What changed in this filing

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Item 1. Financial Statements

2024-10-30 compared with 2024-07-31 · 116 added, 81 removed, 469 unchanged (30% of the section changed)

3 unchanged sentences

(in thousands, except share amounts)

September 30,

2024 December 31,

37 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

4 unchanged sentences

Selling, general and administrative expenses 510,786 496,732 1,533,213 1,590,865

Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A) ( 15,733 ) ( 28,347 ) ( 59,109 ) ( 55,638 )

(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A) ( 29,230 ) 14,275 ( 88,339 ) ( 41,363 )

Amortization of intangible assets 305 720 913 2,162

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

32 unchanged sentences

Balance at June 30, 2024 104,056 $ 104 $ 1,387,110 $ ( 50,591 ) $ 143,532 $ 1,480,155

Net income — — — — 65,451 65,451

Other comprehensive income (loss) — — — 17,130 — 17,130

Dividends declared ($ 0.53 per share)

— — — — ( 54,760 ) ( 54,760 )

Net issuances of restricted stock ( 8 ) — — — — —

Stock-based compensation — — 15,707 — — 15,707

Repurchases of common stock ( 801 ) ( 1 ) — — ( 49,847 ) ( 49,848 )

Balance at September 30, 2024

103,247 $ 103 $ 1,402,817 $ ( 33,461 ) $ 104,376 $ 1,473,835

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except per share amounts)

Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Retained Earnings Total

17 unchanged sentences

Balance at June 30, 2023 107,132 $ 107 $ 1,324,451 $ ( 36,589 ) $ 337,302 $ 1,625,271

Net income — — — — 95,545 95,545

Other comprehensive income (loss) — — — ( 13,408 ) — ( 13,408 )

Dividends declared ($ 0.48 per share)

— — — — ( 51,228 ) ( 51,228 )

Net issuances of restricted stock ( 10 ) — — — — —

Stock-based compensation — — 15,233 — — 15,233

Repurchases of common stock ( 1,227 ) ( 1 ) — — ( 91,441 ) ( 91,442 )

Balance at September 30, 2023 105,895 $ 106 $ 1,339,684 $ ( 49,997 ) $ 290,178 $ 1,579,971

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

3 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

35 unchanged sentences

Non-cash items:

Repurchases of common stock awaiting settlement $ — $ 3,684

Fund exchanges within employee deferred compensation trusts $ 72,190 $ 88,758

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2024

September 30, 2024

Note A— Summary of Significant Accounting Policies

2 unchanged sentences

(the “Company”) is a specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies.

Robert Half ® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, administrative and customer support, and provides executive search services.

Robert Half ® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and provides executive search services.

Robert Half is also the parent company of Protiviti ® , a global consulting firm that delivers internal audit, risk, business, and technology consulting solutions.

12 unchanged sentences

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.

As of June 30, 2024, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, income and other taxes, and assumptions used in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions.

As of September 30, 2024, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, income and other taxes, and assumptions used in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions.

Actual results and outcomes may differ from management’s estimates and assumptions.

10 unchanged sentences

The Company expenses all advertising costs as incurred.

Advertising costs were $ 14.6 million and $ 27.9 million for the three and six months ended June 30, 2024, respectively, and $ 14.6 million and $ 27.9 million for the three and six months ended June 30, 2023, respectively.

Income from Investments Held in Employee Deferred Compensation Trusts .

Advertising costs were $ 13.0 million and $ 40.8 million for the three and nine months ended September 30, 2024, respectively, and $ 13.4 million and $ 41.3 million for the three and nine months ended September 30, 2023, respectively.

(Income) Loss from Investments Held in Employee Deferred Compensation Trusts .

Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions.

1 unchanged sentence

The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company.

The Company’s income from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments and is presented separately on the unaudited Condensed Consolidated Statements of Operations.

The Company’s (income) loss from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments and is presented separately on the unaudited Condensed Consolidated Statements of Operations.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

The following table presents the Company’s income from investments held in employee deferred compensation trusts (in thousands):

September 30, 2024

The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Dividend income $ ( 3,007 ) $ ( 2,361 ) $ ( 7,705 ) $ ( 6,156 )

Realized and unrealized gains ( 13,106 ) ( 26,115 ) ( 54,411 ) ( 51,843 )

Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) $ ( 15,733 ) $ ( 28,347 ) $ ( 59,109 ) $ ( 55,638 )

The following table presents the Company’s increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):

Realized and unrealized (gains) losses ( 26,223 ) 16,636 ( 80,634 ) ( 35,207 )

(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) $ ( 29,230 ) $ 14,275 $ ( 88,339 ) $ ( 41,363 )

The following table presents the Company’s increase (decrease) in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets $ 15,733 $ 28,347 $ 59,109 $ 55,638

Increase (decrease) in employee deferred compensation costs and expense related to changes in the fair value of trust assets $ 29,230 $ ( 14,275 ) $ 88,339 $ 41,363

Comprehensive Income (Loss).

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

September 30, 2024

The following tables summarize the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):

Fair Value Measurements Using

Balance at June 30, 2024

Balance at September 30, 2024

Quoted Prices

22 unchanged sentences

Total employee deferred compensation trust assets $ 571,046 $ 571,046 — —

Certain items, such as goodwill and other intangible assets, are recognized or disclosed at fair value on a non-recurring basis.

Certain items, such as goodwill and other intangible assets, are recognized or disclosed at fair value on a nonrecurring basis.

The Company determines the fair value of these items using level 3 inputs.

7 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

The following table sets forth the activity in the allowance for credit losses from December 31, 2023, through June 30, 2024 (in thousands):

September 30, 2024

The following table sets forth the activity in the allowance for credit losses from December 31, 2023, through September 30, 2024 (in thousands):

Allowance for Credit Losses

3 unchanged sentences

Other, including foreign currency translation adjustments 142

Balance as of June 30, 2024

Balance as of September 30, 2024

Note B— New Accounting Pronouncements

7 unchanged sentences

This ASU is effective for public filers for fiscal periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, however early adoption is permitted.

The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

The Company will first apply this amendment to its annual disclosures for the year ending December 31, 2024, and expects this amendment will result in additional disclosures to the Company’s segment financial information footnote.

This amendment is not expected to have a material impact on the Company's consolidated financial statements.

Income Tax Disclosures .

2 unchanged sentences

Improvements to Income Tax Disclosures.

Under this ASU, public filers must disclose annually (1) specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate.

Under this ASU, public filers must disclose annually (1) specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate.

The new guidance is effective for public filers for annual periods beginning after December 15, 2024.

14 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

September 30, 2024

The Company records contract talent solutions revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses.

17 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

14 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

September 30, 2024

Contracts with multiple performance obligations are recognized as performance obligations are delivered, and contract value is allocated based on relative stand-alone selling values of the services and products in the arrangement.

As of June 30, 2024, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 182.9 million.

Of this amount, $ 156.5 million is expected to be recognized within the next twelve months .

As of June 30, 2023, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 160.3 million.

As of September 30, 2024, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 187.0 million.

Of this amount, $ 167.2 million is expected to be recognized within the next 12 months.

As of September 30, 2023, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 150.2 million.

Contract liabilities are recorded when cash payments are received or due in advance of performance and are reflected in accounts payable and accrued expenses on the unaudited Condensed Consolidated Statements of Financial Position.

The following table sets forth the activity in contract liabilities from December 31, 2023, through June 30, 2024 (in thousands):

The following table sets forth the activity in contract liabilities from December 31, 2023, through September 30, 2024 (in thousands):

Contract Liabilities

3 unchanged sentences

Other, including translation adjustments 115

Balance as of June 30, 2024

Balance as of September 30, 2024

Note D— Other Current Assets

Other current assets consisted of the following (in thousands):

September 30,

2024 December 31,

5 unchanged sentences

Property and equipment consisted of the following (in thousands):

September 30,

2024 December 31,

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

September 30, 2024

Note F— Other Noncurrent Assets

Other noncurrent assets consisted of the following (in thousands):

September 30,

2024 December 31,

4 unchanged sentences

The Company has operating leases for corporate and field offices, and certain equipment.

The Company’s leases have remaining lease terms of less than 1 year to 11 years, some of which include options to extend the leases for up to 7 years, and some of which include options to terminate the leases within 1 year.

Operating lease expense was $ 21.2 million and $ 42.4 million for the three and six months ended June 30, 2024, respectively, and $ 22.5 million and $ 44.9 million for the three and six months ended June 30, 2023, respectively.

The Company’s leases have remaining lease terms of less than one year to 11 years, some of which include options to extend the leases for up to seven years , and some of which include options to terminate the leases within one year .

Operating lease expense was $ 20.6 million and $ 62.9 million for the three and nine months ended September 30, 2024, respectively, and $ 22.2 million and $ 67.1 million for the three and nine months ended September 30, 2023, respectively.

Supplemental cash flow information related to leases consisted of the following (in thousands):

Six Months Ended

Nine Months Ended

September 30,

Cash paid for operating lease liabilities $ 71,637 $ 71,633

1 unchanged sentence

Supplemental balance sheet information related to leases consisted of the following:

September 30,

2024 December 31,

1 unchanged sentence

Weighted average discount rate for operating leases 3.7 % 3.2 %

Future minimum lease payments under non-cancellable leases as of June 30, 2024, were as follows (in thousands):

2024 (excluding the six months ended June 30, 2024)

Future minimum lease payments under non-cancellable leases as of September 30, 2024, were as follows (in thousands):

2024 (excluding the nine months ended September 30, 2024)

Thereafter 48,237

2 unchanged sentences

(a) Includes the current portion of $ 65.9 million for operating leases.

As of June 30, 2024, the Company had additional future minimum lease obligations totaling $ 11.7 million under executed operating lease contracts that had not yet commenced.

These operating leases include agreements for corporate and field office facilities with lease terms of 1 to 11 years.

As of September 30, 2024, the Company had additional future minimum lease obligations totaling $ 16.2 million under executed operating lease contracts that had not yet commenced.

These operating leases include agreements for corporate and field office facilities with lease terms of one to 11 years.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

September 30, 2024

Note H— Goodwill

The following table sets forth the activity in goodwill from December 31, 2023 through June 30, 2024 (in thousands):

The following table sets forth the activity in goodwill from December 31, 2023 through September 30, 2024 (in thousands):

Contract talent solutions Permanent placement talent solutions Protiviti Total

2 unchanged sentences

Foreign currency translation adjustments 82 16 ( 91 ) 7

Balance as of June 30, 2024

Balance as of September 30, 2024

$ 134,369 $ 26,147 $ 77,461 $ 237,977

The Company completed its annual assessment of the recoverability of goodwill during the three months ended June 30, 2024, and determined there were no events or circumstances that would more likely than not reduce the fair value of the Company’s reporting units below their carrying value.

Note I— Accrued Payroll and Benefit Costs

Accrued payroll and benefit costs consisted of the following (in thousands):

September 30,

2024 December 31,

9 unchanged sentences

These plans include provisions for salary deferrals and discretionary contributions.

The asset value of the nonqualified plans was $ 638.5 million and $ 571.0 million as of June 30, 2024 and December 31, 2023, respectively.

The asset value of the nonqualified plans was $ 667.5 million and $ 571.0 million as of September 30, 2024 and December 31, 2023, respectively.

The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans.

The liability value for the nonqualified plans was $ 628.0 million and $ 572.9 million as of June 30, 2024 and December 31, 2023, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 11.4 million and $ 24.8 million for the three and six months ended June 30, 2024, respectively, and $ 11.5 million and $ 22.8 million for the three and six months ended June 30, 2023, respectively.

The liability value for the nonqualified plans was $ 664.1 million and $ 572.9 million as of September 30, 2024 and December 31, 2023, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 11.8 million and $ 36.6 million for the three and nine months ended September 30, 2024, respectively, and $ 10.7 million and $ 33.5 million for the three and nine months ended September 30, 2023, respectively.

The Company has statutory defined contribution plans and defined benefit plans outside the United States of America, which are not material.

1 unchanged sentence

On March 23, 2015, Plaintiff Jessica Gentry, on her own behalf and on behalf of a putative class of allegedly similarly situated individuals, filed a complaint against the Company in the Superior Court of California, San Francisco County, which was subsequently amended on October 23, 2015.

The complaint alleges that a putative class of current and former employees of the Company working in California since March 13, 2010, were denied compensation for the time they spent interviewing “for temporary and permanent employment opportunities” as well as performing activities related to the interview process.

Gentry seeks recovery on her own behalf and on behalf of the putative class in an unspecified amount for this allegedly unpaid compensation.

Gentry also seeks recovery of an unspecified amount for the alleged failure of the Company to provide her and

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

temporary and permanent employment opportunities” as well as performing activities related to the interview process.

Gentry seeks recovery on her own behalf and on behalf of the putative class in an unspecified amount for this allegedly unpaid compensation.

Gentry also seeks recovery of an unspecified amount for the alleged failure of the Company to provide her and the putative class with accurate wage statements.

September 30, 2024

the putative class with accurate wage statements.

Gentry also seeks an unspecified amount of other damages, attorneys’ fees, and statutory penalties, including penalties for allegedly not paying all wages due upon separation to former employees and statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorneys General Act (“PAGA”).

21 unchanged sentences

Borrowings under the Credit Agreement will bear interest in accordance with the terms of the borrowing which will be calculated according to the adjusted term Secured Overnight Financing Rate (“SOFR”), or an alternative base rate, plus an applicable margin.

The Credit Agreement is subject to certain financial covenants and the Company was in compliance with these covenants as of June 30, 2024.

There were no borrowings under the Credit Agreement as of June 30, 2024, or December 31, 2023.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

The Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of September 30, 2024.

There were no borrowings under the Credit Agreement as of September 30, 2024, or December 31, 2023.

Note L— Stockholders’ Equity

Stock Repurchase Program.

As of June 30, 2024, the Company is authorized to repurchase, from time to time, up to 9.1 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions.

The number and the cost of common stock shares repurchased during the six months ended June 30, 2024 and 2023, are reflected in the following table (in thousands):

Six Months Ended

As of September 30, 2024, the Company is authorized to repurchase, from time to time, up to 8.3 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions.

The number and the cost of common stock shares repurchased during the nine months ended September 30, 2024 and 2023, are reflected in the following table (in thousands):

Nine Months Ended

September 30,

Common stock repurchased (in shares) 2,460 2,362

Common stock repurchased $ 171,047 $ 175,005

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

September 30, 2024

Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes.

The number and the cost of employee stock plan repurchases made during the six months ended June 30, 2024 and 2023, are reflected in the following table (in thousands):

Six Months Ended

The number and the cost of employee stock plan repurchases made during the nine months ended September 30, 2024 and 2023, are reflected in the following table (in thousands):

Nine Months Ended

September 30,

Repurchases related to employee stock plans (in shares) 272 285

2 unchanged sentences

Treasury stock is accounted for using the cost method.

Treasury stock activity for the six months ended June 30, 2024 and 2023, (consisting of purchases of shares for the treasury) is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.

Treasury stock activity for the nine months ended September 30, 2024 and 2023, (consisting of purchases of shares for the treasury) is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.

Repurchases of shares and issuances of dividends are applied first to the extent of retained earnings and any remaining amounts are applied to additional paid-in capital.

Note M— Net Income Per Share

The calculation of net income per share for the three and six months ended June 30, 2024 and 2023, is reflected in the following table (in thousands, except per share amounts):

The calculation of net income per share for the three and nine months ended September 30, 2024 and 2023, is reflected in the following table (in thousands, except per share amounts):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

9 unchanged sentences

Diluted $ 0.64 $ 0.90 $ 1.91 $ 3.04

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

Note N— Business Segments

6 unchanged sentences

The Company evaluates performance based on income before intangible assets amortization expense, net interest income, and income taxes.

The following table provides a reconciliation of service revenues and segment income by reportable segment to consolidated results for the three and six months ended June 30, 2024 and 2023 (in thousands):

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

September 30, 2024

The following table provides a reconciliation of service revenues and segment income by reportable segment to consolidated results for the three and nine months ended September 30, 2024 and 2023 (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

13 unchanged sentences

Service revenues presented above are shown net of eliminations of intersegment revenues.

Intersegment revenues between contract talent solutions segment and Protiviti segment were $ 116.5 million and $ 229.3 million for the three and six months ended June 30, 2024, respectively, and $ 114.8 million and $ 240.6 million for the three and six months ended June 30, 2023, respectively.

Intersegment revenues between contract talent solutions segment and Protiviti segment were $ 122.3 million and $ 351.6 million for the three and nine months ended September 30, 2024, respectively, and $ 100.6 million and $ 341.2 million for the three and nine months ended September 30, 2023, respectively.

Revenue and direct costs related to the intersegment activity are reflected in the Protiviti segment, including the costs of candidate payroll, fringe benefits and incremental recruiter compensation.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

June 30, 2024

Note O— Subsequent Events

On July 30, 2024, the Company announced the following:

On October 29, 2024, the Company announced the following:

Quarterly dividend per share $ 0.53

Declaration date July 30, 2024

Record date August 23, 2024

Payment date September 13, 2024

Declaration date October 29, 2024

Record date November 25, 2024

Payment date December 13, 2024

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

What changed 10-Q

Item 1. Financial Statements