What changed in this filing

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Item 1. Financial Statements

2024-10-24 compared with 2024-07-25 · 115 added, 82 removed, 559 unchanged (26% of the section changed)

4 unchanged sentences

(in thousands)

September 30,

Current assets:

36 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Cost of sales

18 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Other comprehensive income (loss), net of tax:

9 unchanged sentences

Shareholders’

Balance, March 31, 2024

Balance, June 30, 2024

Foreign currency translation adjustments

Repurchases of common stock

Activity in company stock plans, net and other

Share-based compensation

Balance, September 30, 2024

Balance, June 30, 2023

Balance, March 31, 2023

Foreign currency translation adjustments

Settlement of convertible debt conversion

Repurchases of common stock

1 unchanged sentence

Share-based compensation

Balance, June 30, 2023

Balance, September 30, 2023

Comprehensive

7 unchanged sentences

Share-based compensation

Balance, June 30, 2024

Balance, September 30, 2024

Balance, December 31, 2022

Foreign currency translation adjustments

Settlement of convertible debt conversion

Repurchases of common stock

1 unchanged sentence

Share-based compensation

Balance, June 30, 2023

Balance, September 30, 2023

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

3 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

12 unchanged sentences

Other current assets

Income tax payable, net of income tax receivable

Income tax payable

Accounts payable and accrued liabilities

36 unchanged sentences

We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable.

The operating results for the three- and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The operating results for the three- and nine-month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Our balance sheet as of December 31, 2023 included herein has been derived from the audited balance sheet as of December 31, 2023 included in our 2023 Annual Report on Form 10-K (our “2023 Form 10-K”).

41 unchanged sentences

Other current assets consist of the following (in thousands):

September 30,

Contract assets (Note 8)

2 unchanged sentences

Other assets, net consist of the following (in thousands):

September 30,

Prepaid charter (1)

6 unchanged sentences

Accrued liabilities consist of the following (in thousands):

September 30,

Accrued payroll and related benefits

5 unchanged sentences

(1) Represents the final amount of the earn-out consideration associated with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022, which was paid to the seller of Alliance in cash on April 3, 2024.

(2) Amounts as of June 30, 2024 and December 31, 2023 included $ 11.6 million and $ 9.0 million, respectively, of credits towards future services that we granted for the purchase of five P&A systems and other assets .

(2) Amounts as of December 31, 2023 included $ 9.0 million of credits towards future services that we granted for the purchase of five P&A systems and other assets .

These credits were increased by $ 2.4 million with a charge to “Other expense, net” during the third quarter 2024 and were fully utilized as of September 30, 2024.

Other non-current liabilities consist of the following (in thousands):

September 30,

Asset retirement obligations (Note 12)

Total other non-current liabilities

(1) Amount as of December 31, 2023 included $ 2.6 million of credits offered by us in exchange for the purchase of P&A equipment (see above).

(1) Amount as of December 31, 2023 included $ 2.6 million of credits offered by us in exchange for the purchase of P&A equipment, which were fully utilized as of September 30, 2024 (see above).

Note 4 — Leases

2 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Operating lease cost

3 unchanged sentences

Net lease cost

Maturities of our operating lease liabilities as of June 30, 2024 are as follows (in thousands):

Maturities of our operating lease liabilities as of September 30, 2024 are as follows (in thousands):

Facilities and

26 unchanged sentences

The following table presents the weighted average remaining lease term and discount rate:

September 30,

Weighted average remaining lease term

1 unchanged sentence

The following table presents other information related to our operating leases (in thousands):

Six Months Ended

Nine Months Ended

September 30,

Cash paid for operating lease liabilities

Right-of-use assets obtained in exchange for new operating lease liabilities (1)

(1) Our operating lease additions during the six-month period ended June 30, 2024 are primarily related to the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon (Note 13).

Our operating lease additions during the six-month period ended June 30, 2023 are primarily related to the vessel charter for the Glomar Wave .

(1) Our operating lease additions during the nine-month period ended September 30, 2024 are primarily related to the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon (Note 13).

Our operating lease additions during the nine-month period ended September 30, 2023 are primarily related to the vessel charter for the Glomar Wave .

Note 5 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of June 30, 2024 are as follows (in thousands):

Scheduled maturities of our long-term debt outstanding as of September 30, 2024 are as follows (in thousands):

Less than one year

3 unchanged sentences

Four to five years

Over five years

Unamortized debt discount (1)

7 unchanged sentences

(“Bank of America”), Wells Fargo Bank, N.A.

and Zions Bancorporation and subsequently we entered into amendments to the credit agreement on July 1, 2022, June 23, 2023 and November 15, 2023 (collectively, the “Amended ABL Facility”).

The Amended ABL Facility provides a $ 120 million asset-based revolving credit facility, which matures on September 30, 2026 , with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $ 50 million.

and Zions Bancorporation and subsequently we entered into various amendments (collectively, the “Amended ABL Facility”).

The most recent amendment on August 2, 2024 extended the maturity of the Amended ABL Facility and increased the letter of credit basket size.

The Amended ABL Facility provides a $ 120 million asset-based revolving credit facility, which matures on August 2, 2029 , with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $ 50 million.

The Amended ABL Facility also permits us to request an increase of the facility by up to $ 30 million, subject to certain conditions.

3 unchanged sentences

customer accounts receivable and cash, and provides for a $ 55 million sub-limit for the issuance of letters of credit.

As of June 30, 2024, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $ 95.1 million, net of $ 3.3 million of letters of credit issued.

As of September 30, 2024, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $ 74.7 million, net of $ 31.6 million of letters of credit issued.

We and certain of our U.S.

53 unchanged sentences

The 2026 Notes had a coupon interest rate of 6.75 % per annum and an effective interest rate of 7.6 %.

For the six-month period ended June 30, 2024, total interest expense related to the 2026 Notes was $ 0.4 million with coupon interest expense of $ 0.3 million and the amortization of debt issuance costs of $ 0.1 million.

For the three- and six-month periods ended June 30, 2023, total interest expense related to the 2026 Notes was $ 3.7 million and $ 7.4 million, respectively, with coupon interest expense of $ 3.4 million and $ 6.8 million, respectively, and the amortization of debt issuance costs of $ 0.3 million and $ 0.6 million, respectively.

For the nine-month period ended September 30, 2024, total interest expense related to the 2026 Notes was $ 0.4 million with coupon interest expense of $ 0.3 million and the amortization of debt issuance costs of $ 0.1 million.

For the three- and nine-month periods ended September 30, 2023, total interest expense related to the 2026 Notes was $ 3.7 million and $ 11.1 million, respectively, with coupon interest expense of $ 3.4 million and $ 10.1 million, respectively, and the amortization of debt issuance costs of $ 0.3 million and $ 1.0 million, respectively.

2026 Capped Calls

3 unchanged sentences

In accordance with the Amended ABL Facility, the MARAD Debt and the 2029 Notes, we are required to comply with certain covenants, including minimum liquidity and a springing fixed charge coverage ratio (applicable under certain conditions that are currently not applicable) with respect to the Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt.

As of June 30, 2024, we were in compliance with these covenants.

As of September 30, 2024, we were in compliance with these covenants.

The Convertible Senior Notes due 2023 (the “2023 Notes”) matured on September 15, 2023.

3 unchanged sentences

The 2023 Notes had a coupon interest rate of 4.125 % per annum and an effective interest rate of 4.8 %.

For the three- and six-month periods ended June 30, 2023, total interest expense related to the 2023 Notes was $ 0.3 million and $ 0.7 million, respectively, primarily from coupon interest expense.

For the three- and nine-month periods ended September 30, 2023, total interest expense related to the 2023 Notes was $ 0.3 million and $ 1.0 million, respectively, primarily from coupon interest expense.

The following table details the components of our net interest expense (in thousands):

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Interest expense

4 unchanged sentences

We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

For the three- and six-month periods ended June 30, 2024, we recognized income tax provision of $ 14.7 million and $ 13.0 million, respectively, resulting in effective tax rates of 31.3 % and 68.5 %, respectively.

The effective tax rate for the three-month period ended June 30, 2024 was higher than the U.S.

statutory rate primarily due to certain non-deductible expenses and non-creditable foreign income taxes.

The effective rate for the six-month period ended June 30, 2024 was higher than the U.S.

For the three- and nine-month periods ended September 30, 2024, we recognized income tax provision of $ 9.5 million and $ 22.5 million, respectively, resulting in effective tax rates of 24.4 % and 38.8 %, respectively.

The effective tax rate for the three-month period ended September 30, 2024 was higher than the U.S.

statutory rate primarily due to the jurisdicational mix of earnings, certain non-deductible expenses and non-creditable foreign income taxes.

The effective rate for the nine-month period ended September 30, 2024 was higher than the U.S.

statutory rate primarily due to the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event and reported in the first quarter.

For the three- and six-month periods ended June 30, 2023, we recognized income tax expense of $ 3.3 million and $ 1.3 million, respectively, resulting in effective tax rates of 31.8 % and 40.1 %, respectively.

For the three- and nine-month periods ended September 30, 2023, we recognized income tax expense of $ 8.3 million and $ 9.6 million, respectively, resulting in effective tax rates of 34.9 % and 35.5 %, respectively.

The effective tax rates for these periods were higher than the U.S.

2 unchanged sentences

In February 2023, our Board of Directors (our “Board”) authorized a share repurchase program to repurchase issued and outstanding shares of our common stock up to $ 200 million (the “2023 Repurchase Program”).

During the six-month period ended June 30, 2024, we repurchased a total of 937,585 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $ 10.2 million or an average of $ 10.87 per share.

During the nine-month period ended September 30, 2024, we repurchased a total of 937,585 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $ 10.2 million or an average of $ 10.87 per share.

The 2023 Repurchase Program has no set expiration date.

12 unchanged sentences

Shallow Water

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

We provide services to our customers in the following markets that are key to our energy transition strategy:

2 unchanged sentences

Shallow Water

Three months ended June 30, 2024

Three months ended September 30, 2024

Production maximization

Decommissioning

Three months ended June 30, 2023

Three months ended September 30, 2023

Production maximization

Decommissioning

Six months ended June 30, 2024

Nine months ended September 30, 2024

Production maximization

Decommissioning

Six months ended June 30, 2023

Nine months ended September 30, 2023

Production maximization

3 unchanged sentences

Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized.

Contract assets are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3).

Contract assets were $ 10.0 million as of June 30, 2024 and $ 5.8 million as of December 31, 2023.

We had no credit losses on our contract assets for the three- and six-month periods ended June 30, 2024 and 2023.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer.

Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized.

Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” in the accompanying condensed consolidated balance sheets (Note 3).

Contract liabilities totaled $ 17.1 million as of June 30, 2024 and $ 32.8 million as of December 31, 2023.

Revenue recognized for the three- and six-month periods ended June 30, 2024 included $ 18.2 million and $ 31.0 million, respectively, that were included in the contract liability balance at the beginning of each period.

Revenue recognized for the three- and six-month periods ended June 30, 2023 included $ 9.4 million and $ 8.0 million, respectively, that were included in the contract liability balance at the beginning of each period.

We report the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period.

Net contract assets were $ 12.9 million as of September 30, 2024 and $ 5.8 million as of December 31, 2023 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3).

We had no credit losses on our contract assets for the three- and nine-month periods ended September 30, 2024 and 2023.

Net contract liabilities totaled $ 25.6 million as of September 30, 2024 and $ 32.8 million as of December 31, 2023 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” in the accompanying condensed consolidated balance sheets (Note 3).

Revenue recognized for the three- and nine-month periods ended September 30, 2024 included $ 12.6 million and $ 34.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

Revenue recognized for the three- and nine-month periods ended September 30, 2023 included $ 15.2 million and $ 8.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of June 30, 2024, approximately $ 873.3 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $ 443.4 million, $ 403.8 million and $ 26.0 million in 2024 , 2025 and 2026 , respectively.

As of September 30, 2024, $ 1.6 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $ 260.6 million, $ 637.2 million and $ 712.9 million in 2024 , 2025 as well as 2026 and beyond, respectively.

These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees.

These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at June 30, 2024.

For the three- and six-month periods ended June 30, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

For the three- and nine-month periods ended September 30, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

4 unchanged sentences

Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3).

Our deferred contract costs totaled $ 24.1 million as of June 30, 2024 and $ 36.6 million as of December 31, 2023.

For the three- and six-month periods ended June 30, 2024, we recorded $ 11.0 million and $ 31.3 million, respectively, related to amortization of these deferred contract costs.

For the three- and six-month periods ended June 30, 2023, we recorded $ 14.4 million and $ 19.1 million, respectively, related to amortization of these deferred contract costs.

Our deferred contract costs totaled $ 42.8 million as of September 30, 2024 and $ 36.6 million as of December 31, 2023.

For the three- and nine-month periods ended September 30, 2024, we recorded $ 9.9 million and $ 41.1 million, respectively, related to amortization of these deferred contract costs.

For the three- and nine-month periods ended September 30, 2023, we recorded $ 13.7 million and $ 32.8 million, respectively, related to amortization of these deferred contract costs.

There were no associated impairment losses for any period presented.

12 unchanged sentences

Three Months Ended

June 30, 2024

June 30, 2023

September 30, 2024

September 30, 2023

Undistributed earnings allocated to participating securities

6 unchanged sentences

Earnings per share, basic and diluted

Six Months Ended

June 30, 2024

June 30, 2023

Nine Months Ended

September 30, 2024

September 30, 2023

Undistributed earnings allocated to participating securities

Net income available to common shareholders, basic

Earnings per share, basic

Net income available to common shareholders, basic

1 unchanged sentence

Share-based awards other than participating securities

Undistributed earnings reallocated to participating securities

Net income available to common shareholders, diluted

Earnings per share, basic and diluted

Earnings per share, diluted

The following potentially dilutive shares related to the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.

4 unchanged sentences

On May 15, 2024, our shareholders approved an amendment to and restatement of the 2005 Incentive Plan, which, among other things, authorizes 7.0 million additional shares for issuance pursuant to our equity incentive compensation strategy.

As of June 30, 2024, there were approximately 9.5 million shares of our common stock available for issuance under the 2005 Incentive Plan.

During the six-month period ended June 30, 2024, the following grants of share-based awards were made under the 2005 Incentive Plan:

As of September 30, 2024, there were approximately 9.5 million shares of our common stock available for issuance under the 2005 Incentive Plan.

During the nine-month period ended September 30, 2024, the following grants of share-based awards were made under the 2005 Incentive Plan:

Date of Grant

11 unchanged sentences

100 % on January 1, 2026

July 1, 2024 (2)

Restricted stock

100 % on January 1, 2026

(1) Reflects grants to our executive officers.

4 unchanged sentences

No restricted stock awards have been granted to our executive officers or other employees since 2020.

For each of the three- and six-month periods ended June 30, 2024 and 2023, we recognized $ 0.3 million and $ 0.6 million, respectively, as share-based compensation related to restricted stock.

For the three- and nine-month periods ended September 30, 2024, we recognized $ 0.1 million and $ 0.7 million, respectively, as share-based compensation related to restricted stock.

For the three- and nine-month periods ended September 30, 2023, we recognized $ 0.3 million and $ 1.0 million, respectively, as share-based compensation related to restricted stock.

Our performance share units (“PSUs”) granted beginning in January 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board and have been accounted for as equity awards.

6 unchanged sentences

Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition.

For the three- and six-month periods ended June 30, 2024, $ 1.5 million and $ 2.8 million, respectively, were recognized as share-based compensation related to PSUs.

For the three- and six-month periods ended June 30, 2023, $ 1.2 million and $ 2.4 million, respectively, were recognized as share-based compensation related to PSUs.

For the three- and nine-month periods ended September 30, 2024, $ 1.6 million and $ 4.4 million, respectively, were recognized as share-based compensation related to PSUs.

For the three- and nine-month periods ended September 30, 2023, $ 1.2 million and $ 3.5 million, respectively, were recognized as share-based compensation related to PSUs.

In the first quarter 2024, based on the performance of our common stock price as compared to our performance peer group and our cumulative total Free Cash Flow, in each case over a three-year performance period, 452,381 PSUs granted in 2021 vested at 181 %, representing 818,812 shares of our common stock with a total market value of $ 8.4 million.

2 unchanged sentences

Cumulative compensation cost for vested liability RSUs equals the actual payout value upon vesting.

For the three- and six-month periods ended June 30, 2024, $ 2.1 million and $ 3.7 million, respectively, were recognized as compensation cost.

For the three- and six-month periods ended June 30, 2023, $ 1.2 million and $ 2.4 million, respectively, were recognized as compensation cost.

For the three- and nine-month periods ended September 30, 2024, $ 1.5 million and $ 5.2 million, respectively, were recognized as compensation cost.

For the three- and nine-month periods ended September 30, 2023, $ 3.2 million and $ 5.5 million, respectively, were recognized as compensation cost.

In 2024 and 2023, we granted fixed-value cash awards of $ 6.1 million and $ 6.0 million, respectively, to select management employees under the 2005 Incentive Plan.

The value of these cash awards is recognized on a straight-line basis over a vesting period of three years .

For the three- and six-month periods ended June 30, 2024, $ 1.3 million and $ 2.7 million, respectively, were recognized as compensation cost.

For the three- and six-month periods ended June 30, 2023, $ 1.2 million and $ 2.4 million, respectively, were recognized as compensation cost.

For the three- and nine-month periods ended September 30, 2024, $ 1.4 million and $ 4.1 million, respectively, were recognized as compensation cost.

For the three- and nine-month periods ended September 30, 2023, $ 1.1 million and $ 3.5 million, respectively, were recognized as compensation cost.

Defined Contribution Plans

1 unchanged sentence

We also contribute to various other defined contribution plans globally.

For the three- and six-month periods ended June 30, 2024, we made contributions to our defined contribution plans totaling $ 1.4 million and $ 2.8 million, respectively.

For the three- and six-month periods ended June 30, 2023, we made contributions to our defined contribution plans totaling $ 1.0 million and $ 2.1 million, respectively.

For the three- and nine-month periods ended September 30, 2024, we made contributions to our defined contribution plans totaling $ 1.3 million and $ 4.1 million, respectively.

For the three- and nine-month periods ended September 30, 2023, we made contributions to our defined contribution plans totaling $ 1.0 million and $ 3.2 million, respectively.

Employee Stock Purchase Plan (“ESPP”)

As of June 30, 2024, 1.0 million shares were available for issuance under the ESPP.

As of September 30, 2024, 1.0 million shares were available for issuance under the ESPP.

The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

10 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Net revenues —

17 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Well Intervention

3 unchanged sentences

The following table reflects total assets by reportable segment (in thousands):

September 30,

Well Intervention

10 unchanged sentences

AROs at January 1,

Revisions in estimates

Accretion expense

AROs at June 30,

AROs at September 30,

Note 13 — Commitments and Contingencies and Other Matters

16 unchanged sentences

The following table provides supplemental cash flow information (in thousands):

Six Months Ended

Nine Months Ended

September 30,

Interest paid

2 unchanged sentences

Our capital additions include the acquisition of property and equipment for which payment has not been made.

These non-cash capital additions were $ 0.2 million at June 30, 2024 and $ 1.1 million at December 31, 2023.

These non-cash capital additions were $ 0.4 million at September 30, 2024 and $ 1.1 million at December 31, 2023.

Non-cash financing activities during the nine-month period ended September 30, 2024 included the non-cash settlement of the entire $ 14.0 million financing liabilities with certain customer receivables.

We incurred these financing liabilities as a result of the purchase of P&A equipment in the third quarter 2023 (Note 3).

Note 15 — Allowance for Credit Losses

3 unchanged sentences

Additions (1)

Balance at June 30,

Balance at September 30,

(1) Additions reflect reserves for expected credit losses during the respective periods.

3 unchanged sentences

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):

June 30, 2024

September 30, 2024

December 31, 2023

6 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