PAY — what changed in the latest 10-Q
A section-by-section comparison of PAY'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 · 2026-11-03 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −4 | ~21 | 27 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 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 | +1 | 0 | ~1 | 0 |
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 · 2026-11-03
operating leverage inherent in our business, as certain operating expenses are largely fixed and did not increase in proportion to the growth in revenue.
The increase in free cash flow for the three months ended September 30, 2026, as compared to the same period in 2025, was primarily driven by higher cash generated from operations, reflecting stronger operating performance and improved conversion of working capital into cash.
The increase in free cash flow for the nine months ended September 30, 2026, as compared to the same period in 2025, was primarily driven by stronger operating performance, partially offset by changes in working capital, which represented a use of cash in 2026 compared to a source of cash in 2025.
Comparison of the Three Months Ended September 30, 2026 and 2025
The decrease in general and administrative expenses was primarily driven by lower employee-related costs, as well as professional and legal services costs. These decreases were partially offset by higher lease expense, insurance premiums and depreciation charges.
Text removed vs the prior filing · source: 10-Q · 2026-08-04
The increase in free cash flow for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily driven by higher cash generated from operations, reflecting stronger operating performance and improved conversion of working capital into cash, partially offset by higher c…
The decrease in free cash flow for the six months ended June 30, 2026, as compared to the same period in 2025, reflected increased investments in working capital and internal-use software development, which more than offset improved operating performance.
The increase in general and administrative expenses was primarily driven by higher stock-based compensation and employee-related costs, as well as higher lease expense and insurance premiums. These increases were partially offset by lower professional and legal fees.
Net cash used in financing activities for the six months ended June 30, 2026 consisted primarily of $5.4 million of payments of taxes withheld on net settled vesting of restricted stock units.
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-03
On August 20, 2026, TF Investment Holdings LLC ("TF Investment") adopted a trading arrangement for the sale of the Company’s Class A common stock that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”). The TF Investment Rule 10b5-…
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