Overview Key strengths Key risks Global market leader in security services, generating about $20 billion in annual revenues. Highly leveraged capital structure with floating-rate debt that burdens cash generation. Recession-resilient business with a track record of positive organic revenue growth. Highly competitive environment with relatively low switching costs. Diverse end markets and limited customer concentration. Tight U.S. labor market and high employee turnover that pressures profitability and cash flow. Since 2021, the company faced contracting profit margins driven primarily by a very challenging labor environment with rapidly rising wages and high turnover, as well as mounting integration-related costs from its G4S acquisition. Along with an approximately 200-basis-point (bp) EBITDA margin contraction in 2021 relative to 2020, Allied also faced working
