What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-06-07 compared with 2024-03-15 · 72 added, 74 removed, 391 unchanged (27% of the section changed)

22 unchanged sentences

Current portion of operating lease liabilities

Current portion of debt

Accrued expenses and other

10 unchanged sentences

Common stock, par value $ .01 per share, authorized 200,000 shares;

17,351 shares issued and 17,312 shares outstanding as of February 10, 2024;

17,425 shares issued and 17,144 shares outstanding as of May 4, 2024;

18,936 shares issued and 17,857 shares outstanding as of August 26, 2023

14 unchanged sentences

Twelve Weeks Ended

Twenty-Four Weeks Ended

Thirty-Six Weeks Ended

(in thousands, except per share data)

14 unchanged sentences

Twelve Weeks Ended

Twenty-Four Weeks Ended

Thirty-Six Weeks Ended

(in thousands)

1 unchanged sentence

Foreign currency translation adjustments

Unrealized gains (losses) on marketable debt securities, net of taxes

Unrealized (losses) gains on marketable debt securities, net of taxes

Net derivative activities, net of taxes

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Twenty-Four Weeks Ended

Thirty-Six Weeks Ended

(in thousands)

18 unchanged sentences

Cash flows from financing activities:

Net (payments of) proceeds from commercial paper

Net proceeds from commercial paper

Proceeds from issuance of debt

6 unchanged sentences

Net cash used in financing activities

( 1,018,965 )

( 1,388,307 )

Effect of exchange rate changes on cash

Net increase in cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

Twelve Weeks Ended February 10, 2024

Twelve Weeks Ended May 4, 2024

Comprehensive

(in thousands)

Balance at November 18, 2023

( 2,365,815 )

Balance at February 10, 2024

( 5,978,916 )

1 unchanged sentence

Total other comprehensive income

Retirement of treasury shares

( 4,128,131 )

Purchase of 242 shares of treasury stock

1 unchanged sentence

Share-based compensation expense

Balance at February 10, 2024

Balance at May 4, 2024

( 5,327,190 )

( 4,838,237 )

Twelve Weeks Ended February 11, 2023

Twelve Weeks Ended May 6, 2023

Comprehensive

(in thousands)

Balance at November 19, 2022

Balance at February 11, 2023

( 4,471,842 )

1 unchanged sentence

Total other comprehensive income

Retirement of treasury shares

( 4,157,637 )

Purchase of 356 shares of treasury stock

1 unchanged sentence

Share-based compensation expense

Balance at February 11, 2023

Balance at May 6, 2023

( 3,824,119 )

( 1,675,687 )

Twenty-Four Weeks Ended February 10, 2024

( 4,301,577 )

Thirty-Six Weeks Ended May 4, 2024

Comprehensive

12 unchanged sentences

Share-based compensation expense

Balance at February 10, 2024

Balance at May 4, 2024

( 5,327,190 )

( 4,838,237 )

Twenty-Four Weeks Ended February 11, 2023

Thirty-Six Weeks Ended May 6, 2023

Comprehensive

12 unchanged sentences

Share-based compensation expense

Balance at February 11, 2023

Balance at May 6, 2023

( 3,824,119 )

( 1,675,687 )

( 4,301,577 )

See Notes to Condensed Consolidated Financial Statements.

9 unchanged sentences

(“AutoZone” or the “Company”) Annual Report on Form 10-K for the year ended August 26, 2023.

Operating results for the twelve and twenty-four weeks ended February 10, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2024.

Operating results for the twelve and thirty-six weeks ended May 4, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2024.

Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks.

26 unchanged sentences

Inventory cost has been determined using the last-in, first-out (“LIFO”) method stated at the lower of cost or net realizable value for domestic inventories and the weighted average cost method stated at the lower of cost or net realizable value for Mexico and Brazil inventories.

The Company’s LIFO credit reserve balance decreased to $ 43.0 million at February 10, 2024 from $ 59.0 million at August 26, 2023 as a result of net deflation, primarily driven by reduced freight costs.

The Company’s LIFO credit reserve balance decreased to $ 19.0 million at May 4, 2024 from $ 59.0 million at August 26, 2023 as a result of net deflation, primarily driven by reduced freight costs.

Until the credit reserve balance is exhausted, decreases are recorded as a non-cash benefit to cost of sales and increases are recorded as a non-cash charge to cost of sales.

2 unchanged sentences

The Company invests in certain tax credit funds that promote renewable energy and generate a return primarily through the realization of federal tax credits.

The Company considers its investment in these tax credit funds as an investment in a variable interest entity (“VIE”).

The Company considers its investments in these tax credit funds as investments in variable interest entities (“VIEs”).

The Company evaluates the investment in any VIE to determine whether it is the primary beneficiary.

The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities.

As of February 10, 2024, the Company held tax credit equity investments that were deemed to be VIE’s and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entity and accounted for this investment using the equity method.

The Company’s maximum exposure to losses is generally limited to its net investment, which was $ 29.9 million as of February 10, 2024.

As of May 4, 2024, the Company held tax credit equity investments that were deemed to be VIEs and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entities and accounted for these investments using the equity method.

The Company’s maximum exposure to losses is generally limited to its net investment, which was $ 110.9 million as of May 4, 2024 and $ 29.6 million as of August 26, 2023, and was included in Other long-term assets on the accompanying Condensed Consolidated Balance Sheets.

Note D – Fair Value Measurements

8 unchanged sentences

The Company’s marketable debt securities measured at fair value on a recurring basis were as follows:

February 10, 2024

(in thousands)

5 unchanged sentences

Other long-term assets

At February 10, 2024 and August 26, 2023, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable debt securities, which are included within Other current assets, and long-term marketable debt securities, which are included in Other long-term assets.

At May 4, 2024 and August 26, 2023, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable debt securities, which are included within Other current assets, and long-term marketable debt securities, which are included in Other long-term assets.

The Company’s marketable debt securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades.

8 unchanged sentences

The Company’s available-for-sale marketable debt securities consisted of the following:

February 10, 2024

(in thousands)

9 unchanged sentences

Asset-backed securities and other

The marketable debt securities held at February 10, 2024 had effective maturities ranging from less than one year to approximately twelve years .

The marketable debt securities held at May 4, 2024 had effective maturities ranging from less than one year to approximately eleven years .

In evaluating whether a credit loss exists for the securities, the Company considers factors such as the severity of the loss position, the credit worthiness of the investee, the term to maturity and the intent and ability to hold the investments until maturity or until recovery of fair value.

An allowance for credit losses was deemed unnecessary given consideration of the factors above.

The Company did not realize any material gains or losses on its marketable debt securities during the twenty-four week period ended February 10, 2024 and the comparable prior year period.

Included above in total available-for-sale marketable debt securities are $ 107.9 million and $ 105.0 million of marketable debt securities transferred by the Company’s insurance captive to a trust account to secure its obligations to an insurance company related to future workers’ compensation and casualty losses as of February 10, 2024 and August 26, 2023, respectively.

The Company did not realize any material gains or losses on its marketable debt securities during the thirty-six week period ended May 4, 2024 and the comparable prior year period.

Included above in total available-for-sale marketable debt securities are $ 108.7 million and $ 105.0 million of marketable debt securities transferred by the Company’s insurance captive to a trust account to secure its obligations to an insurance company related to future workers’ compensation and casualty losses as of May 4, 2024 and August 26, 2023, respectively.

Note F – Supplier Financing Programs

2 unchanged sentences

Supplier participation is optional and our obligations to our suppliers, including the amount and dates due, are not impacted by our suppliers’ decision to enter into an agreement with a third-party financial institution.

As of February 10, 2024 and August 26, 2023, the Company had supplier obligations outstanding that had been confirmed under these arrangements of $ 4.8 billion for each period, which are included in Accounts payable and $ 197.6 million and $ 224.8 million, respectively, which are included in Other long-term liabilities in the Condensed Consolidated Balance Sheets.

As of May 4, 2024 and August 26, 2023, the Company had supplier obligations outstanding that had been confirmed under these arrangements of $ 4.8 billion for each period, which are included in Accounts payable and $ 226.0 million and $ 224.8 million, respectively, which are included in Other long-term liabilities in the Condensed Consolidated Balance Sheets.

Note G – Litigation

19 unchanged sentences

6.550 % Senior Notes due November 2033 , effective interest rate 6.71 %

Commercial paper, weighted average interest rate 5.43 % at February 10, 2024 and August 26, 2023

Commercial paper, weighted average interest rate 5.45 % at May 4, 2024 and 5.43% at August 26, 2023

Total debt before discounts and debt issuance costs

Current portion of debt

Discounts and debt issuance costs

6 unchanged sentences

Under the Company’s Revolving Credit Agreement, covenants include restrictions on liens, a maximum debt to earnings ratio, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances.

As of February 10, 2024 and August 26, 2023, the Company had no outstanding borrowings and $ 1.8 million of outstanding letters of credit under the Revolving Credit Agreement.

As of May 4, 2024 and August 26, 2023, the Company had no outstanding borrowings and $ 1.8 million of outstanding letters of credit under the Revolving Credit Agreement.

The Company also maintains a letter of credit facility that allows it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $ 25 million.

The letter of credit facility is in addition to the letters of credit that may be issued under the Revolving Credit Agreement.

As of February 10, 2024 and August 26, 2023, the Company had $ 16.1 million and $ 25.0 million, respectively, in letters of credit outstanding under the letter of credit facility, which expires in June 2025.

In addition to the outstanding letters of credit issued under the committed facilities discussed above, the Company had $ 128.4 million and $ 107.2 million in letters of credit outstanding as of February 10, 2024 and August 26, 2023, respectively.

As of May 4, 2024 and August 26, 2023, the Company had $ 16.1 million and $ 25.0 million, respectively, in letters of credit outstanding under the letter of credit facility, which expires in June 2025.

In addition to the outstanding letters of credit issued under the committed facilities discussed above, the Company had $ 128.5 million and $ 107.2 million in letters of credit outstanding as of May 4, 2024 and August 26, 2023, respectively.

These letters of credit have various maturity dates and were issued on an uncommitted basis.

As of February 10, 2024 and August 26, 2023, the $ 1.2 billion commercial paper borrowings and the $ 300 million 3.125 % Senior Notes due April 2024 were included in Long-term debt in the accompanying Condensed Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity under its Revolving Credit Agreement.

As of February 10, 2024 and August 26, 2023, the Company had $ 2.2 billion of availability under its Revolving Credit Agreement, without giving effect to commercial paper borrowings, which would allow it to replace these short-term obligations with a long-term financing facility.

As of May 4, 2024, the $ 1.8 billion commercial paper borrowings and the $ 400 million 3.250 % Senior Notes due April 2025 were included in Long-term debt in the accompanying Condensed Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity under its Revolving Credit Agreement.

As of May 4, 2024, the Company had $ 2.2 billion of availability under its Revolving Credit Agreement, without giving effect to commercial paper borrowings, which would allow it to replace these short-term obligations with a long-term financing facility.

On April 18, 2024, the Company repaid the $ 300 million 3.125 % Senior Notes due April 2024.

On October 25, 2023, the Company issued $ 500 million in 6.250 % Senior Notes due November 2028 and $ 500 million in 6.550 % Senior Notes due November 2033.

4 unchanged sentences

Interest for the Senior Notes is paid on a semi-annual basis.

The fair value of the Company’s debt was estimated at $ 8.4 billion as of February 10, 2024, and $ 7.3 billion as of August 26, 2023, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2).

Such fair value is less than the carrying value of debt by $ 189.0 million and $ 406.6 million at February 10, 2024 and August 26, 2023, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.

As of February 10, 2024, the Company was in compliance with all covenants and expects to remain in compliance with all covenants under its borrowing arrangements.

The fair value of the Company’s debt was estimated at $ 8.8 billion as of May 4, 2024, and $ 7.3 billion as of August 26, 2023, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2).

Such fair value is less than the carrying value of debt by $ 236.2 million and $ 406.6 million at May 4, 2024 and August 26, 2023, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.

As of May 4, 2024, the Company was in compliance with all covenants and expects to remain in compliance with all covenants under its borrowing arrangements.

Note I – Stock Repurchase Program

From January 1, 1998 to February 10, 2024, the Company has repurchased a total of 154.7 million shares of its common stock at an aggregate cost of $ 35.5 billion, including 663.4 thousand shares of its common stock at an aggregate cost of $ 1.7 billion during the twenty-four week period ended February 10, 2024.

From January 1, 1998 to May 4, 2024, the Company has repurchased a total of 154.9 million shares of its common stock at an aggregate cost of $ 36.3 billion, including 905.4 thousand shares of its common stock at an aggregate cost of $ 2.5 billion during the thirty-six week period ended May 4, 2024.

On December 20, 2023, the Board voted to authorize the repurchase of an additional $ 2.0 billion of the Company’s common stock in connection with its ongoing share repurchase program, which raised the total value of shares authorized to be repurchased to $ 37.7 billion.

Considering the cumulative repurchases as of February 10, 2024, the Company had $ 2.1 billion remaining under the Board’s authorization to repurchase its common stock.

During the twenty-four week period ended February 10, 2024, the Company retired 1.7 million shares of treasury stock which had been previously repurchased under the Company’s share repurchase program.

Considering the cumulative repurchases as of May 4, 2024, the Company had $ 1.4 billion remaining under the Board’s authorization to repurchase its common stock.

During the thirty-six week period ended May 4, 2024, the Company retired 1.7 million shares of treasury stock which had been previously repurchased under the Company’s share repurchase program.

The retirement increased Retained deficit by $ 4.1 billion and decreased Additional paid-in capital by $ 142.4 million.

During the comparable prior year period, the Company retired 2.1 million shares of treasury stock, which increased Retained deficit by $ 4.2 billion and decreased Additional paid-in capital by $ 143.4 million.

Subsequent to February 10, 2024 and through March 8, 2024, the Company has repurchased 63.0 thousand shares of its common stock at an aggregate cost of $ 180.7 million.

Subsequent to May 4, 2024 and through May 31, 2024, the Company has repurchased 65.6 thousand shares of its common stock at an aggregate cost of $ 188.0 million.

Note J – Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes foreign currency translation adjustments, activity for interest rate swaps and treasury rate locks that qualified as cash flow hedges and unrealized gains (losses) on available-for-sale marketable debt securities.

Changes in Accumulated other comprehensive loss for the twelve week periods ended February 10, 2024 and February 11, 2023 consisted of the following:

Accumulated other comprehensive loss includes foreign currency translation adjustments, unrealized gains (losses) on available-for-sale marketable debt securities and activity for interest rate swaps and treasury rate locks that qualified as cash flow hedges.

Changes in Accumulated other comprehensive loss for the twelve week periods ended May 4, 2024 and May 6, 2023 consisted of the following:

(in thousands)

1 unchanged sentence

on Securities

Balance at November 18, 2023

Other comprehensive income before reclassifications (2)(3)

Amounts reclassified from Accumulated other comprehensive loss (3)

Balance at February 10, 2024

Other comprehensive income (loss) before reclassifications (2)

Amounts reclassified from Accumulated other comprehensive loss (2)

Balance at May 4, 2024

(in thousands)

1 unchanged sentence

on Securities

Balance at November 19, 2022

Other comprehensive income before reclassifications (2)(3)

Amounts reclassified from Accumulated other comprehensive loss (3)

Balance at February 11, 2023

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 10, 2024 and February 11, 2023 consisted of the following:

Other comprehensive income (loss) before reclassifications (2)

Amounts reclassified from Accumulated other comprehensive loss (2)

Balance at May 6, 2023

Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 4, 2024 and May 6, 2023 consisted of the following:

(in thousands)

4 unchanged sentences

Amounts reclassified from Accumulated other comprehensive loss (2)

Balance at February 10, 2024

Balance at May 4, 2024

(in thousands)

2 unchanged sentences

Balance at August 27, 2022

Other comprehensive income (loss) before reclassifications (2)(3)

Other comprehensive income before reclassifications (2)

Amounts reclassified from Accumulated other comprehensive loss (2)

Balance at February 11, 2023

Balance at May 6, 2023

(1) Foreign currency is shown net of U.S.

4 unchanged sentences

subsidiaries are intended to be permanently reinvested.

(2) Amounts in parentheses indicate debits to Accumulated Other Comprehensive Loss.

(2) Amounts shown are net of tax .

6 unchanged sentences

Stock Options:

The Company made stock option grants for 133,466 shares during the twenty-four week period ended February 10, 2024 and granted options to purchase 157,870 shares during the comparable prior year period.

The Company made stock option grants for 134,821 shares during the thirty-six week period ended May 4, 2024 and granted options to purchase 161,510 shares during the comparable prior year period.

The Company grants options to purchase common stock to certain of its employees under its equity incentive plans at prices equal to or above the market value of the stock on the date of grant.

1 unchanged sentence

The fair value of each option is amortized into compensation expense on a straight-line basis over the requisite service period, less estimated forfeitures.

Beginning with grants made in fiscal 2024, employees who meet the qualified retirement provisions under the AutoZone, Inc.

Employees who meet the qualified retirement provisions under the AutoZone, Inc.

2020 Omnibus Incentive Award Plan are assumed to have a 0 % forfeiture rate.

All other employee grants assume a 10 % forfeiture rate, which is based on historical experience.

The weighted average fair value of the stock option awards granted during the twenty-four week periods ended February 10, 2024 and February 11, 2023, using the Black-Scholes-Merton multiple-option pricing valuation model, was $ 913.56 and $ 760.98 per share, respectively, using the following weighted average key assumptions:

Twenty-Four Weeks Ended

The weighted average fair value of the stock option awards granted during the thirty-six week periods ended May 4, 2024 and May 6, 2023, using the Black-Scholes-Merton multiple-option pricing valuation model, was $ 915.03 and $ 764.68 per share, respectively, using the following weighted average key assumptions:

Thirty-Six Weeks Ended

Expected price volatility

3 unchanged sentences

Dividend yield

During the twenty-four week period ended February 10, 2024, and the comparable prior year period, 112,394 and 96,080 stock options, respectively, were exercised at a weighted average exercise price of $ 848.57 and $ 709.98 , respectively.

As of February 10, 2024, total unrecognized share-based expense related to stock options, net of estimated forfeitures, was approximately $ 152.9 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.3 years.

During the thirty-six week period ended May 4, 2024, and the comparable prior year period, 185,304 and 208,482 stock options, respectively, were exercised at a weighted average exercise price of $ 801.74 and $ 705.52 , respectively.

As of May 4, 2024, total unrecognized share-based expense related to stock options, net of estimated forfeitures, was approximately $ 131.2 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.1 years.

Restricted Stock Units:

3 unchanged sentences

Grants of non-employee director restricted stock units are made and expensed on January 1 of each year, as they vest immediately.

The Company made grants of 3,173 and 3,584 restricted stock unit awards at weighted average grant date fair values of $ 2,560.56 and $ 2,267.40 , respectively, during the twenty-four week periods ended February 10, 2024 and February 11, 2023.

During the twenty-four week period ended February 10, 2024, and the comparable prior year period, 4,741 and 6,635 restricted stock unit awards, respectively, were vested at a weighted average grant date fair value of $ 1,617.00 and $ 1,276.65 , respectively.

As of February 10, 2024, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $ 9.7 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.8 years.

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) for the twelve and twenty-four week periods ended February 10, 2024, was $ 23.0 million and $ 46.0 million, respectively.

The Company made grants of 3,173 and 3,584 restricted stock unit awards at weighted average grant date fair values of $ 2,560.56 and $ 2,267.40 , respectively, during the thirty-six week periods ended May 4, 2024 and May 6, 2023.

During the thirty-six week period ended May 4, 2024, and the comparable prior year period, 4,741 and 6,643 restricted stock unit awards, respectively, were vested at a weighted average grant date fair value of $ 1,617.00 and $ 1,276.32 , respectively.

As of May 4, 2024, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $ 8.5 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.6 years.

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) for the twelve and thirty-six week periods ended May 4, 2024, was $ 25.4 million and $ 71.3 million, respectively.

For the comparable prior year periods, total share-based compensation expense was $ 20.0 million and $ 62.4 million, respectively.

For the twelve and twenty-four week periods ended February 10, 2024, 135,981 and 107,267 , respectively, stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive.

For the twelve and thirty-six week periods ended May 4, 2024, 131,280 and 115,997 , respectively, stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive.

For the comparable prior year periods, 154,041 and 132,965 anti-dilutive stock options were excluded from the dilutive earnings per share computation.

14 unchanged sentences

Twelve Weeks Ended

Twenty-Four Weeks Ended

Thirty-Six Weeks Ended

(in thousands)

14 unchanged sentences

We have reviewed the accompanying condensed consolidated balance sheet of AutoZone, Inc.

(the Company) as of February 10, 2024, the related condensed consolidated statements of income, comprehensive income and stockholders’ deficit for the twelve and twenty-four week periods ended February 10, 2024 and February 11, 2023, the condensed consolidated statements of cash flows for the twenty-four week periods ended February 10, 2024 and February 11, 2023 and the related notes (collectively referred to as the “condensed consolidated interim financial statements”).

(the Company) as of May 4, 2024, the related condensed consolidated statements of income, comprehensive income and stockholders’ deficit for the twelve and thirty-six week periods ended May 4, 2024 and May 6, 2023, the condensed consolidated statements of cash flows for the thirty-six week periods ended May 4, 2024 and May 6, 2023 and the related notes (collectively referred to as the “condensed consolidated interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S.

13 unchanged sentences

Memphis, Tennessee

March 15, 2024

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