War and geopolitics
109 of 521 companies dropped a paragraph in Risk Factors that uses one of these words:
Ukraine, Russia, Israel, Middle East, geopolitical, war.
The paragraph was in the earlier 10-K and nothing like it is in the latest.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Optical Instruments & Lenses | 2 | 2 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Canned, Fruits, Veg, Preserves, Jams & Jellies | 1 | 1 |
| Electrical Industrial Apparatus | 1 | 1 |
| Electronic Components, NEC | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Food and Kindred Products | 1 | 1 |
| Gas & Other Services Combined | 1 | 1 |
| Meat Packing Plants | 1 | 1 |
| Miscellaneous Food Preparations & Kindred Products | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Oil Royalty Traders | 1 | 1 |
| Paper Mills | 1 | 1 |
| Real Estate | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Retail Stores, NEC | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Special Industry Machinery, NEC | 1 | 1 |
| Sugar & Confectionery Products | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| X-Ray Apparatus & Tubes & Related Irradiation Apparatus | 1 | 1 |
| Computer Communications Equipment | 2 | 3 |
| Perfumes, Cosmetics & Other Toilet Preparations | 2 | 3 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 2 | 4 |
| Aircraft Engines & Engine Parts | 1 | 2 |
| Computer Peripheral Equipment, NEC | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 1 | 2 |
| Paperboard Containers & Boxes | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Pumps & Pumping Equipment | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-Medical Laboratories | 1 | 2 |
| Telephone Communications (No Radiotelephone) | 1 | 2 |
| National Commercial Banks | 5 | 11 |
| Computer Storage Devices | 2 | 5 |
| Hospital & Medical Service Plans | 2 | 5 |
| Industrial Instruments For Measurement, Display, and Control | 2 | 5 |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | 2 | 5 |
| Finance Services | 11 | 28 |
| Air Transportation, Scheduled | 1 | 3 |
| Electrical Work | 1 | 3 |
| Electronic Computers | 1 | 3 |
| Measuring & Controlling Devices, NEC | 1 | 3 |
| Natural Gas Transmission | 1 | 3 |
| Retail-Auto Dealers & Gasoline Stations | 1 | 3 |
| Services-Computer Integrated Systems Design | 1 | 3 |
| Services-Consumer Credit Reporting, Collection Agencies | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Surgical & Medical Instruments & Apparatus | 3 | 10 |
| Crude Petroleum & Natural Gas | 2 | 7 |
| Pharmaceutical Preparations | 3 | 11 |
| Semiconductors & Related Devices | 4 | 15 |
| Investment Advice | 2 | 8 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Electric Services | 3 | 15 |
| Biological Products, (No Diagnostic Substances) | 1 | 5 |
| Laboratory Analytical Instruments | 1 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 1 | 5 |
| Services-Business Services, NEC | 3 | 16 |
| Electric & Other Services Combined | 2 | 12 |
| Insurance Agents, Brokers & Service | 1 | 6 |
| State Commercial Banks | 1 | 6 |
| Real Estate Investment Trusts | 4 | 27 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
| Services-Prepackaged Software | 2 | 19 |
263 paragraphs · Services-Computer Programming, Data Processing, Etc. show all sectors
General macroeconomic conditions, such as inflation, high interest rates, or a recession or economic slowdown in the United States or internationally, including those resulting from uncertainty in the global banking and financial services markets, political uncertainty and international conflicts around the world, such as between Russia and Ukraine and in the Middle East, as well as, friction between the United States and China, could create uncertainty and adversely affect discretionary consumer spending habits and preferences as well as advertising spending. Our revenue is driven in part by discretionary consumer spending habits and preferences, and by advertising spending patterns. Historically, consumer purchasing and advertising spending have each declined during economic downturns and periods of uncertainty regarding future economic prospects or when disposable income or consumer lending is lower. In certain periods in 2022, we experienced the impacts of the macroeconomic deterioration as advertisers more closely managed budgets and reduced overall spend, which resulted in slowed growth for our Advertising solutions. Uncertain economic conditions may impact advertiser spending in future periods and may also adversely affect our clients, which in turn may harm our business, financial condition, and results of operations. In addition, the economic conditions affecting the financial markets, and uncertainty in global economic conditions may result in a number of adverse effects including a low level of liquidity in domestic and global markets, volatility in credit, equity, and currencies and instability in the stock market. There could be a number of other follow-on effects from these economic developments on our business, including customer insolvencies, decreased demand for our marketing solutions; decreased customer ability to pay their accounts, and increased collections risk and defaults. We are particularly susceptible to market conditions and risks associated with the advertising ecosystem, including changes in user demographics, the availability and popularity of other forms
Read in the 10-K filed Feb 27, 2025 ↗