What changed in this filing

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Item 1. Business

2025-02-21 compared with 2024-02-16 · 74 added, 87 removed, 308 unchanged (34% of the section changed)

Amkor is one of the world’s leading providers of outsourced semiconductor packaging and test services.

Amkor was a pioneer in the outsourcing of semiconductor packaging and test services, and over the years we have built a leading position by:

Amkor is the world’s largest U.S.

headquartered OSAT (outsourced semiconductor assembly and test) service provider.

Since its founding in 1968, Amkor has pioneered the outsourcing of integrated circuit (“IC”) packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics original equipment manufacturers (“OEMs”).

Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables.

Amkor’s operational base includes production facilities, research and development centers and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States.

Amkor has built a leading position by:

• Designing and developing innovative packaging and test technologies focused on advanced packaging solutions in high growth markets, including artificial intelligence;

• Building expertise in high-volume manufacturing processes and developing a reputation for high quality and solid execution;

• Cultivating long-standing relationships with our customers, which include many of the world’s leading semiconductor companies;

• Collaborating with customers, foundries, original equipment manufacturers (“OEMs”) and equipment and material suppliers;

• Cultivating long-standing relationships with our customers and industry partners;

• Focusing on strategic end markets that offer solid growth potential;

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and electrical, mechanical and thermal performance.

We provide turnkey packaging and test services including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test and drop shipment services.

We provide turnkey packaging and test services including wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test and drop shipment services.

Our customers use us for one or more of these services.

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With the exception of 2020, when the Covid-19 pandemic caused worldwide gross domestic product levels to decline during a period of strong growth in the semiconductor industry, there has generally been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles.

We believe that the general semiconductor market is currently going through a cyclical correction.

The semiconductor industry has experienced significant and sometimes prolonged cyclical upturns and downturns in the past.

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The increasing demands for miniaturization, greater functionality, lower power consumption and improved thermal and electrical performance are driving the continuous development of semiconductor packaging and test technologies that are more sophisticated, complex, capital intensive and customized.

This trend has led many semiconductor companies and OEMs to view packaging and test as enabling technologies requiring the technological innovation expertise found in the leading outsourced assembly and test companies.

This trend has led many semiconductor companies and OEMs to view packaging and test as enabling technologies that can benefit from the technological innovation expertise found in the leading outsourced assembly and test companies.

At the same time, these companies are often looking to reduce their internal manufacturing and research and development costs for packaging and test solutions.

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STRATEGY AND COMPETITIVE STRENGTHS

Amkor is a leader in advanced packaging technology in the outsourced assembly and test market.

Growth in the semiconductor industry is being driven primarily by advanced packaging within the industry secular growth markets of 5G, automotive, high-performance computing (“HPC”) and IoT.

Amkor is a leader in advanced packaging technology in the outsourced semiconductor assembly and test market.

Growth in the semiconductor industry is being driven primarily by advanced packaging within the secular growth markets of high-performance computing (“HPC”), automotive, IoT and mobile communications.

We believe Amkor is well positioned in each of these end markets.

• Within our communications end market, we have a strong position across multiple device functionalities within premium and high tier smartphones.

We are collaborating with industry leaders as smartphones transition to 5G and drive semiconductor growth through the adoption of new wireless standards, integration of a broad range of applications, enhanced features, and higher performance requirements to support increased data processing.

The trend to greater functionality drives miniaturization and cost reduction enabled by advanced packaging.

• HPC supporting artificial intelligence and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops, are driving demand for more semiconductors and advanced packaging in the computing end market.

• Increasing semiconductor content in automobiles is driving increased demand for advanced packaging to enable the proliferation of safety features such as advanced driver assistance systems (“ADAS”) and radar and digital cockpit features such as infotainment displays and telematics.

Increasing battery voltage, higher voltage power converters, onboard chargers, automotive inverter components and microcontrollers also require innovative power packaging solutions.

• Increased data traffic requiring higher networking speed and storage, as well as computing power increases in HPC, artificial intelligence, data centers, cloud computing, PCs and laptops, are driving demand for more semiconductors and advanced packaging in the computing end market.

• The IoT wearables within our consumer end market are evolving in multiple applications, such as hearables, watches, health trackers and augmented reality and virtual reality devices.

Integration of multiple functions into small form factors, such as processors, sensors and connectivity devices, depends on innovation in advanced packaging.

• IoT wearables within the consumer end market are evolving in multiple applications, such as hearables, watches and augmented reality and virtual reality devices.

Integration of multiple functions into small form factors, such as processors, sensors and connectivity devices, relies on innovation in advanced packaging.

• Within the communications end market, we have a strong position across multiple device functionalities within premium and high tier smartphones.

We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through the adoption of new wireless standards, integration of a broad range of applications, enhanced features, and higher performance requirements to support increased data processing.

The trend to greater functionality drives miniaturization and innovation enabled by advanced packaging.

Our primary financial objective is profitable sales growth.

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We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers.

With approximately 950 employees, as of December 31, 2023, engaged in research and development for new semiconductor packaging and test technologies, we are a technology leader in areas such as 2.5D, advanced flip chip, fine pitch bumping, wafer-level processing, advanced SiPs and power modules.

We have dedicated employees engaged in research and development for new semiconductor packaging and test technologies, making us a technology leader in areas such as 2.5D, advanced flip chip, fine pitch bumping, wafer-level processing, advanced SiPs and power modules.

We work closely with our customers to develop cost-effective leading-edge packages for the next generation of devices.

These include integrated technologies such as advanced SiP, wafer-level fan-out (“WLFO”), Silicon Wafer Integrated Fan-out Technology (“SWIFT”), High Density Fan-Out (“HDFO”) and redistribution layer (“RDL”) solutions which enable very thin, very small products that combine application processors, memory, baseband and other peripheral integrated circuits (“ICs”).

These include integrated technologies such as advanced SiP, wafer-level fan-out (“WLFO”), Silicon Photonics (“SiPh”) and Co-Package Optics (“CPO”), Silicon Wafer Integrated Fan-out Technology (“SWIFT”), High Density Fan-Out (“HDFO”) and redistribution layer (“RDL”) solutions which enable very thin, very small products that combine application processors, memory, baseband and other peripheral ICs.

Our advanced packages may utilize Through Silicon Via (“TSV”) interconnects and silicon interposers, which enable the integration of high-performance chips such as high bandwidth memory and graphics processors into a single package, such as 2.5D.

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We intend to continue to leverage our investment in advanced technology to meet the demand for these services in high growth markets.

Optimize Utilization of Existing Assets

Another key to our success is to optimize the utilization of our existing assets.

The transition by leading edge customers to newer packaging and test equipment platforms typically frees up capacity in existing, previously installed equipment.

As part of our strategy, we are focused on developing a second wave of customers to utilize these assets more effectively over a longer period of time.

We are building and utilizing manufacturing lines which support multiple customers and increase factory utilization through more sophisticated planning processes and more intensive efficiency improvement activities.

Selectively Grow Our Scale and Scope through Strategic Investments

From time to time, we identify attractive opportunities to strengthen our leadership position and market share through expansion of our operations, joint ventures, acquisitions and other strategic investments.

For example, in 2023, we completed construction of the Vietnam Facility, where we will manufacture advanced SiP modules and other packaging solutions.

We believe that the Vietnam facility will provide customers with a cost-competitive high-volume manufacturing location that offers supply chain diversification.

In addition, our broad geographic footprint, including our manufacturing presence in Portugal and our headquarters in the United States, are key differentiators for us and position us to participate in initiatives to regionalize supply chains.

We are making preparations to participate in developing the U.S.

semiconductor supply chain and are planning to build an advanced packaging and test facility in Arizona.

Selectively Grow Our Geographically Diverse Footprint through Strategic Investments

We aim to strengthen our leadership position and market share through strategic investment in our geographically diverse manufacturing footprint.

We believe our broad geographic footprint provides customers with multiple options to mitigate risk and diversify their supply chains.

For example, in 2024, we began delivering advanced SiP and memory packages from the Vietnam Facility and acquired the land for our planned Arizona Facility, where construction is expected to begin in the second half of 2025.

In addition, our manufacturing presence in Portugal and our headquarters in the United States are key differentiators for us and position us to participate in initiatives to regionalize supply chains.

We believe that selective growth through these strategic actions can further strengthen customer relationships, help to maintain and enhance our technological leadership, diversify our revenue streams and improve our profits.

Optimize Utilization of Existing Assets

Another key factor in our success is the optimization of asset utilization.

We build and utilize manufacturing lines which support multiple customers, and we increase factory utilization through sophisticated planning processes and intensive efficiency improvement activities.

Competitive Strengths

The outsourced semiconductor packaging and test market is very competitive.

We also compete with the internal semiconductor packaging and test capabilities of many of our customers and foundries.

We also compete with the internal semiconductor packaging and test capabilities of many of our customers, foundries and contract manufacturers.

We believe we are well-positioned in the outsourced packaging and test services market.

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We are a leader in developing and deploying advanced semiconductor packaging and test solutions.

We have designed and developed several state-of-the-art package formats and technologies such as Double-Sided, Molded Ball Grid Array

(“DSMBGA”) SiP and 2.5D.

We have designed and developed several state-of-the-art package formats and technologies such as Double-Sided, Molded Ball Grid Array (“DSMBGA”) SiP and 2.5D.

2.5D technology utilizes high density silicon interposers to enable the integration of high-performance chips, such as high bandwidth memory and graphics processors, into a single package.

In addition, we believe that as semiconductor technology continues to achieve smaller device geometries with higher levels of integration, speed and performance, packages will increasingly require wafer-level Chip Scale Packaging (“CSP”), WLFO, SWIFT and flip chip interconnect solutions, advanced SiP products and medium and higher power density packages and modules.

WLFO, SWIFT and flip chip interconnect solutions, advanced SiP products and medium and higher power density packages and modules.

We are committed to advancing our key processes and packages, as well as developing innovative test solutions, required for our customers to deliver advanced integrated and modular solutions to their respective markets.

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We also offer an extensive line of advanced probe and final test services for analog, digital, logic, mixed signal, memory, sensors and radio frequency-semiconductor devices.

We believe that the breadth of our design, packaging and test services is important to customers seeking to limit the number of their suppliers.

We believe that the breadth of our design, packaging and test services is important to customers who seek to limit the number of their suppliers.

Geographically Diversified Manufacturing Base

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We work with our customers and our suppliers to develop proprietary process technologies to enhance our existing capabilities, reduce time-to-market, improve quality and lower costs.

We believe that our focus on research and product development will enable us to enter new markets early, capture market share and promote the adoption of our new package formats as industry standards.

We believe that our focus on research and product development will enable us to enter new markets early, capture market share and promote the adoption of new package formats.

We collaborate with customers and leading OEMs to develop comprehensive packaging solutions that make it easier for next-generation semiconductors to be designed into next-generation end products.

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We offer FCBGA packaging in a variety of product formats to fit a wide range of end application requirements, including networking, storage, computing, automotive and consumer applications.

Some FCBGA products incorporate 2.5D technology, which utilizes high density silicon interposers to enable the integration of high-performance chips, such as high bandwidth memory and graphics processors, into a single package.

Memory Products:

Memory packages consist of either standalone packaging and testing or a combination of NAND Flash, DRAM, or a memory controller IC using a variety of packaging technologies, including FC, SCSP, SiP, PoP and other state-of-the-art packaging technologies.

other state-of-the-art packaging technologies.

These products are used as system memory or platform data storage in all of our end markets.

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wafer-level CSP;

SiPh and CPO;

Wafer-level CSP and WLFO are complementary technologies.

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Applications for WLFO packages include power management, transceivers, radar and specialty silicon.

• SiPh and CPO allow for the integration of fiberoptic interconnects both within a package and within the server architecture to reduce power consumption, heat generation and improve performance.

Amkor has supported previous generations of SiPh packaging needs and is aligned with the market to support its future needs, through chip on wafer, chip on chip and other advanced packaging solutions.

• SWIFT, also known as high-density fan-out, can either replace the laminate substrate with a thinner structure or reduce the complexity of the substrate by housing the dense interconnects in the SWIFT structure, allowing for a less expensive substrate that provides a high level of performance with a balanced cost structure.

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Traditional leadframe packages support a wide variety of device types and applications.

Two of our most popular traditional leadframe package types are small outline integrated circuit and quad flat package, commonly known as “dual” and “quad” products, respectively, based upon the number of sides from which the leads extend.

Two of our most popular traditional leadframe package types are small outline IC and quad flat package, commonly known as “dual” and “quad” products, respectively, based upon the number of sides from which the leads extend.

The traditional leadframe package family has evolved from “through hole design,” where the leads are plugged into holes on the circuit board to “surface mount design,” where the leads are soldered to the surface of the circuit board.

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Communications (smartphones, tablets) 48 % 50 % 44 %

Automotive, industrial and other (ADAS, electrification, infotainment, safety) 21 % 20 % 21 %

Computing (data center, infrastructure, PC/laptop, storage) 19 % 16 % 16 %

Automotive, industrial and other (ADAS, electrification, infotainment, safety) 18 % 21 % 20 %

Consumer (AR & gaming, connected home, home electronics, wearables) 15 % 13 % 20 %

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Our research efforts focus on developing new packaging solutions and test services, as well as improving the efficiency and capabilities of our existing production processes.

By concentrating our research and development on our customers’ needs for innovative packages, increased performance, higher density, smaller size and lower cost, we gain opportunities to enter markets early, successfully compete for new products and promote our new package offerings as industry leading technology.

One of our priorities is developing highly integrated SiP modules, such as DSMBGA packages, to reduce material and processing costs and minimize form factor for wearables and mobile devices.

Another important focus area is the development of wafer-level and panel-level packages for chips in 2D and 3D system implementations.

By concentrating our research and development on our customers’ needs for innovative packaging solutions for increased performance, higher density, smaller size and lower cost, we gain opportunities to enter markets early and compete for new business.

A significant area of focus is on integrated multi-die solutions, including 2.5D, SWIFT and S-Connect.

These multi-chip modules and high-density WLFO solutions enable package level integration of different types and levels of silicon technologies for high performance computing, networking and data center applications.

This is accomplished by combining processors and other chiplets into one packaged module.

Through die partitioning and heterogeneous integration, these modules provide higher functionality at lower total product cost.

Another important priority is the development of wafer-level and panel-level packages for 2D and 3D implementations.

These wafer-level chip-scale packages and WLFO packages are increasingly the preferred package type for many applications in IoT and mobile devices, including processors, power management integrated circuits (“PMICs”), display drivers and antenna package products.

Our development of Panel Level Fan Out (“PLFO”) technology will permit higher economies of scale for fan-out package devices manufactured on a panel versus wafer basis.

We are also developing new applications for the automotive market using existing and new package technologies as higher performance computing, energy efficiency, power distribution and sensor content are used to support new automotive features including ADAS, infotainment, optical sensors and electric vehicles.

Another key area is developing highly integrated SiP modules, such as DSMBGA or double-sided molded land grid array packages, to reduce material and processing costs and minimize form factor for wearables and mobile devices.

automotive features including ADAS, infotainment, optical sensors and electric vehicles.

In addition, we are developing high power modules involving SiC-based devices.

Another focus for development is integrated multi-die solutions, including multichip modules and high-density WLFO solutions, which enable package level integration of different types and levels of silicon technologies for high performance computing, networking and data center applications.

This is accomplished by combining processors and other chiplets into one packaged module.

Through die partitioning and heterogeneous integration, these modules provide higher functionality at lower total product cost.

Our research and development employees are based in Korea, Portugal, the United States and other locations in Asia.

At December 31, 2023, we had approximately 950 employees engaged in research and development activities.

In 2024, 2023 and 2022, we incurred $163.0 million, $177.5 million and $149.4 million, respectively, of research and development expense.

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Our support personnel manage and promote our packaging and test services and provide key customer and technical support.

To provide comprehensive sales and customer service, we typically assign our customers a direct support team consisting of an account manager, technical program manager, test program manager and both field and factory customer support representatives.

To provide comprehensive sales and customer service, we typically assign our customers a direct support team consisting of a sales manager, assembly and test technical program managers and both field and factory customer support representatives.

We also support our largest multinational customers from multiple office locations to ensure that we are aligned with their global operational and business requirements.

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Our ten largest customers accounted for 72% of our net sales in 2024.

Direct sales to Apple Inc.

accounted for 27.7% of our net sales for the year ended December 31, 2023.

Direct sales to Apple and Qualcomm accounted for 30.8% and 10.2% of our net sales, respectively, for the year ended December 31, 2024.

MATERIALS AND EQUIPMENT

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The principal materials used in our packaging process are laminate substrates, ICs, capacitors, leadframes and gold wire.

The silicon wafer is generally consigned from the customer.

The silicon wafer is generally consigned from our customer.

We generally do not take ownership of the customer consigned wafer, and title and risk of loss remains with the customer for these materials.

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The primary types of equipment used in providing our packaging services are wirebonders, die bonders, chip shooters and die attach.

In addition, we maintain a variety of other packaging equipment, including mold, singulation, ball attach and wafer backgrind, along with numerous other types of manufacturing equipment.

A substantial portion of our packaging equipment base can generally be used and adapted to support the manufacture of many of our packages, with equipment used in traditional wirebond packaging being easier to redeploy than the equipment used in advanced packaging.

We also purchase wafer bumping equipment to facilitate our flip chip and wafer level packaging services.

Wafer bumping equipment includes sputter and spin coaters, electroplating equipment, reflow ovens and other types of

In addition, we maintain a variety of other packaging equipment, including mold, singulation, ball attach

and wafer backgrind, along with numerous other types of manufacturing equipment.

A substantial portion of our packaging equipment base can generally be used and adapted to support the manufacture of many of our packages.

We also purchase wafer bumping equipment to facilitate our flip chip and wafer level packaging services such as 2.5D and HDFO, which is used for HPC and artificial intelligence systems.

Wafer bumping equipment includes sputter and spin coaters, electroplating equipment, reflow ovens and other types of equipment.

This equipment tends to have longer lead times for delivery and installation than other packaging equipment and is sold in relatively larger increments of capacity.

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We focus our capital expenditures on standardized tester platforms to maximize test equipment utilization where possible.

For tester platforms that are less standardized, we generally lease test equipment for the expected life cycle of the project.

In some cases, our customers will consign test equipment to us.

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The use and storage of chemicals and materials are subject to various laws and regulations governing waste disposal, water discharge, emissions into the atmosphere and employee health and safety.

We are engaged in continuing efforts to comply with these environmental laws and regulations, including the establishment of environmental management systems, safety training for employees and installation of pollution control equipment at our factories.

We make continuous efforts to comply with these environmental laws and regulations, including environmental management systems, safety training for employees and pollution control at our factories.

In the future, we may be subject to changes to existing environmental regulations or new green initiatives required by our customers, investors, governments or other stakeholders.

We do not believe that capital expenditures or other costs attributable to compliance with environmental laws and regulations or green initiatives will have a material adverse effect on our business, liquidity, results of operations, financial condition or cash flows.

We are also committed to responsible environmental practices that go beyond legal requirements in conducting our business.

These environmental practices include:

• Certification of our factories worldwide to International Organization for Standards (“ISO”) framework 14001, widely recognized as the standard for effective environmental management systems.

• Measurement and independent verification of greenhouse gases (“GHGs”) generated by our factories worldwide.

Once collected, our GHG data is submitted to, and disclosed publicly by, CDP, formerly known as the Carbon Disclosure Project.

CDP is a leading organization that assesses the impact of climate change and promotes a sustainable economy.

• Membership in the Responsible Business Alliance (“RBA”), an international industry group dedicated to corporate social responsibility.

RBA members agree to follow a uniform Code of Conduct that includes standards of environmental responsibility, and our factories have been subject to independent audits to assess compliance with these standards.

• Capital investment and process optimization activities to reduce GHGs include installation of solar photovoltaic panels, replacement of, or improvements to, chiller unit systems and use of light-emitting diode (“LED”) technology.

The outsourced semiconductor packaging and test market is very competitive.

We face substantial competition from established packaging and test service providers primarily located in Asia, including companies with significant manufacturing capacity, financial resources, research and development operations, marketing and other capabilities.

These companies include ASE Technology Holding Co., Ltd.

and JCET Group Co., Ltd.

In addition, we compete with electronic manufacturing service providers or contract electronics manufacturers, including Universal Scientific Industrial (Shanghai) Co., Ltd., that also provide advanced integrated device solutions.

Such companies also have developed relationships with most of the world’s largest semiconductor companies, including current or potential customers of Amkor.

We also compete with the internal semiconductor packaging and test capabilities of many of our customers.

Our IDM customers continually evaluate the attractiveness of outsourced services against their own in-house packaging and test services and at times may decide to shift some or all of their outsourced packaging and test services to internally sourced capacity.

We also compete with contract foundries, such as Taiwan Semiconductor Manufacturing Company Limited, which offer full turnkey services from silicon wafer fabrication through packaging and final test.

In addition, we compete with companies that offer test-only services.

The principal elements of competition in the outsourced semiconductor packaging and test services market include price, available capacity, flexibility, quality, customer service and support, new product introduction experience, cycle time, reputation and reliability, customer satisfaction, technological expertise and innovation, breadth of packaging and test services offered, including turnkey services, and the ability to invest in capacity, geographic location and scale of manufacturing.

We believe that we compete favorably with respect to each of these elements.

The outsourced semiconductor packaging and test market is highly competitive, geopolitical trade tensions have increased competition from Chinese firms supporting a China-for-China supply chain.

We face competition from established packaging and test service providers primarily located in Asia, including ASE Technology, JCET Group and Powertech Technology.

Additionally, we compete with contract foundries, such as TSMC, and electronic manufacturing service providers or contract electronics manufacturers, including Universal Scientific Industrial and Luxshare, which offer certain types of advanced packaging.

Our IDM customers also evaluate our services and scale against their own in-house capabilities.

The key competitive factors in the outsourced semiconductor packaging and test services market are:

• Advanced packaging technology

• Geographic location of services

• Manufacturing scale and expertise

• Customer co-development and innovation

• Investment in new technology and capacity

• Quality and reliability

We believe we are competitive in these areas.

INTELLECTUAL PROPERTY

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We believe that these initiatives are efficient for training new local employees and allow existing employees to continue to develop in their careers.

We believe that our efforts to motivate, retain and support the growth of qualified employees is reflected in the long average tenure of our key employees.

We believe that our efforts to motivate, retain and support the growth of qualified employees is reflected in the long average tenure of many of our key employees.

As of December 31, 2024, Amkor employed 28,300 employees, of whom approximately 96%, 3% and 1% resided in the Asia-Pacific region, Europe and the United States, respectively.

Our global workforce spans 12 countries, reflecting various cultures, backgrounds, ages, genders and ethnicities.

Of our global employee base, 91% are employed in manufacturing roles.

Our employees in France, Germany, the Philippines, Singapore, Taiwan, Vietnam and the United States are not represented by any union.

Certain employees at our factories in China, Japan, Korea, Malaysia and Portugal are members of a union, and we operate subject to collective bargaining agreements that we have entered into with these unions.

Our employees in France, Germany, the Philippines, Singapore, Taiwan and the United States are not represented by any union.

Certain employees at our factories in China, Japan, Korea, Malaysia, Portugal and Vietnam are members of a union, and we operate subject to collective bargaining agreements that we have entered into with these unions.

We believe that our relations with our employees are good, and we have not experienced a work stoppage in any of our factories.

Health and Safety

The health and safety of our employees is very important to us and, accordingly, we endeavor to provide comprehensive health benefits to our full-time employees.

Our focus on health and safety is further evident in our response to the Covid-19 pandemic.

Because our business involves the manufacturing and testing of physical products, many of our employees have been unable to work from home.

To keep our employees safe and to maintain operations during the Covid-19 pandemic, we implemented increased health and safety-related measures across our global footprint.

While the long-term impact of the Covid-19 pandemic remains uncertain, we have retained those enhanced measures as part of our commitment to protect the health and safety of our employees.

AVAILABLE INFORMATION

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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