Risk Factors Update Summary
- Global demand for oil and natural gas, including reduced demand, previously led to customer losses.
- Concentration risk: 10% of 2023 revenue and 22% of receivables related to largest customer in Mexico.
- Cybersecurity risks: Increasingly susceptible to sophisticated attacks, with potential material impact on systems.
- Long-term debt: Decrease from $2.1 billion in 2022 to $1.168 billion in 2023.
- Surety bonds outstanding increased from $415 million in 2022 to $594 million in 2023.
- Potential tax impact: Uncertain implementation of tax accord could materially increase taxes owed.
- Valuation allowance: Recorded on approximately 90% of deferred tax assets, impacting financial results.
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=1603923&owner=exclude
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