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Business and Operations Risk Factors
−Removed: Our results of operations could be adversely affected by the coronavirus disease 2019 ("COVID-19") pandemic.
−Removed: The global spread of the COVID-19 pandemic has created significant volatility, uncertainty and economic disruption.
+Added: Our results of operations could be adversely affected by health outbreaks such as the COVID-19 pandemic.
+Added: A significant outbreak, epidemic or pandemic of contagious diseases in any geographic area in which we operate could result in a health crisis adversely affecting the economies, financial markets and overall demand for our services in such areas.
+Added: In addition, any preventative or protective actions that governments implement or that we take in response to a health crisis, such as travel restrictions, quarantines, or site closures, may interfere with the ability of our employees and vendors to perform their responsibilities.
+Added: Such results could have a material adverse effect on our results of operations.
+Added: The continued global COVID-19 pandemic has created significant volatility, uncertainty and economic disruption.
The extent to which the COVID-19 pandemic continues to impact our business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including:
the duration and scope of the pandemic;
−Removed: governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic;
+Added: governmental, business and individuals’ actions, including vaccination requirements, that have been and continue to be taken in response to the pandemic;
the impact of the pandemic on economic activity and actions taken in response;
the effect on our clients’ demand for our services;
−Removed: our ability to provide our services, including as a result of more severe or prolonged travel restrictions and people working from home;
+Added: our ability to provide our services;
the ability of our clients to pay for our services or their need to seek reductions of our fees;
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Our business traditionally lags the overall recovery in the economy;
−Removed: therefore, our business may not recover
−Removed: immediately when the economy improves.
+Added: therefore, our business may not recover immediately when the economy improves.
If economic growth slows, government fiscal conditions worsen, or client spending declines, then our revenue, profits and overall financial condition may deteriorate.
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Our international operations 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.
−Removed: In fiscal 2020, we generated 29.6% of our revenue from our international operations, primarily in Canada, Australia, the United Kingdom and from international clients for work that is performed by our domestic operations.
+Added: In fiscal 2021, we generat ed 29.8% of our rev enue from our international operations, primarily in Canada, Australia, the United Kingdom and from international clients for work that is performed by our domestic operations.
International business is subject to a variety of risks, including:
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federal, state and local government agencies, and any disruption in government funding or in our relationship with those agencies could adversely affect our business.
−Removed: In fiscal 2020, we generated 47.9% of our revenue from contracts with U.S.
+Added: In fiscal 2021, we gener ated 50.3% of our reve nue from contracts with U.S.
federal, and state and local government agencies.
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As a result, at the beginning of a project, the related contract may be only partially funded, and additional funding is normally committed only as appropriations are made in each subsequent year.
−Removed: These appropriations, and the timing of
−Removed: payment of appropriated amounts, may be influenced by numerous factors as noted below.
+Added: These appropriations, and the timing of payment of appropriated amounts, may be influenced by numerous factors as noted below.
Our backlog includes only the projects that have funding appropriated.
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government programs, and upon our ability to obtain contracts and perform well under these programs.
−Removed: Under the Budget Control Act of 2011, an automatic sequestration process, or across-the-board budget cuts (a large portion of which was defense-related), was triggered.
−Removed: The sequestration began on March 1, 2013.
−Removed: Although the Bipartisan Budget Act of 2013 provided some sequester relief through the end of fiscal year 2015, the sequestration requires reduced U.S.
−Removed: federal government spending through fiscal year 2021.
A significant reduction in federal government spending, the absence of a bipartisan agreement on the federal government budget, a partial or full federal government shutdown, or a change in budgetary priorities could reduce demand for our services, cancel or delay federal projects, result in the closure of federal facilities and significant personnel reductions, and have a material and adverse impact on our business, financial condition, results of operations and cash flows.
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If we extend a significant portion of our credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of collection risk and nonpayment if those clients are adversely affected by factors particular to their geographic area or industry.
−Removed: Our clients include public and private entities that have been, and may continue to be, negatively impacted by the changing landscape in the global economy.
+Added: Our clients include public and private entities that have been, and may continue to be, negatively impacted by the changing landscape in the global econom y.
While outside of the U.S.
−Removed: federal government no one client accounted for over 10%
+Added: federal government no single client accounted for over
10% of our revenue for fiscal 2021, we face collection risk as a normal part of our business where we perform services and subsequently bill our clients for such services.
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Because we have historically acquired a significant number of companies, goodwill and intangible assets represent a substantial portion of our assets.
−Removed: As of September 27, 2020, our goodwill was $993.5 million and other intangible assets were $13.9 million .
+Added: As of October 3, 2021, our goodwill was $1.1 billion and other intangible ass ets were $38.0 million.
We are required to perform a goodwill impairment test for potential impairment at least on an annual basis.
−Removed: We also assess the recoverability of the unamortized balance of our intangible assets when indications of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations.
+Added: We also assess the recoverability of the unamortized balance of our intangible assets when indications of impairmen t are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations.
The goodwill impairment test requires us to determine the fair value of our reporting units, which are the components one level below our reportable segments.
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Certain of our contracts require us
−Removed: to satisfy specific design, engineering, procurement, or construction milestones in order to receive payment for the work completed or equipment or supplies procured prior to achievement of the applicable milestone.
+Added: to satisfy specific design, engineering, procurement, or construction mile stones in order to receive payment for the work completed or equipment or supplies procured prior to achievement of the applicable milestone.
As a result, under these types of arrangements, we may incur significant costs or perform significant amounts of services prior to receipt of payment.
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A failure to promptly recover on these types of claims could have a negative impact on our liquidity and profitability.
−Removed: Total accounts receivable at September 27, 2020 included approxima tely $14 million related to such claims.
+Added: Total accounts receivable at October 3, 2021 included approxima tely $11 million related to such claims.
Our failure to win new contracts and renew existing contracts with private and public sector clients could adversely affect our profitability.
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Our backlog is subject to cancellation, unexpected adjustments and changing economic conditions, and is an uncertain indicator of future operating results.
−Removed: Our backlog at September 27, 2020 was $ 3.2 billion, an increase of $147.4 million, or 4.8% , compared to the end of fiscal 2019.
+Added: Our backlog at October 3, 2021 wa s $3.5 billion, an increase of $241.0 million, or 7.4%, compar ed to the end of fiscal 2020.
We include in backlog only those contracts for which funding has been provided and work authorizations have been received.
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In addition, the California Consumer Privacy Act ("CCPA")
−Removed: which became effective in January 2020, increases the penalties for data privacy incidents.
+Added: increases the penalties for data privacy incidents.
The GDPR and CCPA are just examples of privacy regulations that are emerging in locations where we work.
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Legal proceedings, investigations, and disputes could result in substantial monetary penalties and damages, especially if such penalties and damages exceed or are excluded from existing insurance coverage.
−Removed: We engage in consulting, engineering, program management, construction management, construction, and technical services that can result in substantial injury or damages that may expose us to legal proceedings, investigations, and disputes.
+Added: We engage in consulting, engineering, program management, and technical services that can result in substantial injury or damages that may expose us to legal proceedings, investigations, and disputes.
For example, in the ordinary course of our business, we may be involved in legal disputes regarding personal injury claims, employee or labor disputes, professional liability claims, and general commercial disputes involving project cost overruns and liquidated damages, as well as other claims.
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As a result, we cannot assure that our controls will protect us from reckless or criminal acts committed by our employees or agents.
−Removed: Our failure to comply with applicable laws or regulations, or acts of misconduct could subject us to fines and penalties, loss of security clearances, and suspension or
−Removed: debarment from contracting, any or all of which could harm our reputation, reduce our revenue and profits, and subject us to criminal and civil enforcement actions.
+Added: Our failure to comply with applicable laws or regulations, or acts of misconduct could subject us to fines and penalties, loss of security clearances, and suspension or debarment from contracting, any or all of which could harm our reputation, reduce our revenue and profits, and subject us to criminal and civil enforcement actions.
Our business activities may require our employees to travel to and work in countries where there are high security risks, which may result in employee death or injury, repatriation costs or other unforeseen costs.
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Other principal U.S.
−Removed: federal environmental, health, and safety laws affecting us include, but are not limited to, the Resource Conversation and Recovery Act, National Environmental Policy Act, the Clean Air Act, the Occupational Safety and Health Act, the Federal Mine Safety and Health Act of 1977 (the “Mine Act”), the Toxic Substances Control Act, and the Superfund Amendments and Reauthorization Act.
+Added: federal environmental, health, and safety laws affecting us include, but are not limited to, the Resource Conservation and Recovery Act, National Environmental Policy Act, the Clean Air Act, the Occupational Safety and Health Act, the Federal Mine Safety and Health Act of 1977 (the “Mine Act”), the Toxic Substances Control Act, and the Superfund Amendments and Reauthorization Act.
Our business operations may also be subject to similar state and international laws relating to environmental protection.
−Removed: Further, past business practices at companies that we have acquired may also expose us to future
−Removed: unknown environmental liabilities.
−Removed: Liabilities related to environmental contamination or human exposure to hazardous substances, or a failure to comply with applicable regulations, could result in substantial costs to us, including clean-up costs, fines, civil or criminal sanctions, and third-party claims for property damage or personal injury or cessation of remediation activities.
+Added: Further, past business practices at companies that we have acquired may also expose us to future unknown environmental liabilities.
+Added: Liabilities related to environmental contamination or human exposure to hazardous substances, or a failure to comply with applicable regulations, could result in substantial costs to us, including clean-up costs,
+Added: fines, civil or criminal sanctions, and third-party claims for property damage or personal injury or cessation of remediation activities.
Our continuing work in the areas governed by these laws and regulations exposes us to the risk of substantial liability.
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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.