What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-26 compared with 2024-02-26 · 78 added, 92 removed, 172 unchanged (50% of the section changed)

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Werner, who started the business with one truck at the age of 19.

He served as our Chairman until his term ended at the 2021 Annual Meeting of Stockholders, and was then named Chairman Emeritus by the Board of Directors (the “Board”) in recognition of his longstanding leadership.

We were incorporated in the State of Nebraska in September 1982 and completed our initial public offering in June 1986 with a fleet of 632 trucks as of February 1986.

At the end of 2024, our Truckload Transportation Services (“TTS”) segment had a fleet of 7,450 trucks, of which 7,155 were company-operated and 295 were owned and operated by independent contractors.

Our Werner Logistics division operated an additional 35 drayage company trucks and 115 company delivery trucks at the end of 2023.

We have historically grown through organic growth, and more recently through a combination of organic growth and four business acquisitions (discussed below).

Our Werner Logistics division operated an additional 18 drayage company trucks and 134 Final Mile delivery trucks at the end of 2024.

We have historically grown organically, and more recently through a combination of organic growth and business acquisitions (discussed below).

Our business acquisitions expanded our fleet size, customer base, geographic market presence, and network of operational facilities.

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and (iii) Werner Final Mile (“Final Mile”) offers residential and commercial deliveries of large or heavy items using third-party agents, independent contractors, and Company employees with two-person delivery teams operating a liftgate straight truck.

In first quarter 2021, we completed the sale of the Werner Global Logistics (“WGL”) freight forwarding services for international ocean and air shipments to Scan Global Logistics Group.

WGL generated revenues of $53 million in 2020.

Prior to the sale of WGL, Werner Logistics provided international services throughout North America and Asia, with additional coverage throughout Australia, Europe, South America, and Africa.

Business Acquisitions

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and RTS-TMS, Inc., doing business as ReedTMS Logistics (“ReedTMS”).

ReedTMS, based in Tampa, Florida, is an asset-light logistics provider and dedicated truckload carrier that offers a comprehensive suite of freight brokerage and truckload solutions to a diverse customer base.

Prior to the acquisition, ReedTMS achieved revenues of $372.0 million for the 12-month period ended September 30, 2022, 90% freight brokerage and 10% trucking.

Freight brokerage and truckload revenues generated by ReedTMS are reported in our Werner Logistics segment and in Dedicated within our TTS segment, respectively.

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Baylor, based in Milan, Indiana, operates in the east central and south central United States.

Prior to the acquisition, Baylor achieved revenues of $81.5 million for the 12-month period ended August 31, 2022.

Revenues generated by Baylor are reported in One-Way Truckload within our TTS segment.

Additional information regarding the 2022 business acquisitions is included in Note 2 in the Notes to Consolidated Financial Statements under Item 8 of Part II of this Form 10-K.

2021 Acquisitions

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NEHDS delivers primarily big and bulky products (primarily furniture and appliances) using 2-person delivery teams performing residential and commercial deliveries.

Prior to the acquisition, NEHDS achieved revenues of $71 million for the 12-month period ended September 30, 2021.

Revenues generated by NEHDS are reported in Final Mile within our Werner Logistics segment.

On July 1, 2021, we acquired an 80% equity ownership interest in ECM Associated, LLC ("ECM”).

ECM provides regional truckload carrier services in the Mid-Atlantic, Ohio and Northeast regions of the United States.

Prior to the acquisition, ECM achieved revenues of $108 million in 2020.

Revenues generated by ECM are reported in One-Way Truckload within our TTS segment.

Additional information regarding these acquisitions is included in Note 2 in the Notes to Consolidated Financial Statements under Item 8 of Part II of this Form 10-K.

Marketing and Operations

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Many of our One-Way Truckload customer contracts may be terminated upon 30 days’ notice, which is common in the truckload industry.

We have longer-term Dedicated customer contracts, most of which are two to five years in length (including some contracts with annual evergreen clauses) and generally may be terminated by either party typically upon a notice period following the

expiration of the contract’s first year.

We typically renegotiate rates with our customers for these Dedicated contracts on an annual basis.

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Using the real-time global positioning data obtained from the devices, we have advanced application systems to improve customer and driver service.

Examples of such application systems include:

(i) an electronic logging system which records and monitors drivers’ hours of service and integrates with our information systems to pre-plan driver shipment assignments based on real-time available driving hours;

(ii) software that pre-plans shipments drivers can trade enroute to meet driver home-time needs without compromising on-time delivery schedules;

and (iii) automated “possible late load” tracking that informs the operations department of trucks possibly operating behind schedule, allowing us to take preventive measures to avoid late deliveries.

In 1998, we began a successful pilot program and subsequently became the first trucking company in the United States to receive an exemption from DOT to use a global positioning-based paperless log system as an alternative to the paper logbooks traditionally used by truck drivers to track their daily work activities.

We have used electronic logging devices (“ELDs”) to monitor and enforce drivers’ hours of service since 1996.

We were the first trucking company in the United States to receive an exemption from DOT to use a global positioning-based paperless log system as an alternative to the paper logbooks traditionally used by truck drivers to track their daily work activities.

Since January 2021, we have used an untethered, tablet-based telematics solution that provides an enhanced and more efficient driver experience.

Safety is a high priority for us, which is demonstrated through our continued safety investments and initiatives, such as investing in equipment with the latest collision mitigation systems;

leveraging new side-view camera technology;

implementing in-cab and desktop technologies aimed at improving weather alerts;

rerouting, and other situational awareness for our professional drivers and transportation management teams.

Improved weather reporting aids in redirecting our professional drivers to safer routes, which may decrease claims and costs associated with claims.

In the trucking industry, revenues generally follow a seasonal pattern.

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Most of our associates are based in the U.S., with about 1% based in Mexico and Canada.

or Canadian associates are not represented by a collective bargaining unit with the exception of fewer than 30 employees at two locations of a U.S.

We generally consider relations with our associates to be good.

None of our U.S.

or Canadian associates are represented by a collective bargaining unit, and we generally consider relations with our associates to be good.

Health & Safety:

Werner maintains a safety culture that is based on the premise of eliminating workplace incidents, risks and hazards.

In 2023, our trucking business achieved its lowest work injury rate on record, and we achieved our lowest DOT preventable accident rate per million miles in 19 years.

The Werner Safety Department is responsible for all compliance and training issues as it relates to drivers under DOT regulation and Werner policy.

Responsibilities of the department include developing and delivering all driver training on items such as safety issues, driver certification, driver testing, and hazmat.

Werner ® fosters a robust safety culture focused on minimizing workplace incidents, risks, and hazards.

In 2024, Werner continued to achieve reductions in workplace injuries and DOT preventable accidents per million miles.

The Werner Safety Department oversees compliance and training for drivers under DOT regulations and Company policies.

Key responsibilities include creating and delivering world-class training programs on driver certification, driver onboarding and testing, hazardous materials handling, and anti-human trafficking training.

Our strong safety culture is demonstrated by ongoing investments in advanced equipment technologies, which lead to improved safety for our professional drivers.

Nearly all of our company-owned trucks have collision-mitigation safety systems, automated manual transmissions, and forward-facing cameras.

During the COVID-19 pandemic, the transportation industry was designated by the U.S.

government as an essential industry for keeping the U.S.

supply chain moving.

Our drivers and mechanics were on the front lines to ensure the delivery of essential products, and we take this responsibility seriously.

Our primary focus will always be protecting the health and personal safety of our associates, their families and communities, and our customers.

Throughout our offices and terminal network, we follow the safety guidelines set forth by the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO).

Diversity & Inclusion:

At Werner, we support and encourage the diverse voices and perspectives of our associates, our customers and our suppliers.

Diversity contributes to innovation and connects us to the many communities we serve.

We embrace these values as we move toward an increasingly inclusive culture where every associate feels empowered to bring their whole self to Werner.

Through our Inclusion, Diversity, Equity, Accountability & Learning (IDEAL) Council, we are proud to support 11 Associate Resource Groups (“ARGs”).

These groups support our commitment to promoting and maintaining an inclusive culture for all associates by bringing together individuals from a wide range of backgrounds, experiences and

perspectives.

The ARGs seek to foster a sense of shared community and empowerment for associates and allies who share and support a common social identity, such as gender, ethnicity and sexual orientation.

In 2023, Werner, as well as our recently acquired business, ReedTMS, were both recognized among the Top Companies for Women to Work for in Transportation by the Women in Trucking Association.

This was Werner’s sixth consecutive year of being recognized.

Werner was recognized for our support of gender diversity, flexible hours and work requirements, competitive compensation and benefits, and professional development and career advancement opportunities.

In 2023, Newsweek named Werner as one of America’s Greatest Workplaces for Diversity, America’s Greatest Workplaces, and America’s Greatest Workplaces for Parents and Families.

We were recognized by 50/50 Women on Boards TM as a “3+” company for having three or more women on our corporate board of directors in 2022.

At Werner, we embrace inclusion as a core value and support and encourage the different perspectives of our associates, our customers and our suppliers.

Inclusion contributes to innovation, connects us to the many communities we serve, and empowers every associate to bring their whole self to Werner.

We are proud to support 11 Associate Resource Groups (“ARGs”) to promote and maintain an inclusive culture for all associates by bringing together individuals from a wide range of backgrounds, experiences and perspectives to foster a sense of shared community.

In 2024, Werner was recognized among the Top Companies for Women to Work for in Transportation by the Women in Trucking Association.

Werner has earned this recognition in each of the seven years it has been awarded.

Werner was also recognized by Forbes as One of America’s Best Employers for Women 2024.

These recognitions underscore Werner’s ongoing commitment to fostering an inclusive and supportive workplace for women across the organization.

At Werner, our female driver workforce is double the national industry average, and over 60% of our driver associates are ethnically diverse.

Additionally, over half of our non-driver associates and our corporate board of directors are female or ethnically diverse.

Additionally, over half of our Board of Directors (the “Board”) are female or ethnically diverse.

In 2024, Werner was honored to be recognized as No.

3 on the Top 10 Military Friendly® Spouse Employer list and No.

3 on the Top 10 Military Friendly® Company, Brand, and Spouse Employer lists and No.

5 on the Top 10 Military Friendly® Employer list by VIQTORY.

Werner also earned No.

49 on the 2023 Military Times Best for Vets Employer list.

Werner was awarded these designations for its commitment, effort, and success in creating sustainable and meaningful career paths for the military community.

In 2024, Werner was also recognized with the National Award for Outstanding Large Employer of Veterans by the American Legion, and as a 5 Star Employer in the VETS Indexes Employer Awards.

These awards recognize Werner’s commitment to recruiting, hiring, retaining, developing, and supporting veterans and the military-connected community.

We are widely recognized as a transportation leader in military hiring with veterans and veteran spouses.

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and (iii) individual drivers’ desire to be home more frequently.

We believe that a declining number of, and increased competition for, driver training school graduates, aging truck driver demographics and increased truck safety regulations have tightened driver supply.

We believe that a declining

number of, and increased competition for, driver training school graduates, aging truck driver demographics and increased truck safety regulations have tightened driver supply.

At Werner, we continue to take actions to strengthen our driver recruiting and retention to make Werner a preferred choice for the best drivers.

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We continue to improve our terminal network to enhance the driver experience.

Our untethered, tablet-based telematics solution implemented in 2020 provides Werner drivers with a more efficient experience through smart workflow, best-in-class navigation, improved safety features and reduced manual data entry.

Our untethered, tablet-based telematics solution provides Werner drivers with a more efficient experience through smart workflow, best-in-class navigation, improved safety features and reduced manual data entry.

While the trucking industry suffers from high driver turnover rates, we are proud that our efforts in recent years have continued to have positive results on our driver retention.

Talent Development:

We utilize recent driver training school graduates as a significant source of new drivers.

These drivers have completed a training program at a driver training school (including those owned and operated by Werner) and hold a commercial driver’s license (“CDL”).

They continue to gain industry experience through our career track program by partnering with a Werner-certified leader prior to that driver becoming a solo driver with their own truck.

We utilize recent driver training school graduates as a source of new drivers.

These drivers have completed a training program at a driver training school (including those owned and operated by Werner) and hold a commercial driver’s license.

They continue to gain industry experience through our career track program by partnering with a Werner-certified leader.

Upon the successful completion of our career track program, drivers will have the option to become a solo or a team driver with us.

At the end of 2024, we operated a total of 20 driver training locations to assist with the training and development of drivers for our company and the industry.

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Independent contractors supply their own tractors and drivers and are responsible for their operating expenses.

Independent contractors also provide us with another source of drivers to support our fleet.

They provide us with another source of drivers to support our fleet.

We, along with others in the trucking industry, however, continue to experience independent contractor recruitment and retention difficulties that have persisted over the past several years.

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As of December 31, 2024, we operated 7,155 company tractors and 295 tractors owned by independent contractors in our TTS segment.

Our Werner Logistics segment operated an additional 35 drayage company tractors and 115 company delivery trucks at the end of 2023.

The TTS segment company tractors were primarily manufactured by International (a Navistar company), Freightliner (a Daimler company), Kenworth and Peterbilt (both divisions of PACCAR).

The Werner Final Mile company delivery trucks are primarily manufactured by Hino, International, and Freightliner.

We adhere to a comprehensive maintenance

program for both company tractors and trailers.

Our Werner Logistics segment operated an additional 18 drayage company tractors and 134 Final Mile delivery trucks at the end of 2024.

The TTS segment company tractors were primarily manufactured by Freightliner (a Daimler company), International (a Navistar company), and Kenworth and Peterbilt (both divisions of PACCAR).

The Final Mile delivery trucks are primarily manufactured by Hino, International, and Freightliner.

We adhere to a comprehensive maintenance program for both company tractors and trailers.

We inspect independent contractor tractors prior to acceptance for compliance with Werner and DOT operational and safety requirements.

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We also regulate the vehicle speed of company trucks to improve safety and fuel efficiency.

The average age of our TTS segment company truck fleet was 2.1 years at December 31, 2023, compared to 2.3 years at December 31, 2022.

The average age of our TTS segment company truck fleet was 2.1 years at December 31, 2024 and 2023.

The average age of our trailer fleet was 5.3 years at December 31, 2024, compared to 4.9 years at December 31, 2023.

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Our wholly-owned subsidiary, Werner Fleet Sales, sells our used trucks and trailers.

Werner Fleet Sales has been in business since 1992 and operates in seven locations.

Werner Fleet Sales has been in business since 1992 and operates in eight locations.

At times, we may also trade used trucks to original equipment manufacturers when purchasing new trucks.

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Shortages of fuel, increases in fuel prices and rationing of petroleum products can have a material adverse effect on our operations and profitability.

Our customer fuel surcharge reimbursement programs generally enable us to recover from our customers a majority, but not all, of higher fuel prices compared to normalized average fuel prices.

Our customer fuel surcharge reimbursement programs generally enable us to recover from our

customers a majority, but not all, of higher fuel prices compared to normalized average fuel prices.

These fuel surcharges, which automatically adjust depending on the U.S.

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The tanks are routinely inspected to help prevent and detect such problems.

We are committed to supporting global efforts to reduce carbon emissions and we continue to update our fleet of tractors to provide energy-efficient transportation options for our customers, including investing in and testing alternative fuels, advanced equipment technologies, and additional fleet enhancements.

We are committed to supporting global efforts to reduce carbon emissions and we continue to update our fleet of tractors to provide energy-efficient transportation options for our customers, including investing in and testing alternative fuels, utilizing advanced equipment technologies, and making additional fleet enhancements.

We currently maintain a late-model truck fleet to take advantage of the latest technologies to reduce fuel consumption and emissions.

Our future environmental goals include doubling intermodal usage by 2030, thereby further reducing emissions, and by 2035, reducing greenhouse gas emissions by 55% compared to a 2020 baseline.

Our future environmental goals include doubling intermodal usage by 2030, thereby further reducing emissions, and by 2035, reducing carbon emissions by 55% compared to a 2020 baseline.

As a for-hire motor carrier, Werner is subject to federal, state, local, and international laws and regulations and is regulated by various federal, state, and local agencies including DOT, Federal Motor Carrier Safety Administration (“FMCSA”), U.S.

Department of Homeland Security, the U.S.

Department of Homeland Security, and U.S.

Environmental Protection Agency (“EPA”), among others.

DOT and an agency within DOT, the FMCSA, generally govern matters such as safety requirements and compliance, registration to engage in motor carrier operations, drivers’ hours of service (“HOS”), and certain mergers, consolidations, and acquisitions.

DOT and FMCSA, an agency within DOT, generally govern matters such as safety requirements and compliance, including drug and alcohol testing, registration to engage in motor carrier operations, entry-level driver training, drivers’ hours of service, and certain mergers, consolidations, and acquisitions.

Werner maintains a satisfactory safety rating, which is the highest available rating of the three safety ratings given by FMCSA.

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Werner must also comply with federal, state, and international regulations which govern equipment weight and dimensions.

FMCSA’s Compliance, Safety, Accountability (“CSA”) safety initiative monitors the safety performance of motor carriers.

In July 2024, FMCSA held listening sessions on a prior Safety Fitness Determination (“SFD”) Notice of Proposed Rulemaking and discussed potentially moving to a new fitness rating methodology.

Werner continues to monitor any developments on SFDs.

FMCSA’s Compliance, Safety, Accountability (“CSA”) initiative monitors the safety performance of motor carriers.

CSA uses the Safety Measurement System (“SMS”) to analyze data from roadside inspections, crash reports, and investigation results.

The Fixing America’s Surface Transportation (“FAST”) Act of 2015 directed FMCSA to remove from public view certain information regarding a carrier’s compliance and safety performance.

The FAST Act also instructed FMCSA to study

the accuracy of CSA and SMS data and issue a corrective action plan.

The FMCSA provided a report to Congress in 2020 outlining the changes it may make to the CSA program;

The FAST Act also instructed FMCSA to study the accuracy of CSA and SMS data and issue a corrective action plan.

FMCSA provided a report to Congress in 2020 outlining the changes it may make to the CSA program and published subsequent notices and information about potential changes to the SMS.

In November 2024, FMCSA responded to public comments it received on proposed changes.

However, it remains unclear if, when, and to what extent, any such changes will occur.

Werner continues to monitor FMCSA’s actions and CSA related developments.

Interstate motor carriers are subject to the FMCSA HOS regulations, which govern our drivers’ operating hours.

The HOS of Drivers Final Rule which became effective September 29, 2020, includes provisions for short haul, adverse driving conditions, a revision to the 30-minute rest break requirement, and split-sleeper berth which allows drivers to split their 10-hour off duty period in different ways.

In August 2020, FMCSA proposed a pilot program allowing commercial drivers to pause their 14-hour driving window, which Werner continues to monitor.

Continuing in 2023, motor carriers are required to perform annual random drug tests for 50% of existing drivers.

The rate was increased from 25% on January 1, 2020 in response to the 2018 FMCSA Drug and Alcohol Testing Survey, which reported an increase to 1.0% of the random testing positive rate for controlled substances.

Motor carriers are required by FMCSA to perform annual random drug tests for 50% of existing drivers.

This rate was increased from 25% to 50% on January 1, 2020, following the 2018 FMCSA Drug and Alcohol Testing Survey, which reported a positive test rate exceeding 1% for controlled substances industry wide.

The minimum annual percentage rate for random alcohol testing remains at 10% for 2025.

FMCSA issued its final rule for Entry-Level Driver Training (“ELDT”) in December 2016.

However, after delays announced by FMCSA, the effective date was February 7, 2022.

ELDT now requires anyone wanting to obtain a Commercial Driver’s License to successfully complete a specific program of theory and behind-the-wheel instruction provided by a school or other entity on FMCSA’s new Training Provider Registry.

We are in compliance with the ELDT rule.

The Infrastructure Investment and Jobs Act of 2021 required the FMCSA to establish a pilot program to allow persons ages 18, 19, and 20 to operate commercial motor vehicles in interstate commerce.

The FMCSA’s Safe Driver Apprenticeship Pilot Program is currently accepting applications by motor carriers who are willing to participate in the pilot program, and FMCSA plans to limit the participation to 1,000 carriers and 3,000 apprentices.

The Infrastructure Investment and Jobs Act of 2021 required FMCSA to establish a pilot program to allow persons ages 18, 19, and 20 to operate commercial motor vehicles in interstate commerce.

FMCSA’s Safe Driver Apprenticeship Pilot (“SDAP”) Program accepts applications by motor carriers who are willing to participate in the pilot program, and FMCSA plans to limit the participation to 1,000 carriers and 3,000 apprentices.

In May 2024, Werner received FMCSA approval for 100 apprentice spots in the SDAP Program.

In November 2024, FMCSA proposed a rule to change existing broker transparency regulations.

The proposed rule would require brokers to maintain records electronically, eliminate the distinction between brokerage and non-brokerage services, mandate records for each shipment including all charges, payments, and related claims, require brokers to provide records as a regulatory obligation, and mandate brokers provide all requested records within 48 hours.

Werner is evaluating the proposed rule and its potential impact on its broker operations.

EPA and DOT announced in August 2016 Phase 2 of the Greenhouse Gas and Fuel Efficiency Standards for Medium and Heavy-Duty Trucks.

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In December 2022, EPA adopted its first final rule, which sets stronger emissions standards to reduce air pollution, including pollutants that create ozone and particulate matter, from heavy-duty vehicles and engines starting in model year 2027.

In April 2023, EPA announced a proposed rule, Greenhouse Gas Emission Standards for Heavy-Duty Vehicles - Phase 3, which would phase in stronger greenhouse gas emissions standards and zero-emission vehicle requirements for heavy-duty trucks for model years 2028-2032.

Werner continues monitoring any EPA-related developments impacting its fleet.

In March 2024, EPA released a Final Rule governing Greenhouse Gas (“GHG”) Emissions Standards for Heavy-Duty Vehicles - Phase 3, which requires more stringent greenhouse gas standards for heavy-duty vehicles and revises the “Phase 2” greenhouse gas standards established in 2016.

Short haul (day cab) and long haul (sleeper cab) tractor GHG standards under the Final Rule phase in starting with model years 2028 through 2032.

Werner continues to evaluate the Final Rule and any EPA-related developments impacting its fleet.

California’s ongoing emissions reduction goals have significantly impacted the industry.

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Approximately 5% of our truck miles in 2024 were in the state of California.

Securities and Exchange Commission (“SEC”) issued a Final Rule in March 2024 requiring public companies to disclose, among other things, material climate-related risks;

activities to mitigate or adapt to such risks;

information about the registrant's board of directors' oversight of climate-related risks and management’s role in managing material climate-related risks;

and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial conditions.

The SEC has voluntarily stayed the Final Rule pending judicial review, and Werner is monitoring the status of the stay.

In 2023, California enacted two climate disclosure laws requiring Scope 1, 2, and 3 disclosures beginning in 2026.

When implemented, SB 253 will require companies with revenues greater than $1 billion doing business in California to comprehensively report their Scope 1, 2, and 3 emissions and to obtain a third-party auditor assurance of their Scope 1 and 2 reports, and SB 261 will require U.S.

businesses with over $500 million in revenue operating in California to disclose climate-related financial risks and mitigation thereof biannually publicly.

Werner is monitoring ongoing litigation to invalidate SB 253 and SB 261.

Our operations are subject to applicable federal, state, and local environmental laws and regulations, many of which are implemented by the EPA and similar state regulatory agencies.

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Competition for the freight we transport or manage is based primarily on service, efficiency, available capacity and, to some degree, on freight rates alone.

We believe that few other truckload carriers have greater financial resources, own more

equipment or carry a larger volume of freight than us.

We believe that few other truckload carriers have greater financial resources, own more equipment or carry a larger volume of freight than us.

We believe we are one of the largest carriers in the truckload transportation industry based on total operating revenues.

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The website address is www.werner.com.

On the website, we make certain investor information available free of charge, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, stock ownership reports filed under Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

This information is included on our website as soon as reasonably practicable after we electronically file or furnish such materials to the U.S.

Securities and Exchange Commission (“SEC”).

reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

This information is included on our website as soon as reasonably practicable after we electronically file or furnish such materials to the SEC.

We also provide our corporate governance materials, such as Board committee charters and our Code of Corporate Conduct, on our website free of charge, and we may occasionally update these materials when necessary to comply with SEC and Nasdaq rules or to promote the effective and efficient governance of our company.

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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