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New words:
Absent, actor, aforementioned, ago, alert, APLD, assumption, bargain, Brandt, BRCC, Brian, BRRII, buyout, carryover, CEO, certified, CFO, Chase, Clawback, Coan, CODM, compliant, Computershare, Conn, consignment, conspiracy, constant, contrary, counsel, Cromwell, cyber, defeat, defraud, designee, DIP, discovered, discovery, disseminated, dramatically, drawn, empirical, episodic, Factor, Fifty, furniture, greatest, headcount, highest, holdback, holiday, implicated, inflationary, ITGC, JPMorgan, judgement, Kahn, Kamholz, Kanaci, KL, knew, macroeconomic, message, Mike, narrow, Nogin, NOL, Noncurrent, nonrefundable, outlining, penalty, penny, Pillar, posture, preferential, pretax, proactive, prompt, promptly, Prophecy, published, punctual, purported, reassessed, reassessment, reconfirmed, rental, residing, RSA, sacrificing, scanning, securityholder, SLR, SOC, solution, Sorrento, speculate, Speculation, spouse, squeeze, stand, steady, Strawn, Sullivan, Tammy, threat, TopCo, Torticity, Twitter, unasserted, underrepresented, unfounded, unfunded, unindicted, unreimbursed, VCM, vendor, Vintage, weekly, wife, Winston, withheld, worse
Removed:
accessed, affiliation, alliance, assertion, assuming, Bluestar, branded, budgeting, buying, CA, categorized, Catherine, chart, compromise, consequential, consistency, COSO, discontinued, dispute, doubtful, ease, empower, English, Eurodollar, failing, GA, Girl, Hurley, intent, Interbank, internationally, Joan, Kensie, Laundry, leaving, Lepore, LIBOR, London, Malandrino, malfeasance, month, Nanette, occupancy, pertinent, practice, prepayment, qualitatively, rack, realigned, realignment, Reform, release, usage, VocalTec, vying
Financial report summary
?Competition
Capital ManagementRisks
- Our revenues and results of operations are volatile and difficult to predict.
- Conditions in the financial markets and general economic conditions have impacted and may continue to impact our ability to generate business and revenues, which may cause significant fluctuations in our stock price.
- Global economic and political uncertainty could adversely affect our revenue and results of operations.
- We focus principally on certain sectors of the economy in our investment banking operations, and deterioration in the business environment in these sectors or a decline in the market for securities of companies within these sectors could harm our business.
- Our businesses may be adversely affected by the disruptions in the credit markets, including reduced access to credit and liquidity and higher costs of obtaining credit.
- Climate change could have a material negative impact on us and our customers and counterparties, and our efforts to address concerns relating to climate change could result in damage to our reputation.
- Our exposure to legal liability is significant, and could lead to substantial damages.
- Events and developments arising out of our investment in Freedom VCM and our prior business relationship with Brian Kahn has had and may continue to have adverse effects on our business, results of operations, reputation, and stock price.
- We may incur losses as a result of ineffective risk management processes and strategies.
- Our risk management policies and procedures may leave us exposed to unidentified or unanticipated risks.
- Our failure to deal appropriately with conflicts of interest could damage our reputation and adversely affect our business.
- Financial services firms have been subject to increased scrutiny over the last several years, increasing the risk of financial liability and reputational harm resulting from adverse regulatory actions.
- If we cannot meet our future capital requirements, we may be unable to develop and enhance our services, take advantage of business opportunities and respond to competitive pressures.
- Our ability to use net loss carryovers to reduce our taxable income may be limited.
- Changes in tax laws or regulations, or to interpretations of existing tax laws or regulations, to which we are subject could adversely affect our financial condition and cash flows.
- We have identified material weaknesses in our internal control over financial reporting, and these material weaknesses, or our failure or inability to remediate them, or our failure to otherwise design and maintain effective internal control over financial reporting, exposes us to additional risks and uncertainties and could result in loss of investor confidence, shareholder litigation or governmental proceedings or investigations, any of which could cause the market value of our securities to decline or impact our ability to access the capital markets.
- We may suffer losses if our reputation is harmed.
- Misconduct by our employees or by the employees of our business partners could harm us and is difficult to detect and prevent.
- We may enter into new lines of business, make strategic investments or acquisitions or enter into joint ventures, each of which may result in additional risks and uncertainties for our business.
- Our corporate finance and strategic advisory engagements are singular in nature and do not generally provide for subsequent engagements.
- Our Capital Markets operations are highly dependent on communications, information and other systems and third parties, and any systems failures could significantly disrupt our capital markets business.
- The growth of electronic trading and the introduction of new technology in the markets in which our market-making business operates may adversely affect this business and may increase competition.
- Pricing and other competitive pressures may impair the revenues of our sales and trading business.
- Larger and more frequent capital commitments in our trading and underwriting businesses increase the potential for significant losses.
- Our underwriting and market making activities may place our capital at risk.
- We are subject to net capital and other regulatory capital requirements; failure to comply with these rules would significantly harm our business.
- We have made and may make investments in relatively high-risk, illiquid assets that often have significantly leveraged capital structures, and we may fail to realize any profits from these activities for a considerable period of time or lose some or all of the principal amount we invest in these activities.
- We are exposed to credit risk from a variety of our activities, including loans, lines of credit, guarantees and backstop commitments, and we may not be able to fully realize the value of the collateral securing certain of our loans.
- We may experience write downs of our investments and other losses related to the valuation of our investments and volatile and illiquid market conditions.
- A substantial portion of our cash flows and net income are dependent upon payments from our investments in consumer finance receivables.
- Changes to consumer protection laws or changes in their interpretation may impede collection efforts or otherwise adversely impact us or the originator of our receivables.
- We may incur losses as a result of “guarantee” based engagements that we enter into in connection with our auction and liquidation solutions business.
- Losses due to any auction or liquidation engagement may cause us to become unable to make payments due to our creditors and may cause us to default on our debt obligations.
- We could incur losses in connection with outright purchase transactions in which we engage as part of our auction and liquidation solutions business.
- We could be forced to mark down the value of certain assets acquired in connection with outright purchase transactions.
- We frequently use borrowings under credit facilities in connection with our guaranty engagements, in which we guarantee a minimum recovery to the client, and outright purchase transactions.
- Defaults under our credit agreements could have an adverse impact on our ability to finance potential engagements.
- We depend on financial institutions as primary clients for our financial consulting business. Consequently, the loss of any financial institutions as clients may have an adverse impact on our business.
- We may face liability or harm to our reputation as a result of a claim that we provided an inaccurate appraisal or valuation and our insurance coverage may not be sufficient to cover the liability.
- Poor investment performance may decrease assets under management and reduce revenues from and the profitability of our asset management business.
- The historical returns of our funds may not be indicative of the future results of our funds.
- We are subject to risks in using custodians.
- We manage debt investments that involve significant risks and potential additional liabilities.
- Dial-up and DSL pay accounts may decline faster than expected and adversely impact our business.
- Our marketing efforts for our communications businesses may not be successful or may become more expensive, either of which could increase our costs and adversely impact our business, financial condition, results of operations, and cash flows.
- Our communications businesses are dependent on the availability of telecommunications services and compatibility with third-party systems and products.
- Government regulations could adversely affect our business or force us to change our business practices.
- Increases in credit card processing fees and high chargeback costs would increase our operating expenses and adversely affect our results of operations, and an adverse change in, or the termination of, our relationship with any major credit card company would have a severe, negative impact on our business.
- Flaws in our technology and systems could cause delays or interruptions of service, damage our reputation, cause us to lose customers and limit our growth.
- We rely on independent retailers to sell the magicJack devices, and disruption to these channels would harm our business.
- The success of our business relies on customers’ continued and unimpeded access to broadband service. Providers of broadband services may be able to block our services or charge their customers more for also using our services, which could adversely affect our revenue and growth.
- If Targus fails to innovate and develop new products in a timely and cost-effective manner for its new and existing product categories, our business and operating results could be adversely affected.
- We rely on third parties to sell and distribute our products, and we rely on their information to manage our business.
- Targus’ business is heavily reliant on the general demand for IT and personal computer-related devices.
- The failure of our licensees to sell products that generate royalties to us, to pay us royalties pursuant to their license agreements with us, or to renew these agreements could negatively affect our results of operations and financial condition.
- We operate in highly competitive industries. Some of our competitors may have certain competitive advantages, which may cause us to be unable to effectively compete with or gain market share from our competitors.
- If we are unable to attract and retain qualified personnel, we may not be able to compete successfully in our industry.
- Significant disruptions of information technology systems, breaches of data security, or unauthorized disclosures of sensitive data or personally identifiable information could adversely affect our business, and could subject us to liability or reputational damage.
- We may be unsuccessful in protecting our proprietary rights or may have to defend ourselves against claims of infringement, which could impair or significantly affect our business.
- Anti-takeover provisions under our charter documents and Delaware law could delay or prevent a change of control and could also limit the market price of our stock.
- Because of their significant stock ownership, some of our existing stockholders will be able to exert control over us and our significant corporate decisions.
- Our common stock price may fluctuate substantially, and your investment could suffer a decline in value.
- The trading price of our common shares is subject to volatility.
- We may not pay dividends regularly or at all in the future.
- Our level of indebtedness, and restrictions under such indebtedness, could adversely affect our operations and liquidity.
- Our senior notes are unsecured and therefore are effectively subordinated to any secured indebtedness that we currently have or that we may incur in the future.
- Our senior notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
- The indenture under which our senior notes were issued contains limited protection for holders of our senior notes.
- An increase in market interest rates could result in a decrease in the value of our senior notes and increase our future borrowing costs.
- An active trading market for our senior notes may not develop, which could limit the market price of our senior notes or the ability of our senior note holders to sell them.
- We may issue additional notes.
- The rating for the 5.00% 2026 Notes, 5.25% 2028 Notes, 6.75% 2024 Notes, 6.50% 2026 Notes, 6.375% 2025 Notes, 5.50% 2026 Notes, or 6.00% 2028 Notes could at any time be revised downward or withdrawn entirely at the discretion of the issuing rating agency.
- There is no established market for the Depositary Shares and the market value of the Depositary Shares could be substantially affected by various factors.
- The Existing Preferred Stock and the Depositary Shares rank junior to all of the Company’s indebtedness and other liabilities and are effectively junior to all indebtedness and other liabilities of the Company’s subsidiaries.
- The Company may issue additional shares of the Existing Preferred Stock and additional series of preferred stock that rank on a parity with the Existing Preferred Stock as to dividend rights, rights upon liquidation or voting rights.
- Holders of Depositary Shares have extremely limited voting rights.
- The Depositary Shares have not been rated.
- The conversion feature may not adequately compensate the holders, and the conversion and redemption features of the Existing Preferred Stock and the Depositary Shares may make it more difficult for a party to take over the Company and may discourage a party from taking over the Company.
- The market price of the Depositary Shares could be substantially affected by various factors.
- The price of our securities may be adversely affected by third parties who raise allegations about our Company.
- A “short squeeze” due to a sudden increase in demand for our securities that largely exceeds supply has led to, and may continue to lead to, extreme price volatility in our securities.
Management Discussion
- Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- This report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “future,” “intend,” “seek,” “likely,” “potential” or “continue,” the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially.
- Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law we are under no obligation to update any of the forward-looking statements after the filing of this Annual Report to conform such statements to actual results or to changes in our expectations.