Comtech Telecommunications Corp 10-Q for FY2026 Q3

Comtech Telecommunications Corp (CMTL)

10-Q 2026-06-15 For: 2026-04-30

Added on June 15, 2026

About this 10-Q

Comtech Telecommunications Corp filed this 10-Q on June 15, 2026, covering the quarter ended April 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended April 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $106M; down 16.4% from $126.79M a year earlier
Net loss: $3.45M; compared with net income of $33.93M a year earlier
Diluted EPS: -$0.47; compared with -$0.49 a year earlier

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Delaware						11-2139466
(State or other jurisdiction of incorporation /organization)						(I.R.S. Employer Identification Number)
305 N 54th Street, Chandler, Arizona						85226
(Address of principal executive offices)						(Zip Code)


COMTECH TELECOMMUNICATIONS CORP. INDEX
			Page
PART I. FINANCIAL INFORMATION

	Item 1.	Condensed Consolidated Financial Statements	2

		Condensed Consolidated Balance Sheets - April 30, 2026 and July 31, 2025 (Unaudited)	2

		Condensed Consolidated Statements of Operations - Three and Nine Months Ended April 3 0 , 2026 and 2025 (Unaudited)	3

		Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - Three and Nine Months Ended April 30 , 2026 and 2025 (Unaudited)	4

		Condensed Consolidated Statements of Cash Flows - Nine Months Ended April 30 , 2026 and 2025 (Unaudited)	6

		Notes to Condensed Consolidated Financial Statements (Unaudited)	8

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	47

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	72

	Item 4.	Controls and Procedures	72

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	74

	Item 1A.	Risk Factors	74

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75

	Item 4.	Mine Safety Disclosures	75

	Item 5.	Other Information	75

	Item 6.	Exhibits	76

		Signatures	77


Assets	April 30, 2026		July 31, 2025
Current assets:
Cash and cash equivalents	$	28,499,000	40,019,000
Accounts receivable, net	127,795,000		144,837,000
Inventories, net	61,828,000		68,955,000
Prepaid expenses and other current assets	18,588,000		16,375,000

Total current assets	236,710,000		270,186,000
Property, plant and equipment, net	45,017,000		43,410,000
Operating lease right-of-use assets, net	30,703,000		30,812,000
Goodwill	204,625,000		204,625,000
Intangibles with finite lives, net	158,421,000		173,105,000
Deferred financing costs, net	1,430,000		1,907,000
Other assets, net	16,577,000		16,790,000
Total assets	$	693,483,000	740,835,000
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable	$	22,235,000	25,965,000
Accrued expenses and other current liabilities	49,349,000		58,423,000
Current portion of credit facility	4,050,000		4,050,000

Operating lease liabilities, current	6,477,000		7,250,000
Contract liabilities	65,092,000		62,546,000
Interest payable	1,000		15,000

Total current liabilities	147,204,000		158,249,000
Non-current portion of credit facility, net	104,193,000		114,414,000
Non-current portion of subordinated credit facility, net	106,879,000		95,588,000
Operating lease liabilities, non-current	29,880,000		29,376,000
Income taxes payable, non-current	1,621,000		1,818,000
Deferred tax liability, net	5,228,000		4,619,000
Long-term contract liabilities	18,096,000		21,005,000
Warrant and derivative liabilities	12,664,000		17,849,000
Other liabilities	4,441,000		3,950,000
Total liabilities	430,206,000		446,868,000
Commitments and contingencies (See Note 19)	—
Convertible preferred stock, par value $0.10 per share; authorized and issued 178,181 shares at April 30, 2026 (redemption value of $218,245,000 which includes accrued dividends of $1,625,000) and authorized and issued 178,181 shares at July 31, 2025 (redemption value of $204,153,000, which includes accrued dividends of $1,520,000)	210,783,000		189,545,000
Stockholders' equity:
Preferred stock, par value $0.10 per share; authorized and unissued 1,821,819 shares at both April 30, 2026 and July 31, 2025, respectively	—		—
Common stock, par value $0.10 per share; authorized 100,000,000 shares; issued 44,947,742 and 44,443,626 shares at April 30, 2026 and July 31, 2025, respectively	4,495,000		4,444,000
Additional paid-in capital	529,710,000		548,722,000
Retained deficit	(39,862,000)		(6,895,000)
	494,343,000		546,271,000
Less:
Treasury stock, at cost (15,033,317 shares at April 30, 2026 and July 31, 2025)	(441,849,000)		(441,849,000)
Total stockholders’ equity	52,494,000		104,422,000
Total liabilities, convertible preferred stock and stockholders’ equity	$	693,483,000	740,835,000


	Three months ended April 30,			Nine months ended April 30,
	2026		2025	2026		2025
Net sales	$	106,004,000	126,787,000	$	323,797,000	369,161,000
Cost of sales	69,938,000		87,842,000	214,742,000		281,960,000
Gross profit	36,066,000		38,945,000	109,055,000		87,201,000

Expenses:
Selling, general and administrative	29,331,000		30,203,000	86,950,000		115,679,000
Research and development	5,220,000		4,425,000	13,440,000		12,492,000
Amortization of intangibles	4,597,000		5,044,000	14,684,000		16,680,000
CEO transition costs	40,000		805,000	1,096,000		1,072,000
Proxy solicitation costs	—		—	—		2,682,000
Impairment of long-lived assets, including goodwill	—		—	—		79,555,000


	39,188,000		40,477,000	116,170,000		228,160,000

Operating loss	(3,122,000)		(1,532,000)	(7,115,000)		(140,959,000)

Other expenses (income):
Interest expense	11,537,000		12,907,000	34,314,000		33,447,000
Interest (income) and other	5,000		(509,000)	(426,000)		—
Change in fair value of warrants and derivatives	(12,479,000)		(49,542,000)	(9,763,000)		(15,450,000)
Write-off of deferred financing costs and debt discounts	—		3,479,000	—		4,891,000

(Loss) income before provision for (benefit from) income taxes	(2,185,000)		32,133,000	(31,240,000)		(163,847,000)
Provision for (benefit from) income taxes	1,268,000		(1,801,000)	1,727,000		(635,000)


Net (loss) income	$	(3,453,000)	33,934,000	$	(32,967,000)	(163,212,000)

Gain on extinguishment of convertible preferred stock	—		—	—		51,179,000

Adjustments to reflect redemption value of convertible preferred stock:


Dividends on convertible preferred stock, net	(10,810,000)		(48,405,000)	(21,238,000)		(80,656,000)
Net loss attributable to common stockholders	$	(14,263,000)	(14,471,000)	$	(54,205,000)	(192,689,000)

Net loss per common share (See Note 5):
Basic	$	(0.47)	(0.49)	$	(1.82)	(6.56)
Diluted	$	(0.47)	(0.49)	$	(1.82)	(6.56)

Weighted average number of common shares outstanding – basic	30,034,000		29,399,000	29,823,000		29,395,000

Weighted average number of common and common equivalent shares outstanding – diluted	30,034,000		29,399,000	29,823,000		29,395,000



	Three months ended April 30, 2026 and 2025
	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings (Deficit)		Treasury Stock			Stockholders' Equity
	Shares	Amount		Shares	Amount						Shares	Amount
Balance as of January 31, 2025	175,264	$	122,317,000	44,380,110	$	4,438,000	$	614,858,000	$	(48,739,000)	15,033,317	$	(441,849,000)	$	128,708,000
Equity-classified stock award compensation	—	—		—	—		1,195,000		—		—	—		1,195,000

Issuance of employee stock purchase plan shares	—	—		13,663	1,000		17,000		—		—	—		18,000

Net settlement of stock-based awards	—	—		1,887	1,000		(19,000)		—		—	—		(18,000)

Issuance of convertible preferred stock (at fair value), excluding embedded derivatives	2,917	3,221,000		—	—		(3,221,000)		—		—	—		(3,221,000)

Adjustment to reflect redemption value of convertible preferred stock (including accrued dividends and change in fair value of embedded derivatives)		44,534,000		—	—		(44,534,000)		—		—	—		(44,534,000)
Convertible preferred stock amendment fees	—	—		—	—		(650,000)		—		—	—		(650,000)

Reversal of dividend equivalents	—	—		—	—		1,000		—		—	—		1,000
Net income	—	—		—	—		—		33,934,000		—	—		33,934,000
Balance as of April 30, 2025	178,181	$	170,072,000	44,395,660	$	4,440,000	$	567,647,000	$	(14,805,000)	15,033,317	$	(441,849,000)	$	115,433,000

Balance as of January 31, 2026	178,181	$	199,973,000	44,708,747	$	4,471,000	$	539,393,000	$	(36,409,000)	15,033,317	$	(441,849,000)	$	65,606,000
Equity-classified stock award compensation	—	—		—	—		1,181,000		—		—	—		1,181,000
Issuance of employee stock purchase plan shares	—	—		10,693	1,000		30,000		—		—	—		31,000
Issuance of restricted stock, net of forfeiture	—	—		146,480	15,000		(15,000)		—		—	—		—
Net settlement of stock-based awards	—	—		81,822	8,000		(69,000)		—		—	—		(61,000)



Adjustment to reflect redemption value of convertible preferred stock (including accrued dividends and change in fair value of embedded derivatives)	—	10,810,000		—	—		(10,810,000)		—		—	—		(10,810,000)


Net loss	—	—		—	—		—		(3,453,000)		—	—		(3,453,000)
Balance as of April 30, 2026	178,181	$	210,783,000	44,947,742	$	4,495,000	$	529,710,000	$	(39,862,000)	15,033,317	$	(441,849,000)	$	52,494,000


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


(480)			333-2200
(Registrant's telephone number, including area code)


	Nine months ended April 30, 2026 and 2025
	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings (Deficit)		Treasury Stock			Stockholders' Equity
	Shares	Amount		Shares	Amount						Shares	Amount
Balance as of July 31, 2024	171,827	$	180,076,000	43,766,109	$	4,377,000	$	640,145,000	$	103,580,000	15,033,317	$	(441,849,000)	$	306,253,000
Equity-classified stock award compensation	—	—		—	—		2,520,000		—		—	—		2,520,000

Issuance of employee stock purchase plan shares	—	—		41,249	4,000		97,000		—		—	—		101,000
Issuance of restricted stock, net of forfeiture	—	—		63,450	6,000		(6,000)		—		—	—		—
Net settlement of stock-based awards	—	—		524,852	53,000		(838,000)		—		—	—		(785,000)
Extinguishment of convertible preferred stock	(171,827)	(183,489,000)		—	—		—		51,179,000		—	—		51,179,000
Issuance of convertible preferred stock (at fair value), excluding embedded derivatives	178,181	96,700,000		—	—		(3,221,000)		—		—	—		(3,221,000)

Adjustment to reflect redemption value of convertible preferred stock (including accrued dividends and change in fair value of embedded derivatives)	—	76,785,000		—	—		(70,406,000)		(6,379,000)		—	—		(76,785,000)
Convertible preferred stock amendment fees	—	—		—	—		(650,000)		—		—	—		(650,000)
Reversal of dividend equivalents	—	—		—	—		6,000		27,000		—	—		33,000
Net loss	—	—		—	—		—		(163,212,000)		—	—		(163,212,000)
Balance as of April 30, 2025	178,181	$	170,072,000	44,395,660	$	4,440,000	$	567,647,000	$	(14,805,000)	15,033,317	$	(441,849,000)	$	115,433,000

Balance as of July 31, 2025	178,181	$	189,545,000	44,443,626	$	4,444,000	$	548,722,000	$	(6,895,000)	15,033,317	$	(441,849,000)	$	104,422,000
Equity-classified stock award compensation	—	—		—	—		2,720,000		—		—	—		2,720,000

Issuance of employee stock purchase plan shares	—	—		32,721	3,000		74,000		—		—	—		77,000
Issuance of restricted stock, net of forfeiture	—	—		146,480	15,000		(15,000)		—		—	—		—
Net settlement of stock-based awards	—	—		324,915	33,000		(553,000)		—		—	—		(520,000)




Adjustment to reflect redemption value of convertible preferred stock (including accrued dividends and change in fair value of embedded derivatives)	—	21,238,000		—	—		(21,238,000)		—		—	—		(21,238,000)




Net loss	—	—		—	—		—		(32,967,000)		—	—		(32,967,000)
Balance as of April 30, 2026	178,181	$	210,783,000	44,947,742	$	4,495,000	$	529,710,000	$	(39,862,000)	15,033,317	$	(441,849,000)	$	52,494,000


	Three months ended April 30, 2026					Nine months ended April 30, 2026
	Satellite and Space Communications		Allerium	Total		Satellite and Space Communications		Allerium	Total
Geographical region and customer type
U.S. government	$	22,855,000	491,000	$	23,346,000	$	55,637,000	2,051,000	$	57,688,000
Domestic	7,508,000		50,356,000	57,864,000		26,606,000		150,849,000	177,455,000
Total United States	30,363,000		50,847,000	81,210,000		82,243,000		152,900,000	235,143,000

International	19,968,000		4,826,000	24,794,000		73,798,000		14,856,000	88,654,000
Total	$	50,331,000	55,673,000	$	106,004,000	$	156,041,000	167,756,000	$	323,797,000
Contract type
Firm fixed-price	$	48,074,000	55,673,000	$	103,747,000	$	148,262,000	167,756,000	$	316,018,000
Cost reimbursable	2,257,000		—	2,257,000		7,779,000		—	7,779,000
Total	$	50,331,000	55,673,000	$	106,004,000	$	156,041,000	167,756,000	$	323,797,000
Transfer of control
Point in time	$	23,824,000	407,000	$	24,231,000	$	101,467,000	736,000	$	102,203,000
Over time	26,507,000		55,266,000	81,773,000		54,574,000		167,020,000	221,594,000
Total	$	50,331,000	55,673,000	$	106,004,000	$	156,041,000	167,756,000	$	323,797,000


	Three months ended April 30, 2025					Nine months ended April 30, 2025
	Satellite and Space Communications		Allerium	Total		Satellite and Space Communications		Allerium	Total
Geographical region and customer type
U.S. government	$	31,790,000	629,000	$	32,419,000	$	116,409,000	1,825,000	$	118,234,000
Domestic	10,085,000		54,630,000	64,715,000		23,919,000		154,393,000	178,312,000
Total United States	41,875,000		55,259,000	97,134,000		140,328,000		156,218,000	296,546,000

International	25,691,000		3,962,000	29,653,000		59,892,000		12,723,000	72,615,000
Total	$	67,566,000	59,221,000	$	126,787,000	$	200,220,000	168,941,000	$	369,161,000
Contract type
Firm fixed-price	$	54,091,000	59,221,000	$	113,312,000	$	154,976,000	168,941,000	$	323,917,000
Cost reimbursable	13,475,000		—	13,475,000		45,244,000		—	45,244,000
Total	$	67,566,000	59,221,000	$	126,787,000	$	200,220,000	168,941,000	$	369,161,000
Transfer of control
Point in time	$	37,682,000	200,000	$	37,882,000	$	102,708,000	1,537,000	$	104,245,000
Over time	29,884,000		59,021,000	88,905,000		97,512,000		167,404,000	264,916,000
Total	$	67,566,000	59,221,000	$	126,787,000	$	200,220,000	168,941,000	$	369,161,000


	Three months ended April 30,			Nine months ended April 30,
Capitalized:	2026		2025	2026		2025
Costs to obtain a contract	$	47,000	242,000	$	955,000	599,000
Costs to fulfill a contract	409,000		763,000	514,000		2,717,000


	April 30, 2026		July 31, 2025
Receivables from commercial and international customers	$	57,775,000	57,713,000
Unbilled receivables from commercial and international customers	54,368,000		69,987,000
Receivables from the U.S. government and its agencies	9,418,000		15,610,000
Unbilled receivables from the U.S. government and its agencies	24,325,000		20,683,000
Total accounts receivable	145,886,000		163,993,000
Less allowance for doubtful accounts	18,091,000		19,156,000
Accounts receivable, net	$	127,795,000	144,837,000


	April 30, 2026		July 31, 2025
Raw materials and components	$	63,676,000	64,022,000
Work-in-process and finished goods	23,368,000		31,356,000
Total inventories	87,044,000		95,378,000
Less reserve for excess and obsolete inventories	25,216,000		26,423,000
Inventories, net	$	61,828,000	68,955,000


	April 30, 2026		July 31, 2025
Accrued wages and benefits	$	21,705,000	21,158,000
Accrued contract costs	7,931,000		6,676,000
Accrued warranty obligations	5,577,000		8,475,000

Accrued commissions and royalties	3,322,000		4,867,000
Accrued contributions for constructing long-lived assets	164,000		2,789,000
Accrued legal costs	2,340,000		2,004,000
Other	8,310,000		12,454,000
Accrued expenses and other current liabilities	$	49,349,000	58,423,000


FORM			10-Q


	Deferred Financing Costs					Discount
	Term Loan		Revolver	Total		Term Loan		Total

Credit facility and amendment fees	$	6,626,000	4,328,000	$	10,954,000	$	16,812,000	$	27,766,000
Term loan proceeds allocated to Lender warrants	—		—	—		3,011,000		3,011,000
Term loan proceeds allocated to embedded derivative	—		—	—		3,116,000		3,116,000
Write-off due to prepayments and reduced commitments	(1,788,000)		(1,707,000)	(3,495,000)		(5,482,000)		(8,977,000)
Amortization	(1,315,000)		(714,000)	(2,029,000)		(3,653,000)		(5,682,000)
Balance at July 31, 2025	$	3,523,000	1,907,000	$	5,430,000	$	13,804,000	$	19,234,000
Amortization	(738,000)		(477,000)	(1,215,000)		(2,893,000)		(4,108,000)
Balance at April 30, 2026	$	2,785,000	1,430,000	$	4,215,000	$	10,911,000	$	15,126,000



Remainder of fiscal 2026	$	1,453,000
Fiscal 2027	7,577,000
Fiscal 2028	6,905,000
Fiscal 2029	5,645,000
Fiscal 2030	5,176,000
Thereafter	15,712,000
Total future undiscounted cash flows	42,468,000
Less: Present value discount	6,111,000
Lease liabilities	$	36,357,000

Weighted-average remaining lease terms (in years)	7.11
Weighted-average discount rate	5.22%


	Awards (in Shares)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at July 31, 2025	124,470	$	20.45

Expired	(28,220)	28.35

Outstanding at October 31, 2025	96,250	18.13



Outstanding at January 31, 2026	96,250	$	18.13



Outstanding at April 30, 2026	96,250	$	18.13	3.87	$	—

Exercisable at April 30, 2026	96,250	$	18.13	3.87	$	—

Vested and expected to vest at April 30, 2026	96,250	$	18.13	3.87	$	—


	April 30, 2026	July 31, 2025
Subordinated credit facility, including interest paid-in-kind		$	104,135,000	100,144,000
Less: Unamortized deferred financing costs		1,287,000		1,528,000
Less: Unamortized discount		12,978,000		15,404,000
Plus: Accretion of make-whole amount		16,211,000		6,623,000
Subordinated credit facility, net - subtotal		106,081,000		89,835,000
Embedded derivative related to redemption features		798,000		5,753,000
Amount outstanding under the subordinated credit facility, net		106,879,000		95,588,000
Less: Current portion of subordinated credit facility		—		—
Non-current portion of subordinated credit facility, net		$	106,879,000	95,588,000


			April 30, 2026
Stock options			96,250
Performance shares			788,150
RSUs, restricted stock and share units			2,705,243


Total			3,589,643


	Awards (in Shares)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding at July 31, 2025	1,675,105	$	6.53
Granted	439,624	2.26
Settled	(337,984)	6.67
Canceled/Forfeited	(16,231)	5.86
Outstanding at October 31, 2025	1,760,514	$	5.45
Granted	2,009,343	3.16
Settled	(124,752)	5.00
Canceled/Forfeited	(289,516)	6.98
Outstanding at January 31, 2026	3,355,589	$	3.96
Granted	287,902	3.59
Settled	(95,982)	8.66
Canceled/Forfeited	(54,116)	3.11
Outstanding at April 30, 2026	3,493,393	$	3.81	$	12,297,000

Vested at April 30, 2026	177,814	$	9.55	$	626,000

Vested and expected to vest at April 30, 2026	3,397,506	$	3.82	$	11,959,000


	April 30, 2026
	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization	Net Carrying Amount
Customer relationships	20.2	$	294,258,000	159,557,000	$	134,701,000
Technologies	14.4	106,149,000		88,158,000	17,991,000
Trademarks and other	20.0	31,826,000		26,097,000	5,729,000
Total		$	432,233,000	273,812,000	$	158,421,000


2026	$	19,128,000
2027	17,774,000
2028	17,774,000
2029	16,353,000
2030	14,446,000


Initial estimated fair value of Series B-2 Convertible Preferred Stock	$	132,310,000
Initial estimated fair value and carrying value of combined embedded derivatives	38,832,000
Initial carrying value of Series B-2 Convertible Preferred Stock	$	93,478,000


Redemption value of Series B-3 Convertible Preferred Stock at April 30, 2026	$	218,245,000
Less: Carrying value of combined embedded derivatives at April 30, 2026	7,462,000
Carrying value of Series B-3 Convertible Preferred Stock at April 30, 2026	210,783,000

Less: Initial carrying value of Series B-2 Convertible Preferred Stock on October 17, 2024	93,478,000
Less: Initial carrying value of Series B-3 Fee on March 3, 2025	3,221,000
Adjustment to increase the carrying value of Series B-3 Convertible Preferred Stock to its redemption value at April 30, 2026 and Series B-2 Convertible Preferred Stock (while outstanding)	114,084,000
Adjustment to increase carrying value of Series B-1 Convertible Preferred Stock to its redemption value (while outstanding)	3,412,000
Total adjustments to redemption values charged to Stockholder's Equity:
Through April 30, 2026	117,496,000
Less: January 31, 2026 and prior	106,686,000
Three months ended April 30, 2026	$	10,810,000


($ in millions)	Fiscal Year 2025
Reconciliation of GAAP Operating Loss to Adjusted EBITDA:
Operating loss	$	(139.1)
Amortization of stock-based compensation	3.1
Amortization of intangibles	21.7
Impairment of long-lived assets, including goodwill	79.6
Depreciation	11.8
Amortization of cost to fulfill assets	0.3
Restructuring costs	15.6
Strategic emerging technology costs	0.3
Proxy solicitation costs	2.7
CEO transition costs	2.1
Adjusted EBITDA	$	(2.0)


	Three months ended April 30, 2026
($ in millions, except for per share amount)	Operating (Loss) Income		Net Loss Attributable to Common Stockholders		Net Loss per Diluted Common Share
Reconciliation of GAAP to Non-GAAP Earnings:
GAAP measures, as reported	$	(3.1)	$	(14.3)	$	(0.47)

Adjustments to reflect redemption value of convertible preferred stock		—		10.8		0.36
Change in fair value of warrants and derivatives		—		(12.5)		(0.42)
Amortization of intangibles		4.6		4.5		0.15
Restructuring costs		2.4		2.4		0.08
Amortization of stock-based compensation		1.2		1.2		0.04





Net discrete tax expense		—		1.1		0.04
Non-GAAP measures	$	5.1	$	(6.7)	$	(0.22)


	Nine months ended April 30, 2026
($ in millions, except for per share amount)	Operating (Loss) Income		Net Loss Attributable to Common Stockholders		Net Loss per Diluted Common Share
Reconciliation of GAAP to Non-GAAP Earnings:
GAAP measures, as reported	$	(7.1)	$	(54.2)	$	(1.82)
Adjustments to reflect redemption value of convertible preferred stock		—		21.2		0.71
Change in fair value of warrants and derivatives		—		(9.8)		(0.33)


Amortization of intangibles		14.7		14.3		0.48
Amortization of stock-based compensation		2.7		2.7		0.09
Restructuring costs		6.5		6.5		0.22

CEO transition costs		1.1		1.1		0.04



Net discrete tax expense		—		0.8		0.03
Non-GAAP measures	$	17.9	$	(17.3)	$	(0.58)



($ in thousands)	Total		Due Within 1 Year
Credit Facility - principal payments	$	119,672	4,050
Credit Facility - interest payments	34,362		16,248
Operating lease obligations	42,468		7,018
Subordinated Credit Facility	104,135		—
Subordinated Credit Facility Make-Whole Amount	32,500		—
Contractual cash obligations	$	333,137	27,316



Date:	June 15, 2026	By: /s/ Kenneth H. Traub
	(Date)	Kenneth H. Traub, Chairman of the Board
		President and Chief Executive Officer
		(Principal Executive Officer)

Date:	June 15, 2026	By: /s/ Michael A. Bondi
	(Date)	Michael A. Bondi
		Chief Financial Officer
		(Principal Financial and Accounting Officer)


			/s/ Kenneth H. Traub
			Kenneth H. Traub, Chairman of the Board, President and Chief Executive Officer


			/s/ Michael A. Bondi
			Michael A. Bondi Chief Financial Officer