What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-21 compared with 2022-02-22 · 85 added, 92 removed, 163 unchanged (52% of the section changed)

We are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide.

We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, and reliability.

Our customers are primarily homebuilding, retail, wholesale, and industrial businesses.

We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, reliability, and sustainability.

Our customers are primarily home building, remodeling, retail, wholesale, and industrial businesses in the home building and outdoor structures sector.

Since our founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes.

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Oriented Strand Board (OSB) 2,062 54 %

Engineered Wood Products (EWP) 638 14 %

South America 241 6 %

Intersegment (2) — %

In March 2022, we sold our 50% equity interest in two joint ventures that produce I-joists to Resolute Forest Products Inc.

(Resolute), our joint venture partner, for $59 million.

The joint ventures were comprised of Resolute-LP Engineered Wood Larouche Inc.

in Larouche, Quebec, and Resolute-LP Engineered Wood St-Prime Limited Partnership in Saint-Prime, Quebec.

The total net carrying value of our equity method investment at the date of sale was $19 million.

We recognized a gain on the sale of $39 million during the year ended December 31, 2022, within Income from discontinued operations, net of income taxes in the Consolidated Statements of Income.

In August 2022, LP completed the sale of the Engineered Wood Products (EWP) segment assets to Pacific Woodtech Corporation, a Washington corporation, and Pacific Woodtech Canada Holdings Limited, a British Columbia limited company (collectively, the Purchaser) in exchange for the Purchaser’s payment to the Company of $217 million in gross cash proceeds after taking into account working capital adjustments.

Upon closing, the Company entered into the transition services agreement (TSA) with the Purchaser, pursuant to which the Company agreed to support the various activities of the EWP segment for a period not to exceed eight months.

We have classified the related assets and liabilities associated with the EWP segment as discontinued operations in our Consolidated Balance Sheets for prior periods presented.

The results of our EWP segment have been presented as discontinued operations in our Consolidated Statements of Income for all periods presented.

See Note 6 – Discontinued Operations of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

OUR BUSINESS SEGMENTS

We believe that we are the largest producer of engineered wood siding.

Our Siding segment serves diverse end markets with a broad product offering, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® Trim & Siding, LP BuilderSeries ® Lap Siding, and LP ® Outdoor Building Solutions ® (collectively referred to as Siding Solutions).

Our Siding segment serves diverse end markets with a broad product offering, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® Trim & Siding, LP BuilderSeries ® Lap Siding, and Outdoor Building Solutions ® (collectively referred to as Siding Solutions).

Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia.

These products offer superior protection against hail, wind, moisture, fungal decay, and termites compared to solid wood.

Further, we released an environmental product declaration (EPD) in 2021 for our LP ® SmartSide ® products, which details the cradle-to-gate energy and materials required for producing LP ® SmartSide ® Lap, Panel and Trim in North America.

The LP ® SmartSide ® EPD demonstrates that the product stores more carbon than is released during its lifecycle, making it a carbon-negative exterior siding product.

These products are used in new home construction, repair and remodeling projects, and outdoor structures such as sheds.

We intend to continue growing Siding sales and increase the breadth of our Siding product offerings.

To do so, we plan to increase the production capacity of these higher-margin, value-added products through the addition of new plants, additional conversion of existing OSB plants to Siding manufacturing plants, expansion of our capacity at existing Siding facilities, and expansion of our pre-finished (primed and painted) offerings.

We will also continue to drive product innovation by utilizing our technological expertise in wood composites, overlays, chemical treatments, and durable and beautiful paints to better address the needs of our customers.

Oriented Strand Board (OSB)

OSB is a structural building product made from wood strands, arranged in layers, and bonded with resin and wax.

OSB serves many of the same uses as plywood, including roof decking, sidewall sheathing and floor underlayment,

but less expensive and more sustainable.

Our OSB segment manufactures and distributes OSB structural panel products, including our innovative value-added OSB portfolio known as LP Structural Solutions (which includes LP ® TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP ® FlameBlock ® Fire-Rated Sheathing, and LP ® TopNotch ® Sub-Flooring).

OSB is a structural building panel product made from wood strands, arranged in layers, and bonded with resin and wax.

OSB serves many of the same uses as plywood, including roof decking, sidewall sheathing and floor underlayment, but less expensive and more sustainable.

We intend to continue to grow sales of our Structural Solutions portfolio as a percentage of our total production and to aggressively manage cost through (i) the efficiency with which we operate our manufacturing facilities (measured in Overall Equipment Effectiveness, or OEE), (ii) the efficiency with which we convert sustainably harvested wood fiber into our products, and (iii) our ongoing work to optimize logistics and reduce other costs.

Engineered Wood Products (EWP)

Our EWP segment is comprised of LP ® SolidStart ® I-Joist (I-Joist), Laminated Veneer Lumber (LVL), and other related products.

This segment also includes the sale of I-Joists produced by our joint venture with Resolute Forest Products, Inc., as well as plywood manufactured by our LVL operations in Golden, British Columbia.

During 2021, we ceased Laminated Strand Lumber (LSL) production at our Houlton, Maine facility to begin the conversion of that facility to Siding Solutions production.

In North America, we are one of the top three producers (including our joint venture production) of I-Joists and LVL.

We believe that our engineered I-Joists, which are used primarily in residential and commercial flooring and roofing systems and other structural applications, are stronger, lighter, straighter, and more sustainable than conventional lumber joists of similar dimensions.

Our LVL is a high-grade, value-added structural product used in applications where extra strength and quality are required, such as headers and beams.

We continue to explore strategic alternatives with respect to the remaining EWP segment, including a possible sale in whole or in part, as previously announced.

South America

Our South American segment manufactures and distributes OSB structural panel and siding products in South America and certain export markets.

Our South America segment manufactures and distributes OSB structural panel and siding products in South America and certain export markets.

This segment also distributes and sells related products to encourage the region’s transition to wood frame construction.

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We believe that long-term market trends and demographics suggest continued growth in demand for sustainable engineered wood siding in these markets, which we are well-positioned to meet.

During 2021, we announced a phased capacity expansion strategy for Siding Solutions.

This expansion strategy includes the conversion of our OSB mill in Sagola, Michigan, to Siding Solutions production sometime after siding production begins at our Houlton, Maine mill.

The conversion of these two facilities will add approximately 520 million square feet of Siding Solutions capacity and remove 670 million square feet of OSB capacity (on a 3/8” basis).

During 2022, we completed the conversion of our OSB mill in Houlton, Maine to Siding Solutions, began the conversion of our OSB mill in Sagola, Michigan to Siding Solutions, and announced an expansion at the Houlton, Maine mill expected to begin sometime after Siding Solutions production begins at our Sagola, Michigan mill.

Together, these three projects will add approximately 720 million square feet of Siding Solutions capacity and remove 670 million square feet of OSB capacity (on a 3/8" basis).

During 2022, we completed the expansion of our Green Bay, Wisconsin facility to add an additional 50 million square feet of ExpertFinish ® capacity.

W e also began construction of a new ExpertFinish ® facility in Bath, New York and announced another new ExpertFinish ® facility to be built in Spokane, Washington.

The addition of these two facilities will add 190 million square feet of ExpertFinish ® capacity.

Generate Value-Added Sales Growth Through Customer Focus and Innovation.

We believe that our products help customers address labor shortages because they are easy to work with and often combine multiple steps into a

single product system.

We believe that our products help customers address labor shortages because they are easy to work with and often combine multiple steps into a single product system.

Our marketing efforts drive awareness and a greater understanding of our products’ potential with builders, repair and remodel contractors, industrial manufacturers, and major home improvement retailers.

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As market conditions change, we will continue to adapt our product mix, selectively invest in new technologies that modernize our manufacturing facilities, and manage our capacity to best match customer demand.

We believe that these strategies optimize our portfolio and margins and enhance the quality and consistency of our earnings.

We believe that these strategies improve our portfolio and margins and enhance the quality and consistency of our earnings.

Pursue Selected Strategic Transactions.

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We believe that our pursuit of these opportunities, if successful, could enable us to increase the size and scope of our businesses or joint ventures.

We continue to explore strategic alternatives with respect to the EWP segment, including a possible sale in whole or in part, as previously announced.

We can give no assurance as to whether we will be able to identify any strategic alternatives that are likely to increase value to our stockholders.

Expand Internationally.

We believe that our investments in South America will help us continue to satisfy the growing demand for wood-based residential construction in this region.

Continued investments as a market leader in this region should allow us to capitalize on demand while diversifying our revenue mix and market cyclicality.

We believe that investments in this region can continue to be funded by cash generated by our South America operations.

Investments as a market leader in this region should allow us to capitalize on demand while diversifying our revenue mix and market cyclicality.

Our sales and marketing efforts are primarily focused on traditional distribution, professional building products dealers, home centers, third-party wholesale buying groups, and end-users, particularly homeowners.

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• Building materials professional dealers that specialize in sales to professional builders, remodeling firms, and trade contractors that are involved in residential home construction and light commercial building;

• Retail home centers that provide access to consumer markets with a broad selection of home improvement

materials and increasingly serve professional builders, DIY remodelers, and trade contractors;

• Retail home centers that provide access to consumer markets with a broad selection of home improvement materials and increasingly serve professional builders, DIY remodelers, and trade contractors;

• Shed producers that design, construct, and distribute prefabricated residential and light commercial structures, including fully manufactured, modular, and panelized structures, for consumer and professional markets.

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We also compete less directly with firms that manufacture substitutes for wood building products.

Our specialty products, including Siding Solutions, Structural Solutions, and EWP I-Joist and LVL, generally compete based on product features, benefits, quality, and availability.

Our specialty products, including Siding Solutions and Structural Solutions, generally compete based on product features, benefits, quality, sustainability, and availability.

Our commodity OSB generally competes based on price, quality, and availability of products.

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We currently operate 19 strategically located manufacturing and production facilities in the U.S.

and Canada, two facilities in Chile, and one facility in Brazil.

We also operate additional facilities through our joint ventures in North America.

and Canada, 2 facilities in Chile, and 1 facility in Brazil.

STRATEGIC SOURCING

We rely on various suppliers to furnish the raw materials and inputs used in the manufacturing of our products.

To maximize our buying effectiveness in the marketplace, we have a central strategic sourcing group that consolidates purchases of certain materials and indirect items across business segments.

To maximize our effectiveness in the marketplace, we have a central strategic sourcing group that consolidates purchases of certain materials and indirect items across business segments.

The goal of the strategic sourcing group is to develop global strategies for a given component group, identify suppliers that meet our business requirements, and develop long-term relationships with these vendors.

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and (5) emerging biomass energy production markets.

The supply of timber is limited by the availability of and access to timberlands.

The availability of timberlands, in turn, is limited by several factors, including policies governing forest management, alternate uses of land, and loss to urban or suburban real estate development.

Because wood fiber is subject to commodity pricing, the cost of various types of timber that we purchase in the market has, at times, fluctuated greatly due to weather, governmental regulations, or economic and other industry conditions.

The supply of timber can be limited by particular factors that influence the accessibility of timberlands.

These factors include policies governing forest management, Indigenous rights-based interests, alternate uses of land, and loss to urban or suburban real estate development.

Because wood fiber is subject to commodity pricing, the cost of various types of timber that we purchase in the market has, at times, fluctuated greatly due to weather, government policies and regulations, or economic and other industry conditions.

However, our mills are generally located near large and diverse supplies of timber.

We source all our wood fiber sustainably, as certified against Sustainable Forestry Initiative ® (SFI ® ) and Programme for the Endorsement of Forest Certification (PEFC ® ) standards.

We source all our wood fiber sustainably, as certified against the Sustainable Forestry Initiative ® (SFI ® ) and the Programme for the Endorsement of Forest Certification (PEFC ® ) standards.

In addition to wood fiber, we use significant quantities of various resins in our manufacturing processes.

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Our business is subject to seasonal variances, with demand for many of our products tending to be higher during the building season, which generally occurs in the second and third quarters in North America and the fourth and first quarters in South America.

We do this in an effort to better balance our inventory levels with demand, manage the logistics of our product shipments, and allow our production facilities to run efficiently.

GOVERNMENT REGULATION

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We are committed to complying with all applicable environmental laws and regulations and intend to devote significant management attention to such matters.

In addition, we occasionally undertake construction projects for environmental control equipment or incur other environmental costs that extend an asset’s useful life, improve its

efficiency, and/or improve the property's marketability.

In addition, we occasionally undertake construction projects for environmental control equipment or incur other environmental costs that extend an asset’s useful life, improve its efficiency, and/or improve the property's marketability.

Additional information concerning environmental matters is set forth under Item 3 "Legal Proceedings", and in Note 14 of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

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We are committed to the health, safety, and wellness of our employees.

Safety is a core principle and key-value at LP, and we safeguard our people, projects, and reputation by maintaining a safety culture that strives to eliminate workplace incidents, risks, and hazards.

Safety is a core principle and key value at LP.

We safeguard our people, projects, and reputation by maintaining a safety culture that strives to eliminate workplace incidents, risks, and hazards.

Our innovative safety and health processes are at the forefront of everything we do.

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One of the metrics that we carefully track is Total Incident Rate (TIR), a common industry measure of recordable incidents per 100 employees.

We have established a targeted TIR of <1.0, which we believe represents industry-leading performance.

We use this data to prioritize, manage, and carefully track safety performance at all our facilities and integrate sound safety practices to make a meaningful difference in every facet of our operations.

To further enhance our commitment to safety, we have also implemented a Serious Injury and Fatality (SIF) prevention program and the tracking of Workplace Incident Reports (WIR).

We have established a targeted TIR of <1.0, which we believe represents industry-leading performance, and for the year ended December 31, 2022, actual TIR of 0.8 was better than our target.

To further enhance our commitment to safety, we have also implemented a Serious Injury and Fatality (SIF) prevention program and the tracking of Weighted Incident Rate (WIR).

The SIF prevention program is a proactive approach to address the most significant exposures our employees face on the job.

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The SIF program and WIR tracking enhance hazard recognition and employee engagement and drive our teams to evaluate controls to ensure we are incorporating improved levels of protection whenever possible.

We have a Pandemic Response Team, which is responsible for implementing COVID-19 safety protocols and procedures to protect our employees and the communities in which we operate.

We continue to monitor developments and update our practices in response to changes in the COVID-19 workplace safety and health standards established by OSHA, and any additional national or state standards in jurisdictions in which we operate.

At this time, it is unclear, among other things, how such standards (including any federal or state vaccine mandates) may impact our workforce.

For a detailed discussion of the impact of the COVID-19 pandemic on our business, see Item 1A, Risk Factors, of this annual report on Form 10-K.

Diversity, Equity, and Inclusion.

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Everyone at LP is valued and appreciated for their distinct contributions to the growth and sustainability of our business.

We strive to cultivate a culture and vision that

supports and enhances our ability to recruit, develop, and retain diverse talent at every level.

Our Human Resources Department and our executive management team provide oversight of our policies, programs, and initiatives focusing on workforce diversity, equity, and inclusion, talent and development, and compensation and benefits, and it is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

We strive to cultivate a culture and vision that supports and enhances our ability to recruit, develop, and retain diverse talent at every level.

Our executive management team provides oversight of our policies, programs, and initiatives focusing on workforce diversity, equity, and inclusion, talent and development, and compensation and benefits, and it is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

Talent and Development.

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We strive to provide competitive compensation and benefits programs to help meet the needs of our employees and to provide the proper incentives to attract, retain, and motivate them.

While subject to change, our current benefit programs may include, depending on country/region and employment position, stock awards granted pursuant to our stock award plans, awards granted under our annual cash incentive award plan, a 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family medical leave, paid parental leave (maternity, paternity, adoption), employee emergency support fund, tuition assistance, and scholarship programs.

While subject to change, our current benefit programs may include, depending on country/region and employment position, stock awards granted pursuant to our stock award plans, awards granted under our annual cash incentive award plan, a 401(k) Plan or defined contribution plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family medical leave, paid parental leave (maternity, paternity, adoption), employee emergency support fund, tuition assistance, and scholarship programs.

We also provide our employees and their families with access to a variety of innovative, flexible, and convenient health and wellness programs.

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In addition, we offer employees the ability to customize benefit options to meet their needs and the needs of their families.

Available Information

We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and from time to time, other documents with the SEC.

Our SEC filings are available to the public over the internet at the SEC’s website at http://www.sec.gov .

In addition, we will make available our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act through our internet website at http://www.lpcorp.com under the “Investor Relations” tab as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Information contained on, or accessible through, our website is not a part of, and is not incorporated by reference into, this annual report on Form 10-K.

SEGMENT AND PRICE TREND DATA

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(1) our sales volumes, (2) housing starts, and (3) OEE.

We consider the following items to be key performance indicators because LP’s management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions and believe that the key performance indicators presented provide additional perspective and insights when analyzing our core operating performance.

We consider the following items to be key performance indicators because LP’s management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions, and we believe that the key performance indicators presented provide additional perspective and insights when analyzing our core operating performance.

These key performance indicators should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, accounting principles generally accepted in the United States of America (U.S.

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and (6) geographic segment information, is included in Note 18 of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

Housing Starts

We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products.

We believe that this is a useful measure for evaluating our results and that providing this measure should allow interested persons to more readily compare our sales volume for past and future periods to an external indicator of product demand.

Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled indicators reported by other companies.

2022 2021 2020

Housing starts 1 :

Single-Family 1,005 1,127 991

Multi-Family 550 474 389

1,555 1,601 1,380

1 Actual U.S.

Housing starts data reported by U.S.

Census Bureau is based upon information published through February 16, 2023.

Sales Volume Information Summary

We monitor sales volumes for our products in our Siding, OSB, and South America segments, which we define as the number of units of our products sold within the applicable period.

Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth.

It should be noted that other companies may present sales volumes differently, and therefore, as presented by us, sales volumes may not be comparable to similarly titled measures reported by other companies.

We believe that sales volumes can be a useful measure for evaluating and understanding our business.

Year Ended December 31, 2022

Sales Volume Siding OSB EWP South America Total

Sales Volume Siding OSB South America Total

Siding Solutions (MMSF) 1,797 — 33 1,830

OSB - Structural Solutions (MMSF) — 1,664 — 615 2,279 Housing starts 1 :

OSB - Commodity (MMSF) — 2,014 — — 2,014 Single-Family 1,123

I-Joist (MMLF) — — 124 — 124 Multi-Family 472

LVL (MCF) — — 6,985 — 6,985 1,595

LSL (MCF) — — 2,004 — 2,004

OSB - Structural Solutions (MMSF) — 1,803 554 2,357

OSB - Commodity (MMSF) — 1,944 — 1,944

Year Ended December 31, 2021

Sales Volume Siding OSB EWP South America Total

Sales Volume Siding OSB South America Total

Siding Solutions (MMSF) 1,621 — 46 1,667

OSB - Structural Solutions (MMSF) — 1,565 — 688 2,253 Housing starts 1 :

OSB - Commodity (MMSF) — 1,978 — — 1,978 Single-Family 991

I-Joist (MMLF) — — 109 — 109 Multi-Family 389

LVL (MCF) — — 6,957 — 6,957 1,380

LSL (MCF) — — 2,711 — 2,711

OSB - Structural Solutions (MMSF) — 1,664 615 2,279

OSB - Commodity (MMSF) — 2,014 — 2,014

Year Ended December 31, 2020

Sales Volume Siding OSB EWP South America Total

Sales Volume Siding OSB South America Total

Siding Solutions (MMSF) 1,393 — 36 1,429

OSB - Structural Solutions (MMSF) 3 1,599 19 597 2,218 Housing starts 1 :

OSB - Commodity (MMSF) 47 2,144 17 — 2,208 Single-Family 888

I-Joist (MMLF) — — 98 — 98 Multi-Family 402

LVL (MCF) — — 7,015 — 7,015 1,290

LSL (MCF) — — 3,040 — 3,040

1 Actual U.S.

Housing starts data reported by U.S.

Census Bureau is based upon information published through January 19, 2022.

We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products.

Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled indicators reported by other companies.

We monitor sales volumes for our products in our Siding, OSB, EWP, and South America segments, which we define as the number of units of our products sold within the applicable period.

Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth.

We believe that sales volumes can be a useful measure for evaluating and understanding our business.

OSB - Structural Solutions (MMSF) — 1,565 688 2,253

OSB - Commodity (MMSF) — 1,978 — 1,978

Overall Equipment Effectiveness Summary

We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets.

OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality.

We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to monitor operational improvements.

During the quarter ended March 31, 2022, we modified our OEE measure to use a best-in-class target across all LP sites.

This modification allows us to optimize capital investments, focus maintenance and reliability improvements, and improve overall equipment efficiency.

Accordingly, to facilitate comparison between the periods presented, OEE for 2021, as presented in the table below, was calculated using the modified calculation as if the modification had been in effect during that period, but revised OEE data for 2020 was not available.

It should be noted that other companies may present OEE differently, and therefore, as presented by us, OEE may not be comparable to similarly titled measures reported by other companies.

Years Ended December 31,

2021 2020 2019

Siding 76 % 73 %

OSB 72 % 74 %

EWP 87 % 89 % 81 %

South America 71 % 77 %

We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets.

OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality.

It should be noted that other companies may present OEE differently, and therefore, as presented by us, OEE may not be comparable to similarly titled measures reported by other companies.

AVAILABLE INFORMATION

We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and from time to time, other documents with the SEC.

Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov .

In addition, we will make available our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act through our Internet website at http://www.lpcorp.com under the “Investor Relations” tab as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Information contained on, or accessible through, our website is not a part of, and is not incorporated by reference into, this annual report on Form 10-K.

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