What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-01-09 compared with 2025-01-10 · 79 added, 74 removed, 331 unchanged (32% of the section changed)

8 unchanged sentences

We pioneered the application of microprocessor technology and conversational programming software for use in machine tools.

Our Hurco brand computer control systems can be operated by both skilled and unskilled machine tool operators, and yet are capable of instructing a machine to perform complex tasks.

Our Hurco brand computer control systems can be operated by both skilled and unskilled machine tool operators, and yet can instruct a machine to perform complex tasks.

The combination of microprocessor technology and patented interactive, conversational programming software in our proprietary computer control systems enables operators on the production floor to create a program quickly and easily to machine a particular part from a blueprint or computer aided design file, and immediately begin machining that part.

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We have sales, application engineering, and service subsidiaries in China, the Czech Republic, France, Germany, India, Italy, the Netherlands, Poland, Singapore, Taiwan, the United Kingdom, and the U.S.

We have manufacturing and assembly operations in Taiwan, the U.S., Italy, and China, and distribution facilities in the U.S., the Netherlands, and Taiwan.

We have manufacturing and assembly operations in Taiwan, the U.S.

and Italy, and distribution facilities in the U.S., the Netherlands, and Taiwan.

We bring a disciplined approach to strategically enter new geographic markets, as appropriate.

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(1) has given us more advanced products with significant improvements in our machine tool accuracy and precision, (2) allows us to seek higher productivity in complex manufacturing environments, (3) provides automation for machine tending solutions, and (4) minimizes dependencies associated with volatilities from economic and geographic cyclicality.

While the Hurco-branded computer control systems have been, and continue to be, our premium flagship product line, we have added other products to our portfolio that provide product diversity and market penetration opportunity priced from entry-level to high performance serving a variety of different industries.

While the Hurco-branded computer control systems have been, and continue to be, our premium flagship product line, we have added other products to our portfolio that provide product diversity and market penetration opportunity priced from value-tier to high-performance serving a variety of different industries.

We have not changed our overall strategy to design, manufacture, and sell a comprehensive line of computerized machine tools;

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We have seen the demand for machine tools fluctuate over the last three years.

Our industry has continued to face global headwinds due to changing economic conditions.

During fiscal year 2024, our sales and service fees were $186.6 million, a decrease of $41.2 million, or 18%, compared to fiscal year 2023 and included a favorable currency impact of $1.8 million, or less than 1%, when translating foreign sales to U.S.

Our industry has continued to face global headwinds due to changing economic and regulatory conditions.

During fiscal year 2025, our sales and service fees were $178.6 million, a decrease of $8.0 million, or 4%, compared to fiscal year 2024 and included a favorable currency impact of $2.0 million, or 1%, when translating foreign sales to U.S.

dollars for financial reporting purposes.

Sales decreased year-over-year due primarily to a decreased volume of shipments of higher-performance Hurco, Takumi, and Milltronics machines in the Americas, Germany, the United Kingdom, Italy and China, as well as decreased shipments of electro-mechanical components and accessories manufactured by our wholly-owned subsidiary, LCM Precision Technology S.r.l.

For fiscal year 2024, we reported a net loss of $16.6 million, or $(2.56) per diluted share, compared to net income of $4.4 million, or $0.66 per diluted share, for fiscal year 2023.

The net loss for fiscal year 2024 included a non-cash tax valuation allowance of $8.6 million recorded in provision for income taxes.

Sales decreased year-over-year due primarily to a decreased volume of shipments of Hurco 5-axis vertical machines and entry-level 3-axis Hurco and Milltronics machines in the Americas, Germany and France, as well as decreased shipments of electro-mechanical components and accessories manufactured by our wholly-owned subsidiary, LCM Precision Technology S.r.l.

For fiscal year 2025, we reported a net loss of $15.1 million, or $2.34 per diluted share, compared to net loss of $16.6 million, or $2.56 per diluted share, for fiscal year 2024.

Machine tool products are capital goods, which makes them part of an industry that has historically been highly cyclical.

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It is important to note that data for foreign countries are based on government reports that may lag six to 12 months behind real-time and, therefore, are unreliable for forecasting purposes.

Demand for capital equipment can fluctuate significantly during periods of changing economic conditions.

Demand for capital equipment can fluctuate significantly during periods of changing market conditions.

Manufacturers and suppliers of capital goods, such as our company, are often the first to experience these changes in demand.

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Product Portfolio by Brand

We have three brands of CNC machine tools in our product portfolio.

Hurco is the technology and innovation brand for customers who want to increase productivity and profitability by selecting a brand with the latest software and motion technology.

Milltronics is the value-based brand for shops that want easy-to-use machines at competitive prices.

The Takumi brand is for customers that need precision and very high speed, high efficiency performance, such as that required in the die and mold, aerospace, and medical industries.

We have three CNC machine tool brands in our product portfolio.

Hurco is the technology and innovation brand for customers who seek to increase productivity and profitability by selecting a brand with the latest software and motion control technology.

Milltronics is the value-tier brand for shops that want easy-to-use machines at competitive prices.

The Takumi brand is for customers looking for top-tier precision and performance typically sought by the die and mold, aerospace, and medical industries.

Takumi machines are equipped with industry standard controls instead of the proprietary controls found on Hurco and Milltronics machines.

ProCobots, LLC (“ProCobots”) is our wholly-owned subsidiary that provides practical automation solutions, such as feeders, machine tending systems, and collaborative robots (cobots).

ProCobots, LLC (“ProCobots”) is our wholly-owned subsidiary that provides automation solutions, such as feeders, machine tending systems, and collaborative robots (cobots).

In addition, through our wholly-owned subsidiary LCM, we produce high-value machine tool components and accessories.

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The combined machine tool product lines provide benefits related to the development of product enhancements, technologies, and models.

Due to leverage of shared resources and cross-utilization of proven engineering designs, we achieve manufacturing cost reductions from economies of scale and manufacturing efficiencies.

Due to leverage of shared resources and cross-utilization of proven engineering designs, we achieve manufacturing efficiency from economies of scale.

Hurco CNC Machine Tools

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Our computer control system enables a machine tool operator to create complex two-dimensional (“2D”) or three-dimensional (“3D”) machining programs directly from an engineering drawing or computer-aided design geometry file, such as a solid model.

An operator with little or no machine tool programming experience can successfully create a program with minimal training and begin machining the part in a short period of time.

The control features an operator console with a touch-screen and incorporates an upgradeable personal computer (“PC”) platform using a high-speed processor with solid rendering graphical programming.

An operator with little or no machine tool programming experience can easily create a program with minimal training and successfully machine the part in a short period of time.

The control features a touchscreen operator console and incorporates an upgradeable personal computer (“PC”) platform using a high-speed processor with solid rendering graphical programming.

In addition, WinMax® has a Windows®† based operating system that enables users to improve shop floor flexibility and software productivity.

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• make more advanced and complex parts from a wide range of materials using multiple processes;

● incorporate fast moving changes in technology into their operations to keep their competitive edge;

● integrate their business into the global supply chain of their customers by supporting small to medium lot sizes for “just in time” initiatives;

● connect equipment to intranet and extranets to facilitate collaboration, communication and monitoring.

• incorporate rapidly evolving changes in technology into their operations to maintain their competitive edge;

• integrate their business into the global supply chain of their customers;

• connect equipment to intranet external networks to facilitate collaboration, communication and monitoring.

Our Windows® based Hurco control facilitates our ability to meet these customer needs.

The familiar Windows ® operating system coupled with our intuitive conversational style of program creation allows our customers’ operators to create and edit part-making programs without incurring the incremental overhead of specialized computer aided design (“CAD”) and computer aided manufacturing (“CAM”) programmers.

The familiar Windows® operating system coupled with our intuitive conversational style of program creation allows our customers’ operators to create and edit part-making programs without incurring the incremental overhead of specialized computer aided design (“CAD”) and computer aided manufacturing (“CAM”) software.

With the ability to transfer most CAD data directly into a Hurco program, part programming time can be significantly reduced.

Machine tool products must be designed to meet customer demand to machine complex parts with greater part accuracies.

Our proprietary controls with WinMax ® software and high-speed processors efficiently handle the large amounts of data these complex part-making programs require and enable our customers to create parts with higher accuracy at faster speeds.

We continue to add technology to our control design as it becomes available.

Our proprietary controls with WinMax® software and high-speed processors efficiently handle the large amounts of data that complex part-making programs require and enable our customers to create parts with higher accuracy at faster speeds.

We continually add technology to our controls and machines to enhance performance, productivity, and precision.

UltiMotion®, our patented motion control system, provides significant cycle time reductions and increases the quality of a part’s surface finish.

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VMi Product Line

The VM product line consists of moderately priced vertical machining centers for the entry-level market, and offer the advantage of our advanced control and motion systems.

The design premise of the machining center with a large work cube and a small footprint optimizes the use of available floor space.

The VM product line consists of moderately priced vertical machining centers for the entry-level market while still offering the advantages of our advanced control and motion systems.

The design premise of the machining center with a large work volume with a small footprint is to optimize floor space.

The VM line consists of six models in four sizes with X-axis (horizontal) travels of 26 (three models), 30, 40, and 50 inches.

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VMXi Product Line

The VMX product line is our flagship series of machining centers and consists of higher performing vertical machining centers aimed at manufacturers that require faster speeds and greater part accuracy.

The VMX product line is our flagship series of machining centers and consists of high-performance vertical machining centers aimed at manufacturers that require faster speeds and greater part accuracy.

The small and medium size models are available with either belted or inline (direct drive) spindles and the larger models are offered as either #40 or #50 taper.

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SRTi/SWi Product Line

The SRT Series of five-axis machines utilizes motor spindles and a swivel head with a C-axis rotary table embedded into and flush with the machine table, making them among the most flexible machines in the industry.

The SW model utilizes the swivel head and a traditional machine table that can be then fitted with an A-axis rotary table to machine long five-axis parts.

The SRT Series of five-axis machines utilizes motorized spindles and a swivel head with a C-axis rotary table embedded into and flush with the machine table, making them among the most flexible machines in the industry.

The SW model utilizes the swivel head and a traditional machine table that can then be fitted with an A-axis rotary table to machine long five-axis parts.

These models are available in 42-, 60-, or 84-inch X-axis travels.

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These cantilever machines are available with either a 20-inch or 23.6-inch pallet, moderately-priced models or high-performance model, with a torque motor-driven 23.6-inch-diameter rotary table.

High speed motor spindle (20,000rpm) is offered as option for high performance models.

A high speed motor spindle (20,000rpm) is offered as an option for high-performance models.

BXi Product Line

The BX product line is for customers that require higher accuracy parts, as they are built with an extremely rigid double column design that offers superior vibration dampening and excellent thermal characteristics.

The BX product line is for customers that require higher accuracy parts, as they are built with an extremely rigid double column design that offers superior vibration damping and excellent thermal characteristics.

Four models are available, two with 40-inch X-axis travels (a three-axis version and a five-axis version), as well as 53-inch and 63-inch X-axis travel models.

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The 2- and 3-meter models offer two different spindle sizes to fit different applications.

The 3- and 4-meter models are available as five-axis machines equipped with two different types of articulating head for either high-speed cutting or high-torque cutting.

The 3- and 4-meter models are available as five-axis machines equipped with two different types of articulating heads for either high-speed cutting or high-torque cutting.

DCX machines are the largest models offered by Hurco that feature the powerful and flexible WinMax® control.

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There are six models in two sizes.

The TMX models have higher spindles and a more rigid frame, the TMX-MY models are equipped with an additional axis and motorized live tooling, and the TMX-MYS models also have an additional spindle.

The TMX models have higher speed spindles and a more rigid frame, the TMX-MY models are equipped with an additional axis and motorized live tooling, and the TMX-MYS models also have an additional spindle.

These products are designed for customers who want to reduce part handling and complete complex components that require speed, accuracy, and superior surface finish in a single set-up.

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Since Hurco is the technology and innovation brand of our corporate portfolio, we have focused our attention on product enhancements of existing models in an effort to align the Hurco brand with the newest engineering innovations and components available to compete with other premium brands in the marketplace.

Examples of product enhancements completed in fiscal year 2024 include a new and higher speed 20,000rpm motorized spindle for the HSi and Ui product lines.

We also refreshed the design of the TM-Mi and TMXi product lines to take advantage of higher performance live turret with options of either BMT or VDI tooling.

We introduced the TM8MY and TM10MY multi-axis live tooling lathes models.

One example of a product enhancement completed in fiscal year 2025 was a next generation VC 500 5-axis to better fit market needs.

Improved automation integration and ergonomics are among some of the considerations engineered into the design.

The next generation VC 500 is expected to launch in early 2026.

Further building on our well-positioned 5-axis lineup, we also completed the design of the BM 500U in fiscal year 2025.

This new model features a rigid dual column bridge design to compete with general purpose 5-axis machines from other original equipment manufacturers (“OEMs”).

As the market becomes more comfortable with multi-axis machines, opportunities with a growing number of job shops arise.

To appeal to the job shop market, we have included the following in the design of the BM 500U:

a smaller footprint, a 500mm table, a 15,000rpm spindle and faster axes.

Additionally, we made background enhancements to our WinMax® software, focusing on bolstering reliability and optimizing resource management.

These improvements are designed to ensure smoother user experience without interrupting workflow.

These efforts collectively enhance software performance and efficiency, providing more dependable and responsive experience while using WinMax®.

These efforts collectively enhance software performance and efficiency, providing a more dependable and responsive experience while using WinMax®.

Milltronics CNC Machine Tools

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We manufacture and sell these machine tools with a fully integrated interactive computer control system.

The INSPIRE+ control console, launched in 2024, is an upgrade from the previous system, Milltronics 9000 Series DGI CNC, with enhanced hardware and graphics features.

The control is compatible with G & M Code programs (generated from CAD/CAM software) and also features onboard conversational visual aid programming.

The INSPIRE+ control console, launched in 2024, was an upgrade from the previous system, Milltronics 9000 Series DGI CNC, with enhanced hardware and graphics features.

The control is compatible with G & M Code programs (generated from CAD/CAM software) and features onboard conversational visual aid programming.

The Milltronics portfolio consists of the following product lines:

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Available with quill-head or rigid-head designs, there are six models in four sizes with X-axis travels of 30, 40, 60 and 78 inches.

The 60-inch model is also available with a high-torque option.

The 60-inch and 78-inch models are also available with a high-torque option.

Most toolroom models feature box way construction for rigidity and are designed to absorb vibrations.

VM General Purpose (GP) Product Line

The VM-GP product line consists of attractively-priced vertical machining centers designed for job shops, prototype, research and development, and other general machining applications.

VM General Purpose Product Line

The VM product line consists of attractively-priced vertical machining centers designed for job shops, prototype, research and development, and other general machining applications.

These belt-driven models have 40-taper spindles and are available in four different sizes.

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Customers can choose from three different models with X-axis travels of 50, 60, or 84 inches.

VM (5X) Product Line

The VM-5X product line features five-axis trunnion tables integrated onto C-frame style machines and is available with either a 200 or 250mm plater.

The 200mm machine is offered with a belted spindle and the 250mm machine comes with an inline configuration.

BR Product Line

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BR machines have inline spindles and are available with 150 inches in X-axis travel and 60 inches in Y-axis travel.

ML Product Line

The ML product line consists of combination lathes that the customer can configure for either toolroom or production applications with the option to add live tooling.

There are 17 models available in a variety of thru hole sizes and in the following six swing-over bed diameters:

17, 19, 23, 27, 36, and 40 inches.

TRL Product Line

The TRL product line is Milltronics’ newest line of tool room lathes.

These turning centers feature a gap bed, a swing that ranges from 16.7 to 27 inches, and a Z-axis travel that ranges from 66.5 to 84.6 inches.

Chuck size is chosen during the purchasing process.

SL Product Line

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Product Development

In fiscal year 2024, Milltronics introduced the new INSPIRE+ control console, with a modern look, increased display size, and ergonomic input.

Milltronics recently introduced the new INSPIRE+ control console, with a modern look, increased display size, and ergonomic input.

The new control console leverages patented Hurco intellectual property to enhance cutting precision and surface finish on Milltronics machine tools.

Features like rapid retract and leadscrew and squareness compensations enable customers to maximize their Milltronics machine tool's performance.

Additionally, Milltronics introduced two new product lines, the TRL toolroom flatbed lathes and the X5 five-axis integrated machines.

Additionally, in fiscal year 2024, Milltronics introduced two new product lines, the TRL toolroom flatbed lathes and the X5 five-axis integrated machines.

The X5 line is available in both belted and in-line spindle models, featuring a 200- or 250-millimeter trunnion table.

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The Takumi brand features machines designed for applications requiring precision and high speed, high efficiency milling.

Market segments that require such applications include die and mold, aerospace, medical, and energy, or any customer that needs to produce very high-accuracy parts quickly.

Market segments that require such applications, including die and mold, aerospace, medical, and energy, or any customer that needs to produce very high-accuracy parts quickly.

Takumi machines are available with a variety of industry standard CNC controls, including Fanuc®*, Siemens®, Mitsubishi®, or Heidenhain®.

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five-axis machining centers and high-speed horizontal machining centers.

Takumi machines are hand built and fitted to exacting standards to produce high accuracies and superior surface finishes.

Takumi machines are built and fitted to exacting standards to produce high accuracies and superior surface finishes.

The Takumi portfolio consists of the following product lines:

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These machines are specifically targeted for die and mold and aerospace customers.

________________________

* Fanuc® is a registered trademark of G E Fanuc Automation Americas, Inc.

Siemens® is a registered trademark of Siemens AG.

Mitsubishi® is a registered trademark of Mitsubishi Electric Corporation.

Heidenhain® is a registered trademark of HEIDENHAIN CORPORATION, a wholly-owned subsidiary of the German company DR.

JOHANNES HEIDENHAIN GmbH.

Designed with trunnion tables or swivel heads, these five-axis simultaneous machining centers provide versatility, as well as reduced setup time and process time.

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The UR1000 has a two-axis head and a 39-inch rotary table integrated into a double-column machine, designed for large and heavy five-axis parts, such as those found in die and mold, aerospace, and energy applications.

________________________

* Fanuc® is a registered trademark of G E Fanuc Automation Americas, Inc.

Siemens® is a registered trademark of Siemens AG.

Mitsubishi® is a registered trademark of Mitsubishi Electric Corporation.

Heidenhain® is a registered trademark of HEIDENHAIN CORPORATION, a wholly-owned subsidiary of DR.

JOHANNES HEIDENHAIN GmbH.

Designed specifically for the machining of graphite or copper electrodes used in electrical discharge machining (EDM), G Series machines offer the same extremely rigid and thermally stable double-column design of the H Series with high-speed, direct-drive spindles, or built-in HSK spindles, that have up to 20,000rpm, but are also equipped with a graphite dust extraction system.

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Product Development

In fiscal year 2024, Takumi introduced a new UVC600 five-axis machine with a 600-millimeter cantilever table.

Takumi recently introduced a new UVC600 five-axis machine with a 600-millimeter cantilever table.

This machine features faster rapids with a 15,000rpm direct drive spindle for production of high accuracy and complex parts.

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Other Computer Control Systems and Software Products

The following machine tool computer control systems and software products are sold directly to end-users and/or to other original equipment manufacturers (“OEMs”).

The following machine tool computer control systems and software products are sold directly to end-users and/or to other OEMs.

Our Autobend® computer control systems are applied to metal bending press brake machines that form parts from sheet metal and steel plate.

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Designed to take advantage of the Internet of Things, UltiMonitor is a web-based productivity, management, and service tool that enables customers to monitor, inspect, and receive notifications about their Hurco machines from any location where they can access the internet.

Customers can transfer part designs, receive event notifications via email for text, access diagnostic data, monitor the machine via webcam, and communicate with the machine operator.

Customers can transfer part designs, receive event notifications via email or text, access diagnostic data, monitor the machine via webcam, and communicate with the machine operator.

UltiPocket with Helical Ramp Entry and Insert Pockets automatically calculates the tool path around islands, eliminating the arduous task of plotting these shapes.

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This “on-machine” technique improves the throughput of the measurement process when compared to traditional “off-machine” approaches.

________________________

* AutoCAD® is a registered trademark of Autodesk, Inc., and/or its subsidiaries/ affiliates in the U.S.

and/or other countries.

The Tool and Material Library option stores the tool and material information with the machine instead of storing it with each individual part program.

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In addition to saving time, the Tool and Material Library eliminates the need to enter information repeatedly and can prevent common tool crash conditions.

________________________

* AutoCAD® is a registered trademark of Autodesk, Inc., and/or its subsidiaries/ affiliates in the U.S.

and/or other countries.

NC/Conversational Merge lets the user incorporate conversational features, such as tool probing, pattern operations, and scaling, into existing G-Code programs.

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We believe these non-Hurco branded products help us partially offset the cyclical nature of the machine tool market and potentially reduce the risks associated with expansion into new geographic markets by diversifying our product offering.

These non-Hurco branded products are sold by our wholly-owned distributors and are comprised primarily of other general-purpose vertical machining centers and lathes, laser cutting machines, waterjet cutting machines, CNC grinders, compact horizontal machining centers, metal cutting saws, and CNC Swiss lathes.

These non-Hurco branded products are sold by our wholly-owned distributors and are comprised primarily of other general-purpose vertical machining centers and lathes, laser cutting machines, CNC grinders, compact horizontal machining centers, metal cutting saws, CNC Swiss lathes, and related parts, consumables, and installation and repair services.

We also offer select models of Milltronics branded machines as OEM ready machines that can be branded and sold under a private label by independent third parties.

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HML conducts final assembly operations and is supported by a network of contract suppliers of components and sub-assemblies that manufacture components for our products.

Our facility in Ningbo, China (Ningbo Hurco Machine Tool Co.

Ltd (“NHML”)) focuses on the machining of castings to support HML’s production in Taiwan.

The LCM line of electro-mechanical components and accessories for machine tools is designed and manufactured in Italy.

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Demand for our products is also highly dependent upon economic conditions and the general level of business confidence, as well as factors such as production capacity utilization and changes in governmental policies regarding tariffs, corporate taxation, fluctuations in foreign currencies, and other investment incentives.

We compete with many other machine tool producers in the United States and foreign countries.

We compete with many other machine tool producers in the U.S.

and foreign countries.

Most of our competitors are larger and have greater financial resources than us.

Major worldwide competitors include DMG Mori Seiki Co., Ltd., Mazak Corporation, Haas Automation, Inc., Smart Machine Tool, DN Solutions (formerly Doosan Corporation), Okuma Machinery Works, Ltd., Fryer Machine Systems Inc., ProtoTRAK CNC Machines, Quick Jet Machine, Co., Ltd., Gentiger Machinery Industrial, Co., Ltd., and Yeong Chin Machinery Industries, Co., Ltd.

Major worldwide competitors include DMG Mori Co., Ltd., Mazak Corporation, Haas Automation, Inc., Smart Machine Tool, DN Solutions (formerly Doosan Corporation), Okuma Corporation, Fryer Machine Systems Inc., ProtoTRAK CNC Machines, Quick Jet Machine, Co., Ltd., Gentiger Machinery Industrial, Co., Ltd., and Yeong Chin Machinery Industries, Co., Ltd.

Through our subsidiary LCM, we compete with manufacturers of machine tool components and accessories such as IBAG, Kessler, Peron Speed International, GSA Technology Co., Ltd., and Duplomatic Automation.

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As of October 31, 2025, Hurco had approximately 651 full-time employees, of which approximately 30% were in the Americas and 70% were in other global regions.

As a global industrial technology company, a large number of our employees are engineers, trained trade, or technical workers focusing on advanced manufacturing, and many of them hold masters’, doctorate, or equivalent advanced degrees, or are veterans of the armed services.

Hurco emphasizes a number of measures and objectives in managing its human capital assets, including, among others, employee safety and wellness, talent acquisition and retention, employee engagement, development, and training, diversity and inclusion, and compensation and pay equity.

As a global industrial technology company, a large number of our employees are engineers, trained trade, or technical workers focusing on advanced manufacturing, and many of them hold master’s, doctorate, or equivalent advanced degrees, or are veterans of the armed services.

Hurco emphasizes a number of measures and objectives in managing its human capital assets, including, among others, employee safety and wellness, talent acquisition and retention, employee engagement, development and training, diversity, and compensation and pay equity.

None of our employees are covered by a collective-bargaining agreement.

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In connection with the latter, reimbursement is available to employees enrolled in pre-approved degree or certification programs at accredited institutions that teach skills or knowledge relative to our business or otherwise to the development of the employee’s skill set or knowledge base.

In addition, we routinely invest in seminar, conference, and other training or continuing education events for our employees.

Diversity and Inclusion

We are committed to fostering work environments that value and promote diversity and inclusion.

In addition, we routinely invest in seminars, conferences, and other training or continuing education events for our employees.

We are committed to fostering work environments that value and promote diversity.

This commitment includes a policy to provide equal access to, and participation in, equal employment opportunities, programs, and services without regard to race, religion, color, national origin, disability, sex, sexual orientation, gender identity, stereotypes or assumptions based thereon.

We pride ourselves on policies and programs designed for the development and fair treatment of our global workforce, including generous healthcare and benefit programs for our employees, equal employment hiring practices and policies, anti-harassment, workforce safety, and anti-retaliation policies, and implementation of affirmative action programs.

We welcome and celebrate our teams’ differences, experiences, and beliefs, and we are investing in a more engaged, diverse, and inclusive workforce.

We pride ourselves on policies and programs designed for the development and fair treatment of our global workforce, including generous healthcare and benefit programs for our employees, equal employment hiring practices and policies, and anti-harassment, workforce safety, and anti-retaliation policies.

We welcome and celebrate our teams’ differences, experiences, and beliefs, and we are investing in a more engaged and diverse workforce.

Ethical Business Practices

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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