Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 8. INCOME TAXES

Our forecasted annual effective tax rate (“AETR”) at September 30, 2025 was 2.9%, compared to -3.6% at September 30, 2024. The change was primarily driven by differences in forecasted earnings before income taxes and the amount of permanent differences relative to the prior-year period, mainly attributable to legal expenses incurred in connection with the acquisition by Evolution.

For the nine months ended September 30, 2025 and 2024, our effective tax rate (“ETR”) was -11.3% and -3.7%, respectively. The decrease in the ETR for the nine months ended September 30, 2025 is mainly attributable to the loss on extinguishment of debt as compared to the nine months ended September 30, 2024.