What changed in this filing

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Item 1. Financial Statements

2022-06-03 compared with 2021-12-03 · 81 added, 172 removed, 403 unchanged (39% of the section changed)

3 unchanged sentences

(Amounts in thousands)

October 31, 2021

January 30, 2022

1 unchanged sentence

Cash and cash equivalents

Income tax receivable

Inventory, less reserves of $ 2,012 and $ 2,372 , respectively

11 unchanged sentences

(Amounts in thousands)

October 31, 2021

January 30, 2022

18 unchanged sentences

10,000 shares authorized;

issued or outstanding as of October 31, 2021 and January 31, 2021

issued or outstanding as of May 1, 2022 and January 30, 2022

Common stock (Class A), no par value;

10,000 shares authorized;

3,364 shares issued and outstanding as of October 31, 2021 and January 31, 2021

3,364 shares issued and outstanding as of May 1, 2022 and January 30, 2022

Common stock (Class B), no par value;

200,000 shares authorized;

29,782 shares issued and 29,703 shares outstanding as of October 31, 2021 and

30,077 shares issued and 29,965 shares outstanding as of May 1, 2022 and

29,786 shares issued and 29,707 shares outstanding as of January 30, 2022

Treasury stock, at cost;

79 and 53 shares as of October 31, 2021 and

112 and 79 shares as of May 1, 2022 and

January 30, 2022, respectively

12 unchanged sentences

Three Months Ended

Nine Months Ended

October 31, 2021

November 1, 2020

October 31, 2021

November 1, 2020

Cost of goods sold (excluding depreciation and amortization)

Selling, general and administrative expenses

Operating income (loss)

Operating (loss) income

Interest expense

Other (loss) income, net

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)

Other income, net

(Loss) income before income taxes

Income tax (benefit) expense

Net (loss) income

Net loss attributable to noncontrolling interest

Net income (loss) attributable to controlling interest

Basic earnings (loss) per share (Class A and Class B):

Net (loss) income attributable to controlling interest

Basic (loss) earnings per share (Class A and Class B):

Weighted average shares of common stock outstanding

Net income (loss) per share attributable to controlling interest

Diluted earnings (loss) per share (Class A and Class B):

Net (loss) income per share attributable to controlling interest

Diluted (loss) earnings per share (Class A and Class B):

Weighted average shares and equivalents outstanding

Net income (loss) per share attributable to controlling interest

Net (loss) income per share attributable to controlling interest

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

Three Months Ended

Nine Months Ended

October 31, 2021

November 1, 2020

October 31, 2021

November 1, 2020

Net income (loss)

Net (loss) income

Other comprehensive income

3 unchanged sentences

Other comprehensive (loss) income

Comprehensive income (loss)

Comprehensive (loss) income

Comprehensive loss attributable to noncontrolling interest

Comprehensive income (loss) attributable

Comprehensive (loss) income attributable

‎ to controlling interest

3 unchanged sentences

(Amounts in thousands)

Nine Months Ended October 31, 2021

Three Months Ended May 1, 2022

Noncontrolling

9 unchanged sentences

Other comprehensive loss

Net income (loss)

Balance at May 1, 2022

Issuance of common stock

Stock-based compensation

Restricted stock forfeitures

Restricted stock surrendered for taxes

Other comprehensive income

Net income (loss)

Balance at August 1, 2021

Issuance of common stock

Stock-based compensation

Restricted stock forfeitures

Restricted stock surrendered for taxes

Other comprehensive income

Net income (loss)

Balance at October 31, 2021

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

Nine Months Ended November 1, 2020

Three Months Ended May 2, 2021

Noncontrolling

3 unchanged sentences

shareholders'

Balance at February 2, 2020

Issuance of common stock

Stock-based compensation

Restricted stock forfeitures

Restricted stock surrendered for taxes

Other comprehensive loss

Balance at May 3, 2020

Issuance of common stock

Stock-based compensation

Restricted stock forfeitures

Restricted stock surrendered for taxes

Other comprehensive income

Net income (loss)

Balance at August 2, 2020

Balance at January 31, 2021

Issuance of common stock

4 unchanged sentences

Net income (loss)

Balance at November 1, 2020

Balance at May 2, 2021

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

Nine Months Ended

October 31, 2021

November 1, 2020

Three Months Ended

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Net (loss) income

Adjustments to reconcile net (loss) income to net cash used in operating activities:

Depreciation and amortization

3 unchanged sentences

Changes in operating assets and liabilities:

Income taxes receivable

Prepaid expense & other current assets

5 unchanged sentences

Noncash lease impacts

Net cash provided by (used in) operating activities

Net cash (used in) provided by operating activities

Cash flows from investing activities:

Purchases of property and equipment

Capital contributions towards build-to-suit stores

Principal receipts from available-for-sale security

2 unchanged sentences

Cash flows from financing activities:

Proceeds from line of credit

Payments on line of credit

Proceeds from delayed draw term loan

Payments on delayed draw term loan

2 unchanged sentences

Payments of tax withholding on vested restricted shares

Net cash (used in) provided by financing activities

(Decrease) increase in cash, cash equivalents

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

Net cash used in financing activities

Decrease in cash, cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Supplemental disclosure of cash flow information:

10 unchanged sentences

(“Duluth Trading” or the “Company”), a Wisconsin corporation, is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold primarily through the Company’s own omnichannel platform.

The Company’s products are marketed under the Duluth Trading brand, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise.

The Company’s products are marketed under the Duluth Trading name, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise.

The Company identifies its operating segments according to how its business activities are managed and evaluated.

15 unchanged sentences

Fiscal 2021 was a 52-week period and ended on January 30, 2022.

The three months of fiscal 2021 and fiscal 2020 represent the Company’s 13 week periods ended October 31, 2021 and November 1, 2020, respectively.

The accompanying condensed consolidated financial statements as of and for the three and nine months ended October 31, 2021 and November 1, 2020 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.

The three months of fiscal 2022 and fiscal 2021 represent the Company’s 13-week periods ended May 1, 2022 and May 2, 2021, respectively.

The accompanying condensed consolidated financial statements as of and for the three months ended May 1, 2022 and May 2, 2021 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S.

GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three and nine months ended October 31, 2021 and November 1, 2020.

GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three months ended May 1, 2022 and May 2, 2021.

These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the fiscal year ended January 30, 2022.

2 unchanged sentences

and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place.

These impacts are discussed within these notes to the condensed consolidated financial statements.

The ultimate impact of COVID-19 on our operational and financial performance still depends on future developments outside of our control.

1 unchanged sentence

Impairment Analysis

As of October 31, 2021 and for the three and nine months then ended, no triggering events or indicators of asset impairment were noted.

As of May 1, 2022 and for the three months ended, no triggering events or indicators of asset impairment were noted.

Inventory consists of finished goods stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out valuation method.

The Company records an inventory reserve for the anticipated loss associated with selling

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Inventory, consisting of purchased product, is valued at the lower of cost or net realizable value, under the first-in, first-out method.

The significant estimates used in inventory valuation are obsolescence (including excess and slow-moving inventory and lower of cost or market reserves) and estimates of inventory shrinkage.

Both estimates have calculations that require the Company to make assumptions and apply judgment regarding a number of factors, including market conditions, the selling environment, historical results and current inventory trends.

Inventory is adjusted periodically to reflect current market conditions, which requires management’s judgment that may significantly affect the ending inventory valuation, as well as gross margin.

The reserve for inventory shrinkage is adjusted to reflect the trend of historical physical inventory count results.

The Company performs its retail store physical inventory counts in July and the difference between actual and estimated shrinkage, recorded in Cost of goods sold, may cause fluctuations in second fiscal quarter results.

inventories below cost.

Inventory reserve for excess and obsolete items was $ 2.0 million and $ 2.4 million as of May 1, 2022 and January 30, 2022, respectively .

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:

October 31, 2021

January 30, 2022

16 unchanged sentences

Amounts receivable from credit card issuers are typically converted to cash within 2 to 4 days of the original sales transaction and are considered to be cash equivalents.

Reclassifications

Certain reclassifications have been made to the 2020 financial statements in order to conform to the 2021 presentation.

There were no changes to previously reported shareholders’ equity or net income (loss) as a result of the reclassifications.

Significant Accounting Policies

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Based on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes ROU assets and lease liabilities related to leases on the Company’s consolidated balance sheets.

Based on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes Right-of-use (ROU) assets and lease liabilities related to leases on the Company’s consolidated balance sheets.

The Company determines if an arrangement is, or contains, a lease at inception.

14 unchanged sentences

Three Months Ended

Nine Months Ended

of Operations

October 31, 2021

November 1, 2020

October 31, 2021

November 1, 2020

(in thousands)

20 unchanged sentences

Other information related to leases were as follows:

Nine Months Ended

October 31, 2021

November 1, 2020

Three Months Ended

(in thousands)

9 unchanged sentences

Operating leases

Future minimum lease payments under the non-cancellable leases are as follows as of October 31, 2021:

Future minimum lease payments under the non-cancellable leases are as follows as of May 1, 2022:

(in thousands)

3 unchanged sentences

Lease liability

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

DEBT AND CREDIT AGREEMENT

Debt consists of the following:

October 31, 2021

January 30, 2022

3 unchanged sentences

TRI long-term debt

Duluth Delayed draw term loan

current maturities

Duluth long-term debt

TRI Holdings, LLC

2 unchanged sentences

See Note 6 “Variable Interest Entities” for further information.

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

TRI entered into a promissory note (“TRI Note”) with an original balance of $ 3.5 million.

2 unchanged sentences

Credit Agreement

On May 17, 2018, the Company entered into a credit agreement (the “Credit Agreement”) which provided for borrowing availability of up to $ 80.0 million in revolving credit (the “Revolver”), and borrowing availability of up to $ 50.0 million in a delayed draw term loan (“DDTL”), for a total credit facility of $ 130.0 million.

The $ 80.0 million revolving credit facility was scheduled to mature on May 17, 2023 .

The $ 50.0 million DDTL was available to draw upon in differing amounts through May 17, 2020 and was scheduled to mature on May 17, 2023 .

Outstanding balances under the DDTL required quarterly principal payments with a final balloon payment at maturity.

The Credit Agreement was secured by essentially all Company assets and required the Company to maintain compliance with certain financial and non-financial covenants, including a maximum rent adjusted leverage ratio and a minimum fixed charge coverage ratio as defined in the Credit Agreement.

On May 17, 2018, the Company entered into a credit agreement (the “Credit Agreement”) which provided for borrowing availability of up to $ 80.0 million in revolving credit and associated swing line (the “Revolver”) and borrowing availability of up to $ 50.0 million in a delayed draw term loan (“DDTL”), for a total credit facility of $ 130.0 million.

On April 30, 2020, the Credit Agreement was amended to include an incremental DDTL of $ 20.5 million (the “Incremental DDTL”) that was available to draw upon before March 31, 2021, and matured on April 29, 2021 , for a total credit facility of $ 150.5 million.

As of and for the fiscal year ended January 31, 2021, no amount of the Incremental DDTL was funded.

The loan covenants were also amended to allow for greater flexibility during the Company’s peak borrowing periods in fiscal 2020.

The interest rate applicable to the Revolver or DDTL was a fixed rate for a one-, two-, three- or six-month interest period equal to LIBOR (with a 1 % floor) for such interest period plus a margin of 225 to 300 basis points, based upon the Company’s rent adjusted leverage.

The interest rate applicable to the Incremental DDTL was also a fixed rate over the aforementioned interest periods equal to LIBOR (with a 1 % floor) for such interest period plus a margin of 275 to 350 basis points.

3 unchanged sentences

(i) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus the applicable rate of 1.25 % to 2.00 % determined based on the Company’s rent adjusted leverage ratio, or (ii) the base rate plus the applicable rate of 0.25 % to 1.00 % based on the Company’s rent adjusted leverage ratio.

The New Credit Agreement is secured by essentially all Company assets and requires the Company

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

to maintain compliance with certain financial and non-financial covenants, including a maximum rent adjusted leverage ratio and a minimum fixed charge coverage ratio as defined in the New Credit Agreement

As of October 31, 2021 and for the nine months then ended, the Company was in compliance with all financial and non-financial covenants contained within the New Credit Agreement.

The New Credit Agreement is secured by essentially all Company assets and requires the Company to maintain compliance with certain financial and non-financial covenants, including a maximum rent adjusted leverage ratio and a minimum fixed charge coverage ratio as defined in the New Credit Agreement.

As of May 1, 2022 and for the three months then ended, the Company was in compliance with all financial and non-financial covenants contained within the New Credit Agreement.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

October 31, 2021

January 30, 2022

8 unchanged sentences

ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., an exit price).

The exit price is based on the amount that the holder of the asset or liability would receive or need to pay in an actual transaction (or in a hypothetical transaction if an actual transaction does not exist) at the measurement date.

The exit price is based on the amount that the holder of the asset or liability would receive or need to

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

pay in an actual transaction (or in a hypothetical transaction if an actual transaction does not exist) at the measurement date.

ASC 820 describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable, as follows:

6 unchanged sentences

Treasury yield curve, credit information and an estimate of future cash flows.

During the nine months ended October 31, 2021, certain changes in the inputs did impact the fair value of the available-for-sale security.

During the three months ended May 1, 2022, certain changes in the inputs did impact the fair value of the available-for-sale security.

The calculated fair value is based on estimates that are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.

Changes in assumptions could significantly affect the estimates.

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of the Company’s available-for-sale security and the corresponding amount of gross unrealized gains and losses recognized in accumulated other comprehensive income are as follows:

October 31, 2021

(in thousands)

7 unchanged sentences

The Company reviews its securities on a quarterly basis to monitor its exposure to other-than-temporary impairment.

No other-than-temporary impairment was recorded in the unaudited condensed consolidated statements of operations for the nine months ended October 31, 2021 or November 1, 2020.

The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of October 31, 2021.

No other-than-temporary impairment was recorded in the unaudited condensed consolidated statements of operations for the three months ended May 1, 2022 or May 2, 2021.

The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of May 1, 2022.

(in thousands)

3 unchanged sentences

After ten years

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The carrying values and fair values of other financial instruments in the Consolidated Balance Sheets are as follows:

October 31, 2021

January 30, 2022

5 unchanged sentences

The fair value was also based on a discounted cash flow method (Level 3) based on credit information and an estimate of future cash flows.

As of January 31, 2021, the carrying value of the delayed draw term loan approximated its fair value.

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

VARIABLE INTEREST ENTITY

3 unchanged sentences

and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE.

The Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of October 31, 2021 and January 31, 2021.

The Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of May 1, 2022 and January 30, 2022.

The Company leases the Company’s headquarters in Mt.

5 unchanged sentences

The Company does not consolidate the trust as the Company is not the primary beneficiary.

The condensed consolidated balance sheets include the following amounts as a result of the consolidation of TRI as of October 31, 2021 and January 31, 2021:

October 31, 2021

The condensed consolidated balance sheets include the following amounts as a result of the consolidation of TRI as of May 1, 2022 and January 30, 2022:

January 30, 2022

6 unchanged sentences

Total liabilities and shareholders'

EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is computed under the provisions of ASC 260 , Earnings Per Share .

Basic earnings (loss) per share is based on the weighted average number of common shares outstanding for the period.

Diluted earnings (loss) per share is based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.

Dilutive potential common shares include outstanding restricted stock and are considered only for dilutive earnings (loss) per share unless considered anti-dilutive.

The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation is as follows:

(LOSS) EARNINGS PER SHARE

(Loss) earnings per share is computed under the provisions of ASC 260 , Earnings Per Share .

Basic (loss) earnings per share is based on the weighted average number of common shares outstanding for the period.

Diluted (loss) earnings per share is based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.

Dilutive potential common shares include outstanding restricted stock and are considered only for dilutive (loss) earnings per share unless considered anti-dilutive.

The reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per share calculation is as follows:

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended

Nine Months Ended

October 31, 2021

November 1, 2020

October 31, 2021

November 1, 2020

(in thousands, except per share data)

Numerator - net income (loss) attributable to

Numerator - net (loss) income attributable to

‎ controlling interest

2 unchanged sentences

Dilutive shares

Earnings (loss) per share (Class A and Class B)

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The computation of diluted loss per share for the nine months ended November 1, 2020 excluded ( 0.1 ) million shares of unvested restricted stock, respectively, because their inclusion would be anti-dilutive.

(Loss) earnings per share (Class A and Class B)

The computation of diluted (loss) earnings per share excluded 0.2 million shares of unvested restricted stock for the three months ended May 1, 2022 because their inclusion would be anti-dilutive due to a net loss.

STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plan in accordance with ASC 718, Stock Compensation , which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period of the award.

Total stock compensation expense associated with restricted stock recognized by the Company was $ 0.6 million and $ 1.6 million for the three and nine months ended October 31, 2021, respectively and $ 0.3 million and $ 1.1 million for the three and nine months ended November 1, 2020, respectively.

Total stock compensation expense associated with restricted stock recognized by the Company was $ 0.6 million and $ 0.4 million for the three months ended May 1, 2022 and May 2, 2021, respectively.

The Company’s total stock compensation expense is included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations.

A summary of the activity in the Company’s unvested restricted stock during the nine months ended October 31, 2021 is as follows:

A summary of the activity in the Company’s unvested restricted stock during the three months ended May 1, 2022 is as follows:

Outstanding at January 30, 2022

Outstanding at October 31, 2021

At October 31, 2021, the Company had unrecognized compensation expense of $ 4.2 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.4 years.

Outstanding at May 1, 2022

At May 1, 2022, the Company had unrecognized compensation expense of $ 6.6 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 3.0 years.

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

October 31, 2021

January 30, 2022

10 unchanged sentences

Revenue for merchandise that is shipped to our customers from our distribution centers and stores is recognized upon shipment.

Store revenue is

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

recognized at the point of sale, net of returns, and excludes taxes.

Store revenue is recognized at the point of sale, net of returns, and excludes taxes.

Shipping and processing revenue generated from customer orders are included as a component of net sales and shipping and processing expense, including handling expense, is included as a component of selling, general and administrative expenses.

2 unchanged sentences

Three Months Ended

Nine Months Ended

October 31, 2021

November 1, 2020

October 31, 2021

November 1, 2020

(in thousands)

6 unchanged sentences

Contract assets and liabilities on the Company’s consolidated balance sheets are presented in the following table:

October 31, 2021

January 30, 2022

2 unchanged sentences

Contract liabilities

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Revenue from gift cards is recognized when the gift card is redeemed by the customer for merchandise or as a gift card breakage, an estimate of gift cards which will not be redeemed.

1 unchanged sentence

Gift card breakage is recorded within Net sales on the Company’s consolidated statement of operations.

The following table provides the reconciliation of the contract liability related to gift cards for the nine months ended:

October 31, 2021

November 1, 2020

The following table provides the reconciliation of the contract liability related to gift cards for the three months ended:

(in thousands)

6 unchanged sentences

Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate.

The effective tax rate related to controlling interest was 25 % for the three months ended October 31, 2021 and 25 % for the nine months ended October 31, 2021.

The effective tax rate related to controlling interest was 25 % for the three months ended May 1, 2022 and 16 % for the three months ended May 2, 2021.

The income from TRI was excluded from the calculation of the Company’s effective tax rate, as TRI is a limited liability company and not subject to income taxes.

DULUTH HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

RECENT ACCOUNTING PRONOUNCEMENTS

9 unchanged sentences

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