What changed in this filing

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Item 1. Financial Statements

2024-11-05 compared with 2024-08-07 · 102 added, 82 removed, 405 unchanged (31% of the section changed)

2 unchanged sentences

Amounts in millions, except per share amounts

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

3 unchanged sentences

Selling, general, and administrative expenses ( 75 ) ( 58 ) ( 215 ) ( 191 )

Impairment of long-lived assets, net — ( 24 ) — ( 24 )

Impairment of long-lived assets — ( 1 ) — ( 25 )

Other operating credits and charges, net ( 1 ) 6 2 ( 20 )

3 unchanged sentences

Other non-operating income (expense) ( 4 ) — 2 ( 17 )

Income (loss) before income taxes 201 ( 1 ) 349 22

Income before income taxes 113 160 462 183

Provision for income taxes ( 23 ) ( 44 ) ( 117 ) ( 66 )

Equity in unconsolidated affiliate — 1 12 3

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Net loss attributed to non-controlling interest — 1 — —

Net income (loss) attributed to LP $ 160 $ ( 20 ) $ 267 $ 1

Net income (loss) attributed to LP per share of common stock:

Net income $ 90 $ 118 $ 358 $ 119

Net income attributed to non-controlling interest — — — —

Net income attributed to LP $ 90 $ 118 $ 358 $ 119

Net income attributed to LP per share of common stock:

Basic $ 1.28 $ 1.63 $ 5.01 $ 1.65

6 unchanged sentences

Amounts in millions

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Net income $ 90 $ 118 $ 358 $ 119

Other comprehensive income (loss), net of tax

2 unchanged sentences

Other comprehensive income (loss), net of tax 9 ( 19 ) ( 11 ) 2

Comprehensive income (loss) 156 ( 20 ) 248 22

Comprehensive loss associated with non-controlling interest — 1 — —

Comprehensive income (loss) attributed to LP $ 156 $ ( 19 ) $ 248 $ 22

Comprehensive income 99 99 347 120

Comprehensive income associated with non-controlling interest — — — —

Comprehensive income attributed to LP $ 99 $ 99 $ 347 $ 121

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

1 unchanged sentence

Amounts in millions, except per share amounts

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Cash and cash equivalents $ 346 $ 222

Receivables, net of allowance for doubtful accounts of $ 2 as of June 30, 2024 and December 31, 2023

Receivables, net of allowance for doubtful accounts of $ 2 as of September 30, 2024 and December 31, 2023

Inventories 372 378

20 unchanged sentences

Stockholders’ equity:

Common stock, $ 1 par value, 200 shares authorized;

71 shares issued and outstanding, respectively, as of June 30, 2024;

Common stock, $ 1 par value per share, 200 shares authorized;

70 shares issued and outstanding, respectively, as of September 30, 2024;

and 88 and 72 shares issued and outstanding, respectively, as of December 31, 2023

1 unchanged sentence

Retained earnings 1,594 1,479

Treasury stock, 16 shares at cost as of June 30, 2024 and December 31, 2023

Treasury stock, 16 shares at cost as of September 30, 2024 and December 31, 2023

( 386 ) ( 386 )

Accumulated comprehensive loss ( 109 ) ( 89 )

Accumulated comprehensive gain (loss) ( 100 ) ( 89 )

Total stockholders’ equity 1,666 1,557

3 unchanged sentences

Amounts in millions

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

3 unchanged sentences

Impairment of goodwill and long-lived assets — 25

Gain on sale of assets, net — ( 6 )

Pension loss due to settlement — 6

Deferred taxes ( 1 ) 44

Foreign currency remeasurement and transaction (gain) loss ( 5 ) 13

Foreign currency remeasurement and transaction loss (gain) ( 2 ) 20

Other adjustments, net ( 2 ) 28

5 unchanged sentences

Income taxes payable, net of receivables 39 ( 26 )

Net cash provided by (used in) operating activities 317 ( 30 )

Net cash provided by operating activities 500 157

CASH FLOWS FROM INVESTING ACTIVITIES:

2 unchanged sentences

Proceeds from sales of assets — 9

Investment in affiliates ( 17 ) —

Other investing activities, net 16 ( 4 )

2 unchanged sentences

Borrowing of long-term debt — 80

Repayment of long-term debt, including call premium — ( 40 )

Repayment of long-term debt — ( 80 )

Payment of cash dividends ( 56 ) ( 52 )

41 unchanged sentences

87 $ 87 16 $ ( 385 ) $ 471 $ 1,595 $ ( 109 ) $ 1,658

Net income attributed to LP — — — — — 90 — 90

Dividends paid ($ 0.26 per share)

— — — — — ( 18 ) — ( 18 )

Issuance of shares under stock plans — — — 3 ( 3 ) — — —

Taxes paid related to net settlement of stock-based awards — — — ( 4 ) — — — ( 4 )

Purchase of stock ( 1 ) ( 1 ) — — — ( 73 ) — ( 74 )

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive loss — — — — — — 9 9

Balance, September 30, 2024

86 $ 86 16 $ ( 386 ) $ 472 $ 1,594 $ ( 100 ) $ 1,666

Common Stock Treasury Stock Additional

24 unchanged sentences

88 $ 88 16 $ ( 387 ) $ 458 $ 1,337 $ ( 78 ) $ 1,419

Net income attributed to LP — — — — — 118 — 118

Dividends paid ($ 0.24 per share)

— — — — — ( 17 ) — ( 17 )

Issuance of shares under stock plans — — — — — — — —

Taxes paid related to net settlement of stock-based awards — — — — — — — —

Compensation expense associated with stock-based compensation — — — — 2 — — 2

Other comprehensive loss — — — — — — ( 19 ) ( 19 )

Balance, September 30, 2023

88 $ 88 16 $ ( 387 ) $ 460 $ 1,438 $ ( 98 ) $ 1,502

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NATURE OF OPERATIONS AND BASIS FOR PRESENTATION

NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Nature of Operations

20 unchanged sentences

The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

By product type and family:

6 unchanged sentences

$ 420 $ 253 $ 47 $ 2 $ 722

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

By product type and family:

6 unchanged sentences

$ 345 $ 335 $ 45 $ 4 $ 728

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

By product type and family:

6 unchanged sentences

$ 1,196 $ 917 $ 140 $ 7 $ 2,261

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

By product type and family:

6 unchanged sentences

$ 996 $ 754 $ 153 $ 21 $ 1,923

Revenue is recognized when obligations under the terms of a contract (e.g.

Revenue is recognized when obligations under the terms of contracts (e.g.

, purchase orders) with our customers are satisfied;

4 unchanged sentences

Our businesses routinely incur customer program costs to obtain favorable product placement, promote sales of products, and maintain competitive pricing.

Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized.

Customer program costs and incentives are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized.

The costs include, but are not limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs.

13 unchanged sentences

The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Net income (loss) attributed to LP $ 160 $ ( 20 ) $ 267 $ 1

Net income attributed to LP $ 90 $ 118 $ 358 $ 119

Weighted average common shares outstanding - basic 70 72 71 72

9 unchanged sentences

(i) recurring—measured on a periodic basis, and (ii) non-recurring—measured on an as-needed basis.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 347 million as of June 30, 2024 and December 31, 2023.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 319 million and $ 314 million as of June 30, 2024 and December 31, 2023, respectively.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 347 million as of September 30, 2024 and December 31, 2023.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 333 million and $ 314 million as of September 30, 2024 and December 31, 2023, respectively.

The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S.

2 unchanged sentences

In November 2022, LP entered into a Second Amended and Restated Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, and CoBank, ACB, as letter of credit issuer (the Credit Agreement), relating to its revolving credit facility (as amended, the Amended Credit Facility).

The Credit Agreement provides for a revolving credit facility in the principal amount of up to $ 550 million, with a $ 60 million sub-limit for letters of credit.

The Credit Agreement provides for the Amended Credit Facility in the principal amount of up to $ 550 million, with a $ 60 million sub-limit for letters of credit.

All loans under the Credit Agreement become due on November 29, 2028.

As of June 30, 2024, there were no outstanding borrowings under our Amended Credit Facility.

As of September 30, 2024, there were no outstanding borrowings under our Amended Credit Facility.

Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term maturity of these items.

Receivables consisted of the following (dollar amounts in millions):

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Trade receivables $ 109 $ 104

Other receivables 24 26

Income tax receivable 3 27

Other receivables 27 26

Allowance for doubtful accounts ( 2 ) ( 2 )

1 unchanged sentence

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers.

Other receivables as of June 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Other receivables as of September 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value.

1 unchanged sentence

The major types of inventories (work in process is not material and is included in semi-finished inventory) are as follows (dollar amounts in millions):

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Logs $ 62 $ 81

3 unchanged sentences

Total Inventories $ 372 $ 378

BUSINESS EXIT CHARGES AND CREDITS

BUSINESS EXIT CREDITS AND CHARGES

During the second quarter of 2023, we ceased the manufacturing operations of Entekra Holdings, LLC (Entekra), an off-site framing operation previously reported within our “Other” category, which comprises other products that are not individually significant.

During the second quarter of 2024, the equity method investment held by Entekra sold substantially all of its net assets resulting in a $ 16 million distribution to LP and a gain of $ 11 million, which was recorded within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

Business exit charges and credits consisted of the following (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Business exit credits and charges consisted of the following (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

4 unchanged sentences

Inventory write-down 3

— ( 6 ) — ( 6 )

Other expenses including personnel-related costs such as severance 4

1 unchanged sentence

$ — $ ( 1 ) $ 14 $ ( 35 )

1 Included within impairment of long-lived assets, net on the Condensed Consolidated Statements of Income.

1 Included within impairment of long-lived assets on the Condensed Consolidated Statements of Income.

2 Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

4 unchanged sentences

The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the six months ended June 30, 2024 are provided in the following table (dollar amounts in millions):

Changes in goodwill and other intangible assets for the nine months ended September 30, 2024 are provided in the following table (dollar amounts in millions):

Timber Licenses 1

3 unchanged sentences

Amortization ( 2 ) — —

Ending balance June 30, 2024

Ending balance September 30, 2024

$ 23 $ 19 $ 7

3 unchanged sentences

Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates.

T he provision for income taxes for the six months ended June 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25 % and 34 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and six months ended June 30, 2024 was $ 53 million and $ 94 million, respectively, compared to $ 21 million and $ 22 million for the comparable periods in 2023, respectively.

The total effective tax rate for the six

months ended June 30, 2024 was 26 %, compared to 95 % for the comparable period in 2023.

The year-over-year decrease in the effective tax rate was primarily a result of a discrete tax expense of $22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings.

We recognized net discrete tax expenses of $ 4 million and $ 15 million in the six months ended June 30, 2024 and 2023, respectively.

The net discrete tax expense in the current year primarily relates to inflationary tax adjustments in certain South American entities while the net discrete tax expense in the prior year primarily relates to the change in management’s indefinite reinvestment assertion in the second quarter described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

T he provision for income taxes for the nine months ended September 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25 % and 27 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and nine months ended September 30, 2024 was $ 23 million and $ 117 million, respectively, compared to $ 44 million and $ 66 million for the comparable periods in 2023, respectively.

The total effective tax

rate for the three and nine months ended September 30, 2024 was 20 % and 25 %, respectively, compared to 27 % and 36 %, respectively, for the comparable period in 2023.

The year-to-date decrease in the effective tax rate was primarily a result of a discrete tax expense of $ 22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings.

During the nine months ended September 30, 2024, we recognized a $ 1 million net discrete tax benefit and during the nine months ended September 30, 2023, we recognized a net discrete tax expense of $ 16 million.

The current year net tax benefit related primarily to stock based compensation while the net discrete tax expense in the prior year primarily related to the $ 22 million second quarter expense recognized in connection with the change in management’s indefinite reinvestment assertion described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which establishes a global minimum effective tax rate of 15% for multinational enterprise groups with annual global revenue exceeding 750 million Euros.

On June 20, 2024, the Canadian government enacted legislation implementing aspects of the OECD’s minimum tax rules under the Pillar Two Framework, effective in 2024.

however, proposed legislation related to other aspects of the framework has not yet been released by the Canadian government, but is expected in the future.

We considered the new Canadian legislation as part of our second quarter 2024 tax provision and concluded that (i) it had no impact on our consolidated financial statements for the six months ended June 30, 2024, and (ii) we expect there to be no impact on our Consolidated Financial Statements for the year ending December 31, 2024.

We considered the new Canadian legislation as part of our third quarter 2024 tax provision and concluded that (i) it had no impact on our consolidated financial statements for the nine months ended September 30, 2024, and (ii) we expect there to be no impact on our Consolidated Financial Statements for the year ending December 31, 2024.

The Canadian government issued draft legislative proposals in August of 2024 to implement remaining OECD Pillar Two framework enforcement mechanisms proposed to take effect in 2025 for calendar year companies.

No other jurisdictions in which LP operates have enacted Pillar Two legislation at this time.

2 unchanged sentences

We maintain reserves for various contingent liabilities as follows (dollar amounts in millions):

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Environmental reserves $ 26 $ 26

12 unchanged sentences

Our estimates of our environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies based on the particular facts and circumstances surrounding each environmental loss contingency.

These estimates typically reflect assumptions and judgments as to the probable nature, magnitude, and timing of the required investigation, remediation, and/or monitoring activities and the probable cost of these activities, and in some cases, reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities.

Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of

changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties.

These estimates typically reflect assumptions and judgments as to the probable nature, magnitude, and timing of the required investigation, remediation, and/or monitoring activities and the

probable cost of these activities, and in some cases, reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities.

Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties.

We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly.

5 unchanged sentences

If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required.

As of June 30, 2024, there were no indications of impairment.

As of September 30, 2024, there were no indicators of impairment.

We also review from time to time potential dispositions of various assets, considering current and anticipated economic and industry conditions, our strategic plan, and other relevant factors.

3 unchanged sentences

Such accruals are based upon historical experience and management’s estimate of the level of future claims.

The activity in warranty reserves for the three and six months ended June 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

The activity in warranty reserves for the three and nine months ended September 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Beginning balance $ 8 $ 8 $ 8 $ 8

Accrued to expense 1 1 1 1

Change in warranty provision ( 1 ) ( 1 ) — 1

Payments made ( 1 ) — ( 1 ) ( 1 )

2 unchanged sentences

Long-term portion of warranty reserves (included in other long-term liabilities) $ 5 $ 6 $ 5 $ 6

We continue to monitor warranty and other claims associated with our products and believe, as of June 30, 2024, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments.

We continue to monitor warranty and other claims associated with our products and believe, as of September 30, 2024, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments.

However, it is possible that additional changes may be required in the future.

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three months ended June 30, 2024 and 2023 (dollar amounts in millions):

Accumulated comprehensive loss is provided in the following table for the three months ended September 30, 2024 and 2023 (dollar amounts in millions):

Translation Adjustments Other Total

Balance at March 31, 2024

Balance at June 30, 2024

$ ( 108 ) $ — $ ( 109 )

Translation adjustments 9 — 9

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 100 ) $ — $ ( 100 )

Translation Adjustments Other Total

Balance at March 31, 2023

Balance at June 30, 2023

$ ( 78 ) $ ( 1 ) $ ( 78 )

Translation adjustments ( 19 ) — ( 19 )

Balance at June 30, 2023

Balance at September 30, 2023

$ ( 97 ) $ ( 1 ) $ ( 98 )

Accumulated comprehensive loss is provided in the following table for the six months ended June 30, 2024 and 2023 (dollar amounts in millions):

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 2024 and 2023 (dollar amounts in millions):

Translation Adjustments Other Total

2 unchanged sentences

Translation adjustments ( 11 ) — ( 11 )

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 100 ) $ — $ ( 100 )

4 unchanged sentences

Translation adjustments ( 3 ) — ( 3 )

Balance at June 30, 2023

Balance at September 30, 2023

$ ( 97 ) $ ( 1 ) $ ( 98 )

3 unchanged sentences

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

1 unchanged sentence

Legal settlement — — 3 ( 16 )

Gain on asset sales — 6 — 6

Other — 1 — ( 1 )

2 unchanged sentences

Other non-operating items is comprised of the following components (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

17 unchanged sentences

Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for our business segments.

Segment Adjusted EBITDA is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit charges and credits, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items.

Segment Adjusted EBITDA is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items.

Information about our business segments is as follows (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

6 unchanged sentences

NET INCOME TO ADJUSTED EBITDA RECONCILIATION

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Net income $ 90 $ 118 $ 358 $ 119

Add (deduct):

Net loss attributed to non-controlling interest — 1 — —

Income (loss) attributed to LP 160 ( 20 ) 267 1

Net income attributed to non-controlling interest — — — —

Income attributed to LP 90 118 358 119

Provision for income taxes 23 44 117 66

1 unchanged sentence

Stock-based compensation expense 4 2 15 9

Loss on impairment attributed to LP — 1 — 1

Other operating credits and charges, net 1 ( 7 ) 2 16

Business exit charges and credits ( 14 ) 34 ( 15 ) 34

Business exit credits and charges — 1 ( 14 ) 35

Interest expense 4 4 12 9

10 unchanged sentences

Adjusted EBITDA $ 153 $ 190 $ 564 $ 349

SUBSEQUENT EVENTS

Subsequent to June 30, 2024, through August 6, 2024, we used $ 64 million to repurchase 0.7 million shares of LP common stock under the Company's existing share repurchase program authorized in May 2022.

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