What changed in this filing

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Item 1. Financial Statements

2024-08-01 compared with 2024-05-02 · 110 added, 67 removed, 348 unchanged (34% of the section changed)

3 unchanged sentences

(in thousands, except share and per share data)

March 31, December 31,

June 30, December 31,

Current assets

25 unchanged sentences

Stockholders’ Equity

Preferred stock, $ 0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023

Preferred stock, $ 0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023

Common stock, $ 0.001 par value, 500,000,000 shares authorized;

and 97,515,483 and 96,722,098 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

and 98,985,370 and 96,722,098 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

Additional paid-in capital 786,201 760,210

6 unchanged sentences

(in thousands, except share and per share data)

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

2024 2023 2024 2023

Revenues $ 82,160 $ 65,763 $ 158,287 $ 125,759

14 unchanged sentences

Interest expense ( 74 ) ( 1,826 ) ( 147 ) ( 3,583 )

Gain on financial instruments 112 210

(Loss) gain on financial instruments ( 112 ) 10 — 220

Loss before income taxes ( 12,132 ) ( 17,673 ) ( 23,376 ) ( 34,440 )

5 unchanged sentences

Basic and diluted 98,103,527 93,334,725 97,524,379 92,868,623

(1) Includes amortization of acquired technology of $ 1.3 million for both the three months ended March 31, 2024 and 2023.

(1) Includes amortization of acquired technology of $ 1.4 million for both the three months ended June 30, 2024 and 2023, and $ 2.7 million for both the six months ended June 30, 2024 and 2023.

The above financial statements should be read in conjunction with the Notes to the Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(in thousands, except share data)

Three months ended March 31, 2024

Three months ended June 30, 2024

Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance January 1, 2024

Balance March 31, 2024

97,515,483 $ 98 $ 769,608 $ ( 446,799 ) $ 322,907

1 unchanged sentence

Issuance of common stock upon restricted stock unit vesting 537,974 — — — —

Common stock issued under Employee Stock Purchase Plan (ESPP) 216,174 — 2,598 — 2,598

Exercised stock options 715,739 1 5,756 5,757

1 unchanged sentence

Net loss — — — ( 12,317 ) ( 12,317 )

Balance June 30, 2024

98,985,370 $ 99 $ 786,201 $ ( 459,116 ) $ 327,184

Three months ended June 30, 2023

Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance March 31, 2023 92,864,741 $ 93 $ 717,450 $ ( 389,416 ) $ 328,127

Stock-based compensation — — 13,205 — 13,205

Issuance of common stock upon restricted stock unit vesting 710,837 1 — — 1

Common stock issued under ESPP 271,880 — 2,407 — 2,407

Exercised stock options 381,418 — 1,386 — 1,386

Payments for taxes related to net settlement of equity awards — — ( 4,841 ) — ( 4,841 )

Net loss — — — ( 17,761 ) ( 17,761 )

Balance June 30, 2023

94,228,876 $ 94 $ 729,607 $ ( 407,177 ) $ 322,524

Three months ended March 31, 2023

Six months ended June 30, 2024

Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance January 1, 2023 92,112,749 $ 92 $ 706,407 $ ( 372,453 ) $ 334,046

Balance December 31, 2023 96,722,098 $ 97 $ 760,210 $ ( 435,366 ) $ 324,941

Stock-based compensation — — 29,262 — 29,262

Issuance of common stock upon restricted stock unit vesting 1,021,491 1 ( 1 ) — —

Common stock issued under ESPP 216,174 2,598 — 2,598

Exercised stock options 1,025,607 1 6,927 — 6,928

1 unchanged sentence

Net loss — — — ( 23,750 ) ( 23,750 )

Balance March 31, 2023

Balance June 30, 2024

98,985,370 $ 99 $ 786,201 $ ( 459,116 ) $ 327,184

Six months ended June 30, 2023

Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance December 31, 2022 92,112,749 $ 92 $ 706,407 $ ( 372,453 ) $ 334,046

Stock-based compensation — — 24,817 — 24,817

Issuance of common stock upon restricted stock unit vesting 1,003,428 1 — — 1

Common stock issued under ESPP 271,880 — 2,407 2,407

Exercised stock options 840,819 1 2,801 — 2,802

Payments for taxes related to net settlement of equity awards — — ( 6,825 ) — ( 6,825 )

Net loss — — — ( 34,724 ) ( 34,724 )

Balance June 30, 2023

94,228,876 $ 94 $ 729,607 $ ( 407,177 ) $ 322,524

The above financial statements should be read in conjunction with the Notes to the Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(in thousands)

Three months ended March 31,

Six months ended June 30,

Cash flows from operating activities:

20 unchanged sentences

( 3,015 ) ( 2,661 )

Net cash provided by investing activities 6,808 15,765

Net cash provided by (used in) investing activities 22,275 ( 96 )

Cash flows from financing activities:

Principal payments on debt — ( 1,063 )

Debt issuance costs paid — ( 341 )

Proceeds from ESPP issuances 2,598 2,407

Payment of holdback funds from acquisition — ( 1,000 )

Payments for taxes related to net settlement of equity awards ( 12,795 ) ( 6,825 )

1 unchanged sentence

Net cash used in financing activities ( 3,269 ) ( 4,020 )

Net increase in cash and cash equivalents and restricted cash 3,252 5,582

Net increase (decrease) in cash and cash equivalents and restricted cash 20,505 ( 19,441 )

Cash and cash equivalents and restricted cash, beginning of period 40,927 112,337

Cash and cash equivalents and restricted cash, end of period $ 61,432 $ 92,896

(1) See Note 3 for additional information regarding non-cash investing activities for the three months ended March 31, 2024 and 2023 related to capitalized software development costs.

(1) See Note 3 for additional information regarding non-cash investing activities for the six months ended June 30, 2024 and 2023 related to capitalized software development costs.

The above financial statements should be read in conjunction with the Notes to the Unaudited Condensed Consolidated Financial Statements.

18 unchanged sentences

Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2023, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024.

Operating results for the three months ended March 31, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2024.

Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2024.

The Company has no sources of other comprehensive income, and accordingly, net loss presented each period is the same as comprehensive loss.

11 unchanged sentences

The Company is currently evaluating the impact the updated standard will have on its financial statement disclosures.

In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740):

In December 2023, the FASB issued ASU No.

2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” (“ASU 2023-09”).

6 unchanged sentences

Property and Equipment, Net

Depreciation and amortization expense was $ 0.9 million for both the three months ended March 31, 2024, and 2023.

Property and equipment, net, includes the following amounts at March 31, 2024 and December 31, 2023:

(in thousands) Useful Life March 31, 2024 December 31, 2023

Depreciation and amortization expense was $ 0.9 million and $ 1.8 million for the three and six months ended June 30, 2024, respectively, and $ 0.9 million and $ 1.8 million for the three and six months ended June 30, 2023, respectively.

Property and equipment, net, includes the following amounts at June 30, 2024 and December 31, 2023:

(in thousands) Useful Life June 30, 2024 December 31, 2023

Software 2 to 5 years

7 unchanged sentences

Property and equipment, net $ 19,539 $ 16,946

For both the three months ended March 31, 2024 and 2023 the Company had non-cash investing activities of $ 0.2 million for capitalized stock-based compensation related to capitalized software development costs.

Additionally, the Company recognized stock-based compensation expense on the amortization of capitalized stock-based compensation associated with capitalized software development costs of less than $ 0.1 million and none for the three months ended March 31, 2024 and March 31, 2023, respectively.

For both the six months ended June 30, 2024 and 2023, the Company had non-cash investing activities of $ 0.4 million for capitalized stock-based compensation related to capitalized software development costs.

Additionally, the Company recognized stock-based compensation expense on the amortization of capitalized stock-based compensation associated with capitalized software development costs of $ 0.1 million for both the three and six months ended June 30, 2024 and none for both the three and six months ended June 30, 2023.

Revenues and Deferred Costs

5 unchanged sentences

Other services includes professional services and custom development.

The following table disaggregates the Company's revenue by major source for the three months ended March 31, 2024 and 2023:

Three months ended March 31,

The following table disaggregates the Company's revenue by major source for the three and six months ended June 30, 2024 and 2023:

Three months ended June 30,

Six months ended June 30,

(in thousands) 2024 2023 2024 2023

3 unchanged sentences

Total revenues $ 82,160 $ 65,763 $ 158,287 $ 125,759

The Company recognized approximately $ 2.4 million of revenue during the three months ended March 31, 2024 that was included in deferred revenues in the accompanying condensed consolidated balance sheets as of the beginning of the reporting period.

For those contracts that were wholly or partially unsatisfied as of March 31, 2024, minimum contracted subscription revenues to be recognized in future periods total approximately $ 1.2 billion.

The Company recognized approximately $ 4.7 million of revenue during the six months ended June 30, 2024 that was included in deferred revenues in the accompanying condensed consolidated balance sheets as of the beginning of the reporting period.

For those contracts that were wholly or partially unsatisfied as of June 30, 2024, minimum contracted subscription revenues to be recognized in future periods total approximately $ 1.2 billion.

The Company expects to recognize approximately 47.2 % of this amount as subscription services are transferred to customers over the next 24 months, an additional 35.4 % in the next 25 to 48 months, and the balance thereafter.

This estimate does not include estimated consideration for excess user and transaction processing fees that the Company expects to earn under its subscription contracts.

Contract assets totaled $ 1.4 million and $ 1.5 million as of March 31, 2024 and December 31, 2023, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets.

Contract assets totaled $ 1.3 million and $ 1.5 million as of June 30, 2024 and December 31, 2023, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets.

Deferred Cost Recognition

The Company capitalized $ 1.2 million and $ 0.8 million in deferred commissions costs during the three months ended March 31, 2024 and 2023, respectively, and recognized amortization of $ 1.2 million and $ 0.9 million during the three months ended March 31, 2024 and 2023, respectively.

The Company capitalized $ 1.7 million and $ 2.9 million in deferred commissions costs during the three and six months ended June 30, 2024, respectively, and $ 2.0 million and $ 2.8 million for the three and six months ended June 30, 2023, respectively, and recognized amortization of $ 1.3 million and $ 2.5 million during the three and six months ended June 30, 2024, respectively, and $ 0.8 million and $ 1.7 million during the three and six months ended June 30, 2023, respectively.

Amortization expense is included in sales and marketing expenses in the accompanying condensed consolidated statements of operations.

Deferred commissions are considered costs to obtain a contract and are included in deferred costs in the accompanying condensed consolidated balance sheets in the amount of $ 21.2 million as of both March 31, 2024 and December 31, 2023.

The Company capitalized implementation costs of $ 2.9 million and $ 2.1 million during the three months ended March 31, 2024 and 2023 respectively, and recognized amortization of $ 1.4 million and $ 1.1 million during the three months ended March 31, 2024 and 2023, respectively.

Amortization expense is included in cost of revenues in the accompanying condensed consolidated statements of operations.

These deferred costs are considered costs to fulfill client contracts and are included in deferred costs in the accompanying condensed consolidated balance sheets in the amount of $ 21.4 million and $ 19.8 million as of March 31, 2024 and December 31, 2023, respectively.

Deferred commissions are considered costs to obtain a contract and are included in deferred costs in the accompanying condensed consolidated balance sheets in the amount of $ 21.6 million and $ 21.2 million as of June 30, 2024 and December 31, 2023, respectively.

The Company capitalized implementation costs of $ 2.3 million and $ 5.2 million during the three and six months ended June 30, 2024, respectively, and $ 2.0 million and $ 4.1 million for the three and six months ended June 30, 2023, respectively, and recognized amortization of $ 1.3 million and $ 2.7 million during the three and six months ended June 30, 2024, respectively, and $ 1.2 million and $ 2.3 million for the three and six months ended June 30, 2023, respectively.

Amortization expense is included in cost of revenues in the accompanying condensed consolidated

statements of operations.

These deferred costs are considered costs to fulfill client contracts and are included in deferred costs in the accompanying condensed consolidated balance sheets in the amount of $ 22.4 million and $ 19.8 million as of June 30, 2024 and December 31, 2023, respectively.

The Company periodically reviews the carrying amount of deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit.

No material impairment losses were recognized in relation to these capitalized costs for the three months ended March 31, 2024 and 2023.

No material impairment losses were recognized in relation to these capitalized costs for the three and six months ended June 30, 2024 and 2023.

Accounts Receivable

Accounts receivable includes the following amounts at March 31, 2024 and December 31, 2023:

March 31, December 31,

Accounts receivable includes the following amounts at June 30, 2024 and December 31, 2023:

June 30, December 31,

(in thousands) 2024 2023

6 unchanged sentences

Accrued Liabilities

Accrued liabilities consisted of the following at March 31, 2024 and December 31, 2023:

March 31, December 31,

Accrued liabilities consisted of the following at June 30, 2024 and December 31, 2023:

June 30, December 31,

(in thousands) 2024 2023

14 unchanged sentences

• Revolving Facility:

The Amended Credit Agreement provides $ 60.0 million in aggregate commitments for secured revolving loans (“Revolving Facility”), of which there were no outstanding borrowings as of March 31, 2024.

A term loan of $ 85.0 million (the “Term Loan”) was borrowed on April 29, 2022, the proceeds of which were used to replenish cash used to fund the acquisition of Segmint, which closed on April 25, 2022.

1 unchanged sentence

• Accordion Feature:

The Amended Credit Agreement also permits the Company, subject to certain conditions, to request additional revolving loan commitments in an aggregate principal amount of up to $ 50.0 million, of which there were no outstanding borrowings as of March 31, 2024.

Revolving Facility loans under the Amended Credit Agreement may be voluntarily prepaid and re-borrowed.

6 unchanged sentences

The Amended Credit Agreement is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default.

The Company is required to pay a commitment fee of 0.25 % per annum on the undrawn portion available under the Revolving Facility and variable fees on outstanding letters of credit.

is required to pay a commitment fee of 0.25 % per annum on the undrawn portion available under the Revolving Facility and variable fees on outstanding letters of credit.

The Company has a standby letter of credit in the amount of $ 0.3 million, which serves as security under the lease relating to the Company’s office space that expires in 2033.

9 unchanged sentences

The Amended Credit Agreement also contains customary events of default, which if they occur, could result in the termination of commitments under the Amended Credit Agreement, the declaration that all outstanding loans are immediately due and payable in whole or in part, and the requirement to maintain cash collateral deposits in respect of outstanding letters of credit.

The Company was in compliance with all covenants as of March 31, 2024.

On March 26, 2023, the FDIC announced that First-Citizens Bank & Trust Company would assume all of SVB’s deposits and loans as of March 27, 2023.

This resulted in no impact to the Company’s condensed consolidated financial statements or changes to the terms of the Amended Credit Agreement.

The Company was in compliance with all covenants as of June 30, 2024.

Stockholders' Equity

1 unchanged sentence

Stock-based compensation expense was included in the condensed consolidated statements of operations as follows:

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

(in thousands) 2024 2023 2024 2023

4 unchanged sentences

Total stock-based compensation expenses $ 15,013 $ 12,752 $ 28,565 $ 23,996

The Company recorded income tax expense of $ 0.2 million for both the three months ended March 31, 2024 and 2023, resulting in an effective tax rate of ( 1.7 )% and ( 1.2 )%, respectively.

The Company’s effective tax rate for the three months ended March 31, 2024 and March 31, 2023 differs from the statutory tax rate primarily due to the impact of the valuation allowance against its deferred tax assets and state tax expense.

The Company recorded income tax expense of $ 0.2 million and $ 0.4 million for the three and six months ended June 30, 2024, respectively, resulting in an effective tax rate of ( 1.5 )% and ( 1.6 )%, respectively, compared to income tax expense of $ 0.1 million and $ 0.3 million for the three and six months ended June 30, 2023, respectively, resulting in an effective tax rate of ( 0.5 )% and ( 0.8 )%, respectively.

The Company’s effective tax rate for the three and six months ended June 30, 2024 and 2023 differs from the statutory tax rate primarily due to the impact of the valuation allowance against its deferred tax assets and state tax expense.

The Company recognizes deferred tax assets and liabilities based on the estimated future tax effects of temporary differences between the financial statement basis and tax basis of assets and liabilities given the provisions of enacted tax law.

12 unchanged sentences

Significant other inputs that are directly or indirectly observable in the marketplace.

Significant unobservable inputs which are supported by little or no market activity.

Significant unobservable inputs that are supported by little or no market activity.

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period.

The following tables summarize the Company’s financial assets measured at fair value as of March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy of the valuation:

The following tables summarize the Company’s financial assets measured at fair value as of June 30, 2024 and December 31, 2023 and indicate the fair value hierarchy of the valuation:

Fair Value at Reporting Date Using

(in thousands) March 31, 2024 Level 1 Level 2 Level 3

(in thousands) June 30, 2024 Level 1 Level 2 Level 3

Cash equivalents (1)

31 unchanged sentences

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Because the Company has reported a net loss for the three months ended March 31, 2024 and 2023, the number of shares used to calculate diluted net loss per share attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share attributable to common stockholders for the period presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation.

The computation of basic and diluted net loss per share attributable to common stockholders is as follows for the three months ended March 31, 2024 and 2023:

Three months ended March 31,

Because the Company has reported a net loss for the three and six months ended June 30, 2024 and 2023, the number of shares used to calculate diluted net loss per share attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share attributable to common stockholders for the period presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation.

The computation of basic and diluted net loss per share attributable to common stockholders is as follows for the three and six months ended June 30, 2024 and 2023:

Three months ended June 30,

Six months ended June 30,

(in thousands, except shares and per share amounts) 2024 2023 2024 2023

2 unchanged sentences

Net loss per common share - basic and diluted $ ( 0.13 ) $ ( 0.19 ) $ ( 0.24 ) $ ( 0.37 )

For the three months ended March 31, 2024 and 2023, the following potential shares of common stock were excluded from diluted EPS as the Company had a net loss in each of the periods presented:

As of March 31,

The following potential shares of common stock were excluded from diluted net loss per share as the Company had a net loss in each of the periods presented:

As of June 30,

Stock options 2,860,009 5,364,567

8,198,201 9,535,540

Restricted Stock Units 7,347,640 8,621,907

ESPP 28,748 36,768

Total anti-dilutive common share equivalents 10,236,397 14,023,242

(1) Revised to reflect an immaterial correction to a previously reported amount.

Commitments and Contingencies

8 unchanged sentences

Based upon present information, the Company believes that its liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims, which are likely to be asserted, is not reasonably likely to be material to the Company’s financial position, results of operations, or cash flows, taking into account established accruals for estimated liabilities.

The Company leases office space under non-cancellable operating leases for its corporate headquarters in Plano, Texas pursuant to a ten-year lease agreement under which the Company leases approximately 125,468 square feet of office space with an initial term that expires on August 31, 2028, with the option to extend the lease for either two additional terms of five years each or one additional term of ten years .

The Company leases office space under non-cancellable operating leases for its corporate headquarters in Plano, Texas pursuant to a 10-year lease agreement under which the Company leases approximately 125,468 square feet of office space with an initial term that expires on August 31, 2028, with the option to extend the lease for either two additional terms of five years each or one additional term of 10 years.

Renewal options were not included in the right-of-use (“ROU”) asset and lease liability calculation.

5 unchanged sentences

(in thousands)

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

2024 2023 2024 2023

Operating lease expense

$ 674 $ 784 $ 1,343 $ 1,568

Short-term lease expense and other (1)

129 229 432 547

Total lease expense

2 unchanged sentences

Supplemental Cash Flow Information

Three months ended March 31,

Six months ended June 30,

Cash flow information (in thousands)

Cash paid for operating lease liabilities

$ 1,324 $ 1,877

The future maturities of operating lease liabilities are as follows:

(in thousands) March 31, 2024

2024 (nine months remaining) $ 2,003

(in thousands) June 30, 2024

2024 (six months remaining) $ 1,341

Thereafter 14,981

5 unchanged sentences

As part of the Company’s business planning cycle, the Company performs an annual goodwill impairment test in the fourth quarter of the fiscal year.

There were no indications of impairment of goodwill noted as of March 31, 2024.

Goodwill had a carrying value of $ 148.1 million as of both March 31, 2024 and December 31, 2023.

Total intangibles, net, consisted of the following as of March 31, 2024 and December 31, 2023:

As of March 31, 2024

There were no indications of impairment of goodwill noted as of June 30, 2024.

Goodwill had a carrying value of $ 148.1 million as of both June 30, 2024 and December 31, 2023.

Total intangibles, net, consisted of the following as of June 30, 2024 and December 31, 2023:

As of June 30, 2024

(in thousands) Carrying Value Accumulated Amortization Net Carrying Value

15 unchanged sentences

Total intangible assets $ 48,945 $ ( 13,138 ) $ 35,807

Amortization expense recognized on intangible assets was $ 1.7 million for both the three months ended March 31, 2024 and 2023.

Amortization expense recognized on intangible assets was $ 1.7 million and $ 3.4 million for the three and six months ended June 30, 2024, respectively, and $ 1.7 million and $ 3.4 million for the three and six months ended June 30, 2023, respectively.

The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands):

2024 (remaining nine months)

2024 (six months remaining)

Thereafter 11,059

Subsequent Event

On July 1, 2024, the Company entered into a Second Amendment (the “Second Amendment”) to the Amended Credit Agreement.

Among other changes, the Second Amendment (i) extends the maturity date of the revolving commitment from April 29, 2026 to April 29, 2027, (ii) increases the amount of the revolving loan commitment by $ 65.0 million, for a total commitment of $ 125.0 million, (iii) increases the accordion feature from $ 50.0 million to $ 100.0 million of funds available to request, (iv) modifies certain existing covenants, including increasing the minimum trailing four quarters free cash flow requirement to $( 25.0 ) million, and (v) for any fiscal quarter ending after the Financial Covenant Trigger Date (which has been extended to April 28, 2026 or such earlier date as designated by the Company), replaces compliance with a fixed charge coverage ratio with compliance of a minimum interest coverage ratio of 3.0 x.

The Second Amendment is not expected to have a material impact on the condensed consolidated financial statements.

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 1. Financial Statements