What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2025-11-13 compared with 2024-11-13 · 100 added, 78 removed, 300 unchanged (37% of the section changed)

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Business Development

On September 11, 2024, the Company announced entry into an acquisition agreement with Presta Dinero, S.A.

for the purchase of 53 pawn stores in Mexico.

While at the time we expected to complete the transaction by October 31, 2024, the transaction has not yet closed and the parties remain in discussion.

2032 Senior Notes

In March 2025, we issued $300.0 million aggregate principal amount of the Company’s 7.375% senior notes due 2032 (the “2032 Senior Notes”), for which $300.0 million remains outstanding as of September 30, 2025.

See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion.

2025 Convertible Notes

During April 2025, holders converted approximately $97.0 million in principal amount of the 2025 Convertible Notes into approximately 6.1 million shares of our Class A common stock, with payments of cash in lieu of any fractional shares.

On May 1, 2025, we repaid the remaining principal balance of $6.4 million with cash.

See Note 8 of Notes to the Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” of this Report for further discussion.

In fiscal 2025, we closed on the acquisition of 47 stores across 13 states in Mexico.

The stores, operating under the names “Monte Providencia” and “Tu Empeño Efectivo” offer traditional pawn loans, as well as auto pawn transactions, some of which are in standalone auto pawn stores.

Additionally, we acquired 4 stores located in the U.S.

during fiscal 2025.

See Note 3 of Notes to Consolidated Financial Statements included in “Part II, Item 8 - Financial Statements and Supplementary Data” for further discussion of the Mexico acquisition.

Share Repurchase Program

On November 11, 2025, the Board of Directors (“Board”) approved a new share repurchase program which will replace the previous program that expired on May 3, 2025.

Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data”.

Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years.

Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.

The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities.

The Board of Directors has reserved the right to modify, suspend or terminate the program at any time.

Results of Operations

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We believe presentation of constant currency and same-store results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations (in the case of constant currency) and our store operations (in the case of same-store results) and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a better understanding and evaluation of factors and trends affecting our business.

We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements.

We provide non-GAAP financial information for informational purposes and to

enhance understanding of our GAAP consolidated financial statements.

We use this non-GAAP financial information to evaluate and compare operating results across accounting periods.

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Gross margin on merchandise sales 35.0 % 35.6 % (60) bps

Jewelry scrapping sales 61,082 49,528 23%

Jewelry scrapping gross profit 9,156 5,104 79%

Gross margin on jewelry scrapping sales 15 % 10 % 500 bps

Jewelry scrap sales

98,884 61,082 62%

Jewelry scrap gross profit

26,346 9,156 188%

Gross margin on jewelry scrap sales

26.6 % 15.0 % 1,160 bps

Other revenues 169 239 (29)%

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Impairment of other assets

843 4,343 (81)%

Depreciation and amortization 32,538 33,069 (2)%

(Gain) loss on sale or disposal of assets and other (16) 208 (108)%

Loss (gain) on sale or disposal of assets and other 135 (16) *

Other operating income

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Interest income (14,721) (10,575) 39%

Equity in net (income) loss of unconsolidated affiliates (4,711) 28,459 117%

Equity in net income of unconsolidated affiliates (6,150) (4,711) 31%

Other (income) expense 238 (1,377) (117)%

Total non-operating (income) expenses

(3,078) 40,517 108%

Total non-operating expenses (income) 2,396 (3,078) (178)%

Income before income taxes 146,773 115,608 27%

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Total net pawn earning assets $ 555,953 $ 466,007 19%

Pawn loans outstanding (“PLO”) increased $28.3 million (12%) to $274.1 million due to improved operational performance and continued strong pawn demand.

Total revenues increased $112.6 million (11%) and gross profit increased 12%, reflecting improved pawn service charge (“PSC”) revenue, merchandise sales and merchandise sales gross profit.

* Represents a percentage computation that is not mathematically meaningful.

PLO increased $33.4 million (12%) to $307.5 million due to higher average loan size, continued strong pawn demand, improved operational performance and additional stores.

Total revenues increased $112.7 million (10%) and gross profit increased 9%, reflecting improved PSC revenue, merchandise sales and jewelry scrap gross profit.

PSC increased $37.7 million (9%) as a result of higher average PLO.

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Merchandise sales gross margin remains within our targeted range at 35.0%.

Operating expenses increased $52.1 million (10%) primarily due to (a) a $42.5 million increase in store expenses as a result of increased labor driven by inflationary and minimum wage increases and, to a lesser extent, expenses related to rent and (b) a $8.0 million increase in general and administrative expenses, primarily due to labor, incentive compensation and to a lesser extent, cost related to the implementation and ongoing support for our Workday ERP system.

Total non-operating income increased $43.6 million (108%), primarily due to recognition in the prior year of our share of losses in Cash Converters’ net results related to their non-cash goodwill impairment charge, a reduction of interest expense and an increase in interest income.

Interest expense decreased $2.9 million, primarily driven by the prior year net loss recorded on the partial extinguishments of the 2024 convertible notes and 2025 convertible notes.

Debt of Notes to Consolidated Financial Statements in “Part II, Item 8 — Financial Statements and Supplemental Data” for further discussion.

The interest income increase is primarily due to our treasury management with increased market interest rates.

Income tax expense increased $19.3 million, primarily due to the increase in income before income taxes of $64.0 million, an increase in non-deductible expense in Latin America and accrued withholding taxes on prior earnings that are no longer permanently reinvested.

Jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 26.6% due to an increase in gold price and jewelry purchases.

Operating expenses increased $27.2 million (5%) primarily due to a $20.1 million increase in store expenses as a result of increased labor driven by increased headcount from acquired and de novo stores, and inflationary wage increases.

General and administrative expenses increased $7.9 million primarily due to labor and incentive compensation expense.

Total non-operating expense changed by $5.5 million (178%), primarily due to the increase in interest expense of $9.4 million, which is a result of the issuance of the 2032 Senior Notes.

This increase was partially offset by the $4.1 million increase in interest income, which is primarily due to the increase in Cash and cash equivalents held during the second half of fiscal 2025.

Income tax expense increased $4.6 million, primarily due to the increase in income before income taxes of $31.2 million, offset by accrued withholding taxes recorded in prior year for prior earnings that are no longer permanently reinvested.

Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate.

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Gross margin on merchandise sales 37.1 % 37.1 % — bps

Jewelry scrapping sales 54,344 43,305 25%

Jewelry scrapping sales gross profit 8,418 5,596 50%

Gross margin on jewelry scrapping sales 15 % 13 % 200 bps

Jewelry scrap sales

85,658 54,344 58%

Jewelry scrap sales gross profit

22,912 8,418 172%

Gross margin on jewelry scrap sales

26.7 % 15.5 % 1,120 bps

Other revenues 103 126 (18)%

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Store expenses 339,378 325,816 4%

Impairment of goodwill, intangible and other assets 263 — 100%

Depreciation and amortization 10,750 10,147 6%

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Monthly average yield on pawn loans outstanding 14 % 14 % — bps

Pawn collateral - general merchandise 34 % 34 % —%

Pawn collateral - jewelry 66 % 66 % —%

Pawn collateral - general merchandise 32 % 34 % (200) bps

Pawn collateral - jewelry 68 % 66 % 200 bps

* Represents a percentage computation that is not mathematically meaningful.

(a) Balance is calculated based on the average of the monthly ending balance averages during the applicable period.

PLO ended the year at $214.3 million, up 12% on a total and same store basis.

Total revenues increased 10% and gross profit increased 10%, primarily due to increased PSC and higher merchandise sales.

PLO ended the year at $233.8 million, up 9% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.

Total revenues increased 9% and gross profit increased 10%, primarily due to increased PSC, merchandise sales, and jewelry scrap sales.

PSC increased 9% as a result of higher average PLO.

Merchandise sales increased 6%.

Offsetting the sales increase, merchandise sales gross margin decreased 100 bps to 37%.

Merchandise sales increased 3%, and merchandise sales gross margin remained consistent at 37.1%.

Jewelry scrap sales increased 58%, and jewelry scrap sales gross margin increased to 26.7% due to increase in gold price and jewelry purchases.

Store expenses increased 4% (4% on a same-store basis), primarily due to labor costs driven by inflation.

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During fiscal 2025, segment net store count in our U.S.

pawn segment increased by 13 due to the acquisition of 13 stores, the addition of one de novo store and the consolidation of one store.

pawn segment increased by 3 due to the acquisition of 4 stores and the consolidation of 1 store.

Latin America Pawn

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Gross margin on merchandise sales 30.6 % 32.3 % (170) bps 30.7 % (160) bps

Jewelry scrapping sales 6,738 6,223 8% 6,779 9%

Jewelry scrapping sales gross profit 738 (492) 250% 739 250%

Gross margin on jewelry scrapping sales 11 % (8) % 238% 11 % 238%

Jewelry scrap sales

13,226 6,738 96% 14,338 113%

Jewelry scrap sales gross profit

3,434 738 * 3,745 *

Gross margin on jewelry scrap sales

26.0 % 11.0 % 1,500 bps 26.1 % 1,510 bps

Other revenues, net 66 78 (15)% 74 (5)%

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Depreciation and amortization 8,612 8,865 (3)% 9,336 5%

Other operating income

— (5,097) 100% — 100%

Segment operating contribution $ 45,084 $ 36,871 22% $ 48,018 30%

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Monthly average yield on pawn loans outstanding 16 % 16 % — bps 16 % — bps

Pawn collateral - general merchandise 64 % 68 % (6)% 65 % (4)%

Pawn collateral - jewelry 36 % 32 % 13% 35 % 9%

Pawn collateral - general merchandise 59 % 64 % (500) bps 59 % (500) bps

Pawn collateral - jewelry 41 % 36 % 500 bps 41 % 500 bps

* Represents a percentage computation that is not mathematically meaningful.

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(a) Stores open at the end of the period included in the same-store calculation were 727.

PLO improved to $59.8 million, up 8% (18% on constant currency basis).

On a same store basis, PLO increased 7% (16% on a constant currency basis) due to improved operational performance and increased loan demand.

Total revenues were up 13% (11% on a constant currency basis), and gross profit increased by 18% (15% on a constant currency basis), reflecting increased PSC, higher merchandise sales and improved gross profit.

PLO improved to $73.7 million, an increase of 23% (17% on constant currency basis).

On a same-store basis, PLO increased 14% (9% on a constant currency basis) due to strong loan demand and improved operational performance.

Total revenues were up 11% (20% on a constant currency basis), and gross profit increased by 8% (17% on a constant currency basis), reflecting increased PSC, merchandise sales and jewelry scrap sales.

PSC increased 8% (16% on constant currency basis) as a result of higher average PLO.

Merchandise sales increased 10% (20% on a constant currency basis) and 8% on a same-store basis (18% on a constant currency basis).

Merchandise sales gross margin increased 100 bps to 32%.

Store expenses increased $16.0 million, up 13% (11% on a constant currency basis), primarily due to increased labor headcount, in line with store activity and minimum wage increases and, to a lesser extent, rent associated with lease renewals..

Merchandise sales gross margin slightly decreased to 30.6%.

Jewelry scrap sales increased 96%, and jewelry scrap sales gross margin increased to 26.0% due to increase in gold price and jewelry purchases.

Store expenses increased $6.5 million, up 5% (14% on a constant currency basis), primarily due to increased labor headcount, in line with store activity and minimum wage increases.

Same-store expenses increased 3% (12% on a constant currency basis).

Segment contribution was up 23% to $38.8 million (21% on a constant currency basis), due to the changes noted above, in addition to the impact of the prior year reversal of contingent consideration liability in connection with a previously completed acquisition, which was recorded to “Other operating income.”

During fiscal 2024, net store count in our Latin America pawn segment increased by 35 due to the opening of 40 de novo stores and the consolidation of five stores.

Segment contribution was up 20% to $46.6 million (28% on a constant currency basis), due to the changes noted above.

During fiscal 2025, net store count in our Latin America pawn segment increased by 78 due to the acquisition of 48 stores, the opening of 40 de novo stores and the consolidation of 10 stores.

Other Investments

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Segment contribution (loss) $ 9,582 $ 7,450 29%

Segment income was $7.5 million, an increase of $34.4 million, primarily due to the prior year net loss on our share of Cash Converters’ net results related to their non-cash goodwill impairment charge.

Other Investments income was $9.6 million, an increase of $2.1 million, primarily due to Cash Converters’ increased net profit for the year.

The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:

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Loss on sale or disposal of assets and other

121 382 (68)%

Other operating income

(1,262) (765) 65%

Interest expense 23,029 13,585 70%

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Net income $ 109,613 $ 83,095 32%

* Represents a percentage computation that is not mathematically meaningful.

Segment contribution increased $44.8 million or 21%, primarily due to the improved operating results of the segments, as discussed above.

General and administrative expenses increased $8.0 million (12%), primarily due to labor, incentive compensation and, to a lesser extent, costs related to the implementation and ongoing support of our Workday ERP system.

Interest expense decreased $2.9 million (17%), primarily driven by the prior year net loss recorded on the partial extinguishments of the 2024 convertible notes and 2025 convertible notes.

General and administrative expenses increased $7.9 million (11%), primarily due to payroll related expenses, including incentive compensation.

Interest expense increased $9.4 million (70%), primarily driven by the issuance of 2032 Senior Notes in the second quarter fiscal 2025.

Debt of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data” for further discussion.

Interest income increased $1.7 million, due primarily to our treasury management with increased market interest rates.

Income tax expense increased $19.3 million primarily due to the increase in income before income taxes of $64.0 million, an increase in non-deductible expense in Latin America and accrued withholding taxes on prior earnings that are no longer permanently reinvested.

Interest income increased $4.3 million (65%), primarily due to the increase in Cash and cash equivalents held during the second half of fiscal 2025.

Income tax expense increased $4.6 million primarily due to the increase in income before income taxes of $31.2 million, offset by accrued withholding taxes recorded in prior year for prior earnings that are no longer permanently reinvested.

Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate.

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Our cash and equivalents balance was $469.5 million at September 30, 2025 compared to $170.5 million at September 30, 2024.

Our cash and equivalents were held in cash depository accounts with major banks or invested in high quality, short-term liquid investments.

Our cash and equivalents are primarily held in cash depository accounts with banks in geographies we operate or invested in high quality, short-term liquid investments.

The table and discussion below present a summary of the sources and uses of our cash:

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Cash flows used in investing activities (117,862) (111,853) 5%

Cash flows (used in) provided by financing activities (50,183) 23,692 (312)%

Cash flows provided by (used in) financing activities 274,420 (50,183) *

Effect of exchange rate changes on cash and cash equivalents and restricted cash (637) (725) (12)%

Net (decrease) increase in cash and cash equivalents and restricted cash $ (49,161) $ 14,599 (437)%

Net increase (decrease) in cash and cash equivalents and restricted cash $ 304,906 $ (49,161) *

* Represents a percentage computation that is not mathematically meaningful.

The $11.8 million increase in cash flows provided by operating activities was primarily due to an increase in net income (when considering adjustments for non-cash items affecting net income) as well as changes in working capital primarily related to the timing of payments of income taxes, prepaid expenses, accounts payable and inventory.

The $1.0 million increase in cash flows used in investing activities was primarily due to an increase of $51.7 million in net pawn lending outflows, offset by a $27.0 million increase in cash inflows from the sale of forfeited collateral and a $23.7 million net decrease in cash flows used to fund strategic investments, capital expenditures and acquisitions.

The $73.9 million increase in cash flows used in financing activities was primarily related to the December 2022 financing of the 2029 Convertible Notes, in which we issued $230.0 million principal amount of 3.750% Convertible Senior Notes Due 2029 offset by the extinguishment of approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes for approximately $62.9 million plus accrued interest.

In addition, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase 578,703 shares of our Class A common stock from purchasers of the notes in privately negotiated transactions.

Further, on July 1, 2024, the 2024 Convertible Notes matured and the remaining $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand.

During 2024, the Company repurchased and retired 1,218,503 shares of our Class A Common Stock for $12.0 million under the Common Stock Repurchase Program.

The net effect of these changes was a $49.2 million decrease in cash on hand during the current year, resulting in a $179.8 million ending cash and restricted cash balance.

The $35.4 million increase in cash flows provided by operating activities was due primarily to an increase in net income as well as changes in working capital primarily related to the timing of payments of accounts payable and inventory.

The $6.0 million increase in cash flows used in investing activities was due primarily to an increase of $34.2 million in net pawn lending outflows and a $1.7 million net increase in cash flows used to fund other investing activities including strategic investments, capital expenditures and acquisitions, partially offset by a $29.8 million increase in cash inflows from the sale of forfeited collateral.

The $324.6 million increase in cash flows provided by financing activities was related primarily to the net $292.4 million received from the issuance of the 2032 Senior Notes in March 2025, decreased repurchase activity for our Class A Common Stock in the current year (fiscal 2025 $7.0 million and fiscal 2024 $12.0 million), and a current year decrease in payments on debt (fiscal 2025 $6.4 million and fiscal 2024 $34.4 million).

The net effect of these changes was a $304.9 million increase in cash on hand during the current year, resulting in a $484.7 million ending cash and restricted cash balance.

Sources and Uses of Cash

In December 2022, we issued $230.0 million aggregate principal amount of 2029 Convertible Notes.

In conjunction with the issuance of the 2029 Convertible Notes, we extinguished approximately $109.4 million aggregate principal amount of our 2024 Convertible Notes for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of our 2025 Convertible Notes for approximately $62.9 million plus accrued interest.

Debt of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” The shares repurchased in conjunction with the transactions discussed above were authorized separately from, and not considered part of, the publicly announced share repurchase program referred to below.

Our primary sources of funds includes cash generated from operations and borrowings from the issuance of debt.

In March 2025, we issued the 2032 Senior Notes, all of which remains outstanding as of September 30, 2025.

On May 1, 2025, we repaid the remaining balance of the 2025 Convertible Notes.

See Note 8 of Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial Statement and Supplementary Data”.

Our uses of cash have been for business acquisitions, capital expenditures, payments of principal and interest on outstanding debt obligations and share repurchases.

On May 3, 2022, our Board authorized the repurchase of up to $50 million of our Class A Common Stock over three years.

As of September 30, 2024, we have repurchased 2,845,548 shares of our Class A Common Stock under the program for $26.0 million which amount was allocated between “Additional paid-in capital” and “Retained earnings” in our Consolidated Balance Sheets.

Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.

Under the stock repurchase program, we may purchase Class A Non-Voting common stock from time to time at management’s discretion in accordance with applicable securities laws, including through open market transactions, block or privately negotiated transactions, or any combination thereof.

In addition, we may purchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934.

The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities.

The Board has reserved the right to modify, suspend or terminate the program at any time.

On July 1, 2024, the 2024 Convertible Notes matured and the remaining $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand.

As of September 30, 2025, we have repurchased 3,178,147 shares of our Class A Common Stock under the program for $30.0 million.

The program expired on May 3, 2025.

On November 11, 2025, the Board approved a new share repurchase program.

Subsequent Events of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data”.

The Company also repurchased 220,435 of its Class A common stock for $3.0 million in privately negotiated transactions.

Such transactions were authorized separately from, and not considered a part of the Common Stock Repurchase Program.

See Note 9 of Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial and Supplementary Data.

We anticipate that cash flows from operations and cash on hand will be adequate to fund ongoing operations, debt service requirements, tax payments, any future stock repurchases, strategic investments, our contractual obligations, planned de novo store growth, capital expenditures and working capital requirements through fiscal 2026.

We continue to explore acquisition opportunities, both large and small, and may choose to pursue additional debt, equity or equity-linked financings in the future should the need arise.

Depending on the level of acquisition activity and other factors, our ability to repay our longer term debt obligations, including the convertible debt maturing in May 2025 and December 2029, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible securities or through new credit facilities.

Depending on the level of acquisition activity and other factors, our ability to repay our longer term debt obligations, including the convertible debt maturing in December 2029 and the senior notes due April 2032, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible securities or through new credit facilities.

Convertible Notes

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Total (c) (d) $ 1,035,045 $ 111,739 $ 179,183 $ 347,022 $ 397,101

(a) Excludes debt discount and deferred financing costs as well as convertible features.

(a) Excludes deferred financing costs as well as convertible features.

(b) Excludes $6.4 million in sublease payments expected to be received.

(c) No provision for uncertain tax benefits has been reflected in the contractual obligations table as the timing of any such payment is uncertain.

Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” Additionally, no provision for insurance reserves, deferred compensation arrangements, or other liabilities totaling $8.5 million has been included as the timing of such payments are uncertain.

Income Taxes of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” Additionally, no provision for insurance reserves, deferred compensation arrangements, or other liabilities have been included as the timing of such payments are uncertain.

(d) Total excludes contractual obligations already recorded on our consolidated balance sheets as current liabilities, except for current maturities of long-term debt, which are included in the debt obligations caption above and accrued portions of interest and lease obligations, which are included in the interest on long-term debt obligations and lease obligations captions above.

In addition to the lease obligations in the table above, we are responsible for the maintenance, property taxes and insurance at most of our locations.

During the fiscal year ended September 30, 2024, these collectively amounted to $17.7 million.

Critical Accounting Estimates

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• Limited number of unreserved shares available for future issuance;

• Debt in the form of the 2032 Senior Notes, which could have a material adverse effect on our financial condition and results of operations;

• Public health issues that could adversely affect our financial condition or results of operations;

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You should not place undue reliance on our forward-looking statements.

Although forward-looking statements reflect our good faith beliefs, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

or implied by such forward-looking statements.

Accordingly, you should not regard any forward-looking statements as a representation that the expected results will be achieved.

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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-K

Item 7. Management’s Discussion and Analysis