What changed in this filing

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Item 1. Business

2021-05-19 compared with 2020-05-22 · 97 added, 54 removed, 119 unchanged (56% of the section changed)

We are a leading developer, publisher and marketer of interactive entertainment for consumers around the globe.

We develop and publish products principally through Rockstar Games, 2K, Private Division, and Social Point.

Our products are currently designed for console gaming systems, such as the Sony Computer Entertainment, Inc.

("Sony") PlayStation®4 ("PS4"), Microsoft Corporation ("Microsoft") Xbox One® ("Xbox One"), and Nintendo's Switch TM ("Switch"), and personal computers ("PC"), including smartphones and tablets.

We develop and publish products principally through Rockstar Games, 2K, Private Division, Social Point, and Playdots.

Our products are currently designed for console gaming systems, including, but not limited to, the Sony Computer Entertainment, Inc.

("Sony") PlayStation®4 ("PS4") and PlayStation5 ("PS5"), Microsoft Corporation ("Microsoft") Xbox One® ("Xbox One") and Xbox Series X|S ("Xbox Series X|S"), and Nintendo's Switch TM ("Switch"), as well as personal computers ("PC"), including smartphones and tablets.

We deliver our products through physical retail, digital download, online platforms, and cloud streaming services.

We were incorporated under the laws of the State of Delaware in 1993 and are headquartered in New York, New York with approximately 5,800 employees globally.

Our website address is www.take2games.com.

We make all of our filings with the Securities and Exchange Commission ("SEC") available free of charge on our website under the caption "Corporate—SEC Filings." Included in these filings are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, which are available as soon as reasonably practicable after we electronically file or furnish such materials with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

We make all of our filings with the Securities and Exchange Commission ("SEC") available free of charge on our website under the caption "Financial Information—SEC Filings." Included in these filings are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, which are available as soon as reasonably practicable after we electronically file or furnish such materials with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

Our website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

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Most of our intellectual property is internally owned and developed, which we believe best positions us financially and competitively.

We have established a portfolio of proprietary software content for the major hardware platforms in a wide range of genres, including action, adventure, family/casual, racing, role-playing, shooter, sports and strategy, which we distribute worldwide.

We have established a portfolio of proprietary software content for the major hardware platforms in a wide range of genres, including action, adventure, family/casual, role-playing, shooter, sports and strategy, which we distribute worldwide.

We believe that our commitment to creativity and innovation is a distinguishing strength, enabling us to differentiate our products in the marketplace by combining advanced technology with compelling storylines and characters that provide unique gameplay experiences for consumers.

We have created, acquired, or licensed a group of highly recognizable brands to match the broad consumer demographics that we serve, ranging from adults to children and game enthusiasts to casual gamers.

Another cornerstone of our strategy is to support the success of our products in the marketplace through

innovative marketing programs and global distribution on platforms and through channels that are relevant to our target audience.

Another cornerstone of our strategy is to support the success of our products in the marketplace through innovative marketing programs and global distribution on platforms and through channels that are relevant to our target audience.

Support World-Class Creative Teams.

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The creative teams at Rockstar Games and 2K are renowned for their consistent ability to deliver games that set new benchmarks for excellence.

In addition, Private Division is dedicated to bringing titles from top independent developers to market, and Social Point further enhances our development capabilities with a track record of producing multiple hits in the free-to-play mobile sector.

In addition, Private Division is dedicated to bringing titles from top independent developers to market, and Social Point and Playdots further enhance our development capabilities with a track record of producing multiple hits in the free-to-play mobile sector.

Whether expanding our portfolio of franchises, launching new intellectual property, or providing innovative ways for audiences to remain captivated and engaged, we prioritize producing the highest quality entertainment experiences.

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We currently own the intellectual property rights to 27 proprietary brands.

In addition, we selectively develop titles based on licensed properties, including sports, and also publish externally developed titles.

We use a product investment review process to evaluate potential titles for investment, to review existing titles in development, and to assess titles after release to measure their performance in the market and the return on our investment.

In addition, we selectively develop titles based on licensed properties, including sports leagues, and also publish externally developed titles.

We use a product investment review process to evaluate potential titles for investment, to review existing titles in development, and to assess titles after release by measuring their performance in the market and the return on our investment.

We apply this process to all of our products, whether internally or externally developed.

The product investment review process includes reviews of each project at various stages of development by our executive management team and the senior management of our publishing labels and includes coordination between our sales and marketing personnel before the launch of titles.

The product investment review process includes reviews of each project at various stages of development by our executive management team and the senior management of our publishing labels and also includes coordination between our sales and marketing personnel before the launch of titles.

This disciplined approach to product investment is expected to enhance the competitiveness and profitability of our titles.

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Leverage Emerging Technologies, Platforms, and Distribution Channels, Including Digitally Delivered Content.

Interactive entertainment played online and on mobile platforms, including tablets and smartphones, presents opportunities to enhance our growth and profitability.

Interactive entertainment played online and on mobile platforms, such as tablets and smartphones, presents opportunities to enhance our growth and profitability.

In addition, the interactive entertainment software industry is delivering a growing amount of content for traditional platforms through digital download.

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Virtually all of our titles that are available through retailers as packaged goods products are also available through direct digital download (from websites we own or third-party websites).

We aim to drive ongoing engagement and incremental revenue from recurrent consumer spending on our titles through virtual currency, add-on content, and in-game purchases.

We also publish an expanding variety of titles for tablets and smartphones, which are delivered to consumers through digital download.

We will continue to invest in emerging opportunities in mobile and online gameplay, particularly for our wholly-owned franchises, as well as downloadable content and microtransactions that enable gamers to pay to download additional content to enhance their game playing experience.

We aim to drive ongoing engagement and incremental revenue from recurrent consumer spending on our titles through virtual currency, add-on content, and in-game purchases.

Expand International Business.

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Operating margins are dependent in part upon our ability to release new, commercially successful software products and to manage effectively their development and marketing costs.

We have internal development studios located in Australia, Canada, China, Czech Republic, Hungary, India, Spain, the United Kingdom, and the United States.

We have internal development studios located in Australia, Canada, China, Czech Republic, Hungary, India, South Korea, Spain, the United Kingdom (U.K.), and the United States (U.S.).

As of March 31, 2021, we had a research and development staff of 5,079 employees with the technical capabilities to develop software titles for all major consoles, PCs, and mobile platforms in multiple languages and territories.

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The latest installment, Grand Theft Auto V , has sold-in over 145 million units worldwide and includes access to Grand Theft Auto Online .

On October 26, 2018, Rockstar Games launched Red Dead Redemption 2, which has been a critical and commercial success that set numerous entertainment industry records.

To date, Red Dead Redemption 2 has sold-in more than 30 million units worldwide.

Red Dead Redemption 2 , which has been a critical and commercial success that set numerous entertainment industry records, has sold-in more than 35 million units worldwide to date.

Rockstar Games is also well known for developing brands in other genres, including the LA Noire , Bully, and Manhunt franchises.

Rockstar Games continues to expand on our established franchises by developing sequels, offering downloadable episodes, content, and virtual currency.

Rockstar Games continues to expand on our established franchises by developing sequels, offering downloadable episodes, and additional content.

Our 2K label has published a variety of popular entertainment properties across all key platforms and across a range of genres including shooter, action, role-playing, strategy, sports and family/casual entertainment.

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2K also publishes externally developed franchises such as Borderlands .

The latest installment, Borderlands 3 , launched on September 13, 2019.

2K's realistic sports simulation titles include our flagship NBA 2K series, which continues to be the top-ranked NBA basketball video game, the WWE 2K professional wrestling series, and PGA TOUR 2K .

In March 2020, 2K announced a multi-year partnership with the National Football League encompassing multiple future video games that will be non-simulation football game experiences and will launch starting in fiscal year 2022.

In March 2020, 2K announced a multi-year partnership with the National Football League encompassing multiple future video games that will be non-simulation football game experiences.

Private Division.

Our Private Division label is dedicated to bringing titles from top independent developers to market and is the publisher and owner of Kerbal Space Program .

During fiscal year 2020, Private Division released The Outer Worlds and Ancestors:

Our Private Division label is dedicated to bringing titles from the industry's leading creative talent to market and is the publisher and owner of Kerbal Space Program.

Private Division also released The Outer Worlds and Ancestors:

The Humankind Odyssey , based on new IP from renowned industry creative talent.

Additionally, Private Division has announced that Disintegration is planned for release in fiscal year 2021 and Kerbal Space Program 2 in fiscal year 2022.

Kerbal Space Program 2 is planned for release in fiscal year 2023.

Social Point.

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In addition, Social Point has a robust development pipeline with a number of exciting games planned for launch in the coming years.

On September 4, 2020, we acquired privately held Playdots, Inc.

("Playdots") for consideration having an acquisition date fair value of $195.5 million, consisting of $97.8 million in cash and the issuance of 0.6 million shares of our common stock.

(See Note 22 - Acquisitions of our Consolidated Financial Statements.) Founded in 2013 and based in New York, New York, Playdots builds mobile games with unique and thoughtful designs.

Playdots is best known for Two Dots , which has been downloaded over 80 million times since its launch six years ago and continues to deeply engage audiences throughout the world.

We are continuing to execute on our growth initiatives in Asia, where our strategy is to broaden the distribution of our existing products and establish an online gaming presence, especially in China and South Korea.

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We have released two iterations of NBA 2K Online and continue to enhance the title with new features.

We have expanded our relationship with the NBA through the creation of the NBA 2K League.

Launched in May 2018, this groundbreaking competitive gaming league is jointly owned by us and the NBA and consists of teams operated by actual NBA franchises.

We have expanded our relationship with the NBA through the NBA 2K League.

This groundbreaking competitive gaming league is jointly owned by us and the NBA and consists of teams operated by actual NBA franchises.

The NBA 2K League follows a professional sports league format:

head-to-head competition throughout a regular season followed by a bracketed playoff system and a finals match-up that was held in August in each of the NBA 2K League's first two seasons.

head-to-head competition throughout a regular season, followed by a bracketed playoff system and a finals match-up that was held in August in each of the NBA 2K League's first three seasons.

The NBA 2K League's fourth season is set to take place in calendar year 2021.

Intellectual Property

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The intellectual property rights we have created or acquired for our internally-owned portfolio of brands include BioShock , Bully , Carnival Games , Dragon City , Grand Theft Auto , Kerbal Space Program , L.A.

Noire , Mafia , Manhunt, Max Payne , Midnight Club , Monster Legends , Red Dead , Sid Meier's Civilization , and XCOM .

We believe that content ownership facilitates our

internal product development efforts and maximizes profit potential.

Noire , Mafia , Manhunt , Max Payne , Midnight Club , Monster Legends , Red Dead , Sid Meier's Civilization , Two Dots , and XCOM .

We believe that content ownership facilitates our internal product development efforts and maximizes profit potential.

We attempt to protect our software and production techniques under copyright, patent, trademark and trade secret laws as well as through contractual restrictions on disclosure, copying and distribution.

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Platform manufacturers, such as Sony, Microsoft, and Nintendo, either manufacture or control the selection of approved manufacturers of software products sold for use on their respective hardware platforms.

We place a purchase order for the manufacture of our products with Sony, Nintendo, or Microsoft's approved replicator and then send software code and a prototype of the product to the manufacturer, together with related artwork, user instructions, warranty information, brochures and packaging designs for approval, defect testing and manufacture.

We place a purchase order for the manufacture of our products with Sony, Nintendo, or Microsoft's approved replicator and then send software code to the manufacturer, together with related artwork, user instructions, warranty information, brochures and packaging designs for approval, defect testing and manufacture.

Games are generally shipped within two to three weeks of receipt of our purchase order and all materials.

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Effective March 23, 2017, we entered into a PlayStation Global Developer and Publisher Agreement with Sony Computer Entertainment, Inc.

and certain of its affiliates, pursuant to which Sony granted us the right and license to develop, publish, have manufactured, market, advertise, distribute and sell PlayStation compatible products for all PlayStation systems, including the PS4.

The agreement requires us to submit products to Sony for approval and for us to make royalty payments to Sony based on the number of units manufactured or revenue from downloaded content.

The agreement requires us to submit products to Sony for approval and for us to make royalty payments to Sony based on the number of units manufactured or revenue from digitally downloaded content.

In addition, products for PlayStation systems are required to be manufactured by Sony-approved manufacturers.

The term of the agreement expires on March 31, 2021, with automatic one-year renewal terms thereafter.

Sony may terminate the agreement for any or no reason upon thirty days’ notice.

On September 30, 2020, we entered into a PlayStation 5 Amendment, with an effective date of May 1, 2020 (the “PS5 Amendment”), to our existing PlayStation Global Developer and Publisher Agreement.

The PS5 Amendment amends the existing agreement to include the PlayStation 5 interactive entertainment system in the definition of systems in the agreement and to extend all of the terms and conditions of the existing agreement to our PlayStation 5 products and services.

The term of the agreement, as amended, expires on March 31, 2022, with automatic one-year renewal terms thereafter (unless one party gives the other notice of termination).

Sony may terminate the agreement for any or no reason upon 30 days’ notice.

The agreement may also be terminated by Sony immediately in the event of a breach by us or our bankruptcy or insolvency.

Upon expiration or termination of the agreement, we have certain rights to sell off existing inventories.

Under the terms of the license agreements that we have entered into with Microsoft Corporation and its affiliates, Microsoft granted us the right and license to develop, publish, have manufactured, market, advertise, distribute and sell Xbox compatible products for the Xbox One and Xbox 360.

The agreements require us to submit products to Microsoft for approval and for us to make royalty payments to Microsoft based on the number of units manufactured or revenue from downloaded content.

In addition, products for the Xbox One and Xbox 360 are required to be manufactured by Microsoft approved manufacturers.

The term of the Xbox One license agreement renewed on April 1, 2020 for a two-month period expiring on June 1, 2020, while the parties negotiate a new license agreement also covering Microsoft's next generation consoles.

The term of the Xbox 360 license agreement expires on March 31, 2021, with automatic one-year renewal terms thereafter.

The Xbox One and Xbox 360 license agreements may be terminated by Microsoft immediately in the event of a breach by us, and the Xbox One licensee agreement may also be terminated by Microsoft immediately in the event of our bankruptcy or insolvency.

Upon expiration or termination of the Xbox One and Xbox 360 license agreements, we have certain rights to sell off existing inventories.

The agreements require us to submit products to Microsoft for approval and to make royalty payments to Microsoft based on the number of units manufactured or revenue from digitally downloaded content.

In addition, products for the Xbox consoles are required to be manufactured by Microsoft-approved manufacturers.

Effective as of November 17, 2005, we entered into an Xbox 360 Publisher License Agreement with Microsoft for the Xbox 360 console (the “Xbox 360 Agreement”).

Effective as of July 1, 2020, we entered into an Xbox Console Publisher License Agreement with Microsoft for the Xbox Series X|S and Xbox One consoles (the “Xbox Next Gen Agreement” and together with Xbox 360 Agreement, the “Xbox Agreements”).

The term of Xbox 360 Agreement expires on May 31, 2022, and the term of the Xbox Next Gen Agreement expires on March 31, 2023, each with automatic one-year renewal terms thereafter (unless one party gives the other advance notice of non-renewal).

These Xbox Agreements may be terminated by Microsoft immediately in the event of a breach by us, and the Xbox Next Gen Agreement may also be terminated by Microsoft

immediately in the event of our bankruptcy or insolvency.

Upon expiration or termination of each of the Xbox Agreements, we have certain rights to sell off existing inventories.

We sell software titles both physically and digitally through direct relationships with large retail customers, including digital storefronts and platform partners, and third-party distributors.

Our top customers include, among others, Sony, Microsoft, Steam, GameStop, and Epic.

Our top customers include, among others, Sony, Microsoft, Steam, GameStop, Epic, Apple, and Google.

We sell our products globally and have sales operations in Australia, Canada, France, Germany, Japan, the Netherlands, New Zealand, Singapore, South Korea, Spain, Taiwan, the United Kingdom, and the United States.

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Sales to our five largest customers during the fiscal year ended March 31, 2021 accounted for 78.4% of our net revenue, with Sony and Microsoft each accounting for more than 10.0% of our net revenue during the fiscal year ended March 31, 2021.

We also distribute our titles, add-on content, and in-game purchases through direct digital download via the Internet to consoles and PCs, including smartphones and tablets.

We also distribute our titles, add-on content, and in-game purchases through direct digital download to consoles and PCs, including smartphones and tablets.

We view digital distribution as an important growth opportunity for our industry and Company;

however, we expect that packaged goods and traditional retailers will continue to be a significant channel for the sale of our products for the foreseeable future, particularly for consoles.

however, we expect that packaged goods and traditional retailers will continue to be a significant channel for the sale of our console products for the foreseeable future.

Our marketing and promotional efforts are intended to maximize consumer interest in our titles, promote brand name recognition of our franchises, assist retailers and properly position, package and merchandise our titles.

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In certain international markets, we also provide volume rebates to stimulate continued product sales.

Price protection, sales returns and other allowances amounted to $98.0 million, $81.7 million and $59.7 million during the fiscal years ended March 31, 2020, 2019 and 2018, respectively.

• Employing various other marketing methods designed to promote consumer awareness, including social media, in-store promotions and point-of-purchase displays, direct mail, co-operative advertising, attendance at trade shows as well as product sampling through demonstration software distributed via the Internet or the digital online services.

• Employing various other marketing methods designed to promote consumer awareness, including social media, in-store promotions and point-of-purchase displays, direct mail, cooperative advertising, attendance at trade shows as well as product sampling through demonstration software distributed via the Internet or the digital online services.

As of March 31, 2021, we had a sales and marketing staff of 651 people.

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In our business, we compete with:

• Companies that range in size and cost structure from very small with limited resources to very large with greater financial, marketing and technical personnel and other resources than ours.

• Other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than ours.

Examples of our competitors include Activision Blizzard, Inc., Electronic Arts Inc., and Ubisoft Entertainment S.A.

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The competition is intense among an increasing number of newly introduced entertainment software titles and hardware for adequate levels of shelf space and promotional support.

• Other forms of entertainment such as motion pictures, television and audio, social networking, online computer programs, mobile games, and other forms of entertainment, which may be less expensive or provide other advantages to consumers.

• Other forms of entertainment such as motion pictures, television, social networking, online computer programs, and other forms of entertainment, which may be less expensive or provide other advantages to consumers.

Competition in the entertainment software industry is based on innovation, features, playability, product quality, brand name recognition, compatibility with popular platforms, access to distribution channels, price, marketing, and customer service.

Our business is driven by hit titles, which require increasing budgets for development and marketing.

Competition for our titles is influenced by the timing of competitive product releases and the similarity of such products to our titles and may result in loss of shelf space or a reduction in sell-through of our titles at retail stores.

For physical sales, competition for our titles is influenced by the timing of competitive product releases and the similarity of such products to our titles and may result in loss of shelf space or a reduction in sell-through of our titles at retail stores.

International Operations

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We are subject to risks inherent in foreign trade, including increased credit risks, tariffs and duties, fluctuations in foreign currency exchange rates, shipping delays and international political, regulatory and economic developments, all of which can have a significant effect on our operating results.

See Notes 1 and 2 to the Consolidated Financial Statements.

See Notes 1 and 2 to our Consolidated Financial Statements.

Segment and Geographic Information

See Notes 1, 2, and 9 to the Consolidated Financial Statements.

As of March 31, 2020, we had 5,800 full-time employees, of which 3,123 were employed outside of the United States.

None of our regular employees is subject to collective bargaining agreements.

We consider our relations with employees to be satisfactory.

We have one operating and reportable segment.

See Notes 1 , 2 , and 9 to our Consolidated Financial Statements.

Human Capital

Human Capital Management.

One of Take-Two’s most important assets is our people.

With 6,495 full-time employees as of March 31, 2021, of which 3,341 were employed outside of the United States, we are constantly focused on our teams – their success, their structure and how best to support them given their particular needs and projects.

49% of our employees are located in North America, 35% in Europe, and 16% in the Asia-Pacific region;

77% of our employees are focused on product development.

Due to COVID-19, this past year was a challenging one for our employees, and, given the largely remote working environment, we implemented programs to make sure our people felt supported in their roles, providing enhanced manager training to help strengthen teams despite the physical distance, broadening our wellness and mental health offerings, encouraging people to step away from their screens when they could and spending a lot of time listening to employee feedback.

Despite the challenges of the pandemic, creativity and innovation remained the core tenets of our organization and the lifeblood of our ongoing success.

The creative teams at our labels are renowned for their consistent ability to deliver games that set new benchmarks for excellence.

We support our creative and corporate teams by focusing on talent retention and acquisition, including through:

offering job development and skills training initiatives, extensive employee benefits and numerous well-being programs, and partnering with the leadership at our labels to foster the types of cultures our leaders believe best support and grow the creative processes for their particular teams.

Diversity, Equity, and Inclusion.

We firmly believe that diverse teams are more valuable and effective, and that diversity is key to our success.

We are committed to enhancing workforce diversity at Take-Two, and we strive to provide an inclusive workplace in which everyone feels respected, heard, and safe.

We believe our culture of compassion and respect fosters a warm, welcoming environment for all qualified candidates and colleagues.

Specific efforts we take include company-sponsored service projects in the communities in which we operate;

providing financial and other support to organizations working to eradicate social and racial injustice as well as providing educational, athletic, and other opportunities to underserved communities;

working with organizations to support the rights of the LGBTIQ community;

endeavoring to expand the diversity of our industry’s candidate pool through scholarships to minority game design students and contributions to organizations providing STEM opportunities to children in underserved communities;

delivering interview training and career counseling to young adults in those same communities;

and celebrating cultural differences through various employee affinity groups and company events and offerings.

Talent Assessment & Development and Employee Experience.

We strongly believe in internal growth opportunities and career development tracks.

We also recognize the importance of our employees staying current in an ever-changing industry.

To that end, our global Learning & Development team curates a wide variety of training materials and programs

targeting both hard skills development and career progression as well as programs in leadership development and employee round tables.

Further, our compliance training program seeks to ensure that our employees recognize and report any signs of harassment, discrimination, retaliation, or other inappropriate behaviors in the workplace and that they understand and abide by our Code of Business Conduct and other internal policies.

Our learning and development programs are designed to be closely aligned with our performance management process and succession planning.

Our formalized performance management process provides the platform for evaluating each individual employee’s contributions to the team and our success, with a focus on regular communication and transparency.

We work hard to ensure that development opportunities are individually tailored and that all decisions regarding hiring, career progression, and compensation are based on qualifications, work ethic, and job performance.

Beyond formal performance management, we check in with our teams throughout the year with global town hall meetings, "pulse" surveys, culture assessments and team qualities and values workshops.

The feedback generated through these tools helps to ensure we are providing a supportive, dynamic, and stimulating work environment for all of our employees.

These efforts and more contributed to Take-Two being named one of The Wall Street Journal’s Best Managed US Companies in 2018, included among EM360’s Top 10 Companies with the Best Employee/Employer Relations in 2019, and listed on Fortune’s Great Places to Work list in 2019 and 2021 and Best Places to Work in NYC list in 2020.

Compensation and Benefits.

The main objectives of our compensation and benefit programs are to attract, retain, motivate, and reward our employees, who operate in a highly competitive and technologically challenging environment.

We offer competitive compensation packages designed to incentivize high individual and company performance.

We regularly review our compensation and benefits packages from both an internal and external standpoint to ensure competitiveness, including through industry benchmarking analysis.

We seek to link compensation (including annual changes in compensation) to our overall and business unit performance, as well as each individual’s contribution to the results achieved.

The emphasis on our overall performance is intended to align our employees’ financial interests with the interests of our shareholders.

In addition to awarding Restricted Stock Units to employees at certain levels, we also offer an Employee Stock Purchase Plan to further align the interests of our employees with our shareholders.

We also provide a comprehensive benefits package that includes traditional offerings, such as medical, dental vision, retirement, disability, accident and life insurance, prescription drugs, and leaves, and also includes programs such as well-being, fitness reimbursement, mental health benefits, mental health awareness training for Human Resources personnel and managers throughout the Company, and charitable giving with a company match.

We have hosted 100+ company-wide bootcamps to promote physical fitness and employee comradery.

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