Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 26, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ COMMISSION FILE NUMBER 1-9656 LA-Z-BOY INCORPORATED (Exact name of registrant as specified in its charter) | Michigan | | 38 ...

EXHIBIT 99.1 La-Z-Boy Incorporated Reports First Quarter Results; Led By Retail And Wholesale Delivered Sales Growth And Wholesale Margin Expansion; Retail Written Sales Up 5% Fiscal 2026 First Quarter Highlights: MONROE, Mich., August 19, 2025 -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today reported first quarter results for the period ended July 26, 2025. For the quarter, sales totaled $492 million, down 1% against the prior year comparab ...

Fiscal 2026 First Quarter Highlights: Retail segment written sales increased 5%Retail segment delivered sales increased 2% Added two storesAnnounced 15-store acquisition, which is expected to close in late October Wholesale segment delivered sales increased 1% Successful transition of our Arizona distribution center to new West Coast centralized hub GAAP operating margin of 4.5% and adjusted(1) operating margin of 4.8%GAAP diluted EPS of $0.44 and adjusted(1) diluted EPS of $0.47Generated $36 million in ope ...

MONROE, Mich., Aug. 05, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB) will report its Fiscal 2026 First Quarter results for the period ended July 26, 2025 after the close of trading on the New York Stock Exchange on Tuesday, August 19, 2025, and will hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Wednesday, August 20, 2025. The conference call will be webcast live with corresponding slides at https://lazboy.gcs-web.com/. The dial-in phone number for the ...

Core Insights - La-Z-Boy Incorporated has signed an asset purchase agreement to acquire a La-Z-Boy Furniture Galleries store network in the southeast U.S. from Atlanta Furniture Galleries, LLC, which includes 15 stores and approximately $80 million in annual sales [2][3] Acquisition Details - The acquisition will enhance La-Z-Boy's presence in the southeast region, adding 15 stores to its Retail segment and increasing the total company-owned store count to 220, representing 60% of the entire La-Z-Boy Furniture Galleries network [3] - The transaction is expected to close in late October 2025, subject to customary closing conditions [3] - The acquisition is anticipated to contribute approximately $40 million in additional annual sales to La-Z-Boy on a consolidated basis [4] Strategic Importance - The stores are located in key markets such as Atlanta, Orlando, Jacksonville, and Knoxville, which are considered core markets for La-Z-Boy, facilitating further growth opportunities [4] - This acquisition is noted as the largest independently owned La-Z-Boy Furniture Galleries acquisition in the company's history [5] Financial Outlook - La-Z-Boy expects its fiscal first quarter sales and adjusted operating margin to be around the low end of previously issued outlook ranges due to challenging consumer and macroeconomic conditions [5][6]

Financial Data and Key Metrics Changes - Consolidated delivered sales for Q4 reached $571 million, a 3% increase year-over-year [6][21] - For the fiscal year, consolidated delivered sales totaled $2.1 billion, also growing 3% compared to the previous year [8][25] - Operating cash flow for the year was $187 million, up 18% from the prior year [8][28] - The company maintained a strong balance sheet with $328 million in cash and no external debt [8][27] Business Line Data and Key Metrics Changes - Retail segment sales grew 8% in Q4, driven by new stores and acquisitions [6][22] - For the fiscal year, retail segment sales increased by 5% [8][25] - Wholesale segment sales grew 2% in Q4, led by the North American business [7][23] - Joybird's written sales decreased by 21% in Q4, reflecting challenges in the online business [14][24] Market Data and Key Metrics Changes - Written same-store sales for the retail segment decreased by 5% year-over-year in Q4 [13] - Industry data showed mixed results, with some peers reporting flat to mid-teen declines in same-store sales [13] - The company noted that high mortgage rates and economic volatility negatively impacted consumer sentiment [13] Company Strategy and Development Direction - The company is focused on its Century Vision strategy, aiming for double-digit operating margins and sales growth at double the market rate [15][19] - Plans to expand the total network of La Z Boy Furniture Galleries to over 400 stores, with a focus on company-owned locations [16][17] - The company is investing in redesigning its distribution network to enhance efficiency and improve consumer delivery experiences [10][11] Management's Comments on Operating Environment and Future Outlook - Management expects continued global economic uncertainty to challenge consumers in the near term but remains confident in the business model [9][20] - The company anticipates a rebound in housing fundamentals, which could benefit the industry long-term [20] - Management highlighted the importance of agility in navigating external challenges and maintaining strong execution [12][33] Other Important Information - The company was recognized in Newsweek's list of America's most loved brands and most trustworthy companies for 2025 [33] - The company returned $113 million to shareholders through dividends and share repurchases, including a 10% dividend increase for the fourth consecutive year [8][28] Q&A Session Summary Question: Potential for wholesale segment margin expansion - Management indicated that achieving a 10% margin requires both internal improvements and a healthy industry environment [39][40] Question: Timing of the distribution redesign project - Management explained that the decision was driven by recent acquisitions and the need for efficiency in the growing business [42][43] Question: Recent written orders trends - Management noted that Memorial Day showed a solid start, contrasting with a challenging February [44][45] Question: Reasons for sales outperformance relative to guidance - Management attributed the outperformance to broad-based execution despite macroeconomic challenges [51][52] Question: Impact of tariffs and pricing strategy - Management discussed the nominal pricing actions taken and the agility in responding to tariff impacts [53][55] Question: Long-term growth for Joybird - Management remains optimistic about Joybird's growth potential while emphasizing prudent expansion [57][60] Question: La Z Boy's pricing strategy in the current environment - Management expressed confidence in their competitive positioning and the ability to manage pricing effectively [64][67] Question: Operating margin outlook for the fiscal year - Management stated that margin expansion is contingent on industry health and their ability to outperform [70][71]

Financial Data and Key Metrics Changes - Consolidated delivered sales for Q4 2025 were $571 million, growing 3% year-over-year [6][7] - For the fiscal year, consolidated delivered sales reached $2.1 billion, also growing 3% compared to the previous year [7][27] - Operating cash flow for the year was $187 million, up 18% from the prior year [7][30] - The company maintained a strong balance sheet with $328 million in cash and no external debt [7][30] - Adjusted diluted EPS for the year was $2.92, down from $2.98 in fiscal 2024 [27][29] Business Segment Data and Key Metrics Changes - Retail segment sales for Q4 increased 8% to $247 million, driven by new stores and acquisitions [24] - Wholesale segment sales grew 2% to $324 million in Q4, primarily from the North American business [25] - Joybird's delivered sales were $36 million, down 2% year-over-year, with a positive adjusted operating margin [26] Market Data and Key Metrics Changes - Written same-store sales for the retail segment decreased 5% year-over-year, influenced by high mortgage rates and economic volatility [13] - Industry data showed mixed results, with some peers reporting flat to mid-teen declines in same-store sales [13] - Joybird's written sales trends decreased 21% in the quarter, with stronger performance in physical stores compared to online [14][15] Company Strategy and Development Direction - The company is focused on its Century Vision strategy, aiming for double-digit growth and operating margins [16][22] - Plans to expand the La-Z-Boy Furniture Galleries network to over 400 stores, with a focus on company-owned locations [17][18] - The company is investing in its supply chain and distribution network to enhance efficiency and service levels [10][11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model to outperform peers despite ongoing economic challenges [9][22] - The company anticipates continued macroeconomic volatility but expects to benefit from a rebound in the housing market in the long term [22][35] - Management highlighted the importance of agility in navigating external uncertainties and maintaining consumer engagement [12][22] Other Important Information - The company was recognized in Newsweek's list of America's most loved brands and most trustworthy companies for 2025 [35] - The company plans to open approximately 15 new company-owned and independent stores in fiscal 2026 [32][33] Q&A Session Summary Question: Can you provide details on the drivers for margin expansion in the wholesale segment? - Management indicated that half of the margin improvement is within their control through distribution redesign, while the other half depends on a healthy industry and housing market [40][42] Question: Why is the distribution redesign project being initiated now? - The timing is due to the increased scale of the business and the opportunity for efficiency improvements [44][45] Question: What has been observed in written orders recently? - Management noted that Memorial Day showed a solid start, contrasting with a challenging February [46][47] Question: What were the reasons for sales outperformance compared to guidance? - The outperformance was attributed to broad-based execution despite macroeconomic challenges [52][54] Question: Can you elaborate on the tariff expenses and pricing actions? - Management discussed nominal pricing actions taken to mitigate tariff impacts and emphasized the importance of consumer response [55][57] Question: What is the long-term outlook for Joybird stores? - Management remains optimistic about Joybird's growth potential and plans to open three to four new stores while optimizing the brand [59][62] Question: How does La-Z-Boy's pricing strategy compare to competitors? - Management believes La-Z-Boy is well-positioned due to its U.S.-based manufacturing and ability to offer personalized products at competitive prices [66][69]

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1].

Core Insights - La-Z-Boy reported quarterly earnings of $0.92 per share, missing the Zacks Consensus Estimate of $0.93 per share, and down from $0.95 per share a year ago, representing an earnings surprise of -1.08% [1] - The company posted revenues of $570.87 million for the quarter ended April 2025, surpassing the Zacks Consensus Estimate by 2.21% and up from $553.53 million year-over-year [2] - La-Z-Boy shares have declined approximately 10.7% year-to-date, contrasting with the S&P 500's gain of 2.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $502.4 million, and for the current fiscal year, it is $3.23 on revenues of $2.16 billion [7] - The estimate revisions trend for La-Z-Boy is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Furniture industry is currently in the top 38% of over 250 Zacks industries, suggesting that companies in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8] - Bassett Furniture, another company in the same industry, is expected to report quarterly earnings of $0.15 per share, reflecting a year-over-year change of +179%, with revenues projected at $81.2 million, down 2.7% from the previous year [9]

Part I [Business](index=4&type=section&id=Item%201.%20Business) La-Z-Boy is a leading global producer of reclining chairs and a major US manufacturer of residential furniture - The company operates through two primary reportable segments: the **Retail segment**, which sells directly to consumers via 203 company-owned La-Z-Boy Furniture Galleries® stores, and the **Wholesale segment**, which manufactures, imports, and sells to a network of proprietary and independent retailers[21](index=21&type=chunk) - The company's supply chain is primarily based in North America, with five major manufacturing locations in the United States and three in Mexico, which helps mitigate tariff impacts[19](index=19&type=chunk)[29](index=29&type=chunk) - The business experiences seasonality, with the **highest demand in winter months** and the fourth quarter being historically strongest for sales[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Working capital items saw minor changes in fiscal 2025: **inventory decreased by $8.0 million**, accounts receivable increased by $0.3 million, and **customer deposits decreased by $15.9 million**[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - The wholesale backlog **decreased by 13% to $119.5 million** at the end of fiscal 2025, down from $136.6 million in fiscal 2024[44](index=44&type=chunk) - As of the end of fiscal 2025, the company employed approximately **10,600 full-time equivalent employees**, an increase from 10,200 in the prior year[51](index=51&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from economic downturns, intense market competition, and operational threats like cybersecurity and supply chain disruptions - **Macroeconomic & Market Risks**: The business is sensitive to economic conditions impacting consumer spending on discretionary items, and intense competition poses a risk to market share and profitability[70](index=70&type=chunk)[71](index=71&type=chunk) - **Operational Risks**: The company is vulnerable to cybersecurity incidents, disruptions in its IT systems, supply chain interruptions, and fluctuations in raw material prices[75](index=75&type=chunk)[78](index=78&type=chunk)[82](index=82&type=chunk) - **Financial & Strategic Risks**: Failure to meet earnings expectations for acquired businesses could lead to **impairment charges**, and the company faces credit risk from wholesale customers[86](index=86&type=chunk)[90](index=90&type=chunk) - **Legal, Tax & Regulatory Risks**: Changes in trade policies, particularly **tariffs on goods from China**, could increase costs, and the company is subject to evolving data privacy regulations[93](index=93&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Unresolved Staff Comments](index=17&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[104](index=104&type=chunk) [Cybersecurity](index=18&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program with board-level oversight and has experienced no material incidents to date - The company has a formal information security program with annual risk assessments and controls such as **EDR, MFA, and SIEM**[105](index=105&type=chunk) - Cybersecurity governance is overseen by the **Chief Information Officer (CIO)**, who reports to the Audit Committee and the Board of Directors[112](index=112&type=chunk) - The company is **not aware of any cybersecurity threat or incident** to date that has materially affected its business, operations, or financial condition[110](index=110&type=chunk) [Properties](index=19&type=section&id=Item%202.%20Properties) The company owns or leases 13.0 million square feet of property, primarily owning manufacturing plants and leasing retail and warehouse space Property Square Footage by Segment (as of April 26, 2025) | (Amounts in millions) | Square Feet | | :--- | :--- | | Wholesale | 8.6 | | Retail | 3.9 | | Corporate and Other | 0.5 | | **Total property** | **13.0** | - The company owns its world headquarters and all domestic manufacturing plants, while the majority of retail stores and warehouses are leased[113](index=113&type=chunk) [Legal Proceedings](index=19&type=section&id=Item%203.%20Legal%20Proceedings) Management does not expect any legal proceedings from the ordinary course of business to have a material impact on its financial statements - The company does not currently believe it is probable that it will have any additional loss from legal matters that would be material to its consolidated financial statements[114](index=114&type=chunk) [Mine Safety Disclosures](index=19&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[115](index=115&type=chunk) [Information About Our Executive Officers](index=20&type=section&id=Information%20About%20Our%20Executive%20Officers) This section lists the company's key executive officers, including the President and CEO, CFO, and Chief Commercial Officer - Key executive officers include: - Melinda D. Whittington, President and Chief Executive Officer - Taylor E. Luebke, Senior Vice President and Chief Financial Officer - Robert Sundy, President, La-Z-Boy Brand and Chief Commercial Officer - Rebecca M. Reeder, President, Retail La-Z-Boy Furniture Galleries - Michael A. Leggett, Senior Vice President and Chief Supply Chain Officer[117](index=117&type=chunk)[118](index=118&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=21&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock (NYSE: LZB) performance is detailed, alongside dividend policy and significant share repurchase activity in fiscal 2025 - The company's common stock trades on the NYSE under the symbol **"LZB"**[120](index=120&type=chunk) Issuer Purchases of Equity Securities (Fiscal 2025) | Period | Total Shares Repurchased | Total Spent | Shares Remaining in Plan | | :--- | :--- | :--- | :--- | | **Q4 FY2025** | 0.3 million | $13.5 million | 3.7 million | | **Full Year FY2025** | 2.0 million | $77.9 million | 3.7 million | 5-Year Stock Performance (Total Return on $100 Investment) | Company/Index | 4/25/2020 | 4/26/2025 | | :--- | :--- | :--- | | La-Z-Boy Incorporated | $100.00 | $203.90 | | S&P 500 Composite Index | $100.00 | $210.35 | | Dow Jones U.S. Furnishings Index | $100.00 | $192.81 | [Reserved](index=22&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - Item 6 is reserved[128](index=128&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Introduction and Strategy](index=22&type=section&id=Introduction%20and%20Strategy) The company is executing its "Century Vision" strategy to grow sales and market share by focusing on its La-Z-Boy and Joybird brands - The company's **"Century Vision" strategy** focuses on driving growth through its La-Z-Boy and Joybird brands with a consumer-first approach[130](index=130&type=chunk) - Strategic initiatives include expanding the La-Z-Boy brand reach via its **"Long Live the Lazy" campaign**, growing the store network, and profitably growing the Joybird brand[131](index=131&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk) [Results of Operations (FY25 vs FY24)](index=24&type=section&id=Results%20of%20Operations%20(FY25%20vs%20FY24)) Consolidated sales grew 3.0% to $2.11 billion, but operating income fell 9.9% due to a goodwill impairment charge and margin compression Consolidated Results of Operations (FY25 vs FY24) | (Amounts in thousands) | FY2025 | FY2024 | % Change | | :--- | :--- | :--- | :--- | | Sales | $2,109,207 | $2,047,027 | 3.0% | | Operating income | $135,837 | $150,796 | (9.9)% | | Operating margin | 6.4% | 7.4% | -100 bps | - The decline in consolidated operating margin was primarily driven by a **$20.6 million non-cash goodwill impairment charge** for the UK businesses[149](index=149&type=chunk)[141](index=141&type=chunk) Retail Segment Performance (FY25 vs FY24) | (Amounts in thousands) | FY2025 | FY2024 | % Change | | :--- | :--- | :--- | :--- | | Sales | $898,370 | $855,126 | 5.1% | | Operating income | $105,417 | $111,682 | (5.6)% | | Operating margin | 11.7% | 13.1% | -140 bps | Wholesale Segment Performance (FY25 vs FY24) | (Amounts in thousands) | FY2025 | FY2024 | % Change | | :--- | :--- | :--- | :--- | | Total Sales | $1,479,819 | $1,447,278 | 2.2% | | Operating income | $82,213 | $99,373 | (17.3)% | | Operating margin | 5.6% | 6.9% | -130 bps | - The Corporate and Other segment's operating loss decreased by $8.5 million, primarily due to improved performance at **Joybird, which reached breakeven profit**[159](index=159&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with $328.4 million in cash, driven by increased operating cash flow Cash Flow Summary (FY2025 vs FY2024) | (Amounts in thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,271 | $158,127 | | Net cash used for investing activities | ($98,389) | ($81,554) | | Net cash used for financing activities | ($102,612) | ($81,227) | | **Change in cash and cash equivalents** | **($12,649)** | **($5,580)** | - **Cash and cash equivalents stood at $328.4 million** at the end of fiscal 2025, and the company has **no borrowings outstanding** under its $200 million credit facility[164](index=164&type=chunk)[167](index=167&type=chunk) - Key uses of cash in fiscal 2025 included **$74.3 million for capital expenditures**, **$29.5 million for acquisitions**, **$77.9 million for share repurchases**, and **$35.0 million for dividends**[169](index=169&type=chunk)[170](index=170&type=chunk)[178](index=178&type=chunk) [Critical Accounting Estimates](index=29&type=section&id=Critical%20Accounting%20Estimates) Key estimates include goodwill valuation, which resulted in a $20.6 million impairment for the UK unit, and product warranty liabilities - **Goodwill impairment testing** is a critical estimate, and in fiscal 2025, the company performed a quantitative test on its UK and Joybird reporting units[179](index=179&type=chunk)[180](index=180&type=chunk) - The UK reporting unit's goodwill of **$20.6 million was fully impaired** and written down to zero due to declining financial performance[182](index=182&type=chunk) - The Joybird reporting unit's estimated fair value **exceeded its carrying value by approximately 16%**, so no impairment was recorded[181](index=181&type=chunk)[293](index=293&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency, commodity and transportation costs, and duties and tariffs - The company is exposed to market risk from foreign currency changes, but the effect is not currently expected to be material[190](index=190&type=chunk) - Significant risk exists from fluctuations in **commodity prices** (steel, wood, foam) and **transportation costs**, which could impact margins[191](index=191&type=chunk) - The company is exposed to market risk from **duties and tariffs** on imported materials and finished goods, which could increase costs[192](index=192&type=chunk)[193](index=193&type=chunk) [Financial Statements and Supplementary Data](index=33&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements, auditor's report, and notes for fiscal year 2025 Consolidated Statement of Income (Fiscal Years Ended) | (Amounts in thousands) | April 26, 2025 | April 27, 2024 | April 29, 2023 | | :--- | :--- | :--- | :--- | | Sales | $2,109,207 | $2,047,027 | $2,349,433 | | Gross profit | $926,418 | $881,670 | $964,733 | | Operating income | $135,837 | $150,796 | $211,439 | | Net income attributable to La-Z-Boy | $99,556 | $122,626 | $150,664 | | Diluted EPS | $2.35 | $2.83 | $3.48 | Consolidated Balance Sheet (As of) | (Amounts in thousands) | April 26, 2025 | April 27, 2024 | | :--- | :--- | :--- | | Total current assets | $805,688 | $836,808 | | Total assets | $1,922,162 | $1,913,442 | | Total current liabilities | $420,791 | $437,281 | | Total equity | $1,031,976 | $1,013,360 | | **Total liabilities and equity** | **$1,922,162** | **$1,913,442** | - The independent auditor identified two **Critical Audit Matters** for the fiscal 2025 audit: the goodwill impairment assessments of the Joybird and United Kingdom reporting units[207](index=207&type=chunk)[210](index=210&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=71&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting principles or financial disclosure - None[363](index=363&type=chunk) [Controls and Procedures](index=71&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of fiscal 2025 - Based on an evaluation, the CEO and CFO concluded that the company's **disclosure controls and procedures are effective**[363](index=363&type=chunk) - There were **no changes in internal control over financial reporting** during the fourth quarter of fiscal 2025 that materially affected these controls[365](index=365&type=chunk) [Other Information](index=71&type=section&id=Item%209B.%20Other%20Information) This section discloses the adoption of a Rule 10b5-1 trading plan by a member of the Board of Directors - On March 11, 2025, Director Janet Kerr adopted a **Rule 10b5-1 trading plan** for the sale of up to 3,372 shares of common stock[366](index=366&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=71&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[368](index=368&type=chunk) Part III Items 10 through 14 incorporate information by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders [Directors, Executive Officers, and Corporate Governance](index=71&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, officers, and governance is incorporated by reference from the 2025 Proxy Statement - Information required by this item is incorporated by reference from the company's 2025 Annual Meeting of Shareholders Proxy Statement[369](index=369&type=chunk) [Executive Compensation](index=72&type=section&id=Item%2011.%20Executive%20Compensation) Detailed information on executive and director compensation is incorporated by reference from the company's 2025 Proxy Statement - Information required by this item is incorporated by reference from the company's 2025 Proxy Statement, covering various aspects of executive compensation[372](index=372&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=72&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Details on security ownership and equity compensation plans are incorporated by reference from the 2025 Proxy Statement Equity Compensation Plan Information (as of April 26, 2025) | Plan Category | Securities to be Issued Upon Exercise (i) | Weighted-Average Exercise Price (ii) | Securities Remaining for Future Issuance (iii) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by shareholders | 2,099,790 | $29.91 | 2,717,757 | [Certain Relationships and Related Transactions, and Director Independence](index=72&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2025 Proxy Statement - Information required by this item is incorporated by reference from the company's 2025 Proxy Statement[377](index=377&type=chunk) [Principal Accountant Fees and Services](index=73&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2025 Proxy Statement - Information required by this item is incorporated by reference from the company's 2025 Proxy Statement[378](index=378&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=73&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed with the Form 10-K, including financial statements, schedules, and various exhibits - This item lists all financial statements, schedules, and exhibits filed with the report[379](index=379&type=chunk) - **Financial Statement Schedule II**—Valuation and Qualifying Accounts for the last three fiscal years is included[381](index=381&type=chunk) - Exhibits filed include governance documents, credit agreements, management compensation plans, and **CEO/CFO certifications**[382](index=382&type=chunk)[383](index=383&type=chunk) [Form 10-K Summary](index=75&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[385](index=385&type=chunk)