What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-07-31 compared with 2026-05-01 · 133 added, 70 removed, 136 unchanged (60% of the section changed)

14 unchanged sentences

Consumable products are used by our customers in drilling, well construction and completion activities and at processing centers and refineries.

Our capital products are directed at drilling rig equipment for constructing new or upgrading existing rigs, subsea construction and development projects, pressure pumping equipment, the placement of production equipment on new producing wells, downstream capital projects and capital equipment for renewable energy projects.

For the three months ended March 31, 2026, approximately 75% of our revenue was derived from consumable products and activity-based equipment, while the balance was primarily derived from capital products with a small amount from rental and other services.

Our capital products are directed at drilling rig equipment for constructing new or upgrading existing rigs, subsea construction and development projects, submarine rescue systems and equipment for military use, pressure pumping equipment, the placement of production equipment on new producing wells, downstream capital projects and capital equipment for renewable energy projects.

For the six months ended June 30, 2026, approximately 75% of our revenue was derived from consumable products and activity-based equipment, while the balance was primarily derived from capital products with a small amount from rental and other services.

We expect that the world’s long-term energy demand will continue to rise for the foreseeable future.

Hydrocarbons are expected to play a vital role in meeting the world’s long-term energy needs even as renewable energy sources grow in importance.

As such, we are focused on developing products to help oil and gas operators lower expenses, increase production, and reduce their emissions while also deploying our technologies in renewable energy applications.

As such, we are focused on developing products to help oil and natural gas operators lower expenses, increase production, and reduce their emissions while also deploying our technologies in renewable energy applications.

The Company operates in the following two reportable segments:

19 unchanged sentences

Generally, demand for our products and services is highly correlated with the global drilling rig count.

Customer activity and their associated budgets are heavily influenced by forecasted energy prices and production targets.

Demand for our capital products is driven by the utilization of service company equipment, which is a function of equipment capacity and durability in demanding environments.

During the first quarter 2026, global oil and natural gas markets were heavily impacted by geopolitical developments and evolving supply dynamics, particularly in the Middle East.

In March 2026, military actions involving the U.S., Israel and Iran introduced significant uncertainty into global energy markets.

These developments caused concerns regarding the security of supply and became more elevated with military actions taken by Iran against the other Gulf states and efforts to control the Strait of Hormuz, a critical transit route for global crude and liquefied natural gas.

As a result, energy markets experienced tightening supply conditions and increased volatility, driven by a combination of reduced export capacity, constrained shipping activity in the region and the incorporation of a risk premium into commodity pricing.

These factors contributed to higher crude oil and natural gas prices during the quarter, as market participants reacted to both actual and potential disruptions in global supply.

Global average active rig counts increased modestly compared to the fourth quarter of 2025 but were lower than the prior‑year period, reflecting continued capital discipline, particularly in North America.

land activity remained relatively stable sequentially, while international activity continued to represent a significant portion of global drilling operations.

Offshore rig counts were relatively flat, supported by longer‑cycle international and deepwater projects.

Also during the first quarter, the United States Supreme Court ruled that tariffs instituted under the International Emergency Economic Powers Act by the President of the United States were unconstitutional.

Following this result, additional trade remedies under the Trade Expansion Act of 1962 were instituted.

trade policy and global tariff responses have remained volatile and macroeconomic uncertainty across the industry remains.

Looking forward, while higher commodity prices due to the aforementioned geopolitical developments and evolving trade policies may support incremental activity, we expect customers to maintain capital discipline, operational efficiency and a returns-focused approach.

However, we believe that long‑term global energy demand, ongoing production declines in mature fields, and customer focus on efficiency, safety, and emissions reduction will continue to support demand for our products and technologies over the long term.

Customer activity and their associated budgets are heavily influenced by forecasted energy prices, production targets and anticipated investment returns.

Demand for our capital products is driven by the utilization of service company equipment, which is a function of equipment capacity and durability in demanding environments, as well as equipment replacement cycles and fleet utilization levels.

During the second quarter 2026, global oil and natural gas markets continued to be significantly influenced by Middle East geopolitical developments.

Military actions involving the U.S., Israel and Iran contributed early in the quarter to substantial uncertainty in global energy markets and raised concerns regarding supply security.

Oil and natural gas markets were particularly focused on the disruption of shipping through the Strait of Hormuz following U.S.

and Iranian actions to block all maritime traffic.

Near the end of the quarter, the U.S.

and Iran announced a memorandum of understanding intended to halt hostilities, and reopen the Strait of Hormuz, and lift sanctions on certain Iranian crude oil supplies.

Subsequent to the quarter end, tensions in the region escalated, contributing to heightened uncertainty regarding the ongoing implementation of the memorandum, regional stability, global energy supply and transportation routes.

Over the course of the quarter, energy markets experienced heightened volatility, driven by reduced export capacity, constrained shipping activity in the region and the incorporation of a risk premium into commodity prices.

Crude oil prices increased during portions of the quarter, as market participants reacted to both actual and potential disruptions in global supply.

While oil prices stabilized near the end of the quarter as market confidence improved regarding diplomatic negotiations and global crude oil supply, prices remained sensitive to geopolitical developments.

Natural gas prices decreased in the quarter due to strong supply growth and seasonality.

Despite the elevated energy prices, global average active rig counts decreased compared to the first quarter 2026 and remained below the prior‑year period, reflecting continued capital discipline and expectations for a near term resolution to the Middle East conflicts.

Looking forward, while commodity prices are expected to continue to fluctuate due to geopolitical developments, we expect customers to maintain their focus on capital discipline, operational efficiency and investment returns.

However, we continue to believe that long‑term global energy demand, ongoing production declines in mature fields, and customer focus on efficiency, safety, and emissions reduction will continue to support demand for our products and technologies over the long term.

The table below shows average crude oil and natural gas prices for West Texas Intermediate (“WTI”), Brent and Henry Hub.

Average crude oil and natural gas prices during the first quarter 2026 increased compared to the prior year with spot prices exceeding $100 per barrel near quarter end.

Average crude oil prices during the second quarter 2026 increased compared to the prior year.

The higher prices reflected tightening global supply due to the geopolitical uncertainty in Middle East.

Three Months Ended

March 31, December 31, March 31,

June 30, March 31, June 30,

2026 2026 2025

8 unchanged sentences

Three Months Ended

March 31, December 31, March 31,

June 30, March 31, June 30,

2026 2026 2025

18 unchanged sentences

The table below shows the amount of total inbound orders by segment:

Three Months Ended

March 31, December 31, March 31,

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30,

(in thousands of dollars) 2026 2026 2025 2026 2025

3 unchanged sentences

Results of operations

Three months ended March 31, 2026 compared with three months ended March 31, 2025

Three Months Ended March 31, Change

Three months ended June 30, 2026 compared with three months ended June 30, 2025

Three Months Ended June 30, Change

(in thousands of dollars, except per share information) 2026 2025 $ %

12 unchanged sentences

Transaction expenses 125 184 (59) *

Loss (gain) on disposal of assets and other (170) 123 (293) *

Gain on sale-leaseback transactions — (6,903) 6,903 *

Loss on disposal of assets and other 460 207 253 *

Operating income 20,507 14,683 5,824 39.7 %

Interest expense 4,272 4,706 (434) (9.2) %

Foreign exchange gains and other, net (523) (1,068) 545 *

Foreign exchange losses (gains) and other, net 226 (3,942) 4,168 *

Total other expense 4,498 764 3,734 488.7 %

9 unchanged sentences

* not meaningful

Our revenue for the three months ended March 31, 2026 was $208.7 million, an increase of $15.4 million, or 8.0%, compared to the three months ended March 31, 2025.

For the three months ended March 31, 2026, our Drilling and Completions and our Artificial Lift and Downhole segments comprised 60.7% and 39.3% of our total revenue, respectively, compared to 59.8% and 40.2% of our total revenue, respectively, for the three months ended March 31, 2025.

The overall increase was primarily due to higher revenue recognized from ROVs and higher demand for sand and flow control products.

Our revenue for the three months ended June 30, 2026 was $226.2 million, an increase of $26.5 million, or 13.2%, compared to the three months ended June 30, 2025.

For the three months ended June 30, 2026, our Drilling and Completions and our Artificial Lift and Downhole segments comprised 61.4% and 38.6% of our total revenue, respectively, compared to 58.7% and 41.3% of our total revenue, respectively, for the three months ended June 30, 2025.

The changes in revenue by operating segment consisted of the following:

Drilling and Completions segment — Revenue was $126.7 million for the three months ended March 31, 2026, an increase of $11.2 million, or 9.7%, compared to the three months ended March 31, 2025.

The increase primarily related to higher revenue recognized from ROVs and increased demand for coiled tubing products.

Partially offsetting these increases were lower sales volumes of drilling and completions related consumables as the result of lower U.S.

Artificial Lift and Downhole segment — Revenue was $82.1 million for the three months ended March 31, 2026, an increase of $4.3 million, or 5.5%, compared to the three months ended March 31, 2025.

The increase in revenue was primarily attributable to higher sand and flow control products sales driven by increased activity, as well as higher valve product sales, reflecting the absence of tariff‑related impacts that negatively affected valve sales volumes in the prior‑year period.

These increases were partially offset by lower demand for casing equipment in the Middle East compared to the prior-year period.

Segment operating income (loss) and segment operating margin percentage

Segment operating income for the three months ended March 31, 2026 was $11.0 million, a $2.0 million increase compared to income of $9.0 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, segment operating margin percentage was 5.3% compared to 4.6% for the three months ended March 31, 2025.

Drilling and Completions segment — Revenue was $139.0 million for the three months ended June 30, 2026, an increase of $21.8 million, or 18.6%, compared to the three months ended June 30, 2025.

The increase was primarily attributable to higher revenue recognized from ROVs and part sales in the Subsea product line, as well as increased demand for wireline cable, coiled tubing and drilling-related capital products.

Artificial Lift and Downhole segment — Revenue was $87.4 million for the three months ended June 30, 2026, an increase of $4.9 million, or 5.9%, compared to the three months ended June 30, 2025.

The increase in revenue was primarily attributable to higher sand and flow control product sales, as well as higher valve product sales reflecting the absence of prior-year period tariff‑related sales impacts.

These increases were partially offset by lower demand for production equipment and technologies.

Segment operating income and segment operating margin percentage

Segment operating income for the three months ended June 30, 2026 was $21.1 million, a $12.9 million increase compared to income of $8.2 million for the three months ended June 30, 2025.

For the three months ended June 30, 2026, segment operating margin percentage was 9.3% compared to 4.1% for the three months ended June 30, 2025.

Segment operating margin percentage is calculated by dividing segment operating income (loss) by revenue for the period.

The change in operating income for each segment is explained as follows:

Drilling and Completions segment — Segment operating income was $8.9 million, or 7.0%, for the three months ended March 31, 2026 compared to income of $9.4 million, or 8.1%, for the three months ended March 31, 2025.

The $0.5 million decrease in segment operating results was primarily due to costs related to the Company’s strategic decision to consolidate facilities and discontinue certain products, higher than anticipated costs on a small number of projects accounted for over time and bad debt expense totaling approximately $3.0 million.

Excluding these items, the segment operating income benefited from lower operating costs resulting from the Company's cost savings initiatives, which offset unfavorable product mix.

Artificial Lift and Downhole segment — Segment operating income was $11.6 million, or 14.1%, for the three months ended March 31, 2026 compared to $7.3 million, or 9.4%, for the three months ended March 31, 2025.

The $4.3 million increase was primarily driven by favorable product mix and increased operating leverage on higher revenue.

Corporate — Selling, general and administrative expenses for Corporate were $9.5 million for the three months ended March 31, 2026, a $1.8 million increase compared to the three months ended March 31, 2025.

Drilling and Completions segment — Segment operating income was $13.7 million, or 9.9%, for the three months ended June 30, 2026 compared to income of $7.3 million, or 6.2%, for the three months ended June 30, 2025.

The $6.4 million increase in segment operating results was driven by revenue growth across all product lines, as well as benefits from cost savings initiatives including the Company’s strategic decision to consolidate facilities in the second half of the prior year.

Artificial Lift and Downhole segment — Segment operating income was $16.4 million, or 18.7%, for the three months ended June 30, 2026 compared to $10.4 million, or 12.6%, for the three months ended June 30, 2025.

The $6.0 million increase was primarily driven by increased sales volume, favorable product mix, operating leverage and benefits from cost savings initiatives.

Corporate — Selling, general and administrative expenses for Corporate were $9.0 million for the three months ended June 30, 2026, comparable to the three months ended June 30, 2025.

Other items not included in segment operating income

Transaction expenses, gain on sale-leaseback transactions, and gain (loss) on the disposal of assets and other are not included in segment operating income, but are included in total operating income.

Other income and expense

Other income and expense includes interest expense and foreign exchange gains (losses) and other.

We incurred $4.3 million of interest expense during the three months ended June 30, 2026, a decrease of $0.4 million compared to the three months ended June 30, 2025, due to decreased borrowings.

See Note 6 Debt for further details related to debt.

The foreign exchange gains and losses are primarily the result of movements in the British pound, Canadian dollar and Euro relative to the U.S.

These movements in exchange rates create foreign exchange gains or losses when applied to monetary assets or liabilities denominated in currencies other than the location’s functional currency, primarily U.S.

dollar denominated cash, trade account receivables and net intercompany receivable balances for our entities using a functional currency other than the U.S.

We recorded tax expense of $3.6 million and $6.2 million for the three months ended June 30, 2026 and 2025, respectively.

The income tax expense during the three months ended June 30, 2026 was partially driven by a decrease to valuation allowances on certain deferred tax assets.

The estimated annual effective tax rates for the three months ended June 30, 2026 and 2025 were impacted by changes in earnings relative to tax expense and by fluctuations in valuation allowances on certain net operating loss carryforwards.

Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction.

Results of operations

Six months ended June 30, 2026 compared with six months ended June 30, 2025

Six Months Ended June 30, Change

(in thousands of dollars, except per share information) 2026 2025 $ %

Drilling and Completions $ 265,743 $ 232,806 $ 32,937 14.1 %

Artificial Lift and Downhole 169,520 160,343 9,177 5.7 %

Eliminations (346) (106) (240) *

Total revenue 434,917 393,043 41,874 10.7 %

Segment operating income

Drilling and Completions 22,624 16,650 5,974 35.9 %

Operating margin % 8.5 % 7.2 %

Artificial Lift and Downhole 27,934 17,688 10,246 57.9 %

Operating margin % 16.5 % 11.0 %

Corporate (18,483) (17,189) (1,294) (7.5) %

Total segment operating income 32,075 17,149 14,926 87.0 %

Operating margin % 7.4 % 4.4 %

Transaction expenses 273 235 38 *

Gain on sale-leaseback transactions — (6,903) 6,903 *

Loss on disposal of assets and other 290 330 (40) *

Operating income 31,512 23,487 8,025 34.2 %

Interest expense 8,413 9,689 (1,276) (13.2) %

Foreign exchange gains and other, net (297) (5,010) 4,713 *

Total other expense 8,116 4,679 3,437 73.5 %

Income before income taxes 23,396 18,808 4,588 24.4 %

Income tax expense 6,497 9,986 (3,489) (34.9) %

Net income $ 16,899 $ 8,822 $ 8,077 91.6 %

Weighted average shares outstanding

Basic 11,252 12,327

Diluted 11,707 12,542

Earnings per share

Basic $ 1.50 $ 0.72

Diluted $ 1.44 $ 0.70

* not meaningful

Our revenue for the six months ended June 30, 2026 was $434.9 million, an increase of $41.9 million, or 10.7%, compared to the six months ended June 30, 2025.

For the six months ended June 30, 2026, our Drilling and Completions and our Artificial Lift and Downhole segments comprised 61.1% and 38.9% of our total revenue, respectively, compared to 59.2% and 40.8% of our total revenue, respectively, for the six months ended June 30, 2025.

The changes in revenue by operating segment consisted of the following:

Drilling and Completions segment — Revenue was $265.7 million for the six months ended June 30, 2026, an increase of $32.9 million, or 14.1%, compared to the six months ended June 30, 2025.

Artificial Lift and Downhole segment — Revenue was $169.5 million for the six months ended June 30, 2026, an increase of $9.2 million, or 5.7%, compared to the six months ended June 30, 2025.

These increases were partially offset by lower demand for production equipment and technologies.

Segment operating income and segment operating margin percentage

Segment operating income for the six months ended June 30, 2026 was $32.1 million, a $14.9 million increase, compared to $17.1 million for the six months ended June 30, 2025.

For the six months ended June 30, 2026, segment operating margin percentage was 7.4%, compared to 4.4% for the six months ended June 30, 2025.

Segment operating margin percentage is calculated by dividing segment operating income by revenue for the period.

The change in operating income for each segment is explained as follows:

Drilling and Completions segment — Segment operating income was $22.6 million, or 8.5%, for the six months ended June 30, 2026 compared to $16.7 million, or 7.2%, for the six months ended June 30, 2025.

The $6.0 million increase in segment operating results was driven by revenue growth across all product lines, as well as benefits from cost savings initiatives including the Company’s strategic decision to consolidate facilities in the second half of the prior year.

Artificial Lift and Downhole segment — Segment operating income was $27.9 million, or 16.5%, for the six months ended June 30, 2026 compared to $17.7 million, or 11.0%, for the six months ended June 30, 2025.

The $10.2 million increase was primarily driven by increased sales volume, favorable product mix, operating leverage and benefits from cost savings initiatives.

Corporate — Selling, general and administrative expenses for Corporate were $18.5 million for the six months ended June 30, 2026 compared to $17.2 million for the six months ended June 30, 2025.

This increase was primarily related to higher performance-based stock incentive compensation costs.

Other items not included in segment operating income (loss)

Transaction expenses and gain (loss) on the disposal of assets and other are not included in segment operating income, but are included in total operating income.

Other items not included in segment operating income

Other income and expense

Other income and expense includes interest expense and foreign exchange gains (losses) and other.

We incurred $4.1 million of interest expense during the three months ended March 31, 2026, a decrease of $0.8 million compared to the three months ended March 31, 2025, due to decreased borrowings.

We incurred $8.4 million of interest expense during the six months ended June 30, 2026, a decrease of $1.3 million compared to the six months ended June 30, 2025, due to decreased borrowings.

See Note 6 Debt for further details related to debt.

2 unchanged sentences

dollar denominated cash, trade account receivables and net intercompany receivable balances for our entities using a functional currency other than the U.S.

We recorded tax expense of $2.9 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively.

The income tax expense during the three months ended March 31, 2026 was partially driven by an increase to valuation allowances on certain deferred tax assets.

The estimated annual effective tax rates for the three months ended March 31, 2026 and 2025 were impacted by losses in jurisdictions where the recording of a tax benefit is not available.

We recorded tax expense of $6.5 million and $10.0 million for the six months ended June 30, 2026 and 2025, respectively.

The income tax expense during the six months ended June 30, 2026 was favorably impacted by a decrease to valuation allowances on certain deferred tax assets and the relative mix of earnings and losses by jurisdiction.

The estimated annual effective tax rates for the six months ended June 30, 2026 and 2025 were driven primarily by changes in earnings relative to tax expense and to fluctuations in valuation allowances on certain net operating loss carryforwards.

Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction.

5 unchanged sentences

Our future success and growth will be highly dependent on our ability to generate positive operating cash flow and access outside sources of capital.

As of March 31, 2026, we had $55.1 million of borrowings under our revolving Credit Facility and $100.0 million principal amount of the 2029 Bonds outstanding.

As of June 30, 2026, we had $45.0 million of borrowings under our revolving Credit Facility and $100.0 million principal amount of the 2029 Bonds outstanding.

See Note 6 Debt for further details related to the terms for our debt arrangements.

As of March 31, 2026, we had cash and cash equivalents of $37.5 million and $53.6 million of availability under the Credit Facility.

As of June 30, 2026, we had cash and cash equivalents of $33.7 million and $62.0 million of availability under the Credit Facility.

We anticipate that our future working capital requirements for our operations will fluctuate directionally with revenues.

4 unchanged sentences

Our Board of Directors approved programs for the repurchase of outstanding shares of our common stock.

From the inception of the programs in November 2021 through March 31, 2026 , we repurchased approximately 1.8 million shares of our common stock for aggregate consideration of $46.4 million.

We repurchased approximately 0.1 million shares of our common stock for aggregate consideration of $4.6 million during the three months ended March 31, 2026 .

Our cash flows for the three months ended March 31, 2026 and 2025 are presented below (in thousands):

Three Months Ended March 31,

From the inception of the programs in November 2021 through June 30, 2026 , we repurchased approximately 1.8 million shares of our common stock for aggregate consideration of $49.4 million.

We repurchased approximately 0.1 million shares of our common stock for aggregate consideration of $7.6 million during the six months ended June 30, 2026 .

Our cash flows for the six months ended June 30, 2026 and 2025 are presented below (in thousands):

Six Months Ended June 30,

Net cash provided by operating activities $ 14,056 $ 25,099

Net cash used in investing activities (253) (2,096)

Net cash provided by (used in) financing activities 1,852 (21,013)

Net cash provided by (used in) investing activities (3,030) 5,024

Net cash used in financing activities (11,571) (37,296)

Effect of exchange rate changes on cash (400) 1,479

Net increase (decrease) in cash, cash equivalents and restricted cash $ 2,827 $ (13,518)

Net decrease in cash and cash equivalents $ (945) $ (5,694)

Net cash provided by operating activities

Net cash provided by operating activities was $1.6 million for the three months ended March 31, 2026 compared to net cash provided by operating activities of $9.3 million for the three months ended March 31, 2025.

The decrease was primarily due to higher working capital requirements, driven by an increase in accounts receivable associated with higher revenue, resulting in a use of cash of $14.2 million in the 2026 period compared to $1.8 million in the prior period.

Net cash provided by operating activities was $14.1 million for the six months ended June 30, 2026 compared to net cash provided by operating activities of $25.1 million for the six months ended June 30, 2025.

The decrease was primarily due to higher working capital requirements, driven by an increase in accounts receivable associated with higher revenue, resulting in a use of cash of $31.4 million in the 2026 period compared to net cash provided of $3.4 million in the prior period.

Partially offsetting this decline in operating cash flows was the increase in net income adjusted for non-cash items, which provided $45.4 million of cash in 2026 compared to $21.7 million in 2025.

Net cash used in investing activities

Net cash used in investing activities was $0.3 million for the three months ended March 31, 2026, driven by capital expenditures.

Net cash used in investing activities was $2.1 million for the three months ended March 31, 2025, also attributable to capital expenditures.

Net cash provided by (used in) financing activities

Net cash provided by financing activities was $1.9 million for the three months ended March 31, 2026 compared to $21.0 million of cash used in financing activities for the three months ended March 31, 2025.

The change was primarily driven by $17.8 million in net borrowings under the revolving Credit Facility during 2026, partially offset by payments of stock-based compensation taxes of $9.3 million and repurchases of stock of $4.6 million.

This compares to $16.5 million in net repayments under the revolving Credit Facility, payments of stock-based compensation taxes of $1.3 million and repurchases of stock of $2.0 million during the prior year period.

Net cash provided by (used in) investing activities

Net cash used in investing activities was $3.0 million for the six months ended June 30, 2026, driven by capital expenditures.

Net cash provided by investing activities was $5.0 million for the six months ended June 30, 2025, primarily from $8.0 million proceeds from a sale-leaseback transaction, offset by capital expenditures of $3.1 million.

Net cash used in financing activities

Net cash used in financing activities was $11.6 million for the six months ended June 30, 2026 compared to $37.3 million of cash used in financing activities for the six months ended June 30, 2025.

The change was primarily driven by payments of stock-based compensation taxes of $9.3 million and repurchases of stock of $7.6 million, partially offset by $7.7 million in net borrowings under the revolving Credit Facility during 2026.

This compares to $28.0 million in net repayments under the revolving Credit Facility, repurchases of stock of $6.3 million and payments of stock-based compensation taxes of $1.3 million during the prior year period.

Critical accounting policies and estimates

There have been no material changes in our critical accounting policies and estimates during the three months ended March 31, 2026.

There have been no material changes in our critical accounting policies and estimates during the six months ended June 30, 2026.

For a detailed discussion of our critical accounting policies and estimates, refer to our 2025 Annual Report on Form 10-K.

3 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 2. Management’s Discussion and Analysis