What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-08-26 compared with 2021-05-27 · 74 added, 78 removed, 244 unchanged (38% of the section changed)

37 unchanged sentences

For the 13 weeks ended

For the 26 weeks ended

Cost of goods sold

12 unchanged sentences

For the 13 weeks ended

For the 26 weeks ended

Unrealized net gain (loss) on hedged transactions, net of related income tax expense (benefit) of $ 86 , $ 86 , $ 173 and $ 173 , respectively

5 unchanged sentences

Comprehensive

Balances, April 30, 2021

Dividends paid, $ 0.42 per common share

Unrealized net gain (loss) on hedged transactions

Share-based compensation expense

Repurchases of common stock

Other equity and related transactions

Balances, July 30, 2021

Balances, May 1, 2020

Dividends paid, $ 0.36 per common share

Unrealized net gain (loss) on hedged transactions

Share-based compensation expense

Repurchases of common stock

Other equity and related transactions

Balances, July 31, 2020

Balances, January 29, 2021

4 unchanged sentences

( 1,692,913 )

( 1,700,148 )

Other equity and related transactions

Balances, April 30, 2021

Balances, July 30, 2021

Balances, January 31, 2020

4 unchanged sentences

Other equity and related transactions

Balances, May 1, 2020

Balances, July 31, 2020

See notes to condensed consolidated financial statements.

33 unchanged sentences

Net increase (decrease) in cash and cash equivalents

( 1,062,911 )

Cash and cash equivalents, beginning of period

7 unchanged sentences

Basis of presentation

The accompanying unaudited condensed consolidated financial statements of Dollar General Corporation and its subsidiaries (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

The accompanying unaudited condensed consolidated financial statements of Dollar General Corporation (which individually or together with its subsidiaries, as the context requires, is referred to as the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X.

6 unchanged sentences

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the Company’s customary accounting practices.

In management’s opinion, all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the consolidated financial position as of April 30, 2021 and results of operations for the 13-week accounting periods ended April 30, 2021 and May 1, 2020 have been made.

In management’s opinion, all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the consolidated financial position as of July 30, 2021 and results of operations for the 13-week and 26-week accounting periods ended July 30, 2021 and July 31, 2020 have been made.

The preparation of financial statements and related disclosures in conformity with U.S.

7 unchanged sentences

The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation.

The Company recorded a LIFO provision of $ 12.3 million and $ 1.6 million in the respective 13-week periods ended April 30, 2021 and May 1, 2020, reflecting higher actual and expected costs of merchandise in the current year period.

The Company recorded a LIFO provision of $ 36.0 million and $ 0.1 million in the respective 13-week periods, and $ 48.2 million and $ 1.7 million in the respective 26-week periods, ended July 30, 2021 and July 31, 2020.

In addition, ongoing estimates of inventory shrinkage and initial markups and markdowns are included in the interim cost of goods sold calculation.

7 unchanged sentences

Earnings per share is computed as follows (in thousands, except per share data):

13 Weeks Ended April 30, 2021

13 Weeks Ended May 1, 2020

13 Weeks Ended July 30, 2021

13 Weeks Ended July 31, 2020

Basic earnings per share

1 unchanged sentence

Diluted earnings per share

26 Weeks Ended July 30, 2021

26 Weeks Ended July 31, 2020

Basic earnings per share

Effect of dilutive share-based awards

Diluted earnings per share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period.

Diluted earnings per share is determined based on the dilutive effect of share-based awards using the treasury stock method.

Share-based awards that were outstanding at the end of the respective periods but were not included in the computation of diluted earnings per share because the effect of exercising such awards would be antidilutive, were 0.1 million and 0.7 million in the respective 13-week periods ended April 30, 2021 and May 1, 2020.

Share-based awards that were outstanding at the end of the respective periods but were not included in the computation of diluted earnings per share because the effect of exercising such awards would be antidilutive, were less than 0.1 million in each of the respective 13-week periods, and 0.1 million and 0.3 million in the respective 26-week periods, ended July 30, 2021 and July 31, 2020.

Under the accounting standards for income taxes, the asset and liability method is used for computing the future income tax consequences of events that have been recognized in the Company’s consolidated financial statements or income tax returns.

6 unchanged sentences

Generally, with few exceptions, the Company’s 2017 and later tax years remain open for examination by the various state taxing authorities.

As of April 30, 2021, the total reserves for uncertain tax benefits, interest expense related to income taxes and potential income tax penalties were $ 7.5 million, $ 0.6 million and $ 0.0 million, respectively, for a total of $ 8.1 million.

As of July 30, 2021, the total reserves for uncertain tax benefits, interest expense related to income taxes and potential income tax penalties were $ 8.2 million, $ 0.6 million and $ 0.0 million, respectively, for a total of $ 8.8 million.

This total amount is reflected in noncurrent other liabilities in the condensed consolidated balance sheet.

The Company’s reserve for uncertain tax positions is expected to be reduced by $ 4.1 million in the coming twelve months as a result of expiring statutes of limitations.

As of April 30, 2021, approximately $ 7.5 million of the reserve for uncertain tax positions would impact the Company’s effective income tax rate if the Company were to recognize the tax benefit for these positions.

The effective income tax rates for the 13-week period ended April 30, 2021 was 22.0 % compared to a rate of 22.2 % for the 13-week period ended May 1, 2020.

The income tax rates for the 13-week period in 2021 was lower than the comparable 13-week period in 2020 primarily due to increased income tax benefits associated with share-based compensation in the 2021 period compared to the 2020 period.

As of April 30, 2021, the Company’s primary leasing activities were real estate leases for most of its retail store locations and certain of its distribution facilities.

As of July 30, 2021, approximately $ 8.2 million of the reserve for uncertain tax positions would impact the Company’s effective income tax rate if the Company were to recognize the tax benefit for these positions.

The effective income tax rates for the 13-week and 26-week periods ended July 30, 2021 were 21.4 % and 21.7 % respectively compared to rates of 21.5 % and 21.8 % for the 13-week and 26-week periods ended July 31, 2020.

The income tax rates for the 13-week and 26-week periods in 2021 were lower than the comparable 13-week and 26-week periods in 2020 primarily due to the greater impact of permanent differences resulting from a decrease in pre-tax income for the 2021 periods compared to the 2020 periods.

As of July 30, 2021, the Company’s primary leasing activities were real estate leases for most of its retail store locations and certain of its distribution facilities.

Substantially all of the Company’s leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the condensed consolidated balance sheets.

Finance lease assets are included in net property and equipment, and finance lease liabilities are included in long-

term obligations, in the condensed consolidated balance sheets.

At April 30, 2021, the weighted-average remaining lease term for the Company’s operating leases is 9.9 years, and the weighted average discount rate for such leases is 3.9 %.

Finance lease assets are included in net property and equipment, and finance lease liabilities are included in long-term obligations, in the condensed consolidated balance sheets.

At July 30, 2021, the weighted-average remaining lease term for the Company’s operating leases was 9.8 years, and the weighted average discount rate for such leases was 3.8 %.

Operating lease costs are reflected as selling, general and administrative costs in the condensed consolidated statements of income.

For the 13-week periods ended April 30, 2021 and May 1, 2020, such costs were $ 361.9 million and $ 336.5 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities of $ 364.2 million and $ 337.1 million, respectively, were reflected in cash flows from operating activities in the condensed consolidated statements of cash flows for the 13-week periods ended April 30, 2021 and May 1, 2020.

For the 26-week periods ended July 30, 2021 and July 31, 2020, such costs were $ 730.0 million and $ 678.6 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities of $ 735.8 million and $ 680.4 million, respectively, were reflected in cash flows from operating activities in the condensed consolidated statements of cash flows for the 26-week periods ended July 30, 2021 and July 31, 2020.

Current and long-term obligations

12 unchanged sentences

Borrowings under the Revolving Facility bear interest at a rate equal to an applicable interest rate margin plus, at the Company’s option, either (a) LIBOR or (b) a base rate (which is usually equal to the prime rate).

The applicable interest rate margin for borrowings as of April 30, 2021 was 1.015 % for LIBOR borrowings and 0.015 % for base-rate borrowings.

The applicable interest rate margin for borrowings as of July 30, 2021 was 1.015 % for LIBOR borrowings and 0.015 % for base-rate borrowings.

The Company is also required to pay a facility fee, payable on any used and unused commitment amounts of the Revolving Facility, and customary fees on letters of credit issued under the Revolving Facility.

As of April 30, 2021, the facility fee rate was 0.11 %.

As of July 30, 2021, the facility fee rate was 0.11 %.

The applicable interest rate margins for borrowings, the facility fees and the letter of credit fees under the Revolving Facility are subject to adjustment from time to time based on the Company’s long-term senior unsecured debt ratings.

5 unchanged sentences

The Revolving Facility also contains financial covenants which require the maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio.

As of April 30, 2021, the Company was in compliance with all such covenants.

As of July 30, 2021, the Company was in compliance with all such covenants.

The Revolving Facility also contains customary events of default.

As of April 30, 2021, the Company had no outstanding borrowings, outstanding letters of credit of $ 2.9 million, and borrowing availability of approximately $ 1.25 billion under the Revolving Facility that, due to its intention to maintain borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $ 1.07 billion.

In addition, as of April 30, 2021, the Company had outstanding letters of credit of $ 67.9 million which were issued pursuant to separate agreements.

As of April 30, 2021, the Company had a commercial paper program under which the Company may issue unsecured commercial paper notes (the “CP Notes”) from time to time in an aggregate amount not to exceed $ 1.0 billion outstanding at any time.

As of July 30, 2021, the Company had no outstanding borrowings, outstanding letters of credit of $ 2.9 million, and borrowing availability of approximately $ 1.25 billion under the Revolving Facility that, due to its intention to maintain borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $ 1.05 billion.

In addition, as of July 30, 2021, the Company had outstanding letters of credit of $ 53.4 million which were issued pursuant to separate agreements.

As of July 30, 2021, the Company had a commercial paper program under which the Company may issue unsecured commercial paper notes (the “CP Notes”) from time to time in an aggregate amount not to exceed $ 1.0 billion outstanding at any time.

The CP Notes may have maturities of up to 364 days from the date of issue and rank equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness.

The Company intends to maintain available commitments under the Revolving Facility in an amount at least equal to the amount of CP Notes

outstanding at any time.

As of April 30, 2021, the Company’s condensed consolidated balance sheet reflected no outstanding unsecured CP Notes.

CP Notes totaling $ 181.0 million were held by a wholly-owned subsidiary of the Company and are therefore not reflected on the condensed consolidated balance sheet.

The Company intends to maintain available commitments under the Revolving Facility in an amount at least equal to the amount of CP Notes outstanding at any time.

As of July 30, 2021, the Company’s condensed consolidated balance sheet reflected outstanding unsecured CP Notes of $ 18.4 million, which had a weighted average borrowing rate of 0.15 %.

CP Notes totaling $ 181.0 million were held by a wholly-owned subsidiary of the Company and are therefore not reflected on the condensed consolidated balance sheets.

On April 3, 2020, the Company issued $ 1.0 billion aggregate principal amount of 3.5 % senior notes due 2030 (the “2030 Senior Notes”), net of discount of $ 0.7 million, and $ 500.0 million aggregate principal amount of 4.125 % senior notes due 2050 (the “2050 Senior Notes”), net of discount of $ 5.0 million.

2 unchanged sentences

The Company incurred $ 13.6 million of debt issuance costs associated with the issuance of the 2030 Senior Notes and the 2050 Senior Notes.

During the second quarter of 2021, the Company entered into interest rate swaps on a portion of the 2030 Senior Notes.

These interest rate swaps are being accounted for as fair value hedges, with the derivative asset or liability offset by a corresponding adjustment to the carrying value of the 2030 Senior Notes.

Such arrangements are not material to the Company’s condensed consolidated financial statements.

Assets and liabilities measured at fair value

2 unchanged sentences

As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The Company does not have any fair value measurements categorized within Level 3 as of April 30, 2021.

The following table presents the Company’s liabilities required to be measured at fair value as of April 30, 2021, aggregated by the level in the fair value hierarchy within which those measurements are classified.

The Company does not have any fair value measurements categorized within Level 3 as of July 30, 2021.

The following table presents the Company’s liabilities required to be measured at fair value as of July 30, 2021, aggregated by the level in the fair value hierarchy within which those measurements are classified.

Quoted Prices

13 unchanged sentences

However, litigation and other legal matters involve an element of uncertainty.

Adverse decisions and settlements, including any required changes to the Company’s business, or other developments in such matters could affect our consolidated operating results in future periods or result in liability or other amounts material to the Company’s annual consolidated financial statements.

Adverse decisions and settlements, including any required changes to the Company’s business, or other developments in such matters could affect the consolidated operating results in future periods or result in liability or other amounts material to the Company’s annual consolidated financial statements.

Consumer/Product Litigation

6 unchanged sentences

compensatory damages, injunctive relief, statutory damages, punitive damages and attorneys’ fees.

To the extent additional consumer lawsuits alleging violation of laws relating to the labeling, marketing and sale of Dollar General private-label motor oil have been or will be filed, the Company expects that such lawsuits will be transferred to the Motor Oil MDL.

On August 20, 2018, plaintiffs in the MDL moved to certify two nationwide classes relating to their claims of alleged unjust enrichment and breach of implied warranties.

In addition, plaintiffs moved to certify a multi-state class relating to their claims of breach of implied warranties and multiple statewide classes relating to alleged unfair trade practices/consumer fraud, unjust enrichment and breach of implied warranty claims.

The Company opposed the plaintiffs’ certification motion.

On March 21, 2019, the court granted the plaintiffs’ certification motion as to 16 statewide classes regarding claims of unjust enrichment and 16 statewide classes regarding state consumer protection laws.

Subsequently, the court certified an additional class, bringing the total to 17 statewide classes.

The court denied plaintiffs’ certification motion in all other respects.

On June 25, 2019, the United States Court of Appeals for the Eighth Circuit granted the Company’s Petition to Appeal the lower court’s certification rulings.

The Company’s appeal remains pending.

The parties have reached an agreement, which was preliminarily approved by the court on February 8, 2021, to resolve the Motor Oil MDL for an amount that is immaterial to the Company’s consolidated financial statements as a whole.

The final fairness hearing is scheduled for June 22, 2021.

At this time, although probable, it is not certain that the court will grant final approval to the settlement.

In May 2017, the Company received a Notice of Proposed Action from the Office of the New Mexico Attorney General (the “New Mexico AG”) which alleges that the Company’s labeling, marketing and sale of certain Dollar General private-label motor oil violated New Mexico law (the “New Mexico Motor Oil Matter”).

The State is represented in connection with this matter by counsel for plaintiffs in the Motor Oil MDL.

On June 20, 2017, the New Mexico AG filed an action in the First Judicial District Court, County of Santa Fe, New Mexico pertaining to the New Mexico Motor Oil Matter.

Dolgencorp, LLC , Case No.

D-101-cv-2017-01562).

On April 7, 2021, the parties settled the New Mexico Motor Oil Matter for an amount that is immaterial to the Company’s consolidated financial statements as a whole.

On September 1, 2017, the Mississippi Attorney General (the “Mississippi AG”), who also is represented by the counsel for plaintiffs in the Motor Oil MDL, filed an action in the Chancery Court of the First Judicial District of Hinds County, Mississippi alleging that the Company’s labeling, marketing and sale of certain Dollar General private-label motor oil violated Mississippi law.

( Jim Hood v.

Dollar General Corporation , Case No.

G2017-1229 T/1) (the “Mississippi Motor Oil Matter”).

The Company removed this matter to Mississippi federal court on October 5, 2017, and filed a motion to dismiss the action.

The matter was transferred to the Motor Oil MDL and the Mississippi AG moved to remand it to state court.

( Jim Hood v.

Dollar General Corporation , N.D.

Miss., Case No.

3:17-cv-801-LG-LRA).

On May 7, 2019, the Mississippi AG renewed its motion to remand.

The Company’s and the Mississippi AG’s above-referenced motions are pending.

On January 30, 2018, the Company received a Civil Investigative Demand (“CID”) from the Office of the Louisiana Attorney General (the “Louisiana AG”) requesting information concerning the Company’s labeling, marketing and sale of certain Dollar General private-label motor oil (the “Louisiana Motor Oil Matter”).

In response to the CID, the Company filed a petition for a protective order on February 20, 2018 in the 19 th Judicial District Court for the Parish of East Baton Rouge, Louisiana seeking to set aside the CID.

( In re Dollar General Corp.

and Dolgencorp, LLC , Case No.

On February 7, 2020, the Company reached an agreement with the Louisiana AG to resolve this matter for an amount that is immaterial to the Company’s consolidated financial statements as a whole.

The parties reached an agreement, which was granted final approval by the court on June 22, 2021, to resolve the Motor Oil MDL for an amount that is immaterial to the Company’s consolidated financial statements as a whole.

The Company previously reached agreements with the Offices of the New Mexico Attorney General and the Louisiana Attorney General to resolve, for amounts immaterial to the Company’s consolidated financial statements as a whole, allegations that the Company’s labeling, marketing and sale of certain Dollar General private-label motor oil violated New Mexico and Louisiana law (the “New Mexico and Louisiana Motor Oil Matters”).

On September 1, 2017, the Mississippi Attorney General, who also is represented by the counsel for plaintiffs in the Motor Oil MDL, filed an action in the Chancery Court of the First Judicial District of Hinds County, Mississippi alleging that the Company’s labeling, marketing and sale of certain Dollar General private-label motor oil violated Mississippi law.

The Company removed this matter to Mississippi federal court on October 5, 2017, and it was transferred to the Motor Oil MDL.

On July 7, 2021, the matter was remanded to Mississippi federal court.

The Company is vigorously defending these matters and believes that the labeling, marketing and sale of its private-label motor oil comply with applicable federal and state requirements and are not misleading.

The Company further believes that these matters are not appropriate for class or similar treatment.

At this time, however, except as to the Louisiana and New Mexico Motor Oil Matters, it is not possible to predict whether these matters ultimately will be permitted to proceed as a class or in a similar fashion or the size of any putative class or classes.

Likewise, except as to the Louisiana and New Mexico Motor Oil Matters, no assurances can be given that the Company will be successful in its defense of these matters on the merits or otherwise.

At this time, however, except as to the Motor Oil MDL and the New Mexico and Louisiana Motor Oil Matters, it is not possible to predict whether these matters ultimately will be permitted to proceed as a class or in a similar fashion or the size of any putative class or classes.

Likewise, except as to Motor Oil MDL and the New Mexico and Louisiana Motor Oil Matters, no assurances can be given that the Company will be successful in its defense of these matters on the merits or otherwise.

Based on its belief that a loss in these matters is both probable and reasonably estimable, as noted above, during 2019, the Company recorded an accrual for an amount that is immaterial to the Company’s consolidated financial statements as a whole.

1 unchanged sentence

The Company manages its business on the basis of one reportable operating segment.

As of April 30, 2021, all of the Company’s operations were located within the United States with the exception of certain product sourcing operations, which collectively are not material with regard to assets, results of operations or otherwise to the condensed consolidated financial statements.

As of July 30, 2021, all of the Company’s operations were located within the United States with the exception of certain product sourcing operations, which collectively are not material with regard to assets, results of operations or otherwise to the condensed consolidated financial statements.

The following net sales data is presented in accordance with accounting standards related to disclosures about segments of an enterprise.

13 Weeks Ended

26 Weeks Ended

(in thousands)

2 unchanged sentences

Common stock transactions

On August 29, 2012, the Company’s Board of Directors authorized a common stock repurchase program, which the Board has since increased on several occasions.

On March 17, 2021, the Company’s Board of Directors authorized a $ 2.0 billion increase to the existing common stock repurchase program, bringing the cumulative total to $ 12.0 billion authorized under the program since its inception in 2012.

On August 29, 2012, the Company’s Board of Directors (the “Board”) authorized a common stock repurchase program, which the Board has since increased on several occasions.

On March 17, 2021, the Board authorized a $ 2.0 billion increase to the existing common stock repurchase program, bringing the cumulative total to $ 12.0 billion authorized under the program since its inception in 2012.

The repurchase authorization has no expiration date and allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions.

The timing, manner and number of shares repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under the Company’s debt agreements and other factors.

Repurchases under the program may be funded from available cash or borrowings, including under the Company’s Revolving Facility and issuance of CP Notes discussed in further detail in Note 5.

Pursuant to its common stock repurchase program, during the 13-week periods ended April 30, 2021 and May 1, 2020, the Company repurchased in the open market approximately 5.0 million shares of its common stock at a total cost of $ 1.0 billion and approximately 0.5 million shares of its common stock at a total cost of $ 63.1 million, respectively.

The Company paid a cash dividend of $ 0.42 per share during the first quarter of 2021.

On May 25, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.42 per share, which is payable on or before July 20, 2021 to shareholders of record on July 6, 2021.

The amount and declaration of future cash dividends is subject to the sole discretion of the Company’s Board of Directors and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion.

Repurchases under the program may be funded from available cash or borrowings, including under the Revolving Facility and issuance of CP Notes discussed in further detail in Note 5.

Pursuant to its common stock repurchase program, during the 26-week periods ended July 30, 2021 and July 31, 2020, the Company repurchased in the open market approximately 8.3 million shares of its common stock at a total cost of $ 1.7 billion and approximately 3.6 million shares of its common stock at a total cost of $ 0.7 billion, respectively.

The Company paid a cash dividend of $ 0.42 per share during the first two quarters of 2021.

On August 25, 2021, the Board declared a quarterly cash dividend of $ 0.42 per share, which is payable on or before October 19, 2021 to shareholders of record on October 5, 2021.

The amount and declaration of future cash dividends is subject to the sole discretion of the Board and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion.

Report of Independent Registered Public Accounting Firm

1 unchanged sentence

Results of Review of Interim Financial Statements

We have reviewed the accompanying condensed consolidated balance sheet of Dollar General Corporation and subsidiaries (the Company) as of April 30, 2021, and the related condensed consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for the thirteen week periods ended April 30, 2021 and May 1, 2020, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”).

We have reviewed the accompanying condensed consolidated balance sheet of Dollar General Corporation and subsidiaries (the Company) as of July 30, 2021, the related condensed consolidated statements of income, comprehensive income, and shareholders’ equity for the thirteen and twenty-six week periods ended July 30, 2021 and July 31, 2020, the condensed consolidated statement of cash flows for the twenty-six week periods ended July 30, 2021 and July 31, 2020, 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

Nashville, Tennessee

August 26, 2021

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