Vistance Networks, Inc. VISN
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 26, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
7 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
In connection with the sale of the CCS segment that was completed subsequent to fiscal year end on January 9, 2026, we repaid and issued notices of full redemption of our then-existing indebtedness and redeemed all of the outstanding shares of the Series A Convertible Preferred Stock (Convertible Preferred Stock). Therefore, the indebtedness and Convertible Preferred Stock that were outstanding as of December 31, 2025 are no longer considered risks to the Company and are excluded from the risk factor summary and discussions below.
•customer acceptance of new technologies and services offered, including solutions that have little or no impact on the environment;
•investor pressure and regulation, including compliance with social and environmental laws;
Climate‑related events, including increasingly frequent and severe extreme weather, may disrupt our upstream supply chain by delaying component deliveries, damaging supplier facilities and interrupting transportation routes. These disruptions can increase logistics and procurement costs, extend production lead times and reduce operational efficiency, particularly in climate vulnerable regions. Prolonged or repeated disruptions could limit our ability to meet customer demand, result in lost sales, and adversely affect our financial performance and competitive position.
Furthermore, certain of our third-party relationships are subject to our vendor management program and are governed by writtencontracts that contain requirements relating to information security. We impose requirements on our counterparties, including vendorsand other third parties, to comply with applicable privacy and cybersecurity laws related to the use and security of sensitive orpersonal information. We cannot provide assurances that these contractual requirements will be followed or will be adequate toprevent the misuse of this data. We have designed our risk identification, assessment and management processes and procedures toaccount for cybersecurity risks associated with our use of third-party service providers. However, we do not control the actions of ourassociated third parties, and any disruptions in their services caused by cybersecurity attacks and/or security incidents could adverselyaffect our ability to service our customers or otherwise conduct our business and expose us to the consequences described above.
We are subject to climate‑related transition risks. Changing customer preferences and market trends toward lower carbon, energy efficient, and more sustainable products may affect demand for our existing product portfolio. Customers may increasingly favor
suppliers that support emissions‑reduction, energy‑efficiency, and sustainability objectives. If we are unable to adapt our products, services or technologies to align with these evolving expectations, we may experience reduced demand, loss of market share, or pricing pressure. Addressing these transition risks may require increased investments in research and development, product redesign, and operational initiatives, which could increase costs.
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
New in the latest 10-Q
14 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
As of October 22, 2026, there were 203,584,542 shares of common stock outstanding.
Read in the 10-Q
Financial statements and notes
plans Repurchases of common stock (157.0) — (157.0) — Excise tax on common stock repurchases (1.6) — (1.6) — Balance at end of period $ (541.2) $ (314.8) $ (541.2) $ (314.8) Total stockholders' equity (deficit) $ 2,233.6 $ (2,344.7) $ 2,233.6 $ (2,344.7) See notes to unaudited condensed consolidated financial statements.
Read in the 10-Q
Other than transactions related to the Series A Convertible Preferred Stock (Convertible Preferred Stock) through the January 9, 2026 redemption date and the Company’s continuing involvement with Vantiva SA (Vantiva) discussed in Note 2, there were no material related party transactions during the three or nine months ended September 30, 2026.
Read in the 10-Q
As of the annual impairment test performed on October 1, 2025, the estimated fair value of the Aurora reporting unit exceeded its carrying amount by approximately 9%. Given the low headroom, the Aurora reporting unit remains sensitive to changes in key assumptions and market conditions. The significant assumptions in the discounted cash flow (DCF) model primarily include, but are not limited to, forecasts of annual revenue growth rates, annual EBITDA margin and the discount rate used to determine the present value of the cash flow projections. Adverse changes in general economic, industry, market or business conditions, reductions in forecasted cash flows, increases in the weighted average cost of capital, changes in short - and long-term growth rates assumptions, or increases in the carrying value of the reporting unit could result in the carrying value of the reporting unit exceeding its fair value. Accordingly, if projected operating results and cash flows are not achieved, or if other key valuation assumptions deteriorate, the Company could be required to recognize additional goodwill impairment charges in a future period, and these charges could be material to the results of operations.
Read in the 10-Q
During the three months ended September 30, 2026, the Company received $ 26.1 million related to tariff refund claims associated with products sold by its previously divested CCS business. The amount reflects the settlement and recovery of tariffs previously paid on imported products and is included in the results of discontinued operations for the period presented.
Read in the 10-Q
Show the other 9
During the nine months ended September 30, 2026, the Company received $ 26.1 million related to tariff refund claims associated with products sold by its previously divested CCS business. The amount reflects the settlement and recovery of tariffs previously paid on imported products and is included in the results of discontinued operations for the period presented.
Read in the 10-Q
On August 5, 2026, the Company’s Board of Directors approved an additional special cash distribution of $5.00 per share on the Company’s outstanding common stock following the completion of the sale of the Company’s RUCKUS segment. The distribution was paid on August 27, 2026, to stockholders of record as of August 17, 2026. The special distribution was funded primarily from proceeds received from the sale of the Company’s RUCKUS segment.
Read in the 10-Q
The Company recorded distributions totaling $1,148.1 million and $3,521.8 million as a reduction of retained earnings during the three and nine months ended September 30, 2026, respectively. The distributions included amounts attributable to outstanding common shares as well as dividend equivalents associated with unvested RSUs and PSUs that were entitled to receive the special distributions under the terms of the Company’s equity compensation plans, net of forfeitures. Dividend equivalents associated with awards that are subsequently forfeited are reversed upon forfeiture in accordance with the terms of the applicable award agreements.
Read in the 10-Q
As of September 30, 2026, $86.6 million of special dividend equivalents associated with unvested awards remained payable, of which $54.1 million and $32.5 million were classified as current and non-current, respectively, based on the expected vesting dates of the underlying awards. Such dividend equivalents are payable upon vesting of the related awards.
Read in the 10-Q
On November 4, 2026, the Company’s Board of Directors approved an additional authorization of $100.0 million under the Company’s share repurchase program as described above in Note 8, increasing the aggregate authorization to $350.0 million.
Read in the 10-Q
On November 5, 2026, the Company announced that Chuck Treadway will step down as President and Chief Executive Officer (“CEO”) of the Company, and as a member of the Vistance Board of Directors on February 1, 2027. The Board of Directors has launched a comprehensive search for the Company’s next CEO.
Read in the 10-Q
Reflects the results of Aurora, our reportable segment, which represent substantially all of our net sales and exclude general corporate costs that were previously allocated to the divested businesses because they were not directly attributable to the divested businesses. The composition of Aurora adjusted EBITDA and the adjustments reflected therein, including changes in the allocation of general corporate costs following our divestitures and the related impact of transition service agreement (TSA) income, are described in Note 6, Segment and Geographic Information, in the Notes to Unaudited Condensed Consolidated Financial Statements included herein.
Read in the 10-Q
Upon completion of the sale of the CCS segment on January 9, 2026, we repaid our outstanding third‑party debt. Accordingly, the related interest expense was reported within discontinued operations. For the three and nine months ended September 30, 2026, interest expense consisted of the amortization of capitalized debt issuance costs associated with the senior secured asset-based revolving credit facility (Revolving Credit Facility), which was entered into on April 7, 2026.
Read in the 10-Q
Share sales and buybacks
During both the three and nine months ended September 30, 2026, we repurchased 17.7 million shares of our common stock through open market transactions for an aggregate purchase price of $156.7 million. In addition, we paid $0.3 million of commissions and accrued $1.6 million of excise tax on such share repurchases. As of September 30, 2026, approximately $93.3 million remained available for repurchase under the program.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 26, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:The Company’s business, financial condition, results of operations and cash flows are subject to various risks which could cause actual results to vary from recent results or from anticipated future results. There have been no material changes to the risk factors disclosed in Part I - Item 1A, Risk Factors of our 2025 Annual Report.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 26, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 26, 2025
Where each one is used
- ccs segment: In connection with the sale of the CCS segment that was completed subsequent to fiscal year end on January 9, 2026, we repaid and issued notices of full redemption of our then-existing indebtedness and redeemed all of the outstanding shares of the Series A Convertible Preferred Stock (Convertible Preferred Stock)....
- regular dividends: •We do not intend to pay regular dividends on our common stock and, consequently, the ability of investors to achieve a return on their investment in the ordinary course will depend on appreciation in the price of our common stock.
- erp system: All acquisitions involve risks, such as the assumption of additional liabilities and expenses, issuance of debt, incurrence of transaction and integration costs, diversion of management’s attention from other business concerns, assumption of unknown contingent liabilities, unanticipated litigation costs and falling...
- year end: In connection with the sale of the CCS segment that was completed subsequent to fiscal year end on January 9, 2026, we repaid and issued notices of full redemption of our then-existing indebtedness and redeemed all of the outstanding shares of the Series A Convertible Preferred Stock (Convertible Preferred Stock)....
- pay regular: •We do not intend to pay regular dividends on our common stock and, consequently, the ability of investors to achieve a return on their investment in the ordinary course will depend on appreciation in the price of our common stock.
- ordinary course: •We do not intend to pay regular dividends on our common stock and, consequently, the ability of investors to achieve a return on their investment in the ordinary course will depend on appreciation in the price of our common stock.
- current administration: We also source many of our components from international markets. Any change in the laws and policies of the U.S. or other countries affecting trade, including pursuant to policies of the current U.S. administration, is a risk to us. To the extent there are unfavorable changes imposed by the U.S. or other countries...
- upgrades integrations: We rely on effective management information systems for critical business operations, to support strategic business decisions and to maintain a competitive edge in the marketplace. We rely on our ERP system to support critical business operations such as processing sales orders and invoicing, manufacturing,...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
30 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/VISN/export.csv") into a cell.