Item 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on February 27, 2025 and August 7, 2025, respectively.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation. This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization. There were no repurchases of our outstanding Class A nonvoting common stock under this program during the third quarter of 2025. We had approximately $17.8 million of repurchase authority remaining under this program at September 30, 2025.

There were no repurchases of our outstanding Class A nonvoting common stock outside of our publicly announced share repurchase program during the third quarter of 2025.