What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-08-01 compared with 2024-05-02 · 113 added, 79 removed, 319 unchanged (38% of the section changed)

3 unchanged sentences

(in thousands, except per share data)

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Revenues $ 171,442 $ 161,965 $ 343,230 $ 314,810

18 unchanged sentences

(in thousands)

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Net income $ 6,538 $ 9,508 $ 20,229 $ 18,426

54 unchanged sentences

(in thousands)

Fiscal Quarter Ended

2024 April 1,

Fiscal Year-to-Date Period Ended

OPERATING ACTIVITIES:

18 unchanged sentences

Purchases of property and equipment ( 3,046 ) ( 1,282 )

Consideration paid for acquisition, net — ( 570 )

Consideration paid for acquisition ( 1,500 ) ( 570 )

Net cash used in investing activities ( 4,546 ) ( 1,852 )

7 unchanged sentences

Effect of foreign exchange rates on cash and cash equivalents ( 817 ) 471

Net increase (decrease) in cash and cash equivalents ( 8,464 ) 4,072

Net decrease in cash and cash equivalents ( 20,937 ) ( 17,176 )

Cash and cash equivalents at beginning of period 45,586 31,447

11 unchanged sentences

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

FOR THE FISCAL QUARTER ENDED MARCH 30, 2024 (unaudited)

FOR THE FISCAL YEAR-TO-DATE PERIOD ENDED JUNE 29, 2024 (unaudited)

(in thousands, except share data)

7 unchanged sentences

Foreign currency translation adjustment — — — ( 1,105 ) ( 1,105 )

Issuance of common stock — — — — —

Exercise of stock options — — — — —

Share-based compensation expense — 1,039 — — 1,039

7 unchanged sentences

BALANCE AT MARCH 30, 2024 6,889,298 $ — $ 225,077 $ ( 13,287 ) $ 211,790

Net income — — 6,538 — 6,538

Foreign currency translation adjustment — — — ( 315 ) ( 315 )

Share-based compensation expense — 1,357 — — 1,357

Restricted shares vesting 6,143 — — — —

Redemption of vested employee restricted shares for tax withholding ( 2,340 ) ( 346 ) — — ( 346 )

Shares repurchased ( 140,497 ) ( 1,011 ) ( 23,095 ) — ( 24,106 )

Accrued excise tax on shares repurchased — — ( 235 ) — ( 235 )

Accrued dividends on unvested shares — — ( 33 ) — ( 33 )

Cash dividends paid ($ 0.42 per share)

— — ( 2,901 ) — ( 2,901 )

BALANCE AT JUNE 29, 2024 6,752,604 $ — $ 205,351 $ ( 13,602 ) $ 191,749

See accompanying notes to the condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

FOR THE FISCAL ENDED April 1, 2023 (unaudited)

FOR THE FISCAL YEAR-TO-DATE PERIOD ENDED July 1, 2023 (unaudited)

(in thousands, except share data)

16 unchanged sentences

BALANCE AT APRIL 1, 2023 6,997,933 $ — $ 210,713 $ ( 13,929 ) $ 196,784

Net income — — 9,508 — 9,508

Foreign currency translation adjustment — — — 1,074 1,074

Share-based compensation expense — 1,158 — — 1,158

Restricted shares vesting 3,630 — — — —

Redemption of vested employee restricted shares for tax withholding ( 1,237 ) ( 136 ) — — ( 136 )

Shares repurchased ( 31,090 ) ( 554 ) ( 2,446 ) — ( 3,000 )

Accrued excise tax on shares repurchased — — ( 27 ) — ( 27 )

Accrued dividends on unvested shares — — ( 47 ) — ( 47 )

Cash dividends paid ($ 0.36 per share)

— — ( 2,528 ) — ( 2,528 )

BALANCE AT JULY 1, 2023 6,969,236 $ 468 $ 215,173 $ ( 12,855 ) $ 202,786

See accompanying notes to the condensed consolidated financial statements.

4 unchanged sentences

CRA International, Inc.

(“CRA” or the “Company”) is a worldwide leading consulting services firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients.

is a worldwide leading consulting services firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients.

CRA offers services in two broad areas:

4 unchanged sentences

The unaudited condensed consolidated financial statements include the accounts of CRA International, Inc.

and its wholly-owned subsidiaries (collectively the "Company") which require consolidation after the elimination of intercompany accounts and transactions.

and its wholly-owned subsidiaries (collectively the, "CRA" or "Company") which require consolidation after the elimination of intercompany accounts and transactions.

These financial statements have been prepared in accordance with the rules and regulations of the U.S.

7 unchanged sentences

These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 30, 2023 included in CRA’s Annual Report on Form 10-K filed with the SEC on February 29, 2024 (the “2023 Form 10-K”).

The preparation of financial statements in conformity with U.S.

GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period.

Estimates in these condensed consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed-price contracts, variable consideration to be included in the transaction price of revenue contracts, the useful life of long-lived assets, measurement of operating lease right-of-use assets and liabilities, share-based compensation, valuation of contingent consideration liabilities, valuation of acquired intangible assets, goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses.

These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future.

Changes in estimates are recorded in the period in which they become known.

CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances.

Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate .

Note 1 to the Consolidated Financial Statements included in Part II, Item 8, on the 2023 Form 10-K describes the significant accounting policies and methods used in preparation of the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Recent Accounting Standards Not Yet Adopted

1 unchanged sentence

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued Accounting Standards Update ("ASU") No.

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.

2023-07, Segment Reporting (Topic 280):

2 unchanged sentences

ASU 2023-07 also requires that a public entity that has a single reportable segment provide all disclosures required by these amendments and all existing segment disclosures in Topic 280.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

ASU 2023-07 is effective for CRA for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

CRA plans to adopt the amendments during the fourth fiscal quarter of 2024.

CRA is in the process of evaluating the impact of adopting ASU 2023-07.

CRA plans to adopt the amendment during the fourth fiscal quarter of 2024.

CRA expects the adoption of this ASU will impact its disclosures, but will not have a material effect on its consolidated financial statements.

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

In December 2023, the FASB issued Accounting Standards Update ("ASU") No.

In December 2023, the FASB issued ASU No.

2023-09, Income Taxes (Topic 740):

1 unchanged sentence

The ASU requires disclosure of specific categories in the rate reconciliation, provides additional information for reconciling items that meet a quantitative threshold, and discloses the amount of income taxes paid disaggregated by federal, state, foreign taxes, and individual jurisdiction.

ASU 2023-09 also requires income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

ASU 2023-09 also requires income (or loss) from

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

ASU 2023-09 is effective for CRA for annual periods beginning after December 15, 2024.

CRA plans to adopt the amendments during the annual reporting fiscal year of 2025.

CRA is in the process of evaluating the impact of adopting ASU 2023-09.

CRA plans to adopt the amendment during the annual reporting for fiscal year 2025.

CRA has begun to assess the impact of the amendment and has modeled out the changes to its income tax disclosures.

As the amendment relates solely to disclosures, the adoption is not expected to have an effect on CRA's financial results.

Revenues and Allowances

1 unchanged sentence

Time-and-materials contracts are typically used for litigation, regulatory, and financial consulting projects while fixed-price contracts are principally used for management consulting projects.

In general, project costs are classified in costs of services and are based on the direct salary of CRA’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts billed to CRA by its non-employee experts.

In general, project costs are classified in costs of services (exclusive of depreciation and amortization) and are based on the direct salary of CRA’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts billed to CRA by its non-employee experts.

Disaggregation of Revenue

The following tables disaggregate CRA’s revenue by type of contract and geographic location (in thousands):

Fiscal Quarter Ended

Type of Contract March 30,

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

Type of Contract June 29,

2023 June 29,

Consulting services revenues:

3 unchanged sentences

Revenues have been attributed to locations based on the location of the legal entity generating the revenues.

Fiscal Quarter Ended

Geographic Breakdown March 30,

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

Geographic Breakdown June 29,

2023 June 29,

Consulting services revenues:

3 unchanged sentences

Total $ 171,442 $ 161,965 $ 343,230 $ 314,810

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Reserves for Variable Consideration and Credit Risk

3 unchanged sentences

Adjustments to the reserves for variable consideration are included in revenues on the condensed consolidated statements of operations.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands):

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Bad debt expense (recovery), net $ 18 $ 392 $ 681 $ 392

3 unchanged sentences

The following expenses are subject to reimbursement (in thousands):

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Reimbursable expenses $ 16,361 $ 17,252 $ 33,423 $ 31,233

Contract Balances from Contracts with Customers

The timing of revenue recognition, billings, and cash collections results in accounts receivables, unbilled services, and contract liabilities on the consolidated balance sheets.

Revenues recognized for services performed, but not yet billed to clients, are recorded as unbilled services.

The following table presents the open and closing balances of CRA's accounts receivables, net and unbilled services, net (in thousands):

2024 December 30,

2023 December 31,

Accounts receivable, net $ 140,141 $ 142,729 $ 143,644

Unbilled services, net $ 76,429 $ 56,827 $ 51,343

CRA defines contract assets as assets for which it has recorded revenue because it determines that it is probable that it will earn a performance-based or contingent fee, but is not yet entitled to receive a fee because certain events, such as completion of the measurement period or client approval, must occur.

The contract assets balance was immaterial as of March 30, 2024 and December 30, 2023.

The contract assets balance was immaterial as of June 29, 2024, December 30, 2023, and December 31, 2022.

When consideration is received, or such consideration is unconditionally due from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded.

2 unchanged sentences

2024 December 30,

2023 December 31,

Contract liabilities $ 2,153 $ 6,037 $ 6,977

2 unchanged sentences

CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands):

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Amounts included in contract liabilities at the beginning of the period $ 2,296 $ 2,832 $ 5,612 $ 6,194

11 unchanged sentences

Repayments ( 288 ) ( 1,816 )

Reclassifications from accrued expenses or to other assets (1)

Amortization (2)

( 17,757 ) ( 24,198 )

Effects of foreign currency translation ( 61 ) 157

2 unchanged sentences

Non-current portion of forgivable loans $ 39,009 $ 45,182

_______________________________

(1) Relates to the reclassification of performance awards previously recorded as accrued expenses or forgivable loans that have been reclassified to other receivables.

(2) During the quarter ended June 29, 2024, approximately $ 5.7 million of amortization was accelerated due to involuntary terminations.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the fiscal quarter ended March 30, 2024 are summarized as follows (in thousands):

The changes in the carrying amount of goodwill for the fiscal year-to-date period ended June 29, 2024 are summarized as follows (in thousands):

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Goodwill, at December 30, 2023 $ 165,882

3 unchanged sentences

Foreign currency translation adjustment ( 134 )

Goodwill, net at March 30, 2024 $ 93,853

Goodwill, net at March 30, 2024, is comprised of goodwill of $ 165.7 million and accumulated impairment of $ 71.9 million.

There were no impairment losses related to goodwill during the fiscal quarter ended March 30, 2024 or during the fiscal year ended December 30, 2023.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Goodwill, net at June 29, 2024 $ 93,855

Goodwill, net at June 29, 2024 of $ 93.9 million, is comprised of goodwill of $ 165.7 million and accumulated impairment of $ 71.9 million.

There were no impairment losses related to goodwill during the fiscal-year-to-date period ended June 29, 2024 or during the fiscal year ended December 30, 2023.

Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized using the straight-line method over their expected useful lives.

The components of acquired identifiable intangible assets are as follows (in thousands):

March 30, 2024 December 30, 2023

June 29, 2024 December 30, 2023

(in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount

1 unchanged sentence

$ 15,300 $ ( 7,319 ) $ 7,981 $ 13,800 $ ( 6,604 ) $ 7,196

There were no impairment losses related to intangible assets during the fiscal quarter ended March 30, 2024 or during the fiscal year ended December 30, 2023.

Amortization expense related to intangible assets was $ 0.3 million and $ 0.4 million for the fiscal quarters ended March 30, 2024 and April 1, 2023, respectively.

There were no impairment losses related to intangible assets during the fiscal year-to-date period ended June 29, 2024 or during the fiscal year ended December 30, 2023.

As a result of an asset acquisition in CRA's Intellectual Property Practice, CRA recognized $ 1.5 million of intangible assets related to customer relationships during the fiscal quarter ended June 29, 2024.

Amortization expense related to intangible assets was $ 0.4 million and $ 0.7 million for the fiscal quarter and fiscal year-to-date period ended June 29, 2024, respectively, $ 0.3 million and $ 0.7 million for the fiscal quarter and fiscal year-to-date period ended July 1, 2023, respectively.

Accrued Expenses

6 unchanged sentences

Total accrued expenses $ 113,252 $ 171,040

As of March 30, 2024 and December 30, 2023, approximately $ 56.6 million and $ 121.2 million, respectively, of accrued bonuses were included above in “Compensation and related expenses.”

For the fiscal quarters ended March 30, 2024 and April 1, 2023, CRA’s effective income tax rate (“ETR”) was 28.0 % and 29.2 %, respectively.

The ETR for the first quarter of fiscal 2024 was lower than the first quarter of fiscal 2023 primarily due to changes in state statutory tax rates in the current year, having had a valuation allowance in the prior year that has now been reversed, as well as the impact of a higher profit in the current period.

As of June 29, 2024 and December 30, 2023, approximately $ 75.6 million and $ 121.2 million, respectively, of accrued bonuses were included above in “Compensation and related expenses.”

For the fiscal quarters ended June 29, 2024 and July 1, 2023, CRA’s effective income tax rate (“ETR”) was 32.0 % and 30.1 %, respectively.

The ETR for the second quarter of fiscal 2024 was higher than the second quarter of fiscal 2023 primarily due to increases in estimated state apportionment and nondeductible executive compensation and a decrease in the U.S.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

associated with the foreign-derived intangible income deduction, partially offset by having had a valuation allowance in the prior year that has now reversed.

For the fiscal year-to-date periods ended June 29, 2024 and July 1, 2023, CRA's ETR was 29.3 % and 29.7 %.

respectively.

The ETR for the current fiscal year-to-date period was lower than the prior year-to-date period primarily due to having had a valuation allowance in the prior year that has now reversed.

Net Income Per Share

1 unchanged sentence

CRA calculates diluted earnings per share using the more dilutive of either the two-class method or treasury stock method.

The two-class method was more dilutive for the fiscal quarters ended March 30, 2024 and April 1, 2023.

The two-class method was more dilutive for the fiscal quarters and fiscal year-to-date periods ended June 29, 2024 and July 1, 2023.

Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all the net earnings for the period had been distributed.

CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders.

Net earnings allocable to these participating securities were not material for the fiscal quarters ended March 30, 2024 and April 1, 2023.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Net earnings allocable to these participating securities were not material for the fiscal quarters and fiscal year-to-date periods ended June 29, 2024 and July 1, 2023.

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):

Fiscal Quarter Ended

2024 April 1,

Fiscal Quarter Ended Fiscal Year-to-Date

2023 June 29,

Net income — basic $ 6,538 $ 9,508 $ 20,229 $ 18,426

7 unchanged sentences

Diluted $ 0.94 $ 1.34 $ 2.90 $ 2.56

For the fiscal quarter ended March 30, 2024, there were no anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average outstanding shares.

For the fiscal quarter ended April 1, 2023, the anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 196 shares.

For the fiscal quarter and fiscal year-to-date period ended June 29, 2024, there were no anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average outstanding shares.

For the fiscal quarter and fiscal-year-to-date ended July 1, 2023, the anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 17,120 and 4,329 shares, respectively.

Fair Value of Financial Instruments

The following tables show CRA's financial instruments recorded in the condensed consolidated financial statements which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

March 30, 2024

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

June 29, 2024

Level 1 Level 2 Level 3

3 unchanged sentences

Total Liabilities $ — $ — $ 190

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 30, 2023

7 unchanged sentences

The following table summarizes the changes in the contingent consideration liability (in thousands):

Fiscal Quarter Ended Fiscal Year Ended

March 30, 2024 December 30, 2023

Fiscal Year-to-Date Period Ended Fiscal Year Ended

June 29, 2024 December 30, 2023

Beginning balance $ 190 $ 1,056

3 unchanged sentences

Credit Agreement

CRA is party to a Credit Agreement, dated as of August 19, 2022 (the "Credit Agreement") with Bank of America, N.A., as swingline lender, a letter of credit issuing bank and administrative agent, and with Citizens Bank, N.A., as a letter of credit issuing bank.

CRA is party to a Credit Agreement, dated as of August 19, 2022 (as amended, the "Credit Agreement") with Bank of America, N.A., as swingline lender, a letter of credit issuing bank and administrative agent, and with Citizens Bank, N.A., as a letter of credit issuing bank.

The Credit Agreement provides CRA with a $ 250.0 million revolving credit facility, which may be decreased at CRA's option to $ 200.0 million during the period from July 16 in a year through January 15 in the next year.

3 unchanged sentences

The primary financial covenants consist of a maximum consolidated net leverage ratio of 3.0 to 1 and a minimum consolidated interest coverage ratio of 2.5 to 1.

The primary non-financial covenants include, but are not limited to, restrictions on CRA's ability to incur future indebtedness, engage in acquisitions or dispositions, pay dividends or repurchase capital stock, and enter into business combinations.

The primary non-financial covenants include, but are not limited to, restrictions on CRA's ability to

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

incur future indebtedness, engage in acquisitions or dispositions, pay dividends or repurchase capital stock, and enter into business combinations.

Any indebtedness outstanding under the revolving credit facility may become immediately due upon the occurrence of stated events of default, including CRA's failure to pay principal, interest or fees, or upon the breach of any covenant.

As of March 30, 2024, CRA was in compliance with the covenants of the Credit Agreement.

There were $ 70.0 million in borrowings outstanding under the revolving credit facility as of March 30, 2024 and no borrowings outstanding as of December 30, 2023.

As of March 30, 2024, the amount available under the revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $ 4.5 million.

As of June 29, 2024, CRA was in compliance with the covenants of the Credit Agreement.

There were $ 87.0 million in borrowings outstanding under the revolving credit facility as of June 29, 2024 and no borrowings outstanding as of December 30, 2023.

As of June 29, 2024, the amount available under the revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $ 4.5 million.

Commitments and Contingencies

As described in the previous note, CRA is party to standby letters of credit with its lenders in support of minimum future lease payments under certain operating leases for office space.

CRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

CRA is subject to legal actions arising in the ordinary course of business.

3 unchanged sentences

Subsequent Events

On May 2, 2024, CRA announced that its Board of Directors declared a quarterly cash dividend of $ 0.42 per common share, payable on June 14, 2024 to shareholders of record as of May 28, 2024.

On August 1, 2024, CRA announced that its Board of Directors declared a quarterly cash dividend of $ 0.42 per common share, payable on September 13, 2024 to shareholders of record as of August 27, 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