Item 1A. Risk Factors
Item 1A. Risk Factors
There have been no material changes to the risk factors as disclosed in Part I, Item 1A, Risk Factors in our most recent Annual Report on Form 10-K, other than as set forth below, which supplements the risk factors included in our most recent Annual Report on Form 10-K.
We cannot guarantee the timing, amount or payment of dividends.
Although our Board of Directors has adopted a dividend policy under which we intend to pay a regular quarterly cash dividend on our common stock, whether any such subsequent dividend (or any special dividend) is declared and the timing and amount thereof is subject to the discretion of our Board of Directors. Decisions of our Board of Directors in respect of dividends will be based on a variety of factors, including the cash flows, earnings and financial position of the Company as well as the borrowing availability and other restrictions under our outstanding indebtedness. We are not required to declare dividends and the number and amount of dividends is restricted under our outstanding indebtedness and could be restricted under future financing or other arrangements Our Board of Directors will also regularly review and may modify or terminate our dividend policy. Accordingly, we cannot provide any assurances that we will pay quarterly or special cash dividends in the future, and if so, the amount or timing thereof. Any reduction in or elimination of our dividend policy or dividend payments could have a negative effect on the price of our common stock.
Our operations worldwide expose us to legal, political and economic risks in different countries as well as currency exchange rate fluctuations that could harm our business and financial results.
As discussed in more detail in the 2021 Form 10-K, political and economic instability, civil unrest, acts of terrorism, war, or other armed conflict can have a material adverse effect on our business. The conflict between Russia and Ukraine has resulted in the imposition by the U.S. and other nations of sanctions and other restrictive actions against Russia, Belarus and certain banks, companies and individuals. More generally, the conflict has led to and could lead to further disruptions in the global financial markets and economy, including, without limitation, currency volatility, inflation and instability in the global capital markets. In March 2022, the Company substantially completed its previously announced exit of all business operations in Russia. The impact of these government measures and our exit of our Russia-related businesses, as well as any further retaliatory actions taken by Russia and the U.S. and other nations, is currently unknown and could adversely affect our business, financial condition and results of operations.
Climate change and related environmental issues could have a material adverse impact on us.
Climate change related events, such as increased frequency and severity of storms, floods, wildfires, droughts, hurricanes, freezing conditions, and other natural disasters, may have a long-term impact on our business, financial condition and results of operation. While we seek to mitigate our business risks associated with climate change, we recognize that there are inherent climate related risks regardless of where we conduct our businesses. For example, a catastrophic natural disaster could negatively impact any of our office locations and the locations of our clients. Accordingly, a natural disaster has the potential to disrupt our and our clients’
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businesses and may cause us to experience work stoppages, project delays, financial losses and additional costs to resume operations, including increased insurance costs or loss of cover, legal liability and reputational losses.
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