What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-05 compared with 2024-08-07 · 134 added, 88 removed, 537 unchanged (29% of the section changed)

3 unchanged sentences

(In thousands, except share and per share amounts)

September 28,

2024 December 30,

42 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Revenues $ 207,917 $ 171,575 $ 574,116 $ 494,939

6 unchanged sentences

Gain on sale of business — — 20,581 —

Operating income (loss) 17,772 ( 1,312 ) 39,075 ( 1,221 )

Operating income

17,855 2,707 56,930 1,486

Interest income, net 3,650 1,662 10,221 4,420

Other income, net 360 450 880 473

Other income (expense), net

( 558 ) 788 322 1,261

Income before income taxes 20,947 5,157 67,473 7,167

Provision (benefit) for income taxes 2,155 ( 208 ) 5,353 ( 160 )

Provision for income taxes

2,211 786 7,564 626

Net income $ 18,736 $ 4,371 $ 59,909 $ 6,541

9 unchanged sentences

(In thousands)

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Net income $ 18,736 $ 4,371 $ 59,909 $ 6,541

1 unchanged sentence

Foreign currency translation adjustments 4,326 ( 3,351 ) 968 ( 2,641 )

Unrealized gains (losses) on available-for-sale marketable securities ( 39 ) ( 85 ) ( 237 ) 518

Unrealized losses on derivative instruments ( 69 ) ( 52 ) ( 301 ) ( 95 )

Unrealized gains on available-for-sale marketable securities

1,669 283 1,432 801

Unrealized gains (losses) on derivative instruments

180 ( 996 ) ( 121 ) ( 1,091 )

Other comprehensive income (loss) 6,175 ( 4,064 ) 2,279 ( 2,931 )

9 unchanged sentences

(Deficit) Total

Three Months Ended June 29, 2024

Balances, March 30, 2024

Three Months Ended September 28, 2024

Balances, June 29, 2024

77,281,052 $ 77 $ 863,283 $ ( 7,948 ) $ 92,504 $ 947,916

Issuance of common stock under the Employee Stock Purchase Plan 143,975 — 4,800 — — 4,800

Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax 428,694 — ( 14,421 ) — — ( 14,421 )

1 unchanged sentence

Stock-based compensation — — 8,713 — — 8,713

Other comprehensive loss — — — ( 1,183 ) — ( 1,183 )

Other comprehensive income — — — 6,175 — 6,175

Net income — — — — 18,736 18,736

Balances, June 29, 2024

Balances, September 28, 2024

77,447,989 $ 77 $ 845,466 $ ( 1,773 ) $ 111,240 $ 955,010

Six Months Ended June 29, 2024

Nine Months Ended September 28, 2024

Balances, December 30, 2023

4 unchanged sentences

Stock-based compensation — — 29,471 — — 29,471

Other comprehensive loss — — — ( 3,896 ) — ( 3,896 )

Other comprehensive income — — — 2,279 — 2,279

Net income — — — — 59,909 59,909

Balances, June 29, 2024

Balances, September 28, 2024

77,447,989 $ 77 $ 845,466 $ ( 1,773 ) $ 111,240 $ 955,010

Three Months Ended July 1, 2023

Balances, April 1, 2023 77,142,023 $ 77 $ 858,195 $ ( 4,186 ) $ ( 29,714 ) $ 824,372

Three Months Ended September 30, 2023

Balances, July 1, 2023 77,184,012 $ 77 $ 867,517 $ ( 4,445 ) $ ( 28,886 ) $ 834,263

Issuance of common stock under the Employee Stock Purchase Plan 153,135 — 3,798 — — 3,798

Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax 502,170 1 ( 8,894 ) — — ( 8,893 )

2 unchanged sentences

Net income — — — — 4,371 4,371

Balances, July 1, 2023

Balances, September 30, 2023

77,839,317 $ 78 $ 873,634 $ ( 8,509 ) $ ( 24,515 ) $ 840,688

Six Months Ended July 1, 2023

Nine Months Ended September 30, 2023

Balances, December 31, 2022 76,914,590 $ 77 $ 844,842 $ ( 5,578 ) $ ( 31,056 ) $ 808,285

2 unchanged sentences

Stock-based compensation — — 29,320 — — 29,320

Other comprehensive income — — — 1,133 — 1,133

Other comprehensive loss — — — ( 2,931 ) — ( 2,931 )

Net income — — — — 6,541 6,541

Balances, July 1, 2023

Balances, September 30, 2023

77,839,317 $ 78 $ 873,634 $ ( 8,509 ) $ ( 24,515 ) $ 840,688

3 unchanged sentences

(In thousands)

Six Months Ended

Nine Months Ended

September 28,

2024 September 30,

Cash flows from operating activities:

25 unchanged sentences

Purchases of marketable securities ( 109,727 ) ( 96,913 )

Purchase of promissory note receivable ( 1,500 ) —

Proceeds from maturities and sales of marketable securities 94,263 93,013

5 unchanged sentences

Payments on term loan ( 803 ) ( 781 )

Net cash provided by (used in) financing activities ( 19,426 ) 4,049

Net cash used in financing activities ( 46,256 ) ( 1,308 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash 3 ( 3,324 )

Net increase (decrease) in cash, cash equivalents and restricted cash 22,678 ( 11,592 )

Net increase in cash, cash equivalents and restricted cash 9,216 726

Cash, cash equivalents and restricted cash, beginning of year 181,273 112,982

Cash, cash equivalents and restricted cash, end of year $ 203,951 $ 101,390

Cash, cash equivalents and restricted cash, end of period $ 190,489 $ 113,708

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

2 unchanged sentences

(In thousands)

Six Months Ended

Nine Months Ended

September 28,

2024 September 30,

Non-cash investing and financing activities:

9 unchanged sentences

Restricted cash 2,210 2,146

Cash and cash equivalents included in Assets held-for-sale — 1,660

Total cash, cash equivalents and restricted cash $ 190,489 $ 113,708

10 unchanged sentences

We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December.

Fiscal 2024 and 2023 each contain 52 weeks and the six months ended June 29, 2024 and July 1, 2023 each contained 26 weeks.

Fiscal 2024 and 2023 each contain 52 weeks and the nine months ended September 28, 2024 and September 30, 2023 each contained 39 weeks.

Fiscal 2024 will end on December 28 , 2024.

Significant Accounting Policies

Our significant accounting policies have not changed during the six months ended June 29, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.

Our significant accounting policies have not changed during the nine months ended September 28, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.

New Accounting Pronouncements

4 unchanged sentences

This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

We have not yet determined the impact of this standard on our financial statements.

We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280):

2 unchanged sentences

This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted.

We have not yet determined the impact of this standard on our financial statements.

We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

Note 2 — Concentration of Credit and Other Risks

Each of the following customers accounted for 10 % or more of our revenues for the periods indicated:

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

SK hynix Inc.

1 unchanged sentence

Intel Corporation 17.1 % 17.1 % 16.6 % 17.2 %

Samsung Electronics Co., LTD.

35.2 % 28.3 % 34.4 % 17.2 %

* Less than 10% of revenues.

At June 29, 2024 and December 30, 2023, two customers accounted for 21.2 % and 11.2 % and two customers accounted for 17.8 % and 11.0 % of gross accounts receivable, respectively.

At September 28, 2024 and December 30, 2023, two customers accounted for 24.7 % and 10.2 % and two customers accounted for 17.8 % and 11.0 % of gross accounts receivable, respectively.

Note 3 — Inventories, net

1 unchanged sentence

Inventories, net, consisted of the following (in thousands):

September 28,

2024 December 30,

36 unchanged sentences

As a result of the divestiture, the Company recognized a pre-tax gain of $ 20.3 million.

The Company recorded an income tax liability associated with the divestiture of approximately $ 3.3 million.

The Company recorded income tax expense associated with the divestiture of approximately $ 3.3 million.

FRT Divestiture

26 unchanged sentences

As a result of the divestiture, the Company recognized a pre-tax gain of $ 73.3 million.

The Company recorded an income tax liability associated with the divestiture of approximately $ 6.0 million.

The Company recorded income tax expense associated with the divestiture of approximately $ 6.0 million.

Note 5 — Goodwill and Intangible Assets

8 unchanged sentences

Foreign currency translation — 164 164

Goodwill, as of June 29, 2024

Goodwill, as of September 28, 2024

$ 177,369 $ 22,768 $ 200,137

We have no t recorded goodwill impairments for the six months ended June 29, 2024.

We have no t recorded goodwill impairments for the nine months ended September 28, 2024.

Intangible assets were as follows (in thousands):

June 29, 2024 December 30, 2023

September 28, 2024 December 30, 2023

Intangible Assets Gross Accumulated

7 unchanged sentences

Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Cost of revenues $ 449 $ 837 $ 1,347 $ 2,506

7 unchanged sentences

Accrued liabilities consisted of the following (in thousands):

September 28,

2024 December 30,

Accrued compensation and benefits $ 33,599 $ 20,073

Accrued warranty 3,610 3,177

Accrued income and other taxes 2,851 8,205

Accrued employee stock purchase plan contributions withheld 2,535 4,263

Accrued warranty 3,359 3,177

Other accrued expenses 3,913 5,319

6 unchanged sentences

• Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the six months ended June 29, 2024 or the year ended December 30, 2023.

We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the nine months ended September 28, 2024 or the year ended December 30, 2023.

The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.

No changes were made to our valuation techniques during the first six months of fiscal 2024.

No changes were made to our valuation techniques during the first nine months of fiscal 2024.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

June 29, 2024 Level 1 Level 2 Total

September 28, 2024 Level 1 Level 2 Level 3 Total

Cash equivalents:

1 unchanged sentence

treasuries 1,198 — — 1,198

Commercial paper — 4,483 4,483

agency securities — 994 994

126,491 — — 126,491

5 unchanged sentences

65,646 104,315 — 169,961

Foreign exchange derivative contracts — 505 — 505

Promissory note receivable — — 1,500 1,500

Interest rate swap derivative contracts — 1,618 — 1,618

Total assets $ 192,137 $ 106,438 $ 1,500 $ 300,075

Foreign exchange derivative contracts $ — $ ( 195 ) $ ( 195 )

Total liabilities $ — $ ( 195 ) $ ( 195 )

December 30, 2023 Level 1 Level 2 Total

December 30, 2023 Level 1 Level 2 Level 3 Total

Cash equivalents:

21 unchanged sentences

In addition, all investments have a sufficient trading volume to demonstrate that the fair value is appropriate.

Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets.

Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in

our Condensed Consolidated Balance Sheets.

We did not have any other-than-temporary unrealized gains or losses at either period end included in these financial statements.

15 unchanged sentences

The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points.

All of our foreign exchange derivative contracts outstanding at June 29, 2024 will mature by the second quarter of fiscal 2025.

The following table provides information about our foreign currency forward contracts outstanding as of June 29, 2024 (in thousands):

All of our foreign exchange derivative contracts outstanding at September 28, 2024 will mature by the third quarter of fiscal 2025.

The following table provides information about our foreign currency forward contracts outstanding as of September 28, 2024 (in thousands):

Currency Contract Position Contract Amount

7 unchanged sentences

We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition.

There were no assets or liabilities measured at fair value on a nonrecurring basis during the three and six months ended June 29, 2024 or July 1, 2023.

There were no assets or liabilities measured at fair value on a nonrecurring basis during the three and nine months ended September 28, 2024 or September 30, 2023.

Note 8 — Warranty

We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized.

The warranty liability is based upon historical experience and our estimate of the level of future costs.

The warranty liability is based upon historical experience and our estimate of the level of future

While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs.

4 unchanged sentences

Changes in our warranty liability were as follows (in thousands):

Six Months Ended

Nine Months Ended

September 28,

2024 September 30,

Balance at beginning of year $ 3,177 $ 4,199

1 unchanged sentence

Settlements ( 6,485 ) ( 5,535 )

Reclassification - Liabilities held-for-sale — ( 106 )

Balance at end of period $ 3,610 $ 4,984

1 unchanged sentence

Property, plant and equipment, net consisted of the following (in thousands):

September 28,

2024 December 30,

17 unchanged sentences

During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $ 1.2 million.

During the six months ended June 29, 2024, we repurchased and retired 483,951 shares of common stock for $ 20.3 million, and as of June 29, 2024, $ 53.5 million remained available for future repurchases.

During the nine months ended September 28, 2024, we repurchased and retired 889,683 shares of common stock for $ 37.2 million, and as of September 28, 2024, $ 36.6 million remained available for future repurchases.

Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired.

1 unchanged sentence

Certain exceptions apply to the excise tax.

The excise tax incurred reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity.

The excise tax incurred

reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity.

All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

7 unchanged sentences

Awards forfeited ( 178,252 ) 43.90

RSUs at June 29, 2024

RSUs at September 28, 2024

1,889,123 38.97

1 unchanged sentence

We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria.

There were no market based PRSUs granted during the six months ended June 29, 2024.

On August 5, 2024, we granted 117,624 PRSUs to certain senior executives for a total grant date fair value of $ 5.8 million which will be recognized ratably over the requisite service period.

The number of PRSUs granted represents the “target” number of units that can be earned based on the performance criteria.

The performance criteria are based on Total Shareholder Returns (“TSR”) for the period of July 1, 2024 - June 30, 2027, relative to the TSR of the companies identified as being part of the S&P Semiconductors Select Industry Index (FormFactor peer companies) as of the grant date.

Of the 197,128 PRSUs granted in fiscal 2021, 56,685 shares were forfeited during the requisite service period, resulting in 140,443 shares vesting in 2024.

These shares achieved 146 % TSR performance, which resulted in an additional 64,525 shares issued in fiscal 2024 in excess of the target number of units related to the fiscal 2021 PRSU grant.

PRSUs are included as part of the RSU activity above.

1 unchanged sentence

Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:

Six Months Ended

June 29, 2024

Nine Months Ended

September 28, 2024

Shares issued 340,989

3 unchanged sentences

Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Cost of revenues $ 1,934 $ 1,376 $ 5,794 $ 4,801

3 unchanged sentences

Unrecognized Compensation Costs

At June 29, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):

At September 28, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):

Average Expected

6 unchanged sentences

The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Weighted-average shares used in computing basic net income per share 77,406 77,571 77,364 77,265

5 unchanged sentences

Contractual Obligations and Commitments

Our contractual obligations and commitments have not materially changed as of June 29, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.

Our contractual obligations and commitments have not materially changed as of September 28, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.

Legal Matters

6 unchanged sentences

We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time.

The weighted-average remaining lease term for our operating leases was 4.2 years as of June 29, 2024 and the weighted-average discount rate was 4.65 %.

The weighted-average remaining lease term for our operating leases was 4 years as of September 28, 2024 and the weighted-average discount rate was 4.70 %.

The components of lease expense were as follows (in thousands):

Three Months Ended Six Months Ended

2023 June 29,

Three Months Ended Nine Months Ended

September 28,

2024 September 30,

2023 September 28,

2024 September 30,

Lease expense:

3 unchanged sentences

$ 3,394 $ 2,908 $ 9,581 $ 8,506

Future minimum payments under our non-cancelable operating leases were as follows as of June 29, 2024 (in thousands):

Future minimum payments under our non-cancelable operating leases were as follows as of September 28, 2024 (in thousands):

Fiscal Year Amount

8 unchanged sentences

Transaction price allocated to the remaining performance obligations:

On June 29, 2024, we had $ 9.2 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered.

On September 28, 2024, we had $ 23.9 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered.

We expect to recognize approximately 26.7 % of our remaining performance obligations as revenue in the remainder of fiscal 2024, approximately 48.8 % in fiscal 2025, and approximately 24.5 % in fiscal 2026 and thereafter.

5 unchanged sentences

A contract asset is recorded when we have performed under the contract but our right to consideration is conditional on something other than the passage of time.

Contract assets as of June 29, 2024 and December 30, 2023 were $ 5.1 million and $ 3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets.

Contract assets as of September 28, 2024 and December 30, 2023 were $ 6.8 million and $ 3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets.

Contract liabilities include payments received and payments due in advance of performance under a contract and are satisfied as the associated revenue is recognized.

Contract liabilities are reported on the Condensed Consolidated Balance Sheets at the end of each reporting period as a component of Deferred revenue and Other liabilities.

Contract liabilities as of June 29, 2024 and December 30, 2023 were $ 19.1 million and $ 18.0 million, respectively.

During the six months ended June 29, 2024, we recognized $ 10.5 million of revenue that was included in contract liabilities as of December 30, 2023.

During the six months ended June 29, 2024, we divested contract liabilities of $ 1.7 million as of December 30, 2023 with the divestiture of our China operations.

Contract liabilities as of September 28, 2024 and December 30, 2023 were $ 22.1 million and $ 18.0 million, respectively.

During the nine months ended September 28, 2024, we recognized $ 12.7 million of revenue that was included in contract liabilities as of December 30, 2023.

During the nine months ended September 28, 2024, we divested contract liabilities of $ 1.7 million as of December 30, 2023 with the divestiture of our China operations.

Costs to obtain a contract:

7 unchanged sentences

Three Months Ended

June 29, 2024 July 1, 2023

September 28, 2024 September 30, 2023

Probe Cards Systems Corporate and Other Total Probe Cards Systems Corporate and Other Total

2 unchanged sentences

Gross margin 42.3 % 41.5 % 40.7 % 38.5 % 51.8 % 40.4 %

Six Months Ended

June 29, 2024 July 1, 2023

Nine Months Ended

September 28, 2024 September 30, 2023

Probe Cards Systems Corporate and Other Total Probe Cards Systems Corporate and Other Total

7 unchanged sentences

Three Months Ended

June 29, 2024 July 1, 2023

September 28, 2024 September 30, 2023

Probe Cards Systems Total Probe Cards Systems Total

9 unchanged sentences

Geographical region:

South Korea $ 48,691 $ 416 $ 49,107 $ 26,455 $ 1,408 $ 27,863

United States $ 45,015 $ 10,000 $ 55,015 $ 31,182 $ 12,543 $ 43,725

Taiwan 42,105 5,817 47,922 39,155 3,820 42,975

South Korea 40,870 858 41,728 31,805 3,270 35,075

China 27,367 7,146 34,513 10,779 10,971 21,750

Europe 3,250 5,565 8,815 2,415 8,401 10,816

Japan 3,734 4,322 8,056 2,976 3,988 6,964

Malaysia 5,084 1,518 6,602 6,177 500 6,677

Europe 2,149 5,607 7,756 2,583 6,713 9,296

Singapore 4,726 749 5,475 2,752 925 3,677

Malaysia 4,458 822 5,280 5,778 186 5,964

Rest of World 1,750 422 2,172 1,329 820 2,149

Total $ 172,174 $ 35,743 $ 207,917 $ 128,339 $ 43,236 $ 171,575

Six Months Ended

June 29, 2024 July 1, 2023

Nine Months Ended

September 28, 2024 September 30, 2023

Probe Cards Systems Total Probe Cards Systems Total

9 unchanged sentences

Geographical region:

South Korea $ 99,363 $ 461 $ 99,824 $ 46,027 $ 2,611 $ 48,638

United States $ 120,046 $ 28,626 $ 148,672 $ 86,954 $ 37,175 $ 124,129

South Korea 140,233 1,319 141,552 77,832 5,881 83,713

Taiwan 109,476 13,136 122,612 103,368 9,448 112,816

China 56,364 18,849 75,213 45,771 26,586 72,357

Europe 8,927 16,493 25,420 8,424 21,114 29,538

Japan 12,594 11,615 24,209 14,014 11,859 25,873

Singapore 12,354 2,401 14,755 7,670 4,170 11,840

Europe 6,778 10,886 17,664 5,841 14,401 20,242

Malaysia 11,150 2,595 13,745 22,279 1,632 23,911

2 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