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Item 2. Management’s Discussion and Analysis

2025-08-13 compared with 2025-05-15 · 98 added, 72 removed, 282 unchanged (38% of the section changed)

7 unchanged sentences

References to the “Company,” “us” or “we” refer to Binah Capital Group, Inc.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

We have based these forward-looking statements on our current expectations and projections about future events.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions.

Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the sections entitled “Part I, Item 1A.

Risk Factors” and “Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024;

“Part I, “Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the period ended March 31, 2025;

and “Part I, Item 1.

Financial Statements” in this Quarterly Report on Form 10-Q for the period ended June 30, 2025.

Business Overview

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Financial Highlights

Results for the three-month period ended March 31, 2025 included net income of approximately $1.0 million and total revenue of approximately $48.9 million, which compares to a net loss and total revenue of $(1.6) million and approximately $41.4 million, respectively, for the three-month period ended March 31, 2024.

Total advisory and brokerage assets served were $25.7 billion at March 31, 2025, compared to $24.9 billion at March 31, 2024.

Total net new assets were $(0.2) billion for the three-month period ended March 31, 2025, compared to $(1.5) billion for the same period in 2024.

Net new advisory assets were $0.1 billion for the three-month period ended March 31, 2025, compared to $(0.1) billion for the same period in 2024.

Advisory assets were $2.5 billion at March 31, 2025, which is an increase of 12% as compared to the $2.3 billion at March 31, 2024.

Net new brokerage assets were $(0.3) billion for the three-month period ended March 31, 2025, compared to $(1.4) billion for the same period in 2024.

Brokerage assets were $23.2 billion at March 31, 2025, up 2% from $22.7 billion at March 31, 2024.

Results for the three and six-month period ended June 30, 2025 included a net loss and net income of approximately $(0.7) million and $0.4 million and total revenue of approximately $41.5 million and $90.4 million, respectively, which compares to a net loss and total revenue of $(0.7) million and $(2.3) million and approximately $40.6 million and $82.1 million, respectively, for the three and six-month period ended June 30, 2024.

Total advisory and brokerage assets served were $27.8 billion at June 30, 2025, compared to $25.1 billion at June 30, 2024.

Total net new assets were $(0.9) billion and $(1.1) billion for the three and six-month period ended June 30, 2025, respectively, compared to $(0.8) billion and ($2.1) billion for the same period in 2024.

Net new advisory assets were $(0.1) billion and $0.0 billion for the three and six-month period ended June 30, 2025, respectively, compared to $0.0 billion and 0.0 billion for the same period in 2024.

Advisory assets were $2.7 billion at June 30, 2025, which is an increase of 18% as compared to the $2.3 billion at June 30, 2024.

Net new brokerage assets were $(0.8) billion and $(1.1) billion for the three and six-month period ended June 30, 2025, compared to $(0.8) billion and $(2.1) billion for the same period in 2024.

Brokerage assets were $25.1 billion at June 30, 2025, up 10% from $22.8 billion at June 30, 2024.

Gross Profit Trend

Gross profit, a non-GAAP financial measure, was $8.6 million for the three-month period ended March 31, 2025, an increase of 11% from $7.8 million for the three-month period ended March 31, 2024.

Gross profit, a non-GAAP financial measure, was $8.8 million and $17.4 million for the three and six-month period ended June 30, 2025, respectively, an increase of 20% and 15% from $7.3 million and $15.1 million for the same period in 2024.

See the “Key Performance Metrics and Non-GAAP Financial Measures” section for additional information on gross profit.

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Our key operating, business and financial metrics are as follows:

As of and for the Three Months Ended March 31,

As of and for the Periods Ended June 30,

Operating Metric (dollars in billions)

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Total Advisory and Brokerage Assets

Three Months Ended June 30,

Six Months Ended June 30,

Net New Assets

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Total Net New Assets

For the three months ended

For the six months ended

Financial Metrics (dollars in millions)

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Below is a calculation of gross profit for the periods presented (in millions):

For the Three Months Ended March 31,

For the three months ended June 30,

For the six months ended June 30,

Total revenue

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Below is a reconciliation of net income to EBITDA for the periods presented (in millions):

For the Three Months Ended March 31,

For the three months ended June 30,

For the six months ended June 30,

EBITDA Reconciliation

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Interest expense

Share-based compensation

Provision for income taxes

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Bureau of Economic Analysis, the U.S.

economy contracted by 0.3% in the first quarter of 2025, which is the first decline in GDP since the first quarter of 2022.

economy grew by 3.0% in the second quarter of 2025.

Although inflation, interest rates and volatile global markets were all headwinds, the U.S.

economy added roughly 456,000 jobs in the first quarter of 2025, while the unemployment rate was 4.2% in the first quarter of 2025, which is consistent with the prior quarter.

economy added roughly 190,00 jobs in the second quarter of 2025, while the unemployment rate was 4.1% in the second quarter of 2025, which is consistent with the prior quarter.

The unemployment rate has remained in a narrow range of 4.0% to 4.2 since May 2024.

Our business is also sensitive to current and expected short-term interest rates, which are largely driven by Fed policy.

During the first quarter of 2025, Fed policymakers maintained the target range for the federal funds rate in the 4.25% to 4.5% range.

The equity markets declined during the first quarter of 2025 resulting in the S&P 500 declining 4.4%.

During the second quarter of 2025, Fed policymakers maintained the target range for the federal funds rate in the 4.25% to 4.5% range.

The equity markets increased during the second quarter of 2025 resulting in the S&P 500 increasing 10.3%.

Please consult the Factors Affecting Our Financial Condition and Results of Operations, including those described in the section titled “ Risk Factors .”

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Results of Operations

The following presents an analysis of our results of operations for the three-month periods ended March 31, 2025 and 2024 ( in thousands ):

For the three months ended March 31,

The following presents an analysis of our results of operations for the three and six-month periods ended June 30, 2025 and 2024 ( in thousands ):

For the three months ended June 30,

For the six months ended June 30,

Revenue from Contracts with Customers:

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Total revenues

For the three months ended March 31,

Commission and fees

For the three months ended June 30,

For the periods ended June 30,

Commissions and fees

Employee compensation and benefits

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Accordingly, total commission revenue is reported on a gross basis.

See Note 4 - Revenues From Contracts with Customers within the notes to the condensed consolidated financial statements for the three-month periods ended March 31, 2025, and 2024 for further details regarding our commission revenue by product category.

The following tables sets forth the components of our commission revenue for the three-month periods ended March 31, 2025 and 2024 (in thousands):

For the three-month period ended March 31,

See Note 4 - Revenues From Contracts with Customers within the notes to the condensed consolidated financial statements for the three and six-month periods ended June 30, 2025, and 2024 for further details regarding our commission revenue by product category.

The following tables sets forth the components of our commission revenue for the three and six-month periods ended June 30, 2025 and 2024 (in thousands):

For the three-month periods ended June 30,

Total commission revenue

Sales-based revenue increased by approximately $4.6 million or 29.5% for the three-month period ended March 31, 2025, as compared to 2024.

Trailing based revenue increased by approximately $2.1 million or 11.3% for the three-month period ended March 31, 2025, as compared to 2024.

The increase in sales-based revenue for the three-month periods ended March 31, 2025, as compared to 2024 is attributable to an increase in the generation of transactional based products.

For the six-month periods ended June 30,

Total commission revenue

Sales-based revenue decreased by approximately $1.0 million and increased approximately $3.7 million or (6.2)% and 11.6% for the three and six-month period ended June 30, 2025, respectively, as compared to 2024.

Trailing based revenue increased by approximately $1.3 million and $3.4 million or 7.4% and 9.4% for the three and six-month period ended June 30, 2025, respectively, as compared to 2024.

The decrease in sales-based revenue for the three month period ended June 30, 2025 as compared to 2024 is attributable to a decrease in the sales of insurance related products.

The increase in sales-based revenue for the six-month period ended June 30, 2025, as compared to 2024 is attributable to an increase in the generation of transactional based products, specifically alternative investment products.

The increase in the trailing based revenues is due to the increase in trail-based assets resulting from inflows of assets and positive market volatility.

Commission revenue is generated from

brokerage assets.

The following tables summarize the brokerage assets for the three-month periods ended March 31, 2025 and 2024 (in billions):

As of March 31,

Commission revenue is generated from brokerage assets.

The following tables summarize the brokerage assets for the three and six-month periods ended June 30, 2025 and 2024 (in billions):

As of June 30,

Brokerage Assets

Included in the brokerage assets above are trail-eligible assets as follows (in billions):

As of March 31,

As of June 30,

Trail-Eligible Assets

The following table summarizes activity impacting brokerage assets for the periods ended (in billions):

Three Months Ended March 31,

For the three months ended June 30,

For the six months ended June 30,

Net Flows-Brokerage Assets

Balance – beginning of period

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The advisory fees generated from the Company’s corporate advisory platform are based on a percentage of the market value of the eligible assets in the clients’ advisory accounts.

Advisory fees increased by approximately 21.7% for the three-month periods ended March 31, 2025, as compared to the same period in March 31, 2024, due to positive returns in the market from the period of March 31, 2024 to the period ending March 31, 2025 and net inflows of advisory assets during the period ended March 31, 2025.

The following tables summarizes the advisory assets for the three-month periods ended March 31, 2025 and 2024 (in billions):

As of March 31,

Advisory fees increased by approximately 4.9% and 12.8% for the three and six month periods ended June 30, 2025, respectively, as compared to the same period in June 30, 2024, due to positive returns in the market from the period of June 30, 2024 to the period ending June 30, 2025.

The following tables summarizes the advisory assets as of June 30, 2025 and 2024 (in billions):

As of June 30,

Advisory Assets

The following table summarizes activity impacting advisory assets for the periods ended (in billions):

Three Months Ended March 31,

For the three months ended June 30,

For the six months ended June 30,

Net Flows-Advisory Assets

Balance – beginning of period

Net new advisory assets(1)

Net new brokerage assets(1)

Market impact(2)

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Other income primarily includes amounts earned by the Company related to marketing and incentives earned from the sales of certain investment products by the financial advisors to its clients, primarily alternative investments, as well as sponsorship income.

The decrease in interest and other income for the period ended March 31, 2025, compared to 2024 is primarily related to a non-recurring income item that was earned in March 2024.

The increase in interest and other income for the three month period ended June 30, 2025, compared to 2024 is primarily related to the increase in the interest income shared with the Company’s clearing brokers.

The decrease in interest and other income for the six-month period ended June 30, 2025 is primarily related to a non-recurring income item that was earned during the same period in 2024.

Operating Expenses

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The following table sets forth our payout rate, which is a statistical or operating measure and monitored to review that such costs of revenue remain consistent on a period over period basis:

For the three months ended March 31,

For the three-month periods ended March 31, 2025, the payout rate increased as compared to 2024 as a result of an increase in transactional products sold during the first quarter of 2025 which included a pay-out to the financial advisors in the range of 90%.

For the three months ended June 30,

For the six months ended June 30,

For the three and six-month periods ended June 30, 2025, the payout rate decreased as compared to 2024 as a result of the non-recurring nature of certain transactional products sold during the first quarter of 2024 which included a pay-out to the financial advisors in the range of 90%.

Employee compensation and benefits

Employee compensation and benefits includes salaries, wages, benefits and related taxes for our employees.

Employee compensation and benefits for the three-month period ended March 31, 2025 increased by $0.9 million as compared to March 31, 2024, which is directly related to the additional personnel costs attributed to the Company now operating as a public company.

Employee compensation and benefits for the three and six-month period ended June 30, 2025 increased by approximately $1.4 million and $2.2 million as compared to June 30, 2024, which is directly related to the additional personnel costs attributed to the Company now operating as a public company, including issuance of non-cash compensation awards to officers and directors during the period ended June 30, 2025.

Rent and occupancy

Rent and occupancy remained relatively consistent for the three-month period ended March 31, 2025 as compared to March 31, 2024 decreasing slightly by 3.4%.

Rent and occupancy remained relatively consistent for the three and six-month period ended June 30, 2025 as compared to June 30, 2024 decreasing slightly by approximately 2.0%.

Professional fees

Professional fees includes costs incurred related to legal and accounting services.

Professional fees for the three-month periods ended March 31, 2025, as compared to 2024 decreased by $3.8 million, which is directly related to the non-recurring transaction costs associated with the closing of the Business Combination that were incurred during the period ended March 31, 2024.

Professional fees for the three month period ended June 30, 2025 as compared to 2024 increased by approximately $0.1 which is related to an increase in SEC filings in the current period.

Professional fees for the six-month period ended June 30, 2025, as compared to 2024, decreased by $3.7 million, which is directly related to the non-recurring transaction costs associated with the closing of the Business Combination that were incurred during the period ended June 30, 2024.

Technology fees

Technology fees primarily represent infrastructure costs that support the Company’s technology and communications costs.

Technology fees increased by $0.4 million for the three-month period ended March 31, 2025, as compared to 2024.

Technology fees increased by $0.2 million and $0.7 million and for the three and six-month period ended June 30, 2025, respectively, as compared to 2024.

Interest expense

Interest expense primarily includes interest associated with the Company’s credit facility and other debt obligations.

Interest expense decreased by $0.5 million for the three-month period ended March 31, 2025, as compared to 2024 resulting from the repayment and restructuring of the related party debt obligations of BMS and the re-financing of the senior credit facility.

Interest expense decreased by $0.2 million and $0.7 million for the three and six-month period ended June 30, 2025, respectively, as compared to 2024 resulting from the repayment and restructuring of the related party debt obligations of BMS and the re-financing of the senior credit facility.

Depreciation and amortization

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Provision for Income Taxes

Our effective income tax rate was approximately 23% three-month period ended March 31, 2025, as compared to (7)% for the same period in 2024.

The increase in our effective tax rate was related to the net income generated for the three-month period ended March 31, 2025.

Our effective income tax rate was approximately 22% for the six-month period ended June 30, 2025 as compared to (15.2)% for the same period in 2024.

The increase in our effective tax rate was related to the net income generated for the six-month period ended June 30, 2025.

Liquidity and capital resources

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Sources of Liquidity

As of March 31, 2025, we had $19.1 million outstanding under our Credit Agreement with Byline Bank, net of unamortized debt issuance costs.

As of June 30, 2025, we had $18.6 million outstanding under our Credit Agreement with Byline Bank, net of unamortized debt issuance costs.

The associated debt facilities are as follows:

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and (iii) issue to BMS, from time to time, letters of credit (the “Letters of Credit” and together with the Term Loan and Non-Revolving Loans, the “Loans”) until the earliest to occur of (a) the one year from the Credit Agreement Closing Date and (b) the date on which the Non-Revolving Loans are fully drawn.

As of March 31, 2025 and December 31, 2024, the outstanding balance on the Term Loan was $19.1 million and $19.6 million, net of debt issuance costs, respectively.

As of June 30, 2025 and December 31, 2024, the outstanding balance on the Term Loan was $18.6 million and $19.6 million, net of debt issuance costs, respectively.

Under the terms of the Credit Agreement, to the extent that BMS requests a Letter of Credit, the Non-Revolving Loan Commitment shall be permanently reduced in an amount equal to the amount of such Letter of Credit.

The Non-Revolving Loans may not be requested by BMS and may only be advanced in connection with a repayment of a Letter of Credit (“LC Payment”).

As of March 31, 2025 and December 31, 2024, there are no amount outstanding under the Non-Revolving Loan or Letters of Credit.

As of June 30, 2025 and December 31, 2024, there are no amount outstanding under the Non-Revolving Loan or Letters of Credit.

The Loans (both principal and any remaining unpaid interest) made by the Lender to BMS are scheduled to mature and become immediately due and payable in full on December 23, 2029 (“Maturity Date”).

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and (iii) if any other obligations is created under the Loan Documents (as defined in the Credit Agreement), at the Term Loan Interest Rate.

As of March 31, 2025 and December 31, 2024, the effective interest rate was 8.3%.

As of June 30, 2025 and December 31, 2024, the effective interest rate was 8.3%.

During the period ending June 30, 2025, BMS entered into an interest rate swap agreement with a notional amount of $10 million in connection with the above-mentioned Credit Agreement.

Under the terms of the swap, BMS pays a fixed rate of 3.98% plus four percent (4.00%) and receives a variable interest rate based on SOFR plus 4.00% as defined above.

The swap agreement requires monthly payments to be made or received.

The swap is designated as cash flow hedge of the variability of the SOFR-based interest payments on $10 million of BMS’s outstanding variable-rate debt.

As of June 30, 2025, the interest rate swap had a fair value of $0.15 million and was recorded as a liability and included in accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition.

The Company has adopted the shortcut method allowing it to assume perfect hedge effectiveness.

Changes in the effective portion of the swap’s fair value are recognized in accumulated other comprehensive income (“AOCI”).

The Term Loan was used by BMS to refinance Existing Credit Facilities (as defined in the Credit Agreement) and the Non-Revolving Loans must be used solely to reimburse the Lender with respect to any Letters of Credit issued to BMS.

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Additionally, BMS is subject to financial covenants whereby BMS and its subsidiaries on a consolidated basis may not have, as of the last day of each fiscal quarter, commencing with fiscal quarter ending on March 31, 2025, (1) a fixed charge coverage ratio as of the last day of the fiscal quarter for the twelve (12) month period then ended of not less than 1.20 to 1.00;

(ii) a senior net leverage ratio as of the last day of such Fiscal Quarter for the twelve (12) month period then ended, of (A) for the fiscal quarter ended March 31, 2025 and each fiscal quarter through and including September 30, 2025, not more than 3.00 to 1.00;

and including September 30, 2025, not more than 3.00 to 1.00;

and (B) for the fiscal quarter ended December 31, 2025 and each fiscal quarter ending thereafter, not more than 2.75 to 1.00;

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Also, in accordance with the Credit Agreement, BMS has deposited $1.0 million into an A/P Reserve Account and is classified as restricted cash.

The minimum calendar year payments and maturities of the Term Loan as of March 31, 2025 were as follows ( in thousands ) :

The minimum calendar year payments and maturities of the Term Loan as of June 30, 2025 were as follows ( in thousands ) :

Series A Redeemable Convertible Preferred Stock

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At the discretion of Holdings the payment may be made in cash or up to 50% of the amount due, in duly authorized, validly issued, fully paid and non-assessable share of Holdings Series A Stock at a value of $10 per share.

As of March 31, 2025, the Company accrued 50% of the dividend to be paid in cash in the amount of $0.2 million and paid an in - kind dividend in the amount $0.2 million.

As of June 30, 2025, the Company accrued 50% of the dividend to be paid in cash in the amount of $0.2 million and paid an in - kind dividend in the amount $0.2 million.

As of December 31, 2024, the Company accrued 50% of the dividend to be paid in cash in the approximate amount of $0.2 million.

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At the discretion of Holdings, the payment may be made in cash or up to 50% of the amount due, in duly authorized, validly issued, fully paid and non-assessable share of Holdings Series B Stock at a value of $10 per share.

As of March 31, 2025 and December 31, 2024, included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated statement of financial condition is an accrued dividend in the amount of $0.03 million that was paid subsequent to March 31, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated statement of financial condition is an accrued dividend in the amount of $0.03 million that was paid subsequent to June 30, 2025 and December 31, 2024.

The Company may, at its option, in whole, or part, redeem the Holdings Series B Stock any time after the first anniversary of the date of the Subscription Agreement at a redemption price equal to the greater of (i) $12.00 per share of Holdings Series B Stock, plus accrued but unpaid dividends or (A) 1.20 multiplied by (B) the volume weighted average price for 20 trading days during the 30-day period immediately prior to the redemption;

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Additionally, in connection with the acquisition of the PKSH Entities, the Company agreed to pay contingent consideration in the amount of $5.0 million to certain sellers.

The conditions related to this contingency were met on November 30, 2018, and thus the notes

had been issued to the sellers.

The conditions related to this contingency were met on November 30, 2018, and thus the notes had been issued to the sellers.

These subordinated promissory notes had a maturity date of May 30, 2023, and accrued interest at a rate of 10% annually.

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In addition to the paydown, the noteholders (all of whom are stockholders and/or key employees) agreed to forgive the remaining accrued but unpaid interest of approximately $3.8 million and entered into new promissory notes in the principal amount of approximately $5.3 million in the aggregate.

The amounts outstanding as of March 31, 2025 was $5.3 million.

The amounts outstanding as of June 30, 2025 was $5.3 million.

The amount outstanding as of December 31, 2024 was $5.4 million which included accrued interest that was paid subsequently.

The terms of these new promissory notes provide for maturity on May 15, 2027 and carries an interest rate of Prime plus 1.00%, but no less than 7.50% per annum.

Related interest expense was approximately $0.1 and $0.02 for the three-months ended March 31, 2025 and 2024, respectively.

The following table sets forth a summary of cash flows for the three-month periods ended March 31, 2025 and 2024:

Related interest expense was approximately $0.3 and $0.1 for the six-months ended June 30, 2025 and 2024, respectively.

The following table sets forth a summary of cash flows for the six-month periods ended June 30, 2025 and 2024:

(in thousands)

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Cash Flows from Operating Activities .

Net cash provided by operating activities was $1.1 million for the three-month period ended March 31, 2025, compared to net cash used in of $3.1 million for the three-month period ended March 31 2024, representing an increase of approximately $4.2 million or 134%.

Net cash provided by operating activities was $1.1 million for the six-month period ended June 30, 2025, compared to net cash used in of $2.1 million for the six-month period ended June 30, 2024, representing an increase of approximately $3.2 million or 150%.

The increase was primarily attributable to the decrease in the net loss of approximately $2.3 million to net income of $0.4 million or a change of $2.7 million.

Cash Flows from Investing Activities .

Net cash used in investing activities was $0.01 million for the three-month period ended March 31, 2025, consistent with the $0.01 million for the three-month period ended March 31, 2024.

Net cash used in investing activities was $0.01 million for the six-month period ended June 30, 2025, compared with the $0.01 million for the six-month period ended June 30, 2024.

Cash Flows from Financing Activities .

Net cash used in financing activities was approximately $0.7 million for the three-month period ended March 31, 2025 compared to cash provided by financing activities of approximately $1.7 million for the three-month period ended March 31, 2024.

The change is primarily related to the proceeds received from the Redeemable Convertible Preferred Financing offset by the repayments of the BMS related party debt obligations.

Net cash used in financing activities was approximately $1.4 million for the six-month period ended June 30, 2025 compared to cash provided by financing activities of approximately $1.5 million for the six-month period ended June 30, 2024.

The change is primarily related to the proceeds received from the Redeemable Convertible Preferred Financing and the exercise of warrants offset by the repayments of the BMS related party debt obligations.

Contractual Obligations and Commitments

The following table summarizes our contractual obligations and other commitments as of March 31, 2025:

The following table summarizes our contractual obligations and other commitments as of June 30, 2025:

Payments Due by period

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The notes mature in March 2027.

(3) Represents future minimum lease payments as of March 31, 2025, under non-cancelable office leases.

(3) Represents future minimum lease payments as of June 30, 2025, under non-cancelable office leases.

Critical Accounting Policies and Estimates

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Management exercises judgment in determining whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenue on a net basis).

For additional information see Note 4 in the consolidated financial statements as of and for the three-months periods ended March 31, 2025 and 2024.

For additional information see Note 4 in the consolidated financial statements as of and for the three and six-months periods ended June 30, 2025 and 2024.

Goodwill and Other Intangible Assets

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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