What changed in this filing

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Item 1. Business

2026-03-02 compared with 2025-02-27 · 86 added, 71 removed, 340 unchanged (32% of the section changed)

21 unchanged sentences

• Social media :

Our personalities, stations and brands have a social footprint that includes over 335 million fans and followers as measured by ListenFirst, which is twelve times the size of the next largest commercial broadcast audio media company.

This social footprint was at the heart of delivering 70 billion social media impressions for our 2024 iHeartRadio Music Festival.

Our personalities, stations and brands have a social footprint that includes over 345 million fans and followers as measured by Shareablee, which is eleven times the size of the next largest commercial broadcast audio media company.

This social footprint was at the heart of delivering over 63 billion social media impressions for our 2025 iHeartRadio Music Festival.

We have live and virtual events including seven major nationally-recognized tentpole events.

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The unification of our many brands across these diverse product offerings under the "iHeartRadio" masterbrand has allowed us to build out new platforms as well as extend into third-party platforms like social media, the Metaverse, and television, as well as streaming services.

Our superior local, national, and online sales force combined with our leading digital, events, content, and

representation business position us to cover a wide range of advertiser categories, including consumer services, retailers, entertainment, health and beauty products, telecommunications, automotive, media and political.

Our superior local, national, and online sales force combined with our leading digital, events, content, and representation business position us to cover a wide range of advertiser categories, including consumer services, retailers, entertainment, health and beauty products, telecommunications, automotive, media and political.

iHeartMedia, Inc.

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and its audio industry-leading social media footprint;

• Audio & Media Services Group , which provides other audio and media services, including the Company's media representation business, Katz Media Group, and RCS Sound Software, a provider of scheduling and broadcast software to the industry at large.

Multiplatform Group

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The Multiplatform Group segment revenue was $2,273.5 million in 2025, $2,372.9 million in 2024 and $2,435.4 million in 2023.

According to Nielsen, for the full year of 2024, we have the most number one ranked station groups across the top 160 markets in the U.S., and across the largest 50 markets, with 68 and 24 number one ranked station groups in these markets, respectively.

According to Nielsen, for the full year 2025, we have the most number one ranked station groups across the top 160 markets in the U.S., and across the largest 50 markets, with 73 and 25 number one ranked station groups in these markets, respectively.

With our broadcast radio platform alone, we have over twice the broadcast radio audience of our next closest broadcast competitor.

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Our advertisers cover a wide range of categories, including financial services, automotive, health care, telecommunications, insurance, education, food and beverage, entertainment and political.

As a result of the diversification of our product offerings, as well our geography, no single advertising category makes up more than approximately 5% of our total advertising revenue.

As a result of the diversification of our product offerings, as well as our geography, no single advertising category makes up more than approximately 5% of our total advertising revenue.

Our contracts with our advertisers range from less than one-year to multi-year terms.

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Increasingly, across both national and local markets, our advertisers are demanding data-rich, analytics-driven advertising solutions.

iHeartMedia is the only audio broadcast media company that offers a comprehensive suite of tech-enabled

advertising solutions, providing advanced attribution and analytics capabilities through our SmartAudio platform, which includes:

iHeartMedia is the only audio broadcast media company that offers a comprehensive suite of tech-enabled advertising solutions, providing advanced attribution and analytics capabilities through our SmartAudio platform, which includes:

• Our digital-like ad-buying solution that allows clients to view the available broadcast inventory across various cohorts to address their specific needs;

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• Our tools to present the effectiveness of clients' broadcast radio advertising campaigns by providing detailed digital dashboards on the results of the advertising spend.

These programmatic, data and analytic and attribution solutions account for an increasing proportion of ad buying and we expect that it will continue to expand in the future.

These programmatic, data, analytic and attribution solutions account for an increasing proportion of ad buying and we expect that they will continue to expand in the future.

Radio Stations

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3 Chicago, IL 6

5 San Francisco, CA 7

5 Houston-Galveston, TX 7

6 San Francisco, CA 7

7 Atlanta, GA 7

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Petersburg-Clearwater, FL 8

18 San Diego, CA 8

18 Denver-Boulder, CO 8

19 San Diego, CA 8

20 Charlotte-Gastonia-Rock Hill, NC-SC 5

21 Nassau-Suffolk, NY 1

22 Baltimore, MD 4

22 Portland, OR 7

23 Baltimore, MD 4

24 San Antonio, TX 7

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Our multi-platform strategy has enabled us to extend our leadership in the growing podcasting sector.

As measured by Podtrac, iHeartMedia is the number one podcast publisher with 175 million global monthly downloads and streams and 31 million U.S.

unique monthly users in 2024 and has the most shows featured in the Top 10 across all categories, with titles including Stuff You Should Know, The Breakfast Club, On Purpose with Jay Shetty, The Herd with Colin Cowherd, and many more.

As measured by Podtrac, iHeartMedia is the number one podcast publisher with 167 million global monthly downloads and streams and 30 million unique monthly U.S.

users in 2025 and has the most shows featured in the Top 10 across all categories, with titles including Stuff You Should Know, The Breakfast Club, On Purpose with Jay Shetty, The Herd with Colin Cowherd, and many more.

Podcasting generated revenue of $563.7 million in 2025, $448.8 million in 2024 and $407.8 million in 2023.

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Providing this kind of at-scale companionship creates high-value advertising inventory and delivers superior returns.

Moreover, we believe that we can leverage our investments in technology and data-informed decision making to better monetize our assets

and to capture increasing market share across the broader advertising ecosystem.

we believe that we can leverage our investments in technology and data-informed decision making to better monetize our assets and to capture increasing market share across the broader advertising ecosystem.

The key elements of this growth strategy are:

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Increasing share of national advertising market

Broadcast radio is the number one consumer reach medium, and advertisers have an appreciation for its scale, diverse demographic access and impact.

Broadcast radio is the number one consumer reach medium, and advertisers have an appreciation for its scale, broad demographic access and impact.

We intend to complement our current local advertising presence in approximately 160 U.S.

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As a result of our ongoing technology investments, national advertisers can now look to our audio offerings with their extensive reach, efficient pricing and digital-like analytics as powerful alternatives to other national ad mediums.

Broadening the scope of audio engagement

We continue to expand the spectrum of choices for our listeners-both in terms of compelling content and the array of ways in which it can be consumed.

In 2024, we launched the iHeart Women's Sports Audio Network, the first-ever audio platform dedicated to women's sports across our broadcast, digital and podcast platforms and we served as the exclusive audio partner for the 2024 Olympic Games, providing 24/7 audio coverage of the games and producing original Olympic podcasts.

Prior to 2024, we launched (i) BIN:

Broadening the scope of engagement

We continue to expand the spectrum of choices for our audience-both in terms of compelling content and the array of ways in which it can be consumed.

In 2025, we launched:

• A video podcast partnership with Netflix, making Netflix the exclusive home for video versions of 15 top iHeart podcasts;

• A multiplatform partnership with TikTok that included the creation of the TikTok Podcast Network, new co-branded radio programming, and live-event integrations;

• Our Guaranteed Human initiative which is a company-wide pro-human, pro-creator authenticity commitment;

• A regional podcasting hub to develop podcast studios and content in Qatar.

In addition to the above, prior to 2025, we launched:

• The iHeart Women's Sports Audio Network, the first-ever audio platform dedicated to women's sports across our broadcast, digital and podcast platforms;

Black Information Network, the first and only 24/7 national and local all news audio service dedicated to providing an objective, accurate and trusted source of continual news coverage with a Black voice and perspective;

(ii) The Black Effect Podcast Network, a joint venture with Charlamagne Tha God;

(iii) My Cultura, a podcast network showcasing Latinx voices, creators, and the Latinx experience with millions of listeners;

(iv) Outspoken Podcast Network, a new podcast network geared towards the LGBTQ+ community;

(v) Metaverse concerts and experiences;

and (vi) our broad range of sports programming.

• The Black Effect Podcast Network, a joint venture with Charlamagne Tha God;

• My Cultura, a podcast network showcasing Latinx voices, creators, and the Latinx experience with millions of listeners;

• Outspoken Podcast Network, a new podcast network geared towards the LGBTQ+ community;

• Metaverse concerts and experiences;

• Our broad range of sports programming.

Our industry-leading audio sports assets include the largest sports podcast network in the industry, which has partnerships with the NFL and the NBA.

We also have sports podcasts led by marquee talent like Colin Cowherd and Dan Patrick as well as the iHeart Sports Network, which reaches approximately 75 million Americans per month according to Nielsen, and includes our sports talk and sports betting stations along with our ongoing live coverage of professional teams on select stations across the country.

In addition, connected TVs, voice assistants, smart auto and other connected devices increases the range of options for accessing and interacting with our content, which has been an audience growth vehicle.

We also have sports podcasts led by

marquee talent like Colin Cowherd and Dan Patrick as well as the iHeart Sports Network, which reaches approximately 75 million Americans per month according to Nielsen, and includes our sports talk and sports betting stations along with our ongoing live coverage of professional teams on select stations across the country.

In addition, connected TVs, voice assistants, smart auto and other connected devices increase the range of options for accessing and interacting with our content, which has been an audience growth vehicle.

Notably, iHeartRadio, our all-in-one digital music, podcast and live streaming digital radio service, is available on an expansive range of platforms and devices including smart speakers, digital auto dashes, tablets, wearables, smartphones, virtual assistants, televisions and gaming consoles.

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In doing so, we will seek to create additional revenue opportunities through this platform.

We compete for share of our listeners’ time and engagement, a challenging task in today’s fragmented and multi-tasking world.

We believe our national reach, the strength of our brand and assets, the quality of our programming and personalities, and the companionship nature of our content allows us to compete effectively against other radio businesses, as well as with other media, entertainment and digital platforms, such as streaming audio services, satellite radio, podcasts, other

Internet-based streaming music services, ad tech, television, live entertainment, large scale online advertising platforms, and social media.

We compete for share of our listeners’ time and engagement, a challenging task in today’s fragmented and multitasking world.

Similarly, we compete for advertising and marketing dollars in the U.S.

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patent applications, 5 issued foreign patents and 2 pending foreign patent applications, in addition to 313 U.S.

trademarks registrations, 21 U.S.

trademark registrations, 26 U.S.

trademark applications, 249 state trademark registrations, 529 foreign registered trademarks and 4 foreign trademark applications.

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As of December 31, 2025, we had approximately 9,550 employees.

These employees represent the diverse and complex nature of iHeartMedia with skills in programming operations, sales, engineering, podcasting, digital and beyond, as well as corporate support, such as information technology, legal, human resources, communications and finance.

These employees represent the complex, wide-ranging nature of iHeartMedia with skills in programming operations, sales, engineering, podcasting, digital and beyond, as well as corporate support, such as information technology, legal, human resources, communications and finance.

Our workforce is comprised of approximately 78% full time and 22% part time employees.

We are a party to numerous collective bargaining

agreements and/or union-represented bargaining units, none of which represent a significant number of employees, with approximately 6.8% of our workforce subject to collective bargaining agreements.

We are a party to numerous collective bargaining agreements and/or union-represented bargaining units, none of which represent a significant number of employees, with approximately 7.3% of our U.S.

workforce subject to collective bargaining agreements.

Total Rewards

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• Paid holidays, including spirit days so that our employees may volunteer in their community;

• 401(k) plan;

• 401(k) plan and Company-matching contribution;

• An Employee Assistance Program, which is available to employees and their household members at no cost and provides services such as in person and telephonic counseling sessions, consultation on legal and financial matters and referrals for services such as child-care and relocation;

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and adopt and implement regulations and policies affecting the ownership, program content, employment practices and many other aspects of broadcast station operations.

This following summary does not comprehensively cover all current and proposed statutes, regulations and policies affecting our business.

The following summary does not comprehensively cover all current and proposed statutes, regulations and policies affecting our business.

Reference should be made to the Communications Act, FCC rules, public notices and rulings and other relevant statutes, regulations, policies, and proceedings for further information concerning the nature and extent of regulation of our business.

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The Communications Act prohibits the assignment of a license or the transfer of control of an FCC licensee without prior FCC approval.

In determining whether to grant such approval, the FCC considers a number of factors pertaining to the existing licensee and the proposed licensee, including compliance with FCC rules and the “character” of the proposed licensees.

Applications for license assignments or transfers involving a substantial change in ownership are subject to a 30‑day period for public comment, during which parties may petition to deny such applications.

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Debt instruments, non‑voting corporate stock, minority voting stock interests in corporations having a single majority stockholder, and properly insulated limited partnership and limited liability company interests generally are not subject to attribution unless such interests implicate the EDP Rule.

To the best of our knowledge at present, none of our officers, directors or 5 percent or greater stockholders holds an interest in another broadcast station that is inconsistent with the FCC’s ownership rules.

To the best of our knowledge at present, none of our officers, directors

or 5 percent or greater stockholders holds an interest in another broadcast station that is inconsistent with the FCC’s ownership rules.

The FCC's local radio ownership rule is the only FCC media ownership rule that is currently relevant to our business.

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To apply these ownership tiers, the FCC relies on Nielsen Metro Survey Areas, where they exist, and a signal contour‑overlap methodology elsewhere.

The Communications Act requires the FCC to review its media ownership rules every four years, and those reviews

have been and continue to be the subject of regulatory proceedings and litigation.

The Communications Act requires the FCC to review its media ownership rules every four years, and those reviews have been and continue to be the subject of regulatory proceedings and litigation.

On December 26, 2023 the FCC issued an order resolving the 2018 quadrennial review.

In that order, the FCC decided to retain the numerical limits on local radio ownership intact and to make permanent the signal contour‑overlap methodology that had applied on an interim basis in markets outside of Nielsen Metro Survey Areas.

The order is the subject of various pending appeals.

In addition, in December 2022, the FCC commenced the 2022 quadrennial review of its broadcast ownership rules.

Among other things, the FCC is seeking comment on all aspects of the local radio ownership rule including whether the current version of the rule remains necessary in the public interest.

The United States Court of Appeals for the Eighth Circuit rejected appeals of the decision to retain the local radio ownership rule in July 2025.

In December 2022, the FCC commenced the 2022 quadrennial review of its broadcast ownership rules and in November 2025, it issued a formal Notice of Proposed Rulemaking in the proceeding.

Among other things, the FCC is seeking comment on whether the local radio ownership rule remains necessary to further the public interest.

We cannot predict the outcome of the FCC’s media ownership proceedings or their effects on our business in the future.

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Supreme Court ruled on appeals of several FCC indecency actions, but declined to rule on the constitutionality of the FCC’s indecency policies.

The FCC has since solicited public comment on those policies in a proceeding which remains pending.

In addition, the FCC regulates the conduct of on-air station contests, requiring in general that the material rules and terms of the contest be broadcast periodically or posted online and that the contest be conducted substantially as announced.

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Equal Employment Opportunity

The FCC’s rules require broadcasters to engage in broad equal employment opportunity recruitment efforts, retain data concerning such efforts and report much of this data to the FCC and to the public via periodic reports filed with the FCC or placed in stations’ public files and websites.

placed in stations’ public files and websites.

The FCC periodically audits for compliance with its equal employment opportunity rules and broadcasters can be sanctioned for noncompliance.

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(“BMI”), SESAC LLC ("SESAC") and Global Music Rights LLC (“GMR”).

These licenses periodically come up for renewal, and as a result one or more of our PRO licenses currently are the subject of renewal negotiations.

While we currently hold licenses with all major PROs, these licenses are subject to periodic renewal, which requires us to engage in renegotiation of terms from time-to-time.

The outcome of these renewal negotiations could impact, and potentially increase, our music license fees.

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Under Federal statutory licenses, we are permitted to stream any lawfully released sound recordings and to make ephemeral reproductions of these recordings on our computer servers without having to separately negotiate and obtain direct licenses with each individual copyright owner as long as we operate in compliance with the rules of those statutory licenses and pay the applicable royalty rates to SoundExchange, the organization designated by the Copyright Royalty Board (“CRB”) to collect and distribute royalties under these statutory licenses.

The rates for the royalties that we pay to SoundExchange under these statutory licenses are the subject of a pending rate-setting proceeding before the CRB, and this proceeding will determine the applicable royalty rates for the period from January 1, 2026 to December 31, 2030.

The outcome of this proceeding may result in an increase to our licensing costs.

The rates for the royalties that we pay to SoundExchange under these statutory licenses are periodically the subject of rate-setting proceedings before the CRB to determine the applicable royalty rates.

The outcome of these proceedings may result in an increase to our licensing costs.

For music streams that do not qualify for statutory licenses, we must license performance rights directly from sound recording companies.

From time to time, SoundExchange notifies us that certain calendar years are subject to routine audits of our royalty payments.

From time to time, SoundExchange and these sound recording companies notify us that certain calendar years are subject to routine audits of our royalty payments.

The results of such audits could result in higher royalty payments for the subject years.

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There is no guarantee that the licenses and associated royalty rates that currently are available to us will be available to us in the future nor is there any guarantee that we will be able to operate our digital on-demand music service profitably.

In addition, Congress may consider and adopt legislation that would require us to pay royalties to sound recording copyright owners for broadcasting those recordings on our terrestrial radio stations.

In addition, Congress may adopt legislation that would require us to pay royalties to sound recording copyright owners for broadcasting those recordings on our terrestrial radio stations.

Potential Changes

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Beyond compliance with FCC rules governing media ownership, our acquisition of additional radio stations or other businesses could receive scrutiny or challenge under the federal antitrust laws.

Transactions that meet specified size thresholds are subject to applicable waiting periods and possible review under the Hart‑Scott‑Rodino Act (the “HSR Act”) by the DOJ or the FTC.

Transactions that meet specified size thresholds

are subject to applicable waiting periods and possible review under the Hart‑Scott‑Rodino Act (the “HSR Act”) by the DOJ or the FTC.

Whether or not an acquisition is required to be reported under the HSR Act, the antitrust authorities may investigate the transaction and may take such action under the antitrust laws as they deem necessary, including seeking to enjoin the acquisition or requiring divestiture of the acquired assets or certain of our other assets.

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Privacy, data protection and consumer protection legislation and regulation play a significant role in our business.

We obtain information from users of our technology platforms, including, without limitation, our websites, web pages, interactive features, digital survey panels, applications, social media pages, and mobile application (“Platforms”), in accordance with the privacy policies and terms of use posted on the applicable Platform.

We collect personal information automatically from a Platform users' device, as well as directly from Platform users in several ways, including when a user uses or purchases our products or services, registers to use our services, fills out a listener profile, posts comments, participates in polls and contests and signs up to receive email newsletters.

We also may obtain information about our listeners from other listeners and third parties.

We use and share this information for a variety of business purposes including for marketing our own products and services, analytics, attribution and to manage and execute digital advertising campaigns in a variety of ways, including delivering advertisements to Internet users based on their geographic locations, the type of device they are using, and their interests as inferred from their web browsing or app usage activity.

In addition, we obtain audience behavior information from third-party data providers who represent to us that they are compliant with applicable laws.

Outside our consumer-facing businesses, we collect personal information from and about our employees and our business partners.

We are subject to a number of federal, state and foreign laws and regulations relating to consumer protection, direct marketing, information security, data protection and privacy, including children's privacy.

While some of these laws and regulations are still evolving, they have impacted, and will continue to impact our business by restricting our marketing activities and collection, use, retention, sharing and other processing of data, including both personal information and technical information related to users and devices, which also reduces our ability to effectively deliver relevant ads to our users, and by increasing compliance cost and risks.

For example, the Federal Trade Commission and state regulators enforce a variety of data privacy issues, such as promises made in privacy policies or failures to appropriately protect information about individuals, as unfair or deceptive acts or practices in or affecting commerce in violation of the Federal Trade Commission Act or similar state laws.

Comprehensive state privacy laws are now in effect in multiple states, and additional states have passed laws that will take effect throughout the coming years.

These new privacy laws establish data privacy rights for consumers residing in the respective states (such as rights to request deletion or correction of their personal information, or access to a copy of their personal information), impose new assessment requirements prior to undertaking higher risk data processing, grant opt-out rights (or require opt-in consent) for the collection and use of sensitive data, impose special rules on the collection of personal information from minors, create notice obligations and new limits on targeted advertising and the “sale” of personal information or the “sharing” of personal information for cross-context behavioral advertising, and create a statutory damages framework that allows for state regulators to impose fines and penalties for violations.

Several states have laws making it easier for consumers to opt-out of targeted advertising and sales or sharing of personal information for cross-context behavioral advertising by requiring use of the "global privacy control." If the global privacy control were to be widely adopted, it could materially impact our ability to deliver targeted advertising and generate advertising revenue therefrom.

Compliance with these new laws entails substantial expenses, diverts resources from other initiatives and projects, and could limit the services we are able to offer.

In the United States, certain of our business operations are subject to the Children’s Online Privacy Protection Act (“COPPA”), which limits what personal information we can collect directly from users of our Platforms who are under the age of 13 years, and how we can use that information.

In the area of information security and data breach notification, various laws and regulations in the United States and most countries require companies to implement measures and controls to protect certain types of information and to notify users, regulators and/or other third parties if there is a security breach impacting the integrity or confidentiality of protected information.

We obtain information from users of our technology platforms, including, without limitation, our websites, interactive features, digital survey panels, social media pages, and mobile applications (“Platforms”), in accordance with the privacy policies and terms of use posted on the applicable Platform.

We collect personal information from Platform users in several ways, including when a user uses or purchases our products or services, registers for an account with us, fills out a listener profile, posts comments, participates in polls and contests and signs up to receive email newsletters.

We also collect personal information automatically when users access and use our Platforms.

We may obtain information about listeners from other listeners and content developers, our business partners, and third parties.

We use and share this information for a variety of purposes including for marketing our own products and services, analytics, attribution and to manage and execute digital advertising campaigns in a variety of ways, including delivering advertisements to users based on geographic locations, device type, and interests as inferred from browsing, listening, or app usage activity.

In addition, we obtain audience behavior information from third-party data providers who represent to us that they are compliant with applicable laws, including notice and consent obligations where required.

The collection, use, retention, sharing, and other processing of personal information are increasingly governed by legislation in numerous jurisdictions worldwide.

Compliance with these laws and regulations can be burdensome and costly, and jurisdictional inconsistencies may further increase compliance expenses, particularly when we consider expanding our Platforms into new markets.

We are subject to various U.S.

federal and state laws, as well as foreign laws and regulations, relating to consumer protection, direct marketing, information security, data protection and privacy, including children's privacy.

Many of these laws and regulations are relatively new and continue to evolve, and they have impacted, and will continue to impact, our business by restricting our marketing activities and limiting the collection, use, retention, sharing and other processing of data, including personal information and technical information related to users and devices.

These restrictions can reduce our ability to effectively deliver relevant advertising, and increase compliance cost and risks.

For example, the Federal Trade Commission and state regulators enforce a variety of data privacy issues, such as compliance with privacy policy disclosures and representations and standards for safeguarding personal information, as unfair or deceptive acts or practices in or affecting commerce in violation of the Federal Trade Commission Act or similar state laws.

As of January 1, 2026, comprehensive state consumer privacy laws will be in effect in multiple states, covering nearly half of the U.S.

These privacy laws grant consumers specific rights regarding their personal information, such as the right to request deletion or correction, or to obtain a copy of their personal information.

These laws also require in-scope businesses to, among other things, provide notices containing certain disclosures to consumers, conduct risk assessments before engaging in certain types of data processing, offer certain opt-out rights, obtain consent for certain types of data processing, and adhere to restrictions on targeted advertising and the “sale” (as such term is defined under such laws) of personal information.

They establish statutory damages frameworks that authorize state regulators to impose fines and penalties, order corrective action, and seek injunctive relief for violations.

Several states also require companies to recognize a browser-based opt-out mechanism, such as the Global Privacy Control, which allows consumers to opt-out of targeted advertising and the "sale" of personal information through browser settings.

Widespread adoption of this mechanism could materially impact our ability to deliver targeted advertising and generate related revenue.

Compliance with these laws entails substantial expense, diverts resources from other initiatives, and may limit the services we can offer.

In addition, certain U.S.

business operations are subject to the Children’s Online Privacy Protection Act (“COPPA”), which restricts the collection and use of personal information from users under 13 years of age.

Emerging state laws, such as laws related to age assurance and age-appropriate design codes, may impose additional obligations that could further impact our U.S.

business operations and Platform design.

Finally, our U.S.

business operations could be impacted by older wiretapping laws in certain multi-party consent states that provide a private right of action and have fueled increased litigation activity by the plaintiffs' bar in recent years.

In the area of information security and data breach notification, various laws and regulations in the United States and most countries require companies to implement measures and controls to protect certain types of information and to notify users, regulators and/or other third parties if there is a security breach impacting the availability, integrity, or confidentiality of protected information.

Any failure on our part to comply with these laws may subject us to significant liabilities.

For example, the California Consumer Privacy Act ("CCPA") provides a private right of action and minimum statutory damages for certain types of data breaches, with possible damage awards of $100 to $750 per consumer per incident, or actual damages, whichever is greater.

For example, the California Consumer Privacy Act ("CCPA") provides a private right of action and minimum statutory damages for certain

types of data breaches, with possible damage awards of $100 to $750 per consumer per incident, or actual damages, whichever is greater.

The EU General Data Protection Regulation ("EU GDPR") and UK General Data Protection Regulation ("UK GDPR") provide potential fines up to EUR €20 million or (EU GDPR) or £17.5 million (UK GDPR) or 4% of worldwide annual turnover of the preceding financial year, whichever is greater, for inadequately notifying relevant stakeholders and regulators of a personal data breach.

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Collectively, these laws control how we use personal information to market products and services to consumers.

Notably, the TCPA provides a private right of action, for which individual plaintiffs or classes of plaintiff may

bring suit seeking damages up to $500 per violation.

Notably, the TCPA provides a private right of action, for which individual plaintiffs or classes of plaintiff may bring suit seeking damages up to $500 per violation.

TCPA settlements and verdicts can be significant, depending on the size of the class and the number of alleged violative marketing calls or text messages.

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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