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Uncertainty about global economic conditions could result in customers postponing purchases of our products and services in response to tighter credit, unemployment, negative financial news and/or declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for our products and services and, accordingly, on our business, results of operations or financial condition.
−Removed: For example, current global financial markets continue to reflect uncertainty, which has been heightened by the COVID-19 pandemic and the ongoing military conflict between Russia and Ukraine.
+Added: For example, current global financial markets continue to reflect uncertainty, which has been affected by the COVID-19 pandemic and the ongoing military conflict between Russia and Ukraine.
Given these uncertainties, there could be further disruptions to the global economy, financial markets and consumer confidence.
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For example, fluctuations in exchange rates may affect our revenue, expenses and results of operations as well as the value of our assets and liabilities as reflected in our financial statements.
−Removed: We are also subject to other types of risks, including the following:
+Added: We are also subject to other types of risks of doing business internationally, including the following:
• protection of intellectual property and trade secrets;
15 unchanged sentences
These same governments also may provide increased incentives to or require production processes that favor local companies, which could further negatively impact our business and results of operations.
−Removed: Changes in regulatory, geopolitical, social, economic, or monetary policies and other factors, including those which may result from the Biden administration and Democratic control of Congress, if any, may have a material adverse effect on our business in the future, or may require us to exit a particular market or significantly modify our current business practices.
−Removed: For example, President Biden has proposed, among other changes to the tax code, an increase in the U.S.
−Removed: corporate income tax rate from 21% to 28% and an increase of the U.S.
−Removed: tax rate on foreign income from 10% to 21%.
−Removed: In addition, the U.S.
−Removed: Treasury Department supports the adoption of a global minimum corporate tax rate of at least 15%, which is under consideration in the U.S.
−Removed: Congress following approval by the leaders of the G-20 in October 2021.
−Removed: The plan, if enacted by the U.S.
−Removed: and other nations, could result in a higher effective tax rate than is currently enacted.
+Added: Changes in regulatory, geopolitical, social, economic, or monetary policies and other factors may have a material adverse effect on our business in the future, or may require us to exit a particular market or significantly modify our current business practices.
Abrupt political change, terrorist activity and armed conflict pose a risk of general economic disruption in affected countries, which could also result in an adverse effect on our business and results of operations.
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• manage an increasingly complex supply chain (including managing the impacts of ongoing supply constraints in the semiconductor industry) that has the ability to supply an increasing number of raw materials, subsystems and finished products with the required specifications and quality, and deliver on time to our manufacturing facilities, our third-party manufacturing facilities, our logistics operations, or our customers;
−Removed: • access capital markets to fund our growth initiatives, including our ongoing and planned capacity expansions;
• expand the capability of our information systems to support a more complex business, such as our current implementation of a new company-wide enterprise resource planning (ERP) system;
+Added: • access capital markets to fund our growth initiatives, including our ongoing and planned capacity expansions;
• be successful in securing design-ins across our end markets, including automotive applications;
+Added: • realize our expected local, state and federal government incentives, including capital investment reimbursements, property tax reimbursements and sales tax exemptions from state, county and local governments, refundable income tax credits and capital grants through the CHIPS Act, and the successful application, receipt and potential sale of any tax credits we may receive under the Inflation Reduction Act;
• expand research and development, sales and marketing, technical support, distribution capabilities, manufacturing planning and administrative functions;
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We are subject to a number of risks associated with this transaction, including risks associated with:
−Removed: • the restrictions on and obligations with respect to our business set forth in the transition services agreement and the Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), in each case between us and CreeLED;
+Added: • the restrictions on and obligations with respect to our business set forth in the transition services agreement and the Wafer Supply Agreement, in each case between us and CreeLED;
• any required payments of indemnification obligations under the LED Purchase Agreement for retained liabilities and breaches of representations, warranties or covenants.
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• the jurisdiction in which profits are determined to be earned and taxed;
−Removed: • potential changes in tax laws proposed by the Biden administration and Democratic controlled Congress or alterations in the interpretation of such tax laws and changes in generally accepted accounting principles, for example interpretations and U.S.
+Added: • potential changes in tax laws or alterations in the interpretation of such tax laws and changes in generally accepted accounting principles, for example interpretations and U.S.
regulations issued as a result of the significant changes to the U.S.
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Historically, our common stock has experienced substantial price volatility, particularly as a result of significant fluctuations in our revenue, earnings and margins over the past few years, and variations between our actual financial results and the published expectations of analysts.
−Removed: For example, the closing price per share of our common stock on The Nasdaq Global Select Market (until October 1, 2021) and the New York Stock Exchange (on and after October 4, 2021) ranged from a low of $58.67 to a high of $141.87 during the twelve months ended September 25, 2022.
+Added: For example, the closing price per share of our common stock on the New York Stock Exchange ranged from a low of $58.67 to a high of $122.07 during the twelve months ended December 25, 2022.
If our future operating results or margins are below the expectations of stock market analysts or our investors, our stock price will likely decline.
1 unchanged sentence
In particular, competition in some of the markets we address such as electric vehicles and 5G, the ramp up of our business, and the effect of tariffs or COVID-19 on our business, may have a dramatic effect on our stock price.
−Removed: Additionally, actions taken by the option counterparties in the capped call transactions entered into in connection with our 0.25% convertible senior notes due February 15, 2028 (the 2028 Notes) may affect our stock price, including the potential modifications of their hedge positions by entering into or unwinding various derivatives with respect to our common stock.
+Added: Additionally, actions taken by the option counterparties in the capped call transactions entered into in connection with the 2028 Notes and the 2029 Notes may affect our stock price, including the potential modifications of their hedge positions by entering into or unwinding various derivatives with respect to our common stock.
We are exposed to fluctuations in the market value of our investment portfolio and in interest rates, and therefore, impairment of our investments or lower investment income could harm our earnings.
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We have outstanding debt which could materially restrict our business and adversely affect our financial condition, liquidity and results of operations.
−Removed: As of September 25, 2022, our indebtedness consisted of $575.0 million aggregate principal amount of the 2026 Notes and $750.0 million aggregate principal amount of the 2028 Notes (collectively, the Outstanding Notes) and potential borrowings from our revolving line of credit.
+Added: As of December 25, 2022, our indebtedness consisted of $575.0 million aggregate principal amount of the 2026 Notes, $750.0 million aggregate principal amount of the 2028 Notes and $1,750.0 million aggregate principal amount of the 2029 Notes (collectively, the Outstanding Notes) and potential borrowings from our revolving line of credit.
Our ability to pay interest and repay the principal for any outstanding indebtedness under our line of credit and the Outstanding Notes is dependent upon our ability to manage our business operations and generate sufficient cash flows to service such debt.
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If our indebtedness is accelerated, we cannot be certain that we will have sufficient funds to pay the accelerated indebtedness or that we will have the ability to refinance accelerated indebtedness on terms favorable to us or at all.
−Removed: The capped call transactions may not prevent dilution of our common stock upon conversion of the 2028 Notes.
−Removed: In connection with the pricing of the 2028 Notes, we entered into privately negotiated capped call transactions with the option counterparties.
−Removed: The capped call transactions are expected generally to reduce the potential dilution to our common stock upon any conversion of the 2028 Notes and/or offset any potential cash payments we are required to make in excess of the principal
−Removed: amount of the converted 2028 Notes, as the case may be, upon conversion of the 2028 Notes.
−Removed: If, however, the market price per share of our common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions (currently $212.04), there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.
+Added: The capped call transactions may not prevent dilution of our common stock upon conversion of the 2028 Notes or the 2029 Notes.
+Added: In connection with the pricing of the 2028 Notes and the 2029 Notes, we entered into privately negotiated capped call transactions with the option counterparties.
+Added: The capped call transactions are expected generally to reduce the potential dilution to our common stock upon any conversion of the 2028 Notes and 2029 Notes and/or offset any potential cash payments we are required to make in excess of the principal amount of the converted 2028 Notes and 2029 Notes, as the case may be, upon conversion of the 2028 Notes and 2029 Notes.
+Added: If, however, the market price per share of our common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions (currently $212.04 for the 2028 Notes and $202.538 for the 2029 Notes), there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.
Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, the state courts of North Carolina will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees or agents.
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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.