What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-02-19 compared with 2025-02-14 · 87 added, 93 removed, 156 unchanged (54% of the section changed)

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We are a leading innovator in treatments for atrial fibrillation, left atrial appendage management and post-operative pain management.

Our ablation and left atrial appendage management products are used by physicians during both open-heart and minimally invasive procedures.

In open-heart procedures, the physician is performing heart surgery for other conditions, and our products are used in conjunction with (or “concomitant” to) such a procedure.

Our ablation and left atrial appendage management products are used by physicians during both open-heart and minimally invasive surgical procedures.

In open-heart procedures, the physician performs heart surgery for other conditions, and our products are used in conjunction with (or “concomitant” to) such a procedure.

Minimally invasive procedures are performed on a standalone basis, and often include multi-disciplinary or “hybrid” approaches, combining surgical procedures using AtriCure ablation and LAAM products with catheter ablation procedures performed by electrophysiologists.

Our pain management devices are used by physicians to freeze nerves during cardiothoracic or thoracic surgical procedures.

Our pain management devices are used by physicians to ablate peripheral nerves, providing pain relief in cardiac, thoracic and amputation procedures.

We anticipate that substantially all of our revenue for the foreseeable future will relate to products we currently sell or are in the process of developing.

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direct international sales transactions are transacted in Euros, British Pounds, Australian Dollars or Canadian Dollars.

In 2024, we realized significant global revenue growth and continued our strategic initiatives of product innovation, clinical science and physician education and training to expand awareness and adoption.

Our worldwide revenues for the year ended December 31, 2024 of $465,307 was an increase of 16.5% over the prior year driven by growing adoption across key product lines as well as new product launches.

Historically there have been limited competitors in our key markets, but new entrants are marketing and developing competing products, procedures, and/or clinical solutions that may cause variability in our results.

In 2025, we realized global revenue growth resulting from our strategic initiatives of product innovation, clinical science and physician education and training to expand awareness and adoption.

Our worldwide revenues for the year ended December 31, 2025 of $534,528 increased by 14.9% over the prior year, driven by expanding adoption of our pain management, open ablation and appendage management product lines.

Our recent product launches, including our cryoSPHERE MAX probe, AtriClip FLEX-Mini device and EnCompass clamp meaningfully contributed to our growth in 2025.

There are limited competitors in our key markets;

however, new entrants are developing and marketing competing products, procedures, and/or clinical solutions that may cause variability in our results.

Highlights of the strategic and operational advancements in 2025 include:

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We continue to invest in research and development of new products and pursue regulatory approvals to market and sell globally across all franchises.

Upon receiving regulatory approval during the third quarter of 2024, we began selling the EnCompass clamp in CE-marked countries in the European Union, representing a significant expansion of our open ablation franchise products in Europe.

• Minimally invasive .

In the first half of 2024, FDA granted 510(k) clearance for EPi-Ease, our Hybrid access device to facilitate guide-wire delivery, vacuum application and endoscope insertion.

During the third quarter, FDA granted 510(k) clearance for our EnCapture clamp, the newest in our line of Isolator Synergy Ablation System clamps, with enhanced geometry and features to facilitate engagement with intended cardiac tissue.

• Pain management .

During the second quarter of 2024, we launched the cryoSPHERE+ cryoablation probe for pain management in the United States.

The cryoSPHERE+ device leverages new technology that minimizes thermal loss by focusing energy at the ball tip, allowing for a reduction in freeze time by 25%.

Further, the cryoSPHERE MAX probe was launched during the fourth quarter of 2024 and features a larger ball tip designed

to optimize Cryo Nerve Block therapy.

This new probe reduces freeze times by 50% when compared to the first generation cryoSPHERE cryoablation probe, and over 30% when compared to the cryoSPHERE+ probe.

Appendage management.

We launched the AtriClip FLEX-Mini device in the United States during the third quarter of 2024.

The AtriClip FLEX-Mini sets a new standard as the smallest profile for surgical LAA device on the market and builds upon the proven technology of our AtriClip platform, with ease of use and design simplicity that offers enhanced access and increased visibility for physicians.

We also obtained additional international regulatory approvals for our AtriClip platform during the third quarter.

In China, we received approval to market and sell several models of our AtriClip Left Atrial Appendage Exclusion System from the National Medical Products Administration (NMPA) of China.

In CE-marked countries in Europe, we received expanded indication for the AtriClip for use in patients at high risk of thromboembolism for whom left atrial appendage exclusion is warranted.

Throughout 2024, we received several additional CE Mark certifications under the European Union Medical Device Regulation (EU MDR).

As of December 31, 2024, substantially all of our products were cleared under EU MDR.

During the fourth quarter of 2024, we entered into an exclusive licensing agreement with a third-party to co-develop and commercialize equipment incorporating pulsed field ablation.

See Note 3 - Asset Acquisition for additional information.

During the first quarter of 2025, FDA granted 510(k) clearance for the AtriClip ® PRO-Mini ™ LAA Exclusion System.

The device is built on the existing AtriClip platform, preloaded with the smallest surgical LAA management implant available in the market.

The size reduction provides surgeons with enhanced visualization for precise, secure exclusion of the LAA during minimally invasive procedures.

The AtriClip PRO-Mini device was launched in the United States during the second half of 2025.

Pain management.

During the second quarter of 2025, FDA granted 510(k) clearance for the cryoICE ® cryoXT™ probe, a cryoablation device designed specifically for Cryo Nerve Block therapy to alleviate pain in amputation patients.

This device temporarily stops pain by freezing target peripheral nerves, blocking the conduction pathway at the site of amputation.

During the third quarter of 2025, this device was launched in the United States.

Dual energy platform .

During the fourth quarter of 2025, we executed successful first-in-human treatments using our novel dual energy platform that integrates Pulsed Field Ablation (PFA) with Advanced Radiofrequency Ablation (Advanced RFA).

The new platform delivers the benefits of both technologies, combining the proven safety and

effectiveness of radiofrequency (RF) ablation with the efficiency of PFA.

The Advanced RFA and PFA technologies are not yet approved for use in any market.

We expect to initiate a clinical trial in the coming year, marking a key milestone in our product development pipeline.

CLINICAL SCIENCE.

We invest in studies to expand labeling claims, support various indications for our products and publish clinical data for therapies and procedures involving our products.

During 2024, we supported the publication of 19 articles and 17 congress abstracts featuring clinical studies with our product.

The Left Atrial Appendage Exclusion for Prophylactic Stroke Reduction (LeAAPS) IDE clinical trial is designed to evaluate the effectiveness of prophylactic LAA exclusion using the AtriClip LAA Exclusion System for the prevention of ischemic stroke or systemic arterial embolism in cardiac surgery patients without pre-operative AF diagnosis who are at risk for these events.

During 2025, we supported the publication of 13 articles and 15 congress abstracts featuring clinical studies with our products.

The Le ft A trial A ppendage Exclusion for P rophylactic S troke Reduction (LeAAPS) IDE clinical trial is designed to evaluate the effectiveness of prophylactic LAA exclusion using the AtriClip LAA Exclusion System for the prevention of ischemic stroke or systemic arterial embolism in cardiac surgery patients without pre-operative AF diagnosis who are at risk for these events.

This prospective, multicenter, randomized trial evaluates safety at 30 days post-procedure to demonstrate no increased risk with LAA exclusion during cardiac surgery, and efficacy over a minimum follow-up of five years post procedure.

The trial provides for enrollment of up to 6,500 subjects at up to 250 sites worldwide.

In January 2023, the first patient was enrolled in the trial, and we ended 2024 with over 4,200 patients enrolled.

Site initiation and enrollment is ongoing.

The EnCompass clamp and the AtriClip in Box Lesion and Left Atrial Appendage E X clusion Procedure for the Prevention of N ew O nset of A trial F ibrillation (BoxX-NoAF) IDE trial will evaluate the impact of concomitant ablation and LAA exclusion in non-AF patients for the reduction of post-operative AF (POAF) and Clinical AF.

In July 2025, we completed trial enrollment of 6,573 patients across 139 centers globally.

Patient follow-up remains ongoing.

The Box Lesion and Left Atrial Appendage E X clusion Procedure for the Prevention of N ew O nset of A trial F ibrillation (BoxX-NoAF) IDE trial evaluates the impact of concomitant ablation using the EnCompass clamp and LAA exclusion with the AtriClip system in non-AF patients for the reduction of post-operative AF (POAF) and Clinical AF.

This prospective, multi-center, multi-national randomized trial evaluates safety at 30 days post-procedure for POAF and secondary effectiveness for Clinical AF through three years.

The trial provides for enrollment of up to 960 subjects.

During the fourth quarter of 2024, FDA approved the trial protocol.

We expect site initiation to begin by the end of 2025.

Our professional education and marketing teams conduct a variety of virtual and in-person training programs for physicians and other healthcare professionals.

The trial provides enrollment of up to 960 subjects at up to 75 sites globally.

FDA approved the trial protocol during the fourth quarter of 2024 and during October 2025, we completed the first patient enrollment.

Site initiation and enrollment is ongoing.

Our professional education team conducts a variety of in-person and virtual training programs for physicians and other healthcare professionals.

These training methods ensure access to continuing education and awareness of our products and related procedures.

During 2023, we launched new training courses for Advanced Practice Providers, pain management in pectus procedures, as well as a best practice course for developing arrhythmia programs, with a primary focus on Hybrid therapies.

These trainings allow for collaborative, hands-on engagement with our physician partners and other healthcare professionals.

During 2025, we launched new and innovative training methods for physicians that include virtual proctoring and observerships as well as the ability to review case-in-a-box on a peer-to-peer basis.

We have also extended our courses for Advanced Practice Providers, incorporating new content and workshops.

We also recently launched our first electronic manual created by physicians for physicians that provides an outline for best practices in developing and growing a Hybrid Ablation Program.

These new training events along with our traditional on-demand, local and national training courses allow for collaborative, hands-on engagement with our physician partners and other healthcare professionals.

Additionally, our professional education courses continue to be enhanced by the use of simulation models or synthetic cadavers, known as CADets.

These reusable CADets provide a sustainable alternative to the use of cadaver specimens, in addition to increasing the efficiencies of education and more cost effective training alternatives.

In 2024, we continue to innovate physician training to improve accessibility and efficiency for our physician partners.

We are currently piloting the use of live streaming to enable remote proctoring and case observation.

SOCIETY GUIDELINES.

In 2024, the European Society of Cardiology (ESC) released Guidelines for Management of Atrial Fibrillation developed in collaboration with European Association of Cardio-Thoracic Surgery (EACTS), in which they upgraded LAAM to the highest Class 1 recommendation.

During 2023, the American College of Cardiology (ACC), American Heart Association (AHA), American College of Clinical Pharmacy (ACCP) and HRS released Guidelines for Diagnosis and Management of Atrial Fibrillation, and upgraded LAAM to the highest recommendation of Class 1 and included Hybrid AF Therapy as a Class 2 recommendation.

All major cardiac societal guidelines now include a Class 1 recommendation for surgical management of the left atrial appendage.

These societal guidelines are reflective of the scientific evidence suggesting that surgical and hybrid ablation is safe and effective for patients who have Afib.

Results of Operations

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Total Revenue $ 534,528 $ 465,307 $ 69,221 14.9 %

Worldwide revenue increased 16.5% as reported and on a constant currency basis.

We experienced growth in all key product lines as a result of deepening market penetration, continuing physician adoption and new product launches.

International revenue increased 25.6% as reported and on a constant currency basis, across all franchises and major geographic regions, while key products contributing to the increase in revenue in the United States were:

• EnCompass clamp in open ablation,

• cryoSPHERE probes for post-operative pain management and

• AtriClip ® Flex⋅V ® for appendage management.

Worldwide revenue increased 14.9% as reported (14.4% on a constant currency basis).

We experienced significant growth in our open ablation, appendage management and pain management product lines as a result of deepening market penetration, continuing physician adoption and several new product launches.

Minimally invasive ablation sales declined from continued reduction in Hybrid procedures as physicians adopt PFA catheters to treat patients.

Key products contributing to the increase in revenue in the United States were EnCompass clamp in open ablation, cryoSPHERE MAX probe for post-operative pain management and AtriClip FLEX-Mini device for appendage management in open chest procedures.

International revenue increased 20.2% as reported (17.5% on a constant currency basis), across all franchises and major geographic regions.

Revenue reported on a constant currency basis is a non-GAAP measure calculated by applying previous period foreign currency exchange rates, which are determined by the average daily exchange rate, to each of the comparable periods.

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Cost of revenue increased $15,966 primarily reflecting higher sales volumes.

Gross margin decreased by 55 basis points driven by less favorable geographic and product mix, as well as an increase in product costs.

Gross margin increased by 29 basis points driven by more favorable product mix, offsetting increasing product costs as well as less favorable geographic mix.

Research and development expenses.

Research and development expenses increased $3,031, or 3.2%.

During 2024, we entered into an exclusive licensing agreement requiring upfront cash payment of $12,000 for the acquired in-process research and development (IPR&D), which was included in research and development expenses in 2024.

Personnel costs increased $5,948 as a result of headcount growth and higher variable and share-based compensation.

Clinical trial expenses increased $3,498, primarily due to enrollment and follow-up activities for our LeAAPS trial and site initiation and patient enrollment expenses for the BoxX-NoAF trial.

These increases were partially offset by a $6,000 decrease in pulsed-field ablation (PFA) co-development agreement payments.

See Note 3 – Asset Acquisition for further information.

Expansion of product development, regulatory and clinical teams resulted in additional headcount-related costs (including travel and share-based compensation) of $6,773.

Clinical trial expenses increased $4,801 due to increased trial activity driven by our LeAAPS clinical trial.

These increases were partially offset by a $1,606 decrease in product development project spend and regulatory approval costs as several new products were brought to market in 2024, including cryoSPHERE+ and AtriClip FLEX-Mini.

Selling, general and administrative expenses.

Selling, general and administrative expenses increased $19,658, or 6.7%.

Personnel costs, including travel and share-based compensation, increased $27,384 as a result of growth in headcount and variable compensation.

Operational growth drove $2,156 additional professional services, IT and corporate costs along with $2,079 additional marketing and meeting activities.

Finally, the increase reflects a $4,412 non-recurring net gain in 2023 related to legal settlements.

See Note 11 – Commitments and Contingencies for related discussion.

Personnel costs, including travel and share-based compensation, increased $18,331 as a result of headcount growth and higher variable and share-based compensation.

Operational growth resulted in an additional $1,629 in IT and corporate expenses.

Other income and expense.

During 2024, the Company recognized a loss on debt extinguishment of $1,362.

See Note 9 - Indebtedness for related discussion.

The remaining activity consists primarily of net interest expense and net foreign currency transaction losses.

Other expense declined by $2,945, primarily due to the $1,362 loss on debt extinguishment in the first quarter of 2024.

Net foreign currency transaction gain increased $975 and net interest expense decreased $574 from lower borrowing costs.

Liquidity and Capital Resources

As of December 31, 2024, we had cash and cash equivalents of $122,721 and unused borrowing capacity of approximately $61,885 under our existing credit agreement.

As of December 31, 2025, we had cash and cash equivalents of $167,428 and unused borrowing capacity of approximately $61,885 under our asset-backed credit agreement with JPMorgan Chase Bank, N.A.

In connection with the amended credit agreement entered into on January 9, 2026, the Company paid down $865 of borrowings and had $62,750 available borrowing capacity under the amended asset-based revolving credit facility (ABL Facility).

All cash equivalents and most of our operating cash are held in United States financial institutions.

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Credit facility.

On January 5, 2024, we entered into an asset-based credit agreement with JPMorgan Chase Bank, N.A.

As of December 31, 2025, we had an asset-based credit agreement with JPMorgan Chase Bank, N.A.

as Administrative Agent, JPMorgan Chase Bank, N.A.

and Silicon Valley Bank, a division of First-Citizen Bank and Trust Company, as Joint Lead Arrangers and Joint Bookrunners (Credit Agreement) that provides for a $125,000 asset-based revolving credit facility (ABL Facility), with an option to increase the revolving commitment by an additional $40,000.

and Silicon Valley Bank, a division of First-Citizen Bank and Trust Company, as Joint Lead Arrangers and Joint Bookrunners (Credit Agreement) that provides for a $125,000 ABL Facility, with an option to increase the revolving commitment by an additional $40,000.

A portion of the ABL facility, limited to $5,000, is available for the issuance of letters of credit.

The Credit Agreement has a three-year term and expires January 5, 2027.

Amounts available to be drawn from time to time under the ABL Facility are determined by calculating the applicable borrowing base, which is based upon applicable percentages of the values of eligible accounts receivable, eligible inventory, eligible liquid assets, less reserves as determined by the Administrative Agent, all as specified in the Credit Agreement.

The borrowings bear interest at a rate per annum equal to, at the Company's election:

(i) an alternate base rate (ABR) plus an applicable margin or (ii) an adjusted term secured overnight financing rate (SOFR) plus an applicable margin.

The proceeds of the ABL Facility were used to terminate the Company’s indebtedness under the prior loan agreement with Silicon Valley Bank.

As of December 31, 2025, our outstanding debt was $61,865 and we had unused borrowing availability of approximately $61,885.

As of January 9, 2026, we entered into the First Amendment to Credit Agreement and Security Agreement.

The First Amendment provides a three-year extension of the Credit Agreement, expiring on January 9, 2029, reduces the overall interest rate on the loans under the ABL Facility and removes the minimum utilization financial covenant in addition to certain other loan administration updates.

Amounts available to be drawn from time to time under the amended ABL Facility are determined by calculating the applicable borrowing base, which is based upon applicable percentages of the values of eligible accounts receivable, eligible inventory, eligible liquid assets, less reserves as determined by the Administrative Agent, all as specified in the Credit Agreement.

The borrowings bear interest at a rate per annum equal to, at the Company's election:

(i) an alternate base rate (ABR) plus an applicable margin or (ii) a term secured overnight financing rate (SOFR) plus an applicable margin.

The applicable margin on borrowings will adjust ranging from 1.25% to 1.50% per annum for ABR borrowings and from 2.25% to 2.50% per annum for SOFR term borrowings determined by the

average historical excess availability.

The First Amendment was treated as a debt modification.

Borrowings outstanding under the existing Credit Agreement have been classified as long-term in the Consolidated Balance Sheet as of December 31, 2025.

Our corporate headquarters lease requires a $1,250 letter of credit which renews annually and remains outstanding as of December 31, 2025.

For additional information on the terms and conditions, as well as applicable interest and fee payments, see Note 9 – Indebtedness.

For additional information on the terms and conditions, as well as applicable interest and fee payments, see Note 8 – Borrowings and Financing Obligation.

Capital Expenditures.

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Other Contractual Obligations.

Our future obligations include both current and long-term obligations.

In 2022, the Company entered into a clinical trial management agreement for the LeAAPS clinical trial.

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Furthermore, we incur additional variable costs, including pass through costs from clinical trial sites.

We expect to disburse between $14,000 and $17,000 of fixed and variable costs based on estimated achievement of milestone payments, site initiation and trial enrollment within the next twelve months.

We expect to disburse between $10,000 and $12,000 of fixed and variable costs based on estimated achievement of milestone payments within the next twelve months.

In 2024, we entered into an exclusive licensing agreement to co-develop and commercialize equipment incorporating PFA technology.

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As of December 31, 2025, current finance lease obligations are $1,306 and long-term obligations are $5,975.

Our operating leases for office and warehouse space includes current obligations of $1,619 and long-term obligations of $4,579 as of December 31, 2024.

Our operating leases for office and warehouse space include current obligations of $1,734 and long-term obligations of $5,541 as of December 31, 2025.

For additional information, see Note 9 – Leases.

We have a contractual obligation for a contingent consideration payment under the SentreHEART merger agreement that would be paid in AtriCure common stock and cash, up to a specified maximum number of shares.

In 2025, the Company transferred legal ownership of a building and certain real property on its corporate headquarters campus in Mason, Ohio for cash consideration of $6,250.

Simultaneously, the Company entered into a contract to lease back the existing building and real property, as well as the planned building expansion space from the buyer-lessor.

The buyer-lessor is financing the development and construction of the expansion of additional manufacturing and office space.

During construction of the expansion, the Company will maintain occupancy and pay rent for the existing building.

The lease of the existing building and certain real property sold is a failed sale-and-leaseback as a result of finance lease classification.

The Company recorded a financing obligation equal to the $6,250 cash proceeds received.

The financing obligation includes a current obligation of $81 and long-term obligation of $6,154.

For additional information, see Note 8 – Borrowings and Financing Obligation.

We have a contractual obligation for a contingent consideration payment under the SentreHEART merger agreement that would be paid in cash and AtriCure common stock, up to a specified maximum number of shares.

As of December 31, 2025, we believe the likelihood of payment is remote, and the estimated fair value of the contingent consideration is $0.

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Finally, our Credit Agreement requires compliance with certain financial and other covenants.

If we are unable to maintain these financing arrangements, we may be required to reduce the scope of our planned research and development, clinical activities and selling, training, education and marketing efforts.

are unable to maintain these financing arrangements, we may be required to reduce the scope of our planned research and development, clinical activities and selling, training, education and marketing efforts.

Historical Cash Flow Activity.

The following table summarizes our consolidated cash flow activities:

Years Ended December 31,

2024 2023 Change

Net cash provided by operating activities

$ 12,204 $ 4,484 $ 7,720

Net cash provided by investing activities 30,234 21,817 8,417

Net cash used in financing activities (3,603) (32) (3,571)

Cash flows provided by operating activities.

Net cash provided by operating activities increased $7,720 in 2024 as compared to 2023.

While operating results declined $14,260, this decline was driven primarily by an increase in adjustments to income and changes in non-cash expenses as well as the acquisition of in-process research and development for $12,000.

Changes in non-cash expenses include $4,677 increase in share-based compensation, $3,920 increase in depreciation & amortization and $1,362 loss on extinguishment of debt.

Cash used in working capital remained flat year over year due to moderating investments in inventory in 2024, offset by higher annual variable compensation due to improved operating performance.

Cash flows provided by investing activities.

Net cash provided by investing activities increased by $8,417 in 2024 compared to 2023.

This increase is attributable to a $18,000 decrease in cash paid for acquisitions year over year, offset by a $10,147 decrease in maturities of available-for-sale securities.

Cash flows used in financing activities.

Net cash used in financing activities increased by $3,571 in 2024 compared to 2023, driven by $1,686 payment for extinguishment of debt and financing fees, net of borrowings, and a $1,491 decrease in proceeds from stock option exercises and the employee stock purchase plan.

Net cash provided by operating activities increased $45,130 in 2025 as compared to 2024, primarily reflecting the improvement in operating results of $33,250.

This improvement includes $6,000 reduction in the acquired IPR&D milestone payments in 2025 in comparison to 2024, and cash used for working capital and other assets and liabilities decreased $14,072 due to moderating investments in inventory.

Offsetting these improvements, our non-cash expenses, including depreciation, amortization and share-based compensation increased $3,808 in 2025.

Cash flows used in investing activities.

Net cash used in investing activities increased by $44,784 in 2025 compared to 2024.

This increase in cash used is attributable to a $53,668 decrease in sales and maturities of available-for-sale securities, while acquired IPR&D milestone payments declined $6,000 in 2025.

Cash flows provided by financing activities.

Net cash provided by financing activities increased by $4,779 in 2025 compared to 2024, driven by $6,250 in proceeds from the August 2025 sale-and-leaseback arrangement and a $1,204 increase in proceeds from stock option exercises and the employee stock purchase plan.

These inflows were offset by a $4,212 increase in shares repurchased for payment of taxes on stock awards.

Inflationary pressures may have an adverse impact on our results of operations or financial condition in the foreseeable future.

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Share-Based Employee Compensation— We estimate the fair value of performance share awards with a performance condition initially based on the closing stock price on the date of grant assuming the performance goal will be achieved.

Such performance share awards have specified performance targets based on the compound annual growth rate (CAGR) of our revenue over a three-year performance period.

With respect to these performance share awards, the number of shares that vest and are issued to the recipient is based upon revenue performance over the performance period.

Such performance share awards have specified performance targets over a three-year performance period based on the compound annual growth rate (CAGR) of our revenue and percentage increase in Adjusted EBITDA over the base year.

Adjusted EBITDA is calculated as net income/loss before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense and non-recurring charges that are not reflective of the operational results of the Company's core business and may affect comparability of results period-over-period.

Adjusted EBITDA specifically excludes PFA co-development upfront and milestone payments.

With respect to these performance share awards, the number of shares that vest and are issued to the recipient is based upon revenue and Adjusted EBITDA performance over the performance period.

We may adjust the expense over the performance period based on changes to estimates of performance target achievement.

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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 7. Management’s Discussion and Analysis