MH — what changed in the latest 10-Q
A section-by-section comparison of MH's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +93 | −54 | ~33 | 47 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
K-12 revenue for the three months ended September 30, 2026 and 2025 was $324.6 million and $359.1 million, respectively, representing a decrease of $34.5 million, or 9.6%. The decrease was primarily attributable to lower Transactional Revenue of approximately $17.8 million, driven by lower than targ…
International revenue for the three months ended September 30, 2026 and 2025 was $51.1 million and $50.3 million, respectively, representing an increase of $0.8 million, or 1.6%. The increase was primarily driven by the fulfillment of customer shipments in the Middle East that had been delayed from …
•lower manufacturing and other direct fulfillment costs of approximately $9.3 million, primarily due to lower Transactional Revenue from print offerings in the K-12 and Higher Education segments and the continued execution of the strategic initiative to sunset non-core print titles in the Global Pro…
•higher royalty costs of approximately $2.0 million, primarily due to the recognition of deferred royalties associated with prior year sales in the K-12 segment.
•lower stock-based compensation of approximately $29.4 million, due to the recognition of cumulative stock-based compensation expense in connection with the Company’s initial public offering in the prior-year period;
Text removed vs the prior filing · source: 10-Q · 2026-08-13
K-12 revenue for the three months ended June 30, 2026 and 2025 was $274.4 million and $270.9 million, respectively, representing an increase of $3.5 million, or 1.3%. The increase was primarily attributable to higher Re-occurring Revenue of approximately $13.0 million, primarily due to the timing of…
International revenue for the three months ended June 30, 2026 and 2025 was $45.2 million and $51.5 million, respectively, representing a decrease of $6.2 million, or 12.1%. The decrease was primarily driven by lower higher education enrollments in Canada, the timing of K-12 sales in Spain and delay…
•lower manufacturing and royalty costs of approximately $15.5 million, due to lower Transactional Revenue from print offerings in the K-12 and International segments, partially offset by
•higher royalty costs of approximately $2.8 million, primarily driven by the timing of deferred royalty cost recognition within Higher Education, resulting from the growth in Re-occurring Revenue.
•higher salaries and wages of approximately $9.3 million, primarily due to an annual merit-based compensation increase and growth in headcount;
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice