What changed in this filing

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Item 7. Management’s Discussion and Analysis

2025-02-13 compared with 2024-02-15 · 82 added, 77 removed, 289 unchanged (35% of the section changed)

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and its consolidated subsidiaries.

This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2023 and 2022 under the headings “Results of Operations,” “Segment Results” and “Liquidity and Capital Resources.” For a similar detailed discussion comparing 2022 and 2021, refer to those headings under Item 7., “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2022.

This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2024 and 2023 under the headings “Results of Operations,” “Segment Results” and “Liquidity and Capital Resources.” For a similar detailed

discussion comparing 2023 and 2022, refer to those headings under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to GAAP results, we provide foreign currency neutral dollar amounts and percentages for our revenues, certain expenses, contract values and other metrics.

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our ability to carry out our strategic initiatives and manage associated costs;

our ability to recover potential claims under our event cancellation insurance;

the timing of conferences and meetings, in particular our Gartner Symposium/Xpo series that normally occurs during the fourth quarter;

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our ability to enforce and protect our intellectual property rights;

our ability to keep pace with technological developments in artificial intelligence;

our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations;

additional risks associated with international operations, including foreign currency fluctuations;

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the impact of restructuring and other charges on our businesses and operations;

cybersecurity incidents;

cybersecurity incidents or other disruptions to our information systems;

risks associated with the creditworthiness, budget cuts, and shutdown of governments and agencies;

our ability to meet ESG commitments;

our ability to meet sustainability commitments and comply with applicable regulatory requirements;

the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally;

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The potential fluctuations in our operating income could cause period-to-period comparisons of operating results not to be meaningful and could provide an unreliable indication of future operating results.

A description of the risk factors associated with our business is included under “Risk Factors” in Item 1A.

of this Annual Report on Form 10-K, which is incorporated herein by reference.

A description of the risk factors associated with our business is included under “Risk Factors” in Item 1A of this Annual Report on Form 10-K, which is incorporated herein by reference.

Forward-looking statements are subject to risks, estimates and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements.

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Readers should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made.

Forward-looking statements in this Annual Report on Form 10-K speak

only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.

Forward-looking statements in this Annual Report on Form 10-K speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only

as of the date of those documents.

Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

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Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities.

In February 2023, we completed the sale of a non-core business, TalentNeuron, for approximately $161.1 million after considerations of post-close adjustments.

TalentNeuron was included in the Company’s Research segment.

$161.1 million cash was received from the sale during the year ended December 31, 2023.

We recognized a pre-tax gain of $135.4 million on the sale of TalentNeuron, which is included in Gain from sale of divested operation in the Consolidated Statement of Operations for the year ended December 31, 2023.

On July 25, 2024 the Company entered into a settlement agreement to resolve litigation concerning the Company's event cancellation insurance for 2020 and 2021.

The settlement resolved all remaining 2020 and 2021 event cancellation insurance claims for $300.0 million.

BUSINESS MEASUREMENTS

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Wallet retention is calculated at an enterprise level, which represents a single company or customer.

Conferences Number of destination conferences represents the total number of hosted virtual or in-person conferences completed during the period.

Conferences Number of destination conferences represents the total number of hosted in-person conferences completed during the period.

Single day, local meetings are excluded.

Number of destination conferences attendees represents the total number of people who attend virtual or in-person conferences.

Number of destination conferences attendees represents the total number of people who attend in-person conferences.

Single day, local meetings are excluded.

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We had total revenues of $6.3 billion in 2024, an increase of 6% compared to 2023 on both a reported basis and excluding the foreign currency impact.

Net income increased to $882.5 million in 2023 from $807.8 million in 2022 and diluted earnings per share was $11.08 in 2023 compared to $9.96 in 2022.

Net income increased to $1.3 billion in 2024 from $882.5 million in 2023 and diluted earnings per share was $16.00 in 2024 compared to $11.08 in 2023.

Research revenues increased to $5.1 billion in 2024, an increase of 5% compared to 2023 on both a reported basis and excluding the foreign currency impact.

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Contract value was $5.3 billion at December 31, 2024, an increase of 8% compared to December 31, 2023 on a foreign currency neutral basis.

Conferences revenues increased to $505.2 million in 2023, an increase of 30% compared to 2022 on a reported basis and 29% excluding the foreign currency impact.

Conferences revenues increased to $583.2 million in 2024, an increase of 15% compared to 2023 on both a reported basis and excluding the foreign currency impact.

The Conferences gross contribution margin was 48% and 50% in 2024 and 2023, respectively.

We held 47 in-person conferences in 2023, and 25 in-person and 16 virtual conferences in 2022.

Consulting revenues increased to $514.7 million in 2023, an increase of 7% compared to 2022 on a reported basis and 8% excluding the foreign currency impact.

We held 51 and 47 in-person conferences in 2024 in 2023, respectively.

Consulting revenues increased to $558.5 million in 2024, an increase of 9% compared to 2023 on both a reported basis and excluding the foreign currency impact.

The Consulting gross contribution margin was 36% and 35% in 2024 and 2023, respectively.

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Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses.

It is our policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim.

Generally, it is our policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim.

Note 1 — Business and Significant Accounting Policies and Note 9 — Revenue and Related Matters in the Notes to Consolidated Financial Statements provide additional information regarding our revenues.

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Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available.

In December 2024, we completed an intercompany transfer of certain intellectual property (IP).

As a result, we recorded a deferred tax asset of approximately $163.2 million, based on the fair value of the IP rights transferred.

The deferred tax asset represents the value of future tax deductions for amortization of the assets in the acquiring jurisdiction.

The fair value of the intellectual property was determined using an income approach based on unobservable inputs and involves significant judgments such as, but not limited to, future cash flows and discount rates.

Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

Accounting for stock-based compensation — We account for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No.

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Cost of services and product development was $2.0 billion in 2024, an increase of $119.8 million compared to 2023, or 6% on both a reported basis and excluding the foreign currency impact.

The increase in Cost of services and product development was primarily due to increased compensation costs as a result of higher headcount, as well as increased conference related expenses, due to the return to in-person destination conferences, partially offset by decreased research program expenses.

Cost of services and product development as a percent of revenues was 32% and 31% for 2023 and 2022, respectively.

The increase in Cost of services and product development was primarily due to a $82.8 million increase in personnel expenses associated with headcount and merit increases as well a $37.0 million increase in conference expenses due to an increase in the number of conferences.

Cost of services and product development as a percent of revenues was 32% for both 2024 and 2023.

Selling, general and administrative (“SG&A”) expense was $2.9 billion in 2024, an increase of $183.3 million compared to 2023, or 7% on both a reported basis and excluding the foreign currency impact.

The increase in SG&A during the year ended December 31, 2023, as compared to the prior fiscal year, was primarily due to higher personnel costs in the current year, including higher salary expense due to increased headcount.

These increases were partially offset by a reduction in facilities expense, related to a reduction of our real estate footprint.

We expect to continue to evaluate our real estate footprint globally.

If we determine there is any additional excess property, there is no assurance that we will be able to sublease any such excess properties or that we will not incur costs in connection with such exit activities, which may be material.

During 2023, we incurred charges associated with the impairment of right-of-use assets and other long-lived assets, related to certain office locations we no longer intend to use, of $20.4 million, compared to $54.0 million in 2022.

The number of quota-bearing sales associates in Global Technology Sales increased slightly to 3,641 and in Global Business Sales increased by 8% to 1,188, compared to December 31, 2022.

The increase in SG&A during the year ended December 31, 2024, as compared to the prior fiscal year, was primarily a result of a $165.4 million increase in personnel expenses due to increased headcount and merit increases.

The number of quota-bearing sales associates in Global Technology Sales increased by 4% to 3,804 and in Global Business Sales increased by 9% to 1,298, compared to December 31, 2023.

On a combined basis, the total number of quota-bearing sales associates increased by 6% when compared to December 31, 2023.

SG&A expense as a percent of revenues was 46% and 45% during 2023 and 2022, respectively.

SG&A expense as a percent of revenues was 46% during both 2024 and 2023.

Depreciation increased by 14% during 2024 compared to 2023.

The increase for the year ended December 31, 2023 was primarily due to increased computer equipment and software additions in 2022 and 2023, partially offset by a reduction in leasehold improvements depreciation as a result of the impairment losses recorded during 2022 and 2023.

Amortization of intangibles decreased by 6% during 2023 compared to 2022 primarily due to intangible assets divested as part of the sale of our TalentNeuron business.

Acquisition and integration charges increased by $0.5 million during the year ended December 31, 2023, compared to the same period in 2022.

Gain from sale of divested operation was attributable to the sale of our TalentNeuron business in February 2023.

The increase for the year ended December 31, 2024 was primarily due to increased software additions during the last twelve months.

Amortization of intangibles decreased by 2% during 2024 compared to 2023.

Acquisition and integration charges decreased by $8.6 million during the year ended December 31, 2024, compared to the same period in 2023.

Gain from sale of divested operation during the prior year was attributable to the sale of our TalentNeuron business in February 2023.

We recognized a pre-tax gain of $135.4 million during the year ended December 31, 2023.

Operating income was $1.16 billion and $1.24 billion during 2024 and 2023, respectively.

The increase in operating income was primarily due to the gain from sale of divested operation, as well as increased revenue, partially offset by an increase in cost of services and product development and selling, general and administrative expenses.

The 7% decrease in operating income was primarily due to the gain from sale of divested operation recognized during the prior year period, and increases in cost of services and product development and selling, general and administrative expenses, partially offset by increased revenue.

Interest expense, net decreased by $24.8 million during 2024 compared to 2023.

The decrease in interest expense, net was primarily due to increased interest income, as well as lower interest expense due to the maturation of $700.0 million in fixed-for-floating interest rate swap contracts in March 2022, partially offset by higher interest expense on our term loan.

Gain on event cancellation insurance claims of $3.1 million during the year ended December 31, 2023 reflected proceeds related to the 2020 conference cancellation insurance claims.

The decrease in interest expense, net was due to increased interest income, primarily as a result of higher cash balances than the prior year.

Gain on event cancellation insurance claims of $300.0 million during the year ended December 31, 2024 reflected proceeds from a settlement agreement to resolve litigation concerning the Company's event cancellation insurance for 2020 and 2021.

The settlement resolved all remaining 2020 and 2021 event cancellation insurance claims.

Gain on event cancellation insurance claims of $3.1 million during the year ended December 31, 2023 reflected proceeds related to 2020 conference cancellation insurance claims.

Other income, net for the years presented herein included the net impact of foreign currency gains and losses from our hedging activities, as well as sales of certain state tax credits and the recognition of other tax incentives.

During 2023 and 2022, Other income, net included a $3.9 million and a $52.3 million gain on de-designated interest rate swaps, respectively.

During both 2024 and 2023, Other income, net included a $3.9 million gain on de-designated interest rate swaps.

Provision for income taxes was $133.7 million and $264.7 million during 2024 and 2023, respectively, with an effective income tax rate of 9.6% and 23.1% for 2024 and 2023, respectively.

The increase in the effective income tax rate in 2023 was primarily the result of changes in unrecognized tax benefits year over year.

The decrease in the effective income tax rate in 2024 was primarily the result of net tax benefits of approximately $161.9 million recognized as a result of an intercompany transfer of certain intellectual property in December 2024.

Note 12 — Income Taxes in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s income taxes.

Net income was $882.5 million and $807.8 million during 2023 and 2022, respectively.

Net income was $1.3 billion and $882.5 million during 2024 and 2023, respectively.

Additionally, our diluted net income per share increased by $4.92 in 2024 compared to 2023.

The increase in net income during 2023 was primarily the result of the gain from sale of divested operations, as well as increased revenue and interest income, partially offset by increased operating expenses, a lower gain from de-designated interest rate swaps and higher income tax expense.

The increase in net income during 2024 was primarily due to the gain on event cancellation insurance claims, as well as an increase in revenue and lower provision for income taxes and interest expense, net, partially offset by the gain from sale of divested operation recognized during the year ended December 31, 2023 and increased operating expenses.

SEGMENT RESULTS

We evaluate reportable segment performance and allocate resources based on gross contribution margin.

Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses,

Depreciation, Amortization of intangibles, and Acquisition and integration charges.

Gross contribution is defined as operating income or loss excluding certain Cost of services and product development expenses, SG&A expenses, Depreciation, Amortization of intangibles, and Acquisition and integration charges.

Gross contribution margin is defined as gross contribution as a percent of revenues.

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The sections below present the results of the Company’s three business segments – Research, Conferences and Consulting, as described below.

The Year Ended December 31, 2023 The Year Ended December 31, 2022 Increase

Year Ended December 31, 2024 Year Ended December 31, 2023 Increase

(Decrease) Percentage

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Contract value (1), (3) $ 4,029,000 $ 3,779,000 $ 250,000 7 %

Client retention 83 % 86 % (3) points —

Wallet retention 101 % 105 % (4) points —

Client retention 84 % 83 % 1 point —

Wallet retention 102 % 101 % 1 point —

Global Business Sales (2):

Contract value (1), (3) $ 1,233,000 $ 1,101,000 $ 132,000 12 %

Client retention 87 % 89 % (2) points —

Wallet retention 107 % 112 % (5) points —

Client retention 87 % 87 % — point —

Wallet retention 106 % 107 % (1) point —

(1) Dollars in thousands.

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Contract values as of December 31, 2023 have been calculated using the same foreign currency rates as 2024.

Research revenues increased by $282.3 million during 2023 compared to 2022, or 6% on both a reported basis and excluding the foreign currency impact.

The increase in revenues during 2023 was primarily due to strong Research contract value growth in 2022.

Research revenues increased by $238.6 million during 2024 compared to 2023, or 5% on both a reported basis excluding the foreign currency impact.

The increase in revenues during 2024 was primarily due to Research contract value growth in 2023.

The gross contribution margin was 74% in both 2024 and 2023, as the increase in revenue and decreased research program expenses were offset by an increase in personnel expenses to support future growth.

Contract value increased to $5.3 billion at December 31, 2024, or 8% compared to December 31, 2023 on a foreign currency neutral basis.

All industry sectors grew at least high single-digit rates, other than technology and media.

The fastest growth was in the public, energy and manufacturing sectors.

All industry sectors grew at mid single-digit rates or faster, other than media.

The fastest growth was in the manufacturing, healthcare and public sectors.

Global Technology Sales (“GTS”) contract value increased by 7% at December 31, 2024 when compared to December 31, 2023.

The increase in GTS contract value was primarily due to new business from existing clients.

GTS contract value increased by at least mid single-digits for the majority of enterprise sizes and sectors.

GTS contract value increased by at least mid single-digits for nearly all enterprise sizes and sectors.

Global Business Sales (“GBS”) contract value increased by 12% year-over-year, also primarily driven by new business from existing clients.

The majority of our GBS practices achieved double-digit growth rates, with the majority of enterprise sizes and sectors also growing double-digits year-over-year.

The majority of our GBS practices achieved double-digit growth rates, with all enterprise sizes and the majority of sectors also growing double-digits year-over-year.

GTS client retention was 84% and 83% as of December 31, 2024 and 2023, respectively, while wallet retention was 102% and 101%, as of December 31, 2024 and 2023, respectively.

GBS client retention was 87% and 89% as of December 31, 2023 and 2022, respectively, while wallet retention was 107% and 112% as of December 31, 2023 and 2022, respectively.

The decrease in GTS and GBS wallet retention was largely due to lower levels of incremental spending by existing clients compared to the same period in 2022.

The Year Ended December 31, 2023 The Year Ended December 31, 2022 Increase

GBS client retention was 87% as of both December 31, 2024 and 2023, while wallet retention was 106% and 107% as of December 31, 2024 and 2023, respectively.

Year Ended December 31, 2024 Year Ended December 31, 2023 Increase

(Decrease) Percentage

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(1) Dollars in thousands.

(2) Includes both virtual and in-person conferences.

(2) Single day, local meetings are excluded.

Conferences revenues increased by $115.9 million during 2023 compared to 2022, or 30% on a reported basis and 29% excluding the foreign currency impact.

We re-launched in-person destination conferences during the second quarter of 2022.

Conferences revenues increased by $78.1 million during 2024 compared to 2023, or 15% on both a reported basis and excluding the foreign currency impact.

We held 51 in-person destination conferences during the year ended December 31, 2024.

We held 25 in-person conferences and 16 virtual conferences during the year ended December 31, 2022.

The increase in revenues for the year ended December 31, 2023 was primarily due the increase in in-person destination conferences.

We held 47 in-person conferences during the year ended December 31, 2023.

The increase in revenues for the year ended December 31, 2024 was due to an increase of 15% in both exhibitor revenue and attendee revenue compared to the same period in 2023.

The segment gross contribution margin was 48% and 50% in 2024 and 2023, respectively.

The lower gross contribution margin during 2023 was also primarily due to the increase in in-person destination conferences.

The lower gross contribution margin during 2024 was primarily the result of an increase in conference-related expenses and increased headcount partially offset by the increase in revenue.

As Of And For The Year Ended December 31, 2024 As Of And For The Year Ended December 31, 2023 Increase

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Gross contribution (1) $ 203,292 $ 181,501 $ 21,791 12 %

Gross contribution margin 35 % 39 % (4) points —

Gross contribution margin 36 % 35 % 1 point —

Business Measurements:

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Average billable headcount 956 934 22 2 %

Consultant utilization 65 % 70 % (5) points —

Consultant utilization 65 % 65 % — point —

(1) Dollars in thousands.

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Backlog as of December 31, 2023 has been calculated using the same foreign currency rates as 2024.

Consulting revenues increased 7% during 2023 compared to 2022 on a reported basis and 8% excluding the foreign currency impact.

Consulting revenues increased 9% during 2024 compared to 2023 on both a reported basis and excluding the foreign currency impact.

The increase in revenues on a reported basis was due to a 5% increase in labor-based consulting, and a 21% increase in contract optimization.

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The segment gross contribution margin was 36% and 35% in 2024 and 2023, respectively.

The decrease in gross contribution margin during 2023 was primarily due to increased personnel expense related to higher headcount, partially offset by the increase in revenue.

The increase in gross contribution margin during 2024 was primarily due to the increase in revenue.

Backlog increased by $28.5 million, or 17%, from December 31, 2023 to December 31, 2024.

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Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.

At December 31, 2023, we had $1.3 billion of cash and cash equivalents and approximately $1.0 billion of available borrowing capacity on the revolving credit facility under our 2020 Credit Agreement.

At December 31, 2024, we had $1.9 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing

capacity on the revolving credit facility under our 2024 Credit Agreement.

We believe that the Company has adequate liquidity and access to capital markets to meet its currently anticipated needs for both the next twelve months and the foreseeable future.

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Cash flow generation has also benefited from our ongoing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase sales.

During the fourth quarter of 2024, we entered into an amended lease agreement to significantly reduce the square footage and reduce future lease payments at one of our leased locations.

We made an installment payment of $24.0 million during the fourth quarter of 2024, and will make an equal installment payment during the second quarter of 2025 in consideration for the lease amendment.

Our cash and cash equivalents are held in numerous locations throughout the world with 43% held overseas at December 31, 2024.

The Company intends to reinvest substantially all of its accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax.

We intend to distribute a portion of the accumulated undistributed earnings of non-U.S.

subsidiaries as of December 31, 2024 in conjunction with global restructuring activity.

We continue to assert our intention to reinvest substantially all remaining accumulated undistributed foreign earnings, except in instances where repatriation would result in minimal additional tax.

The table below summarizes the changes in the Company’s cash balances for the years indicated (in thousands).

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Cash provided by operating activities $ 1,484,922 $ 1,155,737 $ 329,185

Cash provided by (used in) investing activities 54,157 (117,558) 171,715

Cash (used in) provided by investing activities

(103,737) 54,157 (157,894)

Cash used in financing activities (710,143) (588,881) (121,262)

Net increase (decrease) in cash and cash equivalents and restricted cash 621,013 (43,578) 664,591

Net increase in cash and cash equivalents and restricted cash

671,042 621,013 50,029

Effects of exchange rates (57,494) (13) (57,481)

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Cash provided by operating activities was $1.5 billion and $1.2 billion in 2024 and 2023, respectively.

The year-over-year increase was primarily due to increased operating income, excluding the gain from sale of divested operation, and strong collections, partially offset by increased income tax payments, in part as a result of the gain from sale of divested operation in 2023.

Cash provided by (used in) investing activities was $54.2 million and $(117.6) million in 2023 and 2022, respectively.

The increase from 2022 to 2023 was primarily the result of the proceeds received from the sale of our TalentNeuron business in February 2023.

The year-over-year increase was primarily due to the $300.0 million of insurance proceeds received during 2024 as well as reduced net cash interest expense and increased operating income, excluding the 2023 gain from sale of divested operation.

Cash (used in) provided by investing activities was $(103.7) million and $54.2 million in 2024 and 2023, respectively.

The decrease from 2023 to 2024 was primarily the result of the $161.1 million in proceeds received from the sale of our TalentNeuron business in February 2023.

Cash used in financing activities was $0.7 billion and $0.6 billion in 2024 and 2023, respectively.

During the 2023 period, we used $0.6 billion of cash for share repurchases and paid a net $7.8 million in debt principal repayments.

During the 2024 period, we used $0.7 billion of cash for share repurchases.

In March 2024, we borrowed $274.4 million under the 2024 Credit Agreement.

The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement.

During the 2023 period, we used $0.6 billion for share repurchases and paid a net $7.8 million in debt principal repayments.

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Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.

From time to time, the Company may seek to retire or repurchase its outstanding debt through various methods including open

market repurchases, negotiated block transactions, or otherwise, all or some of which may be effected through Rule 10b5-1 plans.

From time to time, the Company may seek to retire or repurchase its outstanding debt through various methods including open market repurchases, negotiated block transactions, or otherwise, all or some of which may be effected through Rule 10b5-1 plans.

Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors, and may involve material amounts.

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The FASB has issued accounting standards that had not yet become effective as of December 31, 2024 and may impact the Company’s consolidated financial statements or its disclosures in future periods.

Note 1 — Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements provides information regarding those accounting standards.

Note 1 — Business and Significant

Accounting Policies in the Notes to Consolidated Financial Statements provides information regarding those accounting standards.

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 7. Management’s Discussion and Analysis