What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-13 compared with 2024-03-08 · 69 added, 110 removed, 161 unchanged (53% of the section changed)

As used herein, unless the context otherwise requires, ISG, the registrant, is referred to in this Annual Report on Form 10-K for the fiscal year ended December 31,2023 (“Form 10-K”) as the “Company,” “we,” “us” and “our.”

Unless the context otherwise requires, Information Services Group, Inc., the registrant, is referred to in this Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”) as the “Company,” “ISG”, “we,” “us” and “our.”

Information Services Group, Inc.

III) is a leading global technology research and advisory firm.

A trusted business partner to more than 900 clients, including more than 75 of the top 100 enterprises in our markets, ISG is committed to helping corporations, public sector organizations and service and technology providers achieve operational excellence and faster growth.

The Company specializes in digital transformation services, including automation, cloud and data analytics;

sourcing advisory;

managed governance and risk services;

network carrier services;

technology strategy and operations design;

change management;

market intelligence and technology research and analysis.

Based in Stamford, Connecticut, ISG employs over 1,500 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data.

III) is a global AI-centered technology research and advisory firm.

A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services sourcing that is now focused on leveraging AI to help organizations achieve operational excellence and faster growth.

The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its more than 1,300 professionals worldwide working together to help clients maximize the value of their technology investments.

For more information, visit www.isg-one.com.

The content on our website is available for informational purposes only.

It should not be relied upon for investment purposes, nor is it incorporated by reference into this Form 10-K or any other filings.

Our Company was founded in 2006 with the strategic vision to become a high-growth, leading provider of information-based advisory services.

It should not be relied upon for investment purposes, nor is it incorporated by reference into this Annual Report on Form 10-K or any other filings.

Our Company was founded with the strategic vision to become a high-growth, leading provider of information-based advisory services.

We continue to believe that our vision will be realized through the acquisition, integration and successful operation of market-leading brands within the data, analytics and advisory industry.

Our private and public sector clients continue to face significant technological, business and economic challenges that will fuel demand for the professional services we provide.

Our private and public sector clients continue to face significant technological, business and economic challenges that we believe will fuel demand for the professional services we provide.

We are focused on providing unique solutions that solve key client problems.

In the private sector, for example, we believe that companies will continue to face significant challenges associated with globalization and technological innovation, including the need to decrease operating costs, increase efficiencies, compete against new market entrants and evaluate and adopt increasing numbers of emerging and transformational technologies such as Generative AI.

Similarly, public sector organizations at the national, regional and local levels increasingly must deal with the complex and converging issues of outdated technology systems, reduced budgets and an aging workforce.

These technological challenges have only been intensified by the post-COVID-19 pandemic remote or hybrid work environment and, therefore, present further opportunity for ISG to assist our private and public sector clients with digital transformation services.

Overall, we believe the global marketplace dynamics at work in both the private and public sectors support growing demand for the professional services, analytics, platforms and advice ISG can provide.

3 unchanged sentences

Our telephone number is (203) 517-3100.

ISG specializes in digital transformation services, including sourcing advisory, automation, cloud and data analytics;

ISG specializes in digital transformation services, including sourcing advisory, cloud and data analytics;

managed governance and risk services;

7 unchanged sentences

The Company’s operating model is aimed at extending our market leadership, enhancing growth opportunities and driving significant value for all stakeholders.

We provide services that address our clients’ most pressing business challenges in two areas most important to them—their continuing digital transformation and getting the most from their digital investments.

We provide services that address our clients’ most pressing business challenges in two areas we believe are most important to them—their continuing digital transformation and getting the most from their digital investments.

To meet these needs, we formed two global client solution areas:

ISG Digital, focused on developing technology, transformation, sourcing and digital solutions for clients, and ISG Enterprise, focused on helping clients manage change and optimize operations in such areas as finance, human resources (“HR”) and Procure2Pay.

Our core solutions are supported by ISG Research, with its extensive market analyses and provider evaluations, our ISG Network and Software Advisory services and our software platforms, including ISG GovernX®.

We also continue to build more industry-specific capabilities in such areas as banking, insurance and smart manufacturing.

Every client engagement passes through our dedicated Solution Hub to bring the best thinking, tools and capabilities to bear to solve every client challenge.

Every client engagement passes through our dedicated Solution Hub to bring the best thinking, tools and capabilities to bear to solve client challenges.

Integrated solutions are then delivered through our ISG iFlex™ global delivery model, which enables us to rapidly deploy our resources to support clients, regardless of geography or time zone.

18 unchanged sentences

● Preserve and Expand Our Market Share Positions.

We expect the trend toward globalization and greater operating efficiency and technological innovation to play an increasing role in the growth in demand for our services.

We plan to leverage our combined operating platform to serve the growing number of private and public sector organizations utilizing outside advisors when undertaking transformational projects.

We expect the trend toward operational efficiency led by the accelerating adoption of AI-based technologies to play an increasing role in the demand for our services.

We plan to leverage our proprietary operating platform (Tango) to serve the growing number of private and public sector organizations utilizing outside advisors when undertaking cost optimization and transformation programs.

We are focused on growing our existing client base by offering integrated solutions that combine our multiple services and capabilities.

2 unchanged sentences

In our pursuit of the Company’s growth initiatives, we are committed to maintaining a strong financial position with flexibility and liquidity.

The priorities for uses of available cash include payment of dividends, funding growth, repurchases of shares and debt reduction.

In addition, we expect our cash flow generation and a solid balance sheet to support the current financial strategy.

The priorities for uses of available cash include funding growth, payment of dividends, share repurchases and debt reduction.

We expect our cash flow generation and solid balance sheet to support the firm’s current operating strategy .

● Strengthen Our Industry Expertise.

We strive to continue to strengthen our market-facing organization to drive increased revenue around 9 global industries:

We plan to continue to invest in and strengthen our market-facing organization to drive increased revenue targeting nine global industries:

Banking and Financial Services, Consumer Services, Energy and Utilities, Health Sciences, Insurance, Manufacturing, Media and Technology Software and Services, Private Equity and Public Sector.

Aggressively Expand Our Market Focus.

We are seeking to drive our service portfolio and relationships with clients further into Digital Advisory Services, including Generative AI, Automation, Business Advisory Services, Strategy, Data & Analytics, Transition and Organizational Change and Network & Software Advisory.

These are all areas in which we are investing additional focus to drive increased revenues and expanded relationships with clients.

ISG plans to expand resources and intellectual property (“IP”) around digitization.

Our purpose in the digital marketplace is to be a trusted advisor, guiding our clients through digital transformation toward practical innovation of their business models, leveraging strategic partners, emerging technology and thought leadership.

● Expand Our Offering Focus.

We seek to drive our service portfolio and relationships with clients further into AI-centered Technology Advisory Services, including Business Advisory Services, AI-Centered Technology Strategy, Data & Analytics, IT Transition Services, Organizational Change Management (OCM) and Network & Software Advisory.

These are all areas in which we are investing in an attempt to drive increased revenue and expand client relationships.

ISG plans to expand resources and intellectual property around AI-centered technologies.

Our purpose in the marketplace is to be a trusted advisor, guiding our clients through their AI and technology transformations toward practical innovation of their business models, leveraging strategic partners, emerging technology and thought leadership.

Our digital services now span a volume of offerings and have become embedded as part of our traditional transaction services.

Advancements continue to be made to further ‘digitize’ our traditional services.

For example, we continue to modernize our traditional sourcing services to bring agility, nimbleness and AI capability to the process of sourcing, RFPs and contracting.

Our ISG Tango sourcing platform is a unique and comprehensive solution that helps enterprises and public sector organizations to quickly evaluate their business requirements, identify desired outcomes, fast-track the provider identification and selection process, collaborate with providers on developing the right solution, get to a signed contract and transition operations faster than before.

ISG continues to expand its Supplier and Contract Management capabilities powered by the GovernX® platform, the market’s leading vendor compliance and risk management digital solution.

This service provides clients a strategic and disciplined approach to managing supplier relationships and large contract portfolios.

These services assist clients with improving supplier performance, reducing spend, mitigating third party risk, and managing/collaborating/innovating with their supplier base.

We are now leveraging the advancements of AI into our digital services.

For example, we continue to modernize our traditional sourcing services

to leverage AI, data and analytics to bring agility and nimbleness to the process of sourcing, RFPs and contracting.

Our ISG Tango sourcing platform is a unique, AI embedded, comprehensive solution that enables enterprises and public sector organizations to quickly evaluate their business requirements, identify desired outcomes, fast-track the provider identification and selection process, collaborate with providers on developing the right solution, get to a signed contract and transition operations faster than before.

ISG continues to expand our Supplier and Contract Management capabilities powered by our GovernX® platform, a market leading vendor compliance and risk management digital solution.

This offering provides clients a strategic and disciplined approach to supplier relationship and large contract management.

Our suite of offerings includes supplier performance improvement, reducing spend, third-party risk mitigation, and supplier-based management.

Based on ISG’s 25 years of managing relationships on behalf of our clients, we have a unique and robust dataset that enables ISG to partner with clients to deliver improvements to their business processes and to benchmark the performance of their operations to the broader market.

ISG GovernX leverages cognitive technology to automate the management of third-party supplier relationships, including contract and project lifecycles and risk management.

Enterprises can leverage the platform to deliver more value from their outsourcing spend.

ISG GovernX leverages AI to automate the management of third-party supplier relationships, including contract and project lifecycles and risk management.

Enterprises leverage the platform to deliver more value from their outsourcing spend.

ISG GovernX users can easily manage new contracts and proactive renewals, make timely amendments and handle contract terminations—all on one platform.

The platform delivers easy integration with other enterprise applications, such as ServiceNow, and is tightly connected to ISG Research offerings, such as benchmarks, assessments and total-cost-of-ownership evaluations.

The platform allows for integration with other enterprise applications, such as ServiceNow, and is tightly connected to ISG Research offerings, such as contract benchmarks, assessments and total-cost-of-ownership evaluations.

Additionally, ISG GovernX clients can mitigate supply chain risks and ensure business continuity by reviewing and validating their providers’ business and IT continuity plans and procedures.

3 unchanged sentences

ISG Inform 2.0 provides a quantified view of the health of the user’s enterprise IT landscape through a series of easy-to-read visual dashboards that display key performance indicators for infrastructure, applications and digital capabilities compared with industry peers.

Data and insights are drawn from the ISG sourcing database.

Robotic Process Automation coupled with Generative AI is fundamentally reshaping the way businesses work.

Automation is increasingly enabling automated 24/7/365 execution of business processes at a fraction of the cost of human equivalents, as well as leading to dramatic improvements in process execution and cost models.

The addition of Generative AI will allow companies to automate “high touch” functions and processes historically requiring human focus.

ISG Automation offers clients a full portfolio of services, including automation and Generative AI assessments and strategy, proof-of-concept deployments, implementation and integration of software bots, and establishment of centers of excellence to scale automation, as well as training and managed services.

Data and insights are drawn from the ISG total cost of ownership and sourcing databases.

AI is fundamentally reshaping the way businesses work.

It will allow companies to automate “high touch” functions and processes historically requiring human focus.

ISG offers clients AI assessments and strategy.

● Expand Emerging Services .

The focus will be on creating repeatable methods used to drive growth of emerging services, including Generative AI;

ISG Automation;

ISG Network Select™;

HR Technology & Transformations;

Providers-as-a-Business;

ISG Platform;

ISG Digital Engineering;

ISG Research;

and ISG Training-as-a-Service.

ISG Generative AI:

ISG is significantly influencing how our clients adopt Generative Artificial Intelligence (GenAI).

As these companies transform into AI-powered enterprises, ISG provides crucial buying advice, access to diverse AI technologies and niche implementors via a marketplace, and impartial governance solutions.

The focus will be on creating repeatable methods used to drive growth of emerging services, including AI, ISG Training-as-a-Service, ISG Network Select™, HR Technology & Transformations and ISG Research.

ISG is focused on influencing how our clients adopt Artificial Intelligence.

As companies transform into AI-powered enterprises, ISG provides crucial buying advice, access to diverse AI technologies and niche implementors via a marketplace, and impartial governance solutions.

By offering a comprehensive understanding of various AI providers and platforms, ISG helps companies make informed decisions that align with their specific needs.

1 unchanged sentence

ISG also assists clients in adapting to these changes by helping them reassess the value of their traditional IT operations and contracts with partners — in the context of AI-enhanced productivity.

This reassessment or 'marking to market' is crucial for companies to realize the full benefits of AI integration.

ISG Automation:

ISG’s capabilities and service offerings include implementation services for Robotic Process and Cognitive Automation Technology.

ISG Automation guides clients through the hurdles of adoption, ensuring the optimal future state with best-fit technologies.

ISG Automation tailors programs to specific business needs and helps build governance that works inside the culture of our clients.

The size of the Automation market is expected to continue to grow significantly over the next few years.

Automation is fundamentally reshaping the world of Information Technology Outsourcing and Business Process Outsourcing.

Our solutions will work to optimize repetitive processes using ‘bots’

instead of human labor.

ISG Automation will continue to be marketed by industry (e.g., claims processing for insurance) and by back-office functions (e.g., accounting).

We believe that this reassessment or ‘marking to market’ is crucial for companies to realize the full benefits of AI integration.

Training-as-a-Service (TaaS):

ISG offers training-as-a-service (TaaS) and outsourced managed learning services for organizations with limited resources and growing demand for custom learning content and digital learning platforms.

These organizations are typically looking for longer-term training support to address the needs of an evolving workforce.

ISG TaaS uses an agile approach with rapid content development tools to accelerate training content and digital adoption platforms (DAP) to integrate learning into the daily flow of work.

Services include training advisory, analysis, strategy, custom development, delivery support, learning software subscription models, learning administration and learning assessment.

ISG Network Select:

This offering helps streamline and simplify how enterprises build their network solutions.

It enables ISG to better meet the growing demand for such leading-edge networking solutions as software-defined networking (SD-WAN, SD-LAN), SD security services, 5G mobility, unified communications-as-a-service (UCaaS) and call center-as-a-service (CCaaS) — which are all critical to enterprise digital transformation.

Client demand for networks that are secure, interconnected, interoperable and profitable is rising, as are concerns over security, scale, cost and the complexity of the expanding Internet of Things (“IoT”) landscape.

It enables ISG to address the growing demand for such leading-edge networking solutions as software-defined networking (SD-WAN, SD-LAN), SD security services, 5G mobility, unified communications-as-a-service (UCaaS) and call center-as-a-

service (CCaaS) — which are all critical to enterprise transformation.

ISG Network Select is designed to help clients find the best solutions, faster, to power their digital transformation initiatives.

Clients get access to detailed and current data on their vendor and technology options, insights to help negotiate better pricing, and processes to accelerate ISG Tango networking solutions.

Clients get access to detailed and current data on their vendor and technology options and insights to help negotiate better pricing.

HR Technology & Transformations:

Advances in technology are transforming the business of HR.

Advances in AI-centric technologies are transforming the business of HR.

From intuitive and mobile self-service software to predictive analytics and integrated talent management suites, technological solutions are changing the way leaders acquire, develop and engage their employees.

1 unchanged sentence

ISG combines deep subject matter expertise, market data and financial frameworks, along with sourcing of technology and service providers, to help organizations develop and execute HR technology strategies that are right for them.

Providers-as-a-Business:

Historically, ISG had targeted traditional service providers for these types of services, which included a combination of consulting and research solutions.

These services include market intelligence, client retention programs, pursuit effectiveness, satisfaction benchmarking, go-to-market consulting and health checks.

ISG Platform:

We see growth opportunities in tool-enabling the part of consulting that solves for standard problems.

The digital solutioning of ISG will reach its next level as we develop the ISG Platform, an integrated set of software-driven solutions, data and research that will allow us to increase our subscription-based recurring revenues and penetrate new market segments.

ISG Inform and ISG GovernX will be at the core of the ISG Platform, as will our new set of offerings that will continue to streamline and digitize the provider selection process.

In early 2022, ISG launched ISG Executive Insights™, a market intelligence and data analytics platform that addresses the challenges of managing increasingly complex supplier ecosystems.

The new data-analytics-as-a-solution offering is powered by ISG’s market-leading data repository—a comprehensive, curated database of global IT, business process and engineering outsourcing contracts—paired with ISG’s patented IT price benchmarking, market cost intelligence and other analytical tools.

We continue to develop and invest in our ISG Platform, which will help us drive recurring revenues.

ISG Digital Engineering:

ISG has an opportunity to develop and scale a Digital Engineering capability that meets the growing need of enterprises to integrate information technology, operational technology and engineering technology.

Over the past five years, enterprise business models have been shifting from selling products as a one-time transaction to becoming more software-oriented to drive more features and functionality, shifting focus to aftermarket solutions to generate recurring revenues via services (servitization) and enhancing customer experience to increase customer acquisition and retention rates.

As companies are reimagining their products and services, Digital Engineering is growing rapidly due to the increasing data and software content of products and processes.

Our aim is to become an independent governance and end-to-end transformation partner including the sourcing of engineering system integrators and engineering platforms like SIEMENS and Dassault throughout each client’s digital engineering transformation journey, serving multiple industries with an initial focus on manufacturing.

ISG Research:

7 unchanged sentences

When large enterprises need to evaluate providers, they reach out to ISG Research for a deep understanding of capabilities, pricing, breadth of coverage and past experience.

With the rapid pace of technology including GenAI, ISG Research is ready and well-positioned with buyers and sellers to ensure our clients avoid the hype and capitalize on outcomes.

Training-as-a-Service (TaaS):

ISG has launched a subscription-based, recurring revenue service that has lowered training development costs at major clients called Training as a Service (TaaS).

Building on this success, ISG offers outsourced managed learning services for organizations with limited resources and growing demand for custom learning content and

digital learning platforms.

These organizations are typically looking for longer-term training support to address the needs of an evolving workforce.

ISG TaaS uses an agile approach with rapid content development tools to accelerate training content and digital adoption platforms (DAP) to integrate learning into the daily flow of work.

Services include training advisory, analysis, strategy, custom development, delivery support, learning software subscription models, learning administration, and learning assessment.

● Expand “Recurring Revenue Streams.” These include such annuity-based ISG offerings as ISG GovernX, ISG Research, Software-as-a-Subscription, ISG Inform and the multi-year Public Sector contracts.

With the rapid pace of technological evolution including AI, we believe that ISG Research is ready and well-positioned with enterprises to ensure our clients avoid the hype and capitalize on outcomes.

In addition to serving enterprises, ISG research also helps providers navigate the marketplace through market intelligence, client retention programs, pursuit assessments and client satisfaction benchmarking.

● Expand “Recurring Revenue Streams.” These include such annuity-based ISG offerings as ISG GovernX, ISG Research Lens, ISG Inform and multi-year Public Sector contracts.

All are characterized by subscriptions (i.e., renewal-centric as opposed to project-centric revenue streams) or multi-year contracts.

3 unchanged sentences

public sector, particularly state governments, local municipalities and higher education, presents a significant opportunity to ISG.

Systems are typically outdated;

maintenance is expensive and the workforce charged with maintenance is aging.

Systems are typically outdated, maintenance is expensive and the workforce charged with maintenance is aging.

There is a need to refurbish systems to reduce the cost of operations (particularly because governments’ tax revenues are under pressure).

We are well-positioned as a third party, objective advisory group with no affiliation to the software providers.

ISG will continue to invest in the digitization of these services, driving increased automation, greater profitability and even more value for our clients.

We believe we are well-positioned as a third party, objective advisor with no affiliation to the software providers.

ISG will continue to invest in the evolution of these services, with an aim to drive increased AI adoption, greater profitability and even more value for our clients.

● Consider Acquisitions and Other Growth Opportunities.

4 unchanged sentences

Our Proprietary Data Assets and Market Intelligence

One of our core assets is the information, data, analytics, methodologies and other intellectual property the Company possesses.

One of our core assets is the information, data, analytics, methodologies and other intellectual property we possess.

This intellectual property underpins the independent nature of our operational assessments, strategy development, deal structuring, negotiation and other consulting services we provide to our clients.

2 unchanged sentences

We recognize the value of our intellectual property and vigorously defend it.

As a result, the Company maintains strict policies and procedures regarding ownership, use and protection of our intellectual property with all parties, including our employees.

As a result, we maintain strict policies and procedures regarding ownership, use and protection of our intellectual property with all parties, including our employees.

We operate in over 20 countries and across numerous industries.

6 unchanged sentences

We believe we set ourselves apart with our data repository of recent, comparable transactions and benchmarking data, our depth of experience and our sourcing and technology implementation expertise, all of which are critical to implementing and managing successful transformation projects for business and governments.

As of December 31, 2023, we employed 1,518 people worldwide.

As of December 31, 2024, we employed 1,323 people worldwide, of which 1,289 are full-time employees.

Our employee base includes executive management, service leads, partners, directors, advisors, analysts, technical specialists and functional support staff.

15 unchanged sentences

Our employees function within a collaborative community that welcomes varied ideas and styles.

These diverse perspectives produce enhanced results for our clients and result in a preferred place to work.

We believe that these diverse perspectives produce enhanced results for our clients and result in a preferred place to work.

We exhibit our commitment to diversity and inclusion through our hiring practices, opportunities for learning and advancement and the distribution of rewards.

2 unchanged sentences

While we have made progress in our workforce diversity representation, we seek to continually improve in this area.

We have also introduced ISG WorkLife, which is a series of progressive, best practice, Next-Gen HR offerings designed to improve the quality of our work-life experience, while helping us achieve our firm-wide objectives.

We have also introduced ISG WorkLife, which is a series of progressive, best practice, Next-Gen HR offerings designed to improve the quality of our employees’ work-life experience, while helping us achieve our firm-wide objectives.

ISG believes this will help us attract and retain productive talent.

5 unchanged sentences

● ISG iTime , which provides flexible paid time off arrangements for employees in certain countries.

● ISG Brand Ambassador, which highlights and encourages our people’s community support and charitable pursuits while elevating the firms global brand.

● ISG Brand Ambassador , which highlights and encourages our people’s community support and charitable pursuits while elevating the firm’s global brand.

We understand that employees have varied interests both in and outside of the workplace.

20 unchanged sentences

We maintain procedures, policies and codes of conduct around ethical business practices, whistleblowing, suppliers, data protection, information security, privacy, confidentiality, employee comportment and travel.

With regard to cybersecurity, we regularly provide training, reporting and scans in compliance with our ISO-27001 certifications and best practices.

With regard to cybersecurity, we regularly provide training, reporting and scans in compliance with our ISO-27001 certifications and

best practices.

Every year, our employees attest to reviewing our global policies via digital signature, including in 2023 a new policy regarding the acceptable use of generative automated intelligence.

ISG’s success depends on the knowledge and productivity of its employees.

ISG’s success depends on the knowledge and productivity of our employees.

To that end, the Company invests a significant amount of time and money into providing development opportunities.

1 unchanged sentence

In 2024, most learning was virtual;

there were over 1,200 digital certified professionals that participated in various sessions, devoting a total of more than 45,000 hours to learning and development.

there were over 1,300 digital certified professionals that participated in various sessions, which average 12 hours of training per professional that has been devoted to learning and development.

Available Information

1 unchanged sentence

The content on our website is available for informational purposes only.

It should not be relied upon for investment purposes, nor is it incorporated by reference into this Form 10-K or any other filings.

We make available through our Internet website under the link titled “Investors” our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments or exhibits thereto, as soon as reasonably practicable after we electronically file any such materials with the Securities and Exchange Commission (the “SEC”).

It should not be relied upon for investment purposes, nor is it incorporated by reference into this Annual Report on Form 10-K or any other filings.

We make available through our Internet website under the link titled “Investors” our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments or exhibits thereto, as soon as reasonably practicable after we electronically file any such materials with the Securities and Exchange Commission (the “SEC”).

Copies of our key corporate governance documents, including our Code of Ethics and Business Conduct for Directors, Officers and Employees, Corporate Governance Guidelines and charters for our Audit Committee, our Nominating and Corporate Governance Committee and our Compensation Committee, are also on our website.

3 unchanged sentences

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