What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-10-31 compared with 2025-08-05 · 144 added, 83 removed, 529 unchanged (30% of the section changed)

3 unchanged sentences

(in thousands, except share amounts)

September 30,

2025 December 31,

37 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

23 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

32 unchanged sentences

Balance at June 30, 2025 101,739 $ 102 $ 1,341,843 $ ( 30,027 ) $ — $ 1,311,918

Net income — — — — 42,916 42,916

Other comprehensive income (loss) — — — ( 2,546 ) — ( 2,546 )

Dividends declared ($ 0.59 per share)

— — ( 37,197 ) — ( 22,676 ) ( 59,873 )

Net issuances of restricted stock ( 3 ) — — — — —

Stock-based compensation — — 13,918 — — 13,918

Repurchases of common stock ( 575 ) ( 1 ) — — ( 20,240 ) ( 20,241 )

Balance at September 30, 2025

101,161 $ 101 $ 1,318,564 $ ( 32,573 ) $ — $ 1,286,092

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, 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)

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 $ 1,029 $ —

Fund exchanges within employee deferred compensation trusts $ 137,458 $ 72,190

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

Note A— Summary of Significant Accounting Policies

18 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, 2025, 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, 2025, 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 $ 11.8 million and $ 23.8 million for the three and six months ended June 30, 2025, respectively, and $ 14.6 million and $ 27.9 million for the three and six months ended June 30, 2024, respectively.

Advertising costs were $ 11.3 million and $ 35.1 million for the three and nine months ended September 30, 2025, respectively, and $ 13.0 million and $ 40.8 million for the three and nine months ended September 30, 2024, respectively.

ROBERT HALF INC.

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

June 30, 2025

September 30, 2025

Income from Investments Held in Employee Deferred Compensation Trusts .

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

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

June 30, 2025

September 30, 2025

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, 2025

Balance at September 30, 2025

Quoted Prices

5 unchanged sentences

Money market funds $ 144,549 $ 144,549 — —

Mutual funds - bond 40,071 40,071 — —

Mutual funds - stock 418,051 418,051 — —

Mutual funds - bonds 41,974 41,974 — —

Mutual funds - stocks 443,823 443,823 — —

Mutual funds - blend 130,815 130,815 — —

9 unchanged sentences

Money market funds $ 125,112 $ 125,112 — —

Mutual funds - bond 38,705 38,705 — —

Mutual funds - stock 401,751 401,751 — —

Mutual funds - bonds 38,705 38,705 — —

Mutual funds - stocks 401,751 401,751 — —

Mutual funds - blend 107,672 107,672 — —

10 unchanged sentences

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

June 30, 2025

The following table sets forth the activity in the allowance for credit losses from December 31, 2024, through June 30, 2025 (in thousands):

September 30, 2025

The following table sets forth the activity in the allowance for credit losses from December 31, 2024, through September 30, 2025 (in thousands):

Allowance for Credit Losses

3 unchanged sentences

Other, including foreign currency translation adjustments 1,246

Balance as of June 30, 2025

Balance as of September 30, 2025

Note B— New Accounting Pronouncements

7 unchanged sentences

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

Early adoption is permitted.

The Company has concluded its evaluation of the newly issued guidance and anticipates changes to its income tax disclosures.

The Company has concluded its evaluation of the newly issued guidance and anticipates changes to its income tax disclosures in its 2025 Form 10-K annual filing.

However, it does not expect any effect on its operating results, cash flows, or financial position.

5 unchanged sentences

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

Financial Instruments Credit Losses Disclosures.

In July 2025, the FASB issued ASU No.

2025-05, Financial Instruments, Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets.

This ASU provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

All entities with this practical expedient are to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets.

This guidance is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures.

Internal-Use Software Disclosures.

In September 2025, the FASB issued ASU No.

2025-06, Intangibles, Goodwill and Other, Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

The amendments in this ASU will remove all references to software development project stages so that the guidance is neutral to different software development methods.

Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended.

The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

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

ROBERT HALF INC.

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

September 30, 2025

Note C— Revenue Recognition

10 unchanged sentences

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.

The Company has concluded that gross reporting is appropriate because the

ROBERT HALF INC.

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

June 30, 2025

Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers.

The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers.

Fees paid to time management or vendor management service providers selected by clients are recorded as a reduction of revenues, as the Company is not the primary obligor with respect to those services.

1 unchanged sentence

Permanent placement talent solutions revenues from contracts with customers are primarily recognized when employment candidates accept offers of permanent employment.

The Company has a substantial history of estimating the financial impact of permanent placement candidates who do not remain with its clients through the 90 -day guarantee period.

The Company has a substantial history of estimating the financial impact of permanent placement talent solutions candidates who do not remain with its clients through the 90 -day guarantee period.

These amounts are established based primarily on historical data and are recorded as liabilities.

11 unchanged sentences

The Company periodically evaluates the need to provide for any losses on these projects, and losses are recognized when it is probable that a loss will be incurred.

ROBERT HALF INC.

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

September 30, 2025

The following table presents the Company’s revenues disaggregated by functional specialization and segment (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

The term between invoicing and when payment is due is not significant.

ROBERT HALF INC.

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

June 30, 2025

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, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 213.7 million.

As of September 30, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $ 194.7 million.

Of this amount, $ 180.6 million is expected to be recognized within the next 12 months.

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.

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.

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, 2024, through June 30, 2025 (in thousands):

The following table sets forth the activity in contract liabilities from December 31, 2024, through September 30, 2025 (in thousands):

Contract Liabilities

3 unchanged sentences

Other, including translation adjustments 1,101

Balance as of June 30, 2025

Balance as of September 30, 2025

ROBERT HALF INC.

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

September 30, 2025

Note D— Other Current Assets

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

September 30,

2025 December 31,

5 unchanged sentences

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

September 30,

2025 December 31,

6 unchanged sentences

Property and equipment, net $ 129,317 $ 119,564

ROBERT HALF INC.

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

June 30, 2025

Note F— Other Noncurrent Assets

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

September 30,

2025 December 31,

5 unchanged sentences

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 $ 19.8 million and $ 39.8 million for the three and six months ended June 30, 2025, respectively, and $ 21.2 million and $ 42.4 million for the three and six months ended June 30, 2024, respectively.

Operating lease expense was $ 19.9 million and $ 59.7 million for the three and nine months ended September 30, 2025, respectively, and $ 20.6 million and $ 62.9 million for the three and nine months ended September 30, 2024, 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 $ 59,229 $ 71,637

Right-of-use assets obtained in exchange for new operating lease liabilities $ 53,048 $ 62,043

ROBERT HALF INC.

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

September 30, 2025

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

September 30,

2025 December 31,

1 unchanged sentence

Weighted average discount rate for operating leases 4.1 % 3.9 %

Future minimum lease payments under noncancelable leases as of June 30, 2025, were as follows (in thousands):

2025 (excluding the six months ended June 30, 2025)

Future minimum lease payments under noncancelable leases as of September 30, 2025, were as follows (in thousands):

2025 (excluding the nine months ended September 30, 2025)

Thereafter 48,702

2 unchanged sentences

(a) Includes the current portion of $ 69.7 million for operating leases.

As of June 30, 2025, the Company had additional future minimum lease obligations totaling $ 30.4 million under executed operating lease contracts that had not yet commenced.

As of September 30, 2025, the Company had additional future minimum lease obligations totaling $ 26.3 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 year to 10 years.

ROBERT HALF INC.

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

June 30, 2025

Note H— Goodwill

The following table sets forth the activity in goodwill from December 31, 2024 through June 30, 2025 (in thousands):

The following table sets forth the activity in goodwill from December 31, 2024 through September 30, 2025 (in thousands):

Contract talent solutions Permanent placement talent solutions Protiviti Total

3 unchanged sentences

Foreign currency translation adjustments 514 100 1,054 1,668

Balance as of June 30, 2025

Balance as of September 30, 2025

$ 135,657 $ 26,398 $ 89,211 $ 251,266

1 unchanged sentence

These transactions, executed via the Company’s wholly owned subsidiaries, resulted in the recognition of $ 12.4 million in goodwill.

The Company completed its annual assessment of the recoverability of goodwill during the three months ended June 30, 2025, 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.

ROBERT HALF INC.

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

September 30, 2025

Note I— Accrued Payroll and Benefit Costs

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

September 30,

2025 December 31,

9 unchanged sentences

These plans include provisions for salary deferrals and discretionary contributions.

The asset value of the nonqualified plans was $ 716.8 million and $ 673.2 million as of June 30, 2025 and December 31, 2024, respectively.

The asset value of the nonqualified plans was $ 761.2 million and $ 673.2 million as of September 30, 2025 and December 31, 2024, 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 $ 700.0 million and $ 678.4 million as of June 30, 2025 and December 31, 2024, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 11.6 million and $ 25.3 million for the three and six months ended June 30, 2025, respectively, and $ 11.4 million and $ 24.8 million for the three and six months ended June 30, 2024, respectively.

The liability value for the nonqualified plans was $ 751.3 million and $ 678.4 million as of September 30, 2025 and December 31, 2024, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $ 11.1 million and $ 36.4 million for the three and nine months ended September 30, 2025, respectively, and $ 11.8 million and $ 36.6 million for the three and nine months ended September 30, 2024, respectively.

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

ROBERT HALF INC.

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

June 30, 2025

Note K— Commitments and Contingencies

9 unchanged sentences

and (3) a subclass of class members who are no longer employed by the Company (i.e., a “waiting time penalties” subclass).

The case is expected to commence trial on November 3, 2025.

At this stage of the litigation, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from this proceeding and, accordingly, no amounts have been provided in the Company’s Financial Statements.

The Company believes it has meritorious defenses to the allegations and the Company intends to continue to vigorously defend against the litigation.

ROBERT HALF INC.

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

September 30, 2025

On April 6, 2018, Plaintiff Shari Dorff, 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, County of Los Angeles.

13 unchanged sentences

Borrowings under the 2025 Credit Agreement will bear interest in accordance with the terms of the borrowing, which typically will be calculated according to the adjusted term Secured Overnight Financing Rate (“SOFR”), plus an applicable margin.

The 2025 Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of June 30, 2025.

As of June 30, 2025, the Company had no cash borrowings under the 2025 Credit Agreement, and maintained $ 10.2 million in standby letters of credit to satisfy workers’ compensation insurer’s collateral requirements.

ROBERT HALF INC.

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

June 30, 2025

The 2025 Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of September 30, 2025.

As of September 30, 2025, the Company had no cash borrowings under the 2025 Credit Agreement, and maintained $ 10.1 million in standby letters of credit to satisfy workers’ compensation insurer’s collateral requirements.

Note L— Stockholders’ Equity

Stock Repurchase Program.

As of June 30, 2025, the Company is authorized to repurchase, from time to time, up to 6.2 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, 2025 and 2024, are reflected in the following table (in thousands):

Six Months Ended

As of September 30, 2025, the Company is authorized to repurchase, from time to time, up to 5.6 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, 2025 and 2024, are reflected in the following table (in thousands):

Nine Months Ended

September 30,

Common stock repurchased (in shares) 1,702 2,460

Common stock repurchased $ 79,590 $ 171,047

ROBERT HALF INC.

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

September 30, 2025

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, 2025 and 2024, 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, 2025 and 2024, are reflected in the following table (in thousands):

Nine Months Ended

September 30,

Repurchases related to employee stock plans (in shares) 192 272

2 unchanged sentences

Treasury stock is accounted for using the cost method.

Treasury stock activity for the six months ended June 30, 2025 and 2024, (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, 2025 and 2024, (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, 2025 and 2024, 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, 2025 and 2024, 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,

2025 2024 2025 2024

11 unchanged sentences

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

June 30, 2025

September 30, 2025

Note N— Business Segments

12 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

Contract Talent Solutions 2025 2024 2025 2024

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

Permanent Placement Talent Solutions 2025 2024 2025 2024

10 unchanged sentences

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

June 30, 2025

September 30, 2025

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

Protiviti 2025 2024 2025 2024

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

Combined Segment 2025 2024 2025 2024

11 unchanged sentences

(1) Service revenues presented above are shown net of eliminations of intersegment revenues.

Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $ 119.8 million and $ 237.7 million for the three and six months ended June 30, 2025, respectively, and $ 116.5 million and $ 229.3 million for the three and six months ended June 30, 2024, respectively.

Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $ 123.7 million and $ 361.4 million for the three and nine months ended September 30, 2025, respectively, and $ 122.3 million and $ 351.6 million for the three and nine months ended September 30, 2024, respectively.

Service revenues related to the intersegment activity are reflected in the Protiviti segment.

5 unchanged sentences

These costs are allocated to the individual segments based on an internal allocation method.

ROBERT HALF INC.

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

September 30, 2025

The following table represents depreciation expense by segment (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

$ 12,285 $ 13,193 $ 37,893 $ 38,713

ROBERT HALF INC.

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

June 30, 2025

Note O— Subsequent Events

On August 4, 2025, the Company announced the following:

On October 30, 2025, the Company announced the following:

Quarterly dividend per share $ 0.59

Declaration date August 4, 2025

Record date August 25, 2025

Payment date September 15, 2025

Declaration date October 30, 2025

Record date November 25, 2025

Payment date December 15, 2025

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