Gibraltar Industries(ROCK) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Unaudited consolidated financial statements detail decreased net income, increased assets, and reduced cash Consolidated Statements of Income Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $309,517 | $273,624 | $555,874 | $514,634 | | Operating income | $39,506 | $40,822 | $68,161 | $70,914 | | Income from continuing operations | $29,438 | $30,984 | $52,553 | $53,938 | | (Loss) income from discontinued operations | $(3,434) | $1,214 | $(5,430) | $3,206 | | Net income | $26,004 | $32,198 | $47,123 | $57,144 | | Net earnings per share – Diluted | $0.87 | $1.05 | $1.56 | $1.86 | Consolidated Statements of Comprehensive Income Consolidated Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $26,004 | $32,198 | $47,123 | $57,144 | | Foreign currency translation adjustment | $2,262 | $(418) | $2,311 | $(1,382) | | Total comprehensive income | $28,266 | $31,780 | $49,434 | $55,762 | Consolidated Balance Sheets Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :-------------------------------------- | :-------------- | :---------------- | :--------- | | Cash and cash equivalents | $43,291 | $269,480 | -83.9% | | Trade receivables, net | $163,572 | $114,898 | +42.4% | | Inventories, net | $125,860 | $93,271 | +34.9% | | Assets of discontinued operations | $369,736 | $132,540 | +179.0% | | Total current assets | $753,509 | $651,332 | +15.7% | | Property, plant, and equipment, net | $121,053 | $87,079 | +39.0% | | Goodwill | $410,777 | $323,189 | +27.1% | | Acquired intangibles | $135,754 | $55,420 | +145.0% | | Total assets | $1,482,752 | $1,419,410 | +4.5% | | Total current liabilities | $296,278 | $254,862 | +16.2% | | Liabilities of discontinued operations | $93,948 | $83,483 | +12.5% | | Total stockholders' equity | $1,041,180 | $1,048,034 | -0.7% | Consolidated Statements of Cash Flows Consolidated Cash Flow Highlights (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net cash provided by operating activities | $58,558 | $89,653 | -34.7% | | Net cash used in investing activities | $(222,528) | $(8,357) | -2563.0% | | Net cash used in financing activities | $(62,499) | $(1,447) | -4218.5% | | Net (decrease) increase in cash and cash equivalents | $(226,189) | $79,676 | -384.0% | | Acquisitions, net of cash acquired | $(192,946) | — | N/A | | Purchase of common stock at market prices | $(62,499) | $(1,447) | -4218.5% | Consolidated Statements of Stockholders' Equity Stockholders' Equity Changes (Six Months Ended June 30, 2025, in thousands) | Metric | Amount | | :-------------------------------------- | :------- | | Balance at December 31, 2024 | $1,048,034 | | Net income | $47,123 | | Foreign currency translation adjustment | $2,311 | | Stock compensation expense | $6,677 | | Common stock repurchased under stock repurchase program | $(60,000) | | Excise tax on repurchase of common stock | $(491) | | Balance at June 30, 2025 | $1,041,180 | Notes to Consolidated Financial Statements (1) BASIS OF PRESENTATION - The Renewables business was classified as discontinued operations in June 2025, representing a strategic shift to focus on Residential, Agtech, and Infrastructure segments[26][27] - Interim financial results are not necessarily indicative of full-year results due to the Company's seasonal operations[24] (2) TRADE RECEIVABLES, NET Allowance for Credit Losses (in thousands) | Metric | Amount | | :-------------------------------------- | :------- | | Beginning balance as of January 1, 2025 | $1,793 | | Bad debt expense, net of recoveries | $147 | | Accounts written off against allowance and other adjustments | $(50) | | Ending balance as of June 30, 2025 | $1,890 | (3) REVENUE - Revenue is generated from a diverse range of products and services across residential (e.g., ventilation, mail systems, roofing), agtech (e.g., controlled environmental agriculture, greenhouses, structural canopies), and infrastructure (e.g., expansion joints, structural bearings) markets[30][31] Unearned Revenue (in millions) | Date | Amount | | :---------------- | :------- | | June 30, 2025 | $0.8 | | December 31, 2024 | $0.7 | (4) INVENTORIES, NET Inventories, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (%) | | :--------------- | :-------------- | :---------------- | :--------- | | Raw material | $77,579 | $48,019 | +61.5% | | Work-in-process | $3,657 | $4,195 | -12.8% | | Finished goods | $44,624 | $41,057 | +8.7% | | Total inventories, net | $125,860 | $93,271 | +34.9% | - Reserve for excess, obsolete and slow moving inventory increased slightly from $3.0 million at December 31, 2024, to $3.1 million at June 30, 2025[34] (5) ACQUISITIONS - During Q1 2025, the Company acquired three businesses acquired in 2025 for a total preliminary purchase consideration of $208.2 million, funded with cash on hand[35][36][37] Key Acquisition Details (Q1 2025) | Acquisition | Date | Segment | Purchase Consideration (in millions) | Preliminary Goodwill (in millions) | Acquired Intangible Assets (in millions) | | :-------------------------------- | :--------- | :-------- | :--------------------------------- | :------------------------------- | :------------------------------------- | | Lane Supply, Inc. | Feb 11, 2025 | Agtech | $118.0 | $38.3 (not tax deductible) | $67.1 (Trademarks, Customer relationships, Backlog) | | Two metal roofing manufacturers | Mar 31, 2025 | Residential | $90.2 | $48.3 (tax deductible) | $22.34 (Trademarks, Customer relationships) | - These acquisitions contributed approximately $65.3 million in net sales to the Company's consolidated statements of income from their respective acquisition dates through June 30, 2025[42] - Acquisition-related costs of $3.1 million were recognized within selling, general, and administrative expense for the six months ended June 30, 2025[43] (6) GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill by Segment (in thousands) | Segment | Balance at Dec 31, 2024 | Acquired Goodwill | Foreign Currency Translation | Balance at June 30, 2025 | | :-------------- | :---------------------- | :---------------- | :--------------------------- | :--------------------- | | Residential | $209,170 | $48,327 | — | $257,497 | | Agtech | $82,341 | $38,300 | $961 | $121,602 | | Infrastructure | $31,678 | — | — | $31,678 | | Total | $323,189 | $86,627 | $961 | $410,777 | Acquired Intangible Assets (in thousands) | Category | June 30, 2025 Gross Carrying Amount | December 31, 2024 Gross Carrying Amount | | :-------------------------- | :---------------------------------- | :---------------------------------- | | Indefinite-lived Trademarks | $19,570 | $19,570 | | Finite-lived Backlog | $5,300 | — | | Finite-lived Trademarks | $12,920 | $2,250 | | Finite-lived Unpatented technology | $26,711 | $26,569 | | Finite-lived Customer relationships | $124,265 | $50,650 | | Finite-lived Non-compete agreements | $500 | $709 | | Total acquired intangible assets | $189,266 | $99,748 | Amortization Expense (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Amortization expense | $5,697 | $1,560 | $9,118 | $3,198 | Estimated Future Amortization Expense (in thousands) | Year | 2025 (remainder) | 2026 | 2027 | 2028 | 2029 | 2030 | | :------------------ | :--------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Amortization expense | $7,499 | $11,559 | $10,971 | $10,730 | $10,668 | $9,508 | (7) LONG-TERM DEBT - The Company had no outstanding debt as of June 30, 2025, and December 31, 2024[50] Revolving Credit Facility Availability (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :-------------- | :---------------- | | Total revolving credit facility | $400,000 | $400,000 | | Less: standby letters of credit issued to third parties | $(5,054) | $(4,931) | | Availability on revolving credit facility | $394,946 | $395,069 | - The Company was in compliance with all financial covenants under its Credit Agreement as of June 30, 2025[51] (8) EQUITY-BASED COMPENSATION Equity-Based Awards Granted (Six Months Ended June 30) | Award Type | 2025 Number of Awards | 2025 Weighted-Average Grant-Date Fair Value | 2024 Number of Awards | 2024 Weighted-Average Grant-Date Fair Value | | :-------------------------- | :-------------------- | :---------------------------------------- | :-------------------- | :---------------------------------------- | | Performance stock units | 137,940 | $61.98 | 58,582 | $77.70 | | Restricted stock units | 57,119 | $64.20 | 33,846 | $77.95 | | Deferred stock units | 2,172 | $52.95 | 3,340 | $68.86 | | Common shares | 13,032 | $52.95 | 6,680 | $68.86 | Management Stock Purchase Plan (MSPP) Liabilities (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Total MSPP liabilities | $22,900 | $23,700 | | Current accrued expenses | $4,300 | $3,200 | | Non-current liabilities | $18,600 | $20,500 | | Value of restricted stock units within MSPP liabilities | $16,800 | $18,100 | (9) EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS - The Company incurred $2.8 million in exit activity costs and asset impairment charges for the six months ended June 30, 2025, as part of restructuring initiatives to improve operating performance and optimize its business portfolio[61][64] Total Exit Activity and Asset Impairment Charges (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total charges | $1,582 | $160 | $2,818 | $226 | Exit Activity Costs by Segment (Six Months Ended June 30, 2025, in thousands) | Segment | Exit Activity | Asset Impairment | Total | | :-------------- | :------------ | :--------------- | :---- | | Residential | $2,355 | — | $2,355 | | Agtech | $275 | $157 | $432 | | Infrastructure | — | — | — | | Corporate | $31 | — | $31 | | Total | $2,661 | $157 | $2,818 | (10) INCOME TAXES Provision for Income Taxes and Effective Tax Rates | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for income taxes (in thousands) | $9,819 | $11,147 | $16,920 | $19,387 | | Effective tax rate | 25.0% | 26.5% | 24.4% | 26.4% | - The effective tax rate remained above the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences, partially offset by favorable discrete items from stock-based compensation[65] (11) EARNINGS PER SHARE Weighted Average Shares Outstanding (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic weighted average shares outstanding | 29,717 | 30,588 | 30,027 | 30,580 | | Dilutive weighted average shares outstanding | 29,806 | 30,791 | 30,133 | 30,801 | (12) SEGMENT INFORMATION Net Sales by Reportable Segment (Three Months Ended June 30, in thousands) | Segment | 2025 Net Sales | 2024 Net Sales | Change (%) | | :-------------- | :------------- | :------------- | :--------- | | Residential | $230,258 | $214,316 | +7.5% | | Agtech | $54,092 | $34,508 | +56.8% | | Infrastructure | $25,167 | $24,800 | +1.5% | | Total | $309,517 | $273,624 | +13.1% | Segment Profit (Loss) (Three Months Ended June 30, in thousands) | Segment | 2025 Segment Profit (Loss) | 2024 Segment Profit | Change (%) | | :-------------- | :------------------------- | :------------------ | :--------- | | Residential | $43,611 | $43,313 | +0.7% | | Agtech | $(494) | $2,282 | -121.6% | | Infrastructure | $7,083 | $6,215 | +13.9% | Net Sales by Reportable Segment (Six Months Ended June 30, in thousands) | Segment | 2025 Net Sales | 2024 Net Sales | Change (%) | | :-------------- | :------------- | :------------- | :--------- | | Residential | $410,252 | $399,427 | +2.7% | | Agtech | $99,132 | $68,535 | +44.6% | | Infrastructure | $46,490 | $46,672 | -0.4% | | Total | $555,874 | $514,634 | +8.0% | Segment Profit (Six Months Ended June 30, in thousands) | Segment | 2025 Segment Profit | 2024 Segment Profit | Change (%) | | :-------------- | :------------------ | :------------------ | :--------- | | Residential | $74,871 | $77,659 | -3.6% | | Agtech | $2,891 | $4,890 | -40.9% | | Infrastructure | $12,341 | $11,111 | +11.1% | - Agtech segment's organic sales decreased due to delayed project starts, despite acquisition-driven revenue growth[100][115] - Infrastructure segment demonstrated strong execution and demand, leading to improved operating margin[101][107][116][121] (13) DISCONTINUED OPERATIONS - In June 2025, the Renewables business was classified as held for sale and discontinued operations, reflecting a strategic shift to focus on Residential, Agtech, and Infrastructure segments[74] (Loss) Income before Taxes from Discontinued Operations (in thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | (Loss) income before taxes | $(5,381) | $1,486 | $(8,544) | $3,799 | Assets and Liabilities of Discontinued Operations (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :-------------- | :---------------- | | Total assets classified as discontinued operations | $369,736 | $391,436 | | Total liabilities classified as discontinued operations | $93,948 | $92,866 | - No impairment adjustment was recognized for the Renewables business as its fair value less cost to sell was greater than its carrying amount[75] (14) SUBSEQUENT EVENT - On July 31, 2025, the Company acquired a privately held metal roofing systems manufacturer for $16.0 million in cash, to be reported within the Residential segment[79] - The U.S. enacted the 'One Big Beautiful Bill Act of 2025' on July 4, 2025, but the Company does not expect any material change to its ongoing tax rate as a result of this legislation[78] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial performance, condition, and outlook, covering business overview, trends, results, liquidity, and accounting estimates Overview - Gibraltar Industries, Inc. is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, primarily in North America[83] - The Company's continuing operations are supported by 36 facilities (31 manufacturing, 5 offices) located in 19 states, Canada, and China[84] - The Company's business strategy is built on three core pillars: Business System, Portfolio Management, and Organization Development, aimed at driving growth, improving operating performance, and developing talent[88][91] Recent Trends - The Company is closely monitoring macroeconomic conditions, including potential impacts from tariffs on raw materials (steel and aluminum), and volatility in demand, material costs, and logistics[86][87] - In June 2025, the Company committed to selling its Renewables business, a strategic shift to focus its asset portfolio and resources on its Residential, Agtech, and Infrastructure segments[92] - A new share repurchase program of up to $200 million was authorized in April 2025, with a three-year duration[93] - In Q1 2025, the Company completed two significant acquisitions: Lane Supply for $117 million (Agtech segment) and two metal roofing manufacturers for $90 million (Residential segment)[94][95] - The Company sold its electronic locker business within the Residential segment in December 2024 for net proceeds of $28 million[96] Results of Operations Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024 Consolidated Financial Performance (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net sales | $309,517 | $273,624 | +13.1% | | Gross profit | $87,835 | $83,328 | +5.4% | | Gross margin | 28.4% | 30.5% | -2.1 pp | | Selling, general, and administrative expense | $48,329 | $42,506 | +13.7% | | Income from operations | $39,506 | $40,822 | -3.2% | | Operating margin | 12.8% | 14.9% | -2.1 pp | - Consolidated net sales increased by $35.9 million (13.1%), driven by $50.0 million from Q1 2025 acquisitions, partially offset by a 4% decrease in organic revenue due to delayed Agtech projects and the prior year's electronic locker business sale[98] - Agtech segment operating margin declined to (0.9)% from 6.6% due to costs related to the Lane Supply acquisition and the impact of shifting large projects to the second half of the year[106] - Infrastructure segment operating margin improved to 28.1% from 25.1%, driven by strong execution, supply chain management, and product line mix[107] Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024 Consolidated Financial Performance (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Net sales | $555,874 | $514,634 | +8.0% | | Gross profit | $157,688 | $155,415 | +1.5% | | Gross margin | 28.4% | 30.2% | -1.8 pp | | Selling, general, and administrative expense | $89,527 | $84,501 | +5.9% | | Income from operations | $68,161 | $70,914 | -3.9% | | Operating margin | 12.3% | 13.8% | -1.5 pp | - Consolidated net sales increased by $41.2 million (8.0%), driven by $65.3 million from current year acquisitions, partially offset by a 3.6% decrease in organic revenue[113] - Residential segment operating margin declined to 18.3% from 19.4% due to product mix and lower volume[119] - Agtech segment operating margin declined to 2.9% from 7.1% due to acquisition costs and the impact of shifting large projects to the second half of the year[120] - Infrastructure segment operating margin improved to 26.5% from 23.8% due to strong execution, supply chain management, and product line mix[121] Liquidity and Capital Resources Sources of Liquidity Liquidity Position (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $43,291 | $269,480 | | Availability on revolving credit facility | $394,946 | $395,069 | | Total Liquidity | $438,237 | $664,549 | - The Company's primary sources of liquidity are cash on hand and its $400 million revolving credit facility, with $394.9 million available as of June 30, 2025[127] Uses of Cash / Cash Requirements - Short-term cash requirements include accounts payable, employee and retiree benefit obligations, operating lease obligations, capital expenditures, and other purchase obligations[130] - Long-term capital requirements are for funding working capital, capital improvements, acquisitions, and strategically allocating capital through share repurchases[130] - A new $200 million share repurchase program was authorized in April 2025, with a three-year duration[131] Cash Flows Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | Change (%) | | :-------------------------------------- | :----------- | :----------- | :--------- | | Operating activities of continuing operations | $48,630 | $90,411 | -46.2% | | Investing activities of continuing operations | $(221,554) | $(7,326) | -2924.4% | | Financing activities | $(62,499) | $(1,447) | -4218.5% | | Discontinued operations | $8,954 | $(1,789) | +599.4% | | Net (decrease) increase in cash and cash equivalents | $(226,189) | $79,676 | -384.0% | - Net cash provided by operating activities of continuing operations decreased significantly due to $26.7 million invested in working capital, primarily from increases in accounts receivable and inventory[136] - Net cash used in investing activities increased substantially due to $192.9 million for acquisitions and $29.0 million for capital expenditures[138] - Net cash used in financing activities increased significantly due to $60.0 million in common stock repurchases[140] Critical Accounting Estimates - The Company reinstated critical accounting estimates related to measuring and recognizing the fair value of assets acquired and liabilities assumed in significant business combinations due to the three businesses acquired in 2025[142] - Significant judgment and the use of independent valuation specialists are necessary to determine the fair value of long-lived assets and identified intangible assets in business combinations, using discounted cash flow methods, market appraisals, and other valuation techniques[143][144] Recent Accounting Pronouncements - The Company determined that the adoption of recent accounting pronouncements would not have a material effect on its financial position, results of operations, or cash flows[28][145] Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company faces market risks from economic conditions, competition, interest rates, foreign exchange, and raw material pricing, with no material changes - The Company is exposed to market risks including changes in general economic conditions, competition, interest rates, foreign exchange rates, and raw materials pricing and availability[146] - No material changes in market risk disclosures have occurred since December 31, 2024[146] Item 4. Controls and Procedures Disclosure controls were effective as of June 30, 2025, with 2025 acquisitions excluded and a new ERP system implemented in Residential - The Company's disclosure controls and procedures were effective as of June 30, 2025[147] - The 2025 acquisitions (Lane Supply, Inc. and two metal roofing related businesses) will be excluded from management's annual report on internal control over financial reporting for the year ending December 31, 2025[148] - A new Enterprise Resource Planning (ERP) system was implemented for two operating units in the Residential segment, expected to improve user access security and automate accounting and reporting processes[148][149] PART II. OTHER INFORMATION Item 1. Legal Proceedings The Company is involved in routine litigation, not expecting material adverse effects, with no material resolutions this quarter - The Company does not believe that the ultimate outcome of any pending litigation will have a material effect on its consolidated financial condition, results of operations, or liquidity[150] - No material legal proceedings were terminated, settled, or otherwise resolved during the quarter ended June 30, 2025[151] Item 1A. Risk Factors No material changes to risk factors have occurred since the prior Form 10-Q and Annual Report on Form 10-K - No material changes from the risk factors previously disclosed in the Company's Form 10-Q for the quarter ended March 31, 2025, and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[152] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds A new $200 million share repurchase program was authorized in April 2025, replacing the expired program, with no purchases or unregistered sales this quarter - A new share repurchase program of up to $200 million of common stock was authorized in April 2025, with a duration of three years, ending April 30, 2028[153] - The previously authorized share repurchase program expired on May 2, 2025[154] - The Company did not purchase shares during the quarter ended June 30, 2025, under the new program[154] Item 3. Defaults Upon Senior Securities This item is not applicable to the Company for the reporting period - Not applicable[155] Item 4. Mine Safety Disclosures This item is not applicable to the Company for the reporting period - Not applicable[156] Item 5. Other Information No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers this quarter - None of the Company's directors or officers adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the quarter ended June 30, 2025[157] Item 6. Exhibits This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance, Sarbanes-Oxley certifications, and XBRL files - Exhibits include amendments to the Certificate of Incorporation, Second Amended and Restated By-Laws, certifications by the CEO and CFO under Sections 302 and 906 of the Sarbanes–Oxley Act of 2002, and Inline XBRL documents[158] SIGNATURES The Quarterly Report on Form 10-Q was signed by the Chairman, President, CEO, and CFO on August 6, 2025 - The report was signed by William T. Bosway (Chairman of the Board, President and Chief Executive Officer) and Joseph A. Lovechio (Vice President and Chief Financial Officer) on August 6, 2025[161]