What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2022-11-14 compared with 2022-08-15 · 99 added, 87 removed, 218 unchanged (46% of the section changed)

20 unchanged sentences

We have incurred significant operating losses since our inception.

Our net losses were $5.9 million for the six months ended June 30, 2022, and we expect to continue to incur significant losses for the foreseeable future.

As of June 30, 2022, we had an accumulated deficit of $151.7 million.

We expect to continue to incur losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve increasingly higher number of stable qubits and higher levels of fidelity than that which presently exists— prerequisites for quantum computing to reach broad quantum advantage.

Our net losses were $29.9 million for the nine months ended September 30, 2022.

As of September 30, 2022, we had an accumulated deficit of $175.7 million.

We expect to continue to incur significant losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve increasingly higher number of stable qubits and higher levels of fidelity than that which presently exists—prerequisites for quantum computing to reach broad quantum advantage.

The Merger Agreement and Public Company Costs

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Business and Technical Highlights

IonQ announced a paid contract with Airbus, who is using Aria to explore optimization problems that are core to their aerospace business, such as how to efficiently load cargo on aircraft.

IonQ expects that the quantum algorithm it is developing with Airbus will account for a number of critical aviation variables that make this problem particularly difficult for classical algorithms to solve.

IonQ announced a paid contract with Dow, a global leader in chemistry and material science, who is using Aria to explore the boundaries of quantum computing in materials discovery research.

They join other customers who are partnering with IonQ to explore the intersection of quantum machine learning, material science, and chemistry.

IonQ announced the results of a partnership with GE Research to develop a quantum algorithm that manages financial risk exposure.

The work used a large data set to generate risk models across up to four variables and is broadly applicable to industries which have risk-management needs, such as finance, insurance, and supply chain management.

Aria, which IonQ believes to be the most powerful commercial quantum computer in the world with 23 algorithmic qubits, which will be available tomorrow to all users of Microsoft Azure Quantum.

This announcement furthers IonQ’s commitment to making its industry-leading hardware publicly accessible to current and future generations of quantum programmers

IonQ signed a formal agreement to collaborate with the University of Maryland on a project for the National Science Foundation.

For this, IonQ will build and host a quantum router as a part of a new quantum network–the Mid-Atlantic Region Quantum Internet—spanning UMD’s campus and surrounding area.

The work is not only important for quantum communications, but also continues IonQ’s work towards connecting multiple quantum computers together to form even more powerful systems.

IonQ finalized a subcontract with Zapata Computing to collaborate on a multi-million dollar DARPA project.

Aria has increased its computational power by approximately 8x, now reaching #AQ 23, up from #AQ 20.

Aria will become IonQ’s newest cloud offering, representing more than a 130,000x increase in computational power from the existing offering.

IonQ announced an 8x increase in the computation power of IonQ Harmony, which has achieved up to #AQ 9, up from a previous benchmark of #AQ 6.

Harmony systems are available to customers via all three major cloud partners, including Microsoft Azure, Amazon Web Services, and Google Cloud.

IonQ is investing in cutting-edge research on natural language processing, or NLP.

IonQ created quantum NLP algorithms to represent linguistic qualities like ambiguity, vagueness, and novelty which are notoriously difficult to represent in classical compute.

No previously published work has demonstrated ambiguity resolution or language generation working on live quantum hardware.

IonQ believes quantum techniques of this nature can dramatically improve NLP performance.

IonQ has identified a facility in Seattle, Washington to host its first assembly lines for manufacturing quantum computers.

IonQ announced the hire of Dave Mehuys as Vice President of Product Engineering to support its production plans.

Mehuys comes to IonQ after serving as Vice President of Systems Engineering at PsiQuantum and brings with him a deep understanding of quantum hardware.

IonQ announced the creation of IonQ GmbH and IonQ Israel Ltd in support of growing regional investments in quantum computing.

IonQ welcomed Kathy Chou to the IonQ Board of Directors in July 2022.

Chou is currently the Senior Vice President of SaaS Engineering at Nutanix, and brings a wealth of experience in go-to-market strategy and developing and deploying SaaS applications.

Impact of COVID-19 on Our Business

In September, the United States Air Force Research Lab (AFRL) announced a multi-part, $13.4 million contract with IonQ.

We will supply cloud access to compute on our cutting-edge trapped ion systems and certain hardware components to further research in quantum networking.

We increased the computational power of our Aria system by approximately 4x, now reaching #AQ 25, up from #AQ 23.

Aria was already believed to be the most powerful quantum computer known, and has now achieved our #AQ technical milestone for 2022.

Aria is available to the public via cloud access on Microsoft’s Azure Quantum Cloud.

We announced a project with the Oak Ridge National Laboratory, part of the U.S.

Department of Energy, to research benchmark circuits for the discovery of new quantum chemistry applications.

We announced a new partnership with Dell Technologies to offer joint customers a world-class hybrid computing solution, allowing for the seamless transitioning of workloads between the world’s leading quantum and classical computing hardware systems.

We announced a next generation custom chip called the multilayered glass trap (MGT), which utilizes multiple layers to route wires across the chip to enable higher qubit count per chip.

We will be participating at the Super Compute 2022 (SC22), a multi-day event in Dallas, Texas, on November 13-18, where we and Dell Technologies will demonstrate our new Dell Quantum Computing Solution.

Impact of COVID-19 and Other Trends on Our Business

In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization.

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Management continues to actively monitor our financial condition, liquidity, operations, suppliers, industry, and workforce.

Additionally, the recent trends towards rising inflation may also materially adversely affect our business and corresponding financial position and cash flows.

Inflationary factors, interest rates and overhead costs may adversely affect our operating results.

Rising interest and inflation rates also present a recent challenge impacting the U.S.

economy and could make it more difficult for us to obtain traditional financing on acceptable terms, if at all, in the future.

Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increases in the near future (especially if inflation rates continue to rise) on our operating costs, including our labor, due to supply chain constraints, consequences associated with COVID-19 and the ongoing conflict between Russia and Ukraine, and employee availability and wage increases, which may result in additional stress on our working capital resources.

Key Components of Results of Operations

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Interest income, net consists of income earned on our money market funds and other available-for-sale investments.

Offering costs associated with warrants

Offering costs associated with warrants consist of transaction costs that have been allocated to the public and private warrants and were expensed upon consummation of the Business Combination on September 30, 2021, based on the relative fair value of the equity issued and the liability-classified warrants.

Other income (expense), net

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Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(in thousands)

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Interest income, net

Offering costs associated with warrants

Other income (expense), net

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Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(in thousands)

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General and administrative

Comparison of the Three Months Ended June 30, 2022 and 2021

Three Months Ended June 30,

Comparison of the Three Months Ended September 30, 2022 and 2021

Three Months Ended September 30,

(in thousands)

Revenue increased by $2.5 million, or 2,704%, to $2.6 million for the three months ended June 30, 2022, from $0.1 million for the three months ended June 30, 2021.

The increase was primarily driven by new revenue contracts under which we provided services during the three months ended June 30, 2022, as well as an increase in services provided through our cloud service providers.

Revenue increased by $2.5 million, or 1,086%, to $2.8 million for the three months ended September 30, 2022, from $0.2 million for the three months ended September 30, 2021.

The increase was primarily driven by new revenue contracts under which we provided services during the three months ended September 30, 2022, as well as an increase in revenue from services provided under our contract with UMD.

Cost of revenue

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

Cost of revenue (excluding depreciation and amortization)

Cost of revenue increased by $0.4 million, or 127%, to $0.7 million for the three months ended June 30, 2022, from $0.3 million for the three months ended June 30, 2021.

The increase was driven by the increase in costs to service new contracts for the three months ended June 30, 2022.

Cost of revenue increased by $0.5 million, or 213%, to $0.7 million for the three months ended September 30, 2022, from $0.2 million for the three months ended September 30, 2021.

The increase was driven by the increase in costs to service new contracts for the three months ended September 30, 2022.

Research and development

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

Research and development

Research and development expenses increased by $4.2 million, or 76%, to $9.7 million for the three months ended June 30, 2022, from $5.5 million for the three months ended June 30, 2021.

The increase was primarily driven by a $2.5 million increase in payroll-related expenses, including stock-based compensation of $1.7 million, as a result of increased headcount, and a $1.5 million increase in materials, supplies and equipment costs.

Research and development expenses increased by $7.1 million, or 115%, to $13.3 million for the three months ended September 30, 2022, from $6.2 million for the three months ended September 30, 2021.

The increase was primarily driven by a $6.0 million increase in payroll-related expenses, including stock-based compensation of $3.8 million, as a result of increased headcount, and a $1.1 million increase in professional service costs to support research and development initiatives.

Sales and marketing

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

Sales and marketing

Sales and marketing expenses increased by $1.3 million, or 145%, to $2.1 million for the three months ended June 30, 2022, from $0.9 million for the three months ended June 30, 2021.

The increase was primarily due to an increase of $1.0 million of payroll-related expenses, including an increase in stock-based compensation of $0.5 million, as a result of increased headcount, and increased costs to promote our services and other marketing initiatives of approximately $0.3 million.

Sales and marketing expenses increased by $0.7 million, or 53%, to $2.0 million for the three months ended September 30, 2022, from $1.3 million for the three months ended September 30, 2021.

The increase was primarily due to an increase of $0.7 million of payroll-related expenses, including an increase in stock-based compensation of $0.3 million, as a result of increased headcount.

General and administrative

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

General and administrative

General and administrative expenses increased by $4.7 million, or 160%, to $7.6 million for the three months ended June 30, 2022, from $2.9 million for the three months ended June 30, 2021.

General and administrative expenses increased by $7.7 million, or 312%, to $10.1 million for the three months ended September 30, 2022, from $2.5 million for the three months ended September 30, 2021.

The increase was primarily driven by an increase of $5.1 million in payroll-related expenses, including an increase in stock-based compensation of $3.7 million, as a result of increased headcount, and an increase of $1.2 million in director and officer insurance costs.

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Depreciation and amortization

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

Depreciation and amortization

Depreciation and amortization expenses increased by $0.9 million, or 189%, to $1.5 million for the three months ended June 30, 2022, from $0.5 million for the three months ended June 30, 2021.

Depreciation and amortization expenses increased by $0.9 million, or 157%, to $1.5 million for the three months ended September 30, 2022, from $0.6 million for the three months ended September 30, 2021.

The increase was primarily driven by an increase of $0.2 million due to amortization of capitalized internally developed software and an increase of $0.5 million in depreciation expense associated with capitalized quantum computing system costs.

Change in fair value of warrant liabilities

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

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The change in fair value of warrant liabilities increased $16.1 million to $16.1 million for the three months ended June 30, 2022, from zero for the three months ended June 30, 2021, as a result of mark-to-market income adjustments recorded for the public warrants assumed as part of the Business Combination.

The change in fair value of warrant liabilities increased $1.2 million to $1.2 million for the three months ended September 30, 2022, from zero for the three months ended September 30, 2021, as a result of mark-to-market income adjustments recorded for the public warrants assumed as part of the Business Combination.

Interest income, net

Three Months Ended June 30,

Three Months Ended September 30,

(in thousands)

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NM—Not Meaningful

Interest income, net increased by $1.3 million to $1.3 million for the three months ended June 30, 2022, from zero for the three months ended June 30, 2021.

Interest income, net increased by $2.1 million to $2.1 million for the three months ended September 30, 2022, from zero for the three months ended September 30, 2021.

The increase was primarily driven by interest income earned on our cash equivalents and available-for-sale investments.

Comparison of the Six Months Ended June 30, 2022 and 2021

Six Months Ended June 30,

Offering costs associated with warrants

Three Months Ended September 30,

(in thousands)

Revenue increased by $4.3 million, or 1,992%, to $4.6 million for the six months ended June 30, 2022, from $0.2 million for the six months ended June 30, 2021.

The increase was primarily driven by new revenue contracts under which we provided services during the six months ended June 30, 2022.

Offering costs associated with warrants

Offering costs associated with warrants decreased by $4.3 million, or 100%, to zero for the three months ended September 30, 2022, from $4.3 million for the three months ended September 30, 2021.

In connection with the Business Combination, $4.3 million of transaction costs were allocated and expensed related to the liability-classified public and private warrants.

Comparison of the Nine Months Ended September 30, 2022 and 2021

Nine Months Ended September 30,

(in thousands)

Revenue increased by $6.9 million, or 1,524%, to $7.3 million for the nine months ended September 30, 2022, from $0.5 million for the nine months ended September 30, 2021.

The increase was primarily driven by new revenue contracts under which we provided services during the nine months ended September 30, 2022, as well as an increase in revenue from services provided under our contract with UMD.

Cost of revenue

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

Cost of revenue (excluding depreciation and amortization)

Cost of revenue increased by $0.8 million, or 158%, to $1.3 million for the six months ended June 30, 2022, from $0.5 million for the six months ended June 30, 2021.

The increase was driven by the increase in costs to service new contracts for the six months ended June 30, 2022.

Cost of revenue increased by $1.3 million, or 175%, to $2.0 million for the nine months ended September 30, 2022, from $0.7 million for the nine months ended September 30, 2021.

The increase was driven by the increase in costs to service new contracts for the nine months ended September 30, 2022.

Research and development

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

Research and development

Research and development expense increased by $7.9 million, or 86%, to $17.0 million for the six months ended June 30, 2022 from $9.1 million for the six months ended June 30, 2021.

The increase was primarily driven by a $4.7 million increase in payroll-related expenses, including an increase in stock-based compensation of $2.9 million, as a result of increased headcount, and a $2.5 million increase in materials, supplies and equipment costs.

Research and development expense increased by $15.0 million, or 98%, to $30.3 million for the nine months ended September 30, 2022 from $15.3 million for the nine months ended September 30, 2021.

The increase was primarily driven by a $10.8 million increase in payroll-related expenses, including an increase in stock-based compensation of $6.6 million, as a result of increased headcount, a $2.4 million increase in materials, supplies and equipment costs, and a $1.4 million increase in professional service costs to support research and development initiatives.

Sales and marketing

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

Sales and marketing

Sales and marketing expense increased by $2.9 million, or 264%, to $4.0 million for the six months ended June 30, 2022, from $1.1 million for the six months ended June 30, 2021.

Sales and marketing expense increased by $3.6 million, or 150%, to $6.0 million for the nine months ended September 30, 2022, from $2.4 million for the nine months ended September 30, 2021.

The increase was primarily due to an increase of $2.8 million of payroll-related expenses, including an increase in stock-based compensation of $0.9 million, as a result of increased headcount, and increased costs to promote our services and other marketing initiatives of approximately $0.8 million.

General and administrative

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

General and administrative

General and administrative expenses increased by $10.9 million, or 186%, to $16.8 million for the six months ended June 30, 2022, from $5.9 million for the six months ended June 30, 2021.

General and administrative expenses increased by $18.6 million, or 223%, to $26.9 million for the nine months ended September 30, 2022, from $8.3 million for the nine months ended September 30, 2021.

The increase was primarily driven by an increase of $11.1 million in payroll-related expenses, including an increase in stock-based compensation of $8.6 million, as a result of increased headcount, and an increase of $3.7 million in director and officer insurance costs.

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Depreciation and amortization

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

Depreciation and amortization

Depreciation and amortization expenses increased by $1.8 million, or 187%, to $2.7 million for the six months ended June 30, 2022, from $0.9 million for the six months ended June 30, 2021.

Depreciation and amortization expenses increased by $2.7 million, or 175%, to $4.2 million for the nine months ended September 30, 2022, from $1.5 million for the nine months ended September 30, 2021.

The increase was primarily driven by an increase of $0.5 million due to amortization of capitalized internally developed software and an increase of $1.4 million in depreciation expense associated with capitalized quantum computing system costs.

Change in fair value of warrant liabilities

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

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NM—Not Meaningful

The change in fair value of warrant liabilities increased $29.5 million to $29.5 million for the six months ended June 30, 2022, from zero for the six months ended June 30, 2021, as a result of mark-to-market income adjustments recorded for the public warrants assumed as part of the Business Combination.

The change in fair value of warrant liabilities increased $28.4 million to $28.4 million for the nine months ended September 30, 2022, from zero for the nine months ended September 30, 2021, as a result of mark-to-market income adjustments recorded for the public warrants assumed as part of the Business Combination.

Interest income, net

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

1 unchanged sentence

NM—Not Meaningful

Interest income, net increased by $1.9 million to $1.9 million for the six months ended June 30, 2022, from zero for the six months ended June 30, 2021.

Interest income, net increased by $3.9 million to $3.9 million for the nine months ended September 30, 2022, from zero for the nine months ended September 30, 2021.

The increase was primarily driven by interest income earned on our cash equivalents and available-for-sale investments.

Offering costs associated with warrants

Three Months Ended September 30,

(in thousands)

Offering costs associated with warrants

Offering costs associated with warrants decreased by $4.3 million, or 100%, to zero for the nine months ended September 30, 2022, from $4.3 million for the nine months ended September 30, 2021.

In connection with the Business Combination, $4.3 million of transaction costs were allocated and expensed related to the liability-classified public and private warrants.

Liquidity and Capital Resources

As of June 30, 2022, we had cash, cash equivalents and available-for-sale securities of $571.3 million.

We believe that our cash, cash equivalents and investments as of June 30, 2022, will be sufficient to meet our working capital and capital expenditure needs for the next 12 months.

As of September 30, 2022, we had cash, cash equivalents and available-for-sale securities of $555.8 million.

We believe that our cash, cash equivalents and investments as of September 30, 2022, will be sufficient to meet our working capital and capital expenditure needs for the next 12 months.

We believe we will meet longer term expected future cash requirements and obligations through a combination of cash flows from operating activities and available funds from our cash, cash equivalents and investment balances.

However, this determination is based upon internal projections and is subject to changes in market and business conditions.

We have incurred losses since our inception, and as of June 30, 2022, we had an accumulated deficit of $151.7 million.

During the six months ended June 30, 2022, we incurred net losses of $5.9 million.

We have incurred losses since our inception, and as of September 30, 2022, we had an accumulated deficit of $175.7 million.

During the nine months ended September 30, 2022, we incurred net losses of $29.9 million.

We expect to incur additional losses and higher operating expenses for the foreseeable future.

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We require a significant amount of cash for expenditures as we invest in ongoing research and development and commercialization of our products.

Until such time as we can generate significant revenue from sales of our QCaaS, if ever, we expect to finance our liquidity needs through our cash, cash equivalents and investments, as well as equity or debt financings or other capital sources, including potential collaborations and other similar arrangements.

Until such time as we can generate significant revenue from commercializing our quantum computing technology, if ever, we expect to finance our liquidity needs through our cash, cash equivalents and investments, as well as equity or debt financings or other capital sources, including potential collaborations and other similar arrangements.

However, we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all.

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Other than operating expenses, including our continued investment in our quantum computers, cash requirements for the year ending December 31, 2022, are expected to consist primarily of capital expenditures for corporate facilities.

Our material cash requirements as of June 30, 2022, include operating lease commitments, including the lease of our headquarters in College Park, Maryland.

As of June 30, 2022, we have total operating lease obligations of $6.7 million, with $0.7 million payable within 12 months.

Our material cash requirements as of September 30, 2022 include operating lease commitments, including the lease of our headquarters in College Park, Maryland.

As of September 30, 2022, we have total operating lease obligations of $6.5 million, with $0.7 million payable within 12 months.

The following table summarizes our cash flows for the period indicated:

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

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Our operating cash flows are also affected by our working capital needs to support growth in personnel-related expenditures and fluctuations in accounts payable and other current assets and liabilities.

Net cash used in operating activities during the six months ended June 30, 2022, was $16.9 million, primarily resulting from a net loss of $5.9 million, adjusted for non-cash activity, primarily related to the gain recorded as a result of mark-to-market activity for our public warrants offset by stock-based compensation and other working capital activities.

Net cash used in operating activities during the nine months ended September 30, 2022, was $29.8 million, primarily resulting from a net loss of $29.9 million, adjusted for non-cash activity, primarily related to the gain recorded as a result of mark-to-market activity for our public warrants offset by stock-based compensation and other working capital activities.

The increase in net cash used in operations from the prior year period was primarily related to increased research and development activities, increased compensation costs as a result of hiring personnel and increased costs incurred as a public company.

Net cash used in operating activities during the six months ended June 30, 2021, was $9.8 million, primarily resulting from a net loss of $17.3 million, adjusted for non-cash activity, primarily related to stock-based compensation, costs associated with research and development arrangements and other working capital activities.

Net cash used in operating activities during the nine months ended September 30, 2021, was $21.9 million, primarily resulting from a net loss of $32.1 million, adjusted for non-cash activity, primarily related to stock-based compensation, offering costs associated with warrants, costs associated with research and development arrangements and other working capital activities.

Cash flows from investing activities

Net cash used in investing activities during the six months ended June 30, 2022, was $339.2 million, primarily resulting from purchases of available-for-sale investments of $403.9 million, additions of $7.0 million to property and equipment related to the development of our quantum computing systems, offset by cash received from sales and maturities of available-for-sale investments of $73.1 million.

Net cash used in investing activities during the six months ended June 30, 2021, was $4.0 million, primarily resulting from additions of $3.0 million to property and equipment related to the development of our quantum computing systems, $0.8 million of capitalized internal software development costs, and $0.2 million of intangible assets acquisition costs.

Net cash used in investing activities during the nine months ended September 30, 2022, was $314.2 million, primarily resulting from purchases of available-for-sale investments of $488.9 million, additions of $8.4 million to property and equipment related to the development of our quantum computing systems, offset by cash received from sales and maturities of available-for-sale investments of $185.2 million.

Net cash used in investing activities during the nine months ended September 30, 2021, was $6.9 million, primarily resulting from additions of $5.3 million to property and equipment related to the development of our quantum computing systems, $1.2 million of capitalized internal software development costs, and $0.4 million of intangible assets acquisition costs.

Cash flows from financing activities

Net cash provided by financing activities during the six months ended June 30, 2022, was $1.1 million, primarily resulting from proceeds from stock options exercised and tax withholding receipts related to restricted stock units.

Net cash provided by financing activities during the six months ended June 30, 2021, was $5.4 million primarily resulting from proceeds from stock options exercised.

Net cash provided by financing activities during the nine months ended September 30, 2022, was $2.2 million, primarily resulting from proceeds from stock options exercised and tax withholding receipts related to restricted stock units.

Net cash provided by financing activities during the nine months ended September 30, 2021, was $579.9 million primarily resulting from proceeds received from the Business Combination and the PIPE investment, as well as cash received from stock options exercised.

Critical Accounting Estimates

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We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as (i) our voting and non-voting common stock held by nonaffiliates is less than $250.0 million measured on the last business day of our second fiscal quarter or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and our voting and non-voting common stock held by non-affiliates is less than $700.0 million measured on the last business day of our second fiscal quarter.

Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk related to changes in interest rates and concentration of credit.

For a discussion of quantitative and qualitative disclosures about market risk, see Item 7A of Part II of our Annual Report.

No material changes related to our market risks have occurred since December 31, 2021.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis