What changed in this filing

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Item 1. Business

2020-02-28 compared with 2019-03-01 · 139 added, 134 removed, 60 unchanged (82% of the section changed)

Business Overview

Over the recent past, Safeguard has provided capital and relevant expertise to fuel the growth of technology-driven businesses in healthcare, financial services and digital media.

Throughout this document, we use the term “partner company” to generally refer to those companies in which we have a significant equity interest.

In many, but not all cases, we will also be actively involved, influencing development through board representation and management support, in addition to the influence we exert through our equity ownership.

From time to time, in addition to these partner companies, we also hold relatively small equity interests in other enterprises where we do not exert significant influence and do not participate in management activities.

In some cases, these interests relate to former partner companies.

In January 2018, Safeguard announced that we will not deploy any capital into new partner company opportunities and will focus on supporting our existing partner companies and maximizing monetization opportunities to return value to shareholders.

Over the recent past, Safeguard has provided capital and relevant expertise to fuel the growth of technology-driven businesses.

In many, but not all cases, we are actively involved in these businesses, influencing development through board representation and management support, in addition to the influence we exert through our equity ownership.

We also continue to hold relatively small equity interests in other enterprises where we do not exert significant influence and do not participate in management activities.

In some cases, those interests relate to residual interests from prior larger interests or from companies that acquired companies in which we had ownership interests.

In January 2018, Safeguard announced that we would not deploy any capital into new opportunities and would focus on supporting our existing companies and maximizing monetization opportunities of our ownership interests in such existing companies to enable returning value to shareholders.

In that context, we have, are and will consider initiatives including, among others:

the sale of individual partner companies, the sale of certain or all partner company interests in secondary market transactions, or a combination thereof, as well as other opportunities to maximize shareholder value.

We anticipate returning value to shareholders after satisfying our debt obligations and working capital needs.

Safeguard's existing group of partner companies consist principally of technology-driven businesses in healthcare, financial services and digital media that are capitalizing on the next wave of enabling technologies, including enhanced security and predictive analytics.

We strive to create long-term value for our shareholders by helping our partner companies to increase their market penetration, grow revenue and improve cash flow.

Safeguard typically deploys up to $25 million in a company.

the sale of our ownership interests, the sale of certain or all of our ownership interests in secondary market transactions, or a combination thereof, as well as other opportunities to maximize shareholder value.

We initiated the return of value to shareholders in 2019 with a $1.00 per share special dividend.

Moving forward, we anticipate additional actions in the form of stock repurchases and/or special dividends based on available cash resources, prevailing market conditions and other factors.

Safeguard's ownership interests include technology-driven businesses primarily in healthcare and digital media that are capitalizing on the next wave of enabling technologies.

We strive to create long-term value for our shareholders by helping these companies to increase their market penetration, grow revenue and improve cash flow.

Safeguard has typically deployed up to $25 million in a company.

In 2019 , our management team focused on the following objectives:

Supporting our existing partner companies;

Building value in partner companies by developing strong management teams, growing the companies organically and through acquisitions, and positioning the companies for liquidity at premium valuations;

Realizing the value of partner companies through selective, well-timed exits to maximize risk-adjusted value;

Right-sizing our operating structure in light of our new structure;

Addressing the liquidity needs of the Company.

To meet our strategic objectives during 2019 , Safeguard will focus on:

Supporting our existing partner companies;

Helping our partner companies achieve additional market penetration, revenue growth, cash flow improvement and growth in long-term value;

Pursuing monetization opportunities for our partner company interests.

Supporting our existing companies;

Helping our companies achieve additional market penetration, revenue growth, cash flow improvement and growth in long-term value;

Pursuing monetization opportunities for our ownership interests.

To meet our strategic objectives during 2020 , Safeguard will continue to focus on those prior objectives as well as returning capital to shareholders.

We incorporated in the Commonwealth of Pennsylvania in 1953.

Our corporate headquarters are located at 170 North Radnor-Chester Road, Suite 200, Radnor, Pennsylvania 19087.

Our corporate headquarters are located at 100 Matsonford Road, One Radnor Corporate Center, Suite 110, Radnor, Pennsylvania 19087.

Founded in 1953, Safeguard has a distinguished track record of building market leaders by providing capital and operational support to entrepreneurs across an evolving and innovative spectrum of industries.

Over the recent past, Safeguard has provided capital and relevant expertise to fuel the growth of technology-driven businesses in healthcare, financial services and digital media.

Safeguard's existing group of partner companies consist of companies that are capitalizing on the next wave of enabling technologies with a particular focus enhanced security and predictive analytics.

Since January 2018, Safeguard began to implement a new business strategy designed to increase shareholder value.

Under the new strategy, Safeguard ceased deploying capital into new partner companies.

Safeguard remains focused on managing and financially supporting its existing partner companies, with the goal of pursuing monetization opportunities and maximizing the value returned to shareholders.

Helping Our Partner Companies Build Value

We offer operational and management support to each of our partner companies through our domain expertise from our management team's careers as entrepreneurs, board members, financiers and operators.

We provide hands-on assistance to the management teams of our partner companies to support their growth.

Safeguard's existing group of companies consists of companies that are capitalizing on the next wave of enabling technologies.

Since January 2018, Safeguard is no longer deploying capital into new companies.

Safeguard remains focused on managing and financially supporting its existing ownership interests, with the goal of pursuing monetization opportunities and maximizing the value returned to shareholders.

Helping Our Companies Build Value

We offer strategic, operational and management support to certain of our ownership interests.

Strategic Support.

By helping our partner companies’ management teams remain focused on critical objectives through the provision of human, financial and strategic resources, we believe we are able to foster their development and success.

We play an active role in developing the strategic direction of our partner companies, which include:

We play an active role in developing the strategic direction to certain of our ownership interests, which include:

defining short and long-term strategic goals;

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Management and Operational Support.

We provide management and operational support, as well as ongoing planning and development assessment.

Our executives serve on the boards of directors of our partner companies, working with them to develop and implement strategic and operating plans.

Our executives serve on the boards of directors of certain of our companies, working with them to develop and implement strategic and operating plans.

We measure and monitor achievement of these plans through regular review of operational and financial performance measurements.

We believe these services provide our partner companies with significant competitive advantages within their respective markets.

Realizing Value

In January 2018, Safeguard began to implement a new business strategy designed to increase shareholder value.

Under the new strategy, Safeguard ceased deploying capital into new partner companies.

Since January 2018, Safeguard ceased deploying capital into new companies.

Safeguard remains focused on managing and financially supporting its existing companies, with the goal of pursuing monetization opportunities and maximizing the value returned to shareholders.

We have, are and will consider initiatives including, among others:

We anticipate returning value to shareholders after satisfying our debt obligations and working capital needs.

From time to time, we engage in discussions with other companies interested in our partner companies, either in response to inquiries or as part of a process we initiate.

To the extent we believe that a partner company’s further growth and development can best be supported by a different ownership structure or if we otherwise believe it is in our shareholders’ best interests, we will seek to sell some or all of our position in the partner company.

These sales may take the form of privately negotiated sales of stock or assets, mergers and acquisitions, public offerings of the partner company’s securities and, in the case of publicly traded partner companies, sales of their securities in the open market.

In the past, we have taken partner companies public through rights offerings and directed share subscription programs.

We will continue to consider these (or

similar) programs and the sale of certain partner company interests in secondary market transactions to maximize value for our shareholders.

Given our recent change in strategy, the value of Safeguard is now virtually wholly dependent upon the value of our existing partner companies and our ability to translate that value into cash as efficiently as possible and to return that capital, net of our debt obligations and operating cash needs, to our shareholders in the form of stock repurchases and/or distributions to shareholders.

As we have in the past, we will utilize the service of professional advisers from time to time to explore the various alternatives for returning capital to our balance sheet and ultimately to our shareholders.

Our Partner Companies

An understanding of our partner companies is important to understanding Safeguard and its value-building strategy.

Following are descriptions of our partner companies in which we own interests at February 25, 2019.

We categorize our partner companies into four stages based upon revenue generation—Initial Revenue Stage, Expansion Stage, Traction Stage and High Traction Stage.

From time to time, we engage in discussions with other companies interested in our ownership interests, either in response to inquiries or as part of a process we initiate.

To the extent we believe that a company’s further growth and development can best be supported by a different ownership structure or if we otherwise believe it is in our shareholders’ best interests, we will seek to sell some or all of our position in the company.

These sales may take the form of privately negotiated sales of stock or assets, mergers and acquisitions, public offerings of the company’s securities and, in the case of publicly traded companies, sales of their securities in the open market.

In the past, we have taken companies public through rights offerings and directed share subscription programs.

We will continue to consider these (or similar) programs and the sale of certain company interests in secondary market transactions to maximize value for our shareholders.

Given our recent change in strategy, the value of Safeguard is now virtually wholly dependent upon the value of our existing ownership interests and our ability to translate that value into cash as efficiently as possible and to return that capital to our shareholders in the form of stock repurchases and/or special dividends to shareholders.

Our Ownership Interests

An understanding of our ownership interests is important to understanding Safeguard.

We generally categorize the companies in which we have an ownership interest and account for under the equity method into stages based upon revenue generation—Initial Revenue Stage, Expansion Stage, Traction Stage, High Traction Stage, and a stage for companies greater than $15 million.

We also categorize in these stages certain companies where we do not have significant influence but whose value is a substantial portion of our portfolio.

The Initial Revenue Stage is made up of businesses that have revenues of $1 million or less.

The Expansion Stage is made up of companies that have revenue in the range of $1 million to $5 million.

The Traction Stage is made up of companies that have revenue in the range of $5 million to $10 million.

The High Traction Stage is made up of companies that have revenue in excess of $10 million per year.

The ownership percentages indicated below are presented as of December 31, 2018 for partner companies in which we owned interests at February 25, 2019 and reflect the percentage of the vote we were entitled to cast at that date based on issued and outstanding voting securities (on a common stock equivalent basis), excluding the effect of options, warrants and convertible debt (primary ownership).

(Safeguard Ownership:

Headquartered in San Francisco, California, Aktana is a pioneer in decision support for global life science sales teams.

Aktana helps its customers improve their commercial effectiveness by delivering data-driven insights and suggestions directly to sales reps, coordinating multi-channel actions and providing insight regarding which strategies work best for which customers under which conditions.

www.aktana.com

Clutch Holdings, Inc.

High Traction

(Safeguard Ownership:

Headquartered in Ambler, Pennsylvania, Clutch has revolutionized how marketing teams for premier brands develop and foster relationships with their customers.

Clutch’s advanced marketing platform serves as a customer hub, delivering deep intelligence derived from real-time behaviors and transactions across in-store, online, mobile and social channels.

www.clutch.com

Flashtalking, Inc.

High Traction

(Safeguard Ownership:

Headquartered in New York, New York, Flashtalking is a data-driven ad management and analytics technology company that uses data to personalize advertising in real-time, analyze its effectiveness and enable optimization that drives better engagement and ROI for sophisticated global brands.

Our former partner company, Spongecell, Inc.

merged into Flashtalking in January 2018.

www.flashtalking.com

Hoopla Software, Inc.

Traction Stage is made up of companies that have revenue in the range of $5 million to $10 million.

The High Traction Stage is made up of companies that have revenue in the range of $10 million to $15 million.

Additionally, during 2019, we added a category for our companies with greater than $15 million of annual revenue.

The ownership percentages indicated below are presented as of December 31, 2019 for certain companies in which we held ownership interests at February 25, 2020 and reflect the percentage of the vote we were entitled to cast at that date based on issued and outstanding voting securities (on a common stock equivalent basis), excluding the effect of options, warrants and convertible debt (primary ownership).

Initial Revenue Stage:

Up to $1 million

There are no companies in which we have an ownership interest and account for under the equity method that are within this stage of growth.

However, see section below regarding Other Ownership Interests.

Expansion Stage:

$1 million to $5 million

Moxe Health Corporation

(Safeguard Ownership:

Headquartered in San Jose, California, Hoopla provides cloud-based software that helps sales organizations inspire and motivate sales team performance.

Hoopla's Sales Motivation Platform combines modern game mechanics, data analytics and broadcast-quality video in a cloud application that makes it easy for managers to motivate team performance and score more wins.

www.hoopla.net

Headquartered in Madison, Wisconsin, Moxe Health provides a clinical data clearinghouse that connects health systems with their network of health plans.

Moxe’s key products, Substrate and Convergence, allow for bi-directional data flow between payors and providers to complete various risk adjustment, quality, and prior authorization use cases .

www.moxehealth.com

Traction Stage:

$5 million to $10 million

InfoBionic, Inc.

(Safeguard Ownership:

Headquartered in Massachusetts, InfoBionic is an emerging digital health company focused on creating patient monitoring solutions for chronic disease management with an initial market focus on cardiac arrhythmias.

Headquartered in Waltham, Massachusetts, InfoBionic is an emerging digital health company focused on creating patient monitoring solutions for cardiac arrhythmias.

InfoBionic’s MoMe ® Kardia cloud-based, remote patient monitoring platform delivers on-demand, actionable monitoring data and analytics directly to the physicians themselves.

www.infobionic.com

(Safeguard Ownership:

Headquartered in Boston, Massachusetts, meQuilibrium is an engagement and performance platform that leverages behavioral psychology and data science to improve workforce resilience, agility, and adaptive capacity.

The Company offers solutions for managers, teams, and individual employees .

www.mequilibrium.com

Trice Medical, Inc.

(Safeguard Ownership:

Headquartered in Malvern, Pennsylvania, Trice Medical was founded to fundamentally improve orthopedic diagnostics for the patient, physician and payor by providing instant, eyes-on, answers.

Trice has pioneered fully integrated camera-enabled technologies that provide a clinical solution that is optimized for the physician's office.

Trice's mission is to provide more immediate and definitive patient care, eliminating the false reads associated with current indirect modalities and significantly reduce the overall cost to the healthcare system.

www.tricemedical.com

Zipnosis, Inc.

(Safeguard Ownership:

Headquartered in Minneapolis, Minnesota, Zipnosis provides health systems with a white-labeled, fully integrated virtual care platform.

Through Zipnosis’ tech-enabled treatment and triage tools, clients can offer convenient access to care while improving clinician efficiency.

Currently, patients may be treated for more than 90 conditions via such treatment and triage tools.

www.zipnosis.com

(Safeguard Ownership:

Headquartered in New York, New York, Sonobi is an advertising technology developer that creates data-driven tools and solutions to meet the evolving needs of demand- and sell-side organizations within the digital media marketplace.

Sonobi helps its clients and strategic partners to forecast new market opportunities, enhance value delivery to clients, and create more

profitable businesses through integration of progressive data procurement and user-centric sales management technologies.

www.sonobi.com

QuanticMind, Inc.

(Safeguard Ownership:

Headquartered in San Mateo, California, QuanticMind provides enterprise-level, predictive advertising management software for paid search, social and mobile.

QuanticMind brings together machine learning, distributed cloud and in-memory processing technologies to provide an intelligent, and scalable platform.

www.quanticmind.com

WebLinc, Inc.

(Safeguard Ownership:

Headquartered in Philadelphia, Pennsylvania, WebLinc is a commerce platform and services provider for fast growing online retailers.

WebLinc's modern, agile technologies and strategic expertise empower companies running global, omnichannel commerce operations, and enable retailers to consistently outpace the competition.

www.weblinc.com

Lumesis, Inc.

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www.lumesis.com

MediaMath, Inc.

High Traction

(Safeguard Ownership:

Headquartered in New York, New York, MediaMath is a global technology company that is leading the movement to revolutionize traditional marketing and drive transformative results for marketers through its TerminalOne Marketing Operating System ® .

MediaMath empowers marketers with an extensible, open platform that activates data, automates execution and optimizes interactions across all addressable media, delivering superior performance, transparency and control to all marketers and better, more individualized experiences for consumers.

www.mediamath.com

(Safeguard Ownership:

Headquartered in Boston, Massachusetts, meQuilibrium is a digital coaching platform that delivers clinically validated and highly personalized resilience solutions to employers, health plans, wellness providers and consumers increasing engagement, productivity and performance.

www.mequilibrium.com

Moxe Health Corporation

Initial Revenue

(Safeguard Ownership:

Headquartered in Madison, Wisconsin, Moxe Health was founded with a vision to enable bi-directional data exchange through its key products, Substrate and Convergence, directly linking payers and their provider networks.

By integrating insurer data using industry standard processes, Moxe Health allows providers to incorporate claims, risk and other payer data into their own analytic efforts, allowing clinicians to better understand patient risks and deliver value-based care.

www.moxehealth.com

NovaSom, Inc.

High Traction Stage:

$10 million to $15 million

Clutch Holdings, Inc.

High Traction

(Safeguard Ownership:

Headquartered in Glen Burnie, Maryland, NovaSom is a medical device company that markets an FDA-cleared wireless home sleep test for Obstructive Sleep Apnea (“OSA”) called AccuSom ® Home Sleep Test.

The NovaSom home sleep test provides an in-home, clinically equivalent diagnosis of OSA at a significantly reduced cost compared to in-facility testing for uncomplicated adult OSA.

www.novasom.com

Headquartered in Ambler, Pennsylvania, Clutch has revolutionized how marketing teams for premier brands develop and foster relationships with their customers.

Clutch’s advanced marketing platform serves as a customer hub, delivering deep intelligence derived from real-time behaviors and transactions across in-store, online, mobile and social channels.

www.clutch.com

Prognos Health Inc.

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www.prognos.ai

QuanticMind, Inc.

Greater than $15 million

(Safeguard Ownership:

Headquartered in Redwood City, California, QuanticMind provides enterprise-level, predictive advertising management software for paid search, social and mobile.

QuanticMind brings together machine learning, distributed cloud and in-memory processing technologies to provide the most intelligent, most scalable and fastest platform available.

www.quanticmind.com

Headquartered in San Francisco, California, Aktana is a pioneer in decision support for global life science sales teams.

www.aktana.com

Flashtalking, Inc.

Greater than $15 million

(Safeguard Ownership:

Sonobi helps its clients and strategic partners to forecast new market opportunities, enhance value delivery to clients, and create more profitable businesses through integration of progressive data procurement and user-centric sales management technologies.

www.sonobi.com

High Traction

Spongecell, Inc.

merged into Flashtalking in January 2018.

www.flashtalking.com

MediaMath, Inc.

Greater than $15 million

(Safeguard Ownership:

MediaMath empowers marketers with an extensible, open platform that activates data, automates execution

and optimizes interactions across all addressable media, delivering superior performance, transparency and control to all marketers and better, more individualized experiences for consumers.

www.mediamath.com

Greater than $15 million

(Safeguard Ownership:

Headquartered in Palo Alto, California, Syapse is on a mission to deliver the best care for every cancer patient through precision medicine.

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www.syapse.com

Other ownership interests

In addition to the above companies, we also have smaller ownership interests in a variety of other companies where we do not exert significant influence and do not participate in any management activities.

In some cases, these ownership interests generally are the result of previous positions that have been diluted or residual interests resulting from the acquisition of companies where we had an ownership interest.

Provider of digital marketing and advertising services created to serve a free website, online newspapers and magazines.

The company specializes in identity verification, advertising and privacy, digital marketing and data for its clients, enabling its clients to inherently collect and match identities with large quantities of personal information for targeted advertising.

www.britepool.com

Operator of a software-powered retail showroom designed to make physical retail accessible for all.

The company's showrooms are software-driven brick-and-mortar stores that help consumers to buy hardware, internet of things and other technology products, enabling customers to discover, try and buy the latest tech products.

The company is headquartered in San Francisco, California.

Hoopla Software, Inc.

Headquartered in San Jose, California, Hoopla provides cloud-based software that helps sales organizations inspire and motivate sales team performance.

www.hoopla.net

Developer of a data security platform designed to protect medical devices.

The company's platform enables functions such as authenticating users, encrypting data and cryptographically sign settings and patient prescriptions, as well as has the ability to monitor transactions between clinicians and devices for malicious behavior, enabling hospitals and health systems to prevent unauthorized access and misuse of their medical devices.

www.medcrypt.co

T-REX Group, Inc.

Initial Revenue

(Safeguard Ownership:

Headquartered in New York, New York, T-REX is an enterprise solutions provider for the complex financing of esoteric asset backed securities (“ABS”) and energy project finance.

1 unchanged sentence

www.trexgroup.com

Transactis, Inc.

High Traction

(Safeguard Ownership:

Headquartered in New York, New York, Transactis transforms traditional paper billing and payment processing by enabling businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives.

Transactis goes to market exclusively with resellers - financial institutions, technology companies, printers and business process outsourcers - to provide their customers with secure, configurable, white-label, industry-leading SaaS solutions.

www.transactis.com

Trice Medical, Inc.

(Safeguard Ownership:

Headquartered in Malvern, Pennsylvania, Trice Medical was founded to fundamentally improve orthopedic diagnostics for the patient, physician and payor by providing instant, eyes-on, answers.

Trice has pioneered fully integrated camera-enabled technologies that provide a clinical solution that is optimized for the physician's office.

www.tricemedical.com

WebLinc, Inc.

High Traction

(Safeguard Ownership:

Headquartered in Philadelphia, Pennsylvania, WebLinc is a commerce platform and services provider for fast growing online retailers.

WebLinc's modern, agile technologies and strategic expertise empower companies running global, omnichannel commerce operations, and enable retailers to consistently outpace the competition.

www.weblinc.com

Zipnosis, Inc.

(Safeguard Ownership:

Headquartered in Minneapolis, Minnesota, Zipnosis provides health systems with a white-labeled, fully integrated virtual care platform.

Through Zipnosis’ tech-enabled treatment and triage tools, clients can offer convenient access to care while improving clinician efficiency.

Currently, patients may be treated for more than 90 conditions via such treatment and triage tools.

www.zipnosis.com

WellTrackONE:

Provider of wellness program services intended to offer a comprehensive baseline report for detailing modifiable risk factors, preventative goals and measurable data.

The company's services include scheduling, screening and documentation that provide valuable data for outcomes and clinical measurements while at the same time help to generate significant revenue, enabling healthcare professionals to offer wellness visits to their patients and help them to get services for all their medical needs.

www.welltrackone.co

Velano Vascular:

Developer of a needle-free blood collection medical device intended to reduce the risk and inefficiencies of vascular access practices.

The company's flagship products single-use, sterile device, temporarily attaches to a peripheral IV catheter to collect a fresh venous sample to combat the urgent challenge of vascular access, enabling hospitals to deliver painless and secure healthcare solutions for inpatients.

www.velanovascular.com

We also have residual interests in a variety of private funds that are in the process of winding down and other companies, and we participate in several loans to or equity investments in private companies in the Philadelphia area in conjunction with an on-going initiative of the Pennsylvania Department of Community and Economic Development.

FINANCIAL INFORMATION ABOUT OPERATING SEGMENTS

We operate as one operating segment based upon the similar nature of our technology-driven partner companies, the functional alignment of the organizational structure and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.

We operate as one operating segment based upon the similar nature of our technology-driven companies, the functional alignment of the organizational structure and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.

OTHER INFORMATION

The operations of Safeguard and its partner companies are subject to environmental laws and regulations.

The operations of Safeguard and the companies in which it has ownership interests are subject to environmental laws and regulations.

Safeguard does not believe that expenditures relating to those laws and regulations will have a material adverse effect on the business, financial condition or results of operations of Safeguard.

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Safeguard is subject to the informational requirements of the Securities Exchange Act of 1934, as amended.

Therefore, we file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements

and other information with, and furnish other reports to, the Securities and Exchange Commission (“SEC”).

Therefore, we file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements and other information with, and furnish other reports to, the Securities and Exchange Commission (“SEC”).

You can read and copy such documents at the SEC’s public reference facilities in Washington, D.C., New York, New York and Chicago, Illinois.

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Copies of these reports (excluding exhibits) also may be obtained free of charge, upon written request to:

Investor Relations, Safeguard Scientifics, Inc., 170 North Radnor-Chester Road, Suite 200, Radnor, Pennsylvania 19087.

The Internet website addresses for Safeguard and its partner companies are included in this report for identification purposes.

Investor Relations, Safeguard Scientifics, Inc., 100 Matsonford Road, One Radnor Corporate Center, Suite 110, Radnor, Pennsylvania 19087.

The Internet website addresses for Safeguard and its ownership interests are included in this report for identification purposes.

The information contained therein or connected thereto is not intended to be incorporated into this Annual Report on Form 10-K.

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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