Risk factors

Customer concentration is high, with top 10 customers generating 73 percent of 2024 revenue. The CCS segment represents 67 percent of consolidated revenue in 2024. Operations span 15 countries with 80 percent of revenue produced outside North America.

Concentra faces intense regulatory oversight regarding healthcare compliance, corporate practice of medicine, and billing rules. The company carries substantial debt totaling $1,479.0 million following its separation from Select. Operations depend heavily on employer customer relationships, state workers compensation fee schedules, and sufficient healthcare staffing.

Geographic concentration of producing properties exclusively in California creates severe exposure to regional climate and regulatory risks. Development of the Carbon TerraVault business faces unique scaling and permitting uncertainties. Heavy reliance on volatile commodity prices and strict debt covenants impacts financial flexibility.

Crawford & Co depends heavily on volatile claim volumes and three major Platform Solutions clients exceeding 10% segment revenue.

1stdibs.com operates an online luxury design marketplace facing ongoing net losses, quarterly fluctuations, and intense competition from traditional retailers.

Leonardo DRS relies heavily on U.S. government defense contracts, subjecting its operations to intense budget fluctuations, strict audits, and regulatory compliance. The company faces fixed-price contract risks, cyber-security threats, and international sales exposure across 39 disclosed risk factors.

Viant's business centers on programmatic advertising and its proprietary Household ID technology.

Ellington Financial faces heavy exposure to mortgage and real estate market conditions, interest rate volatility, and leverage risks.

Uranium explorer facing negative operating cash flows and financing needs to develop assets.

Evertec relies heavily on Banco Popular and the Puerto Rican market for revenues. Acquisitions like Sinqia introduce complex integration risks. Information technology disruptions and cybersecurity threats could severely impact operations.

Edgewise Therapeutics is an early-stage biopharmaceutical company with no approved commercial products and significant accumulated losses.

Commercial real estate mortgage loans represent 35% of the loan portfolio as of December 31, 2024. Goodwill and other intangible assets total $383.4 million as of December 31, 2024. Core processing operations rely on an external vendor contract.