# Methode Electronics Inc: Form 10-Q for the period ended Feb 1, 2025

- Company: [Methode Electronics Inc](/companies/mei.md) (CIK 65270)
- Form: 10-Q
- Filed: 2025-03-05
- Accepted by EDGAR: Mar 5, 2025, 21:30 ET
- Period: 2025-02-01
- Accession: 0000950170-25-033708
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/65270/000095017025033708/mei-20250201.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/65270/000095017025033708/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-02-01.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-11-03 to 2025-02-01 | $239.9m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2024-04-28 to 2025-02-01 | $791.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2024-11-03 to 2025-02-01 | $198.6m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 9 months, 2024-04-28 to 2025-02-01 | $647.2m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2024-11-03 to 2025-02-01 | $41.3m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2024-04-28 to 2025-02-01 | $143.8m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2024-11-03 to 2025-02-01 | $37.7m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2024-04-28 to 2025-02-01 | $126.5m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-11-03 to 2025-02-01 | −$2.2m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2024-04-28 to 2025-02-01 | −$300.0k | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2024-11-03 to 2025-02-01 | $6.2m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2024-04-28 to 2025-02-01 | $14.6m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-11-03 to 2025-02-01 | −$14.4m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2024-04-28 to 2025-02-01 | −$34.3m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-11-03 to 2025-02-01 | −$0.41 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2024-04-28 to 2025-02-01 | −$0.97 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-11-03 to 2025-02-01 | −$0.41 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2024-04-28 to 2025-02-01 | −$0.97 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-11-03 to 2025-02-01 | 35,182,166 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2024-04-28 to 2025-02-01 | 35,370,099 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2024-04-28 to 2025-02-01 | −$9.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2024-04-28 to 2025-02-01 | $32.5m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 3 months, 2024-11-03 to 2025-02-01 | $5.3m | us-gaap:PaymentsOfDividendsCommonStock |
| Dividends paid | 9 months, 2024-04-28 to 2025-02-01 | $15.3m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months, 2024-04-28 to 2025-02-01 | $1.6m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2025-02-01 | $103.8m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-02-01 | $572.2m | us-gaap:AssetsCurrent |
| Total assets | at 2025-02-01 | $1.30bn | us-gaap:Assets |
| Current liabilities | at 2025-02-01 | $201.4m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-02-01 | $600.3m | us-gaap:Liabilities |
| Long-term debt | at 2025-02-01 | $327.7m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-02-01 | $200.0k | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-02-01 | $704.3m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 41,080 characters.

As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries.

### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect, when made, our current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual results to be materially different from any future results, express or implied, by such forward-looking statements. All statements that address future operating, financial or business performance or our strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook,” “upcoming,” or “continue,” and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following:

- International trade disputes resulting in tariffs and our ability to mitigate tariffs;
- Dependence on the automotive, commercial vehicle, and construction industries;
- Timing, quality and cost of new program launches;
- Changes in electric vehicle (“EV”) demand;
- Investment in programs prior to the recognition of revenue;
- Failure to attract and retain qualified personnel;
- Impact from production delays or cancelled orders;
- Impact from inflation;
- Dependence on the availability and price of materials;
- Dependence on a small number of large customers, including one large automotive customer;
- Dependence on our supply chain;
- Risks related to conducting global operations;
- Effects of potential catastrophic events or other business interruptions;
- Ability to withstand pricing pressures, including price reductions;
- Potential impact of securities class action, other litigation, and government investigations and inquiries;
- Ability to compete effectively;
- Our lengthy sales cycle;
- Risks relating to our use of requirements contracts;
- Potential work stoppages;
- Ability to successfully benefit from acquisitions and divestitures;
- Ability to manage our debt levels and comply with restrictions and covenants under our credit agreement;
- Interest rate changes and variable rate instruments;
- Timing and magnitude of costs associated with restructuring activities;
- Recognition of goodwill and other intangible asset impairment charges;
- Ability to remediate material weaknesses in our internal control over financial reporting;
- Currency fluctuations;
- Income tax rate fluctuations;
- Judgments related to accounting for tax positions;
- Ability to withstand business interruptions;
- Potential IT security threats or breaches;
- Ability to protect our intellectual property;
- Costs associated with environmental, health and safety regulations;
- Impact from climate change and related regulations; and
- Ability to avoid design or manufacturing defects.

Additional details and factors are discussed under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 27, 2024 and in Part II, Item 1A of this Quarterly Report. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Any forward-looking statements made by us speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

### Overview

We are a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer and produce mechatronic products for Original Equipment Manufacturers (“OEMs”) utilizing our broad range of technologies for user interface, light-emitting diode (“LED”) lighting system, power distribution and sensor applications.

Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment and consumer appliance.

### Trade Policy/Tariffs

We are exposed to market risk with respect to duties currently assessed on raw materials, component parts and finished goods we import into the U.S. Since February 1, 2025 and up to March 4, 2025, the United States has announced and implemented various tariffs, including 25% tariffs on all products from Canada and Mexico, modifying the steel and aluminum tariffs that were imposed in 2018, and charging reciprocal tariffs against countries that tax or limit markets for U.S. goods.

The current situation is dynamic and we are continuing to assess the full implications of the newly announced tariffs. Given our sizable manufacturing operations in Mexico, China, Europe and Canada, should these enacted tariffs continue, raw materials and finished goods that we import will face higher prices, which could lead to reduced margins or increased prices that could cause decreased customer demand. We continue to monitor similar actions by other countries with which we do business. It is possible other countries may impose retaliatory tariffs on goods imported into their countries from the U.S. We will seek price increases from our customers to offset these incremental costs. If we are unable to obtain price increases, the impact of new or higher tariffs could have a material impact on our results of operations.

### Macroeconomic Conditions

The global economy continues to experience volatile disruptions including to the commodity, labor and transportation markets, arising from a combination of geopolitical events and various economic and financial factors. These disruptions have affected our operations and may continue to affect our business, financial condition and results of operations. As a result of continued inflation, we have implemented measures to mitigate certain adverse effects of higher costs. However, we have been unable to fully mitigate or pass through the increases in our costs to our customers, which will likely continue in the future.

Our business in the future will be impacted by the broad trend of electrification. The adoption of EVs has been slower than anticipated, which may impact our financial condition and results of operations. In addition, there are various government policies, subsidies, and economic incentives designed to increase EV adoption. There is no guarantee these incentive programs will be available in the future.

### Geopolitical Conditions

Russia’s invasion of Ukraine and the resulting economic sanctions imposed by the international community impacted the global economy and gave rise to potential global security issues that may adversely affect international business and economic conditions. Given our manufacturing operations in the Middle East and Asia, the continuation of the military conflict between Russia and Ukraine, the escalation or expansion of the Israel-Hamas war, or renewed terrorist attacks on Red Sea shipping, such as those by the Houthi, could lead to other supply chain disruptions, increased inflationary pressures, higher freight costs and volatility in global markets and industries that could negatively impact our operations. The full impact of the conflicts on our business operations and financial performance remains uncertain and will depend on future developments, including the severity and duration of the conflicts and their impact on regional and global economic conditions. We will continue to monitor the conflicts and assess the related restrictions and other effects on our employees, customers, suppliers and business.

### Global Supply Chain Disruptions

Although we saw improvements in our supply chain in fiscal 2024, including easing of the worldwide semiconductor supply shortage, new supply chain disruptions may occur in the future. In addition, we have experienced, and may continue to experience, business interruptions, including customer shutdowns and increased material and logistics costs and labor shortages. Changes in government regulations in areas including, but not limited to, trade and tariff regulations as noted above, could also increase our costs. We continue to work closely with suppliers and customers to minimize the potential adverse impact from global supply chain disruptions. However, if we are not able to mitigate any direct or indirect supply chain disruptions, this may have a material adverse impact on our financial condition, results of operations and cash flows.

### Consolidated Results of Operations

We maintain our financial records on the basis of a 52 or 53-week fiscal year ending on the Saturday closest to April 30. Fiscal 2025 is a 53-week year and fiscal 2024 was a 52-week year. The three months ended February 1, 2025 and January 27, 2024 were 13-week periods, while the nine months ended February 1, 2025 and January 27, 2024, were 40 and 39-week periods, respectively. The following discussions of comparative results among periods should be reviewed in this context.

The table below compares our results of operations between the three and nine months ended February 1, 2025 and the three and nine months ended January 27, 2024:

*(in millions)*

|  | Three Months Ended February 1, 2025 (13 Weeks) | January 27, 2024 (13 Weeks) | Nine Months Ended February 1, 2025 (40 Weeks) | January 27, 2024 (39 Weeks) |
| --- | ---: | ---: | ---: | ---: |
| Net sales | $239.9 | $259.5 | $791.0 | $837.2 |
| Cost of products sold | 198.6 | 222.5 | 647.2 | 693.9 |
| Gross profit | 41.3 | 37.0 | 143.8 | 143.3 |
| Selling and administrative expenses | 37.7 | 33.9 | 126.5 | 119.3 |
| Goodwill impairment | — | — | — | 56.5 |
| Amortization of intangibles | 5.8 | 6.1 | 17.6 | 18.0 |
| Interest expense, net | 5.5 | 5.0 | 16.5 | 12.2 |
| Other expense, net | 0.5 | 2.5 | 2.9 | 2.3 |
| Income tax expense | 6.2 | 1.1 | 14.6 | 1.0 |
| Net loss | $(14.4) | $(11.6) | $(34.3) | $(66.0) |

### Net sales

Net sales decreased $19.6 million, or 7.6%, to $239.9 million in the three months ended February 1, 2025, compared to $259.5 million in the three months ended January 27, 2024. Foreign currency translation decreased net sales by $3.3 million. Excluding foreign currency translation, net sales decreased $16.3 million. The decrease was primarily due to lower sales volumes in the Automotive segment, partially offset by higher sales volumes in the Industrial segment.

Net sales decreased $46.2 million, or 5.5%, to $791.0 million in the nine months ended February 1, 2025, compared to $837.2 million in the nine months ended January 27, 2024. Foreign currency translation decreased net sales by $0.7 million. Excluding foreign currency translation, net sales decreased $45.5 million. The decrease was primarily due to lower sales volumes in the Automotive segment, partially offset by higher sales volumes in the Industrial segment.

### Cost of products sold

Cost of products sold decreased $23.9 million, or 10.7%, to $198.6 million (82.8% of net sales) in the three months ended February 1, 2025, compared to $222.5 million (85.7% of net sales) in the three months ended January 27, 2024. Foreign currency translation decreased cost of products sold by $2.3 million. Excluding foreign currency translation, cost of products sold decreased $21.6 million. The decrease was primarily due to lower material and freight costs as a result of lower sales volumes.

Cost of products sold decreased $46.7 million, or 6.7%, to $647.2 million (81.8% of net sales) in the nine months ended February 1, 2025, compared to $693.9 million (82.9% of net sales) in the nine months ended January 27, 2024. Foreign currency translation decreased cost of products sold by $0.3 million. Excluding foreign currency translation, cost of products sold decreased $46.4 million. The decrease was primarily due to lower material and freight costs as a result of a decrease in sales volumes, partially offset by higher salary and warranty expense. Restructuring and asset impairment charges included within cost of products sold were $0.4 million in the nine months ended February 1, 2025, compared to $0.9 million in the nine months ended January 27, 2024.

### Gross profit margin

Gross profit margin was 17.2% of net sales in the three months ended February 1, 2025, compared to 14.3% of net sales in the three months ended January 27, 2024. Gross profit margin was 18.2% of net sales in the nine months ended February 1, 2025, compared to 17.1% of net sales in the nine months ended January 27, 2024.

The increase in gross profit margin in both periods was primarily a result of product mix from higher sales in the Industrial segment.

### Selling and administrative expenses

Selling and administrative expenses increased $3.8 million, or 11.2%, to $37.7 million (15.7% of net sales) in the three months ended February 1, 2025, compared to $33.9 million (13.1% of net sales) in the three months ended January 27, 2024. Excluding foreign currency translation, selling and administrative expenses increased $4.1 million. The increase was due to higher stock-based compensation expense and professional fees. Stock-based compensation expense was higher as the three months ended January 27, 2024 included a $3.6 million expense reversal due to forfeitures in that period. Professional fees in the three months ended February 1, 2025 include $0.9 million for consulting services provided by AlixPartners.

Selling and administrative expenses increased $7.2 million, or 6.0%, to $126.5 million (16.0% of net sales) in the nine months ended February 1, 2025, compared to $119.3 million (14.2% of net sales) in the nine months ended January 27, 2024. Excluding foreign currency translation, selling and administrative expenses increased $7.3 million. The increase was primarily due to higher professional fees and incentive compensation expense, partially offset by lower salary expense. Professional fees in the nine months ended February 1, 2025 include $9.8 million for consulting and interim executive services provided by AlixPartners.

### Goodwill impairment

In the nine months ended January 27, 2024, we recognized a goodwill impairment of $56.5 million in the Automotive segment. For further information, see Note 6, “Goodwill and Other Intangible Assets” to the condensed consolidated financial statements included in this Quarterly Report.

### Amortization of intangibles

Amortization of intangibles was $5.8 million in the three months ended February 1, 2025, compared to $6.1 million in the three months ended January 27, 2024. Amortization of intangibles was $17.6 million in the nine months ended February 1, 2025, compared to $18.0 million in the nine months ended January 27, 2024.

### Interest expense, net

Interest expense, net was $5.5 million in the three months ended February 1, 2025, compared to $5.0 million in the three months ended January 27, 2024. Interest expense, net was $16.5 million in the nine months ended February 1, 2025, compared to $12.2 million in the nine months ended January 27, 2024. The increase in both periods was due to a higher level of borrowings and increased interest rates.

### Other expense, net

Other expense, net was $0.5 million in the three months ended February 1, 2025, compared to $2.5 million in the three months ended January 27, 2024. Net foreign exchange loss was $1.3 million in the three months ended February 1, 2025, compared to $2.8 million in the three months ended January 27, 2024. In the three months ended February 1, 2025, we received $0.8 million of international government assistance, compared to $0.2 million in the three months ended January 27, 2024.

Other expense, net was $2.9 million in the nine months ended February 1, 2025, compared to $2.3 million in the nine months ended January 27, 2024. Other expense, net in the nine months ended February 1, 2025 includes a non-cash write-off of $1.2 million of unamortized debt issuance costs. Net foreign exchange loss was $3.6 million in the nine months ended February 1, 2025, compared to $2.2 million in the nine months ended January 27, 2024. In the nine months ended February 1, 2025, we received $1.8 million of international government assistance, compared to $0.3 million in the nine months ended January 27, 2024.

### Income tax expense

Income tax expense was $6.2 million (-75.6% effective tax rate) in the three months ended February 1, 2025, compared to $1.1 million (-10.5% effective tax rate) in the three months ended January 27, 2024. Income tax expense was $14.6 million (-74.1% effective tax rate) in the nine months ended February 1, 2025, compared to $1.0 million (-1.5% effective tax rate) in the nine months ended January 27, 2024.

The effective tax rate for the three and nine months ended February 1, 2025 differs from the U.S. federal statutory tax rate of 21% primarily due to an increase in a valuation allowance for U.S. deferred tax assets and an unfavorable impact from global intangible low-tax income, partially offset by the impact of income derived from foreign operations with lower statutory tax rates. The effective tax rate for the three and nine months ended January 27, 2024 differs from the U.S. federal statutory tax rate of 21% primarily due to income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, partially offset by global intangible low-tax income and non-deductible expenses.

### Net loss

Net loss was $14.4 million in the three months ended February 1, 2025, compared to $11.6 million in the three months ended January 27, 2024. Net loss was $34.3 million in the nine months ended February 1, 2025, compared to $66.0 million in the nine months ended January 27, 2024. The net loss was a result of the reasons described above.

### Reportable Operating Segments

### Automotive

*($ in millions)*

| Net sales | Three Months Ended February 1, 2025 (13 Weeks) | January 27, 2024 (13 Weeks) | Nine Months Ended February 1, 2025 (40 Weeks) | January 27, 2024 (39 Weeks) |
| --- | ---: | ---: | ---: | ---: |
| North America | $51.8 | $56.7 | $187.8 | $194.4 |
| Europe, the Middle East & Africa ("EMEA") | 55.9 | 52.0 | 181.7 | 153.9 |
| Asia | 8.0 | 31.0 | 26.5 | 104.0 |
| Net sales | 115.7 | 139.7 | 396.0 | 452.3 |
| Gross profit | $3.0 | $4.5 | $25.8 | $31.4 |
| As a percent of net sales | 2.6% | 3.2% | 6.5% | 6.9% |
| Loss from operations | $(9.0) | $(11.0) | $(14.0) | $(75.3) |
| As a percent of net sales | (7.8)% | (7.9)% | (3.5)% | (16.6)% |

#### Net sales

Automotive segment net sales decreased $24.0 million, or 17.2%, to $115.7 million in the three months ended February 1, 2025, compared to $139.7 million in the three months ended January 27, 2024. Excluding foreign currency translation, net sales decreased $22.3 million.

Net sales in North America decreased $4.9 million to $51.8 million in the three months ended February 1, 2025, compared to $56.7 million in the three months ended January 27, 2024. The decrease was due to the roll-off of legacy programs, partially offset by new program launches. Net sales in EMEA increased $3.9 million to $55.9 million in the three months ended February 1, 2025, compared to $52.0 million in the three months ended January 27, 2024. Excluding foreign currency translation, net sales in EMEA increased $5.4 million due to new program launches, partially offset by lower sales volumes of sensor products. Net sales in Asia decreased $23.0 million to $8.0 million in the three months ended February 1, 2025, compared to $31.0 million in the three months ended January 27, 2024. Excluding foreign currency translation, net sales in Asia decreased $22.8 million primarily due to a program roll-off.

Automotive segment net sales decreased $56.3 million, or 12.4%, to $396.0 million in the nine months ended February 1, 2025, compared to $452.3 million in the nine months ended January 27, 2024. Excluding foreign currency translation, net sales decreased $55.8 million.

Net sales in North America decreased $6.6 million to $187.8 million in the nine months ended February 1, 2025, compared to $194.4 million in the nine months ended January 27, 2024. The decrease was due to the roll-off of legacy programs, partially offset by new program launches. Net sales in EMEA increased $27.8 million to $181.7 million in the nine months ended February 1, 2025, compared to $153.9 million in the nine months ended January 27, 2024. Excluding foreign currency translation, net sales in EMEA increased $28.2 million due to new program launches, partially offset by lower sales volumes of sensor products. Net sales in Asia decreased $77.5 million to $26.5 million in the nine months ended February 1, 2025, compared to $104.0 million in the nine months ended January 27, 2024. Excluding foreign currency translation, net sales in Asia decreased $77.4 million primarily due to a program roll-off.

#### Gross profit

Automotive segment gross profit decreased $1.5 million, or 33.3%, to $3.0 million in the three months ended February 1, 2025, compared to $4.5 million in the three months ended January 27, 2024. Excluding foreign currency translation, gross profit decreased $1.1 million. Gross profit margins decreased to 2.6% in the three months ended February 1, 2025, compared to 3.2% in the three months ended January 27, 2024. The decrease in gross profit was primarily due to lower sales volumes in Asia, partially offset by lower freight costs.

Automotive segment gross profit decreased $5.6 million, or 17.8%, to $25.8 million in the nine months ended February 1, 2025, compared to $31.4 million in the nine months ended January 27, 2024. Gross profit margins decreased to 6.5% in the nine months ended February 1, 2025, compared to 6.9% in the nine months ended January 27, 2024. The decrease in gross profit was due to lower sales volumes in Asia and higher salary and warranty expense, partially offset by lower freight costs.

#### Loss from operations

Automotive segment loss from operations was $9.0 million in the three months ended February 1, 2025, compared to $11.0 million in the three months ended January 27, 2024. The improvement was due to lower selling and administrative expenses, partially offset by lower gross profit. Selling and administrative expenses decreased due to lower compensation expense.

Automotive segment loss from operations was $14.0 million in the nine months ended February 1, 2025, compared to $75.3 million in the nine months ended January 27, 2024. Loss from operations in the nine months ended January 27, 2024, included goodwill impairment of $56.5 million. Excluding goodwill impairment, loss from operations decreased $4.8 million. The improvement was due to lower selling and administrative expenses, partially offset by lower gross profit. Selling and administrative expenses decreased due to lower outbound freight, travel and entertainment expense, compensation expense and professional fees.

### Industrial

*($ in millions)*

|  | Three Months Ended February 1, 2025 (13 Weeks) | January 27, 2024 (13 Weeks) | Nine Months Ended February 1, 2025 (40 Weeks) | January 27, 2024 (39 Weeks) |
| --- | ---: | ---: | ---: | ---: |
| Net sales | $111.9 | $107.1 | $354.8 | $342.9 |
| Gross profit | $35.2 | $30.3 | $106.0 | $103.8 |
| As a percent of net sales | 31.5% | 28.3% | 29.9% | 30.3% |
| Income from operations | $22.6 | $18.9 | $63.8 | $68.8 |
| As a percent of net sales | 20.2% | 17.6% | 18.0% | 20.1% |

#### Net sales

Industrial segment net sales increased $4.8 million, or 4.5%, to $111.9 million in the three months ended February 1, 2025, compared to $107.1 million in the three months ended January 27, 2024. Excluding foreign currency translation, net sales increased $6.4 million.

Industrial segment net sales increased $11.9 million, or 3.5%, to $354.8 million in the nine months ended February 1, 2025, compared to $342.9 million in the nine months ended January 27, 2024. Excluding foreign currency translation, net sales increased $12.1 million.

The increase in both periods was due to higher sales volumes of power distribution products for data centers, partially offset by lower sales volumes for lighting products in the commercial vehicle and off-road equipment markets.

#### Gross profit

Industrial segment gross profit increased $4.9 million, or 16.2%, to $35.2 million in the three months ended February 1, 2025, compared to $30.3 million in the three months ended January 27, 2024. Excluding foreign currency translation, gross profit increased $5.5 million. Gross profit margins increased to 31.5% in the three months ended February 1, 2025, compared to 28.3% in the three months ended January 27, 2024. Gross profit improved due to higher sales volumes and lower operating expenses.

Industrial segment gross profit increased $2.2 million, or 2.1%, to $106.0 million in the nine months ended February 1, 2025, compared to $103.8 million in the nine months ended January 27, 2024. Excluding foreign currency translation, gross profit increased $2.5 million. Gross profit improved due to higher sales volumes and lower operating expenses. Gross profit margins decreased to 29.9% in the nine months ended February 1, 2025, compared to 30.3% in the nine months ended January 27, 2024 due to product mix.

#### Income from operations

Industrial segment income from operations increased $3.7 million, or 19.6%, to $22.6 million in the three months ended February 1, 2025, compared to $18.9 million in the three months ended January 27, 2024. Excluding foreign currency translation, income from operations increased $4.1 million. The increase was primarily due to higher gross profit, partially offset by higher selling and administrative expenses. The increase in selling and administrative expenses was primarily due to higher compensation expense, partially offset by lower legal fees.

Industrial segment income from operations decreased $5.0 million, or 7.3%, to $63.8 million in the nine months ended February 1, 2025, compared to $68.8 million in the nine months ended January 27, 2024. Excluding foreign currency translation, income from operations decreased $4.9 million. The decrease was primarily due to higher selling and administrative expenses, partially offset by higher gross profit. The increase in selling and administrative expenses was primarily due to higher legal fees and compensation expense.

### Interface

*($ in millions)*

|  | Three Months Ended February 1, 2025 (13 Weeks) | January 27, 2024 (13 Weeks) | Nine Months Ended February 1, 2025 (40 Weeks) | January 27, 2024 (39 Weeks) |
| --- | ---: | ---: | ---: | ---: |
| Net sales | $12.3 | $12.7 | $40.2 | $39.6 |
| Gross profit | $2.9 | $2.2 | $10.7 | $7.7 |
| As a percent of net sales | 23.6% | 17.3% | 26.6% | 19.4% |
| Income from operations | $2.2 | $1.5 | $8.8 | $5.4 |
| As a percent of net sales | 17.9% | 11.8% | 21.9% | 13.6% |

#### Net sales

Interface segment net sales decreased $0.4 million, or 3.1% to $12.3 million in the three months ended February 1, 2025, compared to $12.7 million in the three months ended January 27, 2024. The decrease was primarily due to lower sales volumes of transceivers for servers, partially offset by higher sales volumes for touch panels for appliances.

Interface segment net sales increased $0.6 million, or 1.5%, to $40.2 million in the nine months ended February 1, 2025, compared to $39.6 million in the nine months ended January 27, 2024. The increase was due to higher sales volumes of touch panels for appliances.

#### Gross profit

Interface segment gross profit increased $0.7 million, or 31.8%, to $2.9 million in the three months ended February 1, 2025, compared to $2.2 million in the three months ended January 27, 2024. Gross profit margins increased to 23.6% in the three months ended February 1, 2025, compared to 17.3% in the three months ended January 27, 2024. The improvement was due to product mix.

Interface segment gross profit increased $3.0 million, or 39.0%, to $10.7 million in the nine months ended February 1, 2025, compared to $7.7 million in the nine months ended January 27, 2024. Gross profit margins increased to 26.6% in the nine months ended February 1, 2025, compared to 19.4% in the nine months ended January 27, 2024. The improvement was primarily due to higher sales volumes and product mix.

#### Income from operations

Interface segment income from operations increased $0.7 million, or 46.7%, to $2.2 million in the three months ended February 1, 2025, compared to $1.5 million in the three months ended January 27, 2024.

Interface segment income from operations increased $3.4 million, or 63.0%, to $8.8 million in the nine months ended February 1, 2025, compared to $5.4 million in the nine months ended January 27, 2024.

The increase in both periods was primarily due to higher gross profit and slightly lower selling and administrative expenses.

### Medical

*(in millions)*

|  | Three Months Ended February 1, 2025 (13 Weeks) | January 27, 2024 (13 Weeks) | Nine Months Ended February 1, 2025 (40 Weeks) | January 27, 2024 (39 Weeks) |
| --- | ---: | ---: | ---: | ---: |
| Net sales | $— | $— | $— | $2.4 |
| Gross profit | $— | $(0.1) | $— | $(0.2) |
| Loss from operations | $— | $(0.1) | $— | $(3.0) |

In the first quarter of fiscal 2024, we made the decision to initiate the discontinuation of the Dabir business (which accounts for all of the Medical segment's financial results). Towards the end of the second quarter of fiscal 2024, we sold certain assets of the Dabir business and have now exited this business, which accounts for the variances in the table above.

### Financial Condition, Liquidity and Capital Resources

Our liquidity requirements are primarily to fund our business operations, including capital expenditures and working capital requirements, as well as to fund debt service requirements, dividends and stock repurchases. Our primary sources of liquidity are cash flows from operations, existing cash balances and borrowings under our senior secured credit agreement. We believe our liquidity position will be sufficient to fund our existing operations and current commitments for at least the next twelve months. However, if economic conditions remain impacted for longer than we expect due to supply chain disruptions, inflationary pressure or other geopolitical risks, or if we are unable to maintain compliance with our debt covenants, our liquidity position could be severely impacted.

As of February 1, 2025, we had $103.8 million of cash and cash equivalents, of which $71.4 million was held in subsidiaries outside the U.S. Cash held by these subsidiaries is used to fund operational activities and can be repatriated, primarily through the payment of dividends and the repayment of intercompany loans, without creating material additional income tax expense.

### Repurchases of Common Stock

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of our outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of our outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions. Prior to its expiration, a total of 3,553,961 shares were purchased under the 2021 Buyback Authorization at a total cost of $134.6 million. No further shares can be purchased under the 2021 Buyback Authorization. In the three and nine months ended February 1, 2025, zero and 136,000 shares were purchased under the 2021 Buyback Authorization and no shares were purchased under the 2024 Buyback Authorization. As of February 1, 2025, the dollar value of shares that remained available to be purchased under 2024 Buyback Authorization was $200.0 million.

### Amended Credit Agreement

On October 31, 2022, we entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein. On March 6, 2024, we entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”) and on July 9, 2024, we entered into a Second Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty (the “Second Amendment”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto.

Among other things, the Second Amendment (i) reduced the revolving credit commitments under the Credit Agreement from $750 million to $500 million, (ii) granted a security interest in substantially all of the personal property of the Company and our U.S. subsidiaries that are guarantors, including 100% of the equity interests of their respective U.S. subsidiaries and 65% of the equity interests of their respective foreign subsidiaries (or such greater amount to the extent such pledge could not reasonably cause adverse tax consequences), (iii) amended the consolidated interest coverage ratio covenant for each quarter in fiscal year 2025, (iv) amended the consolidated leverage ratio covenant for the quarter ending July 27, 2024 and each subsequent fiscal quarter, (v) amended certain interest rate provisions, (vi) added a requirement to provide monthly financial statements to the lenders through the period ending July 25, 2025, (vii) decreased the general basket exceptions to certain covenants restricting certain Company investments, liens and indebtedness for specified periods of time, (viii) increased, for fiscal year 2025, the general basket exception to a covenant restricting certain Company dispositions of property, (ix) added an “anti-cash hoarding” requirement, applicable during the period from the effective date of the Second Amendment until the earlier to occur of (a) the delivery of financial statements and a compliance certificate for the fiscal quarter ending July 25, 2025 and (b) the delivery of compliance certificates for two consecutive fiscal quarters demonstrating that our consolidated leverage ratio as of the last day of such fiscal quarters was less than 3.00:1.00, that if we have cash on hand (subject to certain exceptions) of more than $65 million for 10 consecutive business days, we shall prepay the indebtedness under the credit facility by the amount of such excess and (x) made certain other changes to the investment, restricted payment and indebtedness baskets. The Credit Agreement, as amended by the First Amendment and the Second Amendment, is referred to herein as the “Amended Credit Agreement.”

The Amended Credit Agreement provides for a secured multicurrency revolving credit facility of $500 million. In addition, the Amended Credit Agreement permits us to increase the revolving commitments and/or add one or more tranches of term loans under the Amended Credit Agreement from time to time by up to an amount equal to (i) $250 million plus (ii) an additional amount so long as the consolidated leverage ratio would not exceed 3.00:1.00 on a pro forma basis, subject to, among other things, the receipt of additional commitments from existing and/or new lenders. The Amended Credit Agreement matures on October 31, 2027.

As of February 1, 2025, the outstanding balance under the revolving credit facility consisted of $285.0 million (€275.0 million) of euro-denominated borrowings and $45.0 million of US denominated borrowings. The Amended Credit Agreement contains various representations and warranties, financial covenants (including covenants requiring us to maintain compliance with a minimum consolidated interest coverage ratio and a maximum consolidated leverage ratio, in each case as of the end of each fiscal quarter), restrictive and other covenants, and events of default. The covenants in the Amended Credit Agreement include an “anti-cash hoarding” requirement, as discussed above. As of February 1, 2025, we were in compliance with all the covenants in the Amended Credit Agreement. For further information, see Note 8, “Debt” to the condensed consolidated financial statements included in this Quarterly Report.

Although we currently anticipate, based on our current projections and analyses, that we will be in compliance with the financial covenants contained in the Amended Credit Agreement, no assurance can be given that we will be and remain in compliance with such covenants in the future. Factors that could increase our risk of future non-compliance include those identified in Part I – Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended April 27, 2024, as supplemented by subsequent filings with the Securities and Exchange Commission, including under Part II – Item 1A, “Risk Factors” of this Quarterly Report.

### Cash Flows

*(in millions)*

| Operating activities: | Nine Months Ended February 1, 2025 | January 27, 2024 |
| --- | ---: | ---: |
| Net loss | $(34.3) | $(66.0) |
| Non-cash items | 51.0 | 99.2 |
| Changes in operating assets and liabilities | (25.7) | (10.6) |
| Net cash (used in) provided by operating activities | (9.0) | 22.6 |
| Net cash used in investing activities | (26.7) | (39.0) |
| Net cash used in financing activities | (16.6) | (15.0) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (5.4) | (2.7) |
| Decrease in cash and cash equivalents | (57.7) | (34.1) |
| Cash and cash equivalents at beginning of the period | 161.5 | 157.0 |
| Cash and cash equivalents at end of the period | $103.8 | $122.9 |

#### Operating activities

Net cash used in operating activities was $9.0 million in the nine months ended February 1, 2025, compared to net cash provided by operating activities of $22.6 million in the nine months ended January 27, 2024. The decrease was due to lower net loss adjusted for non-cash items and higher cash outflows from operating assets and liabilities. The $25.7 million of cash outflows for operating assets and liabilities in the nine months ended February 1, 2025 was primarily due to higher inventory and lower accounts payable, partially offset by lower accounts receivable.

#### Investing activities

Net cash used in investing activities was $26.7 million in the nine months ended February 1, 2025, compared to $39.0 million in the nine months ended January 27, 2024. Capital expenditures were $32.5 million in the nine months ended February 1, 2025, compared to $41.1 million in the nine months ended January 27, 2024. In the nine months ended February 1, 2025, we received proceeds of $2.7 million from the sale of assets, compared to $1.5 million in the nine months ended January 27, 2024. In the nine months ended February 1, 2025, we received proceeds of $3.1 million from the settlement of a net investment hedge as compared to $0.6 million in the nine months ended January 27, 2024.

#### Financing activities

Net cash used in financing activities was $16.6 million in the nine months ended February 1, 2025, compared to $15.0 million in the nine months ended January 27, 2024. We paid cash dividends of $15.3 million in the nine months ended February 1, 2025, compared to $15.0 million in the nine months ended January 27, 2024. In the nine months ended February 1, 2025, we had net proceeds from borrowings of $5.8 million, compared to net proceeds from borrowings of $25.7 million in the nine months ended January 27, 2024. In the nine months ended February 1, 2025, we paid $1.8 million of debt issuance costs associated with the Second Amendment. In the nine months ended February 1, 2025, we used $1.6 million of cash for the purchase of shares under the 2021 Buyback Authorization, compared to $10.8 million in the nine months ended January 27, 2024. In the nine months ended January 27, 2024, we paid $10.9 million for the purchase of redeemable noncontrolling interests related to Nordic Lights.

### Recent Accounting Pronouncements

See Note 1, “Description of Business and Summary of Significant Accounting Policies” to the condensed consolidated financial statements included in Item 1.

### Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as defined under SEC rules.

## Market risk

As filed, 708 characters.

We are exposed to market risks from foreign currency exchange, interest rates, and commodity prices, which could affect our operating results, financial position and cash flows. We manage a portion of these risks through use of derivative financial instruments in accordance with our policies. We do not enter into derivative financial instruments for speculative or trading purposes.

There has been no significant change in our exposure to market risk during the nine months ended February 1, 2025. For a discussion of our exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” contained in our Annual Report on Form 10-K for the year ended April 27, 2024.

## Controls and procedures

As filed, 5,534 characters.

#### Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report, we performed an evaluation under the supervision and with the participation of the Company’s management, including our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”), of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Our disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s applicable rules and forms. As a result of this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of February 1, 2025 due to the material weaknesses that were previously reported in our Annual Report on Form 10-K for the year ended April 27, 2024.

Notwithstanding the ineffectiveness of our disclosure controls and procedures due to the material weaknesses in our internal control over financial reporting, we believe there are no material inaccuracies or omissions of material fact in this Quarterly Report, and, to the best of our knowledge, we believe that the condensed consolidated financial statements in this Quarterly Report fairly present in all material aspects our financial condition, results of operations and cash flows in conformity with GAAP.

#### Previously Disclosed Material Weaknesses

As previously disclosed in our Annual Report on Form 10-K for the year ended April 27, 2024, our management concluded that our internal controls over financial reporting were not effective due to a material weakness associated with ineffective information technology general controls (ITGCs) over one of its information technology (IT) systems that is relevant to the preparation of the financial information at a substantial portion of the Company’s subsidiaries throughout the year ended April 27, 2024, which resulted in ineffective business process controls (automated and IT-dependent manual controls) that could result in misstatements potentially impacting significant financial statement accounts and disclosures. Specifically, management did not design and execute program change management controls to provide reasonable assurance that IT program changes affecting financial applications are authorized, tested, and implemented appropriately. As a result, business process controls (automated and IT-dependent manual controls) that are reliant on the affected ITGCs, or that use data produced from the affected systems, were deemed ineffective at April 27, 2024.

Management also identified a material weakness associated with ineffective controls over its impairment analyses for goodwill. Specifically, management did not retain sufficient contemporaneous documentation to demonstrate the operation of sufficiently precise review controls over certain significant assumptions used in the determination of fair value of its reporting units.

Management also identified a material weakness associated with ineffective controls related to the application of GAAP to non-routine events and conditions. Specifically, we did not design and maintain controls to properly evaluate all of the events and conditions relevant to the Company’s going concern evaluation, including the assessment and disclosure of management’s plans in accordance with GAAP.

We are committed to maintaining a strong internal control environment. We and our Board of Directors treat the controls surrounding, and the integrity of, our financial statements with the utmost priority. Management is committed to the planning and implementation of remediation efforts to address control deficiencies and any other identified areas of risk. These remediation efforts are intended to both address the identified material weaknesses and to enhance our overall financial control environment.

Our remediation efforts include, among other items, (1) enhancing the design and operating effectiveness of internal controls over IT change management, review of significant assumptions used in goodwill impairment analyses, and the application of GAAP to non-routine events and conditions; and (2) developing and deploying additional training programs around the operation and importance of these controls.

As we continue to evaluate and work to improve our internal control over financial reporting, management may determine to take additional measures to strengthen controls or to modify the remediation plan described above. When fully implemented and operational, we believe the controls we have designed or plan to design will remediate the control deficiencies that led to the material weaknesses we have identified and strengthen our internal controls over financial reporting. The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

#### Changes in Internal Control over Financial Reporting

Except as described above, there have been no changes in our internal control over financial reporting during the three months ended February 1, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 7,467 characters.

Our business, financial condition, results of operations and cash flows are subject to various ‎risks which could cause actual results to vary from recent results or from anticipated future results. ‎Please refer to Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended April 27, 2024, for a description of certain material risks and uncertainties to which our business, financial condition and results of operations are subject. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially ‎and adversely affect our business, financial condition and/or operating results.‎

Except as updated below, there have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended April 27, 2024:

***We are, and in the future may be, subject to securities class action and other litigation, as well as government investigations and inquiries, which may harm our business and results of operations.***

We are involved in legal proceedings related to various matters, including securities litigation, and may become involved in other legal proceedings, as well as government investigations and inquiries, that arise from time to time in the future. For example, as discussed further in Note 12, “Contingencies” to the unaudited interim condensed consolidated financial statements contained in this Quarterly Report, on August 26, 2024, a purported shareholder of the Company filed a putative class action lawsuit alleging that the Company, its former Chief Executive Officer, and its former Chief Financial Officer violated the federal securities laws by making false and/or misleading statements relating to our business, operations and prospects, including in respect of our transition to production of more specialized components for manufacturers of electric vehicles and our operations at our facility in Monterrey, Mexico. The complaint seeks unspecified money damages along with equitable relief and costs and expenses, including counsel fees and expert fees. Another purported shareholder filed a substantially similar action against the same defendants and a former Chief Operating Officer of the Company on October 7, 2024. In addition, on November 26, 2024 and February 4, 2025, respectively, two purported shareholders filed derivative lawsuits on behalf of the Company against the current members of the Company’s Board of Directors, as well as certain former directors and executives, alleging that the defendants breached their fiduciary duties by allowing the Company to issue various statements that are alleged to have been false or misleading for the same reasons alleged in the securities class action complaints. The Company intends to vigorously defend itself against the allegations but there can be no assurance as to outcome. An unfavorable outcome in this litigation and other legal proceedings may have a material adverse effect on the consolidated financial position, results of operations, cash flows or liquidity of the Company. This type of litigation can also result in substantial costs, and a diversion of management’s attention and resources, which could adversely affect our business, operating results, or financial condition. In addition, the Company received a subpoena from the Securities and Exchange Commission dated November 1, 2024 seeking documents and information relating to, among other things, the Company’s operations in certain foreign countries, and certain financial reporting and accounting relating thereto, compliance with the Foreign Corrupt Practices Act and other anti-corruption laws, and material weaknesses in the Company’s internal control over financial reporting previously reported in its public filings. This request may lead to the assertion of claims or the commencement of legal proceedings against the Company, which in turn may lead to material fines, penalties or other liabilities. The subpoena and similar requests could result in costs to the Company, including the expenditure of financial and managerial resources in connection with responding to the subpoena and related investigation or any other future requests for information or investigations. Additionally, the dramatic increase in the cost of directors’ and officers’ liability insurance may cause us to opt for lower overall policy limits or to forgo insurance that we may otherwise rely on to cover any significant defense costs, settlements, and damages awarded to plaintiffs, or incur substantially higher costs to maintain the same or similar coverage. These factors may make it more difficult to attract and retain qualified executive officers and members of our board of directors.

***We operate our business on a global basis and changes to trade policy, including tariffs and customs regulations, could have a material and adverse effect on our business.***

We manufacture and sell our products globally and rely on a global supply chain to deliver the required raw materials, components, and parts, as well as the final products to our customers. Existing free trade laws and regulations, such as the United States-Mexico-Canada Agreement, provide certain duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements. Changes in laws or policies governing the terms of foreign trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries or geographic regions where we manufacture products, such as Canada, China, Egypt, Europe and Mexico, could have a material adverse effect on our business, financial condition and operating results. The U.S. and Chinese governments have imposed a series of significant incremental retaliatory tariffs to certain imported products. Most notably with respect to the automotive and commercial vehicle industries, the U.S. imposed tariffs on imports of electric vehicles and certain steel, aluminum and automotive components, and China imposed retaliatory tariffs on imports of U.S. vehicles and certain automotive components. The U.S. has also ordered an investigation into the imports of copper, particularly from China. Depending upon their continued duration and potential expansion, these tariffs and other regulatory actions could materially affect our business, including in the form of an increase in cost of goods sold, decreased margins, increased pricing for customers, and reduced sales.

As of March 4, 2025, the U.S. has enacted a 25% tariff on all goods imported from Mexico and Canada, and an additional 20% tariff on goods imported from China. Canada has announced a plan to imminently introduce 25% tariffs on a rolling schedule on a variety of U.S. goods, and Mexico has also indicated that it intends to impose retaliatory tariffs on U.S. goods. We do not know when such tariffs will take effect, how long any of these tariffs will last, or if some products may initially or eventually be subject to a different rate or be exempted. We continue to monitor statements made and actions taken by the U.S. government regarding tariffs on goods imported into the U.S. from Mexico, Canada, and other countries. We continue to also monitor similar actions by other countries with which we do business. It is possible other countries may impose retaliatory tariffs on goods imported into their countries from the U.S.

Filed Mar 5, 2025.
Source: SEC EDGAR, the filing index for accession 0000950170-25-033708. Last ingested by Listed: Oct 24, 2026, 14:53 ET. No prices; not investment advice.