Item 1A. Risk Factors
Item 1A. Risk Factors.
In addition to the information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our 2022 Annual Report and the risk factors and other cautionary statements contained in our other filings with the Securities and Exchange Commission, which could materially affect our business, results of operations, financial condition or cash flows. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition or cash flows. There have been no material changes in our risk factors from those described in our 2022 Annual Report or our other Securities and Exchange Commission filings other than the addition of the risk factor as set forth below:
Current banking crisis may adversely affect our results of operations and financial condition.
Several bank failures have occurred during 2023, which could have a material adverse effect on our business, results of operations and cash flows. Those bank failures may have a negative impact on the ability of our customers to obtain financing and result in a decrease in customer demand for, and budgets to buy, our products. Additionally, these bank failures, and the resulting loss of confidence in the banking system and potential of an extended recession, may have a negative impact on demand for oil and gas resulting in a decrease in demand for our products.
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