What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-05 compared with 2025-02-13 · 120 added, 83 removed, 723 unchanged (22% of the section changed)

136 unchanged sentences

Net income 825.7 785.7 817.6

Other comprehensive income 0.1 0.1 0.1

Other comprehensive (loss) income ( 0.2 ) 0.1 0.1

Comprehensive income $ 825.5 $ 785.8 $ 817.7

8 unchanged sentences

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(In millions)

(In millions, except per share data)

Year Ended December 31,

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Repurchase of common stock ( 881.6 ) ( 1,225.6 ) ( 901.4 )

Common stock cash dividends ( 215.2 ) — —

Stock-based compensation 70.6 62.1 60.8

8 unchanged sentences

Beginning balance ( 2.5 ) ( 2.6 ) ( 2.7 )

Other comprehensive income 0.1 0.1 0.1

Other comprehensive (loss) income ( 0.2 ) 0.1 0.1

Balance, end of period ( 2.7 ) ( 2.5 ) ( 2.6 )

Total stockholders’ deficit, end of period $ ( 2,154.2 ) $ ( 1,957.9 ) $ ( 1,581.0 )

Cash dividends declared per common share $ 2.31 $ — $ —

See accompanying Notes to Consolidated Financial Statements.

21 unchanged sentences

Purchases of property and equipment ( 22.8 ) ( 28.1 ) ( 45.8 )

Other investing activities ( 0.2 ) — —

Net cash provided by (used in) investing activities 109.1 286.3 ( 97.4 )

1 unchanged sentence

Repurchases of common stock ( 881.6 ) ( 1,225.6 ) ( 901.4 )

Repayment of borrowings ( 500.0 ) — —

Proceeds from senior note issuance, net of issuance costs 493.3 — —

Payment of dividends ( 215.2 ) — —

Proceeds from employee stock purchase plan 12.3 12.3 12.3

3 unchanged sentences

Effect of exchange rate changes on cash, cash equivalents and restricted cash — ( 0.8 ) ( 0.1 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 33.4 ) ( 133.5 ) 150.2

Net increase (decrease) in cash, cash equivalents and restricted cash 97.4 ( 33.4 ) ( 133.5 )

Cash, cash equivalents, and restricted cash at beginning of period 212.1 245.5 379.0

Cash, cash equivalents, and restricted cash at end of period $ 309.5 $ 212.1 $ 245.5

Supplemental cash flow disclosures:

Cash paid for interest $ 72.8 $ 72.8 $ 72.8

Cash paid for income taxes, net of refunds received $ 230.5 $ 239.7 $ 211.7

See accompanying Notes to Consolidated Financial Statements.

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Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or associated lease terms.

Certain assets included in Property and equipment, net on the Consolidated Balance Sheets were classified as held for sale.

These assets were not material.

Capitalized Software

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Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business.

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated

Recoverability

VERISIGN, INC.

1 unchanged sentence

DECEMBER 31, 2025, 2024 AND 2023

undiscounted future cash flows expected to be generated by the asset, or asset group.

of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group.

An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value.

94 unchanged sentences

The Company adopted Accounting Standards Update (“ASU”) No.

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which requires additional disclosure of significant segment expenses on an annual and interim basis.

This guidance has been applied retrospectively.

The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.

Refer to Note 7, “Segment Information,” for segment reporting disclosures.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

This guidance will be effective for our 2025 Form 10-K.

We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

This guidance has been applied prospectively.

The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements.

Refer to Note 11, “Income Taxes,” for income tax disclosures.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No.

3 unchanged sentences

We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No.

2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , which clarifies and modernizes certain aspects of the accounting for and disclosure of internal-use software costs.

The ASU does not change what types of costs are capitalized or when internal-use software cost capitalization ceases.

This guidance will be effective for the Company in 2028.

We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

VERISIGN, INC.

28 unchanged sentences

As of December 31, 2025, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their face values.

The aggregate fair value of the Company’s current and long-term senior notes is $ 1.69 billion as of December 31, 2024 and 2023.

The aggregate fair value of the Company’s senior notes is $ 1.75 billion and $ 1.69 billion as of December 31, 2025 and 2024, respectively.

The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.

41 unchanged sentences

(In millions)

Long-term prepaid expenses $ 13.5 $ 4.8

Operating lease right-of-use asset $ 9.8 $ 9.3

Long-term prepaid registry fees 8.4 8.2

Long-term prepaid expenses 6.5 13.5

Restricted cash 1.6 5.4

1 unchanged sentence

Total other long-term assets $ 28.8 $ 39.4

Long-term prepaid expenses as of December 31, 2024 reflect longer-term contracts for software licenses and maintenance entered into during 2024.

The prepaid registry fees in the tables above primarily relate to the fees the Company pays to ICANN for each annual term of .

com domain name registrations and renewals which are deferred and amortized over the domain name

com domain name registrations and renewals which are deferred and amortized over the domain name registration term.

The amount of prepaid registry fees as of December 31, 2025 reflects amortization of $ 42.0 million during 2025 which was recorded in Cost of Revenues.

VERISIGN, INC.

1 unchanged sentence

DECEMBER 31, 2025, 2024 AND 2023

registration term.

The amount of prepaid registry fees as of December 31, 2024 reflects amortization of $ 39.5 million during 2024 which was recorded in Cost of Revenues.

Accounts Payable and Accrued Liabilities

3 unchanged sentences

Accounts payable and accrued expenses $ 13.8 $ 10.6

Customer deposits 92.6 64.6

Accrued employee compensation 77.2 66.9

Taxes payable 64.0 65.8

Customer deposits 64.6 77.2

Interest payable 15.1 19.5

2 unchanged sentences

Current operating lease liabilities 5.8 5.2

Foreign currency forward contracts 1.1 10.7

Other accrued liabilities 2.9 3.7

Total accounts payable and accrued liabilities $ 298.0 $ 257.8

Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation.

Customer deposits varies from period to period due to the timing of payments from certain large customers.

Taxes payable reflects amounts accrued for the income tax provision and payments made during the year.

This balance fluctuates from period to period due to the timing of income tax payments in the Company’s major tax jurisdictions.

The liability related to the unrealized loss on foreign currency forward contracts as of December 31, 2023 was remeasured and paid upon settlement of the forward contract in 2024.

Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation.

Long-term Tax and Other Liabilities

5 unchanged sentences

Long-term tax and other liabilities $ 9.4 $ 10.1

Long-term tax liabilities as of December 31, 2024 reflects a $ 24.3 million reclassification to current liabilities of the final installment of the transition tax liability on accumulated foreign earnings resulting from the 2017 Tax Cuts and Jobs Act.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2024, 2023 AND 2022

The following table summarizes information related to our senior notes:

2 unchanged sentences

(in millions except interest rates)

Senior notes due 2025 March 27, 2015 April 1, 2025 5.25 % $ 500.0 $ 500.0

Senior notes due 2027 July 5, 2017 July 15, 2027 4.75 % 550.0 550.0

Senior notes due 2031 June 8, 2021 June 15, 2031 2.70 % 750.0 750.0

Senior notes due 2025

March 27, 2015 April 1, 2025 5.25 % $ — $ 500.0

Senior notes due 2027

July 5, 2017 July 15, 2027 4.75 % 550.0 550.0

Senior notes due 2031

June 8, 2021 June 15, 2031 2.70 % 750.0 750.0

Senior notes due 2032 March 11, 2025 June 1, 2032 5.25 % 500.0 —

unamortized issuance costs ( 11.8 ) ( 7.7 )

4 unchanged sentences

$ 1,788.2 $ 1,492.5

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2025, 2024 AND 2023

On March 11, 2025 , the Company issued $ 500.0 million of 5.25 % senior unsecured notes due June 1, 2032 (“2032 Notes”).

The 2032 Notes were issued at 99.581 % of par value.

The 2025 and 2027 notes were issued at par and all outstanding senior notes are senior unsecured obligations of the Company.

Interest is payable on each of the senior notes semi-annually.

Interest payments on the 2032 Notes commenced June 1, 2025 and are due semi-annually.

The total discount and issuance costs of $ 6.7 million are presented on the balance sheet as a reduction of the debt obligation and are being amortized to Interest expense over the 7-year term of the notes.

On March 31, 2025, the Company used the net proceeds from the 2032 Notes and cash on hand to fund the repayment of all of its $ 500.0 million aggregate principal amount of outstanding 5.25 % senior unsecured notes (“2025 Notes”), prior to their maturity on April 1, 2025.

The $ 750.0 million of 2.70 % senior unsecured notes due June 15, 2031 were issued at 99.712 % of par value.

The $ 550.0 million of 4.75 % senior unsecured notes due July 15, 2027 were issued at par.

All outstanding senior notes are senior unsecured obligations of the Company.

Each of the senior notes issuances is redeemable, in whole or in part, at the Company’s option at times and redemption prices specified in the indentures.

Current and long-term senior notes as of December 31, 2024 reflect the classification of $ 299.8 million of the Company’s $ 500.0 million senior notes due April 1, 2025 (“2025 Senior Notes”), net of unamortized debt issuance costs, as current liabilities, and the remaining $ 200.0 million as long-term liabilities.

Under existing market conditions, the Company intends to refinance all of its 2025 Senior Notes through the issuance of new long-term debt.

As of December 31, 2024, the Company has $ 200.0 million in borrowing capacity under its credit facility discussed below.

If a suitable refinancing arrangement is not available due to a change in market conditions, the Company intends to utilize the credit facility to repay $ 200.0 million of the 2025 Senior Notes.

Interest is payable on each of the senior notes semi-annually.

Cash paid for interest was $ 78.7 million in 2025 and $ 72.8 million each in 2024 and 2023.

2023 Credit Facility

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Treasury stock includes shares repurchased under stock repurchase programs and shares withheld in lieu of the tax withholding due upon vesting of RSUs.

Effective July 25, 2024, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of approximately $ 1.11 billion, in addition to the $ 388.0 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $ 1.50 billion under the program.

Effective July 24, 2025, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of approximately $ 913.1 million, in addition to the $ 586.9 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $ 1.50 billion under the program.

The program has no expiration date.

1 unchanged sentence

As of December 31, 2025, there was approximately $ 1.08 billion remaining available for repurchases under the program.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2024, 2023 AND 2022

The summary of the Company’s common stock repurchases are as follows:

8 unchanged sentences

The share repurchase and authorization amounts disclosed within this Form 10-K exclude the excise tax on share repurchases.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2025, 2024 AND 2023

The Company initiated a quarterly cash dividend in April 2025.

A summary of the Company’s dividend activities for the periods presented is as follows:

Dividend Per Share

(In millions, except per share amounts)

May 19, 2025 May 28, 2025 $ 0.77 $ 72.1

August 19, 2025 August 27, 2025 0.77 72.0

November 18, 2025 November 25, 2025 0.77 71.1

$ 2.31 $ 215.2

The dividends were accounted for as a reduction of Additional paid-in capital.

On February 3, 2026, our Board of Directors declared a cash dividend of $ 0.81 per share of the Company’s outstanding common stock to stockholders of record as of the close of business on February 19, 2026, payable on February 27, 2026.

The Company intends to continue to pay a cash dividend on a quarterly basis, subject to market conditions and approval by the Company’s Board of Directors.

Accumulated Other Comprehensive Loss

39 unchanged sentences

Net income $ 825.7 $ 785.7 $ 817.6

Other segment items that are a part of our segment net income include professional services expenses, telecommunication expenses, legal expenses, occupancy expenses, marketing expenses, and travel expenses.

Other segment items that are a part of the Company’s segment net income include professional services expenses, legal expenses, telecommunication expenses, marketing expenses, occupancy expenses, and travel expenses.

The Company generates revenues in the U.S.;

16 unchanged sentences

Major Customers

Our largest customer accounted for approximately 32 % of revenues in 2024, 2023, and 2022.

The Company’s largest customer accounted for approximately 31 % of revenues in 2025, and approximately 32 % of revenues in 2024 and 2023.

The Company does not believe that the loss of this customer would have a material adverse effect on the Company’s business because, in that event, end-users of this customer would transfer to the Company’s other existing customers.

3 unchanged sentences

Deferred Revenues

As payment for domain name registrations and renewals are due in advance of our performance, we record these amounts as deferred revenues.

The increase in the deferred revenues balance in 2024 is primarily driven by amounts billed in 2024 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $ 894.2 million of revenues recognized that were included in the deferred revenues balance at December 31, 2023.

The balance of deferred revenues as of December 31, 2024 represents our aggregate remaining performance obligations.

As payment for domain name registrations and renewals are due in advance of the Company’s performance, the Company records these amounts as deferred revenues.

The increase in the deferred revenues balance in 2025 was primarily driven by amounts billed in 2025 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $ 934.7 million of revenues recognized that were included in the deferred revenues balance at December 31, 2024.

The balance of deferred revenues as of December 31, 2025 represents the Company’s aggregate remaining performance obligations.

Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction.

75 unchanged sentences

Total non-operating income, net $ 24.5 $ 39.0 $ 51.2

Interest income is earned principally from the Company’s surplus cash balances and marketable securities.

Interest income is earned primarily from the Company’s surplus cash balances and marketable securities.

The decrease in interest income in 2025 primarily reflects the lower amounts invested in debt securities in 2025 and slightly lower interest rates on the Company’s investments in debt securities compared to 2024.

Other non-operating income, net, reflects net gains and losses from the Company’s foreign currency exposure and related hedges.

Other, net, reflects net gains and losses from the Company’s foreign currency exposure and related hedges.

Income before income taxes is categorized geographically as follows:

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DECEMBER 31, 2025, 2024 AND 2023

The Company's state current expense was lower in 2024 and 2023 due to a beneficial change in certain state income apportionment rules, which became effective starting in 2023.

The new apportionment rules required the Company to write down certain of its deferred tax assets resulting in a net state deferred expense in 2023.

The Company’s increased foreign current expense in 2024 was primarily driven by the Organization for Economic Cooperation and Development (“OECD”) Pillar 2 minimum tax adopted by Switzerland, partially offset by related foreign tax credits in the U.S.

The difference between income tax expense and the amount resulting from applying the federal statutory rate of 21 % to Income before income taxes is attributable to the following:

The One Big Beautiful Bill Act (“the Act”), signed into law on July 4, 2025, restored the immediate deduction of research and development expenditures for U.S.

federal income tax purposes.

This change resulted in a decrease to the Company’s current federal expense, and an increase to deferred federal expense in 2025.

The increased foreign current expense in 2024 was primarily driven by the Organization for Economic Cooperation and Development (“OECD”) Pillar 2 minimum tax adopted by Switzerland, partially offset by related foreign tax credits in the U.S.

The difference between income tax expense and effective tax rate and the amounts resulting from applying the federal statutory rate of 21 % to Income before income taxes in 2025 is attributable to the following:

Year Ended December 31, 2025

2024 2023 2022

(In millions)

Balance Percent

(Balance in millions)

federal statutory tax rate $ 224.4 21.0 %

Domestic federal:

Effect of cross-border tax laws

Global intangible low-taxed income 5.8 0.5 %

Other 0.1 — %

Other adjustments 1.7 0.2 %

Domestic state and local income taxes, net of federal income tax effect 25.7 2.4 %

Foreign tax effects:

Effect of rates different than statutory ( 49.0 ) ( 4.6 ) %

Canton of Fribourg, Switzerland 15.9 1.5 %

Minimum taxes 13.5 1.3 %

Other 4.8 0.4 %

Other foreign jurisdictions ( 0.1 ) — %

Total $ 242.8 22.7 %

The majority of domestic state and local income taxes, net of federal income tax effect, in the table above relates to state taxes in Virginia and New York.

The difference between income tax expense and the amount resulting from applying the federal statutory rate of 21 % to Income before income taxes in 2024 and 2023 is attributable to the following:

Year Ended December 31,

Income tax expense at federal statutory rate $ 214.6 $ 205.1

11 unchanged sentences

This intellectual property had no book value, resulting in the recognition of a $ 118.0 million deferred tax asset and a corresponding income tax benefit in 2023.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2025, 2024 AND 2023

Due to the change in the tax systems mentioned above, the Company determined that it is more likely than not that a portion of the deferred tax asset related to certain non-U.S.

7 unchanged sentences

Research and development costs — 32.5

Tax credit carryforwards 6.1 4.6

Net operating loss carryforwards 1.7 2.2

Other 11.2 11.7

5 unchanged sentences

Total net deferred tax assets $ 233.2 $ 281.3

The decrease in the deferred tax assets related to research and development costs in 2025 was due to the passage of the Act which changed the timing of deductibility of these expenses as discussed above.

With the exception of a portion of deferred tax assets related to intellectual property and certain state and foreign net operating loss and foreign tax credit carryforwards, management believes it is more likely than not that the tax effects of the deferred tax liabilities together with future taxable income, will be sufficient to fully recover the remaining deferred tax assets.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2024, 2023 AND 2022

As of December 31, 2025, the Company’s deferred tax assets included $ 23.1 million of state net operating loss carryforwards, before applying tax rates for the respective jurisdictions.

2 unchanged sentences

The foreign tax credits will expire between 2028 and 2035 .

The following table presents income taxes paid to United States, state, and foreign jurisdictions, net of refunds received in 2025:

Year Ended December 31,

(in millions)

United States

Federal $ 140.8

Virginia 12.5

Switzerland - federal 17.9

Total $ 202.4

The Company paid $ 230.5 million and $ 239.7 million for income taxes, net of refunds received, in 2024 and 2023, respectively.

VERISIGN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

DECEMBER 31, 2025, 2024 AND 2023

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:

8 unchanged sentences

As of December 31, 2025, approximately $ 3.9 million of unrecognized tax benefits, including penalties and interest, could affect the Company’s tax provision and effective tax rate.

The Company does not expect the balance of unrecognized tax benefits to change materially during the next twelve months.

In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of tax expense.

8 unchanged sentences

Commitments and Contingencies

The following table represents the minimum payments required by Verisign under certain purchase obligations, certain U.S.

income tax obligations, leases, and the interest payments and principal on the Senior Notes:

Purchase Obligations Transition Tax Senior Notes Total

The following table represents the minimum payments required by Verisign under certain purchase obligations, leases, and the interest payments and principal on the Senior Notes:

Purchase Obligations Senior Notes Total

(In millions)

6 unchanged sentences

Total $ 93.9 $ 2,134.3 $ 2,228.2

The amounts in the table above exclude $ 4.3 million of unrecognized tax benefits, as the Company is unable to reasonably estimate the ultimate amount or time of settlement of those liabilities.

Verisign enters into certain purchase obligations with various vendors.

The Company’s significant purchase obligations include firm commitments with telecommunication carriers, other service providers and the fixed portion of registry fees related

The Company’s significant purchase obligations include firm commitments with telecommunication carriers, other service providers and the fixed portion of registry fees related to the operation of certain top-level domains.

Registry fees for top-level domains that we operate where the amounts are variable or passed-through to registrars have been excluded from the table above.

The Company has an agreement with Internet Corporation for Assigned Names and Numbers (“ICANN”) to be the sole registry operator for domain names in the .com registry through November 30, 2030 .

For 2023 and 2024, the Company paid ICANN a fee of $ 0.25 for each annual term of a domain name registered or renewed.

For 2025, these fees increased to $ 0.2575 for each annual term of a domain name registered or renewed.

We also incur registry fees for certain other registries.

The Company incurred total registry fees for .com and other registries of $ 47.8 million in 2025, $ 45.3 million in 2024, and $ 44.1 million in 2023.

VERISIGN, INC.

1 unchanged sentence

DECEMBER 31, 2025, 2024 AND 2023

to the operation of certain top-level domains.

Registry fees for top-level domains that we operate where the amounts are variable or passed-through to registrars have been excluded from the table above.

The Company has an agreement with Internet Corporation for Assigned Names and Numbers (“ICANN”) to be the sole registry operator for domain names in the .com registry through November 30, 2030 .

For each period presented, the Company paid ICANN a fee of $ 0.25 for each annual term of a domain name registered or renewed.

The Company incurred registry fees for the .

com registry of $ 38.0 million in 2024, $ 38.1 million in 2023, and $ 39.9 million in 2022.

Effective January 1, 2025, these fees increased to $0.2575 for each annual term of a domain name registered or renewed.

In connection with the .

com Registry Agreement with ICANN, the Company is required to make annual payments of $ 4.0 million to ICANN through 2025 to support efforts to maintain the security and stability of the DNS.

The payment for 2025 is included in Purchase obligations in the table above.

Verisign leases a small portion of its office space and a portion of its data center facilities under operating leases, the longest of which extends into 2029.

1 unchanged sentence

Operating lease obligations for 2026 through 2029 are included in Purchase obligations in the table above.

The Transition Tax amount in the table above is the final installment of U.S.

income taxes payable on our accumulated foreign earnings pursuant to the 2017 Tax Cuts and Jobs Act.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

1 unchanged sentence

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 8. Financial Statements and Supplementary Data