Risk Factors Update Summary
- Identified material weakness in internal control over financial reporting. Recorded a partial valuation allowance of approximately $29.4 million.
- Tax Relief Act of 2024 introduced, impacting stock repurchase program with $125.0 million authorization.
- Debt agreements amended to establish SOFR as benchmark rate effective June 30, 2023.
- Thoma Bravo's ownership decreased from 50% to 46%, affecting control and governance influence.
- Multiple control deficiencies identified, leading to a material weakness in internal control over financial reporting.
- Thoma Bravo now has significant influence instead of controlling influence over operations and strategy.
- Thoma Bravo's ownership decreased from 16% to 6%, impacting control and governance influence.
- Stock repurchase program expanded to $125.0 million with $10.5 million remaining as of December 31, 2023.
- Completed secondary offering used $44.0 million of stock repurchase program for repurchase.
- Evaluation of impacts of new law on stock repurchase programs, not expecting material impact.
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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