Risk Factors Update Summary
- Authorized a restructuring plan to reduce global workforce by approximately 13% in April 2023.
- Incurred non-recurring charges of $8.1 million in 2023 due to the restructuring plan.
- Research and development expenses were 33% and 34% of revenue for 2023 and 2022, respectively.
- Average length of sales cycle increased from 36% to 39% for 2023 and 2022.
- Ownership changes may limit utilization of NOLs, with 14,767,268 shares and 11,914,301 RSUs outstanding.
- Compliance with Section 404 for internal control over financial reporting required for future capital markets access.
- Implemented a restructuring plan to streamline the organization and adjust the workforce.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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