The decline in adjusted EBITDA was driven by lower volumes, unfavorable mix, and tariffs. These significant headwinds were largely offset by pricing, lower brand-focused investments in light of tariff supply issues, reduced distribution costs, and expense management as we actively address our fixed cost structure.

Nov 13, 2025 / receipt, needs a key / David, CEO | earnings call 2025-11-13 | transcript b2efbf8f-7b11-4693-abf9-dd27eea637d8 | chars 32894-33209 | segment 33

And so your airlines are full, your restaurants are full, you know, people are traveling to Europe. I heard there's a lot of Americans in Italy this year, this summer.

Aug 11, 2023 / receipt, needs a key / David, CEO | earnings call 2023-08-11 | transcript 21c51174-5524-4739-9a36-88db15a451e4 | chars 28143-28310 | segment 28

The other big thing that we've done is, quite frankly, as the tide has gone out from the COVID demand, we've got to materially lower our cost structure. It's been very painful for our company. but we've taken quite a bit of fixed costs out of our operating model, and we continue to be very, very disciplined around expense management.

Feb 10, 2023 / receipt, needs a key / David, CEO | earnings call 2023-02-10 | transcript b5479a8b-9784-4652-a6aa-50e23668651e | chars 32615-32950 | segment 33