8 unchanged sentences
Through continued economic challenges, there continue to be periodic shipping and logistics challenges and continued supply chain constraints, shortages and delays, along with inflationary pricing pressures.
−Removed: NSE has experienced some impact to customer demand.
−Removed: Customer demand will continue to be challenging to calibrate, due to the nature and timing of the COVID-19 pandemic.
As normal business operations resume and we transition to a hybrid work model, we continue to practice enhanced sanitation procedures, health checks and social distancing protocols, however, none of these measures can completely eliminate the risk of exposure or spread of COVID-19.
There could be additional waves or spikes in infection, again causing widespread social, economic and operational impacts.
+Added: The reopening of China and ending of its “zero-Covid” policy could have unforeseen impacts on our operations, facilities and supply chain.
Further, the lingering impacts of the COVID-19 pandemic may continue to adversely affect the economies and financial markets in many countries.
61 unchanged sentences
We believe that we will continue to rely upon a limited number of customers for a significant portion of our revenues for the foreseeable future.
−Removed: Any failure by us to continue capturing a significant share of these customers could materially harm our business.
+Added: Any failure by us to continue capturing a significant share of key customer sales could materially harm our business.
Dependence on a limited number of customers exposes us to the risk that order reductions from any one customer can have a material adverse effect on periodic revenue.
36 unchanged sentences
Restructuring
−Removed: We have from time to time engaged in restructuring activities to realign our cost base with current and anticipated future market conditions.
+Added: We have from time to time engaged in restructuring activities to realign our cost base with current and anticipated future market conditions, including one recently announced for fiscal 2023.
Significant risks associated with these types of actions that may impair our ability to achieve the anticipated cost reductions or disrupt our business include delays in the implementation of anticipated workforce reductions in highly regulated locations outside of the U.S.
43 unchanged sentences
technology and software.
−Removed: Products that VIAVI sells to Huawei have been affected by the restrictions on Huawei, however the impact is not expected to be material.
+Added: Products that VIAVI sells to Huawei have been affected by the restrictions, however the impact is not expected to be material to our overall operations.
These measures, along with any additional tariffs or other trade actions that may be implemented, may increase the cost of certain materials and/or products that we import from China, thereby adversely affecting our profitability.
1 unchanged sentence
As a result, these actions, including potential retaliatory measures by China and further escalation into a potential “trade war”, may adversely impact our business.
−Removed: While recent US export controls on China’s semiconductor and artificial intelligence industries may have an indirect impact on VIAVI, the implications of such controls are still being evaluated and are not expected to have a material impact on revenues.
+Added: While recent US export controls on China’s semiconductor and artificial intelligence industries may have an indirect impact on VIAVI, the implications of such controls are still being evaluated and are not expected to have a material impact on our consolidated annual revenues.
Furthermore, the geopolitical and economic uncertainty and/or instability that may result from changes in the relationship among the United States, Taiwan and China, may, directly or indirectly, materially harm our business, financial condition and results of operations.
18 unchanged sentences
The CCPA also provides for civil penalties for violations, as well as a private right of action for data breaches that may increase data breach litigation.
−Removed: Further, there are five new state privacy laws that will go into effect in 2023, the California Privacy Rights Act, the Virginia Consumer Data Protection Act, the Utah Consumer Privacy Act, the Colorado Privacy Act and the Connecticut Data Privacy Act, and a number of other states are considering similar laws.
+Added: Further, there are five new state privacy laws that will go into effect in 2023, the California Privacy Rights Act, expanding the CCPA to provide for certain obligations with respect to California employee’s sensitive personal data and an expansion of rights, including the right to limit, correct and request deletion of certain sensitive personal data, the Virginia Consumer Data Protection Act, the Utah Consumer Privacy Act, the Colorado Privacy Act and the Connecticut Data Privacy Act, and a number of other states are considering similar laws.
In addition, a federal privacy bill, called the American Data Privacy and Protection Act was recently published.
15 unchanged sentences
The growing and evolving cyber-risk environment means that individuals, companies, and organizations of all sizes, including ourselves and our hosting and support partners, are increasingly vulnerable to attacks and disruptions on their networks and systems by a wide range of actors on an ongoing and regular basis.
−Removed: We also design and manage IT systems and products that contain IT systems for various customers, and generally face the same threats for these systems as for our own internal systems.
We maintain information security tools and technologies, staff, policies and procedures for managing risk to our networks and information systems, and conduct employee training on cyber-security to mitigate persistent and continuously evolving cyber-security threats.
56 unchanged sentences
In addition, we could be criticized for the scope or nature of such initiatives or goals, or for any revisions to these goals.
−Removed: If our ESG-related data, processes and reporting are incomplete or inaccurate, or if we fail to achieve progress with respect to our ESG goals on a timely basis, or at all, our reputation, business, financial performance and growth could be adversely affected.
+Added: It is anticipated that the SEC will finalize rules in 2023 related to climate disclosures, human capital management and cybersecurity disclosures.
+Added: Compliance with these complex regulations could be costly, burdensome and will require significant internal and external resources to achieve.
+Added: If our ESG-related data, processes and reporting are incomplete or inaccurate, or if we fail to achieve progress with respect to our ESG goals on a timely basis, or at all, our reputation, business, financial performance and growth could be adversely affected and we could be subject to additional regulatory scrutiny.
We may be subject to risks related to climate change, natural disasters and catastrophic events.
75 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.