Risk Factors Update Summary
- Implemented Services segment optimization in 2023, closing 149 wellness centers, incurring $13.6 million in restructuring charges.
- Heightened cybersecurity risks, including cyber-attacks, ransomware, and data breaches, impacting operations and sensitive data.
- Considered and anticipate future opportunities for acquisitions or investments, potentially increasing legal and accounting expenses.
- Increased focus on data privacy and security obligations, with evolving laws and regulations posing compliance challenges.
- Largest retail customers shifted in 2023, with Chewy.com and Amazon accounting for 28% and 15% of net sales.
- Competition in the pet health and wellness industry intensifies, particularly in the Products segment.
- Growth strategy includes opening new wellness centers and clinics, aiming for approximately 1,000 wellness centers.
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.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1668673&owner=exclude
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