What changed in this filing

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Item 1. Financial Statements

2021-11-02 compared with 2021-08-03 · 92 added, 62 removed, 464 unchanged (25% of the section changed)

3 unchanged sentences

(in thousands)

September 30,

2021 December 31,

36 unchanged sentences

(in thousands, except per unit amounts)

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

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

7 unchanged sentences

Selling, general and administrative 13,524 12,716 42,612 45,416

Gain on disposition of assets ( 1,105 ) ( 787 ) ( 2,360 ) ( 1,801 )

Loss (gain) on disposition of assets 48 1,686 ( 2,312 ) ( 115 )

Impairment of compression equipment — 1,706 4,953 5,629

18 unchanged sentences

(in thousands, except per unit amounts)

For the Six Months Ended June 30, 2021

For the Nine Months Ended September 30, 2021

Common units Warrants Total

Partners’ capital ending balance, December 31, 2020

$ 323,676 $ 13,979 $ 337,655

Vesting of phantom units 391 — 391

12 unchanged sentences

Partners’ capital ending balance, June 30, 2021 202,105 13,979 216,084

For the Six Months Ended June 30, 2020

Vesting of phantom units 9 — 9

Distributions and DERs, $ 0.525 per unit

( 50,987 ) — ( 50,987 )

Issuance of common units under the DRIP 438 — 438

Unit-based compensation for equity classified awards 54 — 54

Net loss attributable to common unitholders’ interests ( 8,073 ) — ( 8,073 )

Partners’ capital ending balance, September 30, 2021

$ 143,546 $ 13,979 $ 157,525

For the Nine Months Ended September 30, 2020

Common units Warrants Total

Partners’ capital ending balance, December 31, 2019

$ 1,166,619 $ 13,979 $ 1,180,598

Vesting of phantom units 1,065 — 1,065

12 unchanged sentences

Partners’ capital ending balance, June 30, 2020 443,659 13,979 457,638

Vesting of phantom units 20 — 20

Distributions and DERs, $ 0.525 per unit

( 50,874 ) — ( 50,874 )

Issuance of common units under the DRIP 499 — 499

Unit-based compensation for equity classified awards 55 — 55

Net loss attributable to common unitholders’ interests ( 5,669 ) — ( 5,669 )

Partners’ capital ending balance, September 30, 2020

$ 387,690 $ 13,979 $ 401,669

See accompanying notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

16 unchanged sentences

Accrued liabilities and deferred revenue ( 18,539 ) ( 31,161 )

Other liabilities — 1,829

Net cash provided by operating activities 184,368 195,651

13 unchanged sentences

Net cash used in financing activities ( 160,454 ) ( 101,469 )

Decrease in cash and cash equivalents — ( 8 )

Increase (decrease) in cash and cash equivalents 248 ( 8 )

Cash and cash equivalents, beginning of period 2 10

27 unchanged sentences

In the opinion of our management, such financial information reflects all normal recurring adjustments necessary for a fair presentation of these interim unaudited condensed consolidated financial statements in accordance with GAAP.

Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

26 unchanged sentences

Capitalized interest is calculated by multiplying our monthly effective interest rate on outstanding debt by the amount of qualifying costs, which include upfront payments to acquire certain compression units.

Capitalized interest was $ 98,000 and $ 101,000 for the three and six months ended June 30, 2021, respectively, and $ 44,000 and $ 186,000 for the three and six months ended June 30, 2020, respectively.

Capitalized interest was approximately $ 51,000 and $ 152,000 for the three and nine months ended September 30, 2021, respectively, and approximately $ 6,000 and $ 192,000 for the three and nine months ended September 30, 2020, respectively.

Impairment of Long-Lived Assets

5 unchanged sentences

The fair value of the asset is measured using quoted market prices or, in the absence of quoted market prices, based on an estimate of discounted cash flows, the expected net sale proceeds compared to the other similarly configured fleet units we recently sold or a review of other units recently offered for sale by third parties, or the estimated component value of the equipment we plan to use.

Refer to Note 5 for more detailed information about impairment charges during the three and six months ended June 30, 2021 and 2020.

Refer to Note 5 for more detailed information about impairment charges during the three and nine months ended September 30, 2021 and 2020.

Identifiable Intangible Assets

22 unchanged sentences

Level 3 inputs are unobservable inputs for the asset or liability.

As of June 30, 2021, our financial instruments consisted primarily of cash and cash equivalents, trade accounts receivable, trade accounts payable and long-term debt.

As of September 30, 2021, our financial instruments consisted primarily of cash and cash equivalents, trade accounts receivable, trade accounts payable and long-term debt.

The book values of cash and cash equivalents, trade accounts receivable and trade accounts payable are representative of fair value due to their short-term maturities.

2 unchanged sentences

The following table summarizes the aggregate principal amount and fair value of our Senior Notes 2026 and Senior Notes 2027 (in thousands):

September 30,

2021 December 31,

6 unchanged sentences

(3) Trade Accounts Receivable

The allowance for credit losses, which was $ 3.5 million and $ 5.0 million as of June 30, 2021 and December 31, 2020, respectively, is our best estimate of the amount of probable credit losses included in our existing accounts receivable.

The allowance for credit losses, which was $ 2.4 million and $ 5.0 million as of September 30, 2021 and December 31, 2020, respectively, is our best estimate of the amount of probable credit losses included in our existing accounts receivable.

The following summarizes activity within our trade accounts receivable allowance for credit losses balance (in thousands):

3 unchanged sentences

Writeoffs charged against the allowance ( 194 )

Balance as of June 30, 2021 $ 3,538

We recognized a $ 1.3 million reversal of our provision for expected credit losses for the six months ended June 30, 2021.

Improved market conditions for customers due to a recovery in crude oil prices was the primary factor contributing to the decrease to the allowance for credit losses for the six months ended June 30, 2021.

For the three and six months ended June 30, 2020, we recognized a $ 2.2 million and $ 3.7 million provision for expected credit losses, respectively.

Low crude oil prices, driven by decreased demand for and global oversupply of crude oil as a result of the COVID-19 pandemic, was the primary factor contributing to the higher allowance for credit losses for the three and six months ended June 30, 2020.

Balance as of September 30, 2021 $ 2,388

For the three and nine months ended September 30, 2021, we recognized a reversal of $ 1.1 million and $ 2.4 million of our provision for expected credit losses, respectively.

Improved market conditions for customers due to the recovery in crude oil prices and higher natural gas prices was the primary factor contributing to the decrease to the allowance for credit losses for the three and nine months ended September 30, 2021.

For the nine months ended September 30, 2020, we recognized a $ 3.7 million provision for expected credit losses.

(4) Inventories

Components of inventories are as follows (in thousands):

September 30,

2021 December 31,

5 unchanged sentences

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

September 30,

2021 December 31,

14 unchanged sentences

Leasehold improvements 5 years

Depreciation expense on property and equipment and gain on disposition of assets were as follows (in thousands):

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

Depreciation expense on property and equipment and loss (gain) on disposition of assets were as follows (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

Depreciation expense $ 51,920 $ 52,727 $ 157,487 $ 157,137

Gain on disposition of assets 1,105 787 2,360 1,801

As of June 30, 2021 and December 31, 2020, there was $ 2.3 million and $ 2.8 million , respectively, of property and equipment purchases in accounts payable and accrued liabilities.

Loss (gain) on disposition of assets 48 1,686 ( 2,312 ) ( 115 )

As of September 30, 2021 and December 31, 2020, there was $ 3.0 million and $ 2.8 million , respectively, of property and equipment purchases in accounts payable and accrued liabilities.

On a quarterly basis, we evaluate the future deployment of our idle fleet under current market conditions.

For the three and six months ended June 30, 2021, we determined to retire 10 and 22 compressor units, respectively, for a total of approximately 4,000 and 9,600 horsepower, respectively, that were previously used to provide compression services in our business.

As a result, we recorded impairments of compression equipment of $ 2.4 million and $ 5.0 million for the three and six months ended June 30, 2021, respectively.

For the three and six months ended June 30, 2020 , we determined to retire 11 compressor units for a total of approximately 5,100 horsepower that were previously used to provide compression services in our business.

As a result, we recorded an impairment of compression equipment of $ 3.9 million for the three and six months ended June 30, 2020.

For the nine months ended September 30, 2021, we determined to retire 22 compressor units for a total of approximately 9,600 horsepower that were previously used to provide compression services in our business.

As a result, we recorded an impairment of compression equipment of $ 5.0 million for the nine months ended September 30, 2021.

For the three and nine months ended September 30, 2020 , we determined to retire 16 and 27 compressor units, respectively, for a total of approximately 3,900 and 9,000 horsepower, respectively, that were previously used to provide compression services in our business.

As a result, we recorded impairments of compression equipment of $ 1.7 million and $ 5.6 million for the three and nine months ended September 30, 2020, respectively.

The primary causes for these impairments were:

6 unchanged sentences

Amortization expense ( 19,579 ) ( 2,456 ) ( 22,035 )

Net balance as of June 30, 2021 $ 289,900 $ 29,201 $ 319,101

Accumulated amortization of intangible assets was $ 231.6 million and $ 216.9 million as of June 30, 2021 and December 31, 2020, respectively.

Net balance as of September 30, 2021 $ 283,373 $ 28,383 $ 311,756

Accumulated amortization of intangible assets was $ 238.9 million and $ 216.9 million as of September 30, 2021 and December 31, 2020, respectively.

The expected amortization of the intangible assets for each of the five succeeding years is $ 29.4 million.

11 unchanged sentences

In addition, we estimated a reasonable control premium representing the incremental value that would accrue to us if we were to be acquired.

Based on the quantitative goodwill impairment test described above, our carrying amount exceeded fair value and as a result, we recognized a goodwill impairment of $ 619.4 million for the six months ended June 30, 2020.

(6) Other Current Liabilities

Components of other current liabilities included the following (in thousands):

September 30,

2021 December 31,

3 unchanged sentences

Accrued unit-based compensation liability 16,621 9,183

Accrued property taxes 8,641 4,459

________________________________

4 unchanged sentences

The bargain purchase option provided the customer with an option to acquire the equipment at a value significantly less than the fair market value at the end of the lease term.

During the second quarter of 2021, the customer exercised its bargain purchase option resulting in a gain of $ 1.1 million recognized within gain on disposition of assets for the three and six months ended June 30, 2021.

During the second quarter of 2021, the customer exercised its bargain purchase option resulting in a gain of $ 1.1 million recognized within loss (gain) on disposition of assets for the nine months ended September 30, 2021.

Prior to the customer exercising its bargain purchase option, revenue and interest income related to the lease was recognized over the lease term.

1 unchanged sentence

Maintenance revenue and interest income were as follows (in thousands):

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

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

3 unchanged sentences

Our long-term debt, of which there is no current portion, consisted of the following (in thousands):

September 30,

2021 December 31,

6 unchanged sentences

Revolving Credit Facility

As of June 30, 2021, we were in compliance with all of our covenants under the Credit Agreement.

The Credit Agreement has an aggregate commitment of $ 1.6 billion (subject to availability under our borrowing base), with a further potential increase of $ 400 million, and has a maturity date of April 2, 2023, which we expect to maintain for the term.

As of June 30, 2021, we had outstanding borrowings under the Credit Agreement of $ 473.4 million, $ 1.1 billion of borrowing base availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $ 217.4 million.

Our weighted average interest rate in effect for all borrowings under the Credit Agreement as of June 30, 2021 was 2.91 %, with a weighted average interest rate of 3.06 % for the six months ended June 30, 2021.

There were no letters of credit issued as of June 30, 2021.

As of September 30, 2021, we were in compliance with all of our covenants under the Credit Agreement.

As of September 30, 2021, we had outstanding borrowings under the Credit Agreement of $ 505.7 million, $ 1.1 billion of borrowing base availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $ 114.3 million.

Our weighted average interest rate in effect for all borrowings under the Credit Agreement as of September 30, 2021 was 2.96 %, with a weighted average interest rate of 3.01 % for the nine months ended September 30, 2021.

There were no letters of credit issued as of September 30, 2021.

We pay a commitment fee of 0.375 % on the unused portion of the Credit Agreement.

3 unchanged sentences

• a minimum EBITDA to interest coverage ratio of 2.5 to 1.0, determined as of the last day of each fiscal quarter, for the annualized trailing three months;

• a maximum funded debt to EBITDA ratio, determined as of the last day of each fiscal quarter, for the annualized trailing three months of (i) 5.50 to 1.00 for the fiscal quarter ending June 30, 2021 and (ii) 5.25 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021 (reverting to 5.00 to 1.00 after the Covenant Relief Period).

In addition, the amendment provides that the 0.50 increase in maximum funded debt to EBITDA ratio applicable to certain future acquisitions (for the six consecutive month period in which any such acquisition occurs) is only available beginning with the fiscal quarter ending September 30, 2021, and in any case shall not increase the maximum funded debt to EBITDA ratio above 5.50 to 1.00.

• a maximum funded debt to EBITDA ratio, determined as of the last day of each fiscal quarter, for the annualized trailing three months of 5.25 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021 (reverting to 5.00 to 1.00 after the Covenant Relief Period).

In addition, the amendment provides that the 0.50 increase in maximum funded debt to EBITDA ratio applicable to certain future acquisitions (for the six consecutive month period in which any such acquisition occurs) is available beginning with the fiscal quarter ending September 30, 2021, and in any case shall not increase the maximum funded debt to EBITDA ratio above 5.50 to 1.00.

In addition, during the Covenant Relief Period, the applicable margin for Eurodollar borrowings is increased from a range of 2.00 % – 2.75 % to a range of 2.25 % – 3.00 %.

7 unchanged sentences

The indenture governing the Senior Notes 2026 (the “2026 Indenture”) contains certain financial ratios that we must comply with in order to make certain restricted payments as described in the 2026 Indenture.

As of June 30, 2021, we were in compliance with such financial covenants under the 2026 Indenture.

As of September 30, 2021, we were in compliance with such financial covenants under the 2026 Indenture.

The Senior Notes 2026 are fully and unconditionally guaranteed (the “2026 Guarantees”), jointly and severally, on a senior unsecured basis by all of our existing subsidiaries (other than Finance Corp), and will be fully and unconditionally guaranteed, jointly and severally, by each of our future restricted subsidiaries that either borrows under, or guarantees, the Credit Agreement or guarantees certain of our other indebtedness (collectively, the “Guarantors”).

6 unchanged sentences

The indenture governing the Senior Notes 2027 (the “2027 Indenture”) contains certain financial ratios that we must comply with in order to make certain restricted payments as described in the 2027 Indenture.

As of June 30, 2021, we were in compliance with such financial covenants under the 2027 Indenture.

As of September 30, 2021, we were in compliance with such financial covenants under the 2027 Indenture.

The Senior Notes 2027 are fully and unconditionally guaranteed (the “2027 Guarantees”), jointly and severally, on a senior unsecured basis by the Guarantors.

5 unchanged sentences

(9) Preferred Units

We had 500,000 Preferred Units outstanding as of June 30, 2021 and December 31, 2020, respectively, with a face value of $ 1,000 per Preferred Unit.

We had 500,000 Preferred Units outstanding as of September 30, 2021 and December 31, 2020, respectively, with a face value of $ 1,000 per Preferred Unit.

The Preferred Units rank senior to the common units with respect to distributions and rights upon liquidation.

9 unchanged sentences

May 7, 2021 24.375

August 6, 2021 24.375

2021 total distributions

Announced Quarterly Distribution

On July 15, 2021, we declared a cash distribution of $ 24.375 per unit on the Preferred Units.

The distribution will be paid on August 6, 2021 to the holders of the Preferred Units of record as of close of business on July 26, 2021.

On October 14, 2021, we declared a cash distribution of $ 24.375 per unit on the Preferred Units.

The distribution will be paid on November 5, 2021 to the holders of the Preferred Units of record as of close of business on October 25, 2021.

Changes in the Preferred Units balance are as follows (in thousands):

3 unchanged sentences

Cash distributions on Preferred Units ( 36,563 )

Balance as of June 30, 2021 $ 477,309

Balance as of September 30, 2021 $ 477,309

Redemption and Conversion Features

10 unchanged sentences

Issuance of common units under the DRIP 89,135

Number of units outstanding as of June 30, 2021 97,067,220

As of June 30, 2021, ET held 46,056,228 common units, including 8,000,000 common units held by the General Partner and controlled by ET.

Number of units outstanding as of September 30, 2021 97,096,137

As of September 30, 2021, ET held 46,056,228 common units, including 8,000,000 common units held by the General Partner and controlled by ET.

Cash Distributions

6 unchanged sentences

2020 total distributions

$ 2.10 $ 203.3 $ 3.3 $ 206.6

February 5, 2021 $ 0.525 $ 50.9 $ 1.1 $ 52.0

May 7, 2021 0.525 50.9 1.1 52.0

August 6, 2021 0.525 51.0 1.1 52.1

2021 total distributions

$ 1.575 $ 152.8 $ 3.3 $ 156.1

Announced Quarterly Distribution

On July 15, 2021, we announced a cash distribution of $ 0.525 per unit on our common units.

The distribution will be paid on August 6, 2021 to common unitholders of record as of the close of business on July 26, 2021.

During the six months ended June 30, 2021, distributions of $ 0.9 million were reinvested under the DRIP resulting in the issuance of 60,735 common units.

As of June 30, 2021 and December 31, 2020, we had two tranches of warrants outstanding, which includes warrants to purchase (i) 5,000,000 common units with a strike price of $ 17.03 per common unit and (ii) 10,000,000 common units with a strike price of $ 19.59 per common unit (collectively, the “Warrants”).

On October 14, 2021, we announced a cash distribution of $ 0.525 per unit on our common units.

The distribution will be paid on November 5, 2021 to common unitholders of record as of the close of business on October 25, 2021.

During the nine months ended September 30, 2021, distributions of $ 1.3 million were reinvested under the DRIP resulting in the issuance of 89,135 common units.

As of September 30, 2021 and December 31, 2020, we had two tranches of warrants outstanding, which includes warrants to purchase (i) 5,000,000 common units with a strike price of $ 17.03 per common unit and (ii) 10,000,000 common units with a strike price of $ 19.59 per common unit (collectively, the “Warrants”).

The Warrants may be exercised by the holders at any time before April 2, 2028.

6 unchanged sentences

Unvested phantom units and unexercised Warrants are not included in basic loss per unit, as they are not considered to be participating securities, but are included in the calculation of diluted loss per unit to the extent they are dilutive, and in the case of Warrants to the extent they are considered “in the money.”

For the three and six months ended June 30, 2021, approximately 803,000 and 757,000 incremental unvested phantom units, respectively, were excluded from the calculation of diluted loss per unit because the impact was anti-dilutive and our outstanding Warrants are no t included in the computation as they are not considered “in the money” for either period.

For the three and six months ended June 30, 2020, approximately 551,000 and 520,000 incremental unvested phantom units, respectively, were excluded from the calculation of diluted loss per unit because the impact was anti-dilutive and our outstanding Warrants are no t included in the computation as they are not considered “in the money” for either period.

For the three and nine months ended September 30, 2021, approximately 889,000 and 801,000 incremental unvested phantom units, respectively, were excluded from the calculation of diluted loss per unit because the impact was anti-dilutive and our outstanding Warrants were no t included in the computation as they are not considered “in the money” for either period.

For the three and nine months ended September 30, 2020, approximately 584,000 and 542,000 incremental unvested phantom units, respectively, were excluded from the calculation of diluted loss per unit because the impact was anti-dilutive and our outstanding Warrants were no t included in the computation as they are not considered “in the money” for either period.

(11) Revenue Recognition

1 unchanged sentence

The following table disaggregates our revenue by type of service (in thousands):

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

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

3 unchanged sentences

The following table disaggregates our revenue by timing of provision of services or transfer of goods (in thousands):

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

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

7 unchanged sentences

We record contract assets when we have completed performance under a contract but our right to consideration is not yet unconditional.

We had no contract assets as of June 30, 2021 and December 31, 2020.

We had no contract assets as of September 30, 2021 and December 31, 2020.

Deferred Revenue

1 unchanged sentence

Components of deferred revenue were as follows (in thousands):

Balance sheet location June 30,

Balance sheet location September 30,

2021 December 31,

3 unchanged sentences

________________________________

(1) We recognized $ 1.4 million and $ 40.8 million of revenue during the three and six months ended June 30, 2021, respectively, related to our deferred revenue balance as of December 31, 2020.

(1) We recognized $ 1.3 million and $ 42.1 million of revenue during the three and nine months ended September 30, 2021, respectively, related to our deferred revenue balance as of December 31, 2020.

Performance Obligations

As of June 30, 2021, we had unsatisfied performance obligations related to our contract operations revenue of $ 476.4 million.

As of September 30, 2021, we had unsatisfied performance obligations related to our contract operations revenue of $ 440.6 million.

We expect to recognize these remaining performance obligations as follows (in thousands):

3 unchanged sentences

(12) Transactions with Related Parties

We provide compression services to entities affiliated with ET, which as of June 30, 2021 owned approximately 47 % of our limited partner interests and 100 % of the General Partner.

We provide compression services to entities affiliated with ET, which as of September 30, 2021 owned approximately 47 % of our limited partner interests and 100 % of the General Partner.

Revenue recognized from such affiliated ET entities on our unaudited condensed consolidated statements of operations were as follows (in thousands):

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

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

Related party revenues $ 2,883 $ 3,048 $ 8,777 $ 9,127

We had $ 40,000 and $ 120,000 within related party receivables on our unaudited condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively, from such affiliated ET entities.

Additionally, the Partnership had a $ 44.9 million related party receivable from ET as of June 30, 2021 and December 31, 2020 related to indemnification for sales tax contingencies.

We had approximately $ 81,000 and $ 120,000 within related party receivables on our unaudited condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, from such affiliated ET entities.

Additionally, the Partnership had a $ 44.9 million related party receivable from ET as of September 30, 2021 and December 31, 2020 related to indemnification for sales tax contingencies.

See Note 13 for more information related to such sales tax contingencies.

1 unchanged sentence

(a) Major Customers

We did not have revenue from any single customer representing 10% or more of total revenue for the three and six months ended June 30, 2021 or 2020.

We did not have revenue from any single customer representing 10% or more of total revenue for the three and nine months ended September 30, 2021 or 2020.

(b) Litigation

9 unchanged sentences

The upper end of this range assumes that all compression services in Oklahoma are taxable, which we believe is remote.

As of June 30, 2021 and December 31, 2020, we have recorded a $ 44.9 million accrued liability and $ 44.9 million related party receivable from ET related to open audits with the Office of the Texas Comptroller of Public Accounts.

As of September 30, 2021 and December 31, 2020, we have recorded a $ 44.9 million accrued liability and $ 44.9 million related party receivable from ET related to open audits with the Office of the Texas Comptroller of Public Accounts.

For more information, see Note 17 to the consolidated financial statements included in our 2020 Annual Report.

13 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 1. Financial Statements