Risk Factors Update Summary
- Added "violations processing" to services, impacting revenue diversification. Revenues from this segment decreased from 45% to 43.9%.
- Customer concentration reduced from 19% to 16% due to decreased concentration from NYCDOT.
- Increased indebtedness from $886 million to $704.6 million, affecting financial flexibility and interest rate exposure.
- Share repurchase program initiated, with $8.1 million spent on repurchasing 449,432 shares.
- Material weakness identified in internal controls related to IT general controls, impacting financial reporting.
- Litigation risks expanded to include antitrust claims, deceptive trade practices, and employment law claims.
- Regulatory landscape evolving with increased disclosures on cybersecurity risk management and executive compensation clawback policies.
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=1682745&owner=exclude
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