What changed in this filing

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Item 1. Business

2022-02-24 compared with 2021-02-25 · 62 added, 179 removed, 239 unchanged (50% of the section changed)

ACI Worldwide, Inc.

(“ACI”, “ACI Worldwide”, the “Company,” “we,” “us,” or “our”) is a Delaware corporation incorporated in November 1993 under the name ACI Holding, Inc.

ACI is largely the successor to Applied Communications, Inc.

and Applied Communications Inc.

Limited, which we acquired from Tandem Computers Incorporated on December 31, 1993.

On July 24, 2007, we changed our corporate name from “Transaction Systems Architects, Inc.” to “ACI Worldwide, Inc.” We have been marketing our products and services under the ACI Worldwide brand since 1993 and have gained significant market recognition under this brand name.

We develop, market, install, and support a broad line of software products and solutions primarily focused on facilitating real-time digital payments.

Our payment capabilities, technologies, and solutions are marketed under the ACI Worldwide brand name.

ACI develops, markets, installs, and supports a broad line of software products and solutions primarily focused on facilitating real-time digital payments.

ACI’s enterprise payments capabilities target any channel, any network, and any payment type and our solutions empower customers to regain control, choice, and flexibility in today’s complex payments environment, get to market more quickly, and reduce operational costs.

ACI's products and services are used globally by banks, intermediaries, merchants and billers, such as third-party digital payment processors, payment associations, switch interchanges and a wide range of transaction-generating endpoints, including automated teller machines (“ATM”), merchant point-of-sale (“POS”) terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites.

ACI's solutions and services are used globally by banks, intermediaries, merchants and billers, such as third-party digital payment processors, payment associations, switch interchanges and a wide range of transaction-generating endpoints, including automated teller machines (“ATM”), merchant point-of-sale (“POS”) terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites.

The authentication, authorization, switching, settlement, fraud-checking, and reconciliation of digital payments is a complex activity due to the large number of locations and variety of sources from which transactions can be generated, the large number of participants in the market, high transaction volumes, geographically dispersed networks, differing types of authorization, and varied reporting requirements.

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ACI combines a global perspective with local presence to tailor digital payment solutions for our customers.

We believe that we have one of the most diverse and robust digital payment product portfolios in the industry with application software spanning the entire payments value chain.

We believe that we have one of the most diverse and robust digital payment solution portfolios in the industry with application software spanning the entire payments value chain.

We also believe that our financial performance has been attributable to our ability to design and deliver quality products and solutions coupled with our ability to identify and successfully complete and integrate strategic acquisitions.

Fiscal 2019 Acquisition

On May 9, 2019, we acquired E Commerce Group Products, Inc.

("ECG"), a subsidiary of The Western Union Company (“Western Union”), along with ECG's subsidiary, Speedpay, Inc.

(collectively referred to as "Speedpay").

The combination of the Company and Speedpay's bill pay solutions serve more than 4,000 customers across the United States, bringing expanded reach in existing and complementary market segments such as consumer finance, insurance, healthcare, higher education, utilities, government, and mortgage.

The acquisition of Speedpay increases the scale of our ACI On Demand ("AOD") platform business and allows the acceleration of platform innovation.

ACI is a Delaware corporation incorporated in November 1993 under the name ACI Holding, Inc.

We are largely the successor to Applied Communications, Inc.

and Applied Communications Inc.

Limited, acquired from Tandem Computers Incorporated on December 31, 1993.

Target Markets

ACI’s comprehensive digital payment solutions serve three key markets:

Banks and Intermediaries

ACI provides payment solutions to large and mid-size banks globally for both retail banking, digital, and other payment services.

Our solutions transform banks’ complex payment environments to speed time to market, reduce costs, and deliver a consistent experience to customers across channels while enabling them to prevent and rapidly react to fraudulent activity.

In addition, we enable banks to meet the requirements of different real-time payments schemes and to quickly create differentiated products to meet consumer, business, and merchant demands.

ACI’s payment solutions support intermediaries, such as processors, networks, payment service providers (“PSPs”), and new financial technology entrants.

In addition, we enable banks to meet the requirements of different real-time payment schemes and to quickly create differentiated products to meet consumer, business, and merchant demands.

ACI’s payment solutions support intermediaries, such as processors, networks, payment service providers (“PSPs”), and new financial technology ("fintech") entrants.

We offer these customers scalable solutions that strategically position them to innovate and achieve growth and cost efficiency, while protecting them against fraud.

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We also offer secure solutions to online-only merchants that provide consumers with a convenient and seamless way to shop.

Within the biller segment, ACI provides electronic bill presentment and payment (“EBPP”) services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, and mortgage categories.

Our solutions enable these customers to support a wide range of payment options and provide a convenient consumer payments experience that drives consumer loyalty and increases revenue.

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Our strategic solution areas include the following:

Issuing & Acquiring

Issuing and Acquiring

ACI offers comprehensive consumer payment solutions ranging from core payment engines to back-office support that enable banks and intermediaries to compete effectively in today’s real-time, open payments ecosystem.

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Fraud and Risk Management

ACI’s big data engine uses powerful analytics to deliver robust fraud prevention and detection capabilities to bank, intermediary, and merchant customers.

ACI’s big data engine uses powerful analytics to deliver robust fraud prevention and detection capabilities to bank and intermediary, and merchant customers.

ACI Fraud Management ™ for financial institutions offers banks and intermediaries a comprehensive, real-time approach to fraud management that uses a superior combination of machine learning, fraud and payments data, and advanced analytics to prevent fraud and reduce the burden of compliance.

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ACI offers banks advanced cash management capabilities in a multi-tenant, cloud-based platform.

ACI Digital Business Banking ™ is a cloud-based digital banking platform with a vast application programming interface ("API") library and market-leading payments functionality that enables banks to reduce expenses and increase market share.

ACI Digital Business Banking ™ is a cloud-based digital banking platform with a vast application programming interface ("API") library that enables banks to reduce expenses and increase market share.

Bill Payments

ACI meets the bill payment needs of corporate customers across myriad industries through a range of electronic bill payment solutions that help companies raise consumer satisfaction while reducing costs.

ACI meets the bill payment needs of corporate customers across myriad industries through a range of electronic bill payment offerings that help companies raise consumer satisfaction while reducing costs.

ACI Speedpay ® is an integrated suite of digital billing, payment, disbursement, and communication services that lowers the cost of presenting and accepting bill payments while delivering industry-leading security.

On Premise or On Demand Software Delivery Options

Our software solutions are offered to our customers through either a traditional term software license arrangement where the software is installed and operated on the customer premises or in a third-party public cloud environment (ACI On Premise ™ ), through an on-demand arrangement where the solution is maintained and delivered through the cloud via our global data centers (ACI On Demand ™ ), or a combination of the two.

On Premise, On Demand, or a Hybrid Software Delivery Options

Our software solutions are offered to our customers through either a traditional term software license arrangement where the software is installed and operated on the customer premises or in a cloud environment, through an on-demand arrangement where the solution is maintained and delivered through the public cloud or ACI's private cloud via our global data centers, or a combination of the two based upon their unique needs.

Solutions delivered through ACI’s on-demand cloud are available in either a single-tenant environment, known as a Software-as-a-Service (“SaaS”) offering, or in a multi-tenant environment, known as a Platform-as-a-Service (“PaaS”) offering.

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We have two major types of third-party product partners:

1) technology partners, or industry leaders with whom we work closely that drive key industry trends and mandates, and 2) business partners, with whom we embed the partners’ technology in ACI products, host the partners’ software in ACI’s cloud as a part of our AOD offering, or jointly market solutions that include the products of the other company.

Technology partners help us add value to our solutions, stay abreast of current market conditions and industry developments such as standards.

Technology partner organizations include Diebold, Inc.

(“Diebold”), NCR Corporation (“NCR”), Wincor-Nixdorf, VISA, Mastercard, and SWIFT.

In addition, ACI has membership in or participates in the relevant committees of several industry associations, such as the International Organization for Standardization (“ISO”), Accredited Standards Committee ("ASC") X9, ATM Industry Association, Financial Services, Interactive Financial eXchange Forum (“IFX”), Nexo Standards, International Payments Framework Association (“IPFA”), U.K.

Cards Association, Smart Card Alliance, and the

PCI Security Standards Council.

These partnerships provide direction as it relates to the specifications that are used by the card schemes, and in some cases, manufacturers.

1) technology partners, or industry leaders with whom we work closely that drive key industry trends and mandates, and 2) business partners, with whom we embed the partners’ technology in ACI products, host the partners’ software in ACI’s cloud as a part of our cloud offerings, or jointly market solutions that include the products of the other company.

Technology partners help us add value to our solutions and stay abreast of current market conditions and industry developments such as standards.

Technology partners include organizations such as Diebold Nixdorf (“Diebold”), NCR Corporation (“NCR”), VISA, Mastercard, and SWIFT.

In addition, ACI has membership in or participates in the relevant committees of several industry associations, such as the International Organization for Standardization (“ISO”), Accredited Standards Committee ("ASC") X9, ATM Industry Association ("ATMIA"), Financial Services, Nexo Standards, U.K.

Cards Association, U.S.

Payments Forum, and the PCI Security Standards Council.

These partnerships provide direction as it relates to the specifications that are used by the card schemes, real-time payment standards and, in some cases, hardware vendors.

These organizations typically look to ACI as a source of knowledge and experience to be shared in conjunction with creating and enhancing their standards.

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These partnerships allow us to understand developments in the partners’ technology and to utilize their expertise in topics like sizing, scalability, and performance testing.

The following is a list of key product business partners:

• Arvato Financial solutions

• Bank of America – CashPro Online

• Black Knight Servicing Technologies, LLC

• Cardinal Commerce

• Chase Paymentech

• Computershare Inc.

• DataOceans, LLC

• Diamond Communications Solutions

• Elavon Inc.

• Epic Systems Corporation

• FairCom Corporation

• Fifth Third Bank

• Heirloom Computing

• Hewlett-Packard Company (HP)

• iData Incorporated

• Ingenico Group

• Integrated Research Limited

• International Business Machines Corporation (IBM)

• Intuit, Inc.

• Jack Henry & Associates, Inc.

• Lean Software Services, Inc.

• MAGTEK Inc.

• Mi-Pay Limited

• Micro Focus, Inc.

• Microsoft Corporation

• Monex Financial Services Limited

• Neustar, Inc.

• Nordis Technologies

• Oracle USA, Inc.

• Paragon Application Systems, Inc.

• Pax Technologies

• Payworks GmbH

• Perseuss - IATA

• Rambus Company

• Reliant Solutions

• RSA Security LLC, the Security Division of Dell EMC Corporation

• Safetrust pcProxPlus BLE

• SAP America, Inc.

• Semafone—Card Protect

• Solutions by Text, LLC

• Spectrum Message Services Pty Ltd

• Stiftung SIC

• Symantec Corporation

• TSYS Acquiring Solutions

• Vocalink Limited, a Mastercard company

• Worldpay Inc.

We offer our customers a wide range of professional services, including analysis, design, development, implementation, integration, and training.

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ACI provides our customers with product support that is available 24 hours a day, seven days a week.

When requested by a customer, the product support group can remotely access the customer’s systems on a real-time basis.

When requested by a customer, the product support group can remotely access customers' systems on a real-time basis.

This allows us to help diagnose issues, correct any problems, and enhance the continuous availability of a customer’s business-critical systems.

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• User group membership

Enhanced Customer Support.

This includes all features of Standard Customer Support plus the following:

• Named technical account manager

• Accelerated service levels

• Consulting support

Premium Customer Support.

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Issuing, Acquiring, and Real-Time Payments

The third-party software competitors for ACI’s Issuing, Acquiring, and Real-Time Payments solution areas are Computer Sciences Corporation, Fidelity National Information Service, Inc.

The third-party software competitors for ACI’s Issuing, Acquiring, and Real-Time Payments solutions are Computer Sciences Corporation, Fidelity National Information Service, Inc.

("FIS"), Finastra, Fiserv, Inc.

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Omni-Commerce Payments

Competitors in the Omni-Commerce Payments solution area come from both third-party software and service providers as well as service organizations run by major banks.

Competitors for our ACI Omni-Commerce Payments solution come from both third-party software and service providers as well as service organizations run by major banks.

Third-party software and service competitors include Adyen, Cybersource (VISA), First Data (Fiserv), GlobalCollect, Ingenico Group, NCR, Square, Inc., Tender Retail Inc., VeriFone Systems, Inc., and Worldpay Inc.

Fraud and Risk Management

Principal competitors for our Fraud and Risk Management solution area are Accertify (American Express), BAE Systems, Cybersource (VISA), Fair Isaac Corporation, Featurespace, Feedzai, FIS, Fiserv, Forter, Kount, NCR, NICE LTD, and SAS Institute, Inc., as well as dozens of smaller companies focused on niches of this segment such as anti-money laundering.

Fraud Management

Principal competitors for our ACI Fraud Management solution are Accertify (American Express), BAE Systems, Cybersource (VISA), Fair Isaac Corporation, Featurespace, Feedzai, FIS, Fiserv, Forter, Kount, NCR, NICE LTD, and SAS Institute, Inc., as well as dozens of smaller companies focused on niches of this segment such as anti-money laundering.

Digital Business Banking

Principal competitors for our Digital Business Banking solution area are Bottomline Technologies, Finastra, FIS, Fiserv, Jack Henry & Associates, Inc., NCR, and Q2 Software, Inc.

Principal competitors for our ACI Digital Business Banking solution are Bottomline Technologies, Finastra, FIS, Fiserv, Jack Henry & Associates, Inc., NCR, and Q2 Software, Inc.

Bill Payments

The principal competitors for Bill Payment solutions are Aliaswire Inc., CSG Systems International, Inc., FIS, Fiserv, Invoice Cloud, Inc., Jack Henry & Associates, Inc., Kubra Customer Interaction Management, Nelnet, Inc.

The principal competitors for our ACI Speedpay bill payment solution are Aliaswire Inc., CSG Systems International, Inc., FIS, Fiserv, Invoice Cloud, Inc., Jack Henry & Associates, Inc., Kubra Customer Interaction Management, Nelnet, Inc.

and Affiliates, NIC, Paymentus Corp., PayNearMe, Repay, TouchNet Information Systems, Inc., Transact and Worldpay Inc.

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Our product development efforts focus on new products and improved versions of existing products.

We facilitate user group meetings to help us determine our product strategy, development plans, and aspects of customer support.

We facilitate user group meetings to help us determine our product and solution strategy, development plans, and aspects of customer support.

The user groups are generally organized geographically or by product lines.

We believe that the timely development of new applications and enhancements is essential to maintain our competitive position in the market.

During the development of new products, we work closely with our customers and industry leaders to determine requirements.

We believe that the timely development of new applications and enhancements is essential to maintaining our competitive position in the market.

During the development of new products and solutions, we work closely with our customers and industry leaders to determine requirements.

We work with device manufacturers, such as Diebold, NCR, and Wincor-Nixdorf, to ensure compatibility with the latest ATM technology.

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If determined to be viable, the innovation is scheduled into a product roadmap for development and release.

We provide software products and solutions to customers in a range of industries worldwide with billers, banks and intermediaries, and merchants comprising our largest industry segments.

We provide software products and solutions to our billers, banks and intermediaries, and merchants customers worldwide.

As of December 31, 2021, we serve more than 6,000 organizations, including 19 of the top 20 banks worldwide, as measured by asset size, and 80,000+ merchants directly and through payment service providers, as measured by revenue, in 95+ countries on six continents.

No single customer accounted for more than 10% of our consolidated revenues for the years ended December 31, 2021, 2020, and 2019.

No customer accounted for more than 10% of our consolidated receivables balance as of December 31, 2020 and 2019.

One customer accounted for 13.8% of the Company's consolidated receivables balance as of December 31, 2021.

No customer accounted for more than 10% of our consolidated receivables balance as of December 31, 2020.

Selling and Implementation

Our primary method of distribution is direct sales by employees assigned to specific target segments.

Headquartered in Naples, Florida, we have sales personnel in and outside the United States in numerous locations, including East Brunswick, Norcross, Omaha, and Waltham.

In addition, we have sales offices located outside the United States in Auckland, Bahrain, Bangkok, Beijing, Bogota, Brussels, Buenos Aires, Cape Town, Dubai, Gouda, Johannesburg, Kuala Lumpur, Limerick, Madrid, Manila, Melbourne, Mexico City, Milan, Montevideo, Mumbai, Munich, Naples (Italy), Paris, Quito, Santiago, Sao Paulo, Shanghai, Singapore, Sulzbach, Sydney, Tokyo, Toronto, and Watford.

Our primary method of distribution is direct sales by employees assigned to specific target customer segments.

Headquartered in Coral Gables, Florida, we have sales and services personnel in offices throughout the United States.

Outside of the United States, our international subsidiaries sell, support, and service our products and solutions in their local countries.

Our broad geographic footprint allows us to leverage the business and technical expertise of a global workforce.

We use distributors and referral partners to supplement our direct sales force in countries where it is more efficient and economical to do so.

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ACI’s distributors, resellers, and system integration partners are enabled to provide supplemental or complete product implementation and customization services directly to our customers or in a joint delivery model.

Current international distributors, resellers, referral partners, and implementation partners (collectively, “Channel Partners”) for us during the year ended December 31, 2020, included:

• AGS Technology Inc.

• ADSI International (Colombia/Venezuela/Caribbean)

• Bayshore (China)

• CAPSYS Technologies, LLC (Russia/Eastern Europe)

• Channel Solutions Inc.

(Philippines)

• DataOne Asia Co., Ltd.

• Deda Group Business Solutions (Italy)

• EFT Corporation (Sub-Saharan Africa)

• Interswitch Ltd.

(Sub-Saharan Africa)

• Korea Computer Inc (Korea)

• Kuvasz (Chile)

• Pactera (China)

Abhimata Persada (Indonesia)

• Stanchion (South Africa)

• Stream IT Consulting Ltd.

• Syscom Computer Co., Ltd.

(Shenzhen) (China)

• Syscom Computer Engineering Co.

• Transaction Payment Solutions - Liquid Telecom (Sub-Saharan Africa)

• Worldline (China)

Omni-Commerce channel partners during the year ended December 31, 2020, included:

• Altapay (Denmark)

• Amadeus (Spain)

• Barclaycard (United Kingdom)

• Computop (Germany)

• Easy Nolo S.P.A.

• Evo Payments (United States)

• Ingenico Group (Netherlands)

• Mastercard/Datacash (United Kingdom.)

• Metrics Global (United States)

• MNP Media Ltd.

(United Kingdom)

• Paysafe Group Plc (United States)

• PayU South Africa (South Africa)

• Planet Payments (United States)

• Secure Trading (United Kingdom)

• Simplepay (Australia)

• VeriFone Systems, Inc.

(United States and European Union)

• Worldline Sweden AB (Sweden)

Biller channel partners during the year ended December 31, 2020, included:

• 3 Point Alliance

• ACH Payment Solutions

• Adirondack Solutions

• API Outsourcing

• Clearwater Payments

• County Information Resources Agency

• ECHO Health

• Nordis Technologies

• Nortridge Software Company

• Ontario Systems

• RR Donnelley

• Solutions by Text

• Thompson Reuters

• Transactis (Mastercard)

• TriZetto (Cognizant)

• The Western Union Company

We distribute the products of other vendors where they complement our existing product lines.

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As of December 31, 2021, we had a total of 3,610 employees worldwide, with 1,618 employees in the Americas, 1,008 employees in Europe, the Middle East, and Africa ("EMEA"), and 984 employees in Asia Pacific.

ACI emphasizes a diverse and inclusive workplace, with nearly 40 sites in over 30 countries.

Globally, 35% of our employees are women and 33% of our executive team members are women.

ACI emphasizes a diverse and inclusive workplace, with approximately 40 sites in over 30 countries.

Globally, 33% of our employees are women.

We are committed to ensuring employees feel safe and respected, regardless of race, color, age, gender, disability, minority, sexual orientation, or any other protected class.

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During the COVID-19 pandemic, our primary focus has been on the safety and well-being of our employees and their families and business continuity.

Our Crisis Management Team ("CMT") leads our global pandemic efforts, which include leveraging the advice and recommendations of the Centers for Disease Control ("CDC") and the World Health Organization ("WHO") to establish proper safety standards and procedures worldwide.

Our CMT meets twice weekly to review our protocol, status of employee well-being, and adjust site practices based on new information or restrictions at the national or local level.

Our Crisis Management Team ("CMT") leads our global pandemic efforts, which include leveraging the advice and recommendations of the Centers for Disease Control ("CDC") and the World Health Organization ("WHO") to recommend proper safety standards and procedures worldwide.

Our CMT meets regularly to review our protocol, status of employee well-being, and recommends adjustments to site practices based on new information, guidance, or restrictions at the national or local level.

The CMT frequently communicates these updates to the workforce.

We encourage flexible work arrangements to ensure all associates feel comfortable, safe, and secure in their work environment.

We encourage reasonable work

arrangements to ensure all associates feel comfortable, safe, and secure in their work environment.

In cases where the offices are permitted to be open, employees attend on a voluntary basis and there are clear safety precautions and guidelines in place based on recommendations from the CDC and WHO.

As the pandemic continues, the health and well-being of our workforce remains our top priority while we ensure business continuity and productivity while working from home.

As the pandemic continues, the health and well-being of our workforce remains our top priority while we ensure business continuity and productivity.

Our voluntary regrettable turnover, or our turnover of high performers, through December 31, 2021 was 13%, which compares favorably to industry turnover rates.

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Odilon Almeida 60 President and Chief Executive Officer

Behrens 49 Executive Vice President, Chief Financial Officer

Behrens 50 Chief Financial Officer

Evanthia (Eve) C.

Aretakis 61 Executive Vice President, Chief Revenue Officer

Wilmot 52 Executive Vice President, Chief Product Officer

Byrnes 57 Executive Vice President, Chief Legal Officer, General Counsel, and Secretary

Aretakis 62 Chief Revenue Officer

Wilmot 53 Chief Product Officer

Ram Puppala 52 Chief Technology and Operations Officer

Almeida was appointed President and Chief Executive Officer on March 9, 2020.

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Almeida served as an operating partner at Advent International, one of the world's largest private equity funds.

Almeida also spent 17 years at The Western Union Company, where he most recently served as the President of Global Money Transfer.

Almeida also spent 17 years at The Western Union Company, where he last served as the President of Global Money Transfer.

Almeida is fluent in English, Spanish, and Portuguese, and he holds a bachelor’s degree in Civil Engineering from Centro Universitário Instituto Mauá de Tecnologia in São Paulo and a Master of Business Administration from Fundação Getulio Vargas in São Paulo.

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Prior to his current role, Mr.

Wilmot held a number of senior leadership roles at ACI, including leading ACI's On Premise segment, Chief Marketing and Revenue Officer, Senior Vice President and Managing Director for the Americas, President for Asia Pacific and Regional Director for Western Europe and Africa.

Wilmot held a number of senior leadership roles at ACI, including leading ACI's On Premise segment, and serving as Chief Marketing and Revenue Officer, Senior Vice President and Managing Director for the Americas, President for Asia Pacific and Regional Director for Western Europe and Africa.

Prior to joining ACI in 1999, Mr.

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Wilmot holds a Bachelor of Arts in Business Studies from Oxford Brookes University in the United Kingdom and has completed the Advanced Management Program at INSEAD in France.

Byrnes serves as Executive Vice President, Chief Legal Officer, General Counsel, and Secretary.

He has served in that capacity since March 2011 and as General Counsel and Secretary since joining the Company in June 2003.

Puppala was appointed as Executive Vice President and Chief Technology Officer on June 21, 2021.

Prior to joining ACI, Mr.

Byrnes served as an attorney with Bank One Corporation’s technology group from 2002 to 2003;

with Sterling Commerce from 1996 to 2002;

and with Baker Hostetler from 1991 to 1996.

Byrnes holds a JD from The Ohio State University College of Law, a Master of Business Administration from Xavier University, and a Bachelor of Science in Engineering from Case Western Reserve University.

Puppala served as Chief Digital Officer of Metropolitan Commercial Bank, where he led the digital payment product portfolio.

Prior to that he served as Chief Technology Officer at State Street Global Exchange.

He also served as Chief Information Officer for Technology and Customer Operations at Fiserv Investment Services and as Chief Technology Officer for Fiserv Global Payment Solutions.

Earlier in his career, Mr.

Puppala held technology leadership roles at FNSTAR, a company he helped found, and E*TRADE Financial Group.

He began his career at Goldman Sachs before becoming a developer at AT&T.

Puppala holds his Bachelor of Engineering, Computer Science and Technology, from the University of Pune and is completing his Executive MBA at the MIT Sloan School of Management.

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-K

Item 1. Business