What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-16 compared with 2025-03-10 · 83 added, 117 removed, 116 unchanged (63% of the section changed)

Business Overview

Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia.

Telos Corporation, together with its subsidiaries (the "Company" or "Telos" or "We"), offers technologically advanced, software-based security solutions that empower and protect the world's most security-conscious organizations against rapidly evolving, sophisticated and pervasive threats.

Our portfolio of security products, services and expertise endows our customers with capabilities to reach new markets, serve their stakeholders more effectively, and successfully defend the nation or their enterprise with confidence in their security and privacy.

Our mission is to protect people, organizations, and information through trusted solutions that proactively manage risk, compliance, and persistent digital identity.

We do this by developing robust, reliable, and uncompromising solutions for our customers, creating a workplace that engages and inspire our employees, and providing value to our shareholders to ensure a lasting legacy of excellence.

In the current global environment, our mission is more critical than ever.

The emergence of each new information and communications technology ("ICT") introduces new vulnerabilities, as security is still too often overlooked in solution development.

Networks and applications meant to enhance productivity and profitability often jeopardize an organization due to poor planning, misconfiguration, or an unknown gap in security.

Ransomware, insider threats, cybercrime, and advanced persistent threats continue to menace public and private enterprises across all industries.

Cybersecurity, cloud security, and enterprise security of the modern organization share much in common, yet also call for a diverse range of skills, capabilities, and experience in order to meet the requirements of security-conscious customers.

Our vision is to create a more secure, interconnected world as the trusted leader in innovative digital security solutions that safeguard people, organizations, and information.

Decades of experience in developing, orchestrating, and delivering solutions across these three domains give us the vision and the confidence to provide solutions that empower and protect the enterprise at an integrated, holistic level.

Our experience in addressing challenges in one area of an enterprise helps us meet requirements in others.

We understand that a range of complementary capabilities may be needed to solve a single challenge, and we also recognize when a single solution might address multiple challenges.

Our security solutions span these three domains:

cybersecurity, cloud security and enterprise network security.

Telos Corporation, together with its subsidiaries (the "Company" or "Telos" or "We"), offers technology solutions and services that empower and protect the world's most security-conscious organizations.

We deliver efficient, adaptable, and secure solutions that protect people, organizations, and information across government and industry.

From cyber governance, risk and compliance ("GRC") with Xacta ® , to identity and biometric solutions, secure networks, and TSA PreCheck ® enrollment, we help customers stay ahead of evolving threats.

Our primary customers include the U.S.

federal government, large commercial organizations and international customers.

Our deep domain expertise, cleared workforce, and proven technologies give us a unique position at the intersection of cybersecurity, identity, and network security.

Driven by purpose and guided by our core values, we build lasting partnerships, deliver superior solutions, and help create a more secure, interconnected world.

Our Business Segments

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These segments enable the alignment of our strategies and objectives and provide a framework for the timely and rational allocation of resources within the line of business.

Additional information regarding our segments is presented in Note 18 – Segment Information to the consolidated financial statements at Item 8 of this Form 10-K.

Additional information regarding our segments is presented in Note 1 6 – Segment Information to the consolidated financial statements at Item 8 of this Annual Report on Form 10-K.

Security Solutions Segment:

The Security Solutions segment focuses on cybersecurity, cloud, identity solutions, and secure messaging.

Cybersecurity solutions help our customers ensure the ongoing security, integrity and compliance of their on-premises and related cloud-based systems by reducing threats and vulnerabilities to foil cyber adversaries before they can attack.

Our security engineers and subject matter experts assess our customers' cybersecurity environments and design, engineer, and operate systems needed to strengthen their cybersecurity postures.

Our cloud solutions leverage the specialized skills and experience needed to help our customers plan, engineer, execute, and accelerate secure cloud migrations while assuring ongoing management and security of enterprise cloud technology environments.

Our identity solutions deliver digital identity, biometric, and nationwide enrollment services and address Know Your Customer and identity management challenges for enterprises working within regulated and critical infrastructure environments.

Our secure messaging services are used to securely transmit messages that provide direction and establish a formal position, commitment, or responses requiring the authority of an organization.

The Security Solutions segment delivers cybersecurity, cloud, identity, and secure messaging solutions that help government and commercial customers protect critical systems, manage cyber risk, and operate securely in complex and regulated environments.

This segment combines cyber GRC solutions, secure cloud services, identity and biometric technologies, and secure messaging platforms to support mission-critical requirements for government and commercial customers operating in highly regulated and security-sensitive environments.

Security Solutions represented 90.8% and 70.9% of total revenues for fiscal years 2025 and 2024, respectively.

The Security Solutions segment offers the following solutions and services:

Xacta ® is a premier platform for enterprise cyber risk management and security compliance automation, delivering security awareness for systems in the cloud, on-premises, and in hybrid and multi-cloud environments.

Xacta delivers automated cyber risk and compliance management solutions to large commercial and government enterprises.

Across the United States ("U.S.") federal government, Xacta is a leading commercial cyber risk and compliance management solution.

With use cases including cyber risk management, risk remediation management, security authorization, compliance management, audit management, inventory management, vulnerability management, continuous compliance monitoring, and vendor and supply chain risk management, Xacta administers the key elements of more than 100 leading regulations and policies for IT security compliance, including the National Institute of Standards and Technology ("NIST") Risk Management Framework ("RMF"), RMF for Department of Defense ("DoD") IT, Committee on National Security Systems Instruction No.

1253, NIST Cybersecurity Framework, the Federal Risk and Authorization Management Program ("FedRAMP") and the DoD's Cybersecurity Maturity Model Certification ("CMMC") program.

Deployed at some of the world's most security-conscious organizations, Xacta is a cyber GRC automation platform designed to help its customers meet the complex challenges of managing cyber risk and security compliance by automating processes for assessment and authorization, remediation, and continuous monitoring.

Xacta is a premier platform delivering automated cyber risk management and continuous compliance processes for systems based in the cloud, on-premises, and in hybrid environments.

It supports a wide-range of frameworks and regulatory content, including National Institute of Standards and Technology ("NIST") Risk Management Framework ("RMF"), the Cybersecurity Risk Management Construct for Department of War ("DoW") IT, the NIST Cybersecurity Framework, the Federal Risk and Authorization Management Program ("FedRAMP") and the DoW's Cybersecurity Maturity Model Certification ("CMMC") program, across all industries with no-code customization options for tailoring content to fit the organization's needs.

Recently, Telos launched Xacta.ai TM , the artificial intelligence ("AI") capability at the core of the Xacta cyber GRC platform, dramatically reducing compliance time and effort.

Xacta.ai delivers expert-level guidance and real-time insights, empowering organizations to move from reactive compliance to proactive risk management.

• Cybersecurity Services:

We offer solutions and services for the full cybersecurity lifecycle, including Risk Management Framework ("RMF") consulting services, assessment and compliance, engineering and evaluation, operations, and penetration testing.

With a pedigree in information and cybersecurity that spans three decades, our multi-certified cybersecurity personnel provide services and solutions that deliver continuous security assurance for business, government, and public sector critical infrastructure.

We offer solutions and services for the full cybersecurity lifecycle, including RMF consulting services, security assessment and compliance, engineering and evaluation, operations, penetration testing, and digital forensics.

With a pedigree in cybersecurity and information assurance that spans three decades, our multi-certified cybersecurity personnel provide services and solutions that deliver continuous security assurance for business, government, and public sector critical infrastructure.

• Telos Automated Message Handling System ("Telos AMHS ™ "):

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Information exchanged at this level and for these purposes requires operational requirements for time-sensitive, guaranteed delivery, precedence, high availability, and reliability.

• Digital Identity Solutions:

◦ IDTrust360 ® is an enterprise digital trusted identity risk platform for extending flexible hybrid cloud identity services.

This platform is enabled for mobile, enterprise environments and custom digital identity services that mitigate threats by integrating advanced technologies that fuse biometrics, credentials, and other identity-centric data used to continuously monitor trust.

IDTrust360 is a commercially owned and operated platform with direct interfaces to the Federal Bureau of Investigation's ("FBI") criminal records, Department of Homeland Security's ("DHS") terrorist watch list service, U.S.

Department of Treasury's pay.gov, other government identity risk management systems, and numerous commercial identity, intelligence, and risk-based data sources.

We actively engage with federal customers to integrate vital event records, government identification document records, and other fingerprint-based biometric records hosted across multiple agencies.

This enables Telos to offer NIST-compliant digital identity services aligned with federal security mandates.

◦ ONYX®, a mobile touchless fingerprint software development kit, enables secure biometric authentication by leveraging standard smartphone cameras to capture and process high-quality fingerprint images without physical contact.

It uses artificial intelligence (“AI”) neural networks for finger detection and automatic acquisition, along with a patented image processing algorithm to generate precise, machine-matchable fingerprints.

Targeting markets such as financial services, healthcare, government, and enterprise security, ONYX is ideally suited for use cases including mobile banking, field identification for law enforcement, telemedicine identity verification, secure access control, and remote onboarding.

Its value proposition lies in delivering a cost-effective, scalable, and user-friendly biometric solution that eliminates the need for specialized hardware, enhances security with liveness detection, and supports seamless integration across iOS and Android platforms, empowering organizations to strengthen identity management and combat fraud efficiently

Telos’ sovereign, reusable Identity-as-a-Service Solution ("IDaaS") is designed for the use of government agencies, mobile network operators, banking organizations and others who need to incorporate a zero-trust method of identity verification into existing know-your-customer and onboarding processes, while striving to remain in front of international data protection and privacy regulations.

This user-controlled system empowers individuals to hold and manage their own identity data, presenting it securely to relying parties or verifiers while ensuring trust through server-side biometric authentication powered by our proprietary ONYX technology.

Organizations leveraging the IDaaS solution offered by Telos save on the cost and effort of onboarding new users without worrying about the complexities of verifying individual identities.

The solution provides fully proofed and vetted reusable identities to reduce risk across all identity-related enterprise events, and fosters trust across markets such as financial services, healthcare, government, and enterprise security for use cases like digital wallets, remote onboarding, and secure access control.

We maintain government certifications and designations that distinguish Telos ID, including TSA PreCheck ® enrollment provider, Aviation Channeling Services provider, FBI-approved Channeler, and Financial Industry Regulatory Authority Electronic Fingerprint Submission provider.

• Telos Identity Solutions:

Telos provides a portfolio of identity solutions that support secure identity verification, biometric enrollment, and trusted identity services for government and commercial customers.

These solutions address requirements related to Know Your Customer (“KYC”), identity proofing, access control, insider threat mitigation, and regulatory compliance, and are deployed across large-scale environments supporting millions of identity transactions through workstations, kiosks, laptops, mobile devices, and access control systems.

Built on secure, enterprise-grade platforms certified and operational across multiple U.S.

federal agencies, these offerings enable organizations to deploy modular, scalable services supporting both business-to-business and business-to-consumer identity use cases.

Telos supports major digital identity programs in the U.S., including those serving the military, transportation, healthcare, law enforcement, financial services, and civil service organizations.

Telos maintains key government certifications and designations, including recognition as a TSA PreCheck enrollment provider, Aviation Channeling Services provider, Federal Bureau of Investigation ("FBI") approved Channeler, and Florida Department of Law Enforcement Registered Live Scan Service Provider.

Telos’ identity offerings include TSA PreCheck enrollment services, IDVetting ® , and Aviation Channeling Services (“ACS”), which provide identity enrollment, FBI background check submission, and biometric services for government agencies, transportation security programs, and regulated industries.

Through these services, Telos supports high-assurance identity verification and vetting processes for millions of individuals annually in compliance with federal and industry requirements.

Telos also offers ONYX ® , a proprietary touchless fingerprint biometric technology designed to enable secure and scalable biometric authentication across mobile and enterprise environments.

Secure Networks Segment:

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Telos provides an extensive range of wired and wireless, fixed and deployable, classified and unclassified voice, data, and video secure network solutions and services to support defense and civilian missions.

Our capabilities include network design, operations and sustainment, system integration and engineering, network security and compliance, deployable comms, service desk, defensive cyber operations, and program management.

Secure Networks represented 29% and 47% of total revenues for the years ended December 31, 2024 and 2023, respectively.

The Security Networks segment offers the following solutions and services:

Our capabilities include network design, operations and sustainment, system integration and engineering, network security and compliance, deployable communications, service desk, defensive cyber operations, and program management.

Secure Networks represented 9.2% and 29.1% of total revenues for fiscal years ended December 31, 2025, and 2024, respectively.

The Secure Networks segment offers the following solutions and services:

• Secure Mobility:

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• Network Management and Defense:

We provide services for operating, administrating, and defending complex enterprise networks and services for defensive cyber operations.

Our diverse network management and defense capabilities address common and uncommon requirements in many industries and disciplines, from military to government agencies.

Telos network engineers, security specialists, and program managers are experienced with advanced DoD and federal networks and are certified in the leading tools, technologies, and best practices for network management and administration.

We provide the complete spectrum of managed services and solutions needed for operating, maintaining, and defending complex enterprise networks.

Our managed network services reduce the total cost of ownership while also ensuring system and network availability, information protection and assured information delivery.

Telos employs a robust group of network engineers, system administrators, help desk, cybersecurity specialists, and program managers who are experienced with advanced DoW and federal networks, and are certified in the leading tools, technologies, and best practices for network management and administration.

We ensure the consistency and continuity of network management services required in today's mission-critical network environments.

Drivers for Future Growth

We are pursuing multiple strategies in order to grow our business, which include:

• Ramp our pre-existing programs.

Capitalizing on organic growth opportunities is a key to our core business.

Our strategy includes increasing the scope of our existing contracts through renewal or expansion of our offerings.

• Rebuild our contract vehicles portfolio.

Notable contracts with our key customers, mainly U.S.

federal government agencies, require bidders to be pre-approved on registered contract vehicles.

We strive to have prime or subcontractor positions on a wide range of contracts to allow our customers and potential customers an opportunity to access our solutions and services through Indefinite Delivery / Indefinite Quantity ("IDIQ") and definite contract vehicles.

• Broaden our reach within the U.S.

federal government .

We have historically focused on the U.S.

federal government and believe we are an established leader in providing security solutions to federal agencies.

Nonetheless, we believe the U.S.

federal government continues to represent a significant growth opportunity, and we expect to continue to invest in products and solutions to serve additional customers within the U.S.

federal government.

For example, Xacta is included on DHS's Continuous Diagnostics and Mitigation Approved Product List to provide federal agencies with innovative security tools, which we believe presents us with an excellent opportunity to pursue contracts with additional federal agencies.

In addition, Xacta is available for use in the Amazon Web Services ("AWS") GovCloud (U.S.), Oracle and Azure Government.

• Leverage our diverse security solutions to target market expansion .

Our offerings are designed to have broad applications and include cloud and network security risk and compliance, secure messaging, and identity vetting through biometric capture and analysis.

We believe we are well-positioned to sell our capabilities into a dynamic and growing commercial opportunity set and will continue innovating to address emerging and unique requirements.

For example, we have leveraged core Xacta functionality to meet the needs of large financial services and customer relationship management ("CRM") firms.

We have also leveraged our U.S.

federal government identity management qualifications to improve the speed and accuracy of vetting results for more than 100 airports, air carriers, and general aviation operators across the country.

We intend to continue innovating and developing additional offerings for cloud, mobile, and Internet of Things ("IoT") devices.

• Pursue strategic investments and partnerships .

We believe that our markets remain fragmented, with many niche players providing limited product solutions targeting narrow customer segments.

Given the breadth of our solution set and our customer end markets, we believe we are well-positioned to opportunistically invest in and/or build partnerships with smaller companies, and incorporate their technology or deploy their solutions across a larger customer set.

We believe a targeted and opportunistic investment strategy will be a force multiplier for our organic growth opportunity.

• Invest strategically into groundbreaking research and development for our intellectual property .

We believe artificial intelligence – large language models can offer an unparalleled advantage to our customers in automation and cost savings, a cornerstone of our Xacta platform.

Telos has begun making strategic investments to bring meaningful AI capabilities to our platform.

Our Customers

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Our consolidated revenues are largely attributable to prime contracts or subcontracts with our contractors engaged in work for the U.S.

government, with the remaining attributable to state and local governments, and commercial markets.

federal government customers include the DoD, the IC, and multiple civilian and public sector agencies, including DHS, the U.S.

federal government.

In fiscal year 2025, we generated approximately 91.0% of our revenues from the U.S.

federal government, with the remaining attributable to state and local governments, and commercial markets.

federal government customers include the DoW, the intelligence community ("IC"), and multiple civilian and public sector agencies, including the U.S.

Department of Homeland Security ("DHS"), the U.S.

Department of Justice, the U.S.

Department of Energy, the U.S Department of the Treasury, the U.S.

Department of Energy, the U.S.

General Services Administration, the U.S.

Department of the Interior, the U.S.

Social Security Administration, the U.S.

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Our commercial customers include some of the largest technology, communications, and professional services companies in the U.S.

We operate in a competitive market for cybersecurity, governance, risk and compliance software, secure network solutions, and digital identity services.

The market is fragmented, with no single company or small group of companies holding a dominant position.

Our competitors include large defense contractors that offer overlapping capabilities across multiple service areas, as well as smaller specialty firms focused on risk and compliance management, organizational messaging, information security consulting, and secure network solutions.

Competition for U.S.

federal government contracts is particularly intense due to the competitive bidding process that governs both initial contract awards and renewals.

Many government contracts require contractors to hold security clearances and employ personnel with specified levels of experience and clearance, which can limit the pool of qualified competitors but may also constrain our ability to scale rapidly.

The markets in which we operate are characterized by evolving technology requirements and changing customer needs.

For example, and without limitation, in the identity and biometric solutions market, industry standards and compatible technologies continue to develop rapidly.

We compete primarily on the basis of our technical capabilities, our experience serving security-conscious government and commercial customers, our ability to obtain and maintain required security clearances, the quality and reliability of our solutions, and our capacity to anticipate and respond to emerging technological requirements.

Sales and Marketing

As part of our sales and marketing investments, we also make corporate investments in functional areas such as contracts, solution architects, lead generation tools, and operations to ensure our back-office systems and processes scale for business growth.

As part of our sales and marketing investments, we make corporate investments in functional areas such as contracts, solution architects, and operations to ensure our back-office systems and processes scale for business growth.

We sell our products and services leveraging a direct sales approach, with a small subset being executed through a handful of partner organizations.

Our customer acquisition success extends to commercial customers and vendors seeking to do business with the U.S.

federal government, however our largest portion of revenue lies with the U.S.

government itself.

federal government;

however, our largest portion of revenue lies with the U.S.

federal government itself.

Our sales strategy is to establish a customer foothold with one of our solutions and work to achieve rapid success.

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Partner Organizations

Our sales team works with partner organizations like AWS, Microsoft Azure, and IBM to pursue mutual customers and leverage their marketplace platforms and marketing programs.

We build market awareness of Telos and our solutions through a variety of marketing programs, including regular briefings with industry analysts, public relations activities, trade show exhibitions, speaking engagements, and digital marketing.

We will continue investing in these activities and targeting additional vertical-specific content creation, targeted advertising and brand awareness campaigns, social media campaigns, and search engine marketing.

Our sales team works hand in hand with our marketing team and various subject matter experts to develop targeted awareness campaigns for our various solutions that generate valuable leads and contacts.

Our sales team works with partner organizations like Amazon Web Services ("AWS") to pursue mutual customers and leverage their marketplace platforms and marketing programs.

We build market awareness of Telos and our solutions through a variety of marketing programs, including briefings with industry analysts, public relations activities, trade show exhibitions, speaking engagements, and digital marketing.

We will continue investing in these activities and targeting additional vertical-specific content creation, targeted advertising campaigns, and search engine marketing.

Our sales team works hand-in-hand with our marketing team to develop targeted awareness campaigns for our various solutions that generate valuable leads and contacts.

Research and Development

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We invest substantial resources in research and development to innovate new solutions, enhance our offerings and grow opportunities by developing new features and modules for our existing platforms.

See Note 2 - Significant Accounting Policies (under the caption "Research and Development") included in our notes to consolidated financial statements.

We are leveraging our improved agile innovation and rapid automated development practices to rapidly establish prototypes that we can fully test for suitability and to pre-establish enterprise risk level across a variety of government networks and clouds.

See Note 2 - Summary of Significant Accounting Policies (under the caption "Research and Development") included in our notes to consolidated financial statements.

We are committed to and view our continued investment in research and development as a key factor to our long-term business success.

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Employees are encouraged to challenge themselves and each other to exhibit the core values in all activities.

Our employees are given avenues of communication and interaction should they observe activities inconsistent with our core values.

Our employees are provided with multiple reporting channels should they observe activities inconsistent with our core values.

While employees are encouraged first to speak openly about any issues, a 24/7 hotline provides an opportunity to express concerns anonymously.

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We operate in a very competitive environment for talent.

To ensure we can attract the most well-qualified employees, we employ strategic sourcing methods, innovative recruitment campaigns, and inclusive outreach initiatives to attract a diverse pool of candidates.

This involves leveraging various channels, such as job boards, social media platforms, and diversity-focused partnerships, to engage with candidates from different backgrounds and experiences.

We continuously make improvements to our employee value proposition, including enhancements on benefits available to employees, increasing paid time off and parental leave, accelerating the vesting period for stock matched by the Company in employees' 401(k) plans, instituting a new performance management program, and various supplemental programs to support our employees' physical, mental and financial well-being.

To ensure we can attract the most well-qualified employees, we employ strategic sourcing methods, innovative recruitment campaigns, and outreach initiatives to attract a diverse pool of candidates.

This involves leveraging various channels, such as job boards, job fairs, social media platforms, and diversity-focused partnerships, to engage with candidates from different backgrounds and experiences.

We continuously enhance our employee value proposition by offering a range of benefits and supplemental programs that support our employees' physical, mental, and financial well-being.

In addition, we are strengthening our performance management program to ensure employees receive meaningful feedback, opportunities for growth, and recognition for their contributions, fostering both individual and organizational success.

In addition, at Telos, we help our employees succeed by providing flexibility in where and how they work.

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We derive a substantial portion of our revenue from the U.S.

government, whose fiscal year ends on September 30 of each year, which may impact our third fiscal quarter.

federal government, whose fiscal year ends on September 30 of each year, which may impact our third fiscal quarter.

In addition, our quarterly results may be impacted by the number of working days in a given quarter.

See "Risk Factors — We are subject to the seasonality of U.S.

government spending."

Government Contracts and Regulation

federal government spending."

Federal Government Contracts, Regulation, and Legislation

Our business is heavily regulated, and we must comply with and are affected by laws and regulations relating to the formation, administration and performance of U.S.

government and other contracts.

government contracts generally are subject to the Federal Acquisition Regulation ("FAR") and Defense Federal Acquisition Regulation Supplement ("DFARS"), which sets forth policies, procedures and requirements for acquiring goods and services by the U.S.

government, and agency-specific regulations that implement or supplement the FAR or DFARS.

federal government and other contracts.

federal government contracts generally are subject to the Federal Acquisition Regulation ("FAR") and Defense Federal Acquisition Regulation Supplement ("DFARS"), which sets forth policies, procedures and requirements for acquiring goods and services by the U.S.

federal government, and agency-specific regulations that implement or supplement the FAR or DFARS.

These regulations impose a broad range of requirements, many of which are unique to government contracting, including various procurement, security, contract pricing and cost, contract termination, and adjustments and audit requirements.

These laws and regulations, among other things:

Among other things, these laws and regulations:

• Impose specific and unique cost accounting practices that may differ from Generally Accepted Accounting Principles in the United States of America ("U.S.

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• Define allowable and unallowable costs and otherwise govern our right to reimbursement under various cost-type U.S.

government contracts;

federal government contracts;

• Require compliance with U.S.

government Cost Accounting Standards;

federal government Cost Accounting Standards;

• Require reviews by the Defense Contract Audit Agency, Defense Contract Management Agency and other U.S.

government agencies for compliance with government requirements for a contractor's business system;

federal government agencies for compliance with government requirements for a contractor's business system;

• Restrict the use and dissemination of, and require the protection of, unclassified contract-related information and information classified for national security purposes and the export of certain products and technical data.

government customers employ several contracting methods to purchase services and products.

federal government customers employ several contracting methods to purchase services and products.

Budgetary pressures and reforms in the procurement process have caused many U.S.

government customers to increasingly purchase services and products using contracting methods that allow them to select multiple contract winners or pre-qualify certain contractors to provide services or products on established general terms and conditions rather than through single-award contracts.

federal government customers to increasingly purchase services and products using contracting methods that allow them to select multiple contract winners or pre-qualify certain contractors to provide services or products on established general terms and conditions rather than through single-award contracts.

The predominant contracting methods through which U.S.

government agencies procure services and products include definitive award contracts, IDIQ contracts, Blanket Purchase Agreements ("BPAs"), U.S.

General Service Administration ("GSA") schedule contracts and other transactional agreements ("OTA").

federal government agencies procure services and products include definitive award contracts, IDIQ contracts, Blanket Purchase Agreements ("BPAs"), U.S.

General Service Administration ("GSA") schedule contracts and other transactional agreements ("OTAs").

Government contracts are subject to congressional funding.

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Most of our contracts have cancellation terms that permit us to recover all or a portion of our incurred costs and fees for work performed where the U.S.

government issues a termination for convenience.

federal government issues a termination for convenience.

A portion of our business is classified by the U.S.

government and cannot be specifically described.

federal government and cannot be specifically described.

The operating results of these classified programs are included in our consolidated financial statements.

We also actively monitor legislative initiatives and carefully follow legislative and contracting trends and activities, and evolve our strategies to take these into consideration and respond to opportunities as they develop.

These regulations and risks are described in more detail below under Item 1A, "Risk Factors " in this Annual Report on Form 10-K.

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The Board of Directors authorized the Nominating and Corporate Governance Committee to oversee the Company's ESG efforts, which include climate-related risks and opportunities.

See Item 1A, " Risk Factors ," for discussion of risks related to global climate and ESG matters.

See Item 1A, "Risk Factors ," for discussion of risks related to the global climate.

Company Website and Available Information

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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 1. Business