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Item 7.01.
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Regulation FD Disclosure
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As noted in the Earnings Release, commencing in the first quarter of 2021 the Company plans to make certain changes to its financial reporting methodologies.
The Company will be making changes to its segment and customer-facing sales channel reporting in 2021 to reflect organizational changes made by the Company to better support its customers. Beginning in the first quarter of 2021, the Company will prospectively report two segments: Business and Mass Markets. The Business segment will include four sales channels: International & Global Accounts, Large Enterprise, Mid-Market Enterprise, and Wholesale. The Mass Markets segment will include both Consumer and our Small Business Group ("SBG") sales channels.
Additionally, beginning in the first quarter of 2021, the Company plans to prospectively change its product category reporting to better reflect product life cycles and the Company's go to market approach. These changes include both the creation of new product categories and the realignment of products and services within previously reported product categories.
To enable investors to more readily compare the information to be presented under the new financial reporting methodologies with prior periods, the Company has furnished herewith as Exhibit 99.2 unaudited supplemental financial information that recasts its historical operating revenue to reflect the above-described changes to segment reporting for each of the four quarters comprising the years ended December 31, 2020 and December 31, 2019.
Forward-Looking Statements
Except for historical and factual information, the matters set forth in Exhibit 99.1 are forward-looking statements as defined by the federal securities laws, and are subject to the “safe harbor” protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, and are subject to various uncertainties. Actual events and results may differ materially from those anticipated by us in those statements. Factors that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements are described in Exhibit 99.1. We may change our intentions or plans discussed in our forward-looking statements without notice at any time and for any reason.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)The following exhibits are furnished with this Current Report on Form 8-K:
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Exhibit No.
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Description
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Exhibit 99.1
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Exhibit 99.2
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Exhibit 104
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Cover page formatted as Inline XBRL and contained in Exhibit 101.
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