Risk factors

ACA-regulated plans rose to 98% of revenue from 97%, and the filing adds possible official and court-driven changes even without repeal.

Tariffs are a newly identified pressure on costs and global sales, including for components sourced from affected countries and products made in Mexico.

Foreign-currency investments rose to $13.7 billion, or 13.8% of consolidated assets, and foreign-currency NOI rose to 6.6%.

Macroeconomic risk is reframed around government policy and broader political factors, rather than a list centered on inflation, labor, tariffs and energy costs.

The risk section adds protection of IP, including software, AI and customer lists, and removes the pandemic-era public-sector demand risk.

Roku added risk from its stock repurchase program, including reduced cash for operations and uncertainty about shareholder value.

The REV Transaction expands Terex’s scale and complexity, creating integration, execution and expected-synergy risks.

New risks cover climate-related disruption to Timken’s facilities, customers and suppliers, and uncertainty, cost and regulation around AI use.

Reputational risk now explicitly includes geopolitical scrutiny and misconduct by personnel or service providers.

A new $120 million PNC credit facility replaces the Piper Sandler facility, adding debt-service and liquidity pressure.

Clinical and diagnostic expansion brings assay, partner, reimbursement, FDA and CLIA execution risks into focus.

Tax-loss carryforwards changed materially, with federal amounts falling and state and foreign amounts and expiration details updated.