Leslie’s (LESL) swings to stronger Q3 profit as it weighs deleveraging options
Rhea-AI Filing Summary
Leslie’s, Inc. reported fiscal third quarter 2026 results for the period ended July 4, 2026. Sales were $458.5 million, down from $500.3 million, with comparable sales down 6.2%. Gross margin declined to 36.5% from 39.6%. SG&A fell to $106.4 million from $129.6 million, reflecting cost-cutting efforts.
Net income for the quarter rose to $47.8 million from $21.7 million, or diluted EPS of $5.01 versus $2.34, aided in part by a $17.5 million legal settlement gain. However, Adjusted EBITDA declined to $55.7 million from $81.6 million, and adjusted diluted EPS was $3.96 versus $2.72.
For the first nine months, sales were $790.4 million versus $852.7 million, with a net loss of $87.7 million compared with a $74.2 million loss and Adjusted EBITDA of $(11.4) million versus $16.2 million. The company reported total liquidity of $207.1 million, is exploring strategic alternatives including potential deleveraging transactions, and withdrew its prior full-year 2026 outlook. Management’s forward-looking discussion highlights risks including liquidity, debt refinancing and the company’s ability to continue as a going concern.
Positive
- Quarterly profitability improved: Q3 2026 net income rose to $47.8 million from $21.7 million, with diluted EPS of $5.01 versus $2.34, supported by lower SG&A and a legal settlement gain.
- Cost and inventory reductions: Q3 SG&A decreased to $106.4 million from $129.6 million, and inventories fell to $233.4 million, down $39.8 million or 14.6% year over year.
- Legal settlement gain boosts results: The company recorded a $17.5 million gain, net of legal fees, from a credit card interchange fee litigation settlement.
Negative
- Ongoing losses year-to-date: For the first nine months of fiscal 2026, the company reported a net loss of $87.7 million and Adjusted EBITDA of $(11.4) million, both worse than the prior-year period.
- Guidance withdrawn: Citing macroeconomic softness and uncertainty in driving consumer behavior, the company withdrew its prior full-year fiscal 2026 outlook without providing updated guidance.
- Going-concern and liquidity risks highlighted: Management’s forward-looking discussion includes risks relating to ability to continue as a going concern, refinancing or restructuring debt, and satisfying liquidity requirements.
- Highly leveraged balance sheet with deficit: As of July 4, 2026, long-term debt (including the revolving facility) totaled $783.4 million and stockholders’ equity was a $(492.7) million deficit.
Filing Explained
The August 12 8-K furnishes completed third-quarter results for the period ended
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
comparable sales financial
deleveraging transaction financial
going concern financial
stockholders’ deficit financial
strategic transformation financial
Earnings Snapshot
Prior full-year fiscal 2026 outlook withdrawn; no updated guidance provided.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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What were Leslie’s (LESL) results for the first nine months of fiscal 2026?
What liquidity position did Leslie’s (LESL) report as of July 4, 2026?
Is Leslie’s (LESL) providing full-year fiscal 2026 guidance?
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>How did non-GAAP metrics trend for Leslie’s (LESL) in Q3 2026?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 12, 2026 Leslie’s, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended July 4, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information under Item 2.02 of this report, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information and the accompanying exhibit shall not be deemed to be incorporated by reference into filings with the U.S. Securities and Exchange Commission made by the Company, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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99.1 |
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Press Release of Leslie’s, Inc., dated August 12, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LESLIE’S, INC. |
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/s/ Jeff White |
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Jeff White |
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Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
Date: August 12, 2026
Exhibit 99.1
Leslie’s, Inc. Announces Third Quarter 2026 Financial Results
PHOENIX – August 12, 2026 – Leslie’s, Inc. (NASDAQ: LESL), the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential customers and pool professionals nationwide, today announced its financial results for the fiscal third quarter 2026.
"We continued to advance our strategic transformation in the third quarter, taking decisive action to right-size our cost structure and supply chain, realign our pricing strategy, and invest in omnichannel capabilities. Despite this progress, the macroenvironment remains challenging. We have begun exploring strategic alternatives with certain of our financial stakeholders to provide the incremental financial flexibility needed to continue to deliver on our strategic priorities and drive sustainable growth. Such strategic alternatives may include but are not limited to a deleveraging transaction, potentially combined with one or more financing transactions," said Jason McDonell, Chief Executive Officer.
McDonell added: "While this work is underway, we are focused on driving traffic to our stores and digital platforms as we optimize our business model. We continue to have meaningful liquidity and are operating our business in the normal course. We are encouraged by the feedback received from customers on the new pricing strategy and will continue to refine the strategy with additional input and data."
Fiscal Third Quarter Ended July 4, 2026 Results
Fiscal Nine Months Ended July 4, 2026 Results
1
Balance Sheet Highlights
Full Year Fiscal 2026 Expectations
Given macroeconomic softness and the uncertainty around the company’s ability to continue to drive consumer behavior, the company is withdrawing its prior full year outlook and not updating it at this time.
Conference Call Details
The company will host a conference call at 5:00 p.m. Eastern time on August 12, 2026 to discuss the financial results for the third quarter of fiscal 2026 as well as progress against the company’s strategic transformation initiatives. A live audio webcast of the conference call will be available online at https://ir.lesliespool.com/.
A replay of the conference call will be available within approximately three hours of the conclusion of the call and will be available on the company’s Investor Relations website for 180 days.
About Leslie’s
Founded in 1963, Leslie’s is the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential consumers and pool professionals nationwide. The company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The company operates an integrated ecosystem of over 900 physical locations and a robust digital platform, enabling consumers to engage with Leslie’s whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering every single Leslie’s customer with the knowledge, products, and solutions necessary to confidently maintain and thoroughly enjoy their pools and spas.
Use of Non-GAAP Financial Measures and Other Operating Measures
In addition to reporting financial results in accordance with accounting principles generally accepted in the United States (“GAAP”), we use certain non-GAAP financial measures and other operating measures, including comparable sales growth, Adjusted EBITDA, Adjusted net income (loss), and Adjusted diluted earnings (loss) per share, to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. These non-GAAP financial measures and other operating measures should not be considered in isolation or as substitutes for our results as reported under GAAP. In addition, these non-GAAP financial measures and other operating measures are not calculated in the same manner by all companies, and accordingly, are not necessarily comparable to similarly titled measures of other companies and may not be appropriate measures for performance relative to other companies.
Comparable Sales Growth
2
We measure comparable sales growth as the increase or decrease in sales recorded by the comparable base in any reporting period, compared to sales recorded by the comparable base in the prior reporting period. The comparable base includes sales through our locations and through our e-commerce websites and third-party marketplaces. Comparable sales growth is a key measure used by management and our board of directors to assess our financial performance.
Adjusted EBITDA
Adjusted EBITDA is defined as earnings before interest (including amortization of debt issuance costs), taxes, depreciation and amortization, equity-based compensation expense, executive transition costs, severance, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash or discrete items. Adjusted EBITDA is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other companies using similar measures.
Adjusted EBITDA is not a recognized measure of financial performance under GAAP but is used by some investors to determine a company’s ability to service or incur indebtedness. Adjusted EBITDA is not calculated in the same manner by all companies, and accordingly, is not necessarily comparable to similarly titled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be construed as an indicator of a company’s operating performance in isolation from, or as a substitute for, net loss, cash flows from operations or cash flow data, all of which are prepared in accordance with GAAP. We have presented Adjusted EBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations. Adjusted EBITDA is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP. In the future, we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share
Adjusted net income (loss) and Adjusted diluted earnings (loss) per share are additional key measures used by management and our board of directors to assess our financial performance. Adjusted net income (loss) and Adjusted diluted earnings (loss) per share are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures.
Adjusted net income (loss) is defined as net income (loss) adjusted to exclude equity-based compensation expense, executive transition costs, severance, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash, or discrete items. Adjusted diluted earnings (loss) per share is defined as Adjusted net income (loss) divided by the diluted weighted average number of common shares outstanding.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, liquidity, business strategy, strategic transformation plan, our exploration of strategic alternatives and discussions with financial stakeholders, including potential results thereof, potential deleveraging or other balance sheet transactions, value proposition, dispositions, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “deliver,” “well-positioned,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Our actual results or outcomes, or the timing of our results or outcomes, could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others:
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You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended October 4, 2025, subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release The results, outcomes, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes, or the timing of results and outcomes, could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and, while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.
Contact
Tom Filandro
Partner, ICR
Lesliesir@icrinc.com
5
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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July 4, 2026 |
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June 28, 2025 |
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July 4, 2026 |
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June 28, 2025 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Sales |
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$ |
458,493 |
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$ |
500,347 |
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$ |
790,365 |
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$ |
852,709 |
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Cost of merchandise and services sold |
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291,368 |
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302,457 |
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542,825 |
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563,156 |
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Gross profit |
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167,125 |
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197,890 |
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247,540 |
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289,553 |
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Selling, general and administrative expenses |
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106,372 |
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129,572 |
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284,247 |
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309,313 |
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Impairment |
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(708 |
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— |
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8,266 |
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— |
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Operating income (loss) |
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61,461 |
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68,318 |
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(44,973 |
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(19,760 |
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Interest expense |
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14,145 |
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15,764 |
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42,045 |
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47,425 |
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Income (loss) before taxes |
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47,316 |
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52,554 |
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(87,018 |
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(67,185 |
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Income tax expense (benefit) |
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(478 |
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30,824 |
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656 |
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6,969 |
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Net income (loss) |
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$ |
47,794 |
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$ |
21,730 |
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$ |
(87,674 |
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$ |
(74,154 |
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Earnings (loss) per share: |
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Basic |
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$ |
5.10 |
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$ |
2.34 |
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$ |
(9.40 |
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$ |
(8.01 |
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Diluted |
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$ |
5.01 |
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$ |
2.34 |
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$ |
(9.40 |
) |
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$ |
(8.01 |
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Weighted average shares outstanding: |
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Basic |
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9,363 |
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9,275 |
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9,329 |
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9,263 |
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Diluted |
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9,542 |
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9,275 |
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9,329 |
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9,263 |
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Other Financial Data (1)
(Amounts in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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July 4, 2026 |
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June 28, 2025 |
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July 4, 2026 |
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June 28, 2025 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Adjusted EBITDA |
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$ |
55,704 |
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$ |
81,570 |
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$ |
(11,401 |
) |
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$ |
16,193 |
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Adjusted net income (loss) (2) |
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$ |
37,800 |
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$ |
25,241 |
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$ |
(79,720 |
) |
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$ |
(66,000 |
) |
Adjusted diluted earnings (loss) per share |
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$ |
3.96 |
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$ |
2.72 |
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$ |
(8.55 |
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$ |
(7.13 |
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6
Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)
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July 4, 2026 |
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October 4, 2025 |
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June 28, 2025 |
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(Unaudited) |
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(Audited) |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
45,911 |
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$ |
64,340 |
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$ |
42,684 |
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Accounts and other receivables, net |
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32,174 |
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23,217 |
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34,794 |
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Inventories, net |
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233,425 |
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207,983 |
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273,192 |
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Prepaid expenses and other current assets |
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39,734 |
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33,249 |
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34,460 |
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Total current assets |
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351,244 |
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328,789 |
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385,130 |
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Property and equipment, net |
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75,421 |
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92,544 |
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94,143 |
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Operating lease right-of-use assets |
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232,130 |
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252,988 |
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260,925 |
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Goodwill and other intangibles, net |
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28,172 |
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30,732 |
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212,407 |
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Other assets |
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35,225 |
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36,422 |
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36,888 |
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Total assets |
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$ |
722,192 |
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$ |
741,475 |
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$ |
989,493 |
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Liabilities and stockholders’ deficit |
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Current liabilities |
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Accounts payable |
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$ |
111,023 |
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$ |
51,894 |
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$ |
91,587 |
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Accrued expenses and other current liabilities |
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80,045 |
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82,447 |
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104,629 |
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Operating lease liabilities |
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69,150 |
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74,720 |
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|
65,755 |
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Total current liabilities |
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260,218 |
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|
209,061 |
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|
261,971 |
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Deferred tax liabilities |
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|
295 |
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|
287 |
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|
1,549 |
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Operating lease liabilities, noncurrent |
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168,945 |
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185,076 |
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|
197,375 |
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Revolving Credit Facility |
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30,000 |
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— |
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20,000 |
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Long-term debt, net |
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753,364 |
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752,055 |
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751,547 |
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Other long-term liabilities |
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2,108 |
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2,988 |
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3,218 |
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Total liabilities |
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1,214,930 |
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1,149,467 |
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1,235,660 |
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Commitments and contingencies |
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Stockholders’ deficit |
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Common stock, $0.001 par value, 50,000,000 shares authorized and 9,365,475, 9,290,311, and 9,278,924 issued and outstanding as of July 4, 2026, October 4, 2025, and June 28, 2025. |
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9 |
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9 |
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9 |
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Additional paid-in capital |
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|
116,102 |
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|
|
113,174 |
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|
|
112,183 |
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Retained deficit |
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(608,849 |
) |
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|
(521,175 |
) |
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|
(358,359 |
) |
Total stockholders’ deficit |
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(492,738 |
) |
|
|
(407,992 |
) |
|
|
(246,167 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
722,192 |
|
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$ |
741,475 |
|
|
$ |
989,493 |
|
7
Consolidated Statements of Cash Flows
(Amounts in thousands)
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Nine Months Ended |
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|||||
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July 4, 2026 |
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June 28, 2025 |
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(Unaudited) |
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(Unaudited) |
|
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Operating Activities |
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Net loss |
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$ |
(87,674 |
) |
|
$ |
(74,154 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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|
22,966 |
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|
25,080 |
|
Equity-based compensation |
|
|
2,934 |
|
|
|
5,194 |
|
Amortization of deferred financing costs and debt discounts |
|
|
1,690 |
|
|
|
1,619 |
|
Impairment |
|
|
8,266 |
|
|
|
— |
|
Inventory impairment |
|
|
5,363 |
|
|
|
— |
|
Provision for credit losses |
|
|
274 |
|
|
|
574 |
|
Deferred income taxes |
|
|
8 |
|
|
|
5,717 |
|
Loss on asset dispositions |
|
|
271 |
|
|
|
1,044 |
|
Changes in operating assets and liabilities: |
|
|
|
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Accounts and other receivables |
|
|
(9,231 |
) |
|
|
10,099 |
|
Inventories, net |
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|
(30,805 |
) |
|
|
(38,909 |
) |
Prepaid expenses and other current assets |
|
|
(6,485 |
) |
|
|
(281 |
) |
Other assets |
|
|
961 |
|
|
|
2,561 |
|
Accounts payable |
|
|
59,129 |
|
|
|
23,965 |
|
Accrued expenses and other current liabilities |
|
|
(1,481 |
) |
|
|
(1,049 |
) |
Income taxes payable |
|
|
— |
|
|
|
(1,127 |
) |
Operating lease assets and liabilities, net |
|
|
(3,784 |
) |
|
|
269 |
|
Net cash used in operating activities |
|
|
(37,598 |
) |
|
|
(39,398 |
) |
Investing Activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(10,540 |
) |
|
|
(19,064 |
) |
Proceeds from asset dispositions |
|
|
127 |
|
|
|
117 |
|
Net cash used in investing activities |
|
|
(10,413 |
) |
|
|
(18,947 |
) |
Financing Activities |
|
|
|
|
|
|
||
Borrowings on revolving credit facility |
|
|
115,000 |
|
|
|
159,500 |
|
Payments on revolving credit facility |
|
|
(85,000 |
) |
|
|
(139,500 |
) |
Repayment of long-term debt |
|
|
— |
|
|
|
(27,025 |
) |
Payments on finance leases |
|
|
(267 |
) |
|
|
(392 |
) |
Payment of deferred financing costs |
|
|
(145 |
) |
|
|
— |
|
Payments of employee tax withholdings related to restricted stock vesting |
|
|
(6 |
) |
|
|
(59 |
) |
Net cash provided by (used in) financing activities |
|
|
29,582 |
|
|
|
(7,476 |
) |
Net decrease in cash and cash equivalents |
|
|
(18,429 |
) |
|
|
(65,821 |
) |
Cash and cash equivalents, beginning of period |
|
|
64,340 |
|
|
|
108,505 |
|
Cash and cash equivalents, end of period |
|
$ |
45,911 |
|
|
$ |
42,684 |
|
Supplemental Information: |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
40,889 |
|
|
$ |
46,462 |
|
Cash paid for income taxes, net of refunds received |
|
|
506 |
|
|
|
3,556 |
|
8
GAAP to Non-GAAP Reconciliation
(Amounts in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
July 4, 2026 |
|
|
June 28, 2025 |
|
|
July 4, 2026 |
|
|
June 28, 2025 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
Net income (loss) |
|
$ |
47,794 |
|
|
$ |
21,730 |
|
|
$ |
(87,674 |
) |
|
$ |
(74,154 |
) |
Interest expense |
|
|
14,145 |
|
|
|
15,764 |
|
|
|
42,045 |
|
|
|
47,425 |
|
Income tax expense (benefit) |
|
|
(478 |
) |
|
|
30,824 |
|
|
|
656 |
|
|
|
6,969 |
|
Impairment (1) |
|
|
(857 |
) |
|
|
— |
|
|
|
13,629 |
|
|
|
— |
|
Depreciation and amortization expense (2) |
|
|
7,566 |
|
|
|
8,572 |
|
|
|
22,966 |
|
|
|
25,080 |
|
Equity-based compensation expense (3) |
|
|
798 |
|
|
|
1,581 |
|
|
|
2,940 |
|
|
|
5,242 |
|
Strategic project costs (4) |
|
|
3,728 |
|
|
|
1,056 |
|
|
|
10,334 |
|
|
|
1,836 |
|
Legal settlement gain (5) |
|
|
(17,504 |
) |
|
|
— |
|
|
|
(17,504 |
) |
|
|
— |
|
Executive transition costs and other (6) |
|
|
512 |
|
|
|
2,043 |
|
|
|
1,207 |
|
|
|
3,795 |
|
Adjusted EBITDA |
|
$ |
55,704 |
|
|
$ |
81,570 |
|
|
$ |
(11,401 |
) |
|
$ |
16,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
July 4, 2026 |
|
|
June 28, 2025 |
|
|
July 4, 2026 |
|
|
June 28, 2025 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
Net income (loss) |
|
$ |
47,794 |
|
|
$ |
21,730 |
|
|
$ |
(87,674 |
) |
|
$ |
(74,154 |
) |
Impairment (1) |
|
|
(857 |
) |
|
|
— |
|
|
|
13,629 |
|
|
|
— |
|
Equity-based compensation expense (3) |
|
|
798 |
|
|
|
1,581 |
|
|
|
2,940 |
|
|
|
5,242 |
|
Strategic project costs (4) |
|
|
3,728 |
|
|
|
1,056 |
|
|
|
10,334 |
|
|
|
1,836 |
|
Legal settlement gain (5) |
|
|
(17,504 |
) |
|
|
— |
|
|
|
(17,504 |
) |
|
|
— |
|
Executive transition costs and other (6) |
|
|
512 |
|
|
|
2,043 |
|
|
|
1,207 |
|
|
|
3,795 |
|
Tax effects of these adjustments (7) |
|
|
3,329 |
|
|
|
(1,169 |
) |
|
|
(2,652 |
) |
|
|
(2,719 |
) |
Adjusted net income (loss) (8) |
|
$ |
37,800 |
|
|
$ |
25,241 |
|
|
$ |
(79,720 |
) |
|
$ |
(66,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings (loss) per share |
|
$ |
5.01 |
|
|
$ |
2.34 |
|
|
$ |
(9.40 |
) |
|
$ |
(8.01 |
) |
Adjusted diluted earnings (loss) per share |
|
$ |
3.96 |
|
|
$ |
2.72 |
|
|
$ |
(8.55 |
) |
|
$ |
(7.13 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
9,363 |
|
|
|
9,275 |
|
|
|
9,329 |
|
|
|
9,263 |
|
Diluted |
|
|
9,542 |
|
|
|
9,275 |
|
|
|
9,329 |
|
|
|
9,263 |
|
9