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Cadence records estimated provisions for termination benefits and outplacement costs along with other personnel-related restructuring costs, asset impairments related to abandoned assets and other costs associated with the restructuring plan. Cadence regularly evaluates the adequacy of its restructuring liabilities and adjusts the balances based on actual costs incurred or changes in estimates and assumptions. Subsequent adjustments to restructuring accruals are classified as restructuring in the consolidated income statements.
Read in the filing ↗ Also in 10-K of Feb 19, 2026
From time to time, we initiate restructuring plans in an effort to better align our resources with our business strategy. We incur substantial costs to implement restructuring plans, and our restructuring activities subject us to reputational risks and litigation risks and expenses. Our past restructuring plans do not provide any assurance that we will realize anticipated cost savings or other benefits from any restructuring plans we implement in the future. In addition, restructuring plans may have other consequences, such as attrition beyond our planned reduction in workforce, a negative effect on employee morale and productivity or our ability to attract highly skilled employees. Our competitors may also use any future restructuring plans to seek to gain a competitive advantage over us. As a result, restructuring plans may affect our revenue and other operating results.
Read in the filing ↗ Also in 10-K of Feb 19, 2026
We have initiated restructuring plans in recent years, most recently in August 2024, to better align our resources with our business strategy. Restructuring charges and related benefits are derived from management's estimates during the formulation of the restructuring plans, based on then-currently available information. As a result, our restructuring plans may not achieve the benefits anticipated on the timetable or at the level contemplated. Additional actions, including further restructuring of our operations, may be required in the future. For additional information about our restructuring plans, see Note 11 in the notes to consolidated financial statements.
Read in the filing ↗ Also in 10-Q of Jul 30, 2025
We have initiated restructuring plans in recent years, most recently in September 2025, to better align our resources with our business strategy. Restructuring charges and related benefits are derived from management's estimates during the formulation of the restructuring plans, based on then-currently available information. As a result, our restructuring plans may not achieve the benefits anticipated on the timetable or at the level contemplated. Additional actions, including further restructuring of our operations, may be required in the future. For additional information about our restructuring plans, see Note 11 in the notes to consolidated financial statements.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025, 10-Q of Oct 28, 2026
From time to time, Cadence has initiated various restructuring plans in an effort to better align its resources with its business strategy. The most recent of these plans was initiated in August 2024 (the “2024 Restructuring Plan”). The charges incurred with the 2024 Restructuring Plan were comprised of severance payments and termination benefits related to headcount reductions and are included in restructuring on Cadence’s consolidated income statements.
Read in the filing ↗ Also in 10-K of Feb 19, 2026, 10-Q of Oct 29, 2025, 10-Q of Oct 28, 2026
Cadence records personnel-related restructuring charges with termination benefits when the costs are both probable and estimable. Cadence records personnel-related restructuring charges with non-customary termination benefits when the plan has been communicated to the affected employees. Cadence generally begins recording facilities-related restructuring charges in the period in which a formal plan to vacate an affected facility is established. In connection with facilities-related restructuring plans, Cadence has made certain assumptions and estimates related to facilities, particularly the timing of exit and the ability to sublease. Facility closure costs in restructuring charges primarily includes accelerated ROU asset amortization, lease buyout costs and certain contractual costs to maintain facilities during the period after abandonment.
Read in the filing ↗ Also in 10-K of Feb 19, 2026
The following table presents activity for Cadence’s restructuring plans during fiscal 2024, 2023 and 2022:
Read in the filing ↗ Also in 10-K of Feb 19, 2026
Severance Excess Total and Facilities Benefits (In thousands) Balance, January 1, 2022 $ — $ 43 $ 43 Restructuring — 55 55 Cash payments — (98) (98) Effect of foreign currency translation — — — Balance, December 31, 2022 $ — $ — $ — Restructuring 10,935 78 11,013 Non-cash changes — (78) (78) Cash payments (8,211) — (8,211) Effect of foreign currency translation (121) — (121) Balance, December 31, 2023 $ 2,603 $ — $ 2,603 Restructuring 22,735 1,030 23,765 Non-cash changes — (1,030) (1,030) Cash payments (20,464) — (20,464) Effect of foreign currency translation (147) — (147) Balance, December 31, 2024 $ 4,727 $ — $ 4,727
Read in the filing ↗
The following table presents activity for Cadence’s restructuring plans during the nine months ended September 30, 2025:
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
For additional information about our restructuring plans, see Note 9 in the notes to condensed consolidated financial statements.
Read in the filing ↗
Our operating margin may fluctuate from period to period depending on the mix of products and services sold during each period, the timing and magnitude of restructuring plans and other significant, infrequent expenses.
Read in the filing ↗ Also in 10-Q of May 1, 2026, 10-K of Feb 19, 2026, 10-Q of Jul 29, 2026
• We have incurred, and may in the future incur, substantial costs in connection with restructuring plans, which might not result in the benefits we anticipate, possibly having a negative effect on our future operating results.
Read in the filing ↗ Also in 10-K of Feb 21, 2025, 10-K of Feb 19, 2026, 10-K of Feb 19, 2026
All liabilities for severance and related benefits under the 2024 Restructuring Plan are included in accounts payable and accrued liabilities on Cadence’s consolidated balance sheet as of December 31, 2024. Cadence expects to make cash payments to settle these liabilities through fiscal 2025.
Read in the filing ↗ Also in 10-K of Feb 19, 2026, 10-Q of Oct 29, 2025, 10-Q of Oct 28, 2026
Severance Excess Total and Facilities Benefits (In thousands) Balance as of December 31, 2024 $ 4,727 $ $ 4,727 Restructuring 26,794 538 27,332 Non-cash changes — (538) (538) Cash payments (4,719) — (4,719) Effect of foreign currency translation (19) — (19) Balance as of September 30, 2025 $ 26,783 $ $ 26,783
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
Operating Margin Three Months Ended Reconciliation December 31, 2023 December 31, 2022 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 31% 23% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based 8% 8% compensation expense Amortization of 2% 2% acquired intangibles Acquisition and integration-related 1% 2% costs Restructuring 0% 0% Non-qualified deferred compensation 1% 1% expenses Non-GAAP operating margin as a percent 43% 36% of total revenue
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Operating Margin Years Ended Reconciliation December 31, 2023 December 31, 2022 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 31% 30% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based 8% 8% compensation expense Amortization of 2% 2% acquired intangibles Acquisition and integration-related 1% 1% costs Restructuring 0% 0% Non-qualified deferred compensation 0% (1)% expenses (credits) Non-GAAP operating margin as a percent 42% 40% of total revenue
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Operating Margin Three Months Ended Reconciliation March 31, 2024 March 31, 2023 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 25% 32% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation 9% 7% expense Amortization of acquired 2% 1% intangibles Acquisition and integration-related 2% 2% costs Restructuring 0% 0% Non-qualified deferred compensation 0% 0% expenses Non-GAAP operating margin as a percent 38% 42% of total revenue
Read in the filing ↗ Also in 8-K of Apr 27, 2026
Three Months Ended September 30, Operating Margin Reconciliation September 30, 2024 2023 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 29% 29% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 9% 9% Amortization of acquired intangibles 2% 1% Acquisition and integration-related 3% 1% costs Restructuring 2% 1% Non-qualified deferred compensation 0% 0% expenses (credits) Non-GAAP operating margin as a percent 45% 41% of total revenue
Read in the filing ↗ Also in 8-K of Oct 27, 2025
Three Months Ending Year Ending December 31, 2026 December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Forecast Forecast GAAP operating margin as a percent of 30% - 31% 28.2% - 29.2% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 8% 9% Amortization of acquired 5% 4% intangibles Acquisition and integration-related 1% 2% costs Restructuring 0% 1% Non-GAAP operating margin as a percent 44% - 45% 44.2% - 45.2% of total revenue†
Read in the filing ↗ Also in 8-K of Oct 28, 2024, 8-K of Oct 27, 2025
Operating Margin Three Months Ended Reconciliation June 30, 2024 June 30, 2023 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 28% 31% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation 8% 8% expense Amortization of acquired 2% 2% intangibles Acquisition and integration-related 2% 1% costs Restructuring 0% 0% Non-qualified deferred compensation 0% 0% expenses Special charges 0% 0% Non-GAAP operating margin as a percent 40% 42% of total revenue
Read in the filing ↗ Also in 8-K of Jul 27, 2026
Three Months Ended Operating Margin September 30, September 30, Reconciliation 2026 2025 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a 26.2% 31.8% percent of total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation 8.9% 8.7% expense Amortization of acquired 4.9% 1.9% intangibles Acquisition and integration-rel… 1.5% 2.8% costs Restructuring 2.6% 2.0% Non-qualified deferred compensation 0.0% 0.4% expenses (credits) Non-GAAP operating margin 44.1% 47.6% as a percent of total revenue
Read in the filing ↗
2026 2025 Revenue $ 1,474,220 $ 1,242,366 Costs and Expenses: Salary, benefits and other employee-related costs 580,104 542,655 Stock based compensation 138,183 107,613 Manufacturing costs 110,850 81,666 Facilities and other infrastructure costs 54,958 43,836 Depreciation and amortization 84,622 52,916 Professional services 53,800 32,461 Restructuring (5) (109) Other segment items(1) 10,257 22,740 Interest income (18,265) (26,222) Interest expense 31,613 29,118 Provision for income taxes 92,443 82,113 Net income $ 335,660 $ 273,579
Read in the filing ↗
Years Ended December 31, Operating Margin Reconciliation December 31, 2024 2023 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 29.1% 30.6% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 8.4% 8.0% Amortization of acquired intangibles 2.0% 1.5% Acquisition and integration-related 2.1% 1.4% costs Restructuring 0.5% 0.3% Non-qualified deferred compensation 0.2% 0.2% expenses Special charges* 0.2% 0.0% Non-GAAP operating margin as a percent 42.5% 42.0% of total revenue
Read in the filing ↗ Also in 8-K of Feb 17, 2026
Three Months Ending Year Ending December 31, 2024 December 31, 2024 ────────────────────────────────────────────────────────────────────────────── ($ in millions) Forecast Forecast Net income on a GAAP basis $300 to $316 $1,015 to $1,031 Stock-based compensation expense 108 393 Amortization of acquired 27 91 intangibles Acquisition and integration-related 24 96 costs Restructuring — 25 Non-qualified deferred compensation — 11 expenses Special charges — 1 Other income or expense related to investments and non-qualified — -75 deferred compensation plan assets* Income tax effect of non-GAAP 30 52 adjustments Net income on a non-GAAP basis† $489 to $505 $1,609 to $1,625
Read in the filing ↗ Also in 8-K of Oct 26, 2026, 8-K of Oct 27, 2025
Three Months Ended December 31, Operating Margin Reconciliation December 31, 2024 2023 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 33.7% 31.5% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 7.9% 8.1% Amortization of acquired intangibles 2.0% 1.6% Acquisition and integration-related 1.7% 1.2% costs Restructuring (0.1)% (0.1)% Non-qualified deferred compensation 0.0% 0.6% expenses Special charges* 0.8% 0.0% Non-GAAP operating margin as a percent 46.0% 42.9% of total revenue
Read in the filing ↗ Also in 8-K of Feb 17, 2026
Three Months Ended Operating Margin Reconciliation March 31, 2025 March 31, 2024 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 29.1% 24.8% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 8.7% 8.7% Amortization of acquired intangibles 2.0% 1.7% Acquisition and integration-related 1.8% 2.2% costs Restructuring 0.0% 0.0% Non-qualified deferred compensation (0.1)% 0.4% expenses (credits) Special charges 0.2% 0.0% Non-GAAP operating margin as a percent 41.7% 37.8% of total revenue
Read in the filing ↗
Net Income Reconciliation Three Months Ended March 31, 2024 March 31, 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands) -unaudited Net income on a $ 247,643 $ 241,804 GAAP basis Stock-based compensation 88,129 74,288 expense Amortization of acquired 16,755 14,527 intangibles Acquisition and integration-rela… 22,086 15,800 costs Restructuring 280 — Non-qualified deferred 4,588 3,150 compensation expenses Other income or expense related to investments and -59,986 -3,273 non-qualified deferred compensation plan assets* Income tax effect of non-GAAP -613 5,137 adjustments Net income on a $ 318,882 $ 351,433 non-GAAP basis
Read in the filing ↗ Also in 8-K of Apr 28, 2025, 8-K of Apr 27, 2026
Net Income Three Months December 31, December 31, Reconciliation Ended 2023 2022 ────────────────────────────────────────────────────────────────────────────── (in thousands) -unaudited Net income on a $ 323,899 $ 240,392 GAAP basis Stock-based compensation 86,683 73,249 expense Amortization of acquired 16,920 15,369 intangibles Acquisition and integration-re… 12,583 17,510 costs Restructuring -569 13 Non-qualified deferred 6,295 3,233 compensation expenses Other income or expense related to investments and -27,966 -2,584 non-qualified deferred compensation plan assets* Income tax effect of -41,638 -85,397 non-GAAP adjustments Net income on a $ 376,207 $ 261,785 non-GAAP basis
Read in the filing ↗ Also in 8-K of Feb 18, 2025, 8-K of Feb 17, 2026
Net Income Reconciliation Three Months Ended June 30, 2024 June 30, 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands) -unaudited Net income on a $ 229,520 $ 221,120 GAAP basis Stock-based compensation 87,569 76,608 expense Amortization of acquired 20,155 14,920 intangibles Acquisition and integration-related 20,715 13,946 costs Restructuring -33 — Non-qualified deferred 1,697 3,155 compensation expenses Special charges 1,233 — Other income or expense related to investments and non-qualified -27,048 -2,508 deferred compensation plan assets* Income tax effect of non-GAAP 16,890 6,509 adjustments Net income on a $ 350,698 $ 333,750 non-GAAP basis
Read in the filing ↗ Also in 8-K of Jul 27, 2026, 8-K of Jul 28, 2025
Net Income Three Months September 30, September 30, Reconciliation Ended 2024 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands) -unaudited Net income on a $ 238,111 $ 254,321 GAAP basis Stock-based compensation 109,013 88,032 expense Amortization of acquired 26,763 15,603 intangibles Acquisition and integration-re… 29,284 14,213 costs Restructuring 24,538 11,582 Non-qualified deferred compensation 4,567 -1,749 expenses (credits) Other income or expense related to investments and 11,582 -11,755 non-qualified deferred compensation plan assets* Income tax effect of 6,341 -27,147 non-GAAP adjustments Net income on a $ 450,199 $ 343,100 non-GAAP basis
Read in the filing ↗ Also in 8-K of Oct 27, 2025, 8-K of Oct 26, 2026
Net Income Reconciliation Years Ended December 31, 2023 December 31, 2022 ────────────────────────────────────────────────────────────────────────────── (in thousands) -unaudited Net income on a $ 1,041,144 $ 848,952 GAAP basis Stock-based compensation 325,611 270,439 expense Amortization of acquired 61,970 59,818 intangibles Acquisition and integration-relat… 56,542 41,103 costs Restructuring 11,013 55 Non-qualified deferred 10,851 -8,744 compensation expenses (credits) Other income or expense related to investments and non-qualified -45,502 14,171 deferred compensation plan assets* Income tax effect of non-GAAP -57,139 -52,475 adjustments Net income on a $ 1,404,490 $ 1,173,319 non-GAAP basis
Read in the filing ↗ Also in 8-K of Feb 18, 2025, 8-K of Feb 17, 2026
Three Months Ended Operating Margin Reconciliation June 30, 2025 June 30, 2024 ────────────────────────────────────────────────────────────────────────────── -unaudited GAAP operating margin as a percent of 19.0% 27.7% total revenue Reconciling items to non-GAAP operating margin as a percent of total revenue: Stock-based compensation expense 9.3% 8.3% Amortization of acquired intangibles 1.8% 1.9% Acquisition and integration-related 2.0% 1.9% costs Restructuring 0.0% 0.0% Non-qualified deferred compensation 0.6% 0.2% expenses Special charges 0.0% 0.1% Loss related to contingent liability* 10.1% 0.0% Non-GAAP operating margin as a percent 42.8% 40.1% of total revenue
Read in the filing ↗
Three Months Ending Year Ending December 31, 2024 December 31, 2024 ────────────────────────────────────────────────────────────────────────────── Forecast Forecast Diluted net income per share on a GAAP $1.09 to $1.15 $3.70 to $3.76 basis Stock-based compensation expense 0.39 1.44 Amortization of acquired 0.10 0.33 intangibles Acquisition and integration-related 0.09 0.35 costs Restructuring — 0.09 Non-qualified deferred compensation — 0.04 expenses Special charges — — Other income or expense related to investments and non-qualified — -0.27 deferred compensation plan assets* Income tax effect of non-GAAP 0.11 0.19 adjustments Diluted net income per share on a $1.78 to $1.84 $5.87 to $5.93 non-GAAP basis†
Read in the filing ↗ Also in 8-K of Oct 26, 2026, 8-K of Oct 27, 2025
To supplement Cadence’s financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence’s performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets, stock-based compensation expense, acquisition and integration-related costs including retention expenses, income or expenses related to investments, divestitures and Cadence’s non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence’s core business operations, and the income tax effect of non- GAAP pre-tax adjustments.
Read in the filing ↗ Also in 8-K of Feb 12, 2024, 8-K of Apr 22, 2024, 8-K of Jul 22, 2024, 8-K of Oct 28, 2024, 8-K of Feb 18, 2025, 8-K of Jul 28, 2025, 8-K of Oct 27, 2025, 8-K of Feb 17, 2026, 8-K of Apr 27, 2026, 8-K of Jul 27, 2026, 8-K of Oct 26, 2026
Diluted Net Income Per Share Reconciliation Three Months Ended March 31, 2024 March 31, 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands, except per share -unaudited data) Diluted net income per share $ 0.91 $ 0.89 on a GAAP basis Stock-based compensation 0.32 0.27 expense Amortization of acquired 0.06 0.05 intangibles Acquisition and integration-rela… 0.08 0.06 costs Restructuring — — Non-qualified deferred 0.02 0.01 compensation expenses Other income or expense related to investments and -0.22 -0.01 non-qualified deferred compensation plan assets* Income tax effect of non-GAAP — 0.02 adjustments Diluted net income per share $ 1.17 $ 1.29 on a non-GAAP basis Shares used in calculation of diluted 273,544 273,159 net income per share
Read in the filing ↗ Also in 8-K of Apr 28, 2025
Diluted Net Income Per Share Three Months December 31, December 31, Reconciliation Ended 2023 2022 ────────────────────────────────────────────────────────────────────────────── (in thousands, except per -unaudited share data) Diluted net income per $ 1.19 $ 0.88 share on a GAAP basis Stock-based compensation 0.32 0.27 expense Amortization of acquired 0.06 0.06 intangibles Acquisition and integration-re… 0.04 0.06 costs Restructuring — — Non-qualified deferred 0.02 0.01 compensation expenses Other income or expense related to investments and -0.10 -0.01 non-qualified deferred compensation plan assets* Income tax effect of -0.15 -0.31 non-GAAP adjustments Diluted net income per $ 1.38 $ 0.96 share on a non-GAAP basis Shares used in calculation of diluted 272,419 272,997 net income per share
Read in the filing ↗ Also in 8-K of Feb 18, 2025
Diluted Net Income Per Share Reconciliation Years Ended December 31, 2023 December 31, 2022 ────────────────────────────────────────────────────────────────────────────── (in thousands, except per share -unaudited data) Diluted net income per share on a $ 3.82 $ 3.09 GAAP basis Stock-based compensation 1.19 0.98 expense Amortization of acquired 0.23 0.22 intangibles Acquisition and integration-relat… 0.21 0.15 costs Restructuring 0.04 — Non-qualified deferred 0.04 -0.03 compensation expenses (credits) Other income or expense related to investments and non-qualified -0.17 0.05 deferred compensation plan assets* Income tax effect of non-GAAP -0.21 -0.19 adjustments Diluted net income per share on a $ 5.15 $ 4.27 non-GAAP basis Shares used in calculation of diluted 272,748 275,011 net income per share
Read in the filing ↗ Also in 8-K of Feb 18, 2025
Diluted Net Income Per Share Reconciliation Three Months Ended June 30, 2024 June 30, 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands, except per share -unaudited data) Diluted net income per share on a GAAP $ 0.84 $ 0.81 basis Stock-based compensation 0.32 0.28 expense Amortization of acquired 0.07 0.06 intangibles Acquisition and integration-related 0.08 0.05 costs Restructuring — — Non-qualified deferred 0.01 0.01 compensation expenses Special charges — — Other income or expense related to investments and non-qualified -0.10 -0.01 deferred compensation plan assets* Income tax effect of non-GAAP 0.06 0.02 adjustments Diluted net income per share on a $ 1.28 $ 1.22 non-GAAP basis Shares used in calculation of diluted 273,520 272,996 net income per share
Read in the filing ↗ Also in 8-K of Jul 27, 2026, 8-K of Jul 28, 2025
Diluted Net Income Per Share Three Months September 30, September 30, Reconciliation Ended 2024 2023 ────────────────────────────────────────────────────────────────────────────── (in thousands, except per -unaudited share data) Diluted net income per $ 0.87 $ 0.93 share on a GAAP basis Stock-based compensation 0.40 0.32 expense Amortization of acquired 0.10 0.06 intangibles Acquisition and integration-re… 0.11 0.05 costs Restructuring 0.09 0.04 Non-qualified deferred compensation 0.01 — expenses (credits) Other income or expense related to investments and 0.04 -0.04 non-qualified deferred compensation plan assets* Income tax effect of 0.02 -0.10 non-GAAP adjustments Diluted net income per $ 1.64 $ 1.26 share on a non-GAAP basis Shares used in calculation of diluted 273,958 272,427 net income per share
Read in the filing ↗ Also in 8-K of Oct 27, 2025
If our cash flows and capital resources are insufficient to satisfy our debt obligations, we could face substantial liquidity problems and be forced to reduce or delay investments and capital expenditures or dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our debt obligations. Our debt agreements restrict our ability to dispose of assets and use the proceeds from dispositions and may also restrict our ability to raise capital to repay other indebtedness when due. We may not be able to consummate dispositions or obtain proceeds in an amount sufficient to meet any debt obligations when due.
Read in the filing ↗ Also in 10-K of Feb 19, 2026