Business and Strategic Risks
−Removed: T he COVID-19 pandemic has adversely impacted, and continues to pose risks to, certain elements of our business, results of operations and financial condition, the nature and extent of which are highly uncertain and unpredictable.
−Removed: Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19.
−Removed: The global spread of COVID-19 had, and may continue to have, an adverse impact on our operations, sales and delivery and supply chains.
−Removed: Many countries including the United States implemented measures such as quarantine, shelter-in-place, curfew, travel and activity restrictions and similar isolation measures, including government orders and other restrictions on the conduct of business operations.
−Removed: Due to these measures we experienced significant and unpredictable reductions or increases in demand for certain of our products.
−Removed: Moreover, these measures caused delays in installations and significantly impacted our ability to service our customers on site.
−Removed: For example, in the second quarter of fiscal year 2022, the outbreak of COVID-19 in China led to a mandated shutdown of our facilities in Shanghai, which negatively impacted our business and results, and impacted our supply chain.
−Removed: The COVID-19 pandemic also impacted our supply chain as we experienced disruptions or delays in shipments of certain materials or components of our products.
−Removed: While many of our customers have returned to work and economic activity has ramped up, we are unable to accurately predict the full extent and duration of the impact of the COVID-19 pandemic on our business and operations due to numerous uncertainties, including the duration and severity of the pandemic, the efficacy and distribution of vaccines, containment measures and additional waves of infection.
−Removed: As COVID-19 conditions improved, there have been increases in demand for certain of our products, which posed challenges to our supply chain.
−Removed: If there are supply shortages or delays and we are not able to meet increasing product demand, our results would be adversely affected.
−Removed: Additionally, the COVID-19 pandemic caused significant volatility in U.S.
−Removed: and international markets.
−Removed: The impact of the pandemic may increase the possibility of uncertainty in the global financial markets, high inflation and extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results and financial condition even after local conditions improve.
−Removed: There are no assurances that the credit markets or the capital markets will be available to us in the future or that the lenders participating in our credit facilities will be able to provide financing in accordance with their contractual obligations.
−Removed: As COVID-19 conditions have improved, the duration and sustainability of any such improvements will be uncertain and continuing adverse impacts and/or the degree of improvement may vary dramatically by geography and by business.
−Removed: The actions we take in response to any improvements in conditions may also vary widely by geography and by business and will likely be made with incomplete information;
−Removed: pose the risk that such actions may prove to be premature, incorrect or insufficient;
−Removed: and could have a material, adverse impact on our business and results of operations.
General economic conditions may adversely affect our operating results and financial condition.
Our business is sensitive to negative changes in general economic conditions, both inside and outside the United States.
−Removed: Slower global economic growth, inflationary pressures, instability and uncertainty in the markets in which we operate may adversely impact our business resulting in:
−Removed: • reduced demand for our products, delays in the shipment of orders, or increases in order cancellations;
+Added: Slower global economic growth, increasing interest rates, inflationary pressures, instability and uncertainty in the markets in which we operate may adversely impact our business resulting in:
+Added: • reduced demand and longer sales cycle for our products, delays in the shipment of orders, or increases in order cancellations;
• increased risk of excess and obsolete inventories;
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However, the markets we serve do not always experience the seasonality that we expect as customer spending policies and budget allocations, particularly for capital items, may change.
+Added: Also, longer sales cycles for our products may impact our expectations of orders for future fiscal quarters.
Any decline in our customers' markets or in general economic conditions would likely result in a reduction in demand for our products and services.
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• innovate and develop new technologies, services and applications;
−Removed: • appropriately allocate our research and development spending to products and services with higher growth prospects;
+Added: • appropriately allocate our research and development spending to products and services with higher growth
• successfully commercialize new technologies in a timely manner;
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Furthermore, as we collaborate with pharmaceutical customers to develop drugs such as companion diagnostics assays or provide drug components like active pharmaceutical ingredients, we face risks that those drug programs may be cancelled upon clinical trial failures.
−Removed: Failure to adjust our purchases due to changing market conditions or failure to accurately estimate our customers' demand could adversely affect our income.
−Removed: Our income could be harmed if we are unable to adjust our purchases to reflect market fluctuations, including those caused by the seasonal nature of the markets in which we operate.
−Removed: The sales of our products and services are dependent, to a large degree, on customers whose industries are subject to seasonal trends in the demand for their products.
−Removed: During a market upturn, we may not be able to purchase sufficient supplies or components to meet increasing product demand, which could materially affect our results.
−Removed: In the past, we have experienced a shortage of parts for some of our products.
−Removed: In addition, some of the parts that require custom design are not readily available from alternate suppliers due to their unique design or the length of time necessary for design work.
−Removed: Should a supplier cease manufacturing such a component, we would be forced to reengineer our product.
−Removed: In addition to discontinuing parts, suppliers may also extend lead times, limit supplies or increase prices due to capacity constraints or other factors.
−Removed: In order to secure components for the production of products, we may continue to enter into non-cancelable purchase commitments with vendors, or at times make advance payments to suppliers, which could impact our ability to adjust our inventory to declining market demands.
−Removed: If demand for our products is less than we expect, we may experience additional excess and obsolete inventories and be forced to incur additional expenses.
−Removed: Demand for some of our products and services depends on the capital spending policies of our customers, research and development budgets and on government funding policies.
−Removed: Our customers include pharmaceutical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions.
−Removed: Many factors, including public policy spending priorities, available resources, mergers and consolidations, institutional and governmental budgetary policies and spending priorities, and product and economic cycles, have a significant effect on the capital spending policies of these entities.
−Removed: Fluctuations in the research and development budgets at these organizations could have a significant effect on the demand for our products and services.
−Removed: Research and development budgets fluctuate due to changes in available resources, consolidation, spending priorities, general economic conditions and institutional and governmental budgetary policies.
−Removed: The timing and amount of revenue from customers that rely on government funding or research may vary significantly due to factors that can be difficult to forecast, including changes in spending authorizations and budgetary priorities for our products and services.
−Removed: If demand for our products and services is adversely affected, our revenue and operating results would suffer.
−Removed: Our business will suffer if we are not able to retain and hire key personnel.
−Removed: Our future success depends partly on the continued service of our key research, engineering, sales, marketing, manufacturing, executive and administrative personnel.
−Removed: If we fail to retain and hire a sufficient number of these personnel, we will not be able to maintain or expand our business.
−Removed: The markets in which we operate are very dynamic, and our businesses continue to respond with reorganizations, workforce reductions and site closures.
−Removed: We believe our pay levels are very competitive within the regions that we operate.
−Removed: However, there is intense competition for certain highly technical specialties in geographic areas where we continue to recruit, and it may become more difficult to hire and retain our key employees.
Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our results of operations.
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• interruption to transportation flows for delivery of parts to us and finished goods to our customers;
−Removed: • ongoing instability or changes in a specific country's or region's political, economic or other conditions, including inflation, recession, interest rate fluctuations and actual or anticipated military or political conflicts, including uncertainties and instability in economic and market conditions caused by the COVID-19 pandemic, the Ukraine/Russia conflict and political and trade uncertainties in the greater China region;
−Removed: • changes in diplomatic and trade relationships, as well as, new tariffs, trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade
+Added: • ongoing instability or changes in a specific country's or region's political, economic or other conditions, including inflation, recession, interest rate fluctuations and actual or anticipated military or political conflicts, including uncertainties and instability in economic and market conditions caused by pandemics like the COVID-19, the current conflicts in Ukraine/Russia and the Middle East, and political and trade uncertainties in the greater China region;
+Added: • changes in diplomatic and trade relationships, as well as, new tariffs, trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers;
• tariffs imposed by the U.S.
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The weakening or failure of financial institution counterparties may adversely affect our hedging programs and our financial condition through, among other things, a reduction in available counterparties, increasingly unfavorable terms, and the failure of the counterparties to perform under hedging contracts.
+Added: Demand for some of our products and services depends on the capital spending policies of our customers, research and development budgets and on government funding policies.
+Added: Our customers include pharmaceutical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions.
+Added: Many factors, including public policy spending priorities, available resources, mergers and consolidations, institutional and governmental budgetary policies and spending priorities, and product and economic cycles, have a significant effect on the capital spending policies of these entities.
+Added: Fluctuations in the research and development budgets at these organizations could have a significant effect on the demand for our products and services.
+Added: Research and development budgets fluctuate due to changes in available resources, consolidation, spending priorities, general economic conditions, medical reimbursement policies and institutional and governmental budgetary policies.
+Added: The timing and amount of revenue from customers that rely on government funding or research may vary significantly due to factors that can be difficult to forecast, including changes in spending authorizations and budgetary priorities for our products and services.
+Added: If demand for our products and services is adversely affected, our revenue and operating results would suffer.
+Added: Failure to adjust our purchases due to changing market conditions or failure to accurately estimate our customers' demand could adversely affect our income.
+Added: Our income could be harmed if we are unable to adjust our purchases to reflect market fluctuations, including those caused by the seasonal nature of the markets in which we operate.
+Added: The sales of our products and services are dependent, to a large degree, on customers whose industries are subject to seasonal trends in the demand for their products.
+Added: During a market upturn, we may not be able to purchase sufficient supplies or components to meet increasing product demand, which could materially affect our results.
+Added: In the past, we have experienced a shortage of parts for some of our products.
+Added: In addition, some of the parts that require custom design are not readily available from alternate suppliers due to their unique design or the length of time necessary for design work.
+Added: Should a supplier cease manufacturing such a component, we would be forced to reengineer our product.
+Added: In addition to discontinuing parts, suppliers may also extend lead times, limit supplies or increase prices due to capacity constraints or other factors.
+Added: In order to secure components for the production of products, we may continue to enter into non-cancelable purchase commitments with vendors, or at times make advance payments to suppliers, which could impact our ability to adjust our inventory to declining market demands.
+Added: If demand for our products is less than we expect, we may experience additional excess and obsolete inventories and be forced to incur additional expenses.
+Added: Our business will suffer if we are not able to retain and hire key personnel.
+Added: Our future success depends partly on the continued service of our key research, engineering, sales, marketing, manufacturing, executive and administrative personnel.
+Added: If we fail to retain and hire a sufficient number of these personnel, we will not be able to maintain or expand our business.
+Added: The markets in which we operate are very dynamic, and our businesses continue to respond with reorganizations, workforce reductions and site closures.
+Added: We believe our pay levels are very competitive within the regions that we operate.
+Added: However, there is intense competition for certain highly technical specialties in geographic areas where we continue to recruit, and it may become more difficult to hire and retain our key employees.
Our strategic initiatives to adjust our cost structure could have long-term adverse effects on our business, and we may not realize the operational or financial benefits from such actions.
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Transactions such as acquisitions have resulted, and may in the future result in, unexpected significant costs and expenses.
−Removed: In the future, we may be required to record charges to earnings during the period if we determine there is an impairment of goodwill or intangible assets, up to the full amount of the value of the assets, or, in the case of strategic investments and alliances,
−Removed: consolidate results, including losses, of third parties or write down investment values or loans and convertible notes related to the strategic investment.
+Added: In the future, we may be required to record charges to earnings during the period if we determine there is an impairment of goodwill or intangible assets, up to the full amount of the value of the assets, or, in the case of strategic investments and alliances, consolidate results, including losses, of third parties or write down investment values or loans and convertible notes related to the strategic investment.
Integrating the operations of acquired businesses within Agilent could be a difficult, costly and time-consuming process that involves a number of risks.
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We may not be able to compete successfully in increasingly consolidated industries and cannot predict with certainty how industry consolidation will affect our competitors or us.
+Added: Public health crises such as the COVID-19 pandemic may adversely impact, and pose risks to, certain elements of our business, results of operations and financial condition, the nature and extent of which are highly uncertain and unpredictable.
+Added: Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19.
+Added: For example, the recent global spread of COVID-19 had an adverse impact on our operations, sales and delivery and supply chains.
+Added: Many countries including the United States implemented measures such as quarantine, shelter-in-place, curfew, travel and activity restrictions and similar isolation measures, including government orders and other restrictions on the conduct of business operations.
+Added: Due to these measures we experienced significant and unpredictable reductions or increases in demand for certain of our products.
+Added: Moreover, these measures caused delays in installations and significantly impacted our ability to service our customers on site.
+Added: Public health crises may also impact our supply chain as we could experience disruptions or delays in shipments of certain materials or components of our products.
+Added: We may be unable to accurately predict the full extent and duration of the impact of a public health crisis on our business and operations due to numerous uncertainties, including the duration and severity of the crisis, the efficacy and distribution of vaccines, containment measures and additional waves of infection.
+Added: As conditions improve, there may be increases in demand for certain of our products, which could pose challenges to our supply chain.
+Added: If there are supply shortages or delays and we are not able to meet increasing product demand, our results would be adversely affected.
Regulatory, Legal and Compliance Risks
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Our customers and we are subject to various significant international, federal, state and local regulations, including but not limited to regulations in the areas of health and safety, packaging, product content, employment, labor and immigration, import/export controls, trade restrictions and anti-competition.
−Removed: In addition, as a global organization, we are subject to data
−Removed: privacy and security laws, regulations, and customer-imposed controls in numerous jurisdictions as a result of having access to and processing confidential, personal, sensitive and/or patient health data in the course of our business.
+Added: In addition, as a global organization, we are subject to data privacy and security laws, regulations, and customer-imposed controls in numerous jurisdictions as a result of having access to and processing confidential, personal, sensitive and/or patient health data in the course of our business.
Global privacy laws, including the EU's General Data Protection Regulation ("GDPR”), Brazil’s Lei Geral de Protecao de Dados, the California Consumer Privacy Act and China’s Personal Information Protection Law and Data Security Law, apply to our activities involving the processing of personal data, both in relation to our product and service offerings and the management of our workforce.
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Many such laws impose significant penalties for non-compliance (including possible fines of up to four percent of total company revenue under the GDPR or orders to stop processing personal data in a particular jurisdiction).
−Removed: Each of these privacy, security and data protection laws and regulations could impose significant limitations and increase our cost of providing our products and services where we process personal data and could harm our results of operations and expose us to significant fines, penalties and other damages.
+Added: Each of these privacy, security and data protection laws and regulations could impose significant limitations and increase our cost of providing our products and services where we process personal data and could harm our results of operations and expose us to significant
+Added: fines, penalties and other damages.
We must also comply with complex foreign and U.S.
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Office of Foreign Assets Control and other similar laws and regulations.
−Removed: Such laws demand that we implement, test, and monitor an effective compliance program.
+Added: Such laws demand that we implement, test, and monitor an effective compliance program, in order to detect and prevent instances of non-compliance.
Violations of these laws and regulations could result in fines and penalties, criminal sanctions, restrictions on our business conduct and on our ability to offer our products in one or more countries, and could also materially affect our brand, our ability to attract and retain employees, our international operations, our business and our operating results.
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For example, the EU has started to enforce new requirements, known as the EU In Vitro Diagnostic Regulation (the “EU IVDR”), which imposes stricter requirements for the marketing and sale of in vitro diagnostics in the European Union.
−Removed: These new regulations are more stringent in a variety of areas, including clinical requirements, quality systems and post-market
−Removed: surveillance activities.
+Added: These new regulations are more stringent in a variety of areas, including clinical requirements, quality systems and post-market surveillance activities.
The new EU IVDR requirements became effective starting in May 2022.
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The Toxic Substances Control Act regulations govern, among other things, the testing, manufacture, processing and distribution of chemicals, the testing of regulated chemicals for their effects on human health and safety and the import and export of chemicals.
−Removed: The Toxic Substances Control Act prohibits persons from manufacturing any chemical in the United States that has not been reviewed by the EPA for its effect on health and safety and placed on an EPA inventory of chemical substances.
+Added: The Toxic Substances
+Added: Control Act prohibits persons from manufacturing any chemical in the United States that has not been reviewed by the EPA for its effect on health and safety and placed on an EPA inventory of chemical substances.
We must ensure conformance of the manufacturing, storing, processing, distribution of and notification about these chemicals to these laws and adapt to regulatory requirements in all applicable countries as these requirements change.
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We also rely on our suppliers to adhere to our supplier standards of conduct, and material violations of such standards of conduct could occur that could have a material effect on our business, reputation and financial statements.
+Added: We are subject to evolving corporate governance and public disclosure expectations and regulations that impact compliance costs and risks of noncompliance.
+Added: We are subject to changing rules and regulations promulgated by a number of governmental and self-regulatory organizations, including the SEC and NYSE, as well as evolving investor expectations around corporate governance and environmental and social practices and disclosures.
+Added: These rules and regulations continue to evolve in scope and complexity, and many new requirements have been created in response to laws enacted by the U.S., local and foreign governments, making compliance more difficult and uncertain.
+Added: The increase in costs to comply with such evolving expectations, rules and regulations, as well as any risk of noncompliance, could adversely impact us.
+Added: In addition, we face increasing scrutiny from stakeholders with respect to environmental, social and governance (“ESG”) practices and disclosures.
+Added: Also, various legal and regulatory requirements specific to ESG matters in the U.S., local or other jurisdictions in which we operate are complex, change frequently and have tended to become more stringent.
+Added: For instance, we are subject to various laws against forced labor which have been promulgated by many regulatory authorities in the jurisdictions where we operate.
+Added: Any failure to adequately address stakeholder expectations with respect to ESG matters may result in noncompliance and adverse impact on our business, financial results, stock price or reputation.
+Added: For example, our ability to achieve our current and future ESG goals is uncertain and remains subject to numerous risks, including evolving regulatory requirements and stakeholder expectations, our ability to recruit and retain a diverse workforce, the availability of suppliers and other business partners that can meet our ESG expectations and standards, cost considerations and the development and availability of cost-effective technologies or resources that support our ESG goals.
Environmental contamination from past and ongoing operations could subject us to substantial liabilities.
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Further, other properties we have previously owned or leased at which we have operated in the past, or for which we have otherwise contractually assumed or provided indemnities, certain actual or contingent environmental liabilities, may or do require remediation.
−Removed: While we are not aware of any material liabilities associated with any potential environmental contamination at any of those properties or facilities, we may be exposed to material liability if environmental
−Removed: contamination at material levels is found to exist.
+Added: While we are not aware of any material liabilities associated with any potential environmental contamination at any of those properties or facilities, we may be exposed to material liability if environmental contamination at material levels is found to exist.
In addition, in connection with the acquisition of certain companies, we have assumed other costs and potential or contingent liabilities for environmental matters.
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Furthermore, some of our intellectual property is licensed to others which may allow them to compete with us using that intellectual property.
−Removed: We are subject to evolving corporate governance and public disclosure expectations and regulations that impact compliance costs and risks of noncompliance.
−Removed: We are subject to changing rules and regulations promulgated by a number of governmental and self-regulatory organizations, including the SEC and NYSE, as well as evolving investor expectations around corporate governance and environmental and social practices and disclosures.
−Removed: These rules and regulations continue to evolve in scope and complexity, and many new requirements have been created in response to laws enacted by the U.S.
−Removed: and foreign governments, making compliance more difficult and uncertain.
−Removed: The increase in costs to comply with such evolving expectations, rules and regulations, as well as any risk of noncompliance, could adversely impact us.
Operational Risks
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If we suffer a loss to our factories, facilities or distribution system due to catastrophe, our operations could be seriously harmed.
−Removed: Our factories, facilities and distribution system are subject to catastrophic loss due to fire, flood, terrorism, public health crises, increasing severity or frequency of extreme weather events, or other climate-change related risks, including resource scarcity, rationing or unexpected costs from increases in fuel and raw material prices that may be caused by extreme weather
+Added: Our factories, facilities and distribution system are subject to catastrophic loss due to fire, flood, terrorism, public health crises, increasing severity or frequency of extreme weather events, or other climate-change related risks, including resource scarcity, rationing or unexpected costs from increases in fuel and raw material prices that may be caused by extreme weather conditions.
For example, in the second quarter of fiscal year 2022, the outbreak of COVID-19 in China led to mandated shutdown of our facilities in Shanghai, which adversely impacted our business and results, and impacted our supply chain.
−Removed: In addition, several of our facilities could be subject to a catastrophic loss caused by earthquake due to their locations.
+Added: addition, several of our facilities could be subject to a catastrophic loss caused by earthquake due to their locations.
Our production facilities, headquarters and laboratories in California, and our production facilities in Japan, are all located in areas with above-average seismic activity.
−Removed: In addition, our facilities in California are susceptible to extreme weather conditions such as drought and wildfires.
+Added: In addition, our facilities in California are susceptible to extreme weather conditions such as drought, flooding and wildfires.
If any of our facilities were to experience a catastrophic loss, it could disrupt our operations, delay production, shipments and revenue and result in large expenses to repair or replace the facility.
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In addition, security breaches of our information technology systems could result in the misappropriation or unauthorized disclosure of confidential information belonging to us or to our employees, partners, customers or suppliers, which could result in our suffering significant financial or reputational damage.
+Added: Concern over increasingly prevalent cyberattacks or other forms of security breaches of information technology systems can result in additional legal and regulatory requirements in the markets we operate our business and may lead to increased compliance burdens and costs to meet the regulatory obligations.
Financial and Tax Risks
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or Singapore could materially impact our effective tax rate and could have a significant adverse impact on our financial results.
+Added: The Organization for Economic Co-operation and Development (OECD), an international association comprised of 38 countries, including the United States, has made changes and is contemplating additional changes to numerous long-standing
+Added: tax principles.
+Added: There can be no assurance that these changes and any contemplated changes if and when finalized, once adopted by countries, will not have an adverse impact on our provision for income taxes.
We are also subject to examinations of our tax returns by tax authorities in various jurisdictions around the world.
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Intercompany transactions associated with the sale of inventory, services, intellectual property and cost share arrangements are complex and affect our tax liabilities.
−Removed: The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and
−Removed: regulations in multiple jurisdictions.
+Added: The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in multiple jurisdictions.
There can be no assurance that the outcomes from ongoing tax examinations will not have an adverse effect on our operating results and financial condition.
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We have outstanding debt and may incur other debt in the future, which could adversely affect our financial condition, liquidity and results of operations.
−Removed: We are party to a $1.35 billion five-year unsecured credit facility that will expire on March 13, 2024 and a $600 million term loan facility that matures on April 15, 2025.
+Added: We are party to a $1.5 billion five-year unsecured credit facility that will expire on June 7, 2028 and a $600 million term loan facility that matures on April 15, 2025.
Furthermore, we are permitted pursuant to the credit agreement to establish incremental facilities of up to $750 million.
−Removed: As of October 31, 2022, we had no borrowings outstanding under the credit facility or the incremental facilities.
−Removed: On June 18, 2021, we increased the maximum amount of our commercial paper program to $1.35 billion.
−Removed: As of October 31, 2022 , we had borrowings of $35 million outstanding under our U.S.
−Removed: commercial paper program and had a weighted average annual interest rate of 3.54 percent.
+Added: We also entered into an Uncommitted Money Market Line Credit agreement which provides for an aggregate borrowing capacity of $300 million.
+Added: The credit facility is an uncommitted short-term cash advance facility where each request must be at least $1 million.
+Added: As of October 31, 2023, we had no borrowings outstanding under the credit facility, the incremental facilities and the uncommitted money market line credit facility.
+Added: As of October 31, 2023 , we had no borrowings outstanding under our U.S.
+Added: commercial paper program.
We also currently have outstanding an aggregate principal amount of $2.1 billion in senior unsecured notes and $600 million outstanding under the term loan facility.
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Since the first quarter of fiscal year 2012, we have paid a quarterly dividend on our common stock.
−Removed: The timing, declaration, amount and payment of any future dividends fall within the discretion of our Board of Directors and will depend on many factors, including our available cash, estimated cash needs, earnings, financial condition, operating results, capital requirements, as well as limitations in our contractual agreements, applicable law, regulatory constraints, industry practice and other business considerations that our Board of Directors considers relevant.
+Added: The timing, declaration, amount and payment of any future dividends fall within the discretion of our Board of Directors and will depend on many factors, including our available cash, estimated cash needs, earnings, financial condition, operating results, capital requirements, as well as limitations in our contractual agreements, applicable law, regulatory constraints, industry practice and
+Added: other business considerations that our Board of Directors considers relevant.
A change in our dividend program could have an adverse effect on the market price of our common stock.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.