Team Lease Services Ltd Management Discussions

Economic review

Global Economic overview1

The global economy showed resilience in CY2024, achieving a growth rate of 3.2% despite challenges from geopolitical conflicts, trade tensions and shifts in monetary policy. The US economy remained strong during the year with high employment rate and corporate earnings. In the US, there has recently been a change in Presidency, which may result in considerable policy changes, impacting global trade and bilateral relations among nations.

Emerging markets and developing economies were notable for their accelerated growth rate of 4.2%, substantially outpacing the 1.7% growth observed in advanced economies.

A key factor in stabilising prices and enhancing economic activity was the notable decline in global inflation from 6.7% in CY 2023 to 5.8% in CY 2024.2 This achievement can be attributed to the stringent and timely monetary policies enacted by central banks, along with the expansion of energy supply, which collectively supported steady growth.

Despite the complexities of global geopolitics and structural challenges, robust government expenditures and resilient consumer activity contributed to sustaining a steady pace of economic progress.

Despite ongoing challenges and economic turbulence global GDP growth is expected to remain stable at 3.3% in CY2025 and CY2026, supported by resilient consumer demand and strategic policy adjustments. However, global trade volume estimates have been revised downwards due to increasing geoeconomic fragmentation. An appreciating US dollar is expected to boost the competitiveness of Europe and the Global South.

Inflationary pressures are expected to ease further. According to projections, global headline inflation will drop to 4.2% in CY 2025 and then to 3.5% in CY 2026, with advanced economies attaining target levels earlier than emerging market and developing economies. Structural reforms, targeted fiscal policies and improved financial integration will be crucial in ensuring stability. With a calibrated approach to policy responses, economies with strong domestic demand and stable fiscal frameworks are better positioned to navigate global uncertainties and sustain growth momentum.

Indian economy3

Overview

Indias economy continued to demonstrate resilience amid global uncertainties, with GDP growth estimated at 6.5% in FY2025. This momentum is driven by strong domestic consumption, a robust services sector, infrastructure expansion and significant workforce expansion. Moreover, policy reforms, liberalisation efforts and government-led investments continue to create a favourable environment for businesses and investors.

The Reserve Bank of India (RBI) maintained a vigilant stance on inflation while supporting growth. CPI inflation moderated to 4.6%, supported by stable food prices, improved supply chain efficiencies and proactive monetary interventions.5 This downward trend is enhancing consumer confidence, leading to higher spending across key sectors. Indias services industry, digital penetration and financial inclusion initiatives further strengthen its position as a dynamic economic hub.

Despite, providing tax relief and capital expenditure (to the tune of 3.4% of GDP), the Government is expected to meet its fiscal deficit target of 4.4% by FY 26 through aggressive disinvestment and monetisation of assets.

Foreign Direct Investments (FDIs) inflows saw a 26% year-on-year increase in FY25, rising to $42.1 billion from $33.5 billion in FY24.6 Fiscal discipline, a resilient financial sector and substantial foreign exchange reserves have helped India weather global uncertainties. Supported by a stable monetary framework and increased infrastructure spending, the country is well-positioned to sustain its growth path.

Manufacturing output Services business activity Composite output

Data compiled September 2024 including PMI data to August 2024. PMI (Purchasing Managers Index) value of 50 no change on prior month.

[Source: S&P Global, Sep 2024]

Outlook

Indias growth outlook remains strong, with GDP projected to grow between 6.3% and 6.8% in FY 2025-26 . The Union Budget for FY2025-267 has given significant income tax relief to salaried individuals, which will significantly boost urban spending8 . However, the impact of US tariffs and global dynamics is yet to be assessed.

Additionally, the anticipated 25 basis points rate cut by the Reserve Bank of India (RBI) is expected to inject liquidity into the economy, encouraging greater investments and spending.

Retail inflation is expected to continue its downward trajectory, contributing to a more favourable economic climate. Rising incomes, along with the expansion of both digital and physical infrastructure, are set to drive growth across key sectors such as retail, e-commerce and technology. While external uncertainties persist, Indias strong economic fundamentals and proactive policy measures position it to sustain its growth momentum in the years ahead.

Industry overview

Global staffing industry

The resilience of global labour markets is evident in the upward revision of growth expectations for CY 2024, despite prevailing economic challenges. Unemployment levels remained at a historically low of 5%9 , with employment growth keeping pace with workforce expansion, particularly in high-income and lower-middle-income regions. Workforce participation rates have rebounded, driven by increased participation by women and older individuals in developed countries. However, regional disparities persist, as certain developing nations continue to grapple with informal employment, working poverty and sluggish productivity improvements.

Capital investments have rebounded significantly in recent years and are expected to remain strong. Global economic growth stood at 3.2% in CY2024, though projections suggest a gradual slowdown in the coming years. Nevertheless, sustained investment is expected to stimulate job creation, driving the demand for staffing services across multiple sectors. The transition to green energy and growth in renewable power sector have significantly expanded employment opportunities, with renewable energy jobs reaching 16.2 million since 202310. However, these gains have been concentrated largely in Eastern Asia.

Rapid technological developments, particularly the emergence of artificial intelligence (AI), offer transformative prospects for the staffing sector. Tools like generative AI can streamline recruitment processes, refine candidate selection and introduce new client-focused solutions. However, these innovations also have the potential to disrupt traditional job markets, requiring staffing agencies to stay agile and support workforce transition.

While global employment trends appear positive, some underlying challenges persist. Youth unemployment remains significantly elevated and gender disparities in labour force participation still persist, particularly in low-income and emerging markets. Informal work and in-work poverty continue to affect substantial portions of the global workforce, limiting access to quality employment.

For staffing organisations, the global outlook highlights the importance of adopting technological advancements, supporting sustainability-driven employment growth and addressing skill gaps. By prioritising workforce development and facilitating transitions into formal employment, staffing companies can contribute meaningfully to building resilient labour markets globally.

The historically low global unemployment level, of 5%

Indias staffing industry

The Indian staffing industry is witnessing robust growth and evolving dynamics. The flexi staffing sector continues to maintain strong momentum, with a 17.9% YoY increase in new employment in FY2025 (January 2024-September 2024) compared to the same period in FY 2024. Overall, the industry exhibited a healthy expansion, achieving a 5.9% YoY net employment increase in FY 2024-25 (2nd quarter).

General Flexi Staffing is a significant contributor to this growth. In FY 2025, it recorded an 18.4% YoY increase in new employment and a 5.9% YoY growth.11 Key sectors driving this demand include e-commerce, logistics, manufacturing, retail, banking and hospitality. This positive trend was also evident in Q1 2025, with General Staffing achieving a 19.1% YoY growth and a 5.2% QoQ growth12 .

After a period of slow growth, the IT Flexi Staffing segment is showing signs of recovery. Moving forward, the industry is forecasted to witness steady growth in the near future.

Collectively, Indian Staffing Federation members have added 2.35 lakhs new formal workforce in the last four quarters. As of March 2025, they represent a significant 1.81 million flexi. This builds on the 2.22 lakhs new formal workforce added in the four quarters leading up to June 2025, with a flexi workforce of 1.7 million.13 These figures highlight the growing significance of flexi staffing in the Indian employment landscape.

The strong growth in flexi staffing, particularly in key sectors, presents significant opportunities for the industry to leverage its expertise and expand its service offerings to meet the evolving workforce needs of businesses. The industrys ability to adapt to these changes and provide tailored staffing solutions will be crucial for continued success in this dynamic market.

Indias Unemployment Rate in Current Weekly Status of Men aged 15 and above in Urban Areas (in %)

The staffing industry added a net headcount of 235,000 YoY, of which TeamLease contributed 40,000, accounting for approximately 17% of the total additions. With an overall market share of around 15%, TeamLease continues to outpace industry growth."

Employment trends in 2025

Wage Growth and Inflationary Pressures

Although global inflation rates have shown signs of stabilisation, wage growth has lagged. Real wage recovery has been limited to select advanced economies, while most developing regions continue to face stagnation. This disparity highlights the need for workforce resilience and upskilling, particularly in emerging markets where wage recovery is sluggish.

Labour Force Participation and Gender Disparities

The global labour force participation rate stood at 61% in 2024, continuing its gradual decline. Women remain disproportionately impacted, with their participation rate significantly lower than that of men. Structural barriers, cultural norms and limited access to quality employment opportunities contribute to this persistent gender gap, especially in low- and middle-income countries.

The Global Jobs Gap

The global jobs gap, representing the overall number of jobs missing from the labour market, reached approximately 402.4 million in 202414. This includes 186 million unemployed individuals, 137 million potential labour force participants and 79 million individuals willing but unable to work due to caregiving responsibilities or other constraints. Women bear a disproportionate share of this burden, highlighting the need for inclusive employment policies and flexible work arrangements.

Productivity and Structural Transformation

Productivity growth has decelerated across the globe, with low-income countries experiencing the sharpest declines. The long-standing challenge of structural transformation—shifting labour from subsistence agriculture to manufacturing and modern services—remains largely unmet in several regions. This stagnation constrains the creation of quality jobs and limits wage growth potential.

Sectoral Developments and Green Jobs

While agriculture still accounts for over 26% of global employment, the renewable energy sector has experienced robust growth. Renewable energy jobs rose to 16.2 million globally in 2023, driven largely by Eastern Asia, particularly China, which accounted for 46% of these jobs. This sector presents significant opportunities for India to expand its green economy and create new employment avenues through investments in clean energy and sustainable infrastructure.

Flexi staffing industry

The Indian flexi staffing industry maintained strong growth momentum in 2024–25, driven by the evolving business needs across sectors such as FMCG, E-commerce, Manufacturing, Healthcare, Retail, Logistics, Banking and Energy. Companies increasingly turned to flexible workforce solutions to meet seasonal demand fluctuations, bridge skill gaps and optimise workforce costs. This shift towards a more agile workforce model has cemented the role of flexi staffing as a critical enabler of business resilience and operational efficiency.

India has seen a rise of white-collar gig opportunities, reporting a 17% year on year growth in FY 2024-25, and employing over 6.8 million professionals.15 The IT staffing segment, which had faced headwinds in the past, also displayed signs of recovery with a stable outlook in the foreseeable future16. Approximately 2.22 lakh new formal jobs were created in FY 2025, bringing the total flexi workforce to 1.81 million17. Growth remained steady during the fiscal year, reflecting sustained employment demand across industries.

While the sectors future looks promising, challenges such as workforce skilling, global uncertainties and evolving regulatory landscapes will require proactive adaptation and a continued focus on enhancing employability.

General flexi staffing industry

Despite global economic uncertainties, the industry remained resilient, driven by increased demand for flexible workforce solutions across sectors such as FMCG, E-commerce, Manufacturing, Healthcare, Retail, Logistics, Banking and Energy. Businesses increasingly adopted flexi staffing models to manage workforce costs, respond to fluctuating demand and maintain operational agility.

The general flexible staffing industry in India has witnessed substantial growth in recent years, significantly contributing to the countrys evolving labour market. As of September 2024, the industry added approximately 235,000 temporary workers over the previous year, representing a 17.9% year-on-year increase18. This growth has been predominantly driven by sectors such as fast-moving consumer goods (FMCG), e-commerce, manufacturing, healthcare, retail, logistics, banking, energy and hospitality. By September 2024, the total flexible workforce employed by around 130 members of the Indian Staffing Federation (ISF) reached 1.81 million.

Key employment drivers included seasonal hiring cycles, supply chain adjustments and increased consumer activity in core sectors. While the overall outlook for the General Flexi Staffing Industry remains positive, challenges such as skill gaps, wage inflation and sector-specific slowdowns highlight the need for continued focus on workforce development and operational efficiency. The industry is poised for further growth as businesses prioritise workforce flexibility and talent accessibility to navigate evolving market dynamics.19

IT flexi staffing industry

The IT Flexi Staffing Industry showed signs of recovery in FY2024-25, following a period of cautious hiring and right-sizing by companies in response to geopolitical tensions and global economic headwinds. While employment growth remained subdued compared to pre-pandemic levels, the sector began showing positive momentum driven by digital transformation initiatives and increased technology adoption across industries.

Indias IT flexi-staffing sector is expected to experience steady growth, with a projected compound annual growth rate (CAGR) of 7% from FY 2024 to FY 202620. Demand picked up gradually in Q1 and Q2, with companies resuming hiring for specialised digital skills, cloud technologies and data-driven roles. The emergence of Global Capability Centres (GCCs) and the expansion of technology-driven projects further supported employment recovery. Moreover, tier II and III cities also emerged as key hubs for IT flexi staffing, as businesses expanded their footprint to tap into regional talent pools.

Looking ahead, the IT staffing industry is expected to gain further traction, supported by continued investments in digital transformation, government infrastructure projects and the growing need for agile workforce solutions in a rapidly evolving tech landscape. However, challenges such as skill shortages and global uncertainties necessitate ongoing investments in upskilling and workforce development to meet future demand.

Human Capital Management Industry

Human Capital Management (HCM) is an important organisational process which includes talent acquisition, talent development, performance evaluation and workforce planning. By developing a robust human capital management system, an organisation aims to enhance employee engagement, productivity levels, nurture a cooperative atmosphere, ensure compliance, achieve administrative cost efficiencies and reinforce strategic planning.

In 2024, the global human capital management industry was valued at $ 27.5 billion and is expected to grow to $ 41.3 billion in 2029, with a CAGR of 8.5%. The industry has seen rapid transformation in recent years supported by increasing automation and data-driven decision making amid emerging trend of remote work.

Indias human capital management industry has witnessed notable growth driven by the rising adoption of cloud-based HCM solutions and growing demand for integration of technology-driven solutions. The market is projected to grow with a CAGR of 11%-14% between 2024 and 2028.22

In India, the trend has shifted toward digital solutions, with a growing demand for cloud-based platforms. These digital HCM systems offer benefits like scalability, ease of use, and quick access to innovation. However, services-based HCM solutions, like consulting and implementation, remain important for organisations seeking specialised expertise and tailored solutions.

EdTech and employability industry

The EdTech and Employability Industry continued to expand in FY2024-25, transforming the education and skill development landscape. Digital platforms played a pivotal role in facilitating learning and upskilling opportunities for both students and professionals. Hybrid learning models, which combine online and in-person methods, became more prevalent—driven by the New Education Policy (NEP) and the growing demand for flexible education pathways 23.

The global EdTech market was valued at $250.16 billion in FY2024-25 and is projected to reach $721.15 billion by 2030, growing at a CAGR of 11.86%.24 In India, the sector experienced sustained growth, supported by government initiatives promoting digital literacy and workforce development.

Apprenticeship market

Vocational training delivers practical, job-ready skills that directly address industry needs, distinguishing it from conventional academic education. Its importance is growing as sectors like healthcare, IT, manufacturing, and automotive increasingly value skills over academic credentials. With increasing levels of globalisation and technology-integration, vocational education is attracting significant funding from government and corporate sources.

The global market for Vocational Training is projected to grow with a CAGR of 8.9%, from $388.1 Billion in 2024 to reach $648.9 Billion by 2030.25

Although the industry is in its nascent stages in India, the government had introduced the National Apprenticeship Promotion Scheme (NAPS) in 2017 to facilitate apprenticeship training across the country. Under this programme, a total of 32.38 lakh apprentices have been engaged in various sectors. In 2024, the National Apprenticeship Training Scheme (NATS) 2.0 was implemented, to provide direct benefit transfer of subsidies amounting to 25% of the stipend amount, up to 3 1,500 per apprentice, supporting both the apprentices and organisations.26

During the current financial year 2024-25, the number of apprentices engaged with the programme stands at 8,98,415. The total number of apprentices undergoing training as of 31st March 2025 stands at 5.23 lakh.27

The Union Budget 2024-25 also introduced the Pradhan Mantri Internship Scheme 2025 aimed at providing internship opportunities to 1.25 lakh young job seekers in the pilot phase and one crore internships over the next five years. Under the 1st phase of the programme, over 1.27 lakh opportunities were provided leading to over 82,000 candidates securing internships.28

The demand for online certification programmes, coding boot camps and industry-specific training courses increased as individuals sought to enhance their employability in a competitive job market. While the sector presents significant opportunities, challenges such as ensuring content quality, improving accessibility and bridging the digital divide must be addressed to unlock its full potential.

RegTech industry

The global RegTech industry has emerged as a key enabler in managing regulatory complexities, leveraging advanced technologies to simplify compliance processes. The market is witnessing rapid growth, driven by increasing regulatory requirements, rising compliance costs and the growing need for digital transformation in financial and non-financial sectors.

The global RegTech industry was valued at $15.8 billion in 2025 and is projected to grow at a CAGR of 18%, reaching $70.8 billion by 2030.29

RegTech solutions primarily focus on compliance automation, risk management, transaction monitoring and regulatory reporting. The industry is increasingly relying on cloud computing, machine learning, predictive analytics and natural language processing (NLP) to enhance efficiency and accuracy in compliance management.

The sector is divided into distinct segments such as Profiling and Due Diligence, Risk Analytics, Dynamic Compliance, Market Monitoring and Reporting & Dashboards. Among these, Profiling and Dynamic Compliance account for the majority of investments.

Adoption is particularly high in banking, insurance and financial services. However, non-financial sectors such as healthcare, real estate and utilities are also embracing RegTech solutions to address data protection and regulatory challenges. Governments and regulators are increasingly supporting RegTech innovations through regulatory sandboxes and digital compliance frameworks, further accelerating adoption.

Growing data privacy regulations, the need for real-time regulatory reporting and the demand for integrated compliance platforms are expected to be key drivers of growth in the RegTech sector. However, integration with legacy systems, cybersecurity threats and regulatory fragmentation continue to hinder seamless adoption.

Key drivers for growth across industries

The employment landscape in FY2024-25 continued to evolve, driven by workplace flexibility, technological advancements and a focus on diversity and inclusion. Hybrid work models remained the preferred choice for both employers and employees, promoting productivity and work-life balance. Approximately 12% of active job listings were for hybrid roles, while traditional office-based roles and fully remote jobs accounted for 77% and 11%, respectively. 30

The Indian Staffing Industry is experiencing sustained growth driven by the countrys expanding economy and the continued formalisation of the labour market. Sector diversification also plays a key role, with industries such as Retail, FMCG, E-commerce, Manufacturing, Healthcare, Banking and Logistics driving employment opportunities. Moreover, companies are increasingly seeking workforce flexibility to optimise costs and address evolving business demands.

The Flexi Staffing Industry is witnessing robust growth as organisations prioritise workforce agility to handle seasonal peaks, project-based requirements and market uncertainties. Sectors like Retail, E-commerce, Logistics, Hospitality and Manufacturing remain the primary drivers of this demand. Moreover, there is an increased focus on upskilling employees to enhance productivity and equip the workforce to meet evolving skill requirements.

The General Flexi Staffing Industry is primarily driven by consumption-led growth in sectors such as FMCG, Retail and E-commerce, where the demand for front-line workforce remains consistently high. Geographic expansion into tier-II and tier-III cities is also opening up new hiring opportunities, helping businesses tap into emerging markets and a diverse talent pool.

The IT Flexi Staffing Industry is gaining momentum, supported by digital transformation across industries and increasing investments in technologies like cloud computing, cybersecurity, artificial intelligence and automation. Indias emergence as a hub for Global Capability Centers (GCCs) is further driving demand for IT professionals. After a period of cautious hiring, the IT flexi staffing industry is gradually recovering, aided by government technology initiatives and infrastructure projects.

The Online Recruitment Industry continues to benefit from the widespread adoption of technology in hiring. AI-powered platforms, machine learning tools and data-driven processes have streamlined recruitment, enhanced efficiency and reduced hiring time. The normalisation of remote and hybrid work has encouraged businesses to expand their search beyond metro cities, enabling them to access a broader and more diverse talent pool. Moreover, social media platforms play a pivotal role in recruitment strategies, helping companies target younger talent and strengthening their employer brand.

The EdTech and Employability Industry is evolving rapidly, driven by the growing demand for upskilling and reskilling, particularly in digital and technical domains. The New Education Policy (NEP) has encouraged hybrid, modular and flexible learning models, enabling individuals to pursue skill development alongside traditional education. Corporate partnerships with EdTech platforms are further enhancing professional learning and certification programmes, improving workforce readiness and employability.

Company overview

Established in 2002, TeamLease Services Limited stands as Indias foremost human resource and workforce solutions provider, committed to "Putting India to Work." Over the years, the Company has played a pivotal role in bridging the skill gap, enabling employability and driving workforce efficiency across diverse industries. With a pan-India presence, robust technology infrastructure and a strong client portfolio, Team Lease has emerged as the largest organised staffing Company in the country.

With a workforce of over 3.5 lakhs associates and apprentices, TeamLease serves more than 4,000 clients across 60+ industries, covering 7,500+ pin codes in 28 states. The Companys expansive network includes 20+ offices and multiple training and hiring centres, reinforcing its leadership in workforce solutions sector.

General staffing

TeamLease continues to reinforce its position as the largest organised staffing provider in India. With a headcount of approximately 2.92 lakhs associates, the Company has achieved a 21% revenue growth YoY. Sectors such as consumer, telecom and BFSI have contributed significantly to this growth, reflecting the increasing demand for workforce formalisation.

Specialised staffing

Despite headwinds in the IT industry, TeamLeases specialised staffing segment has maintained stability with gradual recovery. Growth in Global Capability Centers (GCCs) across BFSI, life sciences and engineering is driving demand for specialized skill sets. The Company is focusing on higher-margin clients, digital transformation and cost optimisation to maintain profitability.

Degree apprenticeship

TeamLeases Degree Apprenticeship (DA) programme is gaining momentum, supported by government initiatives like NAPS and WILP. The segment added 2,500 new apprentices in FY 2024-25, highlighting the increasing adoption of industry-integrated learning models. The Company has tied up with 20+ universities and is actively engaging employers to embed learning within apprenticeship programmes.

Hiring

Hiring remains a critical component of TeamLeases business, with a growing shift towards digital hiring solutions. The Company has onboarded 139 new clients in FY 2024- 25, primarily from the consumer, financial services and manufacturing sectors. The implementation of enhanced AI-driven recruitment solutions and streamlined processes has significantly improved efficiency and client onboarding.

Regulatory compliances

Compliance is a core pillar of TeamLeases business model, ensuring strict adherence to labour and corporate laws. The Companys expertise in payroll outsourcing, contract staffing and workforce compliance makes it a preferred partner for businesses navigating Indias evolving regulatory landscape.

HRTECH services

TeamLeases HRTech solutions leverage AI-driven automation to enhance recruitment, payroll management and workforce analytics. With the recent acquisition of TSR and Walllet, the Company is well-positioned to expand its technological capabilities further. The HRTech segment is integral to optimizing hiring costs and improving operational efficiency.

Learning services

The learning solutions division continues to expand, with a focus on upskilling and reskilling. The Company has seen a of clients incorporating learning solutions into their workforce strategies. This trend aligns with Indias growing emphasis on industry-relevant education.

Consolidated Financial performance

Particulars	FY 2025	FY 2024
Revenue	11,156	9,322
EBITDA	138	130
PAT	110	113
EPS (Rs.)	65	67
Net Worth	907	798
Current Ratio	1.31	1.31
Operating Profit Margin	1.24%	1.40%
Net Profit Margin	0.99%	1.21%
Return on Net Worth	12.18%	14.12%

Human resource

The Companys human resources have been instrumental in steering it through the challenges and driving its growth. The Company strives to provide its workforce with a positive work environment and supports their ongoing development for long-term success.

In FY 2024-2025, the Company implemented various employee engagement initiatives, such as interactive sessions, to enhance productivity, boost morale and allowed employees to showcase their skills in their respective areas. The Company promotes workforce diversity by including employees from diverse backgrounds and experiences.

Risk management

Teamleases risk management policy outlines a framework to identify, prioritise, analyse, mitigate, monitor and report key risks affecting operations. This is followed by drafting and implementing measures to minimise the negative impact on the Companys operations and performance. The Risk Management Committee (RMC) regularly reviews and updates strategies to ensure robust Enterprise Risk Management (ERM) practices.

For more details refer to the page number 20 in the annual report

Internal financial controls and their adequacy

The Company has established internal financial control systems that are appropriate for the size, complexity and nature of its operations. These controls are strong enough to ensure that financial statements be prepared and presented accurately.

Regular internal audits are conducted by an independent external organisation to ensure transparency and impartiality. The Audit Committee receives and reviews the reports and conclusions from these audits. These audits primarily provide the Board with reassurance regarding the strength and reliability of the Companys financial controls. To further guaranteetheefficacyofthesecontrolmechanisms,theinternal audit team constantly monitors and evaluates operations.

Cautionary statement

The objectives, estimates, expectations, projections and outlooks of the Company that are described in this report constituteforward-lookingstatementsasdefinedbyapplicable securities laws and regulations. The actual outcomes may not match these implied or stated expectations, projections and other factors. The Company has no direct control over the future events and certain assumptions that underlie the statements. The Company disclaims all liability for publicly amending, changing and revising any of the statements in light of any new information, events, or developments.