2 unchanged sentences
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: Our market risk exposure is primarily a result of fluctuations in steel and aluminum prices and customer concentrations.
+Added: Our market risk exposure is primarily a result of fluctuations in steel, aluminum and copper prices and customer concentrations.
We do not hold or issue financial instruments for trading purposes.
3 unchanged sentences
For the year ended December 31, 2022, our largest customer and five largest customers constituted approximately 8.4% and 35.8% of total revenue, respectively.
−Removed: For the year ended December 31, 2021, our three largest customers represented approximately 40% of revenue and were the only customers that constituted 10% or greater of total revenue.
The loss of any one of our top five customers could have a material adverse effect on our financial conditions and results of operations.
5 unchanged sentences
We are subject to risk from fluctuating market prices of certain commodity raw materials, including copper, that are used in our products.
−Removed: Prices of these raw materials may be affected by supply restrictions or other market factors from time to time, and we do not enter into hedging arrangements to mitigate commodity risk.
−Removed: Significant price changes for these raw materials could reduce our operating margins if we are unable to recover such increases from our customers and could harm our business, financial condition and results of operations.
+Added: Prices of these raw materials may be affected by supply restrictions, inflation or other market factors from time to time, and we do not enter into hedging arrangements to mitigate commodity risk.
+Added: Significant price increases for these raw materials could reduce our operating margins if we are unable to recover such increases from our customers, in the form of increased prices, which could harm our business, financial condition and results of operations.
Interest Rate Risk
1 unchanged sentence
We have interest rate exposure with respect to the $243.3 million balance as it is all variable interest rate debt.
−Removed: A 100 basis point increase in interest rates would impact our expected annual interest expense for the next 12 months by approxima tely $2.5 million.
+Added: A 100 basis point increase in interest rates would impact our expected annual interest expense for the next 12 months by approximately $2.4 million.
Financial Statements and Supplementary Data
2 unchanged sentences
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.