What changed in this filing

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Item 1A. Risk Factors

2023-03-16 compared with 2022-03-31 · 245 added, 179 removed, 871 unchanged (33% of the section changed)

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and include, but are not limited to, risks related to the following:

ongoing coronavirus (COVID-19) pandemic is adversely affecting our business.

rely on a relatively small number of customers for a significant portion of our sales, and the loss of, or material reduction in,

sales to any of our top customers could have an adverse effect on our business, results of operations, financial condition and prospects.

are dependent on our relationships with key suppliers to obtain equipment and other supplies for our business on acceptable terms.

UK Government’s impending review of the Gambling Act, together with other rules that may be considered in the UK in response

to recent consultations, could have a material negative impact on our business.

privacy and security laws and regulations in the jurisdictions in which we do business could increase the cost of our operations

and subject us to possible sanctions and other penalties.

results of operations fluctuate due to seasonality and other factors and, therefore, our periodic operating results are not guarantees

of future performance.

industry is subject to strict government regulations that could limit our existing operations and have a negative impact on our ability

industry is subject to regulations that set parameters for levels of gaming or wagering duty, tax, stake, prize and return to player.

may be adversely affected by disruptions to our transaction gaming and lottery systems, as well as disruptions to our internal enterprise

and information technology systems.

directors and key personnel are subject to the approval of certain regulatory authorities, which, if withheld, would require us to

sever our relationship with non-approved individuals, which could adversely impact our operations.

and gaming authorities have significant control over our operations and ownership and could cause us to redeem certain stockholders

on potentially disadvantageous terms.

of our executive officers and directors are affiliated with entities engaged in business activities similar to those conducted by

us (or may enter into similar business activities in the future) and, accordingly, may have conflicts of interest in determining

whether a particular business opportunity should be presented to us or to another entity.

have operations in a variety of countries, which subjects us to additional risks.

may have future capital needs and may not be able to obtain additional financing on acceptable terms.

may be unable to develop sufficient new products and product lines and integrate them into our existing business, which may adversely

affect our ability to compete; our expansion into new sectors may present competitive and regulatory challenges that differ

from current ones.

may be required to recognize impairment charges related to goodwill, identified intangible assets and property and equipment or to

take write-downs or write-offs, restructuring or other charges that could have a significant negative effect on our financial condition,

results of operations and stock price, which could have an adverse effect on your investment.

or disruption in the financial markets could materially adversely affect our business and the trading price of our common stock.

economic conditions could have an adverse effect on our business, operating results and financial condition.

face risks and uncertainty arising from the United Kingdom’s withdrawal from the European Union.

We rely on a relatively

small number of customers for a significant portion of our sales, and the loss of, or material reduction in, sales to any of our

top customers could have an adverse effect on our business, results of operations, financial condition and prospects.

We are dependent on our

relationships with key suppliers to obtain equipment and other supplies for our business on acceptable terms.

The UK Government’s

impending review of the Gambling Act, together with other rules that may be considered in the UK in response to recent consultations,

could have a material negative impact on our business.

Data privacy and security

laws and regulations in the jurisdictions in which we do business could increase the cost of our operations and subject us to possible

sanctions and other penalties.

Our results of operations

fluctuate due to seasonality and other factors and, therefore, our periodic operating results are not guarantees of future performance.

Our industry is subject

to strict government regulations that could limit our existing operations and have a negative impact on our ability to grow.

Our industry is subject

to regulations that set parameters for levels of gaming or wagering duty, tax, stake, prize and return to player.

We may be adversely affected

by disruptions to our transaction gaming and lottery systems, as well as disruptions to our internal enterprise and information technology

Our directors and key personnel

are subject to the approval of certain regulatory authorities, which, if withheld, would require us to sever our relationship with

non-approved individuals, which could adversely impact our operations.

Licensing and gaming authorities

have significant control over our operations and ownership and could cause us to redeem certain stockholders on potentially disadvantageous

Certain of our executive

officers and directors are affiliated with entities engaged in business activities similar to those conducted by us (or may enter

into similar business activities in the future) and, accordingly, may have conflicts of interest in determining whether a particular

business opportunity should be presented to us or to another entity.

We have operations in a

variety of countries, which subjects us to additional risks.

We may have future capital

needs and may not be able to obtain additional financing on acceptable terms.

Because tax laws and regulations are subject to interpretation and uncertainty,

tax payments may ultimately differ from amounts currently recorded by the Company.

We may be unable to develop

sufficient new products and product lines and integrate them into our existing business, which may adversely affect our ability to

compete; our expansion into new sectors may present competitive and regulatory challenges that differ from current ones.

We may be required to recognize

impairment charges related to goodwill, identified intangible assets and property and equipment or to take write-downs or write-offs,

restructuring or other charges that could have a significant negative effect on our financial condition, results of operations and

stock price, which could have an adverse effect on your investment.

Volatility or disruption

in the financial markets could materially adversely affect our business and the trading price of our common stock.

Global economic conditions

could have an adverse effect on our business, operating results and financial condition.

We face risks and uncertainty

arising from the United Kingdom’s withdrawal from the European Union.

Relating to Our Business and Industry

ongoing coronavirus (COVID-19) pandemic is adversely affecting our business.

business continues to be affected by the coronavirus (COVID-19) pandemic and future epidemics or pandemics could do the same.

to offer land-based gaming generally has been affected by the closures (and reclosures), for an indeterminate period of time, of all

venues that offer gaming in the jurisdictions in which we operate (including, but not limited to, the UK, Greece and Italy, from which

we derive a substantial portion of our income).

In addition, the economic impact of the pandemic may result in the permanent closure

of certain venues and/or a decrease in the willingness or ability of consumers to engage in gambling activities or to be able to access

land-based gaming to the same extent, both during and possibly after the pandemic.

The pandemic may also adversely affect a broad range

of our operations, including our ability to retain and recruit employees, obtain and ship our products, our ability to continue to develop

new products and services as effectively when remote working as well as the ability of our customers to pay outstanding amounts due to

The pandemic and the economic impact on employment may reduce the disposable incomes of players and may result in a decrease in the

number of customers willing to visit retail locations.

More information about the effect of the COVID-19 pandemic on our business can be

found in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

of our supply chain or distribution capabilities have an adverse effect on our business, financial condition, and results of operations.

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our customers.

Many of the contracts we have with our customers are on revenue-sharing (net of gaming taxes) terms, and therefore

changes which adversely affect our customers may also adversely affect us.

In addition, any such changes may cause our customers to seek

to renegotiate their contracts, may alter the terms on which such customers are prepared to renew their contracts and may affect their

ability or willingness to renew their contracts.

Many of the contracts we have with our customers are on revenue-sharing (net of gaming taxes) terms, and therefore changes

which adversely affect our customers may also adversely affect us.

In addition, any such changes may cause our customers to seek to renegotiate

their contracts, may alter the terms on which such customers are prepared to renew their contracts and may affect their ability or willingness

to renew their contracts.

rely on a relatively small number of customers for a significant portion of our sales, and the loss of, or material reduction in, sales

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contribution to our revenues and profitability.

Our top ten customers generated approximately 60% of total revenues but no one customer

Our top ten customers generated approximately 56% of total revenues and one customer

generated more than 10% of total revenues in the year ended December 31, 2022.

We expect that these customers will continue to represent a significant portion of our

sales in the future.

However, the loss of any of our top customers, whether through contract expiry and non-renewal, breach of contract

or other adverse factors could materially adversely affect our revenues or return on capital and leave us with surplus terminals.

if any of these customers experience reduced revenue, such reduction could adversely affect any revenue-sharing arrangements we have

with those customers, reduce our own revenues and adversely affect our financial results.

We expect that these customers will continue to represent

a significant portion of our sales in the future.

However, the loss of any of our top customers, whether through contract expiry and

non-renewal, breach of contract or other adverse factors could materially adversely affect our revenues or return on capital and leave

us with surplus terminals.

Moreover, if any of these customers experience reduced revenue, such reduction could adversely affect any

revenue-sharing arrangements we have with those customers, reduce our own revenues and adversely affect our financial results.

are dependent on our relationships with key suppliers to obtain equipment and other supplies for our business on acceptable terms.

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which closed on February 9, 2021.

The potential outcomes of such reviews are not currently known but new legislation or regulations

could adversely affect our business.

A recent example of legislative change implemented by the UK Government which adversely affected

our business was the reduction of maximum permitted bets from £100 to £2 on B2 Gaming Machines which became effective as

of April 1, 2019.

As a result of this change, a number of land-based operators commenced a rationalization of their retail operations,

which among other measures led to the closure of certain land-based operator shops.

The potential outcomes of such reviews are not currently known but new legislation or regulations could

adversely affect our business.

A recent example of legislative change implemented by the UK Government which adversely affected our business

was the reduction of maximum permitted bets from £100 to £2 on B2 Gaming Machines which became effective as of April 1, 2019.

As a result of this change, a number of land-based operators commenced a rationalization of their retail operations, which among other

measures led to the closure of certain land-based operator shops.

business depends on our ability to prevent or mitigate the effects of a cybersecurity attack.

information technology may be subject to cyber-attacks, security breaches or computer hacking, including a widespread ransomware

attack encrypting corporate IT equipment, a directed motivated attack against us or a data breach or cyber incident happening to a third-party

information technology may be subject to cyber-attacks, security breaches or computer hacking, including a widespread ransomware attack

encrypting corporate IT equipment, a directed motivated attack against us or a data breach or cyber incident happening to a third-party

network and affecting us.

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€20m (£17.5 million under the UK GDPR), whichever is higher.

Data subjects also have a right to compensation as a result

of an organization’s breach of the GDPR that has affected them, for financial or non-financial losses (e.g., distress).

Data subjects also have a right to compensation as a result of

an organization’s breach of the GDPR that has affected them, for financial or non-financial losses (e.g., distress).

results of operations fluctuate due to seasonality and other factors and, therefore, our periodic operating results are not guarantees

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to regular seasonal variations of the sort often related to seasonal consumer behavior, income from the Leisure business segment is generally

strongest in the spring and summer, predominantly in Leisure parks, and in Italy and Greece we experience reductions in revenue

in the summer.

strongest in the spring and summer, predominantly in Leisure parks, and in Italy and Greece we experience reductions in revenue in the

industry is subject to strict government regulations that could limit our existing operations and have a negative impact on our ability

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an adverse effect on our financial condition, results of operations and cash flows.

tax laws and regulations are subject to interpretation and uncertainty, tax payments may ultimately differ from amounts currently recorded

by the Company.

We are subject to income taxes as well as non-income based taxes, in both

the United States and numerous foreign jurisdictions.

The determination of the Company’s worldwide provision for income taxes and other

tax liabilities requires judgment and is based on diverse legislative and regulatory structures that exist in the various jurisdictions

where the company operates.

The ultimate tax outcome may differ from the amounts recorded in the Company’s financial statements and may

adversely affect the Company’s financial results for the period when such determination is made.

Tax authorities may disagree with certain

positions we have taken and assess additional taxes via tax audit.

We work with local tax experts to support our tax provisions in line

with our tax strategy.

However, there can be no assurance that we will not be subject to challenge and the future outcome of any potential

audits could adversely affect our results of operations, financial condition and cash flows.

opponents persist in their efforts to curtail legalized gaming, which, if successful, could limit our existing operations.

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members, managers, directors, officers and key employees must be approved by certain government and state regulatory authorities.

If such regulatory authorities were to find a person occupying any such position unsuitable, we would be required to sever our relationship

such regulatory authorities were to find a person occupying any such position unsuitable, we would be required to sever our relationship

with that person.

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are a global business and derived substantially all of our revenue outside the United States during the year ended December 31, 2022.

In the year ended December 31, 2021, we earned approximately 71% of our revenue from our operations in the UK, 9% of our revenue

from our operations in Greece, and 20% of our revenue from our operations in the rest of the world.

In the year ended December 31, 2022, we earned approximately 73% of our revenue from our operations in the UK, 8% of our revenue from

our operations in Greece, and 19% of our revenue from our operations in the rest of the world.

Our business in foreign markets subjects

us to risks customarily associated with such operations, including:

withholding taxes on, or bank regulatory restrictions on expatriating, our subsidiaries’ earnings that could reduce cash flow

available to meet our required debt service and other obligations;

complexity of foreign laws, regulations and markets;

impact of foreign labor laws and disputes;

risks relating to our ability to manage our foreign operations, monitor our customers’ activities or our partners’ activities

which may subject us to risks involving such other entities’ financial condition or to inconsistent interests or goals;

gaming tax increases in Italy;

economic, tax and regulatory policies of foreign governments;

ability to attract and retain key personnel in foreign jurisdictions.

foreign withholding taxes

on, or bank regulatory restrictions on expatriating, our subsidiaries’ earnings that could reduce cash flow available to meet

our required debt service and other obligations;

the complexity of foreign

laws, regulations and markets;

the impact of foreign labor

laws and disputes;

potential risks relating

to our ability to manage our foreign operations, monitor our customers’ activities or our partners’ activities which

may subject us to risks involving such other entities’ financial condition or to inconsistent interests or goals;

recent gaming tax increases

other economic, tax and

regulatory policies of foreign governments;

the ability to attract

and retain key personnel in foreign jurisdictions.

consolidated financial results are significantly affected by foreign currency exchange rate fluctuations.

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existing borrowings, and any other indebtedness we may enter into, may limit our ability to, among other things:

or guarantee additional debt;

distributions or dividends on or redeem or repurchase shares of common stock;

certain investments and acquisitions;

capital expenditures;

certain liens or permit them to exist;

into certain types of transactions with affiliates;

merge or consolidate with another company; and

sell or otherwise dispose of all or substantially all of our assets.

incur or guarantee additional

make distributions or dividends

on or redeem or repurchase shares of common stock;

make certain investments

and acquisitions;

make capital expenditures;

incur certain liens or

permit them to exist;

enter into certain types

of transactions with affiliates;

acquire, merge or consolidate

with another company; and

transfer, sell or otherwise

dispose of all or substantially all of our assets.

provisions of our existing borrowings may affect our ability to obtain future financing and pursue attractive business opportunities

and our flexibility in planning for, and reacting to, changes in business conditions.

of December 31, 2021, our senior debt consisted of an aggregate of £235.0 million ($316.7 million) of Senior Secured

Notes (carrying an interest rate of 7.875% per annum, and maturing on June 1, 2026), and we had £20.0 million ($27.0

million) of credit facility borrowings available under the RCF Agreement (see Note 13).

of December 31, 2022, our senior debt consisted of an aggregate of £235.0 million ($282.9 million) of Senior Secured Notes (carrying

an interest rate of 7.875% per annum, and maturing on June 1, 2026), and we had £20.0 million ($24.1 million) of credit facility

borrowings available under the RCF Agreement (see Note 13).

Indenture governing the Senior Secured Notes contains incurrence covenants that limit the ability of the Company and the Company’s

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on a number of factors, including our ability to:

market our games to our customers and to existing and new players;

to changing customer needs and player preferences;

to new technologies;

game features and contents for an increasingly diverse set of devices and specifications;

launch delays and cost overruns on the development of new products and features;

and enhance games and content after their initial release;

retain and motivate talented and experienced game designers, product managers and engineers;

and maintain player engagement;

games that can build upon or become franchise games;

quality content and game experience;

successfully against a large and growing number of market participants;

new products and product lines into our existing business;

and quickly resolve bugs or outages.

effectively market our

games to our customers and to existing and new players;

adapt to changing customer

needs and player preferences;

adapt to new technologies;

adapt game features and

contents for an increasingly diverse set of devices and specifications;

minimize launch delays

and cost overruns on the development of new products and features;

expand and enhance games

and content after their initial release;

attract, retain and motivate

talented and experienced game designers, product managers and engineers;

achieve and maintain player

develop games that can

build upon or become franchise games;

maintain quality content

and game experience;

compete successfully against

a large and growing number of market participants;

integrate new products

and product lines into our existing business;

minimize and quickly resolve

bugs or outages.

addition, if new technologies are protected by the intellectual property rights of others, including our competitors, we may be prevented

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in the gaming industry is intense and subject to rapid change, including changes from evolving customer and player preferences.

Accordingly, our success in the gaming industry is dependent on our ability to offer attractive products to our customers and players.

In the markets in which we operate, we compete with various other gaming vendors and our customers and players now have access to many

other forms of recreational and leisure activities.

Our participation-based revenue will depend on the appeal of our gaming offerings

to our customers and players relative to our competitors.

If we are not able to anticipate and react to changes in customer and player

preferences, our competitive and financial position may be adversely affected.

our success in the gaming industry is dependent on our ability to offer attractive products to our customers and players.

In the markets

in which we operate, we compete with various other gaming vendors and our customers and players now have access to many other forms of

recreational and leisure activities.

Our participation-based revenue will depend on the appeal of our gaming offerings to our customers

and players relative to our competitors.

If we are not able to anticipate and react to changes in customer and player preferences, our

competitive and financial position may be adversely affected.

addition, our future success will also depend on the success of the gaming industry as a whole in attracting and retaining players.

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affecting the trading price of the Company’s securities may include:

conditions affecting the gaming industry;

variations in our results of operations;

in government regulations;

announcement of acquisitions by us or our competitors;

in general economic and political conditions;

in the financial markets;

of our operations and the operations of others in our industry;

in interest rates;

or actual litigation and government investigations;

addition or departure of key personnel;

taken by our stockholders, including the sale or disposition of their shares of our common stock; and

between our actual financial and operating results and those expected by investors and analysts and changes in analysts’ recommendations

market conditions affecting

the gaming industry;

quarterly variations in

our results of operations;

changes in government regulations;

the announcement of acquisitions

by us or our competitors;

changes in general economic

and political conditions;

volatility in the financial

results of our operations

and the operations of others in our industry;

changes in interest rates;

threatened or actual litigation

and government investigations;

the addition or departure

of key personnel;

actions taken by our stockholders,

including the sale or disposition of their shares of our common stock; and

differences between our

actual financial and operating results and those expected by investors and analysts and changes in analysts’ recommendations

or projections.

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series, any one of the following securities of our company, for total gross proceeds up to $300,000,000:

or unsecured debt securities consisting of notes, debentures or other evidences of indebtedness which may be senior debt securities,

senior subordinated debt securities or subordinated debt securities, each of which may be convertible into equity securities;

to purchase our securities;

to purchase any of the foregoing securities;

comprised of, or other combinations of, the foregoing securities.

common stock;

preferred stock;

secured or unsecured debt

securities consisting of notes, debentures or other evidences of indebtedness which may be senior debt securities, senior subordinated

debt securities or subordinated debt securities, each of which may be convertible into equity securities;

warrants to purchase our

rights to purchase any

of the foregoing securities;

units comprised of, or

other combinations of, the foregoing securities.

Anti-takeover

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These provisions include:

cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;

exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors

or the resignation, death, or removal of a director with or without cause by stockholders, which prevents stockholders from being

able to fill vacancies on our board of directors;

ability of our board of directors to determine whether to issue shares of our preferred stock and to determine the price and other

terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly

dilute the ownership of a hostile acquirer;

the liability of, and providing indemnification to, our directors and officers;

the Court of Chancery of the State of Delaware

as the exclusive forum for adjudication of disputes;

the procedures for the conduct and scheduling of stockholder meetings; and

notice procedures that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters

to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation

of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of the Company.

no cumulative voting in

the election of directors, which limits the ability of minority stockholders to elect director candidates;

the exclusive right of

our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors or the resignation,

death, or removal of a director with or without cause by stockholders, which prevents stockholders from being able to fill vacancies

on our board of directors;

the ability of our board

of directors to determine whether to issue shares of our preferred stock and to determine the price and other terms of those shares,

including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership

of a hostile acquirer;

limiting the liability

of, and providing indemnification to, our directors and officers;

designating the Court of

Chancery of the State of Delaware as the exclusive forum for adjudication of disputes;

controlling the procedures

for the conduct and scheduling of stockholder meetings; and

advance notice procedures

that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters to be acted upon

at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to

elect the acquirer’s own slate of directors or otherwise attempting to obtain control of the Company.

provisions, alone or together, could delay hostile takeovers and changes in control of the Company or changes in our board of directors

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effect on our business, operating results and financial condition:

consumer spending may result in reduced demand for our products, reduced orders from retailers for our products, order cancellations,

lower revenues, higher discounts, increased inventories and lower gross margins;

the future, we may be unable to access financing in the credit and capital markets at reasonable rates in the event we find it desirable

conduct transactions in various currencies, which increases our exposure to fluctuations in foreign currency exchange rates relative

Continued volatility in the markets and exchange rates for foreign currencies and contracts in foreign currencies could

have a significant impact on our reported operating results and financial condition;

volatility in the availability and prices for commodities and raw materials we use in our products and in our supply chain could

have an adverse effect on our costs, gross margins and profitability;

operators or distributors of our products experience declining revenues or experience difficulty obtaining financing in the capital

and credit markets to purchase our products, this could result in reduced orders for our products, order cancellations, late retailer

payments, extended payment terms, higher accounts receivable, reduced cash flows, greater expense associated with collection efforts

and increased bad debt expense;

operators or distributors of our products experience severe financial difficulty, some may become insolvent and cease business operations,

which could negatively affect the sale of our products to consumers;

contract manufacturers of our products or other participants in our supply chain experience difficulty obtaining financing in the

capital and credit markets to purchase raw materials or to finance capital equipment and other general working capital needs, it

may result in delays or non-delivery of shipments of our products.

Slower consumer spending

may result in reduced demand for our products, reduced orders from retailers for our products, order cancellations, lower revenues,

higher discounts, increased inventories and lower gross margins;

In the future, we may be

unable to access financing in the credit and capital markets at reasonable rates in the event we find it desirable to do so;

We conduct transactions

in various currencies, which increases our exposure to fluctuations in foreign currency exchange rates relative to the USD.

volatility in the markets and exchange rates for foreign currencies and contracts in foreign currencies could have a significant

impact on our reported operating results and financial condition;

Continued volatility in

the availability and prices for commodities and raw materials we use in our products and in our supply chain could have an adverse

effect on our costs, gross margins and profitability;

If operators or distributors

of our products experience declining revenues or experience difficulty obtaining financing in the capital and credit markets to purchase

our products, this could result in reduced orders for our products, order cancellations, late retailer payments, extended payment

terms, higher accounts receivable, reduced cash flows, greater expense associated with collection efforts and increased bad debt

If operators or distributors

of our products experience severe financial difficulty, some may become insolvent and cease business operations, which could negatively

affect the sale of our products to consumers;

If contract manufacturers

of our products or other participants in our supply chain experience difficulty obtaining financing in the capital and credit markets

to purchase raw materials or to finance capital equipment and other general working capital needs, it may result in delays or non-delivery

of shipments of our products.

International

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effectively serving our customers and thus adversely affect our results of operations.

of terrorist violence, cyber-terrorism, political unrest, armed regional and international hostilities and international responses to

these hostilities, natural disasters, including hurricanes or floods, global health risks or pandemics or the threat of or perceived

potential for these events could have a negative impact on us.

These events could adversely affect our customers’ levels of business

activity and precipitate sudden significant changes in regional and global economic conditions and cycles.

These events also pose significant

risks to our employees and our physical facilities and operations around the world, whether the facilities are ours or those of our third-party

service providers or customers.

of terrorist violence, cyber-terrorism, political unrest, armed regional and international hostilities and international responses

to these hostilities, natural disasters, including hurricanes or floods, global health risks or pandemics (such as COVID-19) or the

threat of or perceived potential for these events could have a negative impact on us.

These events could adversely affect our

customers’ levels of business activity (or involve government mandated shutdowns of our venues) and precipitate sudden

significant changes in regional and global economic conditions and cycles.

These events also pose significant risks to our employees

and our physical facilities and operations around the world, whether the facilities are ours or those of our third-party service

providers or customers.

By disrupting communications and travel and increasing the difficulty of obtaining and retaining highly

skilled and qualified personnel, these events could make it difficult or impossible for us to deliver products and services to our customers.

Extended disruptions of electricity, other public utilities or network services at our facilities, as well as system failures at our

facilities or otherwise, could also adversely affect our ability to serve our customers.

We may be unable to protect our employees, facilities

and systems against all such occurrences.

We generally do not have insurance for losses and interruptions caused by terrorist attacks,

conflicts and wars.

If these disruptions prevent us from effectively serving our customers, our results of operations could be adversely

skilled and qualified personnel, these events could make it difficult or impossible for us to deliver products and services to our

Extended disruptions of electricity, other public utilities or network services at our facilities, as well as system

failures at our facilities or otherwise, could also adversely affect our ability to serve our customers.

We may be unable to protect

our employees, facilities and systems against all such occurrences.

We generally do not have insurance for losses and interruptions

caused by terrorist attacks, conflicts and wars.

If these disruptions prevent us from effectively serving our customers, our results

of operations could be adversely affected.

face risks and uncertainty arising from the United Kingdom’s withdrawal from the European Union.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors