What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-02-18 compared with 2025-08-20 · 71 added, 117 removed, 129 unchanged (59% of the section changed)

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The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements:

economic, political, legal and regulatory uncertainty or conflicts, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S.

government, or U.S.

Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East;

economic, political, legal and regulatory uncertainty or conflicts;

recently announced and future tariffs and other trade restrictions;

changes in export classifications, import and export regulations or duties and tariffs;

changes in demand for semiconductor products;

performance of independent distributors;

manufacturing delays, product and raw materials availability and supply chain disruptions;

diversion of products from our authorized distribution channels;

changes in export classifications, import and export regulations or duties and tariffs;

products that may be diverted from our authorized distribution channels;

our development of technologies and research and development investments;

our future liquidity, capital needs and capital expenditures;

our ability to compete successfully in the markets in which we operate;

our future liquidity, capital needs and capital expenditures;

our ability to recruit and retain key personnel;

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security breaches or other cyber incidents;

adverse results in litigation matters;

risks related to the use of artificial intelligence in our business operations, products and services;

adverse results in litigation and regulatory matters;

reputational damage;

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Results of Operations

Amounts in the tables below are reflected in thousands except per share amounts and percentages.

Amounts in the table below are reflected in thousands except per share amounts and percentages.

Three Months Ended

August 2, 2025 August 3, 2024 $ Change % Change

Revenue $ 2,880,348 $ 2,312,209 $ 568,139 25 %

Gross margin % 62.1 % 56.7 %

Net income $ 518,518 $ 392,232 $ 126,286 32 %

Net income as a % of revenue 18.0 % 17.0 %

Diluted EPS $ 1.04 $ 0.79 $ 0.25 32 %

Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change

January 31, 2026 February 1, 2025 $ Change % Change

Revenue $ 3,160,263 $ 2,423,174 $ 737,089 30 %

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Diluted EPS $ 1.69 $ 0.78 $ 0.91 117 %

We have a 52-53 week fiscal year that ends on the Saturday closest to the last day in October.

The fiscal year ending November 1, 2025 (fiscal 2025) is a 52-week fiscal year and fiscal 2024 was a 53-week fiscal year.

The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024.

Therefore, the first nine months of fiscal 2025 included one less week of operations as compared to the first nine months of fiscal 2024.

Revenue Trends by End Market

The following tables summarize revenue by end market.

The following table summarizes revenue by end market.

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated.

As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time.

The assignment of products to end markets may change over time.

When this occurs, we reclassify revenue by end market for prior periods.

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Three Months Ended

August 2, 2025 August 3, 2024

January 31, 2026 February 1, 2025

Revenue* Y/Y% Revenue % of

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Automotive 794,402 25 % 8 % 735,646 30 %

Consumer 372,197 13 % 21 % 306,832 13 %

Communications 476,797 15 % 63 % 292,186 12 %

Total revenue $ 2,880,348 100 % 25 % $ 2,312,209 100 %

Nine Months Ended

August 2, 2025 August 3, 2024

Revenue* Y/Y% Revenue % of

Industrial $ 3,502,751 44 % 9 % $ 3,223,111 46 %

Automotive 2,445,391 31 % 14 % 2,136,173 31 %

Consumer 399,808 13 % 27 % 314,692 13 %

Communications 985,834 12 % 22 % 807,232 12 %

Total revenue $ 3,160,263 100 % 30 % $ 2,423,174 100 %

* The sum of the individual percentages may not equal the total due to rounding.

Revenue increased 25% and 14% in the three- and nine-month periods ended August 2, 2025 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products.

In addition to increased demand, the increase in the nine-month period is due to customer inventory balances normalizing in the Industrial end market, the increases in the Automotive end market are primarily driven by increases from connectivity solutions, and the increases in the Communications end market are primarily driven by growth in the wireline sub-market from data center infrastructure build outs, primarily to support growth in artificial intelligence applications.

The increases in the Consumer end market are primarily related to portable consumer products.

These increases in the nine-month period were partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.

Revenue increased 30% in the three-month period ended January 31, 2026 as compared to the same period of the prior fiscal year as a result of a broad-based increase in demand for our products, notably within the wireline sub-markets of the Communications end market that supports datacenter expansion, within the test equipment sub-market of the Industrial end market and within portable consumer products sub-market of the Consumer end market.

Revenue by Sales Channel

The following tables summarize revenue by sales channel.

The following table summarizes revenue by sales channel.

We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our website.

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Three Months Ended

August 2, 2025 August 3, 2024

Revenue % of Revenue* Revenue % of Revenue*

Distributors $ 1,592,407 55 % $ 1,332,244 58 %

Direct customers 1,240,924 43 % 940,317 41 %

Other 47,017 2 % 39,648 2 %

Total revenue $ 2,880,348 100 % $ 2,312,209 100 %

Nine Months Ended

August 2, 2025 August 3, 2024

January 31, 2026 February 1, 2025

Revenue % of Revenue* Revenue % of Revenue*

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* The sum of the individual percentages may not equal the total due to rounding.

As indicated in the tables above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.

As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in the percentage of revenue from our Industrial end market.

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.

Three Months Ended

January 31, 2026 February 1, 2025 $ Change % Change

Gross margin $ 2,044,976 $ 1,430,303 $ 614,673 43 %

Gross margin % 64.7 % 59.0 %

Gross margin percentage increased by 540 and 400 basis points in the three- and nine-month periods ended August 2, 2025 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand as well as a decrease in amortization expense related to acquired intangible assets.

Gross margin percentage increased by 570 basis points in the three-month period ended January 31, 2026 as compared to the same period of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand and favorable mix of products sold into our end markets.

Research and Development (R&D)

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

Three Months Ended

January 31, 2026 February 1, 2025 $ Change % Change

R&D expenses $ 467,400 $ 402,892 $ 64,508 16 %

R&D expenses as a % of revenue 15 % 17 %

R&D expenses increased in the three- and nine-month periods ended August 2, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses.

R&D expenses increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses .

R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth.

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Selling, Marketing, General and Administrative (SMG&A)

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

Three Months Ended

January 31, 2026 February 1, 2025 $ Change % Change

SMG&A expenses $ 345,253 $ 284,796 $ 60,457 21 %

SMG&A expenses as a % of revenue 11 % 12 %

SMG&A expenses increased in the three- and nine-month periods ended August 2, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses.

Amortization of Intangibles

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

Amortization expenses $ 187,415 $ 187,754 $ (339) — % $ 562,245 $ 567,030 $ (4,785) (1) %

Amortization expenses as a % of revenue 7 % 8 % 7 % 8 %

Amortization expenses decreased in the three- and nine-month periods ended August 2, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.

SMG&A expenses increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses.

Special Charges, Net

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

Three Months Ended

January 31, 2026 February 1, 2025 $ Change % Change

Special charges, net $ 47,982 $ 63,887 $ (15,905) (25) %

Special charges, net decreased in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.

Special charges, net increased in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, primarily due to charges related to our Global Repositioning Actions recorded in the first quarter of fiscal 2025.

See Note 5, Special Charges, Net , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.

Special charges, net decreased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions, partially offset by a $15.6 million impairment charge related to our asset group in our leased facilities in San Jose, California.

Nonoperating Expense (Income)

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change August 2, 2025 August 3, 2024 $ Change

Three Months Ended

January 31, 2026 February 1, 2025 $ Change

Total nonoperating expense (income) $ 51,155 $ 55,737 $ (4,582)

The year-over-year decrease in nonoperating expense (income) in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily due to lower foreign currency expenses and lower interest expense on our debt obligations.

The year-over-year decrease in nonoperating expense (income) in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily due to the result of higher interest income on our cash, cash equivalents and short-term investments, lower interest expense on our debt obligations and lower foreign currency expenses.

The year-over-year decrease in nonoperating expense (income) in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily due to gains on our other investments.

Provision for Income Taxes

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change August 2, 2025 August 3, 2024 $ Change

Three Months Ended

January 31, 2026 February 1, 2025 $ Change

Provision for income taxes $ 115,045 $ 44,260 $ 70,785

Effective income tax rate 12.2 % 10.2 %

The tax rates for the three- and nine-month periods ended August 2, 2025 increased primarily due to a net deferred tax expense of $153.8 million recorded in the third quarter of fiscal 2025 related to the remeasurement of our GILTI-related deferred tax assets and liabilities attributable to the passage of the OBBBA.

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change

The primary driver for our increased tax rate is the increase in taxes paid on our international profits.

This results in higher non-deductible foreign tax expense under the global intangible low-taxed income (GILTI) regime, which has the effect of increasing our effective tax rate.

Three Months Ended

January 31, 2026 February 1, 2025 $ Change % Change

Net income $ 830,826 $ 391,316 $ 439,510 112 %

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Diluted EPS $ 1.69 $ 0.78

Net income increased in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, as the result of a $326.7 million increase in operating income and a $13.7 million decrease in nonoperating expense (income), partially offset by a $214.1 million increase in provision for income taxes.

Net income increased in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, as the result of a $523.9 million increase in operating income and a $40.0 million decrease in nonoperating expense (income), partially offset by a $241.5 million increase in provision for income taxes.

Net income increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, as the result of a $505.7 million increase in operating income and a $4.6 million decrease in nonoperating expense (income), partially offset by a $70.8 million increase in provision for income taxes.

Liquidity and Capital Resources

At August 2, 2025, our principal source of liquidity was $3.5 billion of cash, cash equivalents and short-term investments, of which approximately $2.3 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.

At January 31, 2026, our principal source of liquidity was $4.0 billion of cash, cash equivalents and short-term investments, of which approximately $2.3 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.

We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States.

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We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.

Nine Months Ended

August 2, 2025 August 3, 2024

Three Months Ended

January 31, 2026 February 1, 2025

Net cash provided by operating activities $ 1,368,515 $ 1,126,809

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Net cash used for financing activities $ (855,032) $ (573,856)

The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended August 2, 2025 as compared to the same period in fiscal 2024.

The following changes contributed to the net change in cash and cash equivalents in the three-month period ended January 31, 2026 as compared to the same period in fiscal 2025.

Operating Activities

Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities.

The increase in cash provided by operating activities during the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.

The increase in cash provided by operating activities during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.

Investing Activities

Investing cash flows generally consist of purchases of property, plant and equipment, available-for-sale investments and acquisitions of other businesses.

The change in investing cash flows during the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily the result of changes in our short-term investments and a decrease in cash used for capital expenditures as the rate of spending on our global resiliency and hybrid manufacturing footprint moderated.

The change in investing cash flows also included net proceeds from the sale of property, plant and equipment during the second quarter of fiscal 2025, partially offset by cash paid for an acquisition in the first quarter of fiscal 2025.

The change in investing cash flows during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily the result of a decrease in cash used for capital expenditures.

The change in investing cash flows also included cash paid for an acquisition in the first quarter of fiscal 2025.

Financing Activities

Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuance and repayment of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.

The change in cash used for financing activities during the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily the result of higher common stock repurchases and higher dividend payments to shareholders.

Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuances and repayments of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.

The change in cash used for financing activities during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily the result of higher common stock repurchases.

Working Capital

August 2, 2025 November 2, 2024 $ Change % Change

January 31, 2026 November 1, 2025 $ Change % Change

Accounts receivable $ 1,360,184 $ 1,436,075 $ (75,891) (5) %

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* We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.

The increase in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and increased revenue levels in the third quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024.

Inventory increased primarily as a result of our efforts to balance manufacturing production, demand and inventory levels.

Our inventory levels are impacted by our need to support forecasted sales demand and variations between those forecasts and actual demand.

Current liabilities decreased to $2,979.0 million at August 2, 2025 as compared to $2,988.3 million at the end of fiscal 2024 primarily due to the repayment of approximately $400.0 million of debt during the second quarter of fiscal 2025 partially offset by higher accrued liabilities.

As of August 2, 2025, our debt obligations consisted of the following:

The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings.

Inventory increased primarily as a result of building inventory levels to support increased demand.

Current liabilities increased to $4.3 billion at January 31, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in income taxes payable.

As of January 31, 2026, our debt obligations consisted of the following:

Principal Amount Outstanding

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and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party.

As of August 2, 2025, we were in compliance with these covenants.

Commercial Paper Program

As of January 31, 2026, we were in compliance with these covenants.

Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $3.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.

As of August 2, 2025, we had $548.7 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.

In August 2025, during our fourth fiscal quarter, we increased the aggregate amount we may issue under our commercial paper program from $2.5 billion to $3.0 billion outstanding at any time.

We use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.

As of January 31, 2026, we had $543.0 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.

We intend to use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.

Revolving Credit Facility

The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).

We may borrow under this revolving credit facility in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.

The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default.

The events of default include, among others, nonpayment of principal, interest, fees or other amounts, failure to perform certain covenants, cross-defaults to certain other indebtedness, insolvency or bankruptcy, customary ERISA defaults or the occurrence of a change of control.

The negative covenants include limitations on liens and mergers and other fundamental changes, among others.

The Revolving Credit Agreement also requires we maintain a ratio of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges of no less than 3.00 to 1.00 for any fiscal quarter ending thereafter.

As of August 2, 2025, we were in compliance with these covenants.

Our Fourth Amended and Restated Revolving Credit Agreement, dated as of April 11, 2025, with Bank of America N.A.

as administrative agent and the other banks identified therein as lenders (the Revolving Credit Agreement) provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).

We may borrow under the Revolving Credit Agreement in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.

The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness.

In addition, the Revolving Credit Agreement contains an interest coverage covenant which requires the ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to consolidated interest charges to be greater than 3.0 to 1.0.

As of January 31, 2026, we were in compliance with these covenants.

Stock Repurchase Program

As of August 2, 2025, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $10.3 billion remained available for repurchases under the program.

The repurchased shares are held as authorized but unissued shares of common stock.

Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have utilized the entire amount authorized for repurchases of shares under the program.

As of January 31, 2026, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $9.1 billion remained available for repurchases under the current authorized program.

Repurchased shares are held as authorized but unissued shares of common stock.

Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when the full dollar amount of the authorization has been used to repurchase shares under the program.

Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant.

Capital Expenditures

Net additions to property, plant and equipment were $318.4 million in the first nine months of fiscal 2025.

We expect capital expenditures for fiscal 2025 to be between approximately 4% and 6% of fiscal 2025 revenue as spending returns to our long-term operating model.

Net additions to property, plant and equipment were $109.3 million in the first three months of fiscal 2026.

We expect capital expenditures for fiscal 2026 to be between approximately 4% and 6% of fiscal 2026 revenue.

These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.

On August 19, 2025, our Board of Directors declared a cash dividend of $0.99 per outstanding share of common stock.

The dividend will be paid on September 16, 2025 to all shareholders of record at the close of business on September 2, 2025 and is expected to total approximately $487.0 million.

We currently expect quarterly dividends to continue in future periods.

The declaration of any future quarterly dividends, or a future increase in the quarterly dividend amount, will be at the discretion of the Board of Directors and will be dependent upon our financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Board of Directors.

Contractual Obligations

In the third quarter of fiscal 2025, we issued $850.0 million aggregate principal amount of 4.250% senior unsecured notes due June 15, 2028 (2028 Notes) and $650.0 million aggregate principal amount of 4.500% senior unsecured notes due June 15, 2030 (2030 Notes).

The 2028 Notes and the 2030 Notes have semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025.

For additional information, see Note 10, Debt , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

On February 17, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock.

The dividend will be paid on March 17, 2026 to all shareholders of record at the close of business on March 3, 2026 and is expected to total approximately $537.0 million.

We currently expect quarterly dividends to continue in future periods, although they remain subject to determination and declaration by our Board of Directors.

The payment of future dividends, if any, will be based on several factors, including our financial performance, outlook and liquidity.

New Accounting Pronouncements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis