What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-16 · 88 added, 109 removed, 170 unchanged (54% of the section changed)

Our mission is to make it fast and easy for businesses to delight their customers and employees.

We deliver modern and innovative AI-guided customer and employee service solutions that enable companies of all sizes to drive delightful engagement and increase productivity.

We started with Freshdesk, our customer service (CS) product, and later expanded our offering to include Freshservice, our IT and employee service management (ITSM) product.

Next, we introduced Freshsales and Freshmarketer, our sales force and marketing automation solutions, and Freshchat, our messaging/chat product offering.

Currently, more than 67,100 businesses use our software to make engaging customers and employees more efficient and enjoyable.

Our enterprise-grade platform and products deliver the modern functionality and capabilities businesses need, while being intuitive and easy to use, rapid to onboard, agile, and affordable for organizations of all sizes.

We build intelligence and automation into our products wherever possible to accelerate user productivity and allow them to quickly meet the increasing demands of their customers and employees.

By accelerating time to value, increasing productivity, and lowering costs, we provide businesses with a concrete return on their investment in Freshworks.

With an increased ability to delight customers and employees, businesses also benefit from improved retention, higher net promoter scores (NPS), and better business outcomes.

We provide people-first, AI service software that organizations use to deliver exceptional customer and employee experiences.

We provide our solutions in two product families:

Customer Experience (CX) and Employee Experience (EX).

CX products include Freshdesk, Freshdesk Omni, Freshchat, Freshsales, and Freshmarketer.

EX products include Freshservice, Freshservice for Business Teams and Device42.

Our generative AI offerings, Freddy AI Agent and Freddy AI Copilot, further enhance the customer and employee experience.

Freddy AI Agent offers always-on, autonomous, personalized resolutions to customer and employee queries.

Freddy AI Copilot provides always-on contextual assistance for customer support, employee support, marketing and sales use cases, designed to boost productivity.

Currently, over 72,000 companies use Freshworks' uncomplicated solutions to increase employee efficiency and customer loyalty.

Our solutions and platform are enterprise-grade without the enterprise complexity.

Our fresh approach to EX and CX software is designed to be easy to use and ready to scale and to deliver rapid time to value to companies of all sizes.

With an increased ability to delight customers and employees, Freshworks' customers have improved retention, achieved higher customer satisfaction scores and better business outcomes.

Our secure and native AI enables businesses to stay ahead of the curve with the latest technologies and is designed to deliver a tangible return on investment.

Built to deliver exceptional customer experiences and employee experiences, Freddy AI has helped users in customer support and IT autonomously resolve service requests.

Businesses from approximately 170 countries around the world use Freshworks products to delight their customers and employees every day.

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We provide products across multiple markets in order to address the needs of businesses of all sizes that need to digitally transform to delight their customers and employees.

Our business has grown rapidly in recent periods as our customer base and operations have scaled.

Our business has grown significantly in recent periods as our customer base and operations have scaled.

Our total revenue was $720.4 million, $596.4 million and $498.0 million in the years ended December 31, 2024, 2023 and 2022, respectively, representing year-over-year growth rates of 21% and 20%, respectively.

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Product-led growth (PLG) is the core foundation of Freshworks and has helped us serve organizations of all sizes.

The simplicity and powerful functionality underpinning our Freshworks solutions acts as the primary driver of customer acquisition, conversion, and expansion by driving trials of our products that we supplement with our inbound and outbound sales motions.

The simplicity and powerful functionality underpinning our Freshworks solutions act as the primary driver of customer acquisition, conversion, and expansion by driving trials of our products that we supplement with our inbound and outbound sales motions.

Our pricing is transparent, affordable, and easy to understand, reducing the length of sales cycles and increasing the efficiency of marketing and sales.

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Our inbound motion is the primary way we sell to organizations, regardless of the organization’s size or industry.

We rely on efficient search marketing and word of mouth to encourage individual users or small teams within an organization to discover, try, and purchase our products.

We drive potential customers to our website as the

primary channel to learn about our solutions and we offer 14-day free trials of our products, giving potential customers flexibility to try before they buy.

We rely on efficient search marketing and word of mouth to encourage individual users or small teams

within an organization to discover, try, and purchase our products.

We drive potential customers to our website as the primary channel to learn about our solutions and we offer 14-day free trials of our products, giving potential customers flexibility to try before they buy.

• Outbound motion :

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• Partner ecosystem :

Our growing partner ecosystem enriches our offerings, scales our geographic coverage, and helps us reach a broader audience than we would be able to reach on our own, thus amplifying our go-to-market investments.

Our partner ecosystem consists of channel partners, independent software vendors (ISV) partners and marketplace partners, including developers.

Our growing partner ecosystem enriches our offerings, scales our geographic coverage, and helps us reach more EX and CX buyers, thus amplifying our go-to-market investments.

Our partner ecosystem consists of channel resellers, independent software vendors (ISV) and marketplace partners, including developers.

Once a business has purchased a subscription to one of our products, we activate our customer success programs that are aligned with the size and scale of each customer and are designed to ensure businesses are getting the most out of their subscription.

We provide digital onboarding directly or with partners to all customers.

We conduct health checks and business reviews, monitor customer satisfaction and NPS, and identify gaps to proactively address any concerns.

We conduct health checks and business reviews, monitor customer satisfaction and Net Promoter Scores, and identify gaps to proactively address any concerns.

Our customer success team is also responsible for customer renewals and for identifying expansion opportunities.

Products and Capabilities

Freshworks provides solutions that serve the needs of users in the CS and ITSM categories, and we have also expanded our offering with Sales and Marketing automation products.

Freshworks provides solutions that serve the needs of users in the CX and EX categories.

These product offerings enable organizations to acquire, engage, and better serve their customers and employees.

For customer facing teams, we offer our CS family of products, including Freshworks Customer Service Suite, Freshdesk, Freshchat, Freshcaller, and Freshsuccess.

For customer-facing teams, we offer our AI-powered, CX family of products, including Freshdesk, Freshdesk Omni, Freshchat, Freshsales, and Freshmarketer.

These products allow businesses to deliver effortless, self-service resolutions for their customers, a unified workspace for their agents, and performance insights for their leaders.

For IT and employee-facing teams, our service management product, Freshservice, provides both the intelligence and automation businesses need to give employees the “consumer” like experience they now expect.

Freshservice provides a foundation for managing the IT department and extends to other departments like HR and Facilities.

For go-to-market teams, our Sales and Marketing products of Freshsales, Freshmarketer, and Freshsales Suite align users with a unified view of the customer journey to better acquire, engage, and close customers.

All of our products leverage our Freshworks Neo platform, which provides shared services that enable us to rapidly innovate and release new capabilities.

Freddy AI, our generative AI-powered platform service, enables businesses to more efficiently deliver customer and employee delight at scale.

Businesses can also use Neo's Developer platform and Marketplace to extend and integrate Freshworks into their existing systems and advanced analytics to gain insights that help them run their business more efficiently.

Freshworks Products Overview

Customer Relationship Management (CRM) Product Offerings

Freshworks has a unified CRM platform that encompasses Support, Sales and Marketing.

Customer Service (CS) Product Offerings

The flagship product of our CS offerings is the Freshworks Customer Service Suite.

It combines AI-powered, self-service bots, a conversational agent workspace, and powerful ticketing capabilities that allow our customers to deliver seamless, effortless experiences to their clients and consumers.

Freshworks also offers various products to address specific use cases.

• Freshworks Customer Service Suite .

Customer Service Suite is an all-in-one customer service solution supercharged with AI.

The Suite provides automated, personalized self-service on every channel, including web, chat, mobile messaging, email, and social.

With a full customer context and AI-powered assistance, agents deliver fast resolutions and empathetic customer service.

Unified performance reports and proactive insights and recommendations allow leaders to make data-driven decisions and take action faster.

With an all-in-one solution, our customers realize impact fast and experience higher returns on their technology investments.

Freshdesk is a ticketing-centric customer service solution supercharged with AI.

Freshdesk provides advanced ticketing capabilities, self-service experiences powered by knowledge bases and portals, and easy collaboration across teams.

Companies can provide support across email, portals, knowledge bases, and social channels.

Customers effortlessly self-serve through knowledge bases and branded portals.

Agents deliver fast resolutions with AI-powered assistance tools, such as suggested responses and conversation summaries.

Easy-to-use collaboration tools allow agents to collaborate with subject matter experts and different departments to get more complex issues resolved.

Freshdesk makes customer service fast and easy for businesses looking for a ticket-centric customer service solution with enterprise-grade capabilities.

• Freshcaller.

Freshcaller is a cloud-based telephony solution that helps teams deliver fast resolutions over voice as a channel.

Freshcaller supports complex call-flows, number and call management, IVR, and advanced routing.

Companies boost call deflection with AI-driven voice bots.

Leaders improve service delivery with live dashboards, productivity reports, and live tracking.

Freshcaller is often included as part of the complete CS as well as Sales & Marketing offerings.

• Freshsuccess.

Freshsuccess is a customer success solution that helps B2B companies better retain and expand revenue within their customer base.

It helps teams proactively address potential attrition risks and identify upsell opportunities with an actionable view of customer data, such as customer health, support, and communications history.

Freshsuccess boosts team productivity by standardizing customer outreach, automating tasks, and streamlining reporting.

Messaging/Chat Product Offerings

For IT and employee-facing teams, we offer our AI-powered EX family of products, including Freshservice, Freshservice for Buisness Teams and Device42.

Freshservice is our unified IT Management platform that combines IT Service management, IT Operations management, IT Asset Management and Employee Service Management on the same platform.

Freshservice provides both the intelligence and automation organizations need to give employees the “consumer” like experience they now expect.

With Freshservice for Business Teams, this platform also extends to non-IT departments like HR, Facilities and Legal.

All of our products leverage the Freshworks platform, which provides shared services that enable us to rapidly innovate and release new capabilities.

This includes Freddy AI, our generative AI-powered suite of services, that enable organizations to more efficiently deliver customer and employee delight at scale.

Organizations can also use the Freshworks developer platform and marketplace to extend and integrate Freshworks into their existing systems and advanced analytics to gain insights that help them run their business more efficiently.

Freshworks Solutions Overview

Customer Experience Offerings

Freshworks has a unified platform for CX that includes products for Customer Service (CS) and Sales & Marketing automation (S&M).

Customer Service Product Offerings

Freshworks offers various products to address specific use cases across CS.

• Freshdesk Omni .

Freshdesk Omni, formerly known as Customer Service Suite, brings everything businesses need to deliver seamless omnichannel support into a single solution that is quick to deploy, easy to use, and simple to manage.

Plus, powerful AI capabilities help deliver exceptional support at scale by quickly solving customer issues, supercharging agent productivity, and providing proactive insights to managers and leaders.

Businesses can transform the customer experience and resolve issues faster than ever before with Freshdesk Omni.

Freshdesk is a comprehensive ticketing and case management solution that lets businesses resolve customer issues fast.

Businesses can delight customers with easy email experiences and self-service across dedicated portals and their websites, all powered by a robust knowledge base.

They can intelligently route tickets and collaborate seamlessly with team members to ensure quick and accurate resolutions.

Freshworks' powerful AI means customer service agents get more done, and customers get exceptional service every time.

Freshchat provides agents with a modern conversational experience to proactively engage customers across digital messaging channels such as WhatsApp, Google Business Messages, SMS, and more.

Freshchat enables automated and personalized self-service for fast resolutions.

When an issue requires agent support, a customer is

seamlessly transferred to an agent.

When an issue requires agent support, a customer is seamlessly transferred to an agent.

Agents are equipped with a full customer context and AI productivity tools to deliver fast resolutions.

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Freshchat is commonly included as part of the complete CS, Sales & Marketing, and ITSM offerings.

Sales and Marketing Product Offerings

The products for our Sales and Marketing offering are Freshsales, which businesses use for sales force automation, and Freshmarketer, which businesses use for marketing automation.

We also offer Freshsales Suite that includes the best of sales force and marketing automation with a unified customer record so businesses can better market and sell to each customer.

Freddy AI Agent for CS provides always-on, conversational assistance to customers, enabling customers to resolve issues quickly and efficiently across channels.

Available in multiple languages, Freddy AI Agent is designed to be easy to deploy and manage.

Businesses can simply connect their knowledge sources (documents, PDFs, public URLs) to get started, with no requirement for complex decision tree flows or heavy setup efforts.

Freddy AI Copilot acts as a coach and collaborator that

helps boost agent productivity and performance by summarizing tickets and conversations, suggesting responses, and providing quality coaching and feedback after every interaction

Sales and Marketing Automation Offerings

Freshworks also offers a sales automation product Freshsales and a marketing automation product called Freshmarketer.

• Freshsales .

Freshsales is an advanced and user-friendly sales automation solution crafted to enhance businesses by boosting revenue growth and fostering strong customer connections.

With its powerful feature set, Freshsales simplifies sales workflows, from lead generation to deal finalization and even Configure-Price-Quote.

Boasting features like contact and opportunity management, AI-driven insights, and forecasting, Freshsales empowers sales teams to operate more intelligently, thereby improving productivity and morale.

Powered by the unified customer record and the neo platform, sellers have instant access to 360-degree customer data, facilitating personalized, contextual interactions.

Freshsales is an easy-to-use, AI-powered sales CRM that helps businesses enhance productivity and drive revenue growth.

The powerful CRM transforms the sales experience with 360-degree customer context, equipping sales teams with real-time relevant information.

It offers personalized engagement, accurate forecasting, and intelligent workflows to improve sales performance and deliver exceptional customer experiences.

With powerful AI capabilities, Freshsales helps sales teams prioritize high-intent leads, scale personalized outreach, and identify critical deals to take the next best action to accelerate sales cycles.

Freshsales is a trusted choice for businesses of varying sizes, offering the flexibility and scalability necessary to adapt to dynamic market conditions and excel in today's competitive landscape.

• Freshmarketer .

Freshmarketer is a cutting-edge marketing automation solution that empowers businesses to redefine their marketing strategies.

Tailor personalized campaigns to specific target audiences, leverage intelligent automation for timely and relevant interactions, and optimize conversion strategies seamlessly.

From streamlined customer acquisition to strategic nurturing and retention initiatives, Freshmarketer enhances every aspect of your marketing efforts.

With a relentless focus on data-driven insights and efficient workflows, Freshmarketer transforms your marketing landscape.

Embrace the future of marketing automation with Freshmarketer – a powerful and intuitive platform designed for unparalleled success in today's dynamic business environment

• Freshsales Suite.

The Freshsales Suite, a seamless integration of Freshsales and Freshmarketer solutions, goes beyond traditional sales and marketing tools.

This comprehensive suite offers businesses a unified platform, facilitating cohesive engagement and detailed tracking of customers throughout their entire buying journey.

With a robust 360-degree customer data approach, the Freshsales Suite provides a holistic view, ensuring businesses have a comprehensive understanding of customer interactions.

This unified solution, powered by a consolidated customer record, enables businesses to elevate their engagement strategies across each touchpoint in the customer journey, resulting in more informed and personalized interactions.

Freshmarketer is an easy-to-use marketing automation platform designed to help businesses attract, nurture, convert, and retain customers.

It empowers businesses to connect with customers across their preferred channels—email, SMS, WhatsApp, or social media — driving higher engagement.

With AI-driven campaign creation, advanced segmentation and personalization, real-time automated journeys, and in-depth analytics and reporting, Freshmarketer enables businesses to maximize their marketing ROI.

Additionally, it offers conversational marketing tools like live chat and chatbots, along with features for landing page customization and conversion rate optimization, making it a complete solution for all marketing requirements.

IT and Employee Service Management (ITSM) Product Offerings

Freshservice is a unified, AI-powered solution with essential IT and employee service management capabilities that empower our customers to provide reliable services company-wide.

• Freshservice, leveraging the power of AI, transforms the way end users, agents, and decision-makers work by replacing forms, lists, and queries with conversational, collaborative, and omnichannel experiences.

Freshservice includes virtual agents that help employees resolve issues, make requests, and answer questions without contacting the service desk.

Freshservice increases agent productivity by automating routine work like summarizing tickets, generating responses, and creating consistent tone and clarity of responses.

Leveraging AI, Freshservice enables decision-makers with actionable insights through a conversational data mining and analysis approach.

• Freshservice delivers the capabilities leaders need to manage the IT estate, including ITSM, IT Operations Management (ITOM), and IT Asset Management (ITAM), on the same platform, enabling collaboration across teams.

Freshservice is a unified, AI-powered solution with essential IT and employee service management capabilities that empower our customers to provide reliable and consistent services company-wide.

• Freshservice .

Freshservice delivers the capabilities IT leaders need to manage the entire IT estate, including IT Service Management (ITSM), IT Operations Management (ITOM), and IT Asset Management (ITAM), on the same platform, enabling collaboration across teams without complexity.

Freshservice streamlines IT service delivery, providing a unified approach to incident, request, knowledge, change, and problem management.

Our service-aware IT operations management provides integrated alert management by processing large amounts of machine-based system monitoring data to put the focus on critical areas and drive fast resolution.

Asset management helps optimize the assets used to provide services on-premises, hybrid, and cloud.

Freshservice also offers powerful dashboards and reporting functionality to improve service delivery.

It also helps our customers manage major incidents, get on-call management and track service health.

Asset management helps gain infrastructure visibility and optimize the assets used to provide services on-premises, hybrid, and cloud.

Freshservice also offers powerful dashboards and analytics functionality to improve service delivery.

Freshservice harnesses the power of AI to transform the way employees, service agents, and business leaders work by replacing forms, lists, and queries with conversational, collaborative, and omnichannel experiences.

Freshservice can leverage virtual agents called Freddy AI Agents designed to provide always-on, trustworthy and conversational service to help employees resolve issues, make requests, and answer questions without contacting the service desk.

Freshservice also utilizes Freddy AI Copilot and is designed to increase agent productivity by automating routine work like summarizing tickets, generating responses, and creating consistent tone and clarity of responses.

• Freshservice for Business Teams .

Freshservice for Business Teams provides a unified employee service experience while ensuring the secure separation of departmental data.

Freshservice for Business Teams enables non-IT departments like HR, Finance, Facilities, and Legal to benefit from service management and workflow automation.

Additional Products

We also periodically experiment with offering free tools which, if they gain traction, will get integrated into one of our main products.

For example, we introduced Freshping, which gives businesses the capabilities to monitor their website’s availability and get multichannel alerts if their website goes down, and Freshstatus, which allows businesses to create a custom branded website status page for internal or external viewing to communicate website uptime and availability.

Most recently, we introduced Freshsurvey, a free tool built entirely on the Neo platform that makes it easy to measure NPS and other satisfaction metrics directly within Freshworks products.

Our Platform—Freshworks Neo

Our Neo platform is the AI-powered, enterprise-grade foundation for all Freshworks products.

Key components of our Neo platform include an AI engine, a Developer platform, the Freshworks Marketplace, analytics service and unified customer experience services.

D42 Parent, Inc., a Freshworks company, provides advanced IT discovery and dependency mapping.

Device42 is designed to continuously discover, map, and provide complete visibility across on-premises and cloud IT environments.

With its built-in AI capabilities and reporting, Device42 helps customers get answers fast and insights that help them solve problems faster, maintain compliance requirements, reduce risk, and ensure business continuity.

The Freshworks Platform

The Freshworks platform is the AI-powered, enterprise-grade foundation for all Freshworks products.

Key components of our platform include an AI engine, a Developer platform, the Freshworks Marketplace, analytics service and unified customer experience services.

• Freddy AI is Freshworks' native AI engine that brings the power of generative AI to all Freshworks products.

Customers are able to gain personalized support via Freddy Self Service, contextual user assistance via Freddy Copilot, and actionable insights via Freddy Insights.

Customers are able to gain personalized support via Freddy AI Agent, contextual user assistance via Freddy Copilot, and actionable insights via Freddy Insights.

• The Developer platform allows businesses to extend the Freshworks product experience by enabling them to build apps with our toolkits and comprehensive documentations, supported by a thriving community.

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• The unified customer experience services are a combination of shared capabilities that enable a unified experience natively inside our products.

These services include Neo Admin Center to centrally manage security and billing for our products, UCR to power a holistic view of the customer, Custom Objects to bring in the customers’ business critical data into our products and Conversations to unify B2B and B2C channels.

These services include an Admin Center to centrally manage security and billing for our products, UCR to power a holistic view of the customer, Custom Objects to bring in the customers’ business critical data into our products and Conversations to unify B2B and B2C channels.

Freshworks products are cloud-native SaaS systems that are based on modern, proven technologies—Ruby on Rails, Java, and MySQL.

Leveraging these and other open source technologies, our systems are built to operate as independent ‘pods’ of compute, storage, and database infrastructure.

Our products are hosted in AWS regions in the United States, EU, India, and Australia.

Our products are hosted in AWS regions in the United States, EU, India, Australia, and the United Arab Emirates.

In addition to their ease of use and functionality, the key characteristics of Freshworks products are:

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Our security posture is maintained by utilizing both enterprise technologies and customized open-source solutions designed to identify, detect, and prevent cybersecurity threats, as well as 24x7 monitoring for malicious activity.

Our cybersecurity program encompasses product security,

security architecture and engineering, cloud security, penetration testing, third-party risk management and customer support.

Our cybersecurity program encompasses product security, security architecture and engineering, cloud security, penetration testing, third-party risk management, and customer support.

Our production network and systems are accessible only to authorized Freshworks personnel.

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Many of these services do not offer complete solutions—often they provide a feature comparable to a component of our platform (e.g., only customer service management, only IT service management, only Sales and Marketing).

Within CS, we primarily face competition from CS suites, such as Salesforce, Zendesk, and Zoho, legacy vendors, such as Oracle and SAP, and pure-play vendors.

Within ITSM, we primarily face competition from traditional vendors, such as ServiceNow, BMC, Ivanti/Cherwell, and modern pure-play vendors, such as Atlassian.

Within Sales and Marketing, we primarily face competition from full-featured vendors, such as Salesforce, HubSpot, and Microsoft Dynamics, legacy vendors, such as Oracle, SAP, and Sage, and pure-play vendors.

For our CX products, with regards to CS, we primarily face competition from CS suites, such as Salesforce, Zendesk, and legacy vendors, such as Oracle and SAP, and with regards to customer relationship management, we primarily face competition from full-featured vendors, such as Salesforce, HubSpot, and Microsoft Dynamics, legacy vendors, such as Oracle, SAP, and Sage.

For our EX products, we primarily face competition from traditional vendors, such as ServiceNow, BMC, Ivanti/Cherwell, and modern pure-play vendors, such as Atlassian.

We believe we compete favorably based on the following competitive factors:

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We rely on a combination of patents, trademarks, copyrights, trade secrets as well as contractual provisions and restrictions to establish and protect our proprietary rights.

As of December 31, 2023, we had sixteen issued U.S.

patents that expire between 2037 and 2041, and twelve pending patent applications.

As of December 31, 2024, we had eighteen issued U.S.

patents that expire between 2037 and 2043, and sixteen pending patent applications.

While we believe our patents and patent applications in the aggregate are important to our competitive position, no single patent or patent application is material to us as a whole.

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Our mission is to help businesses create delightful customer and employee experiences.

That goal starts at home with our own team – and we strive to help our people succeed by continuously finding better, more human ways to work.

CEO and Founder Girish Mathrubootham, said, “From the beginning, I wanted to build a company optimized for employee happiness;

we want our employees to have the best experience of their life at Freshworks.

And for us, the journey will always be more important than the destination.”

Over time, we codified this virtue into leadership competencies embodied by all employees.

They function as a behavioral compass to guide us to long term goals, on good days and the not-so-good days and are pivotal to creating our Freshworks culture and drive our business performance.

That goal starts at home with our own team – and we strive to help our people succeed and build fulfilling careers.

Our steady growth comes from a set of principles that guide us and shape our Freshworks culture and drive our business performance.

• We focus on our customers.

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We embrace a variety of cultures, experiences, styles and backgrounds to get results.

Our employee programs, benefits and development programs are designed to reflect our growth mindset culture and play a critical role in our talent management strategy.

Our employee benefits and programs reflect our growth mindset culture and our talent management strategy.

We focus on supporting our employees not only within their own teams and careers, but also in employee wellness.

Our Employee Resource Groups are designed to promote inclusiveness and give everyone a chance to contribute their knowledge, skills, and unique perspectives.

Our global Women's 360 Employee Resource Group and affinity groups promote inclusiveness and give everyone a chance to contribute their knowledge, skills, and unique perspectives.

Our social impact initiatives include the STS Software Academy and on-going support of our communities in times of need.

We plan to continue investing in leadership capabilities and employee experiences as we believe that this is a key differentiator for our employer brand and for delivering exceptional business outcomes.

As of December 31, 2024, we had a hybrid workforce of approximately 4,400 employees in North America, Europe, Asia and Australia.

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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