CROX

MKT CAP $5.7BP/E 10.4DIV YIELD —FCF YIELD 12.33%REV TTM $4.1B −2.0%NET INCOME $593.4M +150.9%NET CASH $161.2M52W 73.39 – 141.19SEC XBRL · TTM TO Invalid Date

How CROX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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• We have taken cost saving actions across the business that are designed to simplify the organization and reduce our cost base.
These cost reduction initiatives include approximately $50 million of gross cost savings achieved for the year ended December 31, 2025, and approximately $100 million of gross cost savings identified for 2026.
In connection with these initiatives, we incurred charges of just over $14 million during the year ended December 31, 2025, primarily related to operational workforce reductions.
The estimates of the duration of these initiatives, the charges and expenditures that we expect to incur in connection therewith, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from estimates.
In addition, we may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of these initiatives. • We are prioritizing returning to growth in North America for both brands, while making progress on our long-term strategic initiatives.
Specifically for the Crocs Brand, we believe this will be driven by product innovation, diversification within key product categories, growth within our sandals business, and ultimately prioritizing stricter segmentation and pricing discipline across the marketplace.
For the HEYDUDE Brand, we are focused on refining our marketing toward our target consumers, focusing on our core product offering, and refreshing the marketplace.
For both brands, scaling digital capabilities continues to be a priority. • Our liquidity position remains strong with approximately $130.4 million in cash and cash equivalents and $952 million in available borrowing capacity as of December 31, 2025.
Our total borrowings were $1.2 billion as of December 31, 2025.
We repurchased $577.2 million of our common stock during the year.
Use of Non-GAAP Financial Measures In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“U.S.
GAAP”), we present certain information related to our results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under U.S.
Constant currency represents current period results that have been retranslated using prior year average foreign exchange rates for the comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rates on reported amounts.
Management uses constant currency to assist in comparing business trends from period to period on a consistent basis in communications with the Board, stockholders, analysts, and investors concerning our financial performance.
We believe constant currency is useful to investors and other users of our consolidated financial statements as an additional tool to evaluate operating performance and trends.
Investors should not consider constant currency in isolation from, or as a substitute for, financial information prepared in accordance with U.S.
Key Performance Indicators Management utilizes the key performance metrics of gross margin, operating margin, footwear unit sales, and average footwear selling price to gauge the Company’s operational efficiency and market competitiveness, identify trends, formulate financial projections, and make strategic decisions.
Management continuously monitors and analyzes these metrics in an effort to ensure we remain agile, competitive, and aligned with our long-term growth objectives.
The titles and/or definitions of certain of these metrics may vary from company to company.
As a result, our calculation of certain of these metrics may not be comparable to similarly titled metrics used by other companies.
Gross Margin Gross margin is defined as gross profit divided by revenues.
Management uses this metric and believes it is useful for investors because it provides insights into profitability, cost management, and pricing strategy.
Operating Margin Operating margin is defined as income from operations divided by revenues.
Management uses this metric and believes it is useful for investors because it provides a comprehensive view of profitability from its core business operations, excluding the effects of financing and tax considerations.
Footwear Unit Sales Footwear unit sales is defined as wholesale and DTC footwear only sales.
Management uses this metric and believes it is useful for investors because it provides a direct measure of our sales volume and can offer valuable insights into its market performance and growth potential.
Average Footwear Selling Price Average footwear selling price is defined as footwear and footwear accessories revenues divided by footwear units.
Management uses this metric and believes it is useful for investors because it provides insights into our pricing strategy, market positioning, and revenue generation capabilities. 2025 Financial and Operational Highlights Revenues were $4,040.6 million for the year ended December 31, 2025, a 1.5% decrease compared to the year ended December 31, 2024.
The decrease was due to the net effects of: (i) lower unit sales volume in the HEYDUDE Brand, which decreased revenues by $87.4 million, or 2.1%; (ii) higher average selling price on a constant currency basis (“ASP”) driven by the HEYDUDE Brand, which increased revenues by $16.5 million, or 0.4%; and (iii) net favorable changes in exchange rates, which increased revenues by $9.4 million, or 0.2%.
The following were significant developments affecting our businesses during the year ended December 31, 2025: • We grew Crocs Brand revenues 1.5% compared to the same period in 2024.
HEYDUDE Brand revenues decreased 13.3%. • Gross margin was 58.3% compared to 58.8% in 2024, a decrease of 50 basis points, primarily due to unfavorable duties for both brands as a result of the aforementioned incremental tariffs. • Selling, general & administrative expenses (“SG&A”) were $1,469.4 million compared to $1,364.3 million 2024, primarily as a result of increased investment in talent and higher costs in the DTC channel.
As a percent of revenues, SG&A increased to 36.4% of revenues compared to 33.3% in 2024. • Asset impairments were $738.1 million, primarily driven by the partial impairment of the HEYDUDE indefinite-lived trademark and HEYDUDE Brand reporting unit goodwill.
Refer to Note 4 — Goodwill and Intangible Assets, Net in the accompanying notes to the consolidated financial statements included in Part II - Item 8.
Financial Statements of this Annual Report on Form 10-K. • Income from operations was $149.5 million for the year ended December 31, 2025, compared to income from operations of $1,021.9 million for the year ended December 31, 2024.
Net loss was $81.2 million, or $1.50 per diluted share, compared to net income of $950.1 million, or $15.88 per diluted share, in 2024.
Results of Operations Comparison of the Years Ended December 31, 2025, and 2024 A discussion of our comparison between 2025 and 2024 is presented below.
A discussion of the changes in our results of operations between the years ended December 31, 2024, and December 31, 2023, has been omitted from this Annual Report on Form 10-K but may be found in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 13, 2025, which is available free of charge on the SEC’s website at www.sec.gov and our corporate website (www.crocs.com).
Year Ended December 31, $ Change % Change Favorable (Unfavorable) 2025 2024 2025-2024 2025-2024 (in thousands, except per share data, margin, and average selling price data) Revenues $ 4,040,647 $ 4,102,108 $ (61,461) (1.5) % Cost of sales 1,683,592 1,691,850 8,258 0.5 % Gross profit 2,357,055 2,410,258 (53,203) (2.2) % Selling, general and administrative expenses 1,469,425 1,364,265 (105,160) (7.7) % Goodwill impairment 307,000 — (307,000) (100.0) % Asset impairments 431,115 24,082 (407,033) (1,690.2) % Income from operations 149,515 1,021,911 (872,396) (85.4) % Foreign currency gains (losses), net 9,843 (6,777) 16,620 245.2 % Interest income 1,844 3,484 (1,640) (47.1) % Interest expense (88,287) (109,264) 20,977 19.2 % Other income, net 63 1,231 (1,168) (94.9) % Income before income taxes 72,978 910,585 (837,607) (92.0) % Income tax expense (benefit) 154,176 (39,486) (193,662) (490.5) % Net income (loss) $ (81,198) $ 950,071 $ (1,031,269) (108.5) % Net income (loss) per common share: Basic $ (1.50) $ 16.00 $ (17.50) (109.4) % Diluted $ (1.50) $ 15.88 $ (17.38) (109.4) % Gross margin (1) 58.3 % 58.8 % (50) bp (0.9) % Operating margin (1) 3.7 % 24.9 % (2,120) bp (85.1) % Footwear unit sales: Crocs Brand 128,938 127,000 1,938 1.5 % HEYDUDE Brand 22,457 26,950 (4,493) (16.7) % Average footwear selling price - nominal basis (2) : Crocs Brand $ 25.40 $ 25.52 $ (0.12) (0.5) % HEYDUDE Brand $ 31.67 $ 30.54 $ 1.13 3.7 % (1) Changes for gross margin and operating margin are shown in basis points (“bp”).
(2) Average footwear selling price is calculated as footwear and footwear accessories revenues divided by footwear units.

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Gone since FY2024

This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the USD.
As of December 31, 2024, a 10% appreciation in the value of the USD would result in a net decrease in the fair value of our derivative portfolio of approximately $3.0 million.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K for a discussion of the impact of the change in foreign exchange rates on our USD consolidated statements of income for the years ended December 31, 2024 and 2023.
Controls and Procedures Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation (pursuant to Rule 13a-15(b) of the Exchange Act) of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of December 31, 2024.
Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2024, to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Our Chief Executive Officer and Chief Financial Officer, with assistance from other members of management, assessed the effectiveness of our internal control over financial reporting as of December 31, 2024, based on the framework and criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on its evaluation, management has concluded that our internal control over financial reporting was effective as of December 31, 2024.
Our independent registered public accounting firm has audited the effectiveness of our internal control over financial reporting as of December 31, 2024, as stated in their report, which appears herein.
Changes in Internal Control Over Financial Reporting There were no changes in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the three months ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Crocs, Inc. and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 13, 2025, expressed an unqualified opinion on those financial statements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Denver, Colorado February 13, 2025 ITEM 9B.
Other Information The following table shows all directors or officers who adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, during the three months ended December 31, 2024.
Except as shown below, during the three months ended December 31, 2024, no other directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Trading Arrangement Name and Position Action Date Rule 10b5-1* Non-Rule 10b5-1** Total Number of Shares to be Sold Expiration Date Anne Mehlman , Executive Vice President and Brand President for Crocs Adopt 12/17/2024 X 12,145 9/18/2025 * Intended to satisfy the affirmative defense of Rule 10b5-1(c). ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
Directors, Executive Officers and Corporate Governance The information required by this item is incorporated herein by reference to our definitive proxy statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days after December 31, 2024.
Executive Compensation The information required by this item is incorporated herein by reference to our definitive proxy statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days after December 31, 2024.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item is incorporated herein by reference to our definitive proxy statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days after December 31, 2024, with the exception of those items listed below.
Equity Compensation Plan Information As shown in the table below, we reserved 0.9 million shares of common stock for future issuance pursuant to exercise of outstanding awards under equity compensation plans as of December 31, 2024.
Plan Category Number of Securities to be Issued on Exercise of Outstanding Options, Warrants, and Rights (1) Weighted Average Exercise Price of Outstanding Options, Warrants, and Rights (2) Number of Securities Remaining Available for Future Issuance Under Plans, Excluding Securities Available in First Column Equity compensation plans approved by stockholders (3) 871,800 $ 6.98 3,097,338 Equity compensation plans not approved by stockholders — — — Total 871,800 $ 6.98 3,097,338 (1) The number of shares outstanding includes restricted stock awards and restricted stock units that were outstanding on December 31, 2024 and assumes target performance for performance-based equity awards.
Certain Relationships and Related Transactions and Director Independence The information required by this item is incorporated herein by reference to our definitive proxy statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days after December 31, 2024.
Principal Accountant Fees and Services The information required by this item is incorporated herein by reference to our definitive proxy statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days after December 31, 2024.
(2) Financial Statement Schedule The following consolidated financial statement schedule of Crocs, Inc. and its subsidiaries is filed as a part of this report: • Schedule II - Valuation and Qualifying Accounts.
Schedules other than the one listed above are omitted either because they are not required or are inapplicable, or because the information is included in the consolidated financial statements or related notes.
(3) Exhibit list Exhibit Number Description 2.1 # Securities Purchase Agreement, dated as of December 22, 2021, by and among: (i) Crocs, Inc.; (ii) Full Fortune Wealth Limited; (iii) Mr.
Daniele Guidi; (iv) Full Fortune Intellectual Limited; (v) Full Fortune Worldwide Limited; (vi) Full Fortune Online Limited; (vii) Happy One LLC; (viii) Lucky Top Inc.; (ix) Mr.
Alessandro Rosano; and (x) Full Fortune Wealth Limited, in its capacity as representative and agent for Sellers (incorporated herein by reference to Exhibit 2.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on December 23, 2021). 3.1 Restated Certificate of Incorporation of Crocs, Inc.
Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.8 to Crocs, Inc.’s Annual Report on Form 10-K filed on February 16, 2023). 4.9 † Third Supplemental Indenture, dated January 2 9, 202 5 , by and among Crocs, Inc., C olorado F ootwear F inancial H oldings LLC and U.S.
Bank Trust Company, National Association, as trustee .
Exhibit Number Description 4.10 † Third Supplemental Indenture, dated January 29, 2025, by and among Crocs, Inc., Colorado Footwear Financial Holdings LLC and U.S.
Bank Trust Company, National Association, as trustee. 10.1 ## Second Amended and Restated Credit Agreement, dated July 26, 2019, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, Colorado Footwear C.V., Crocs Europe B.V., the lenders named therein, PNC Capital Markets LLC, as sole bookrunner, cosyndication agent and joint lead arranger, Citibank, N.A., Bank of America, N.A. and KeyBank National Association, each as joint lead arranger and co-syndication agent, and PNC Bank, National Association, as a lender and administrative agent (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed August 1, 2019). 10.2 ## First Amendment to Second Amended and Restated Credit Agreement, dated March 26, 2020, among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, the lenders named therein, KeyBank National Association, as syndication agent, and PNC Bank, National Association, as administrative agent (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed March 30, 2020). 10.3 Second Amendment to Second Amended and Restated Credit Agreement, dated November 13, 2020, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, Colorado Footwear C.V., Crocs Europe B.V., the lenders named therein, PNC Capital Markets LLC, as sole bookrunner, cosyndication agent and joint lead arranger, Citibank, N.A., Bank of America, N.A. and KeyBank National Association, each as joint lead arranger and co-syndication agent, and PNC Bank, National Association, as a lender and administrative agent (incorporated herein by reference to Exhibit 10.12 to Crocs, Inc.’s Annual Report on Form 10-K, filed February 23, 2021). 10.4 Third Amendment to Second Amended and Restated Credit Agreement, dated July 23, 2021, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, Colorado Footwear C.V., Crocs Europe B.V., the guarantors named therein, the lenders named therein, and PNC Bank, National Association, as administrative agent (incorporated herein by reference herein to Exhibit 10.7 to Crocs, Inc.’s Annual Report on Form 10-K, filed February 16, 2022). 10.5 ## Fourth Amendment to Second Amended and Restated Credit Agreement, dated February 17, 2022, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, Inc., Colorado Footwear C.V., Crocs Europe B.V., the guarantors named therein, the lenders named therein, and PNC Bank, National Association, as administrative agent (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.'s Current Report on Form 8-K, filed on February 18, 2022). 10.6 ## Fifth Amendment to Second Amended and Restated Credit Agreement, dated November 30, 2022, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, Inc., Colorado Footwear C.V., Crocs Europe B.V., the guarantors named therein, the lenders named therein, Bank of America, N.A., London Branch, as alternative currency swing loan lender and PNC Bank, National Association, as administrative agent, U.S. dollar swing loan lender and issuing lender (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed on December 1, 2022. 10.7 ## Sixth Amendment to Second Amended and Restated Credit Agreement, date d December 4 , 202 4 , by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, Inc., Colorado Footwear C.V., Crocs Europe B.V., the guarantors named therein, the lenders named therein, and PN C Bank , National Association, as administrative agent (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed on December 5 , 202 4 . 10.8 ## Term Loan Credit Agreement, dated February 17, 2022, by and among Crocs, Inc., the lenders from time to time party thereto and Citibank, N.A., as administrative agent (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed on February 18, 2022). 10.9 ## Refinancing Amendment, dated as of August 8, 2023, by and among Crocs, Inc., a Delaware corporation, the subsidiary guarantors party thereto, Citibank, N.A., as administrative agent, and each of the lenders party thereto (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on August 8, 2023).
Exhibit Number Description 10.10 ## 2024 Refinancing Amendment, dated as of February 13, 2024, by and among Crocs, Inc., a Delaware corporation, the subsidiary guarantors party thereto, Citibank, N.A., as administrative agent, and each of the lenders party thereto (incorporated herein by reference to Exhibit 10.12 to Crocs, Inc.’s Annual Report on Form 10-K, filed on February 15, 2024). 10.11 * Crocs, Inc. 2015 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 9, 2015). 10.12 * Crocs, Inc. 2020 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 11, 2020). 10.13 * Crocs, Inc.
Change of Control Plan (as Amended and Restated) (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on October 4, 2018). 10.14 * Employment Offer Letter, dated May 13, 2014, between Crocs, Inc. and Andrew Rees (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on May 14, 2014) . 10.15 * Supplement to Offer Letter, dated February 23, 2017, between Crocs, Inc. and Andrew Rees (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Current Report on Form 8-K, filed on March 1, 2017). 10.16 * Employment Offer Letter, dated April 30, 2024, between Crocs, Inc. and Susan Healy (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on May 7, 2024). 10.17 * Andrew Rees Performance-Vested Restricted Stock Unit Agreement (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 13, 2018). 10.18 * Form of Performance-Vested Restricted Stock Award (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on January 13, 2021). 10.19 * Employment Offer Letter, dated January 28, 2024, between Crocs, Inc. and Anne Mehlman (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on May 7, 2024). 10.20 * Employment Offer Letter dated September 10, 2020 between Crocs, Inc. and Michelle Poole (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on September 14, 2020). 10.21 * Transition Agreement dated January 28, 2024 between Crocs, Inc. and Michelle Poole (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on May 7, 2024). 10.22 * Employment Offer Letter dated December 22, 2021 between Crocs, Inc. and Rick Blackshaw (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on August 1, 2024). 10.23 * Settlement Agreement and General Release dated May 23, 2024, between Rick Blackshaw and Hey Dude Inc.
(incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on August 1, 2024). 19 † Securities Trading & Information Disclosure Policy 21 † Subsidiaries of the registrant. 23.1 † Consent of Deloitte & Touche LLP. 31.1 † Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
Exhibit Number Description 31.2 † Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes- Oxley Act. 32 + Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.
Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act. 97 * Incentive Compensation Recovery Policy (incorporated herein by reference to Exhibit 97 to Crocs, Inc.’s Annual Report on Form 10-K, filed on February 15, 2024). 101.INS † XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH † XBRL Taxonomy Extension Schema Document 101.CAL † XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF † XBRL Taxonomy Extension Definition Linkbase Document 101.LAB † XBRL Taxonomy Extension Label Linkbase Document 101.PRE † XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). * Compensatory plan or arrangement. # Certain exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K.
The Company agrees to furnish supplementally to the Securities and Exchange Commission a copy of any omitted exhibits or schedules upon request; provided that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. ## Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of February 13, 2025.
Signature Title Date /s/ ANDREW REES Chief Executive Officer and Director (Principal Executive Officer) February 13, 2025 Andrew Rees /s/ SUSAN HEALY Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) February 13, 2025 Susan Healy /s/ THOMAS J.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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