What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-07-30 compared with 2025-05-01 · 111 added, 87 removed, 96 unchanged (67% of the section changed)

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and all its subsidiaries that are consolidated in accordance with U.S.

generally accepted accounting principles, unless otherwise indicated.

generally accepted accounting principles (“GAAP”), unless otherwise indicated.

This report contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by us, as well as developments beyond our control, including, but not limited to, changes in domestic and worldwide political and economic conditions due to, among other factors, U.S.

and foreign trade policies and the impact on economic conditions, inflation and the increasing likelihood of an economic recession that could materially impact us, our customers and suppliers, metals pricing, and demand for our products and services;

and foreign trade policies affecting metals product markets and pricing specifically;

and foreign trade policies and the related impact on economic conditions, inflation and the likelihood of an economic recession that could materially impact us, our customers and suppliers, metals pricing, and demand for our products and services;

and foreign trade policies specifically affecting metals product markets and pricing;

the possibility that the expected benefits of acquisitions and capital expenditures may not materialize as expected;

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This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 and other sections of this quarterly report on Form 10-Q, including the consolidated financial statements and related notes contained in Item 1.

Underlying demand in the first quarter of 2025 was healthy in the majority of our end markets, most notably in non-residential construction, despite ongoing uncertainty in both domestic and international economic policy.

Our tons sold were a record in the first quarter of 2025, however our operating results declined year-over-year, mainly due to lower metals prices and gross profit margin.

The declining metals pricing trend we experienced throughout 2024 and into February 2025 reversed with strong metals pricing increases throughout March that held into April.

Our tons sold in the first quarter of 2025 increased 9% year-over-year, reaching a new record of 1.63 million tons, supported by solid organic growth and contributions from our 2024 acquisitions.

We believe our shipments also benefited from our long-standing relationships with our domestic mill suppliers and certain customers accelerating their purchases in advance of anticipated carbon steel and aluminum product price increases.

Our same-store tons sold increased 5.6% compared to the first quarter of 2024, surpassing the industry-wide decline of 0.5% reported by the Metals Service Center Institute (“MSCI”).

Our gross profit margin of 29.7% for the first quarter of 2025 was strong despite a decline from 31.0% in the first quarter of 2024.

Earnings per diluted share were $3.74 and $5.23 for the first quarters of 2025 and 2024, respectively.

Our lower earnings per share year-over-year is mainly due to lower metals prices despite record tons sold in the first quarter of 2025 and an 8% reduction in outstanding shares as a result of share repurchases in the past four quarters.

Cash flow from operations of $64.5 million in the first quarter of 2025 decreased from $126.3 million in the first quarter of 2024 mainly due to lower net income, partially offset by a decrease in working capital investment.

Seasonally, the first quarter typically requires the largest working capital investment of the four quarters.

Returns to stockholders in the first quarter of 2025 totaled $318.4 million, comprised of $253.2 million of share repurchases and $65.2 million of cash dividends, which reflected a 9.1% increase in our regular quarterly dividend rate effective in the first quarter of 2025.

Cash used in investing activities in the first quarter of 2025 were mainly comprised of organic growth activities related to capital expenditures of $86.9 million in the first quarter of 2025, which declined from $108.7 million in the first quarter of 2024.

2024 Acquisitions

We acquired each of Cooksey Iron & Metal Company on February 1, 2024;

American Alloy Steel, Inc.

and Mid-West Materials, Inc.

on April 1, 2024;

and certain assets of the FerrouSouth division of Ferragon Corporation on August 16, 2024, with cash on hand.

Included in our net sales for the first quarters of 2025 and 2024 were combined net sales of $99.4 million and $16.1 million, respectively, from our 2024 acquisitions.

Results of Operations

The following sets forth certain income statement data for the first quarters of 2025 and 2024 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):

Three Months Ended March 31,

The following sets forth certain income statement data for the second quarters and first six months of 2025 and 2024 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):

Three Months Ended

Six Months Ended

Cost of sales (exclusive of depreciation and amortization expense shown below) (1)

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Diluted earnings per share attributable to Reliance stockholders

(1) Cost of sales in the second quarter and first six months of 2025 included $6.3 million and $8.1 million of restructuring charges, respectively.

(2) Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales.

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Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.

First Quarter Ended March 31, 2025 Compared to First Quarter Ended March 31, 2024

Three Months Ended March 31,

Demand in the second quarter and first six months of 2025 was healthy in the majority of the end markets we serve, most notably in non-residential construction, despite the current uncertain trade environment.

Our second quarter of 2025 tons sold were a second-quarter record following record quarterly tons sold in the first quarter of 2025;

however, our operating results declined year-over-year mainly due to lower average selling prices.

The declining metals pricing trend we experienced throughout 2024 and into February 2025 reversed in March 2025 when trade actions were announced.

Given the strong tariff-driven momentum of both demand and metals pricing near the end of the first quarter of 2025, pricing for many carbon steel and aluminum products peaked in April, then declined for the remainder of the second quarter.

Tons sold in the second quarter and first six months of 2025 were at record levels, with tons sold increasing 4.0% and 6.4%, respectively, compared to the same periods in 2024.

We believe our broad range of product and service offerings to diverse industries, expansive value-added processing capabilities, focus on smart, profitable growth, and long-standing relationships with our domestic mill suppliers supported the increases in our tons sold.

Compared to the second quarter of 2024, our increase in tons sold in the second quarter of 2025 surpassed the industry-wide decline of 3.1% reported by the Metals Service Center Institute (“MSCI”) by over seven percentage points.

Our gross profit margin of 29.7% for the second quarter and first six months of 2025 remained strong and within our estimated sustainable range despite significant metals pricing volatility.

Our same-store SG&A expense for the second quarter and first six months of 2025 increased $34.6 million, or 5.3%, and $30.3 million, or 2.3%, respectively, compared to the same periods in 2024 mainly due to inflationary wage adjustments, increased variable warehousing expenses and delivery expenses associated with increases in our tons sold.

On a per ton basis, our same-store SG&A expense for the second quarter of 2025 increased only 1.0% while declining 2.5% for the first six months of 2025, compared to the same periods in 2024.

Cash flow from operations of $293.5 million in the first six months of 2025 decreased from $492.6 million in the same period in 2024 mainly due to lower net income and an increase in working capital investment.

Consistent with higher seasonal volume trends, we typically invest in working capital in the first six months.

The rising metals pricing environment in the first six months of 2025 also required a greater investment in working capital than in the same period in 2024 in which metals prices were declining.

Returns to stockholders in the first six months of 2025 totaled $461.4 million, comprised of $333.1 million of share repurchases and $128.3 million of cash dividends, compared to $647.2 million in the same period in 2024, comprised of $519.3 million of share repurchases and $127.9 million of cash dividends.

Cash used in investing activities in the first six months of 2025 was mainly comprised of organic growth activities related to capital expenditures of $174.5 million in the first six months of 2025, which declined from $206.9 million in the first six months of 2024.

In the first six months of 2025, we did not complete any new acquisitions compared to three acquisitions completed for $346.5 million in the first six months of 2024.

2024 Acquisitions

We acquired each of Cooksey Iron & Metal Company on February 1, 2024;

American Alloy Steel, Inc.

and Mid-West Materials, Inc.

on April 1, 2024;

and certain assets of the FerrouSouth division of Ferragon Corporation on August 16, 2024, with cash on hand.

Included in our net sales for the first six months of 2025 and 2024 were combined net sales of $193.9 million and $115.1 million, respectively, from our 2024 acquisitions.

Second Quarter and Six Months Ended June 30, 2025 Compared to Second Quarter and Six Months Ended June 30, 2024

(dollars in millions)

Net sales, same-store

Three Months Ended March 31,

Net sales (three months ended)

Net sales, same-store (three months ended)

Net sales (six months ended)

Net sales, same-store (six months ended)

(tons in thousands)

Tons sold, same-store

Three Months Ended March 31,

Average selling price per ton sold

Average selling price per ton sold, same-store

Tons sold (three months ended)

Tons sold, same-store (three months ended)

Tons sold (six months ended)

Tons sold, same-store (six months ended)

Average selling price per ton sold (three months ended)

Average selling price per ton sold, same-store (three months ended)

Average selling price per ton sold (six months ended)

Average selling price per ton sold, same-store (six months ended)

Our tons sold and average selling price per ton sold exclude our toll processed tons.

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Same-store amounts exclude the results of our 2024 acquisitions.

We grew our same-store tons sold and our total tons sold increased to a new quarterly record, surpassing the declining trend in industry shipments as reported by the MSCI.

Our record tons sold benefited from solid organic growth, supported by healthy underlying demand in the majority of our end markets, our availability of metals products, contributions from our 2024 acquisitions, and some customers accelerating purchases in advance of anticipated higher metal prices from announced tariffs in March 2025.

Our net sales declined year-over-year due to declines in major commodity selling prices which outweighed record tons sold.

We grew our tons sold in the second quarter and first six months of 2025 to record levels.

Our tons sold increases reflect healthy demand in the majority of the end markets we serve, most notably in non-residential construction, despite an uncertain trade environment.

Compared to the second quarter of 2024, our tons sold increase in the second quarter of 2025 surpassed the industry-wide decline of 3.1% reported by the MSCI by over seven percentage points.

Net sales for the first six months of 2025 decreased year-over-year due to a lower average selling price per ton sold.

Since we primarily purchase and sell our inventories in the spot market, our average selling prices generally fluctuate with the changes in replacement costs of the various metals we purchase.

The mix of products sold can also have an impact on our average selling price per ton sold.

As c arbon steel sales represented 53% of our gross sales for the first quarter of 2025, changes in carbon steel prices have the most significant impact on changes in our average selling price per ton sold.

As c arbon steel sales represent a majority of our gross sales, changes in carbon steel prices have the most significant impact on changes in our average selling price per ton sold.

The mix of our total sales by major commodity products and year-over-year changes in selling prices are presented below:

Three Months Ended March 31,

Three Months Ended

Six Months Ended

June 30, 2025

Average Selling

Stainless steel

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Cost of Sales and Gross Profit

Three Months Ended March 31,

(dollars in millions)

Cost of sales

LIFO expense (income), included in cost of sales

The decrease in cost of sales was attributable to a lower average cost per ton sold, mainly due to declines in replacement costs for carbon steel products, partially offset by an increase in tons sold.

Gross profit decreased from the first quarter of 2024 mainly due to a lower average selling price per ton sold that outweighed record tons sold, and to a lesser extent a decrease in gross profit margin.

Cost of sales (three months ended)

Cost of sales (six months ended)

Gross profit (three months ended)

Gross profit (six months ended)

LIFO expense (income), included in cost of sales (three months ended)

LIFO expense (income), included in cost of sales (six months ended)

The decrease in gross profit for the first six months of 2025 compared to the same period in 2024 was mainly due to a lower average selling price per ton sold that outweighed an increase in tons sold to record levels.

We record, in cost of sales, non-cash adjustments to our LIFO method inventory valuation reserve that, in effect, reflects cost of sales at current replacement costs.

The inventory caption of our consolidated balance sheet includes a LIFO method inventory valuation reserve of $459.9 million as of March 31, 2025.

Our gross profit margin declined from elevated levels in the first quarter of 2024, but remained at a strong level, as our average selling price per ton sold troughed mid-quarter and improved in March to prices that were higher than when the quarter began.

Although our major commodity selling prices were higher in the first quarter of 2024, they declined throughout the quarter, which resulted in $50.0 million of LIFO income that increased gross profit margin.

In the first quarter of 2025, our major commodity selling prices increased which resulted in $25.0 million of LIFO expense that lowered gross profit margin.

The changes in LIFO expense (income) were due to the rising metals pricing environment in the first six months of 2025 compared to the declining metals pricing trend in the same period in 2024.

As of June 30, 2025, the inventory caption in our consolidated balance sheet includes a LIFO method inventory valuation reserve of $484.9 million.

Our gross profit margins in the second quarter and first six months of 2025 remained strong and within our estimated sustainable range despite significant metals pricing volatility.

See “Net Sales” above for trends in both demand and costs of our products, and product pricing.

Three Months Ended March 31,

(dollars in millions)

SG&A expense, same-store

Our same-store SG&A expense in the first quarter of 2025 decreased slightly compared to the first quarter of 2024 mainly due to lower incentive-based compensation, resulting from lower profitability, offset by higher costs associated with wage inflation and increased headcount related to our organic growth activities.

SG&A expense as a percentage of sales increased due to a lower average selling price per ton sold;

however, operational leverage improved as SG&A expense per ton sold declined nearly 6%.

SG&A expense (three months ended)

SG&A expense, same-store (three months ended)

SG&A expense (six months ended)

SG&A expense, same-store (six months ended)

Same-store SG&A expense increases in the second quarter and first six months of 2025 were mainly due to inflationary wage adjustments, increased variable warehousing expenses and delivery expenses associated with increases in our tons sold.

On a per ton basis, our same-store SG&A expense for the second quarter of 2025 increased only 1.0% while declining 2.5% for the first six months of 2025, compared to the same periods in 2024.

Our same-store SG&A margin increased in the second quarter and first six months of 2025 compared to the same period in 2024 due to increases in same-store SG&A expense and a lower average selling price per ton sold.

Operating Income

Three Months Ended March 31,

(dollars in millions)

Operating income

Operating income declined due to lower gross profit, driven by lower metals pricing and gross profit margin, that outweighed an increase in same-store tons sold, improved operational leverage, and contributions from our 2024 acquisitions.

Our operating income margin declined as a result of a lower average selling price per ton sold and gross profit margin that outweighed improved operational leverage.

See “Net Sales” above for discussion of trends in demand and product costs and “Expenses” for trends in our operating expenses.

Operating income (three months ended)

Operating income (six months ended)

Operating income for the second quarter declined mainly due to consistent gross profit and margin coupled with an increase in volume-related expenses.

Operating income for the first six months of 2025 declined mainly due to lower metals pricing and gross profit margin that outweighed an increase in tons sold to record levels.

The decline in our operating income margin for the second quarter of 2025 compared to the same period in 2024 was mainly due to a lower average selling price per ton sold.

Our operating income margin for the first six months of 2025 declined from the same period in 2024 as a result of a lower average selling price per ton sold and gross profit margin that outweighed improved operational leverage.

See “Net Sales” above for discussion of trends in demand, product costs and pricing, and “Expenses” for trends in our operating expenses.

Income Tax Rate

Our effective income tax rates for the first quarters of 2025 and 2024 were 23.6% and 23.3%, respectively.

Our effective income tax rates for the second quarter and first six months of 2025 were 23.0% and 23.3%, respectively, compared to 23.3% for the same 2024 periods.

The differences between our effective income tax rates and the U.S.

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Operating Activities

Net cash provided by operations of $64.5 million in the first quarter of 2025 decreased $61.8 million from $126.3 million in the first quarter of 2024.

The decrease was mainly due to a $103.3 million decline in net income, partially offset by changes in operating assets and liabilities.

Changes in operating assets and liabilities (exclusive of acquisitions) used cash of $223.4 million in the first quarter of 2025 compared to $256.9 million in the first quarter of 2024.

Net cash provided by operations of $293.5 million in the first six months of 2025 decreased $199.1 million from $492.6 million in the same period in 2024.

The decrease was mainly due to a $137.4 million decline in net income and changes in operating assets and liabilities.

Changes in operating assets and liabilities used cash of $302.5 million in the

first six months of 2025 compared to $240.3 million in the first six months of 2024.

The rising metals pricing environment in the first six months of 2025 required a greater working capital investment than in the same period in 2024 during which metals prices were declining.

In the first six months of 2025, we paid income taxes of $71.0 million compared to $147.7 million in the same period in 2024.

The decrease was mainly due to decreased pretax income and the impact of prior year tax overpayments.

Investing Activities

Net cash used in investing activities of $87.6 million in the first quarter of 2025 decreased $89.8 million from $177.4 million in the first quarter of 2024.

The decrease was mainly due to $53.7 million spent on an acquisition in the first quarter

of 2024 and a $21.8 million decrease in capital expenditures.

The majority of our capital expenditures in the first quarters of 2025 and 2024 were related to growth activities.

Net cash used in investing activities of $158.8 million in the first six months of 2025 decreased $403.2 million from $562.0 million in the same period in 2024.

The decrease was mainly due to no acquisitions in the first six months of 2025 compared to three acquisitions completed in the same period in 2024 for $346.5 million and, to a lesser extent, a $32.4 million decrease in capital expenditures.

The majority of our capital expenditures in the first six months of 2025 and 2024 related to growth activities.

Financing Activities

Net cash used in financing activities of $18.6 million in the first quarter of 2025 decreased $71.7 million from $90.3 million in the first quarter of 2024.

The decrease was mainly the result of increased net debt borrowings on our revolving credit facility, partially offset by increased share repurchases.

Net debt borrowings were $330.0 million in the first quarter of 2025 compared to no net debt borrowings in the first quarter of 2024.

In the first quarter of 2025, we repurchased $253.2 million of our common stock compared to no repurchases in the first quarter of 2024.

Our returns to stockholders also included a 9.1% increase in our quarterly dividend rate in February 2025;

however, our total dividend payments of $65.2 million in the first quarter 2025 were lower than the $65.3 million paid in the first quarter of 2024 as a result of an approximately 8% reduction in our outstanding common shares from share repurchases in the past four quarters.

On April 21, 2025, our Board of Directors declared the 2025 second quarter cash dividend of $1.20 per share.

Net cash used in financing activities of $222.0 million in the first six months of 2025 decreased $432.1 million from $654.1 million in the same period in 2024.

The decrease was mainly the result of increased net debt borrowings on our revolving credit facility and decreased share repurchases.

Net debt borrowings were $282.0 million in the first six months of 2025 compared to no net debt borrowings in the same period in 2024.

In the first six months of 2025, we repurchased $333.1 million of our common stock compared to $519.3 million in the same period in 2024.

Our returns to stockholders also included a 9.1% increase in our quarterly dividend rate effective in the first quarter of 2025;

however, our total dividend payments of $128.3 million in the first six months of 2025 were consistent with the $127.9 million paid in the first six months of 2024 as a result of a reduction in outstanding shares due to share repurchase activity.

On July 22, 2025, our Board of Directors declared the 2025 third quarter cash dividend of $1.20 per share.

We have increased our quarterly dividend 32 times since our 1994 IPO, with the most recent increase of 9.1% from $1.10 to $1.20 per share effective in the first quarter of 2025.

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See Note 10—“Equity ” to our consolidated financial statements for information on our share repurchases.

As of April 25, 2025, we had remaining authorization to repurchase $1.02 billion of our common stock under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024.

As of June 30, 2025, we had remaining authorization to repurchase $1.02 billion of our common stock under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024.

The share repurchase program does not obligate us to repurchase any specific number of shares in any prescribed period, does not have a specific expiration date and may be suspended or discontinued at any time.

We have a $1.5 billion unsecured revolving credit facility with $330.0 million of outstanding borrowings as of March 31, 2025 compared to no outstanding borrowings as of December 31, 2024.

We have a $1.5 billion unsecured revolving credit facility with $282.0 million of outstanding borrowings as of June 30, 2025 compared to no outstanding borrowings as of December 31, 2024.

We also have an aggregate of $1.15 billion principal amount of senior unsecured note obligations with various maturities through 2036 issued under indentures, including $400.0 million of senior notes due in August 2025 .

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Liquidity and Capital Resources

We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and beyond.

As of March 31, 2025, we had $277.8 million in cash and cash equivalents and our net debt-to-total capital ratio was 14.4%, up from 10.2% as of December 31, 2024.

As of March 31, 2025, we had $401.1 million of debt obligations coming due before our $1.5 billion unsecured revolving credit facility matures on September 10, 2029, including $400.0 million of senior notes due in August 2025.

We believe that we will continue to have sufficient liquidity to fund our future operating needs and to repay our debt obligations as they become due .

activities over the next 12 months and beyond.

As of June 30, 2025, we had $239.5 million in cash and cash equivalents and our net debt-to-total capital ratio was 14.1%, up from 10.2% as of December 31, 2024.

As of June 30, 2025, we had $401.1 million of debt obligations coming due before our $1.5 billion unsecured revolving credit facility matures on September 10, 2029, including $400.0 million of senior notes due in August 2025.

We believe that we will continue to have sufficient liquidity to fund our future operating needs and to repay our debt obligations as they become due, including $400.0 million of senior notes due in August 2025.

In addition to funds generated from operations and approximately $1.22 billion available for borrowing on our unsecured revolving credit facility, we expect to continue to be able to access the capital markets to raise funds, if desired.

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The covenants under the Credit Agreement include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio.

We were in compliance with the financial maintenance covenant under our Credit Agreement as of March 31, 2025.

We were in compliance with the financial maintenance covenant under our Credit Agreement as of June 30, 2025.

Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses.

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Goodwill and Other Intangible Assets

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion as of March 31, 2025, or approximately 21% of total assets and 30% of total equity.

Additionally, other intangible assets, net amounted to $997.0 million as of March 31, 2025, or approximately 10% of total assets and 14% of total equity.

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion as of June 30, 2025, or approximately 21% of total assets and 30% of total equity.

Additionally, other intangible assets, net amounted to $988.7 million as of June 30, 2025, or approximately 9% of total assets and 14% of total equity.

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests and further evaluation when certain events occur.

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Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with U.S.

generally accepted accounting principles.

Our consolidated financial statements have been prepared in accordance with GAAP.

When we prepare these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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.

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Our most critical accounting estimates include those related to the recoverability of goodwill and other indefinite-lived intangible assets, and long-lived assets.

We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

are not readily apparent from other sources.

Our actual results may differ from these estimates under different assumptions or conditions.

During the quarter ended March 31, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

During the quarter ended June 30, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Website Disclosure

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Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.reliance.com , and our investors relations website, https://investor.reliance.com .

In addition, you may automatically

receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at https://investor.reliance.com .

In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at https://investor.reliance.com .

Our website address is for informational purposes only and is not intended for use as a hyperlink.

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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 2. Management’s Discussion and Analysis