What changed in this filing

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Item 1. Business

2025-04-17 compared with 2024-04-11 · 119 added, 61 removed, 139 unchanged (56% of the section changed)

Overview – Lakeland Industries is a global provider of quality safety products that protect the world’s workers, first responders, and communities during the most critical situations.

Overview – Lakeland Fire + Safety is a global provider of quality safety products that protect the world’s workers, first responders, and communities during the most critical situations.

The Company’s products, which are governed by rigorous safety standards and regulations, are used to either protect the wearer from their environment or protect a product or process from the wearer in a broad range of markets around the world, including chemical, clean room, energy, fire service, manufacturing, and utility applications.

Lakeland’s product portfolio includes firefighter protective apparel and accessories, high-end chemical protective suits, limited use/disposable protective clothing, durable woven garments, high visibility clothing, gloves, and protective sleeves.

Lakeland’s product portfolio includes firefighter protective apparel and accessories, high-end chemical protective suits, limited use/disposable protective clothing, durable woven garments, high performance FR/AR apparel, and high visibility clothing.

Lakeland Fire + Safety’s fiscal year 2025 was a transformative year, underscored by multiple acquisitions to build a head-to-toe portfolio of brands in fire protection, new management, and an improved capital position to fund our long-term initiatives.

We recently closed an oversubscribed $46.0 million public equity offering, which brought in an impressive pool of new and existing shareholders.

This secondary offering strengthened our balance sheet and positioned us to accelerate further growth in the fragmented, higher margin, $2.0 billion fire protection sector in the largest global markets and to repay indebtedness.

While we believe we now have the full suite of premier global head-to-toe fire services, we expect to move forward by continuing to implement strategies to accelerate growth and margins by renewing our acquisition focus on the fire turnout gear industry.

We continue to see growth opportunities in the fire and industrial space.

We have grown our revenue year-over-year and demonstrated our success with our last four acquisitions, providing confidence in our roll-up strategy, and we now have ample capital and flexibility to execute this strategy.

The Company’s strong market position across its focus product categories and markets is supported by continued and increasing investment in its global footprint, particularly owning and operating its own manufacturing facilities, acquiring complementary companies or products that expand and enhance product offerings and/or geographic customer territories and investing in sales and marketing resources in countries around the world.

We believe that ownership of manufacturing is the keystone to building a resilient supply chain and providing high-quality products to our customers.

Having seven manufacturing locations in seven countries on five continents, coupled with sourcing core raw materials from multiple suppliers in various countries, affords Lakeland with superior manufacturing capabilities and supply chain resilience when compared to our competitors who use contractors.

Having ten manufacturing locations in eight countries on five continents, and sourcing core raw materials from multiple suppliers in various countries affords Lakeland with superior manufacturing capabilities and supply chain resilience compared to our competitors who use contractors.

Additionally, our focus on providing customers with best-in-class service includes the strategic location of our sales team members.

Lakeland has 95 sales employees located in 24 countries selling into more than 50 countries globally.

Lakeland is committed to protecting the world’s workers, first responders, and communities while creating shareholder value.

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Acquiring companies that improve Lakeland’s competitive advantage in focus markets.

On November 30, 2023 the Company acquired New Zealand-based Pacific Helmets NZ Limited (“Pacific”) in an all-cash transaction valued at approximately NZ$14,000,000 ($8.6 million) including assumption of debt, subject to post-closing adjustments and customary holdback provisions.

On December 16, 2024, the Company acquired U.S.

based Veridian Limited (Veridian) for cash consideration of approximately $26.1 million subject to post-closing adjustments and customary holdback provisions.

Founded in 1992, Veridian is a leading provider of firefighter protective apparel, including fire and rescue garments, gloves and boots, with an annual revenue of approximately $21 million.

Veridian has approximately 150 employees and is headquartered in Des Moines, Iowa.

On July 1, 2024, the Company acquired the fire and rescue business of LHD Group Deutschland GmbH and its subsidiaries in Hong Kong and Australia (collectively, "LHD") in an all-cash transaction subject to post-closing adjustments and customary holdback provisions.

Total consideration was $14.8 million, net of $1.5 million cash acquired, of which $15.5 million was paid to retire LHD’s debt and $0.8 million was paid to the seller at closing.

LHD is a leading provider of firefighter turnout gear, accessories, and personal protective equipment cleaning, repair, and maintenance.

LHD has 111 employees worldwide and is headquartered in Wesseling, Germany, with operations in Hong Kong and Australia.

On February 5, 2024, the Company acquired Italy and Romania-based Jolly Scarpe S.p.A.

and Jolly Scarpe Romania S.R.L.

(collectively, "Jolly") in an all-cash transaction.

Total consideration was $9.0 million, of which $7.5 million was paid to the seller at closing, and $1.5 million remained unpaid subject to post-closing adjustments and customary holdback provisions.

Jolly is a leading designer and manufacturer of professional footwear for the firefighting, military, police, and rescue markets.

The company is headquartered in Montebelluna, Italy, with manufacturing operations in Bucharest, Romania, and has 150 employees.

Jolly’s primary customers are based in Europe.

On November 30, 2023, the Company acquired New Zealand-based Pacific Helmets NZ Limited (“Pacific”) in an all-cash transaction valued at approximately $6.3 million including the assumption of debt, subject to post-closing adjustments and customary holdback provisions.

The acquisition enhances Lakeland’s product portfolio, particularly within fire service protective helmets.

Headquartered in Whanganui, New Zealand, Pacific is a leading designer and provider of structural firefighting, wildland firefighting, and technical rescue helmets.

For purposes of this Form 10-K, (a) FY refers to a fiscal year ended January 31;

for example, FY24 refers to the fiscal year ended January 31, 2024 and (b) Q refers to a quarter, for example Q4 FY 24 refers to the fourth quarter of the fiscal year ended January 31, 2024.

Segments – The Company has seven revenue-generating reportable geographic segments under ASC Topic 280 “Segment Reporting”:

USA Operations, Other Foreign, Europe (UK), Mexico, Asia, Canada, and Latin America.

Segment information is presented in Note 13 – Segment Information of the consolidated financial statements in Part II Item 8 of this Form 10-K.

Segment Reporting is presented in Note 14 – Segment Information of the consolidated financial statements in Part II Item 8 of this Form 10-K.

Because our consolidated financial statements are stated in U.S.

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Firefighter Protective Apparel and Accessories

We offer a complete line of NFPA and CE compliant structural firefighter (turnout gear) and wildland firefighter protective apparel for domestic and foreign fire departments.

We offer a complete line of National Fire Protection Association (“NFPA”) and European conformity (“CE”) compliant structural firefighter (turnout gear) and wildland firefighter protective apparel for domestic and foreign fire departments.

Our turnout gear is available both in standard stock patterns and customer configurations.

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(collectively, “Jolly”), we now manufacture and sell a comprehensive range of firefighting and safety boot models.

See Note 15, “Subsequent Events,” to the consolidated financial statements in Item 8 of this Annual Report on Form 10-K for additional information.

High-End Chemical Protective Suits

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We manufacture and market a line of durable, launderable woven garments that complement our firefighting and heat protective offerings and provide alternatives to our limited use/disposable protective clothing lines.

These products provide us access to the much larger woven industrial and health care-related markets.

Woven garments are favored by customers for certain applications because of familiarity with and acceptance of these fabrics.

These products provide us access to the much larger woven industrial and healthcare-related markets.

Customers favor woven garments for certain applications because of familiarity with and acceptance of these fabrics.

These products allow us to supply and satisfy a broader range of our end users’ safety needs.

High Performance FR/AR Apparel

Lakeland High-Performance FR apparel offers dual-certified protective apparel with advanced moisture-wicking technology and lightweight design with maneuverability in mind.

With a combination of hydrophobic and hydrophilic fibers, Lakeland High-Performance FR garments ensure permanent moisture wicking in each layer of the garment.

Our layering system improves the ability to maintain body temperature and outlast environmental elements.

High Visibility Clothing

Lakeland’s High-Visibility Division manufactures and markets a comprehensive line of reflective apparel that meets the American National Standards Institute (ANSI) requirements and multiple national standards around the world.

The line includes vests, T-shirts, sweatshirts, jackets, coats, raingear, jumpsuits, hats and gloves.

Gloves and Sleeves

We manufacture and sell specially designed glove and sleeve products made from Kevlar®, a cut and heat-resistant fiber produced by DuPont, Spectra®, a cut-resistant fiber made by Honeywell, and our own patented engineered yarns.

These gloves offer a better overall level of protection and lower worker injury rate and are more cost-effective than traditional leather, canvas or coated work gloves.

These gloves allow workers to handle sharp or jagged unfinished sheet metal safely, and are used primarily in the automotive, glass and metal fabrication industries.

Customers – The majority of our sales are made through distribution.

For the year ended January 31, 2024, no individual customer represented more than 10% of our sales.

Sales and Marketing - Domestically, we employ a field sales force, organized in four vertical sales groups (industrial, fire service, critical environment, and utilities), to better support customers and enhance marketing.

For the years ended January 31, 2025 and 2024, no individual customer represented more than 10% of our sales.

We further leverage our in-house sales team with independent sales representatives to a global network of over 2,000 safety and industrial supply distributors who buy our products for resale and typically maintain inventory at the local level in order to assure quick response times and the ability to serve their customers properly.

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We aim to provide our customers with the highest quality products and excellent customer service.

Competition – The global safety products market is broad with many verticals based upon product type and end-use.

Competition – The global safety products market is broad with many verticals based on product type and end-use.

We compete in a subset of the larger safety market primarily focusing on firefighter apparel, chemical suits, and limited-use/disposable protective clothing.

Over the long term, we believe global demand for safety products will continue to grow as the procurement of PPE is non-discretionary and often mandated by industry standards and government regulations which are increasing in global adoption.

Over the long term, we believe global demand for safety products will continue to grow as the procurement of personal protective equipment (PPE) is non-discretionary and often mandated by industry standards and government regulations which are increasing in global adoption.

The safety products market is highly competitive and fragmented, with participants ranging in size from small companies focusing on a single type of PPE to several large multinational corporations that supply many types of safety products.

Our main competitors vary by region and product.

We compete on the basis of our product quality, product availability, cost of ownership, brand recognition, and customer service.

We believe Lakeland is favorably positioned in its focus markets as a result of our high-quality offerings, global footprint, and brand recognition.

We compete based on product quality, availability, brand recognition, and customer service.

We believe Lakeland is favorably positioned in its focus markets because of our high-quality offerings, global footprint, and brand recognition.

Patents and Trademarks – We own 14 patents with the U.S.

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We maintain an active program to protect our technology, filing for patent and trademark protection in multiple countries where our product may be “knocked off” or where significant sales of our products exist.

Information regarding risks associated with our proprietary technology and our intellectual property rights may be found in Item 1A of this Annual Report on Form 10-K under the heading “Risk Factors.”

Information regarding risks associated with our proprietary technology and intellectual property rights may be found in Item 1A of this Annual Report on Form 10-K under the heading “Risk Factors.”

Raw Materials and Suppliers - Our policy is to qualify multiple vendors for our fabrics and bindings whenever possible.

We frequently distribute our purchases among the top two or three suppliers, based on pricing and delivery schedules, in order to keep multiple suppliers qualified and proficient in the manufacture of the raw materials that we require.

Materials, such as polypropylene, polyethylene, polyvinyl chloride, spunlaced polyester, melt blown polypropylene and their derivatives and laminates, are available from 30 or more major mills.

FR fabrics are also available from a number of both domestic and international mills.

Materials, such as polypropylene, polyethylene, polyvinyl chloride, spun-laced polyester, melt blown polypropylene and their derivatives and laminates, are available from 30 or more major mills.

Flame-resistant (FR) fabrics are also available from a number of both domestic and international mills.

The accessories used in the production of our disposable garments, such as thread, boxes, snaps and elastics, are obtained from unaffiliated suppliers.

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and internationally to supply our key fabrics.

We have not experienced difficulty in obtaining our requirements for these commodity component items.

Due to the high cost of freight for our nonwoven fabrics, we also seek to find multiple sources that are local to our manufacturing to emergency demand and shift manufacturing between our locations with greater ease.

We have not had trouble in obtaining our requirements for these commodity component items.

Due to the high freight cost for our nonwoven fabrics, we also seek to find multiple sources that are local to our manufacturing to emergency demand and shift manufacturing between our locations with greater ease.

Human Capital - As of January 31, 2025, the Company employed approximately 2,100 people worldwide, of which approximately 2,050 were full-time and approximately 50 were part-time.

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Overall, we consider our employee relations to be good.

Our culture is important to our success.

Our culture is essential to our success.

Health and Safety.

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We conduct regular self-assessments and audits to ensure compliance with our health and safety guidelines and regulatory requirements.

Our ultimate goal is to achieve a level of work-related injuries as close to zero as possible through continuous investment in our safety programs.

Our goal is to achieve a level of work-related injuries as close to zero as possible through continuous investment in our safety programs.

We provide protective gear (e.g.

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Additionally, during the COVID-19 pandemic, we invested heavily to help ensure the health of our employees.

Through the use of education and awareness, provision of necessary PPE, and changes to our manufacturing sites and screening, we strive to make our workplaces a safe place for employees during the workday.

Hiring Practices.

We recruit the best people for the job without regard to gender, ethnicity or other protected traits, and it is our policy to comply fully with all domestic, foreign and local laws relating to discrimination in the workplace.

Diversity and Inclusion.

Recognizing and respecting our global presence, we strive to maintain a diverse and inclusive workforce everywhere we operate.

Almost 50% of our employees worldwide are female and, in the U.S., non-Caucasian employees account for more than 50% of the employee base.

Our diversity and inclusion principles are also reflected in our employee training, particularly our policies against harassment and bullying and the elimination of bias in the workplace.

Using education and awareness, provision of necessary PPE, and changes to our manufacturing sites and screening, we strive to make our workplaces safe for employees during the workday.

In addition, to support mental health and emotional well-being, all associates and their dependents worldwide have access to an Employee Assistance Program ("EAP"), at no cost to them.

This includes access to visits with mental health care providers through the EAP.

Hiring Practices.

We recruit the best people for the job without regard to gender, ethnicity or other protected traits.

Our policy is to comply fully with all domestic, foreign and local workplace discrimination laws.

We strive to maintain a welcoming and supportive workplace environment everywhere we operate, and our employee training materials prohibit harassment and bullying and promote the elimination of bias in the workplace.

Compensation.

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Nothing on our website, including our policies, or sections thereof, shall be deemed incorporated by reference into this Annual Report on Form 10-K or incorporated by reference into any of our other filings with the Securities and Exchange Commission.

Government Regulation – We are governed by regulations that affect the manufacture, distribution, marketing and sale of our products, including regulations relating to various environmental, health and safety matters.

Government Regulation – We are governed by regulations that affect the manufacture, distribution, marketing and sale of our products, including regulations

relating to various environmental, health and safety matters.

These regulations differ among and within every country in which we operate.

We are not involved in any pending or, to our knowledge, threatened governmental proceedings, which would require curtailment of our operations because of such laws and regulations.

Changes in regulations, guidelines, procedural precedents and enforcement take place frequently and can impact the size, growth potential and profitability of products sold in each market.

Changes in regulations, guidelines, procedural precedents and enforcement occur frequently and can impact the size, growth potential and profitability of products sold in each market.

See “- Environmental Matters” below for additional discussion of environmental regulations.

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Complex and changing international standards play to Lakeland’s strengths when compared to most multinationals or smaller manufacturers.

Lakeland currently sits on committees and/or works closely with groups involved in writing many international standards such as the American Society for Testing and Materials International (“ASTM”), the National Fire Protection Association (“NFPA”), International Safety Equipment Association (“ISEA”), the European Committee for Standardization (“CEN”), ISO, the China National Standards Board (“GB”) in China, and the Standards Australia and Standards New Zealand (“ASNZ”).

Lakeland currently sits on committees and/or works closely with groups involved in writing many international standards such as the American Society for Testing and Materials International (“ASTM”), the NFPA, the International Safety Equipment Association (“ISEA”), the European Committee for Standardization (“CEN”), ISO, the China National Standards Board (“GB”) in China, and the Standards Australia and Standards New Zealand (“ASNZ”).

Globally, not only are the standards continuing to change, but the focus of standards activity is shifting.

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Unfortunately, these are not “international standards” and can be easily ignored by other countries that wish to impose their own conformity assessment systems on importers.

The result is an increasingly dynamic standards environment where not only are the standards changing, but the minimum requirements for conformity with the certification process itself are changing.

A number of developing nations are now becoming active in development of their own standards based on existing international standards.

This presents a new challenge in that not only are we faced with multiple test methods and standards, but we have the potential for multiple certification processes.

The result is an increasingly dynamic standards environment where the standards are changing and the minimum requirements for conformity with the certification process itself are changing.

Several developing nations are now becoming active in the development of their own standards based on existing international standards.

This presents a new challenge in that we are faced with multiple test methods and standards, and have the potential for multiple certification processes.

While this adds to product development and sales expenses, the additional cost is only incremental.

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This is both technically challenging and costly.

By virtue of its international manufacturing and sales operations, Lakeland is uniquely positioned to capitalize on this complex dynamic.

Through our international manufacturing and sales operations, Lakeland is uniquely positioned to capitalize on this complex dynamic.

Environmental Matters .

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Certain fabric components of firefighter turnout gear manufactured by our suppliers contain PFAS to achieve water, oil, or chemical resistance.

Although we understand some suppliers have investigated PFAS-free alternatives that may become available in the future, no manufacturer of firefighter turnout gear is currently able to meet the current NFPA safety standards without using certain fabric components that contain PFAS.

Some of our suppliers have notified us that they add PFAS to their fabric components to achieve the NFPA performance requirements.

Some of our suppliers have notified us that they add PFAS to their fabric components to achieve NFPA performance requirements.

The Company has been named as a party to a number of lawsuits filed by firefighters related to PFAS.

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The following is a list of the names and ages of all of our executive officers indicating all positions and offices they hold with us as of April 15, 2025.

Acting President and Chief Executive Officer, and Executive Chairman

President and Chief Executive Officer, and Executive Chairman

Chief Financial Officer and Secretary

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Chief Operating Officer

Joshua Sletten

Vice President of Corporate Development and Strategy

Jenkins was appointed Acting President and Chief Executive Officer on February 1, 2024.

Chief Human Resources Officer

Barry Phillips

Chief Revenue Officer - Fire

Chief Commercial Officer – Global Industrials

Jenkins has served as our President and Chief Executive Officer since June 1, 2024.

Previously Mr.

Jenkins held the position of acting President and Chief Executive Officer beginning February 1, 2024.

Jenkins was appointed the Company's Executive Chairman on August 30, 2023.

Previously, he served as Chairman of the Board from February 1, 2023 through August 2023 and as a director since 2016.

Jenkins also served on our Board from 2012 to 2015 and was a member of the Audit and Corporate Governance Committees.

Jenkins is currently the General Counsel and Vice President of Corporate Development for Transcat, Inc., a provider of calibration, repair, inspection and laboratory services.

Before joining Transcat, Mr.

Jenkins was a partner at Harter Secrest & Emery LLP, a regional law firm in New York State, where his practice focused on corporate governance and general corporate law matters, including initial and secondary public offerings, private placements, mergers and acquisitions, and securities law compliance.

Jenkins previously served as Chairman of the Board from February 1, 2023 through August 2023.

Jenkins previously served on our Board from 2012 to 2015 and was a member of our Audit and Corporate Governance Committees.

Prior to his appointment as our President and Chief Executive Officer, Mr.

Jenkins was the General Counsel and Vice President of Corporate Development for Transcat, Inc.

TRNS), a provider of calibration, repair, inspection and laboratory services, where he served as Transcat’s chief risk officer and advised management and the board of directors over matters of corporate governance and securities law.

He also led Transcat’s acquisition strategy.

He joined Transcat in September 2020.

Prior to joining Transcat, he was a partner at Harter Secrest & Emery LLP, a regional law firm located in New York State.

His practice focused in the areas of corporate governance, and general corporate law matters, including initial and secondary public offerings, private placements, mergers and acquisitions, and securities law compliance.

Jenkins joined the firm in 1989 as an associate and was elected a partner effective January 1, 1997.

He is a Chambers rated attorney and served as the Chair of the firm's Securities Practice Group from 2001 to 2020 and as a member of the firm’s Management Committee from January 2007 to January 2013.

From 2018 until September 2020, he served as the Partner in Charge of the firm's New York City office.

Jenkins holds a B.A.

from Virginia Military Institute and a J.D.

from West Virginia University College of Law.

Jenkins currently serves on the board of directors of ScanTech AI Systems Inc.

STAI) and is a member of its audit (Chair) and compensation committees (since December 2024).

Jenkins previously served on the board of directors of Mars Acquisition Corp.

until its acquisition by ScanTech AI Systems Inc.

and OmniLit Acquisition Corp.

from September 2021 to April 2023.

Shannon has served as our Chief Financial Officer since February 1, 2023 and Secretary since February 1, 2024.

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Shannon also served as Chief Financial Officer and Treasurer for Steel Technologies and various senior finance roles at the Brown-Forman Corporation, British American Tobacco, and accounting positions at Vulcan Materials Company, Lexmark International and KPMG.

Shannon has served on the board of directors of Elauwit Connections, Inc.

since November 2024.

Shannon holds a B.S.

in Accounting from Auburn University and a Masters of Business Administration from the University of Georgia.

He is a Certified Public Accountant (inactive) and a Chartered Financial Analyst (CFA ® ).

Helena An has served as our Chief Operating Officer since April 6, 2023.

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An has been with Lakeland for over 25 years in various procurement and manufacturing leadership positions.

Joshua Sletten was appointed Vice President of Corporate Development and Strategy on April 6, 2023.

He has been instrumental in the development and execution of the Company's global strategy toward higher-value products and revenue growth.

He previously served as Vice President of Corporate Development since June 2021.

From July 2019 to May 2021, Mr.

Sletten was Vice President, Mergers & Acquisitions for Craig-Hallum Capital Group LLC, an investment banking firm.

Sletten held various mergers and acquisitions roles in private equity and corporate functions from 2013 to 2019, including The IMAGINE Group, General Mills, and ShoreView Industries, LLC.

During her tenure she has been instrumental in establishing Lakeland's first manufacturing facility in China and led the team that started up our Vietnam operation.

An is experienced in manufacturing operations, raw material sourcing/supplier relationships, outsourcing partnerships across Asia and supply chain management.

An is a graduate of Qingdao University of Science & Technology and holds an MBA from the University of Otago, New Zealand.

Laurel A, Yartz has served as our Chief Human Resources Officer since August 1, 2024.

Yartz most recently served as the Senior Human Resources Leader for Lewis Services from July 2023 until June 2024.

She has held positions of increasing responsibility at leading global companies, including at CooperVision, Inc.

as Senior Human Resources Director, Americas (Commercial) and Global IT from July 2020 until June 2023, at Corning Incorporated as Senior Human Resources Leader for Corning Shared Services from August 2019 until July 2020 and for Corning Information Technology from August 2017 until August 2019, and previously at Thermo Fisher Scientific, Carestream, University of Rochester Medical Center, and American Standard Brands.

She earned her Masters of Business Administration from the University of Rochester, William E.

Simon School of Business and a Bachelor of Science in Business Administration (Human Resources Management & Strategic Management Concentrations) from California State University, Sacramento.

Phillips has served as our Chief Revenue Officer – Fire since June 17, 2024.

Phillips brings over 37 years of experience in global sales leadership, revenue growth, and strategic market development, particularly in the fire services sector.

Before joining Lakeland, Mr.

Phillips served as the Chief Revenue Officer of Witmer Public Safety Group, Inc.

from September 2020 until June 2024, and as the Vice President for Global Sales and Vice President of Sales and Marketing from 2015 until 2020.

His extensive background includes senior roles at leading safety product manufacturers and distributors, where he successfully led global B2B sales, marketing, service, and operations teams.

Phillips has a proven track record of transforming sales organizations and driving significant revenue growth across numerous safety-focused industries.

His extensive leadership in fire services organizations and industry standards associations, as well as his ability to drive growth and value through the development and execution of strategic sales plans, make him a valuable addition to our team as we continue to grow our global fire services business.

Stokes has served as our Chief Commercial Officer – Global Industrials since January 31, 2025.

Previously Mr.

Stokes was our Vice President of Global Industrial Sales since June 17, 2024.

Stokes is a seasoned sales and marketing executive who focuses on driving multimillion-dollar revenue growth and expanding market share in industrial safety products.

His strategic vision and leadership have been demonstrated in his previous roles, most recently at Ansell Limited, where he served as Senior Director for North American Sales from January 2021 until December 2023 and as National Sales Director from 2015 until January 2021.

At Ansell, he executed a strategic transition from a transactional model to a premium, value-centric sales approach.

Stokes' expertise in industrial product market dynamics and customer needs will be instrumental in our efforts to penetrate new markets, increase our market share and optimize our global sales operations.

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