What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2023-03-01 compared with 2022-03-04 · 77 added, 55 removed, 314 unchanged (30% of the section changed)

3 unchanged sentences

The COVID-19 outbreak has adversely impacted and could continue to adversely impact our results of operations.

The impact of the COVID-19 outbreak and the spread of the novel coronavirus on a global basis have adversely affected and are likely to continue to adversely affect our business in a number of respects, although the further extent, nature and timing of such impact cannot be predicted at this time.

The impact of the COVID-19 outbreak on a global basis has adversely affected and is likely to continue to adversely affect our business in a number of respects, although the further extent, nature and timing of such impact cannot be predicted at this time.

The COVID-19 outbreak has led countries around the world, as well as most states in the U.S., to from time-to-time implement restrictions relating to the operation of almost all types of businesses.

1 unchanged sentence

We believe, based on the various standards published to date, that our businesses meet or will meet the requisite standards to remain open, at least partially, in all jurisdictions in which we operate, although there is no assurance that our decision to remain open will not be challenged.

As of the date of this filing, all of our manufacturing and other facilities are operating at adequate capacity while following procedures designed to prevent the spread of the virus, such as social distancing, reduced personnel and staggered shifts.

Changing standards regarding what type of facilities are permitted to remain open, as well as evolving interpretations of existing standards, in both the United States and around the globe, could result in the closure of some or all of our facilities.

To date, our supply chain has not experienced significant disruptions, and at this time.

we do not anticipate any such significant disruptions in the near term.

To date, our supply chain has not experienced significant disruptions as a result of the COVID-19 pandemic.

However, our suppliers could be required by government authorities to temporarily cease operations in accordance with the various restrictions discussed above, might be limited in their production capacity due to complying with restrictions relating to the operation of businesses during the COVID-19 pandemic, or could suffer their own supply chain disruptions, impacting their ability to continue to supply us with the quantity of materials required by us.

2 unchanged sentences

Any disruption of our supply chain or the businesses of our customers could adversely impact our business and results of operations.

In addition, the widespread public health crisis caused by the COVID-19 outbreak has adversely impacted the economies and financial markets worldwide, and in 2020 resulted in an economic downturn that adversely impacted many businesses, including ours.

The extent and duration of the impact on the global economy and financial markets from COVID-19 is difficult to predict, and the extent to which the COVID-19 will negatively affect us and the duration of any potential business disruption is uncertain.

The extent and duration of the impact on the global economy and financial markets from COVID-19 is difficult to predict, and the extent to which COVID-19 will negatively affect us and the duration of any potential business disruption is uncertain.

The impact to our business and results of operation will depend to a large extent on future developments and new information that may emerge regarding the duration and severity of the COVID-19 outbreak and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, and the impact of such actions, all of which are beyond our control.

2 unchanged sentences

Labor is a significant component of operating our business.

A number of factors may adversely affect the labor force available to us or increase labor costs, including general macroeconomic conditions, high employment levels, federal unemployment subsidies, including unemployment benefits offered in response to the COVID-19 pandemic, increased wages offered by other employers, vaccine mandates and other government regulations and our responses thereto.

A number of factors may adversely affect the labor force available to us or increase labor costs, including general macroeconomic conditions, high employment levels, federal unemployment subsidies, increased wages offered by other employers, vaccine mandates and other government regulations and our responses thereto.

We are currently experiencing a shortage of qualified labor in certain geographies, particularly with manufacturing plant production workers in the United States, Israel and Japan.

7 unchanged sentences

Also, our foil strain gages compete with other types of strain gages, such as semiconductor strain gages, which we do not manufacture.

We believe that other types of strain gages are not as reliable or stable as our foil strain gages, but that could change as the technology for these other products

continues to evolve.

We believe that other types of strain gages are not as reliable or stable as our foil strain gages, but that could change as the technology for these other products continues to evolve.

If our competitors are able to improve the quality, performance, or pricing of their products relative to our offerings, our results of operations could be adversely affected.

2 unchanged sentences

Competition for modules and systems is most often based on customer relationships, product reliability, technical performance, and the ability to anticipate and satisfy customer needs for specific design configurations.

Many other manufacturers have more experience in particular geographic markets and specific applications than we do, and may be better positioned to compete in these areas.

Many other manufacturers have more experience in particular geographic

markets and specific applications than we do, and may be better positioned to compete in these areas.

We cannot assure you that we will be able to successfully grow our business in the face of these competitive challenges.

7 unchanged sentences

We also cannot assure that any such transactions that we do complete in the future will be successful.

Such transactions, including our acquisition of DTS in June 2021, involve a number of risks, including the following:

Such transactions involve a number of risks, including the following:

• we may incur substantial costs, including advisory fees and diversion of management attention, in evaluating a potential transaction;

16 unchanged sentences

To remain competitive, particularly when business conditions are difficult, we sometimes take steps to reduce our cost structure by restructuring our existing businesses to achieve efficiencies, eliminate redundant functions, facilities and staff positions, and move operations, where possible, to reduce labor or other costs.

We may not realize, in full or in part, the anticipated benefits of these programs without encountering difficulties, which may include complications in the transfer of production knowledge, loss of key employees and/or customers, and the disruption of

ongoing business.

Any of these difficulties could delay and/or undermine our ability to realize the benefits of these cost reduction programs, as well as potentially adversely affecting our customer relationships and operations.

29 unchanged sentences

In these agreements, the employee agrees to maintain the confidentiality of all of our proprietary information and, subject to certain exceptions, to assign to us all rights in any proprietary information or technology made, or contributed, by the employee during his or her employment.

Generally, we do not enter into non-compete arrangements with our employees, with the exception of certain executives and, in some cases, one or more of the principals of the businesses that we acquire.

All of these types of agreements may be breached or be found unenforceable, and we may not have an adequate remedy for any such breach of, or inability to enforce, these agreements.

Generally, we do not enter into non-compete arrangements with our employees, with the exception of certain executives, senior managers and, in some cases, one or more of the principals of the businesses that we acquire.

All of these types of agreements may be breached or be found unenforceable (including in light of potential regulations proposed by the United States Federal Trade Commission), and we may not have an adequate remedy for any such breach of, or inability to enforce, these agreements.

We may initiate, or be subject to, claims or litigation for infringement of proprietary rights, or to establish the validity of our proprietary rights, which could result in significant expense to us, cause product shipment delays, require us to enter royalty or licensing agreements, and divert the efforts of our technical and management personnel from productive tasks, whether or not such litigation were determined in our favor.

1 unchanged sentence

While our agreements with our customers and distributors typically contain provisions designed to limit our exposure to potential material product liability claims, including appropriate warranty, indemnification, damages waiver, and limitation of liability provisions, it is possible that such provisions may not be effective under the laws of some jurisdictions, thus exposing us to substantial liability.

Moreover, defending a suit, regardless of its merits, could entail substantial expense, and require the time and attention of key management personnel.

Moreover, defending a suit, regardless of its merits, could entail substantial expense, and require the

time and attention of key management personnel.

If product liability claims are brought against us, the costs associated with defending such claims may adversely affect our results of operations and future cash flows.

7 unchanged sentences

The long development times for certain of our products and systems may result in unpredictable fluctuations in revenue and results of operations .

Our force sensor products, and weighing and control systems, often have long product development cycles, both to develop the product or system and to secure customer acceptance following what may be a lengthy on-site testing period.

Our Weighing Solutions products and Measurement Systems products often have long product development cycles, both to develop the product or system and to secure customer acceptance following what may be a lengthy on-site testing period.

During product development and testing, we may incur substantial costs without corresponding revenues.

If our custom product or system is ultimately accepted by the customer, we may then begin to realize substantial revenues from our development efforts.

In particular, our weighing and control systems can be priced for several hundred thousand dollars per unit, so that a contract to acquire one or more units can materially contribute to our revenues during the period or periods that we are permitted to recognize the contract revenues for accounting purposes.

The nature of our weighing and control products and systems, and in particular, the products and systems manufactured by the steel business, may therefore result in substantial fluctuations in our operating results, including revenues and profitability, from period to period, even though there has been no fundamental change in our business or its prospects.

In particular, our Measurement Systems business segment which produces highly specialized systems, can be priced for several hundred thousand dollars per unit, so that a contract to acquire one or more units can materially contribute to our revenues during the period or periods that we are permitted to recognize the contract revenues for accounting purposes.

The nature of our measurement systems business segments, and in particular, the products and systems manufactured for the steel industry, may therefore result in substantial fluctuations in our operating results, including revenues and profitability, from period to period, even though there has been no fundamental change in our business or its prospects.

Further, customers may request a delay in shipping a product they have ordered due to changes in their business needs, which may delay the revenue recognition for the product until shipment occurs.

1 unchanged sentence

Also, the fluctuating nature of key components of our revenues may limit the visibility of our management regarding performance in future periods, and make it more difficult for our management to provide guidance to our investors.

We may not have adequate facilities to satisfy future increases in demand for our products.

We may not have adequate manufacturing capacity to satisfy future increases in demand for our products.

Our business is cyclical and in periods of a rising economy, we may experience intense demand for our products.

13 unchanged sentences

Many of the orders that comprise our backlog may be canceled by our customers without penalty.

Our customers, particularly for our foil technology products, often cancel orders when business is weak and inventories are excessive, a situation that we have previously experienced during periods of economic slowdown.

Our customers, particularly for our sensors segment products, often cancel orders when business is weak and inventories are excessive, a situation that we

have previously experienced during periods of economic slowdown.

Therefore, we cannot be certain that the amount of our backlog accurately forecasts the level of orders that will ultimately be delivered.

11 unchanged sentences

Alternative suppliers are available worldwide for most of our raw materials, but significant time (up to 12 months) would be required to qualify new suppliers and establish efficient production scheduling.

Certain metals used in the manufacture of our products are traded on active markets, and can be subject to significant price volatility.

Certain metals used in the manufacture of our products are traded on active markets, and can be subject to significant price volatility and sourcing challenges.

Our results of operations may be materially and adversely affected if we have difficulty obtaining certain raw materials, if the quality of available raw materials deteriorates, if there are significant price changes for these raw materials, or if compliance with the laws and regulations described below proves costly and time-consuming.

19 unchanged sentences

Internal control over financial reporting may not prevent or detect misstatements because of inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud.

Therefore, even effective internal control over financial reporting can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements.

Therefore, even effective internal control over financial reporting can provide only reasonable assurance with

respect to the preparation and fair presentation of financial statements.

If we cannot provide reasonable assurance with respect to our financial reports and effectively prevent fraud, our operating results could be harmed.

Future changes in our environmental liability and compliance obligations may harm our ability to operate or increase costs.

Our manufacturing operations, products and/or packaging are subject to environmental laws and regulations governing air emissions, wastewater discharges, the handling, disposal, and remediation of hazardous substances, wastes, and certain chemicals used or generated in our manufacturing processes, workplace health and safety labeling, or other notifications with respect to the content, or other aspects of our processes, products or packaging, restrictions on the use of certain materials in or on design aspects of our products or packaging, and responsibility for disposal of products or packaging.

New liabilities could arise, and we may have unavoidably inherited certain pre-existing environmental liabilities, generally based on successor liability doctrines.

Although we have never been involved in any environmental matter that has had a material adverse impact on our overall operations, there can be no assurance that in connection with any past or future operation, acquisition or otherwise, we will not be obligated to address environmental matters that could have a material adverse impact on our operations.

In addition, more stringent environmental regulations may be enacted in the future, and we cannot presently determine the modifications, if any, in our operations that any such future regulations might require, or the cost of compliance with these regulations.

We are subject to costs and liabilities related to current and future environment, health and safety laws and regulations, as well as changes in the global climate, that could adversely affect our business.

Our manufacturing operations, products and packaging are subject to environmental laws, rules, regulations and standards.

These laws govern air emissions, wastewater discharges, the handling, disposal, and remediation of hazardous substances, wastes, and certain chemicals used or generated in our manufacturing processes, and workplace health and safety.

Compliance with these laws, rules, regulations and standards can require significant expenditure of financial and employee resources.

In addition, changes to such laws, rules, regulations, and standards are made or proposed regularly, and some of the proposals, if adopted, might, directly or indirectly, adversely affect the operating results of one or more of our operating segments.

Additionally, increased regulation of emissions linked to climate change, including greenhouse gas (carbon) emissions and other climate-related regulations, could potentially increase the cost of our operations due to increased costs of compliance, increased cost of fossil fuel-based inputs and increased cost of energy intensive raw material inputs.

Federal, state, provincial, and local laws and requirements pertaining to workplace health and safety conditions are significant factors in our business.

Changes to these laws and requirements may result in additional costs and actions across the affected country or region.

Various government agencies may promulgate new or modified legislation, and implement special emphasis programs and enforcement actions that could impact particular Company operations.

Federal, state, provincial, foreign, and local environmental requirements relating to air, soil, and water quality, handling, discharge, storage, and disposal of a variety of substances (including per- and polyfluoroalkyl substances, or PFAS), and climate change are also significant factors in our business, and changes to such requirements generally result in an increase to our costs of operations.

The failure by us to comply with applicable environmental, health and safety requirements could result in fines, penalties, enforcement actions, third-party claims for property damage and personal injury, requirements to clean up property or to pay for the costs of cleanup, or regulatory or judicial orders requiring corrective measures, which could have a material adverse effect on our business, financial condition or results of operations.

Additionally, such actions could negatively impact our reputation in the impacted geographic market and more broadly.

Our credit facilities subject us to financial and operating restrictions.

22 unchanged sentences

Our effective tax rate can be affected by changes in the mix of earnings in countries with differing statutory tax rates (including as a result of business acquisitions and dispositions), changes in the valuation of deferred tax assets and liabilities, accruals related to contingent tax liabilities, the results of audits and examinations of previously filed tax returns, and changes in tax laws.

For example, in August 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law.

The IRA includes a 15% corporate alternative minimum tax that applies to companies that have a three-year average of at least $1 billion in adjusted profits and is effective for taxable years beginning after December 31, 2022.

The IRA also includes a 1% excise tax on repurchases of stock occurring after December 31, 2022.

Any of these factors may adversely affect our tax rate and decrease our profitability.

5 unchanged sentences

and foreign countries in which we operate.

Transfer pricing regulations generally require that transactions between related companies be determined comparable to transactions on an arm’s

length basis and that contemporaneous documentation be maintained to support the pricing used.

Transfer pricing regulations generally require that transactions between related companies be determined comparable to transactions on an arm’s length basis and that contemporaneous documentation be maintained to support the pricing used.

Although transfer pricing standards are generally similar in many of the countries in which we operate, there is still a relatively high degree of uncertainty and inherent subjectivity in complying with these requirements.

11 unchanged sentences

We believe that it is important that we continue the use of the Vishay name, to a certain extent, in order to benefit from the reputation of the Visha y brand, which was first used in connection with our foil resistors and strain gages when Vishay Intertechnology was founded over 50 years ago.

There are risks associated with our use of the Vishay mark, however, both for us and for Vishay Intertechnology.

Because both we, and Vishay Intertechnology, use the Vishay mark, confusion could arise in the market regarding the products offered by the two companies, and there could be a misplaced perception of our continuing to be associated with Vishay Intertechnology.

There are risks associated with our use of the Vishay mark, however, because both we, and Vishay Intertechnology, use the Vishay mark, confusion could arise in the market regarding the products offered by the two companies, and there could be a misplaced perception of our continuing to be associated with Vishay Intertechnology.

Also, any negative publicity associated with one of the two companies in the future could adversely affect the public image of the other.

4 unchanged sentences

During this process, we may experience under-utilization of certain plants and factories in higher-cost regions, and capacity constraints in plants and factories located in lower-cost regions.

Also, we may experience delays in the expected transition from a higher-cost location to a lower-cost one that results in greater than expected use of the higher-cost facility.

Also, we may experience delays in the expected transition from a higher-cost location to a lower-cost one that results in greater than expected use of the higher-cost

This transitional utilization may result initially in production inefficiencies and higher costs.

6 unchanged sentences

If we experience these types of inefficiencies, they could have an adverse effect on our operating results, customer relationships, and financial condition.

We conduct a significant amount of business in the European Union, including in England, and our operations may be affected by the departure of the United Kingdom from the European Union.

On June 23, 2016, the citizens of the United Kingdom approved a referendum to leave the European Union (“Brexit”), which led to significant market volatility around the world, as well as political, economic and legal uncertainty.

In addition, the Brexit vote triggered a devaluing of the pound sterling relative to the euro and the U.S.

dollar, and in Europe we generally sell our products and incur expense in local currencies including the pound sterling and the euro, but incur exchange rate gains and losses for U.S.

dollar denominated assets and liabilities including intercompany and third-party accounts receivables and payables.

This exposure to movements in foreign currency exchange rates relative to some of these U.S.

dollar denominated balances may result in an adverse impact on our results of operations.

The long-term nature of the United Kingdom’s relationship with the European Union is unclear and there is considerable uncertainty when any relationship will be agreed and established.

At this stage, it is uncertain what the effects of Brexit will be on our United Kingdom and European operations in fiscal 2022 and beyond, and it is possible that Brexit could impair our ability to transact business in the United Kingdom or countries in the European Union.

Significant developments from the recent and potential changes in tariffs, trade regulation or other restrictions may adversely impact our business, financial condition and results of operations.

Current and future tariffs, trade regulation or other restrictions may adversely impact our business, financial condition and results of operations.

We have manufacturing operations in China, Europe, Canada, Israel and the United States, as well as in other countries.

Significant tariffs or other restrictions which are placed on Chinese, European, Canadian or Israeli imports to the United States, or any related counter-measures which are taken by the countries involved, may materially harm our revenues and results of operations.

Examples of past actions are Section 232 tariffs on steel and aluminum product imports announced by the U.S.

Department of Commerce in March 2018, and Section 301 tariffs on certain products that originate in China announced by the United States Trade Representative that first started in June 2018 and now are in four separate lists with varying tariff increases.

These tariffs, or other changes in U.S.

Tariffs, or other changes in U.S.

trade policy, could trigger retaliatory actions by affected countries.

22 unchanged sentences

Our global operations are subject to extensive anti-corruption laws and other regulations.

Foreign Corrupt Practices and similar foreign anti-corruption laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence foreign government officials for the purpose of obtaining or retaining business, or obtaining an unfair advantage.

Foreign Corrupt Practices Act, U.K.

Bribery Act and similar foreign anti-corruption laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence foreign government officials for the purpose of obtaining or retaining business, or obtaining an unfair advantage.

Recent years have seen a substantial increase in the global enforcement of anti-corruption laws.

Our continued operation and expansion outside the United States, including in developing countries, could increase the risk of such violations under other regulations relating to limitations on or licenses required for sales made to customers located in certain countries.

Violations of these laws may result in severe criminal or civil sanctions, could disrupt our business, and result in a material adverse effect on our reputation, business and results of operations or financial condition.

Our continued operation and expansion outside the United States, including in developing countries, could increase the risk of such violations.

Despite meaningful measures that we undertake to facilitate lawful conduct, these measures may not always prevent reckless or criminal acts by our employees or agents.

Any such improper actions could damage our reputation and subject us to civil or criminal investigation in the United States and in other jurisdictions, could lead to substantial civil and criminal, monetary and non-monetary penalties and could cause us to incur significant legal and investigative fees.

Our business and results of operations may be materially adversely affected by compliance with import and export laws.

We must comply with various laws and regulations relating to the import and export of products, services and technology from the U.S.

and other countries having jurisdiction over our operations, which may affect our transactions with certain customers, business partners and other persons.

In certain circumstances, export control and economic sanctions regulations may prohibit the export of certain products, services, and technologies and in other circumstances, we may be required to obtain an export license before exporting a controlled item.

The length of time required by the licensing processes can vary, potentially delaying the shipment of products or performance of services and the recognition of the corresponding revenue.

In addition, failure to comply with any of these regulations could result in substantial civil and criminal, monetary and non-monetary penalties, disruptions to our business, limitations on our ability to import and export products and services and damage to our reputation.

In 2022, we determined that certain export shipments of products from one of our subsidiaries did not comply with the filing requirements of U.S.

export administration and foreign trade regulations, and we voluntarily self-disclosed such non-compliance to the U.S.

federal government.

While non-compliance with such filing requirements could result in fines and penalties, we do not believe that the foregoing matters will have a material adverse effect on our business or results of operations, cash flows or financial condition.

Moreover, any changes in export control or sanctions regulations may further restrict the export of our products or services, and the possibility of such changes requires constant monitoring to ensure we remain compliant.

Any restrictions on the export of our products or product lines could have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

Risks Relating to Our Common Stock

4 unchanged sentences

The ownership of Class B convertible common stock is highly concentrated, and holders of Class B convertible common stock effectively can cause the election of directors and the approval or disapproval of other matters requiring stockholder approval.

Ruta Zandman, the wife of the late founder of our technology, Dr.

Felix Zandman, controls the voting of, solely or on a shared basis with Marc Zandman (the Chairman of our Board of Directors) and Ziv Shoshani (our Chief Executive Officer and a member of our Board of Directors), approximately 76.9% of our Class B convertible common stock, representing 34.5% of the total voting power of our capital stock as of December 31, 2021.

Ruta Zandman, the widow of the late founder of our technology, Dr.

Felix Zandman, controls the voting of, solely or on a shared basis with Marc Zandman (Dr.

Felix Zandman's son and a member of our Board of Directors) and Ziv Shoshani (Mrs.

Ruta Zandman’s nephew and our Chief Executive Officer and a member of our Board of Directors), approximately 76.9% of our Class B convertible common stock, representing 34.5% of the total voting power of our capital stock as of December 31, 2022.

Holders of our Class B convertible common stock may act in ways that are contrary to, or not in the best interests of, holders of our common stock.

9 unchanged sentences

General Risk Factors

Difficult and volatile conditions in the capital, credit and commodities markets and in the overall economy could adversely affect our financial position, results of operations and cash flows.

Our financial position, results of operations and cash flows could be adversely affected by difficult conditions and significant volatility in the capital, credit and commodities markets and in the overall worldwide economy.

Disruptions in supply chains, inflation, and rising interest rates have a negative effect on economies and the performance of stock markets.

Any uncertainty about the federal budget or the debt limit in the United States could have a negative effect on the United States and global economy.

The impact that these factors might have on us and our business is uncertain and cannot be estimated at this time.

The difficult conditions in these markets and the overall economy affect our business in a number of ways.

• Although we believe we have sufficient liquidity to run our business, under extreme market conditions, there can be no assurance that financing, if needed, would be available or sufficient, and, in such a case, we may not be able to successfully obtain financing on favorable terms, or at all.

• Continuing market volatility can exert downward pressure on our stock price, which could make it more difficult or unfavorable for us to raise additional capital in the future.

• Economic conditions could result in customers in our markets experiencing financial difficulties, including limited liquidity and their inability to obtain financing or electing to limit spending because of the economy which may result, for example, in customers’ inability to pay us at all or on a timely basis.

We might require additional capital to support business growth and this capital might not be available.

3 unchanged sentences

Any debt financing secured by us in the future could involve additional restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.

In addition, we may not be able to obtain additional financing on terms favorable to us, if at all.

In addition, obtaining financing may be adversely affected by rising interest rates or other factors.

We may not be able to obtain additional financing on terms favorable to us, if at all.

If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly limited.

10 unchanged sentences

Any cyber incidents could materially disrupt operational systems;

result in loss of trade secrets or other proprietary or competitively sensitive information;

loss of trade secrets or other proprietary or competitively sensitive information;

compromise personally identifiable information regarding customers or employees;

32 unchanged sentences

• changes in rules or regulations applicable to our business;

• other factors, including economic instability, COVID-19, labor shortages, supply chain disruptions and changes in political or market conditions.

• other factors, including economic instability, inflation, COVID-19, labor shortages, supply chain disruptions and changes in political or market conditions.

A significant drop in our stock price could expose us to costly and time consuming litigation, which could result in substantial costs, and divert management’s attention and resources, resulting in an adverse effect on our business.

7 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.

What changed 10-K

Item 1A. Risk Factors