28 added · 34 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
For example, increased competition could require us to charge lower prices, and/or cause us to lose market share, each of which could reduce our fee revenue. 9 Our executive search services face competition from both traditional and non-traditional competitors that provide job placement services, including other large global executive search firms, smaller specialty firms and web-based firms.
For example, the California Privacy Protection Agency ("CPPA") issued its first-ever enforcement advisory reaffirming core principles of the California Consumer Protection Act ("CCPA"), including data minimization.
We may not be successful in anticipating or responding to these changes and demand for our services could be further reduced by advanced technologies being deployed by our competitors or new competitors leveraging AI and other technologies to offer competitive services at lower costs and quicker turnaround, disrupting our business model.
Our employees, contractors or other agents may not adhere to our policies governing the use of AI technology and safeguarding of our assets, including IP and sensitive information.
We are also regularly searching for ways to provide new services to clients, such as our entry into the Interim business in fiscal 2022 and strategic acquisitions in fiscal 2022 through fiscal 2025.
For instance, within the U.S. in calendar year 2024, a number of new state privacy laws were enacted, and we expect that other states will continue to adopt legislation in this area.
Several jurisdictions around the globe, including Europe and certain U.S. states, have already proposed or enacted laws governing AI.
See “Note 11 –Long-Term Debt ” of our notes to our consolidated financial statements included in this Annual Report on Form 10-K.
Moreover, some of the factors, events, and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future.
As part of our corporate strategy, we are attempting to market a more unified firm bringing together the full range of our Capabilities and Solutions to address our clients' talent and organizational challenges, including to accelerate cross-Solution integration and deepen our client-centric focus, across the life cycle of a policy, program, project or initiative.
Global events, including political instability, international conflicts, trade disputes, economic sanctions, inflation, increasing interest rates and emerging market volatility, and the resulting uncertainties, may cause foreign currency exchange rates to fluctuate in relation to the U.S. dollar.
Reliance on third party technology to provide technology and other support for both our internal operations and delivering services to our clients could adversely affect our ability to execute our strategic initiative if these third parties fail to perform their obligations.
No longer disclosed
If we are unable to meet our debt service obligations or to fund our other liquidity needs, we will need to restructure or refinance all or a portion of our debt, which could cause us to default on our debt obligations and impair our liquidity.
While we have established policies governing the use of AI technology, and we safeguard our assets, including intellectual property and sensitive information, we cannot ensure that our employees, contractors or other agents would adhere to those policies.
For example, the New York State Department of Financial Services has issued cybersecurity regulations that outline a variety of required security measures for protection of data.
For example, increased competition could require us to charge lower prices, and/or cause us to lose market share, each of which could reduce our fee revenue.
Future events or changes in circumstances that result in an impairment of goodwill or other intangible assets would have a negative impact on our profitability and operating results.
An impairment in the carrying value of goodwill and other intangible assets could negatively impact our consolidated results of operations and net worth.
While goodwill is not amortized, it is reviewed for impairment at least annually or more frequently, if impairment indicators are present.
New privacy laws in Colorado took effect in calendar year 2023, and we expect that other states will continue to adopt legislation in this area.
As part of our corporate strategy, we are attempting to leverage our research and consulting services to sell a full range of services across the life cycle of a policy, program, project or initiative, and we are regularly searching for ways to provide new services to clients, such as our entry into the Interim business and strategic acquisitions.
Insider Activity
In the 90 days to Oct 14, 2025: 2 sold $5.6M.
Date
Insider
Action
Shares
Price
Value
Oct 14, 2025
Robinson Lori JeanDirector
Sell
2,000
$69.44
$139K
Oct 9, 2025
Burnison Gary DCEO
Sell
16,864
$70.01
$1.2M
Oct 8, 2025
Burnison Gary DCEO
Sell
31,784
$70.59
$2.2M
Oct 7, 2025
Some U.S. states, including California and Virginia, have also enacted cybersecurity laws requiring certain security measures of regulated entities that are broadly similar to GDPR requirements, such as the California Consumer Privacy Act, California Privacy Rights Act and Virginia Consumer Data Protection Act.
In addition, some of our clients experience reduced access to credit and lower revenues, resulting in their inability to meet their payment obligations to us. 21 We face risks associated with social and political instability, legal requirements and economic conditions in our international operations.
If these audits result in assessments different from estimated amounts recorded, future financial results may include unfavorable tax adjustments. 23 Future changes in tax laws, treaties or regulations, and their interpretations or enforcement, may be unpredictable, particularly as taxing jurisdictions face an increasing number of political, budgetary and other fiscal challenges.