The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited Consolidated Financial Statements and related notes above. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This discussion and analysis contains some “forward-looking statements.” Forward-looking statements concern possible or assumed future results of operations, including descriptions of our business strategies and customer relationships. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate in these circumstances. As you read and consider this discussion and analysis, you should not place undue reliance on any forward-looking statements. You should understand that these statements involve substantial risk and uncertainty and are not guarantees of future performance or results. They depend on many factors that are discussed further in the sections entitled (Risk Factors) in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by disclosures in Item 1A of Part II below. Changes or developments in any of these areas could affect our financial results or results of operations and could cause actual results to differ materially from those contemplated in the forward-looking statements. All forward-looking statements speak only as of the date of this report or the documents incorporated by reference, as the case may be. We do not undertake any duty to update any of these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. OVERVIEW We are a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers, automotive applications and specialty lighting products. Since 1994, we have been engaged and expect to continue to be primarily engaged, in funding and performing research and development activities relating to OLED technologies and materials, and commercializing these technologies and materials. We derive our revenue primarily from the following: •sales of OLED materials for evaluation, development and commercial manufacturing; •intellectual property and technology licensing; •technology development and support, including third-party collaboration efforts and providing support to third parties for commercialization of their OLED products; and •contract research services in the areas of chemical materials synthesis research, development and commercialization for non-OLED applications. Material sales relate to our sale of OLED materials for incorporation into our customers’ commercial OLED products or for their OLED development and evaluation activities. Material sales are generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. We receive license and royalty payments under certain commercial, development and technology evaluation agreements, some of which are non-refundable advances. These payments may include royalty and license fees made pursuant to license agreements and also license fees included as part of certain commercial supply agreements. These payments are included in the estimate of total contract consideration by customer and recognized as revenue over the contract term based on material units sold at the estimated per unit fee over the life of the contract. On December 2, 2022, we entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, we are being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of our intellectual property assets for a limited period of time that is less than the estimated life of the assets. 29 At the same time that we entered into the current commercial license agreement with SDC, we also entered into a material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the material purchase agreement, SDC agrees to purchase from us a minimum amount of red and green phosphorescent emitter materials for use in the manufacture of licensed products. This minimum commitment is subject to SDC’s requirements for phosphorescent emitter materials and our ability to meet these requirements over the term of the supplemental agreement. In 2015, we entered into an OLED patent license agreement and an OLED commercial supply agreement with LG Display Co., Ltd. (LG Display). In 2026, we and LG Display entered into new agreements that extended the terms of these agreements at least through the end of 2030. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under their patent portfolio. The patent license calls for minimum annual license fees and additional incremental license fees based on LG Display’s volume of sale of licensed products. The OLED commercial supply agreement provides for the sale of dopant and host materials for use by LG Display. In 2023, we entered into new long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, we have granted BOE non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. We also supply phosphorescent OLED materials to BOE for use in its licensed products. In 2019, we entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, we entered into long-term, multi-year agreements with CSOT. Under these agreements, we have granted CSOT non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. We also supply phosphorescent OLED materials to CSOT for use in its licensed products. In 2024, we entered into new long-term, multi-year agreements with Visionox Technology, Inc. (Visionox). Under these agreements, we have granted Visionox non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. Additionally, we supply phosphorescent OLED materials to Visionox for use in its licensed products. In 2025, we entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Microelectronics Co., Ltd. (Tianma). Under the agreements, we have granted Tianma non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. Additionally, we supply phosphorescent OLED materials to Tianma for use in its licensed products. In 2016, we acquired Adesis, Inc. (Adesis) which has operations in New Castle and Wilmington, Delaware. Adesis is a contract development and manufacturing organization (CDMO) that provides support services on a contractual basis to third-party customers in the OLED, pharma, biotech, catalysis and other industries. As of June 30, 2026, Adesis employed a team of 134 research scientists, chemists, engineers and laboratory technicians. Prior to our acquisition of Adesis, we utilized more than 50% of Adesis’ technology service and production output. We continue to utilize a significant portion of its technology research capacity for the benefit of our OLED technology development, and Adesis uses the remaining capacity to operate as a CDMO by providing contract research services for non-OLED applications to third-party customers in the above-mentioned industries. Contract research services revenue is earned by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis for those third-party customers. In June 2020, we formed a wholly-owned subsidiary, OVJP Corporation (OVJP Corp), operating in California, in order to advance the commercialization of our proprietary Organic Vapor Jet Printing (OVJP) technology, which we now refer to as Universal Vapor Jet Printing (UVJP). In December 2024, we announced that the OVJP Corp facility in California would be closing and UVJP operations would be relocated to our newly formed Singapore subsidiary, Universal Vapor Jet Corporation Pte. Ltd. (UVJC), as well as continued operations in our Tech and Innovation Center in New Jersey. While we continue to focus on the long-term opportunity in the large-area display market for UVJP, the industry’s current focus is on the growing demand for IT capacity. Our UVJC subsidiary continues to assess additional market opportunities where this technology may be transformative. In February 2021, we announced the establishment of a new manufacturing site in Shannon, Ireland and an agreement between UDC Ireland Limited and PPG for the production of our OLED materials. The Shannon manufacturing facility became operational in June 2022 and we purchased the site during September 2023. The Shannon manufacturing facility provides incremental manufacturing capacity to meet our expanding production needs, and allows for the geographical diversification of our manufacturing base for the world-wide distribution of our materials. We also generate technology development and support revenue earned from development and technology evaluation agreements and commercialization assistance fees. 30 We anticipate fluctuations in our annual and quarterly results of operations due to uncertainty regarding, among other factors: •the timing, cost and volume of sales of our OLED materials; •the timing of our receipt of license fees and royalties, as well as fees for future technology development and evaluation; •the timing and magnitude of expenditures we may incur in connection with our ongoing research and development and patent-related activities; and •the timing and financial consequences of our formation of new business relationships and alliances. RESULTS OF OPERATIONS Comparison of the Three Months Ended June 30, 2026 and 2025 Three Months Ended June 30, 2026 2025 Increase (Decrease) REVENUE: Material sales $ 66,191 $ 88,650 $ (22,459 ) Royalty and license fees 81,212 75,667 5,545 Contract research services 4,754 7,477 (2,723 ) Total revenue 152,157 171,794 (19,637 ) COST OF SALES 36,790 39,203 (2,413 ) Gross margin 115,367 132,591 (17,224 ) OPERATING EXPENSES: Research and development 34,974 36,358 (1,384 ) Selling, general and administrative 18,565 20,440 (1,875 ) Amortization of acquired technology and other intangible assets 5,719 4,548 1,171 Patent costs 2,356 2,588 (232 ) Royalty and license expense 105 117 (12 ) Total operating expenses 61,719 64,051 (2,332 ) OPERATING INCOME 53,648 68,540 (14,892 ) Interest income, net 8,477 9,763 (1,286 ) Other (loss) income, net (1,121 ) 5,575 (6,696 ) Interest and other income, net 7,356 15,338 (7,982 ) INCOME BEFORE INCOME TAXES 61,004 83,878 (22,874 ) INCOME TAX EXPENSE (11,583 ) (16,614 ) 5,031 NET INCOME $ 49,421 $ 67,264 $ (17,843 ) Revenue Our total material sales were $66.2 million for the three months ended June 30, 2026, as compared to $88.7 million for the three months ended June 30, 2025, a decrease of 25% with a decrease in unit material volume of 11%. The decrease in material sales was primarily due to lower unit material volume, changes in customer mix and a $6.9 million unfavorable period-over-period change in the cumulative catch-up adjustment for material sales, primarily attributable to product mix changes forecasted over the respective remaining lives of certain customer contracts. •Green emitter sales for the three months ended June 30, 2026, which include our yellow-green emitters, were $50.9 million as compared to $63.6 million for the three months ended June 30, 2025, with unit material volumes decreasing by 5%. •Red emitter sales for the three months ended June 30, 2026 were $15.1 million as compared to $23.9 million for the three months ended June 30, 2025, with unit material volumes decreasing by 21%. 31 Revenue from royalty and license fees was $81.2 million for the three months ended June 30, 2026 as compared to $75.7 million for the three months ended June 30, 2025, an increase of 7%. The increase in royalty and license fees was primarily the result of a $16.3 million favorable period-over-period change in the cumulative catch-up adjustment for royalty and license fees, partially offset by lower unit material volume and changes in customer mix. The $16.3 million favorable period-over-period change in the cumulative catch-up adjustment was primarily attributable to an increase in the average royalty and license fees price per gram due to lower anticipated demand from certain customers over the respective remaining lives of their contracts. The total cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase of $10.1 million for the three months ended June 30, 2026 as compared to a net increase of $655,000 for the three months ended June 30, 2025. Revenue from contract research services consists of revenue earned by Adesis, which provides support services on a contractual basis to third-party customers in the pharma, biotech, catalysis and other industries. Contract research services revenue was $4.8 million for the three months ended June 30, 2026 as compared to $7.5 million for the three months ended June 30, 2025, a decrease of 36%. The decrease in contract research services revenue was primarily due to decreased specialty manufacturing customer demand at Adesis during the three months ended June 30, 2026. Cost of sales Cost of sales for the three months ended June 30, 2026 decreased by $2.4 million as compared to the three months ended June 30, 2025, primarily due to lower sales volume and Adesis' cost of sales, partially offset by product mix. As a result of the decrease in revenue from material sales, partially offset by the increase in revenue from royalty and license fees, gross margin for the three months ended June 30, 2026 decreased by $17.2 million as compared to the three months ended June 30, 2025, with gross margin as a percentage of revenue decreasing to 76% from 77%. Research and development Research and development expenses decreased to $35.0 million for the three months ended June 30, 2026, as compared to $36.4 million for the three months ended June 30, 2025. The decrease in research and development expenses was primarily due to a reduction in stock-based compensation and contract research costs. Selling, general and administrative Selling, general and administrative expenses decreased to $18.6 million for the three months ended June 30, 2026, as compared to $20.4 million for the three months ended June 30, 2025. The decrease in selling, general and administrative expenses was primarily due to a decrease in stock-based compensation, partially offset by an increase in consulting expenses. Amortization of acquired technology and other intangible assets Amortization of acquired technology and other intangible assets increased to $5.7 million for the three months ended June 30, 2026 as compared to $4.5 million for the three months ended June 30, 2025. The increase in amortization of acquired technology and other intangible assets was primarily due to the acquisition of the Merck KGaA patent portfolio in January 2026. See Note 7 in Notes to Consolidated Financial Statements for further discussion. Patent costs Patent costs decreased to $2.4 million for the three months ended June 30, 2026, as compared to $2.6 million for the three months ended June 30, 2025. Royalty and license expense Royalty and license expense decreased to $105,000 for the three months ended June 30, 2026, as compared to $117,000 for the three months ended June 30, 2025. 32 Interest and other income, net Interest income, net was $8.5 million for the three months ended June 30, 2026, as compared to $9.8 million for the three months ended June 30, 2025. The decrease in interest income, net was primarily attributable to lower bond yields and reduced average investment balances on available-for-sale investments compared with the same period in 2025. Other (loss) income, net primarily consisted of net exchange gains and losses on foreign currency transactions, net investment gains and losses, and rental income. We recorded other loss, net of $1.1 million for the three months ended June 30, 2026 as compared to other income, net of $5.6 million for the three months ended June 30, 2025. The decrease in other (loss) income, net was due to a $730,000 investment loss on our marketable equity securities portfolio and a $476,000 foreign exchange loss during the three months ended June 30, 2026 as compared to a $4.5 million foreign exchange gain during the three months ended June 30, 2025, which was caused by the fluctuation in the Korean Won to the U.S. Dollar exchange rate and resulting remeasurement of a Korean Won-denominated withholding tax receivable. Income tax expense We are subject to income taxes in the United States and foreign jurisdictions. The effective income tax rate was 19.0% and 19.8% for the three months ended June 30, 2026 and 2025, respectively, and we recorded income tax expense of $11.6 million and $16.6 million, respectively, for those periods. Comparison of the Six Months Ended June 30, 2026 and 2025 Six Months Ended June 30, 2026 2025 Increase (Decrease) REVENUE: Material sales $ 149,940 $ 174,805 $ (24,865 ) Royalty and license fees 135,422 149,236 (13,814 ) Contract research services 9,006 14,030 (5,024 ) Total revenue 294,368 338,071 (43,703 ) COST OF SALES 72,911 77,337 (4,426 ) Gross margin 221,457 260,734 (39,277 ) OPERATING EXPENSES: Research and development 70,220 71,258 (1,038 ) Selling, general and administrative 38,597 37,454 1,143 Amortization of acquired technology and other intangible assets 11,307 9,093 2,214 Patent costs 4,725 4,494 231 Royalty and license expense 209 231 (22 ) Total operating expenses 125,058 122,530 2,528 OPERATING INCOME 96,399 138,204 (41,805 ) Interest income, net 17,192 19,837 (2,645 ) Other (loss) income, net (7,294 ) 5,953 (13,247 ) Interest and other income, net 9,898 25,790 (15,892 ) INCOME BEFORE INCOME TAXES 106,297 163,994 (57,697 ) INCOME TAX EXPENSE (20,980 ) (32,286 ) 11,306 NET INCOME $ 85,317 $ 131,708 $ (46,391 ) Revenue Our total material sales were $149.9 million for the six months ended June 30, 2026, as compared to $174.8 million for the six months ended June 30, 2025, a decrease of 14% with a decrease in unit material volume of 7%. The decrease in material sales was primarily due to lower unit material volume and changes in customer mix. •Green emitter sales for the six months ended June 30, 2026, which include our yellow-green emitters, were $114.9 million as compared to $127.1 million for the six months ended June 30, 2025, with unit material volumes decreasing by 4%. •Red emitter sales for the six months ended June 30, 2026 were $34.8 million as compared to $45.4 million for the six months ended June 30, 2025, with unit material volumes decreasing by 15%. 33 Revenue from royalty and license fees was $135.4 million for the six months ended June 30, 2026 as compared to $149.2 million for the six months ended June 30, 2025, a decrease of 9%. The decrease in royalty and license fees for the six months ended June 30, 2026 was primarily the result of lower unit material volume and changes in customer mix, partially offset by the impact of a $7.4 million favorable period-over-period change in the cumulative catch-up adjustment, which was primarily attributable to royalty and license fees, as described below. The total cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase of $10.0 million for the six months ended June 30, 2026 as compared to a net increase of $2.6 million for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the adjustment resulted from an increase in the average price per gram, primarily due to lower anticipated demand from certain customers over the respective remaining lives of their contracts. Revenue from contract research services consists of revenue earned by Adesis. Contract research services revenue was $9.0 million for the six months ended June 30, 2026 as compared to $14.0 million for the six months ended June 30, 2025, a decrease of 36%. The decrease in contract research services revenue was primarily due to decreased specialty manufacturing customer demand at Adesis during the six months ended June 30, 2026. Cost of sales Cost of sales for the six months ended June 30, 2026 decreased by $4.4 million as compared to the six months ended June 30, 2025, primarily due to lower sales volume and Adesis' cost of sales, partially offset by product mix. As a result of the decrease in revenue material sales and royalty and license fees, gross margin for the six months ended June 30, 2026 decreased by $39.3 million as compared to the six months ended June 30, 2025, with gross margin as a percentage of revenue decreasing to 75% from 77%. Research and development Research and development expenses decreased to $70.2 million for the six months ended June 30, 2026, as compared to $71.3 million for the six months ended June 30, 2025. The decrease in research and development expenses was primarily due to a reduction in stock-based compensation and contract research costs, partially offset by an increase in PPG development expenses. Selling, general and administrative Selling, general and administrative expenses increased to $38.6 million for the six months ended June 30, 2026, as compared to $37.5 million for the six months ended June 30, 2025. The increase in selling, general and administrative expenses was primarily due to an increase in consulting expenses, partially offset by a decrease in stock-based compensation. Amortization of acquired technology and other intangible assets Amortization of acquired technology and other intangible assets increased to $11.3 million for the six months ended June 30, 2026 as compared to $9.1 million for the six months ended June 30, 2025. The increase in amortization of acquired technology and other intangible assets was primarily due to the acquisition of the Merck KGaA patent portfolio in January 2026. See Note 7 in Notes to Consolidated Financial Statements for further discussion. Patent costs Patent costs increased to $4.7 million for the six months ended June 30, 2026, as compared to $4.5 million for the six months ended June 30, 2025. Royalty and license expense Royalty and license expense decreased to $209,000 for the six months ended June 30, 2026, as compared to $231,000 for the six months ended June 30, 2025. 34 Interest and other income, net Interest income, net was $17.2 million for the six months ended June 30, 2026, as compared to $19.8 million for the six months ended June 30, 2025. The decrease in interest income, net was primarily attributable to lower bond yields and reduced average investment balances on available-for-sale investments compared with the same period in 2025. Other (loss) income, net primarily consisted of net exchange gains and losses on foreign currency transactions, net investment gains and losses, and rental income. We recorded other loss, net of $7.3 million for the six months ended June 30, 2026 as compared to other income, net of $6.0 million for the six months ended June 30, 2025. The decrease in other (loss) income, net was primarily due to a $3.5 million foreign exchange loss, a $3.4 million investment loss on our marketable equity securities portfolio and a $415,000 impairment loss on our minority equity investment portfolio during the six months ended June 30, 2026 as compared to a $4.5 million foreign exchange gain during the six months ended June 30, 2025. Net exchange gains and losses on foreign currency are primarily caused by the fluctuation in the Korean Won to the U.S. Dollar exchange rate and resulting remeasurement of a Korean Won-denominated withholding tax receivable. Income tax expense We are subject to income taxes in the United States and foreign jurisdictions. The effective income tax rate was 19.7% for both six months ended June 30, 2026 and 2025, and we recorded income tax expense of $21.0 million and $32.3 million, respectively, for those periods. Liquidity and Capital Resources Our principal sources of liquidity are our cash and cash equivalents and short-term investments. As of June 30, 2026, we had cash and cash equivalents of $120.6 million, short-term investments of $350.7 million, and long-term U.S. Government bonds investments of $383.2 million for a total of $854.5 million. This compares to cash and cash equivalents of $138.4 million, short-term investments of $464.0 million, and long-term U.S. Government bond investments of $353.0 million for a total of $955.4 million as of December 31, 2025. Cash provided by operating activities for the six months ended June 30, 2026 was $133.9 million resulting from $85.3 million of net income, $42.5 million from non-cash items including depreciation, stock-based compensation and amortization of intangibles, and a $6.1 million increase due to changes in our operating assets and liabilities. Changes in our operating assets and liabilities related to an increase in deferred revenue of $19.9 million and a decrease in other assets of $17.8 million, partially offset by a decrease in accounts payable and accrued expenses of $14.0 million, an increase in inventory of $8.7 million, an increase in accounts receivable of $6.3 million and a decrease in other liabilities of $2.6 million. Cash provided by operating activities for the six months ended June 30, 2025 was $82.5 million resulting from $131.7 million of net income and $32.7 million from non-cash items including stock-based compensation, depreciation and amortization of intangibles, partially offset by a $81.9 million reduction due to changes in our operating assets and liabilities. Changes in our operating assets and liabilities related to an increase in accounts receivable of $33.4 million, an increase in other assets of $28.0 million, an increase in inventory of $25.3 million and a decrease in other liabilities of $4.4 million, partially offset by an increase in accounts payable and accrued expenses of $4.6 million and an increase in deferred revenue of $4.6 million. The increase in accounts receivable during the six months ended June 30, 2025 was primarily due to the timing of material shipments as well as license fee billings for certain customers. The increase in inventory during the six months ended June 30, 2025 was primarily due to purchases of certain strategic raw materials. Cash provided by investing activities was $17.0 million for the six months ended June 30, 2026, as compared to cash used in investing activities of $34.5 million for the six months ended June 30, 2025. The increase in cash provided by investing activities was due to timing of maturities and purchases of investments resulting in net sales and maturities of $70.2 million for the six months ended June 30, 2026, as compared to net purchases of $7.0 million for the six months ended June 30, 2025, partially offset by an increase in purchases of intangibles and property and equipment of $25.7 million. The increase in the purchases of intangibles during the six months ended June 30, 2026 was primarily due to the acquisition of the Merck KGaA patent portfolio in January 2026. 35 Cash used in financing activities was $168.6 million for the six months ended June 30, 2026, as compared to $51.2 million for the six months ended June 30, 2025. The increase was due to an increase in the repurchases of common stock, inclusive of excise tax, of $115.2 million, an increase in the cash payment of dividends in the current year of $3.8 million and a decrease in the proceeds from issuance of common stock of $33,000, partially offset by a decrease in the payment of withholding taxes related to stock-based compensation to employees of $1.6 million. Working capital was $830.9 million as of June 30, 2026, as compared to $979.0 million as of December 31, 2025. The decrease was primarily due to decreases in short-term investments and other current assets. We anticipate, based on our internal forecasts and assumptions relating to our operations (including, among others, assumptions regarding our working capital requirements, the progress of our research and development efforts, the availability of sources of funding for our research and development work, and the timing and costs associated with the preparation, filing, prosecution, maintenance, defense and enforcement of our patents and patent applications), that we have sufficient cash, cash equivalents and short-term investments to meet our obligations for at least the next twelve months. Additional funding may be required in the future for research, development and commercialization of our OLED technologies and materials, to obtain, maintain and enforce patents respecting these technologies and materials, and for working capital and other purposes, the timing and amount of which are difficult to ascertain. We believe that potential additional financing sources for us include long-term and short-term borrowings and public and private sales of our equity and debt securities. There can be no assurance that additional funds will be available to us when needed, on commercially reasonable terms or at all, particularly in the current economic environment. Critical Accounting Policies and Estimates The discussion and analysis of our financial condition and results of operations is based on our Consolidated Financial Statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these Consolidated Financial Statements requires us to make estimates and judgments that affect our reported assets and liabilities, revenues and expenses, and other financial information. Actual results may differ significantly from our estimates under other assumptions and conditions. We believe that our accounting policies related to revenue recognition and deferred revenue, inventories, and income taxes are our “critical accounting policies” as contemplated by the SEC. Refer to our Annual Report on Form 10-K for the year ended December 31, 2025, for additional discussion of our critical accounting policies. Contractual Obligations Refer to our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of our contractual obligations. Off-Balance Sheet Arrangements As of June 30, 2026, we had no off-balance sheet arrangements in the nature of guarantee contracts, retained or contingent interests in assets transferred to unconsolidated entities (or similar arrangements serving as credit, liquidity or market risk support to unconsolidated entities for any such assets), or obligations (including contingent obligations) arising out of variable interests in unconsolidated entities providing financing, liquidity, market risk or credit risk support to us, or that engage in leasing, hedging or research and development services with us.