What changed in this filing

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Item 1. Business

2023-03-01 compared with 2022-03-01 · 69 added, 80 removed, 217 unchanged (41% of the section changed)

Our company’s mission is to redefine marketing by using data for good.

Our company's mission is to make commerce smarter and rewarding for everyone.

We work to accomplish this mission by operating an advertising platform within our own and our partners' digital channels, which include online, mobile applications, email, and various real-time notifications (the "Cardlytics platform").

We also operate a customer data platform which utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers, in a privacy-protective manner, to perform analytics and targeted loyalty marketing and also enable marketers to measure the impact of their marketing (the "Bridg platform").

The partners for the Cardlytics platform are predominantly financial institutions ("FI partners") who provide us with access to their anonymized purchase data and digital banking customers.

The partners for the Bridg platform are merchants ("merchant data partners") who provide us with access to their POS data, including product-level purchase data.

By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers identify, reach and influence likely buyers at scale, and measure the true sales impact of their marketing spend.

We also operate a customer data platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers, in a privacy-protective manner, to perform analytics and targeted loyalty marketing and also enable marketers to measure the impact of their marketing (the "Bridg platform").

The partners for the Cardlytics platform are predominantly financial institutions ("FI partners"), that provide us with access to their anonymized purchase data and digital banking customers.

The partners for the Bridg platform predominantly are merchants ("merchant data partners") that provide us with access to their POS data, including product-level purchase data.

By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers, reach potential buyers at scale, and measure the true sales impact of their marketing spend.

We have strong relationships with leading marketers across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.

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The reality is, no matter how robust their own customer data, marketers only see a small portion of their customers’ overall spending patterns.

As a result, it is very difficult for businesses to focus their marketing investments on the most valuable customers.

With the Cardlytics platform, we enable marketers to reach potential customers across our network of FI partners through their digital banking accounts and present them relevant offers to save money at a time when they are thinking of their finances.

As a result, it is difficult for businesses to focus their marketing investments on the most valuable customers.

With the Bridg platform, we enable marketers to leverage their own POS data and reach their customers across a wide variety of digital advertising channels that they would not otherwise be able to identify and reach.

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The Cardlytics Platform

Through the Cardlytics platform, marketers can deliver advertising content to customers in the form of an opportunity to earn rewards, which are funded with a portion of the fees we collect from marketers.

Additionally, the Cardlytics platform benefits customers by showing them relevant advertisements tailored to their specific needs based on their spending patterns to enhance their overall experience.

We maintain similar platforms in both the United States ("U.S.").

and United Kingdom ("U.K.").

Through the Cardlytics platform, marketers can deliver advertising content to customers that allows them to earn rewards, which are funded with a portion of the fees we collect from marketers.

Additionally, the Cardlytics platform benefits customers and enhances their overall experience by showing them relevant advertisements tailored to their spending patterns and specific interests.

We maintain similar platforms in both the United States ("U.S.") and United Kingdom ("U.K.").

The Cardlytics platform helps marketers find potential new customers that are active in their category but not currently shopping with them, or to grow their business with existing customers.

Our marketing is targeted and measured based on actual purchase data at a customer and account level.

However, all reporting is aggregated across consumers in our network of FI partners.

Unlike many other measurement solutions on which the marketing industry has historically relied, our measurements are not probabilistic or based on models, but are based on actual in-store and online purchases.

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The Cardlytics platform helps solve fundamental problems for our FI partners.

Leveraging our powerful predictive analytics, we create compelling cash back offers that have the potential to drive deeper and sustained use of the FI's digital channels, which we believe reduces customer attrition and increases use of the FIs’ credit and debit cards.

Today, our FI partners include Bank of America, National Association ("Bank of America"), JPMorgan Chase Bank, National Association (“Chase”) and Wells Fargo Bank, National Association (“Wells Fargo”), as well as many other national and regional financial institutions, financial technology companies, virtual-only banks, and several of the largest bank processors and digital banking providers to reach customers of small and mid-sized FIs.

Leveraging our powerful predictive analytics, we create compelling rewards that have the potential to drive deeper and more sustained use of the FI's digital channels, which we believe reduces customer attrition and increases use of the FIs’ credit and debit cards.

We also partner with several of the largest bank processors and digital banking providers to help us reach customers of small and mid-sized FIs.

The Bridg Platform

The Bridg platform is a customer data platform, which utilizes POS data from our merchant data partners, including product-level purchase data to enable marketers, in a privacy-protective manner, to perform analytics and targeted loyalty marketing and also enable marketers to measure the impact of their marketing.

The Bridg platform's unique ability to identify, understand, and engage previously unreachable in-store customers is made possible through industry leading identity resolution, proprietary census of identity and behavior, and unique strategic data partnerships.

On May 5, 2021, we completed the acquisition of Bridg for purchase consideration of $578.9 million.

The purchase consideration consisted of a $350.0 million cash purchase price, subject to $2.8 million of adjustments and escrows, and contingent consideration with a fair value of $230.9 million at the time of the acquisition related to additional potential future payments.

At least 30% of the potential future payments will be in cash, with the remainder to be paid in cash or our common stock, at our option.

On March 5, 2021, we completed the acquisition of Dosh for purchase consideration of $277.6 million in a combination of cash and common stock.

The total purchase consideration consisted of a $150.0 million cash purchase price, subject to $6.6 million of adjustments and escrows, and $125.0 million of shares of our common stock at an agreed-upon price of $136.33 per share, subject to $7.6 million of fair value adjustments based upon our close date, for an acquisition date fair value of $117.4 million.

Refer to Note 4—Business Combinations to our consolidated financial statements for further information.

The Bridg platform is a customer data platform, that utilizes POS data from our merchant data partners, including product-level purchase data to enable marketers to perform analytics and targeted loyalty marketing in a privacy protected manner.

Bridg also enables marketers to measure the impact of their marketing.

Purchase Intelligence

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The data from the FI is anonymized so that it cannot be associated with any one individual.

The Cardlytics platform analyzes online and in-store transactions across the U.S.

In the U.S., the Cardlytics platform ingests approximately one in every two debit and credit card transactions as of December 31, 2021.

In the U.S., the Cardlytics platform ingests approximately one in every two debit and credit card transactions.

This data allows us to serve relevant advertisements to our FI partners’ customers through our native bank advertising channel.

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Point-of-Sale Data from our Merchant Data Partners

Using POS data from our merchant data partners and our proprietary bureau of offline identity and behavioral information, the Bridg platform associates customer purchases with developed identifiers.

We then build privacy-protective profiles that include product-level purchase history and hundreds of customer attributes that power marketing and analytics.

Using POS data from our merchant data partners and our proprietary bureau of offline identity information, the Bridg platform associates customer purchases with developed identifiers.

We then build privacy-protective profiles that include product-level purchase history and hundreds of customer attributes to enable marketing and analytics.

Advanced Analytics Capabilities

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Our analytics makes our data actionable, enabling us to develop insights that marketers and partners rely on to make more informed business decisions and more meaningful customer connections.

We analyze the impact marketing campaigns have on in-store and online sales.

Since we are able to measure sales impact, marketers can use our purchase intelligence to optimize their advertising efforts and increase their investment in the Cardlytics and Bridg platforms to enhance future campaigns.

Since we are able to measure the impact marketing campaigns have on in-store and online sales, marketers can use our purchase intelligence to optimize their advertising efforts and increase their investment in the Cardlytics and Bridg platforms to enhance future campaigns.

Given our granular view into consumer spending across all categories, we can also help marketers identify share shift against their competition and learn more about where else their customers spend their money.

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A critical part of our strategy involves a design focused on gathering data without collecting, maintaining or using sensitive information, such as social security numbers, credit card numbers, financial account information or medical records.

Our platforms are currently designed so that we do not receive or have access to any PII from our FI partners and merchant data partners.

Our platforms are currently designed so that we do not receive or have access to any PII from our FI partners.

We only target marketing against anonymized data and/or data that has undergone processing such that it is only linked to pseudonymous identifiers.

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These customers frequently audit our practices and engage in detailed assessments of our infrastructure.

Our Ad Server and Ads Manager, which have previously been referred to as our Offer Placement System and Offer Management System, respectively, form the core of the Cardlytics platform.

Each FI partners' Ad Server is either hosted at the FI partner’s data center behind the FI partner’s firewall or hosted by us on behalf of the FI partner.

The Ad Server tracks impressions, engagement, activation and redemptions and is responsible for targeting and presenting offers, which are developed and designed within the Ads Manager.

Our Ad Server and Ads Manager form the core of the Cardlytics platform.

The Ad Server is responsible for targeting and presenting offers, which are developed and designed within the Ads Manager.

Each FI partner's Ad Server is either hosted at the FI partner’s data center behind the FI partner’s firewall or hosted by us on behalf of the FI partner.

The Ad Server interfaces with our FI partners' systems to receive anonymized purchase data, assign a unique consumer ID to each FI partners' customer, which we call a Cardlytics ID, and aggregate this purchase data.

The Cardlytics ID is then used to assign offers, measure redemptions, and in limited cases, validate certain online purchases via anonymously linking to a consumer’s digital media presence.

The Ad Server also receives engagement data, such as impressions and activations related to each Cardlytics ID.

The Ads Manager is hosted in our data centers behind our firewall and is used to create, manage and publish marketing campaigns to each FI partner's Ad Server.

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The Bridg platform was designed to comply with privacy laws and regulations throughout the U.S.

The Bridg platform also has built-in privacy protections to ensure that data provided by clients is never sold or shared, and personal information relating to newly identified consumers is never shared with the clients.

Further, as we seek to deploy the Bridg platform outside the U.S., we will utilize best practices to ensure compliance with General Data Protection Regulation (“GDPR”) and other like data protection regimes.

The Bridg platform also has built-in privacy protections to ensure that data provided by clients is never sold or shared without their consent, and personal information relating to newly identified consumers is never shared with the clients.

Further, as we seek to deploy the Bridg platform outside the U.S., we will utilize appropriate practices to ensure compliance with General Data Protection Regulation (“GDPR”) and other like data protection regimes.

Competitive Strengths

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We believe that the following strengths provide us with competitive advantages:

• Deeply Embedded with Partners .

The Cardlytics platform was architected with our partners in mind and are designed to ensure that no PII ever leaves our FI partners' systems.

With the Cardlytics platform, the data is anonymized so that it cannot be associated with any one individual.

• Significant Scale with FI Partners and Deeply Embedded Solution .

We are generally the exclusive provider of native bank channel digital advertising to our FI partners as their digital channels are typically not conducive to supporting marketing content from multiple vendors.

Our ability to connect and support multiple banks as a single vendor provides network scale that would otherwise be impossible for a single bank to achieve.

Further, advertising within FIs' digital channels requires deep technological integrations, which we believe increases the cost of switching or supporting multiple vendors and therefore increases partner loyalty to us.

• Valuable Customer Touchpoints with Customers of our FI Partners .

• Valuable Touchpoints with Customers of our FI Partners .

The Cardlytics platform enables marketers to reach consumers in a secure, brand-safe, and digitally engaging environment, when they are thinking about their finances.

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We provide marketers with the opportunity to leverage this unique data set to precisely reach millions of consumers.

The Bridg platform gives marketers the ability to leverage insight of their own POS transactional purchase data through their purchase intelligence to better understand their customers inform their marketing strategies and measure the impact of their marketing.

• Significant Scale with Marketers and Compelling Return on Advertising Spend .

We work with marketers across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.

The Bridg platform gives marketers the ability to leverage insight of their own POS transactional purchase data to better understand their customers, inform their marketing strategies and measure the impact of their marketing.

• Significant Scale with Marketers due to consumer insights and Compelling Return on Advertising Spend .

We provide compelling return on advertising spend due to our ability to influence likely buyers through our insights into consumer purchase data.

This allows us to serve marketers at scale across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.

By serving these marketers at scale, we have developed deep insight into consumer behavior, which has allowed us to optimize how we reach and influence likely buyers.

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Likewise, although marketers may have access to data on the purchase behavior of their customers in their stores and on their websites, they lack visibility about these customers’ overall spending patterns and the purchasing behavior of other likely buyers.

Through the Cardlytics and Bridg platforms, we reach and influence real buyers at scale and measure the true, incremental impact marketers’ campaigns have on in-store and online sales.

Through the Cardlytics and Bridg platforms, we reach and influence real buyers at scale and measure the true, incremental impact marketing campaigns have on in-store and online sales.

Our targeting capabilities allow marketers to tailor their campaigns to align with their marketing strategies.

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• Loyalty Tactics Beyond Loyalty Programs .

The Bridg platform easily integrates with the majority of POS systems, allowing marketers to identify and reach previously unreachable customers.

The Bridg platform easily ingests POS data, allowing marketers to identify and reach previously unreachable customers.

This allows marketers to utilize loyalty tactics across all of their customers and enjoy the same rich insights, targeted marketing capabilities, and closed loop measurement as digital brands.

• World-Class Management Team with Unique Combination of Backgrounds and Experiences .

Our team’s extensive experience across banking, technology and marketing is invaluable in our ability to forge relationships with financial and marketing partners and understand the technical complexities inherent in building platforms that are transforming and disrupting the marketing industry.

Our team’s extensive experience across banking, technology and marketing is invaluable in our ability to forge relationships with FI partners and market and understand the technical complexities inherent in building platforms that are transforming and disrupting the marketing industry.

Growth Strategies

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While we already work with many large marketers, our platforms currently capture only a small portion of their overall marketing spend.

We intend to continue expanding our sales and marketing efforts to grow our share of advertising budgets from existing marketers and attract new brands, merchants and service providers.

We intend to continue expanding our sales and marketing efforts to grow our share of advertising budgets from existing marketers and attract new brands, merchants and service providers both directly and through advertising agencies.

We also intend to grow our business with new marketers in newer industry verticals such as travel and entertainment, direct to consumer, and grocery and gas.

We plan to increase sales to marketers through advertising agencies by leveraging the Cardlytics platform’s emerging self-service capabilities.

We also intend to continue growing the footprint of the Bridg platform through both new and existing merchant data partners.

• Continue to Innovate and Evolve our Platforms .

As we continue to grow our data assets and enhance our Cardlytics platform through the option of self-service, we are also developing new solutions, greater automation and increasingly sophisticated analytical capabilities.

• Continue to Innovate and Evolve our Platform .

As we continue to grow our data assets and enhance our Cardlytics platform, we are also developing new solutions, greater automation and increasingly sophisticated analytical capabilities.

Our innovation is also focused on evolving our offer formats and expanding the types of offers within the Cardlytics platform, including product-level offers sourced from Bridg’s merchant data partners that can be distributed and managed within the Cardlytics platform.

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We believe integrating the Cardlytics and Bridg platforms has the potential to enable more effective media measurement (power promotional effectiveness across in-store and online channels), price and promotion optimization, more optimal partner relationships and further international expansion.

The Bridg platform uses POS data from retailers to generate new opportunities that can also be used by our current FI partners to better target their financial product marketing.

We expect this will allow us to continue to expand our marketing partners.

• Drive Growth through Existing FI Partners .

We intend to drive revenue growth by continuing to increase customer adoption by improving the effectiveness of our FI partners’ digital channels.

We intend to increase customer adoption by improving the effectiveness of our FI partners’ digital channels.

We continually work with our FI partners to improve their customers’ user experience, increase customer awareness and leverage additional customer outreach channels like email and alerts.

We believe this organic increase in our monthly active users will drive growth.

• Expand the Network of Partners .

We will continue to focus on growing our network of partners by integrating directly with FI partners, non-bank partners, merchant data partners and by opportunistically reselling our solution through financial processors and payment networks.

Each new partner increases the size of our data asset, increasing the value of the Cardlytics and Bridg platforms to both marketers and our existing partners.

Each new partner increases the size of our data asset, increasing the value of the Cardlytics and Bridg platforms to both marketers and our existing partners, which we believe will drive growth.

• Grow the Platform Through Integrations with Partners .

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In addition to focusing on the integration of the Cardlytics and Bridg platforms, we intend to focus on continued technological integration of our platforms with those of other complementary market participants.

We define a partner as a separate contracting entity from which we access purchase data to empower our platforms either directly or through a third-party intermediary, such as a bank processor, digital banking provider or payment network operator.

We define a partner as a separate contracting entity from which we access data to empower our platforms either directly or through a third-party intermediary, such as a bank processor, digital banking provider or payment network operator.

The partners for the Cardlytics platform are predominantly FI partners that provide us with access to their anonymized purchase data and digital banking customers.

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Agreements with Bank of America

Since November 2010, our relationship with Bank of America has been governed by a General Services Agreement ("GSA") pursuant to which we provide Bank of America with access to the Cardlytics platform and certain other related services, and a related Software License, Customization and Maintenance Agreement, which grants Bank of America the right to use the software underlying the Cardlytics platform.

The GSA has been extended through August 31, 2022 and, if not extended again, will automatically renew for one-month periods thereafter unless terminated earlier in accordance with the terms of the GSA.

Our relationship with Bank of America is governed by a General Services Agreement ("GSA") pursuant to which we provide Bank of America with access to the Cardlytics platform and certain other related services, and a related Statement of Work, which grants Bank of America the right to use the software underlying the Cardlytics platform.

The GSA and Statement of Work extends through July 31, 2025, and Bank of America may terminate the GSA and Statement of Work at any time upon 90 days’ written notice.

Pursuant to the GSA with Bank of America, we provide the Cardlytics platform to Bank of America customers which includes forming relationships with participating marketers;

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Bank of America has the right to approve all marketer offers to be presented to Bank of America customers on the Cardlytics platform.

Bank of America may terminate the Master Agreement at any time upon 90 days’ written notice.

The GSA will automatically renew for 12-month periods thereafter, unless terminated earlier in accordance with the terms of the GSA.

Under the GSA, we share the revenue that we generate from the sale of advertising within the Bank of America channel with Bank of America, subject to certain exceptions.

The amounts that we pay to Bank of America are reflected as Partner Share.

The amounts that we pay to Bank of America in excess of Consumer Incentives are reflected as Partner Share.

The specific Partner Share percentage that we pay is based on whether we or Bank of America have secured the relevant marketer account and other marketer- and transaction-specific factors, provided that we are entitled to retain a minimum percentage of the monthly revenue subject to the GSA.

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Chase may terminate the Master Agreement at any time upon 90 days’ written notice.

The GSA will automatically renew for 12-month periods thereafter, unless terminated earlier in accordance with the terms of the GSA.

The Master Agreement will automatically renew for 12-month periods thereafter, unless terminated earlier in accordance with the terms of the Master Agreement.

Under the Master Agreement, we share billings that we generate from the sale of advertising within the Chase channel with Chase, subject to certain exceptions.

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The specific billing share percentage that we pay is based on whether we or Chase have secured the relevant marketer account and other marketer- and transaction-specific factors, provided that we are entitled to retain a minimum percentage of the monthly revenue subject to the Master Agreement.

We work with marketers across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.

During 2019, 2020 and 2021, our top five marketers accounted for 27%, 35% and 29% of our revenue, respectively, with one marketer accounting for over 10% during each period.

As of December 31, 2020 and 2021, our top five marketers accounted for 31% and 19% of our accounts receivable, respectively, with one marketer representing over 10% in 2020 and no marketers representing over 10% in 2021.

Sales and Marketing

Our sales teams are focused on growth with our marketer and agency customers and our marketing efforts are focused on increasing market awareness for Cardlytics and Bridg through partnerships, public relations, industry events and publications.

Our sales teams are focused on growing our share of advertising budgets from existing marketers and attracting new brands, merchants and service providers both directly and through advertising agencies.

Our marketing efforts are focused on increasing brand awareness for Cardlytics and Bridg through partnerships, public relations, industry events and publications.

Our partner-focused account management team is focused on deepening relationships with existing partners and expanding our network.

We have dedicated sales teams responsible for establishing relationships with marketers and their agencies.

Our sales teams are organized by industry, which include retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.

Our sales teams are organized by industry, which include retail, restaurant, travel and entertainment, direct-to-consumer, grocery and gas.

Each industry team is led by an experienced sales manager and staffed with sales, sales support and service specialists who have deep domain knowledge and industry operating experience.

We also have account managers that manage our customer relationships within each industry.

We have a dedicated sales team focused on expanding our network of FI partners by both nurturing our existing banking relationships and cultivating new relationships.

Our FI partner sales team is focused on driving FIs to enhance their user interface for the Cardlytics platform, otherwise drive increased consumer engagement and encourage adoption of our solution offerings.

We also have a dedicated partner sales team focused on expanding our network by both nurturing our existing relationships and cultivating new relationships with FI partners.

Our partner sales team helps drive adoption of our solution offerings and partners with FIs to develop curated content and enhancements to the user experience for FI partners’ customers to drive increased engagement with the Cardlytics Platform.

The market for utilizing purchase intelligence to power marketing decisions is still emerging, and we believe we are one of the only companies that can provide purchase intelligence with the scale and the level of granularity that is equivalent to ours.

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and other jurisdictions.

As of December 31, 2021, we had seven issued patents relating to our software.

As of December 31, 2022, we had eight issued patents relating to our software.

We cannot assure you that our patents will give us the protection that we seek or that any such patents will not be challenged, invalidated, or circumvented.

Our patents may not provide sufficiently broad protection and may not be enforceable in actions against alleged infringers.

We have registered, or are registering, the "Cardlytics," "Dosh," and "Bridg," names and logos in the U.S.

Our patents may not provide sufficiently broad protection and may not be enforceable in actions against alleged infringements.

We have registered, or are registering, the "Cardlytics," "Dosh," "Bridg" and "Entertainment" names and logos in the U.S.

and certain other countries.

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Our cash flows from operations vary from quarter to quarter, largely due to the seasonal nature of our marketers’ advertising spending.

Many marketers tend to devote a significant portion of their marketing budgets to the fourth quarter of the calendar year to coincide with consumer holiday spending and to reduce spend in the first quarter of the calendar year.

Many marketers tend to devote a significant portion of their marketing budgets to the fourth quarter of the calendar year to coincide with consumer holiday spending and reduce their marketing budgets in the first quarter of the calendar year.

As of December 31, 2022, we had 501 full-time employees, including 63 in delivery, 200 in sales and marketing, 148 in research and development and 90 in general and administrative.

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Human Capital Resources and Management

Our company's mission is to redefine marketing by using data for good, and we know this starts with investing in each of our employees.

Our company's mission is to make commerce smarter and rewarding for everyone, and we know this starts with investing in each of our employees.

Headquartered in Atlanta, GA with additional offices in New York, NY;

San Francisco, CA;

Palo Alto, CA;

Los Angeles, CA;

Charlotte, NC;

and Visakhapatnam, India, our employees are a big part of what drives our exceptional desire to win and help our advertisers and partners win.

Austin, TX, Detroit, MI;

Champaign, IL and London, U.K, our employees are a big part of what drives our exceptional desire to win and help our advertisers and partners win.

Diversity, Equity, and Inclusion (“DEI”) is integrated in everything we do.

This mindset starts at the top, a significant part of our company goal of creating a “Great place where great people want to be”.

Our CEO and other senior leaders have DEI objectives in their performance goals.

This focus is embedded in each aspect of the talent lifecycle:

This mindset starts at the top, a significant part of our company goal of creating a “Great place where great people want to be.” DEI is embedded in each aspect of the talent lifecycle:

attraction, recruitment, onboarding, development and retention.

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Each group is sponsored by senior leaders in the organization.

Cardlytics Connect, our newest SIG, focuses on our Black employees across the globe and is also expanding to focus on our Hispanic employees.

As of December 31, 2020 and 2021, approximately 39% and 38% of our global workforce is made up of women, respectively, and 40% and 48% is made up of people of color, respectively.

A key component to our sustainability and success is learning and development.

Cardlytics Connect, our newest SIG, focuses on our Black and Hispanic employees across the globe.

As of December 31, 2022, approximately 42% of our global workforce is made up of women and 42% people of color.

A key component to our sustainability and success is talent development and learning.

We are intentional in our efforts to provide all employees opportunities to grow.

Additionally, we have introduced programs for student loan assistance and tuition reimbursement beginning in 2022.

Additionally, we have introduced initiatives to give all employees access to learning content providers as well as experiencing success with programs for Educational Assistance and student loan reimbursement.

Cardlytics University is a resource for both new hires as well as longer-tenured employees, and we have specialized curricula for emerging leaders, managers and mentors.

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Our people and culture are our most valuable assets and greatest differentiators.

We GSD, take initiative, are hungry to win, value transparency, and make it a priority to create a place where people want to be.

We take initiative, are hungry to win, value transparency, and make it a priority to create a place where people want to be.

Corporate 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