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New words:
auditor, bolster, broadly, costly, disinflation, divestiture, elevated, enterprise, interface, lead, Looser, low, midst, outsourcing, prolong, recruiting, Red, resource, steady, system, temporarily, tracking, unwinding, usage, withdrawal
Removed:
Boston, slight, tilted, transition
Financial report summary
?Management Discussion
- Global macro-economic trends, technology spending and supply chain management market growth are important barometers for our business. In fiscal 2023, approximately 81% of our total revenue was generated in the United States, 10% was in the Europe, Middle East and Africa ("EMEA") and the remaining balance in Asia Pacific ("APAC"), Canada and Latin America. Gartner Inc. (“Gartner”), an information technology research and advisory company, estimates that nearly 76% of every supply chain solutions dollar invested is spent in North America and Western Europe, consequently, the health of those economies have a meaningful impact on our financial results.
- In April 2023, the International Monetary Fund (“IMF”) provided an update to the World Economic Outlook for the 2023 world economic growth forecast. The update noted that, “Tentative signs in early 2023 that the world economy could achieve a soft landing—with inflation coming down and growth steady—have receded amid stubbornly high inflation and recent financial sector turmoil. Although inflation has declined as central banks have raised interest rates and food and energy prices have come down, underlying price pressures are proving sticky, with labor markets tight in a number of economies. Side effects from the fast rise in policy rates are becoming apparent, as banking sector vulnerabilities have come into focus and fears of contagion have risen across the broader financial sector, including nonbank financial institutions. Policymakers have taken forceful actions to stabilize the banking system.
- In parallel, the other major forces that shaped the world economy in 2022 seem set to continue into this year, but with changed intensities. Debt levels remain high, limiting the ability of fiscal policymakers to respond to new challenges. Commodity prices that rose sharply following Russia’s invasion of Ukraine have moderated, but the war continues and geopolitical tensions are high. Infectious COVID-19 strains caused widespread outbreaks last year, but economies that were hit hard—most notably