RemovedRisk Factors
The 10-K against last year's
86 changes: 10 added, 7 removed, 69 reworded
10-K 0001474432-26-000027 (2026-03-25) vs 10-K 0001628280-25-015044 (2025-03-27)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 226 words changed in this paragraph; it is 32% similar to last year's version.
Source: Item 1A, 10-K 0001474432-26-000027 vs Item 1A, 10-K 0001628280-25-015044
MD&A 203 words changed in this paragraph; it is 33% similar to last year's version.
In August 2020, June 2025, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured unsecured revolving credit facility of $300.0 $500.0 million (Credit Facility). Facility) that expires on June 10, 2030, unless otherwise extended. Proceeds from borrowings under the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or early termination by us, on August 24, replaced our prior $300.0 million revolving credit facility in which the outstanding borrowings of $100.0 million was repaid in full and terminated effective June 10, 2025. In March 2023, we amended the Credit Facility to transition LIBOR to the Secured Overnight Financing Rate (SOFR) effective April 1, 2023. The annual interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% or term SOFR (based on one, three, or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% to 2.25%. Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval, if the interest period is longer than three months). We are also required to pay a commitment fee on the unused portion of the commitments ranging from 0.25% to 0.40% per annum, payable quarterly in arrears.
Source: Item 7, 10-K 0001474432-26-000027 vs Item 7, 10-K 0001628280-25-015044
Accounting Policies 105 words changed in this paragraph; it is 41% similar to last year's version.
In December 2023, September 2025, the FASB issued ASU 2023-09, Income Taxes (Topic 740): 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to Income Tax Disclosures, the Accounting for Internal-Use-Software, which requires greater disaggregation of tax information in rate reconciliation amends the cost capitalization criteria for internal-use software development costs by removing all references to software project development stages and income taxes paid by jurisdiction. providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. The new standard can be applied on either a fully retrospective, modified transition, or prospective basis. ASU 2023-09 2025-06 will be effective for our fiscal year years beginning February 3, 2025, after fiscal 2028 and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statement disclosures. statements.
Source: Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001474432-26-000027 vs Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001628280-25-015044
Legal Proceedings 43 words changed in this paragraph; it is 63% similar to last year's version.
At the end of fiscal 2024 2025 and 2025, 2026, we had outstanding letters of credit in the aggregate amount of $7.7 $7.2 million and $7.2 $13.0 million in connection with our facility leases. The letters of credit are collateralized by either restricted cash or the Credit Facility leases and a certain employee-related benefit, that mature on various dates through September 2030. December 2031. Of the $13.0 million outstanding as of the end of fiscal 2026, $2.0 million is issued under the Credit Facility.
Source: Item 3, via Note 7 – Commitments and Contingencies, 10-K 0001474432-26-000027 vs Item 3, via Note 7 – Commitments and Contingencies, 10-K 0001628280-25-015044
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of P's Risk Factors and MD&A, 10-K 2026-03-25 against 10-K 2025-03-27. Each links to the text at sec.gov.
RemovedRisk Factors
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A