Regulation S-K Item 303 MD&A: explain drivers and implications of period-to-period changes

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Staff asks companies to explain the business reasons behind material changes rather than merely restating financial-statement movements. Costco is asked for comparative analysis of operating cash flows and working capital, while Affirm is asked for discussion of financial condition and loan-balance changes by product. The disclosures help investors assess cash generation, lending activity, and trends in liquidity and results.

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