The Buried Footnote

Year-over-Year Drift OTEX

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Certainty language minus hedging language in Risk Factors. Positive = assertive, negative = hedging-heavy.

From 2021-08-05 (10-K) to 2025-08-07 (10-K), this metric decreased across 5 filings.

10-K 2022-08-05 3 → 12 add-backs (+9)

new: Acquisition Related Costs FOR ZIX Included IN Special Charges Recoveries IN THE Consolidated Financial Statements FOR THE YEAR Ended JUNE 30 2022 WERE 29 Million Additionally During THE YEAR Ended JUNE 30 2021 WE Recognized A NET Recovery OF 172 Million Related TO Abandoned Facilities Workforce Reductions AND THE Write OFF OF Fixed Assets Amortization OF Acquired Intangible Assets During THE YEAR Ended JUNE 30 2021 WE Recorded NET Recoveries OF 135 Million Related TO Office Space THAT WAS Abandoned During THE Fourth Quarter OF Fiscal 2020 AND HAS Since BEEN Early Terminated OR Assigned TO A Third Party Interest Income Expense Other Income Expense Other Miscellaneous Charges PRE Acquisition Equity Incentives OF 263 Million WERE Replaced UPON Acquisition BY Equivalent Value CASH Settlements TO BE Settled IN Accordance WITH THE Original Vesting Dates Primarily OVER THE NEXT TWO Years Restructuring Share Based Compensation Share Based Compensation Expense

10-K 2025-08-07 unqualified 2 CAMs · auditor since 2001
- Evaluation of the determination of standalone selling prices of revenue performance obligations for customer contracts with a software license
- Assessment of uncertain tax positions
10-K 2024-08-01 unqualified 2 CAMs · auditor since 2001
- Evaluation of the determination of standalone selling prices of revenue performance obligations for customer contracts with a software license
- Assessment of uncertain tax positions
10-K 2023-08-03 unqualified 3 CAMs · auditor since 2001
- Evaluation of the determination of standalone selling prices of revenue performance obligations for customer contracts with a software license
- Assessment of uncertain tax positions
- Business combination - Valuation of acquired intangible assets
10-K 2022-08-05 unqualified 2 CAMs · auditor since 2001
- Evaluation of the determination of standalone selling prices of revenue performance obligations for customer contracts with a software license
- Assessment of uncertain tax positions
10-K 2021-08-05 unqualified 3 CAMs · auditor since 2001
- Changes in Accounting Principles
- Evaluation of the determination of standalone selling prices of revenue performance obligations for customer contracts with a software license
- Assessment of uncertain tax positions

Receivables building faster than sales FY 2023-06-30

receivables +60% vs revenue +28% · DSO 44.6→55.5 days
Doubtful-accounts allowance eroding FY 2023-06-30

allowance +4%→+2% of receivables, which grew +60%

Impairment risk language

density 1.57→1.38 / 10k chars (46→51 mentions) · new: triggering event, write off

Added