Risk Factors Update Summary
- Revenue from the three largest contracts increased significantly from $1.1 billion in 2022 to $1.5 billion and $1.7 billion in 2023.
- Increased indebtedness post-Merger requires more cash for interest payments, impacting working capital and acquisitions.
- The number of unionized employees increased from 400 to 4700, representing approximately 30% of the workforce.
- $1,154.2 million debt outstanding under secured credit facility as of December 31, 2023.
- The percentage of revenue from U.S. government contracts decreased from 46% to 41% in 2023.
- Goodwill represents 53.7% of total assets, any impairment could materially affect operations.
- Debt outstanding increased from approximately $1.336 billion in 2022 to $1.154 billion in 2023.
- The number of collective bargaining agreements with labor unions increased from 46 to 54.
- The revenue generated from U.S. Army contracts decreased from 46% to 41% in 2023.
- The number of employees unionized increased from 400 to 4700, representing approximately 30% of the employee base.
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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