What changed in this filing

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Item 1. Business

2022-08-18 compared with 2021-08-19 · 80 added, 70 removed, 193 unchanged (44% of the section changed)

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MSG Entertainment owns, directly or indirectly, the entertainment business previously owned and operated by the Company through its MSG Entertainment business segment and the sports booking business previously owned and operated by the Company through its MSG Sports business segment.

In the MSGE Distribution, (a) each holder of the Company’s Class A common stock received one share of MSG Entertainment Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock held of record as of the close of business, New York City time, on April 13, 2020 (the “Record Date”), and (b) each holder of the Company’s Class B common stock received one share of MSG Entertainment Class B common stock, par value $0.01 per share, for every share of the Registrant’s Class B common stock held of record as of the close of business, New York City time, on the Record Date.

In the MSGE Distribution, (a) each holder of the Company’s Class A common stock received one share of MSG Entertainment Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock held of record as of the close of business, New York City time, on April 13, 2020 (the “Record Date”), and (b) each holder of the Company’s Class B common stock received one share of MSG Entertainment Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock held of record as of the close of business, New York City time, on the Record Date.

On July 9, 2021 MSG Networks merged with a subsidiary of MSG Entertainment and became a wholly-owned subsidiary of MSG Entertainment (the “MSGE-MSGN Merger”).

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In addition, our Company also receives a pro-rata share of fees related to the NBA’s and NHL’s national media rights agreements.

Following the 2020-21 season, the NHL entered into national media rights agreements with The Walt Disney Company and WarnerMedia, LLC that will expire following the 2027-28 season.

Following the 2020-21 season, the NHL entered into U.S.

national media rights agreements with The Walt Disney Company and WarnerMedia, LLC that will expire following the 2027-28 season.

The NHL’s agreement with Rogers Communications (Canada) expires following the 2025-26 season.

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The attractiveness of our assets is further strengthened by the Sponsorship Sales and Service Representation Agreements and Arena License Agreements with MSG Entertainment which create compelling, broad-based marketing platforms by combining our professional sports brands and MSG Entertainment ’s live entertainment and media assets.

This integrated approach to marketing partnerships — which delivers unrivaled sports, entertainment and media exposure in the New York market — has already attracted world-class partners such as JPMorgan Chase, Anheuser-Busch, Spectrum, Delta Air Lines, DraftKings, Kia, Lexus, PepsiCo, and Squarespace.

This integrated approach to marketing partnerships — which delivers unrivaled sports, entertainment and media exposure in the New York market — has already attracted world-class partners such as JPMorgan Chase, Anheuser-Busch, BetMGM, Caesars Sportsbook, Delta Air Lines, DraftKings, Infosys, Kia, Benjamin Moore, Lexus, PepsiCo, and Squarespace, among others.

In addition, our presence in esports with CLG and Knicks Gaming provides us with the opportunity to introduce both our existing marketing partners and new brands to esports’ global fan base, primarily comprised of millennials and Generation Z — attractive, yet hard-to-reach, demographics for advertisers.

◦ Our Arena License Agreements with MSG Entertainment enable MSG Entertainment to offer corporate hospitality solutions that bring together our live sporting events with MSG Entertainment’s live entertainment offerings and provide for the sharing of revenues from such offerings.

For example, The Garden offers a variety of suite and club products, including 21 Event Level suites, 58 Lexus Madison Level suites, 18 Signature Level suites, the Madison Club, Suite Sixteen and the Loft Club.

These suites and clubs — which provide exclusive private spaces, first-class amenities and some of the best seats in The Garden — are primarily licensed to corporate customers with the majority being multi-year agreements, most of which have annual escalators.

We believe the unique combination of our live sporting events and MSG Entertainment’s

live entertainment offerings, along with the continued importance of corporate hospitality to our guests, positions us well to continue to grow this area of the business.

For example, The Garden offers a variety of suite and club products, including 21 Event Level suites, 58 Lexus Level suites, 18 Infosys Level suites, the Caesars Sportsbook Lounge (formerly the Madison Club), Suite Sixteen and the Loft Club.

most of which have annual escalators.

We believe the unique combination of our live sporting events and MSG Entertainment’s live entertainment offerings, along with the continued importance of corporate hospitality to our guests, positions us well to continue to grow this area of the business.

• Continue to invest in the fan experience.

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The team also has a large and passionate fan base that spans a wide demographic mix.

The Knicks 2020-21 season was highlighted by a return to the playoffs, as the team secured the fourth seed in the Eastern Conference.

Head coach Tom Thibodeau won the NBA’s Coach of the Year award, while forward Julius Randle was named the NBA’s Most Improved Player before also being selected for the 2020-21 All-NBA Second Team.

The Knicks will look to build on this success in the 2021-22 season.

As the Knicks head into the 2022-23 season, the team has a young core with 11 players under the age of 25 and has amassed a substantial number of draft picks over the next seven years.

New York Rangers

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Heading into its 96th season, the Rangers are a storied franchise and one of the league’s marquee teams, with four Stanley Cup Championships and one of the most passionate, loyal and enthusiastic fan bases.

For the 2020-21 season, Adam Fox became the fourth Ranger in franchise history to win the Norris Trophy for best defenseman in the NHL.

The Rangers announced in May 2021 that Chris Drury had been promoted to President and General Manager and in June 2021, introduced a new head coach, Gerard Gallant.

For the 2021-22 season, the Rangers won 52 games in the regular season, tied for the second most in franchise history, and earned a trip to the Eastern Conference Finals for the first time since 2015.

Westchester Knicks

In March 2014, the Company acquired the right to own and operate an NBAGL team, the Westchester Knicks.

The team serves as the exclusive NBAGL affiliate of the Knicks and plays its home games at the Westchester County Center in White Plains, NY.

The team serves as the exclusive NBA G League affiliate of the Knicks.

The Westchester Knicks compete at Total Mortgage Arena in Bridgeport, CT supporting the development and injury rehabilitation of Knicks players through varied assignments.

Hartford Wolf Pack

The Hartford Wolf Pack, a minor-league hockey team, is the player development team for the Rangers and is also competitive in its own right in the AHL.

The Rangers send draft picks and other players to the Hartford Wolf Pack for skill development and injury rehabilitation, and can call up players for the Rangers roster to enhance the team’s competitiveness and further develop its players.

The Hartford Wolf Pack, a minor-league hockey team in the AHL, is the top affiliate team for the Rangers.

The Rangers send draft picks, prospects and other players to the Hartford Wolf Pack to compete, gain valuable ice time and develop.

The Rangers can call up players from Hartford to their own roster during the regular season when needed.

Counter Logic Gaming

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Knicks Gaming, our esports franchise that competes in the NBA 2K League, was one of the inaugural teams when the league debuted in 2018.

Knicks Gaming also won the first-ever NBA 2K League Championship title in August 2018.

In August 2018, Knicks Gaming won the first-ever NBA 2K League Championship title after securing a playoff bid through its Ticket Tournament Championship victory.

Arena License Agreements

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Impact of COVID-19

COVID-19 disruptions have materially impacted the Company’s revenues and the Company recognized materially less revenues, or in some cases no revenues, across a number of areas.

Those areas include:

ticket sales;

During fiscal years 2020 and 2021, COVID-19 disruptions materially impacted the Company’s revenues and the Company recognized materially less revenues, or in some cases, no revenues, across a number of areas.

In fiscal year 2022, the Company’s operations and operating results were also impacted by temporary declines in attendance due to ongoing reduced tourism levels as well as an increase in COVID-19 cases during certain months of the fiscal year.

Fiscal Years 2020 and 2021

In March 2020, the NBA and NHL suspended their 2019-20 seasons due to COVID-19.

As a result of the suspension of the 2019-20 NBA and NHL seasons and subsequent resumption of play in July and August 2020, respectively, during the first quarter of fiscal year 2021, the Company recognized certain revenues that otherwise would have been recognized during the third and fourth quarters of fiscal year 2020.

In addition, the start of the 2020-21 NBA and NHL regular seasons were delayed.

The Knicks and the Rangers did not start their seasons until December 16, 2020 and January 14, 2021, respectively, initially with no fans and then with fan attendance limited to 10% capacity starting on February 23 and February 26, respectively, due to government-mandated assembly restrictions.

Effective May 19, 2021, event venues such as The Garden were permitted to host guests at full capacity, subject to certain restrictions, including, for example, restrictions for unvaccinated guests.

As a result, the Knicks played three home playoff games with ticket sales of approximately 15,000-16,500 per game during the fiscal year ended June 30, 2021.

During the 2020-2021 season, the Knicks and the Rangers each played fewer games than their traditional 82-game regular season schedules, with the NBA playing a 72-game regular season schedule and the NHL playing a 56-game regular season schedule.

These disruptions materially impacted the Company’s revenues across a number of areas, including, ticket sales;

the Company’s share of suite licenses;

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signage and in-venue advertising at The Garden;

local media rights fees;

and food, beverage and merchandise sales.

In addition, the Knicks and the Rangers played fewer games during the 2020-21 regular seasons, with the NBA playing a 72-game regular season schedule and the NHL playing a 56-game regular season schedule.

These compare to traditional 82-game regular season schedules for both the NBA and NHL.

In addition, while games have resumed at The Garden, until May 2021, fan attendance was limited due to ongoing government-mandated assembly restrictions.

On March 11 and 12, 2020, the NBA and NHL, respectively, suspended their 2019-20 seasons due to COVID-19.

At the time the seasons were suspended, the Knicks had 16 games remaining, including eight home games, and the Rangers had 12 games remaining, including five home games.

On May 26, 2020, the NHL announced return-to-play plans for 24 teams which began August 1, 2020.

The Rangers were among the teams that returned to play in a 24-team tournament.

On June 4, 2020, the NBA announced plans to resume play on July 30, 2020 with 22 teams.

The Knicks were not among the teams that returned to competition.

As a result, during the first quarter of fiscal year 2021 the Company recognized certain revenues that otherwise would have been recognized during the third and fourth quarter of fiscal year 2020.

In connection with the MSGE Distribution, we entered into the Arena License Agreements with MSG Entertainment.

The Garden was not available for use between April 17, 2020 and the start of the NBA and NHL 2020-21 seasons in December 2020 and January 2021, respectively, due to the government-mandated suspension of events in response to COVID-19, and as a result, the Company was not required to pay license fees to MSG Entertainment under the Arena License Agreements.

On December 16, 2020 and January 14, 2021, respectively, the Knicks and the Rangers resumed playing their homes games at The Garden as part of their 2020-21 seasons.

However, fans were initially prohibited from attending games due to government-mandated assembly restrictions.

Effective February 23, 2021, New York venues with at least a 10,000-person capacity were permitted to operate at 10% capacity, and the Knicks and the Rangers began playing games at The Garden with a limited number of fans in attendance on February 23 and 26, respectively.

When games were played at The Garden by the Knicks and the Rangers either without fans in attendance or with limited fans in attendance due to government mandated capacity constraints, the applicable license fees paid to MSG Entertainment under the Arena License Agreements were substantially reduced.

Effective May 19, 2021, event venues such as The Garden were permitted to host guests at full capacity, subject to certain restrictions, including, for example, restrictions for unvaccinated guests.

As a result, the Knicks played three home playoff games with ticket sales of approximately 15,000-16,500 per game during the fiscal year ended June 30, 2021.

During the fiscal year 2021, as a result of COVID-19, the Company implemented cost-reduction measures that included workforce reductions and limits on discretionary spending.

In addition, as a result of the disruptions caused by COVID-19, certain operating expenses were reduced including (i) payments to MSG Entertainment under the Arena License Agreements, (ii) NBA league assessments and day-of-game expenses for Knicks and Rangers games, and (iii) league revenue sharing, net of escrow and team personnel expense.

At the time of the MSGE Distribution, the Garden was not available for use due to the government-mandated suspension of events in response to COVID-19, and was only available at reduced capacity beginning in December 2020 through May 2021.

As a result, the Company was not required to pay license fees to MSG Entertainment under the Arena License Agreements until games resumed at The Garden, and the Company paid substantially reduced fees while attendance was limited.

Effective July 1, 2021, the Company began paying license fees to MSG Entertainment under the Arena License Agreements in their full contractual amounts.

During fiscal year 2021, as a result of COVID-19, the Company implemented cost-reduction measures that included workforce reductions and limits on discretionary spending.

In addition, as a result of the disruptions caused by COVID-19, certain operating expenses were reduced, including (i) payments to MSG Entertainment under the Arena License Agreements described above, (ii) NBA league assessments and day-of-game expenses for Knicks and Rangers games, and (iii) league revenue sharing, net of escrow and team personnel expense.

These expense reductions did not fully offset revenue losses.

As a result of New York City regulations effective August 17, 2021, subject to certain exceptions, all guests 12 years of age or older and employees (other than players who are not residents of New York City) at indoor entertainment venues such as The Garden must show proof that they have received at least one dose of a COVID-19 vaccine.

Guests under the age of 12 must wear masks, provide proof of a negative COVID test and are permitted to enter only when accompanied by a vaccinated parent or guardian.

At this time, we are unable to predict if there will be any longer-term effects due to these COVID-related disruptions.

Fiscal Year 2022

Starting August 17, 2021, indoor entertainment venues such as The Garden were permitted to host guests at full capacity, subject to certain restrictions, including vaccination and/or mask requirements for guests.

In March 2022, New York City lifted all COVID-19 vaccination requirements pertaining to guests and professional athletes at indoor entertainment venues such as The Garden.

There are no capacity restrictions or vaccination requirements applicable to fan attendance at games at The Garden as of the date of this filing.

The Knicks and the Rangers each completed their full 82-game regular season schedules for the 2021-22 season in April 2022 and the Rangers competed in the playoffs in May and June 2022, playing ten home playoff games in total.

Fan attendance during fiscal year 2022 was impacted by the COVID-19 pandemic, including the emergence of certain variants and ongoing reduced tourism levels.

It is unclear to what extent COVID-19 concerns, including with respect to new variants, could result in renewed governmental and league restrictions on attendance or otherwise impact attendance of games at The Garden.

See “Item 1A.

Risk Factors — Sports Business Risks — Our Operations and Operating Results Have Been, and May Continue to be, Materially Impacted by the COVID-19 Pandemic and Government and League Actions Taken in Response ” and “Item 7.

Risk Factors — Sports Business Risks — Our Operations and Operating Results Have Been, and May in the Future be, Materially Impacted by the COVID-19 Pandemic and Government and League Actions Taken in Response ” and “Item 7.

Management’s Discussion and Analysis — Introduction — Factors Affecting Operating Results — Impact of COVID-19 on Our Business.”

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As franchises in professional sports leagues, our teams are members of their respective leagues and, as such, are subject to certain rules, regulations and limitations on the control and management of their affairs.

The respective league constitutions of our sports teams, under which each league is operated, together with the collective bargaining agreements (each a “CBA”) that each of the NBA and NHL has signed with its players’ association, contain numerous provisions that, as a practical matter, could impact the manner in which we operate our businesses.

In addition, under the respective league constitutions of our sports teams, the commissioner of each league, either acting alone or with the consent of a majority (or, in some cases, a supermajority) of the other sports teams in the league, may be empowered in certain circumstances to take certain actions believed to be in the best interests of the league, whether or not such actions would benefit our sports teams and whether or not we consent or object to those actions.

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The Knicks and the Rangers both run grassroots programs - Junior Knicks and Junior Rangers - focused on eliminating barriers and creating more inclusive opportunities for all kids to enjoy basketball and hockey.

To date, over 260,000 tri-state area youth have participated in Junior Knicks and Junior Rangers this fiscal year.

The Company is also dedicated to affecting positive change through social impact and cause-related initiatives including food donations, providing free educational resources to local schools and supporting non-profits and fundraising efforts across the region.

In February 2021, the Rangers helped make history by working with the Professional Women’s Hockey Players Association to bring women’s hockey to The Garden for the first time ever as part of the Association’s “Dream Gap Tour” to advance gender equality in the sport of hockey.

Our Company also has a close association with The Garden of Dreams Foundation (the “Foundation”), a non-profit organization that assists young people in need.

In partnership with the Company and MSG Entertainment, the Foundation provides young people in our communities with access to educational and skills opportunities;

In partnership with the Company and MSG Entertainment, the Foundation

provides young people in our communities with access to educational and skills opportunities;

mentoring programs and memorable experiences that enhance their lives, help shape their futures and create lasting joy.

The Foundation focuses on young people facing illness or financial challenges, as well as children of uniformed personnel who have been lost or injured while serving our communities.

Since it was established in 2006, the Foundation has impacted nearly 400,000 children and their families.

Since it was established in 2006, the Foundation has impacted more than 400,000 children and their families.

Our sports and entertainment businesses are subject to legislation governing the sale and resale of tickets and consumer protection statutes generally.

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In addition, there are a number of other amateur and professional teams that compete in other sports, including at the collegiate and minor league levels.

New York is also home many other non-sports related entertainment options.

New York is also home to many other non-sports related entertainment options.

As a result of the large number of options available, we face strong competition for the New York area sports fan.

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In addition, we also compete to varying degrees with other productions and live entertainment events for advertising and sponsorship dollars.

The amount of revenue we earn is influenced by many factors, including the impacts of COVID-19, the popularity and on-court or on-ice performance of our sports teams and general economic conditions.

The amount of revenue we earn is influenced by many factors, including the popularity and on-court or on-ice performance of our sports teams and general economic and health and safety conditions.

In particular, when our sports teams have strong on-court and on-ice performance, we benefit from increased demand for tickets, potentially greater food and merchandise sales from increased attendance and increased sponsorship opportunities.

When our sports teams qualify for the playoffs, we also benefit from the attendance and in-game spending at the playoff games.

When our sports teams qualify for the playoffs, we also

benefit from the attendance and in-game spending at the playoff games.

The year-to-year impact of team performance is somewhat moderated by the fact that a significant portion of our revenue derives from media rights fees, suite rental fees and sponsorship and signage revenue, all of which are generally contracted on a multi-year basis.

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Our key human capital management objectives are to invest in and support our employees in order to attract, develop and retain a high performing and diverse workforce.

Diversity, Equity and Inclusion

We believe the diverse perspectives and experiences of our employees enhance the value of the Company and produce a more vibrant, constructive, and engaging place to work, and we are committed to fostering an inclusive workplace.

To advance these efforts, the Company, together with MSG Entertainment, established a Diversity and Inclusion Council (the “D&I Council”) in 2019.

The D&I Council is a joint council comprised of employees from the Company and MSG Entertainment who have demonstrated a high level of passion and commitment to diversity and inclusion.

The contributions of the D&I Council span both the Company and MSG Entertainment, providing strategic guidance to senior management of each company on diversity and inclusion initiatives, serving as a resource for all employees, and working to promote environments that foster inclusivity and employee engagement while enhancing communication among companies, departments, and employees.

Since its inception, several initiatives have advanced these objectives under the D&I Council’s guidance, including:

• Creation of employee resource groups such as the Black Employee Network, LatinX Employee Network, Pride Employee Network, Women’s Employee Network, Asian American Pacific Islander Network and Veterans Network, to build an internal support system for employees of different backgrounds and advance efforts in attracting, developing and retaining talent by promoting leadership and encouraging diversity and inclusion among all employees;

• Facilitation of a series of employee focus groups as well as ongoing listening sessions allowing employees to candidly address topics core to diversity and inclusion;

• Training programs including Conscious Inclusion Awareness Training and Interview Skills training with a focus on unconscious bias, a career development tool, and a learning system with comprehensive resources and training for employees and hiring managers;

• Focus on hiring of diverse employees including increasing the hiring of diverse entry level employees through external partnership programs;

• Ongoing partnerships with local and national organizations dedicated to supporting diverse communities;

• Fostering broader awareness-building of diversity and inclusion efforts by facilitating community-focused panels, discussions and cultural events.

Diversity and Inclusion (“D&I”)

We aim to create an employee experience that fosters the Company’s culture of respect.

By welcoming the diverse perspectives and experiences of our employees, we all share in the creation of a more vibrant, unified, and engaging place to work.

To advance these efforts, we maintain a joint Diversity and Inclusion Council (the “D&I Council”) comprised of employees from the Company and MSG Entertainment who have demonstrated a high level of passion and commitment to diversity and inclusion.

Several D&I Council initiatives have furthered these objectives under our expanded Talent Management, Diversity and Inclusion function, including:

Embedding Diversity and Inclusion through Talent Actions

• Introduced bi-annual workforce demographic dashboards to the management team and facilitated four diversity and inclusion content-specific working sessions to advise leaders on strategies to build and retain inclusive teams.

• Revisited our mandatory Inclusive Selection Training for managers and developed guidelines to de-bias talent review conversations with an aim to increase objectivity and consistency around leadership potential.

• Developed an Emerging Talent List to expand our talent pool to better identify and develop high performing diverse talent for expanded roles and promotable opportunities.

Building an Inclusive and Accessible Community

• In fiscal year 2022, we launched the MSG Diversity & Inclusion Heritage Month enterprise calendar to acknowledge and celebrate culturally relevant days and months of recognition, anchored by our six employee resource groups:

Asian Americans and Pacific Islanders (AAPI), Black, LatinX, PRIDE, Veterans, and Women.

Viewership of D&I related content on internal employee communications portal more than doubled year-over-year (combined with MSG Entertainment).

• Introduced a Paid Military Leave benefit to support our employees who are called to military service, demonstrating our commitment to be a military-friendly employer.

• Launched our first employer-branded campaign, “We Are MSG”, reflecting the values of the Company and MSG Entertainment and the diversity that unites our community.

The first video, Faces of MSG, was publicly released on internal and external platforms, anchoring our careers website and LinkedIn page.

Bridging the Divide through Expansion to Diverse Stakeholders

• Focused on connecting with minority-owned businesses to increase the diversity of our vendors and suppliers by leveraging employee resource groups and our community, which creates revenue generating opportunities for diverse suppliers to promote their businesses and products.

In fiscal year 2022, we hosted the Black Fashion Pop-Up Shop and Pride Fest for Black and LGBTQ+ entrepreneurs, respectively.

• Invested in an external facing supplier diversity portal on our website, which we expect to launch in fiscal year 2023.

The portal is for all diverse suppliers across all spectrums of identity that are interested is doing business with us.

• Strengthened our commitment to higher education institutions to increase campus recruitment pipelines.

In partnership with the Knicks and our social impact team, we hosted the 1 st Annual Historically Black Colleges and Universities (“HBCU”) Night highlighting the important contributions of these institutions.

In partnership with Chase, we awarded a twenty-five-thousand-dollar scholarship to a Spelman College student.

Additionally, we hosted HBCU SpringComing Innovation Lab for select HBCU alumni and students, leveraging their insights to strengthen our recruitment outreach strategy.

We also partnered with select City University of New York students to host resume workshops curated and sponsored by the PRIDE employee resource group.

As of June 30, 2022, we had approximately 467 full-time union and non-union employees and 425 part-time union and non-union employees.

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life insurance benefits for the employee and their dependents;

a generous 401k plan with 100% employer match;

a 401k plan with 100% employer match;

an employee assistance program which also provides assistance with child and elder care resources;

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These resources are intended to support the physical, emotional and financial well-being of our employees.

In addition, approximately 16% of our employees were represented by unions as of June 30, 2021, all of whom are our players.

In addition, approximately 12% of our employees were represented by unions as of June 30, 2022, most of whom are our players.

There are no union employees subject to CBAs that expired as of June 30, 2022 and no union employees subject to CBAs that will expire by June 30, 2023.

Labor relations in general and in the sports industry in particular can be volatile, though our current relationships with our unions taken as a whole are positive.

The NBA players and the NHL players are covered by CBAs between the National

Basketball Players Association (“NBPA”) and the NBA and between the NHL Players’ Association (“NHLPA”) and the NHL, respectively.

The NBA players and the NHL players are covered by CBAs between the National Basketball Players Association (“NBPA”) and the NBA and between the NHL Players’ Association (“NHLPA”) and the NHL, respectively.

Both the NBA and the NHL have experienced labor difficulties in the past and may have labor issues in the future.

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See “Item 1A.

Risk Factors — Economic and Business Relationship Risks — Organized Labor Matters May Have a Material Negative Effect on Our Business and Results of Operations .”

At MSG Sports, the health and safety of our employees and athletes is our top priority.

In response to COVID-19, significant measures have been taken to ensure that best practice health and safety protocols are in place and enforced throughout our offices, the Madison Square Garden Training Center, CLG Performance Center and team personnel areas at The Garden.

We have also supported our employees through our relief fund, wellness programming and remote working capabilities.

We believe that we have maintained our business operations without sacrificing this commitment to keeping our employees and athletes safe while working on-site.

Risk Factors — Economic and Business Relationship Risks — Labor Matters May Have a Material Negative Effect on Our Business and Results of Operations .”

Financial Information about Geographic Areas

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business