Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975.
−Removed: Headquartered in Las Vegas, we operate 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
+Added: Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia.
In addition, we own and operate Boyd Interactive, a business-to-business (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada.
Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California.
−Removed: We have a strategic partnership with and are a 5% equity owner of FanDuel Group, the nation’s leading sports-betting operator.
−Removed: Through our strategic partnership, we pursue sports-betting opportunities, both at our properties and online, across the country.
−Removed: We operate FanDuel-branded sportsbooks at 16 of our properties.
−Removed: We also offer online sports-betting under the FanDuel brand in all states that our 28 gaming entertainment properties are located, except in Mississippi where online sports-betting has not been legalized, Missouri where online sports-betting was legalized in November 2024 but has not yet taken effect as regulations are being established, and in Nevada where we operate our own brand, Boyd Sports.
−Removed: In addition, we have market access agreements outside of Nevada with other third parties for online sports-betting.
+Added: On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia.
+Added: The permanent casino resort is expected to open in late 2027.
+Added: On November 9, 2025, the Company permanently closed the Sam's Town Tunica property.
+Added: In 2018, we acquired a five percent ownership in FanDuel Group Parent, LLC ("FanDuel"), the nation’s leading sports-betting operator.
+Added: On July 10, 2025 , Boyd Interactive Gaming Holdings, L.L.C.
+Added: ("Boyd Interactive Holdings"), a wholly owned subsidiary of Boyd Gaming, entered into a definitive agreement ("Purchase Agreement") with TSE Holdings Ltd.
+Added: ("Parent") and FanDuel, pursuant to which Parent agreed to purchase Boyd Interactive Holding's five percent equity interest (the "Equity Interest") in FanDuel, and Boyd Gaming and FanDuel, or their respective affiliated entities, agreed to enter into certain commercial arrangements.
+Added: On July 31, 2025 , pursuant to the Purchase Agreement, Boyd Interactive Holdings completed the sale of its Equity Interest to Parent for aggregate cash consideration of $1,758.0 million.
+Added: In connection with the sale of the Equity Interest, Boyd Gaming and FanDuel or their respective affiliated entities terminated certain of their existing agreements related to their strategic partnership and entered into certain new agreements (collectively, the "FanDuel Market Access Agreements").
+Added: Through the FanDuel Market Access Agreements and market access agreements with other online operators, and subject to state law and regulatory approvals, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio (through June 30, 2025 ) and Pennsylvania as well as online casinos in Pennsylvania.
We continually work to position our Company for greater success by strengthening our existing operations and growing through acquisitions, capital investments and other strategic initiatives.
−Removed: Our operating strategy is focused on building loyalty with core customers and operating efficiently.
+Added: Our operating strategy is focused on building loyalty with core customers, operating efficiently and delivering long-term value for our shareholders.
Our operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line.
+Added: Through our Team Members' commitment to "Boyd Style" customer service, we believe our business is differentiated from our competitors and that we deliver a customer experience that fosters long-term loyalty.
In addition, we believe the following factors have contributed to our success in the past and are central to our success in the future:
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our Las Vegas Locals properties are well-positioned to capitalize on the attractive Las Vegas locals market;
−Removed: three of our properties are located in the growing downtown Las Vegas market and also market to a unique niche - Hawaiian customers;
+Added: three of our properties are located in the downtown Las Vegas market and also market to a unique niche - Hawaiian customers;
we have used our increased free cash flow to strengthen our balance sheet, invest in our properties and return capital to shareholders;
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and (iv) Online, (collectively "Reportable Segments").
−Removed: The Online segment includes the operating results of our online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive.
+Added: The Online segment includes the operating results of our online gaming operations through market access agreements with third parties throughout the United States and the operations of Boyd Interactive.
To reconcile Reportable Segments information to the consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category.
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For financial information related to our segments as of and for the three years in the period ended December 31, 2025, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 .
−Removed: As of December 31, 2024, we operated 27 of our 28 wholly owned gaming entertainment properties (as our Eastside Cannery property has remained closed since March 18, 2020 due to the current levels of demand in the market) offering a total of 1,764,063 square feet of casino space, 28,102 slot machines, 616 table games and 10,481 hotel rooms.
+Added: As of December 31, 2025, we operated 27 gaming entertainment properties offering a total of 1,730,321 square feet of casino space, 27,267 slot machines, 600 table games and 10,146 hotel rooms.
We derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 64% and 66% of our revenues in 2025 and 2024, respectively.
−Removed: Online revenues from Boyd Interactive and third-party market access arrangements, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay u nder the collaborative arrangements, represent our next most significant revenue source, generating 15% and 11% of our revenues in 2024 and 2023 , respectively.
−Removed: Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2024 and 2023 .
+Added: Online reimbursements revenues, which include reimbursements received from our third-party operators for gaming taxes and other expenses we pay u nder the market access agreements, represent our next most significant revenue source, generating 14% and 11% of our revenues in 2025 and 2024 , respectively.
+Added: Food & beverage revenues, room revenues, online revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2025 and 2024 .
The following table sets forth certain information regarding our gaming entertainment properties (listed by Reportable Segment classification) as of and for the year ended December 31, 2025:
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King of Prussia, PA
+Added: The Interim Gaming Hall (5)
N/A = Not Applicable
(1) These properties feature FanDuel-branded sportsbooks.
−Removed: ●● The Eastside Cannery Casino and Hotel remains closed due to local market conditions.
+Added: (2) Company began demolition of the property during the fourth quarter of 2025.
(3) Property is subject to a master lease agreement with a real estate investment trust.
+Added: (4) Property permanently closed on November 9, 2025.
+Added: (5) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
We also own a travel agency in Hawaii.
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Las Vegas Locals Properties
−Removed: Our Las Vegas Locals segment consists of eight casinos that primarily serve the resident population in the Las Vegas metropolitan area.
+Added: Our Las Vegas Locals segment consists of seven operating casinos and one closed casino that primarily serve the resident population in the Las Vegas metropolitan area.
Las Vegas has historically been characterized by a vibrant economy and strong demographics that include a large population of retirees and other active gaming customers.
−Removed: In recent years, the Las Vegas economy has strengthened, as reflected in the positive trends in employment, construction activity and visitation.
+Added: In recent years, the Las Vegas economy has strengthened, as reflected in the positive trends in employment, construction activity and average weekly wage growth.
Our Las Vegas Locals segment competes directly with other locals casinos and gaming companies, some of which operate larger casinos and offer different promotions than ours.
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Its location offers easy access from the entire Las Vegas Valley.
−Removed: Gold Coast's amenities include 705 recently remodeled hotel rooms and suites along with meeting facilities, multiple restaurant options and a 70-lane bowling center.
+Added: Gold Coast's amenities include 705 hotel rooms and suites along with meeting facilities, multiple restaurant options and a 70-lane bowling center.
The Orleans Hotel and Casino
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Suncoast features 427 hotel rooms, multiple restaurant options, banquet and meeting facilities, 16 stadium-seating movie theaters, a 64-lane bowling center, and a newly remodeled sportsbook.
+Added: We are currently modernizing the public spaces at Suncoast with nearly half of the casino floor completed.
Eastside Cannery Casino and Hotel
−Removed: Eastside Cannery Casino and Hotel ("Eastside Cannery") has been closed to the public since March 18, 2020 and has not yet re-opened due to the current levels of market demand.
−Removed: Eastside Cannery is located directly south of Sam's Town Las Vegas at the intersection of Boulder Highway and Harmon Avenue in Las Vegas.
−Removed: Its location offers easy access for both the Las Vegas and Henderson valleys.
−Removed: At the time of its closure in March 2020, Eastside Cannery offered 63,879 square feet of casino space with 881 slots and eight table games, 306 hotel rooms, a restaurant and bars, meeting and ballroom space, and an entertainment lounge.
+Added: Eastside Cannery Casino and Hotel ("Eastside Cannery") has been closed to the public since March 18, 2020.
+Added: During the fourth quarter of 2025, the Company began demolition of the proeprty.
Aliante Casino + Hotel + Spa
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Located in Henderson, the Jokers Wild is approximately 14 miles from the Las Vegas Strip and includes slots, a sportsbook and dining options.
−Removed: The principal customers of this property are Henderson residents.
−Removed: We are in the process of building a new casino on the current Jokers Wild site.
+Added: The principal customers of this property are Henderson residents, including the rapidly growing adjacent community of Cadence.
+Added: The Company is in the process of building a new casino on the current Jokers Wild site.
The new casino will be Cadence Crossing and will replace the existing Jokers Wild casino upon opening.
−Removed: Cadence Crossing will feature a 10,000 square foot casino, 450 slots and several restaurants, and is expected to open in mid-2026.
+Added: Cadence Crossing will feature a 10,000 square foot casino, 450 slots and several restaurants, and is expected to open in late March 2026.
Downtown Las Vegas Properties
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Fremont is adjacent to the principal pedestrian thoroughfare in downtown Las Vegas, known as the Fremont Street Experience.
−Removed: The property's amenities include 447 hotel rooms, a FanDuel branded sportsbook, a contemporary new food hall and other dining options and meeting space.
+Added: The property's amenities include 447 hotel rooms, a contemporary new food hall and other dining options and meeting space.
Main Street Station Hotel and Casino
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Midwest & South Properties
−Removed: Our Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states predominantly in the midwest and southern United States.
+Added: Our Midwest & South properties consist of six land-based casinos, five dockside riverboat casinos, three racinos and three barge-based casinos that operate in ten states predominantly in the midwest and southern United States.
Generally, these states allow casino gaming on a limited basis through the issuance of a limited number of gaming licenses.
Our Midwest & South properties primarily serve customers within a 100-mile radius and compete directly with other casino facilities operating in their respective immediate and surrounding market areas, as well as with gaming operations in surrounding jurisdictions.
−Removed: Online sportsbooks are operated under the respective property gaming license of certain of our Midwest & South properties pursuant to collaborative arrangements with FanDuel or one of our other market access partners.
+Added: Online sportsbooks are operated under the respective property gaming license of certain of our Midwest & South properties pursuant to market access agreements with other online partners.
Par-A-Dice Casino
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Belterra Casino Resort ("Belterra Resort") is a dockside riverboat casino located in Florence, Indiana, approximately 50 miles from downtown Cincinnati, Ohio, 70 miles from Louisville, Kentucky, 60 miles from Lexington, Kentucky and 115 miles from Indianapolis, Indiana.
−Removed: Belterra Resort features 608 hotel rooms, a FanDuel branded sportsbook and an 18-hole championship golf course.
+Added: Belterra Resort features 608 hotel rooms, a FanDuel branded sportsbook, a spa, a 1,600-seat showroom, banquet room and an 18-hole championship golf course.
The real estate utilized by Belterra Resort is subject to a Master Lease with Gaming and Leisure Properties, Inc.
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The property competes primarily with six casinos in northern Indiana, southern Michigan and eastern Illinois and, to a lesser extent, with casinos in the Chicago area and racinos located near Indianapolis.
−Removed: The property features 486 recently renovated guest rooms, a spa and fitness center, dining and nightlife venues, meeting and event space, including a land-based pavilion, and a FanDuel branded sportsbook.
+Added: The property features 486 guest rooms, a spa and fitness center, dining and nightlife venues, meeting and event space, including a land-based pavilion, and a FanDuel branded sportsbook.
Diamond Jo Casino
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Amelia Belle Casino
−Removed: The Amelia Belle Casino ("Amelia Belle") is located in south-central Louisiana and is a three-level dockside riverboat with gaming, including a FanDuel branded sportsbook, located on the first two decks as well as a café on the first deck.
−Removed: The property's third deck includes a banquet room.
+Added: The Amelia Belle Casino ("Amelia Belle") is located in south-central Louisiana and is a three-level dockside riverboat with gaming, including a FanDuel branded sportsbook, dining options and a banquet room.
Delta Downs Racetrack Hotel & Casino
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In addition, Delta Downs offers slots, a 370 -room hotel and a FanDuel branded sportsbook.
−Removed: Delta Downs is approximately 25 miles closer to Houston than the next closest gaming properties.
Located near Lake Charles, Louisiana, Delta Downs is conveniently near a route taken by customers traveling between Houston, Beaumont and other parts of southeastern Texas to Lake Charles, Louisiana.
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There is also a 117-room hotel connected to the racino, which is owned and operated by a third party.
−Removed: Evangeline Downs operates three Off Track Betting ("OTB") locations in Henderson, Eunice and St.
+Added: Evangeline Downs operates two Off Track Betting ("OTB") locations in Henderson and St.
Martinville, Louisiana.
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Treasure Chest Casino
−Removed: Treasure Chest Casino ("Treasure Chest") opened its new land-based casino facility in June 2024.
−Removed: Prior to the opening of the land-based casino, the property was a dockside riverboat casino.
−Removed: The casino is located near Lake Pontchartrain in the western suburbs of New Orleans, Louisiana.
+Added: Treasure Chest Casino ("Treasure Chest") is a land-based casino facility located near Lake Pontchartrain in the western suburbs of New Orleans, Louisiana.
Located approximately five miles from the New Orleans International Airport, Treasure Chest primarily serves residents of suburban New Orleans.
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Sam's Town Hotel and Gambling Hall Tunica
−Removed: Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") is a barge-based casino located in Tunica County, Mississippi.
−Removed: The property has 335 hotel rooms, a FanDuel branded sportsbook, multiple dining venues, a recreational vehicle park, and entertainment venues.
+Added: Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") was permanently closed on November 9, 2025.
+Added: The property was a barge-based casino located in Tunica County, Mississippi.
+Added: At the time of closure, Sam's Town Tunica offered 39,740 square feet of casino space with 534 slots and seven table games, 335 hotel rooms, a FanDuel branded sportsbook, multiple dining venues, a recreational vehicle park, and entertainment venues.
Ameristar Casino * Hotel Kansas City
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Charles convention facility, is located along the western bank of the Missouri River.
−Removed: The property features a AAA Four Diamond full-service luxury suite hotel with 397 rooms, an indoor-outdoor pool, several dining venues and bars, an entertainment venue, a full-service luxury day spa, two TopGolf Swing Suites and a conference center.
+Added: The property features a AAA Four Diamond full-service luxury suite hotel with 397 rooms, an indoor-outdoor pool, several dining venues and bars, an entertainment venue, a full-service luxury day spa, a TopGolf Swing Suite and a newly remodeled and expanded conference and meeting center.
The real estate utilized by Ameristar St.
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The property also includes multiple dining options, a FanDuel branded sportsbook and an entertainment venue.
+Added: The Interim Gaming Hall
+Added: The Interim Gaming Hall is a variable interest entity consolidated in our financials and is a land-based casino located in Norfolk, Virginia.
+Added: The transitional casino opened on November 7, 2025 with 132 slot machines.
+Added: The permanent casino resort, featuring a 65,000 square-foot casino, a 200-room hotel, multiple food and beverage outlets and other amenities is expected to open in late 2027.
Boyd Interactive
−Removed: On November 1, 2022, the Company completed the acquisition of Pala Interactive and Pala Canada (individually and collectively rebranded, "Boyd Interactive").
Boyd Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
Under the Stardust brand, we offer B2C online casino gaming in New Jersey, Pennsylvania and the Canadian province of Ontario.
−Removed: In January 2024, we began offering online social gaming via the Boyd Interactive platform in the United States and Ontario.
+Added: Through Boyd Digital, we also offer online casino gaming under the Resorts Casino and Mohegan Sun brands.
+Added: We also offer online social gaming via the Boyd Interactive platform in the United States and Ontario.
Our B2B customers in the United States and Canada license our platform for use in their online casino offerings.
−Removed: On September 1, 2024, the Company completed the acquisition of Resorts Digital Gaming, LLC ("Resorts Digital"), growing the Boyd Interactive business.
−Removed: Resorts Digital is an online casino operator based in New Jersey, operating a dual-brand strategy across Resorts Casino and Mohegan Sun.
−Removed: In addition to acquiring the existing online business under both brands, the acquisition included a 20-year marketing agreement with a 10-year renewal option that provides for marketing and promotional services at Resorts Casino in Atlantic City, New Jersey.
Online Sports Betting
−Removed: Through our strategic partnerships with FanDuel and other third-party market access partners, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania.
+Added: Through our strategic partnerships with third-party market access partners, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio (through June 30, 2025) and Pennsylvania.
Management Agreement
We have a management agreement with Wilton Rancheria, a federally recognized Native American tribe, to manage the Sky River Casino, a gaming entertainment complex, located southeast of Sacramento, California.
−Removed: Sky River Casino has over 2,100 slot machines and 80 table games with 18 food and beverage options and live entertainment.
+Added: Sky River Casino has over 2,100 slot machines and over 80 table games with 18 food and beverage options and live entertainment.
The Sky River Casino is currently expanding its amenities in two phases.
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We face significant competition in each of the jurisdictions in which we operate.
−Removed: Such competition may intensify in some of these jurisdictions if new gaming operations open in these markets, including online gaming, or existing competitors expand their operations.
+Added: Such competition may intensify in some of these jurisdictions if new gaming operations open in these markets or existing competitors expand their operations.
Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states.
−Removed: In addition, some of our properties compete with online gaming, to the extent it has been legalized, in and adjacent to the states we operate.
−Removed: We also compete for customers with other casino operators in and around our markets, including Native American casinos, and other forms of gaming, such as lotteries.
+Added: We also compete for customers with other casino operators in and around our markets, including Native American casinos and online gaming operators, and other forms of gaming, such as lotteries.
In some instances, particularly with Native American casinos, our competitors pay substantially lower taxes or no taxes at all.
−Removed: We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects.
+Added: We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming entertainment properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects.
Frequent Player Loyalty Program
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The "Boyd Rewards" loyalty program, among other benefits, rewards players for their loyalty and allows players to qualify for promotions, earn rewards toward slot, video poker, or table games play and redeem points for complimentary slot play, food & beverage, hotel rooms and other free goods and services.
−Removed: Benefits for certain tiers of our loyalty program include annual cruises, vacations, and gifts of luxury jewelry and electronics.
+Added: Benefits for certain tiers of our loyalty program include annual vacations and gifts of luxury jewelry, electronics and other items.
Through the Boyd Rewards card, players may link their card to our digital cashless wallet "BoydPay", in jurisdictions with regulatory approval, providing players with a cashless gaming experience.
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Corporate Social Responsibility ("CSR")
−Removed: We believe our promotion of CSR initiatives is consistent with our values and an integral part of our success as a Company.
+Added: We believe our Company's CSR initiatives are consistent with our values and an integral part of our success as a Company.
Dating back to our Company’s founding, we strive to share our success with others, treating every stakeholder of our Company with respect and integrity, and making sure that our home communities are better places because we are a part of them.
−Removed: We strive to help protect the environment and meaningfully reduce our consumption of natural resources across our nationwide operations.
−Removed: Through these efforts, we endeavor to find ways to continue to reduce our carbon footprint, lower water stress on our communities and reduce the amount of waste sent to the landfills, helping ensure the health of our shared environment for future generations.
We believe our long-term success is intertwined with healthy and vibrant communities.
We look to invest in our communities, providing donations each year to non-profit organizations across the United States.
−Removed: When crises like pandemics or natural disasters strike our communities, we look for ways to support our neighbors and team members in need.
−Removed: We strive to be an employer of choice and create a workplace environment that embraces all Team Members.
+Added: When crises or natural disasters impact our communities, we have actively supported our neighbors and Team Members in need.
+Added: We strive to be an employer of choice and create a welcoming workplace environment.
Our commitment to being an employer of choice has been recognized by US News & World Report, which named Boyd Gaming one of "America's Best Companies to Work For" in 2025.
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We are committed to promoting responsible gaming throughout our operations and our marketing efforts, and to helping provide assistance to those who need help.
−Removed: We provide support to problem gambling and responsible gaming organizations across the country, require all employees to participate in annual responsible gaming awareness training and post prominent signage throughout our properties providing problem gambling helpline information.
+Added: We provide support to problem gambling and responsible gaming organizations across the country, require all Team Members to participate in annual responsible gaming awareness training and post prominent signage throughout our properties providing problem gambling helpline information.
We also ensure all advertising and marketing includes information on problem gambling and additional information is available to our customers at our properties.
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We file annual, quarterly, current and special reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC").
−Removed: In addition, the SEC maintains an Internet site, at http://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
+Added: In addition, the SEC maintains an Internet site, at https://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Copies of our SEC filings are available on the SEC’s website.
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The following factors, along with the Risk Factors included in Part I, Item 1A of this Form 10-K, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements:
−Removed: the general effect and expectation of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where our properties are located;
+Added: the general effect and expectation of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located;
our business model, areas of focus and strategy for driving business results;
our ability to maintain the integrity of our information technology systems and to protect our internal information;
−Removed: impacts caused by public health emergencies and man-made or natural disasters we may encounter;
competition, including expansion of gaming into additional markets including online gaming, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete;
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the sufficiency of our cash flows from operating activities and financing sources to meet our projected operating and maintenance capital expenditures for the next twelve months;
−Removed: indebtedness, including our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes, when they become due and our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our respective indebtedness at or before maturity;
+Added: impacts caused by public health emergencies and man-made or natural disasters we may encounter;
+Added: our ability to incur additional indebtedness, our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes when they become due, our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our indebtedness at or before maturity;
our belief that all pending litigation claims, if adversely decided, will not have a material effect on our business, financial position, results of operations or cash flows;
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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.