# UFP Technologies Inc: Form 10-Q for the period ended Sep 30, 2023

- Company: [UFP Technologies Inc](/companies/ufpt.md) (CIK 914156)
- Form: 10-Q
- Filed: 2023-11-09
- Accepted by EDGAR: Nov 9, 2023, 09:05 ET
- Period: 2023-09-30
- Accession: 0001171843-23-006924
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/914156/000117184323006924/ufpt20230930_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/914156/000117184323006924/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2023-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 9 months, 2023-01-01 to 2023-09-30 | $298.6m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2023-07-01 to 2023-09-30 | $73.0m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 9 months, 2023-01-01 to 2023-09-30 | $212.5m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2023-07-01 to 2023-09-30 | $27.8m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2023-01-01 to 2023-09-30 | $86.1m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2023-07-01 to 2023-09-30 | $12.5m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2023-01-01 to 2023-09-30 | $37.8m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2023-07-01 to 2023-09-30 | $15.0m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2023-01-01 to 2023-09-30 | $44.9m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2023-07-01 to 2023-09-30 | $933.0k | us-gaap:InterestExpense |
| Interest expense | 9 months, 2023-01-01 to 2023-09-30 | $2.9m | us-gaap:InterestExpense |
| Income tax | 3 months, 2023-07-01 to 2023-09-30 | $2.4m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2023-01-01 to 2023-09-30 | $8.7m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2023-07-01 to 2023-09-30 | $11.7m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2023-01-01 to 2023-09-30 | $33.3m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2023-07-01 to 2023-09-30 | $1.52 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2023-01-01 to 2023-09-30 | $4.33 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2023-07-01 to 2023-09-30 | $1.53 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2023-01-01 to 2023-09-30 | $4.37 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2023-07-01 to 2023-09-30 | 7,709,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2023-01-01 to 2023-09-30 | 7,697,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2023-01-01 to 2023-09-30 | $28.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2023-01-01 to 2023-09-30 | $7.7m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2023-09-30 | $6.4m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2023-09-30 | $140.5m | us-gaap:AssetsCurrent |
| Total assets | at 2023-09-30 | $399.8m | us-gaap:Assets |
| Current liabilities | at 2023-09-30 | $56.6m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2023-09-30 | $127.4m | us-gaap:Liabilities |
| Long-term debt | at 2023-09-30 | $39.0m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2023-09-30 | $4.0m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2023-09-30 | $272.4m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 23,981 characters.

### Forward-looking Statements

Some of the statements contained in this Report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). These statements are subject to known and unknown risks, uncertainties, and other factors, which may cause our or our industry’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company’s prospects; statements about the Company’s acquisition strategies and opportunities and the Company’s growth potential and strategies for growth; expectations regarding customer demand; expectations regarding the Company’s liquidity and capital resources, including the sufficiency of its cash reserves and the availability of borrowing capacity to fund operations and/or potential future acquisitions; anticipated revenues and the timing of such revenues; expectations about shifting the Company’s book of business to higher-margin, longer-run opportunities; anticipated trends and potential advantages in the different markets in which the Company competes, including the medical, aerospace and defense, automotive, and industrial/other markets, and the Company’s plans to expand in certain of its markets; statements regarding anticipated advantages the Company expects to realize from its investments and capital expenditures; statements regarding anticipated advantages to improvements and alterations at the Company’s existing plants; expectations regarding the Company’s manufacturing capacity, operating efficiencies, and new production equipment; statements about new product offerings and program launches; statements about the Company’s participation and growth in multiple markets; statements about the Company’s business opportunities; and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, or its sales, earnings or earnings per share growth rates.

Investors are cautioned that such forward-looking statements involve risks and uncertainties that could adversely affect the Company’s business and prospects, and otherwise cause actual results to differ materially from those anticipated by such forward-looking statements, or otherwise, including without limitation: risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions, the integration of any such acquisition candidates, the value of those acquisitions to our customers and shareholders, and the financing of such acquisitions; risks related to our indebtedness and compliance with covenants contained in our financing arrangements, and whether any available financing may be sufficient to address our needs; risks associated with efforts to shift the Company’s book of business to higher-margin, longer-run opportunities; risks associated with the Company’s entry into and growth in certain markets; risks and uncertainties associated with seeking and implementing manufacturing efficiencies and implementing new production equipment; risks and uncertainties associated with growth of the Company’s business and increases to sales, earnings and earnings per share; and risks associated with new product and program launches. Accordingly, actual results may differ materially.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential,” and similar expressions intended to identify forward-looking statements. Our actual results could be different from the results described in or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts, and projections, and may be materially better or worse than anticipated. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions and are only as of the date of this Report. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this Report, in order to reflect changes in circumstances or expectations, or the occurrence of unanticipated events, except to the extent required by applicable securities laws. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed above and under “Risk Factors” set forth in Part I Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the risks and uncertainties discussed elsewhere in this Report. We qualify all of our forward-looking statements by these cautionary statements. We caution you that these risks are not exhaustive. We operate in a continually changing business environment and new risks emerge from time to time.

Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to UFP Technologies, Inc. and its consolidated subsidiaries.

### Overview

UFP Technologies is a designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products. UFP is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The Company’s single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants.

The Company’s current strategy includes further organic growth and growth through strategic acquisitions.

Net sales for the Company for the nine-month period ended September 30, 2023 increased 13.7% to $298.6 million from $262.6 million in the same period last year, primarily due to an increase in organic sales of approximately 16.9%. Gross profit as a percentage of sales (“gross margin”) for the nine-month period ended September 30, 2023 increased to 28.8% from 25.5% in the same period last year, largely due to improved operating efficiencies and a higher margin mix of business.

### Results of Operations

#### Net sales

Net sales for the three-month period ended September 30, 2023 increased approximately 3.9% to $100.8 million from sales of $97.0 million for the same period in 2022. The increase in net sales is primarily due to increases in sales to customers in the Medical market of 6.8%. Net sales to all other markets declined 11.2%, primarily due to the Company’s disposition of its molded fiber business in July, 2022 (see “Note 2. Acquisition and Divestiture” in the notes to our interim condensed consolidated financial statements).

Net sales for the nine-month period ended September 30, 2023 increased approximately 13.7% to $298.6 million from sales of $262.6 million for the same period in 2022. The increase in net sales is primarily due to increases in sales to customers in the Medical market of 34.0%. Net sales to all other markets declined 23.3%, primarily due to the Company’s disposition of its molded fiber business in July, 2022 (see “Note 2. Acquisition and Divestiture” in the notes to our interim condensed consolidated financial statements).

#### Gross Profit

Gross margin increased to 27.5% for the three-month period ended September 30, 2023, from 26.3% for the same period in 2022. As a percentage of sales, material and labor costs collectively decreased 1.5%, while overhead costs increased 0.2%. The increase in gross margin is primarily due to improved operating efficiencies and quality of the mix of business.

Gross margin increased to 28.8% for the nine-month period ended September 30, 2023, from 25.5% for the same period in 2022 As a percentage of sales, material and labor costs collectively decreased 0.4%, while overhead costs decreased 2.9%. The increase in gross margin is primarily due to the leverage of organic sales growth over the fixed portion of overhead, as well as improved operating efficiencies and quality of the mix of business.

#### Selling, General and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) increased approximately 5.5% to $12.5 million for the three-month period ended September 30, 2023, from $11.8 million for the same period in 2022, largely due to increased compensation, benefits and payroll tax expenses. As a percentage of sales, SG&A increased slightly to 12.4% for the three-month period ended September 30, 2023, from 12.2% for the same three-month period in 2022.

SG&A increased approximately 11.4% to $37.8 million for the nine-month period ended September 30, 2023, from $33.9 million for the same period in 2022, largely due to increased compensation, benefits and payroll tax expenses and the additional SG&A expenses from the Advant acquisition. As a percentage of sales, SG&A decreased slightly to 12.7% for the nine-month period ended September 30, 2023, from 12.9% for the same three-month period in 2022.

#### Acquisition Costs

The Company incurred approximately $10 thousand and $1.0 million in costs associated with acquisition related activities which were charged to expense for the three and nine-months ended September 30, 2022, respectively. These costs were primarily for legal services, valuation services and stamp duty filings and are reflected on the face of the income statement.

#### Change in fair value of contingent consideration

In connection with the acquisition of DAS Medical in 2021, the Company is required to make contingent payments, subject to the acquired entities achieving certain financial performance thresholds. The contingent consideration payments for the DAS Medical acquisition are up to $20 million. The Company paid $5 million during the second quarter of 2023. The fair value of the liability for the contingent consideration payments recognized upon the acquisition as part of the purchase accounting opening balance sheets totaled approximately $9.7 million and was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in this calculation were managements financial forecasts, discount rate and various volatility factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 financial liability that is re-measured each reporting period. The fair value of the liability for the contingent consideration payments recognized at September 30, 2023 totaled approximately $12.7 million. The change in fair value of contingent consideration for the three- and nine-month periods ended September 30, 2023, resulted in an expense of approximately $0.2 million and $3.3 million, respectively, and was included in change in fair value of contingent consideration in the condensed consolidated statements of comprehensive income.

#### Interest Income and Expense

Net interest expense was approximately $0.9 million for the three-month period ended September 30, 2023, compared to approximately $0.8 million for the same period in 2022. The increase in net interest expense for the three-month period ended September 30, 2023 was primarily due to higher interest rates in 2023.

Net interest expense was approximately $2.9 million for the nine-month period ended September 30, 2023 compared to approximately $1.9 million in the same period of 2022. The increase in net interest expense for the nine-month period ended September 30, 2023 was primarily due to higher interest rates in 2023.

#### Other (Income) Expense

Other income was approximately $29 thousand and $104 thousand for the three-month periods ended September 30, 2023 and 2022, respectively, and other expense was approximately $28 thousand compared to other income of $313 thousand for the nine-month periods ended September 30, 2023 and 2022, respectively. The changes in other income/expense in both periods are primarily generated by foreign currency transaction gains/losses and, in 2022, changes in the fair value of the swap liability.

#### Income Taxes

The Company recorded tax expense of approximately 17.3% and 22.6% of income before income tax expense, respectively, for each of the three-month periods ended September 30, 2023 and 2022. The decrease in the effective tax rate for the current period as compared to the prior period and the estimated tax as of June 30, 2023 is largely due to higher anticipated foreign tax credits in 2023.

The Company recorded tax expense of approximately 20.7% and 22.4% of income before income tax expense, respectively, for each of the nine-month periods ended September 30, 2023 and 2022. The decrease in the effective tax rate for the current period as compared to the prior period and the estimated tax as of June 30, 2023 is largely due to higher anticipated foreign tax credits in 2023.

The effective tax rate anticipated for the year differs from the federal statutory rate of 21% due to favorable rates in foreign countries, federal deductions available for certain exported goods and anticipated federal credits, offset by state income taxes and disallowed compensation under section 162M.

The Company notes the potential for volatility in its effective tax rate, as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into income tax expense.

### Liquidity and Capital Resources

The Company generally funds its operating expenses, capital requirements, and growth plan through internally generated cash and bank credit facilities.

#### Cash Flows

Net cash provided by operations for the nine-month period ended September 30, 2023 was approximately $28.6 million and was primarily a result of net income of approximately $33.3 million, depreciation and amortization of approximately $8.4 million, a loss on disposal of fixed assets of approximately $0.1 million, share-based compensation of approximately $3.5 million, a change in the fair value of contingent consideration of approximately $3.3 million, an increase in deferred taxes of approximately $0.5 million, a decrease in prepaid expenses of approximately $0.4 million, a decrease in other assets of $1.3 million, an increase in accounts payable of approximately $6.7 million due to the building of inventory to meet demand and the timing of vendor payments in the ordinary course of business, and a decrease in other long-term liabilities of approximately $0.6 million.

These cash inflows and adjustments to income were partially offset by an increase in accounts receivable of approximately $5.8 million due to higher sales in the last two months of the third quarter of 2023 as compared to the same period in the fourth quarter of 2022, an increase in inventory of approximately $16.3 million due to inventory build for upcoming demand and restocking to historical levels, an increase in refundable income taxes of approximately $2.2 million, a decrease in accrued expenses of approximately $4.3 million due primarily to the payment of customer rebates and accrued compensation, and a decrease in deferred revenue of approximately $0.9 million to the recognition of deferred tooling and development revenue.

Net cash used in investing activities during the nine-month period ended September 30, 2023 was approximately $7.7 million and was primarily the result of additions of manufacturing machinery and equipment and various building improvements across the Company.

Net cash used in financing activities was approximately $18.8 million during the nine-month period ended September 30, 2023, representing payments on the revolving line of credit of approximately $18.0 million, principal payments of long-term debt of approximately $3.0 million, payments of contingent consideration of approximately $5.0 million, and statutory withholding for stock options exercised and restricted stock units vested of approximately $2.5 million, partially offset by borrowings under our credit facility of approximately $9.0 million and proceeds from the exercise of stock options of approximately $0.7 million.

#### Outstanding and Available Debt

On December 22, 2021, the Company, as the borrower, entered into a secured $130 million Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) and Bank of America, N.A., in its capacity as the initial lender, Administrative Agent, Swingline Lender and L/C Issuer, and certain other lenders from time-to-time party thereto. The Second Amended and Restated Credit Agreement amends and restates the Company’s prior credit agreement, originally dated as of February 1, 2018.

The credit facilities under the Second Amended and Restated Credit Agreement consist of a $40 million secured term loan to the Company and a secured revolving credit facility, under which the Company may borrow up to $90 million. The Second Amended and Restated Credit Agreement matures on December 21, 2026. The secured term loam requires quarterly principal payments of $1,000,000 which commenced on March 31, 2022. The proceeds of the Second Amended and Restated Credit Agreement may be used for general corporate purposes, including funding the acquisition of DAS Medical, as well as certain other permitted acquisitions. The Company’s obligations under the Second Amended and Restated Credit Agreement are guaranteed by the Subsidiary Guarantors.

The Second Amended and Restated Credit Agreement calls for interest determined by the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a margin that ranges from 1.25% to 2.0% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from .25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the Second Amended and Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Second Amended and Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness, and permitted investments.

At September 30, 2023, the Company had approximately $43 million in borrowings outstanding under the Second Amended and Restated Credit Agreement, which were used as partial consideration for the DAS Medical and Advant acquisitions, and also had approximately $0.7 million in standby letters of credit outstanding, drawable as a financial guarantee on worker’s compensation insurance policies. At September 30, 2023, the applicable interest rate was approximately 6.6% and the Company was in compliance with all covenants under the Second Amended and Restated Credit Agreement.

Long-term debt consists of the following (in thousands):

|  | September 30, 2023 |
| --- | ---: |
| Revolving credit facility | $10,000 |
| Term loan | 33,000 |
| Total long-term debt | 43,000 |
| Current portion | (4,000) |
| Long-term debt, excluding current portion | $39,000 |

Future maturities of long-term debt at September 30, 2023 are as follows (in thousands):

|  | Term Loan | Revolving credit facility | Total |
| --- | ---: | ---: | ---: |
| Remainder of 2023 | $1,000 | $- | $1,000 |
| 2024 | 4,000 | - | $4,000 |
| 2025 | 4,000 | - | $4,000 |
| 2026 | 24,000 | 10,000 | $34,000 |
|  | $33,000 | $10,000 | $43,000 |

#### Future Liquidity

The Company requires cash to pay its operating expenses, purchase capital equipment, and to service its contractual obligations. The Company’s principal sources of funds are its operations and its amended and restated credit facility. The Company generated cash of approximately $28.6 million from operations during the nine months ended September 30, 2023. The Company cannot guarantee that its operations will generate cash in future periods. The Company’s longer-term liquidity is contingent upon future operating performance and additional borrowings from the revolving credit facility are possible. Further, the economic uncertainty resulting from events including inflation, the wars in Ukraine and the Middle east and bank failures could affect the Company’s long-term ability to access the public markets and obtain necessary capital in order to properly capitalize and continue operations.

Throughout fiscal 2023, the Company plans to continue to add capacity to enhance operating efficiencies in its manufacturing plants and accommodate anticipated growth in demand. The Company may consider additional acquisitions of companies, technologies, or products that are complementary to its business. The Company believes that its existing resources, including its revolving credit facility, together with cash expected to be generated from operations, will be sufficient to fund its cash flow requirements, including capital asset acquisitions, through the next twelve months.

The Company may also require additional capital in the future to fund capital expenditures, acquisitions, or other investments. These capital requirements could be substantial. The Company anticipates that any future expansion of its business will be financed through existing resources, cash flow from operations, the Company's revolving credit facility, or other new financing. The Company cannot guarantee that it will be able to meet existing financial covenants or obtain other new financing on favorable terms, if at all. The Company's liquidity will be impacted to the extent additional stock repurchases are made under the Company's stock repurchase program.

#### Stock Repurchase Program

The Company accounts for treasury stock under the cost method, using the first-in, first-out flow assumption, and includes treasury stock as a component of stockholders’ equity. On June 16, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock. Under the program, the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The stock repurchase program will end upon the earlier of the date on which the plan is terminated by the Board or when all authorized repurchases are completed. The timing and amount of stock repurchases, if any, will be determined based upon our evaluation of market conditions and other factors. The stock repurchase program may be suspended, modified, or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

The Company did not repurchase any shares of its common stock under this program in the first nine months of 2023. At September 30, 2023 approximately $9.4 million was available for future repurchases of the Company’s common stock under this authorization.

### Critical Accounting Estimates

There have been no material changes to the Company’s Critical Accounting Estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

### Commitments and Contractual Obligations

There have been no material changes outside the ordinary course of business to our contractual obligations and commitments, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

## Market risk

As filed, 162 characters.

There have been no material changes in our market risks as previously disclosed in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2022.

## Controls and procedures

As filed, 1,784 characters.

As of the end of the period covered by this report (the “Evaluation Date”), the Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Exchange Act Rule 13a-15(e) or 15d-15(e)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, is (i) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was also performed under the supervision and with the participation of our management, including the Company’s Chief Executive Officer and Chief Financial Officer, of any change in our internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. That evaluation did not identify any change in the Company’s internal control over financial reporting that occurred during our latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

## Risk factors

As filed, 535 characters.

The Company faces a number of uncertainties and risks that are difficult to predict and many of which are outside of the Company's control. For a detailed discussion of the risks that affect our business, please refer to Part I, Item IA, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and Part II, Item 1A. There have been no material changes from the risk factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and our subsequent Quarterly Reports.

Filed Nov 9, 2023.
Source: SEC EDGAR, the filing index for accession 0001171843-23-006924. Last ingested by Listed: Nov 6, 2026, 13:52 ET. No prices; not investment advice.