# Ross Stores, Inc.: Form 10-Q for the period ended May 4, 2024

- Company: [Ross Stores, Inc.](/companies/rost.md) (CIK 745732)
- Form: 10-Q
- Filed: 2024-06-12
- Accepted by EDGAR: Jun 11, 2024, 21:44 ET
- Period: 2024-05-04
- Accession: 0000745732-24-000035
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/745732/000074573224000035/rost-20240504.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/745732/000074573224000035/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-05-04.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-02-04 to 2024-05-04 | $4.86bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2024-02-04 to 2024-05-04 | $3.49bn | us-gaap:CostOfGoodsAndServicesSold |
| Selling, general and administrative | 3 months, 2024-02-04 to 2024-05-04 | $776.3m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Income tax | 3 months, 2024-02-04 to 2024-05-04 | $149.1m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-02-04 to 2024-05-04 | $488.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-02-04 to 2024-05-04 | $1.46 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-02-04 to 2024-05-04 | $1.47 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-02-04 to 2024-05-04 | 333,737,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2024-02-04 to 2024-05-04 | $368.9m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2024-02-04 to 2024-05-04 | $136.2m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 3 months, 2024-02-04 to 2024-05-04 | $123.3m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 3 months, 2024-02-04 to 2024-05-04 | $262.5m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-05-04 | $4.65bn | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-05-04 | $7.51bn | us-gaap:AssetsCurrent |
| Total assets | at 2024-05-04 | $14.49bn | us-gaap:Assets |
| Current liabilities | at 2024-05-04 | $4.89bn | us-gaap:LiabilitiesCurrent |
| Long-term debt | at 2024-05-04 | $1.51bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2024-05-04 | $948.6m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-05-04 | $4.95bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 23,457 characters.

### OPERATIONS

This section and other parts of this Form 10-Q contain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed below under the caption “Forward-Looking Statements” and also those in Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for fiscal 2023. The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q and in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for fiscal 2023. All information is based on our fiscal calendar.

### Overview

Ross Stores, Inc. operates two brands of off-price retail apparel and home fashion stores—Ross Dress for Less® (“Ross”) and dd’s DISCOUNTS®. Ross is the largest off-price apparel and home fashion chain in the United States, with 1,775 locations in 43 states, the District of Columbia, and Guam, as of May 4, 2024. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. We also operate 352 dd’s DISCOUNTS stores in 22 states as of May 4, 2024 that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day.

There remains ongoing uncertainty in the current macroeconomic and geopolitical environments, and prolonged inflationary pressures continue to negatively impact the purchasing power of our low-to-moderate income customers. Through these ongoing pressures and uncertainty, we remain focused on offering our customers the best branded values possible throughout our stores. In addition, we plan to carefully manage our expenses and inventory, while closely monitoring market share trends for the off-price industry. We believe our market share can continue to grow through continued focus on bringing value and convenience to our consumers.

### Results of Operations

The following table summarizes the financial results for the three month periods ended May 4, 2024 and April 29, 2023:

| Sales | Three Months Ended May 4, 2024 | April 29, 2023 |
| --- | ---: | ---: |
| Sales (millions) | **$4,858** | $4,495 |
| Sales growth | **8.1%** | 3.7% |
| Comparable store sales growth1 | **3%** | 1% |
| **Costs and expenses (as a percent of sales)** |  |  |
| Cost of goods sold | **71.9%** | 73.3% |
| Selling, general and administrative | **15.9%** | 16.6% |
| Interest income, net | **(0.9%)** | (0.7%) |
| **Earnings before taxes (as a percent of sales)** | **13.1%** | 10.8% |
| **Net earnings (as a percent of sales)** | **10.0%** | 8.3% |
| 1 Comparable stores are stores open for more than 14 complete months. |  |  |

16

**Stores.** Our long-term strategy is to open additional stores based on market penetration, local demographic characteristics, competition, expected store profitability, and the ability to leverage overhead expenses. We continually evaluate opportunistic real estate acquisitions and opportunities for potential new store locations. We also evaluate our current store locations and determine store closures based on similar criteria.

We opened 18 new stores in the first quarter of fiscal 2024 and expect to open a total of approximately 90 new stores this year.

The following table summarizes the stores opened and closed during the three month periods ended May 4, 2024 and April 29, 2023:

| Store Count Ross Dress for Less | Three Months Ended May 4, 2024 | April 29, 2023 |  |
| --- | ---: | ---: | ---: |
| Beginning of the period | **1,764** | 1,693 |  |
| Opened in the period | **11** | 11 | 1 |
| Closed in the period | **—** | — |  |
| Total Ross Dress for Less stores end of period | **1,775** | 1,704 |  |
| **dd’s DISCOUNTS** |  |  |  |
| Beginning of the period | **345** | 322 |  |
| Opened in the period | **7** | 8 |  |
| Closed in the period | **—** | — |  |
| Total dd’s DISCOUNTS stores end of period | **352** | 330 |  |
| Total stores end of period | **2,127** | 2,034 |  |
| 1 Includes the reopening of a store previously temporarily closed due to a weather event. |  |  |  |

**Sales.** Sales for the three month period ended May 4, 2024 increased $363.4 million, or 8.1%, compared to the three month period ended April 29, 2023, primarily due to the opening of 93 net new stores between April 29, 2023 and May 4, 2024 and a 3% comparable store sales increase.

Our sales mix for the three month periods ended May 4, 2024 and April 29, 2023 is shown below:

|  | Three Months Ended May 4, 2024 | April 29, 2023 |
| --- | ---: | ---: |
| Home Accents and Bed and Bath | **26%** | 26% |
| Ladies | **23%** | 24% |
| Accessories, Lingerie, Fine Jewelry, and Cosmetics | **15%** | 14% |
| Men’s | **14%** | 14% |
| Shoes | **13%** | 13% |
| Children’s | **9%** | 9% |
| Total | **100%** | 100% |

**Cost of goods sold.** Cost of goods sold for the three month period ended May 4, 2024 increased $198.1 million compared to the three month period ended April 29, 2023, primarily due to higher sales from the opening of 93 net new stores between April 29, 2023 and May 4, 2024 and the 3% comparable store sales increase, partially offset by lower distribution costs and lower buying costs primarily due to lower incentive compensation expense.

Cost of goods sold as a percentage of sales for the three month period ended May 4, 2024 decreased approximately 140 basis points compared to the three month period ended April 29, 2023, primarily due to a 75 basis points decrease in distribution costs, a 50 basis point decrease in buying costs primarily due to lower incentive compensation expense, and a

30 basis point decrease in domestic freight costs. Partially offsetting these items was a 15 basis point decrease in merchandise margin primarily due to our efforts to offer more sharply priced brands, partially offset by lower ocean freight costs.

We expect the decline in merchandise margin as a percentage of sales to continue through fiscal 2024 as we build on our efforts to offer more sharply priced brands throughout our stores. We expect this decline will be offset by lower distribution costs, domestic freight costs, and incentive compensation expense.

**Selling, general and administrative expenses.** For the three month period ended May 4, 2024, selling, general and administrative expenses (“SG&A”) increased $30.1 million compared to the three month period ended April 29, 2023, primarily due to higher store wages and the opening of 93 net new stores between April 29, 2023 and May 4, 2024.

SG&A as a percentage of sales for the three month period ended May 4, 2024 decreased 65 basis points compared to the three month period ended April 29, 2023, primarily due to higher sales and lower incentive compensation expense.

We expect lower incentive compensation expense to continue in fiscal 2024.

**Interest income, net.** For the three month period ended May 4, 2024, interest income, net increased $14.6 million compared to the three month period ended April 29, 2023, primarily due to increased interest income from higher interest rates and higher cash balances.

The table below shows the components of interest income, net for the three month periods ended May 4, 2024 and April 29, 2023:

|  | Three Months Ended May 4, 2024 | April 29, 2023 |
| --- | ---: | ---: |
| Interest expense on long-term debt | **$21,175** | $21,166 |
| Other interest expense | **358** | 373 |
| Capitalized interest | **(4,265)** | (2,108) |
| Interest income | **(63,218)** | (50,828) |
| Interest income, net | **$(45,950)** | $(31,397) |

**Taxes on earnings.** Our effective tax rates for the three month periods ended May 4, 2024 and April 29, 2023 were approximately 23% and 24%, respectively. Our effective tax rate is impacted by changes in tax laws and accounting guidance, location of new stores, level of earnings, tax effects associated with stock-based compensation, and the resolution of tax positions with various tax authorities.

**Net earnings.** Net earnings as a percentage of sales for the three month periods ended May 4, 2024 and April 29, 2023 were 10.0% and 8.3%, respectively. Net earnings as a percentage of sales for the three month period ended May 4, 2024 were higher primarily due to lower cost of goods sold, lower SG&A expenses, and higher interest income.

**Earnings per share.** Diluted earnings per share for the three month period ended May 4, 2024 was $1.46 compared to $1.09 for the three month period ended April 29, 2023. The $0.37 increase in the diluted earnings per share for the three month period ended May 4, 2024 was primarily attributable to a 31% increase in net earnings and a 3% reduction in weighted-average diluted shares outstanding largely due to stock repurchases under our stock repurchase program.

### Financial Condition

### Liquidity and Capital Resources

The primary sources of funds for our business activities are cash flows from operations and short-term trade credit. Our primary ongoing cash requirements are for merchandise inventory purchases, payroll, operating and variable lease costs, taxes, capital expenditures related to new and existing stores, and investments in distribution centers, information systems, and buying and corporate offices. We also use cash to repurchase stock under active stock repurchase programs, pay dividends, and repay debt as it becomes due.

|  | Three Months Ended May 4, 2024 | April 29, 2023 |
| --- | ---: | ---: |
| Cash provided by operating activities | **$368,921** | $413,152 |
| Cash used in investing activities | **(136,249)** | (167,253) |
| Cash used in financing activities | **(450,033)** | (380,635) |
| Net decrease in cash, cash equivalents, and restricted cash and cash equivalents | **$(217,361)** | $(134,736) |

### Operating Activities

Net cash provided by operating activities was $368.9 million for the three month period ended May 4, 2024. This was primarily driven by net earnings excluding non-cash expenses for depreciation, amortization, and stock-based compensation, partially offset by the payment of fiscal 2023 incentive bonuses. Net cash provided by operating activities was $413.2 million for the three month period ended April 29, 2023. This was primarily driven by net earnings and higher accounts payable leverage (defined as accounts payable divided by merchandise inventory).

The decrease in cash flow provided by operating activities for the three month period ended May 4, 2024 compared to the same period in the prior year was primarily driven by higher incentive compensation payments and lower accounts payable leverage, partially offset by higher net earnings.

Accounts payable leverage was 86% and 92% as of May 4, 2024 and April 29, 2023, respectively. The decrease in accounts payable leverage was primarily due to the timing of inventory receipts and related payments versus last year.

As a regular part of our business, packaway inventory levels will vary over time based on availability of compelling merchandise purchase opportunities in the marketplace and our decisions on the timing for release of that inventory to our stores. Packaway merchandise is purchased with the intent that it will be stored in our warehouses until a later date. The timing of the release of packaway inventory to our stores is principally driven by the product mix and seasonality of the merchandise, and its relation to our store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage for less than six months. We expect to continue to take advantage of packaway inventory opportunities to maximize our ability to deliver bargains to our customers.

Changes in packaway inventory levels impact our operating cash flow. As of May 4, 2024, packaway inventory was 41% of total inventory, compared to 40% at the end of fiscal 2023.

### Investing Activities

Net cash used in investing activities was $136.2 million and $167.3 million for the three month periods ended May 4, 2024 and April 29, 2023, respectively, and was related to our capital expenditures. Our capital expenditures include costs to build, expand, and improve distribution centers, open new stores and improve existing stores, and for various other expenditures related to our information technology systems and buying and corporate offices.

The decrease in cash used in investing activities for the three month period ended May 4, 2024, compared to the same period in the prior year, was primarily due to a reduction in capital expenditures related to our new Buckeye, Arizona distribution center.

Capital expenditures for fiscal 2024 are currently projected to be approximately $840 million. Our planned capital expenditures for fiscal 2024 are for investments in our supply chain to support long-term growth, including construction of our next distribution centers, investments in our information technology systems, costs for fixtures and leasehold improvements to open new Ross and dd’s DISCOUNTS stores, and for various other expenditures related to our stores, distribution centers, and buying and corporate offices. We expect to fund capital expenditures with available cash.

### Financing Activities

Net cash used in financing activities was $450.0 million and $380.6 million for the three month periods ended May 4, 2024 and April 29, 2023, respectively, primarily resulting from stock repurchases under our stock repurchase programs and dividend payments.

**Revolving credit facilities.** We have a $1.3 billion senior unsecured revolving credit facility. As of May 4, 2024, we had no borrowings or standby letters of credit outstanding under the Credit Facility, our Credit Facility remained in place and available, and we were in compliance with its financial covenant. Refer to Note E: Debt in the Notes to Condensed Consolidated Financial Statements for additional information.

**Senior notes.** As of May 4, 2024, we had approximately $2.5 billion of outstanding unsecured Senior Notes, of which $949 million is classified within Current Liabilities on our Condensed Consolidated Balance Sheet for the period ended May 4, 2024. Refer to Note E: Debt in the Notes to Condensed Consolidated Financial Statements for additional information.

**Other financing activities.** In March 2024, our Board of Directors approved a new two-year program to repurchase up to $2.1 billion of the Company’s common stock through fiscal 2025. During the three month period ended May 4, 2024, we repurchased 1.9 million shares of common stock for $262.5 million (excluding excise tax) under this program. For the three month period ended April 29, 2023, we repurchased 2.2 million shares of common stock for $234.5 million (excluding excise tax) under our previous publicly announced repurchase program. During the three month periods ended May 4, 2024 and April 29, 2023, we also acquired 0.5 million and 0.4 million shares of treasury stock, respectively, to cover employee tax withholding obligations under our employee equity compensation programs for aggregate purchase prices of approximately $70.5 million and $37.5 million, respectively.

On May 22, 2024, our Board of Directors declared a quarterly cash dividend of $0.3675 per common share, payable on June 28, 2024. The Board of Directors declared a cash dividend of $0.3675 per common share in March 2024, and $0.3350 per common share in February, May, August, and November 2023.

For the three month periods ended May 4, 2024 and April 29, 2023, we paid cash dividends of $123.3 million and $114.8 million, respectively.

Short-term trade credit represents a significant source of financing for merchandise inventory. Trade credit arises from customary payment terms and trade practices with our vendors. We regularly review the adequacy of credit available to us from all sources and expect to be able to maintain adequate trade credit, bank credit, and other credit sources to meet our capital and liquidity requirements.

We ended the first quarter of fiscal 2024 with $4.7 billion of unrestricted cash balances, which were held primarily in overnight money market funds invested in U.S. treasury and government instruments across a highly diversified set of banks and other financial institutions. We also have $1.3 billion available under our Credit Facility. We estimate that existing cash and cash equivalent balances, cash flows from operations, bank credit facility, and trade credit are adequate to meet our operating cash needs and to fund our planned capital investments, debt repayments, interest payments, common stock repurchases, and quarterly dividend payments for at least the next 12 months.

### Contractual Obligations and Off-Balance Sheet Arrangements

As of May 4, 2024, there have been no material changes to our contractual obligations as disclosed in our Annual Report on Form 10-K as of February 3, 2024, other than those which occur in the ordinary course of business.

**Standby letters of credit and collateral trust.** We use standby letters of credit outside of our revolving credit facility and a funded trust to collateralize some of our insurance obligations. As of May 4, 2024, February 3, 2024, and April 29, 2023, we had $2.2 million, $2.2 million, and $2.6 million, respectively, in standby letters of credit outstanding. As of May 4, 2024, February 3, 2024, and April 29, 2023, we had $61.6 million, $60.8 million, and $58.4 million, respectively, held in a collateral trust. The standby letters of credit are collateralized by restricted cash and the collateral trust consists of restricted cash and cash equivalents.

### Critical Accounting Estimates

During the first quarter of fiscal 2024, there were no significant changes to the critical accounting estimates discussed in our Annual Report on Form 10-K for the year ended February 3, 2024.

### Forward-Looking Statements

This report contains a number of forward-looking statements regarding, without limitation, projected sales, costs and earnings, planned new store growth, capital expenditures, liquidity, and other matters. These forward-looking statements reflect our then-current beliefs, plans, and estimates with respect to future events and our projected financial performance, operations, and competitive position. The words “plan,” “expect,” “target,” “anticipate,” “estimate,” “believe,” “forecast,” “projected,” “guidance,” “outlook,” “looking ahead,” and similar expressions identify forward-looking statements.

Future impact from inflation, interest rate increases, ongoing military conflicts and economic sanctions, climate change, pandemics, and other economic, regulatory, consumer spending, and industry trends that could potentially adversely affect our revenue, profitability, operating conditions, and growth are difficult to predict. Our forward-looking statements are subject to risks and uncertainties which could cause our actual results to differ materially from those forward-looking statements and our previous expectations, plans, and projections. Such risks and uncertainties are not limited to but may include:

- Uncertainties arising from the macroeconomic environment, including inflation, high interest rates, housing costs, energy and fuel costs, financial and credit market conditions, recession concerns, geopolitical conditions, public health and public safety issues that affect our costs, consumer confidence, and consumer disposable income and shopping behavior as well as costs.
- Unexpected changes in the level of consumer spending on, or preferences for, apparel and home-related merchandise, which could adversely affect us.
- Competitive pressures in the apparel and home-related merchandise retailing industry.
- Our need to effectively manage our inventories, markdowns, and inventory shortage in order to achieve our planned gross margins.
- Risks associated with importing and selling merchandise produced in other countries, including risks from supply chain disruption, shipping delays, and higher than expected ocean freight costs.
- Unseasonable weather or extreme temperatures that may affect shopping patterns and consumer demand for seasonal apparel and other merchandise.
- Our dependence on the market availability, quantity, and quality of attractive brand name merchandise at desirable discounts, and on the ability of our buyers to anticipate consumer preferences and to purchase merchandise to enable us to offer customers a wide assortment of merchandise at competitive prices.
- Information or data security breaches, including cyber-attacks on our transaction processing and computer information systems, which could disrupt our operations, and result in theft or unauthorized disclosure of our confidential and valuable business information, such as customer, credit card, employee, or other private and valuable information that we handle in the ordinary course of our business.
- Disruptions in our supply chain or in our information systems, including from ransomware or other cyber-attacks, that could impact our ability to process sales and to deliver product to our stores in a timely and cost-effective manner.
- Our need to obtain acceptable new store sites with favorable consumer demographics to achieve our planned new store openings.
- Our need to expand in existing markets and enter new geographic markets in order to achieve planned market penetration.
- Consumer problems or legal issues involving the quality, safety, or authenticity of products we sell, which could harm our reputation, result in lost sales, and/or increase our costs.
- An adverse outcome in various legal, regulatory, or tax matters, or the adoption of new federal or state tax legislation that increases tax rates or adds new taxes, that could increase our costs.
- Damage to our corporate reputation or brands that could adversely affect our sales and operating results.
- Our need to continually attract, train, and retain associates with the retail talent necessary to execute our off-price retail strategies.
- Our need to effectively advertise and market our business.
- Changes in U.S. tax, tariff, or trade policy regarding apparel and home-related merchandise produced in other countries, which could adversely affect our business.
- Possible volatility in our revenues and earnings.
- A public health or public safety crisis, demonstrations, natural or a man-made disaster in California or in another region where we have a concentration of stores, offices, or a distribution center, that could harm our business.
- Our need to maintain sufficient liquidity to support our continuing operations and our new store openings.

The factors underlying our forecasts are dynamic and subject to change. As a result, any forecasts or forward-looking statements speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time. We disclaim any obligation to update or revise these forward-looking statements.

## Market risk

As filed, 1,498 characters.

We are exposed to market risks, which primarily include changes in interest rates. We do not engage in financial transactions for trading or speculative purposes.

We may occasionally use forward contracts to hedge against fluctuations in foreign currency prices. We had no outstanding forward contracts as of May 4, 2024.

Interest that is payable on our Credit Facility is based on variable interest rates and is therefore affected by changes in market interest rates. As of May 4, 2024, we had no borrowings outstanding under the Credit Facility.

As of May 4, 2024, we have outstanding seven series of unsecured Senior Notes. Interest that is payable on all series of our Senior Notes is based on fixed interest rates, and is therefore unaffected by changes in market interest rates.

We receive interest payments on our cash and cash equivalents and restricted cash and cash equivalents. Changes in interest rates may impact the interest income we recognize in the future.

A hypothetical 100 basis point increase or decrease in prevailing market interest rates would not have had a material negative impact on our condensed consolidated financial position, results of operations, cash flows, or the fair values of our cash and cash equivalents and restricted cash and cash equivalents as of and for the three month period ended May 4, 2024. We do not consider the potential losses in future earnings and cash flows from reasonably possible, near-term changes in interest rates to be material.

## Controls and procedures

As filed, 1,574 characters.

### Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our “disclosure controls and procedures” (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at that reasonable assurance level as of the end of the period covered by this report.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events.

### Quarterly Evaluation of Changes in Internal Control Over Financial Reporting

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any change occurred during the first fiscal quarter of 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, our management concluded that there was no such change during the first fiscal quarter of 2024.

## Risk factors

As filed, 171 characters.

See Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended February 3, 2024 for a description of risks and uncertainties associated with our business.

Filed Jun 12, 2024.
Source: SEC EDGAR, the filing index for accession 0000745732-24-000035. Last ingested by Listed: Oct 24, 2026, 14:54 ET. No prices; not investment advice.