AUBURN HILLS, Mich., Dec. 17, 2025 /PRNewswire/ -- Continue Reading Dodge is adding more personalization paths for the Durango lineup with new exterior color and stripe options, giving enthusiasts the chance to customize their sleighs, including the Durango SRT Hellcat Jailbreak. Just in time for the holidays, Triple Nickel returns to the lineup, joining B5 Blue as recent additions to the Durango exterior color palette, which also features Destroyer Gray, Diamond Black, Green Machine, Octane Red, Vapor Gray ...

Core Insights - Dodge celebrated the 10th anniversary of MotorTrend Presents Roadkill Nights, showcasing new SIXPACK and HEMI-powered vehicles, attracting tens of thousands of fans [1][2][3] Product Launches - The 2026 Dodge Charger Scat Pack was introduced, featuring a 550-horsepower SIXPACK engine, making it the most powerful car under $55,000 [3] - The Charger R/T model will be available for order by the end of the year, starting at an MSRP of $49,995 with a 420-horsepower SIXPACK engine [3] - The 2026 Dodge Durango SRT Hellcat Jailbreak was unveiled, offering over six million customization combinations and standardizing the HEMI V-8 engine across all Durango models starting from August 13 [4] Event Highlights - The event included street-legal drag racing on Woodward Avenue, with Morgan Evans winning the Direct Connection Grudge Race for the second consecutive year [8][9] - Over 70,000 fans participated in the event, both in-person and online, making it the most viewed Roadkill Nights ever [11] - The event raised nearly $50,000 for United Way of Southeastern Michigan and showcased more than 3,350 vehicles [15] Community Engagement - Dodge Thrill Rides were offered for the first time in the new SIXPACK-powered Charger Scat Pack, opening for orders on August 13 [5] - The event featured performances by notable artists, including a unique national anthem performance by blues rock guitarist Kenny Wayne Shepherd [9][12] Brand Growth - Over the past decade, Roadkill Nights has become a premier festival for car culture, with significant growth in attendance and engagement [6][13] - Dodge continues to emphasize performance and affordability in its vehicle offerings, aiming to enhance brand loyalty among enthusiasts [6][17]

Leadership Changes - New Stellantis CEO Antonio Filosa has promoted Tim Kuniskis to oversee all American brands and lead marketing and retail strategy in North America [1] - Kuniskis remains CEO of Ram and has a broader role across the company's U.S. operations [2] Strategic Initiatives - Stellantis is reviving the Street and Racing Technology (SRT) performance division, which will focus on high-performance vehicles and motorsports [2] - Kuniskis is leading a major product launch at Ram, with plans to introduce 25 new products over the next 18 months [3] Product Development - The return of the popular V-8 Hemi engines for Ram 1500 full-size pickup trucks has been announced, with availability expected in early 2026 [3]

Core Points - Dodge announces the continuation of HEMI®-powered Dodge Durango models into the 2025 calendar year, enhancing the holiday season with a powerful offering [1][2] - The Dodge Durango SRT Hellcat features a 710-horsepower supercharged 6.2-liter HEMI® Hellcat V-8 engine, while the Durango R/T is equipped with a 5.7-liter HEMI V-8 engine producing 360 horsepower [2][3] - The announcement marks the 20th anniversary of HEMI-powered Dodge Durango production, celebrated with the introduction of four special-edition models [2][4] Production and Models - The production of HEMI-powered Durango models will continue due to market demand and customer feedback, ensuring the availability of high-performance options [3][4] - Special-edition models introduced include the Dodge Durango SRT Hellcat Brass Monkey, Hammerhead, Silver Bullet, and the Durango R/T 20th Anniversary edition, all available for ordering [4][5] Multi-Energy Lineup - Dodge is expanding its multi-energy vehicle options, including the award-winning 3.6-liter Pentastar V-6 engine for the Durango GT and the upcoming all-electric Dodge Charger Daytona [5][6] - The Dodge Hornet will offer performance hybrid and gas-powered options, showcasing the brand's commitment to electrification alongside traditional performance vehicles [6][9] Brand Legacy and Future - Dodge has a 110-year legacy of performance, continuing to innovate with powerful vehicles while transitioning towards electrified options [7][8] - The next-generation Dodge Charger aims to retain its title as the world's quickest and most powerful muscle car, with multi-energy powertrain options available [8][9]

AUBURN HILLS, Mich., Sept. 9, 2024 /PRNewswire/ -- The Dodge brand continues to& fuel horsepower-hungry HEMI® lovers with the introduction of a new special-edition model of the most powerful SUV& ever: the 710-horsepower 2025 Dodge Durango SRT Hellcat Hammerhead. The Dodge brand continues to& fuel horsepower-hungry HEMI® lovers with the introduction of a new specialedition model of the most powerful SUV& ever: the 710-horsepower 2025 Dodge Durango SRT Hellcat Hammerhead. Dodge continues to celebrate two dec ...

Core Points - Dodge brand celebrates 20 years of HEMI-powered Durango production by launching two special-edition models: the 2025 Dodge Durango SRT Hellcat Silver Bullet and the Dodge Durango R/T 20th Anniversary [1][2][4] Group 1: Special-Edition Models - The 2025 Dodge Durango SRT Hellcat Silver Bullet features Triple Nickel exterior paint, Satin Black painted hood, grey metallic SRT Hellcat badging, and premium interior finishes [2][6][9] - The 2025 Dodge Durango R/T 20th Anniversary model includes unique HEMI hood graphics, "345" fender badging, and a Tow N Go package, celebrating two decades of the 5.7L HEMI V-8 engine [2][11][12] Group 2: Performance Specifications - The 2025 Dodge Durango SRT Hellcat Silver Bullet can accelerate from 0 to 60 mph in 3.5 seconds, complete a quarter-mile in 11.5 seconds, and reach a top speed of 180 mph [6][10] - The Durango R/T 20th Anniversary model is equipped with a black six-piston Brembo brake system and offers a towing capacity of 8,700 lbs [11][12] Group 3: Availability and Pricing - The special-edition models are available for ordering at dealerships now, with the Durango SRT Hellcat Silver Bullet starting at a manufacturer's suggested retail price (MSRP) of $113,325 [5][10] - The Durango R/T 20th Anniversary is available in two trim options, with the Plus trim starting at $66,970 and the Premium option at $70,470 [12][13] Group 4: Brand Legacy - Dodge has been delivering performance vehicles for 110 years, with a focus on combining power and family-friendly features in their lineup [14][16] - The brand is also moving towards electrification with the next-generation Dodge Charger, which will include multi-energy powertrain options [15][16]

Core Viewpoint - American Rebel Holdings, Inc. is actively promoting its brand through sponsorship of Matt Hagan's Dodge SRT Hellcat Funny Car at the Lucas Oil NHRA Nationals, highlighting its recent entry into the beverage industry with American Rebel Beer [1][2][4] Group 1: Company Overview - American Rebel Holdings, Inc. operates as a designer, manufacturer, and marketer of branded safes, personal security and self-defense products, and has recently expanded into the beverage sector with the introduction of American Rebel Beer [4] - The company also produces branded apparel and accessories, indicating a diversified product portfolio [4] Group 2: Sponsorship and Marketing Strategy - The company is the primary sponsor of Matt Hagan's Funny Car, which aligns with its branding strategy of promoting American values and patriotism through its products [1][2] - Matt Hagan expressed his personal investment in American Rebel, emphasizing a strong relationship with the company's CEO, Andy Ross, which enhances brand representation [2] - American Rebel Beer is positioned as a patriotic product, with marketing efforts focused on appealing to consumers who value American traditions and values [2][3] Group 3: Product Availability - American Rebel Light Lager is currently available at Tony Stewart's Eldora Speedway and in several states, with plans for broader distribution [3] - The company encourages consumers to use its store locator feature on the website to find availability in their area, indicating a proactive approach to customer engagement [3]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company reported a net loss in Q3 2023 and for the nine months, driven by significant impairment charges and asset reclassifications due to divestitures [Consolidated Statement of Income (Loss)](index=5&type=section&id=Consolidated%20Statement%20of%20Income%20%28Loss%29) Startek reported a Q3 2023 net loss of **$24.2 million** due to a **$24.9 million** impairment charge, reversing prior year's net income Consolidated Statement of Income (Loss) Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $93,629 | $94,878 | $276,915 | $292,117 | | **Gross Profit** | $12,488 | $14,567 | $37,133 | $38,935 | | **Operating Income (Loss)** | $(22,728) | $1,540 | $(19,065) | $4,475 | | **Impairment Losses** | $(24,894) | $(37) | $(24,769) | $(110) | | **Income (Loss) from Continuing Operations** | $(24,597) | $133 | $(25,186) | $1,813 | | **Net Income (Loss) Attributable to Startek Shareholders** | $(24,230) | $243 | $(18,365) | $867 | | **Basic Net Income (Loss) per Share** | $(0.60) | $0.01 | $(0.45) | $0.02 | [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) Total assets decreased to **$369.5 million** due to asset reclassification and sales, while liabilities and equity also declined following debt repayments and net loss Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $130,921 | $355,738 | | Assets classified as held for sale | $7,783 | $202,831 | | **Total Assets** | $369,485 | $626,043 | | **Total Current Liabilities** | $105,630 | $288,461 | | Current maturity of long term debt | $12,269 | $120,466 | | **Total Liabilities** | $199,049 | $374,477 | | **Total Stockholders' Equity** | $170,436 | $251,566 | [Consolidated Statement of Cash Flows](index=10&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Operating cash flow decreased to **$5.2 million**, while investing activities provided **$21.5 million** from divestitures, and financing used **$98.7 million** for debt repayment Consolidated Statement of Cash Flows Highlights (in thousands) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash from operating activities** | $5,226 | $22,268 | | **Net cash from investing activities** | $21,489 | $(11,939) | | Proceeds from sale of discontinued operations | $35,782 | - | | **Net cash from financing activities** | $(98,711) | $(1,963) | | Payments of long term debt | $(93,466) | - | | **Net (decrease) in cash and cash equivalents** | $(71,996) | $8,366 | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes include the **CCC divestiture**, **goodwill impairment**, **Argentina operations held for sale**, a **merger agreement to go private**, and a **$20 million share repurchase program** - On April 3, 2023, the company completed the sale of its 51% ownership interest in Contact Center Company (CCC) for a final consideration of **$69.8 million**, recognizing a pre-tax gain on disposal of **$11.7 million**[84](index=84&type=chunk)[89](index=89&type=chunk) - The company has classified its Argentina operations as 'Held for Sale and Discontinued Operations' and is in advanced discussions with potential buyers[91](index=91&type=chunk)[92](index=92&type=chunk) - Due to a decline in the forecasted business outlook, the company recorded a goodwill impairment charge of **$19.6 million** across its Americas, India, Malaysia, and Australia reporting units[98](index=98&type=chunk)[99](index=99&type=chunk)[119](index=119&type=chunk) - On October 10, 2023, Startek entered into a merger agreement to be acquired by affiliates of CSP Alpha and taken private. Shareholders will receive **$4.30** in cash per share. The transaction is expected to close before the end of 2023[164](index=164&type=chunk)[167](index=167&type=chunk) - In April 2023, the Board approved a new share repurchase program authorizing the company to buy back up to **$20 million** of its common stock[161](index=161&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 revenue decline, gross margin compression, significant impairment charges, the pending merger, and strengthened liquidity - A definitive merger agreement was signed on October 10, 2023, for the company to be taken private by affiliates of CSP Alpha and CSP Victory at a price of **$4.30** per share in cash[173](index=173&type=chunk) - The company completed the sale of its stake in the Saudi Arabia joint venture (CCC) on April 3, 2023, for **$69.8 million**[178](index=178&type=chunk) - Q3 2023 revenue decreased by **1.3%** YoY, driven by declines in India & Sri Lanka, Australia, and South Africa, while the Americas region grew[179](index=179&type=chunk)[181](index=181&type=chunk) - A major impairment charge of **$24.9 million** was recorded in Q3 2023, consisting of **$19.6 million** for goodwill and **$4.8 million** for right-of-use assets, due to a revised business forecast and infrastructure rationalization[195](index=195&type=chunk) - The company significantly reduced its leverage by repaying about **60%** of its debt outstanding at the start of the year, using proceeds from divestments[226](index=226&type=chunk) [Results of Operations — Three Months Ended September 30, 2023 and 2022](index=47&type=section&id=Results%20of%20Operations%20%E2%80%94%20Three%20Months%20Ended%20September%2030%2C%202023%20and%202022) Q3 2023 revenue declined **1.3%** to **$93.6 million** due to regional volume reductions, while gross margin compressed and a significant impairment charge led to an operating loss Revenue by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Americas | $47,860 | $39,444 | | India & Sri Lanka | $22,365 | $27,888 | | Malaysia | $11,262 | $11,357 | | Australia | $7,680 | $9,845 | | South Africa | $4,460 | $5,392 | | **Total** | **$93,629** | **$94,878** | Revenue by Industry Vertical (in thousands) | Vertical | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Telecom | $24,134 | $25,309 | | E-commerce & Consumer | $15,524 | $20,276 | | Media & Cable | $15,439 | $10,748 | | Financial & Business Services | $11,040 | $13,372 | | **Total** | **$93,629** | **$94,878** | - Gross margin decreased to **13.3%** in Q3 2023 from **15.4%** in Q3 2022, as cost of services increased as a percentage of revenue[192](index=192&type=chunk)[193](index=193&type=chunk) - SG&A expenses decreased to **11.0%** of revenue from **13.7%** in the prior year, partly due to a one-time **$1.4 million** take-private transaction cost in Q3 2022[194](index=194&type=chunk) [Results of Operations — Nine Months Ended September 30, 2023 and 2022](index=51&type=section&id=Results%20of%20Operations%20%E2%80%94%20Nine%20Months%20Ended%20September%2030%2C%202023%20and%202022) Nine-month revenue decreased **5.2%** to **$276.9 million**, with regional declines offsetting Americas growth, while gross margin slightly improved despite a **$24.8 million** impairment charge Revenue by Segment - Nine Months (in thousands) | Segment | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Americas | $137,894 | $126,811 | | India & Sri Lanka | $67,770 | $82,112 | | Malaysia | $32,541 | $34,068 | | Australia | $24,939 | $28,952 | | South Africa | $13,734 | $17,574 | | **Total** | **$276,915** | **$292,117** | - Gross profit as a percentage of revenue for the nine-month period increased slightly to **13.4%** from **13.3%** in the prior year[215](index=215&type=chunk)[216](index=216&type=chunk) - Impairment losses and restructuring costs totaled **$24.8 million** for the nine months ended Sep 30, 2023, compared to just **$110 thousand** in the prior year period[218](index=218&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity sources include cash from operations and debt facilities, with **$96.3 million** in debt repayments made from divestment proceeds, and the company remains covenant compliant - The company made a prepayment of **$96.3 million** towards its term loan and revolving credit facility from the proceeds of divestments[227](index=227&type=chunk) - Cash provided by operating activities for the nine months ended Sep 30, 2023, was **$12.9 million**, compared to **$10.8 million** in the same period of 2022[228](index=228&type=chunk) - As of September 30, 2023, the company was in compliance with all financial covenants related to its term loan[226](index=226&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a Smaller Reporting Company, Startek is not required to provide this information - The company qualifies as a Smaller Reporting Company and is therefore not required to provide this disclosure[237](index=237&type=chunk) [Controls and Procedures](index=57&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of September 30, 2023 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[238](index=238&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2023[240](index=240&type=chunk) [PART II - OTHER INFORMATION](index=59&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=59&type=section&id=ITEM%201.%20Legal%20proceeding) The company reported no legal proceedings during the period - None[242](index=242&type=chunk) [Risk Factors](index=59&type=section&id=ITEM%201A.%20Risk%20Factors) New material risk factors relate to the pending merger, including non-completion risks, adverse impacts, and potential termination fees - The consummation of the merger is subject to conditions that are largely outside the company's control, and failure to meet them could lead to termination of the agreement[244](index=244&type=chunk) - Failure to complete the merger could adversely affect the company's stock price, business, and financial condition due to incurred transaction costs and business disruptions[246](index=246&type=chunk) - While the merger is pending, the company is subject to contractual restrictions that could prevent it from pursuing beneficial strategic transactions or responding to competitive pressures[248](index=248&type=chunk) - The company may be required to pay a termination fee of **$1.85 million** to the acquirer if the merger agreement is terminated under specific circumstances, such as the board changing its recommendation[253](index=253&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=ITEM%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) A new **$20 million** share repurchase program was approved, with **65,990** shares repurchased at **$2.94** per share - A new share repurchase program was approved on April 24, 2023, authorizing up to **$20 million** in common stock repurchases[257](index=257&type=chunk) - During the first nine months of 2023, the company repurchased **65,990** shares at an average cost of **$2.94** per share[256](index=256&type=chunk) [Defaults Upon Senior Securities](index=62&type=section&id=ITEM%203.%20Defaults%20upon%20senior%20securities) The company reported no defaults upon senior securities - None[259](index=259&type=chunk) [Mine Safety Disclosure](index=62&type=section&id=ITEM%204.%20Mine%20safety%20disclosure) This item is not applicable to the company - Not applicable[260](index=260&type=chunk) [Other Information](index=62&type=section&id=ITEM%205.%20Other%20Information) No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended September 30, 2023 - No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended September 30, 2023[261](index=261&type=chunk) [Exhibits](index=63&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications (Sections 302 and 906) and the Inline XBRL financial data

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Startek, Inc.'s unaudited consolidated financial statements, including income, balance sheets, cash flows, and notes on key events like the CCC sale and Argentina operations Consolidated Statement of Income (Loss) Highlights (Unaudited, In thousands) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $91,197 | $96,147 | $183,286 | $197,239 | | **Gross Profit** | $11,663 | $11,034 | $24,645 | $24,823 | | **Operating Income (Loss)** | $1,307 | $1,108 | $3,663 | $2,941 | | **Income (Loss) from Continuing Operations** | ($31) | $2,447 | ($589) | $1,680 | | **Income (Loss) from Discontinued Operations** | $6,566 | $181 | $9,043 | $1,234 | | **Net Income (Loss) Attributable to Startek** | $6,535 | $1,867 | $5,865 | $624 | Consolidated Balance Sheet Highlights (Unaudited, In thousands) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $34,908 | $22,457 | | **Assets classified as held for sale** | $8,416 | $202,831 | | **Total Assets** | $404,786 | $626,043 | | **Total Debt (Short & Long Term)** | $78,497 | $175,908 | | **Total Liabilities** | $209,486 | $374,477 | | **Total Stockholders' Equity** | $195,300 | $251,566 | Consolidated Statement of Cash Flows Highlights (Unaudited, In thousands) | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Net cash from operating activities** | $491 | $9,650 | | **Net cash from/(used in) investing activities** | $23,690 | ($7,135) | | **Net cash used in financing activities** | ($97,959) | ($634) | [Note 1: Overview and Basis of Preparation](index=14&type=section&id=Note%201%20Overview%20and%20Basis%20of%20Preparation) Startek is a global technology-enabled business process management provider, with financial statements prepared under U.S. GAAP, noting Middle East and Argentina operations as discontinued - The company provides omni-channel customer experience, digital transformation, and technology services to over **145 clients** in various industries[30](index=30&type=chunk) - Operations in the Middle East and Argentina were classified as 'Held for Sale and Discontinued Operations' during the previous year[32](index=32&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=15&type=section&id=Note%202%20Summary%20of%20Significant%20Accounting%20Policies) This note details significant accounting policies, including revenue recognition, impairment testing, and lease accounting, highlighting the adoption of ASC Topic 326 which decreased retained earnings by **$101 thousand** - The company adopted ASC Topic 326 (Financial Instruments—Credit Losses) on January 1, 2023, using a modified retrospective approach, resulting in a cumulative-effect adjustment decreasing opening retained earnings by **$101 thousand**[79](index=79&type=chunk)[108](index=108&type=chunk) - Revenue is recognized over time as services are performed, based on a stand-ready obligation to provide care services for customers' clients[101](index=101&type=chunk)[103](index=103&type=chunk) - Goodwill is tested for impairment annually on December 31 or when triggering events occur, using a qualitative assessment followed by a quantitative test if necessary[48](index=48&type=chunk) [Note 3A: Discontinued Operations and Held for Sale - Contact Center Company (CCC)](index=23&type=section&id=Note%203A%20Discontinued%20Operations%20and%20Held%20for%20Sale-Contact%20Center%20Company) The company completed the sale of its **51% stake** in Contact Center Company (CCC) for **$69.8 million**, resulting in an **$11.7 million** pre-tax gain reported within discontinued operations - The sale of the **51% stake** in CCC was completed on April 3, 2023, for a final consideration of **$69.8 million**[83](index=83&type=chunk) Gain on Disposal of CCC (June 30, 2023, In thousands) | Description | Amount | | :--- | :--- | | Gross purchase price, as adjusted | $69,800 | | Less: Carrying value of net assets sold | ($55,122) | | Less: Unrecognised pension costs | ($3,062) | | Add: Foreign currency translation | $50 | | **Pre-tax gain on disposal** | **$11,666** | [Note 3B: Discontinued Operations and Held for Sale - Argentina](index=26&type=section&id=Note%203B%20Discontinued%20Operations%20and%20Held%20for%20Sale-%20Argentina) The company classified its Argentina operations as held for sale, reporting a net loss of **$2.4 million** on **$13.0 million** revenue for the six months ended June 30, 2023 - The company is actively seeking to sell its Aegis Argentina operations and has entered into discussions with potential buyers during Q2 2023[89](index=89&type=chunk) Argentina Discontinued Operations Financial Summary (Six Months Ended, In thousands) | Metric | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Revenue | $12,964 | $15,978 | | Operating Loss | ($4,072) | ($3,337) | | Net Loss | ($2,419) | ($2,273) | [Note 4: Goodwill and Intangible Assets](index=28&type=section&id=Note%204%20Goodwill%20and%20Intangible%20Assets) As of June 30, 2023, the company reported **$120.5 million** in goodwill and **$74.6 million** in net intangible assets, with no impairment identified during the period - Based on a qualitative assessment as of June 30, 2023, management concluded there was no impairment of goodwill[94](index=94&type=chunk) Goodwill and Intangible Assets (June 30, 2023, In thousands) | Asset | Net Value | | :--- | :--- | | Goodwill | $120,505 | | Net Intangible Assets | $74,602 | [Note 10: Debt](index=36&type=section&id=Note%2010%20Debt) Total debt significantly reduced to **$78.5 million** as of June 30, 2023, from **$175.9 million** at year-end 2022, primarily due to prepayments from CCC disposal proceeds, with the company in compliance with all covenants - In April 2023, the company used proceeds from the CCC sale to make a prepayment of **$48 million** against its senior term loan and **$7 million** against revolving credit facilities[134](index=134&type=chunk) Debt Summary (In thousands) | Debt Category | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Short term debt | $11,089 | $14,267 | | Current portion of long term debt | $6,564 | $120,466 | | Long term debt | $60,848 | $41,175 | | **Total** | **$78,501** | **$175,908** | [Note 14: Segment and Geographical Information](index=39&type=section&id=Note%2014%20Segment%20and%20geographical%20information) The company's operations are segmented geographically, with the Americas being the largest revenue contributor at **$90.0 million** and highest operating income at **$4.8 million** for the six months ended June 30, 2023 Revenue by Segment (Six Months Ended June 30, In thousands) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Americas | $90,035 | $87,367 | | India & Sri Lanka | $45,405 | $54,224 | | Malaysia | $21,278 | $22,711 | | Australia | $17,259 | $19,107 | | South Africa | $9,275 | $12,182 | | **Total** | **$183,286** | **$197,239** | - A single client in the Americas segment accounted for **10%** of the consolidated total net revenue for the six months ended June 30, 2023 and 2022[144](index=144&type=chunk) [Note 16: Common Stock](index=42&type=section&id=Note%2016%20Common%20Stock) The Board approved a new **$20 million** stock repurchase program on April 24, 2023, with **51,979 shares** repurchased at an average price of **$2.96** per share during the six months ended June 30, 2023 - A new stock repurchase plan was approved on April 24, 2023, authorizing up to **$20 million** in share buybacks[153](index=153&type=chunk) - During the six months ended June 30, 2023, the company repurchased **51,979 shares** for a total cost of approximately **$154 thousand**[155](index=155&type=chunk)[228](index=228&type=chunk) [Note 17: Subsequent Events](index=42&type=section&id=Note%2017%20Subsequent%20Events) CSP Fund II LP made an open offer on July 18, 2023, to acquire all outstanding Startek common stock not already owned by its affiliates for **$3.80 per share** in cash - CSP Fund II LP made an open offer to acquire all outstanding common shares it does not already own at a price of **$3.80 per share** on July 18, 2023[156](index=156&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting revenue decreases in Q2 and H1 2023 due to volume reductions, offset by improved gross margin from favorable geography mix and significant debt reduction post-CCC divestiture [Results of Operations — Three Months Ended June 30, 2023 and 2022](index=43&type=section&id=RESULTS%20OF%20OPERATIONS%20%E2%80%94%20THREE%20MONTHS%20ENDED%20JUNE%2030%2C%202023%20AND%202022) Q2 2023 revenue decreased **5.1%** to **$91.2 million** due to volume declines, but gross profit increased to **$11.7 million**, and gross margin improved to **12.8%** due to favorable geography mix and lower employee costs Q2 Revenue by Segment (In thousands) | Segment | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Americas | $45,558 | $41,952 | | India & Sri Lanka | $22,158 | $26,264 | | Malaysia | $10,696 | $11,431 | | Australia | $8,271 | $9,628 | | South Africa | $4,509 | $5,992 | | **Total** | **$91,197** | **$96,147** | Q2 Gross Profit and Margin (In thousands) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Revenue | $91,197 | $96,147 | | Cost of services | $79,534 | $85,113 | | **Gross profit** | **$11,663** | **$11,034** | | **Gross margin** | **12.8%** | **11.5%** | - The decrease in cost of services as a percentage of revenue (to **87.2%** from **88.5%**) was primarily driven by a change in geography mix with higher revenues from lower-cost offshore and nearshore delivery locations[173](index=173&type=chunk)[174](index=174&type=chunk) [Results of Operations — Six Months Ended June 30, 2023 and 2022](index=47&type=section&id=RESULTS%20OF%20OPERATIONS%20%E2%80%94%20SIX%20MONTHS%20ENDED%20JUNE%2030%2C%202023%20AND%202022) H1 2023 revenue decreased **7.1%** to **$183.3 million**, primarily from India & Sri Lanka, South Africa, and Australia, while gross margin improved to **13.4%** due to a better geography mix H1 Revenue by Segment (In thousands) | Segment | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Americas | $90,035 | $87,367 | | India & Sri Lanka | $45,405 | $54,224 | | Malaysia | $21,278 | $22,711 | | Australia | $17,259 | $19,107 | | South Africa | $9,275 | $12,182 | | **Total** | **$183,286** | **$197,239** | H1 Gross Profit and Margin (In thousands) | Metric | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Revenue | $183,286 | $197,239 | | Cost of services | $158,641 | $172,416 | | **Gross profit** | **$24,645** | **$24,823** | | **Gross margin** | **13.4%** | **12.6%** | [Liquidity and Capital Resources](index=50&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's liquidity sources include cash from operations and debt facilities, with cash decreasing to **$39.1 million** due to using divestment proceeds to repay approximately **60%** of outstanding debt, while remaining in compliance with all covenants - The company made a repayment of around **60%** of debt outstanding at the beginning of the year from the proceeds of the CSS Corp and CCC divestments[208](index=208&type=chunk) - Net cash used in financing activities was **$97.7 million** for H1 2023, primarily due to the repayment of senior term debt[212](index=212&type=chunk) - As of June 30, 2023, the company was in compliance with all financial covenants associated with its term loan[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a Smaller Reporting Company, Startek is not required to provide quantitative and qualitative disclosures about market risk - As a Smaller Reporting Company, Startek is not required to provide the information for this item[220](index=220&type=chunk) [Controls and Procedures](index=51&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[221](index=221&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[223](index=223&type=chunk) [PART II - OTHER INFORMATION](index=53&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=53&type=section&id=ITEM%201.%20Legal%20proceeding) The company reported no legal proceedings for the period - None[225](index=225&type=chunk) [Risk Factors](index=53&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors were reported, except for the removal of a joint venture-related risk factor following the CCC disposal - A risk factor concerning alliances and joint ventures is no longer applicable due to the disposal of the company's interest in the CCC joint venture[226](index=226&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=ITEM%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) The Board approved a new **$20 million** stock repurchase program on April 24, 2023, with **51,979 shares** repurchased at an average price of **$2.96** per share during H1 2023 - The Board of Directors approved a new stock repurchase program for up to **$20 million** on April 24, 2023[229](index=229&type=chunk) - In H1 2023, the company repurchased **51,979 shares** at an average cost of **$2.96 per share**[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=ITEM%203.%20Defaults%20upon%20senior%20securities) The company reported no defaults upon senior securities - None[231](index=231&type=chunk) [Mine Safety Disclosure](index=53&type=section&id=ITEM%204.%20Mine%20safety%20disclosure) This item is not applicable to the company - Not applicable[232](index=232&type=chunk) [Other Information](index=53&type=section&id=ITEM%205.%20Other%20Information) No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2023 - No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2023[233](index=233&type=chunk) [Exhibits](index=54&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including consent requests, separation agreements, and CEO/CFO certifications - Key exhibits include CEO and CFO certifications (31.1, 31.2, 32.1) and Inline XBRL data (101)[234](index=234&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2023 or (303) 262-4500 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file nu ...