What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-29 compared with 2026-04-29 · 105 added, 86 removed, 341 unchanged (36% of the section changed)

28 unchanged sentences

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages and per share data)

12 unchanged sentences

(2) For a reconciliation of our GAAP to non-GAAP financial measures, see tables in Non-GAAP Financial Measures below.

For the three and six months ended March 31, 2026, net revenue increased 17% and 16% over the prior-year comparable periods, respectively, primarily due to the growth in nominal cross-border volume, nominal payments volume and processed transactions, partially offset by higher client incentives.

For the three and nine months ended June 30, 2026, net revenue increased 14% and 15%, respectively, over the prior-year comparable periods, primarily due to the growth in nominal cross-border volume, nominal payments volume and processed transactions, partially offset by higher client incentives.

See Results of Operations—Net Revenue below for further discussion.

For the three and six months ended March 31, 2026, exchange rate movements increased our net revenue growth by approximately one percentage point.

For the three months ended March 31, 2026, operating expenses decreased 4% over the prior-year comparable period, primarily driven by lower litigation provision, partially offset by higher personnel and marketing expenses.

For the six months ended March 31, 2026, operating expenses increased 10% over the prior-year comparable period, primarily driven by higher marketing, personnel and professional fees.

For the three and nine months ended June 30, 2026, exchange rate movements increased our net revenue growth by approximately one percentage point.

For the three and nine months ended June 30, 2026, operating expenses increased 19% and 13%, respectively, over the prior-year comparable periods, primarily driven by higher personnel expenses.

The increase over the nine-month prior-year comparable period was also driven by higher marketing expenses.

See Results of Operations—Operating Expenses below for further discussion.

For the three and six months ended March 31, 2026, exchange rate movements negatively impacted our operating expense growth by approximately two percentage points.

For the three and six months ended March 31, 2026, non-GAAP operating expenses increased 17% over the prior-year comparable periods, primarily driven by higher personnel, marketing and professional fees.

For the three and nine months ended June 30, 2026, exchange rate movements increased our operating expense growth by approximately one percentage point and one-and-a-half percentage points, respectively.

For the three and nine months ended June 30, 2026, non-GAAP operating expenses increased 17% over the prior-year comparable periods, primarily driven by higher marketing and personnel expenses.

Class B-1 and B-2 common stock exchange offer.

In May 2026, we accepted 3 million shares of class B-1 common stock and 120 million shares of class B-2 common stock tendered in the exchange offer.

In exchange, we issued 61 million shares of class B-3 common stock and 23 million shares of class C common stock.

See Note 11—Stockholders’ Equity to our unaudited consolidated financial statements.

In February 2026, we acquired Prisma Medios de Pago S.A.U.

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Interchange multidistrict litigation .

For the six months ended March 31, 2026, we recorded additional accruals of $894 million to address claims associated with the interchange multidistrict litigation.

For the nine months ended June 30, 2026, we recorded additional accruals of $1.1 billion to address claims associated with the interchange multidistrict litigation.

We also made deposits of $875 million into the U.

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Common stock repurchases.

For the six months ended March 31, 2026, we repurchased 36 million shares of our class A common stock in the open market for $11.7 billion.

As of March 31, 2026, our share repurchase program had remaining authorized funds of $13.2 billion.

In April 2026, our board of directors authorized a new $20.0 billion share repurchase program, providing multi-year flexibility.

In April 2026, our board of directors authorized a $20.0 billion share repurchase program, providing multi-year flexibility.

For the nine months ended June 30, 2026, we repurchased 50 million shares of our class A common stock in the open market for $16.5 billion.

As of June 30, 2026, our share repurchase programs had remaining authorized funds of $28.4 billion.

See Note 11—Stockholders’ Equity to our unaudited consolidated financial statements .

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International Visa

Three Months Ended December 31, (1)

Three Months Ended March 31, (1)

2026 2025 2026 2025 2026 2025

(in billions)

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International Visa

Six Months Ended December 31, (1)

Nine Months Ended March 31, (1)

2026 2025 2026 2025 2026 2025

(in billions)

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International Visa

Three Months Ended December 31,

Six Months Ended December 31,

Three Months Ended March 31,

Nine Months Ended March 31,

Nominal Nominal Constant (7)

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(1) Service revenue in a given quarter is primarily assessed based on nominal payments volume in the prior quarter.

Therefore, service revenue reported for the three and six months ended March 31, 2026 and 2025, respectively, was based on nominal payments volume reported by our financial institution clients for the three and six months ended December 31, 2025 and 2024, respectively.

Therefore, service revenue reported for the three and nine months ended June 30, 2026 and 2025, respectively, was based on nominal payments volume reported by our financial institution clients for the three and nine months ended March 31, 2026 and 2025, respectively.

On occasion, previously presented volume information may be updated.

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages)

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages)

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Percentage changes are calculated based on unrounded numbers.

Net revenue increased over the three and six-month prior-year comparable periods primarily due to the growth in nominal cross-border volume, nominal payments volume and processed transactions, partially offset by higher client incentives.

Net revenue increased over the three and nine-month prior-year comparable periods primarily due to the growth in nominal cross-border volume, nominal payments volume and processed transactions, partially offset by higher client incentives.

Volume growth was driven primarily by continued resilience in consumer spending and ongoing expansion in digital commerce.

Cross-border volume growth was supported by cross-border ecommerce and travel-related activity.

Nominal payments volume growth of 10% was supported by broad-based growth across both credit

For the three and nine months ended June 30, 2026, nominal payments volume growth of

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and debit spending, with ecommerce continuing to grow faster than face-to-face spend.

11% and 10% was supported by broad-based growth across both credit and debit spending, with ecommerce continuing to grow faster than face-to-face spend.

We expect that the ongoing shift toward digital commerce and electronic payments will continue;

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dollar as payments volume and related revenue denominated in local currencies are converted to U.S.

For the three and six months ended March 31, 2026, exchange rate movements increased our net revenue growth by approximately one percentage point.

For the three and nine months ended June 30, 2026, exchange rate movements increased our net revenue growth by approximately one percentage point.

Foreign exchange rate movements and volatility have contributed to periodic variability in our results, and may continue to do so in the future.

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages)

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Percentage changes are calculated based on unrounded numbers.

• Service revenue increased over the three and six-month prior-year comparable periods primarily due to growth in nominal payments volume of 10%, select pricing modifications and growth in card benefits.

• Data processing revenue increased over the three and six-month prior-year comparable periods primarily due to growth in processed transactions of 9%, select pricing modifications, growth in value-added services and higher cross-border transaction mix.

• International transaction revenue increased over the three and six-month prior-year comparable periods primarily due to growth in nominal cross-border volume of 17% and 16%, respectively, excluding transactions within Europe, partially offset by business mix and lower volatility of a broad range of currencies.

• Other revenue increased over the three and six-month prior-year comparable periods primarily due to growth in Advisory and Other Services and select pricing modifications.

• Client incentives increased over the three and six-month prior-year comparable periods primarily due to growth in payments volume.

• Service revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in nominal payments volume of 11% and 10%, respectively, select pricing modifications and growth in card benefits.

• Data processing revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in processed transactions of 10% and 9%, respectively, select pricing modifications, growth in value-added services and higher cross-border transaction mix.

• International transaction revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in nominal cross-border volume of 14% and 15%, respectively, excluding transactions within Europe, partially offset by lower volatility of a broad range of currencies and business mix.

• Other revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in Advisory and Other Services and select pricing modifications.

• Client incentives increased over the three and nine-month prior-year comparable periods primarily due to growth in payments volume.

The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

For the three months ended March 31, 2026 and 2025, revenue from value-added services was $3.3 billion and $2.6 billion, respectively.

For the six months ended March 31, 2026 and 2025, revenue from value-added services was $6.5 billion and $5.0 billion, respectively.

Value-added services revenue increased 29% and 31% over the three and six-month prior-year comparable periods, respectively, primarily due to growth in Issuing Solutions, Advisory and Other Services and Acceptance Solutions.

Growth in value-added services revenue over the three and six-month prior-year comparable periods was primarily due to underlying business drivers, which included client consulting and marketing engagements, processed transactions and number and mix of payment credentials;

Client consulting engagements increased 32% and 35% over the three and six-month prior-year comparable periods, respectively, and demand for marketing services increased primarily due to sponsorship events, including the FIFA World Cup 2026 TM and the Olympic and Paralympic Winter Games Milano Cortina 2026.

Processed transactions increased 9% over the three

For the three months ended June 30, 2026 and 2025, revenue from value-added services was $3.8 billion and $2.8 billion, respectively.

For the nine months ended June 30, 2026 and 2025, revenue from value-added services was $10.3 billion and $7.8 billion, respectively.

Value-added services revenue increased 33% and 32% over the three and nine-month prior-year comparable periods, respectively, primarily due to growth in Issuing Solutions, Acceptance Solutions and Advisory and Other Services.

Growth in value-added services revenue over the three and nine-month prior-year comparable periods was primarily due to underlying business drivers, which included client consulting and marketing engagements, processed transactions and number and mix of payment credentials;

Client consulting engagements increased approximately 30% over the three and nine-month prior-year comparable periods.

Demand for marketing services increased over the three and nine-month prior-year comparable periods primarily due to sponsorship events, including the FIFA World Cup 2026 TM in each period and the Olympic and Paralympic Winter Games Milano

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and six-month prior-year comparable periods, and payment credentials increased 6% over the prior-year comparable period.

Cortina 2026 in the nine-month period.

Processed transactions increased 10% and 9% over the three and nine-month prior-year comparable periods, respectively, and payment credentials increased 8% over the prior-year comparable period.

Operating Expenses

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages)

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Percentage changes are calculated based on unrounded numbers.

• Personnel expenses increased over the three and six-month prior-year comparable periods primarily due to a higher number of employees and compensation focused on areas that will drive higher long-term growth, including acquisitions.

The increase during the six months ended March 31, 2026 was partially offset by severance costs in the prior year to realign our organizational structure.

• Marketing expenses increased over the three and six-month prior-year comparable periods primarily due to higher spending for client marketing and various campaigns, both driven in part by the Olympic and Paralympic Winter Games Milano Cortina 2026 and the FIFA World Cup 2026 TM .

• Professional fees increased over the three and six-month prior-year comparable periods primarily due to higher expenses associated with client engagements, costs incurred in the current period in connection with our acquisition of Prisma and Newpay, and higher legal fees.

• Litigation provision decreased over the three and six-month prior-year comparable periods primarily due to lower accruals related to the U.S.

covered litigation, partially offset by higher accruals related to uncovered legal matters.

• Personnel expenses increased over the three and nine-month prior-year comparable periods primarily due to higher severance costs resulting from actions taken to drive operational efficiencies and reinvest in high-growth opportunities, as well as a higher number of employees and compensation costs, including from acquisitions.

• Marketing expenses increased over the three and nine-month prior-year comparable periods primarily due to higher spending for client marketing and various campaigns, both driven in part by the FIFA World Cup 2026 TM in each period, and by the Olympic and Paralympic Winter Games Milano Cortina 2026 in the nine-month period.

• Network and processing expenses increased over the three and nine-month prior-year comparable periods primarily due to continued technology and processing network investments to support growth and acquisitions.

• Professional fees increased over the three and nine-month prior-year comparable periods primarily due to higher legal fees and higher expenses associated with client engagements.

The increase over the nine-month prior-year comparable period was also due to costs incurred in connection with our acquisition of Prisma and Newpay.

• Litigation provision decreased over the three and nine-month prior-year comparable periods primarily due to lower accruals related to the U.S.

covered litigation.

See Note 16—Legal Matters to our unaudited consolidated financial statements.

(1) Growth is calculated based on payment credentials as of December 31, 2025 and 2024 as reported by our financial institution clients.

(1) Growth is calculated based on payment credentials as of March 31, 2026 and 2025 as reported by our financial institution clients.

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in millions, except percentages)

1 unchanged sentence

Investment income (expense) and other 150 195 (23 %) 451 504 (11 %)

Total non-operating income (expense) $ (60) $ 3 NM $ (71) $ (31) 129 %

NM – Not meaningful

Total non-operating income (expense) $ (44) $ 156 (128 %) $ (115) $ 125 (192 %)

(1) Figures in the table may not recalculate exactly due to rounding.

Percentage changes are calculated based on unrounded numbers.

• Investment income (expense) and other decreased over the three and six-month prior-year comparable periods primarily due to lower interest income on our cash and investments, partially offset by lower losses on our equity investments.

• Interest expense increased over the three and nine-month prior-year comparable periods primarily due to an interest benefit related to taxes in the prior year.

• Investment income (expense) and other decreased over the three and nine-month prior-year comparable periods primarily due to lower interest income on our cash and investments, partially offset by gains on our equity investments.

Effective Income Tax Rate

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

2026 2025 2026 2025

Effective income tax rate 18 % 17 % 16 % 17 %

The effective income tax rates for the three and six-month prior-year comparable periods differ primarily due to the following:

• For the three and six months ended March 31, 2026, a $217 million tax benefit as a result of a tax position taken on certain expenses;

• For the six months ended March 31, 2026, a $333 million deferred tax benefit due to a change in the U.S.

The effective income tax rates for the three and nine-month prior-year comparable periods differ primarily due to the following:

• For the three and nine months ended June 30, 2026, a deferred tax benefit of $18 million and $351 million, respectively, due to a change in the U.S.

taxation of certain foreign earnings;

• For the three and six months ended March 31, 2025, a $222 million tax benefit as a result of a tax position taken on certain expenses, partially offset by a $71 million tax expense related to the resolution of a tax matter .

• For the nine months ended June 30, 2026, a $217 million tax benefit as a result of a tax position taken on certain expenses;

• For the three and nine months ended June 30, 2025, a $60 million net tax benefit due to the reassessment of uncertain tax positions as a result of new information obtained during a tax examination;

• For the nine months ended June 30, 2025, a $222 million tax benefit as a result of a tax position taken on certain expenses, partially offset by a $71 million tax expense related to the resolution of a tax matter .

Non-GAAP Financial Measures

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Gains and losses associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.

• Amortization of acquired intangible assets.

Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with

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business combinations executed beginning in fiscal 2019.

• Amortization of acquired intangible assets.

Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with business combinations executed beginning in fiscal 2019.

Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations.

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Litigation provision associated with these matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to the underlying performance of our business.

For the three and six months ended March 31, 2026 and 2025, we have excluded these amounts to facilitate a comparison to our past operating performance.

For the three and nine months ended June 30, 2026 and 2025, we have excluded these amounts to facilitate a comparison to our past operating performance.

Under the U.S.

retrospective responsibility plan, we recover the monetary liabilities related to the U.S.

covered litigation through a downward adjustment to the rate at which shares of our class B-1 and class B-2 common stock ultimately convert into shares of class A common stock.

For the three and six months ended March 31, 2026 and 2025, basic and diluted earnings per class A common stock was unchanged, as a result of the downward adjustments of the class B-1 and B-2 common stock conversion rates during the periods.

covered litigation through a downward adjustment to the rate at which shares of our class B-1, B-2 and B-3 common stock ultimately convert into shares of class A common stock.

For the three and nine months ended June 30, 2026, basic and diluted earnings per class A common stock was unchanged, as a result of the downward adjustments of the class B-1, B-2 and B-3 common stock conversion rates during the periods.

For the three months ended June 30, 2025, there was no conversion rate adjustment.

For the nine months ended June 30, 2025, basic and diluted earnings per class A common stock was unchanged, as a result of the downward adjustments of the class B-1 and B-2 common stock conversion rates during the period.

See Note 5—U.S.

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• Deferred tax benefit.

For the six months ended March 31, 2026, we recorded a deferred tax benefit within income tax provision due to a change in the U.S.

For the three and nine months ended June 30, 2026, we recorded a deferred tax benefit within income tax provision due to a change in the U.S.

taxation of certain foreign earnings.

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• Severance costs.

For the six months ended March 31, 2025, we recorded severance costs within personnel expense to realign our organizational structure and focus on areas that will drive higher long-term growth.

This broad-based optimization effort has been excluded as it is not representative of our ongoing operations.

For the three and nine months ended June 30, 2026, and nine months ended June 30, 2025, we recorded severance costs within personnel expense resulting from actions taken to drive operational efficiencies and reinvest in high-growth opportunities.

These costs have been excluded as they are not representative of our ongoing operations.

• Lease consolidation costs.

For the six months ended March 31, 2025, we recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces.

For the nine months ended June 30, 2025, we recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces.

We have excluded this amount as it does not reflect the underlying performance of our business.

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Three Months Ended

March 31, 2026

June 30, 2026

Operating Expenses Non-operating Income (Expense) Income Tax Provision (1)

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Litigation provision (237) — 54 183 0.10

Deferred tax benefit — — 18 (18) (0.01)

Severance costs

(563) — 125 438 0.23

Non-GAAP $ 3,878 $ (35) $ 1,424 18.4 % $ 6,296 $ 3.32

Six Months Ended

March 31, 2026

Nine Months Ended

June 30, 2026

Operating Expenses Non-operating Income (Expense) Income Tax Provision (1)

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— — 351 (351) (0.18)

Severance costs

(563) — 125 438 0.23

Non-GAAP $ 10,868 $ (84) $ 4,050 17.8 % $ 18,762 $ 9.79

Three Months Ended

March 31, 2025

June 30, 2025

Operating Expenses Non-operating Income (Expense) Income Tax Provision (1)

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Litigation provision

(615) — 139 476 0.24

Non-GAAP $ 3,307 $ 191 $ 1,222 17.3 % $ 5,834 $ 2.98

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Six Months Ended

March 31, 2025

Nine Months Ended

June 30, 2025

Operating Expenses Non-operating Income (Expense) Income Tax Provision (1)

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The following table summarizes our cash flow activity for the periods presented:

Six Months Ended

Nine Months Ended

(in millions)

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Operating activities.

Cash provided by operating activities decreased over the six-month prior-year comparable period primarily due to higher litigation payments, timing of payments related to income taxes and higher incentive payments, partially offset by growth in our underlying business.

Cash provided by operating activities decreased over the nine-month prior-year comparable period primarily due to higher litigation payments, higher incentive payments and timing of payments related to income taxes, partially offset by growth in our underlying business.

Investing activities.

Cash used in investing activities increased over the six-month prior-year comparable period primarily due to lower proceeds from maturities and sales of investment securities.

Cash used in investing activities increased over the nine-month prior-year comparable period primarily due to lower proceeds from maturities and sales of investment securities.

Financing activities.

Cash used in financing activities increased over the six-month prior-year comparable period primarily due to the principal debt repayment upon maturity of senior notes due December 2025 and higher share repurchases, partially offset by proceeds received from the issuance of senior notes.

Cash used in financing activities increased over the nine-month prior-year comparable period primarily due to the principal debt repayments upon maturity of senior notes, higher share repurchases and lower proceeds from the issuance of senior notes, partially offset by proceeds from the issuance of commercial paper, net of repayments.

Sources of Liquidity

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Commercial paper program.

We maintain a commercial paper program to support our working capital requirements and for other general corporate purposes.

As of June 30, 2026, we had $1.5 billion of commercial paper outstanding.

In July 2026, we increased the authorized amount of outstanding notes that can be issued under the program from $3.0 billion to $7.0 billion.

As of July 28, 2026, we had $500 million of commercial paper outstanding.

Senior notes.

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Common stock repurchases.

For the six months ended March 31, 2026, we repurchased shares of our class A common stock in the open market for $11.7 billion.

As of March 31, 2026, our share repurchase program had remaining authorized funds of $13.2 billion.

In April 2026, our board of directors authorized a new $20.0 billion share repurchase program, providing multi-year flexibility.

For the nine months ended June 30, 2026, we repurchased 50 million shares of our class A common stock in the open market for $16.5 billion.

As of June 30, 2026, our share repurchase programs had remaining authorized funds of $28.4 billion.

See Note 11—Stockholders’ Equity to our unaudited consolidated financial statements.

For the six months ended March 31, 2026, we declared and paid $2.6 billion in dividends to holders of our common and preferred stock.

On April 28, 2026, our board of directors declared a quarterly cash dividend of $0.67 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis).

For the nine months ended June 30, 2026, we declared and paid $3.9 billion in dividends to holders of our common and preferred stock.

On July 28, 2026, our board of directors declared a quarterly cash dividend of $0.67 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis).

We expect to continue paying quarterly dividends in cash, subject to approval by the board of directors.

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Senior notes.

During the six months ended March 31, 2026, we repaid $4.0 billion of principal upon maturity of our senior notes due December 2025.

A principal payment on our senior notes of €1.4 billion ($1.6 billion) is due in June 2026 for which we have sufficient liquidity.

During the nine months ended June 30, 2026, we repaid $5.6 billion of principal upon maturity of our senior notes.

A principal payment on our senior notes of $1.5 billion is due in April 2027 for which we have sufficient liquidity.

See Note 8—Debt to our unaudited consolidated financial statements.

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See Note 2—Acquisitions to our unaudited consolidated financial statements.

For the six months ended March 31, 2026, we deposited $625 million into the U.S.

For the nine months ended June 30, 2026, we deposited $875 million into the U.S.

litigation escrow account to address claims associated with the interchange multidistrict litigation.

The balance of this account as of March 31, 2026 was $665 million and is reflected as restricted cash equivalents in our consolidated balance sheets.

The balance of this account as of June 30, 2026 was $888 million and is reflected as restricted cash equivalents in our consolidated balance sheets.

See Note 5—U.S.

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We maintain and regularly review global settlement risk policies and procedures to manage settlement risk, which may require clients to post collateral if certain credit standards are not met.

Recent regulatory developments in Brazil, including enhanced requirements for payment scheme operators like Visa, may increase our settlement-related risks and residual exposure.

In response to recent regulatory developments in Brazil mandating enhanced requirements for payments networks like Visa, we have submitted to the Central Bank of Brazil enhanced operating rule provisions, which reflect the impacts of the stricter regulatory standard and will require us to extend settlement guarantees to sellers.

When our new rules are approved, we expect that our settlement exposure will increase, and as such, are reassessing our collateral requirements and risk mitigation framework .

Accounting Pronouncements Not Yet Adopted

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This standard requires disaggregated information related to the effective tax rate reconciliation as well as information on income taxes paid.

This ASU is effective for our annual periods beginning October 1, 2025, and requires prospective application with the option to apply the standard retrospectively.

This ASU is effective for our annual periods beginning October 1, 2025, and we expect to adopt this ASU on a prospective basis.

The adoption of this ASU is expected to result in additional disclosures.

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In November 2024, the FASB issued ASU 2024-03, which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items.

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In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs.

This ASU is effective for our annual and interim periods beginning October 1, 2028,

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and transition approaches include prospective, retrospective or modified methods.

This ASU is effective for our annual and interim periods beginning October 1, 2028, and transition approaches include prospective, retrospective or modified methods.

We are currently evaluating the impact of the ASU on our consolidated financial statements.

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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