What changed in this filing

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Item 1. Financial Statements

2025-10-29 compared with 2025-07-30 · 167 added, 75 removed, 412 unchanged (37% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 28,

2025 March 30,

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60,000,000 shares of $ 0.01 par value;

20,717,850 and 20,684,621 shares issued and outstanding as of June 29, 2025 and March 30, 2025, respectively

20,740,284 and 20,684,621 shares issued and outstanding as of September 28, 2025 and March 30, 2025, respectively

Additional paid-in capital 27,261 24,094

7 unchanged sentences

(In thousands, except share and per-share data)

Three Months Ended

2025 June 30,

Three Months Ended Six Months Ended

September 28,

2025 September 29,

2024 September 28,

2025 September 29,

Sales $ 280,434 $ 247,029 $ 573,706 $ 502,908

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(In thousands)

Three Months Ended

2025 June 30,

Three Months Ended Six Months Ended

September 28,

2025 September 29,

2024 September 28,

2025 September 29,

Net income $ 22,598 $ 24,118 $ 51,773 $ 52,997

20 unchanged sentences

BALANCE — June 29, 2025 20,717,850 $ 207 $ 23,277 $ 459,680 $ 1,408 $ 484,572

Cash dividends declared and paid ($ 0.19 per share)

— — — ( 3,969 ) — ( 3,969 )

Share-based compensation expense — — 2,375 — — 2,375

Vesting of restricted stock 6,734 — — — — —

ESPP shares issued 15,700 — 1,609 — — 1,609

Other comprehensive income, net of tax — — — — ( 217 ) ( 217 )

Net income — — — 22,598 — 22,598

BALANCE — September 28, 2025 20,740,284 $ 207 $ 27,261 $ 478,309 $ 1,191 $ 506,968

Common Stock Additional

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BALANCE — June 30, 2024 20,734,331 $ 207 $ 27,932 $ 390,070 $ 3,009 $ 421,218

Cash dividends declared and paid ($ 0.18 per share)

— — — ( 3,763 ) — ( 3,763 )

Share-based compensation expense — — 1,832 — — 1,832

Vesting of restricted stock 10,647 — — — — —

ESPP shares issued 21,786 1 1,296 — — 1,297

Other comprehensive income, net of tax — — — — ( 1,330 ) ( 1,330 )

Net income — — — 24,118 — 24,118

BALANCE — September 29, 2024 20,766,764 $ 208 $ 31,060 $ 410,425 $ 1,679 $ 443,372

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended

2025 June 30,

Six Months Ended

September 28,

2025 September 29,

CASH FLOWS FROM OPERATING ACTIVITIES:

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Cash dividends declared and paid ( 7,723 ) ( 7,121 )

New shares issued 1,609 1,297

Payroll taxes paid in exchange for shares withheld ( 3,028 ) ( 2,541 )

3 unchanged sentences

Proceeds from revolving loan borrowings 170,000 45,000

Net cash provided by financing activities 142,454 19,952

Net cash provided by (used in) financing activities 120,094 ( 12,514 )

NET INCREASE IN CASH AND CASH EQUIVALENTS 5,312 373

2 unchanged sentences

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for income taxes $ 13,980 $ 18,340

Cash paid for interest $ 7,182 $ 2,923

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All significant intercompany accounts and transactions have been eliminated in consolidation.

The results of operations for the three months ended June 29, 2025 are not necessarily indicative of the results that may be expected for the full year.

The results of operations for the six months ended September 28, 2025 are not necessarily indicative of the results that may be expected for the full year.

As used in this Form 10-Q, except where otherwise stated or indicated by the context, "Hawkins," "we," "us," the Company," or "our" means Hawkins, Inc.

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The accounting policies we follow are set forth in Note 1 – Nature of Business and Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for fiscal 2025 , previously filed with the SEC.

There has been no significant change in our accounting policies since the end of fiscal 2025.

There have been no significant change in our accounting policies since the end of fiscal 2025.

Recently Issued Accounting Pronouncements

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We are currently evaluating the impact of the adoption of this standard on our consolidated financial statement disclosures.

"One Big Beautiful Bill Act"

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law.

The Act included changes to U.S.

tax law that were effective for us beginning with our quarter ending September 28, 2026.

These changes included provisions allowing retroactive accelerated tax deductions for qualified property that resulted in an insignificant tax benefit for fiscal 2025 and are expected to have a similar impact in fiscal 2026.

Note 2 — Acquisitions

We generally pursue business combinations to strengthen our position in existing markets, increase our market share and product offerings and expand into new markets.

Acquisitions are accounted for under the acquisition method of accounting.

For each acquisition, the excess of the purchase consideration over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill, which generally represents the combined value of our existing resources with the organizational talent of the acquired companies’ respective management teams to maximize efficiencies, market share growth and overall financial performance.

For each acquisition, we complete our allocation of purchase price to the fair values of acquired assets and liabilities within a one-year measurement period.

For each acquisition completed in fiscal 2025 and fiscal 2026, the results of operations since the acquisition date and the assets are included in our Water Treatment segment, with the exception of one immaterial acquisition in the second quarter of fiscal 2026 that was in our Food & Health Sciences segment.

Costs associated with each acquisition were not material and were expensed as incurred.

Fiscal 2026 Acquisitions

Acquisition of WaterSurplus, Inc.:

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$ 13.2 million to property, plant and equipment;

and the remaining amount to net working capital.

The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce.

Such goodwill is expected to be deductible for tax purposes.

and the remaining amount of $ 2.9 million to net working capital.

During the three months ended September 28, 2025, a measurement period adjustment was finalized related to the acquisition of WaterSurplus.

The initial accounting was provisional, and the final fair value of identified contract assets was higher than initially estimated.

The total adjustment increased the carrying amount of contract assets by $ 1.4 million and decreased the carrying amount of goodwill by $ 1.4 million.

The measurement period adjustment had no impact on the condensed consolidated statements of income for the three months ended September 28, 2025.

The goodwill recognized as a result of this acquisition is expected to be deductible for tax purposes.

The purchase price allocation is not yet complete due to the timing of the acquisition.

1 unchanged sentence

Costs associated with this transaction were not material and were expensed as incurred.

The following pro forma information has been prepared as if the WaterSurplus acquisition and the borrowing that financed the acquisition had occurred as of the beginning of the fiscal years presented.

The following pro forma information has been prepared as if the WaterSurplus acquisition and the borrowing that financed the acquisition had occurred as of the beginning of the earliest fiscal period presented.

The unaudited pro forma information is not necessarily indicative of what our consolidated results of operations actually would have been had the acquisition occurred at the beginning of each fiscal year, nor is it indicative of our future operational results.

Three Months Ended

(in thousands, except per share data) June 29, 2025 June 30, 2024

Three Months Ended Six Months Ended

(in thousands, except per share data) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Pro forma sales $ 280,434 $ 254,948 $ 575,861 $ 518,621

11 unchanged sentences

and (h) recording income taxes at our effective tax rate for each period.

Acquisition of Amerochem Corporation:

In the fourth quarter of fiscal 2025, we acquired substantially all the assets and assumed certain liabilities of Amerochem Corporation ("Amerochem") for $ 44.0 million under the terms of a purchase agreement with Amerochem and its shareholders.

Amerochem distributed water treatment chemicals and equipment to its customers primarily throughout North Carolina.

The results of operations since the acquisition date and the assets are included in our Water Treatment segment.

Acquisition of Waterguard, Inc.:

In the third quarter of fiscal 2025, we acquired substantially all the assets and assumed certain liabilities of Waterguard, Inc.

("Water Guard") for $ 18.0 million under the terms of a purchase agreement with Water Guard and its shareholders.

Water Guard distributed water treatment chemicals and equipment to its customers primarily throughout North Carolina.

The results of operations since the acquisition date and the assets are included in our Water Treatment segment.

Acquisition of Wofford Water Service, Inc.:

In the first quarter of fiscal 2025, we acquired substantially all the assets and assumed certain liabilities of Wofford Water Service, Inc.

("Wofford") for $ 3.4 million under the terms of a purchase agreement with Wofford and its shareholders.

Wofford distributed water treatment chemicals and equipment to customers mainly in Mississippi.

The results of operations since the acquisition date and the assets are included in our Water Treatment segment.

Acquisition of Intercoastal Trading, Inc.:

In the first quarter of fiscal 2025, we acquired substantially all the assets and assumed certain liabilities of Intercoastal Trading, Inc.

and certain related entities ("Intercoastal") for $ 22.0 million under the terms of a purchase agreement with Intercoastal and its shareholders.

Intercoastal distributed water treatment chemicals and equipment to its customers in Maryland, Delaware and Virginia.

The results of operations since the acquisition date and the assets are included in our Water Treatment segment.

Sales of WaterSurplus of $ 5.7 million for the three months ended September 28, 2025 and $ 17.9 million for the six months ended September 28, 2025 were included in our condensed consolidated statements of income.

Operating loss of WaterSurplus of $ 2.3 million for the three months ended September 28, 2025 and $ 0.2 million for the six months ended September 28, 2025 was also included in our condensed consolidated statements of income.

Inclusive of four additional immaterial acquisitions not discussed above, total cash consideration for the acquisitions completed in the six months ended September 28, 2025 was $ 162.5 million.

Fiscal 2025 Acquisitions

We completed four acquisitions in fiscal 2025, including the previously announced acquisitions shown below.

Amerochem Corporation was acquired on January 31, 2025 for $ 44.0 million.

Located in North Carolina, Amerochem distributed water treatment chemicals and equipment to its customers located primarily in North Carolina.

Waterguard, Inc.

was acquired on October 31, 2024 for $ 18.0 million.

Located in North Carolina, Waterguard distributed water treatment chemicals and equipment to its customers located primarily in North Carolina.

Intercoastal Trading, Inc.

was acquired on June 3, 2024 for $ 22.0 million.

Located in Maryland, Intercoastal Trading distributed water treatment chemicals and equipment to its customers in Maryland, Delaware, and Virginia.

Inclusive of one immaterial acquisition not discussed above, total cash consideration for the 2025 acquisitions completed in the six months ended September 29, 2024 was $ 25.4 million.

Note 3 - Revenue

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Reporting by operating segment is pertinent to understanding our revenues, as it aligns to how we review the financial performance of our operations.

The following tables disaggregate external customer net sales by major revenue stream as reviewed internally for the three months ended June 29, 2025 and June 30, 2024:

Three months ended June 29, 2025

The following tables disaggregate external customer net sales by major revenue stream as reviewed internally for the three and six months ended September 28, 2025 and September 29, 2024:

Three months ended September 28, 2025

(In thousands) Water

10 unchanged sentences

Total external customer sales $ 150,908 $ 72,914 $ 56,612 $ 280,434

Three months ended June 30, 2024

Three months ended September 29, 2024

(In thousands) Water

10 unchanged sentences

Total external customer sales $ 124,528 $ 71,402 $ 51,099 $ 247,029

Six months ended September 28, 2025

(In thousands) Water

Treatment Food & Health Sciences Industrial Solutions Total

Manufactured, blended or repackaged products (1)

$ 273,863 $ — $ 84,785 $ 358,648

Bulk products (2)

24,251 — 23,589 47,840

Nutrition — 68,748 — 68,748

Food — 50,625 — 50,625

Pharmaceutical — 12,227 — 12,227

Agricultural — 29,132 — 29,132

Other 2,360 1,359 2,767 6,486

Total external customer sales $ 300,474 $ 162,091 $ 111,141 $ 573,706

Six months ended September 29, 2024

(In thousands) Water

Treatment Food & Health Sciences Industrial Solutions Total

Manufactured, blended or repackaged products (1)

$ 218,535 $ — $ 79,114 $ 297,649

Bulk products (2)

20,672 — 22,774 43,446

Nutrition — 67,772 — 67,772

Food — 52,418 — 52,418

Pharmaceutical — 11,768 — 11,768

Agricultural — 23,299 — 23,299

Other 2,497 1,238 2,821 6,556

Total external customer sales $ 241,704 $ 156,495 $ 104,709 $ 502,908

(1) This line includes our non-bulk specialty products in our Water Treatment and Industrial Solutions segments that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and equipment and services we provide for our customers.

4 unchanged sentences

Basic and diluted EPS were calculated using the following:

Three Months Ended

June 29, 2025 June 30, 2024

Three Months Ended Six Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Weighted-average common shares outstanding—basic 20,737,743 20,757,397 20,727,614 20,786,938

17 unchanged sentences

The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period.

The earnout liabilities recorded in conjunction with the acquisitions of Water Solutions (acquired during fiscal 2024) and WaterSurplus are based upon achieving certain targets.

The earnout liabilities recorded in conjunction with the acquisitions of Water Solutions Unlimited, Inc.

("Water Solutions") (acquired during fiscal 2024) and WaterSurplus are based upon achieving certain targets.

The Water Solutions earnout is based on a target of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in year three of the acquisition.

4 unchanged sentences

Changes in fair value are included in selling, general and administrative expenses in our Condensed Consolidated Statements of Income.

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of June 29, 2025 and March 30, 2025.

(In thousands) June 29, 2025 March 30, 2025

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of September 28, 2025 and March 30, 2025.

(In thousands) September 28, 2025 March 30, 2025

Deferred compensation plan assets Level 1 $ 14,504 $ 11,723

2 unchanged sentences

Water Solutions earnout liability Level 3 $ 10,664 $ 12,604

Changes in the earnout liability measured at fair value using Level 3 inputs were as follows:

The changes in the earnout liability measured at fair value using Level 3 inputs were as follows:

(In thousands)

3 unchanged sentences

Fair value adjustments to Water Solutions earnout liability Level 3 $ ( 1,940 )

Earnout liability at June 29, 2025

Earnout liability at September 28, 2025

Note 6 – Inventories

Inventories at June 29, 2025 and March 30, 2025 consisted of the following:

Inventories at September 28, 2025 and March 30, 2025 consisted of the following:

September 28,

2025 March 30,

3 unchanged sentences

Net inventory $ 92,905 $ 83,512

We use the last in, first out (“LIFO”) method of valuing the majority of our inventory, which causes the most recent product costs to be recognized in our income statement.

We use the last in, first out (“LIFO”) method of valuing the majority of our inventory, which causes the most recent product costs to be recognized in our condensed consolidated statements of income.

Note 7 – Goodwill and Intangible Assets

4 unchanged sentences

Addition due to acquisitions 86,014 722 — 86,736

Balance as of June 29, 2025

Balance as of September 28, 2025

$ 169,982 $ 46,871 $ 5,292 $ 222,145

The following is a summary of our identifiable intangible assets as of June 29, 2025 and March 30, 2025:

June 29, 2025 March 30, 2025

The following is a summary of our identifiable intangible assets as of September 28, 2025 and March 30, 2025:

September 28, 2025 March 30, 2025

(In thousands) Gross

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The notional amount of the swap agreement is $ 60 million.

At June 29, 2025, the effective interest rate on our borrowings was 4.9 %.

Debt at June 29, 2025 and March 30, 2025 consisted of the following:

At September 28, 2025, the effective interest rate on our borrowings was 5.1 %.

Debt at September 28, 2025 and March 30, 2025 consisted of the following:

September 28,

2025 March 30,

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The tax years prior to our fiscal year ended April 3, 2022 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions.

Our effective income tax rate was approximately 25 % for both the three months ended June 29, 2025 and June 30, 2024.

Our effective income tax rate was approximately 27% for both the three months ended September 28, 2025 and September 29, 2024, and approximately 26 % for both the six months ended September 28, 2025 and September 29, 2024.

The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes.

2 unchanged sentences

Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2026 and fiscal 2025.

These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year.

These performance-based arrangements provide for the grant of performance-based restricted stock units under our 2019 Equity Incentive Plan (the "2019 Plan") that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year.

The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 58,353 shares in the aggregate for fiscal 2026.

1 unchanged sentence

We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards.

The following table represents the restricted stock activity for the three months ended June 29, 2025:

The following table represents the restricted stock activity for the six months ended September 28, 2025:

Shares Weighted-

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Unvested at end of period 136,846 $ 95.93

We recorded compensation expense related to performance share units and restricted stock of $ 1.8 million for the three months ended June 29, 2025 and $ 1.1 million for the three months ended June 30, 2024.

We recorded compensation expense related to performance share units and restricted stock of $ 1.9 million for the three months ended September 28, 2025 and $ 1.5 million for the three months ended September 29, 2024.

We recorded compensation expense related to performance share units and restricted stock of $ 3.6 million for the six months ended September 28, 2025 and $ 2.6 million for the six months ended September 29, 2024.

Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income.

1 unchanged sentence

As part of their retainer, our directors, other than the Chief Executive Officer, receive restricted stock for their Board services.

The restricted stock awards are generally expensed over a one-year vesting period, based on the market value on the date of grant.

As of June 29, 2025, there were 6,734 shares of restricted stock with an average grant date fair value of $ 103.90 outstanding under this program.

Compensation expense related to restricted stock awards to the Board was $ 0.2 million for the three months ended June 29, 2025 and $ 0.1 million for the three months ended June 30, 2024.

The restricted stock awards are under our 2019 Plan and are generally expensed over a one-year vesting period, based on the market value on the date of grant.

As of September 28, 2025, there were 4,396 shares of restricted stock with an average grant date fair value of $ 159.16 outstanding under this program.

Compensation expense related to restricted stock awards to the Board was $ 0.2 million for both the three months ended September 28, 2025 and September 29, 2024.

Compensation expense related to restricted stock awards to the Board was $ 0.3 million for both the six months ended September 28, 2025 and September 29, 2024.

During the three months ended September 28, 2025, certain employees from the WaterSurplus acquisition received restricted stock awards under the 2019 Plan, primarily to incentivize their continued service.

The restricted stock awards will be expensed over a three-year vesting period, based on the market value on the date of grant.

As of September 28, 2025, there were 8,713 shares of restricted stock with an average grant date fair value of $ 142.10 outstanding under this program.

Compensation expense related to restricted stock awards to certain WaterSurplus employees was $ 0.1 million for the three and six months ended September 28, 2025 and none for the three and six months ended September 29, 2024.

Note 11 – Share Repurchase Program

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Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital.

During the three months ended June 29, 2025, no shares were repurchased, and during the three months ended June 30, 2024, we repurchased 105,541 shares at an aggregate purchase price of $ 9.1 million.

As of June 29, 2025, 731,544 shares remained available to be repurchased under the share repurchase program.

During the three and six months ended September 28, 2025, no shares were repurchased.

During the three months ended September 29, 2024, no shares were repurchased, and during the six months ended September 29, 2024, we repurchased 105,541 shares at an aggregate purchase price of $ 9.1 million.

As of September 28, 2025, 731,544 shares remained available to be repurchased under the share repurchase program.

Note 12 – Commitments and Contingencies

6 unchanged sentences

While it is possible that additional expense related to the remediation will be incurred in future periods if currently unknown issues arise, we are unable to estimate the extent of financial impact related to any such unknown issues.

No expenses were charged against this liability during the three months ended June 29, 2025.

No expenses were charged against this liability during both the three and six months ended September 28, 2025 and September 29, 2024.

Note 13 – Segment Information

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This segment has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility.

• Our Food & Health Sciences segment specializes in processing and formulation solutions as well as ingredient distribution to manufacturers in the nutrition, pharmaceutical, food, and agricultural markets.

This segment offers a

diverse product portfolio including base chemistry, acid based reactions, minerals, vitamins and amino acids, excipients, botanicals and herbs, sweeteners and enzymes, fertilizers, and food-grade and pharmaceutical salts and ingredients.

• Our Food & Health Sciences segment specializes in processing and formulation solutions as well as ingredient distribution to manufacturers in the nutrition, food, pharmaceutical, and agricultural markets.

This segment offers a diverse product portfolio including base chemistry, acid based reactions, minerals, vitamins and amino acids, excipients, botanicals and herbs, sweeteners and enzymes, fertilizers, and food-grade and pharmaceutical salts and ingredients.

• Our Industrial Solutions segment specializes in providing industrial chemicals, products and services to industries such as industrial manufacturing, chemical processing, electronics, energy, plating, and surface finishing.

7 unchanged sentences

Treatment Food & Health Sciences Industrial Solutions Total

Three months ended June 29, 2025:

Three months ended September 28, 2025:

Sales $ 150,908 $ 72,914 $ 56,612 $ 280,434

11 unchanged sentences

Depreciation and amortization 7,854 3,214 2,194 13,262

Three months ended June 30, 2024:

Three months ended September 29, 2024:

Sales $ 124,528 $ 71,402 $ 51,099 $ 247,029

11 unchanged sentences

Depreciation and amortization 4,693 3,122 2,112 9,927

*Unallocated assets not included, consisting primarily of cash and cash equivalents, prepaid expenses, and non-qualified deferred compensation plan assets of $ 37.0 million at June 29, 2025 and $ 30.7 million at June 30, 2024.

Note 14 – Subsequent Events

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law.

The Act includes changes to U.S.

tax law that will be applicable to us beginning with our quarter ending September 28, 2026.

These changes include provisions allowing

accelerated tax deductions for qualified property that will provide future income tax benefits to us.

We are in the process of evaluating the impact of the Act to our consolidated financial statements.

(In thousands) Water

Treatment Food & Health Sciences Industrial Solutions Total

Six months ended September 28, 2025:

Sales $ 300,474 $ 162,091 $ 111,141 $ 573,706

Cost of sales - materials 177,973 118,967 87,979 384,919

Cost of sales - operational overhead 35,493 8,295 4,994 48,782

Gross profit 87,008 34,829 18,168 140,005

Selling, general, and administrative expenses 41,156 16,465 7,111 64,732

Operating income 45,852 18,364 11,057 75,273

Interest expense, net ( 7,101 )

Other income 1,663

Income tax expense ( 18,062 )

Identifiable assets*

Capital expenditures 14,593 4,787 4,962 24,342

Depreciation and amortization 14,758 6,414 4,381 25,553

Six months ended September 29, 2024:

Sales $ 241,704 $ 156,495 $ 104,709 $ 502,908

Cost of sales - materials 137,261 112,601 82,246 332,108

Cost of sales - operational overhead 33,307 7,926 4,690 45,923

Gross profit 71,136 35,968 17,773 124,877

Selling, general, and administrative expenses 29,904 14,821 6,616 51,341

Operating income 41,232 21,147 11,157 73,536

Interest expense, net ( 2,690 )

Other income 832

Income tax expense ( 18,681 )

Identifiable assets*

Capital expenditures 11,549 4,582 5,155 21,286

Depreciation and amortization 8,864 6,211 4,181 19,256

*Unallocated assets not included, consisting primarily of cash and cash equivalents, prepaid expenses, and non-qualified deferred compensation plan assets of $ 32.1 million at September 28, 2025 and $ 28.0 million at September 29, 2024.

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