What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-08 compared with 2024-10-31 · 140 added, 164 removed, 390 unchanged (44% of the section changed)

4 unchanged sentences

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

Cost of revenue

16 unchanged sentences

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

Other comprehensive income (loss), net of tax:

Change in net unrealized gains on

Change in net unrealized gains (losses) on

available-for-sale marketable securities

6 unchanged sentences

(In thousands)

September 28,

Current Assets:

15 unchanged sentences

Total current liabilities

Deferred and other tax liabilities

Other non-current liabilities

11 unchanged sentences

(In thousands)

Nine Months Ended

September 28,

September 30,

Three Months Ended

Cash flows from operating activities:

2 unchanged sentences

Amortization of intangibles

Amortization (accretion) of premium (discount) on marketable securities, net

Share-based compensation

7 unchanged sentences

Purchases of property, plant and equipment

Purchases of non-marketable equity securities

Acquisitions, net of cash acquired

Net cash and cash equivalents used in investing activities

2 unchanged sentences

Tax payments related to shares withheld for share-based compensation plans

Payment of contingent consideration for acquired business

Issuance of shares through share-based compensation plans

1 unchanged sentence

Effect of exchange rate changes on cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period

11 unchanged sentences

share-based compensation

Purchases of common stock

Share-based compensation plan

2 unchanged sentences

Balance at March 29, 2025

Share-based compensation

Issuance of shares through

share-based compensation

Share-based compensation plan

Currency translation

Unrealized loss on investments

Balance at June 29, 2024

Share-based compensation

Issuance of shares through

share-based compensation

Share-based compensation plan

Currency translation

Unrealized gain on investments

Balance at September 28, 2024

Comprehensive

3 unchanged sentences

share-based compensation

Purchases of common stock

Share-based compensation plan

Currency translation

Unrealized gain on investments

Balance at April 1, 2023

Share-based compensation

Issuance of shares through

share-based compensation

Share-based compensation plan

Currency translation

Unrealized loss on investments

Balance at July 1, 2023

Share-based compensation

Issuance of shares through

share-based compensation

Purchases and retirement of common stock

Share-based compensation plan

Currency translation

Unrealized loss on investments

Balance at September 30, 2023

Balance at March 30, 2024

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLI DATED FINANCIAL STATEMENTS

(In thousands, except per share data and percentages)

Basis of Presentation

3 unchanged sentences

Actual amounts could differ materially from reported amounts.

The interim results for the three and nine months ended September 28, 2024 are not necessarily indicative of results to be expected for the entire year or any future periods.

The interim results for the three month period ended March 29, 2025 are not necessarily indicative of results to be expected for the entire year or any future periods.

This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024 (the “2024 Form 10-K”) filed with the Securities and Exchange Commission on February 25, 2025.

1 unchanged sentence

The Company operates on a 52- or 53-week fiscal year ending on the Saturday closest to December 31.

Our fiscal year ending December 28, 2024 (“fiscal year 2024”) is a 52-week fiscal year.

The first quarter of the Company’s fiscal year 2024 ended on March 30, 2024, the second quarter ended on June 29, 2024 and the third quarter ended on September 28, 2024.

Our fiscal year ending January 3, 2026 (“fiscal year 2025”) is a 53-week fiscal year.

The first quarter of the Company’s fiscal year 2025 ended on March 29, 2025, the second quarter ends on June 28, 2025 and the third quarter ends on September 27, 2025.

Our fiscal year ended December 28, 2024 was a 52-week fiscal year.

The third quarter of the fiscal year ended December 30, 2023 ended on September 30, 2023.

The first quarter of the fiscal year ended December 28, 2024 ended on March 30, 2024.

Use of Estimates

7 unchanged sentences

Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material.

Adoption of Accounting Standards

Recently Adopted or Effective

There have been no recent accounting pronouncements or changes in accounting pronouncements during the three and nine months ended September 28, 2024, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, that are of significance, or potential significance, to the Company.

Updates Not Yet Effective

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment including information

about the reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.

The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is required to adopt this standard in fiscal year 2024 for the annual reporting period ending December 28, 2024, with retrospective disclosure of prior periods presented.

The Company expects there will be no material impact on its Consolidated Financial Statements from the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid.

It also includes certain other amendments to improve the effectiveness of income tax disclosures.

The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is required to adopt this standard prospectively in fiscal year 2025 for the annual reporting period ending December 27, 2025.

The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

Recent Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 29, 2025, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 , that are of significance, or potential significance, to the Company.

Fair Value Measurements

10 unchanged sentences

A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 28, 2024 and December 30, 2023:

The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at March 29, 2025 and December 28, 2024:

Fair Value Measurements Using

1 unchanged sentence

Inputs (Level 2)

September 28,

(in thousands)

Available-for-sale debt securities:

4 unchanged sentences

Foreign currency forward contracts

Total liabilities

Available-for-sale debt securities classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency.

The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward

rates quoted by the banks or foreign currency dealers.

The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers.

Investment prices are obtained from third-party pricing providers, which model prices utilizing the above observable inputs, for each asset class.

See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities.

Non-recurring Fair Value Measurements

During the three months ended March 29, 2025 , the Company invested $ 8.0 million in the equity of a privately-held company.

There were no such investments at December 28, 2024.

This non-marketable equity investment is recorded at fair value on a non-recurring basis and is classified as a Level 3 asset in “Other assets” on the Condensed Consolidated Balance Sheets.

This non-marketable equity investment is generally accounted for under the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes and is periodically assessed for impairment when events or

circumstances indicate that decline in value may have occurred.

As of March 29, 2025 , there have been no impairments recorded for the non-marketable equity investment.

Marketable Securities

At September 28, 2024 and December 30, 2023, marketable securities are categorized as follows:

At March 29, 2025 and December 28, 2024, marketable securities are categorized as follows:

Amortized Cost

1 unchanged sentence

Gross Unrealized Holding Losses

September 28, 2024

(in thousands)

March 29, 2025

Government notes and bonds

9 unchanged sentences

Total marketable securities

The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at September 28, 2024 and December 30, 2023:

September 28, 2024

The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, are as follows at March 29, 2025 and December 28, 2024:

March 29, 2025

December 28, 2024

1 unchanged sentence

Amortized Cost

(in thousands)

Due within one year

4 unchanged sentences

The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale.

The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Gross realized gains and losses on available-for-sale securities are included in “Other (expense) income, net” on the Condensed Consolidated Statements of Operations and were not material during the three and nine months ended September 28, 2024 and September 30, 2023.

The Company records credit losses for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities.

The cost of securities sold is based on the specific identification method.

The Company has determined that the gross unrealized losses on its marketable securities at September 28, 2024 and December 30, 2023 are temporary in nature.

The Company has determined that the gross unrealized losses on its marketable securities at March 29, 2025 and December 28, 2024 are temporary in nature.

The Company regularly reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment from credit losses or other factors.

Factors considered in determining whether an unrealized loss is considered to be a credit loss include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value.

The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at September 28, 2024 and December 30, 2023:

In Unrealized Loss Position For

4 unchanged sentences

Gross Unrealized Losses

September 28, 2024

(in thousands)

March 29, 2025

Government notes and bonds

10 unchanged sentences

The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions.

At September 28, 2024 and December 30, 2023, these contracts were denominated in euro, Chinese renminbi, Japanese yen, Korean won, Singapore dollars, and Taiwanese dollars.

At March 29, 2025 and December 28, 2024, these contracts were denominated in euro, Chinese renminbi, Japanese yen, Korean won, Singapore dollars, and Taiwanese dollars.

Foreign currency forward contracts are not designated as hedges for accounting purposes, and therefore, the change in fair value is recorded in “Other (expense) income, net,” in the Condensed Consolidated Statements of Operations.

1 unchanged sentence

The dollar equivalent of the U.S.

dollar forward contracts and related fair values as of September 28, 2024 and December 30, 2023 were as follows:

September 28, 2024

dollar forward contracts and related fair values as of March 29, 2025 and December 28, 2024 were as follows:

March 29, 2025

December 28, 2024

(in thousands)

Notional amount

Fair value of liability

Fair value of (asset) liability

Goodwill and Purchased Intangible Assets

The changes in the carrying amount of goodwill are as follows:

Three Months Ended

(in thousands)

Balance, beginning of the period

Acquired business

Balance, end of the period

Purchased Intangible Assets

Intangible Assets

Purchased intangible assets as of September 28, 2024 and December 30, 2023 are as follows:

Purchased intangible assets as of March 29, 2025 and December 28, 2024 are as follows:

Gross Carrying Amount

Accumulated Amortization

September 28, 2024

(in thousands)

March 29, 2025

Finite-lived intangibles:

11 unchanged sentences

Expected Amortization

(in thousands)

2025 (remainder)

1 unchanged sentence

Inventories, net are comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Work-in-process

3 unchanged sentences

Property, plant and equipment, net is comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Machinery and equipment

3 unchanged sentences

Furniture and fixtures

Total property, plant and equipment, gross

Accumulated depreciation

1 unchanged sentence

Other assets are comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Operating lease right-of-use assets

Non-marketable equity securities

Total other assets

1 unchanged sentence

Accrued liabilities are comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Payroll and related expenses

2 unchanged sentences

Other current liabilities are comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Customer deposits

6 unchanged sentences

Other non-current liabilities are comprised of the following:

September 28, 2024

March 29, 2025

December 28, 2024

(in thousands)

Non-current operating lease obligations

16 unchanged sentences

Changes in the Company’s warranty reserves are as follows:

Nine Months Ended

September 28,

September 30,

Three Months Ended

(in thousands)

Balance, beginning of the period

7 unchanged sentences

The Company is permitted to borrow up to 70 % of the value of eligible securities held at the time the line of credit is accessed, up to a maximum of $ 100.0 million.

The available line of credit as of September 28, 2024 was $ 100 million with an available interest rate of 6.6 %.

The available line of credit as of March 29, 2025 was $ 100.0 million with an available interest rate of 5.0 %.

The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion.

2 unchanged sentences

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands)

Point-in-time

1 unchanged sentence

See Note 14 for additional discussion of the Company’s disaggregated revenue in detail.

Contract Liabilities

Contract Assets and Contract Liabilities

Contract assets consist of amounts we have not invoiced but have completed the related performance obligation.

These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract).

The contract assets amounts are recorded in “Accounts receivable” in the Condensed Consolidated Balance Sheets.

As of March 29, 2025 and December 28, 2024, the Company had contract assets of $ 8.2 million and $ 10.1 million, respectively.

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation.

For contracts that have a duration of one year or less, these amounts are recorded as current deferred revenue in the Condensed Consolidated Balance Sheets.

For contracts that have a duration of one year or less, these amounts are recorded as “Deferred revenue” in the Condensed Consolidated Balance Sheets.

For contracts with a duration longer than one year, these amounts are recorded in “Other non-current liabilities” in the Condensed Consolidated Balance Sheets.

As of September 28, 2024 and December 30, 2023 , the Company carried a long-term deferred revenue balance of $ 3,197 and $ 2,462 , respectively.

As of March 29, 2025 and December 28, 2024, the Company carried a long-term deferred revenue balance of $ 4.4 million and $ 4.0 million, respectively.

Changes in deferred revenue were as follows:

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands)

Balance, beginning of the period

5 unchanged sentences

Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity with respect to the nine months ended September 28, 2024 is as follows:

A summary of the Company’s restricted stock unit activity with respect to the nine months ended March 29, 2025 is as follows:

Number of Shares

(in thousands)

Weighted Average

1 unchanged sentence

Nonvested at December 28, 2024

Nonvested at September 28, 2024

Of the 414 nonvested shares outstanding at September 28, 2024 , 332 are service-based RSUs and 82 are market-based PRSUs.

The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant.

Nonvested at March 29, 2025

Of the 421 thousand nonvested shares outstanding at March 29, 2025 , 332 thousand are service-based RSUs and 89 thousand are market-based PRSUs.

The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s common stock at the date of grant.

The fair value of the Company’s market-based PRSUs granted during fiscal years 2025 and 2024 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $ 140.94 and $ 251.51 , respectively.

As of September 28, 2024 and December 30, 2023 , there was $ 34,231 and $ 26,559 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively.

That cost is expected to be recognized over a weighted average period of 1.4 years following both September 28, 2024 and December 30, 2023 , respectively.

Share-Based Compensation Expense

The following table presents the detail of share-based compensation expense amounts included in the Company’s Condensed Consolidated Statement of Operations:

Three Months Ended

(in thousands)

Cost of revenue

Research and development

Sales and marketing

General and administrative

Total share-based compensation expense

As of March 29, 2025 and December 28, 2024 , there was $ 35.4 million and $ 29.2 million of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively.

That cost is expected to be recognized over a weighted average period of 1.5 and 1.3 years following both March 29, 2025 and December 28, 2024 , respectively.

Other (Expense) Income, Net

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

Foreign currency exchange losses, net

(in thousands)

Foreign currency exchange (losses) gains, net

Total other (expense) income, net

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands)

Income before income taxes

1 unchanged sentence

Effective tax rate

The income tax provision for the three and nine months ended September 28, 2024 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year.

The increase in the Company’s income tax provision for the three and nine months ended September 28, 2024 as compared to the three and nine months ended September 30, 2023 was primarily due, in each case, to an increase in quarterly earnings, partially offset by an increase in the excess benefits associated with equity compensation.

The income tax provision for the three months ended March 29, 2025 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year.

The increase in the Company’s income tax provision for the three months ended March 29, 2025 as compared to the three months ended March 30, 2024 was primarily due to an increase in quarterly earnings as well as fewer excess benefits associated with equity compensation.

The Company’s recorded effective tax rate for the periods presented is less than the U.S.

6 unchanged sentences

The Company continues to monitor available evidence and may reverse some or all of its remaining valuation allowance in future periods, if appropriate.

The Company has a recorded valuation allowance against a certain portion of its deferred tax assets of $ 13,960 at September 28, 2024 and December 30, 2023.

The Company has a recorded valuation allowance against a certain portion of its deferred tax assets of $ 12.2 million at each of March 29, 2025 and December 28, 2024.

The Organization for Economic Co-operation and Development (“OECD”) has been working on a Base Erosion and Profits Shifting (“BEPS”) project that would change various aspects of the existing framework under which the Company’s tax obligations are determined in many of the countries in which we operate.

8 unchanged sentences

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands, except for per share data)

Basic earnings per share - weighted average shares

11 unchanged sentences

comprehensive loss

(in thousands)

Balance at December 28, 2024

Net current period other comprehensive income

Balance at September 28, 2024

Balance at March 29, 2025

Foreign currency

3 unchanged sentences

comprehensive loss

(in thousands)

Balance at December 30, 2023

Net current period other comprehensive (loss) income

Balance at September 30, 2023

For the nine months ended September 28, 2024 and September 30, 2023 , tax effects on net income of amounts recorded in other comprehensive income (loss) were $ 358 and $ 407 , respectively.

Balance at March 30, 2024

For the three months ended March 29, 2025, tax effects on net income of amounts recorded in other comprehensive income was $ 94 thousand.

For the three months ended March 30, 2024, tax effects on net income of amounts recorded in other comprehensive loss was $ 181 thousand .

Segment Reporting and Geographic Information

3 unchanged sentences

Therefore, the Company has one reportable segment.

The Company’s chief operating

decision maker is the Chief Executive Officer (the “CEO”).

The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”).

The CEO allocates resources and assesses performance of the business and other activities at the reportable segment level.

The measure of segment assets is reported on the Condensed

Consolidated Balance Sheets as “Total assets.” The CEO does not review segment assets at a level other than that presented in the Company’s Condensed Consolidated Balance Sheets.

The table below presents the Company’s consolidated operating results including significant segment expenses:

Three Months Ended

(in thousands)

Adjusted cost of revenue (1)

Adjusted research and development (1)

Adjusted sales and marketing (1)

Adjusted general and administrative (2)

Other segment items:

Restructuring expenses (3)

Merger and acquisitions related expenses (3)

Litigation expenses (3)

Operating income

Interest income, net

Other (expense) income, net

Provision for income taxes

(1) Excludes restructuring expenses and merger and acquisition related expenses

(2) Excludes restructuring expenses, litigation expenses and merger and acquisition related expenses

(3) The Company excludes these expenses in order to provide better comparability between periods as they are not representative of the Company's ongoing operations.

Depreciation expense is a significant expense related to research and development expenses, sales and marketing expenses and general and administrative expenses as shown above.

For the three months ended March 29, 2025 and March 30, 2024, depreciation expense was $ 4.4 million and $ 3.4 million, respectively.

The following table lists the different sources of revenue:

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands, except for percentages)

Systems and software

4 unchanged sentences

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands)

Revenue from third parties:

3 unchanged sentences

The following customers accounted for 10% or more of total revenue for the indicated periods:

Nine Months Ended

September 28,

September 30,

The customer accounted for less than 10% of total revenue during the period.

Three customers’ net accounts receivable balances, were individually greater than 10 % of net accounts receivable at September 28, 2024 , representing, in the aggregate approximately 43 % of the Company’s total net accounts receivable.

Three Months Ended

Three customers’ net accounts receivable balances were individually greater than 10 % of net accounts receivable at March 29, 2025 , representing, in the aggregate approximately 53 % of the Company’s total net accounts receivable.

Two customers’ net accounts receivable balances were individually greater than 10 % of net accounts receivable at December 28, 2024 , representing, in the aggregate approximately 47 % of the Company’s total net accounts receivable.

4 unchanged sentences

Any amount paid to repurchase the shares in excess of par value, including transaction costs, would be recorded directly as a decrease to additional paid-in capital and accumulated earnings.

During the three and nine months ended September 28, 2024 , no shares of the Company’s common stock were repurchased under the share repurchase authorization.

At September 28, 2024 , there was $ 200 million available for future share repurchases under this share repurchase authorization.

During the three months ended March 29, 2025 , 492 thousand shares of the Company’s common stock were repurchased under the share repurchase authorization.

At March 29, 2025 , there was $ 99.9 million available for future share repurchases under this share repurchase authorization.

Restructuring

From time to time, the Company approves restructuring plans, which include workforce reductions, to streamline operations and align the Company’s cost structure with its business outlook.

These restructuring plans may result in charges to cost of goods sold for streamlining of certain manufacturing activities or for inventory write-downs primarily related to the exit of older product lines.

These restructuring plans may result in charges to cost of goods sold for streamlining of certain manufacturing activities or for inventory write-downs primarily related to the exit

of older product lines.

Charges to operating expenses primarily include employee severance costs that are paid during the period incurred and charges for streamlining of certain operating activities.

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(in thousands)

Cost of goods sold

2 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements