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New words:
admission, advisory, affiliate, ago, agreed, Alger, antidilutive, Antitrust, arise, arising, asserted, assure, attention, attractive, Austrian, avoid, beneficial, billion, Bravo, Cartel, cease, certainty, churn, clearance, competent, consent, consented, consummate, consummated, consummating, consummation, contemplated, context, County, declaratory, decline, delay, deliver, depart, desire, divert, diverted, Dynamic, equivalent, exacerbated, failure, fall, fourth, governance, head, hearing, innovative, insufficient, lessor, liable, LLC, Macomb, mailer, manner, merge, Merger, notice, occurrence, Parent, pendency, political, prevent, principle, prohibited, proper, proposed, pursuing, reached, recent, regulatory, resolve, resource, retaining, satisfaction, settle, settlement, side, Stream, sublease, surviving, Thoma, unable, unvested, waiting, Weatherbie, workforce, wrongdoing, XIV
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accompanied, adjust, annualized, assume, discussed, expectation, grown, headcount, monitor, newly, positively, profit, reflecting, revoked, stage, substantial, worse
Financial report summary
?Risks
- ITEM 1A. RISK FACTORS.
- The ongoing COVID-19 pandemic may adversely affect our business, results of operations, financial condition, liquidity, and cash flow.
- We may not be able to sustain our recent revenue growth rate in the future, and, if the impact of the COVID-19 pandemic subsides and consumers revert to pre-pandemic shopping habits, our business could contract rapidly.
- The ongoing COVID-19 pandemic may adversely affect the businesses of our business partners, including carriers and integration partners, and customers, which, in turn could have an adverse effect on our results of operations, financial condition, liquidity, and cash flow.
- The ongoing COVID-19 pandemic may exacerbate many of the other risks facing our company, which could in turn have a material adverse effect on us.
- Risks Related to Our Industry
- If we are unable to protect our information technology systems against service interruptions, misappropriation of data or breaches of security, our operations could be disrupted, our reputation may be harmed and we could be subject to legal and/or regulatory proceedings and liability.
- We are exposed to risks associated with the collection of credit card information and other customer data and the secure transmission of confidential information over public networks, and our potential liability as well as the costs we may incur to mitigate such risks could adversely affect our financial condition and results of operations.
- We are subject to a multitude of privacy and cyber security laws, including the EU's GDPR, California's CCPA and those of other jurisdictions, which may affect our operations and expose us to potential liability.
- Regulations and/or USPS policy or practices may cause disruptions to, or the discontinuance of our business.
- Postal reform may negatively affect, or cause disruptions to, our services and business, and could adversely affect our ability to compete and our results of operations.
- Our operating results could be impaired if we, or the Internet generally, become subject to additional government regulation.
- Our business is subject to extensive, complex, overlapping and frequently changing rules, regulations and legal interpretations, and our results of operations, financial condition and reputation may be adversely affected by the demands of compliance and/or by our liability for any failure to comply.
- Our operating results could be adversely affected by consolidation and/or vertical integration by our competitors, carriers, partners and potential customers.
- Risks Related to Our Business
- Carriers whose services we offer to our customers, could fail to compete successfully with existing or future competitors, resulting in reduced demand for our products and services.
- If we do not respond effectively to technological and market changes, our services and products could become obsolete and our business will suffer.
- The discontinuation of certain financial compensation arrangements with the USPS will have an adverse effect on our revenues and operating results, unless we are successful in replacing the lost revenue and profit with similar compensation from the USPS or other potential partners, of which there is no assurance.
- Carriers could modify, discontinue or terminate agreements and other financial compensation arrangements, which could have an adverse effect on our revenue and operating results.
- Carriers or our integration partners could cause discounts our customers receive to be diminished or terminated, which would have an adverse effect on our results of operations, reputation and competitiveness.
- Strategic business and integration partners, including e-commerce technology platforms and carriers, could modify or terminate commercial agreements, strategic alliances, compensation arrangements and other relationships, including with third parties, which could materially adversely affect our results of operations and prospects.
- We depend on third party suppliers and outsource providers, and our business and results could be adversely affected if we fail to manage these vendors effectively.
- If we fail to effectively market and sell our services and products, our business will be substantially harmed and could fail.
- We may not successfully implement strategies to increase the adoption of our services and products, which would limit our growth, adversely affect our business and cause the price of our common stock to decline.
- If we fail to meet and anticipate the demands of our current and prospective customers or to further develop and upgrade our services and products, our business will be substantially harmed and could fail.
- We may implement pricing plans and promotions that may adversely affect our future revenues and margins.
- Our business could suffer if we are unsuccessful in making, integrating, and maintaining commercial agreements, strategic alliances, and other business relationships or in expanding into new products, services, technologies and geographic regions.
- Our business could suffer if we are unsuccessful in making, integrating, and maintaining acquisitions and investments.
- Our expansion places a significant strain on our management, operational, financial, and other resources.
- Our European operations, including those of our Metapack business, could be adversely impacted by Brexit.
- Geopolitical uncertainty, and changes to international trade agreements, tariffs, import and excise duties, taxes or other governmental rules and regulations could reduce cross-border trade or otherwise adversely affect our business and results of operations.
- To the extent our e-commerce business expands globally, we may be subject to increased customs and regulatory risks from cross-border transactions, and fluctuations in foreign currency exchange rates.
- We have foreign exchange risk.
- If we do not successfully attract and retain skilled personnel for permanent management and other key personnel positions, we may not be able to effectively implement our business plan.
- Third party assertions of violations of their intellectual property rights could adversely affect our business and operating results.
- A failure to protect our own intellectual property could harm our competitive position and adversely affect our results of operations and prospects.
- Pending or future litigation could have a material adverse effect on our financial position and results of operations.
- Increases in payment processing fees would increase our operating expenses and adversely affect our results of operations.
- A decline in our ability to effectively bill our customers by credit card and debit card would adversely affect our results of operations.
- Credit card fraud and our response to it could adversely affect our business.
- Default on the credit we may provide for printing postage to one or more of our larger customers could adversely impact our results of operations.
- Our Amended and Restated Credit Agreement imposes certain limitations on our ability to make dividend payments and to engage in further borrowing, which could hamper our control over liquidity.
- We are exposed to various risks associated with the credit and capital markets, which could negatively affect our financial condition, cash flow, and reported earnings.
- We do not collect sales or consumption taxes in some jurisdictions, and if such jurisdictions successfully challenged this practice, we could be subject to liabilities that could have a material adverse effect on our financial condition and results of operations.
- We could be subject to changes in our tax rates, the adoption of new US or international tax legislation or exposure to additional state or international tax liabilities which may adversely impact our financial results.
- Risks Related to Our Common Stock
- Several provisions of the Delaware General Corporation Law, our certificate of incorporation and our bylaws could discourage, delay or prevent a merger or acquisition, which could inhibit your ability to receive an acquisition premium for your shares and adversely affect the market price of our common stock.
- Our stock price has been volatile, which makes it more difficult for investors to predict at what price they may be able to sell their shares, and may make us a target for securities class action litigation.
- The USPS may object to a change of control of our common stock, which could inhibit your ability to receive an acquisition premium for your shares and adversely affect the market price of our common stock.
- Risks Related to General Economic and Market Conditions
- We could be subject to economic, political, regulatory and other risks arising from our international operations.
- Global and regional economic conditions could sour rapidly and unexpectedly, which would adversely affect our business.
- Our business may be impacted by political events, war, terrorism, public health issues, natural disasters and other business interruptions that could materially adversely affect our results of operations and financial condition.
Management Discussion
- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- This Quarterly Report on Form 10-Q (this "Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "projects," "seeks," "intends," "plans," "could," "would," "may" or other similar expressions in this Report. Our forward-looking statements relate to future events or our future performance and include, but are not limited to, any statements that refer to future responses to and effects of COVID-19, statements concerning our business strategy, future commercial revenues, market growth, capital requirements, new product introductions, expansion plans and the adequacy of our funding. Other statements contained in this Report that are not historical facts are also forward-looking statements.
- We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented in this Report, or that we may make orally or in writing from time to time, are based on beliefs and assumptions made by us and information available to us at the time made. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends.