What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-07-01 compared with 2025-07-02 · 138 added, 73 removed, 518 unchanged (29% of the section changed)

51 unchanged sentences

( 5,100 ) ( 5,100 )

Common stock - 8,374,112 shares

Common stock - 8,394,112 and 8,374,112 shares, respectively

( 19,806 ) ( 19,133 )

9 unchanged sentences

Fiscal Year Ended

$ 1,180,552 $ 1,201,354 $ 1,191,694

Cost of sales

743,290 757,413 763,243

437,262 443,941 428,451

Selling, general and administrative expenses

207,152 208,482 209,941

Operating income

Other income (expense), net

230,110 235,459 218,510

Other income, net

10,461 9,105 11,338

Income before income taxes

240,571 244,564 229,848

Provision for income taxes

56,923 57,743 53,116

$ 183,648 $ 186,821 $ 176,732

Earnings per common share:

$ 1.96 $ 2.00 $ 1.89

$ 1.96 $ 1.99 $ 1.89

Weighted average common shares outstanding:

93,617 93,607 93,429

93,672 93,685 93,630

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

4 unchanged sentences

Fiscal Year Ended

Other comprehensive income (loss), net of tax:

$ 183,648 $ 186,821 $ 176,732

Other comprehensive income, net of tax:

Cash flow hedges

7,708 535 7,910

8,050 693 8,096

Comprehensive income

$ 191,698 $ 187,514 $ 184,828

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

5 unchanged sentences

April 27, 2024

April 29, 2023

Series C Preferred Stock

Beginning and end of year

150 $ 150 150 $ 150 150 $ 150

Beginning of year

101,994 1,020 101,942 1,019 101,727 1,017

Stock options exercised

12 - 52 1 215 2

102,006 1,020 101,994 1,020 101,942 1,019

Additional Paid-In Capital

Beginning of year

43,708 42,588 40,393

Stock options exercised

251 514 1,314

Stock-based compensation expense

44,398 43,708 42,588

Retained Earnings

Beginning of year

417,750 535,077 358,345

183,648 186,821 176,732

Common stock cash dividend

- ( 304,148 ) -

601,398 417,750 535,077

Accumulated Other Comprehensive Income (Loss)

Beginning of year

5,604 4,911 ( 3,185 )

Cash flow hedges, net of tax

7,708 535 7,910

Other, net of tax

13,654 5,604 4,911

Treasury Stock - Series C Preferred

Beginning and end of year

150 ( 5,100 ) 150 ( 5,100 ) 150 ( 5,100 )

Treasury Stock - Common

Beginning and end of year

Beginning of year

8,374 ( 19,133 ) 8,374 ( 19,133 ) 8,374 ( 19,133 )

Repurchase of common stock

20 ( 673 ) - - - -

8,394 ( 19,806 ) 8,374 ( 19,133 ) 8,374 ( 19,133 )

Total Shareholders' Equity

$ 635,714 $ 443,999 $ 559,512

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

5 unchanged sentences

Operating Activities:

$ 183,648 $ 186,821 $ 176,732

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

22,675 20,801 20,161

Non-cash operating lease expense

15,494 14,554 14,039

Deferred income taxes

3,692 ( 449 ) 907

Stock-based compensation expense

1 unchanged sentence

Trade receivables

( 144 ) ( 1,320 ) 2,081

( 10,411 ) ( 506 ) 8,975

Prepaid and other assets

( 11,355 ) ( 521 ) ( 8,151 )

Accounts payable

3,755 4,165 ( 6,823 )

Accrued and other liabilities

( 12,686 ) ( 4,351 ) 3,885

Operating lease liabilities

( 15,094 ) ( 13,984 ) ( 14,792 )

Net cash provided by operating activities

181,254 206,696 197,907

Investing Activities:

Purchases of property, plant and equipment

( 25,142 ) ( 36,281 ) ( 30,300 )

Proceeds from sale of property, plant and equipment

Net cash used in investing activities

( 25,124 ) ( 36,275 ) ( 30,248 )

Financing Activities:

Repayments of Loan Facility

Dividends paid on common stock

Proceeds from exercises of stock options

251 515 1,314

Repurchases of common stock

Dividends paid on common stock

- ( 304,148 ) -

Net cash (used in) provided by financing activities

Net (Decrease) Increase in Cash and Cash Equivalents

( 422 ) ( 303,633 ) 1,314

Net Increase (Decrease) in Cash and Cash Equivalents

155,708 ( 133,212 ) 168,973

Cash and Cash Equivalents - Beginning of Year

193,835 327,047 158,074

Cash and Cash Equivalents - End of Year

$ 349,543 $ 193,835 $ 327,047

Supplemental Cash Flow Information:

Interest paid

$ 278 $ 116 $ 228

Income taxes paid

$ 58,431 $ 55,993 $ 55,971

Non-Cash Activities:

Right-of- use assets obtained in exchange for lease liabilities

$ 1,906 $ 31,341 $ 28,039

Capital expenditures recorded in accrued liabilities and accounts payable

$ 3,963 $ - $ -

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

15 unchanged sentences

The Company’s fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years.

The fiscal years ended May 2, 2026 ( “Fiscal 2026” ) and April 27, 2024 ( “Fiscal 2024” ) both consisted of 52 weeks.

The fiscal year ended May 3, 2025 ( “Fiscal 2025” ) consisted of 53 weeks.

The fiscal years ended April 27, 2024 ( “Fiscal 2024” ) and April 29, 2023 ( “Fiscal 2023” ) both consisted of 52 weeks.

Segment Reporting

6 unchanged sentences

The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.

As of May 3, 2025 and April 27, 2024, cash and cash equivalents included money-market instruments of $ 109.1 million and $ 240.9 million, respectively.

As of May 2, 2026 and May 3, 2025, cash and cash equivalents included money-market instruments of $ 214.3 million and $ 109.1 million, respectively.

These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.

17 unchanged sentences

Net charge to expense

( 24 ) 357 427

Net charge-off

6 unchanged sentences

Inventories at May 2, 2026 were comprised of finished goods of $ 60.4 million and raw materials of $ 35.1 million.

Inventories at April 27, 2024 were comprised of finished goods of $ 50.3 million and raw materials of $ 34.3 million.

Inventories at May 3, 2025 were comprised of finished goods of $ 44.0 million and raw materials of $ 41.1 million.

Property, Plant and Equipment, Net

5 unchanged sentences

The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements.

The Company uses the following policies and assumptions to evaluate its leases:

Determining a lease:

The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration.

Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term.

Allocating lease and non-lease components:

The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets.

1 unchanged sentence

The Company has real estate lease agreements with lease and non-lease components, which are accounted for separately where applicable.

Calculating the discount rate:

The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate.

Recognizing leases:

The Company does not recognize leases with an initial contractual term of less than 12 months on its consolidated balance sheets.

Lease expense for these short-term leases is expensed on a straight-line basis over the lease term.

Rent increases or escalation clauses:

Certain leases contain scheduled rent increases or escalation clauses, which can be based on the Consumer Price Index or other rates.

The Company assesses each contract individually based on the terms of the agreement.

Renewal options and/or purchase options:

The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement.

Residual value guarantees, restrictions or covenants:

The Company’s lease agreements do not contain material residual value guarantees, restrictions or covenants.

Intangible Assets

Intangible assets at May 3, 2025 and April 27, 2024 consisted of non-amortizable acquired trademarks.

Intangible assets at May 2, 2026 and May 3, 2025 consisted of non-amortizable acquired trademarks.

Impairment of Long-Lived Assets

5 unchanged sentences

Accordingly, the Company accrues for known claims and estimated incurred but not reported claims not otherwise covered by insurance based on actuarial assumptions and historical claims experience.

At May 3, 2025 and April 27, 2024, other liabilities included accruals of $ 5.5 million for estimated non-current risk retention exposures, of which $ 3.8 million and $ 4.0 million, respectively, was covered by insurance at both dates and included as a component of non-current other assets.

At May 2, 2026 and May 3, 2025, other liabilities included accruals of $ 4.9 million and $ 5.5 million, respectfully, for estimated non-current risk retention exposures, of which $ 3.2 million and $ 3.8 million, respectively, was covered by insurance at both dates and included as a component of non-current other assets.

Revenue Recognition

28 unchanged sentences

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023 - 07, “Segment Reporting (Topic 280 ):

Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker.

This standard does not change how an entity identifies its operating segments or applies quantitative thresholds to determine its reportable segments.

The standard is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 15, 2024.

The Company adopted ASU 2023 - 07 effective for Fiscal 2025 without a material impact on its consolidated financial statements.

See Note 13 -Segment Information, for disclosure related to the Company’s segment reporting.

In December 2023, the FASB issued ASU 2023 - 09, “Income Taxes (Topic 740 ):

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023 - 09, “Income Taxes (Topic 740 ):

Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold and specific disaggregation of income taxes paid and tax expense.

1 unchanged sentence

Early adoption is permitted.

The Company intends to adopt ASU 2023 - 09 on a prospective basis for its fiscal year ended May 2, 2026.

The Company adopted ASU 2023 - 09 effective for Fiscal 2026 on a prospective basis without a material impact on its consolidated financial statements.

See Note 8 -Income Taxes, for further information.

In November 2024, the FASB issued ASU 2024 - 03, “Income Statement –Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

3 unchanged sentences

The Company is currently evaluating the impact of adopting ASU 2024 - 03 on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025 - 05, “Financial Instruments-Credit Losses (Topic 326 ):

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which requires disclosure of the election of a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses.

The election of the practical expedient is permitted on a prospective basis.

The amendment is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.

The Company does not expect a material impact upon adoption.

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net at May 3, 2025 and April 27, 2024 consisted of the following:

Property, plant and equipment, net at May 2, 2026 and May 3, 2025 consisted of the following:

(In thousands)

9 unchanged sentences

$ 182,160 $ 175,586

Machinery and equipment included construction-in-progress in the amounts of $ 37.7 million and $ 32.5 million as of May 3, 2025 and April 27, 2024, respectively.

Machinery and equipment included construction-in-progress in the amounts of $ 20.3 million and $ 37.7 million as of May 2, 2026 and May 3, 2025, respectively.

Depreciation expense was $ 22.5 million, $ 20.3 million and $ 18.9 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

1 unchanged sentence

ACCRUED LIABILITIES

Accrued liabilities at May 3, 2025 and April 27, 2024 consisted of the following:

Accrued liabilities at May 2, 2026 and May 3, 2025 consisted of the following:

(In thousands)

Accrued promotions

$ 17,890 $ 18,826

Accrued compensation

$ 11,987 $ 12,204

Recycling deposits

Accrued promotions

10,375 17,890

Accrued insurance

Recycling deposits

Accrued freight

$ 33,308 $ 43,521

The Company has entered into various non-cancelable operating lease agreements for certain of its offices, buildings, machinery and equipment expiring at various dates through January 2037.

The Company has entered into various non-cancelable operating lease agreements for certain of its offices, buildings, machinery and equipment expiring at various dates through June 2037.

The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement.

2 unchanged sentences

As of May 2, 2026, the weighted-average remaining lease term and weighted average discount rate of operating leases were 5.37 years and 4.58 %, respectively.

As of April 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases were 4.80 years and 4.30 %, respectively.

As of May 3, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases were 5.92 years and 4.52 %, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities were $ 18.1 million, $ 16.4 million and $ 15.4 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

8 unchanged sentences

The Credit Facilities expire from September 10, 2027 to May 30, 2028 and any borrowings would currently bear interest at 1.15 % above the Secured Overnight Financing Rate (“ SOFR ”).

There were no borrowings outstanding under the Credit Facilities at May 3, 2025 or April 27, 2024.

There were no borrowings outstanding under the Credit Facilities at May 2, 2026 or May 3, 2025.

At May 2, 2026, $ 2.7 million of the Credit Facilities was reserved for standby letters of credit and $ 97.3 million was available for borrowings.

A subsidiary of the Company also maintains an unsecured revolving term loan facility with a national bank aggregating $ 50 million (the “Loan Facility”).

There were no borrowings outstanding under the Loan Facility at May 3, 2025 or April 27, 2024.

There were no borrowings outstanding under the Loan Facility at May 2, 2026 or May 3, 2025.

The Loan Facility expires December 31, 2027 and borrowings would bear interest at 1.15 % above the adjusted daily SOFR .

2 unchanged sentences

CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES

The Board of Directors has authorized the Company to repurchase up to 3.2 million shares of its common stock.

During Fiscal 2026, the Company repurchased 20,000 shares of its common stock at an average price per share of $ 33.65 for a total cost of $ 0.7 million.

As of May 2, 2026, 1,333,144 common shares were purchased under the program and 1,866,856 common shares were available for repurchase.

The Company paid a special cash dividend of $ 3.25 per share on Common Stock aggregating $ 304.1 million on July 24, 2024.

10 unchanged sentences

The Company incurred management fees to CMA of $ 11.8 million, $ 12.0 million and $ 11.9 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, which are recorded in general and administrative expenses.

At May 3, 2025 and April 27, 2024, accounts payable included amounts due to CMA of $ 2.1 million and $ 3.0 million, respectively.

At May 2, 2026 and May 3, 2025, accounts payable included amounts due to CMA of $ 3.0 million and $ 2.1 million, respectively.

DERIVATIVE FINANCIAL INSTRUMENTS

19 unchanged sentences

As of May 2, 2026, the total notional amount of outstanding aluminum swap contracts was $ 129.7 million and, assuming no change in the commodity prices, $ 16.0 million of unrealized gain before tax will be reclassified from AOCI and recognized into earnings over the next 12 months.

The maximum length of time for which the Company hedges its exposure to the variability of future cash flows is less than three years.

The Company’s policy for the maximum length of time for which it may hedge exposure to the variability of future cash flows is three years.

The Company is not subject to any legally enforceable master netting arrangements and does not offset fair value amounts recognized for derivative instruments.

As of May 3, 2025, the fair value of the derivative asset was $ 7.4 million, which was included in prepaid and other assets .

The fair value of the derivative liability was $ 1.0 million, which was included in accrued liabilities .

As of April 27, 2024, the fair value of the derivative asset was $ 5.7 million, which was included in prepaid and other assets .

As of May 2, 2026, the fair value of the derivative asset was $ 16.5 million, of which $ 16.0 million was included in prepaid and other current assets and $ 0.5 million in other assets.

As of May 3, 2025, the fair value of the derivative asset was $ 7.4 million, which was included in prepaid and other current assets, and the fair value of the derivative liability was $ 1.0 million, which was included in accrued liabilities.

Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market-based inputs or unobservable inputs that are corroborated by market data.

The provision (benefit) for income taxes consisted of the following:

The provision (benefit) for income taxes, reflecting the prospective adoption of ASU 2023 - 09, consists of the following:

(In thousands)

The provision for income taxes, prior to the prospective adoption of ASU 2023 - 09, consists of the following:

(In thousands)

$ 58,192 $ 49,683

1 unchanged sentence

$ 57,743 $ 53,116

The reconciliation of the statutory federal income tax rate to the effective tax rate, reflecting the prospective adoption of ASU 2023 - 09, is as follows:

(In thousands)

Statutory federal income tax rate

$ 50,520 21.0 %

State income taxes, net of federal benefit (1)

( 453 ) (.2 )

Effective tax rate

$ 56,923 23.7 %

State income taxes in California, Michigan and Florida made up the majority (greater than 50% ) of this category.

The reconciliation of the statutory federal income tax rate to the effective tax rate, prior to the prospective adoption of ASU 2023 - 09, is as follows:

Statutory federal income tax rate

21.0 % 21.0 %

State income taxes, net of federal benefit

Effective income tax rate

23.6 % 23.1 %

Total cash income taxes paid in 2026 was $ 58.4 million, of which $ 49.6 million related to federal tax and $ 8.8 million related to state tax jurisdictions.

Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements.

A valuation allowance would be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized.

Deferred tax assets and liabilities at May 3, 2025 and April 27, 2024 consisted of the following:

Deferred tax assets and liabilities at May 2, 2026 and May 3, 2025 consisted of the following:

(In thousands)

12 unchanged sentences

$ 29,188 $ 23,010

The reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:

Statutory federal income tax rate

21.0 % 21.0 % 21.0 %

State income taxes, net of federal benefit

Other differences

(.2 ) (.7 ) (.2 )

Effective income tax rate

23.6 % 23.1 % 23.7 %

At May 2, 2026, the gross amount of unrecognized tax benefits was $ 2.1 million.

72 unchanged sentences

PPA Zone Status

Fiscal Fiscal Surcharge

Pension Fund 2025 2024 FIP/RP Status Imposed

2025 FIP/RP Status Imposed

Central States, Southeast and Southwest Areas Pension Plan (EIN no.

36 - 6044243 ) (the “CSSS Fund”) Red Red Implemented Yes

36 - 6044243 ) (the “CSSS Fund”)

Red Red Implemented Yes

Western Conference of Teamsters Pension Trust Fund (EIN no.

91 - 6145047 ) (the “WCT Fund”) Green Green Not applicable No

91 - 6145047 ) (the “WCT Fund”)

Not applicable

For the plan years ended December 31, 2024 and December 31, 2023, the Company was not listed in the Form 5500 Annual Returns as providing more than 5% of the total contributions for the above plans.

23 unchanged sentences

The Company generates substantially all its net sales from the United States.

All of the Company’s long-lived assets, consisting of property, plant and equipment, net and operating lease right-of-use assets, are located in the United States as of

May 3, 2025 and

April 27, 2024.

All of the Company’s long-lived assets, consisting of property, plant and equipment, net and operating lease right-of-use assets, are located in the United States as of May 2, 2026 and May 3, 2025.

The measure of segment assets is reported in the consolidated balance sheets as consolidated total assets.

1 unchanged sentence

See Note 1 - Significant Accounting Policies, for description of accounting policies of the segment.

SUBSEQUENT EVENTS

On July 1, 2026, the Company's board of directors declared a special cash dividend of $ 3.25 per share, payable on or before July 30, 2026 to shareholders of record on July 13, 2026.

Report of Independent Registered Public Accounting Firm

2 unchanged sentences

Opinion on the financial statements

We have audited the accompanying consolidated balance sheet of National Beverage Corp.

(a Delaware corporation) and subsidiaries (the “Company”) as of May 3, 2025, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended May 3, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of May 3, 2025, and the results of its operations and its cash flows for the year ended May 3, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying consolidated balance sheets of National Beverage Corp.

(a Delaware corporation) and subsidiaries (the “Company”) as of May 2, 2026 and May 3, 2025, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the two years in the period ended May 2, 2026, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of May 2, 2026 and May 3, 2025, and the results of its operations and its cash flows for each of the two years in the period ended May 2, 2026, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of May 2, 2026, based on criteria established in the 2013 Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated July 1, 2026 expressed an unqualified opinion.

46 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of National Beverage Corp.

and subsidiaries (the Company) as of April 27, 2024, and the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the two years in the period ended April 27, 2024, and the related notes (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 27, 2024, and the results of its operations and its cash flows for each of the two years in the period ended April 27, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have audited the Company’s accompanying consolidated statement of income, comprehensive income, shareholders' equity and cash flow for the year ended April 27, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements) of National Beverage Corp and subsidiaries (the Company).

In our opinion, the financial statements referred to above present fairly, in all material respects, the results of operations of the Company and its cash flows for year ended April 27, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S.

Our responsibility is to express an opinion on the Company’s financial statements based on our audit.

We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audit included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ RSM US LLP

5 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-K

Item 8. Financial Statements and Supplementary Data