What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-05 · 148 added, 55 removed, 305 unchanged (40% of the section changed)

4 unchanged sentences

(in thousands, except share and per share amounts)

2026 December 31,

Current assets:

6 unchanged sentences

Intangible assets, net of accumulated amortization of $ 61,695 and $ 59,741 , respectively

19,690 18,544

Goodwill 52,740 48,764

Other assets 24,638 22,506

Total assets $ 390,408 $ 403,191

Liabilities and stockholders’ deficit

12 unchanged sentences

$ 0.001 par value— 100,000 shares authorized;

0 shares issued and outstanding at March 31, 2026 and December 31, 2025

0 shares issued and outstanding at June 30, 2026 and December 31, 2025

Common stock;

$ 0.001 par value— 100,000,000 shares authorized;

11,475,608 and 11,456,061 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

11,520,159 and 11,456,061 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Capital deficit ( 100,329 ) ( 102,091 )

7 unchanged sentences

(in thousands, except share and per share amounts)

Three Months Ended March 31,

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

2026 2025 2026 2025

Revenue $ 149,181 $ 129,753 $ 296,289 $ 252,514

Cost of goods sold 100,695 89,633 203,679 171,698

Gross profit 48,486 40,120 92,610 80,816

Selling, general and administrative expenses 36,622 30,697 69,752 57,289

2 unchanged sentences

Interest, net ( 7,405 ) ( 8,069 ) ( 15,061 ) ( 15,754 )

Other income, net

Other (expense) income, net ( 35 ) ( 13 ) ( 3 ) 5

Total other expense, net ( 7,440 ) ( 8,082 ) ( 15,064 ) ( 15,749 )

2 unchanged sentences

Equity in losses of unconsolidated affiliates ( 247 ) — ( 403 ) —

Net income $ 2,040 $ 518 $ 4,096 $ 5,292

Basic and diluted earnings per share:

4 unchanged sentences

Comprehensive income:

Net income $ 2,040 $ 518 $ 4,096 $ 5,292

Total comprehensive income $ 2,040 $ 518 $ 4,096 $ 5,292

4 unchanged sentences

(in thousands, except share amounts)

Common stock Capital deficit Accumulated earnings Stockholders deficit

Shares Amount

March 31, 2026 11,475,608 $ 11 $ ( 100,824 ) $ 86,803 $ ( 14,010 )

Shares issued under stock-based compensation plans 44,551 1 ( 433 ) — ( 432 )

Stock-based compensation — — 928 — 928

Components of comprehensive income:

Net income — — — 2,040 2,040

June 30, 2026 11,520,159 $ 12 $ ( 100,329 ) $ 88,843 $ ( 11,474 )

Common stock Capital deficit Accumulated earnings Stockholders deficit

Shares Amount

December 31, 2025 11,456,061 $ 11 $ ( 102,091 ) $ 84,747 $ ( 17,333 )

2 unchanged sentences

Components of comprehensive income:

Net income — — — 4,096 4,096

June 30, 2026 11,520,159 $ 12 $ ( 100,329 ) $ 88,843 $ ( 11,474 )

Common stock Capital deficit Accumulated earnings Stockholders deficit

Shares Amount

March 31, 2025 11,281,489 $ 11 $ ( 104,299 ) $ 74,571 $ ( 29,717 )

Shares issued under stock-based compensation plans 53,421 — ( 536 ) — ( 536 )

Stock-based compensation — — 709 — 709

Components of comprehensive income:

Net income — — — 518 518

June 30, 2025 11,334,910 $ 11 $ ( 104,126 ) $ 75,089 $ ( 29,026 )

Common stock Capital deficit Accumulated earnings Stockholders deficit

Shares Amount

December 31, 2024 11,240,507 $ 11 $ ( 105,429 ) $ 69,797 $ ( 35,621 )

2 unchanged sentences

Components of comprehensive income:

March 31, 2025

Net income — — — 5,292 5,292

June 30, 2025 11,334,910 $ 11 $ ( 104,126 ) $ 75,089 $ ( 29,026 )

See accompanying notes to condensed consolidated financial statements

3 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

Net income $ 4,096 $ 5,292

Adjustments to reconcile net income to net cash provided by operating activities:

6 unchanged sentences

Accounts receivable, net 7,048 7,451

Inventories 9,678 ( 7,769 )

Prepaid expenses and other assets ( 2,356 ) 2,253

6 unchanged sentences

Capital expenditures for plant, equipment and leasehold improvements, net ( 6,098 ) ( 9,112 )

Cash paid for acquisition, net of cash acquired ( 6,300 ) ( 42,442 )

Cash used in investing activities ( 12,107 ) ( 51,504 )

Financing activities

Proceeds from borrowings on debt — 35,000

Payments on debt ( 25,000 ) ( 5,000 )

Payments on finance lease obligations

Payments on financing lease obligations ( 4,805 ) ( 3,776 )

Taxes withheld and paid on stock-based compensation awards ( 569 ) ( 1,077 )

Cash used in financing activities

Cash (used in) provided by financing activities ( 30,374 ) 25,147

Net decrease in cash and cash equivalents ( 332 ) ( 16,420 )

22 unchanged sentences

CPI is a leader in several areas of the U.S.

payment card solutions market, including debit and credit card production, personalization, and Software-as-a-Service-based (“SaaS-based”) instant issuance solutions.

payment card solutions market, including debit and credit card production, personalization, and a cloud-based instant issuance solution.

CPI is also a market leader in the production of “Prepaid Debit Cards,” defined as debit cards issued on the networks of the “Payment Card Brands” (Visa, Mastercard ® , American Express ® and Discover ® ) but not linked to a traditional bank account, and related secure packaging solutions.

2 unchanged sentences

The changes in the Company’s segment structure primarily relate to the separation of the results of the Company’s proprietary integrated technological related solutions into a separate segment from the former Debit and Credit segment.

As of March 31, 2026, the Company’s business consists of the following reportable segments:

As of June 30, 2026, the Company’s business consists of the following reportable segments:

• Secure Card Solutions:

5 unchanged sentences

• Integrated Paytech:

primarily provides a SaaS-based instant issuance solution, which gives customers the ability to issue an instant personalized debit or credit card within a customer location;

primarily provides cloud-based and on-premise solutions, which give customers the ability to issue an instant personalized debit or credit card within a customer location;

and other digital payment solutions such as push provisioning for mobile wallets.

Refer to Note 11, “Segment Reporting,” for segment results for the three months ended March 31, 2026 and 2025 under the revised segment structure.

On June 23, 2026, the Company entered into an asset purchase agreement to acquire an on-premise instant issuance solution, which includes the development, marketing, sale, licensing, and servicing of on-premise instant payment card issuance software solutions.

The financial results of the acquired business are included in the Company's Integrated Paytech segment.

Refer to Note 11, “Segment Reporting,” for segment results for the three and six months ended June 30, 2026 and 2025 under the revised segment structure.

Basis of Presentation

30 unchanged sentences

The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2028.

The amendments are effective for the Company for interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is evaluating the impact of adoption of this standard and does not anticipate that it will have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

5 unchanged sentences

Inventories consisted of the following:

2026 December 31,

Raw materials $ 49,761 $ 61,564

4 unchanged sentences

Plant, equipment, leasehold improvements and operating lease right-of-use assets consisted of the following:

2026 December 31,

Machinery and equipment $ 84,300 $ 85,835

4 unchanged sentences

Operating lease right-of-use assets 27,334 27,390

211,666 204,852

Less accumulated depreciation and amortization ( 106,477 ) ( 96,419 )

Total plant, equipment, leasehold improvements and

operating lease right-of-use assets, net

Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net $ 105,189 $ 108,433

Fair Value of Financial Instruments

6 unchanged sentences

The Company’s financial assets and liabilities that are not required to be re-measured at fair value in the condensed consolidated balance sheets were as follows:

Fair Value as of

Fair Value Measurement at March 31, 2026

(Using Fair Value Hierarchy)

Fair Value as of

Fair Value Measurement at December 31, 2025

(Using Fair Value Hierarchy)

Carrying Value as of June 30, 2026 Estimated Fair Value as of June 30, 2026 Fair Value Measurement at June 30, 2026 (Using Fair Value Hierarchy)

Level 1 Level 2 Level 3

Senior Notes $ 265,000 $ 278,250 $ — $ 278,250 $ —

ABL Revolver $ — $ — $ — $ — $ —

Carrying Value as of December 31, 2025 Estimated Fair Value as of December 31, 2025 Fair Value Measurement at December 31, 2025 (Using Fair Value Hierarchy)

Level 1 Level 2 Level 3

Senior Notes $ 265,000 $ 281,616 $ — $ 281,616 $ —

ABL Revolver $ 25,000 $ 25,000 $ — $ 25,000 $ —

The aggregate fair value of the Company’s Senior Notes (defined in Note 6, “Long-Term Debt”) was based on quoted prices for identical or similar liabilities in markets that are not active and, as a result, they are classified as Level 2 inputs.

The fair value measurement associated with the ABL Revolver (defined in Note 6, “Long-Term Debt”) approximates its carrying value as of March 31, 2026 and December 31, 2025, given the applicable variable interest rates.

The fair value measurement associated with the ABL Revolver (defined in Note 6, “Long-Term Debt”) approximates its carrying value as of December 31, 2025, given the applicable variable interest rates.

The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable each approximate fair value due to their short-term nature.

1 unchanged sentence

Accrued expenses consisted of the following:

2026 December 31,

Accrued payroll and related employee expenses $ 11,877 $ 13,634

4 unchanged sentences

Current operating and financing lease liabilities 13,039 12,457

Other 9,858 7,168

Total accrued expenses $ 56,613 $ 52,379

Other accrued expenses as of March 31, 2026, and December 31, 2025, consisted primarily of miscellaneous accruals for invoices not yet received, accrued sales and use tax, and self-insurance claims incurred but not yet reported.

Other accrued expenses as of June 30, 2026, and December 31, 2025, consisted primarily of accrued restructuring and severance, miscellaneous accruals for invoices not yet received, accrued sales and use tax and self-insurance claims incurred but not yet reported.

Long-Term Debt

As of March 31, 2026, and December 31, 2025, long-term debt consisted of the following:

As of June 30, 2026, and December 31, 2025, long-term debt consisted of the following:

2026 December 31,

Senior Notes $ 265,000 $ 265,000

ABL Revolver — 25,000

Unamortized deferred financing costs ( 2,861 ) ( 3,332 )

16 unchanged sentences

These costs are amortized as an adjustment to interest expense over the life of the borrowing.

As of March 31, 2026, the remaining unamortized debt issuance costs recorded on the Senior Notes were $ 3.1 million and were reported as a reduction to the long-term debt balance.

The Company’s effective tax rates on pre-tax income were 34.4 % and 25.8 % for the three months ended March 31, 2026 and 2025, respectively.

The increase in the Company’s effective tax rate for the three months ended March 31, 2026, compared to the prior year related to decreased deductibility of stock-based compensation realized upon certain stock option exercises and restricted stock unit vesting and an increase in the valuation allowance related to states decoupling from recent favorable tax legislation changes.

For the three months ended March 31, 2026 and 2025, the effective tax rates differ from the U.S.

As of June 30, 2026, the remaining unamortized debt issuance costs recorded on the Senior Notes were $ 2.9 million and were reported as a reduction to the long-term debt balance.

The Company’s effective tax rates on pre-tax income were 48.3 % and 61.4 % for the three months ended June 30, 2026 and 2025, respectively, and 42.3 % and 32.0 % for the six months ended June 30, 2026 and 2025, respectively.

The decrease in the Company’s effective tax rate for the three months ended June 30, 2026, compared to the prior year was primarily due to deferred state tax expense recognized as part of the Arroweye Solutions, Inc.

acquisition in the prior-year period.

The increase in the Company's effective tax rate for the six months ended June 30, 2026, compared to the prior year was primarily attributable to the write off of a deferred tax asset associated with vested stock options that expired unexercised, as well as an increase in the valuation allowance related to a certain state decoupling from various favorable federal tax provisions.

For the six months ended June 30, 2026 and 2025, the effective tax rates differ from the U.S.

federal statutory income tax rate as follows:

3 unchanged sentences

Permanent items (1)

Tax credits ( 1.1 ) ( 1.6 )

Effective income tax rate 42.3 % 32.0 %

____________________________________________

(1) Includes the deductibility limitations on excess compensation.

2 unchanged sentences

Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested.

For the three months ended March 31, 2026 and 2025, 51,954 and 18,390 potentially dilutive securities, respectively, were excluded from the calculation of diluted earnings per share.

For the three months ended June 30, 2026 and 2025, 19,248 and 9,363 potentially dilutive securities, respectively, and for the six months ended June 30, 2026 and 2025, 35,348 and 10,693 potentially dilutive securities, respectively, were excluded from the calculation of diluted earnings per share.

The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above our average share price during the periods.

The following table sets forth the computation of basic and diluted earnings per share:

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income $ 2,040 $ 518 $ 4,096 $ 5,292

Basic weighted-average common shares outstanding 11,486,626 11,297,785 11,472,100 11,271,815

16 unchanged sentences

Effective January 30, 2024, the Company’s stockholders approved an amendment to the Omnibus Plan to increase the total number of shares of the Company’s common stock reserved and available for issuance thereunder by 1,000,000 shares, resulting in a total of 3,200,000 shares issuable under the Omnibus Plan.

As of March 31, 2026, there were 701,979 shares of common stock available for grant under the Omnibus Plan.

In March 2026, the Company granted certain executives two performance cash awards (PCAs) with a total grant date fair value of $ 3.4 million using a Monte Carlo simulation model.

As of June 30, 2026, there were 649,465 shares of common stock available for grant under the Omnibus Plan.

In 2026, the Company granted certain executives two performance cash awards (PCAs) with a total grant date fair value of $ 3.1 million using a Monte Carlo simulation model.

These PCAs will vest on December 31, 2026 and December 31, 2028 and are expected to settle in the first quarters of 2027 and 2029, respectively, subject to continuous employment and the achievement of certain Company performance goals including the Company’s relative total shareholder return of stock against the Russell 2000 index.

As the award is liability-classified, the award is remeasured at fair value at each reporting date and at settlement, with changes recognized as stock-based compensation expense.

During the three months ended March 31, 2026, the Company granted 81,858 restricted stock units at a weighted average grant date fair value of $ 14.51 .

As of March 31, 2026, there were 570,690 outstanding restricted stock units at a weighted average grant date fair value of $ 19.57 .

As of March 31, 2026, there were 597,934 options outstanding at a weighted average exercise price of $ 14.98 .

No options were granted during the three months ended March 31, 2026.

As the awards are liability-classified, the awards are remeasured at fair value at each reporting date and at settlement, with changes recognized as stock-based compensation expense.

During the six months ended June 30, 2026, the Company granted 165,235 restricted stock units at a weighted average grant date fair value of $ 16.29 .

As of June 30, 2026, there were 565,320 outstanding restricted stock units at a weighted average grant date fair value of $ 18.99 .

As of June 30, 2026, there were 570,166 options outstanding at a weighted average exercise price of $ 15.44 .

No options were granted during the six months ended June 30, 2026.

Options have seven-year terms and are issued with exercise prices equal to the fair market value of the Company’s common stock on the grant date.

9 unchanged sentences

The Company’s CODM uses EBITDA to perform periodic reviews and comparison of operating trends and to identify strategies to improve the allocation of resources amongst segments.

Effective for the quarter ending March 31, 2026, the Company implemented a change in the structure of its reportable segments to align with its internal management reporting and operating structure and consistent with the Company’s increased strategic focus on expanding and developing additional proprietary integrated technological solutions for its customer base.

Effective for the quarter ended March 31, 2026, the Company implemented a change in the structure of its reportable segments to align with its internal management reporting and operating structure and consistent with the Company’s increased strategic focus on expanding and developing additional proprietary integrated technological solutions for its customer base.

This change was made to reflect the revised manner in which the Company’s CODM manages the Company’s business, including for performance assessment and resource allocation.

1 unchanged sentence

The updated information reflects only reclassification of prior period segment data and does not represent a restatement of previously issued financial statements.

As of March 31, 2026, the Company’s reportable segments were as follows:

As of June 30, 2026, the Company’s reportable segments were as follows:

• Secure Card Solutions:

4 unchanged sentences

• Integrated Paytech:

primarily provides a SaaS-based instant issuance solution, which gives customers the ability to issue an instant personalized debit or credit card within a customer location;

primarily provides cloud-based and on-premise solutions, which give customers the ability to issue an instant personalized debit or credit card within a customer location;

and other digital payment solutions such as push provisioning for mobile wallets.

The financial results of the acquired business are included in the Company's Integrated Paytech segment.

Performance Measures of Reportable Segments

Revenue and EBITDA of the Company’s reportable segments, as well as a reconciliation of total segment EBITDA to income from operations and net income for the three months ended March 31, 2026 and 2025, were as follows:

Three Months Ended March 31, 2026

Secure Card Solutions

Prepaid Solutions

Integrated Paytech

Total Reportable Segments

Intersegment Eliminations

Revenue and EBITDA of the Company’s reportable segments, as well as a reconciliation of total segment EBITDA to income from operations and net income for the three and six months ended June 30, 2026 and 2025, were as follows:

Three Months Ended June 30, 2026

Secure Card Solutions Prepaid Solutions Integrated Paytech Total Reportable Segments Intersegment Eliminations Corporate Consolidated

Revenue $ 110,867 $ 22,645 $ 20,141 $ 153,653 $ ( 4,472 ) $ — $ 149,181

Cost of goods sold 79,998 16,226 8,943 105,167 ( 4,472 ) — 100,695

Gross profit 30,869 6,419 11,198 48,486 — — 48,486

Selling, general and administrative expenses 9,849 1,437 4,622 15,908 — 20,714 36,622

3 unchanged sentences

Depreciation and amortization 4,258 1,241 178 5,677 — 666 6,343

Other expense, net ( 31 ) ( 248 ) — ( 279 ) — ( 3 ) ( 282 )

EBITDA $ 25,247 $ 5,975 $ 6,754 $ 37,976 $ — $ ( 20,051 ) $ 17,925

Gross profit margin 27.8 % 28.3 % 55.6 % 31.6 % * * 32.5 %

EBITDA margin 22.8 % 26.4 % 33.5 % 24.7 % * * 12.0 %

Six Months Ended June 30, 2026

Secure Card Solutions Prepaid Solutions Integrated Paytech Total Reportable Segments Intersegment Eliminations Corporate Consolidated

Revenue $ 220,718 $ 44,694 $ 39,523 $ 304,935 $ ( 8,646 ) $ — $ 296,289

Cost of goods sold 162,147 32,609 17,569 212,325 ( 8,646 ) — 203,679

Gross profit 58,571 12,085 21,954 92,610 — — 92,610

Selling, general and administrative expenses 20,283 3,010 8,513 31,806 — 37,946 69,752

Income (loss) from operations $ 38,288 $ 9,075 $ 13,441 $ 60,804 $ — $ ( 37,946 ) $ 22,858

EBITDA by segment:

Income (loss) from operations $ 38,288 $ 9,075 $ 13,441 $ 60,804 $ — $ ( 37,946 ) $ 22,858

Depreciation and amortization 8,604 2,515 268 11,387 — 1,359 12,746

Other income (expense), net 3 ( 404 ) — ( 401 ) — ( 5 ) ( 406 )

EBITDA $ 46,895 $ 11,186 $ 13,709 $ 71,790 $ — $ ( 36,592 ) $ 35,198

Gross profit margin 26.5 % 27.0 % 55.5 % 30.4 % * * 31.3 %

EBITDA margin 21.2 % 25.0 % 34.7 % 23.5 % * * 11.9 %

Three Months Ended March 31, 2025

Secure Card Solutions

Prepaid Solutions

Integrated Paytech

Total Reportable Segments

Intersegment Eliminations

Three Months Ended June 30, 2025

Secure Card Solutions Prepaid Solutions Integrated Paytech Total Reportable

Segments Intersegment Eliminations Corporate Consolidated

Revenue $ 94,673 $ 19,222 $ 19,326 $ 133,221 $ ( 3,468 ) $ — $ 129,753

Cost of goods sold 70,755 13,751 8,595 93,101 ( 3,468 ) — 89,633

Gross profit 23,918 5,471 10,731 40,120 — — 40,120

Selling, general and administrative expenses 8,282 1,300 3,314 12,896 — 17,801 30,697

4 unchanged sentences

Other (expense) income, net ( 33 ) — — ( 33 ) — 20 ( 13 )

EBITDA $ 19,100 $ 5,297 $ 7,448 $ 31,845 $ — $ ( 16,920 ) $ 14,925

Gross profit margin 25.3 % 28.5 % 55.5 % 30.1 % * * 30.9 %

EBITDA margin 20.2 % 27.6 % 38.5 % 23.9 % * * 11.5 %

Six Months Ended June 30, 2025

Secure Card Solutions Prepaid Solutions Integrated Paytech Total Reportable

Segments Intersegment Eliminations Corporate Consolidated

Revenue $ 176,315 $ 45,935 $ 38,579 $ 260,829 $ ( 8,315 ) $ — $ 252,514

Cost of goods sold 131,578 31,022 17,413 180,013 ( 8,315 ) — 171,698

Gross profit 44,737 14,913 21,166 80,816 — — 80,816

Selling, general and administrative expenses 14,791 2,743 6,356 23,890 — 33,399 57,289

Income (loss) from operations $ 29,946 $ 12,170 $ 14,810 $ 56,926 $ — $ ( 33,399 ) $ 23,527

EBITDA by segment:

Income (loss) from operations $ 29,946 $ 12,170 $ 14,810 $ 56,926 $ — $ ( 33,399 ) $ 23,527

Depreciation and amortization 5,737 2,242 62 8,041 — 1,721 9,762

Other (expense) income, net ( 40 ) 6 — ( 34 ) — 39 5

EBITDA $ 35,643 $ 14,418 $ 14,872 $ 64,933 $ — $ ( 31,639 ) $ 33,294

Gross profit margin 25.4 % 32.5 % 54.9 % 31.0 % * * 32.0 %

EBITDA margin 20.2 % 31.4 % 38.5 % 24.9 % * * 13.2 %

______________________________________________________

* Calculation not meaningful.

Reconciliation of Net Income to EBITDA

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income $ 2,040 $ 518 $ 4,096 $ 5,292

Interest, net 7,405 8,069 15,061 15,754

1 unchanged sentence

Depreciation and amortization 6,343 5,515 12,746 9,762

EBITDA $ 17,925 $ 14,925 $ 35,198 $ 33,294

Goodwill by Reportable Segment

1 unchanged sentence

In connection with the implementation of the Company’s revised segment structure in the first quarter of 2026, a portion of the Company’s goodwill in the former Debit and Credit segment as of December 31, 2025 is now included in the Integrated Paytech segment.

As a result, total goodwill of the Company’s reportable segments as of March 31, 2026, and December 31, 2025, were as follows under the revised segment structure:

The increase in goodwill resulting from the acquisition of the on-premise instant issuance solution is recognized in the Integrated Paytech segment.

As a result, total goodwill of the Company’s reportable segments as of June 30, 2026, and December 31, 2025, were as follows under the revised segment structure:

2026 December 31,

Secure Card Solutions $ 33,636 $ 33,636

4 unchanged sentences

Accordingly, the Company does not regularly provide such information by segment to the CODM.

Subsequent Events

Senior Notes Redemption

On July 15, 2026, the Company redeemed $ 26.5 million of its outstanding $ 265.0 million aggregate principal amount Senior Notes.

The redemption was made pursuant to the terms of the indenture governing the terms of the Senior Notes, at a redemption price of 103.000 % of par plus accrued and unpaid interest to the date of redemption.

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