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• our business, financial condition and results of operations have been and may continue to be adversely affected by global public health epidemics or pandemics, including the ongoing COVID-19 pandemic;
−Removed: • the impact of the risks associated with international geopolitical conflicts, including escalating tensions between Taiwan and China, and the Russian invasion of Ukraine on the global economy, energy supplies and raw materials are uncertain, but may prove to negatively impact our business and operations;
+Added: • the impact of the risks associated with international geopolitical conflicts, including continuing tensions between Taiwan and China, and the Russian invasion of Ukraine on the global economy, energy supplies and raw materials are uncertain, but may prove to negatively impact our business and operations;
• our dependency on a limited number of suppliers for materials, product parts, and vehicle chassis could lead to an increase in material costs, disruptions in our supply chain, or reputational costs;
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• growth in our sales and the mix of domestic versus export shipments from Taiwan could cause additional foreign tax credits to not be realizable, potentially reducing our income and adversely affecting our cash flows;
−Removed: • because of the current inflation affecting the economy and the Federal Reserve's interest rate increases in response, we may be harmed in the future;
+Added: • because of the current inflation affecting the economy and the Federal Reserve's repeated interest rate increases in response, we may be harmed in the future;
Risks Related to Our Indebtedness and Liquidity
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The global outbreak of COVID-19 was declared a pandemic by the World Health Organization and a national emergency by the U.S.
−Removed: Government in March 2020 and has resulted in over six million deaths worldwide, as of the date of filing this Quarterly Report, and it continues to spread in major markets in which we operate.
+Added: Government in March 2020 and has resulted in over six and a half million deaths worldwide, as of the date of filing this Quarterly Report, and it continues to spread in major markets in which we operate.
The impact of the COVID-19 pandemic, including changes in consumer behavior, COVID-19 pandemic fears and market downturns, and restrictions on business and individual activities, has created significant volatility in the global economy and led to reduced economic activity.
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any additional waves or resurgences of the virus;
−Removed: availability and ultimate efficacy of the vaccine on new variants of the virus, including the Omicron variant;
+Added: availability and ultimate efficacy of the vaccine on new variants of the virus, including Omicron variants;
and the effect of the COVID-19 pandemic on short- and long-term general economic conditions.
−Removed: The impact of the risks associated with international geopolitical conflicts, including escalating tensions between Taiwan and China, and the Russian invasion of Ukraine on the global economy, energy supplies and raw materials are uncertain, but may prove to negatively impact our business and operations.
+Added: The impact of the risks associated with international geopolitical conflicts, including continuing tensions between Taiwan and China, and the Russian invasion of Ukraine on the global economy, energy supplies and raw materials are uncertain, but may prove to negatively impact our business and operations.
In recent years, diplomatic and trade relationships between the U.S.
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For example, a prolonged conflict may result in ongoing increased inflation, escalating energy prices and constrained availability, and thus increasing costs, of raw materials.
−Removed: To the extent that increased political tensions between China and Taiwan or the war in Ukraine may adversely affect our business, it may also have the effect of heightening many of the other risks described in our risk factors, such as those relating to data security, supply chain, volatility in prices of inputs, and market conditions, any of which could negatively affect our business and financial condition.
+Added: To the extent that continuing political tensions between China and Taiwan or the war in Ukraine may adversely affect our business, it may also have the effect of heightening many of the other risks described in our risk factors, such as those relating to data security, supply chain, volatility in prices of inputs, and market conditions, any of which could negatively affect our business and financial condition.
We depend on a limited number of suppliers for our materials and component parts for some of our products, and the loss of any of these suppliers or an increase in cost of raw materials could harm our business.
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If our current suppliers, in particular the minority of those that are "single-source" suppliers, are unable to timely fulfill orders, or if we are required to transition to other suppliers, we could experience significant production delays or disruption to our business.
−Removed: We define a single-source supplier as a supplier from which we purchase all of a particular raw material or input used in our manufacturing operations, although other suppliers are available from which to purchase the same raw material or input or an equivalent substitute.
+Added: We define a single-source supplier as a supplier from which we purchase all of a particular raw material or input used in our manufacturing operations, although other suppliers are available from which to purchase the same raw material or input of an equivalent substitute.
We do not maintain long-term supply contracts with any of our suppliers and instead purchase these components on a purchase order basis.
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Dennison or any other key employees.
−Removed: We believe that the top nine members of our senior management team are key to establishing our focus and executing our corporate strategies as they have extensive knowledge of our systems and processes.
+Added: We believe that the top eight members of our senior management team are key to establishing our focus and executing our corporate strategies as they have extensive knowledge of our systems and processes.
Given our senior management team’s knowledge of our industry and the limited number of direct competitors in the industry, we believe that it could be difficult to find replacements should any of the members of our senior management team leave.
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The use of our products by consumers, often under extreme conditions, exposes us to risks associated with product liability claims.
−Removed: If our products are defective or used incorrectly by our customers, bodily injury, property damage or other injury, including death, may result in, and could give rise to product liability claims against us, which could adversely affect the image of our brands' image or reputation.
+Added: If our products are defective or used incorrectly by our customers, bodily injury, property damage or other injury, including death, may result in, and could give rise to product liability claims against us, which could adversely affect our brands' image or reputation.
We have encountered product liability claims in the past and carry product liability insurance to help protect us against the costs of such claims, although our insurance may not be sufficient to cover all losses.
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We are subject to certain risks in our manufacturing and in the testing of our products.
−Removed: As of July 1, 2022, we employed approximately 4,200 employees worldwide, a large percentage of which work at our manufacturing facilities.
+Added: As of September 30, 2022, we employed approximately 4,200 employees worldwide, a large percentage of which work at our manufacturing facilities.
Our business involves complex manufacturing processes that can be inherently dangerous.
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We believe inflation, and actions taken by the Federal Reserve in response, currently pose a risk to us in a number of ways.
−Removed: Specifically, the Federal Reserve increased benchmark interest rates in March 2022 and June 2022 and has indicated its intention to continue to raise benchmark interest rates throughout 2022 in an effort to curb the upward inflationary pressure on the cost of goods and services across the U.S.
+Added: Specifically, the Federal Reserve increased benchmark interest rates in March 2022, May 2022, June 2022, July 2022, and September 2022 and has indicated its intention to continue to raise benchmark interest rates throughout 2022 in an effort to curb the upward inflationary pressure on the cost of goods and services across the U.S.
The raw materials and other supplies we use to produce our products have experienced increasing prices during recent periods as a result of inflation.
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In the future, we and our subsidiaries may be able to incur substantial additional debt from amendments to the 2022 Credit Facility, additional lending sources subject to the restrictions contained in the 2022 Credit Facility, or because of certain debt instruments we may issue.
−Removed: As of July 1, 2022, we had $410.0 million of indebtedness, and $225.0 million in revolving credit available to borrow under the 2022 Credit Facility.
+Added: As of September 30, 2022, we had $325.0 million of indebtedness, and $325.0 million in revolving credit available to borrow under the 2022 Credit Facility.
Our ability to borrow under the 2022 Credit Facility fluctuates from time to time due to, among other factors, our borrowings under the 2022 Credit Facility.
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Any such increases in the interest rate or increases of our borrowings under the 2022 Credit Facility will increase our interest expense.
−Removed: The Federal Reserve increased benchmark interest rates in March 2022 and June 2022 and has indicated its intention to continue to raise benchmark interest rates throughout 2022 in an effort to curb the upward inflationary pressure on the cost of goods and services across the U.S.
+Added: The Federal Reserve increased benchmark interest rates in March 2022, May 2022, June 2022, July 2022, and September 2022, and has indicated its intention to continue to raise benchmark interest rates throughout 2022 in an effort to curb the upward inflationary pressure on the cost of goods and services across the U.S.
Increases in these rates increase our interest expense and reduce our funds available for operations and other purposes.
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Refer to Note 10- Derivatives and Hedging for additional information regarding the interest rate swap arrangement.
−Removed: As of July 1, 2022, we had $410.0 million of indebtedness outstanding under the 2022 Credit Facility.
−Removed: Based on the $310.0 million of variable interest rate indebtedness that was outstanding under the 2022 Credit Facility as of July 1, 2022, after giving effect to our interest rate swap, a hypothetical 100 basis point increase or decrease in the interest rate would have resulted in an approximately $0.8 million increase or decrease in interest expense for the three months ended July 1, 2022, respectively.
+Added: As of September 30, 2022, we had $325.0 million of indebtedness outstanding under the 2022 Credit Facility.
+Added: Based on the $225.0 million of variable interest rate indebtedness that was outstanding under the 2022 Credit Facility as of September 30, 2022, after giving effect to our interest rate swap, a hypothetical 100 basis point increase or decrease in the interest rate would have resulted in an approximately $0.6 million increase or decrease in interest expense for the three months ended September 30, 2022, respectively.
We may incur losses on interest rate swap and hedging arrangements.
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The issuance of additional shares of our common stock, such as the follow-on offering of approximately 2.8 million shares of common stock that we completed in June 2020, could dilute the ownership interest of our common stockholders and could depress the market price of shares of our common stock.
−Removed: Our Amended and Restated Certificate of Incorporation authorizes us to issue 90,000,000 shares of common stock, 42,262,731 of which shares were outstanding as of July 1, 2022.
+Added: Our Amended and Restated Certificate of Incorporation authorizes us to issue 90,000,000 shares of common stock, 42,267,246 of which shares were outstanding as of September 30, 2022.
In the future, we may issue additional shares of common stock or other equity or debt securities convertible into common stock in connection with financings, acquisitions, registration statements or otherwise.
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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.