What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-13 compared with 2026-05-14 · 108 added, 69 removed, 142 unchanged (55% of the section changed)

14 unchanged sentences

Travelzoo membership has historically been free, however, beginning in 2024, new members in the United States, Canada, United Kingdom and Germany were charged an annual fee of $40 (or local equivalent), with the 2024 annual fee waived for existing members as of December 31, 2023.

On January 1, 2026, we increased the annual membership fee to $50 in the United States for new members, For existing members, the new pricing is applied from the next renewal of their membership after February 1, 2026.

On January 1, 2026, we increased the annual membership fee to $50 in the United States for new members.

For existing members, the new pricing is applied from the next renewal of their membership after February 1, 2026.

On April 1, 2026, we increased the annual membership fee to €40 in Germany for new members.

1 unchanged sentence

For any subscription revenue derived from the paid membership, we recognize revenue monthly pro rata over the subscription period.

We also license Travelzoo products, services and intellectual property to licenses in (a) Australia, New Zealand, and Singapore and (b) Japan and South Korea, in each case, where the Company is entitled to a quarterly royalty payment based on a percentage of net revenue.

We also license Travelzoo products, services and intellectual property to licensees in (a) Australia, New Zealand, and Singapore and (b) Japan and South Korea, in each case, where the Company is entitled to a quarterly royalty payment based on a percentage of net revenue.

Under the licensing agreements, existing Travelzoo members in the applicable territories continue to be owned by the Company.

18 unchanged sentences

Revenues generated from local business offers are based upon a percentage of the face value of the vouchers sold, commission on actual sales or a listing fee based on audience reach.

We recognize revenue upon the sale of vouchers, upon notification of the amount of direct bookings or upon delivery of emails.

We recognize revenue upon the sale of vouchers, upon notification of the number of direct bookings or upon delivery of emails.

For Local Deals vouchers, we recognize a percentage of the face value of vouchers upon the sale of the vouchers, net of an allowance for refunds.

Insertion orders and merchant agreements for Local Deals are typically for periods between one and twelve months and are not automatically renewed.

As of March 31, 2026 and December 31, 2025, the Company had approximately $3.4 million and $2.9 million of unredeemed vouchers that had been sold, respectively, representing the Company’s commission.

As of June 30, 2026 and December 31, 2025, the Company had approximately $2.7 million and $2.9 million of unredeemed vouchers that had been sold, respectively, representing the Company’s commission.

The Company estimates a refund reserve using historical and current refund rates by product and by merchant location to calculate estimated future refunds.

The Company estimated and recorded a refund reserve of $283,000 and $188,000 as of March 31, 2026 and December 31, 2025, respectively, for these unredeemed vouchers which is recorded as a reduction of revenues on the condensed consolidated statements of operations, and accrued expense and other on the condensed consolidated balance sheet.

Merchant payables of $13.5 million as of March 31, 2026 related to unredeemed vouchers is recorded on the condensed consolidated balance sheet, representing amounts payable to merchants by the Company for vouchers sold but not redeemed.

The Company estimated and recorded a refund reserve of $118,000 and $188,000 as of June 30, 2026 and December 31, 2025, respectively, for these unredeemed vouchers which is recorded as a reduction of revenues on the condensed consolidated statements of operations, and accrued expense and other on the condensed consolidated balance sheet.

Merchant payables of $10.7 million as of June 30, 2026 related to unredeemed vouchers is recorded on the condensed consolidated balance sheet, representing amounts payable to merchants by the Company for vouchers sold but not redeemed.

Certain merchant contracts, typically in foreign locations, allow the Company to retain the proceeds from unredeemed vouchers upon expiration.

14 unchanged sentences

The costs to market our membership have had, and we expect will continue to have, a significant impact on our financial results and can vary from period to period.

In addition to the type of membership offered, we believe the average cost per acquisition depends mainly on the advertising rates we pay for media buys, the quality of the members we acquire (based on both clicks and purchases through Travelzoo), our ability to manage our member acquisition efforts successfully, the regions we target to acquire new members and the relative costs for that region, and the degree of competition in our industry.

In addition to the type of membership offered, we believe the average cost per acquisition depends mainly on the advertising rates we pay for media buys, the quality of the members we acquire (based on both clicks and purchases through Travelzoo ), our ability to manage our member acquisition efforts successfully, the regions we target to acquire new members and the relative costs for those regions, and the degree of competition in our industry.

Results of Operations

The following table sets forth, as a percentage of total revenues, the results from our operations for the periods indicated.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenues 100.0 % 100.0 % 100.0 % 100.0 %

6 unchanged sentences

Total operating expenses 81.3 69.8 72.6 67.6

Operating income 14.2 16.5

Operating income (loss) (11.9) 8.6 1.4 12.5

Other income, net 1.2 0.7 0.6 1.7

Income from continuing operations before income taxes 14.2 19.2

Income tax expense 3.9 5.1

Net income 10.3 14.1

Income (loss) from operations before income taxes (10.7) 9.3 2.0 14.2

Income tax expense (benefit) (1.6) 3.1 1.2 4.1

Net income (loss) (9.1) 6.2 0.8 10.1

Net income attributable to non-controlling interest 0.1 0.3 0.1 0.4

Net income attributable to Travelzoo 10.2 % 13.7 %

Net income (loss) attributable to Travelzoo (9.2) % 5.9 % 0.7 % 9.7 %

The following table sets forth the breakdown of revenues (in thousands) by category Advertising and Commerce, Membership Fees, and Other.

2 unchanged sentences

Other includes licensing fees from license agreements and the retail business acquired with MTE.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Advertising and Commerce $ 18,203 $ 20,874 $ 37,891 $ 41,554

Membership Fees 4,988 3,013 9,556 5,456

Other 17 19 34 36

Total revenues $ 23,208 $ 23,906 $ 47,481 $ 47,046

Advertising and Commerce

Advertising and Commerce revenue decreased by $992,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 .

Advertising and Commerce revenue decreased by $2.7 million for the three months ended June 30, 2026 from the three months ended June 30, 2025 .

This decrease was primarily driven by selling less advertising insertion orders, as the Company prioritized the sale of memberships.

Advertising and Commerce revenue decreased by $3.7 million for the six months ended June 30, 2026 from the six months ended June 30, 2025 .

This decrease was primarily driven by selling less advertising insertion orders, as the Company prioritized the sale of memberships.

Membership Fees

Revenues from Membership fees increased $2.1 million for the three months ended March 31, 2026 from the three months ended March 31, 2025 due to the increase in paying members.

Revenues from Other remained flat for the three months ended March 31, 2026 from the three months ended March 31, 2025.

Revenues from Membership Fees increased $2.0 million for the three months ended June 30, 2026 from the three months ended June 30, 2025 due to the increase in paying members.

Revenues from Membership Fees increased $4.1 million for the six months ended June 30, 2026 from the six months ended June 30, 2025 due to the increase in paying members.

Revenues from Other remained flat for the three and six months ended June 30, 2026 and 2025.

Cost of Revenues

Cost of revenues consists primarily of network expenses related to powering the Company's websites, database services, sending e-mails, amortization of capitalized website development costs, software and license expenses, publishing fees to partners of the Travelzoo Network , costs incurred upon the sale of pre-purchased vouchers and other products, including directly attributable member services (call center), cost of certain membership benefits that are considered integral to the contractual obligation to Club Members, and fees to payment processors.

Cost of revenues was $5.2 million and $4.2 million, respectively, for the three months ended March 31, 2026 and 2025.

Cost of revenues increased $1.0 million for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to the increase in costs recognized upon the sale of pre-purchased vouchers.

Cost of revenues was $7.1 million and $5.2 million, respectively, for the three months ended June 30, 2026 and 2025.

Cost of revenues was $12.3 million and $9.3 million, respectively, for the six months ended June 30, 2026 and 2025.

Cost of revenues increased $1.9 million for the three months ended June 30, 2026 from the three months ended June 30, 2025 primarily due to the increase in costs recognized upon the sale of pre-purchased vouchers.

Cost of revenues increased $3.0 million for the six months ended June 30, 2026 from the six months ended June 30, 2025 primarily due to the increase in costs recognized upon the sale of pre-purchased vouchers.

Operating Expenses

1 unchanged sentence

Sales and marketing expenses consist primarily of advertising and promotional expenses, salary and related expenses associated with sales, marketing and production employees, expenses related to our participation in industry conferences, marketing professional service costs, public relations expenses and facilities costs.

Sales and marketing expenses were $11.1 million and $10.2 million for the three months ended March 31, 2026 and 2025, respectively.

Advertising expenses consis t primarily of online advertising which we refer to as traffic acquisition cost and member acquisition costs.

For the three months ended March 31, 2026 and 2025, advertising expenses accounted for 22% and 15%, respectively, of the total sales and marketing expenses.

Sales and marketing expenses were $13.7 million and $11.5 million for the three months ended June 30, 2026 and 2025, respectively.

Sales and marketing expenses were $24.9 million and $21.7 million for the six months ended June 30, 2026 and 2025, respectively.

Advertising expenses consis t primarily of online advertising which we refer to as traffic acquisition costs and member acquisition costs.

For the three months ended June 30, 2026 and 2025, advertising expenses accounted for 40% and 25%, respectively, of the total sales and marketing expenses.

For the six months ended June 30, 2026 and 2025, advertising expenses accounted for 32% and 20%, respectively, of the total sales and marketing expenses.

The goal of our advertising was to acquire new members to our email products, increase the traffic to our websites, increase brand awareness and increase our audience through mobile and social media platforms.

Sales and marketing expenses increased $0.9 million for the three months ended March 31, 2026 from the three months ended March 31, 2025.

Sales and marketing expenses increased $2.2 million for the three months ended June 30, 2026 from the three months ended June 30, 2025.

The increase was primarily due to the increase in member acquisition costs as a result of management's strategic plan.

Sales and marketing expenses increased $3.2 million for the six months ended June 30, 2026 from the six months ended June 30, 2025 .

The increase was primarily due to the increase in member acquisition costs as a result of management's strategic plan.

Product Development

Product development expenses consist primarily of salary and related expenses associated with software development employees, fees for professional services, software maintenance, amortization, and facilities costs.

Product development expenses were $664,000 and $634,000 for the three months ended March 31, 2026 and 2025, respectively.

Product development expenses increased $30,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to the increase in salary expense.

Product development expenses were $602,000 and $698,000 for the three months ended June 30, 2026 and 2025, respectively.

Product development expenses were $1.3 million for the six months ended June 30, 2026 and 2025, respectively.

Product development expenses decreased $96,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025 primarily due to the decrease in professional services costs .

Product development expenses remained flat for the six months ended June 30, 2026 and 2025 .

General and Administrative

General and administrative expenses consist primarily of salary and related expenses associated with administrative and executive employees, bad debt expense, professional service expenses, legal expenses, amortization of intangible assets, general office expense and facilities costs.

General and administrative expenses were $3.8 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively.

General and administrative expenses decreased $493,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to a $305,000 decrease in stock compensation expenses and a $210,000 decrease in bad debt.

Other Income (loss), net

office expense and facilities costs.

General and administrative expenses were $4.5 million for the three months ended June 30, 2026 and 2025, respectively.

General and administrative expenses were $8.3 million and $8.8 million for the six months ended June 30, 2026 and 2025, respectively.

General and administrative expenses remained flat for the three months ended June 30, 2026 from the three months ended June 30, 2025 .

General and administrative expenses decreased $464,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025 primarily due to a $251,000 decrease in payroll expenses and a $248,000 decrease in bad debt.

Other Income, net

Other income, net consisted primarily of foreign exchange transaction gains and losses, sublease income, German federal government funding for COVID-related pandemic relief, interest income and interest expense.

Other income (loss), net was ($5,000) and $629,000, respectively, for the three months ended March 31, 2026 and 2025.

Other income (loss), net decreased $634,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to the foreign exchange transaction loss.

Other income, net was $274,000 and $161,000, for the three months ended June 30, 2026 and 2025, respectively.

Other income, net was $270,000 and $790,000, for the six months ended June 30, 2026 and 2025, respectively.

Other income, net increased $113,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025 primarily due to $258,000 in write-offs from previously collected but unapplied media fees from clients, partially offset by a $164,000 decrease in foreign exchange transaction loss.

Other income, net decreased $520,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025 primarily due to a $210,000 release of JFC VAT liabilities after a four-years statute of limitations and a $179,000 German federal government funding for COVID-19 pandemic relief the Company received and the foreign exchange transactions gains during the six months ended June 30, 2025.

Our income is generally taxed in the U.S., Canada and U.K.

Our income tax provision reflects federal, state and country statutory rates applicable to our worldwide income.

Income tax expense was $0.9 million and $1.2 million, respectively, for the

three months ended March 31, 2026 and 2025.

Our effective tax rate from continuing operations was 27% and 26%, respectively, for the three months ended March 31, 2026 and 2025.

The Company’s effective tax rate for the three months ended March 31, 2026 changed from the three months ended March 31, 2025 primarily due to a decrease in operating profit in the three months ended March 31, 2026.

Income tax expense (benefit) was $(382,000) and $740,000, respectively, for the three months ended June 30, 2026 and 2025.

Our effective tax rate from continuing operations was 15% and 33%, respectively, for the three months ended June 30, 2026 and 2025.

The Company’s effective tax rate for the three months ended June 30, 2026 changed from the three months ended June 30, 2025 primarily due to the decrease in operating profit and an increase to interest expense for the uncertain tax position in the three months ended June 30, 2026.

Income tax expense was $0.6 million and $1.9 million, respectively, for the six months ended June 30, 2026 and 2025.

Our effective tax rate from continuing operations was 59% and 29%, respectively, for the six months ended June 30, 2026 and 2025.

The Company’s effective tax rate for the six months ended June 30, 2026 changed from the six months ended June 30, 2025 primarily due to a decrease in operating profit in the six months ended June 30, 2026 and an increase in interest expense associated with uncertain tax positions.

We expect our effective tax rate to fluctuate in future periods depending on the geographic mix of our worldwide income or losses mainly incurred by our operations, statutory tax rate changes that may occur, existing or new uncertain tax matters that may arise and require changes in tax reserves and the need for valuation allowances on certain tax assets, if any.

6 unchanged sentences

Travelzoo North America

Three Months Ended March 31,

(In thousands)

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

2026 2025 2026 2025

(In thousands) (In thousands)

Revenues $ 15,679 $ 16,132 $ 31,348 $ 31,260

Operating profit $ 3,248 $ 3,594

Operating profit as a % of revenue 20.7 % 23.8 %

North America revenues increased by $539,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025.

This increase was primarily due to the increase in paid membership fees and Getaways vouchers .

North America expenses increased by $0.9 million for the three months ended March 31, 2026 from the three months ended March 31, 2025.

The increase was primarily due to a $932,000 increase in cost of revenue related to purchase of vouchers and gift cards which were sold during the three months ended March 31, 2026.

Operating profit (loss) $ (1,494) $ 2,818 $ 1,753 $ 6,412

Operating profit (loss) as a % of revenue (9.5) % 17.5 % 5.6 % 20.5 %

North America revenues decreased by $453,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025.

This decrease was primarily due to the decrease in advertising email revenue partially offset by the increase in paid Membership Fees and Getaways vouchers .

North America expenses increased by $3.9 million for the three months ended June 30, 2026 from the three months ended June 30, 2025.

The increase was primarily due to a $1.9 million increase in cost of revenue related to purchase of vouchers and gift cards which were sold during the three months ended June 30, 2026 and a $1.8 million increase in member acquisition costs.

North America revenues remained flat for the six months ended June 30, 2026 and 2025.

North America expenses increased by $4.7 million for six months ended June 30, 2026 from the six months ended June 30, 2025.

The increase was primarily due to a $2.8 million increase in cost of revenue related to purchase of vouchers and gift cards and a $2.0 million increase in member acquisition costs.

Travelzoo Europe

Three Months Ended March 31,

(In thousands)

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

2026 2025 2026 2025

(In thousands) (In thousands)

Revenues $ 6,237 $ 6,385 $ 13,513 $ 13,097

Operating profit $ 279 $ 228

Operating profit as a % of revenue 3.8 % 3.4 %

Europe revenues increased by $565,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025.

Operating loss $ (1,199) $ (883) $ (920) $ (655)

Operating loss as a % of revenue (19.2) % (13.8) % (6.8) % (5.0) %

Europe revenues decreased by $148,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025.

The decrease was primarily due to the decrease in advertising email revenue partially offset by the increase in paid Membership Fees and Getaways vouchers .

Eur ope expenses increased by $168,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025 primarily due to a $330,000 increase in member acquisition costs, offset by a $161,000 decrease in salary and related expenses.

Europe revenues increased by $416,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025.

The increase was primarily due to the increase in paid Membership Fees and Getaway vouchers.

Eur ope expenses increased by $514,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to a $408,000 increase in member acquisition costs and a $260,000 increase in cost of revenue related to the purchase of vouchers and gift cards which were sold during the three months ended March 31, 2026.

Eur ope expenses increased by $681,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025 primarily due to a $738,000 increase in member acquisition costs, offset by a $269,000 decrease in salary and related expenses.

Foreign currency movements relative to the U.S.

dollar positively impacted our local currency income from our operations in Europe by approximately $2,000 and $11,000 for the three months ended March 31, 2026 and 2025, respectively.

dollar negatively impacted our local currency income from our operations in Europe by approximately $22,000 and $42,000 for the three months ended June 30, 2026 and 2025, respectively.

Foreign currency movements relative to the U.S.

dollar negatively impacted our local currency income from our operations in Europe by approximately $68,000 and $11,000 for the six months ended June 30, 2026 and 2025 , respectively.

Jack ’ s Flight Club

Three Months Ended March 31,

(In thousands)

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

2026 2025 2026 2025

(In thousands) (In thousands)

Revenues $ 1,275 $ 1,370 $ 2,586 $ 2,653

1 unchanged sentence

Operating profit (loss) as a % of revenue (2.7) % 11.4 % (3.2) % 6.3 %

Jack ’ s Flight Club revenues increased by $29,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 due to the increase in subscription fees paid by the members.

Jack’s Flight Club expenses in creased by $89,000 for the three months ended March 31, 2026 from the three months ended March 31, 2025 primarily due to the increase in advertising expenses.

Jack ’ s Flight Club revenues decreased by $95,000 for the three months ended June 30, 2026 from the three months ended June 30, 2025 due to the decrease in subscription fees paid by the members.

Jack’s Flight Club expenses in creased by $95,000

for the three months ended June 30, 2026 from the three months ended June 30, 2025 primarily due to the increase in employee and contractor costs .

Jack ’ s Flight Club revenues decreased by $67,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025 due to the decrease in subscription fees paid by the members.

Jack’s Flight Club expenses in creased by $183,000 for the six months ended June 30, 2026 from the six months ended June 30, 2025 primarily due to the increase in employee and contractor costs .

New Initiatives

Three Months Ended March 31,

(In thousands)

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

2026 2025 2026 2025

(In thousands) (In thousands)

Revenues $ 17 $ 19 $ 34 $ 36

2 unchanged sentences

Liquidity and Capital Resources

As of March 31, 2026, we had $10.6 million in cash and cash equivalents, of which $7.4 million was held outside the U.S.

As of June 30, 2026, we had $6.8 million in cash and cash equivalents, of which $5.4 million was held outside the U.S.

in our foreign operations.

1 unchanged sentence

We also had $754,000 in restricted cash held in the U.S.

as of March 31, 2026.

Cash, cash equivalents and restricted cash increased $562,000 from $10.8 million as of December 31, 2025 to $11.3 million as of March 31, 2026, primarily due to $3.9 million cash provided by operating activities, partially offset by $3.3 million cash used to repurchase common stock.

As of March 31, 2026 , we had merchant payables of $13.5 million related to unredeemed vouchers.

as of June 30, 2026.

Cash, cash equivalents and restricted cash decreased $3.2 million from $10.8 million as of December 31, 2025 to $7.6 million as of June 30, 2026, primarily due to $5.2 million cash used to repurchase common stock, partially offset by $2.2 million cash provided by operating activities.

As of June 30, 2026 , we had merchant payables of $10.7 million related to unredeemed vouchers.

In the Company’s financial statements presented in this 10-Q report, following U.S.

2 unchanged sentences

Payables to merchants are generally due upon redemption of vouchers.

As of March 31, 2026, unredeemed vouchers have maturities through March 2026;

As of June 30, 2026, unredeemed vouchers have maturities through June 2027;

however, expiration dates may be extended on a case-by-case basis and final payment to merchants upon expiration may not be due for up to a year after.

Based on current projections of redemption activity, we expect that cash on hand as of March 31, 2026 will be sufficient to provide for working capital needs for at least the next twelve months.

Based on current projections of redemption activity, we expect that cash on hand as of June 30, 2026 will be sufficient to provide for working capital needs for at least the next twelve months.

The following table provides a summary of our cash flows from operating, investing and financing activities:

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands)

5 unchanged sentences

Net cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities.

Net cash provided by operating activities for the three months ended March 31, 2026 was $3.9 million, which primarily consisted of net income of $2.5 million, $154,000 increase in non-cash items and a $1.2 million increase in cash from changes in operating assets and liabilities.

Adjustments for non-cash items primarily consisted of $77,000 for net foreign currency effect and $56,000 for depreciation and amortization.

The increase in cash from changes in operating assets and liabilities was primarily due to $2.8 million decrease in accounts receivable, offset partially by $2 million increase in deferred revenue and $1.9 million increase in merchant payables.

Cash paid for income tax, net of refunds received, during the three months ended March 31, 2026 and 2025 was $290,000 and $1.5 million, respectively.

Net cash used in investing activities for the three months ended March 31, 2026 and 2025 was $8,000 and $21,000, respectively.

The cash used in investing activities for the three months ended March 31, 2026 consisted of purchases of property and equipment.

Net cash provided by operating activities for the six months ended June 30, 2026 was $2.2 million, which primarily consisted of net income of $392,000, a $18,000 decrease in non-cash items and a $1.8 million increase in cash from changes in operating assets and liabilities.

Adjustments for non-cash items primarily consisted of $753,000 decrease in deferred income tax offset partially by a $719,000 for stock based compensation expenses.

The increase in cash from changes in operating assets and liabilities was primarily due to a $4.1 million increase in deferred revenue and $1.7 million increase in accrued expenses, offset partially by a $3.9 million decrease in accounts receivable.

Cash paid for income tax, net of refunds received, during the six months ended June 30, 2026 and 2025 was $560,000 and $2.7 million, respectively.

Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $14,000 and $34,000, respectively.

The cash used in investing activities for the six months ended June 30, 2026 consisted of purchases of property and equipment.

Although we currently believe we have sufficient capital resources to meet our anticipated working capital and capital expenditure requirements for at least the next twelve months, unanticipated events and opportunities or a less favorable than expected development of our business with one or more advertising formats may require us to sell additional equity or debt securities or establish credit facilities to raise capital in order to meet our capital requirements.

11 unchanged sentences

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis