining $200.0 million of our 4.63% Senior Notes.
Previous report — wording carried elsewhere
(1)Adjusted EBITDA from continuing operations is a financial measure that is not calculated in accordance with GAAP. Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above.