Netflix's Annual Reports (10-Ks) used to be a work of art. What happened?
<i>Annual Report:</i><p>A corporation's annual report is usually a colored, professionally presented, and marketable document intended for an audience of shareholders.<p><i>10-K:</i><p>The 10-K report is submitted to the SEC in a generic format, with no pictures or charts. The SEC has very strict guidelines on what information must be included and how it must be organized.<p>Source: <a href="https://www.investopedia.com/ask/answers/102714/what-are-differences-between-10k-report-and-firms-own-annual-report.asp" rel="nofollow">https://www.investopedia.com/ask/answers/102714/what-are-dif...</a><p>Edit: I'm glad to see this is the #1 post on HN (at the time of this writing) even though the author, like many individual and some institutional investors, innocently do not know the difference between a company's PR-like annual report and an SEC-audited 10-K form. Hopefully the upvotes will draw attention to this common misconception which is also discussed by the SEC:<p><a href="https://www.investor.gov/introduction-investing/investing-basics/glossary/annual-report" rel="nofollow">https://www.investor.gov/introduction-investing/investing-ba...</a><p>Disclosure / Shameless Plug:<p>I run <a href="https://Last10K.com" rel="nofollow">https://Last10K.com</a> which is an SEC.gov alternative for investors to find and read 10Ks more efficiently.